UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23339

Name of Fund:  BlackRock Funds V

                             BlackRock Inflation Protected Bond Portfolio

BlackRock Strategic Income Opportunities Portfolio

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2024

Date of reporting period: 06/30/2024

Item 1 – Reports to Stockholders

(a)    The Reports to Shareholders are attached herewith.

BlackRock Inflation Protected Bond Portfolio

Institutional Shares  | BPRIX

Semi-Annual Shareholder Report — June 30, 2024

This semi-annual shareholder report contains important information about BlackRock Inflation Protected Bond Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$55	1.10%

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.05%	2.47%	2.32%	1.73%
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.71)	2.63	(0.23)	1.35
Bloomberg U.S. Treasury Inflation Protected Securities Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.70	2.71	2.07	1.91

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Inflation Protected Bond Portfolio (the “Predecessor Fund”), a series of BlackRock Funds II, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.

The Fund has added the Bloomberg U.S. Aggregate Bond Index  in response to new regulatory requirements.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,939,820,174
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	247
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	140%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of  June 30, 2024)

(as of June 30, 2024) 

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	88.0%
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	93.2%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(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.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Inflation Protected Bond Portfolio

Institutional Shares  | BPRIX

Semi-Annual Shareholder Report — June 30, 2024

BPRIX-06/24-SAR

BlackRock Inflation Protected Bond Portfolio

Investor A Shares  | BPRAX

Semi-Annual Shareholder Report — June 30, 2024

This semi-annual shareholder report contains important information about BlackRock Inflation Protected Bond Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$67	1.35%

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.94%	2.23%	2.05%	1.46%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(3.10)	(1.86)	1.22	1.04
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.71)	2.63	(0.23)	1.35
Bloomberg U.S. Treasury Inflation Protected Securities Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.70	2.71	2.07	1.91

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Inflation Protected Bond Portfolio (the “Predecessor Fund”), a series of BlackRock Funds II, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund has added the Bloomberg U.S. Aggregate Bond Index  in response to new regulatory requirements.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,939,820,174
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	247
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	140%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of  June 30, 2024)

(as of June 30, 2024) 

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	88.0%
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	93.2%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(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.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Inflation Protected Bond Portfolio

Investor A Shares  | BPRAX

Semi-Annual Shareholder Report — June 30, 2024

BPRAX-06/24-SAR

BlackRock Inflation Protected Bond Portfolio

Investor C Shares  | BPRCX

Semi-Annual Shareholder Report — June 30, 2024

This semi-annual shareholder report contains important information about BlackRock Inflation Protected Bond Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$105	2.10%

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.54%	1.38%	1.28%	0.86%
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.44)	0.40	1.28	0.86
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.71)	2.63	(0.23)	1.35
Bloomberg U.S. Treasury Inflation Protected Securities Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.70	2.71	2.07	1.91

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Inflation Protected Bond Portfolio (the “Predecessor Fund”), a series of BlackRock Funds II, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Fund has added the Bloomberg U.S. Aggregate Bond Index  in response to new regulatory requirements.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,939,820,174
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	247
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	140%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of  June 30, 2024)

(as of June 30, 2024) 

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	88.0%
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	93.2%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(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.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Inflation Protected Bond Portfolio

Investor C Shares  | BPRCX

Semi-Annual Shareholder Report — June 30, 2024

BPRCX-06/24-SAR

BlackRock Inflation Protected Bond Portfolio

Class K Shares  | BPLBX

Semi-Annual Shareholder Report — June 30, 2024

This semi-annual shareholder report contains important information about BlackRock Inflation Protected Bond Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$52	1.05%

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.05%	2.48%	2.35%	1.80%
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.71)	2.63	(0.23)	1.35
Bloomberg U.S. Treasury Inflation Protected Securities Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.70	2.71	2.07	1.91

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Inflation Protected Bond Portfolio (the “Predecessor Fund”), a series of BlackRock Funds II, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.

The Fund has added the Bloomberg U.S. Aggregate Bond Index  in response to new regulatory requirements.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,939,820,174
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	247
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	140%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of  June 30, 2024)

(as of June 30, 2024) 

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	88.0%
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	93.2%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(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.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Inflation Protected Bond Portfolio

Class K Shares  | BPLBX

Semi-Annual Shareholder Report — June 30, 2024

BPLBX-06/24-SAR

BlackRock Strategic Income Opportunities Portfolio

Institutional Shares  | BSIIX

Semi-Annual Shareholder Report — June 30, 2024

This semi-annual shareholder report contains important information about BlackRock Strategic Income Opportunities Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$35	0.71%

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.61%	6.82%	2.67%	2.65%
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.28)	3.47	0.11	1.63
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.63	5.40	2.16	1.51

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.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$37,820,625,356
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7,548
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	627%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of  June 30, 2024)

(as of June 30, 2024) 

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.9%
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.2
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.5
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38.5%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.5
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.6

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(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.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Strategic Income Opportunities Portfolio

Institutional Shares  | BSIIX

Semi-Annual Shareholder Report — June 30, 2024

BSIIX-06/24-SAR

BlackRock Strategic Income Opportunities Portfolio

Investor A Shares  | BASIX

Semi-Annual Shareholder Report — June 30, 2024

This semi-annual shareholder report contains important information about BlackRock Strategic Income Opportunities Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$48	0.96%

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.48%	6.55%	2.38%	2.36%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(2.58)	2.29	1.55	1.94
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.28)	3.47	0.11	1.63
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.63	5.40	2.16	1.51

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.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$37,820,625,356
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7,548
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	627%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of  June 30, 2024)

(as of June 30, 2024) 

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.9%
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.2
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.5
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38.5%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.5
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.6

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(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.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Strategic Income Opportunities Portfolio

Investor A Shares  | BASIX

Semi-Annual Shareholder Report — June 30, 2024

BASIX-06/24-SAR

BlackRock Strategic Income Opportunities Portfolio

Investor C Shares  | BSICX

Semi-Annual Shareholder Report — June 30, 2024

This semi-annual shareholder report contains important information about BlackRock Strategic Income Opportunities Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$85	1.70%

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.11%	5.78%	1.67%	1.76%
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.12	4.78	1.67	1.76
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.28)	3.47	0.11	1.63
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.63	5.40	2.16	1.51

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.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$37,820,625,356
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7,548
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	627%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of  June 30, 2024)

(as of June 30, 2024) 

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.9%
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.2
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.5
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38.5%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.5
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.6

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(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.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Strategic Income Opportunities Portfolio

Investor C Shares  | BSICX

Semi-Annual Shareholder Report — June 30, 2024

BSICX-06/24-SAR

BlackRock Strategic Income Opportunities Portfolio

Class K Shares  | BSIKX

Semi-Annual Shareholder Report — June 30, 2024

This semi-annual shareholder report contains important information about BlackRock Strategic Income Opportunities Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$31	0.62%

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.66%	6.91%	2.76%	2.73%
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.28)	3.47	0.11	1.63
ICE BofA 3-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.63	5.40	2.16	1.51

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.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of 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 would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$37,820,625,356
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7,548
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	627%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of  June 30, 2024)

(as of June 30, 2024) 

Portfolio composition

Credit quality allocation

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.9%
U.S. Government Sponsored Agency Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.2
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.5
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
AAA/AaaFootnote Reference(d)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	38.5%
AA/Aa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.5
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.0
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
NR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.6

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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.
Footnote(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.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Strategic Income Opportunities Portfolio

Class K Shares  | BSIKX

Semi-Annual Shareholder Report — June 30, 2024

BSIKX-06/24-SAR

(b)    Not Applicable

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 Registrant – Not Applicable.

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies –

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

June

30,

2024

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2024

Semi-Annual

Financial

Statements

(Unaudited)

BlackRock

Funds

V

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

Table

of

Contents

Page

2

The

Benefits

and

Risks

of

Leveraging

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

3

Derivative

Financial

Instruments

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

3

Consolidated

Schedule

of

Investments

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

4

Consolidated

Statements

of

Assets

and

Liabilities

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

174

Consolidated

Statements

of

Operations

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

177

Consolidated

Statements

of

Changes

in

Net

Assets

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

179

Consolidated

Statements

of

Cash

Flows

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

180

Financial

Highlights

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

182

Notes

to

Consolidated

Financial

Statements

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

190

Additional

Information

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

210

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

212

Glossary

of

Terms

Used

in

this

Report

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

216

The

Benefits

and

Risks

of

Leveraging

3

The

Benefits

and

Risks

of

Leveraging

/

Derivative

Financial

Instruments

The

Funds

may

utilize

leverage

to

seek

to

enhance

returns

and

net

asset

value

(“NAV”).

However,

there

is

no

guarantee

that

these

objectives

can

be

achieved

in

all

interest

rate

environments.  

The

Funds

may

utilize

leverage

by

entering

into

reverse

repurchase

agreements. 

In

general,

the

concept

of

leveraging

is

based

on

the

premise

that

the

financing

cost

of

leverage,

which

is

based

on

short-term

interest

rates,

is

normally

lower

than

the

income

earned

by

each

Fund

on

its

longer-term

portfolio

investments

purchased

with

the

proceeds

from

leverage.

To

the

extent

that

the

total

assets

of

each

Fund

(including

the

assets

obtained

from

leverage)

are

invested

in

higher-yielding

portfolio

investments, each

Fund’s

shareholders

benefit

from

the

incremental

net

income.

The

interest

earned

on

securities

purchased

with

the

proceeds

from

leverage

is

distributed

to each

Fund’s

shareholders,

and

the

value

of

these

portfolio

holdings

is

reflected

in each

Fund’s

per

share

NAV.

However,

in

order

to

benefit

shareholders,

the

return

on

assets

purchased

with

leverage

proceeds

must

exceed

the

ongoing

costs

associated

with

the

leverage.

If

interest

and

other

ongoing

costs

of

leverage

exceed

a

Fund’s

return

on

assets

purchased

with

leverage

proceeds,

income

to

shareholders

is

lower

than

if

the

Funds

had

not

used

leverage.  

Furthermore,

the

value

of

each

Fund’s

portfolio

investments

generally

varies

inversely

with

the

direction

of

long-term

interest

rates,

although

other

factors

can

also

influence

the

value

of

portfolio

investments.

As

a

result,

changes

in

interest

rates

can

influence

each

Fund’s

NAV

positively

or

negatively

in

addition

to

the

impact

on

each

Fund’s

performance

from

leverage.

Changes

in

the

direction

of

interest

rates

are

difficult

to

predict

accurately,

and

there

is

no

assurance

that

a

Fund’s

leveraging

strategy

will

be

successful.

The

use

of

leverage

also

generally

causes

greater

changes

in

each

Fund’s

NAV

and

dividend

rates

than

comparable

portfolios

without

leverage.

In

a

declining

market,

leverage

is

likely

to

cause

a

greater

decline

in

the

NAV

of a

Fund’s

shares

than

if the

Fund

were

not

leveraged.

In

addition,

each

Fund

may

be

required

to

sell

portfolio

securities

at

inopportune

times

or

at

distressed

values

in

order

to

comply

with

regulatory

requirements

applicable

to

the

use

of

leverage

or

as

required

by

the

terms

of

the

leverage

instruments,

which

may

cause

the

Fund

to

incur

losses.

The

use

of

leverage

may

limit a

Fund’s

ability

to

invest

in

certain

types

of

securities

or

use

certain

types

of

hedging

strategies.

Each

Fund

incurs

expenses

in

connection

with

the

use

of

leverage,

all

of

which

are

borne

by

each

Fund’s

shareholders

and

may

reduce

income.

Derivative

Financial

Instruments

The

Funds

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

Pursuant

to

Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Funds

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk. The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Consolidated

Financial

Statements.

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Cayman

Islands

—

0.2%

AREIT

Ltd.,

Series

2024-CRE9,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

7.02%,

05/17/41

(a)

(b)

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

USD

2,650

$

2,644,564

United

States

—

3.2%

(a)

AMSR

Trust

Series

2020-SFR4,

Class

E2,

2.46%,

11/17/37

..........

3,000

2,839,357

Series

2020-SFR5,

Class

E2,

2.93%,

11/17/37

..........

3,000

2,853,733

Series

2021-SFR1,

Class

E2,

2.90%,

06/17/38

..........

3,700

3,207,599

Series

2021-SFR2,

Class

E2,

2.58%,

08/17/38

..........

2,000

1,830,747

Series

2022-SFR1,

Class

E2,

4.64%,

03/17/39

..........

4,912

4,567,089

FRTKL,

Series

2021-SFR1,

Class

E2,

2.52%,

09/17/38

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

4,000

3,574,085

Home

Partners

of

America

Trust

Series

2021-2,

Class

E2,

2.95%,

12/17/26

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

3,844

3,421,618

Series

2021-3,

Class

E2,

3.35%,

01/17/41

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

3,650

3,145,549

Mill

City

Solar

Loan

Ltd.,

Series

2019-

1A,

Class

A,

4.34%,

03/20/43

...

890

817,783

New

Residential

Mortgage

Loan

Trust,

Series

2022-SFR1,

Class

E2,

3.70%,

02/17/39

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

4,000

3,563,638

Progress

Residential

Trust

Series

2020-SFR3,

Class

E,

2.30%,

10/17/27

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

3,000

2,848,603

Series

2021-SFR10,

Class

E2,

3.67%,

12/17/40

..........

777

686,231

Series

2021-SFR11,

Class

E2,

3.53%,

01/17/39

..........

4,000

3,484,425

Series

2021-SFR4,

Class

E2,

2.56%,

05/17/38

..........

3,455

3,182,878

Series

2021-SFR4,

Class

F,

3.41%,

05/17/38

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

1,000

917,840

Series

2021-SFR8,

Class

E2,

2.53%,

10/17/38

..........

4,000

3,612,015

Series

2021-SFR9,

Class

E2,

3.01%,

11/17/40

..........

3,500

3,053,369

Series

2022-SFR1,

Class

E2,

3.99%,

02/17/41

..........

4,000

3,521,400

Series

2022-SFR2,

Class

E2,

4.80%,

04/17/27

..........

3,000

2,804,263

Tricon

American

Homes

Trust

Series

2020-SFR1,

Class

E,

3.54%,

07/17/38

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

2,000

1,910,384

Series

2020-SFR2,

Class

E2,

3.08%,

11/17/39

..........

4,000

3,563,378

Tricon

Residential

Trust,

Series

2021-

SFR1,

Class

E2,

2.89%,

07/17/38

3,500

3,217,927

62,623,911

Total

Asset-Backed

Securities

—

3.4%

(Cost:

$

71,836,409

)

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

65,268,475

Security

Shares

Shares

Value

Common

Stocks

United

States

—

0.1%

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

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

20,000

$

348,400

Invitation

Homes,

Inc.

...........

15,000

538,350

886,750

Total

Common

Stocks

—

0.1%

(Cost:

$

1,305,280

)

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

886,750

Par

(000)

Pa

r

(

000)

Corporate

Bonds

China

—

0.0%

China

Aoyuan

Group

Ltd.

,

6.20%

,

03/24/26

(c)

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

USD

545

8,175

Fantasia

Holdings

Group

Co.

Ltd.

,

10.88%

,

01/09/25

(c)

(d)

(e)

........

345

5,002

KWG

Group

Holdings

Ltd.

,

5.95%

,

08/10/25

(c)

(d)

(e)

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

545

29,975

Powerlong

Real

Estate

Holdings

Ltd.

,

6.25%

,

08/10/24

(c)

(d)

(e)

.........

345

27,600

Sunac

China

Holdings

Ltd.

,

7.00%

,

07/09/25

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

545

78,671

Yango

Justice

International

Ltd.

,

8.25%

,

11/25/24

(c)

(d)

(e)

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

545

1,362

Yuzhou

Group

Holdings

Co.

Ltd.

,

6.35%

,

01/13/27

(c)

(d)

(e)

.........

345

18,803

169,588

Hong

Kong

—

0.0%

Melco

Resorts

Finance

Ltd.

,

5.63%

,

07/17/27

(c)

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

545

517,920

Macau

—

0.1%

Champion

Path

Holdings

Ltd.

,

4.85%

,

01/27/28

(c)

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

545

497,313

MGM

China

Holdings

Ltd.

,

4.75%

,

02/01/27

(c)

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

545

519,385

Studio

City

Finance

Ltd.

,

5.00%

,

01/15/29

(a)

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

545

479,770

1,496,468

Total

Corporate

Bonds

—

0.1%

(Cost:

$

5,283,173

)

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

2,183,976

Foreign

Agency

Obligations

Supranational

—

0.6%

European

Union

(c)

2.50%

,

10/04/52

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

EUR

1,680

1,478,885

Series

NGEU

,

3.00%

,

03/04/53

..

10,799

10,511,167

11,990,052

Total

Foreign

Agency

Obligations

—

0.6%

(Cost:

$

11,881,463

)

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

11,990,052

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedules

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Foreign

Government

Obligations

Belgium

—

0.5%

Kingdom

of

Belgium

,

3.30%

,

06/22/54

(a)

(c)

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

EUR

8,982

$

9,052,102

Brazil

—

1.0%

Federative

Republic

of

Brazil

10.00%

,

01/01/29

...........

BRL

14

2,339,764

6.13%

,

03/15/34

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

USD

5,400

5,189,400

10.00%

,

01/01/35

...........

BRL

81

12,697,444

20,226,608

France

—

0.2%

French

Republic

,

3.00%

,

05/25/54

(a)

(c)

EUR

4,605

4,292,718

Israel

—

0.0%

State

of

Israel

Government

Bond

,

5.75%

,

03/12/54

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

USD

1,080

976,050

Japan

—

0.3%

Japan

Government

Bond

,

1.80%

,

03/20/54

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

JPY

859,700

4,922,983

Mexico

—

0.8%

United

Mexican

States

8.50%

,

03/01/29

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

MXN

465

2,391,751

8.50%

,

05/31/29

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

930

4,790,860

3.50%

,

02/12/34

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

USD

1,834

1,491,959

7.75%

,

11/23/34

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

MXN

624

2,934,454

6.35%

,

02/09/35

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

USD

3,650

3,670,075

15,279,099

United

Kingdom

—

0.2%

U.K.

Treasury

Bonds

,

4.38%

,

07/31/54

(c)

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

GBP

3,547

4,274,371

Total

Foreign

Government

Obligations

—

3.0%

(Cost:

$

62,917,339

)

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

59,023,931

Shares

Shares

Investment

Companies

iShares

Residential

and

Multisector

Real

Estate

ETF

(f)

...........

32,341

2,489,956

Total

Investment

Companies

—

0.1%

(Cost:

$

2,933,731

)

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

2,489,956

Par

(000)

Pa

r

(

000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

1

.2

%

United

States

—

1.2%

(a)

BRAVO

Residential

Funding

Trust,

Series

2023-NQM3,

Class

A1,

4.85%,

09/25/62

(g)

...........

USD

2,691

2,621,340

CSMC

Trust,

Series

2022-NQM5,

Class

A1,

5.17%,

05/25/67

(b)

........

5,318

5,260,780

Ellington

Financial

Mortgage

Trust,

Series

2021-3,

Class

A1,

1.24%,

09/25/66

(b)

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

3,386

2,695,725

J.P.

Morgan

Mortgage

Trust,

Series

2023-DSC1,

Class

A1,

4.62%,

07/25/63

(b)

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

1,462

1,393,862

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

PGA

National

Resort

Commercial

Mortgage

Trust,  

(1-mo.

SOFR

FWD

+

1.89%),

7.22%,

06/15/39

(b)

USD

1,000

$

997,500

PRKCM

Trust,

Series

2022-AFC2,

Class

A1,

5.33%,

08/25/57

(b)

....

815

801,611

SG

Residential

Mortgage

Trust

Series

2021-1,

Class

A1,

1.16%,

07/25/61

(b)

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

3,881

3,105,438

Series

2022-2,

Class

A1,

5.35%,

08/25/62

(g)

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

1,325

1,306,165

Verus

Securitization

Trust

(g)

Series

2022-7,

Class

A1,

5.15%,

07/25/67

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

3,807

3,761,304

Series

2022-INV2,

Class

A1,

6.79%,

10/25/67

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

1,025

1,029,093

22,972,818

Commercial

Mortgage-Backed

Securities

—

1

.1

%

United

States

—

1.1%

(a)(b)

BFLD

Mortgage

Trust,

Series

2024-

VICT,  (1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

0.00%,

07/15/41

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

585

583,514

BX

Commercial

Mortgage

Trust

Series

2020-VIV2,

Class

C,

3.66%,

03/09/44

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

950

825,989

Series

2020-VIV3,

Class

B,

3.66%,

03/09/44

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

130

114,735

Series

2024-KING,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.87%,

05/15/34

...

2,000

2,001,228

Series

2024-MDHS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

6.97%,

05/15/41

...

2,200

2,194,497

Series

2024-XL4,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.14%),

8.47%,

02/15/39

...

1,128

1,124,961

BX

Trust,

Series

2024-VLT4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

6.81%,

07/15/29

.

1,990

1,987,503

Commercial

Mortgage

Trust,

Series

2024-WCL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

7.14%,

06/15/41

.......

870

867,102

DBSG

Mortgage

Trust,

Series

2024-

ALTA,

Class

A,

6.14%,

06/10/37

..

345

345,188

ELM

Trust

Series

2024-ELM,

Class

A10,

5.80%,

06/10/39

..........

700

700,591

Series

2024-ELM,

Class

A15,

5.80%,

06/10/39

..........

700

700,591

Extended

Stay

America

Trust

Series

2021-ESH,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.49%),

6.82%,

07/15/38

...

2,723

2,712,360

Series

2021-ESH,

Class

C,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.81%),

7.14%,

07/15/38

...

381

380,324

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.69%,

07/15/38

...

586

586,069

Great

Wolf

Trust,

Series

2024-WLF2,

Class

A,

(1-mo.

CME

Term

SOFR

+

1.69%),

7.02%,

05/15/41

.......

1,940

1,938,787

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

HILT

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.87%,

05/15/37

.......

USD

780

$

778,050

HLTN

Commercial

Mortgage

Trust,

Series

2024-DPLO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

6.97%,

06/15/41

.......

870

865,647

HONO

Mortgage

Trust,

Series

2021-

LULU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

6.59%,

10/15/36

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

430

415,561

JW

Commercial

Mortgage

Trust,

Series

2024-MRCO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

6.94%,

06/15/39

.......

830

826,885

LBA

Trust,

Series

2024-BOLT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

6.92%,

06/15/26

.

1,320

1,313,813

One

New

York

Plaza

Trust,

Series

2020-1NYP,

Class

AJ,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.36%),

6.69%,

01/15/36

.......

385

366,995

Taubman

Centers

Commercial

Mortgage

Trust,

Series

2022-DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.19%

Floor

+

2.19%),

7.51%,

05/15/37

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

235

236,175

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2024-1CHI,

Class

A,

5.31%,

07/15/35

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

293

287,438

22,154,003

Total

Non-Agency

Mortgage-Backed

Securities

—

2.3%

(Cost:

$

45,230,640

)

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

45,126,821

U.S.

Government

Sponsored

Agency

Securities

Commercial

Mortgage-Backed

Securities

—

0.7%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)(b)

Series

2017-K62

,

Class

B

,

4.01

%

,

01/25/50

........

2,500

2,399,285

Series

2017-K65

,

Class

B

,

4.22

%

,

07/25/50

........

2,000

1,922,687

Series

2018-K73

,

Class

B

,

3.98

%

,

02/25/51

........

1,350

1,274,405

Series

2018-K82

,

Class

B

,

4.27

%

,

09/25/28

........

2,043

1,936,481

Series

2018-K83

,

Class

B

,

4.42

%

,

11/25/51

........

2,000

1,905,636

Series

2018-W5FX

,

Class

CFX

,

(1-mo.

LIBOR

USD

+

0.00%),

3.79

%

,

04/25/28

........

696

602,882

Series

2019-K91

,

Class

B

,

4.40

%

,

04/25/51

........

2,000

1,894,585

Series

2019-K94

,

Class

B

,

4.10

%

,

07/25/52

........

2,000

1,866,419

Series

2020-K737

,

Class

B

,

3.42

%

,

01/25/53

........

932

882,775

14,685,155

Mortgage-Backed

Securities

—

3.2%

Uniform

Mortgage-Backed

Securities

(h)

5.00

%

,

07/25/54

..........

42,283

40,862,157

Security

Par

(000)

Par

(000)

Value

Mortgage-Backed

Securities

(continued)

5.50

%

,

07/25/54

..........

USD

20,811

$

20,524,116

61,386,273

Total

U.S.

Government

Sponsored

Agency

Securities

—

3

.9

%

(Cost:

$

77,016,933

)

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

76,071,428

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

,

3.00

%

,

02/15/49

4,285

3,245,720

U.S.

Treasury

Inflation

Linked

Bonds

2.00

%

,

01/15/26

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

26,148

25,825,567

2.38

%

,

01/15/27

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

24,937

24,921,626

1.75

%

,

01/15/28

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

23,064

22,694,555

3.63

%

,

04/15/28

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

23,581

24,779,901

2.50

%

,

01/15/29

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

21,998

22,382,584

3.88

%

,

04/15/29

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

30,147

32,560,439

3.38

%

,

04/15/32

(i)

...........

10,855

11,849,727

2.13

%

,

02/15/40

-

02/15/54

.....

45,116

44,436,650

0.75

%

,

02/15/42

-

02/15/45

.....

69,657

53,182,397

0.63

%

,

02/15/43

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

24,757

18,584,554

1.38

%

,

02/15/44

(j)

...........

32,423

27,782,153

1.00

%

,

02/15/46

-

02/15/49

.....

48,293

37,177,612

0.88

%

,

02/15/47

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

23,608

17,720,212

0.25

%

,

02/15/50

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

24,544

14,977,617

0.13

%

,

02/15/51

-

02/15/52

.....

53,302

30,510,755

1.50

%

,

02/15/53

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

26,434

22,201,694

U.S.

Treasury

Inflation

Linked

Notes

0.38

%

,

07/15/25

-

07/15/27

.....

170,580

163,674,329

0.13

%

,

10/15/25

-

01/15/32

.....

612,276

560,861,723

0.63

%

,

01/15/26

-

07/15/32

.....

134,699

124,767,951

1.63

%

,

10/15/27

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

66,625

65,538,145

0.50

%

,

01/15/28

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

59,144

55,729,243

1.25

%

,

04/15/28

(i)

...........

64,097

61,904,536

0.75

%

,

07/15/28

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

50,985

48,447,788

2.38

%

,

10/15/28

(i)

...........

65,869

66,727,934

0.88

%

,

01/15/29

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

44,186

41,857,958

2.13

%

,

04/15/29

(i)

...........

56,682

56,746,969

0.25

%

,

07/15/29

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

52,213

47,943,638

1.13

%

,

01/15/33

(i)

...........

73,181

67,704,287

1.38

%

,

07/15/33

(j)

...........

77,069

72,769,893

1.75

%

,

01/15/34

(i)

...........

69,909

67,828,346

Total

U.S.

Treasury

Obligations

—

99.9%

(Cost:

$

2,055,836,437

)

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

1,937,336,503

Total

Long-Term

Investments

—

113

.4

%

(Cost:

$

2,334,241,405

)

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

2,200,377,892

Shares

Shares

Short-Term

Securities

Money

Market

Funds

—

0.4%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

5.19

%

(f)

(k)

....

7,200,751

7,200,751

Total

Short-Term

Securities

—

0

.4

%

(Cost:

$

7,200,751

)

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

7,200,751

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedules

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

June

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Total

Options

Purchased

—

0

.1

%

(Cost:

$

2,655,390

)

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

$

1,833,245

Total

Investments

Before

Options

Written

—

113.9%

(Cost:

$

2,344,097,546

)

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

2,209,411,888

Total

Options

Written

—

(

0

.1

)

%

(Premiums

Received

—

$

(

2,499,214

)

)

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

(

1,776,555

)

Total

Investments

Net

of

Options

Written

—

113

.8

%

(Cost:

$

2,341,598,332

)

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

2,207,635,333

Liabilities

in

Excess

of

Other

Assets

—

(

13.8

)

%

...........

(

267,815,159

)

Net

Assets

—

100.0%

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

$

1,939,820,174

(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)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(e)

Non-income

producing

security.

(f)

Affiliate

of

the

Fund.

(g)

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.

(h)

Represents

or

includes

a

TBA

transaction.

(i)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

reverse

repurchase

agreements.

(j)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(k)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/24

Shares

Held

at

06/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

20,717,863

$

—

$

(

13,517,112

)

(a)

$

—

$

—

$

7,200,751

7,200,751

$

130,083

$

—

iShares

Residential

and

Multisector

Real

Estate

ETF

2,377,710

—

—

—

112,246

2,489,956

32,341

22,575

—

$

—

$

112,246

$

9,690,707

$

152,658

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

8

Reverse

Repurchase

Agreements

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

Face

Value

Face

Value

Including

Accrued

Interest

Type

of

Non-Cash

Underlying

Collateral

Remaining

Contractual

Maturity

of

the

Agreements

BNP

Paribas

SA

.......

5

.44

%

06/28/24

07/01/24  

$

34,734,281

$

34,750,027

U.S.

Treasury

Obligations

Overnight

HSBC

Securities

(USA),

Inc.

5

.43

06/28/24

07/01/24  

62,475,000

62,503,270

U.S.

Treasury

Obligations

Overnight

Nomura

Securities

International,

Inc.

.....

5

.40

06/28/24

07/01/24  

11,944,344

11,949,719

U.S.

Treasury

Obligations

Overnight

U.S.

Bancorp

Investments,

Inc.

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

5

.43

06/28/24

07/01/24  

43,175,000

43,194,537

U.S.

Treasury

Obligations

Overnight

U.S.

Bancorp

Investments,

Inc.

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

5

.43

06/28/24

07/01/24  

23,258,750

23,269,275

U.S.

Treasury

Obligations

Overnight

U.S.

Bancorp

Investments,

Inc.

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

5

.43

06/28/24

07/01/24  

54,067,500

54,091,965

U.S.

Treasury

Obligations

Overnight

$

229,654,875

$

229,758,793

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedules

of

Investments

9

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-BTP

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

2

09/06/24

$

247

$

(

441

)

U.S.

Treasury

2-Year

Note

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

44

09/30/24

8,986

(

8,646

)

3-mo.

SOFR

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

2

12/17/24

474

(

178

)

3-mo.

SOFR

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

4

09/16/25

957

94

3-mo.

SOFR

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

9

03/17/26

2,161

(

1,439

)

(

10,610

)

Short

Contracts

Euro-Bund

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

4

09/06/24

564

1,046

Euro-Buxl

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

23

09/06/24

3,208

(

72,753

)

Canada

10-Year

Bond

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

209

09/18/24

18,343

123,161

U.S.

Treasury

10-Year

Note

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

116

09/19/24

12,742

76,085

U.S.

Treasury

10-Year

Ultra

Note

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

186

09/19/24

21,070

202,803

U.S.

Treasury

Long

Bond

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

103

09/19/24

12,141

(

47,772

)

U.S.

Treasury

Ultra

Bond

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

65

09/19/24

8,097

174,737

S&P

500

E-Mini

Index

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

2

09/20/24

552

2,089

Long

Gilt

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

1

09/26/24

123

654

U.S.

Treasury

5-Year

Note

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

393

09/30/24

41,861

(

26,966

)

3-mo.

EURIBOR

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

7

12/15/25

1,823

713

3-mo.

SOFR

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

2

12/16/25

479

(

1,603

)

432,194

$

421,584

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

790,855

EUR

725,000

JPMorgan

Chase

Bank

NA

07/02/24

$

14,416

USD

14,860,112

BRL

81,101,143

Barclays

Bank

plc

09/18/24

481,176

USD

1,694,020

BRL

9,256,463

JPMorgan

Chase

Bank

NA

09/18/24

52,883

USD

14,462,396

EUR

13,433,510

BNP

Paribas

SA

09/18/24

20,432

USD

858,940

EUR

798,000

Natwest

Markets

plc

09/18/24

1,034

USD

1,001,360

EUR

931,000

Nomura

International

plc

09/18/24

470

USD

9,389,633

EUR

8,724,490

Toronto

Dominion

Bank

09/18/24

10,196

USD

274,317

EUR

255,000

UBS

AG

09/18/24

175

USD

267,642

GBP

211,000

Citibank

NA

09/18/24

760

USD

919,394

GBP

725,000

Goldman

Sachs

International

09/18/24

2,383

USD

983,336

GBP

775,000

HSBC

Bank

plc

09/18/24

3,083

USD

1,134,797

GBP

895,000

JPMorgan

Chase

Bank

NA

09/18/24

2,762

USD

875,148

GBP

690,000

Standard

Chartered

Bank

09/18/24

2,406

USD

889,398

JPY

138,529,000

Nomura

International

plc

09/18/24

17,857

USD

4,473,273

JPY

697,141,000

Royal

Bank

of

Canada

09/18/24

87,282

697,315

USD

85,357

CAD

117,000

Royal

Bank

of

Canada

09/18/24

(

328

)

USD

1,444,070

MXN

27,552,133

Citibank

NA

09/18/24

(

43,390

)

(

43,718

)

$

653,597

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

10

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

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

Up

and

Out

Royal

Bank

of

Canada

07/30/24

JPY

161.50

JPY

168.00

USD

1,481

$

6,011

Put

USD

Currency

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

One-Touch

JPMorgan

Chase

Bank

NA

07/03/24

MXN

17.10

MXN

17.10

USD

149

74

USD

Currency

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

Up

and

In

JPMorgan

Chase

Bank

NA

07/15/24

MXN

18.25

MXN

18.75

USD

2,965

32,207

32,281

$

38,292

$

–

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

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

UBS

AG

07/30/24

JPY

161.00

USD

1,481

$

10,678

USD

Currency

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

Bank

of

America

NA

03/06/26

CNH

7.75

USD

58,007

432,717

$

443,395

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

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

4.54%

At

Termination

Barclays

Bank

plc

10/16/24

4

.54

%

USD

447,008

$

582,476

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

4.54%

At

Termination

Deutsche

Bank

AG

10/16/24

4

.54

USD

224,103

292,019

874,495

Put

10-Year

Interest

Rate

Swap

(a)

4.43%

Annual

1-day

SOFR

Annual

Citibank

NA

10/17/24

4

.43

USD

24,797

120,796

10-Year

Interest

Rate

Swap

(a)

4.43%

Annual

1-day

SOFR

Annual

Goldman

Sachs

Bank

USA

10/17/24

4

.43

USD

12,399

60,398

30-Year

Interest

Rate

Swap

(a)

3.93%

Annual

1-day

SOFR

Annual

Citibank

NA

12/18/24

3

.93

USD

10,471

295,869

477,063

$

1,351,558

(a)

Forward

settling

swaption.

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

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

UBS

AG

07/30/24

JPY

165.00

USD

2,962

$

(

5,569

)

OTC

Interest

Rate

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate

Frequency

Rate

Frequency

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

(000)

Value

Call

10-Year

Interest

Rate

Swap

(a)

3.86%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

09/12/24

3

.86

%

USD

23,561

$

(

300,137

)

10-Year

Interest

Rate

Swap

(a)

3.89%

Annual

1-day

SOFR

Annual

Citibank

NA

09/13/24

3

.89

USD

11,781

(

163,436

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedules

of

Investments

11

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)

3.83%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

09/17/24

3

.83

%

USD

5,890

$

(

71,393

)

1-Year

Interest

Rate

Swap

(a)

.

3.84%

At

Termination

1-day

SOFR

At

Termination

Barclays

Bank

plc

10/16/24

3

.84

USD

447,008

(

124,901

)

1-Year

Interest

Rate

Swap

(a)

.

3.84%

At

Termination

1-day

SOFR

At

Termination

Deutsche

Bank

AG

10/16/24

3

.84

USD

224,103

(

62,618

)

(

722,485

)

Put

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.86%

Annual

Deutsche

Bank

AG

09/12/24

3

.86

USD

23,561

(

407,077

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.89%

Annual

Citibank

NA

09/13/24

3

.89

USD

11,781

(

190,596

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.83%

Annual

Bank

of

America

NA

09/17/24

3

.83

USD

5,890

(

113,173

)

30-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.86%

Annual

Citibank

NA

09/18/24

3

.86

USD

10,471

(

205,511

)

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

5.10%

At

Termination

Citibank

NA

10/17/24

5

.10

USD

208,292

(

88,096

)

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

5.10%

At

Termination

Goldman

Sachs

Bank

USA

10/17/24

5

.10

USD

104,146

(

44,048

)

(

1,048,501

)

$

(

1,770,986

)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

...........

5

.00

%

Quarterly

06/20/29

B+

USD

51,341

$

3,269,430

$

1,499,093

$

1,770,337

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

4.86%

At

Termination

1-day

REPO_CORRA

At

Termination

N/A

07/25/24

CAD

25,457

$

(

1,859

)

$

—

$

(

1,859

)

4.87%

At

Termination

1-day

REPO_CORRA

At

Termination

N/A

07/25/24

CAD

50,914

(

3,916

)

—

(

3,916

)

4.87%

At

Termination

1-day

REPO_CORRA

At

Termination

N/A

07/25/24

CAD

10,998

(

873

)

—

(

873

)

1-day

EFFR

At

Termination

5.31%

At

Termination

07/31/24

(a)

09/18/24

USD

763,400

4,011

—

4,011

1-day

EFFR

At

Termination

5.32%

At

Termination

07/31/24

(a)

09/18/24

USD

763,390

16,839

—

16,839

1-day

EFFR

At

Termination

5.32%

At

Termination

07/31/24

(a)

09/18/24

USD

763,390

14,787

—

14,787

1-day

EFFR

At

Termination

5.32%

At

Termination

07/31/24

(a)

09/18/24

USD

763,390

17,096

—

17,096

1-day

EFFR

At

Termination

5.32%

At

Termination

07/31/24

(a)

09/18/24

USD

751,000

19,090

—

19,090

0.27%

Annual

1-day

TONAR

Annual

N/A

03/11/26

JPY

1,566,260

13,391

5,752

7,639

0.41%

Annual

1-day

TONAR

Annual

N/A

05/21/26

JPY

1,517,975

(

1,579

)

—

(

1,579

)

4.09%

Annual

1-day

SOFR

Annual

N/A

02/28/31

USD

981

(

4,455

)

—

(

4,455

)

1-day

SOFR

Annual

4.12%

Annual

N/A

11/15/33

USD

1,247

15,149

—

15,149

4.10%

Annual

1-day

SOFR

Annual

N/A

11/15/33

USD

1,853

(

19,815

)

—

(

19,815

)

6-mo.

EURIBOR

Semi-Annual

2.73%

Annual

N/A

01/26/34

EUR

645

(

9,987

)

391

(

10,378

)

1-day

TONAR

Annual

0.85%

Annual

N/A

03/11/34

JPY

328,915

(

29,727

)

(

6,400

)

(

23,327

)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

12

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

TONAR

Annual

0.99%

Annual

N/A

05/21/34

JPY

319,500

$

(

8,930

)

$

—

$

(

8,930

)

1-day

SOFR

Annual

3.78%

Annual

N/A

06/18/34

USD

4,363

(

63,404

)

—

(

63,404

)

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

01/26/54

EUR

265

4,738

(

3,067

)

7,805

2.49%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/19/54

EUR

4,447

88,640

(

37,561

)

126,201

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/20/54

EUR

4,447

72,509

(

53,420

)

125,929

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/20/54

EUR

4,774

69,960

(

65,287

)

135,247

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/01/54

EUR

2,235

32,895

(

29,759

)

62,654

2.46%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/22/54

EUR

939

23,583

(

1,038

)

24,621

2.54%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

04/22/54

EUR

3,633

16,879

(

7,498

)

24,377

2.43%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

06/19/54

EUR

852

22,420

—

22,420

2.43%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

06/20/54

EUR

826

21,610

—

21,610

6-mo.

EURIBOR

Semi-Annual

2.44%

Annual

N/A

06/24/54

EUR

572

(

13,286

)

—

(

13,286

)

$

295,766

$

(

197,887

)

$

493,653

(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)

3.88%

At

Termination

UK

Retail

Price

Index

All

Items

Monthly

At

Termination

06/15/29

GBP

3,940

$

6,819

$

—

$

6,819

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.13%

At

Termination

06/15/29

EUR

9,560

609

—

609

2.46%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

07/01/29

USD

5,276

12,449

—

12,449

2.56%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

06/07/34

USD

344

(

597

)

(

34

)

(

563

)

2.54%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

06/13/34

USD

230

20

(

26

)

46

2.55%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

05/07/49

USD

2,650

(

28,556

)

—

(

28,556

)

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.78%

At

Termination

08/15/53

EUR

360

36,306

31,669

4,637

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.53%

At

Termination

11/15/53

EUR

700

14,346

4,526

9,820

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.64%

At

Termination

11/15/53

EUR

370

20,898

15,971

4,927

2.47%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

12/18/53

USD

2,310

13,036

26,241

(

13,205

)

$

75,330

$

78,347

$

(

3,017

)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

EFFR

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

Effective

Federal

Funds

Rate

5

.33

%

1-day

REPO_CORRA

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

Canadian

Overnight

Repo

Rate

4

.80

1-day

SOFR

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

Secured

Overnight

Financing

Rate

5

.34

1-day

TONAR

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

Tokyo

Overnight

Average

Rate

0

.08

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedules

of

Investments

13

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Reference

Index

Reference

Rate

6-mo.

EURIBOR

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

Euro

Interbank

Offered

Rate

3

.68

%

Balances

Reported

in

the

Consolidated

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

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

$

1,583,643

$

(

204,090

)

$

2,455,119

$

(

194,146

)

$

—

Options

Written

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

N/A

N/A

872,038

(

149,379

)

(

1,776,555

)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Consolidated

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Consolidated

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

2,089

$

—

$

579,293

$

—

$

581,382

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

697,315

—

—

697,315

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

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

—

—

—

481,687

1,351,558

—

1,833,245

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

1,770,337

—

—

645,475

39,307

2,455,119

$

—

$

1,770,337

$

2,089

$

1,179,002

$

2,576,326

$

39,307

$

5,567,061

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

159,798

$

—

$

159,798

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

43,718

—

—

43,718

Options

written

(b)

Options

written

at

value

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

—

—

—

5,569

1,770,986

—

1,776,555

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

151,822

42,324

194,146

$

—

$

—

$

—

$

49,287

$

2,082,606

$

42,324

$

2,174,217

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Consolidated

Schedule

of

Investments.

In

the

Consolidated

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Consolidated

Schedule

of

Investments.

For

the

period

ended

June

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Consolidated

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

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

$

(

26,475

)

$

—

$

467,118

$

—

$

4,587,266

$

—

$

5,027,909

Forward

foreign

currency

exchange

contracts

....

—

—

—

1,556,005

—

—

1,556,005

Options

purchased

(a)

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

—

—

(

149,469

)

(

244,392

)

(

4,070,601

)

—

(

4,464,462

)

Options

written

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

—

—

—

222,820

2,718,901

—

2,941,721

Swaps

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

—

(

734,711

)

—

—

(

1,504,796

)

256,364

(

1,983,143

)

$

(26,475)

$

(734,711)

$

317,649

$

1,534,433

$

1,730,770

$

256,364

$

3,078,030

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

14

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

2,089

$

—

$

9,978,311

$

—

$

9,980,400

Forward

foreign

currency

exchange

contracts

....

—

—

—

712,569

—

—

712,569

Options

purchased

(b)

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

—

—

—

(

4,064

)

(

1,373,513

)

—

(

1,377,577

)

Options

written

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

—

—

—

—

1,356,346

—

1,356,346

Swaps

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

—

1,770,337

—

—

434,270

(

144,506

)

2,060,101

$

—

$

1,770,337

$

2,089

$

708,505

$

10,395,414

$

(144,506)

$

12,731,839

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

34,659,264

Average

notional

value

of

contracts

—

short

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

$

279,119,111

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

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

$

49,403,771

Options

Average

value

of

option

contracts

purchased

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

$

556,939

Average

value

of

option

contracts

written

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

$

13,297

Average

notional

value

of

swaption

contracts

purchased

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

$

383,858,750

Average

notional

value

of

swaption

contracts

written

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

$

562,711,500

Credit

default

swaps

Average

notional

value

—

sell

protection

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

$

62,785,619

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

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

$

81,465,093

Average

notional

value

—

receives

fixed

rate

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

$

1,923,331,539

Inflation

swaps

Average

notional

value

—

pays

fixed

rate

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

$

35,380,909

Average

notional

value

—

receives

fixed

rate

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

$

31,413,293

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

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

$

584,173

$

—

Forward

f

oreign

currency

exchange

contracts

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

697,315

43,718

Options

(a)

(b)

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

1,833,245

1,776,555

Swaps

—

centrally

cleared

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

136,121

—

Total

derivative

assets

and

liabilities

in

the

Consolidated

Statements

of

Assets

and

Liabilities

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

$

3,250,854

$

1,820,273

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

(

720,294

)

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

2,530,560

$

1,820,273

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Consolidated

Statements

of

Assets

and

Liabilities

and

reported

in

the

Consolidated

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

Consolidated

Schedules

of

Investments

15

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Consolidated

Schedule

of

Investments

above.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

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

$

432,717

$

(

184,566

)

$

(

248,151

)

$

—

$

—

Barclays

Bank

plc

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

1,063,652

(

124,901

)

—

(

580,000

)

358,751

BNP

Paribas

SA

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

20,432

—

—

—

20,432

Citibank

NA

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

417,425

(

417,425

)

—

—

—

Deutsche

Bank

AG

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

292,019

(

292,019

)

—

—

—

Goldman

Sachs

Bank

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

60,398

(

44,048

)

—

—

16,350

Goldman

Sachs

International

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

2,383

—

—

—

2,383

HSBC

Bank

plc

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

3,083

—

—

—

3,083

JPMorgan

Chase

Bank

NA

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

102,342

—

—

—

102,342

Natwest

Markets

plc

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

1,034

—

—

—

1,034

Nomura

International

plc

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

18,327

—

—

—

18,327

Royal

Bank

of

Canada

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

93,293

(

328

)

—

—

92,965

Standard

Chartered

Bank

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

2,406

—

—

—

2,406

Toronto

Dominion

Bank

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

10,196

—

—

—

10,196

UBS

AG

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

10,853

(

5,569

)

—

—

5,284

$

2,530,560

$

(

1,068,856

)

$

(

248,151

)

$

(

580,000

)

$

633,553

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

Bank

of

America

NA

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

$

184,566

$

(

184,566

)

$

—

$

—

$

—

Barclays

Bank

plc

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

124,901

(

124,901

)

—

—

—

Citibank

NA

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

691,029

(

417,425

)

(

273,604

)

—

—

Deutsche

Bank

AG

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

769,832

(

292,019

)

(

477,813

)

—

—

Goldman

Sachs

Bank

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

44,048

(

44,048

)

—

—

—

Royal

Bank

of

Canada

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

328

(

328

)

—

—

—

UBS

AG

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

5,569

(

5,569

)

—

—

—

$

1,820,273

$

(

1,068,856

)

$

(

751,417

)

$

—

$

—

(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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

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

$

—

$

65,268,475

$

—

$

65,268,475

Common

Stocks

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

886,750

—

—

886,750

Corporate

Bonds

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

—

2,183,976

—

2,183,976

Foreign

Agency

Obligations

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

—

11,990,052

—

11,990,052

Foreign

Government

Obligations

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

—

59,023,931

—

59,023,931

Investment

Companies

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

2,489,956

—

—

2,489,956

Non-Agency

Mortgage-Backed

Securities

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

—

45,126,821

—

45,126,821

U.S.

Government

Sponsored

Agency

Securities

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

—

76,071,428

—

76,071,428

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Inflation

Protected

Bond

Portfolio

16

See

notes

to

consolidated

financial

statements.

Level

1

Level

2

Level

3

Total

U.S.

Treasury

Obligations

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

$

—

$

1,937,336,503

$

—

$

1,937,336,503

Short-Term

Securities

Money

Market

Funds

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

7,200,751

—

—

7,200,751

Options

Purchased

Foreign

currency

exchange

contracts

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

—

481,687

—

481,687

Interest

rate

contracts

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

—

1,351,558

—

1,351,558

$

10,577,457

$

2,198,834,431

$

—

$

2,209,411,888

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

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

$

—

$

1,770,337

$

—

$

1,770,337

Equity

contracts

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

2,089

—

—

2,089

Foreign

currency

exchange

contracts

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

—

697,315

—

697,315

Interest

rate

contracts

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

579,293

645,475

—

1,224,768

Other

contracts

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

—

39,307

—

39,307

Liabilities

Foreign

currency

exchange

contracts

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

—

(

49,287

)

—

(

49,287

)

Interest

rate

contracts

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

(

159,798

)

(

1,922,808

)

—

(

2,082,606

)

Other

contracts

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

—

(

42,324

)

—

(

42,324

)

$

421,584

$

1,138,015

$

—

$

1,559,599

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

The

Fund

may

hold

assets

and/or

liabilities

in

which

the

fair

value

approximates

the

carrying

amount

or

face

value,

including

accrued

interest,

for

financial

statement

purposes.

As

of

period

end,

reverse

repurchase

agreements

of

$229,758,793

are

categorized

as

Level

2

within

the

fair

value

hierarchy.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Asset-Backed

Securities

Australia

—

0.0%

Liberty,

Series

2024-1A,

Class

A,

(1-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

at

0.00%

Floor

+

1.20%),

5.50%,

05/25/32

(a)

(b)

..........

AUD

3,722

$

2,480,897

Bermuda

—

0.1%

(a)(c)

AREIT

LLC,

Series

2023-CRE8,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.11%

Floor

+

2.11%),

7.44%,

08/17/41

.

USD

5,640

5,633,015

Barings

Private

Credit

Corp.

CLO

Ltd.,

Series

2023-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.73%,

07/15/31

.......

1,317

1,320,573

BPCRE

Ltd.,

Series

2022-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.73%,

01/16/37

.

5,672

5,650,934

OHA

Credit

Funding

11

Ltd.,

Series

2022-11A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.25%

Floor

+

7.25%),

12.58%,

07/19/33

......

250

251,222

OHA

Credit

Funding

13

Ltd.,

Series

2022-13A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.55%

Floor

+

8.55%),

13.87%,

07/20/35

......

7,675

7,861,111

Symphony

CLO

38

Ltd.

Series

2023-38A,

Class

C1,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

8.22%,

04/24/36

...

2,500

2,530,838

Series

2023-38A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.00%

Floor

+

6.00%),

11.32%,

04/24/36

..

3,000

3,018,645

Symphony

CLO

39

Ltd.,

Series

2023-

39A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.19%

Floor

+

6.19%),

11.51%,

04/25/34

...........

5,000

5,042,593

Symphony

CLO

40

Ltd.,

Series

2023-

40A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.00%

Floor

+

5.00%),

10.33%,

01/14/34

...........

3,350

3,403,626

TSTAT

Ltd.,

Series

2022-1A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

4.75%

Floor

+

4.75%),

10.07%,

07/20/31

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

5,000

5,014,680

39,727,237

Canada

—

0.0%

Fairstone

Financial

Issuance

Trust

I

(c)

Series

2020-1A,

Class

A,

2.51%,

10/20/39

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

CAD

6,228

4,475,874

Series

2020-1A,

Class

B,

3.74%,

10/20/39

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

18,261

12,801,855

Series

2020-1A,

Class

C,

5.16%,

10/20/39

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

2,125

1,455,572

Series

2020-1A,

Class

D,

6.87%,

10/20/39

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

150

104,171

18,837,472

Cayman

Islands

—

6.6%

720

East

CLO

Ltd.,

Series

2023-IA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

7.43%,

04/15/36

(a)

(c)

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

USD

5,000

5,052,424

ABPCI

DIRECT

LENDING

FUND

CLO

V

Ltd.,

Series

2019-5A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.49%,

01/20/36

(a)

(c)

6,250

6,251,242

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

ACAS

CLO

Ltd.

(a)(c)

Series

2015-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

0.89%

Floor

+

1.15%),

6.48%,

10/18/28

...

USD

1,229

$

1,229,291

Series

2015-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.86%),

7.19%,

10/18/28

...

500

500,539

Series

2015-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.46%),

7.79%,

10/18/28

...

3,690

3,691,048

AGL

CLO

12

Ltd.,

Series

2021-12A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

6.75%,

07/20/34

(a)

(c)

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

13,536

13,545,308

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.89%,

01/15/33

(a)

(c)

375

376,193

AGL

CLO

5

Ltd.,

Series

2020-5A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

6.99%,

07/20/34

(a)

(c)

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

390

390,000

AIMCO

CLO

(a)(c)

Series

2015-AA,

Class

X,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.53%,

10/17/34

...

1,313

1,312,707

Series

2018-BA,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.30%

Floor

+

6.30%),

11.63%,

04/16/37

..

1,000

1,002,072

Aimco

CLO

12

Ltd.,

Series

2020-12A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

8.22%,

01/17/32

(a)

(c)

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

610

610,499

AIMCO

CLO

14

Ltd.,

Series

2021-14A,

Class

SUB,

0.00%,

04/20/34

(a)

(c)

..

20,000

15,154,000

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.71%,

01/17/31

(a)

(c)

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

748

748,465

Allegro

CLO

VIII

Ltd.

(a)(c)

Series

2018-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.69%,

07/15/31

...

7,245

7,252,085

Series

2018-2A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.67%

Floor

+

1.93%),

7.26%,

07/15/31

...

500

501,136

ALM

VII

Ltd.,

Series

2012-7A,

Class

SUB,

0.00%,

10/15/2116

(a)

(c)

(d)

...

12,160

1

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.51%),

6.84%,

11/02/30

(a)

(c)

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

717

717,243

Anchorage

Capital

CLO

11

Ltd.

(a)(c)

Series

2019-11A,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.75%

Floor

+

3.75%),

9.09%,

07/22/37

...

2,500

2,500,000

Series

2019-11A,

Class

ER2,

(3-mo.

CME

Term

SOFR

at

7.33%

Floor

+

7.33%),

12.67%,

07/22/37

..

2,500

2,475,000

Anchorage

Capital

CLO

7

Ltd.

(a)(c)

Series

2015-7A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.56%

Floor

+

1.56%),

6.89%,

04/28/37

...

22,000

22,017,565

Series

2015-7A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

7.38%,

04/28/37

...

8,000

8,060,061

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2015-7A,

Class

DR3,

(3-mo.

CME

Term

SOFR

at

3.80%

Floor

+

3.80%),

9.13%,

04/28/37

...

USD

8,860

$

8,858,979

Anchorage

Credit

Funding

10

Ltd.,

Series

2020-10A,

Class

AV,

3.62%,

04/25/38

(c)

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

9,000

8,717,654

Anchorage

Credit

Funding

12

Ltd.,

Series

2020-12A,

Class

A1,

3.18%,

10/25/38

(c)

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

10,000

9,351,000

Anchorage

Credit

Funding

14

Ltd.,

Series

2021-14A,

Class

A,

3.00%,

01/21/40

(c)

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

20,750

18,413,867

Anchorage

Credit

Funding

16

Ltd.,

Series

2022-16A,

Class

A,

5.40%,

07/21/40

(c)

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

6,000

5,883,375

Anchorage

Credit

Funding

3

Ltd.

(c)

Series

2016-3A,

Class

A1R,

2.87%,

01/28/39

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

22,000

19,997,971

Series

2016-3A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.69%,

01/28/39

(a)

..

4,045

4,119,356

Series

2016-3A,

Class

SUBR,

0.00%,

01/28/39

(a)

.........

7,500

4,619,250

Anchorage

Credit

Funding

4

Ltd.,

Series

2016-4A,

Class

AR,

2.72%,

04/27/39

(c)

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

7,750

7,014,877

Anchorage

Credit

Funding

8

Ltd.,

Series

2019-8A,

Class

A,

4.43%,

07/25/37

(c)

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

2,000

1,959,009

Anchorage

Credit

Funding

Ltd.,

Series

2021-14A,

Class

SUB,

0.00%,

01/21/40

(a)

(c)

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

10,000

7,123,000

Antares

CLO

Ltd.

(a)(c)

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.18%,

04/20/33

...

3,250

3,262,662

Series

2019-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.26%,

01/23/36

...

8,470

8,507,524

Series

2021-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.79%),

7.12%,

07/25/33

...

3,250

3,257,980

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.67%,

04/15/31

(a)

(c)

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

21,791

21,837,254

Apidos

CLO

XV,

Series

2013-15A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.01%

Floor

+

1.27%),

6.60%,

04/20/31

(a)

(c)

..........

5,580

5,582,646

Apidos

CLO

XVIII,

Series

2018-18A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

6.47%,

10/22/30

(a)

(c)

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

26,548

26,556,524

Apidos

CLO

XX,

Series

2015-20A,

Class

A1RA,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.69%,

07/16/31

(a)

(c)

..........

1,609

1,611,035

Apidos

CLO

XXII

(a)(c)

Series

2015-22A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.32%),

6.65%,

04/20/31

...

1,327

1,328,975

Series

2015-22A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.54%,

04/20/31

...

3,250

3,255,995

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2015-22A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.54%,

04/20/31

...

USD

800

$

803,382

Apidos

CLO

XXIV,

Series

2016-24A,

Class

A1AL,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.54%,

10/20/30

(a)

(c)

..........

19,770

19,779,892

Apidos

CLO

Xxv

(a)(c)

Series

2016-25A,

Class

A1R2,

(3-

mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

6.47%,

10/20/31

15,976

15,984,225

Series

2016-25A,

Class

AJR2,

(3-

mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

6.82%,

10/20/31

5,000

5,002,536

Apidos

CLO

XXVI

(a)(c)

Series

2017-26A,

Class

A1AR,

(3-

mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.49%,

07/18/29

1,499

1,500,011

Series

2017-26A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.54%,

07/18/29

...

2,750

2,754,307

Apidos

CLO

XXVII,

Series

2017-27A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.93%

Floor

+

1.19%),

6.51%,

07/17/30

(a)

(c)

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

5,983

5,985,949

Apidos

CLO

XXVIII,

Series

2017-28A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.50%

Floor

+

5.76%),

11.09%,

01/20/31

(a)

(c)

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

270

269,794

Apidos

CLO

XXXI,

Series

2019-31A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.14%,

04/15/31

(a)

(c)

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

250

250,049

Apidos

CLO

XXXVI,

Series

2021-36A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

07/20/34

(a)

(c)

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

1,320

1,322,061

Apidos

CLO

XXXVII,

Series

2021-37A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.30%

Floor

+

6.56%),

11.89%,

10/22/34

(a)

(c)

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

850

853,527

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.18%,

05/15/37

(a)

(c)

19,728

19,702,897

AREIT

Ltd.,

Series

2024-CRE9,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

7.02%,

05/17/41

(a)

(c)

29,350

29,289,794

Ares

LI

CLO

Ltd.,

Series

2019-51A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.85%

Floor

+

7.11%),

12.44%,

07/15/34

(a)

(c)

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

300

302,931

Ares

LII

CLO

Ltd.,

Series

2019-52A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.64%,

04/22/31

(a)

(c)

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

2,000

2,001,000

Ares

Loan

Funding

I

Ltd.

(a)(c)

Series

2021-ALFA,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.70%

Floor

+

6.96%),

12.29%,

10/15/34

..

10,850

10,888,550

Series

2021-ALFA,

Class

SUB,

0.00%,

10/15/34

..........

14,000

9,615,200

Ares

Loan

Funding

III

Ltd.,

Series

2022-ALF3A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.58%

Floor

+

7.58%),

12.90%,

07/25/35

(a)

(c)

....

800

806,713

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

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)

Ares

LV

CLO

Ltd.,

Series

2020-55A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.74%,

07/15/34

(a)

(c)

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

USD

750

$

751,923

Ares

XL

CLO

Ltd.,

Series

2016-40A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.87%

Floor

+

1.13%),

6.46%,

01/15/29

(a)

(c)

..........

1,895

1,897,588

Ares

XLV

CLO

Ltd.,

Series

2017-45A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.64%,

10/15/30

(a)

(c)

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

1,125

1,126,333

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.92%

Floor

+

1.18%),

6.51%,

04/15/30

(a)

(c)

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

1,415

1,416,230

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.08%),

6.41%,

10/15/30

(a)

(c)

..........

17,050

17,050,000

Assurant

CLO

II

Ltd.,

Series

2018-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.04%

Floor

+

1.30%),

6.63%,

04/20/31

(a)

(c)

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

816

816,814

Assurant

CLO

IV

Ltd.

(a)(c)

Series

2019-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.66%),

7.99%,

04/20/30

...

500

500,425

Series

2019-4A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.65%

Floor

+

3.91%),

9.24%,

04/20/30

...

3,500

3,517,897

Atrium

IX

(a)(c)

Series

9A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.99%

Floor

+

1.25%),

6.59%,

05/28/30

....

2,018

2,019,292

Series

9A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.10%,

05/28/30

....

325

325,860

Atrium

XV

(a)(c)

Series

15A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.59%,

01/23/31

....

1,450

1,451,325

Series

15A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.30%),

0.00%,

07/16/37

....

1,450

1,450,000

Bain

Capital

Credit

CLO

Ltd.,

Series

2018-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.67%,

07/19/31

(a)

(c)

....

4,342

4,349,432

Ballyrock

CLO

14

Ltd.

(a)(c)

Series

2020-14A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.56%

Floor

+

2.56%),

7.89%,

01/20/34

...

250

250,456

Series

2020-14A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

0.00%,

07/20/37

...

250

250,000

Series

2020-14A,

Class

D,

(3-mo.

CME

Term

SOFR

at

7.26%

Floor

+

7.26%),

12.59%,

01/20/34

..

250

251,728

Series

2020-14A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

5.85%

Floor

+

5.85%),

0.00%,

07/20/37

...

250

250,000

Ballyrock

CLO

25

Ltd.,

Series

2023-

25A,

Class

C,

(3-mo.

CME

Term

SOFR

at

4.70%

Floor

+

4.70%),

10.02%,

01/25/36

(a)

(c)

.........

1,750

1,776,581

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Ballyrock

CLO

Ltd.

(a)(c)

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.59%,

04/20/31

...

USD

507

$

507,157

Series

2018-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.86%),

7.19%,

04/20/31

...

2,300

2,306,294

Series

2020-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

6.15%

Floor

+

6.41%),

11.74%,

10/20/31

..

1,340

1,344,633

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.59%,

10/22/32

(a)

(c)

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

940

940,205

Barings

CLO

Ltd.

(a)(c)

Series

2015-IA,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.99%

Floor

+

1.25%),

6.58%,

01/20/31

...

2,553

2,555,574

Series

2015-IA,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

6.99%,

01/20/31

...

250

250,066

Series

2016-2A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

6.66%,

01/20/32

...

6,624

6,629,094

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.54%,

04/15/31

...

1,614

1,614,959

Series

2018-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.54%,

07/20/29

...

492

492,657

Battalion

CLO

IX

Ltd.,

Series

2015-9A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.84%,

07/15/31

(a)

(c)

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

450

443,340

Battalion

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.14%,

07/18/30

(a)

(c)

..........

11,000

11,013,567

Bean

Creek

CLO

Ltd.,

Series

2015-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

6.61%,

04/20/31

(a)

(c)

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

7,688

7,694,633

Benefit

Street

Partners

CLO

V-B

Ltd.,

Series

2018-5BA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

6.86%,

07/20/37

(a)

(c)

....

4,550

4,553,463

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.69%,

01/20/31

(a)

(c)

....

2,729

2,729,214

Benefit

Street

Partners

CLO

XII

Ltd.,

Series

2017-12A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.26%),

7.59%,

10/15/30

(a)

(c)

....

1,375

1,378,974

Benefit

Street

Partners

CLO

XX

Ltd.,

Series

2020-20A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.75%

Floor

+

7.01%),

12.34%,

07/15/34

(a)

(c)

....

1,000

1,002,443

Benefit

Street

Partners

CLO

XXI

Ltd.,

Series

2020-21A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.76%,

10/15/34

(a)

(c)

....

15,000

15,013,842

Benefit

Street

Partners

CLO

XXIII

Ltd.,

Series

2021-23A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.81%

Floor

+

7.07%),

12.40%,

04/25/34

(a)

(c)

....

1,250

1,255,300

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Betony

CLO

2

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.67%,

04/30/31

(a)

(c)

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

USD

21,151

$

21,173,858

Birch

Grove

CLO

2

Ltd.,

Series

2021-

2A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.89%,

10/19/34

(a)

(c)

..........

5,250

5,253,815

BlueMountain

CLO

Ltd.

(a)(c)

Series

2013-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.77%,

10/22/30

...

2,082

2,086,376

Series

2013-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

10/22/30

...

4,000

4,007,056

Series

2015-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.59%,

04/20/31

...

1,767

1,767,321

Series

2016-2A,

Class

C1R2,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.69%,

08/20/32

...

250

250,872

Series

2016-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

6.52%,

11/15/30

...

1,853

1,855,676

Series

2016-3A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

7.02%,

11/15/30

...

7,400

7,449,026

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.29%,

07/30/30

...

273

274,264

Series

2018-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.11%

Floor

+

1.37%),

6.69%,

08/15/31

...

1,003

1,003,513

Series

2018-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.28%,

08/15/31

...

2,750

2,764,934

Series

2018-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.19%),

6.51%,

10/25/30

...

14,162

14,187,261

Series

2018-3A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

6.92%,

10/25/30

...

9,000

8,982,987

BlueMountain

CLO

XXII

Ltd.,

Series

2018-22A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.67%,

07/15/31

(a)

(c)

....

1,255

1,256,111

BlueMountain

CLO

XXIX

Ltd.,

Series

2020-29A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.74%,

07/25/34

(a)

(c)

....

250

251,296

BlueMountain

CLO

XXVIII

Ltd.

(a)(c)

Series

2021-28A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.52%),

6.85%,

04/15/34

...

450

450,087

Series

2021-28A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.49%,

04/15/34

...

2,000

1,970,304

BlueMountain

CLO

XXX

Ltd.,

Series

2020-30A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.70%

Floor

+

6.70%),

12.03%,

04/15/35

(a)

(c)

....

250

243,962

BlueMountain

CLO

XXXIII

Ltd.,

Series

2021-33A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.76%),

9.09%,

11/20/34

(a)

(c)

....

1,510

1,500,079

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

BlueMountain

Fuji

US

CLO

I

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.57%,

07/20/29

(a)

(c)

....

USD

20,592

$

20,637,869

BlueMountain

Fuji

US

CLO

II

Ltd.,

Series

2017-2A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.59%,

10/20/30

(a)

(c)

....

3,093

3,094,133

Bristol

Park

CLO

Ltd.

(a)(c)

Series

2016-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.04%,

04/15/29

...

6,500

6,504,885

Series

2016-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.54%,

04/15/29

...

500

500,341

Canyon

CLO

Ltd.,

Series

2020-3A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.25%

Floor

+

7.51%),

12.84%,

01/15/34

(a)

(c)

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

1,430

1,438,199

Carbone

CLO

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.73%,

01/20/31

(a)

(c)

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

2,860

2,863,480

Carlyle

Global

Market

Strategies

CLO

Ltd.

(a)(c)

Series

2013-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.59%,

01/15/31

...

2,760

2,763,845

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.55%,

04/17/31

...

18,853

18,858,904

Series

2014-2RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.63%,

05/15/31

...

2,598

2,599,022

Series

2014-3RA,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.31%),

6.64%,

07/27/31

...

25,989

25,989,023

Series

2015-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.57%,

07/20/31

...

394

394,461

Series

2015-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

6.54%,

07/20/32

...

17,000

17,028,307

Carlyle

US

CLO

Ltd.

(a)(c)

Series

2017-3A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.49%,

07/20/29

...

16,613

16,637,314

Series

2017-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.77%,

01/15/30

...

1,430

1,431,123

Series

2018-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

6.48%,

10/15/31

...

4,726

4,729,835

Series

2018-4A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.39%,

01/20/31

...

800

803,453

Series

2019-1A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.67%,

04/20/31

...

1,000

1,000,509

Series

2019-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

04/20/31

...

5,000

4,994,836

CarVal

CLO

I

Ltd.,

Series

2018-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.15%),

8.48%,

07/16/31

(a)

(c)

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

1,705

1,715,539

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

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)

CarVal

CLO

II

Ltd.

(a)(c)

Series

2019-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.26%

Floor

+

2.26%),

7.59%,

04/20/32

...

USD

700

$

700,560

Series

2019-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.46%

Floor

+

3.46%),

8.79%,

04/20/32

...

2,000

2,006,835

CarVal

CLO

III

Ltd.,

Series

2019-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.70%

Floor

+

6.70%),

12.03%,

07/20/32

(a)

(c)

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

1,300

1,283,454

CarVal

CLO

VC

Ltd.

(a)(c)

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.84%,

10/15/34

...

500

501,653

Series

2021-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.75%

Floor

+

7.01%),

12.34%,

10/15/34

..

250

250,859

CBAM

Ltd.

(a)(c)

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.51%),

6.84%,

07/20/30

...

9,649

9,649,219

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.66%),

7.99%,

07/20/30

...

750

751,111

Series

2018-7A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

07/20/31

...

1,000

1,003,365

Cedar

Funding

IX

CLO

Ltd.

(a)(c)

Series

2018-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.57%,

04/20/31

...

24,284

24,322,900

Series

2018-9A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.86%),

8.19%,

04/20/31

...

250

250,029

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.68%,

07/17/31

(a)

(c)

....

4,814

4,816,639

Cedar

Funding

VII

CLO

Ltd.

(a)(c)

Series

2018-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.59%,

01/20/31

...

2,820

2,823,002

Series

2018-7A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.72%,

01/20/31

...

250

250,388

Series

2018-7A,

Class

E,

(3-mo.

CME

Term

SOFR

at

4.55%

Floor

+

4.81%),

10.14%,

01/20/31

..

2,963

2,892,146

Series

2018-7A,

Class

F,

(3-mo.

CME

Term

SOFR

at

6.90%

Floor

+

7.16%),

12.49%,

01/20/31

..

2,000

1,811,240

Series

2018-7A,

Class

SUB,

0.00%,

01/20/31

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

1,750

422,064

Cedar

Funding

XI

CLO

Ltd.,

Series

2019-11A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.61%),

6.95%,

05/29/32

(a)

(c)

....

1,000

1,000,766

Cedar

Funding

XIV

CLO

Ltd.

(a)(c)

Series

2021-14A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

07/15/33

...

4,000

3,996,341

Series

2021-14A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.84%,

07/15/33

...

13,750

13,627,697

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2021-14A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.34%

Floor

+

6.60%),

11.93%,

07/15/33

..

USD

4,975

$

4,900,429

Series

2021-14A,

Class

SUB,

0.00%,

07/15/33

..........

15,290

6,872,855

CIFC

Funding

2013-IV

Ltd.,

Series

2013-4A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.32%),

6.65%,

04/27/31

(a)

(c)

....

4,283

4,286,780

CIFC

Funding

2018-III

Ltd.,

Series

2018-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

6.69%,

07/18/31

(a)

(c)

..........

7,161

7,167,446

CIFC

Funding

2019-III

Ltd.,

Series

2019-3A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

6.80%

Floor

+

7.06%),

12.39%,

10/16/34

(a)

(c)

....

2,275

2,281,825

CIFC

Funding

2022-VII

Ltd.,

Series

2022-7A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.94%

Floor

+

8.94%),

14.26%,

10/22/35

(a)

(c)

.........

1,200

1,242,075

CIFC

Funding

Ltd.

(a)(c)

Series

2013-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.34%,

07/16/30

...

1,250

1,250,005

Series

2013-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

3.55%

Floor

+

3.81%),

9.14%,

07/16/30

...

500

502,417

Series

2013-2A,

Class

A1L2,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.59%,

10/18/30

...

20,664

20,683,247

Series

2013-3RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.56%,

04/24/31

...

12,304

12,315,960

Series

2013-3RA,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.43%,

04/24/31

...

650

651,139

Series

2013-3RA,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.48%,

04/24/31

...

1,050

1,051,101

Series

2013-4A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

2.80%

Floor

+

3.06%),

8.39%,

04/27/31

...

250

250,077

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

6.69%,

01/18/31

...

450

450,907

Series

2014-2RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.31%),

6.63%,

04/24/30

...

6,522

6,528,989

Series

2014-2RA,

Class

B1,

(3-mo.

CME

Term

SOFR

at

2.80%

Floor

+

3.06%),

8.38%,

04/24/30

...

650

652,016

Series

2014-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.46%),

6.79%,

10/22/31

...

785

786,751

Series

2014-5A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.78%,

10/17/31

...

945

944,676

Series

2015-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.11%

Floor

+

1.37%),

6.70%,

01/22/31

...

26,561

26,594,604

Series

2015-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.04%,

01/22/31

...

400

400,646

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2015-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.87%

Floor

+

1.13%),

6.46%,

04/19/29

...

USD

3,260

$

3,261,234

Series

2015-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.74%,

04/19/29

...

8,750

8,746,449

Series

2017-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.54%,

04/20/30

...

8,163

8,162,690

Series

2017-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.53%,

10/24/30

...

12,517

12,529,605

Series

2017-5A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

6.74%,

07/17/37

...

18,250

18,250,000

Series

2017-5A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.05%),

8.38%,

07/17/37

...

1,400

1,400,000

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.59%,

04/18/31

...

1,486

1,486,818

Series

2018-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.30%),

6.63%,

04/20/31

...

7,284

7,294,267

Series

2018-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.73%,

10/17/31

...

22,030

22,101,180

Series

2021-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.84%),

7.17%,

07/15/33

...

500

500,102

Clear

Creek

CLO

Ltd.

(a)(c)

Series

2015-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.79%,

10/20/30

...

951

951,468

Series

2015-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.54%,

10/20/30

...

2,900

2,900,917

Clover

CLO

Ltd.,

Series

2019-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

6.69%,

10/25/33

(a)

(c)

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

1,500

1,501,724

Crown

City

CLO

III,

Series

2021-1A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.76%,

07/20/34

(a)

(c)

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

250

250,240

Crown

Point

CLO

9

Ltd.,

Series

2020-

9A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.75%

Floor

+

4.01%),

9.34%,

07/14/34

(a)

(c)

..........

1,000

1,001,882

Deer

Creek

CLO

Ltd.

(a)(c)

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.44%),

6.77%,

10/20/30

...

1,317

1,318,041

Series

2017-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.91%),

7.24%,

10/20/30

...

1,750

1,756,766

Series

2017-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.54%,

10/20/30

...

900

900,642

Series

2017-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.35%

Floor

+

6.61%),

11.94%,

10/20/30

..

1,500

1,503,250

Diameter

Capital

CLO

2

Ltd.,

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.32%

Floor

+

6.32%),

11.65%,

10/15/36

(a)

(c)

.........

1,500

1,503,721

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Diameter

Credit

Funding

II

Ltd.,

Series

2019-2A,

Class

A,

3.94%,

01/25/38

(c)

USD

3,000

$

2,863,909

Dryden

106

CLO

Ltd.,

Series

2022-

106A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.87%

Floor

+

8.87%),

14.20%,

10/15/35

(a)

(c)

.........

500

516,148

Dryden

30

Senior

Loan

Fund,

Series

2013-30A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.82%

Floor

+

1.08%),

6.40%,

11/15/28

(a)

(c)

....

10,904

10,909,994

Dryden

36

Senior

Loan

Fund,

Series

2014-36A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.61%,

04/15/29

(a)

(c)

....

7,001

7,004,017

Dryden

37

Senior

Loan

Fund,

Series

2015-37A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.69%,

01/15/31

(a)

(c)

....

1,349

1,351,544

Dryden

40

Senior

Loan

Fund,

Series

2015-40A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

6.47%,

08/15/31

(a)

(c)

....

27,406

27,425,223

Dryden

41

Senior

Loan

Fund,

Series

2015-41A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.56%,

04/15/31

(a)

(c)

....

4,037

4,039,932

Dryden

45

Senior

Loan

Fund,

Series

2016-45A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.79%,

10/15/30

(a)

(c)

....

375

375,221

Dryden

49

Senior

Loan

Fund

(a)(c)

Series

2017-49A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.54%,

07/18/30

...

639

639,464

Series

2017-49A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

07/18/30

...

1,000

1,003,033

Dryden

50

Senior

Loan

Fund

(a)(c)

Series

2017-50A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.59%,

07/15/30

...

5,993

5,997,971

Series

2017-50A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.24%,

07/15/30

...

250

251,036

Dryden

55

CLO

Ltd.,

Series

2018-55A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.28%),

6.61%,

04/15/31

(a)

(c)

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

658

658,780

Dryden

58

CLO

Ltd.,

Series

2018-58A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.58%,

07/17/31

(a)

(c)

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

3,685

3,686,599

Dryden

61

CLO

Ltd.,

Series

2018-61A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.99%

Floor

+

1.25%),

6.57%,

01/17/32

(a)

(c)

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

3,817

3,819,627

Dryden

65

CLO

Ltd.,

Series

2018-65A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

07/18/30

(a)

(c)

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

700

702,369

Dryden

77

CLO

Ltd.,

Series

2020-77A,

Class

XR,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

6.59%,

05/20/34

(a)

(c)

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

125

124,931

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

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)

Dryden

Senior

Loan

Fund,

Series

2017-

47A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.57%,

04/15/28

(a)

(c)

..........

USD

2,049

$

2,050,175

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-26A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.16%),

6.49%,

04/15/29

(a)

(c)

....

2,389

2,389,732

Elevation

CLO

Ltd.,

Series

2014-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.49%),

6.82%,

10/15/29

(a)

(c)

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

5

4,880

Elmwood

CLO

14

Ltd.,

Series

2022-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.35%

Floor

+

6.35%),

11.67%,

04/20/35

(a)

(c)

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

4,900

4,915,955

Elmwood

CLO

22

Ltd.,

Series

2023-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.65%

Floor

+

7.65%),

12.97%,

04/17/36

(a)

(c)

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

2,000

2,065,351

Elmwood

CLO

30

Ltd.,

Series

2024-6A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.43%

Floor

+

1.43%),

0.00%,

07/17/37

(a)

(c)

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

25,500

25,619,850

Elmwood

CLO

II

Ltd.

(a)(c)

Series

2019-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.26%

Floor

+

3.26%),

8.59%,

04/20/34

...

750

751,486

Series

2019-2A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

7.06%

Floor

+

7.06%),

12.39%,

04/20/34

..

14,750

14,807,875

Series

2019-2A,

Class

FR,

(3-mo.

CME

Term

SOFR

at

8.26%

Floor

+

8.26%),

13.59%,

04/20/34

..

7,500

7,275,949

Series

2019-2A,

Class

SUB,

0.00%,

04/20/34

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

4,000

2,963,600

Elmwood

CLO

III

Ltd.,

Series

2019-3A,

Class

ERR,

(3-mo.

CME

Term

SOFR

at

5.95%

Floor

+

5.95%),

11.27%,

07/18/37

(a)

(c)

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

500

500,001

Elmwood

CLO

V

Ltd.,

Series

2020-2A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.10%

Floor

+

6.36%),

11.69%,

10/20/34

(a)

(c)

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

5,350

5,367,643

Elmwood

CLO

VIII

Ltd.,

Series

2021-

1A,

Class

SUB,

0.00%,

01/20/34

(a)

(c)

10,500

6,582,450

Elmwood

CLO

X

Ltd.,

Series

2021-3A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

5.85%

Floor

+

5.85%),

11.17%,

07/20/37

(a)

(c)

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

4,000

4,014,869

Flatiron

CLO

18

Ltd.,

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.53%,

04/17/31

(a)

(c)

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

944

944,384

Flatiron

CLO

19

Ltd.,

Series

2019-1A,

Class

DR,

(3-mo.

LIBOR

USD

at

3.00%

Floor

+

3.00%),

8.59%,

11/16/34

(a)

(c)

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

800

801,133

Flatiron

CLO

28

Ltd.,

Series

2024-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.75%

Floor

+

5.75%),

11.02%,

07/15/36

(a)

(c)

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

2,000

1,989,443

FS

Rialto,

Series

2021-FL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

6.69%,

11/16/36

(a)

(c)

684

679,558

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Galaxy

31

CLO

Ltd.,

Series

2023-31A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.43%

Floor

+

8.43%),

13.76%,

04/15/36

(a)

(c)

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

USD

650

$

678,259

Galaxy

XIX

CLO

Ltd.,

Series

2015-19A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.53%,

07/24/30

(a)

(c)

..........

1,670

1,670,892

Galaxy

XV

CLO

Ltd.,

Series

2013-15A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.56%,

10/15/30

(a)

(c)

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

3,009

3,009,444

Galaxy

XVIII

CLO

Ltd.,

Series

2018-

28A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.69%,

07/15/31

(a)

(c)

..........

2,054

2,058,037

Galaxy

XX

CLO

Ltd.,

Series

2015-20A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.59%,

04/20/31

(a)

(c)

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

20,232

20,272,193

Galaxy

XXII

CLO

Ltd.,

Series

2016-

22A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.79%,

04/16/34

(a)

(c)

..........

850

852,748

Galaxy

XXVII

CLO

Ltd.,

Series

2018-

27A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.28%),

6.61%,

05/16/31

(a)

(c)

..........

14,009

14,020,965

Galaxy

XXVIII

CLO

Ltd.,

Series

2018-

28A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.56%),

6.89%,

07/15/31

(a)

(c)

..........

403

404,160

Generate

CLO

2

Ltd.,

Series

2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.74%,

01/22/31

(a)

(c)

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

12,895

12,894,942

Generate

CLO

4

Ltd.

(a)(c)

Series

2016-2A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.75%

Floor

+

7.01%),

12.34%,

04/20/32

..

250

251,128

Series

4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.09%

Floor

+

1.35%),

6.68%,

04/20/32

....

2,381

2,383,803

Series

4A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.14%,

04/20/32

....

2,750

2,749,988

Series

4A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.74%,

04/20/32

....

1,500

1,500,472

Generate

CLO

8

Ltd.,

Series

8A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.95%

Floor

+

7.21%),

12.54%,

10/20/34

(a)

(c)

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

4,250

4,249,649

Gilbert

Park

CLO

Ltd.

(a)(c)

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.45%),

6.78%,

10/15/30

...

1,989

1,990,413

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.54%,

10/15/30

...

7,160

7,168,511

Series

2017-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.54%,

10/15/30

...

11,473

11,484,681

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

GoldenTree

Loan

Management

US

CLO

3

Ltd.,

Series

2018-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.11%),

8.44%,

04/20/30

(a)

(c)

USD

750

$

751,892

GoldenTree

Loan

Management

US

CLO

5

Ltd.

(a)(c)

Series

2019-5A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

6.66%,

10/20/32

...

3,172

3,178,849

Series

2019-5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.14%,

10/20/32

...

2,040

2,043,506

GoldentTree

Loan

Management

US

CLO

1

Ltd.,

Series

2021-11A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.35%

Floor

+

5.61%),

10.94%,

10/20/34

(a)

(c)

5,765

5,791,419

Golub

Capital

Partners

CLO

55B

Ltd.,

Series

2021-55A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.56%

Floor

+

6.82%),

12.15%,

07/20/34

(a)

(c)

....

2,690

2,696,276

Golub

Capital

Partners

CLO

56M

Ltd.,

Series

2021-56A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.79%),

7.12%,

10/25/33

(a)

(c)

....

6,250

6,258,892

Golub

Capital

Partners

CLO

Ltd.,

Series

2019-41A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.34%,

01/20/34

(a)

(c)

....

2,000

2,010,192

Gracie

Point

International

Funding

(a)(c)

Series

2023-1A,

Class

A,

(SOFR90A

at

0.00%

Floor

+

1.95%),

7.30%,

09/01/26

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

4,766

4,813,197

Series

2023-1A,

Class

D,

(SOFR90A

at

0.00%

Floor

+

4.50%),

9.85%,

09/01/26

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

1,512

1,533,126

Great

Lakes

CLO

VIII

Ltd.,

Series

2024-8A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

0.00%,

07/15/37

(a)

(c)

..........

6,500

6,500,000

Greystone

CRE

Notes

Ltd.,

Series

2021-FL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.13%),

6.46%,

07/15/39

(a)

(c)

....

3,230

3,213,352

GT

Loan

Financing

I

Ltd.,

Series

2013-

1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.36%),

7.69%,

07/28/31

(a)

(c)

..........

500

500,475

Halsey

Point

CLO

I

Ltd.,

Series

2019-

1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.61%),

9.94%,

01/20/33

(a)

(c)

..........

2,500

2,478,361

Highbridge

Loan

Management

Ltd.,

Series

3A-2014,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.44%),

6.77%,

07/18/29

(a)

(c)

....

261

261,968

HPS

Loan

Management

Ltd.

(a)(c)

Series

11A-17,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.62%,

05/06/30

...

12,142

12,148,259

Series

6A-2015,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.60%,

02/05/31

...

5,604

5,607,179

IVY

Hill

Middle

Market

Credit

Fund

XII

Ltd.,

Series

12A,

Class

A1TR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

07/20/33

(a)

(c)

....

12,500

12,556,736

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Ivy

Hill

Middle

Market

Credit

Fund

XX

Ltd.,

Series

20A,

Class

A,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.72%,

04/20/35

(a)

(c)

....

USD

2,000

$

2,002,166

Ivy

Hill

Middle

Market

Credit

Fund

XXI

Ltd.,

Series

21A,

Class

A,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

7.78%,

07/18/35

(a)

(c)

....

19,750

19,857,906

KKR

CLO

10

Ltd.,

Series

10,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.96%),

7.30%,

09/15/29

(a)

(c)

3,000

3,002,454

KKR

Financial

CLO

Ltd.

(a)(c)

Series

2013-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

6.42%,

04/15/29

...

24,750

24,765,432

Series

2013-1A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

6.77%,

04/15/29

...

1,000

1,002,060

LCM

26

Ltd.,

Series

26A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.76%),

8.09%,

01/20/31

(a)

(c)

400

391,280

LCM

XIV

LP,

Series

14A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.30%),

6.63%,

07/20/31

(a)

(c)

525

524,642

LCM

XVIII

LP,

Series

18A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.61%,

04/20/31

(a)

(c)

6,095

6,103,988

LCM

XXIV

Ltd.,

Series

24A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.57%,

03/20/30

(a)

(c)

395

395,321

LoanCore

Issuer

Ltd.,

Series

2022-

CRE7,

Class

A,

(SOFR

30

day

Average

at

1.55%

Floor

+

1.55%),

6.88%,

01/17/37

(a)

(c)

..........

6,195

6,188,823

Loanpal

Solar

Loan

Ltd.

(c)

Series

2020-2GF,

Class

A,

2.75%,

07/20/47

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

3,400

2,757,899

Series

2021-1GS,

Class

A,

2.29%,

01/20/48

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

8,037

6,451,737

Madison

Park

Funding

LIV

Ltd.,

Series

2022-54A,

Class

E1,

(3-mo.

CME

Term

SOFR

at

8.95%

Floor

+

8.95%),

14.27%,

10/21/34

(a)

(c)

....

250

258,764

Madison

Park

Funding

LXIII

Ltd.,

Series

2023-63A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.57%

Floor

+

8.57%),

13.89%,

04/21/35

(a)

(c)

....

2,250

2,354,350

Madison

Park

Funding

LXVII

Ltd.,

Series

2024-67A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.51%

Floor

+

1.51%),

6.80%,

04/25/37

(a)

(c)

....

11,000

11,035,786

Madison

Park

Funding

XIV

Ltd.,

Series

2014-14A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.54%,

10/22/30

(a)

(c)

....

1,000

999,458

Madison

Park

Funding

XLII

Ltd.,

Series

13A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

6.48%,

11/21/30

(a)

(c)

..........

48,873

48,965,380

Madison

Park

Funding

XLV

Ltd.,

Series

2020-45A,

Class

SUB,

0.00%,

07/15/34

(a)

(c)

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

2,000

1,403,200

Madison

Park

Funding

XLVIII

Ltd.,

Series

2021-48A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.51%

Floor

+

6.51%),

11.84%,

04/19/33

(a)

(c)

....

500

501,432

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

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)

Madison

Park

Funding

XVII

Ltd.,

Series

2015-17A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.59%,

07/21/30

(a)

(c)

....

USD

7,435

$

7,439,043

Madison

Park

Funding

XVIII

Ltd.

(a)(c)

Series

2015-18A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

0.94%

Floor

+

1.20%),

6.53%,

10/21/30

...

50,401

50,444,814

Series

2015-18A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.54%,

10/21/30

...

2,750

2,749,912

Madison

Park

Funding

XX

Ltd.,

Series

2016-20A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.81%),

7.14%,

07/27/30

(a)

(c)

....

2,000

2,005,680

Madison

Park

Funding

XXIII

Ltd.

(a)(c)

Series

2017-23A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.56%,

07/27/31

...

33,771

33,798,014

Series

2017-23A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.14%,

07/27/31

...

2,000

2,001,370

Series

2017-23A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.59%,

07/27/31

...

3,000

3,001,789

Madison

Park

Funding

XXIV

Ltd.,

Series

2016-24A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

6.88%,

10/20/29

(a)

(c)

....

7,250

7,257,169

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-29A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.70%

Floor

+

5.96%),

11.29%,

10/18/30

(a)

(c)

....

1,750

1,753,517

Madison

Park

Funding

XXVII

Ltd.

(a)(c)

Series

2018-27A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.29%),

6.62%,

04/20/30

...

1,687

1,687,491

Series

2018-27A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

2.86%),

8.19%,

04/20/30

...

3,125

3,125,767

Madison

Park

Funding

XXX

Ltd.

(a)

Series

2018-30A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.01%

Floor

+

1.01%),

6.34%,

04/15/29

(c)

..

18,979

18,992,239

Series

2018-30A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.21%

Floor

+

5.21%),

10.54%,

04/15/29

(c)

.

2,050

2,050,838

Series

2018-30X,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.21%

Floor

+

5.21%),

10.54%,

04/15/29

(b)

.

1,000

1,000,408

Madison

Park

Funding

XXXIV

Ltd.

(a)(c)

Series

2019-34A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

6.71%,

04/25/32

...

250

250,300

Series

2019-34A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

8.94%,

04/25/32

...

250

251,140

Series

2019-34A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.65%

Floor

+

6.91%),

12.24%,

04/25/32

..

1,500

1,505,131

Madison

Park

Funding

XXXVIII

Ltd.,

Series

2021-38A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.16%

Floor

+

2.16%),

7.48%,

07/17/34

(a)

(c)

....

250

249,452

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Maranon

Loan

Funding

Ltd.,

Series

2020-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.54%,

01/15/34

(a)

(c)

..........

USD

2,821

$

2,820,943

Marble

Point

CLO

XXIII

Ltd.,

Series

2021-4A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.65%

Floor

+

3.91%),

9.24%,

01/22/35

(a)

(c)

....

500

500,504

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-FL7,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.19%),

6.53%,

10/16/36

(a)

(c)

1,583

1,574,006

MidOcean

Credit

CLO

XI

Ltd.,

Series

2022-11A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

7.98%,

10/18/33

(a)

(c)

....

2,000

2,015,064

Milos

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

6.66%,

10/20/30

(a)

(c)

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

181

181,461

Myers

Park

CLO

Ltd.

(a)(c)

Series

2018-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

10/20/30

...

250

250,131

Series

2018-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.64%,

10/20/30

...

1,000

1,000,270

Neuberger

Berman

CLO

XIV

Ltd.,

Series

2013-14A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.03%

Floor

+

1.29%),

6.62%,

01/28/30

(a)

(c)

....

1,710

1,711,561

Neuberger

Berman

CLO

XV,

Series

2013-15A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

0.92%

Floor

+

1.18%),

6.51%,

10/15/29

(a)

(c)

....

15,435

15,450,914

Neuberger

Berman

CLO

XX

Ltd.

(a)(c)

Series

2015-20A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

6.75%,

07/15/34

...

439

439,987

Series

2015-20A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.24%,

07/15/34

...

500

501,649

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.,

Series

2017-26A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.92%

Floor

+

1.18%),

6.51%,

10/18/30

(a)

(c)

25,327

25,369,807

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.10%

Floor

+

6.36%),

11.69%,

01/20/32

(a)

(c)

825

826,704

Neuberger

Berman

Loan

Advisers

CLO

36

Ltd.,

Series

2020-36A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.50%),

7.82%,

04/20/33

(a)

(c)

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

6,700

6,761,911

Neuberger

Berman

Loan

Advisers

CLO

37

Ltd.,

Series

2020-37A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

5.75%

Floor

+

6.01%),

11.34%,

07/20/31

(a)

(c)

250

250,004

Neuberger

Berman

Loan

Advisers

CLO

46

Ltd.,

Series

2021-46A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.24%,

01/20/36

(a)

(c)

750

753,133

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

New

Mountain

CLO

3

Ltd.,

Series

CLO-

3A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.29%,

10/20/34

(a)

(c)

..........

USD

3,000

$

3,020,576

Oaktree

CLO

Ltd.,

Series

2019-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.11%

Floor

+

1.37%),

6.70%,

04/22/30

(a)

(c)

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

2,000

2,001,272

OCP

CLO

Ltd.

(c)

Series

2014-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.67%,

04/26/31

(a)

..

2,299

2,301,118

Series

2014-5A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.49%,

04/26/31

(a)

..

1,430

1,409,385

Series

2014-7A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.38%),

6.71%,

07/20/29

(a)

..

421

421,136

Series

2014-7A,

Class

A2RR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.91%),

7.24%,

07/20/29

(a)

..

1,600

1,602,144

Series

2014-7A,

Class

B1RR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.51%),

7.84%,

07/20/29

(a)

..

500

500,815

Series

2014-7A,

Class

B2RR,

5.11%,

07/20/29

..........

3,830

3,545,538

Series

2017-13A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

0.96%

Floor

+

1.22%),

6.55%,

07/15/30

(a)

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

22,728

22,752,010

Series

2017-14A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.74%,

11/20/30

(a)

..

1,987

1,988,577

Series

2017-14A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.54%,

11/20/30

(a)

..

1,200

1,201,133

Series

2019-16A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

6.56%,

04/10/33

(a)

..

499

499,513

Series

2019-16A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.41%

Floor

+

3.41%),

8.71%,

04/10/33

(a)

..

2,200

2,202,915

Series

2019-17A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.76%

Floor

+

6.76%),

12.09%,

07/20/32

(a)

.

1,500

1,501,578

Series

2019-17A,

Class

ER2,

(3-mo.

CME

Term

SOFR

at

6.25%

Floor

+

6.25%),

0.00%,

07/20/37

(a)

..

1,750

1,750,000

Series

2020-8RA,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.48%),

6.80%,

01/17/32

(a)

..

1,995

1,996,982

Series

2020-18A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.68%,

07/20/32

(a)

..

1,000

1,000,500

Series

2020-18A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.46%

Floor

+

3.46%),

8.79%,

07/20/32

(a)

..

2,750

2,753,062

Series

2022-25A,

Class

E1,

(3-mo.

CME

Term

SOFR

at

6.15%

Floor

+

6.15%),

11.47%,

07/20/35

(a)

.

2,250

2,261,852

Series

2022-25A,

Class

E2,

(3-mo.

CME

Term

SOFR

at

7.85%

Floor

+

7.85%),

13.17%,

07/20/35

(a)

.

4,950

4,986,265

Octagon

64

Ltd.,

Series

2022-1A,

Class

X,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

6.47%,

07/21/37

(a)

(c)

571

571,289

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Octagon

Investment

Partners

18-R

Ltd.,

Series

2018-18A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.22%),

6.55%,

04/16/31

(a)

(c)

....

USD

8,552

$

8,562,939

Octagon

Investment

Partners

30

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.59%,

03/17/30

(a)

(c)

....

1,713

1,713,502

Octagon

Investment

Partners

32

Ltd.,

Series

2017-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.54%,

07/15/29

(a)

(c)

....

4,733

4,737,458

Octagon

Investment

Partners

33

Ltd.,

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.45%),

6.78%,

01/20/31

(a)

(c)

....

1,612

1,612,798

Octagon

Investment

Partners

35

Ltd.,

Series

2018-1A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.32%),

6.65%,

01/20/31

(a)

(c)

....

3,064

3,066,129

Octagon

Investment

Partners

36

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.56%,

04/15/31

(a)

(c)

....

52,730

52,781,168

Octagon

Investment

Partners

37

Ltd.,

Series

2018-2A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.84%),

7.17%,

07/25/30

(a)

(c)

....

1,000

1,002,264

Octagon

Investment

Partners

XIV

Ltd.,

Series

2012-1A,

Class

AARR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.54%,

07/15/29

(a)

(c)

....

2,274

2,274,129

Octagon

Investment

Partners

XV

Ltd.

(a)

(c)

Series

2013-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.56%,

07/19/30

...

9,664

9,670,267

Series

2013-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.61%),

6.94%,

07/19/30

...

1,000

1,003,339

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.60%,

07/17/30

(a)

(c)

....

2,771

2,774,021

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-1A,

Class

AAR3,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.26%),

6.58%,

02/14/31

(a)

(c)

....

18,180

18,189,351

Octagon

Loan

Funding

Ltd.,

Series

2014-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.29%,

11/18/31

(a)

(c)

....

250

250,241

OHA

Credit

Funding

2

Ltd.,

Series

2019-2A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.36%

Floor

+

6.62%),

11.95%,

04/21/34

(a)

(c)

....

2,100

2,110,228

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.24%,

07/02/35

(a)

(c)

....

250

251,546

OHA

Credit

Funding

4

Ltd.,

Series

2019-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.74%,

10/22/36

(a)

(c)

....

500

500,750

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

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)

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.73%,

07/20/34

(a)

(c)

....

USD

1,000

$

1,001,121

OHA

Credit

Partners

XIII

Ltd.,

Series

2016-13A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.29%,

10/25/34

(a)

(c)

....

750

755,578

OHA

Loan

Funding

Ltd.,

Series

2013-

2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.30%),

6.63%,

05/23/31

(a)

(c)

..........

13,962

14,007,022

OSD

CLO

Ltd.,

Series

2021-23A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.26%

Floor

+

6.26%),

11.58%,

04/17/31

(a)

(c)

500

497,066

OZLM

Funding

IV

Ltd.

(a)(c)

Series

2013-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.51%),

6.84%,

10/22/30

...

303

302,892

Series

2013-4A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.29%,

10/22/30

...

960

960,445

OZLM

VI

Ltd.

(a)(c)

Series

2014-6A,

Class

A1T,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.13%),

6.47%,

04/17/31

...

31,850

31,859,501

Series

2014-6A,

Class

SUB,

0.00%,

04/17/31

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

3,200

82,856

OZLM

VIII

Ltd.

(a)(c)

Series

2014-8A,

Class

A2R3,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.23%,

10/17/29

...

3,815

3,839,784

Series

2014-8A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.73%,

10/17/29

...

1,835

1,835,950

OZLM

XVIII

Ltd.,

Series

2018-18A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.61%,

04/15/31

(a)

(c)

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

3,757

3,762,105

OZLM

XX

Ltd.,

Series

2018-20A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.24%,

04/20/31

(a)

(c)

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

250

250,597

Palmer

Square

CLO

Ltd.

(a)(c)

Series

2013-2A,

Class

A2R3,

(3-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

7.08%,

10/17/31

...

1,250

1,252,341

Series

2014-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.71%,

01/17/31

...

827

827,829

Series

2015-2A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.69%,

07/20/30

...

833

833,996

Series

2015-2A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.34%,

07/20/30

...

500

501,051

Series

2018-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

6.94%

Floor

+

6.94%),

12.26%,

04/18/37

..

2,500

2,587,505

Series

2021-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.61%

Floor

+

6.61%),

11.94%,

07/15/34

..

250

251,049

Series

2021-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

6.74%,

01/15/35

...

250

250,150

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2022-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.35%

Floor

+

6.35%),

11.67%,

04/20/35

..

USD

3,500

$

3,511,401

Series

2023-4A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.75%

Floor

+

6.75%),

12.07%,

10/20/33

..

2,700

2,729,012

Series

2024-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

0.00%,

07/20/37

...

3,000

3,000,000

Palmer

Square

Loan

Funding

Ltd.

(a)(c)

Series

2021-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.16%),

6.49%,

04/20/29

...

1,683

1,683,054

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.26%

Floor

+

6.26%),

11.59%,

04/20/29

..

3,000

3,001,718

Series

2021-2A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.51%

Floor

+

1.51%),

6.84%,

05/20/29

...

11,750

11,765,260

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.26%

Floor

+

5.26%),

10.59%,

05/20/29

..

500

500,002

Series

2021-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.06%),

6.39%,

07/20/29

...

8,060

8,060,437

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.76%

Floor

+

2.76%),

8.09%,

07/20/29

...

5,250

5,276,022

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.26%

Floor

+

5.26%),

10.59%,

07/20/29

..

4,875

4,879,670

Series

2021-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.06%),

6.39%,

10/15/29

...

1,503

1,503,023

Series

2021-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.01%

Floor

+

2.01%),

7.34%,

10/15/29

...

500

500,563

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.86%

Floor

+

2.86%),

8.19%,

10/15/29

...

2,000

2,002,125

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.26%

Floor

+

5.26%),

10.59%,

10/15/29

..

10,000

10,008,582

Series

2022-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

6.60%,

10/15/30

...

8,731

8,738,785

Series

2022-2A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

7.23%,

10/15/30

...

25,000

25,050,040

Series

2022-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.53%,

10/15/30

...

10,500

10,511,182

Series

2022-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

8.43%,

10/15/30

...

6,000

6,013,619

Series

2022-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.20%

Floor

+

6.20%),

11.53%,

10/15/30

..

11,750

11,751,713

Series

2022-3A,

Class

A1BR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.73%,

04/15/31

...

5,000

5,000,516

Series

2022-3A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

5.90%

Floor

+

5.90%),

11.23%,

04/15/31

..

5,000

5,000,764

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2023-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

6.77%,

01/25/32

...

USD

1,500

$

1,500,399

Series

2023-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.35%),

9.67%,

01/25/32

...

5,325

5,382,938

Series

2024-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.08%),

6.42%,

08/08/32

...

29,750

29,742,098

Series

2024-3A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

6.99%,

08/08/32

...

2,000

2,001,355

Series

2024-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

7.24%,

08/08/32

...

1,000

999,490

Series

2024-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

2.95%),

8.29%,

08/08/32

...

2,000

1,999,942

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2019-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.48%

Floor

+

1.74%),

7.06%,

05/15/32

(a)

(c)

449

450,230

Park

Blue

CLO

2024-V

Ltd.,

Series

2024-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.48%

Floor

+

1.48%),

6.80%,

07/25/37

(a)

(c)

....

7,500

7,500,000

Pikes

Peak

CLO

1,

Series

2018-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.76%,

07/24/31

(a)

(c)

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

2,058

2,059,291

Pikes

Peak

CLO

4,

Series

2019-4A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.84%,

07/15/34

(a)

(c)

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

375

375,534

Pikes

Peak

CLO

6,

Series

2020-6A,

Class

ER2,

(3-mo.

CME

Term

SOFR

at

6.43%

Floor

+

6.69%),

12.02%,

05/18/34

(a)

(c)

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

500

500,314

Post

CLO

Ltd.,

Series

2018-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.54%,

04/16/31

(a)

(c)

2,250

2,253,437

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(c)

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

2,676

2,651,303

Race

Point

IX

CLO

Ltd.,

Series

2015-

9A,

Class

A1A2,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

6.53%,

10/15/30

(a)

(c)

..........

3,319

3,319,586

Race

Point

X

CLO

Ltd.,

Series

2016-

10A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

6.69%,

07/25/31

(a)

(c)

..........

896

896,728

Rad

CLO

17

Ltd.,

Series

2022-17A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.30%

Floor

+

8.30%),

13.62%,

10/20/35

(a)

(c)

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

500

517,178

Rad

CLO

3

Ltd.

(a)(c)

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.14%,

04/15/32

...

650

651,146

Series

2019-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.44%,

04/15/32

...

700

701,400

Series

2019-3A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.34%,

04/15/32

...

750

750,764

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Rad

CLO

5

Ltd.,

Series

2019-5A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.73%,

07/24/32

(a)

(c)

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

USD

250

$

250,280

Rad

CLO

6

Ltd.,

Series

2019-6A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.53%

Floor

+

7.79%),

13.12%,

01/20/33

(a)

(c)

250

250,366

Rad

CLO

7

Ltd.

(a)(c)

Series

2020-7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.67%,

04/17/36

...

250

250,250

Series

2020-7A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

7.92%,

04/17/36

...

500

506,999

Series

2020-7A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

4.15%

Floor

+

4.15%),

9.47%,

04/17/36

...

500

503,015

Rad

CLO

9

Ltd.

(a)(c)

Series

2020-9A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.49%,

01/15/34

...

500

501,756

Series

2020-9A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.59%

Floor

+

7.85%),

13.18%,

01/15/34

..

3,500

3,511,078

Recette

CLO

Ltd.,

Series

2015-1A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.84%,

04/20/34

(a)

(c)

..........

1,000

978,512

Regatta

VI

Funding

Ltd.,

Series

2016-

1A,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.69%,

04/20/34

(a)

(c)

..........

3,000

3,007,166

Regatta

VII

Funding

Ltd.

(a)(c)

Series

2016-1A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.76%,

06/20/34

...

1,300

1,302,034

Series

2016-1A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.21%,

06/20/34

...

250

251,384

Regatta

VIII

Funding

Ltd.,

Series

2017-

1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

7.37%,

04/17/37

(a)

(c)

..........

6,500

6,546,484

Regatta

XI

Funding

Ltd.,

Series

2018-

1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.33%),

6.65%,

07/17/31

(a)

(c)

..........

2,536

2,539,236

Regatta

XIII

Funding

Ltd.,

Series

2018-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.36%),

8.69%,

07/15/31

(a)

(c)

..........

625

625,251

Regatta

XIV

Funding

Ltd.,

Series

2018-

3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

6.43%,

10/25/31

(a)

(c)

..........

3,900

3,935,180

Regatta

XV

Funding

Ltd.,

Series

2018-

4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

6.52%,

10/25/31

(a)

(c)

..........

1,500

1,506,550

Regatta

XVI

Funding

Ltd.,

Series

2019-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.64%,

01/15/33

(a)

(c)

..........

250

251,426

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Regatta

XVII

Funding

Ltd.

(a)(c)

Series

2020-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

4.15%

Floor

+

4.41%),

9.74%,

10/15/33

...

USD

600

$

601,148

Series

2020-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.61%

Floor

+

7.87%),

13.20%,

10/15/33

..

500

501,217

Regatta

XXIV

Funding

Ltd.,

Series

2021-5A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.69%,

01/20/35

(a)

(c)

..........

500

501,325

Regatta

XXV

Funding

Ltd.,

Series

2023-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.41%

Floor

+

8.41%),

13.74%,

07/15/36

(a)

(c)

.........

1,000

1,049,973

Rockford

Tower

CLO

Ltd.

(a)(c)

Series

2017-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.49%,

10/15/29

...

1,250

1,250,035

Series

2017-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.85%

Floor

+

3.11%),

8.44%,

10/15/29

...

5,360

5,357,930

Series

2017-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.45%),

6.78%,

10/20/30

...

9,153

9,155,939

Series

2017-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.91%),

8.24%,

10/20/30

...

430

430,439

Series

2017-3A,

Class

SUB,

0.00%,

10/20/30

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

1,750

403,333

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.72%

Floor

+

1.98%),

7.31%,

05/20/31

...

250

250,459

Series

2018-1A,

Class

SUB,

0.00%,

05/20/31

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

1,750

381,505

Series

2018-2A,

Class

SUB,

0.00%,

10/20/31

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

1,750

382,021

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.59%,

07/20/34

...

250

250,406

Rockford

Tower

Credit

Funding

I

Ltd.,

Series

2022-1A,

Class

SUB,

0.00%,

04/20/40

(a)

(c)

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

5,000

3,137,500

Romark

CLO

II

Ltd.,

Series

2018-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.14%),

6.46%,

07/25/31

(a)

(c)

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

14,750

14,747,910

Romark

CLO

IV

Ltd.,

Series

2021-4A,

Class

C1,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.46%),

8.76%,

07/10/34

(a)

(c)

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

3,500

3,500,078

Romark

CLO

Ltd.,

Series

2017-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.41%),

7.74%,

10/23/30

(a)

(c)

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

1,650

1,650,246

Romark

WM-R

Ltd.,

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.03%

Floor

+

1.29%),

6.62%,

04/20/31

(a)

(c)

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

14,773

14,802,287

RR

16

Ltd.,

Series

2021-16A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.24%,

07/15/36

(a)

(c)

3,750

3,766,590

RR

17

Ltd.,

Series

2021-17A,

Class

SUB,

0.00%,

07/15/34

(a)

(c)

......

475

292,790

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

RR

18

Ltd.,

Series

2021-18A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

10/15/34

(a)

(c)

USD

1,750

$

1,758,399

RR

29

Ltd.,

Series

2024-29RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

0.00%,

07/15/39

(a)

(c)

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

1,000

1,000,000

RR

3

Ltd.,

Series

2018-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.09%

Floor

+

1.35%),

6.68%,

01/15/30

(a)

(c)

1,350

1,350,603

RR

4

Ltd.,

Series

2018-4A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.81%),

7.14%,

04/15/30

(a)

(c)

2,000

2,003,857

RRX

3

Ltd.,

Series

2021-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.58%),

6.91%,

04/15/34

(a)

(c)

1,000

1,000,000

RRX

7

Ltd.,

Series

2022-7A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.85%

Floor

+

6.85%),

12.18%,

07/15/35

(a)

(c)

250

251,280

Sandstone

Peak

II

Ltd.,

Series

2023-

1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.79%

Floor

+

8.79%),

14.11%,

07/20/36

(a)

(c)

.........

3,000

3,130,073

Sandstone

Peak

III

Ltd.,

Series

2024-

1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.08%

Floor

+

7.08%),

12.42%,

04/25/37

(a)

(c)

.........

1,000

1,009,602

Sandstone

Peak

Ltd.

(a)(c)

Series

2021-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.48%),

6.81%,

10/15/34

...

10,000

10,027,513

Series

2021-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.80%

Floor

+

7.06%),

12.39%,

10/15/34

..

1,000

1,002,023

Shackleton

CLO

Ltd.

(a)(c)

Series

2015-7RA,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.61%),

7.94%,

07/15/31

...

250

250,268

Series

2017-10A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

0.89%

Floor

+

1.15%),

6.48%,

04/20/29

...

3,307

3,311,374

Signal

Peak

CLO

7

Ltd.

(a)(c)

Series

2019-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.09%,

04/30/32

...

6,750

6,766,977

Series

2019-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.89%

Floor

+

7.15%),

12.48%,

04/30/32

..

1,250

1,247,485

Sixth

Street

CLO

XIX

Ltd.,

Series

2021-

19A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.90%

Floor

+

6.16%),

11.49%,

07/20/34

(a)

(c)

.........

6,000

5,987,248

Sixth

Street

CLO

XVII

Ltd.

(a)(c)

Series

2021-17A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.50%),

6.83%,

01/20/34

...

7,000

7,002,097

Series

2021-17A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.20%

Floor

+

6.46%),

11.79%,

01/20/34

..

2,250

2,251,147

Sixth

Street

CLO

XVIII

Ltd.,

Series

2021-18A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%),

12.09%,

04/20/34

(a)

(c)

....

4,000

4,019,773

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Sixth

Street

CLO

XXV

Ltd.,

Series

2024-25A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.48%

Floor

+

1.48%),

6.82%,

07/24/37

(a)

(c)

....

USD

5,000

$

5,000,000

Sound

Point

CLO

II

Ltd.,

Series

2013-

1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

6.66%,

01/26/31

(a)

(c)

..........

381

381,545

Sound

Point

CLO

XV

Ltd.

(a)(c)

Series

2017-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.09%,

01/23/29

...

1,081

1,080,772

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.64%,

01/23/29

...

3,350

3,350,241

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.76%

Floor

+

3.76%),

9.09%,

04/25/34

(a)

(c)

..........

345

338,475

Steele

Creek

CLO

Ltd.,

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.51%),

6.84%,

10/15/30

(a)

(c)

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

287

286,711

Strata

CLO

I

Ltd.,

Series

2018-1A,

Class

USUB,

0.00%,

01/15/2118

(a)

(c)

7,680

4,074,310

Stratus

CLO

Ltd.,

Series

2021-1A,

Class

SUB,

0.00%,

12/29/29

(a)

(c)

..

2,820

49,491

Symphony

CLO

XXII

Ltd.,

Series

2020-

22A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.74%,

04/18/33

(a)

(c)

..........

1,500

1,476,579

Symphony

CLO

XXIII

Ltd.

(a)(c)

Series

2020-23A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.59%,

01/15/34

...

510

510,657

Series

2020-23A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.15%

Floor

+

6.41%),

11.74%,

01/15/34

..

510

511,066

Symphony

Static

CLO

I

Ltd.

(a)(c)

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.44%,

10/25/29

...

1,500

1,501,445

Series

2021-1A,

Class

E1,

(3-mo.

CME

Term

SOFR

at

5.35%

Floor

+

5.61%),

10.94%,

10/25/29

..

750

750,402

TCI-Flatiron

CLO

Ltd.

(a)(c)

Series

2016-1A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.10%),

6.42%,

01/17/32

...

33,186

33,185,991

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.96%

Floor

+

1.22%),

6.55%,

11/18/30

...

16,377

16,400,024

TCI-Symphony

CLO

Ltd.

(a)(c)

Series

2016-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.61%,

10/13/32

...

11,960

11,969,523

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.93%

Floor

+

1.19%),

6.52%,

07/15/30

...

15,612

15,619,356

TIAA

CLO

III

Ltd.

(a)(c)

Series

2017-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.74%,

01/16/31

...

169

168,861

Series

2017-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.09%,

01/16/31

...

750

749,254

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

TICP

CLO

IX

Ltd.

(a)(c)

Series

2017-9A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.73%,

01/20/31

...

USD

1,219

$

1,220,679

Series

2017-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

01/20/31

...

250

250,320

Series

2017-9A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.49%,

01/20/31

...

500

500,432

TICP

CLO

V

Ltd.

(a)(c)

Series

2016-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.35%),

6.67%,

07/17/31

...

10,151

10,151,032

Series

2016-5A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.41%),

8.73%,

07/17/31

...

250

250,896

TICP

CLO

X

Ltd.,

Series

2018-10A,

Class

E,

(3-mo.

CME

Term

SOFR

at

5.50%

Floor

+

5.76%),

11.09%,

04/20/31

(a)

(c)

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

1,000

1,001,912

TICP

CLO

XII

Ltd.

(a)(c)

Series

2018-12A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.76%,

07/15/34

...

1,000

1,001,340

Series

2018-12A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.24%,

07/15/34

...

925

926,469

Series

2018-12A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.25%

Floor

+

6.51%),

11.84%,

07/15/34

..

250

251,274

TICP

CLO

XIII

Ltd.,

Series

2019-13A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.29%,

04/15/34

(a)

(c)

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

3,000

3,010,906

TICP

CLO

XV

Ltd.

(a)(c)

Series

2020-15A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.54%),

6.87%,

04/20/33

...

250

250,250

Series

2020-15A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.15%

Floor

+

6.41%),

11.74%,

04/20/33

..

500

500,552

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.76%,

07/21/34

(a)

(c)

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

1,000

1,002,736

Trestles

CLO

Ltd.

(a)(c)

Series

2017-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.99%

Floor

+

1.25%),

6.58%,

04/25/32

...

2,500

2,504,758

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.49%,

04/25/32

...

2,500

2,503,520

Series

2017-1A,

Class

ERR,

(3-mo.

CME

Term

SOFR

at

5.95%

Floor

+

5.95%),

0.00%,

07/25/37

...

1,250

1,240,625

Trestles

CLO

VI

Ltd.,

Series

2023-6A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.50%),

11.86%,

01/25/36

(a)

(c)

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

5,000

5,014,221

Triaxx

Prime

CDO

Ltd.

(a)(c)

Series

2006-1A,

Class

A2,

(3-mo.

LIBOR

USD

at

0.45%

Floor

+

0.45%),

0.96%,

03/03/39

(e)

(f)

..

52,840

41,110

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2006-1A,

Class

B,

(3-mo.

LIBOR

USD

at

0.65%

Floor

+

0.65%),

6.26%,

03/03/39

....

USD

12,800

$

1,216

Trimaran

CAVU

Ltd.

(a)(c)

Series

2019-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.49%,

07/20/32

...

1,250

1,251,354

Series

2019-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.79%,

07/20/32

...

250

250,331

Series

2019-1A,

Class

C1,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.74%,

07/20/32

...

500

500,010

Series

2019-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

4.15%

Floor

+

4.41%),

9.74%,

07/20/32

...

1,300

1,304,157

Series

2019-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

4.72%

Floor

+

4.98%),

10.31%,

11/26/32

..

575

575,483

Series

2021-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%),

12.09%,

04/23/32

..

8,500

8,510,291

Series

2021-2A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.84%,

10/25/34

...

1,550

1,549,905

Series

2022-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.83%

Floor

+

5.83%),

11.15%,

10/22/35

..

2,000

2,026,585

Series

2022-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

9.08%

Floor

+

9.08%),

14.40%,

10/22/35

..

2,600

2,670,112

Series

2022-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.12%

Floor

+

6.12%),

11.44%,

01/20/36

..

3,000

3,065,362

Series

2022-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.81%

Floor

+

8.81%),

14.13%,

01/20/36

..

3,500

3,643,779

Series

2023-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.94%

Floor

+

8.94%),

14.26%,

07/20/36

..

3,000

3,130,516

Trinitas

CLO

IV

Ltd.,

Series

2016-4A,

Class

A2L2,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

6.99%,

10/18/31

(a)

(c)

..........

900

899,550

Trinitas

CLO

XIV

Ltd.

(a)(c)

Series

2020-14A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

6.66%,

01/25/34

...

7,000

7,029,895

Series

2020-14A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.72%,

01/25/34

...

625

630,673

Voya

CLO

Ltd.

(a)(c)

Series

2013-1A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.47%),

6.80%,

10/15/30

...

2,718

2,724,792

Series

2013-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.23%),

6.56%,

04/25/31

...

1,068

1,068,284

Series

2013-3A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.74%,

10/18/31

...

1,165

1,166,955

Series

2014-1A,

Class

AAR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.25%),

6.58%,

04/18/31

...

25,439

25,456,566

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Series

2014-2A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.28%),

6.60%,

04/17/30

...

USD

9,682

$

9,688,908

Series

2014-4A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.35%),

7.68%,

07/14/31

...

1,200

1,198,960

Series

2015-3A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

6.47%,

10/20/31

...

22,500

22,515,190

Series

2016-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.07%

Floor

+

1.33%),

6.66%,

01/20/31

...

684

684,110

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.91%),

8.24%,

01/20/31

...

1,085

1,072,029

Series

2016-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.41%),

6.74%,

07/19/28

...

527

527,997

Series

2016-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

6.48%,

10/18/31

...

12,000

12,008,388

Series

2017-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.57%,

06/07/30

...

529

529,038

Series

2017-2A,

Class

A2AR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.24%,

06/07/30

...

750

750,561

Series

2017-3A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.21%),

12.54%,

04/20/34

..

500

490,796

Series

2018-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.21%),

6.54%,

04/19/31

...

491

491,740

Series

2018-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

6.53%,

10/15/31

...

300

300,147

Series

2019-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.06%

Floor

+

1.32%),

6.65%,

04/15/31

...

3,993

3,996,608

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.23%,

10/17/32

...

1,300

1,299,390

Series

2021-1A,

Class

X,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

1.01%),

6.34%,

07/15/34

...

275

274,954

Whitebox

CLO

I

Ltd.

(a)(c)

Series

2019-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

6.66%,

07/24/36

...

5,000

5,000,000

Series

2019-1A,

Class

D1RR,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

8.44%,

07/24/36

...

9,280

9,280,000

Series

2019-1A,

Class

ERR,

(3-mo.

CME

Term

SOFR

at

5.75%

Floor

+

5.75%),

11.09%,

07/24/36

..

6,630

6,630,000

Series

2019-1A,

Class

SUB,

0.00%,

07/24/36

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

4,300

2,518,940

Whitebox

CLO

II

Ltd.

(a)(c)

Series

2020-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

8.93%,

10/24/34

...

6,750

6,770,597

Series

2020-2A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

7.10%

Floor

+

7.36%),

12.68%,

10/24/34

..

2,000

2,003,379

Series

2020-2A,

Class

SUB,

0.00%,

10/24/34

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

4,734

2,687,018

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Cayman

Islands

(continued)

Whitebox

CLO

III

Ltd.

(a)(c)

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

8.94%,

10/15/34

...

USD

5,750

$

5,767,692

Series

2021-3A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.85%

Floor

+

7.11%),

12.44%,

10/15/34

..

6,970

6,998,443

Whitebox

CLO

IV

Ltd.,

Series

2023-4A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.01%

Floor

+

8.01%),

13.33%,

04/20/36

(a)

(c)

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

7,000

7,303,152

2,508,095,965

France

—

0.1%

(a)(b)

Cars

Alliance

Auto

Leases

France

V,

Series

2023-1FRV,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

4.91%,

10/21/38

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

EUR

4,000

4,326,522

FCT

Noria

Series

2021-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.70%),

4.30%,

10/25/49

....

524

558,501

Series

2021-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.10%),

4.70%,

10/25/49

....

363

388,537

Series

2021-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.50%),

5.10%,

10/25/49

....

726

775,993

FCT

Pixel,

Series

2021-1,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.75%),

5.55%,

02/25/38

.......

117

124,705

Quarz

International,

Inc.,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.79%),

4.49%,

06/15/41

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

20,722

22,214,485

28,388,743

Germany

—

0.0%

(a)(b)

FCT

Autonoria

DE

Series

2023-DE,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.15%),

4.75%,

01/26/43

....

288

310,065

Series

2023-DE,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.10%),

5.70%,

01/26/43

....

1,150

1,244,002

Series

2023-DE,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.05%),

6.65%,

01/26/43

....

360

387,528

Series

2023-DE,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

9.10%,

01/26/43

....

288

309,401

Series

2023-DE,

Class

F,

(1-mo.

EURIBOR

at

0.00%

Floor

+

7.50%),

11.10%,

01/26/43

....

72

79,857

Red

&

Black

Auto

Germany

10

UG

Series

10,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.20%),

4.80%,

09/15/32

....

1,100

1,182,303

Series

10,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.10%),

5.70%,

09/15/32

....

600

653,048

Red

&

Black

Auto

Germany

8

UG

Series

8,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.75%),

4.35%,

09/15/30

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

255

273,109

Series

8,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.95%),

4.55%,

09/15/30

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

204

217,236

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Series

8,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.35%),

4.95%,

09/15/30

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

EUR

51

$

53,968

4,710,517

Ireland

—

1.1%

(a)

AlbaCore

Euro

CLO

IV

DAC,

Series

4X,

Class

D,

(3-mo.

EURIBOR

at

4.60%

Floor

+

4.60%),

8.51%,

07/15/35

(b)

2,605

2,768,419

Anchorage

Capital

Europe

CLO

2

DAC

(c)

Series

2A,

Class

B1R,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

5.51%,

04/15/34

....

2,563

2,731,537

Series

2A,

Class

DR,

(3-mo.

EURIBOR

at

3.55%

Floor

+

3.55%),

7.46%,

04/15/34

....

2,110

2,263,843

Anchorage

Capital

Europe

CLO

DAC,

Series

4A,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

7.08%,

04/25/34

(c)

...........

590

633,015

Aqueduct

European

CLO

DAC

Series

2019-3X,

Class

AR,

(3-mo.

EURIBOR

at

0.93%

Floor

+

0.93%),

4.76%,

08/15/34

(b)

...

5,000

5,350,488

Series

2020-5A,

Class

CR,

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.90%,

04/20/34

(c)

...

1,250

1,333,519

Series

2022-7X,

Class

A,

(3-mo.

EURIBOR

at

2.05%

Floor

+

2.05%),

5.77%,

03/15/36

(b)

...

5,114

5,506,731

Arbour

CLO

DAC

  (3-mo.

EURIBOR

at

0.00%

Floor

+

3.80%),

7.58%,

05/15/38

(b)

...

2,750

2,954,960

Series

11A,

Class

B1R,

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.78%,

05/15/38

(c)

...

2,000

2,137,784

Series

11A,

Class

CR,

(3-mo.

EURIBOR

at

2.65%

Floor

+

2.65%),

6.43%,

05/15/38

(c)

...

2,000

2,136,428

Ares

European

CLO

VII

DAC,

Series

7X,

Class

AAR,

(3-mo.

EURIBOR

at

1.50%

Floor

+

1.50%),

5.41%,

10/15/30

(b)

(c)

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

1,200

1,285,878

Ares

European

CLO

X

DAC,

Series

10A,

Class

DR,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

6.71%,

10/15/31

(c)

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

2,000

2,135,133

Ares

European

CLO

XII

DAC,

Series

12A,

Class

B1R,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

5.60%,

04/20/32

(c)

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

862

921,506

Arini

European

CLO

I

DAC

(b)

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.82%,

07/15/36

....

5,000

5,393,586

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.04%

Floor

+

6.04%),

9.96%,

07/15/36

....

1,000

1,102,992

Arini

European

CLO

II

DAC

Series

2A,

Class

D,

(3-mo.

EURIBOR

at

4.20%

Floor

+

4.20%),

8.06%,

04/15/38

(c)

...

4,228

4,556,316

Series

2X,

Class

A,

(3-mo.

EURIBOR

at

1.55%

Floor

+

1.55%),

5.41%,

04/15/38

(b)

...

5,750

6,167,080

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

4.20%

Floor

+

4.20%),

8.06%,

04/15/38

(b)

...

EUR

1,500

$

1,618,262

Armada

Euro

CLO

III

DAC,

Series

3A,

Class

DR,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

7.21%,

07/15/31

(c)

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

2,800

3,006,926

Aurium

CLO,

Series

11A,

Class

D,

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

8.78%,

01/18/38

(c)

.....

2,825

3,077,228

Aurium

CLO

IV

DAC,

Series

4X,

Class

AR,

(3-mo.

EURIBOR

at

0.73%

Floor

+

0.73%),

4.65%,

01/16/31

(b)

2,093

2,239,848

Aurium

CLO

VIII

DAC

(b)

Series

8X,

Class

A,

(3-mo.

EURIBOR

at

0.85%

Floor

+

0.85%),

4.55%,

06/23/34

....

5,000

5,338,687

Series

8X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.70%,

06/23/34

....

750

798,132

Aurium

CLO

X

DAC,

Series

10A,

Class

D,

(3-mo.

EURIBOR

at

4.30%

Floor

+

4.30%),

8.19%,

07/17/35

(c)

....

3,500

3,791,294

Avoca

CLO

XIV

DAC

(b)

Series

14X,

Class

ER,

(3-mo.

EURIBOR

at

4.70%

Floor

+

4.70%),

8.61%,

01/12/31

....

2,240

2,419,237

Series

14X,

Class

FR,

(3-mo.

EURIBOR

at

6.35%

Floor

+

6.35%),

10.26%,

01/12/31

....

1,100

1,168,569

Series

14X,

Class

SUB,

0.00%,

01/12/31

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

4,510

2,670,981

Avoca

CLO

XV

DAC

(b)

Series

15X,

Class

B2R,

(3-mo.

EURIBOR

at

1.05%

Floor

+

1.05%),

4.96%,

04/15/31

....

150

159,654

Series

15X,

Class

ER,

(3-mo.

EURIBOR

at

4.13%

Floor

+

4.13%),

8.04%,

04/15/31

....

1,305

1,369,347

Series

15X,

Class

FR,

(3-mo.

EURIBOR

at

5.84%

Floor

+

5.84%),

9.75%,

04/15/31

....

1,760

1,804,397

Series

15X,

Class

M1,

0.00%,

04/15/31

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

3,100

1,834,602

Avoca

CLO

XVIII

DAC

(b)

Series

18X,

Class

B1,

(3-mo.

EURIBOR

at

1.25%

Floor

+

1.25%),

5.16%,

04/15/31

....

5,800

6,186,489

Series

18X,

Class

C,

(3-mo.

EURIBOR

at

1.75%

Floor

+

1.75%),

5.66%,

04/15/31

....

150

160,739

Avoca

CLO

XXII

DAC

Series

22A,

Class

D,

(3-mo.

EURIBOR

at

2.90%

Floor

+

2.90%),

6.81%,

04/15/35

(c)

...

970

1,031,879

Series

22X,

Class

B1,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

5.21%,

04/15/35

(b)

...

710

750,769

Avoca

CLO

XXIII

DAC,

Series

23A,

Class

D,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

6.96%,

04/15/34

(c)

750

797,732

Avoca

CLO

XXVIII

DAC,

Series

28A,

Class

B1,

(3-mo.

EURIBOR

at

2.85%

Floor

+

2.85%),

6.79%,

04/15/37

(c)

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

3,400

3,676,230

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Avoca

CLO

Xxx

DAC,

Series

30A,

Class

SUB,

0.00%,

07/15/37

(c)

...

EUR

4,550

$

4,252,983

BBAM

European

CLO

I

DAC,

Series

1X,

Class

AR,

(3-mo.

EURIBOR

at

0.87%

Floor

+

0.87%),

4.77%,

07/22/34

(b)

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

5,000

5,320,460

Bilbao

CLO

I

DAC,

Series

1X,

Class

A2A,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

5.20%,

07/20/31

(b)

4,300

4,594,784

BlueMountain

CLO

DAC,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.41%

Floor

+

5.41%),

9.32%,

04/15/34

(b)

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

1,050

1,122,780

Bridgepoint

CLO

IV

DAC,

Series

4X,

Class

A,

(3-mo.

EURIBOR

at

2.20%

Floor

+

2.20%),

6.10%,

01/20/37

(b)

11,650

12,538,574

Cabinteely

Park

CLO

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.35%

Floor

+

3.35%),

7.18%,

08/15/34

(b)

1,500

1,595,261

Cairn

CLO

IX

DAC,

Series

2018-9X,

Class

A,

(3-mo.

EURIBOR

at

0.71%

Floor

+

0.71%),

4.59%,

04/25/32

(b)

2,613

2,785,016

Cairn

CLO

XVI

DAC

Series

2023-16A,

Class

C,

(3-mo.

EURIBOR

at

3.85%

Floor

+

3.85%),

7.79%,

01/15/37

(c)

...

1,520

1,656,952

Series

2023-16A,

Class

D,

(3-mo.

EURIBOR

at

5.20%

Floor

+

5.20%),

9.14%,

01/15/37

(c)

...

939

1,018,212

Series

2023-16X,

Class

D,

(3-mo.

EURIBOR

at

5.20%

Floor

+

5.20%),

9.14%,

01/15/37

(b)

...

617

669,048

Capital

Four

CLO

V

DAC,

Series

5X,

Class

A,

(3-mo.

EURIBOR

at

1.84%

Floor

+

1.84%),

5.72%,

04/25/36

(b)

7,585

8,217,727

Carlyle

Euro

CLO

DAC

(c)

Series

2021-2A,

Class

B,

(3-mo.

EURIBOR

at

2.25%

Floor

+

2.25%),

6.16%,

10/15/35

....

250

267,093

Series

2021-2A,

Class

C,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

7.21%,

10/15/35

....

2,690

2,868,818

Series

2022-5A,

Class

BR,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.88%,

04/25/37

....

1,020

1,100,855

CIFC

European

Funding

CLO

I

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

7.11%,

07/15/32

(b)

...........

450

483,497

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

5.51%,

04/15/33

(b)

...........

400

426,978

CIFC

European

Funding

CLO

III

DAC

Series

3A,

Class

C,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.41%,

01/15/34

(c)

...

500

536,914

Series

3X,

Class

B1,

(3-mo.

EURIBOR

at

1.50%

Floor

+

1.50%),

5.41%,

01/15/34

(b)

...

4,500

4,784,899

Series

3X,

Class

E,

(3-mo.

EURIBOR

at

5.61%

Floor

+

5.61%),

9.52%,

01/15/34

(b)

...

850

914,946

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Citizen

Irish

Auto

Receivables

Trust

(b)

Series

2023-1,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.77%),

4.42%,

12/15/32

....

EUR

4,020

$

4,316,736

Series

2023-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.40%),

5.05%,

12/15/32

....

1,000

1,081,038

Contego

CLO

VI

DAC,

Series

6X,

Class

AR,

(3-mo.

EURIBOR

at

0.79%

Floor

+

0.79%),

4.70%,

04/15/34

(b)

11,500

12,247,898

Contego

CLO

VII

DAC,

Series

7X,

Class

D,

(3-mo.

EURIBOR

at

3.95%

Floor

+

3.95%),

7.84%,

05/14/32

(b)

350

379,122

Cumulus

Static

CLO

DAC

Series

2024-1A,

Class

D,

(3-mo.

EURIBOR

at

3.70%

Floor

+

3.70%),

7.53%,

11/15/33

(c)

...

974

1,050,322

Series

2024-1X,

Class

D,

(3-mo.

EURIBOR

at

3.70%

Floor

+

3.70%),

7.53%,

11/15/33

(b)

...

499

538,102

CVC

Cordatus

Loan

Fund

IV

DAC,

Series

4X,

Class

BR1,

(3-mo.

EURIBOR

at

1.30%

Floor

+

1.30%),

5.12%,

02/22/34

(b)

...........

1,120

1,185,619

CVC

Cordatus

Loan

Fund

XIX

DAC,

Series

19A,

Class

D,

(3-mo.

EURIBOR

at

3.80%

Floor

+

3.80%),

7.50%,

12/23/33

(c)

...........

400

431,137

CVC

Cordatus

Loan

Fund

XXII

DAC,

Series

22X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

6.87%,

12/15/34

(b)

...........

755

811,395

CVC

Cordatus

Loan

Fund

XXIII

DAC,

Series

23A,

Class

E,

(3-mo.

EURIBOR

at

7.26%

Floor

+

7.26%),

11.14%,

04/25/36

(c)

..........

1,000

1,084,481

CVC

Cordatus

Loan

Fund

XXIV

DAC,

Series

24A,

Class

ER,

(3-mo.

EURIBOR

at

6.50%

Floor

+

6.50%),

10.39%,

10/23/34

(c)

..........

1,350

1,440,204

CVC

Cordatus

Loan

Fund

XXIX

DAC,

Series

29A,

Class

D,

(3-mo.

EURIBOR

at

5.40%

Floor

+

5.40%),

9.23%,

02/15/37

(c)

...........

1,000

1,092,493

CVC

Cordatus

Loan

Fund

XXVII

DAC,

Series

27X,

Class

D2,

(3-mo.

EURIBOR

at

6.58%

Floor

+

6.58%),

10.49%,

04/15/35

(b)

..........

1,300

1,408,818

CVC

Cordatus

Loan

Fund

XXX

DAC

Series

30A,

Class

D,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.87%,

05/15/37

(c)

...

4,233

4,597,973

Series

30X,

Class

A,

(3-mo.

EURIBOR

at

1.48%

Floor

+

1.48%),

5.35%,

05/15/37

(b)

...

5,750

6,187,415

Series

30X,

Class

D,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.87%,

05/15/37

(b)

...

1,500

1,640,393

CVC

Cordatus

Opportunity

Loan

Fund

DAC

Series

1A,

Class

D,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.91%,

08/15/33

(c)

...

5,000

5,387,342

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.91%,

08/15/33

(b)

...

1,500

1,616,202

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Dryden

46

Euro

CLO

DAC,

Series

2016-46A,

Class

CRR,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.41%,

04/15/34

(c)

...........

EUR

250

$

268,078

Edmondstown

Park

CLO

DAC,

Series

1A,

Class

E,

(3-mo.

EURIBOR

at

6.77%

Floor

+

6.77%),

10.67%,

07/21/35

(c)

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

1,100

1,170,269

Euro-Galaxy

III

CLO

DAC

(c)

Series

2013-3A,

Class

CRRR,

(3-

mo.

EURIBOR

at

2.35%

Floor

+

2.35%),

6.24%,

04/24/34

....

700

745,441

Series

2013-3A,

Class

DRRR,

(3-

mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

7.14%,

04/24/34

....

1,380

1,475,952

Fair

Oaks

Loan

Funding

I

DAC,

Series

1X,

Class

AR,

(3-mo.

EURIBOR

at

0.85%

Floor

+

0.85%),

4.76%,

04/15/34

(b)

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

5,000

5,319,302

Fernhill

Park

CLO

DAC,

Series

1A,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.54%,

04/15/37

(c)

533

576,424

Fidelity

Grand

Harbour

CLO

DAC

Series

2021-1A,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.51%,

10/15/34

(c)

...

1,490

1,587,568

Series

2023-1X,

Class

D,

(3-mo.

EURIBOR

at

5.90%

Floor

+

5.90%),

9.73%,

08/15/36

(b)

...

1,193

1,313,814

Series

2023-2A,

Class

D,

(3-mo.

EURIBOR

at

4.10%

Floor

+

4.10%),

8.02%,

04/15/38

(c)

...

1,980

2,144,618

Finance

Ireland

Auto

Receivables

No.

1

DAC,

Series

1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.30%),

5.95%,

09/12/33

(b)

...........

510

554,284

Fortuna

Consumer

Loan

ABS

DAC

(b)

Series

2024-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.35%),

4.93%,

02/18/34

....

7,200

7,755,679

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.30%),

5.88%,

02/18/34

....

4,900

5,297,565

Glenbrook

Park

CLO

DAC,

Series

1A,

Class

E,

(3-mo.

EURIBOR

at

7.58%

Floor

+

7.58%),

11.48%,

07/21/36

(c)

3,800

4,163,738

GoldenTree

Loan

Management

EUR

CLO

DAC,

Series

6A,

Class

B1,

(3-mo.

EURIBOR

at

2.60%

Floor

+

2.60%),

6.50%,

01/20/36

(c)

.....

5,000

5,290,521

Harvest

CLO

XVIII

DAC,

Series

18X,

Class

B,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

5.11%,

10/15/30

(b)

700

747,060

Harvest

CLO

XXIII

DAC

(b)

Series

23X,

Class

A,

(3-mo.

EURIBOR

at

0.95%

Floor

+

0.95%),

4.85%,

10/20/32

....

1,817

1,944,944

Series

23X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.90%,

10/20/32

....

1,360

1,449,409

Harvest

CLO

XXX

DAC,

Series

30A,

Class

B1,

(3-mo.

EURIBOR

at

2.60%

Floor

+

2.60%),

6.46%,

07/27/36

(c)

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

2,000

2,163,085

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Harvest

CLO

XXXII

DAC

Series

32A,

Class

C,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.20%,

07/25/37

(c)

...

EUR

2,222

$

2,379,651

Series

32A,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.30%,

07/25/37

(c)

...

1,039

1,112,717

Series

32X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.30%,

07/25/37

(b)

...

1,543

1,652,476

Henley

CLO

I

DAC,

Series

1X,

Class

AR,

(3-mo.

EURIBOR

at

0.95%

Floor

+

0.95%),

4.83%,

07/25/34

(b)

3,800

4,070,042

Henley

CLO

IV

DAC

Series

4A,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.88%,

04/25/34

(c)

...

500

538,738

Series

4X,

Class

B1,

(3-mo.

EURIBOR

at

1.35%

Floor

+

1.35%),

5.23%,

04/25/34

(b)

...

450

478,763

Series

4X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.88%,

04/25/34

(b)

...

1,000

1,077,475

Henley

CLO

X

DAC

Series

10A,

Class

SUB,

0.00%,

07/20/37

(c)

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

4,000

3,647,527

Series

10X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.49%,

07/20/37

(b)

...

726

788,742

Holland

Park

CLO

DAC,

Series

1X,

Class

A1RR,

(3-mo.

EURIBOR

at

0.92%

Floor

+

0.92%),

4.74%,

11/14/32

(b)

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

625

669,340

Invesco

Euro

CLO

II

DAC,

Series

2X,

Class

DR,

(3-mo.

EURIBOR

at

3.40%

Floor

+

3.40%),

7.23%,

08/15/34

(b)

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

4,000

4,142,323

Invesco

Euro

CLO

III

DAC

(b)

Series

3X,

Class

B1,

(3-mo.

EURIBOR

at

1.75%

Floor

+

1.75%),

5.66%,

07/15/32

....

450

478,150

Series

3X,

Class

F,

(3-mo.

EURIBOR

at

8.07%

Floor

+

8.07%),

11.98%,

07/15/32

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

604

633,605

Invesco

Euro

CLO

IV

DAC,

Series

4A,

Class

B1,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

5.61%,

04/15/33

(c)

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

625

662,206

Invesco

Euro

CLO

IX

DAC,

Series

9X,

Class

A,

(3-mo.

EURIBOR

at

1.65%

Floor

+

1.65%),

5.55%,

04/20/36

(b)

8,500

9,126,453

Invesco

Euro

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

3.80%

Floor

+

3.80%),

7.71%,

01/15/34

(b)

450

479,630

Lt

Autorahoitus

IV

DAC

(b)

Series

4,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.69%),

4.27%,

07/18/33

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

1,607

1,728,082

Series

4,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.05%),

5.63%,

07/18/33

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

5,800

6,350,201

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

LT

Autorahoitus

V

DAC,

Series

5,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

4.48%,

05/18/35

(b)

....

EUR

1,800

$

1,914,436

Madison

Park

Euro

Funding

X

DAC

(b)

Series

10X,

Class

A1,

(3-mo.

EURIBOR

at

0.74%

Floor

+

0.74%),

4.62%,

10/25/30

....

2,678

2,856,414

Series

10X,

Class

B1,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

5.08%,

10/25/30

....

1,850

1,957,412

Madison

Park

Euro

Funding

XI

DAC,

Series

11X,

Class

C,

(3-mo.

EURIBOR

at

1.85%

Floor

+

1.85%),

5.68%,

02/15/31

(b)

...........

1,350

1,438,597

Madison

Park

Euro

Funding

XVI

DAC,

Series

16A,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

7.11%,

05/25/34

(c)

...........

1,250

1,345,940

Man

GLG

Euro

CLO

VI

DAC,

Series

6A,

Class

DR,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

7.41%,

10/15/32

(c)

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

950

997,856

Margay

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.31%,

07/15/36

(b)

...

570

628,143

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.52%

Floor

+

5.52%),

9.41%,

04/17/34

(b)

.....

658

706,480

Neuberger

Berman

Loan

Advisers

Euro

CLO

6

DAC,

Series

2024-6X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.49%,

07/15/37

(b)

....

882

950,434

Neuberger

Berman

Loan

Advisers

Euro

CLO

DAC,

Series

2022-3X,

Class

A,

(3-mo.

EURIBOR

at

0.92%

Floor

+

0.92%),

4.80%,

10/25/34

(b)

.....

5,200

5,535,530

Northwoods

Capital

19

Euro

DAC,

Series

2019-19A,

Class

C,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.30%,

11/25/33

(c)

...........

500

530,828

OAK

Hill

European

Credit

Partners

V

DAC,

Series

2016-5A,

Class

BR,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.80%,

01/21/35

(c)

.....

425

454,653

OAK

Hill

European

Credit

Partners

VI

DAC,

Series

2017-6X,

Class

B1,

(3-mo.

EURIBOR

at

1.20%

Floor

+

1.20%),

5.10%,

01/20/32

(b)

.....

450

480,017

OCP

Euro

CLO,

Series

2022-6A,

Class

DR,

(3-mo.

EURIBOR

at

4.80%

Floor

+

4.80%),

8.71%,

07/20/36

(c)

3,370

3,624,575

Ocp

Euro

CLO

DAC,

Series

2023-7A,

Class

D,

(3-mo.

EURIBOR

at

5.10%

Floor

+

5.10%),

8.98%,

04/25/36

(c)

2,500

2,721,607

OCP

Euro

CLO

DAC

Series

2017-2X,

Class

B,

(3-mo.

EURIBOR

at

1.35%

Floor

+

1.35%),

5.26%,

01/15/32

(b)

...

200

214,213

Series

2017-2X,

Class

E,

(3-mo.

EURIBOR

at

5.00%

Floor

+

5.00%),

8.91%,

01/15/32

(b)

...

897

964,658

Series

2017-2X,

Class

F,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.31%,

01/15/32

(b)

..

600

645,348

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

2019-3A,

Class

CR,

(3-mo.

EURIBOR

at

2.30%

Floor

+

2.30%),

6.20%,

04/20/33

(c)

...

EUR

250

$

268,602

Series

2019-3A,

Class

DR,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

7.20%,

04/20/33

(c)

...

250

269,500

Palmer

Square

European

CLO

DAC

(b)

Series

2022-2X,

Class

DR,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.91%,

01/15/38

....

1,119

1,213,996

Series

2023-1X,

Class

D,

(3-mo.

EURIBOR

at

6.20%

Floor

+

6.20%),

10.11%,

07/15/36

....

1,382

1,509,648

Series

2024-2X,

Class

A,

(3-mo.

EURIBOR

at

1.34%

Floor

+

1.34%),

0.00%,

10/15/37

....

5,200

5,568,940

Palmer

Square

European

Loan

Funding

DAC,

Series

2023-3A,

Class

D,

(3-mo.

EURIBOR

at

5.55%

Floor

+

5.55%),

9.38%,

05/15/33

(c)

.....

1,000

1,085,482

Penta

CLO

11

DAC,

Series

2022-11A,

Class

D,

(3-mo.

EURIBOR

at

4.80%

Floor

+

4.80%),

8.63%,

11/15/34

(c)

2,030

2,192,113

Penta

CLO

16

DAC,

Series

2024-16A,

Class

D,

(3-mo.

EURIBOR

at

3.95%

Floor

+

3.95%),

7.87%,

10/18/36

(c)

1,650

1,790,055

Penta

CLO

6

DAC,

Series

2019-6A,

Class

CR,

(3-mo.

EURIBOR

at

2.30%

Floor

+

2.30%),

6.18%,

07/25/34

(c)

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

500

536,644

Penta

CLO

DAC

Series

2022-11A,

Class

B,

(3-mo.

EURIBOR

at

2.45%

Floor

+

2.45%),

6.28%,

11/15/34

(c)

...

2,600

2,799,924

Series

2024-17X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

0.00%,

08/15/38

(b)

...

1,640

1,756,358

Prodigy

Finance

DAC

(c)

Series

2021-1A,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

6.71%,

07/25/51

...

USD

3,265

3,240,797

Series

2021-1A,

Class

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.61%),

7.96%,

07/25/51

...

333

335,071

Series

2021-1A,

Class

C,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.86%),

9.21%,

07/25/51

...

191

193,200

Series

2021-1A,

Class

D,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.01%),

11.36%,

07/25/51

..

143

145,815

Providus

CLO

IX

DAC,

Series

9A,

Class

B,

(3-mo.

EURIBOR

at

2.45%

Floor

+

2.45%),

6.37%,

07/18/36

(c)

....

EUR

5,200

5,659,881

Providus

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.95%

Floor

+

2.95%),

6.78%,

02/15/35

(b)

....

1,000

1,061,233

Providus

CLO

VI

DAC,

Series

6X,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

7.03%,

05/20/34

(b)

....

1,000

1,075,315

Rockfield

Park

CLO

DAC,

Series

1X,

Class

C,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.92%,

07/16/34

(b)

2,000

2,127,297

Rockford

Tower

Europe

CLO

DAC,

Series

2019-1X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

5.50%,

01/20/33

(b)

...........

5,012

5,366,152

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

RRE

18

Loan

Management

DAC

Series

18A,

Class

SUB,

(3-mo.

EURIBOR

+

0.00%),

0.00%,

04/15/39

(c)

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

EUR

5,000

$

4,878,672

Series

18X,

Class

A1,

(3-mo.

EURIBOR

at

1.47%

Floor

+

1.47%),

5.38%,

04/15/39

(b)

...

5,750

6,203,445

RRE

19

Loan

Management

DAC,

Series

19X,

Class

A1,

(3-mo.

EURIBOR

at

1.41%

Floor

+

1.41%),

5.11%,

07/15/37

(b)

...........

2,865

3,068,272

RRE

9

Loan

Management

DAC,

Series

9A,

Class

A2,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

5.61%,

10/15/36

(c)

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

1,720

1,836,988

SCF

Rahoituspalvelut

XIII

DAC

(b)

Series

13,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.58%),

4.36%,

06/25/34

....

10,300

11,047,894

Series

13,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.00%),

4.78%,

06/25/34

....

800

858,317

Series

13,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.40%),

5.18%,

06/25/34

....

400

429,743

Sound

Point

Euro

CLO

III

Funding

DAC,

Series

3X,

Class

C,

(3-mo.

EURIBOR

at

2.30%

Floor

+

2.30%),

6.21%,

04/15/33

(b)

...........

750

802,009

Sound

Point

Euro

CLO

X

Funding

DAC,

Series

10A,

Class

D,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.83%,

04/20/38

(c)

...........

1,863

2,023,282

St

Paul's

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

7.11%,

04/15/33

(b)

1,880

1,995,856

St.

Paul's

CLO

XII

DAC,

Series

12X,

Class

B1,

(3-mo.

EURIBOR

at

1.60%

Floor

+

1.60%),

5.51%,

04/15/33

(b)

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

1,350

1,440,316

Sutton

Park

CLO

DAC

(b)

Series

1X,

Class

A2A,

(3-mo.

EURIBOR

at

1.70%

Floor

+

1.70%),

5.53%,

11/15/31

.....

345

368,083

Series

1X,

Class

BE,

(3-mo.

EURIBOR

at

2.35%

Floor

+

2.35%),

6.18%,

11/15/31

.....

500

534,955

Texas

Debt

Capital

Euro

CLO

DAC

Series

2024-1A,

Class

A,

(3-mo.

EURIBOR

at

1.45%

Floor

+

1.45%),

5.15%,

07/16/38

(c)

...

2,000

2,141,900

Series

2024-1A,

Class

B,

(3-mo.

EURIBOR

at

2.10%

Floor

+

2.10%),

5.80%,

07/16/38

(c)

...

2,000

2,141,900

Series

2024-1A,

Class

C,

(3-mo.

EURIBOR

at

2.55%

Floor

+

2.55%),

6.25%,

07/16/38

(c)

...

1,500

1,606,425

Series

2024-1A,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.30%,

07/16/38

(c)

...

1,150

1,231,592

Series

2024-1X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.30%,

07/16/38

(b)

...

1,243

1,331,191

Tikehau

CLO

VI

DAC,

Series

6X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.51%,

01/15/35

(b)

....

1,000

1,069,960

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Tikehau

CLO

VII

DAC,

Series

7X,

Class

A,

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.90%,

10/20/35

(b)

....

EUR

11,500

$

12,386,232

Tikehau

CLO

XII

DAC

(b)

Series

12X,

Class

A,

(3-mo.

EURIBOR

at

1.34%

Floor

+

1.34%),

0.00%,

10/20/38

....

5,200

5,568,940

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

0.00%,

10/20/38

....

5,073

5,432,929

Toro

European

CLO

2

DAC,

Series

2A,

Class

CRR,

(3-mo.

EURIBOR

at

2.45%

Floor

+

2.45%),

6.33%,

07/25/34

(c)

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

320

343,078

Voya

Euro

CLO

I

DAC

(b)

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

0.75%

Floor

+

0.75%),

4.66%,

10/15/30

....

3,442

3,678,230

Series

1X,

Class

B1NE,

(3-mo.

EURIBOR

at

1.15%

Floor

+

1.15%),

5.06%,

10/15/30

....

750

797,495

Voya

Euro

CLO

II

DAC

(c)

Series

2A,

Class

B1R,

(3-mo.

EURIBOR

at

1.67%

Floor

+

1.67%),

5.58%,

07/15/35

....

250

267,729

Series

2A,

Class

CR,

(3-mo.

EURIBOR

at

2.15%

Floor

+

2.15%),

6.06%,

07/15/35

....

250

268,425

Voya

Euro

CLO

III

DAC,

Series

3X,

Class

B1,

(3-mo.

EURIBOR

at

1.65%

Floor

+

1.65%),

5.56%,

04/15/33

(b)

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

439

467,423

Voya

Euro

CLO

IV

DAC,

Series

4X,

Class

DR,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

7.01%,

10/15/34

(b)

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

900

959,688

Voya

Euro

CLO

V

DAC,

Series

5A,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

7.01%,

04/15/35

(c)

660

703,028

420,963,737

Italy

—

0.3%

(a)(b)

Auto

ABS

Italian

Stella

Loans

SRL

Series

2024-1,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.73%),

4.37%,

12/29/36

....

14,440

15,474,511

Series

2024-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.20%),

4.84%,

12/29/36

....

6,250

6,708,146

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.70%),

5.34%,

12/29/36

....

1,435

1,541,693

Series

2024-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.30%),

5.94%,

12/29/36

....

1,322

1,421,838

Series

2024-1,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

8.14%,

12/29/36

....

653

700,326

AutoFlorence

2

SRL

Series

2,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.75%),

4.35%,

12/24/44

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

399

425,659

Series

2,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.15%),

4.75%,

12/24/44

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

184

195,846

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Series

2,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.35%),

5.95%,

12/24/44

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

EUR

99

$

105,447

AutoFlorence

3

SRL

Series

3,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.95%),

4.55%,

12/25/46

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

8,256

8,891,923

Series

3,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.35%),

5.95%,

12/25/46

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

682

740,055

Series

3,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.35%),

6.95%,

12/25/46

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

887

964,601

Series

3,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

5.35%),

8.95%,

12/25/46

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

619

669,125

Brignole

Co.

Series

2024,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.78%),

4.38%,

02/24/42

....

14,839

15,905,964

Series

2024,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.20%),

4.80%,

02/24/42

....

1,824

1,953,988

Series

2024,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.00%),

5.60%,

02/24/42

....

653

699,951

Series

2024,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.60%,

02/24/42

....

743

797,761

Golden

Bar

Securitisation

SRL

Series

2023-2,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.90%),

6.60%,

09/22/43

....

2,706

2,948,662

Series

2023-2,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.60%),

7.30%,

09/22/43

....

3,309

3,619,274

Series

2023-2,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.70%),

9.40%,

09/22/43

....

2,785

3,076,774

Koromo

Italy

SRL,

Series

1,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.80%),

4.42%,

02/26/35

.......

3,003

3,223,543

Quarzo

SRL

Series

2023-1,

Class

A2,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.95%),

4.67%,

12/15/39

....

3,897

4,194,564

Series

2024-1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.60%),

5.30%,

06/15/41

....

5,487

5,883,554

Series

2024-1,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.30%),

6.00%,

06/15/41

....

970

1,042,657

Series

2024-1,

Class

D,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.70%),

7.40%,

06/15/41

....

850

912,473

Red

&

Black

Auto

Italy

SRL

Series

1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.85%),

6.50%,

12/28/31

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

300

320,588

Series

2,

Class

A1,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.00%),

4.65%,

07/28/34

....

2,272

2,447,664

Series

2,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.80%),

5.45%,

07/28/34

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

929

999,543

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Series

2,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.80%),

6.45%,

07/28/34

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

EUR

1,012

$

1,102,190

Series

2,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.80%),

7.45%,

07/28/34

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

355

384,785

Sunrise

SPV

50

SRL,

Series

2023-2,

Class

A1,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.00%),

4.64%,

07/27/48

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

2,950

3,179,775

Youni

Italy

SRL

Series

2024-1,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.88%),

4.48%,

04/20/34

....

11,220

12,042,802

Series

2024-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.70%),

5.30%,

04/20/34

....

1,938

2,087,697

104,663,379

Jersey,

Channel

Islands

—

0.2%

AGL

CLO

25

Ltd.,

Series

2023-25A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.66%

Floor

+

8.66%),

13.98%,

07/21/36

(a)

(c)

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

USD

250

261,193

AIMCO

CLO

17

Ltd.,

Series

2022-17A,

Class

F,

(3-mo.

CME

Term

SOFR

at

8.71%

Floor

+

8.71%),

14.03%,

07/20/35

(a)

(c)

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

950

950,863

AIMCO

CLO

18

Ltd.,

Series

2022-18A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.65%

Floor

+

8.65%),

13.97%,

07/20/35

(a)

(c)

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

1,500

1,550,898

AIMCO

CLO

22

Ltd.,

Series

2024-22A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.50%),

11.83%,

04/19/37

(a)

(c)

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

1,500

1,520,480

Apidos

CLO

XL

Ltd.,

Series

2022-40A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.69%

Floor

+

7.69%),

13.02%,

07/15/35

(a)

(c)

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

1,500

1,507,529

Ares

Loan

Funding

IV

Ltd.,

Series

2023-ALF4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

4.68%

Floor

+

4.68%),

10.01%,

10/15/36

(a)

(c)

....

500

517,280

Ares

LXVIII

CLO

Ltd.,

Series

2023-68A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.55%

Floor

+

8.55%),

13.87%,

04/25/35

(a)

(c)

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

2,000

2,089,099

Ballyrock

CLO

21

Ltd.,

Series

2022-

21A,

Class

D,

(3-mo.

CME

Term

SOFR

at

8.76%

Floor

+

8.76%),

14.08%,

10/20/35

(a)

(c)

.........

1,000

1,036,076

Ballyrock

CLO

23

Ltd.,

Series

2023-

23A,

Class

C,

(3-mo.

CME

Term

SOFR

at

5.20%

Floor

+

5.20%),

10.52%,

04/25/36

(a)

(c)

.........

1,000

1,017,659

Benefit

Street

Partners

CLO

XXVII

Ltd.,

Series

2022-27A,

Class

E,

(3-mo.

CME

Term

SOFR

at

8.12%

Floor

+

8.12%),

13.44%,

07/20/35

(a)

(c)

....

570

589,762

Benefit

Street

Partners

CLO

XXX

Ltd.,

Series

2023-30A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.60%

Floor

+

5.60%),

10.92%,

04/25/36

(a)

(c)

....

1,835

1,874,966

Security

Par

(000)

Par

(000)

Value

Jersey,

Channel

Islands

(continued)

GoldenTree

Loan

Management

US

CLO

19

Ltd.,

Series

2024-19A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.00%

Floor

+

6.00%),

11.32%,

04/20/37

(a)

(c)

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

USD

825

$

835,214

Golub

Capital

Partners

CLO

64B

Ltd.,

Series

2022-64A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.50%

Floor

+

5.50%),

10.82%,

10/25/35

(a)

(c)

....

3,000

3,128,740

Juniper

Valley

Park

CLO

Ltd.,

Series

2023-1A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

5.50%

Floor

+

5.50%),

0.00%,

07/20/36

(a)

(c)

....

830

830,000

Orion

CLO

Ltd.,

Series

2023-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.90%

Floor

+

7.90%),

13.22%,

10/25/36

(a)

(c)

1,000

1,019,660

Pikes

Peak

CLO

12

Ltd.,

Series

2023-

12A,

Class

E,

(3-mo.

CME

Term

SOFR

at

9.15%

Floor

+

9.15%),

14.47%,

04/20/36

(a)

(c)

.........

1,280

1,334,333

Pikes

Peak

CLO

16

Ltd.,

Series

2024-

16A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.13%,

07/25/37

(a)

(c)

..........

5,000

4,990,625

Stratus

Static

CLO

Ltd.,

Series

2022-

3A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.60%),

8.92%,

10/20/31

(a)

(c)

..........

1,000

999,923

Valley

Stream

Park

CLO

Ltd.,

Series

2022-1A,

Class

ER,

(3-mo.

CME

Term

SOFR

at

6.85%

Floor

+

6.85%),

12.17%,

10/20/34

(a)

(c)

....

13,575

13,729,559

Vantage

Data

Centers

Jersey

Borrower

Spv

Ltd.,

Series

2024-1X,

6.17%,

05/28/39

(b)

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

GBP

12,433

15,804,238

Verdelite

Static

CLO

Ltd.,

Series

2024-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.13%),

0.00%,

07/20/32

(a)

(c)

..........

USD

5,000

5,000,000

60,588,097

Luxembourg

—

0.1%

(a)(b)

Compartment

BL

Consumer

Credit,

Series

2024-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

4.50%,

09/25/41

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

EUR

1,236

1,325,857

Pony

SA

Compartment

German

Auto

Loans

Series

2024-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.85%),

0.00%,

01/14/33

....

1,200

1,285,140

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.20%),

0.00%,

01/14/33

....

600

642,570

Series

2024-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.65%),

0.00%,

01/14/33

....

400

428,380

SC

Germany

SA

Compartment

Consumer

Series

2020-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.75%),

5.38%,

11/14/34

.....

1,028

1,108,308

Series

2020-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

6.13%,

11/14/34

.....

422

455,734

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

Series

2024-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.00%),

4.63%,

01/14/38

....

EUR

1,900

$

2,031,616

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

4.93%,

01/14/38

....

11,200

11,975,820

SC

Germany

SA

Compartment

Leasing

Series

2023-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.00%),

5.63%,

12/14/32

....

1,100

1,184,757

Series

2023-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

6.63%,

12/14/32

....

1,000

1,073,814

TREVA

Equipment

Finance

SA-

Compartment,

Series

2024-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

4.54%,

01/20/35

.....

3,900

4,176,705

25,688,701

Netherlands

—

0.0%

(a)(b)

Aurorus

BV

Series

2023-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

4.90%,

08/13/49

....

4,621

4,970,234

Series

2023-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.10%),

5.70%,

08/13/49

....

917

992,723

Series

2023-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.20%),

6.80%,

08/13/49

....

1,331

1,456,697

Hill

FL

Series

2024-1FL,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.10%),

4.68%,

02/18/32

....

800

860,467

Series

2024-1FL,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.05%),

5.63%,

02/18/32

....

900

975,408

Series

2024-1FL,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.20%),

6.78%,

02/18/32

....

200

215,966

Mila

BV

Series

2024-1,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.69%),

4.38%,

09/16/41

....

6,580

7,065,603

Series

2024-1,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.95%),

4.64%,

09/16/41

....

361

386,138

Series

2024-1,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.45%),

5.14%,

09/16/41

....

268

286,671

Series

2024-1,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.00%),

5.69%,

09/16/41

....

188

200,397

OZLME

IV

DAC,

Series

4X,

Class

B,

(3-mo.

EURIBOR

at

1.35%

Floor

+

1.35%),

5.21%,

07/27/32

.......

2,890

3,076,867

20,487,171

Portugal

—

0.0%

TAGUS

-

Sociedade

de

Titularizacao

de

Creditos

SA,

Series

2,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.85%),

6.45%,

09/23/38

(a)

(b)

....

526

543,833

Security

Par

(000)

Par

(000)

Value

Spain

—

0.0%

(b)

Autonoria

Spain

(a)

Series

2021-SP,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.80%),

4.40%,

01/31/39

....

EUR

566

$

605,218

Series

2021-SP,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.05%),

4.65%,

01/31/39

....

915

974,162

Series

2021-SP,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.55%),

5.15%,

01/31/39

....

392

414,945

Series

2021-SP,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.65%),

6.25%,

01/31/39

....

218

231,507

Series

2021-SP,

Class

F,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.90%),

7.50%,

01/31/39

....

87

91,663

Series

2022-SP,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.80%),

6.40%,

01/27/40

....

1,089

1,191,107

Series

2022-SP,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.20%),

7.80%,

01/28/40

....

272

296,813

Series

2022-SP,

Class

E,

(1-mo.

EURIBOR

at

0.00%

Floor

+

7.00%),

10.60%,

01/29/40

....

1,566

1,710,729

Autonoria

Spain

2023

FT

(a)

Series

2023-SP,

Class

A,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.70%),

4.30%,

09/30/41

....

5,249

5,634,277

Series

2023-SP,

Class

B,

(1-mo.

EURIBOR

at

0.00%

Floor

+

1.15%),

4.75%,

09/30/41

....

469

504,507

Series

2023-SP,

Class

C,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.00%),

5.60%,

09/30/41

....

1,594

1,735,045

Series

2023-SP,

Class

D,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.90%),

6.50%,

09/30/41

....

562

607,632

FT

Santander

Consumer

Spain

Auto

Series

2020-1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.95%),

4.67%,

03/21/33

(a)

...

238

254,263

Series

2020-1,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.95%),

5.67%,

03/21/33

(a)

...

71

76,013

Series

2020-1,

Class

D,

3.50%,

03/21/33

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

119

122,890

14,450,771

United

Kingdom

—

0.6%

Delamare

Cards

MTN

Issuer

plc,

Series

2023-1,

Class

A1,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.80%),

6.01%,

04/19/31

(a)

(b)

GBP

3,454

4,382,282

Dowson

plc

(a)(b)

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

6.81%,

10/20/28

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

421

532,609

Series

2022-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.25%),

7.46%,

01/20/29

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

2,528

3,217,525

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2022-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.70%),

7.91%,

01/20/29

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

GBP

725

$

919,896

Series

2022-2,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.70%),

8.91%,

08/20/29

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

1,814

2,324,761

Series

2022-2,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

5.25%),

10.46%,

08/20/29

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

989

1,264,757

Greene

King

Finance

plc

Series

A6,  4.06%,

03/15/35

(b)

...

3,139

3,615,916

Series

B1,  (Sterling

Overnight

Index

Average

+

1.92%),

7.13%,

12/15/34

(a)

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

2,472

2,656,987

Series

B2,  (Sterling

Overnight

Index

Average

at

0.83%

Floor

+

2.20%),

7.41%,

03/15/36

(a)

(b)

..

100

108,083

Hermitage

2023

plc,

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.45%),

7.66%,

09/21/33

(a)

(b)

..........

891

1,131,029

Hermitage

2024

plc

(a)

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.90%),

0.00%,

04/21/33

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

7,700

9,733,570

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

0.00%,

04/21/33

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

2,300

2,907,430

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

0.00%,

04/21/33

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

2,401

3,035,104

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.35%),

0.00%,

04/21/33

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

1,000

1,264,100

Series

2024-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.90%),

0.00%,

04/21/33

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

1,505

1,902,471

London

Cards

No.

1

plc,

Series

1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.75%),

8.96%,

05/15/33

(a)

(b)

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

1,425

1,808,517

London

Cards

No.

2

plc

(a)(b)

Series

2,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

6.60%,

03/28/34

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

1,383

1,757,511

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.50%),

7.70%,

03/28/34

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

1,708

2,168,086

Series

2,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.45%),

8.65%,

03/28/34

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

1,784

2,288,853

Series

2,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

5.50%),

10.70%,

03/28/34

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

2,066

2,625,188

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

NewDay

Funding

(a)(b)

Series

2024-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.18%),

6.39%,

03/15/32

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

GBP

1,910

$

2,422,225

Series

2024-1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.65%),

6.86%,

03/15/32

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

3,309

4,188,951

Series

2024-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.40%),

7.61%,

03/15/32

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

3,128

3,959,755

Newday

Funding

Master

Issuer

plc

(a)(b)

Series

2021-3X,

Class

A1,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.90%),

6.11%,

11/15/29

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

2,321

2,936,984

Series

2021-3X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.35%),

6.56%,

11/15/29

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

677

858,100

Series

2022-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

5.00%),

10.21%,

07/15/30

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

3,271

4,221,034

Series

2023-1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.70%),

7.91%,

11/15/31

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

4,377

5,646,137

Series

2023-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.70%),

8.91%,

11/15/31

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

5,555

7,217,549

Series

2024-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

0.00%,

07/15/32

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

1,949

2,463,731

Series

2024-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

0.00%,

07/15/32

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

2,323

2,936,504

Series

2024-2X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.65%),

0.00%,

07/15/32

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

4,901

6,195,354

Newday

Funding

Master

Issuer

plc-,

Series

2024-2X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.90%),

0.00%,

07/15/32

(a)

(b)

9,773

12,354,049

PCL

Funding

IX

plc

(a)(b)

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.90%),

6.11%,

07/16/29

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

22,145

28,008,995

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.30%),

6.51%,

07/16/29

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

2,320

2,936,771

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.15%),

7.36%,

07/16/29

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

150

189,874

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

PCL

Funding

VI

plc

(a)(b)

Series

2022-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

6.61%,

07/15/26

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

GBP

14,896

$

18,836,982

Series

2022-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.10%),

8.31%,

07/15/26

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

1,937

2,451,147

PCL

Funding

VIII

plc

(a)(b)

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.18%),

6.39%,

05/15/28

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

6,070

7,721,987

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.50%),

7.71%,

05/15/28

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

1,125

1,452,044

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.50%),

8.71%,

05/15/28

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

712

921,974

Satus

plc

(a)(b)

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

6.81%,

08/17/28

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

174

220,523

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

7.11%,

08/17/28

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

200

253,271

Series

2021-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.20%),

8.41%,

08/17/28

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

166

210,700

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.90%),

6.11%,

01/17/31

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

10,724

13,596,768

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

6.46%,

01/17/31

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

3,139

3,986,695

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.05%),

7.26%,

01/17/31

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

3,161

4,010,209

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.30%),

8.51%,

01/17/31

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

568

718,963

Series

2024-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

5.30%),

10.51%,

01/17/31

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

549

694,758

Tower

Bridge

Funding

plc

(a)(b)

Series

2022-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.72%),

5.93%,

12/20/63

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

2,193

2,769,648

Series

2023-1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.20%),

7.45%,

10/20/64

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

1,469

1,878,465

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2023-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.15%),

8.40%,

10/20/64

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

GBP

993

$

1,270,914

Series

2023-1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.30%),

9.55%,

10/20/64

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

1,116

1,440,705

Trafford

Centre

Finance

Ltd.

(The),

Series

B2,

(Sterling

Overnight

Index

Average

+

0.94%),

6.19%,

07/28/35

(a)

(b)

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

3,400

3,018,233

Unique

Pub

Finance

Co.

plc

(The)

(b)

Series

A4,  5.66%,

06/30/27

....

3,947

4,915,032

Series

N,  6.46%,

03/30/32

(g)

....

6,965

9,119,933

215,669,639

United

States

—

6.3%

510

Loan

Acquisition

Trust,

Series

2020-1,

Class

A,

8.11%,

09/25/60

(c)

(g)

USD

7,030

7,003,880

522

Funding

CLO

Ltd.

(a)(c)

Series

2018-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.04%

Floor

+

1.30%),

6.63%,

10/20/31

...

197

197,045

Series

2018-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.64%,

10/20/31

...

750

750,757

AccessLex

Institute,

Series

2007-A,

Class

A3,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.56%),

5.90%,

05/25/36

(a)

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

1,668

1,644,894

ACE

Securities

Corp.,

Series

2005-

AG1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.69%

Floor

+

0.80%),

6.15%,

08/25/35

(a)

...........

1,022

790,477

ACE

Securities

Corp.

Home

Equity

Loan

Trust

(a)

Series

2007-HE4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.26%

Floor

+

0.37%),

5.72%,

05/25/37

...

7,073

1,188,415

Series

2007-HE4,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.06%,

05/25/37

...

349

59,256

ACE

Securities

Manufactured

Housing

Loan

Trust,

Series

2003-MH1,

Class

B2,

0.00%,

08/15/30

(c)

........

2,706

2,413,624

ACREC

LLC,

Series

2023-FL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.23%),

7.56%,

02/19/38

(a)

(c)

11,653

11,662,340

Affirm

Asset

Securitization

Trust,

Series

2024-A,

Class

A,

5.61%,

02/15/29

(c)

7,128

7,105,738

Ajax

Mortgage

Loan

Trust

(c)

Series

2017-D,

Class

B,

0.00%,

12/25/57

(a)

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

55

18,670

Series

2020-C,  0.00%,

09/25/60

(h)

174

173,837

Series

2020-C,

Class

C,

0.00%,

09/27/60

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

150

27,780

Series

2020-D,  0.00%,

06/25/60

(h)

260

259,934

Series

2021-C,

Class

A,

2.12%,

01/25/61

(g)

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

16,279

15,947,007

Series

2021-C,

Class

B,

3.72%,

01/25/61

(g)

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

6,014

5,819,799

Series

2021-C,

Class

C,

0.00%,

01/25/61

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

14,877

15,557,644

Series

2021-D,

Class

A,

2.00%,

03/25/60

(g)

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

36,823

35,690,962

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-D,

Class

B,

4.00%,

03/25/60

(a)

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

USD

10,911

$

10,945,378

Series

2021-D,

Class

C,

0.00%,

03/25/60

(a)

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

15,921

16,130,491

Series

2021-E,

Class

A1,

1.74%,

12/25/60

(a)

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

40,613

34,540,159

Series

2021-E,

Class

A2,

2.69%,

12/25/60

(a)

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

8,637

6,432,230

Series

2021-E,

Class

B1,

3.73%,

12/25/60

(a)

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

5,214

3,529,837

Series

2021-E,

Class

B3,

3.89%,

12/25/60

(a)

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

12,689

4,318,571

Series

2021-E,

Class

M1,

2.94%,

12/25/60

(a)

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

8,544

5,865,522

Series

2021-E,

Class

SA,

0.00%,

12/25/60

(a)

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

80

36,650

Series

2021-E,

Class

XS,

0.00%,

12/25/60

(a)

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

170,437

6,538,834

Series

2021-F,

Class

A,

1.87%,

06/25/61

(g)

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

45,546

44,169,164

Series

2021-F,

Class

B,

3.75%,

06/25/61

(g)

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

11,970

11,686,868

Series

2021-F,

Class

C,

0.00%,

06/25/61

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

18,215

14,591,826

Series

2021-G,

Class

A,

1.87%,

06/25/61

(a)

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

63,965

61,867,448

Series

2021-G,

Class

B,

3.75%,

06/25/61

(a)

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

14,966

15,055,797

Series

2021-G,

Class

C,

0.00%,

06/25/61

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

26,889

24,990,673

Series

2023-B,

Class

A,

4.25%,

10/25/62

(g)

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

28,518

27,714,409

Series

2023-B,

Class

B,

4.25%,

10/25/62

(g)

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

3,314

3,001,760

Series

2023-B,

Class

C,

0.00%,

10/25/62

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

7,633

3,195,966

Series

2023-B,

Class

SA,

0.00%,

10/25/62

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

1,417

1,046,582

American

Homes

4

Rent

Trust,

Series

2015-SFR1,

Class

XS,

0.00%,

04/17/52

(a)

(c)

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

21,823

218

AMSR

Trust

(c)

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

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

2,102

2,047,489

Series

2020-SFR4,

Class

E2,

2.46%,

11/17/37

..........

4,080

3,861,525

Series

2020-SFR4,

Class

F,

2.86%,

11/17/37

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

4,520

4,295,110

Series

2020-SFR4,

Class

G2,

4.87%,

11/17/37

..........

4,542

4,389,855

Series

2021-SFR1,

Class

F,

3.60%,

06/17/38

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

5,128

4,413,288

Series

2021-SFR2,

Class

F1,

3.28%,

08/17/38

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

6,744

6,194,789

Series

2023-SFR2,

Class

F2,

3.95%,

06/17/40

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

5,000

4,062,873

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

07/17/46

(c)

.....

701

628,682

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

(a)(c)

Series

2021-FL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.97%

Floor

+

1.08%),

6.41%,

12/15/35

...

568

565,117

Series

2021-FL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.46%

Floor

+

1.46%),

6.79%,

11/15/36

...

3,262

3,251,308

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2022-FL1,

Class

A,

(SOFR

30

day

Average

at

1.45%

Floor

+

1.45%),

6.78%,

01/15/37

....

USD

1,559

$

1,549,354

Argent

Mortgage

Loan

Trust,

Series

2005-W1,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.94%,

05/25/35

(a)

.....

5,217

4,100,709

Argent

Securities

Trust

(a)

Series

2006-M1,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.76%,

07/25/36

...

6,966

1,844,104

Series

2006-W2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.58%

Floor

+

0.69%),

6.04%,

03/25/36

...

1,868

1,000,240

Arm

Master

Trust

LLC,

Series

2021-T1,

Class

A,

2.43%,

11/15/27

(c)

.....

4,463

4,342,260

BankAmerica

Manufactured

Housing

Contract

Trust

(a)

Series

1997-2,

Class

B1,

7.07%,

10/10/27

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

4,500

792,826

Series

1998-2,

Class

B1,

7.24%,

12/10/25

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

8,475

1,199,662

Bankers

Healthcare

Group

Securitization

Trust,

Series

2020-A,

Class

C,

5.17%,

09/17/31

(c)

.....

750

733,389

Battalion

CLO

XII

Ltd.,

Series

2018-

12A,

Class

B2R,

(3-mo.

CME

Term

SOFR

at

2.08%

Floor

+

2.34%),

7.67%,

05/17/31

(a)

(c)

..........

250

251,366

Bayview

Financial

Revolving

Asset

Trust

(a)(c)

Series

2004-B,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

6.46%,

05/28/39

...

18,848

14,944,261

Series

2004-B,

Class

A2,

(1-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.41%),

6.76%,

05/28/39

...

665

337,387

Series

2005-A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

6.46%,

02/28/40

...

8,969

8,214,661

Series

2005-E,

Class

A1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.11%),

6.46%,

12/28/40

...

459

454,200

BCMSC

Trust

(a)

Series

2000-A,

Class

A2,

7.58%,

06/15/30

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

7,777

743,992

Series

2000-A,

Class

A3,

7.83%,

06/15/30

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

7,219

713,918

Series

2000-A,

Class

A4,

8.29%,

06/15/30

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

5,207

545,686

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2004-HE7,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.84%),

7.18%,

08/25/34

...

55

52,368

Series

2006-HE1,

Class

1M4,

(1-mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.13%),

5.68%,

12/25/35

...

4,521

6,768,595

Series

2006-HE7,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.80%,

09/25/36

...

1,734

1,710,932

Series

2006-HE8,

Class

1A3,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.98%,

10/25/36

...

2,391

2,192,724

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-FS1,

Class

1A3,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.80%,

05/25/35

...

USD

160

$

158,716

Series

2007-HE2,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.78%,

03/25/37

...

2,968

2,611,457

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.60%,

03/25/37

...

1,757

1,612,498

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.60%,

03/25/37

...

2,068

1,923,924

Series

2007-HE3,

Class

1A3,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

5.71%,

04/25/37

...

822

1,295,149

Series

2007-HE3,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.81%,

04/25/37

...

18,480

19,225,809

BHG

Securitization

Trust

(c)

Series

2021-A,

Class

A,

1.42%,

11/17/33

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

2,006

1,920,108

Series

2021-A,

Class

B,

2.79%,

11/17/33

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

1,995

1,831,409

Series

2021-A,

Class

C,

3.69%,

11/17/33

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

160

148,341

Series

2021-B,

Class

C,

2.24%,

10/17/34

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

1,600

1,404,550

Series

2022-C,

Class

B,

5.93%,

10/17/35

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

3,675

3,656,015

Brex

Commercial

Charge

Card

Master

Trust,

Series

2024-1,

Class

A1,

6.05%,

07/15/27

(c)

...........

6,223

6,215,671

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2013-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.21%),

6.53%,

08/14/30

(a)

(c)

442

441,744

Carrington

Mortgage

Loan

Trust

(a)

Series

2006-NC1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.63%

Floor

+

0.74%),

6.09%,

01/25/36

...

1,620

1,315,027

Series

2006-NC4,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

and

12.50%

Cap

+

0.27%),

5.62%,

10/25/36

..........

860

832,029

Cascade

MH

Asset

Trust,

Series

2019-

MH1,

Class

A,

4.00%,

11/25/44

(a)

(c)

15,429

14,266,579

C-BASS

Trust,

Series

2006-CB7,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.78%,

10/25/36

(a)

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

1,097

703,899

C-BASS

TRUST,

Series

2006-CB9,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

+

0.57%),

5.92%,

11/25/36

(a)

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

643

282,519

CIT

Mortgage

Loan

Trust,

Series

2007-

1,

Class

1M2,

(1-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.86%),

7.21%,

10/25/37

(a)

(c)

..........

3,538

3,287,847

Citigroup

Mortgage

Loan

Trust

(a)

Series

2007-AHL2,

Class

A3B,

(1-

mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.31%),

5.66%,

05/25/37

11,745

7,638,012

Series

2007-AHL2,

Class

A3C,

(1-

mo.

CME

Term

SOFR

at

0.27%

Floor

+

0.38%),

5.73%,

05/25/37

5,335

3,469,582

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-AHL3,

Class

A3B,

(1-

mo.

CME

Term

SOFR

at

0.17%

Floor

+

0.28%),

5.63%,

07/25/45

USD

5,645

$

3,864,779

Series

2007-AMC1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.78%,

12/25/36

(c)

..

6,537

3,498,728

College

Ave

Student

Loans

Trust,

Series

2024-A,

Class

A1B,

(SOFR

30

day

Average

at

1.75%

Floor

+

1.75%),

7.09%,

06/25/54

(a)

(c)

....

17,034

16,888,538

College

Avenue

Student

Loans

LLC

(c)

Series

2021-A,

Class

B,

2.32%,

07/25/51

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

4,865

4,329,793

Series

2021-A,

Class

C,

2.92%,

07/25/51

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

930

840,538

Series

2021-B,

Class

B,

2.42%,

06/25/52

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

1,498

1,325,385

Series

2021-B,

Class

C,

2.72%,

06/25/52

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

680

605,878

Series

2021-B,

Class

D,

3.78%,

06/25/52

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

180

160,054

Series

2021-C,

Class

D,

4.11%,

07/26/55

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

530

475,312

Conseco

Finance

Corp.

(a)

Series

1996-10,

Class

B1,

7.24%,

11/15/28

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

1,767

1,750,331

Series

1997-3,

Class

M1,

7.53%,

03/15/28

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

1,655

1,619,000

Series

1997-6,

Class

M1,

7.21%,

01/15/29

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

1,210

1,196,555

Series

1998-4,

Class

M1,

6.83%,

04/01/30

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

518

487,880

Series

1998-6,

Class

M1,

6.63%,

06/01/30

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

1,409

1,356,287

Series

1999-5,

Class

A5,

7.86%,

03/01/30

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

2,488

825,406

Series

1999-5,

Class

A6,

7.50%,

03/01/30

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

2,669

847,329

Conseco

Finance

Securitizations

Corp.

Series

2000-1,

Class

A5,

8.06%,

09/01/29

(a)

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

4,152

702,368

Series

2000-4,

Class

A6,

8.31%,

05/01/32

(a)

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

5,128

883,120

Series

2000-5,

Class

A6,

7.96%,

05/01/31

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

6,271

1,504,301

Series

2000-5,

Class

A7,

8.20%,

05/01/31

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

11,418

2,821,619

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2006-CB2,

Class

AF4,

6.20%,

12/25/36

(g)

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

991

796,688

Series

2006-MH1,

Class

B1,

6.75%,

10/25/36

(c)

(g)

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

1,129

1,101,278

Series

2006-MH1,

Class

B2,

6.75%,

10/25/36

(c)

(g)

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

5,709

4,350,151

Series

2006-SL1,

Class

A2,

6.06%,

09/25/36

(c)

(g)

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

11,634

429,415

Series

2007-CB6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.80%,

07/25/37

(a)

(c)

.

1,353

863,915

CSMC

Trust,

Series

2017-2,

Class

CERT,

0.00%,

02/01/47

(c)

......

1,889

1,724,346

CWABS

Asset-Backed

Certificates

Trust

(a)

Series

2005-16,

Class

1AF,

4.51%,

04/25/36

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

5,354

4,582,210

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2006-17,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.94%,

03/25/47

...

USD

96

$

78,785

Series

2006-18,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.45%

Floor

+

0.56%),

5.91%,

03/25/37

...

12,891

10,010,511

Series

2006-22,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.80%,

05/25/47

...

1,551

1,256,592

CWABS

Revolving

Home

Equity

Loan

Trust,

Series

2004-U,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

and

16.00%

Cap

+

0.38%),

5.71%,

03/15/34

(a)

...........

157

154,888

CWHEQ

Home

Equity

Loan

Trust

Series

2006-S3,

Class

A4,

7.02%,

01/25/29

(g)

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

108

256,761

Series

2006-S5,

Class

A5,

6.16%,

06/25/35

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

224

376,673

CWHEQ

Revolving

Home

Equity

Loan

Trust

(a)

Series

2005-B,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

and

16.00%

Cap

+

0.29%),

5.62%,

05/15/35

..........

287

285,976

Series

2006-C,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

and

16.00%

Cap

+

0.29%),

5.62%,

05/15/36

..........

1,292

1,262,034

Series

2006-H,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

and

16.00%

Cap

+

0.26%),

5.59%,

11/15/36

..........

788

774,218

Series

2006-I,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.58%,

01/15/37

...

471

431,500

Dewolf

Park

CLO

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.18%),

6.51%,

10/15/30

(a)

(c)

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

9,003

9,004,899

Diameter

Capital

CLO

1

Ltd.

(a)(c)

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.31%

Floor

+

6.31%),

11.64%,

07/15/36

..

5,000

4,954,224

Series

2021-1A,

Class

SUB,

0.00%,

07/15/36

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

5,000

3,842,000

Diameter

Capital

CLO

3

Ltd.,

Series

2022-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

6.80%

Floor

+

6.80%),

12.13%,

04/15/37

(a)

(c)

.........

2,300

2,304,439

Eaton

Vance

CLO

Ltd.,

Series

2014-

1RA,

Class

A2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.08%,

07/15/30

(a)

(c)

..........

1,750

1,753,178

Education

Funding

Trust,

Series

2020-

A,

Class

R,

0.00%,

07/25/41

(c)

(d)

..

75

1,500,000

EDvestinU

Private

Education

Loan

Issue

No.

3

LLC,

Series

2021-A,

Class

B,

3.50%,

11/25/50

(c)

.....

1,660

1,323,946

EDvestinU

Private

Education

Loan

Issue

No.

4

LLC,

Series

2022-A,

Class

A,

5.25%,

11/25/40

(c)

.....

6,023

5,919,582

ELFI

Graduate

Loan

Program

LLC,

Series

2020-A,

Class

B,

2.98%,

08/25/45

(a)

(c)

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

1,930

1,683,294

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Elmwood

CLO

15

Ltd.,

Series

2022-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

7.25%

Floor

+

7.25%),

12.57%,

04/22/35

(a)

(c)

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

USD

1,800

$

1,808,775

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2004-FFH3,

Class

M3,

(1-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.16%),

6.51%,

10/25/34

...

2,818

2,552,297

Series

2006-FF13,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.35%),

5.70%,

10/25/36

...

4,437

2,893,716

Series

2006-FF13,

Class

A2C,

(1-

mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.78%,

10/25/36

2,602

1,678,299

Series

2006-FF16,

Class

2A4,

(1-

mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.88%,

12/25/36

4,937

1,994,349

FirstKey

Homes

Trust

(c)

Series

2020-SFR1,

Class

G,

4.78%,

08/17/37

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

6,572

6,335,569

Series

2021-SFR1,

Class

F1,

3.24%,

08/17/38

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

8,036

7,293,630

Series

2022-SFR1,

Class

E2,

5.00%,

05/19/39

..........

5,000

4,751,681

Series

2022-SFR2,

Class

E1,

4.50%,

07/17/39

..........

4,977

4,662,943

Series

2022-SFR3,

Class

E2,

3.50%,

07/17/38

..........

8,285

7,681,280

Flatiron

CLO

17

Ltd.,

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.56%,

05/15/30

(a)

(c)

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

2,911

2,914,838

Foundation

Finance

Trust

(c)

Series

2021-2A,

Class

A,

2.19%,

01/15/42

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

5,780

5,304,762

Series

2023-1A,

Class

A,

5.67%,

12/15/43

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

6,652

6,591,799

Series

2024-1A,

Class

B,

5.95%,

12/15/49

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

1,833

1,830,046

Fremont

Home

Loan

Trust

(a)

Series

2006-3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.74%,

02/25/37

...

4,931

3,667,695

Series

2006-3,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.80%,

02/25/37

...

5,238

1,681,794

FS

Rialto

Issuer

LLC

(a)(c)

Series

2022-FL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.30%

Floor

+

2.30%),

7.64%,

06/19/37

...

9,954

9,963,178

Series

2022-FL6,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.58%

Floor

+

2.58%),

7.92%,

08/17/37

...

24,153

24,207,223

Series

2022-FL7,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

8.23%,

10/19/39

...

11,152

11,220,320

GAM

Resecuritization

Trust,

Series

2018-B,

Class

A1,

(US

Prime

Rate

at

0.00%

Floor

-

2.00%),

6.50%,

08/27/51

(a)

(c)

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

5,347

5,148,161

GoldenTree

Loan

Management

US

CLO

15

Ltd.,

Series

2022-15A,

Class

FR,

(3-mo.

CME

Term

SOFR

at

7.50%

Floor

+

7.50%),

12.82%,

10/20/36

(a)

(c)

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

2,500

2,498,831

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Goldman

Home

Improvement

Trust

Issuer

Trust

(c)

Series

2021-GRN2,

Class

B,

1.97%,

06/25/51

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

USD

4,280

$

3,950,680

Series

2022-GRN2,

Class

A,

6.80%,

10/25/52

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

4,331

4,339,127

Golub

Capital

BDC

3

CLO

LLC,

Series

2021-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.19%,

04/15/33

(a)

(c)

..........

10,000

10,013,241

Golub

Capital

Partners

CLO

69M,

Series

2023-69A,

Class

A,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

7.67%,

11/09/36

(a)

(c)

....

2,500

2,503,849

Golub

Capital

Partners

CLO

71

M,

Series

2024-71A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.27%,

02/09/37

(a)

(c)

....

14,000

14,056,190

Goodleap

Sustainable

Home

Solutions

Trust,

Series

2023-3C,

Class

A,

6.50%,

07/20/55

(c)

...........

10,144

10,272,259

GoodLeap

Sustainable

Home

Solutions

Trust

(c)

Series

2021-3CS,

Class

A,

2.10%,

05/20/48

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

10,294

8,065,383

Series

2022-3CS,

Class

A,

4.95%,

07/20/49

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

3,786

3,520,288

Series

2023-1GS,

Class

A,

5.52%,

02/22/55

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

5,687

5,465,382

Gracie

Point

International

Funding

LLC,

Series

2024-1A,

Class

A,

(SOFR90A

at

1.70%

Floor

+

1.70%),

7.05%,

03/01/28

(a)

(c)

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

14,644

14,701,412

Greenpoint

Manufactured

Housing,

Series

1999-5,

Class

M2,

9.23%,

12/15/29

(a)

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

2,625

2,559,754

Greenwood

Park

CLO

Ltd.,

Series

2018-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.01%

Floor

+

1.27%),

6.60%,

04/15/31

(a)

(c)

....

7,678

7,686,837

Grippen

Park

CLO

Ltd.

(a)(c)

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.52%),

6.85%,

01/20/30

...

577

579,446

Series

2017-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.24%,

01/20/30

...

5,000

4,984,766

Series

2017-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.89%,

01/20/30

...

3,950

3,951,662

GSAA

Home

Equity

Trust

(a)

Series

2005-14,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.70%

Floor

+

0.81%),

6.16%,

12/25/35

...

5,333

2,270,062

Series

2006-4,

Class

1A1,

4.12%,

03/25/36

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

3,584

2,345,441

Series

2006-18,

Class

AF2A,

5.63%,

11/25/36

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

211

60,284

Series

2006-18,

Class

AF3A,

5.77%,

11/25/36

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

2,081

601,113

Series

2007-2,

Class

AF3,

5.92%,

03/25/37

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

1,426

266,035

GSAMP

Trust

(a)

Series

2007-H1,

Class

A1B,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.86%,

01/25/47

...

2,861

1,430,090

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-HS1,

Class

M6,

(1-mo.

CME

Term

SOFR

at

3.38%

Floor

+

3.49%),

8.83%,

02/25/47

...

USD

3,414

$

3,252,813

Hipgnosis

Music

Assets

LP,

Series

2022-1,

Class

A,

5.00%,

05/16/62

(c)

8,287

7,977,413

Home

Equity

Asset

Trust

(a)

Series

2006-3,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.06%,

07/25/36

...

4,008

3,675,722

Series

2007-1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.76%,

05/25/37

...

4,651

3,592,491

Home

Equity

Mortgage

Loan

Asset-

Backed

Trust,

Series

2004-A,

Class

M2,

(1-mo.

CME

Term

SOFR

at

2.03%

Floor

+

2.14%),

4.03%,

07/25/34

(a)

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

830

790,957

Home

Equity

Mortgage

Trust,

Series

2006-2,

Class

1A1,

5.87%,

07/25/36

(g)

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

6,954

706,620

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-1,

Class

B2,

(SOFR

30

day

Average

at

0.00%

Floor

+

1.40%),

6.73%,

05/20/32

(a)

(c)

14,420

14,419,907

Irwin

Home

Equity

Loan

Trust,

Series

2006-P1,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

and

13.00%

Cap

+

0.39%),

5.71%,

12/25/36

(a)

(c)

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

58

56,531

J.P.

Morgan

Mortgage

Acquisition

Trust

Series

2006-CW1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.41%

Floor

+

0.52%),

5.86%,

05/25/36

(a)

..

1,841

1,788,462

Series

2007-CH1,

Class

MF1,

6.29%,

11/25/36

(g)

.........

11,339

10,972,320

KeyCorp

Student

Loan

Trust

(a)

Series

2004-A,

Class

2D,

(3-mo.

LIBOR

USD

at

1.25%

Floor

+

1.25%),

6.84%,

07/28/42

....

5,443

5,106,874

Series

2005-A,

Class

2C,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.56%),

6.90%,

12/27/38

...

9,338

8,976,126

Legacy

Mortgage

Asset

Trust

(c)

Series

2019-SL2,

Class

A,

3.38%,

02/25/59

(a)

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

6,881

6,541,786

Series

2019-SL2,

Class

B,

0.00%,

02/25/59

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

4,543

831,744

Series

2019-SL2,

Class

M,

4.25%,

02/25/59

(a)

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

5,110

4,460,740

Lehman

ABS

Manufactured

Housing

Contract

Trust

Series

2001-B,

Class

M1,

6.63%,

04/15/40

(a)

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

4,949

4,958,911

Series

2002-A,

Class

C,

0.00%,

06/15/33

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

498

470,103

Lehman

ABS

Mortgage

Loan

Trust,

Series

2007-1,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.09%

Floor

+

0.20%),

5.55%,

06/25/37

(a)

(c)

....

888

577,590

Lending

Funding

Trust

(c)

Series

2020-2A,

Class

B,

3.54%,

04/21/31

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

3,340

3,102,284

Series

2020-2A,

Class

D,

6.77%,

04/21/31

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

400

378,412

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Lendmark

Funding

Trust

(c)

Series

2021-2A,

Class

C,

3.09%,

04/20/32

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

USD

5,450

$

4,710,348

Series

2021-2A,

Class

D,

4.46%,

04/20/32

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

1,420

1,222,987

Series

2022-1A,

Class

A,

5.12%,

07/20/32

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

19,321

19,142,770

Series

2023-1A,

Class

A,

5.59%,

05/20/33

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

13,585

13,557,551

Series

2023-1A,

Class

D,

8.69%,

05/20/33

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

8,082

8,323,223

Series

2024-1A,

Class

B,

5.88%,

06/21/32

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

3,993

3,983,071

Series

2024-1A,

Class

C,

6.40%,

06/21/32

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

2,283

2,282,378

Series

2024-1A,

Class

D,

7.21%,

06/21/32

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

1,790

1,815,471

Litigation

Systems,

Inc.,

Series

2020-1,

Class

A,

4.00%,

10/30/27

(d)

.....

2,854

2,836,767

Loanpal

Solar

Loan

Ltd.,

Series

2020-

3GS,

Class

A,

2.47%,

12/20/47

(c)

.

17,086

13,651,372

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2006-5,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.76%,

06/25/36

...

8,007

3,694,847

Series

2006-7,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.78%,

08/25/36

...

18,048

7,034,177

Long

Point

Park

CLO

Ltd.,

Series

2017-

1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.64%),

6.95%,

01/17/30

(a)

(c)

..........

3,750

3,754,323

Mariner

Finance

Issuance

Trust

(c)

Series

2020-AA,

Class

A,

2.19%,

08/21/34

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

3,525

3,492,487

Series

2020-AA,

Class

B,

3.21%,

08/21/34

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

6,926

6,794,437

Series

2020-AA,

Class

C,

4.10%,

08/21/34

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

2,530

2,453,379

Series

2020-AA,

Class

D,

5.75%,

08/21/34

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

3,350

3,190,640

Series

2021-AA,

Class

C,

2.96%,

03/20/36

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

1,190

1,063,103

Series

2021-AA,

Class

D,

3.83%,

03/20/36

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

1,180

1,047,769

Series

2021-AA,

Class

E,

5.40%,

03/20/36

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

5,040

4,377,240

Series

2021-BA,

Class

D,

3.42%,

11/20/36

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

1,130

983,651

Series

2021-BA,

Class

E,

4.68%,

11/20/36

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

2,520

2,128,386

Series

2022-AA,

Class

A,

6.45%,

10/20/37

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

18,710

18,744,260

Series

2023-AA,

Class

D,

8.85%,

10/22/35

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

12,900

13,277,726

MASTR

Asset-Backed

Securities

Trust

(a)

Series

2006-AM2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.98%,

06/25/36

(c)

..

3,034

2,728,677

Series

2007-HE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.74%,

05/25/37

...

5,000

4,034,121

MASTR

Specialized

Loan

Trust,

Series

2006-3,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.98%,

06/25/46

(a)

(c)

..........

685

655,411

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2007-2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.94%,

05/25/37

...

USD

3,743

$

2,627,079

Series

2007-H1,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.61%),

8.96%,

10/25/37

...

3,614

3,311,302

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2006-OPT1,

Class

M1,

(1-

mo.

CME

Term

SOFR

at

0.39%

Floor

+

0.50%),

5.85%,

08/25/37

1,121

933,272

Series

2006-RM3,

Class

A2B,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

+

0.29%),

5.64%,

06/25/37

...

2,742

575,833

MF1

LLC,

Series

2023-FL12,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.07%

Floor

+

2.07%),

7.40%,

10/19/38

(a)

(c)

4,192

4,195,144

MF1

Multifamily

Housing

Mortgage

Loan

Trust

(a)(c)

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.64%

Floor

+

2.64%),

7.97%,

09/17/37

...

5,160

5,170,708

Series

2024-FL14,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

7.08%,

03/19/39

...

3,340

3,332,685

Mill

City

Solar

Loan

Ltd.

(c)

Series

2019-1A,

Class

A,

4.34%,

03/20/43

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

9,095

8,352,542

Series

2019-2GS,

Class

A,

3.69%,

07/20/43

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

15,567

13,802,121

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

(a)

Series

2005-HE5,

Class

M4,

(1-mo.

CME

Term

SOFR

at

0.87%

Floor

+

0.98%),

6.33%,

09/25/35

...

7,609

6,064,919

Series

2007-SEA1,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

3.80%

Floor

+

3.91%),

9.26%,

02/25/47

(c)

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

702

645,657

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2006-3,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.78%,

04/25/36

(a)

2,238

1,548,149

Morgan

Stanley

Mortgage

Loan

Trust

Series

2006-12XS,

Class

A4,

6.51%,

10/25/36

(g)

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

3,597

820,565

Series

2006-12XS,

Class

A6A,

6.23%,

10/25/36

(g)

.........

1,393

388,570

Series

2006-16AX,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

0.61%),

5.96%,

11/25/36

(a)

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

1,945

532,765

Mosaic

Solar

Loan

Trust

(c)

Series

2018-2GS,

Class

A,

4.20%,

02/22/44

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

8,175

7,509,453

Series

2018-2GS,

Class

C,

5.97%,

02/22/44

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

1,944

1,618,220

Series

2019-1A,

Class

A,

4.37%,

12/21/43

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

12,023

11,148,595

Series

2022-3A,

Class

A,

6.10%,

06/20/53

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

3,146

3,171,770

Series

2023-1A,

Class

A,

5.32%,

06/20/53

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

8,891

8,674,843

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Nationstar

Home

Equity

Loan

Trust,

Series

2007-B,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.41%

Floor

+

0.52%),

5.87%,

04/25/37

(a)

.....

USD

5,455

$

5,044,593

Navient

Private

Education

Loan

Trust

(c)

Series

2014-AA,

Class

B,

3.50%,

08/15/44

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

14,970

14,189,768

Series

2015-AA,

Class

B,

3.50%,

12/15/44

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

10,722

9,925,416

Navient

Private

Education

Refi

Loan

Trust

(c)

Series

2019-CA,

Class

A2,

3.13%,

02/15/68

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

122

117,686

Series

2020-FA,

Class

B,

2.69%,

07/15/69

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

4,310

3,401,579

Series

2021-DA,

Class

A,

(US

Prime

Rate

at

0.00%

Floor

-

1.99%),

6.51%,

04/15/60

(a)

.........

11,601

11,160,181

Series

2021-DA,

Class

B,

2.61%,

04/15/60

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

2,318

2,061,520

Series

2021-DA,

Class

C,

3.48%,

04/15/60

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

7,980

7,068,060

Series

2021-DA,

Class

D,

4.00%,

04/15/60

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

2,550

2,322,468

Series

2023-A,

Class

A,

5.51%,

10/15/71

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

17,001

17,051,863

Series

2024-A,

Class

A,

5.66%,

10/15/72

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

34,624

34,741,936

Nelnet

Student

Loan

Trust

(c)

Series

2021-A,

Class

B1,

2.85%,

04/20/62

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

4,023

3,343,710

Series

2021-A,

Class

B2,

2.85%,

04/20/62

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

41,500

34,492,654

Series

2021-A,

Class

C,

3.75%,

04/20/62

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

3,133

2,548,746

Series

2021-A,

Class

D,

4.93%,

04/20/62

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

4,268

3,529,320

Series

2021-BA,

Class

B,

2.68%,

04/20/62

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

24,341

20,154,764

Series

2021-BA,

Class

C,

3.57%,

04/20/62

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

1,556

1,255,513

Series

2021-BA,

Class

D,

4.75%,

04/20/62

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

2,780

2,265,520

Series

2021-CA,

Class

B,

2.53%,

04/20/62

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

23,450

19,052,367

Series

2021-CA,

Class

C,

3.36%,

04/20/62

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

1,230

993,461

Series

2021-CA,

Class

D,

4.44%,

04/20/62

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

1,880

1,513,105

Series

2021-DA,

Class

B,

2.90%,

04/20/62

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

13,044

10,860,094

Series

2021-DA,

Class

C,

3.50%,

04/20/62

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

2,110

1,669,315

Series

2021-DA,

Class

D,

4.38%,

04/20/62

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

651

511,658

Series

2023-PL1A,

Class

A1A,

(SOFR

30

day

Average

at

0.00%

Floor

+

2.25%),

7.59%,

11/25/53

(a)

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

8,422

8,398,242

New

Century

Home

Equity

Loan

Trust,

Series

2005-C,

Class

M2,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

6.13%,

12/25/35

(a)

.....

3,943

3,155,384

New

Residential

Mortgage

Loan

Trust,

Series

2022-SFR2,

Class

F,

4.00%,

09/04/39

(c)

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

6,607

5,686,964

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust,

Series

2006-

S5,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.86%,

10/25/36

(a)

(c)

..........

USD

78

$

91,188

Oakwood

Mortgage

Investors,

Inc.

(a)

Series

2001-D,

Class

A2,

5.26%,

01/15/19

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

1,510

616,793

Series

2001-D,

Class

A4,

6.93%,

09/15/31

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

1,235

600,181

Onemain

Financial

Issuance

Trust,

Series

2024-1A,

Class

A,

5.79%,

05/14/41

(c)

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

33,293

33,972,886

OneMain

Financial

Issuance

Trust

(c)

Series

2019-2A,

Class

D,

4.05%,

10/14/36

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

13,070

11,659,859

Series

2020-2A,

Class

D,

3.45%,

09/14/35

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

10,930

9,826,535

Series

2021-1A,

Class

A2,

(SOFR

30

day

Average

at

0.00%

Floor

+

0.76%),

6.09%,

06/16/36

(a)

...

4,537

4,527,603

Series

2021-1A,

Class

C,

2.22%,

06/16/36

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

800

691,181

Series

2022-2A,

Class

B,

5.24%,

10/14/34

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

17,533

17,285,411

Series

2022-3A,

Class

A,

5.94%,

05/15/34

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

38,260

38,360,961

Series

2023-1A,

Class

D,

7.49%,

06/14/38

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

12,005

12,405,943

Series

2023-2A,

Class

D,

7.52%,

09/15/36

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

25,921

26,698,319

Option

One

Mortgage

Loan

Trust

Series

2005-4,

Class

M3,

(1-mo.

CME

Term

SOFR

at

0.74%

Floor

+

0.85%),

6.19%,

11/25/35

(a)

..

6,618

5,373,109

Series

2007-CP1,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

5.67%,

03/25/37

(a)

..

6,755

5,442,849

Series

2007-FXD1,

Class

1A1,

5.87%,

01/25/37

(g)

.........

14,043

11,578,182

Series

2007-FXD1,

Class

2A1,

5.87%,

01/25/37

(g)

.........

11,922

9,884,684

Series

2007-FXD2,

Class

1A1,

5.82%,

03/25/37

(g)

.........

5,630

4,871,019

Origen

Manufactured

Housing

Contract

Trust

(a)

Series

2001-A,

Class

M1,

7.82%,

03/15/32

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

2,480

2,416,824

Series

2007-B,

Class

A1,

(1-mo.

LIBOR

USD

at

1.20%

Floor

and

18.00%

Cap

+

1.20%),

6.64%,

10/15/37

(c)

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

957

941,204

Owl

Rock

CLO

VII

LLC,

Series

2022-

7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

7.42%,

07/20/33

(a)

(c)

..........

1,300

1,305,036

Owl

Rock

CLO

XI

LLC,

Series

2023-

11A,

Class

A1F,

6.10%,

05/15/35

(c)

5,000

4,957,449

Owl

Rock

CLO

XII

LLC,

Series

2023-

12A,

Class

A1B,

6.37%,

07/20/34

(c)

9,000

8,917,098

Owl

Rock

CLO

XVIII

LLC,

Series

2024-

18A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

0.00%,

07/24/36

(a)

(c)

..........

3,975

3,975,000

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Ownit

Mortgage

Loan

Trust,

Series

2006-2,

Class

A2C,

6.50%,

01/25/37

(g)

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

USD

4,289

$

3,741,428

Pagaya

AI

Debt

Selection

Trust,

Series

2021-2,

Class

NOTE,

3.00%,

01/25/29

(c)

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

1,183

1,156,411

Pagaya

AI

Technology

in

Housing

Trust,

Series

2023-1,

Class

F,

3.60%,

10/25/40

(c)

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

6,577

5,004,160

Pennantpark

CLO

IX

LLC,

Series

2024-

9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.98%

Floor

+

1.98%),

7.27%,

04/20/37

(a)

(c)

..........

9,000

8,996,888

PennantPark

CLO

VI

LLC,

Series

2023-6A,

Class

A,

(3-mo.

CME

Term

SOFR

at

2.68%

Floor

+

2.68%),

8.00%,

04/22/35

(a)

(c)

..........

8,500

8,540,405

PennantPark

CLO

VII

LLC,

Series

2023-7A,

Class

A1B,

6.55%,

07/20/35

(c)

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

7,000

6,897,886

Pennantpark

CLO

VIII

LLC,

Series

2024-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

2.30%

Floor

+

2.30%),

7.62%,

04/18/36

(a)

(c)

....

8,000

8,007,102

PFS

Financing

Corp.,

Series

2022-E,

7.00%,

10/15/26

(c)

(d)

..........

25,000

25,062,500

PPM

CLO

6-R

Ltd.

(a)(c)

Series

2022-6RA,

Class

C1R,

(3-mo.

CME

Term

SOFR

at

3.45%

Floor

+

3.45%),

8.77%,

01/20/37

...

2,110

2,161,653

Series

2022-6RA,

Class

DR,

(3-mo.

CME

Term

SOFR

at

5.65%

Floor

+

5.65%),

10.97%,

01/20/37

..

1,690

1,751,659

PRET

LLC

(c)

Series

2021-NPL6,

Class

A1,

2.49%,

07/25/51

(g)

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

9,673

9,514,726

Series

2021-RN4,

Class

A1,

2.49%,

10/25/51

(a)

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

10,014

9,879,454

Series

2023-RN2,

Class

A1,

8.11%,

11/25/53

(g)

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

14,760

14,782,775

Series

2024-NPL1,

Class

A1,

7.14%,

01/25/54

(g)

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

21,431

21,487,349

Progress

Residential

Trust

(c)

Series

2020-SFR2,

Class

B,

2.58%,

06/17/37

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

950

941,768

Series

2020-SFR3,

Class

E,

2.30%,

10/17/27

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

4,710

4,472,307

Series

2020-SFR3,

Class

F,

2.80%,

10/17/27

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

8,860

8,455,679

Series

2021-SFR1,

Class

F,

2.76%,

04/17/38

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

5,100

4,692,437

Series

2021-SFR10,

Class

E2,

3.67%,

12/17/40

..........

1,684

1,487,405

Series

2021-SFR10,

Class

F,

4.61%,

12/17/40

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

6,797

6,050,116

Series

2021-SFR2,

Class

F,

3.40%,

04/19/38

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

10,966

10,119,242

Series

2021-SFR3,

Class

F,

3.44%,

05/17/26

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

12,190

11,247,751

Series

2021-SFR4,

Class

F,

3.41%,

05/17/38

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

15,230

13,978,699

Series

2021-SFR5,

Class

F,

3.16%,

07/17/38

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

3,192

2,929,555

Series

2021-SFR6,

Class

F,

3.42%,

07/17/38

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

6,423

5,907,590

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-SFR9,

Class

F,

4.05%,

11/17/40

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

USD

2,637

$

2,295,266

Series

2022-SFR1,

Class

F,

4.88%,

02/17/41

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

5,383

4,698,176

Series

2022-SFR1,

Class

G,

5.52%,

02/17/41

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

5,383

4,607,088

Series

2022-SFR3,

Class

E1,

5.20%,

04/17/39

..........

4,500

4,305,084

Series

2022-SFR5,

Class

E1,

6.62%,

06/17/39

..........

4,054

4,019,344

Series

2023-SFR2,

Class

E1,

4.75%,

10/17/40

..........

2,773

2,545,318

Series

2024-SFR2,

Class

E1,

3.40%,

04/17/41

(a)

.........

3,875

3,357,225

Series

2024-SFR2,

Class

E2,

3.65%,

04/17/41

(a)

.........

1,988

1,709,632

RAMP

Series

Trust,

Series

2004-RS7,

Class

A2A,

(1-mo.

LIBOR

USD

at

0.62%

Floor

and

14.00%

Cap

+

0.62%),

5.42%,

07/25/34

(a)

.....

2,141

1,671,053

RASC

Trust,

Series

2006-EMX9,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

and

14.00%

Cap

+

0.35%),

5.94%,

11/25/36

(a)

......

2,571

2,047,290

RCO

VII

Mortgage

LLC,

Series

2024-1,

Class

A1,

7.02%,

01/25/29

(c)

(g)

...

13,455

13,413,283

Ready

Capital

Mortgage

Financing

LLC,

Series

2023-FL11,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.37%),

7.72%,

10/25/39

(a)

(c)

....

10,016

10,044,474

Redwood

Funding

Trust,

Series

2023-1,

Class

A,

7.50%,

07/25/59

(c)

(g)

....

941

942,599

Regional

Management

Issuance

Trust

(c)

Series

2020-1,

Class

A,

2.34%,

10/15/30

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

4,114

4,068,061

Series

2020-1,

Class

B,

3.23%,

10/15/30

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

1,140

1,107,313

Series

2020-1,

Class

C,

3.80%,

10/15/30

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

1,500

1,431,842

Series

2021-1,

Class

A,

1.68%,

03/17/31

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

1,365

1,328,652

Series

2021-1,

Class

C,

3.04%,

03/17/31

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

2,500

2,314,139

Series

2021-2,

Class

A,

1.90%,

08/15/33

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

2,361

2,143,606

Series

2021-2,

Class

B,

2.35%,

08/15/33

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

560

485,981

Series

2021-2,

Class

C,

3.23%,

08/15/33

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

1,339

1,137,853

Series

2022-1,

Class

A,

3.07%,

03/15/32

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

9,895

9,561,329

Series

2022-1,

Class

B,

3.71%,

03/15/32

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

1,698

1,602,068

Series

2022-1,

Class

C,

4.46%,

03/15/32

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

1,117

1,027,659

Series

2022-1,

Class

D,

6.72%,

03/15/32

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

3,555

3,365,640

Series

2022-2B,

Class

A,

7.10%,

11/17/32

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

23,215

23,378,754

Series

2024-1,

Class

D,

7.46%,

07/15/36

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

522

524,682

Republic

Finance

Issuance

Trust

(c)

Series

2020-A,

Class

A,

2.47%,

11/20/30

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

1,993

1,980,371

Series

2020-A,

Class

B,

3.54%,

11/20/30

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

9,340

9,195,074

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2020-A,

Class

C,

4.05%,

11/20/30

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

USD

2,420

$

2,347,241

Series

2021-A,

Class

A,

2.30%,

12/22/31

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

28,426

27,441,326

Series

2021-A,

Class

B,

2.80%,

12/22/31

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

5,960

5,576,462

Series

2021-A,

Class

C,

3.53%,

12/22/31

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

2,040

1,883,006

Series

2021-A,

Class

D,

5.23%,

12/22/31

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

2,860

2,653,726

RMIT

Cash

Management

LLC,

Series

2021-3,

Class

A,

3.88%,

10/17/33

(c)

(d)

43,330

39,105,325

Saxon

Asset

Securities

Trust

Series

2004-2,

Class

MF5,

6.00%,

08/25/35

(g)

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

829

588,649

Series

2007-1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.29%

Floor

+

0.40%),

5.75%,

01/25/47

(a)

..

6,004

5,484,879

Securitized

Asset-Backed

Receivables

LLC

Trust

(a)

Series

2006-OP1,

Class

M6,

(1-mo.

CME

Term

SOFR

at

1.01%

Floor

+

1.12%),

6.46%,

10/25/35

...

570

426,519

Series

2007-BR1,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.22%

Floor

+

0.33%),

5.68%,

02/25/37

...

659

278,306

Series

2007-BR1,

Class

A2B,

(1-mo.

CME

Term

SOFR

at

0.54%

Floor

+

0.65%),

6.00%,

02/25/37

...

7,025

2,966,408

Series

2007-NC2,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.44%

Floor

+

0.55%),

5.90%,

01/25/37

...

1,092

747,427

Service

Experts

Issuer

LLC

(c)

Series

2021-1A,

Class

A,

2.67%,

02/02/32

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

7,626

7,208,589

Series

2024-1A,

Class

A,

6.39%,

11/20/35

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

8,624

8,674,729

Sesac

Finance

LLC

(c)

Series

2019-1,

Class

A2,

5.22%,

07/25/49

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

22,688

22,072,362

Series

2024-1,

Class

A2,

6.42%,

01/25/54

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

2,428

2,431,412

SG

Mortgage

Securities

Trust

(a)

Series

2006-FRE2,

Class

A2C,

(1-

mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.78%,

07/25/36

2,325

489,263

Series

2006-OPT2,

Class

A3D,

(1-

mo.

CME

Term

SOFR

at

0.21%

Floor

+

0.32%),

5.67%,

10/25/36

4,623

3,267,998

SLM

Private

Education

Loan

Trust,

Series

2010-C,

Class

A5,

(1-mo.

CME

Term

SOFR

at

4.75%

Floor

+

4.86%),

10.19%,

10/15/41

(a)

(c)

....

18,503

19,335,842

SMB

Private

Education

Loan

Trust

(c)

Series

2015-B,

Class

B,

3.50%,

12/17/40

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

6,234

6,106,566

Series

2015-C,

Class

B,

3.50%,

09/15/43

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

3,532

3,461,584

Series

2020-A,

Class

B,

3.00%,

08/15/45

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

5,930

5,261,100

Series

2020-PTA,

Class

C,

3.20%,

09/15/54

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

4,455

3,518,768

Series

2021-A,

Class

C,

2.99%,

01/15/53

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

15,243

12,717,419

Series

2021-C,

Class

C,

3.00%,

01/15/53

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

887

745,193

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2024-A,

Class

A1B,

(SOFR

30

day

Average

at

1.45%

Floor

+

1.45%),

6.78%,

03/15/56

(a)

...

USD

20,470

$

20,756,879

Series

2024-A,

Class

B,

5.88%,

03/15/56

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

19,727

19,702,767

Series

2024-C,

Class

A1B,

(SOFR

30

day

Average

at

1.10%

Floor

+

1.10%),

6.43%,

06/17/52

(a)

...

8,150

8,155,955

SoFi

Personal

Loan

Trust

(c)

  0.00%,

10/15/30

(h)

..........

351

17,237,786

Series

2023-1A,  6.00%,

11/12/30

24,670

24,735,615

Series

2024-1A,  6.06%,

02/12/31

24,488

24,549,855

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

B,

3.61%,

02/25/42

(c)

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

1,014

927,480

SoFi

Professional

Loan

Program

Trust

(c)

Series

2018-B,

Class

BFX,

3.83%,

08/25/47

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

538

493,270

Series

2018-D,

Class

BFX,

4.14%,

02/25/48

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

273

249,247

Series

2020-A,

Class

BFX,

3.12%,

05/15/46

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

789

657,035

Soundview

Home

Loan

Trust

(a)

Series

2004-WMC1,

Class

M2,

(1-

mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.25%,

01/25/35

98

83,624

Series

2005-OPT3,

Class

M4,

(1-

mo.

CME

Term

SOFR

at

1.02%

Floor

+

1.13%),

6.48%,

11/25/35

69

49,695

Series

2007-NS1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.81%,

01/25/37

...

1,076

982,712

Splitrock

Services,

Inc.,

0.00%,

02/12/31

(c)

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

304

13,885,058

SpringCastle

America

Funding

LLC

(c)

Series

2020-AA,

Class

A,

1.97%,

09/25/37

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

6,449

5,894,906

Series

2020-AA,

Class

B,

2.66%,

09/25/37

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

19,740

17,753,293

STAR

Trust,

Series

2021-SFR1,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.51%

Floor

+

2.51%),

7.84%,

04/17/38

(a)

(c)

1,870

1,821,681

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust,

Series

2007-

GEL2,

Class

M1,

(1-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.16%),

6.51%,

05/25/37

(a)

(c)

..........

4,000

2,938,408

Subway

Funding

LLC,

Series

2024-1A,

Class

A2II,

6.27%,

07/30/54

(c)

...

11,174

11,321,242

Sunrun

Xanadu

Issuer

LLC,

Series

2019-1A,

Class

A,

3.98%,

06/30/54

(c)

8,243

7,631,785

Tricon

American

Homes

Trust

(c)

Series

2018-SFR1,

Class

E,

4.56%,

05/17/37

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

2,360

2,325,435

Series

2018-SFR1,

Class

F,

4.96%,

05/17/37

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

1,630

1,609,100

Series

2020-SFR1,

Class

F,

4.88%,

07/17/38

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

7,772

7,482,690

Upstart

Pass-Through

Trust,

Series

2020-ST6,

Class

A,

3.00%,

01/20/27

(c)

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

460

451,255

VOLT

CVI

LLC,

Series

2021-NP12,

Class

A1,

2.73%,

12/26/51

(c)

(g)

...

17,011

16,635,571

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Washington

Mutual

Asset-Backed

CertificatesTrust

(a)

Series

2006-HE4,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.82%,

09/25/36

...

USD

12,504

$

3,327,509

Series

2006-HE5,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

4.67%,

10/25/36

...

3,621

2,664,259

Yale

Mortgage

Loan

Trust,

Series

2007-

1,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.86%,

06/25/37

(a)

(c)

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

5,396

1,695,161

2,369,066,132

Total

Asset-Backed

Securities

—

15.4%

(Cost:

$

6,065,903,474

)

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

5,834,362,291

Shares

Shares

Common

Stocks

Belgium

—

0.0%

Azelis

Group

NV

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

80,658

1,444,167

Cambodia

—

0.0%

NagaCorp

Ltd.

(f)

(i)

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

1,104,000

541,256

Canada

—

0.0%

(f)

Lionsgate

Studios

Corp.

(i)

........

340,953

2,748,081

Northern

Graphite

Corp.

.........

435,208

39,766

2,787,847

Chile

—

0.0%

Antofagasta

plc

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

49,914

1,326,516

China

—

0.0%

BYD

Co.

Ltd.

,

Class

H

..........

193,196

5,737,698

China

Merchants

Bank

Co.

Ltd.

,

Class

H

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

55,139

250,560

PDD

Holdings,

Inc.

,

ADR

(f)

........

1,730

230,003

Tencent

Holdings

Ltd.

...........

5,131

243,416

Trip.com

Group

Ltd.

,

ADR

(f)

.......

5,140

241,580

6,703,257

Czech

Republic

—

0.0%

Komercni

Banka

A/S

...........

20,614

688,664

Moneta

Money

Bank

A/S

(b)

(c)

......

66,493

289,767

978,431

France

—

0.0%

Accor

SA

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

20,204

826,728

Casino

Guichard

Perrachon

SA

(f)

...

22,622

86,369

913,097

Georgia

—

0.0%

Bank

of

Georgia

Group

plc

.......

9,558

486,256

Germany

—

0.1%

ADLER

Group

SA

(b)

(c)

(f)

..........

488,663

84,571

Bayerische

Motoren

Werke

AG

....

111,078

10,507,025

Covestro

AG

(b)

(c)

(f)

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

134,578

7,888,541

Evonik

Industries

AG

...........

344,201

7,023,340

K+S

AG

(Registered)

...........

227,359

3,064,507

TUI

AG

(f)

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

1,060,822

7,498,653

36,066,637

Security

Shares

Shares

Value

Greece

—

0.0%

(f)

National

Bank

of

Greece

SA

......

117,136

$

976,478

Piraeus

Financial

Holdings

SA

.....

66,337

241,403

1,217,881

Hungary

—

0.0%

MOL

Hungarian

Oil

&

Gas

plc

.....

86,164

672,382

OTP

Bank

Nyrt.

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

13,047

647,166

1,319,548

India

—

0.1%

Aditya

Birla

Capital

Ltd.

(f)

.........

282,357

807,455

Axis

Bank

Ltd.

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

124,560

1,887,684

Bharat

Electronics

Ltd.

..........

372,007

1,361,415

Bharat

Petroleum

Corp.

Ltd.

......

243,026

884,185

Cipla

Ltd.

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

78,018

1,382,854

GAIL

India

Ltd.

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

697,946

1,833,535

Godrej

Consumer

Products

Ltd.

....

78,568

1,294,091

Hero

MotoCorp

Ltd.

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

25,893

1,729,188

IndusInd

Bank

Ltd.

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

99,635

1,747,405

InterGlobe

Aviation

Ltd.

(b)

(c)

(f)

.......

25,313

1,282,775

JSW

Energy

Ltd.

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

79,969

703,422

Larsen

&

Toubro

Ltd.

...........

17,096

726,197

Maruti

Suzuki

India

Ltd.

.........

7,927

1,142,937

Reliance

Industries

Ltd.

.........

48,023

1,800,220

ReNew

Energy

Global

plc

,

Class

A

(f)

.

460,000

2,870,400

UltraTech

Cement

Ltd.

..........

7,567

1,057,236

22,510,999

Indonesia

—

0.0%

Astra

International

Tbk.

PT

.......

2,745,700

746,388

Bank

Central

Asia

Tbk.

PT

........

4,024,700

2,435,309

Bank

Syariah

Indonesia

Tbk.

PT

....

2,845,600

454,383

Ciputra

Development

Tbk.

PT

.....

7,393,100

510,180

4,146,260

Italy

—

0.0%

UniCredit

SpA

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

198,000

7,327,193

Wizz

Air

Holdings

plc

(b)

(c)

(f)

(i)

.......

44,157

1,245,371

8,572,564

Kazakhstan

—

0.0%

Kaspi.KZ

JSC

,

ADR

(b)

...........

13,624

1,757,632

Malaysia

—

0.0%

CIMB

Group

Holdings

Bhd.

.......

328,000

472,568

Frontken

Corp.

Bhd.

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

1,186,900

1,119,446

1,592,014

Mexico

—

0.0%

Vista

Energy

SAB

de

CV

,

ADR

(f)

(i)

...

14,573

662,780

Netherlands

—

0.0%

ASML

Holding

NV

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

4,171

4,250,943

Shell

plc

,

ADR

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

10,800

779,544

5,030,487

Philippines

—

0.0%

Ayala

Land,

Inc.

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

2,064,600

1,002,235

Bloomberry

Resorts

Corp.

(f)

.......

6,906,700

1,120,693

International

Container

Terminal

Services,

Inc.

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

104,000

620,710

Jollibee

Foods

Corp.

...........

90,700

349,321

Metropolitan

Bank

&

Trust

Co.

.....

460,130

531,101

3,624,060

Poland

—

0.0%

LPP

SA

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

98

415,630

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

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

65,221

1,017,468

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Poland

(continued)

Powszechny

Zaklad

Ubezpieczen

SA

35,583

$

454,295

1,887,393

Singapore

—

0.0%

Sea

Ltd.

,

ADR,

Class

A

(f)

.........

9,565

683,132

South

Korea

—

0.0%

Coupang,

Inc.

,

Class

A

(f)

.........

11,657

244,214

Spain

—

0.0%

Banco

Bilbao

Vizcaya

Argentaria

SA

.

79,249

795,540

Sweden

—

0.0%

Atlas

Copco

AB

,

Class

A

.........

45,213

848,931

Volvo

AB

,

Class

A

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

31,140

814,100

1,663,031

Switzerland

—

0.0%

ABB

Ltd.

(Registered)

...........

15,701

870,635

Alcon,

Inc.

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

11,894

1,057,280

1,927,915

Thailand

—

0.0%

Advanced

Info

Service

PCL

.......

164,000

931,973

CP

ALL

PCL

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

373,200

558,149

True

Corp.

PCL

,

NVDR

(f)

.........

2,261,300

537,178

2,027,300

United

Kingdom

—

0.1%

Auction

Technology

Group

plc

(f)

....

115,500

731,478

Genius

Sports

Ltd.

(f)

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

1,345,384

7,332,343

Mobico

Group

plc

(i)

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

2,543,814

1,636,673

NEW

Look

Retailers

(d)

(f)

..........

4,100,922

52

9,700,546

United

States

—

2.0%

Adobe,

Inc.

(f)

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

12,710

7,060,913

Advanced

Micro

Devices,

Inc.

(f)

....

30,501

4,947,567

AES

Corp.

(The)

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

338,983

5,955,931

Aiven,

Inc.

,

Series

D

(d)

(f)

..........

169,258

10,036,999

Altice

USA,

Inc.

,

Class

A

(f)

........

740,096

1,509,796

Amazon.com,

Inc.

(f)

(j)

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

166,860

32,245,695

AMC

Networks,

Inc.

,

Class

A

(f)

.....

197,308

1,905,995

Apple,

Inc.

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

3,917

824,999

Astra

Space,

Inc.

,

Class

A

(f)

.......

69,879

35,170

Avaya,

Inc.

(f)

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

4,218

27,417

Bank

of

America

Corp.

..........

220,000

8,749,400

Block,

Inc.

,

Class

A

(f)

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

13,142

847,528

Boyd

Gaming

Corp.

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

44,825

2,469,857

Caesars

Entertainment,

Inc.

(f)

......

278,230

11,056,860

Carlson

Travel,

Inc.

(f)

...........

17,611

64,580

Carnival

Corp.

(f)

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

44,925

840,996

Centuri

Holdings,

Inc.

(f)

..........

74,685

1,454,864

Cheniere

Energy,

Inc.

...........

39,968

6,987,605

Citigroup,

Inc.

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

132,710

8,421,777

Comerica,

Inc.

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

61,245

3,125,945

Constellium

SE

,

Class

A

(f)

........

516,032

9,727,203

Costco

Wholesale

Corp.

.........

986

838,090

Crowdstrike

Holdings,

Inc.

,

Class

A

(f)

.

16,039

6,145,984

Crown

PropTech

Acquisitions

(d)

(f)

....

229,536

25,249

Crown

PropTech

Acquisitions

(d)

(f)

....

83,167

1

Crown

PropTech

Acquisitions

,

Class

A

(f)

133,068

1,429,150

Cummins,

Inc.

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

3,049

844,360

Customers

Bancorp,

Inc.

(f)

........

10,456

501,679

Davidson

Homes,

Inc.

(d)

(f)

.........

77,385

70,517,081

Davidson

Kempner

Merchant

Co.-Invest

Fund

LP

,

(Acquired

03/31/23

,

cost

$

6,788,939

)

(f)

(k)

(l)

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

—

(m)

36,259,371

Security

Shares

Shares

Value

United

States

(continued)

Dell

Technologies,

Inc.

,

Class

C

....

6,120

$

844,009

Delta

Air

Lines,

Inc.

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

212,324

10,072,651

Dexcom,

Inc.

(f)

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

7,407

839,806

DiamondRock

Hospitality

Co.

......

412,567

3,486,191

Dynatrace,

Inc.

(f)

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

100,000

4,474,000

Eli

Lilly

&

Co.

(j)

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

14,099

12,764,953

EPAM

Systems,

Inc.

(f)

...........

4,389

825,615

Exxon

Mobil

Corp.

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

90,000

10,360,800

Fanatics

Holdings,

Inc.

,

Class

A

,

(Acquired

12/15/21

,

cost

$

27,387,008

)

(d)

(f)

(k)

...........

403,700

26,490,794

Farmers

Business

Network,

Inc.

(d)

(f)

..

217,669

526,759

First

Citizens

BancShares,

Inc.

,

Class

A

4,347

7,318,653

First

Horizon

Corp.

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

141,780

2,235,871

FLYR,

Inc.

(d)

(f)

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

4,503,497

32,109,934

Ford

Motor

Co.

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

320,713

4,021,741

Forestar

Group,

Inc.

(f)

...........

118,660

3,795,933

Freeport-McMoRan,

Inc.

.........

17,197

835,774

Freewire

Technologies,

Inc.

(d)

(f)

.....

328

—

General

Motors

Co.

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

110,202

5,119,985

Golden

Entertainment,

Inc.

.......

79,939

2,486,902

Green

Plains,

Inc.

(f)

(i)

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

308,129

4,886,926

Hancock

Whitney

Corp.

.........

41,472

1,983,606

HawkEye

360,

Inc.

,

Series

D1

(d)

(f)

...

1,684,066

16,183,874

International

Bancshares

Corp.

....

16,386

937,443

Intuit,

Inc.

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

1,276

838,600

Intuitive

Surgical,

Inc.

(f)

..........

1,884

838,097

Lam

Research

Corp.

...........

11,970

12,746,254

Landbridge

Co.

LLC

,

Class

A

(f)

.....

90,996

2,106,557

Landsea

Homes

Corp.

(f)

.........

271,780

2,497,658

Las

Vegas

Sands

Corp.

.........

131,812

5,832,681

Latch,

Inc.

(f)

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

715,325

250,364

Lions

Gate

Entertainment

Corp.

,

Class

A

(f)

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

661,236

6,228,843

Lions

Gate

Entertainment

Corp.

,

Class

B

(f)

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

60,575

519,128

Loar

Holdings,

Inc.

(f)

(i)

...........

3,041

162,420

Marathon

Petroleum

Corp.

.......

70,673

12,260,352

Mastercard,

Inc.

,

Class

A

.........

22,000

9,705,520

Meta

Platforms,

Inc.

,

Class

A

......

29,795

15,023,235

Micron

Technology,

Inc.

..........

54,000

7,102,620

NetApp,

Inc.

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

6,509

838,359

New

Look

Builders,

Inc.

(d)

(f)

.......

8,689,610

87

New

York

Community

Bancorp,

Inc.

.

6,102,400

19,649,728

NRG

Energy,

Inc.

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

81,065

6,311,721

NVIDIA

Corp.

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

37,770

4,666,106

Opendoor

Technologies,

Inc.

(f)

.....

1,367,000

2,515,280

Palladyne

AI

Corp.

(f)

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

833,632

1,333,811

Palladyne

AI

Corp.

(f)

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

20,157

32,252

Palladyne

AI

Corp.

(f)

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

73,917

118,267

Paramount

Global

,

Class

B

.......

263,734

2,740,196

Park

Hotels

&

Resorts,

Inc.

.......

221,093

3,311,973

Playstudios,

Inc.

(f)

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

1,145,983

2,372,185

Progressive

Corp.

(The)

.........

3,998

830,425

RXO,

Inc.

(f)

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

20,000

523,000

Salesforce,

Inc.

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

55,444

14,254,652

Schlumberger

NV

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

90,000

4,246,200

Screaming

Eagle

Acquistion

Corp.

,

(Acquired

05/14/24

,

cost

$

2,541,250

)

(f)

(k)

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

250,000

2,015,000

Service

Properties

Trust

.........

768,304

3,949,083

ServiceNow,

Inc.

(f)

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

1,069

840,950

Smith

Douglas

Homes

Corp.

(f)

(i)

....

176,990

4,138,026

Snorkel

AI,

Inc.

,

(Acquired

06/30/21

,

cost

$

609,993

)

(d)

(f)

(k)

..........

40,613

276,981

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Sonder

Holdings,

Inc.

,

Class

A

(f)

....

60,116

$

278,338

Space

Exploration

Technologies

Corp.

,

Class

A

,

(Acquired

08/21/23

,

cost

$

7,985,223

)

(d)

(f)

(k)

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

98,583

9,562,551

Space

Exploration

Technologies

Corp.

,

Class

C

,

(Acquired

08/21/23

,

cost

$

8,570,448

)

(d)

(f)

(k)

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

105,808

10,263,376

Stryker

Corp.

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

2,461

837,355

Sunstone

Hotel

Investors,

Inc.

.....

248,338

2,597,615

Tesla,

Inc.

(f)

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

81,300

16,087,644

Texas

Capital

Bancshares,

Inc.

(f)

....

34,883

2,132,747

Transocean

Ltd.

(f)

(i)

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

2,193,850

11,737,098

United

States

Steel

Corp.

........

923,851

34,921,568

UnitedHealth

Group,

Inc.

.........

20,000

10,185,200

Valero

Energy

Corp.

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

103,541

16,231,087

Visa,

Inc.

,

Class

A

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

32,500

8,530,275

Vistra

Corp.

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

164,199

14,117,830

Walmart,

Inc.

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

148,391

10,047,555

Walt

Disney

Co.

(The)

..........

154,270

15,317,468

Waystar

Holding

Corp.

(f)

.........

5,745

123,518

Wells

Fargo

&

Co.

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

296,424

17,604,621

Wynn

Resorts

Ltd.

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

106,600

9,540,700

728,653,439

Total

Common

Stocks

—

2.3%

(Cost:

$

906,581,426

)

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

849,264,199

Par

(000)

Pa

r

(

000)

Corporate

Bonds

Argentina

—

0.0%

Generacion

Mediterranea

SA

,

9.88%

,

12/01/27

(c)

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

USD

5,293

4,667,215

Australia

—

0.5%

AngloGold

Ashanti

Holdings

plc

,

3.75%

,

10/01/30

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

3,121

2,731,850

Arc

Infrastructure

Wa

Pty.

Ltd.

,

6.02%

,

05/27/31

(b)

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

AUD

6,580

4,369,195

Aurizon

Network

Pty.

Ltd.

,

6.10%

,

09/12/31

(b)

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

2,590

1,729,690

Australia

&

New

Zealand

Banking

Group

Ltd.

(a)(b)

(3-mo.

EURIBOR

+

0.40%),

4.23%

,

05/21/27

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

EUR

29,500

31,579,756

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.70%),

2.57%

,

11/25/35

.....

USD

10,000

8,210,315

BHP

Billiton

Finance

Ltd.

,

(5-Year

EUR

Swap

Annual

+

4.80%),

5.63%

,

10/22/79

(a)

(b)

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

EUR

6,900

7,408,029

Commonwealth

Bank

of

Australia

,

2.69%

,

03/11/31

(b)

...........

USD

10,000

8,294,908

FMG

Resources

August

2006

Pty.

Ltd.

(c)

4.50%

,

09/15/27

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

275

262,777

4.38%

,

04/01/31

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

500

446,864

6.13%

,

04/15/32

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

225

222,455

Glencore

Capital

Finance

DAC

,

1.13%

,

03/10/28

(b)

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

EUR

7,600

7,408,338

Glencore

Finance

Europe

Ltd.

(b)

3.13%

,

03/26/26

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

GBP

8,000

9,743,986

1.50%

,

10/15/26

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

EUR

5,200

5,304,360

Macquarie

Group

Ltd.

,

(1-day

SOFR

+

1.53%),

2.87%

,

01/14/33

(a)

(b)

....

USD

10,000

8,264,040

Security

Par

(000)

Par

(000)

Value

Australia

(continued)

Mineral

Resources

Ltd.

(c)

8.00%

,

11/01/27

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

USD

375

$

383,650

9.25%

,

10/01/28

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

4,359

4,574,910

National

Australia

Bank

Ltd.

(a)(b)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.70%),

3.35%

,

01/12/37

....

10,000

8,452,648

(3-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

+

2.00%),

6.34%

,

06/06/39

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

AUD

4,520

3,055,486

Oceana

Australian

Fixed

Income

Trust

(d)

12.00%

,

07/31/25

...........

11,002

7,339,434

12.50%

,

07/31/26

...........

16,502

11,042,610

12.50%

,

07/31/27

...........

27,503

18,484,856

Origin

Energy

Finance

Ltd.

,

1.00%

,

09/17/29

(b)

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

EUR

18,101

16,906,026

Westpac

Banking

Corp.

(a)

(1-day

SOFR

+

0.81%),

6.18%

,

04/16/29

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

USD

8,020

8,049,096

(3-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

+

1.88%),

5.75%

,

04/03/34

(b)

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

AUD

3,400

2,259,510

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.75%),

2.67%

,

11/15/35

.....

USD

10,000

8,263,199

184,787,988

Austria

—

0.1%

ams-OSRAM

AG

(b)

0.00%

,

03/05/25

(h)

(n)

..........

EUR

9,600

9,694,052

2.13%

,

11/03/27

(n)

...........

6,300

5,313,251

10.50%

,

03/30/29

...........

8,629

9,668,634

Lenzing

AG

(5-Year

EUR

Swap

Annual

+

11.21%),

5.75%

(a)

(b)

(o)

.......

25,000

25,116,401

49,792,338

Belgium

—

0.3%

Anheuser-Busch

InBev

SA

(b)

9.75%

,

07/30/24

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

GBP

27,461

34,817,556

4.00%

,

09/24/25

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

3,266

4,071,370

3.95%

,

03/22/44

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

EUR

13,130

13,811,067

Azelis

Finance

NV

,

5.75%

,

03/15/28

(b)

3,242

3,563,160

Elia

Transmission

Belgium

SA

,

3.75%

,

01/16/36

(b)

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

10,700

11,290,745

FLUVIUS

System

Operator

CV

,

3.88%

,

03/18/31

(b)

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

16,100

17,450,927

KBC

Group

NV

(a)(b)

(GUKG1

+

0.92%),

1.25%

,

09/21/27

GBP

3,300

3,815,682

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.93%),

8.00%

(o)

..........

EUR

3,400

3,859,704

KBC

IFIMA

SA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.35%),

4.13%

,

03/04/26

(a)

(b)

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

8,000

8,574,625

Telenet

Finance

Luxembourg

Notes

SARL

,

5.50%

,

03/01/28

(c)

......

USD

3,200

3,030,949

UCB

SA

,

4.25%

,

03/20/30

(b)

.......

EUR

7,900

8,443,889

112,729,674

Brazil

—

0.3%

3R

Lux

SARL

9.75%

,

02/05/31

(c)

...........

USD

18,602

19,531,170

9.75%

,

02/05/31

(b)

...........

4,694

4,928,465

Azul

Secured

Finance

LLP

,

11.93%

,

08/28/28

(c)

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

15,449

14,990,358

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Brazil

(continued)

Banco

Votorantim

SA

,

4.50%

,

09/24/24

(b)

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

USD

2,779

$

2,763,493

Braskem

Netherlands

Finance

BV

8.50%

,

01/12/31

(b)

...........

5,000

5,103,125

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

8.22%),

8.50%

,

01/23/81

(a)

(c)

..

2,146

2,150,024

Cosan

Luxembourg

SA

,

7.25%

,

06/27/31

(c)

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

3,476

3,507,284

CSN

Resources

SA

,

5.88%

,

04/08/32

(c)

1,235

1,030,453

Embraer

Netherlands

Finance

BV

6.95%

,

01/17/28

(c)

...........

50

51,390

6.95%

,

01/17/28

(b)

...........

1,042

1,070,981

7.00%

,

07/28/30

(c)

...........

4,704

4,908,330

Gol

Finance

SA

,

(1-mo.

CME

Term

SOFR

+

10.50%),

15.84%

,

01/29/25

(a)

(c)

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

6,724

7,245,557

MC

Brazil

Downstream

Trading

SARL

7.25%

,

06/30/31

(c)

...........

7,102

6,287,146

7.25%

,

06/30/31

(b)

...........

3,219

2,849,835

Petrorio

Luxembourg

Holding

SARL

,

6.13%

,

06/09/26

(c)

...........

5,763

5,636,934

Raizen

Fuels

Finance

SA

(c)

6.45%

,

03/05/34

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

4,068

4,125,969

6.95%

,

03/05/54

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

1,699

1,724,485

Samarco

Mineracao

SA

,

9.00%

,

(

9.00

%

Cash

or

9.00

%

PIK),

06/30/31

(b)

(p)

.

23,810

22,098,283

St

Marys

Cement,

Inc.

,

5.75%

,

04/02/34

(c)

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

2,278

2,235,288

Suzano

Austria

GmbH

,

5.00%

,

01/15/30

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

2,575

2,434,405

Tupy

Overseas

SA

,

4.50%

,

02/16/31

(b)

2,500

2,148,438

Vale

Overseas

Ltd.

,

6.40%

,

06/28/54

8,835

8,744,000

125,565,413

Canada

—

0.7%

1011778

BC

ULC

(c)

3.88%

,

01/15/28

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

838

784,867

4.38%

,

01/15/28

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

1,175

1,108,229

3.50%

,

02/15/29

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

850

771,714

4.00%

,

10/15/30

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

650

572,195

Air

Canada

,

3.88%

,

08/15/26

(c)

.....

1,631

1,551,394

ARI

FCP

Investments

LP

,

0.00%

,

01/30/25

(a)

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

2,892

2,848,439

Bombardier,

Inc.

(c)

7.50%

,

02/01/29

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

3,300

3,419,572

8.75%

,

11/15/30

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

700

756,548

Brookfield

Residential

Properties,

Inc.

(c)

6.25%

,

09/15/27

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

4,534

4,462,303

5.00%

,

06/15/29

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

2,902

2,650,540

4.88%

,

02/15/30

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

175

156,533

Dye

&

Durham

Ltd.

,

8.63%

,

04/15/29

(c)

4,485

4,549,674

Enbridge,

Inc.

5.25%

,

04/05/27

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

8,000

7,999,468

5.30%

,

04/05/29

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

12,000

12,019,347

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.97%),

7.20%

,

06/27/54

(a)

...

5,840

5,875,158

Series

20-A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

5.75%

,

07/15/80

(a)

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

5,388

5,084,401

Security

Par

(000)

Par

(000)

Value

Canada

(continued)

Series

NC5

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.79%),

8.25%

,

01/15/84

(a)

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

USD

4,991

$

5,200,183

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.43%),

8.50%

,

01/15/84

(a)

...

25,228

27,196,591

Garda

World

Security

Corp.

(c)

9.50%

,

11/01/27

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

2,793

2,805,923

7.75%

,

02/15/28

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

1,621

1,650,967

HR

Ottawa

LP

,

11.00%

,

03/31/31

(c)

..

99,478

108,669,274

Mattamy

Group

Corp.

(c)

5.25%

,

12/15/27

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

4,681

4,548,067

4.63%

,

03/01/30

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

7,171

6,628,650

Methanex

Corp.

5.13%

,

10/15/27

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

500

482,288

5.25%

,

12/15/29

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

150

144,724

Open

Text

Corp.

,

3.88%

,

02/15/28

(c)

.

400

370,264

Open

Text

Holdings,

Inc.

(c)

4.13%

,

02/15/30

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

200

180,361

4.13%

,

12/01/31

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

350

307,634

Parkland

Corp.

(c)

5.88%

,

07/15/27

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

250

246,722

4.50%

,

10/01/29

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

200

183,061

4.63%

,

05/01/30

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

400

364,818

Rogers

Communications,

Inc.

,

5.00%

,

02/15/29

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

4,200

4,148,232

Toronto-Dominion

Bank

(The)

(b)

2.88%

,

04/05/27

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

GBP

3,266

3,877,589

3.19%

,

02/16/29

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

EUR

41,620

44,505,901

Transcanada

Trust

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.99%),

5.60%

,

03/07/82

(a)

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

USD

1,019

923,789

Videotron

Ltd.

(c)

5.13%

,

04/15/27

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

275

270,761

3.63%

,

06/15/29

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

200

182,590

267,498,771

Chile

—

0.1%

AES

Andes

SA

(c)

6.30%

,

03/15/29

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

2,399

2,403,558

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.84%),

8.15%

,

06/10/55

(a)

...

19,434

19,395,132

Banco

de

Credito

e

Inversiones

SA

,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.94%),

8.75%

(a)

(c)

(o)

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

3,100

3,259,588

Engie

Energia

Chile

SA

,

3.40%

,

01/28/30

(b)

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

3,975

3,469,430

Kenbourne

Invest

SA

(e)(f)

6.88%

,

11/26/24

(c)

...........

17,203

7,311,275

6.88%

,

11/26/24

(b)

...........

11,153

4,740,025

4.70%

,

01/22/28

(c)

...........

1,288

540,960

4.70%

,

01/22/28

(b)

...........

12,041

5,057,220

46,177,188

China

—

0.2%

China

City

Construction

International

Co.

Ltd.

,

5.35%

,

07/03/17

(b)

(d)

(e)

(f)

..

CNY

2,990

—

China

Development

Bank

Financial

Leasing

Co.

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.75%),

2.88%

,

09/28/30

(a)

(b)

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

USD

8,084

7,780,850

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

China

(continued)

eHi

Car

Services

Ltd.

,

12.00%

,

09/26/27

(b)

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

USD

965

$

885,689

European

TopSoho

SARL

,

Series

SMCP

,

4.00%

,

10/14/24

(b)

(e)

(f)

(n)

...

EUR

13,600

3,391,441

Fantasia

Holdings

Group

Co.

Ltd.

(b)(e)(f)

11.88%

,

06/01/24

...........

USD

3,142

42,417

7.95%

,

07/05/24

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

5,938

59,380

9.88%

,

10/19/24

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

3,695

42,492

6.95%

,

12/17/24

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

3,180

31,800

11.75%

,

04/17/25

...........

10,550

105,500

Far

East

Horizon

Ltd.

,

6.63%

,

04/16/27

(b)

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

7,185

7,206,124

Fortune

Star

BVI

Ltd.

(b)

5.95%

,

10/19/25

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

2,561

2,458,560

3.95%

,

10/02/26

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

EUR

800

773,903

Geely

Automobile

Holdings

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.45%),

4.00%

(a)

(b)

(o)

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

USD

7,800

7,697,625

Haidilao

International

Holding

Ltd.

,

2.15%

,

01/14/26

(b)

...........

5,000

4,725,000

Huarong

Finance

2019

Co.

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.98%),

4.25%

(a)

(b)

(o)

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

800

768,000

Huarong

Finance

Co.

Ltd.

,

4.25%

,

11/07/27

(b)

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

3,000

2,766,563

iQIYI,

Inc.

,

6.50%

,

03/15/28

(b)

(n)

....

7,200

6,833,451

Meituan

,

3.05%

,

10/28/30

(b)

.......

1,500

1,290,469

Nickel

Resources

International

Holdings

Co.

Ltd.

,

Series

1

,

12.00%

,

12/12/18

(b)

(d)

(e)

(f)

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

HKD

8,000

—

Tencent

Holdings

Ltd.

,

3.93%

,

01/19/38

(b)

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

USD

3,000

2,519,062

Tencent

Music

Entertainment

Group

,

2.00%

,

09/03/30

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

2,860

2,360,394

Trip.com

Group

Ltd.

,

0.75%

,

06/15/29

(c)

(n)

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

8,496

8,288,703

Zhongsheng

Group

Holdings

Ltd.

,

0.00%

,

05/21/25

(b)

(h)

(n)

.........

HKD

22,000

3,131,367

63,158,790

Colombia

—

0.1%

ABRA

Global

Finance

,

11.50%

,

(

11.50

%

Cash

or

11.50

%

PIK),

03/02/28

(c)

(p)

USD

8,899

8,482,045

Bancolombia

SA

(a)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.94%),

4.63%

,

12/18/29

....

2,182

2,100,175

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.32%),

8.63%

,

12/24/34

....

12,895

13,140,005

Colombia

Telecomunicaciones

SA

ESP

,

4.95%

,

07/17/30

(c)

...........

10,000

7,812,500

Gran

Tierra

Energy,

Inc.

,

9.50%

,

10/15/29

(c)

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

13,939

13,304,776

Oleoducto

Central

SA

,

4.00%

,

07/14/27

(b)

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

6,049

5,607,423

Promigas

SA

ESP

,

3.75%

,

10/16/29

(c)

1,831

1,657,627

SierraCol

Energy

Andina

LLC

,

6.00%

,

06/15/28

(b)

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

2,969

2,650,760

54,755,311

Security

Par

(000)

Par

(000)

Value

Costa

Rica

—

0.0%

Liberty

Costa

Rica

Senior

Secured

Finance

,

10.88%

,

01/15/31

(c)

....

USD

1,462

$

1,550,634

Cyprus

—

0.0%

ASG

Finance

DAC

,

9.75%

,

05/15/29

(c)

3,241

3,232,897

Bank

of

Cyprus

PCL

,

(1-Year

EUR

Swap

Annual

+

2.79%),

2.50%

,

06/24/27

(a)

(b)

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

EUR

7,339

7,542,956

10,775,853

Czech

Republic

—

0.0%

Allwyn

Entertainment

Financing

UK

plc

7.25%

,

04/30/30

(b)

...........

13,601

15,385,328

Denmark

—

0.3%

AP

Moller

-

Maersk

A/S

,

3.75%

,

03/05/32

(b)

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

10,825

11,599,642

Danske

Bank

A/S

(a)(b)

(1-Year

EUR

Swap

Annual

+

0.85%),

1.38%

,

02/17/27

....

15,000

15,434,050

(3-mo.

EURIBOR

+

0.65%),

4.55%

,

04/10/27

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

22,680

24,315,621

(GUKG1

+

1.65%),

2.25%

,

01/14/28

GBP

23,500

27,425,734

(1-Year

EUR

Swap

Annual

+

1.35%),

4.50%

,

11/09/28

.....

EUR

10,000

10,930,951

SGL

Group

ApS

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

8.65%

,

04/22/30

(a)

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

7,740

8,371,878

98,077,876

Dominican

Republic

—

0.0%

Aeropuertos

Dominicanos

Siglo

XXI

SA

,

6.75%

,

03/30/29

(c)

........

USD

6,184

6,346,330

Finland

—

0.2%

Ahlstrom

Holding

3

Oy

3.63%

,

02/04/28

(b)

...........

EUR

6,573

6,653,844

4.88%

,

02/04/28

(c)

...........

USD

4,120

3,846,535

4.88%

,

02/04/28

(b)

...........

3,800

3,547,775

Citycon

Treasury

BV

,

1.63%

,

03/12/28

(b)

EUR

5,000

4,576,362

Nordea

Bank

Abp

,

(3-mo.

EURIBOR

+

0.68%),

4.38%

,

09/06/26

(a)

(b)

....

12,000

12,931,079

OP

Mortgage

Bank

,

3.38%

,

02/15/27

(b)

25,030

26,888,038

58,443,633

France

—

3.1%

Accor

SA

,

(5-Year

EUR

Swap

Annual

+

3.25%),

2.63%

(a)

(b)

(o)

..........

3,900

4,105,576

Air

Liquide

Finance

SA

,

3.38%

,

05/29/34

(b)

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

10,000

10,628,536

Alstom

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.93%),

5.87%

(a)

(b)

(o)

.

1,000

1,086,050

Altice

France

SA

2.50%

,

01/15/25

(b)

...........

1,048

1,030,014

5.88%

,

02/01/27

(b)

...........

8,241

6,656,695

8.13%

,

02/01/27

(c)

...........

USD

2,550

1,912,337

11.50%

,

02/01/27

(b)

..........

EUR

1,455

1,274,244

5.50%

,

01/15/28

(c)

...........

USD

1,000

684,887

5.13%

,

07/15/29

(c)

...........

1,250

822,001

4.25%

,

10/15/29

(b)

...........

EUR

1,139

808,126

Arkema

SA

,

(5-Year

EUR

Swap

Annual

+

1.57%),

1.50%

(a)

(b)

(o)

.........

2,300

2,340,888

Atos

SE

(b)

0.00%

,

11/06/24

(h)

(n)

..........

12,600

1,754,207

1.75%

,

05/07/25

(e)

(f)

..........

2,400

306,892

2.50%

,

11/07/28

(e)

(f)

..........

1,800

250,602

1.00%

,

11/12/29

(e)

(f)

..........

2,300

339,150

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

France

(continued)

AXA

SA

(a)(b)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.84%),

6.38%

(o)

..........

EUR

5,050

$

5,524,408

(3-mo.

EURIBOR

+

3.60%),

5.50%

,

07/11/43

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

9,000

10,171,022

Banijay

Entertainment

SASU

,

7.00%

,

05/01/29

(b)

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

8,856

9,887,417

Banque

Federative

du

Credit

Mutuel

SA

(b)

3.00%

,

09/11/25

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

11,000

11,652,927

4.88%

,

09/25/25

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

GBP

21,000

26,318,653

(3-mo.

EURIBOR

+

0.64%),

4.42%

,

03/05/27

(a)

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

EUR

17,200

18,490,337

3.75%

,

02/03/34

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

5,200

5,535,827

Banque

Stellantis

France

SACA

,

3.50%

,

07/19/27

(b)

...........

10,000

10,660,932

Bertrand

Franchise

Finance

SAS

(b)

6.50%

,

07/18/30

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

3,402

3,667,965

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.49%

,

07/18/30

(a)

...

10,276

11,053,504

BNP

Paribas

SA

(5-Year

USD

Swap

Semi

+

5.15%),

7.38%

(a)

(b)

(o)

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

USD

734

732,169

3.38%

,

01/23/26

(b)

...........

GBP

13,266

16,268,208

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

4.63%

(a)

(c)

(o)

........

USD

1,754

1,578,555

(3-mo.

EURIBOR

+

0.70%),

0.25%

,

04/13/27

(a)

(b)

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

EUR

27,000

27,150,986

1.88%

,

12/14/27

(b)

...........

GBP

3,300

3,740,507

(5-Year

EUR

Swap

Annual

+

4.65%),

6.88%

(a)

(b)

(o)

........

EUR

2,400

2,618,473

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.63%),

7.38%

(a)

(b)

(o)

........

2,600

2,892,382

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.34%),

4.63%

(a)

(c)

(o)

........

USD

18,441

14,767,068

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.73%),

8.00%

(a)

(c)

(o)

........

45,614

45,784,049

(5-Year

EUR

Swap

Annual

+

1.20%),

1.13%

,

01/15/32

(a)

(b)

..

EUR

15,100

14,874,823

(3-mo.

EURIBOR

+

0.95%),

4.13%

,

09/26/32

(a)

(b)

.............

9,000

9,872,381

Series

TMO

,

(BFRTMO

at

0.00%

Floor

-

0.25%),

2.82%

(a)

(o)

....

1,983

2,012,469

BPCE

SA

4.50%

,

03/15/25

(c)

...........

USD

8,918

8,798,636

(3-mo.

EURIBOR

+

0.39%),

4.16%

,

03/06/26

(a)

(b)

.............

EUR

26,400

28,275,659

(1-day

SOFR

+

1.52%),

1.65%

,

10/06/26

(a)

(c)

.............

USD

5,491

5,195,688

(3-mo.

EURIBOR

+

1.00%),

0.50%

,

09/15/27

(a)

(b)

.............

EUR

15,000

14,908,909

4.00%

,

11/29/32

(b)

...........

10,100

10,983,063

(5-year

SONIA

Mid-Swaps

Rate

+

1.83%),

2.50%

,

11/30/32

(a)

(b)

..

GBP

8,000

8,943,841

(3-mo.

EURIBOR

+

1.45%),

4.13%

,

03/08/33

(a)

(b)

.............

EUR

32,000

34,277,905

Cie

de

Saint-Gobain

SA

,

3.75%

,

11/29/26

(b)

................

23,100

24,849,924

Clariane

SE

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

9.08%),

13.17%

(a)

(b)

(o)

.........

GBP

9,000

10,736,949

Security

Par

(000)

Par

(000)

Value

France

(continued)

Credit

Agricole

Assurances

SA

,

5.88%

,

10/25/33

(b)

................

EUR

9,000

$

10,430,911

Credit

Agricole

SA

2.63%

,

03/17/27

(b)

...........

11,500

11,936,594

(GUKG1

+

2.60%),

5.75%

,

11/29/27

(a)

(b)

.............

GBP

27,500

34,889,773

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

4.75%

(a)

(c)

(o)

........

USD

20,514

17,838,786

(1-day

SOFR

+

1.86%),

6.32%

,

10/03/29

(a)

(c)

.............

12,000

12,324,281

(5-Year

EUR

Swap

Annual

+

1.90%),

1.63%

,

06/05/30

(a)

(b)

..

EUR

21,500

22,432,290

3.75%

,

01/22/34

(b)

...........

6,700

7,160,034

Danone

SA

,

(5-Year

EUR

Swap

Annual

+

1.27%),

1.00%

(a)

(b)

(o)

.........

8,300

8,231,063

Elior

Group

SA

,

3.75%

,

07/15/26

(b)

..

4,000

4,149,931

Elis

SA

,

3.75%

,

03/21/30

(b)

.......

4,100

4,316,513

Engie

SA

(b)

3.63%

,

12/06/26

............

13,700

14,699,663

3.75%

,

09/06/27

............

9,900

10,657,544

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.37%),

5.13%

(a)

(o)

.........

4,700

4,997,466

3.88%

,

12/06/33

............

3,800

4,066,558

4.25%

,

03/06/44

............

12,000

12,474,134

Eramet

SA

,

6.50%

,

11/30/29

(b)

.....

2,900

3,114,358

Eutelsat

SA

,

1.50%

,

10/13/28

(b)

....

6,300

5,431,390

Forvia

SE

(b)

7.25%

,

06/15/26

............

314

349,528

2.75%

,

02/15/27

............

8,652

8,840,946

3.75%

,

06/15/28

............

5,185

5,344,698

5.50%

,

06/15/31

............

7,818

8,435,482

Goldstory

SAS

(b)

6.75%

,

02/01/30

............

4,094

4,439,275

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.84%

,

02/01/30

(a)

...

1,359

1,462,698

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

(b)

0.13%

,

09/16/25

............

9,300

9,466,873

0.63%

,

09/16/28

............

17,684

16,081,136

Iliad

Holding

SASU

5.13%

,

10/15/26

(b)

...........

810

867,469

6.50%

,

10/15/26

(c)

...........

USD

797

793,470

5.63%

,

10/15/28

(b)

...........

EUR

300

319,951

7.00%

,

10/15/28

(c)

...........

USD

1,375

1,363,490

6.88%

,

04/15/31

(b)

...........

EUR

5,570

6,054,073

Iliad

SA

(b)

5.38%

,

06/14/27

............

9,200

10,016,296

5.38%

,

02/15/29

............

13,600

14,812,815

5.63%

,

02/15/30

............

7,100

7,781,148

5.38%

,

05/02/31

............

900

970,457

Kering

SA

,

5.13%

,

11/23/26

(b)

......

GBP

18,900

23,915,382

La

Banque

Postale

SA

,

4.00%

,

05/03/28

(b)

................

EUR

9,700

10,501,509

La

Financiere

Atalian

SASU

,

8.50%

,

(

8.50

%

Cash

or

5.00

%

PIK),

06/30/28

(b)

(p)

...............

9,662

6,078,877

Lion/Polaris

Lux

4

SA

(a)(b)

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.84%

,

07/01/26

....

1,331

1,425,862

(3-mo.

EURIBOR

+

3.63%),

7.34%

,

07/01/29

...............

7,248

7,762,246

Loxam

SAS

(b)

3.75%

,

07/15/26

............

6,681

7,064,599

4.50%

,

02/15/27

............

921

980,441

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

56

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

France

(continued)

4.50%

,

04/15/27

............

EUR

500

$

515,395

5.75%

,

07/15/27

............

828

880,725

6.38%

,

05/15/28

............

2,073

2,281,509

6.38%

,

05/31/29

............

6,298

6,948,706

Nova

Alexandre

III

SAS

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.25%),

9.11%

,

07/15/29

(a)

(b)

..

5,718

6,108,383

Paprec

Holding

SA

(b)

6.50%

,

11/17/27

............

3,951

4,416,529

7.25%

,

11/17/29

............

4,589

5,160,417

Picard

Bondco

SA

,

5.38%

,

07/01/27

(b)

1,670

1,742,657

Picard

Groupe

SAS

(b)

3.88%

,

07/01/26

............

9,451

10,084,099

6.38%

,

07/01/29

............

7,083

7,576,512

RCI

Banque

SA

(b)

4.13%

,

12/01/25

............

8,108

8,705,405

(5-Year

EUR

Swap

Annual

+

2.85%),

2.63%

,

02/18/30

(a)

...

27,500

28,936,260

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%

,

10/09/34

(a)

...

5,300

5,662,203

Sabena

Technics

SAS

,

(Acquired

10/28/22

,

cost

$

16,982,711

)

,

(3-

mo.

EURIBOR

+

5.00%),

8.90%

,

09/30/29

(a)

(d)

(k)

..............

15,039

16,105,517

Societe

Generale

SA

1.88%

,

10/03/24

(b)

...........

GBP

3,300

4,131,258

(5-Year

USD

Swap

Rate

+

5.87%),

8.00%

(a)

(c)

(o)

..............

USD

1,068

1,066,766

(3-mo.

EURIBOR

+

0.50%),

4.39%

,

01/19/26

(a)

(b)

.............

EUR

16,200

17,397,205

(3-mo.

EURIBOR

+

1.50%),

1.13%

,

04/21/26

(a)

(b)

.............

17,500

18,316,228

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.39%),

9.38%

(a)

(c)

(o)

........

USD

3,240

3,275,980

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.51%),

5.38%

(a)

(c)

(o)

........

44,446

35,808,191

(5-Year

EUR

Swap

Annual

+

1.60%),

1.13%

,

06/30/31

(a)

(b)

..

EUR

9,000

9,000,247

5.63%

,

06/02/33

(b)

...........

12,500

13,937,422

Teleperformance

SE

(b)

5.25%

,

11/22/28

............

7,800

8,549,222

5.75%

,

11/22/31

............

2,900

3,190,648

Tereos

Finance

Groupe

I

SA

,

5.88%

,

04/30/30

(b)

................

3,454

3,699,061

TotalEnergies

Capital

Canada

Ltd.

,

2.13%

,

09/18/29

(b)

...........

7,800

7,850,468

TotalEnergies

Capital

International

SA

,

1.66%

,

07/22/26

(b)

...........

GBP

3,300

3,920,582

TotalEnergies

SE

(a)(b)(o)

(5-Year

EUR

Swap

Annual

+

2.15%),

2.63%

...........

EUR

44,470

46,921,818

(5-Year

EUR

Swap

Annual

+

3.35%),

3.37%

...........

12,400

12,980,985

Series

NC7

,

(5-Year

EUR

Swap

Annual

+

1.99%),

1.63%

.....

31,000

30,087,002

Veolia

Environnement

SA

(a)(b)(o)

(5-Year

EUR

Swap

Annual

+

2.71%),

2.25%

...........

6,400

6,563,639

(5-Year

EUR

Swap

Annual

+

2.08%),

2.00%

...........

22,200

21,575,894

Worldline

SA

(b)(h)(n)

0.00%

,

07/30/25

............

5,617

6,765,475

Security

Par

(000)

Par

(000)

Value

France

(continued)

0.00%

,

07/30/26

............

EUR

14,093

$

13,935,432

1,154,603,691

Germany

—

3.1%

ADLER

Group

SA

,

21.00%

,

(

21.00

%

Cash

or

21.00

%

PIK),

07/31/25

(b)

(h)

(p)

4,300

4,670,124

Agps

Bondco

plc

(b)(e)(f)

6.00%

,

08/05/25

............

11,000

3,831,591

5.50%

,

11/13/26

............

8,700

3,037,429

5.00%

,

04/27/27

............

2,800

968,567

5.00%

,

01/14/29

............

14,200

4,942,434

Allianz

SE

(a)(o)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.97%),

3.50%

(c)

..........

USD

2,000

1,862,786

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

3.20%

(c)

..........

2,000

1,634,596

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

3.20%

(b)

..........

18,800

15,365,200

Aroundtown

Finance

SARL

(a)(b)(o)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.49%),

8.63%

.................

GBP

4,476

4,207,411

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.16%),

7.88%

...........

USD

6,250

4,437,500

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.51%),

7.13%

...........

EUR

17,712

14,188,563

Aroundtown

SA

(b)

0.00%

,

07/16/26

............

4,200

4,053,814

2.00%

,

11/02/26

............

2,000

1,973,294

0.38%

,

04/15/27

............

7,700

7,148,326

1.45%

,

07/09/28

............

3,900

3,555,420

Bayer

AG

(a)(b)

(5-Year

EUR

Swap

Annual

+

2.55%),

3.75%

,

07/01/74

....

5,200

5,568,940

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.65%),

2.38%

,

11/12/79

.....

64,600

67,509,132

(5-Year

EUR

Swap

Annual

+

3.75%),

4.50%

,

03/25/82

....

15,000

15,451,078

Series

NC5

,

(5-Year

EUR

Swap

Annual

+

3.43%),

6.63%

,

09/25/83

...............

12,100

13,094,974

(5-Year

EUR

Swap

Annual

+

3.90%),

7.00%

,

09/25/83

....

11,400

12,571,776

Bayer

US

Finance

II

LLC

,

4.25%

,

12/15/25

(c)

................

USD

11,065

10,824,649

Bertelsmann

SE

&

Co.

KGaA

,

(5-Year

EUR

Swap

Annual

+

3.21%),

3.50%

,

04/23/75

(a)

(b)

...............

EUR

7,900

8,217,265

BMW

International

Investment

BV

,

(3-mo.

EURIBOR

+

0.16%),

3.94%

,

06/05/26

(a)

(b)

...............

43,700

46,783,105

BRANICKS

Group

AG

,

2.25%

,

09/22/26

(b)

................

4,200

1,810,441

Cheplapharm

Arzneimittel

GmbH

(b)

3.50%

,

02/11/27

............

5,297

5,427,756

4.38%

,

01/15/28

............

10,392

10,551,367

7.50%

,

05/15/30

............

1,328

1,487,485

Commerzbank

AG

(a)(b)

(5-Year

EUR

Swap

Annual

+

6.36%),

6.13%

(o)

..........

16,200

17,186,739

(5-Year

EUR

Swap

Annual

+

6.36%),

6.13%

(o)

..........

6,600

7,002,005

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

(3-mo.

EURIBOR

+

0.70%),

4.44%

,

03/12/27

...............

EUR

17,200

$

18,489,048

(5-Year

EUR

Swap

Annual

+

4.39%),

4.25%

(o)

..........

5,400

5,120,777

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

(o)

..........

3,800

3,991,816

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

(o)

..........

3,000

3,151,433

(5-Year

EUR

Swap

Annual

+

4.35%),

4.00%

,

12/05/30

....

2,800

2,970,892

(3-mo.

EURIBOR

+

2.10%),

4.63%

,

01/17/31

...............

1,600

1,746,450

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.13%),

7.88%

(o)

..........

1,800

1,921,117

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.25%),

8.63%

,

02/28/33

..........

GBP

8,800

11,788,210

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.70%),

6.75%

,

10/05/33

....

EUR

3,800

4,377,533

Daimler

Truck

Finance

Canada,

Inc.

,

(3-mo.

EURIBOR

+

0.50%),

4.21%

,

03/18/25

(a)

(b)

...............

16,600

17,813,681

Daimler

Truck

Finance

North

America

LLC

,

5.13%

,

09/25/29

(c)

.......

USD

5,852

5,809,124

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG

,

1.88%

,

10/15/24

(b)

...

EUR

14,900

13,160,344

Deutsche

Bahn

Finance

GmbH

(a)(b)(o)

(5-Year

EUR

Swap

Annual

+

1.26%),

0.95%

...........

7,500

7,821,804

(5-Year

EUR

Swap

Annual

+

1.26%),

0.95%

...........

32,400

33,790,192

Deutsche

Bank

AG

4.50%

,

04/01/25

............

USD

139

137,307

(USISOA05

at

0.00%

Floor

+

4.36%),

4.79%

(a)

(b)

(o)

........

3,000

2,846,250

(1-day

SOFR

+

2.58%),

3.96%

,

11/26/25

(a)

..............

8,336

8,264,795

(1-day

SOFR

+

3.19%),

6.12%

,

07/14/26

(a)

..............

1,694

1,695,490

(1-day

SOFR

+

1.87%),

2.13%

,

11/24/26

(a)

..............

12,298

11,670,843

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.55%),

4.50%

(a)

(b)

(o)

........

EUR

1,200

1,146,988

(1-day

SOFR

+

1.59%),

5.71%

,

02/08/28

(a)

..............

USD

15,503

15,482,499

5.41%

,

05/10/29

............

15,608

15,584,697

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.26%),

8.13%

(a)

(b)

(o)

........

EUR

5,600

6,037,502

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.30%),

4.00%

,

06/24/32

(a)

(b)

..

9,100

9,504,109

Deutsche

Lufthansa

AG

(b)

2.00%

,

07/14/24

............

5,300

5,672,005

3.50%

,

07/14/29

............

1,900

1,996,787

E.ON

SE

,

4.13%

,

03/25/44

(b)

......

7,930

8,390,909

EnBW

Energie

Baden-Wuerttemberg

AG

(a)(b)

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.73%),

1.63%

,

08/05/79

....

14,800

14,443,367

(5-Year

EUR

Swap

Annual

+

1.42%),

1.13%

,

11/05/79

.....

17,100

18,112,349

(5-Year

EUR

Swap

Annual

+

2.18%),

2.13%

,

08/31/81

....

17,400

15,095,647

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.66%),

5.25%

,

01/23/84

....

2,300

2,528,767

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

EnBW

International

Finance

BV

,

4.30%

,

05/23/34

(b)

................

EUR

29,730

$

32,901,631

Envalior

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

9.50%),

13.63%

,

03/31/31

(a)

(d)

...............

21,540

22,722,007

Eurogrid

GmbH

(b)

3.60%

,

02/01/29

............

4,600

4,904,255

3.72%

,

04/27/30

............

15,400

16,444,010

3.92%

,

02/01/34

............

4,400

4,695,593

Fraport

AG

Frankfurt

Airport

Services

Worldwide

,

4.25%

,

06/11/32

(b)

...

40,570

43,789,512

Gruenenthal

GmbH

(b)

3.63%

,

11/15/26

............

7,590

7,955,658

4.13%

,

05/15/28

............

3,348

3,495,902

6.75%

,

05/15/30

............

2,833

3,185,853

HT

Troplast

GmbH

,

9.38%

,

07/15/28

(b)

7,103

7,450,255

IHO

Verwaltungs

GmbH

(p)

3.75%

,

(

3.75

%

Cash

or

4.50

%

PIK),

09/15/26

(b)

..............

12,210

12,879,501

3.88%

,

(

3.88

%

Cash

or

4.63

%

PIK),

05/15/27

(a)

(b)

.............

2,941

3,090,828

6.00%

,

(

6.00

%

Cash

or

6.75

%

PIK),

05/15/27

(c)

..............

USD

400

393,609

8.75%

,

(

8.75

%

Cash

or

9.50

%

PIK),

05/15/28

(a)

(b)

.............

EUR

2,618

2,999,852

Mahle

GmbH

,

6.50%

,

05/02/31

(b)

...

8,742

9,528,425

Mercedes-Benz

International

Finance

BV

,

(3-mo.

EURIBOR

+

0.19%),

4.07%

,

04/09/26

(a)

(b)

..........

29,200

31,261,108

PCF

GmbH

(b)

4.75%

,

04/15/26

............

1,566

1,417,994

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

8.66%

,

04/15/26

(a)

...

5,069

4,788,337

Phoenix

PIB

Dutch

Finance

BV

,

2.38%

,

08/05/25

(b)

................

3,000

3,131,836

PrestigeBidCo

GmbH

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.46%

,

07/01/29

(a)

(b)

..........

6,078

6,558,053

ProGroup

AG

(b)

5.13%

,

04/15/29

............

6,087

6,535,985

5.38%

,

04/15/31

............

5,287

5,621,345

Sartorius

Finance

BV

(b)

4.25%

,

09/14/26

............

4,500

4,878,504

4.38%

,

09/14/29

............

10,000

10,963,208

4.88%

,

09/14/35

............

10,000

11,132,000

Schaeffler

AG

(b)

4.50%

,

08/14/26

............

11,900

12,827,143

4.75%

,

08/14/29

............

2,800

3,018,151

Siemens

Financieringsmaatschappij

NV

,

3.63%

,

02/22/44

(b)

........

10,000

10,363,787

Techem

Verwaltungsgesellschaft

674

mbH

,

6.00%

,

07/30/26

(b)

.......

7,115

7,612,562

Tele

Columbus

AG

,

10.00%

,

01/01/29

(a)

(b)

...............

18,775

14,348,876

TK

Elevator

Holdco

GmbH

,

6.63%

,

07/15/28

(b)

................

4,151

4,279,712

TK

Elevator

Midco

GmbH

4.38%

,

07/15/27

(b)

...........

6,229

6,429,793

Traton

Finance

Luxembourg

SA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.00%),

4.90%

,

01/21/26

(a)

(b)

..........

10,000

10,771,615

TUI

AG

,

5.88%

,

03/15/29

(b)

.......

2,000

2,174,029

TUI

Cruises

GmbH

,

6.50%

,

05/15/26

(b)

993

1,077,614

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Volkswagen

Financial

Services

AG

,

(3-mo.

EURIBOR

+

0.78%),

4.53%

,

06/10/27

(a)

(b)

...............

EUR

16,790

$

18,010,200

Volkswagen

Financial

Services

Australia

Pty.

Ltd.

,

5.55%

,

06/14/28

(b)

AUD

4,270

2,827,795

Volkswagen

Financial

Services

NV

(b)

1.88%

,

12/03/24

............

GBP

1,800

2,242,046

4.25%

,

10/09/25

............

1,400

1,738,807

5.50%

,

12/07/26

............

26,400

33,357,623

6.50%

,

09/18/27

............

17,000

22,172,569

Volkswagen

International

Finance

NV

(a)(b)

(3-mo.

EURIBOR

+

0.65%),

4.35%

,

03/27/26

...............

EUR

32,700

35,150,295

(5-Year

EUR

Swap

Annual

+

2.92%),

3.75%

(o)

..........

1,700

1,729,803

Series

PNC5

,

(5-Year

EUR

Swap

Annual

+

4.29%),

7.50%

(o)

....

3,400

3,933,157

(9-Year

EUR

Swap

Annual

+

3.96%),

3.88%

(o)

..........

5,600

5,582,029

Wintershall

Dea

Finance

2

BV

(a)(b)(o)

Series

NC5

,

(5-Year

EUR

Swap

Annual

+

2.92%),

2.50%

.....

53,300

53,321,097

Series

NC8

,

(5-Year

EUR

Swap

Annual

+

3.32%),

3.00%

.....

6,200

5,884,934

Wintershall

Dea

Finance

BV

(b)

1.33%

,

09/25/28

............

23,600

22,641,735

1.82%

,

09/25/31

............

11,400

10,275,934

ZF

Europe

Finance

BV

(b)

2.00%

,

02/23/26

............

1,300

1,337,047

2.50%

,

10/23/27

............

1,900

1,907,558

4.75%

,

01/31/29

............

800

858,902

ZF

Finance

GmbH

(b)

3.00%

,

09/21/25

............

7,900

8,324,799

5.75%

,

08/03/26

............

5,100

5,598,391

2.00%

,

05/06/27

............

1,800

1,798,746

2.75%

,

05/25/27

............

3,100

3,154,645

2.25%

,

05/03/28

............

1,900

1,868,582

3.75%

,

09/21/28

............

10,700

11,087,315

1,160,359,051

Ghana

—

0.0%

Kosmos

Energy

Ltd.

,

7.50%

,

03/01/28

(b)

USD

3,039

2,899,396

Greece

—

0.1%

Danaos

Corp.

,

8.50%

,

03/01/28

(c)

...

4,300

4,415,898

Eurobank

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.17%),

4.88%

,

04/30/31

(a)

(b)

...............

EUR

3,750

4,029,396

National

Bank

of

Greece

SA

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%

,

06/28/35

(a)

(b)

..

9,500

10,265,652

18,710,946

Guatemala

—

0.0%

Millicom

International

Cellular

SA

(c)

6.63%

,

10/15/26

............

USD

4,708

4,666,565

7.38%

,

04/02/32

............

2,450

2,442,650

7,109,215

Hong

Kong

—

0.4%

AIA

Group

Ltd.

(b)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.76%),

2.70%

(a)

(o)

.........

10,000

9,393,750

5.38%

,

04/05/34

............

8,000

7,857,120

Security

Par

(000)

Par

(000)

Value

Hong

Kong

(continued)

Bank

of

East

Asia

Ltd.

(The)

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.55%),

6.75%

,

06/27/34

(a)

(b)

..........

USD

4,490

$

4,458,436

Cheung

Kong

Infrastructure

Finance

BVI

Ltd.

,

1.00%

,

12/12/24

(b)

.....

EUR

10,000

10,542,539

FWD

Group

Holdings

Ltd.

(b)

8.40%

,

04/05/29

............

USD

80,902

82,671,731

7.64%

,

07/02/31

............

5,000

5,077,750

Gold

Pole

Capital

Co.

Ltd.

,

1.00%

,

06/25/29

(b)

(n)

...............

12,800

13,132,800

HKT

Capital

No.

4

Ltd.

,

3.00%

,

07/14/26

(b)

................

225

214,313

Link

CB

Ltd.

,

4.50%

,

12/12/27

(b)

(n)

...

HKD

40,000

5,090,792

LS

Finance

2017

Ltd.

,

4.80%

,

06/18/26

(b)

................

USD

949

863,590

Melco

Resorts

Finance

Ltd.

4.88%

,

06/06/25

(c)

...........

625

612,500

4.88%

,

06/06/25

(b)

...........

5,800

5,684,000

5.25%

,

04/26/26

(b)

...........

2,900

2,802,125

5.63%

,

07/17/27

(b)

...........

4,200

3,991,313

5.75%

,

07/21/28

(c)

...........

200

187,000

5.75%

,

07/21/28

(b)

...........

3,000

2,805,000

5.38%

,

12/04/29

(c)

...........

3,042

2,731,701

5.38%

,

12/04/29

(b)

...........

1,500

1,346,992

7.63%

,

04/17/32

(c)

...........

6,413

6,364,902

7.63%

,

04/17/32

(b)

...........

1,560

1,548,300

REXLot

Holdings

Ltd.

(b)(d)(e)(f)(n)

6.00%

,

04/28/17

............

HKD

1,103

—

4.50%

,

04/17/19

............

15,091

—

167,376,654

India

—

0.8%

ABJA

Investment

Co.

Pte.

Ltd.

,

5.95%

,

07/31/24

(b)

................

USD

10,400

10,373,272

Adani

Green

Energy

Ltd.

,

4.38%

,

09/08/24

(b)

................

9,000

8,932,950

Adani

Green

Energy

UP

Ltd.

,

6.70%

,

03/12/42

(c)

................

1,841

1,720,184

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

4.20%

,

08/04/27

(b)

........

10,000

9,262,500

Axis

Bank

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.32%),

4.10%

(a)

(b)

(o)

...

9,000

8,415,000

Azure

Power

Energy

Ltd.

,

3.58%

,

08/19/26

(b)

................

3,537

3,183,225

Azure

Power

Solar

Energy

Pvt

Ltd.

,

5.65%

,

12/24/24

(b)

...........

4,000

3,940,000

CA

Magnum

Holdings

,

5.38%

,

10/31/26

(b)

................

12,657

12,107,212

Continuum

Energy

Aura

Pte.

Ltd.

,

9.50%

,

02/24/27

(b)

...........

10,000

10,281,250

Continuum

Energy

Levanter

Pte.

Ltd.

,

4.50%

,

02/09/27

(c)

...........

4,484

4,474,138

Continuum

Green

Energy

India

Pvt

,

7.50%

,

06/26/33

(c)

...........

2,898

2,873,729

Delhi

International

Airport

Ltd.

,

6.13%

,

10/31/26

(b)

................

15,000

14,948,437

Diamond

II

Ltd.

7.95%

,

07/28/26

(c)

...........

1,933

1,959,579

7.95%

,

07/28/26

(b)

...........

14,000

14,192,500

GMR

Hyderabad

International

Airport

Ltd.

(b)

4.75%

,

02/02/26

............

1,090

1,063,142

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

India

(continued)

4.25%

,

10/27/27

............

USD

15,000

$

14,048,438

Greenko

Dutch

BV

,

3.85%

,

03/29/26

(b)

1,784

1,683,830

Greenko

Solar

Mauritius

Ltd.

(b)

5.55%

,

01/29/25

............

200

197,875

5.95%

,

07/29/26

............

6,000

5,855,625

Greenko

Wind

Projects

Mauritius

Ltd.

,

5.50%

,

04/06/25

(b)

...........

10,000

9,862,500

HDFC

Bank

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.93%),

3.70%

(a)

(b)

(o)

...

10,000

9,262,500

HPCL-Mittal

Energy

Ltd.

,

5.45%

,

10/22/26

(b)

................

5,000

4,896,875

India

Airport

Infra

,

6.25%

,

10/25/25

(b)

.

13,057

13,012,117

India

Green

Power

Holdings

,

4.00%

,

02/22/27

(b)

................

12,346

11,489,210

India

Vehicle

Finance

,

5.85%

,

03/25/29

(b)

................

1,700

1,661,750

Indiabulls

Housing

Finance

Ltd.

,

9.70%

,

07/03/27

(b)

................

675

660,656

JSW

Hydro

Energy

Ltd.

,

4.13%

,

05/18/31

(b)

................

3,909

3,449,410

Manappuram

Finance

Ltd.

,

7.38%

,

05/12/28

(b)

................

5,000

4,943,750

Muthoot

Finance

Ltd.

7.13%

,

02/14/28

(b)

...........

8,415

8,501,779

7.13%

,

02/14/28

(c)

...........

3,529

3,565,393

Network

i2i

Ltd.

(a)(b)(o)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.27%),

5.65%

...........

2,162

2,139,299

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.39%),

3.98%

...........

10,000

9,510,000

Oil

India

International

Pte.

Ltd.

,

4.00%

,

04/21/27

(b)

................

15,000

14,411,700

ONGC

Videsh

Ltd.

,

4.63%

,

07/15/24

(b)

10,000

9,996,000

Periama

Holdings

LLC

,

5.95%

,

04/19/26

(b)

................

11,500

11,356,250

REC

Ltd.

(b)

3.88%

,

07/07/27

............

1,000

950,061

5.63%

,

04/11/28

............

8,000

8,027,500

ReNew

Pvt

Ltd.

,

5.88%

,

03/05/27

(b)

..

12,000

11,622,360

ReNew

Wind

Energy

AP2

,

4.50%

,

07/14/28

(b)

................

9,000

8,192,813

Shriram

Finance

Ltd.

,

6.63%

,

04/22/27

(b)

................

9,155

9,149,278

TML

Holdings

Pte.

Ltd.

,

4.35%

,

06/09/26

(b)

................

5,799

5,586,974

Vedanta

Resources

Finance

II

plc

,

13.88%

,

12/09/28

(b)

(g)

.........

1,612

1,547,482

Videocon

Industries

Ltd.

,

2.84%

,

12/31/20

(b)

(d)

(e)

(f)

(g)

(n)

...........

735

—

293,308,543

Indonesia

—

0.3%

Cikarang

Listrindo

Tbk.

PT

,

4.95%

,

09/14/26

(b)

................

10,000

9,728,125

Freeport

Indonesia

PT

(b)

4.76%

,

04/14/27

............

2,962

2,899,383

5.32%

,

04/14/32

............

10,000

9,677,500

Indofood

CBP

Sukses

Makmur

Tbk.

PT

,

3.40%

,

06/09/31

(b)

...........

10,000

8,715,625

Krakatau

Posco

PT

,

6.38%

,

06/11/27

(b)

10,000

10,052,700

Security

Par

(000)

Par

(000)

Value

Indonesia

(continued)

LLPL

Capital

Pte.

Ltd.

,

6.88%

,

02/04/39

(b)

................

USD

7,742

$

7,751,445

Medco

Laurel

Tree

Pte.

Ltd.

,

6.95%

,

11/12/28

(b)

................

200

195,372

Medco

Maple

Tree

Pte.

Ltd.

8.96%

,

04/27/29

(c)

...........

6,774

7,087,298

8.96%

,

04/27/29

(b)

...........

10,000

10,462,500

Minejesa

Capital

BV

(b)

4.63%

,

08/10/30

............

9,298

8,908,646

5.63%

,

08/10/37

............

5,000

4,542,188

Pakuwon

Jati

Tbk.

PT

,

4.88%

,

04/29/28

(b)

................

375

353,906

Pertamina

Geothermal

Energy

PT

,

5.15%

,

04/27/28

(b)

...........

850

842,031

PT

Tower

Bersama

Infrastructure

Tbk.

,

4.25%

,

01/21/25

(b)

...........

10,000

9,896,883

Star

Energy

Geothermal

Darajat

II

,

3.25%

,

04/14/29

(b)

...........

1,240

1,155,458

Star

Energy

Geothermal

Wayang

Windu

Ltd.

,

6.75%

,

04/24/33

(b)

...

7,830

7,859,363

100,128,423

Ireland

—

0.1%

AerCap

Ireland

Capital

DAC

,

6.45%

,

04/15/27

.................

4,100

4,193,571

AIB

Group

plc

(a)(b)

(1-Year

EUR

Swap

Annual

+

2.00%),

3.63%

,

07/04/26

....

EUR

19,550

20,883,348

(5-Year

EUR

Swap

Annual

+

1.90%),

4.63%

,

05/20/35

....

6,950

7,387,279

Bank

of

Ireland

Group

plc

(a)

(5-Year

EUR

Swap

Annual

+

7.92%),

7.50%

(b)

(o)

.........

8,629

9,391,398

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.10%),

1.88%

,

06/05/26

(b)

...

7,000

7,360,121

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.25%

,

09/16/26

(c)

...

USD

2,594

2,606,589

Fidelity

Grand

Harbour

CLO

DAC

,

Series

2023-2X

,

Class

D

,

(3-mo.

EURIBOR

at

4.10%

Floor

+

4.10%),

8.02%

,

04/15/38

(a)

(b)

..........

EUR

781

858,898

52,681,204

Israel

—

0.1%

Energean

Israel

Finance

Ltd.

8.50%

,

09/30/33

(b)

(c)

..........

USD

3,150

2,980,403

Leviathan

Bond

Ltd.

,

6.75%

,

06/30/30

(b)

(c)

...............

1,188

1,058,883

Teva

Pharmaceutical

Finance

Netherlands

II

BV

1.88%

,

03/31/27

(b)

...........

EUR

2,710

2,710,724

3.75%

,

05/09/27

............

4,876

5,084,928

7.38%

,

09/15/29

............

11,486

13,610,981

4.38%

,

05/09/30

............

4,764

4,925,630

30,371,549

Italy

—

1.7%

A2A

SpA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.26%),

5.00%

(a)

(b)

(o)

.....

8,075

8,572,252

ASTM

SpA

(b)

1.50%

,

01/25/30

............

2,600

2,441,741

2.38%

,

11/25/33

............

2,075

1,878,257

Azzurra

Aeroporti

SpA

,

2.63%

,

05/30/27

(b)

................

14,163

14,337,212

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

Banca

Monte

dei

Paschi

di

Siena

SpA

(b)

(5-Year

EURIBOR

ICE

Swap

Rate

at

0.00%

Floor

+

5.01%),

7.71%

,

01/18/28

(a)

..............

EUR

3,000

$

3,387,012

3.50%

,

04/23/29

............

34,600

37,074,880

Banco

BPM

SpA

(b)

3.88%

,

09/18/26

............

49,840

53,725,068

(3-mo.

EURIBOR

+

2.80%),

6.00%

,

06/14/28

(a)

..............

7,150

8,034,437

(3-mo.

EURIBOR

+

2.35%),

4.88%

,

01/17/30

(a)

..............

4,750

5,200,478

(5-Year

EUR

Swap

Annual

+

3.80%),

3.25%

,

01/14/31

(a)

...

10,700

11,122,552

(5-Year

EUR

Swap

Annual

+

3.17%),

2.88%

,

06/29/31

(a)

...

3,685

3,778,727

(5-Year

EUR

Swap

Annual

+

3.40%),

3.38%

,

01/19/32

(a)

...

6,650

6,837,657

Cedacri

Mergeco

SpA

(a)(b)

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

8.45%

,

05/15/28

....

1,281

1,366,914

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

9.33%

,

05/15/28

....

4,182

4,484,311

Davide

Campari-Milano

NV

,

2.38%

,

01/17/29

(b)

(n)

...............

3,100

3,322,802

doValue

SpA

,

3.38%

,

07/31/26

(b)

...

5,415

5,484,321

Enel

SpA

,

(5-Year

EUR

Swap

Annual

+

3.56%),

3.50%

(a)

(b)

(o)

..........

9,094

9,636,864

Engineering

-

Ingegneria

Informatica

-

SpA

11.13%

,

05/15/28

(b)

..........

14,830

16,374,854

Eni

SpA

(a)(b)(o)

Series

NC5.

,

(5-Year

EUR

Swap

Annual

+

3.17%),

2.63%

.....

43,100

44,842,213

Series

NC9

,

(5-Year

EUR

Swap

Annual

+

2.77%),

2.75%

.....

26,000

24,712,171

Fiber

Bidco

SpA

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.91%

,

01/15/30

(a)

...

6,326

6,842,631

6.13%

,

06/15/31

............

3,674

3,895,324

Fiber

Midco

SpA

,

10.00%

,

06/15/29

(b)

2,476

2,647,032

FIS

Fabbrica

Italiana

Sintetici

SpA

,

5.63%

,

08/01/27

(b)

...........

8,203

8,598,506

Iccrea

Banca

SpA

,

4.00%

,

11/08/27

(b)

33,040

35,824,863

IMA

Industria

Macchine

Automatiche

SpA

(b)

3.75%

,

01/15/28

............

7,872

8,014,261

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.65%

,

04/15/29

(a)

...

11,317

12,209,629

Infrastrutture

Wireless

Italiane

SpA

(b)

1.63%

,

10/21/28

............

13,405

13,242,656

1.75%

,

04/19/31

............

6,226

5,917,074

Intesa

Sanpaolo

SpA

(5-Year

EUR

Swap

Annual

+

6.07%),

5.88%

(a)

(b)

(o)

........

5,555

5,934,254

1.63%

,

04/21/25

(b)

...........

6,800

7,159,721

5.71%

,

01/15/26

(c)

...........

USD

525

520,009

0.63%

,

02/24/26

(b)

...........

EUR

7,000

7,109,823

Series

*/*

,

(5-Year

EUR

Swap

Annual

+

7.19%),

7.75%

(a)

(b)

(o)

.

1,100

1,209,405

(3-mo.

EURIBOR

+

0.60%),

4.52%

,

04/16/27

(a)

(b)

.............

13,240

14,180,938

(5-Year

EUR

Swap

Annual

+

5.85%),

5.50%

(a)

(b)

(o)

........

2,000

2,046,714

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.26%),

9.13%

(a)

(b)

(o)

........

1,775

2,098,158

Security

Par

(000)

Par

(000)

Value

Italy

(continued)

5.15%

,

06/10/30

(b)

...........

GBP

15,009

$

17,505,306

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.60%),

4.20%

,

06/01/32

(a)

(c)

..

USD

225

190,362

8.51%

,

09/20/32

(b)

...........

GBP

821

1,122,171

Intesa

Sanpaolo

Vita

SpA

,

(6-mo.

EURIBOR

+

4.82%),

4.75%

(a)

(b)

(o)

.

EUR

8,000

8,528,532

Lottomatica

SpA

(b)

5.38%

,

06/01/30

............

3,229

3,495,099

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.79%

,

12/15/30

(a)

...

6,167

6,687,238

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

7.05%

,

06/01/31

(a)

...

4,808

5,220,237

Nexi

SpA

,

0.00%

,

02/24/28

(b)

(h)

(n)

....

22,900

20,906,241

Optics

Bidco

SpA

2.88%

,

01/28/26

............

910

952,247

6.88%

,

02/15/28

............

6,076

6,928,446

7.88%

,

07/31/28

............

7,871

9,299,299

1.63%

,

01/18/29

............

3,983

3,728,129

6.00%

,

09/30/34

(c)

...........

USD

3,466

3,280,170

7.20%

,

07/18/36

(c)

...........

7,101

7,318,291

Pachelbel

Bidco

SpA

(b)

7.13%

,

05/17/31

............

EUR

1,893

2,093,196

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.07%

,

05/17/31

(a)

...

9,409

10,216,572

Rekeep

SpA

,

7.25%

,

02/01/26

(b)

....

9,237

9,100,976

Rossini

SARL

(b)

6.75%

,

10/30/25

............

16,810

18,026,523

(3-mo.

EURIBOR

at

3.88%

Floor

+

3.88%),

7.74%

,

10/30/25

(a)

...

1,558

1,671,600

Salini

SpA

,

4.00%

,

05/30/28

(b)

(n)

....

2,800

2,933,869

Snam

SpA

(b)

(3-mo.

EURIBOR

+

0.40%),

4.31%

,

04/15/26

(a)

..............

19,240

20,640,066

3.38%

,

02/19/28

............

4,140

4,393,430

Taurus

Law

130

Securities

SRL

,

(Acquired

07/14/23

,

cost

$

22,430,009

)

,

(3-mo.

EURIBOR

+

3.25%),

7.07%

,

08/22/27

(a)

(d)

(k)

...

20,682

21,710,539

Telecom

Italia

SpA

(b)

2.75%

,

04/15/25

............

1,975

2,085,514

3.00%

,

09/30/25

............

600

632,091

2.88%

,

01/28/26

............

190

198,394

6.88%

,

02/15/28

............

3,453

3,902,304

7.88%

,

07/31/28

............

3,829

4,469,728

1.63%

,

01/18/29

............

1,962

1,822,794

UniCredit

SpA

(a)

(3-mo.

EURIBOR

+

2.55%),

2.20%

,

07/22/27

(b)

..............

13,650

14,138,221

(3-mo.

EURIBOR

+

1.60%),

4.45%

,

02/16/29

(b)

..............

5,275

5,732,870

(5-Year

EUR

Swap

Annual

+

2.40%),

2.00%

,

09/23/29

(b)

...

200

212,643

(5-Year

EUR

Swap

Annual

+

2.80%),

2.73%

,

01/15/32

(b)

...

800

816,045

(5-Year

USD

Swap

Rate

+

3.70%),

5.86%

,

06/19/32

(c)

.........

USD

375

366,039

(5-Year

USD

Swap

Rate

+

4.91%),

7.30%

,

04/02/34

(c)

.........

9,675

9,872,167

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.75%),

5.46%

,

06/30/35

(c)

...

200

187,355

UnipolSai

Assicurazioni

SpA

,

4.90%

,

05/23/34

(b)

................

EUR

3,500

3,690,788

638,141,213

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Jamaica

—

0.0%

Digicel

Group

Holdings

Ltd.

(c)(h)

Series

2B14

,

0.00%

,

12/31/30

...

USD

2,886

$

581,530

Series

2A14

,

0.00%

,

12/31/30

...

1,281

321,611

Digicel

Intermediate

Holdings

Ltd.

,

10.50%

,

(

10.50

%

Cash

or

10.50

%

PIK),

05/25/27

(p)

.............

4,866

4,789,914

Digicel

Midco

Ltd.

,

10.50%

,

(

10.50

%

Cash

or

10.50

%

PIK),

11/25/28

(p)

.

3,277

2,566,321

8,259,376

Japan

—

0.8%

Daiwa

House

Industry

Co.

Ltd.

,

0.00%

,

03/30/29

(b)

(h)

(n)

..............

JPY

10,000

60,989

East

Japan

Railway

Co.

,

4.11%

,

02/22/43

(b)

................

EUR

18,567

19,888,643

Ibiden

Co.

Ltd.

,

0.00%

,

03/14/31

(b)

(h)

(n)

JPY

1,010,000

6,740,552

JFE

Holdings,

Inc.

,

0.00%

,

09/28/28

(b)

(h)

2,170,000

14,087,669

Kansai

Paint

Co.

Ltd.

(b)(h)(n)

0.00%

,

03/08/29

............

10,000

67,360

0.00%

,

03/07/31

............

10,000

66,660

Koei

Tecmo

Holdings

Co.

Ltd.

,

0.00%

,

12/20/24

(b)

(h)

(n)

..............

700,000

4,313,817

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.45%),

0.96%

,

10/11/25

(a)

.....

USD

1,931

1,904,092

Mizuho

Financial

Group,

Inc.

,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.25%),

3.26%

,

05/22/30

(a)

...........

15,000

13,650,341

Nagoya

Railroad

Co.

Ltd.

,

0.00%

,

06/16/34

(b)

(h)

(n)

..............

JPY

20,000

126,950

Nissan

Motor

Co.

Ltd.

(b)

2.65%

,

03/17/26

............

EUR

3,940

4,128,063

4.81%

,

09/17/30

............

USD

10,000

9,289,487

Nomura

Holdings,

Inc.

,

(1-day

SOFR

+

1.25%),

6.59%

,

07/02/27

(a)

.....

10,000

10,050,000

NTT

Finance

Corp.

,

5.14%

,

07/02/31

(b)

10,000

9,937,028

Rakuten

Group,

Inc.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.58%),

5.13%

(a)

(c)

(o)

........

2,500

2,209,725

9.75%

,

04/15/29

(c)

...........

21,756

22,424,997

9.75%

,

04/15/29

(b)

...........

4,300

4,432,225

Rohm

Co.

Ltd.

(b)(h)(n)

0.00%

,

12/05/24

............

JPY

1,400,000

8,671,142

0.00%

,

04/24/29

............

3,990,000

25,059,948

0.00%

,

04/24/31

............

720,000

4,479,582

SoftBank

Group

Corp.

(b)

2.13%

,

07/06/24

............

EUR

21,715

23,235,214

4.50%

,

04/20/25

............

689

736,962

4.75%

,

07/30/25

............

2,888

3,092,904

3.13%

,

09/19/25

............

6,981

7,308,085

4.00%

,

07/06/26

............

USD

2,879

2,749,445

2.88%

,

01/06/27

............

EUR

2,832

2,870,593

5.00%

,

04/15/28

............

3,813

4,045,278

5.38%

,

01/08/29

............

13,147

14,079,780

3.38%

,

07/06/29

............

9,813

9,668,494

4.00%

,

09/19/29

............

645

650,491

3.88%

,

07/06/32

............

7,787

7,463,841

3.88%

,

07/06/32

............

100

95,850

5.75%

,

07/08/32

............

5,371

5,752,072

Security

Par

(000)

Par

(000)

Value

Japan

(continued)

Sumitomo

Mitsui

Financial

Group,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.28%),

6.60%

(a)

(o)

...........

USD

29,073

$

28,882,831

Toyota

Motor

Finance

Netherlands

BV

,

(3-mo.

EURIBOR

+

0.40%),

4.26%

,

04/30/26

(a)

(b)

...............

EUR

22,950

24,601,406

296,822,516

Jersey,

Channel

Islands

—

0.2%

Aston

Martin

Capital

Holdings

Ltd.

10.00%

,

03/31/29

(c)

..........

USD

8,139

8,019,438

10.38%

,

03/31/29

(b)

..........

GBP

8,309

10,398,373

TER

Finance

Jersey

Ltd.

,

Series

21

,

0.00%

,

01/02/25

(c)

(d)

(h)

.........

USD

50,000

47,240,000

65,657,811

Kuwait

—

0.0%

Ahli

United

Sukuk

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.01%),

3.88%

(a)

(b)

(o)

................

1,551

1,450,185

MEGlobal

BV

4.25%

,

11/03/26

(b)

...........

3,051

2,952,224

2.63%

,

04/28/28

(b)

...........

1,136

1,019,418

2.63%

,

04/28/28

(c)

...........

4,346

3,899,992

MEGlobal

Canada

ULC

,

5.88%

,

05/18/30

(b)

................

1,500

1,506,900

10,828,719

Liechtenstein

—

0.1%

Continuum

Energy

PTE

Ltd.

,

5.00%

,

09/13/27

(c)

(d)

...............

19,384

19,384,000

Luxembourg

—

0.4%

Altice

Financing

SA

2.25%

,

01/15/25

(b)

...........

EUR

4,861

5,065,589

9.63%

,

07/15/27

(c)

...........

USD

3,821

3,501,161

4.25%

,

08/15/29

(b)

...........

EUR

6,070

4,919,380

Cidron

Aida

Finco

SARL

,

6.25%

,

04/01/28

(b)

................

GBP

8,608

10,070,711

Cullinan

Holdco

Scsp

,

4.63%

,

10/15/26

(b)

................

EUR

1,723

1,540,781

Ephios

Subco

3

SARL

,

7.88%

,

01/31/31

(b)

................

10,367

11,804,497

Garfunkelux

Holdco

3

SA

(b)

6.75%

,

11/01/25

............

11,287

8,041,417

7.75%

,

11/01/25

............

GBP

7,650

6,415,320

INEOS

Finance

plc

,

6.38%

,

04/15/29

(b)

EUR

11,664

12,850,693

Intelsat

Jackson

Holdings

SA

,

6.50%

,

03/15/30

(c)

................

USD

3,550

3,302,822

Kleopatra

Finco

SARL

(b)

4.25%

,

03/01/26

............

EUR

2,422

2,278,041

4.25%

,

03/01/26

............

3,034

2,853,664

Monitchem

HoldCo

3

SA

,

8.75%

,

05/01/28

(b)

................

2,815

3,126,631

SES

SA

,

(5-Year

EUR

Swap

Annual

+

3.19%),

2.88%

(a)

(b)

(o)

..........

55,597

56,065,866

Summer

BC

Holdco

B

SARL

,

5.75%

,

10/31/26

(b)

................

6,306

6,677,435

Vivion

Investments

SARL

(b)

3.00%

,

08/08/24

............

3,500

3,720,213

7.90%

,

(

7.90

%

Cash

or

7.90

%

PIK),

02/28/29

(p)

..............

1,711

1,644,869

143,879,090

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Macau

—

0.2%

MGM

China

Holdings

Ltd.

5.25%

,

06/18/25

(c)

...........

USD

425

$

420,219

5.88%

,

05/15/26

(c)

...........

327

323,219

5.88%

,

05/15/26

(b)

...........

350

345,953

4.75%

,

02/01/27

(c)

...........

400

381,200

4.75%

,

02/01/27

(b)

...........

10,466

9,974,098

7.13%

,

06/26/31

(c)

...........

3,335

3,352,008

7.13%

,

06/26/31

(b)

...........

745

748,800

Sands

China

Ltd.

(g)

5.12%

,

08/08/25

............

800

793,984

4.05%

,

01/08/26

............

4,096

3,965,440

5.40%

,

08/08/28

............

6,148

6,021,567

2.85%

,

03/08/29

............

4,000

3,501,250

Studio

City

Co.

Ltd.

,

7.00%

,

02/15/27

(b)

6,000

5,990,625

Studio

City

Finance

Ltd.

6.00%

,

07/15/25

(b)

...........

5,500

5,445,000

6.50%

,

01/15/28

(c)

...........

650

618,312

5.00%

,

01/15/29

(c)

...........

4,000

3,521,250

5.00%

,

01/15/29

(b)

...........

5,000

4,401,563

Wynn

Macau

Ltd.

4.88%

,

10/01/24

(c)

...........

747

743,608

4.88%

,

10/01/24

(b)

...........

200

199,092

5.50%

,

01/15/26

(c)

...........

3,947

3,864,439

5.50%

,

01/15/26

(b)

...........

1,700

1,664,440

5.63%

,

08/26/28

(c)

...........

600

561,600

5.63%

,

08/26/28

(b)

...........

9,500

8,892,000

4.50%

,

03/07/29

(c)

(n)

..........

16,000

16,368,000

5.13%

,

12/15/29

(c)

...........

2,100

1,897,219

83,994,886

Malaysia

—

0.0%

(b)

Petronas

Capital

Ltd.

,

3.50%

,

03/18/25

10,000

9,859,600

TNB

Global

Ventures

Capital

Bhd

,

3.24%

,

10/19/26

............

7,000

6,669,810

TNB

Global

Ventures

Capital

Bhd.

,

4.85%

,

11/01/28

............

1,250

1,233,203

17,762,613

Mexico

—

0.1%

Banco

Mercantil

del

Norte

SA

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

(a)

(c)

(o)

................

3,087

2,890,777

Braskem

Idesa

SAPI

,

6.99%

,

02/20/32

(c)

................

9,146

6,960,106

Food

Service

Project

SA

,

5.50%

,

01/21/27

(b)

................

EUR

4,287

4,594,376

Gruma

SAB

de

CV

,

4.88%

,

12/01/24

(b)

USD

7,000

6,965,000

Grupo

Posadas

SAB

de

CV

,

7.00%

,

12/30/27

(b)

(g)

...............

11,058

10,014,472

31,424,731

Netherlands

—

0.8%

ABN

AMRO

Bank

NV

(b)

4.38%

,

10/20/28

............

EUR

32,300

35,490,411

(5-Year

EUR

Swap

Annual

+

4.24%),

6.88%

(a)

(o)

.........

2,900

3,143,832

3.00%

,

06/01/32

............

19,000

19,294,977

ASR

Nederland

NV

,

(5-Year

EUR

Swap

Annual

+

5.30%),

7.00%

,

12/07/43

(a)

(b)

...............

5,950

7,191,866

Boels

Topholding

BV

(b)

6.25%

,

02/15/29

............

3,652

4,066,842

5.75%

,

05/15/30

............

7,780

8,440,307

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

Cooperatieve

Rabobank

UA

(a)(b)

(5-Year

EUR

Swap

Annual

+

4.68%),

4.38%

(o)

..........

EUR

5,800

$

5,900,934

(GUKG1

+

1.05%),

1.88%

,

07/12/28

GBP

3,300

3,786,556

DSM

BV

,

3.63%

,

07/02/34

(b)

.......

EUR

11,610

12,320,035

IMCD

NV

(b)

2.13%

,

03/31/27

............

6,945

7,075,730

4.88%

,

09/18/28

............

22,370

24,615,303

ING

Groep

NV

(5-Year

USD

Swap

Semi

+

4.45%),

6.50%

(a)

(o)

...............

USD

800

791,221

3.00%

,

02/18/26

(b)

...........

GBP

3,300

4,032,435

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.34%),

5.75%

(a)

(o)

.........

USD

5,930

5,700,420

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.86%),

3.88%

(a)

(o)

.........

11,690

9,874,427

(5-Year

EUR

Swap

Annual

+

1.35%),

2.00%

,

03/22/30

(a)

(b)

..

EUR

8,400

8,818,561

JDE

Peet's

NV

,

4.50%

,

01/23/34

(b)

..

16,000

17,463,493

Koninklijke

KPN

NV

(a)(b)(o)

(5-Year

EUR

Swap

Annual

+

2.34%),

2.00%

...........

6,200

6,532,570

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.97%),

4.88%

...........

2,050

2,212,462

Louis

Dreyfus

Co.

Finance

BV

,

2.38%

,

11/27/25

(b)

................

3,992

4,181,100

Nobian

Finance

BV

,

3.63%

,

07/15/26

(b)

2,000

2,104,502

Pluxee

NV

,

3.50%

,

09/04/28

(b)

.....

21,800

23,110,068

Q-Park

Holding

I

BV

(b)

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.79%

,

03/01/26

(a)

...

3,412

3,654,082

2.00%

,

03/01/27

............

2,488

2,508,809

5.13%

,

03/01/29

............

3,678

3,951,007

5.13%

,

02/15/30

............

6,830

7,296,302

REWE

International

Finance

BV

,

4.88%

,

09/13/30

(b)

...........

6,700

7,455,750

Titan

Holdings

II

BV

,

5.13%

,

07/15/29

(b)

5,233

5,663,967

Trivium

Packaging

Finance

BV

3.75%

,

08/15/26

(b)

(g)

..........

1,106

1,157,820

5.50%

,

08/15/26

(c)

(g)

..........

USD

5,328

5,220,305

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.58%

,

08/15/26

(a)

(b)

..

EUR

1,483

1,588,219

8.50%

,

08/15/27

(c)

(g)

..........

USD

2,231

2,214,358

UPCB

Finance

VII

Ltd.

,

3.63%

,

06/15/29

(b)

................

EUR

4,450

4,521,246

Viterra

Finance

BV

(b)

0.38%

,

09/24/25

............

13,300

13,629,791

1.00%

,

09/24/28

............

15,131

14,329,542

VZ

Secured

Financing

BV

3.50%

,

01/15/32

(b)

...........

1,500

1,403,550

5.00%

,

01/15/32

(c)

...........

USD

3,700

3,154,882

VZ

Vendor

Financing

II

BV

,

2.88%

,

01/15/29

(b)

................

EUR

6,939

6,403,570

Ziggo

BV

2.88%

,

01/15/30

(b)

...........

2,701

2,533,009

4.88%

,

01/15/30

(c)

...........

USD

625

555,630

303,389,891

New

Zealand

—

0.0%

Chorus

Ltd.

,

3.63%

,

09/07/29

(b)

....

EUR

7,900

8,394,225

Nigeria

—

0.0%

IHS

Holding

Ltd.

,

6.25%

,

11/29/28

(c)

.

USD

15,769

14,063,977

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Norway

—

0.0%

Var

Energi

ASA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86%

,

11/15/83

(a)

(b)

...............

EUR

12,290

$

14,280,743

Peru

—

0.0%

Inkia

Energy

Ltd.

,

5.88%

,

11/09/27

(b)

.

USD

696

694,970

Intercorp

Peru

Ltd.

,

3.88%

,

08/15/29

(c)

2,971

2,635,834

Pluspetrol

Camisea

SA

,

6.24%

,

07/03/36

(c)

................

3,100

3,092,823

6,423,627

Philippines

—

0.1%

(b)

Globe

Telecom,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.53%),

4.20%

(a)

(o)

.................

8,000

7,687,500

Petron

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

7.57%),

5.95%

(a)

(o)

..........

10,000

9,771,875

Rizal

Commercial

Banking

Corp.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.24%),

6.50%

(a)

(o)

.........

6,000

5,928,750

5.50%

,

01/18/29

............

4,995

5,001,244

Royal

Capital

BV

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

7.40%),

5.00%

(a)

(o)

....

8,000

7,887,500

Security

Bank

Corp.

,

5.50%

,

05/14/29

10,000

10,037,500

46,314,369

Portugal

—

0.2%

(b)

Banco

Espirito

Santo

SA

(e)(f)

2.63%

,

05/08/17

............

EUR

6,100

1,829,182

4.75%

,

01/15/18

............

15,500

4,647,923

4.00%

,

01/21/25

............

19,000

5,697,454

EDP

-

Energias

de

Portugal

SA

(a)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.05%),

4.75%

,

05/29/54

....

4,800

5,108,432

(5-Year

EUR

Swap

Annual

+

1.84%),

1.70%

,

07/20/80

....

13,300

13,851,935

(5-Year

EUR

Swap

Annual

+

2.38%),

1.88%

,

08/02/81

....

10,000

10,149,393

Series

NC5.

,

(5-Year

EUR

Swap

Annual

+

1.89%),

1.50%

,

03/14/82

...............

3,500

3,440,025

EDP

Finance

BV

,

3.88%

,

03/11/30

..

6,900

7,467,781

EDP

Servicios

Financieros

Espana

SA

,

3.50%

,

07/16/30

............

9,670

10,234,186

62,426,311

Romania

—

0.1%

RCS

&

RDS

SA

(b)

2.50%

,

02/05/25

............

5,400

5,693,491

3.25%

,

02/05/28

............

13,200

13,179,779

18,873,270

Saudi

Arabia

—

0.1%

Alinma

Tier

1

Sukuk

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.20%),

6.50%

(a)

(b)

(o)

................

USD

7,670

7,751,494

EIG

Pearl

Holdings

SARL

(c)

3.55%

,

08/31/36

............

3,348

2,877,187

4.39%

,

11/30/46

............

2,474

1,959,099

Gaci

First

Investment

Co.

(b)

5.13%

,

06/11/29

............

GBP

2,550

3,208,160

Security

Par

(000)

Par

(000)

Value

Saudi

Arabia

(continued)

5.63%

,

06/11/39

............

GBP

3,020

$

3,798,494

19,594,434

Singapore

—

0.2%

(b)

DBS

Bank

Ltd.

,

3.21%

,

08/19/26

...

EUR

21,840

23,338,325

DBS

Group

Holdings

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.92%),

3.30%

(a)

(o)

.................

USD

9,332

9,145,360

GLP

Pte.

Ltd.

,

3.88%

,

06/04/25

....

2,500

2,307,031

Oversea-Chinese

Banking

Corp.

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.58%),

1.83%

,

09/10/30

(a)

.....

8,000

7,641,260

ST

Engineering

RHQ

Ltd.

,

1.50%

,

04/29/25

.................

10,000

9,670,675

STT

GDC

Pte.

Ltd.

,

(SDSOA6

+

3.98%),

5.70%

(a)

(o)

...........

SGD

4,250

3,236,065

United

Overseas

Bank

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.23%),

2.00%

,

10/14/31

(a)

................

USD

8,000

7,377,500

62,716,216

Slovenia

—

0.1%

(b)

Summer

BidCo

BV

,

10.00%

,

02/15/29

EUR

1,589

1,687,722

United

Group

BV

3.13%

,

02/15/26

............

5,001

5,204,519

4.00%

,

11/15/27

............

4,978

5,171,253

4.63%

,

08/15/28

............

2,108

2,176,855

(3-mo.

EURIBOR

at

4.25%

Floor

+

4.25%),

8.08%

,

02/01/29

(a)

...

2,784

3,000,159

6.75%

,

02/15/31

............

562

616,921

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.08%

,

02/15/31

(a)

...

5,618

6,054,201

23,911,630

South

Africa

—

0.1%

Anglo

American

Capital

plc

(b)

4.50%

,

09/15/28

............

3,360

3,674,570

5.00%

,

03/15/31

............

20,030

22,558,650

4.13%

,

03/15/32

............

9,120

9,762,767

4.75%

,

09/21/32

............

10,726

11,900,427

Sasol

Financing

USA

LLC

4.38%

,

09/18/26

............

USD

1,167

1,098,803

6.50%

,

09/27/28

............

2,463

2,343,699

51,338,916

South

Korea

—

0.5%

Hanwha

Life

Insurance

Co.

Ltd.

,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.85%),

3.38%

,

02/04/32

(a)

(b)

..........

9,000

8,434,687

Hyundai

Assan

Otomotiv

Sanayi

ve

Ticaret

A/S

,

1.63%

,

07/12/26

(b)

...

1,260

1,164,546

Hyundai

Capital

Services,

Inc.

(b)

5.13%

,

02/05/27

............

6,725

6,670,326

5.13%

,

02/05/29

............

6,075

6,016,148

Hyundai

Card

Co.

Ltd.

,

5.75%

,

04/24/29

(b)

................

8,595

8,638,319

KB

Capital

Co.

Ltd.

,

1.50%

,

10/28/25

(b)

7,427

7,011,552

KB

Kookmin

Card

Co.

Ltd.

,

4.00%

,

06/09/25

(b)

................

10,000

9,854,600

KEB

Hana

Bank

(b)

4.38%

,

09/30/24

............

10,000

9,959,500

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

South

Korea

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.41%),

3.50%

(a)

(o)

.........

USD

4,000

$

3,750,000

KODIT

Global

Co.,

Ltd.

,

3.62%

,

05/27/25

(b)

................

8,698

8,547,612

Kookmin

Bank

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.64%),

4.35%

(a)

(b)

(o)

...

10,000

9,950,000

Korea

East-West

Power

Co.

Ltd.

(b)

1.75%

,

05/06/25

............

8,862

8,581,480

3.60%

,

05/06/25

............

5,405

5,318,858

Korea

Southern

Power

Co.

Ltd.

,

5.38%

,

09/21/26

(b)

................

10,000

9,987,500

Korea

Western

Power

Co.

Ltd.

,

4.13%

,

06/28/25

(b)

................

1,163

1,147,009

Korean

Air

Lines

Co.

Ltd.

,

4.75%

,

09/23/25

(b)

................

500

495,035

KT

Corp.

,

4.00%

,

08/08/25

(b)

......

7,326

7,210,963

LG

Electronics,

Inc.

(c)

5.63%

,

04/24/27

............

6,883

6,904,509

5.63%

,

04/24/29

............

2,086

2,104,905

LOTTE

Property

&

Development

Co.

Ltd.

,

4.50%

,

08/01/25

(b)

........

1,845

1,824,004

POSCO

5.63%

,

01/17/26

(c)

...........

2,119

2,119,662

5.63%

,

01/17/26

(b)

...........

200

200,063

4.88%

,

01/23/27

(b)

...........

4,860

4,798,278

5.75%

,

01/17/28

(c)

...........

2,311

2,338,443

5.75%

,

01/17/28

(b)

...........

200

202,375

Shinhan

Bank

Co.

Ltd.

(b)

3.88%

,

03/24/26

............

10,000

9,673,142

3.75%

,

09/20/27

............

10,000

9,456,250

Shinhan

Card

Co.

Ltd.

,

2.50%

,

01/27/27

(b)

................

3,445

3,203,850

Shinhan

Financial

Group

Co.

Ltd.

,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.06%),

2.88%

(a)

(b)

(o)

................

1,229

1,157,103

SK

Battery

America,

Inc.

,

4.88%

,

01/23/27

(b)

................

4,570

4,515,069

SK

Broadband

Co.

Ltd.

,

4.88%

,

06/28/28

(b)

................

570

562,875

SK

Hynix,

Inc.

(b)

5.50%

,

01/16/27

............

5,000

4,987,600

5.50%

,

01/16/29

............

4,490

4,480,178

SK

On

Co.

Ltd.

,

5.38%

,

05/11/26

(b)

..

645

643,589

Tongyang

Life

Insurance

Co.

Ltd.

,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.98%),

5.25%

(a)

(b)

(o)

................

10,000

9,751,000

Woori

Bank

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.66%),

4.25%

(a)

(b)

(o)

.........

10,000

9,912,500

Woori

Card

Co.

Ltd.

,

1.75%

,

03/23/26

(b)

5,476

5,111,408

196,684,938

Spain

—

1.5%

Abertis

Infraestructuras

Finance

BV

,

(5-Year

EUR

Swap

Annual

+

3.69%),

3.25%

(a)

(b)

(o)

................

EUR

8,800

9,165,190

Amadeus

IT

Group

SA

,

3.50%

,

03/21/29

(b)

................

7,000

7,452,884

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)(b)

(3-mo.

EURIBOR

+

0.67%),

4.13%

,

05/10/26

...............

6,400

6,871,332

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

(5-Year

EUR

Swap

Annual

+

4.27%),

6.88%

(o)

..........

EUR

3,800

$

4,020,266

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.40%),

4.88%

,

02/08/36

....

8,200

8,845,862

Banco

de

Credito

Social

Cooperativo

SA

(a)(b)

(1-Year

EUR

Swap

Annual

+

2.15%),

1.75%

,

03/09/28

....

4,200

4,186,199

(1-Year

EURIBOR

ICE

Swap

Rate

+

4.27%),

7.50%

,

09/14/29

....

4,000

4,744,184

Banco

de

Sabadell

SA

(a)(b)

(1-Year

EUR

Swap

Annual

+

2.40%),

5.25%

,

02/07/29

....

2,400

2,668,028

(1-Year

EURIBOR

ICE

Swap

Rate

+

2.40%),

5.50%

,

09/08/29

....

3,500

3,950,547

(5-Year

EUR

Swap

Annual

+

2.20%),

2.00%

,

01/17/30

....

3,500

3,677,624

(5-Year

EUR

Swap

Annual

+

2.95%),

2.50%

,

04/15/31

....

6,300

6,477,861

(5-Year

EUR

Swap

Annual

+

3.15%),

6.00%

,

08/16/33

....

3,800

4,226,119

Banco

Santander

SA

(b)

(5-Year

EUR

Swap

Annual

+

4.53%),

4.38%

(a)

(o)

.........

4,600

4,720,103

(1-Year

EUR

Swap

Annual

+

1.05%),

3.63%

,

09/27/26

(a)

...

32,900

35,177,880

(GUKG1

+

1.80%),

3.13%

,

10/06/26

(a)

..............

GBP

11,200

13,719,987

(1-Year

EUR

Swap

Annual

+

1.25%),

4.63%

,

10/18/27

(a)

...

EUR

36,700

40,002,832

(1-Year

EUR

Swap

Annual

+

0.95%),

3.50%

,

01/09/28

(a)

...

21,500

22,937,974

3.13%

,

05/28/29

............

10,300

10,994,053

(1-Year

EUR

Swap

Annual

+

1.15%),

3.50%

,

01/09/30

(a)

...

2,700

2,870,254

4.88%

,

10/18/31

............

11,200

12,669,458

Bankinter

SA

(a)(b)

(5-Year

EUR

Swap

Annual

+

6.71%),

6.25%

(o)

..........

7,200

7,710,840

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.35%),

5.00%

,

06/25/34

....

4,400

4,720,587

CaixaBank

SA

(a)(b)

(5-Year

EUR

Swap

Annual

+

4.50%),

5.25%

(o)

..........

4,800

5,005,620

(5-Year

EUR

Swap

Annual

+

6.35%),

5.88%

(o)

..........

4,800

5,033,122

(5-Year

EUR

Swap

Annual

+

1.68%),

2.25%

,

04/17/30

....

13,400

14,045,691

Cellnex

Finance

Co.

SA

(b)

1.50%

,

06/08/28

............

6,700

6,598,530

3.63%

,

01/24/29

............

15,700

16,690,165

2.00%

,

02/15/33

............

6,000

5,446,937

Cellnex

Telecom

SA

(b)

1.88%

,

06/26/29

............

3,400

3,314,379

2.13%

,

08/11/30

(n)

...........

12,600

13,453,934

1.75%

,

10/23/30

............

5,000

4,695,239

0.75%

,

11/20/31

(n)

...........

19,700

17,265,270

Cirsa

Finance

International

SARL

(b)

10.38%

,

11/30/27

...........

257

294,270

7.88%

,

07/31/28

............

3,507

3,971,781

(3-mo.

EURIBOR

+

4.50%),

8.36%

,

07/31/28

(a)

..............

5,988

6,476,977

6.50%

,

03/15/29

............

3,078

3,393,628

Deutsche

Bank

SA

,

3.63%

,

11/23/26

(b)

39,400

42,402,525

Iberdrola

Finanzas

SA

,

(5-Year

EUR

Swap

Annual

+

1.68%),

1.58%

(a)

(b)

(o)

16,500

16,124,491

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Spain

(continued)

Kaixo

Bondco

Telecom

SA

,

5.13%

,

09/30/29

(b)

................

EUR

1,673

$

1,737,948

Lorca

Telecom

Bondco

SA

(b)

4.00%

,

09/18/27

............

6,173

6,446,692

5.75%

,

04/30/29

............

3,299

3,616,974

Natural

Foods

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

6.75%),

10.36%

,

10/13/29

(a)

(d)

...............

21,501

23,026,603

Naturgy

Finance

Iberia

SA

,

(5-Year

EUR

Swap

Annual

+

2.44%),

2.37%

(a)

(b)

(o)

................

6,200

6,291,794

Repsol

International

Finance

BV

(a)(b)(o)

(5-Year

EUR

Swap

Annual

+

4.00%),

3.75%

...........

2,029

2,142,699

(5-Year

EUR

Swap

Annual

+

2.77%),

2.50%

...........

31,425

31,997,115

(5-Year

EUR

Swap

Annual

+

4.41%),

4.25%

...........

5,654

5,953,788

Telefonica

Emisiones

SA

(b)

5.38%

,

02/02/26

............

GBP

27,294

34,536,468

3.70%

,

01/24/32

............

EUR

15,300

16,298,266

Telefonica

Europe

BV

(a)(b)(o)

(8-Year

EUR

Swap

Annual

+

2.97%),

3.88%

...........

13,600

14,371,760

(7-Year

EUR

Swap

Annual

+

3.35%),

6.14%

...........

15,000

16,826,210

(8-Year

EUR

Swap

Annual

+

3.62%),

6.75%

...........

400

464,775

(EUAMDB08

+

3.12%),

5.75%

..

10,200

11,172,291

560,906,006

Sweden

—

0.4%

Balder

Finland

OYJ

,

1.00%

,

01/20/29

(b)

4,323

3,806,104

Dometic

Group

AB

,

2.00%

,

09/29/28

(b)

2,000

1,934,350

Fastighets

AB

Balder

,

1.13%

,

01/29/27

(b)

................

2,171

2,107,128

Heimstaden

Bostad

AB

(b)

(5-Year

EUR

Swap

Annual

+

3.67%),

3.25%

(a)

(o)

.........

3,300

2,650,460

1.13%

,

01/21/26

............

800

780,651

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63%

(a)

(o)

.........

9,577

6,333,381

Heimstaden

Bostad

Treasury

BV

(b)

0.63%

,

07/24/25

............

800

798,475

1.38%

,

03/03/27

............

4,416

4,100,936

1.00%

,

04/13/28

............

2,600

2,270,628

Intrum

AB

(b)

3.00%

,

09/15/27

............

14,038

9,682,495

9.25%

,

03/15/28

............

1,440

1,022,149

Skandinaviska

Enskilda

Banken

AB

,

(3-mo.

EURIBOR

+

0.38%),

4.21%

,

05/03/27

(a)

(b)

...............

18,640

19,968,357

Stena

International

SA

(c)

7.25%

,

01/15/31

............

USD

11,575

11,831,745

7.63%

,

02/15/31

............

6,700

6,857,617

Svenska

Handelsbanken

AB

,

(3-mo.

EURIBOR

+

0.45%),

4.21%

,

03/08/27

(a)

(b)

...............

EUR

24,700

26,496,640

Swedbank

AB

,

(GUKG1

+

1.00%),

1.38%

,

12/08/27

(a)

(b)

..........

GBP

3,266

3,771,580

Verisure

Holding

AB

(b)

3.88%

,

07/15/26

............

EUR

5,079

5,371,363

9.25%

,

10/15/27

............

1,230

1,393,011

7.13%

,

02/01/28

............

1,800

2,010,602

Security

Par

(000)

Par

(000)

Value

Sweden

(continued)

Volvo

Treasury

AB

(b)

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.38%),

4.20%

,

05/22/26

(a)

...

EUR

11,028

$

11,821,538

4.75%

,

06/15/26

............

GBP

13,460

16,888,838

141,898,048

Switzerland

—

1.1%

Argentum

Netherlands

BV

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

5.52%

(a)

(b)

(o)

................

USD

13,101

12,740,722

Credit

Suisse

Group

AG

,

(5-Year

USD

Swap

Semi

+

3.46%),

6.25%

(a)

(c)

(e)

(f)

(o)

200

22,000

Dufry

One

BV

,

4.75%

,

04/18/31

(b)

...

EUR

3,715

3,935,173

Julius

Baer

Group

Ltd.

,

(5-Year

EUR

Swap

Annual

+

3.85%),

6.63%

(a)

(b)

(o)

4,058

4,215,711

UBS

AG

7.95%

,

01/09/25

............

USD

10,000

10,105,033

3.70%

,

02/21/25

............

23,000

22,702,532

2.95%

,

04/09/25

............

8,000

7,840,487

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.35%),

4.26%

,

04/12/26

(a)

(b)

..

EUR

25,100

26,872,781

1.25%

,

08/07/26

............

USD

12,000

11,031,953

0.25%

,

09/01/28

(b)

...........

EUR

27,677

25,940,044

5.65%

,

09/11/28

............

USD

12,000

12,223,636

UBS

Group

AG

(5-Year

USD

Swap

Semi

+

4.87%),

7.00%

(a)

(b)

(o)

..............

8,900

8,888,964

(5-Year

USD

Swap

Semi

+

4.59%),

6.88%

(a)

(b)

(o)

..............

2,829

2,807,655

(1-day

SOFR

+

1.56%),

2.59%

,

09/11/25

(a)

(c)

.............

7,383

7,333,936

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.55%),

4.49%

,

05/12/26

(a)

(c)

..

5,982

5,911,452

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.10%),

3.88%

(a)

(b)

(o)

........

2,302

2,124,627

(1-day

SOFR

+

2.04%),

2.19%

,

06/05/26

(a)

(c)

.............

14,516

14,027,949

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.86%),

5.13%

(a)

(b)

(o)

........

7,974

7,595,235

(1-Year

EUR

Swap

Annual

+

1.60%),

2.13%

,

10/13/26

(a)

(b)

..

EUR

37,600

39,342,207

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.40%),

4.88%

(a)

(b)

(o)

........

USD

2,275

2,083,496

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.40%),

4.88%

(a)

(c)

(o)

........

1,833

1,678,703

(1-Year

EURIBOR

ICE

Swap

Rate

+

0.77%),

0.65%

,

01/14/28

(a)

(b)

..

EUR

14,900

14,758,741

(GUKG1

+

2.23%),

2.25%

,

06/09/28

(a)

(b)

.............

GBP

7,900

9,102,774

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.75%),

9.25%

(a)

(c)

(o)

........

USD

700

753,132

(3-mo.

LIBOR

USD

+

1.41%),

3.87%

,

01/12/29

(a)

(c)

........

8,748

8,257,316

(1-Year

EURIBOR

ICE

Swap

Rate

+

4.95%),

7.75%

,

03/01/29

(a)

(b)

..

EUR

7,500

9,072,606

(SDSOA5

+

2.63%),

5.60%

(a)

(b)

(o)

.

SGD

5,000

3,708,997

(USISSO01

+

1.34%),

5.62%

,

09/13/30

(a)

(c)

.............

USD

12,000

12,051,128

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Switzerland

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.31%),

4.38%

(a)

(c)

(o)

........

USD

40,692

$

33,003,397

(1-Year

EUR

Swap

Annual

+

1.95%),

2.88%

,

04/02/32

(a)

(b)

..

EUR

19,700

19,727,385

0.63%

,

01/18/33

(b)

...........

15,000

12,251,757

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25%

(a)

(c)

(o)

........

USD

42,936

48,083,683

UBS

Switzerland

AG

,

3.30%

,

03/05/29

(b)

................

EUR

16,150

17,357,554

VistaJet

Malta

Finance

plc

(c)

9.50%

,

06/01/28

............

USD

2,150

1,884,743

6.38%

,

02/01/30

............

300

235,726

419,673,235

Thailand

—

0.1%

Bangkok

Bank

PCL

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.73%),

5.00%

(a)

(b)

(o)

........

10,000

9,725,000

5.30%

,

09/21/28

(c)

...........

6,621

6,606,434

5.50%

,

09/21/33

(c)

...........

6,046

5,997,753

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.90%),

3.73%

,

09/25/34

(a)

(b)

..

8,577

7,596,734

Krung

Thai

Bank

PCL

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.53%),

4.40%

(a)

(b)

(o)

................

11,980

11,388,488

Minor

International

PCL

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

7.92%),

2.70%

(a)

(b)

(o)

................

5,300

4,987,088

TMBThanachart

Bank

PCL

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.26%),

4.90%

(a)

(b)

(o)

................

10,000

9,899,000

56,200,497

Turkey

—

0.0%

(c)

Sisecam

UK

plc

8.25%

,

05/02/29

............

5,596

5,678,191

8.63%

,

05/02/32

............

4,703

4,783,833

Turkish

Airlines

Pass-Through

Trust

,

Series

2015-1

,

Class

A

,

4.20%

,

03/15/27

.................

3,737

3,500,053

13,962,077

Ukraine

—

0.2%

Metinvest

BV

,

7.65%

,

10/01/27

(b)

...

5,230

3,612,832

MHP

Lux

SA

,

6.25%

,

09/19/29

(b)

....

8,582

6,050,310

NAK

Naftogaz

Ukraine

(f)

7.13%

,

07/19/26

(b)

(e)

..........

EUR

22,696

20,052,682

7.63%

,

11/08/28

(c)

...........

USD

24,093

18,069,750

VF

Ukraine

PAT

,

6.20%

,

02/11/25

(b)

..

11,318

10,016,430

57,802,004

United

Arab

Emirates

—

0.1%

Abu

Dhabi

Commercial

Bank

PJSC

,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.52%),

8.00%

(a)

(b)

(o)

................

1,969

2,079,756

Alpha

Star

Holding

VIII

Ltd.

,

8.38%

,

04/12/27

(b)

................

7,000

7,153,300

DAE

Funding

LLC

(b)

1.55%

,

08/01/24

............

2,021

2,010,895

Security

Par

(000)

Par

(000)

Value

United

Arab

Emirates

(continued)

2.63%

,

03/20/25

............

USD

3,914

$

3,811,257

DIB

Sukuk

Ltd.

,

5.24%

,

03/04/29

(b)

..

8,000

7,955,000

DP

World

Salaam

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.75%),

6.00%

(a)

(b)

(o)

...

5,807

5,768,892

GEMS

MENASA

Cayman

Ltd.

7.13%

,

07/31/26

(c)

...........

3,981

3,956,119

7.13%

,

07/31/26

(b)

...........

1,756

1,745,025

MAF

Global

Securities

Ltd.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.54%),

6.38%

(a)

(b)

(o)

................

2,450

2,410,494

MDGH

GMTN

RSC

Ltd.

,

4.38%

,

11/22/33

(c)

.................

2,888

2,721,940

Shelf

Drilling

Holdings

Ltd.

,

9.63%

,

04/15/29

(c)

................

12,797

12,205,139

51,817,817

United

Kingdom

—

3.8%

10x

Future

Technologies

Services

Ltd.

,

(Acquired

12/19/23

,

cost

$

5,977,672

)

,

15.00%

,

06/19/26

(d)

(k)

GBP

4,838

6,420,929

Ardonagh

Finco

Ltd.

,

6.88%

,

02/15/31

(b)

EUR

14,152

14,752,008

Avianca

Midco

2

plc

,

9.00%

,

12/01/28

(c)

USD

7,118

6,860,270

Babcock

International

Group

plc

(b)

1.88%

,

10/05/26

............

GBP

9,600

11,225,730

1.38%

,

09/13/27

............

EUR

2,000

1,985,220

Barclays

plc

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.58%),

7.13%

(a)

(o)

...............

GBP

4,642

5,816,608

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.87%),

6.13%

(a)

(o)

.........

USD

1,541

1,510,168

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.02%),

6.38%

(a)

(b)

(o)

..............

GBP

1,800

2,213,660

3.00%

,

05/08/26

(b)

...........

3,266

3,958,165

5.20%

,

05/12/26

............

USD

1,861

1,839,636

3.25%

,

02/12/27

(b)

...........

GBP

3,266

3,905,935

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

(a)

(o)

.........

USD

20,096

16,874,691

(3-mo.

EURIBOR

+

0.80%),

4.62%

,

05/08/28

(a)

(b)

.............

EUR

26,700

28,629,822

(USISSO05

+

5.78%),

9.63%

(a)

(o)

.

USD

75,227

81,552,989

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.75%),

3.75%

,

11/22/30

(a)

(b)

........

GBP

5,000

6,099,055

(5-Year

EUR

Swap

Annual

+

1.55%),

1.13%

,

03/22/31

(a)

(b)

..

EUR

8,900

8,985,188

(1-Year

EUR

Swap

Annual

+

2.55%),

5.26%

,

01/29/34

(a)

(b)

..

21,000

24,023,765

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.55%),

4.35%

,

05/08/35

(a)

(b)

..

6,800

7,290,602

BAT

International

Finance

plc

,

4.13%

,

04/12/32

(b)

................

6,830

7,175,626

BCP

V

Modular

Services

Finance

II

plc

(b)

4.75%

,

11/30/28

............

2,888

2,876,710

6.13%

,

11/30/28

............

GBP

2,200

2,536,290

Bellis

Acquisition

Co.

plc

,

8.13%

,

05/14/30

(b)

................

9,226

11,648,008

BG

Energy

Capital

plc

,

5.13%

,

12/01/25

(b)

................

5,989

7,544,652

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

BP

Capital

Markets

plc

(a)(o)

(5-Year

EUR

Swap

Annual

+

3.52%),

3.25%

(b)

..........

EUR

52,642

$

55,064,100

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.15%),

6.45%

...........

USD

21,355

21,936,561

British

Telecommunications

plc

(a)

(5-Year

EUR

Swap

Annual

+

2.13%),

1.87%

,

08/18/80

(b)

...

EUR

49,015

50,917,836

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.99%),

4.25%

,

11/23/81

(c)

...

USD

4,700

4,435,169

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.99%),

4.25%

,

11/23/81

(b)

...

21,800

20,571,638

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.49%),

4.88%

,

11/23/81

(c)

...

3,600

3,228,651

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.82%),

8.38%

,

12/20/83

(b)

.........

GBP

15,600

20,956,993

CD&R

Firefly

Bidco

plc

,

8.63%

,

04/30/29

(b)

................

3,468

4,439,794

Centrica

plc

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.51%),

6.50%

,

05/21/55

(a)

(b)

....

4,450

5,681,475

Chanel

Ceres

plc

,

0.50%

,

07/31/26

(b)

.

EUR

3,518

3,516,589

Channel

Link

Enterprises

Finance

plc

(a)(b)

Series

A8

,

(6-mo.

EURIBOR

+

5.90%),

2.71%

,

06/30/50

....

4,400

4,401,044

Series

A5

,

(Sterling

Overnight

Index

Average

+

0.28%),

3.04%

,

06/30/50

...............

GBP

3,075

3,421,663

CK

Hutchison

Group

Telecom

Finance

SA

,

2.63%

,

10/17/34

(b)

........

12,515

11,531,852

CK

Hutchison

International

23

Ltd.

,

4.88%

,

04/21/33

(b)

...........

USD

965

932,364

Connect

Finco

SARL

,

6.75%

,

10/01/26

(c)

................

2,225

2,147,461

CPUK

Finance

Ltd.

(b)

3.59%

,

08/28/25

............

GBP

806

994,427

6.50%

,

08/28/26

............

300

375,459

4.50%

,

08/28/27

............

4,550

5,362,268

7.88%

,

08/28/29

............

1,096

1,409,699

EC

Finance

plc

,

3.00%

,

10/15/26

(b)

..

EUR

3,651

3,782,962

EnQuest

plc

,

11.63%

,

11/01/27

(c)

...

USD

2,160

2,194,305

Galaxy

Bidco

Ltd.

,

6.50%

,

07/31/26

(b)

GBP

23,362

29,088,926

Gatwick

Airport

Finance

plc

,

4.38%

,

04/07/26

(b)

................

3,000

3,669,429

Global

Switch

Finance

BV

,

1.38%

,

10/07/30

(b)

................

EUR

10,881

10,576,013

Heathrow

Finance

plc

(b)

5.75%

,

03/03/25

(g)

...........

GBP

1,486

1,866,438

3.88%

,

03/01/27

(g)

...........

5,212

6,193,180

4.13%

,

09/01/29

(g)

...........

1,956

2,241,502

6.63%

,

03/01/31

............

3,897

4,870,778

HSBC

Holdings

plc

(a)

(3-mo.

CME

Term

SOFR

+

1.40%),

2.63%

,

11/07/25

..........

USD

1,807

1,785,931

(1-day

SOFR

+

1.43%),

3.00%

,

03/10/26

...............

24,891

24,419,061

(1-day

SOFR

+

1.54%),

1.65%

,

04/18/26

...............

7,393

7,155,159

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

(3-mo.

EURIBOR

+

1.00%),

4.70%

,

09/24/26

(b)

..............

EUR

17,200

$

18,560,795

(BPISDS01

+

1.32%),

2.26%

,

11/13/26

(b)

..............

GBP

35,500

42,893,083

(3-mo.

EURIBOR

+

1.45%),

3.02%

,

06/15/27

(b)

..............

EUR

21,000

22,151,409

(Sterling

Overnight

Index

Average

+

1.31%),

1.75%

,

07/24/27

....

GBP

29,675

34,853,305

(5-Year

EUR

Swap

Annual

+

3.30%),

6.36%

,

11/16/32

(b)

...

EUR

1,100

1,249,039

(3-mo.

ASX

Australia

Bank

Bill

Short

Term

Rates

Mid

+

2.30%),

6.21%

,

03/21/34

(b)

..............

AUD

4,190

2,797,476

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.85%),

4.60%

,

03/22/35

(b)

...

EUR

21,585

23,168,052

Imperial

Brands

Finance

plc

,

5.88%

,

07/01/34

(c)

................

USD

8,000

7,841,937

INEOS

Quattro

Finance

2

plc

(b)

2.50%

,

01/15/26

............

EUR

100

103,743

8.50%

,

03/15/29

............

18,578

21,065,005

Informa

plc

,

3.13%

,

07/05/26

(b)

.....

GBP

24,147

29,164,674

Intu

Jersey

2

Ltd.

,

2.88%

,

11/01/24

(b)

(e)

(f)

3,858

743,820

ITV

plc

,

1.38%

,

09/26/26

(b)

........

EUR

603

613,718

Jaguar

Land

Rover

Automotive

plc

,

4.50%

,

10/01/27

(c)

...........

USD

550

521,772

Lloyds

Banking

Group

plc

2.25%

,

10/16/24

(b)

...........

GBP

6,659

8,333,305

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.61%),

5.13%

(a)

(o)

...............

1,700

2,119,422

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.29%),

4.95%

(a)

(b)

(o)

........

EUR

8,540

9,009,310

(GUKG1

+

1.30%),

1.88%

,

01/15/26

(a)

(b)

.............

GBP

35,119

43,554,883

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.00%),

2.44%

,

02/05/26

(a)

...

USD

2,965

2,905,108

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.91%),

8.00%

(a)

(o)

.........

19,016

19,438,212

Magellan

Capital

Holdings

Ltd.

,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.23%),

8.38%

,

07/08/29

(a)

(b)

..........

6,900

6,842,661

Market

Bidco

Finco

plc

,

5.50%

,

11/04/27

(b)

................

GBP

8,725

10,202,187

Metrocentre

Finance

plc

,

8.75%

,

(

8.75

%

Cash

or

8.75

%

PIK),

12/05/24

(p)

................

1,138

714,797

Mitchells

&

Butlers

Finance

plc

,

Series

D1

,

(Sterling

Overnight

Index

Average

+

2.36%),

7.57%

,

06/15/36

(a)

(b)

...............

2,225

2,255,188

Mobico

Group

plc

(b)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)

(o)

...............

5,138

5,878,965

4.88%

,

09/26/31

............

EUR

11,046

11,225,144

Motability

Operations

Group

plc

(b)

0.13%

,

07/20/28

............

6,809

6,361,138

3.63%

,

07/24/29

............

21,750

23,246,972

3.50%

,

07/17/31

............

14,155

15,010,221

4.25%

,

06/17/35

............

15,900

17,225,512

Motion

Finco

SARL

,

7.38%

,

06/15/30

(b)

8,150

9,077,372

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

National

Grid

Electricity

Distribution

South

West

plc

,

5.88%

,

03/25/27

(b)

GBP

3,275

$

4,191,942

Nationwide

Building

Society

(a)(b)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.39%),

5.88%

(o)

................

4,556

5,722,726

(3-mo.

EURIBOR

+

0.93%),

1.50%

,

03/08/26

...............

EUR

15,000

15,802,178

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.63%),

5.75%

(o)

................

GBP

4,500

5,347,143

NatWest

Group

plc

(a)

Series

-*-

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.63%),

6.00%

(o)

...

USD

3,300

3,228,181

(3-mo.

EURIBOR

+

1.08%),

1.75%

,

03/02/26

(b)

..............

EUR

27,000

28,510,629

(BPSW1

+

1.49%),

2.88%

,

09/19/26

(b)

..............

GBP

13,408

16,392,548

(BPSW1

+

2.01%),

3.13%

,

03/28/27

(b)

..............

3,266

3,971,397

(5-Year

EUR

Swap

Annual

+

1.27%),

1.04%

,

09/14/32

(b)

...

EUR

11,000

10,608,955

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.75%),

8.13%

(o)

..........

USD

18,447

18,637,834

NGG

Finance

plc

,

(5-Year

EUR

Swap

Annual

+

2.14%),

1.63%

,

12/05/79

(a)

(b)

...............

EUR

45,185

47,778,731

NIE

Finance

plc

,

2.50%

,

10/27/25

(b)

.

GBP

4,800

5,827,928

Phoenix

Group

Holdings

plc

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.19%),

8.50%

(a)

(b)

(o)

................

USD

4,700

4,623,766

Pinewood

Finco

plc

6.00%

,

03/27/30

(b)

...........

GBP

16,421

20,394,525

Pinnacle

Bidco

plc

,

10.00%

,

10/11/28

(b)

4,798

6,436,642

Premier

Foods

Finance

plc

,

3.50%

,

10/15/26

(b)

................

6,048

7,364,833

Reckitt

Benckiser

Treasury

Services

plc

(b)

3.63%

,

09/14/28

............

EUR

7,941

8,555,653

3.88%

,

09/14/33

............

14,366

15,458,963

Rolls-Royce

plc

3.63%

,

10/14/25

(c)

...........

USD

23,912

23,176,606

4.63%

,

02/16/26

(b)

...........

EUR

1,525

1,646,264

5.75%

,

10/15/27

(c)

...........

USD

600

602,743

5.75%

,

10/15/27

(b)

...........

GBP

485

618,453

1.63%

,

05/09/28

(b)

...........

EUR

1,700

1,664,042

Santander

UK

Group

Holdings

plc

,

3.63%

,

01/14/26

(b)

...........

GBP

3,266

4,034,548

SCC

Power

plc

(c)(p)

8.00%

,

(

8.00

%

Cash

or

8.00

%

PIK),

12/31/28

...............

USD

22,672

9,091,609

4.00%

,

(

4.00

%

Cash

or

4.00

%

PIK),

05/17/32

...............

12,325

1,768,669

SP

Distribution

plc

,

5.88%

,

07/17/26

(b)

GBP

4,200

5,373,090

SSE

plc

,

8.38%

,

11/20/28

(b)

.......

10,800

15,385,765

Standard

Chartered

plc

(a)

(1-Year

EURIBOR

ICE

Swap

Rate

+

0.88%),

1.63%

,

10/03/27

(b)

...

EUR

10,400

10,605,100

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.05%),

5.69%

,

05/14/28

(c)

...

USD

15,000

15,016,500

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.57%),

7.88%

(b)

(o)

.........

USD

8,000

$

8,010,000

Synthomer

plc

,

3.88%

,

07/01/25

(b)

...

EUR

768

811,345

Tesco

Property

Finance

1

plc

,

7.62%

,

07/13/39

(b)

................

GBP

2,791

3,970,798

Tesco

Property

Finance

3

plc

,

5.74%

,

04/13/40

(b)

................

6,331

7,969,719

Tesco

Property

Finance

4

plc

,

5.80%

,

10/13/40

(b)

................

3,010

3,797,001

Thames

Water

Kemble

Finance

plc

,

4.63%

,

05/19/26

(b)

...........

4,273

323,318

Thames

Water

Utilities

Finance

plc

(b)

4.00%

,

06/19/25

............

19,579

22,302,057

0.88%

,

01/31/28

............

EUR

1,635

1,404,006

TSB

Bank

plc

,

3.32%

,

03/05/29

(b)

...

11,130

11,946,898

Virgin

Media

Finance

plc

,

5.00%

,

07/15/30

(c)

................

USD

2,400

1,978,910

Virgin

Media

Secured

Finance

plc

5.25%

,

05/15/29

(b)

...........

GBP

400

459,176

5.50%

,

05/15/29

(c)

...........

USD

2,625

2,399,646

4.25%

,

01/15/30

(b)

...........

GBP

2,425

2,605,626

4.50%

,

08/15/30

(c)

...........

USD

200

169,587

Virgin

Media

Vendor

Financing

Notes

III

DAC

,

4.88%

,

07/15/28

(b)

.......

GBP

2,460

2,775,395

Virgin

Money

UK

plc

,

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.20%),

4.00%

,

03/18/28

(a)

(b)

...............

EUR

3,480

3,732,146

Vmed

O2

UK

Financing

I

plc

4.00%

,

01/31/29

(b)

...........

GBP

9,000

9,835,330

3.25%

,

01/31/31

(b)

...........

EUR

7,736

7,290,685

4.25%

,

01/31/31

(c)

...........

USD

400

331,951

4.50%

,

07/15/31

(b)

...........

GBP

5,956

6,209,526

4.75%

,

07/15/31

(c)

...........

USD

875

737,953

Vodafone

Group

plc

(a)(b)

(5-Year

EUR

Swap

Annual

+

3.43%),

4.20%

,

10/03/78

....

EUR

2,310

2,434,493

(5-Year

GBP

Swap

+

3.27%),

4.88%

,

10/03/78

..........

GBP

1,500

1,863,916

(5-Year

GBP

Swap

+

3.27%),

4.88%

,

10/03/78

..........

15,008

18,649,095

(5-Year

USD

Swap

Semi

+

3.05%),

6.25%

,

10/03/78

..........

USD

5,297

5,283,758

(5-Year

EUR

Swap

Annual

+

3.00%),

2.63%

,

08/27/80

....

EUR

2,845

2,928,982

Series

NC6

,

(5-Year

EUR

Swap

Annual

+

3.00%),

2.63%

,

08/27/80

...............

3,212

3,306,816

Series

60NC10

,

(5-Year

EUR

Swap

Annual

+

3.48%),

3.00%

,

08/27/80

...............

9,005

8,712,882

WPP

Finance

SA

,

4.13%

,

05/30/28

(b)

4,000

4,342,145

1,448,443,802

United

States

—

14.5%

AdaptHealth

LLC

(c)

4.63%

,

08/01/29

............

USD

675

584,891

5.13%

,

03/01/30

............

400

349,903

Adient

Global

Holdings

Ltd.

(c)

4.88%

,

08/15/26

............

250

243,143

8.25%

,

04/15/31

............

1,475

1,539,340

ADT

Security

Corp.

(The)

,

4.13%

,

08/01/29

(c)

................

450

415,001

Affinity

Interactive

,

6.88%

,

12/15/27

(c)

4,897

4,317,980

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Albertsons

Cos.,

Inc.

(c)

3.25%

,

03/15/26

............

USD

575

$

552,345

4.63%

,

01/15/27

............

588

567,960

5.88%

,

02/15/28

............

300

296,517

6.50%

,

02/15/28

............

500

502,370

3.50%

,

03/15/29

............

3,790

3,409,264

4.88%

,

02/15/30

............

435

411,075

Alexander

Funding

Trust

II

,

7.47%

,

07/31/28

(c)

................

18,297

19,360,957

Allegiant

Travel

Co.

,

7.25%

,

08/15/27

(c)

5,229

4,976,369

Alliant

Holdings

Intermediate

LLC

(c)

4.25%

,

10/15/27

............

750

702,250

6.75%

,

04/15/28

............

2,875

2,879,563

Allied

Universal

Holdco

LLC

9.75%

,

07/15/27

(c)

...........

3,247

3,227,177

3.63%

,

06/01/28

(b)

...........

EUR

11,681

11,376,820

4.63%

,

06/01/28

(c)

...........

USD

1,100

1,002,588

4.88%

,

06/01/28

(b)

...........

GBP

9,356

10,629,444

7.88%

,

02/15/31

(c)

...........

USD

4,950

4,962,880

Allison

Transmission,

Inc.

(c)

4.75%

,

10/01/27

............

325

313,921

3.75%

,

01/30/31

............

175

153,428

Ally

Financial,

Inc.

5.75%

,

11/20/25

............

4,057

4,031,394

Series

C

,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.48%),

4.70%

(a)

(o)

..

6,633

5,311,382

6.70%

,

02/14/33

............

200

198,834

Ambac

Assurance

Corp.

,

5.10%

(c)

(o)

..

1,407

2,037,234

AMC

Networks,

Inc.

10.25%

,

01/15/29

(c)

..........

5,477

5,395,940

4.25%

,

02/15/29

............

10,887

7,344,574

4.25%

,

02/15/29

(c)

(n)

..........

4,356

4,185,440

American

Airlines

Pass-Through

Trust

,

Series

2017-2

,

Class

A

,

3.50%

,

06/15/26

(d)

................

27,580

26,374,754

American

Airlines,

Inc.

(c)

5.50%

,

04/20/26

............

563

557,665

7.25%

,

02/15/28

............

100

100,065

5.75%

,

04/20/29

............

800

778,295

8.50%

,

05/15/29

............

150

155,845

American

Axle

&

Manufacturing,

Inc.

6.88%

,

07/01/28

............

150

149,707

5.00%

,

10/01/29

............

650

596,098

American

Express

Co.

,

(1-day

SOFR

+

1.00%),

4.99%

,

05/01/26

(a)

.....

8,000

7,953,526

American

Tower

Corp.

0.45%

,

01/15/27

............

EUR

4,950

4,893,922

0.40%

,

02/15/27

............

12,750

12,544,056

4.13%

,

05/16/27

............

17,790

19,227,881

0.50%

,

01/15/28

............

7,900

7,550,899

4.10%

,

05/16/34

............

8,470

8,995,748

American

University

(The)

,

Series

2019

,

3.67%

,

04/01/49

............

USD

4,870

3,770,367

AmeriGas

Partners

LP

5.50%

,

05/20/25

............

13

12,947

9.38%

,

06/01/28

(c)

...........

2,325

2,386,505

Amgen,

Inc.

5.50%

,

12/07/26

(b)

...........

GBP

35,798

45,637,963

5.15%

,

03/02/28

............

USD

12,000

11,998,237

2.30%

,

02/25/31

............

19,038

15,997,639

Amkor

Technology,

Inc.

,

6.63%

,

09/15/27

(c)

................

9,295

9,319,706

AMN

Healthcare,

Inc.

,

4.63%

,

10/01/27

(c)

................

99

94,306

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Antero

Midstream

Partners

LP

(c)

5.75%

,

03/01/27

............

USD

250

$

247,981

5.38%

,

06/15/29

............

475

460,444

6.63%

,

02/01/32

............

2,050

2,068,446

Aon

North

America,

Inc.

,

5.45%

,

03/01/34

.................

23,565

23,461,498

Aramark

Services,

Inc.

,

5.00%

,

02/01/28

(c)

................

550

531,918

Archrock

Partners

LP

,

6.25%

,

04/01/28

(c)

................

575

569,470

Ardagh

Metal

Packaging

Finance

USA

LLC

,

2.00%

,

09/01/28

(b)

.......

EUR

8,033

7,495,313

Ardagh

Packaging

Finance

plc

2.13%

,

08/15/26

(b)

...........

12,198

10,842,662

4.13%

,

08/15/26

(c)

...........

USD

28,288

24,553,039

4.75%

,

07/15/27

(b)

...........

GBP

1,163

837,985

Ares

Capital

Corp.

4.25%

,

03/01/25

............

USD

3,469

3,425,813

3.25%

,

07/15/25

............

2,445

2,375,415

3.88%

,

01/15/26

............

3,695

3,567,632

2.15%

,

07/15/26

............

491

453,783

7.00%

,

01/15/27

............

6,049

6,150,439

5.88%

,

03/01/29

............

13,000

12,812,803

5.95%

,

07/15/29

............

8,400

8,257,705

Asbury

Automotive

Group,

Inc.

4.50%

,

03/01/28

............

300

284,240

4.63%

,

11/15/29

(c)

...........

500

462,135

5.00%

,

02/15/32

(c)

...........

300

271,802

Ascent

Resources

Utica

Holdings

LLC

(c)

8.25%

,

12/31/28

............

375

384,186

5.88%

,

06/30/29

............

600

586,361

Ashton

Woods

USA

LLC

(c)

6.63%

,

01/15/28

............

13,054

13,030,270

4.63%

,

08/01/29

............

1,702

1,533,425

4.63%

,

04/01/30

............

4,694

4,195,309

AT&T,

Inc.

2.90%

,

12/04/26

............

GBP

41,509

49,739,229

5.50%

,

03/15/27

(b)

...........

17,800

22,544,027

4.25%

,

06/01/43

............

8,200

8,451,814

Avantor

Funding,

Inc.

2.63%

,

11/01/25

(b)

...........

EUR

7,981

8,355,708

4.63%

,

07/15/28

(c)

...........

USD

575

547,169

3.88%

,

11/01/29

(c)

...........

250

227,341

Aviation

Capital

Group

LLC

(c)

4.13%

,

08/01/25

............

1,736

1,702,905

1.95%

,

09/20/26

............

640

589,831

Avient

Corp.

(c)

5.75%

,

05/15/25

............

350

349,050

7.13%

,

08/01/30

............

850

866,230

Avis

Budget

Car

Rental

LLC

(c)

5.75%

,

07/15/27

............

125

121,193

4.75%

,

04/01/28

............

400

367,008

5.38%

,

03/01/29

............

550

503,378

8.00%

,

02/15/31

............

425

420,881

Ball

Corp.

6.88%

,

03/15/28

............

2,900

2,976,476

6.00%

,

06/15/29

............

250

251,343

2.88%

,

08/15/30

............

175

148,667

Banff

Merger

Sub,

Inc.

,

8.38%

,

09/01/26

(b)

................

EUR

7,393

7,898,135

Bank

of

America

Corp.

(a)

(1-day

SOFR

+

0.91%),

0.98%

,

09/25/25

...............

USD

4,015

3,970,012

(3-mo.

CME

Term

SOFR

+

1.13%),

2.46%

,

10/22/25

..........

8,361

8,273,978

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

(3-mo.

CME

Term

SOFR

+

1.07%),

3.37%

,

01/23/26

..........

USD

6,152

$

6,066,864

(3-mo.

CME

Term

SOFR

+

0.90%),

2.02%

,

02/13/26

..........

7,028

6,867,148

(1-day

SOFR

+

1.33%),

3.38%

,

04/02/26

...............

7,908

7,766,389

(1-day

SOFR

+

1.15%),

1.32%

,

06/19/26

...............

18,000

17,247,765

(3-mo.

CME

Term

SOFR

+

1.33%),

3.97%

,

03/05/29

..........

5,000

4,780,714

(1-day

SOFR

+

1.57%),

5.82%

,

09/15/29

...............

28,500

29,096,624

(3-mo.

CME

Term

SOFR

+

1.47%),

3.97%

,

02/07/30

..........

5,000

4,735,118

(3-mo.

CME

Term

SOFR

+

1.25%),

2.50%

,

02/13/31

..........

24,350

21,046,902

(1-day

SOFR

+

2.15%),

2.59%

,

04/29/31

...............

4,150

3,588,155

(1-day

SOFR

+

1.37%),

1.92%

,

10/24/31

...............

4,150

3,395,154

(1-day

SOFR

+

1.33%),

2.97%

,

02/04/33

...............

8,350

7,066,396

Bath

&

Body

Works,

Inc.

7.50%

,

06/15/29

............

200

205,985

6.63%

,

10/01/30

(c)

...........

2,300

2,307,181

Bausch

+

Lomb

Corp.

,

8.38%

,

10/01/28

(c)

................

1,660

1,699,425

Beazer

Homes

USA,

Inc.

,

7.25%

,

10/15/29

.................

8,623

8,635,046

Becton

Dickinson

&

Co.

,

0.03%

,

08/13/25

.................

EUR

4,400

4,519,796

Belden,

Inc.

(b)

3.38%

,

07/15/27

............

2,635

2,730,691

3.88%

,

03/15/28

............

3,121

3,236,948

Berry

Global,

Inc.

,

4.88%

,

07/15/26

(c)

USD

8,000

7,855,107

Big

River

Steel

LLC

,

6.63%

,

01/31/29

(c)

5,243

5,254,671

Blackstone

Private

Credit

Fund

4.70%

,

03/24/25

............

2,182

2,160,308

7.05%

,

09/29/25

............

4,752

4,797,775

Blackstone

Secured

Lending

Fund

,

5.88%

,

11/15/27

............

9,211

9,144,068

Block,

Inc.

2.75%

,

06/01/26

............

500

472,299

3.50%

,

06/01/31

............

275

237,230

Boeing

Co.

(The)

(c)

6.30%

,

05/01/29

............

26,275

26,644,432

6.53%

,

05/01/34

............

12,580

12,880,657

6.86%

,

05/01/54

............

8,280

8,496,703

7.01%

,

05/01/64

............

44,752

45,820,228

Booking

Holdings,

Inc.

,

4.00%

,

03/01/44

.................

EUR

10,390

10,860,602

Boxer

Parent

Co.,

Inc.

,

6.50%

,

10/02/25

(b)

................

12,882

13,795,978

Boyd

Gaming

Corp.

4.75%

,

12/01/27

............

USD

375

360,927

4.75%

,

06/15/31

(c)

...........

250

226,576

Breeze

Aviation

Group,

Inc.

(Acquired

07/30/21

,

cost

$

8,026,719

)

20.00%

,

01/30/28

(d)

(k)

8,027

8,153,053

Broadcom

Corp.

,

3.88%

,

01/15/27

..

8,285

8,016,162

Broadcom,

Inc.

4.00%

,

04/15/29

(c)

...........

8,290

7,898,193

4.15%

,

11/15/30

............

29,550

27,908,405

2.45%

,

02/15/31

(c)

...........

8,000

6,736,885

3.42%

,

04/15/33

(c)

...........

12,550

10,819,965

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Buckeye

Partners

LP

4.35%

,

10/15/24

............

USD

1,647

$

1,636,161

4.13%

,

03/01/25

(c)

...........

1,644

1,621,762

3.95%

,

12/01/26

............

521

494,516

4.50%

,

03/01/28

(c)

...........

400

375,763

Builders

FirstSource,

Inc.

,

6.38%

,

06/15/32

(c)

................

1,025

1,026,477

Caesars

Entertainment,

Inc.

(c)

8.13%

,

07/01/27

............

3,849

3,927,258

4.63%

,

10/15/29

............

150

137,515

6.50%

,

02/15/32

............

450

452,207

California

Resources

Corp.

(c)

7.13%

,

02/01/26

............

2,042

2,046,558

8.25%

,

06/15/29

............

4,771

4,870,456

Calpine

Corp.

(c)

5.25%

,

06/01/26

............

125

123,616

4.50%

,

02/15/28

............

300

285,026

5.13%

,

03/15/28

............

4,315

4,149,945

4.63%

,

02/01/29

............

750

695,847

5.00%

,

02/01/31

............

225

209,992

3.75%

,

03/01/31

............

50

44,189

Calumet

Specialty

Products

Partners

LP

,

9.75%

,

07/15/28

(c)

.........

13,235

12,533,031

Carnival

Corp.

,

7.00%

,

08/15/29

(c)

...

1,225

1,266,736

Carnival

plc

,

1.00%

,

10/28/29

.....

EUR

8,000

6,995,660

Carrier

Global

Corp.

,

4.50%

,

11/29/32

5,500

6,157,415

Catalent

Pharma

Solutions,

Inc.

,

2.38%

,

03/01/28

(b)

................

8,337

8,534,117

CCO

Holdings

LLC

5.13%

,

05/01/27

(c)

...........

USD

800

768,117

5.38%

,

06/01/29

(c)

...........

6,100

5,549,563

4.75%

,

03/01/30

(c)

...........

4,725

4,092,448

4.50%

,

08/15/30

(c)

...........

4,725

4,000,074

4.25%

,

02/01/31

(c)

...........

5,100

4,163,849

4.50%

,

05/01/32

............

900

724,879

4.50%

,

06/01/33

(c)

...........

400

314,850

Century

Communities,

Inc.

,

6.75%

,

06/01/27

.................

1,186

1,192,432

Champions

Financing,

Inc.

,

8.75%

,

02/15/29

(c)

................

1,288

1,320,811

Charles

River

Laboratories

International,

Inc.

(c)

3.75%

,

03/15/29

............

475

433,437

4.00%

,

03/15/31

............

225

200,677

Charter

Communications

Operating

LLC

4.91%

,

07/23/25

............

4,261

4,219,610

6.15%

,

11/10/26

............

18,327

18,504,114

2.25%

,

01/15/29

............

31,294

26,746,419

5.05%

,

03/30/29

............

8,300

7,982,049

6.10%

,

06/01/29

............

10,000

10,032,705

Chemours

Co.

(The)

4.00%

,

05/15/26

............

EUR

8,700

9,014,454

5.38%

,

05/15/27

............

USD

75

71,191

5.75%

,

11/15/28

(c)

...........

425

392,380

4.63%

,

11/15/29

(c)

...........

1,637

1,409,459

Chesapeake

Energy

Corp.

6.13%

,

02/15/21

(d)

(e)

(f)

.........

27,853

3

5.38%

,

06/15/21

(d)

(e)

(f)

.........

4,795

—

5.50%

,

02/01/26

(c)

...........

2,019

1,999,643

5.88%

,

02/01/29

(c)

...........

25

24,749

6.75%

,

04/15/29

(c)

...........

600

601,153

Churchill

Downs,

Inc.

(c)

5.50%

,

04/01/27

............

371

365,029

4.75%

,

01/15/28

............

427

407,846

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

5.75%

,

04/01/30

............

USD

1,445

$

1,403,579

6.75%

,

05/01/31

............

600

603,248

Citigroup

Global

Markets

Holdings,

Inc.

,

7.15%

,

06/20/31

(b)

...........

13,000

13,000,000

Citigroup,

Inc.

(1-day

SOFR

+

2.84%),

3.11%

,

04/08/26

(a)

..............

6,313

6,184,923

(3-mo.

EURIBOR

+

1.07%),

1.50%

,

07/24/26

(a)

(b)

.............

EUR

10,500

10,976,746

1.75%

,

10/23/26

............

GBP

5,104

5,980,973

(3-mo.

CME

Term

SOFR

+

1.45%),

4.08%

,

04/23/29

(a)

.........

USD

12,280

11,772,457

Series

CC

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.69%),

7.13%

(a)

(o)

..

25,065

25,008,927

(1-day

SOFR

+

1.36%),

5.17%

,

02/13/30

(a)

..............

59,462

59,115,626

(3-mo.

CME

Term

SOFR

+

1.60%),

3.98%

,

03/20/30

(a)

.........

2,075

1,958,826

(1-day

SOFR

+

1.15%),

2.67%

,

01/29/31

(a)

..............

28,685

24,978,984

(1-day

SOFR

+

2.11%),

2.57%

,

06/03/31

(a)

..............

28,500

24,462,223

(3-mo.

EURIBOR

+

1.05%),

3.75%

,

05/14/32

(a)

(b)

.............

EUR

8,500

9,009,280

Citizens

Bank

NA

,

(1-day

SOFR

+

1.45%),

6.06%

,

10/24/25

(a)

.....

USD

1,750

1,749,029

Civitas

Resources,

Inc.

(c)

5.00%

,

10/15/26

............

7,623

7,420,480

8.38%

,

07/01/28

............

16,609

17,403,392

Clarios

Global

LP

4.38%

,

05/15/26

(b)

...........

EUR

5,382

5,735,034

6.25%

,

05/15/26

(c)

...........

USD

830

829,173

6.75%

,

05/15/28

(c)

...........

875

885,546

Clean

Harbors,

Inc.

(c)

4.88%

,

07/15/27

............

225

217,786

6.38%

,

02/01/31

............

225

225,586

Clear

Channel

Outdoor

Holdings,

Inc.

(c)

5.13%

,

08/15/27

............

1,053

1,005,599

9.00%

,

09/15/28

............

2,775

2,905,303

Cleveland-Cliffs,

Inc.

5.88%

,

06/01/27

............

225

223,423

6.75%

,

04/15/30

(c)

...........

2,725

2,696,071

Cloud

Software

Group,

Inc.

(c)

6.50%

,

03/31/29

............

36,906

35,441,374

9.00%

,

09/30/29

............

4,766

4,624,071

8.25%

,

06/30/32

............

14,659

14,941,127

Clydesdale

Acquisition

Holdings,

Inc.

,

8.75%

,

04/15/30

(c)

...........

4,940

4,834,556

CNX

Resources

Corp.

,

7.38%

,

01/15/31

(c)

................

500

511,208

Comerica

Bank

,

(1-day

SOFR

+

2.61%),

5.33%

,

08/25/33

(a)

.....

19,400

17,409,613

Commercial

Metals

Co.

4.13%

,

01/15/30

............

22,119

20,219,553

4.38%

,

03/15/32

............

7,677

6,921,421

CommScope

Technologies

LLC

,

6.00%

,

06/15/25

(c)

................

11,356

9,252,187

Community

Health

Systems,

Inc.

(c)

5.63%

,

03/15/27

............

800

744,965

8.00%

,

12/15/27

............

450

446,216

5.25%

,

05/15/30

............

4,200

3,462,867

4.75%

,

02/15/31

............

725

570,017

Compass

Group

Diversified

Holdings

LLC

,

5.25%

,

04/15/29

(c)

.......

450

426,812

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Comstock

Resources,

Inc.

(c)

6.75%

,

03/01/29

............

USD

700

$

678,383

5.88%

,

01/15/30

............

1,300

1,209,676

Coty,

Inc.

5.00%

,

04/15/26

(c)

...........

425

419,390

4.50%

,

05/15/27

(b)

...........

EUR

1,847

1,992,880

5.75%

,

09/15/28

(b)

...........

2,500

2,787,817

6.63%

,

07/15/30

(c)

...........

USD

375

380,549

CQP

Holdco

LP

,

7.50%

,

12/15/33

(c)

..

1,825

1,893,069

Crescent

Energy

Finance

LLC

,

7.63%

,

04/01/32

(c)

................

4,518

4,604,705

Crown

Americas

LLC

4.75%

,

02/01/26

............

500

491,394

4.25%

,

09/30/26

............

75

72,266

Crown

European

Holdings

SA

(b)

3.38%

,

05/15/25

............

EUR

4,093

4,348,022

5.00%

,

05/15/28

............

6,151

6,752,099

CrownRock

LP

,

5.63%

,

10/15/25

(c)

..

USD

542

540,716

CRSO

Trust

,

7.12%

,

07/10/28

(c)

....

4,399

4,554,922

CSC

Holdings

LLC

(c)

5.50%

,

04/15/27

............

15,472

12,549,956

11.25%

,

05/15/28

...........

3,579

3,116,900

11.75%

,

01/31/29

...........

7,101

6,056,117

6.50%

,

02/01/29

............

5,900

4,306,305

4.50%

,

11/15/31

............

4,075

2,629,274

Dana

Financing

Luxembourg

SARL

(b)

3.00%

,

07/15/29

............

EUR

2,132

2,063,067

8.50%

,

07/15/31

............

6,292

7,335,644

Dana,

Inc.

5.63%

,

06/15/28

............

USD

100

97,018

4.25%

,

09/01/30

............

300

261,883

Darling

Ingredients,

Inc.

(c)

5.25%

,

04/15/27

............

400

391,473

6.00%

,

06/15/30

............

175

172,072

DaVita,

Inc.

(c)

4.63%

,

06/01/30

............

700

632,541

3.75%

,

02/15/31

............

1,775

1,514,002

Dell

International

LLC

,

6.02%

,

06/15/26

4,446

4,492,516

Delta

Air

Lines,

Inc.

7.38%

,

01/15/26

............

575

586,507

4.38%

,

04/19/28

............

100

96,367

Diamondback

Energy,

Inc.

5.75%

,

04/18/54

............

11,057

10,719,117

5.90%

,

04/18/64

............

13,194

12,735,971

DirecTV

Financing

LLC

(c)

5.88%

,

08/15/27

............

600

564,352

8.88%

,

02/01/30

............

1,800

1,761,690

Discover

Bank

,

2.45%

,

09/12/24

....

20,685

20,540,622

DISH

DBS

Corp.

,

5.88%

,

11/15/24

..

22,532

21,395,551

DISH

Network

Corp.

(n)

0.00%

,

12/15/25

(h)

...........

8,119

5,968,299

3.38%

,

08/15/26

............

3,464

2,148,235

Dresdner

Funding

Trust

I

,

8.15%

,

06/30/31

(b)

................

4,994

5,411,393

DT

Midstream,

Inc.

(c)

4.13%

,

06/15/29

............

500

461,923

4.38%

,

06/15/31

............

225

204,935

Duke

Energy

Corp.

3.10%

,

06/15/28

............

EUR

10,000

10,450,408

3.75%

,

04/01/31

............

12,310

13,002,123

Eaton

Capital

UnLtd

Co.

,

3.60%

,

05/21/31

(b)

................

6,090

6,537,282

Edgewell

Personal

Care

Co.

,

4.13%

,

04/01/29

(c)

................

USD

525

483,277

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Edison

International

6.95%

,

11/15/29

............

USD

4,150

$

4,412,214

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.66%),

7.88%

,

06/15/54

(a)

...

19,340

19,927,801

Elanco

Animal

Health,

Inc.

,

6.65%

,

08/28/28

(g)

................

13

13,178

EMRLD

Borrower

LP

,

6.38%

,

12/15/30

(b)

................

EUR

9,045

10,049,996

Encompass

Health

Corp.

4.50%

,

02/01/28

............

USD

450

428,060

4.63%

,

04/01/31

............

375

344,145

Encore

Capital

Group,

Inc.

(b)

4.88%

,

10/15/25

............

EUR

7,437

7,907,310

5.38%

,

02/15/26

............

GBP

2,175

2,708,176

Endo

Finance

Holdings,

Inc.

,

8.50%

,

04/15/31

(c)

................

USD

3,440

3,550,001

Energizer

Holdings,

Inc.

,

4.38%

,

03/31/29

(c)

................

850

768,951

Energy

Transfer

LP

5.63%

,

05/01/27

(c)

...........

700

696,870

Series

B

,

(3-mo.

LIBOR

USD

+

4.16%),

6.63%

(a)

(o)

.........

5,421

5,260,702

5.25%

,

04/15/29

............

4,200

4,183,377

5.25%

,

07/01/29

............

7,003

6,959,436

7.38%

,

02/01/31

(c)

...........

350

365,221

EnLink

Midstream

LLC

5.38%

,

06/01/29

............

425

415,046

6.50%

,

09/01/30

(c)

...........

275

281,478

EnLink

Midstream

Partners

LP

4.15%

,

06/01/25

............

425

417,672

4.85%

,

07/15/26

............

7,345

7,208,477

Entegris,

Inc.

,

4.75%

,

04/15/29

(c)

...

1,500

1,435,136

EQM

Midstream

Partners

LP

(c)

6.00%

,

07/01/25

............

300

300,059

7.50%

,

06/01/27

............

5,775

5,897,494

6.50%

,

07/01/27

............

225

227,416

4.50%

,

01/15/29

............

375

353,893

7.50%

,

06/01/30

............

5,025

5,362,615

EQT

Corp.

3.13%

,

05/15/26

(c)

...........

2,492

2,381,361

7.00%

,

02/01/30

(g)

...........

6,130

6,505,322

5.75%

,

02/01/34

............

23,056

22,853,707

Equinix,

Inc.

1.55%

,

03/15/28

............

15,130

13,230,884

3.20%

,

11/18/29

............

9,709

8,747,960

3.40%

,

02/15/52

............

780

534,499

EquipmentShare.com,

Inc.

,

9.00%

,

05/15/28

(c)

................

12,606

13,009,064

Esab

Corp.

,

6.25%

,

04/15/29

(c)

.....

4,305

4,330,817

ESC

Investments

&

Realty

Corp.,

Inc.

,

6.63%

,

08/15/20

(d)

(e)

(f)

.........

1,665

—

Fair

Isaac

Corp.

(c)

5.25%

,

05/15/26

............

300

296,774

4.00%

,

06/15/28

............

275

257,235

Ferrellgas

LP

(c)

5.38%

,

04/01/26

............

425

415,771

5.88%

,

04/01/29

............

300

276,015

Fifth

Third

Bancorp

,

(1-day

SOFR

+

1.84%),

5.63%

,

01/29/32

(a)

.....

4,200

4,163,426

FirstEnergy

Corp.

Series

B

,

4.15%

,

07/15/27

(g)

....

575

551,741

Series

B

,

2.25%

,

09/01/30

......

275

230,189

FirstEnergy

Pennsylvania

Electric

Co.

,

4.00%

,

04/15/25

(c)

...........

3,536

3,479,670

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Fiserv,

Inc.

,

2.25%

,

07/01/25

......

GBP

3,800

$

4,654,573

Five

Point

Operating

Co.

LP

,

10.50%

,

01/15/28

(c)

(g)

...............

USD

18,662

19,071,221

FLYR,

Inc.

,

7.74%

,

01/20/27

(d)

.....

12,298

11,852,463

Ford

Motor

Co.

3.25%

,

02/12/32

............

2,269

1,875,178

6.10%

,

08/19/32

............

12,205

12,187,576

Ford

Motor

Credit

Co.

LLC

5.13%

,

06/16/25

............

12,600

12,504,781

4.13%

,

08/04/25

............

7,527

7,385,754

3.38%

,

11/13/25

............

4,432

4,289,311

4.39%

,

01/08/26

............

2,218

2,170,714

6.95%

,

03/06/26

............

4,552

4,625,513

6.86%

,

06/05/26

............

GBP

19,640

25,411,896

6.95%

,

06/10/26

............

USD

3,725

3,796,276

2.70%

,

08/10/26

............

15,371

14,437,418

4.27%

,

01/09/27

............

16,350

15,754,023

2.90%

,

02/16/28

............

20,100

18,181,116

6.13%

,

05/15/28

............

EUR

3,142

3,597,374

6.80%

,

11/07/28

............

USD

2,750

2,841,558

5.80%

,

03/08/29

............

15,000

14,947,312

Forestar

Group,

Inc.

(c)

3.85%

,

05/15/26

............

244

233,461

5.00%

,

03/01/28

............

17,122

16,415,355

Foundry

JV

Holdco

LLC

(c)

5.90%

,

01/25/30

............

15,700

15,924,313

6.25%

,

01/25/35

............

11,255

11,493,628

6.40%

,

01/25/38

............

7,265

7,488,029

Freed

Hotels

&

Resorts

,

12.00%

,

11/30/28

(a)

(d)

...............

109,764

109,083,035

Freedom

Mortgage

Corp.

(c)

7.63%

,

05/01/26

............

125

124,114

6.63%

,

01/15/27

............

350

338,045

12.00%

,

10/01/28

...........

1,050

1,127,456

12.25%

,

10/01/30

...........

200

215,146

Freedom

Mortgage

Holdings

LLC

,

9.25%

,

02/01/29

(c)

...........

1,175

1,174,241

Freewire

Technologies,

Inc.

,

6.00%

,

02/20/28

(d)

................

19,743

2

Frontier

Communications

Holdings

LLC

(c)

5.00%

,

05/01/28

............

2,425

2,284,579

8.75%

,

05/15/30

............

23,262

23,970,156

8.63%

,

03/15/31

............

9,270

9,549,275

Frontier

Florida

LLC

,

Series

E

,

6.86%

,

02/01/28

.................

19,615

19,664,037

Frontier

North,

Inc.

,

Series

G

,

6.73%

,

02/15/28

.................

4,850

4,801,500

Full

House

Resorts,

Inc.

,

8.25%

,

02/15/28

(c)

................

2,412

2,310,799

Gap,

Inc.

(The)

(c)

3.63%

,

10/01/29

............

2,425

2,099,423

3.88%

,

10/01/31

............

200

166,958

Gen

Digital,

Inc.

(c)

6.75%

,

09/30/27

............

9,371

9,489,890

7.13%

,

09/30/30

............

250

256,186

General

Motors

Financial

Co.,

Inc.

2.90%

,

02/26/25

............

2,000

1,962,381

5.15%

,

08/15/26

(b)

...........

GBP

6,800

8,522,110

5.35%

,

07/15/27

............

USD

9,781

9,753,542

4.50%

,

11/22/27

(b)

...........

EUR

6,500

7,129,798

5.80%

,

01/07/29

............

USD

8,400

8,474,759

5.55%

,

07/15/29

............

14,362

14,361,479

5.75%

,

02/08/31

............

4,092

4,102,919

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

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)

Genesis

Energy

LP

8.00%

,

01/15/27

............

USD

500

$

511,229

8.25%

,

01/15/29

............

200

206,468

8.88%

,

04/15/30

............

2,575

2,708,697

GFL

Environmental,

Inc.

(c)

5.13%

,

12/15/26

............

25

24,758

4.00%

,

08/01/28

............

1,950

1,812,348

6.75%

,

01/15/31

............

400

408,074

Global

Payments,

Inc.

,

4.88%

,

03/17/31

EUR

16,606

18,366,628

GLP

Capital

LP

,

4.00%

,

01/15/31

...

USD

3,678

3,297,492

Go

Daddy

Operating

Co.

LLC

(c)

5.25%

,

12/01/27

............

125

122,392

3.50%

,

03/01/29

............

350

316,070

Goldman

Sachs

Finance

Corp.

International

Ltd.

(b)(h)(n)

Series

700

,

0.00%

,

03/15/27

....

3,900

4,390,425

Series

1MTN

,

0.00%

,

05/10/27

..

5,400

5,176,368

Goldman

Sachs

Group,

Inc.

(The)

Series

U

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.92%),

3.65%

(a)

(o)

..

14,191

13,196,156

7.25%

,

04/10/28

............

GBP

3,332

4,499,179

(3-mo.

CME

Term

SOFR

+

1.56%),

4.22%

,

05/01/29

(a)

.........

USD

35,802

34,463,881

(1-day

SOFR

+

1.77%),

6.48%

,

10/24/29

(a)

..............

9,005

9,401,625

(1-day

SOFR

+

1.27%),

5.73%

,

04/25/30

(a)

..............

57,000

58,012,092

3.00%

,

02/12/31

(b)

...........

EUR

7,500

7,741,964

Goodyear

Europe

BV

,

2.75%

,

08/15/28

(b)

................

2,000

1,935,849

Goodyear

Tire

&

Rubber

Co.

(The)

4.88%

,

03/15/27

............

USD

300

289,987

5.00%

,

07/15/29

............

1,975

1,838,316

5.25%

,

07/15/31

............

300

273,209

5.63%

,

04/30/33

............

100

90,392

GoTo

Group,

Inc.

5.50%

,

05/01/28

(c)

...........

20,429

12,360,933

Grand

Canyon

University

,

5.13%

,

10/01/28

.................

8,775

7,913,383

Graphic

Packaging

International

LLC

3.50%

,

03/15/28

(c)

...........

400

368,819

2.63%

,

02/01/29

(b)

...........

EUR

1,246

1,237,942

Gray

Television,

Inc.

(c)

7.00%

,

05/15/27

............

USD

400

368,281

4.75%

,

10/15/30

............

2,750

1,650,237

5.38%

,

11/15/31

............

200

113,375

H&E

Equipment

Services,

Inc.

,

3.88%

,

12/15/28

(c)

................

525

473,691

Hanesbrands,

Inc.

(c)

4.88%

,

05/15/26

............

1,025

1,002,759

9.00%

,

02/15/31

............

600

628,645

Harley-Davidson

Financial

Services,

Inc.

,

3.35%

,

06/08/25

(c)

........

4,153

4,055,599

HAT

Holdings

I

LLC

(c)

3.38%

,

06/15/26

............

5,279

4,977,817

8.00%

,

06/15/27

............

425

441,846

HCA,

Inc.

4.50%

,

02/15/27

............

20,000

19,543,160

5.20%

,

06/01/28

............

4,830

4,810,873

5.63%

,

09/01/28

............

16,921

17,071,936

5.88%

,

02/01/29

............

23,080

23,497,724

5.45%

,

04/01/31

............

2,335

2,333,323

3.63%

,

03/15/32

............

3,200

2,818,762

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Helios

Software

Holdings,

Inc.

7.88%

,

05/01/29

(b)

...........

EUR

5,937

$

6,364,741

Hertz

Corp.

(The)

(c)

4.63%

,

12/01/26

............

USD

400

290,184

5.00%

,

12/01/29

(q)

...........

2,075

1,274,270

Hess

Midstream

Operations

LP

(c)

5.63%

,

02/15/26

............

525

521,043

5.13%

,

06/15/28

............

150

145,238

4.25%

,

02/15/30

............

100

91,791

Hilcorp

Energy

I

LP

(c)

5.75%

,

02/01/29

............

475

459,643

8.38%

,

11/01/33

............

2,250

2,397,953

Hilton

Domestic

Operating

Co.,

Inc.

5.75%

,

05/01/28

(c)

...........

450

447,763

4.88%

,

01/15/30

............

17

16,316

4.00%

,

05/01/31

(c)

...........

1,575

1,409,792

3.63%

,

02/15/32

(c)

...........

150

129,807

Hilton

Grand

Vacations

Borrower

Escrow

LLC

(c)

5.00%

,

06/01/29

............

1,972

1,838,789

4.88%

,

07/01/31

............

275

243,447

Hilton

Worldwide

Finance

LLC

,

4.88%

,

04/01/27

.................

975

957,960

Hologic,

Inc.

,

3.25%

,

02/15/29

(c)

....

625

560,693

Homes

By

West

Bay

LLC

,

11.00%

,

02/06/30

(d)

................

80,958

80,958,000

Honeywell

International,

Inc.

,

3.75%

,

05/17/32

.................

EUR

7,800

8,373,976

Howard

Hughes

Corp.

(The)

,

5.38%

,

08/01/28

(c)

................

USD

8,796

8,359,391

Hudson

Pacific

Properties

LP

3.95%

,

11/01/27

............

425

355,400

4.65%

,

04/01/29

............

125

96,267

3.25%

,

01/15/30

............

250

172,672

Huntington

Bancshares,

Inc.

,

(SOFR

Index

+

1.87%),

5.71%

,

02/02/35

(a)

8,421

8,290,243

Hyatt

Hotels

Corp.

,

5.38%

,

04/23/25

(g)

5,964

5,939,786

Hyundai

Capital

America

(a)(b)

(1-day

SOFR

+

1.04%),

6.39%

,

03/19/27

...............

10,000

10,033,035

(1-day

SOFR

+

1.04%),

6.38%

,

06/24/27

...............

10,000

10,017,730

Icahn

Enterprises

LP

6.25%

,

05/15/26

............

425

421,645

5.25%

,

05/15/27

............

350

328,518

9.75%

,

01/15/29

(c)

...........

3,300

3,418,793

Illinois

Tool

Works,

Inc.

,

3.25%

,

05/17/28

.................

EUR

18,290

19,551,242

Imola

Merger

Corp.

,

4.75%

,

05/15/29

(c)

USD

700

654,389

Insightful

Corp.

,

7.00%

,

01/25/29

(d)

..

4,399

4,623,153

International

Flavors

&

Fragrances,

Inc.

,

1.23%

,

10/01/25

(c)

........

6,667

6,305,660

International

Game

Technology

plc

(c)

4.13%

,

04/15/26

............

500

486,753

6.25%

,

01/15/27

............

300

300,980

IQVIA,

Inc.

(c)

5.00%

,

10/15/26

............

225

220,764

5.00%

,

05/15/27

............

375

365,889

6.50%

,

05/15/30

............

300

304,512

IRB

Holding

Corp.

,

7.00%

,

06/15/25

(c)

72

72,016

Iron

Mountain

Information

Management

Services,

Inc.

,

5.00%

,

07/15/32

(c)

.

475

433,884

Iron

Mountain

UK

plc

,

3.88%

,

11/15/25

(b)

................

GBP

6,724

8,296,955

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Iron

Mountain,

Inc.

(c)

7.00%

,

02/15/29

............

USD

1,950

$

1,984,303

4.50%

,

02/15/31

............

4,150

3,746,108

Jazz

Securities

DAC

,

4.38%

,

01/15/29

(c)

675

626,642

JP

Morgan

Structured

Products

BV

,

10.00%

,

05/21/26

(b)

..........

10,022

9,505,490

JPMorgan

Chase

&

Co.

3.13%

,

01/23/25

............

4,150

4,093,352

(1-day

SOFR

+

0.49%),

0.77%

,

08/09/25

(a)

..............

14,173

14,095,420

(1-day

SOFR

+

0.61%),

1.56%

,

12/10/25

(a)

..............

2,500

2,453,534

(3-mo.

CME

Term

SOFR

+

1.59%),

2.01%

,

03/13/26

(a)

.........

16,610

16,179,898

(1-day

SOFR

+

1.85%),

2.08%

,

04/22/26

(a)

..............

16,610

16,129,315

(Sterling

Overnight

Index

Average

+

0.68%),

0.99%

,

04/28/26

(a)

(b)

..

GBP

20,248

24,680,253

Series

KK

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.85%),

3.65%

(a)

(o)

..

USD

15,185

14,362,878

(3-mo.

EURIBOR

+

0.61%),

4.38%

,

06/06/28

(a)

(b)

.............

EUR

16,620

17,827,970

(3-mo.

CME

Term

SOFR

+

1.38%),

4.01%

,

04/23/29

(a)

.........

USD

6,234

5,960,708

(1-day

SOFR

+

1.02%),

2.07%

,

06/01/29

(a)

..............

6,544

5,821,260

(1-day

SOFR

+

1.57%),

6.09%

,

10/23/29

(a)

..............

12,949

13,379,172

(1-day

SOFR

+

1.16%),

5.58%

,

04/22/30

(a)

..............

12,000

12,190,091

(3-mo.

CME

Term

SOFR

+

1.42%),

3.70%

,

05/06/30

(a)

.........

22,213

20,769,835

(3-mo.

EURIBOR

+

0.98%),

3.76%

,

03/21/34

(a)

(b)

.............

EUR

28,220

30,041,021

Series

u

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.21%),

6.54%

,

02/02/37

(a)

..............

USD

11,163

10,241,687

Series

W

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.58%

,

05/15/47

(a)

..............

7,463

6,855,138

KeyCorp

,

(SOFR

Index

+

2.42%),

6.40%

,

03/06/35

(a)

...........

24,795

25,138,113

Kohl's

Corp.

,

4.63%

,

05/01/31

(g)

....

1,450

1,212,965

Kraft

Heinz

Foods

Co.

(3-mo.

EURIBOR

+

0.50%),

4.29%

,

05/09/25

(a)

..............

EUR

27,700

29,722,569

4.13%

,

07/01/27

(b)

...........

GBP

1,960

2,421,765

Kronos

International,

Inc.

(b)

3.75%

,

09/15/25

............

EUR

1,305

1,374,879

9.50%

,

03/15/29

............

8,916

10,350,433

Lamar

Media

Corp.

3.75%

,

02/15/28

............

USD

810

757,562

4.88%

,

01/15/29

............

425

408,397

4.00%

,

02/15/30

............

175

158,654

Lamb

Weston

Holdings,

Inc.

(c)

4.88%

,

05/15/28

............

250

242,115

4.38%

,

01/31/32

............

400

356,748

Landsea

Homes

Corp.

,

11.00%

,

07/17/28

(d)

................

78,968

83,706,080

Las

Vegas

Sands

Corp.

2.90%

,

06/25/25

............

4,222

4,097,448

3.50%

,

08/18/26

............

13,403

12,788,287

3.90%

,

08/08/29

............

100

91,470

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Lessen,

Inc.

,

(3-mo.

CME

Term

SOFR

+

8.50%),

13.40%

,

01/05/28

(a)

(c)

(d)

..

USD

42,640

$

39,177,462

Level

3

Financing,

Inc.

(c)

4.63%

,

09/15/27

............

12,479

6,451,329

11.00%

,

11/15/29

...........

12,135

12,418,037

LGI

Homes,

Inc.

,

8.75%

,

12/15/28

(c)

.

11,340

11,811,794

Light

&

Wonder

International,

Inc.

(c)

7.00%

,

05/15/28

............

569

571,940

7.50%

,

09/01/31

............

1,375

1,420,678

Lightning

eMotors,

Inc.

,

7.50%

,

05/15/25

(c)

(e)

(f)

(n)

.............

4,313

52,988

Linde

plc

,

3.00%

,

02/14/28

(b)

......

EUR

9,100

9,634,973

Lions

Gate

Capital

Holdings

1,

Inc.

,

5.50%

,

04/15/29

(c)

...........

USD

33,936

30,132,453

Lithia

Motors,

Inc.

(c)

3.88%

,

06/01/29

............

1,000

898,279

4.38%

,

01/15/31

............

1,700

1,513,409

Live

Nation

Entertainment,

Inc.

(c)

6.50%

,

05/15/27

............

975

980,583

4.75%

,

10/15/27

............

375

359,372

3.75%

,

01/15/28

............

150

139,332

M/I

Homes,

Inc.

,

4.95%

,

02/01/28

...

225

216,955

Macy's

Retail

Holdings

LLC

(c)

5.88%

,

04/01/29

............

600

582,295

5.88%

,

03/15/30

............

175

167,848

6.13%

,

03/15/32

............

100

95,496

Massachusetts

Institute

of

Technology

,

3.96%

,

07/01/38

............

8,375

7,612,623

Match

Group

Holdings

II

LLC

(c)

4.63%

,

06/01/28

............

450

421,075

3.63%

,

10/01/31

............

200

169,405

Mauser

Packaging

Solutions

Holding

Co.

,

7.88%

,

04/15/27

(c)

........

28,158

28,720,913

Medline

Borrower

LP

,

3.88%

,

04/01/29

(c)

................

23,832

21,947,120

Medtronic

Global

Holdings

SCA

,

2.63%

,

10/15/25

.................

EUR

4,940

5,213,876

Medtronic,

Inc.

,

4.15%

,

10/15/53

...

11,960

12,917,051

MGM

Resorts

International

5.75%

,

06/15/25

............

USD

121

120,605

4.63%

,

09/01/26

............

75

73,179

5.50%

,

04/15/27

............

125

123,335

4.75%

,

10/15/28

............

1,450

1,380,488

MicroStrategy,

Inc.

,

2.25%

,

06/15/32

(c)

(n)

10,000

9,460,195

Midwest

Gaming

Borrower

LLC

,

4.88%

,

05/01/29

(c)

................

5,385

5,016,085

Molina

Healthcare,

Inc.

(c)

4.38%

,

06/15/28

............

375

352,963

3.88%

,

11/15/30

............

175

155,576

3.88%

,

05/15/32

............

100

86,650

Molson

Coors

Beverage

Co.

,

3.80%

,

06/15/32

.................

EUR

7,930

8,526,502

Morgan

Stanley

(a)

Series

I

,

(1-day

SOFR

+

0.75%),

0.86%

,

10/21/25

..........

USD

2,565

2,525,364

(1-day

SOFR

+

0.56%),

1.16%

,

10/21/25

...............

27,197

26,804,263

(1-day

SOFR

+

0.94%),

2.63%

,

02/18/26

...............

12,457

12,211,556

(3-mo.

EURIBOR

+

0.65%),

4.36%

,

03/19/27

...............

EUR

42,400

45,527,795

(1-day

SOFR

+

0.86%),

1.51%

,

07/20/27

...............

USD

9,393

8,683,865

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

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)

(3-mo.

EURIBOR

+

0.70%),

0.41%

,

10/29/27

...............

EUR

18,000

$

17,898,787

(1-day

SOFR

+

1.00%),

2.48%

,

01/21/28

...............

USD

8,250

7,692,555

(1-day

SOFR

+

1.01%),

5.65%

,

04/13/28

...............

25,000

25,247,620

(1-day

SOFR

+

1.59%),

5.16%

,

04/20/29

...............

10,000

9,967,547

(1-day

SOFR

+

1.83%),

6.41%

,

11/01/29

...............

24,375

25,431,953

(1-day

SOFR

+

1.26%),

5.66%

,

04/18/30

...............

22,000

22,372,604

(1-day

SOFR

+

1.14%),

2.70%

,

01/22/31

...............

22,300

19,547,739

(1-day

SOFR

+

3.12%),

3.62%

,

04/01/31

...............

15,000

13,764,217

(3-mo.

EURIBOR

+

1.24%),

3.96%

,

03/21/35

...............

EUR

10,100

10,749,424

Motorola

Solutions,

Inc.

,

4.60%

,

05/23/29

.................

USD

8,240

8,029,013

MSD

Netherlands

Capital

BV

,

3.75%

,

05/30/54

.................

EUR

12,910

13,418,182

Murphy

Oil

Corp.

,

5.88%

,

12/01/27

..

USD

325

324,595

Murphy

Oil

USA,

Inc.

,

3.75%

,

02/15/31

(c)

................

900

792,525

National

Grid

North

America,

Inc.

(b)

1.05%

,

01/20/31

............

EUR

3,871

3,470,467

4.67%

,

09/12/33

............

9,440

10,505,719

Nationstar

Mortgage

Holdings,

Inc.

(c)

6.00%

,

01/15/27

............

USD

2,068

2,045,953

5.50%

,

08/15/28

............

5,771

5,545,485

5.13%

,

12/15/30

............

5,463

5,009,521

5.75%

,

11/15/31

............

2,581

2,425,924

Navient

Corp.

5.00%

,

03/15/27

............

150

143,178

9.38%

,

07/25/30

............

275

289,156

11.50%

,

03/15/31

...........

675

743,463

NCL

Corp.

Ltd.

(c)

8.38%

,

02/01/28

............

625

653,088

8.13%

,

01/15/29

............

3,275

3,431,389

NCR

Atleos

Corp.

,

9.50%

,

04/01/29

(c)

12,840

13,876,715

Neogen

Food

Safety

Corp.

,

8.63%

,

07/20/30

(c)

................

2,639

2,849,043

Neptune

Bidco

US,

Inc.

,

9.29%

,

04/15/29

(c)

................

1,050

1,007,764

Netflix,

Inc.

,

3.63%

,

05/15/27

......

EUR

11,800

12,696,074

New

York

Life

Global

Funding

,

4.35%

,

09/16/25

(b)

................

GBP

3,899

4,874,061

Newell

Brands,

Inc.

5.70%

,

04/01/26

(g)

...........

USD

660

651,884

6.38%

,

09/15/27

............

1,250

1,232,682

6.63%

,

09/15/29

............

475

465,751

News

Corp.

(c)

3.88%

,

05/15/29

............

475

437,237

5.13%

,

02/15/32

............

125

118,576

Nexstar

Media,

Inc.

(c)

5.63%

,

07/15/27

............

3,106

2,950,723

4.75%

,

11/01/28

............

525

466,779

NextEra

Energy

Capital

Holdings,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.75%

,

06/15/54

(a)

.....

18,260

18,364,703

NGL

Energy

Operating

LLC

,

8.38%

,

02/15/32

(c)

................

575

583,852

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

NiSource,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.45%),

6.95%

,

11/30/54

(a)

................

USD

2,645

$

2,657,162

Nissan

Motor

Acceptance

Co.

LLC

,

2.75%

,

03/09/28

(b)

...........

10,000

8,915,480

Nordstrom,

Inc.

,

4.25%

,

08/01/31

...

1,025

911,416

Novelis

Corp.

(c)

3.25%

,

11/15/26

............

350

329,352

3.88%

,

08/15/31

............

1,225

1,060,584

NRG

Energy,

Inc.

5.75%

,

01/15/28

............

14

13,891

3.38%

,

02/15/29

(c)

...........

950

845,082

5.25%

,

06/15/29

(c)

...........

13

12,477

3.63%

,

02/15/31

(c)

...........

2,750

2,358,390

3.88%

,

02/15/32

(c)

...........

50

42,930

NuStar

Logistics

LP

5.75%

,

10/01/25

............

375

372,652

5.63%

,

04/28/27

............

300

297,473

6.38%

,

10/01/30

............

300

305,059

Occidental

Petroleum

Corp.

,

6.63%

,

09/01/30

.................

4,200

4,404,628

OI

European

Group

BV

(b)

6.25%

,

05/15/28

............

EUR

6,349

7,028,943

5.25%

,

06/01/29

............

4,255

4,572,796

Olin

Corp.

5.13%

,

09/15/27

............

USD

500

484,999

5.00%

,

02/01/30

............

200

188,976

Olympus

Water

US

Holding

Corp.

7.13%

,

10/01/27

(c)

...........

3,940

3,954,964

9.63%

,

11/15/28

(b)

...........

EUR

12,553

14,403,175

9.75%

,

11/15/28

(c)

...........

USD

16,970

17,953,763

OneMain

Finance

Corp.

7.13%

,

03/15/26

............

625

635,096

9.00%

,

01/15/29

............

575

606,638

7.88%

,

03/15/30

............

5,150

5,309,938

4.00%

,

09/15/30

............

150

128,736

OPENLANE,

Inc.

,

5.13%

,

06/01/25

(c)

.

117

115,284

Oracle

Corp.

2.50%

,

04/01/25

............

12,000

11,722,004

6.15%

,

11/09/29

............

12,675

13,256,889

2.95%

,

04/01/30

............

20,400

18,142,675

2.88%

,

03/25/31

............

8,300

7,166,841

Organon

&

Co.

2.88%

,

04/30/28

(b)

...........

EUR

10,331

10,401,805

4.13%

,

04/30/28

(c)

...........

USD

1,125

1,044,783

5.13%

,

04/30/31

(c)

...........

1,000

898,252

Outfront

Media

Capital

LLC

(c)

5.00%

,

08/15/27

............

294

284,597

4.25%

,

01/15/29

............

2,025

1,846,435

4.63%

,

03/15/30

............

427

384,489

Pacific

Gas

&

Electric

Co.

3.40%

,

08/15/24

............

1,325

1,320,535

3.30%

,

12/01/27

............

8,400

7,830,208

5.55%

,

05/15/29

............

15,000

15,033,749

Pactiv

Evergreen

Group

Issuer

LLC

,

4.38%

,

10/15/28

(c)

...........

200

186,625

Pactiv

Evergreen

Group

Issuer,

Inc.

,

4.00%

,

10/15/27

(c)

...........

350

327,820

Palomino

Funding

Trust

I

,

7.23%

,

05/17/28

(c)

................

4,440

4,660,229

Paramount

Global

7.88%

,

07/30/30

............

7,260

7,430,909

5.25%

,

04/01/44

............

22,973

16,731,019

4.90%

,

08/15/44

............

1,760

1,224,056

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.00%),

6.38%

,

03/30/62

(a)

...

USD

19,102

$

16,870,075

Park

Intermediate

Holdings

LLC

,

4.88%

,

05/15/29

(c)

...........

9,502

8,910,183

PBF

Holding

Co.

LLC

,

7.88%

,

09/15/30

(c)

................

1,625

1,663,555

PennyMac

Financial

Services,

Inc.

(c)

5.38%

,

10/15/25

............

100

99,112

7.88%

,

12/15/29

............

6,311

6,507,796

5.75%

,

09/15/31

............

50

46,821

Performance

Food

Group,

Inc.

,

4.25%

,

08/01/29

(c)

................

1,025

933,169

Permian

Resources

Operating

LLC

(c)

5.38%

,

01/15/26

............

32,104

31,748,233

7.75%

,

02/15/26

............

1,526

1,538,426

8.00%

,

04/15/27

............

9,512

9,725,449

5.88%

,

07/01/29

............

2,835

2,791,591

7.00%

,

01/15/32

............

3,634

3,733,085

Perrigo

Finance

Unlimited

Co.

4.38%

,

03/15/26

............

525

507,694

5.15%

,

06/15/30

(g)

...........

200

183,863

PG&E

Corp.

5.00%

,

07/01/28

............

450

432,964

5.25%

,

07/01/30

............

100

95,503

Pilgrim's

Pride

Corp.

4.25%

,

04/15/31

............

750

682,601

6.25%

,

07/01/33

............

12,804

13,042,833

Pioneer,

Inc.

,

10.50%

,

11/18/30

(a)

(c)

(d)

.

31,512

31,552,552

Pitney

Bowes,

Inc.

,

6.88%

,

03/15/27

(c)

30,040

28,374,667

Playtika

Holding

Corp.

,

4.25%

,

03/15/29

(c)

................

1,694

1,486,415

PNC

Bank

NA

,

3.25%

,

01/22/28

....

8,500

7,956,871

PNC

Financial

Services

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

1.84%),

5.58%

,

06/12/29

...............

3,400

3,437,192

(1-day

SOFR

+

1.20%),

5.49%

,

05/14/30

...............

20,000

20,111,256

Post

Holdings,

Inc.

(c)

5.63%

,

01/15/28

............

350

344,573

4.63%

,

04/15/30

............

925

849,999

4.50%

,

09/15/31

............

2,500

2,240,867

Premier

Entertainment

Sub

LLC

(c)

5.63%

,

09/01/29

............

1,350

970,852

5.88%

,

09/01/31

............

525

357,043

Prime

Security

Services

Borrower

LLC

(c)

5.75%

,

04/15/26

............

450

446,581

3.38%

,

08/31/27

............

125

115,659

6.25%

,

01/15/28

............

425

418,804

Prologis

Targeted

US

Logistics

Fund

LP

,

5.25%

,

04/01/29

(c)

.........

11,849

11,857,013

Qorvo,

Inc.

,

1.75%

,

12/15/24

......

2,632

2,576,197

Rand

Parent

LLC

,

8.50%

,

02/15/30

(c)

16,557

16,762,489

Range

Resources

Corp.

4.88%

,

05/15/25

............

400

397,538

8.25%

,

01/15/29

............

400

414,494

Resorts

World

Las

Vegas

LLC

4.63%

,

04/16/29

(b)

...........

4,000

3,585,000

4.63%

,

04/06/31

(c)

...........

3,000

2,595,000

Reworld

Holding

Corp.

,

4.88%

,

12/01/29

(c)

................

6,228

5,684,468

RHP

Hotel

Properties

LP

4.75%

,

10/15/27

............

836

804,882

7.25%

,

07/15/28

(c)

...........

250

258,519

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

4.50%

,

02/15/29

(c)

...........

USD

350

$

328,233

RingCentral,

Inc.

,

8.50%

,

08/15/30

(c)

.

19,015

19,846,450

Rocket

Mortgage

LLC

(c)

2.88%

,

10/15/26

............

16,542

15,448,355

3.63%

,

03/01/29

............

5,455

4,948,370

3.88%

,

03/01/31

............

926

806,993

4.00%

,

10/15/33

............

100

84,269

Rockies

Express

Pipeline

LLC

(c)

3.60%

,

05/15/25

............

375

366,149

4.95%

,

07/15/29

............

150

141,209

Royalty

Pharma

plc

,

5.15%

,

09/02/29

18,740

18,581,686

RTX

Corp.

,

2.15%

,

05/18/30

......

EUR

14,800

14,360,979

Sabre

GLBL,

Inc.

(c)

8.63%

,

06/01/27

............

USD

16,414

15,121,654

11.25%

,

12/15/27

...........

12,027

11,691,210

Sally

Holdings

LLC

,

6.75%

,

03/01/32

6,824

6,741,612

Santander

Holdings

USA,

Inc.

,

3.45%

,

06/02/25

.................

1,988

1,944,958

SBA

Communications

Corp.

3.88%

,

02/15/27

............

450

428,863

3.13%

,

02/01/29

............

2,700

2,407,178

SC

Johnson

&

Son,

Inc.

,

3.35%

,

09/30/24

(c)

................

1,210

1,201,915

SCIL

IV

LLC

(b)

4.38%

,

11/01/26

............

EUR

2,376

2,518,623

(3-mo.

EURIBOR

at

4.38%

Floor

+

4.38%),

8.21%

,

11/01/26

(a)

...

2,347

2,526,087

9.50%

,

07/15/28

............

6,719

7,776,047

Scotts

Miracle-Gro

Co.

(The)

4.50%

,

10/15/29

............

USD

575

525,585

4.38%

,

02/01/32

............

500

430,742

Seagate

HDD

Cayman

4.88%

,

06/01/27

............

200

195,490

8.25%

,

12/15/29

(c)

...........

7,048

7,558,980

8.50%

,

07/15/31

(c)

...........

5,057

5,446,511

9.63%

,

12/01/32

............

14,005

15,974,663

Sealed

Air

Corp.

(c)

4.00%

,

12/01/27

............

300

281,948

6.13%

,

02/01/28

............

75

74,819

Select

Medical

Corp.

,

6.25%

,

08/15/26

(c)

................

8,517

8,559,040

Sempra

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.79%),

6.88%

,

10/01/54

(a)

....

20,970

20,840,986

Sensata

Technologies

BV

(c)

5.00%

,

10/01/25

............

450

453,697

4.00%

,

04/15/29

............

250

229,525

Sensata

Technologies,

Inc.

,

3.75%

,

02/15/31

(c)

................

925

806,229

Service

Corp.

International

4.63%

,

12/15/27

............

425

411,199

3.38%

,

08/15/30

............

150

130,544

4.00%

,

05/15/31

............

825

734,725

Service

Properties

Trust

4.95%

,

02/15/27

............

525

477,080

5.50%

,

12/15/27

............

1,793

1,665,588

3.95%

,

01/15/28

............

1,100

921,232

8.38%

,

06/15/29

............

22,089

21,713,623

4.38%

,

02/15/30

............

525

370,821

8.63%

,

11/15/31

(c)

...........

11,673

12,166,928

8.88%

,

06/15/32

............

23,998

22,383,775

Sherwin-Williams

Co.

(The)

,

2.95%

,

08/15/29

.................

1,825

1,644,730

Silgan

Holdings,

Inc.

,

3.25%

,

03/15/25

EUR

6,300

6,678,900

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Sirius

XM

Radio,

Inc.

(c)

5.00%

,

08/01/27

............

USD

1,856

$

1,776,602

4.00%

,

07/15/28

............

3,800

3,432,743

5.50%

,

07/01/29

............

898

843,579

4.13%

,

07/01/30

............

900

768,705

3.88%

,

09/01/31

............

700

571,434

Sitio

Royalties

Operating

Partnership

LP

,

7.88%

,

11/01/28

(c)

.........

5,259

5,437,653

Six

Flags

Entertainment

Corp.

(c)

5.50%

,

04/15/27

............

150

148,482

7.25%

,

05/15/31

............

2,475

2,519,827

SM

Energy

Co.

,

6.75%

,

09/15/26

...

614

614,204

Solventum

Corp.

(c)

5.45%

,

02/25/27

............

5,999

5,993,148

5.40%

,

03/01/29

............

20,600

20,537,137

5.45%

,

03/13/31

............

94,196

93,013,087

Sonder

Corp.

,

10.00%

,

12/31/24

(d)

..

2,191

2,106,089

Sonder

Holdings,

Inc.

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

9.00%),

13.99%

,

01/19/27

(a)

(d)

...

38,987

34,308,766

Southern

California

Edison

Co.

,

2.85%

,

08/01/29

.................

3,800

3,411,648

Southern

Co.

(The)

,

(5-Year

EUR

Swap

Annual

+

2.11%),

1.88%

,

09/15/81

(a)

EUR

47,749

45,522,790

Southern

Power

Co.

,

1.85%

,

06/20/26

5,500

5,679,249

Southwestern

Energy

Co.

5.38%

,

02/01/29

............

USD

350

340,203

5.38%

,

03/15/30

............

150

144,911

4.75%

,

02/01/32

............

375

344,972

Spectrum

Brands,

Inc.

,

3.88%

,

03/15/31

(c)

................

72

60,173

Spirit

AeroSystems,

Inc.

(c)

9.38%

,

11/30/29

............

11,530

12,413,624

9.75%

,

11/15/30

............

29,085

32,084,129

Spirit

Loyalty

Cayman

Ltd.

,

8.00%

,

09/20/25

(c)

................

4,235

3,091,460

Sprint

LLC

,

7.63%

,

03/01/26

......

8,000

8,220,640

Sprint

Spectrum

Co.

LLC

(c)

4.74%

,

03/20/25

............

2,681

2,664,478

5.15%

,

03/20/28

............

1,384

1,377,133

SS&C

Technologies,

Inc.

,

5.50%

,

09/30/27

(c)

................

675

664,676

Standard

Industries,

Inc.

(c)

5.00%

,

02/15/27

............

334

324,669

4.75%

,

01/15/28

............

310

294,963

4.38%

,

07/15/30

............

600

542,110

3.38%

,

01/15/31

............

575

484,455

Starwood

Property

Trust,

Inc.

(c)

3.63%

,

07/15/26

............

50

47,034

4.38%

,

01/15/27

............

550

520,724

State

Street

Corp.

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

6.60%

,

06/15/47

(a)

...........

49,239

42,407,119

Steel

Dynamics,

Inc.

,

3.45%

,

04/15/30

16,450

15,021,026

Stem,

Inc.

,

0.50%

,

12/01/28

(c)

(n)

....

1,234

490,486

STL

Holding

Co.

LLC

,

8.75%

,

02/15/29

(c)

................

4,671

4,875,132

Sun

Country

Airlines

Pass-Through

Trusts

,

Series

2022-1A

,

4.84%

,

03/15/31

(d)

................

7,259

7,105,282

Sun

Country,

Inc.

,

Series

2019-1B

,

4.70%

,

12/15/25

(d)

...........

2,567

2,509,445

Sunoco

LP

5.88%

,

03/15/28

............

3,502

3,486,748

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

7.00%

,

09/15/28

(c)

...........

USD

575

$

589,379

4.50%

,

04/30/30

............

1,631

1,508,724

Talen

Energy

Supply

LLC

,

8.63%

,

06/01/30

(c)

................

6,260

6,674,562

Tallgrass

Energy

Partners

LP

(c)

6.00%

,

03/01/27

............

50

49,280

5.50%

,

01/15/28

............

700

669,717

7.38%

,

02/15/29

............

525

527,565

6.00%

,

09/01/31

............

400

373,819

Taylor

Morrison

Communities,

Inc.

(c)

5.88%

,

06/15/27

............

5,398

5,374,278

5.75%

,

01/15/28

............

1,139

1,128,948

TEGNA,

Inc.

4.75%

,

03/15/26

(c)

...........

175

171,066

4.63%

,

03/15/28

............

1,533

1,381,315

5.00%

,

09/15/29

............

525

463,585

Tempur

Sealy

International,

Inc.

(c)

4.00%

,

04/15/29

............

275

247,999

3.88%

,

10/15/31

............

450

376,155

Tenet

Healthcare

Corp.

4.63%

,

06/15/28

............

775

737,024

4.25%

,

06/01/29

............

25,200

23,467,848

4.38%

,

01/15/30

............

8,752

8,112,723

6.13%

,

06/15/30

............

6,609

6,564,373

6.75%

,

05/15/31

............

575

583,632

Tenneco,

Inc.

,

8.00%

,

11/17/28

(c)

...

10,398

9,465,767

Texas

Capital

Bancshares,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.15%),

4.00%

,

05/06/31

(a)

...........

7,800

7,069,420

T-Mobile

USA,

Inc.

2.25%

,

02/15/26

............

15,000

14,243,796

4.75%

,

02/01/28

............

3,358

3,306,732

3.38%

,

04/15/29

............

17,510

16,170,019

3.88%

,

04/15/30

............

28,795

26,918,334

2.88%

,

02/15/31

............

8,400

7,284,563

TransDigm,

Inc.

6.75%

,

08/15/28

(c)

...........

4,275

4,327,257

4.63%

,

01/15/29

............

4,300

4,012,068

4.88%

,

05/01/29

............

300

281,007

6.88%

,

12/15/30

(c)

...........

475

484,904

Transocean

Titan

Financing

Ltd.

,

8.38%

,

02/01/28

(c)

...........

2,888

2,980,667

Transocean,

Inc.

,

8.25%

,

05/15/29

(c)

.

6,349

6,364,739

Travel

+

Leisure

Co.

6.63%

,

07/31/26

(c)

...........

590

594,458

6.00%

,

04/01/27

(g)

...........

125

124,736

4.50%

,

12/01/29

(c)

...........

100

92,131

TRI

Pointe

Homes,

Inc.

5.25%

,

06/01/27

............

6,120

5,969,083

5.70%

,

06/15/28

............

18

17,654

Truist

Financial

Corp.

(a)

(1-day

SOFR

+

0.86%),

1.89%

,

06/07/29

...............

11,500

10,067,523

(1-day

SOFR

+

2.45%),

7.16%

,

10/30/29

...............

28,292

30,042,256

(1-day

SOFR

+

1.92%),

5.71%

,

01/24/35

...............

17,694

17,616,760

Uber

Technologies,

Inc.

(c)

7.50%

,

09/15/27

............

850

866,676

6.25%

,

01/15/28

............

300

300,352

4.50%

,

08/15/29

............

600

571,674

UGI

International

LLC

,

2.50%

,

12/01/29

(b)

................

EUR

6,204

5,899,276

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

United

Airlines

Pass-Through

Trust

,

Series

2013-1

,

Class

A

,

4.30%

,

08/15/25

.................

USD

1,585

$

1,560,036

United

Airlines,

Inc.

(c)

4.38%

,

04/15/26

............

675

652,055

4.63%

,

04/15/29

............

1,425

1,327,117

United

Rentals

North

America,

Inc.

5.50%

,

05/15/27

............

525

520,959

4.88%

,

01/15/28

............

350

339,219

5.25%

,

01/15/30

............

2,600

2,519,542

3.75%

,

01/15/32

............

525

456,780

United

Wholesale

Mortgage

LLC

(c)

5.50%

,

11/15/25

............

275

273,010

5.75%

,

06/15/27

............

228

222,584

5.50%

,

04/15/29

............

1,075

1,021,315

Uniti

Group

LP

(c)

10.50%

,

02/15/28

...........

20,016

19,601,313

4.75%

,

04/15/28

............

2,450

2,003,234

Univision

Communications,

Inc.

(c)

6.63%

,

06/01/27

............

350

335,070

8.00%

,

08/15/28

............

2,865

2,794,028

4.50%

,

05/01/29

............

4,000

3,361,881

7.38%

,

06/30/30

............

150

139,525

US

Airways

Pass-Through

Trust

Series

2012-1

,

Class

A

,

5.90%

,

10/01/24

...............

917

916,181

Series

2012-2

,

Class

A

,

4.63%

,

06/03/25

...............

425

420,162

US

Bancorp

(a)

(1-day

SOFR

+

0.73%),

2.22%

,

01/27/28

...............

14,000

12,944,092

(3-mo.

EURIBOR

+

0.80%),

4.63%

,

05/21/28

...............

EUR

20,700

22,097,538

US

Foods,

Inc.

(c)

6.88%

,

09/15/28

............

USD

650

664,572

4.63%

,

06/01/30

............

50

46,453

7.25%

,

01/15/32

............

1,400

1,452,909

USA

Compression

Partners

LP

,

6.88%

,

09/01/27

.................

175

175,328

Vantage

Drilling

International

Ltd.

,

9.50%

,

02/15/28

(c)

...........

9,053

9,192,906

Venture

Global

Calcasieu

Pass

LLC

(c)

6.25%

,

01/15/30

............

2,850

2,892,454

3.88%

,

11/01/33

............

225

191,724

Veritas

US,

Inc.

,

7.50%

,

09/01/25

(c)

..

2,510

2,170,487

Verizon

Communications,

Inc.

,

1.13%

,

11/03/28

..................

GBP

3,266

3,540,480

VF

Corp.

,

2.40%

,

04/23/25

.......

USD

10,346

10,057,880

VICI

Properties

LP

3.50%

,

02/15/25

(c)

...........

12,437

12,268,404

4.38%

,

05/15/25

............

3,068

3,027,266

4.63%

,

06/15/25

(c)

...........

2,533

2,499,885

4.50%

,

09/01/26

(c)

...........

2,481

2,410,953

4.25%

,

12/01/26

(c)

...........

544

524,627

5.75%

,

02/01/27

(c)

...........

4,802

4,802,106

3.75%

,

02/15/27

(c)

...........

327

310,580

4.75%

,

02/15/28

............

4,200

4,102,334

3.88%

,

02/15/29

(c)

...........

5,000

4,621,610

4.63%

,

12/01/29

(c)

...........

5,361

5,073,512

4.95%

,

02/15/30

............

7,775

7,500,855

4.13%

,

08/15/30

(c)

...........

5,000

4,547,319

Vistra

Operations

Co.

LLC

(c)

5.50%

,

09/01/26

............

17

16,765

5.00%

,

07/31/27

............

6,026

5,829,205

7.75%

,

10/15/31

............

7,410

7,716,707

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Vital

Energy,

Inc.

,

7.88%

,

04/15/32

(c)

.

USD

3,060

$

3,110,765

Walgreens

Boots

Alliance,

Inc.

3.45%

,

06/01/26

............

375

352,831

3.20%

,

04/15/30

............

450

376,703

Warnermedia

Holdings,

Inc.

,

6.41%

,

03/15/26

.................

9,938

9,937,968

Washington

Mutual

Bank

(d)(e)(f)

0.00%

,

09/21/17

(a)

...........

25,126

2

0.00%

,

09/21/17

(h)

...........

15,753

2

Washington

Mutual

Escrow

Bonds

(d)(e)(f)

0.00%

,

11/06/09

............

45,161

451,610

0.00%

,

09/19/17

(h)

...........

2,631

—

Washington

Mutual,

Inc.

,

0.00%

,

10/03/17

(a)

(d)

(e)

(f)

.............

14,745

1

Weekley

Homes

LLC

,

4.88%

,

09/15/28

(c)

................

3,099

2,869,863

Wells

Fargo

&

Co.

2.00%

,

07/28/25

(b)

...........

GBP

9,000

10,971,154

(1-day

SOFR

+

1.32%),

3.91%

,

04/25/26

(a)

..............

USD

16,089

15,847,557

(1-day

SOFR

+

2.00%),

2.19%

,

04/30/26

(a)

..............

8,304

8,063,545

(1-day

SOFR

+

1.51%),

3.53%

,

03/24/28

(a)

..............

6,000

5,723,085

(1-day

SOFR

+

1.07%),

5.71%

,

04/22/28

(a)

..............

9,106

9,184,796

(Sterling

Overnight

Index

Average

+

1.28%),

3.47%

,

04/26/28

(a)

(b)

..

GBP

11,300

13,528,618

(1-day

SOFR

+

1.74%),

5.57%

,

07/25/29

(a)

..............

USD

8,377

8,452,997

(1-day

SOFR

+

1.79%),

6.30%

,

10/23/29

(a)

..............

33,924

35,203,368

(1-day

SOFR

+

1.50%),

5.20%

,

01/23/30

(a)

..............

12,000

11,949,615

(3-mo.

CME

Term

SOFR

+

1.43%),

2.88%

,

10/30/30

(a)

.........

35,265

31,282,023

(3-mo.

CME

Term

SOFR

+

1.26%),

2.57%

,

02/11/31

(a)

.........

10,000

8,654,702

(1-day

SOFR

+

1.99%),

5.56%

,

07/25/34

(a)

..............

20,000

19,985,198

(1-day

SOFR

+

1.78%),

5.50%

,

01/23/35

(a)

..............

38,063

37,929,520

Welltower

OP

LLC

4.25%

,

04/15/28

............

18,125

17,522,390

2.80%

,

06/01/31

............

2,000

1,707,033

2.75%

,

01/15/32

............

15,000

12,614,482

Western

Digital

Corp.

,

4.75%

,

02/15/26

800

783,233

WFCM

,

9.56%

,

07/11/43

(c)

........

8,400

8,399,958

Williams

Cos.,

Inc.

(The)

4.90%

,

03/15/29

............

10,000

9,864,183

3.50%

,

11/15/30

............

4,200

3,806,907

WMG

Acquisition

Corp.

3.88%

,

07/15/30

(c)

...........

550

490,938

2.25%

,

08/15/31

(b)

...........

EUR

2,330

2,170,923

WRKCo,

Inc.

,

3.75%

,

03/15/25

.....

USD

4,000

3,943,858

Wynn

Las

Vegas

LLC

,

5.25%

,

05/15/27

(c)

................

600

585,270

Wynn

Resorts

Finance

LLC

,

5.13%

,

10/01/29

(c)

................

3,138

2,984,438

Xerox

Holdings

Corp.

,

5.50%

,

08/15/28

(c)

................

700

602,944

XHR

LP

(c)

6.38%

,

08/15/25

............

2,385

2,382,405

4.88%

,

06/01/29

............

2,636

2,470,455

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

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)

Yum!

Brands,

Inc.

3.63%

,

03/15/31

............

USD

2,150

$

1,897,472

5.38%

,

04/01/32

............

250

240,319

Zayo

Group

Holdings,

Inc.

,

4.00%

,

03/01/27

(c)

................

7,180

5,742,318

5,470,173,898

Vietnam

—

0.0%

Vinpearl

JSC

,

3.25%

,

09/21/26

(b)

(n)

..

1,800

1,764,000

Zambia

—

0.0%

First

Quantum

Minerals

Ltd.

,

9.38%

,

03/01/29

(c)

................

6,298

6,589,282

Total

Corporate

Bonds

—

38.2%

(Cost:

$

14,564,178,051

)

...........................

14,461,059,182

Fixed

Rate

Loan

Interests

India

—

0.1%

Vedanta

Holdings

Mauritius

II

Ltd.,

Term

Loan

,

18.00

%

,

12/01/30

(d)

......

34,120

34,034,939

Jersey,

Channel

Islands

—

0.0%

New

Look

Corp.

Ltd.,

Term

Loan

,

0.00

%

,

11/09/29

(d)

...........

GBP

161

2,035

Spain

—

0.1%

Findango

Finance

SL,

Term

Loan

,

7.59

%

,

01/01/38

(d)

...........

EUR

20,000

21,419,000

United

States

—

0.2%

(d)

AMF

MF

Portfolio,

Term

Loan

,

6.67

%

,

11/06/28

............

USD

4,446

4,465,959

CML

ST

Regis

Aspen,

Term

Loan

,

7.27

%

,

02/07/25

............

58,433

58,180,772

OD

Intermediate

SUBI

Holdco

II

LLC,

Term

Loan

,

10.00

%

,

04/01/26

...

13,435

13,112,820

75,759,551

Total

Fixed

Rate

Loan

Interests

—

0.4%

(Cost:

$

132,260,371

)

.............................

131,215,525

Floating

Rate

Loan

Interests

Australia

—

0.0%

Voyage

Australia

Pty.

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

9.09

%

,

07/20/28

(a)

(l)

..........

990

989,208

Austria

—

0.0%

INNIO

Group

Holding

GmbH,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.17

%

,

11/02/28

(a)

...........

EUR

3,000

3,212,047

Belgium

—

0.0%

(a)

Finco

Utilitas

BV,

Facility

Term

Loan

B

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.61

%

,

09/26/24

......

3,000

3,209,830

QSRP

Finco

BV,

Facility

Term

Loan

B

,

06/14/31

(r)

.................

2,609

2,772,830

5,982,660

Security

Par

(000)

Par

(000)

Value

Canada

—

0.0%

(a)(l)

Air

Canada,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.85

%

,

03/21/31

......

USD

596

$

595,692

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

10.33

%

,

02/15/29

...........

454

454,756

KDC/ONE

Development

Corp.,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

9.84

%

,

08/15/28

............

860

861,344

Ontario

Gaming

GTA

LP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.59

%

,

08/01/30

............

412

413,409

WestJet

Loyalty

LP,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.05

%

,

02/14/31

......

952

955,808

3,281,009

Colombia

—

0.1%

Ecopetrol

SA,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

10.00

%

,

09/06/30

(a)

(d)

...

27,200

27,871,840

Finland

—

0.0%

(a)

Mehilainen

Yhtiot

Oy,

Facility

Term

Loan

B4

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.65

%

,

08/09/28

.

EUR

6,506

6,964,953

Spa

Holdings

3

Oy,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.22

%

,

02/04/28

.....

3,000

3,199,356

10,164,309

France

—

0.2%

(a)

Altice

France

SA,

Term

Loan

B14

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

9.41

%

,

08/15/28

......

4,489

3,540,648

Athena

Bidco,

Facility

Term

Loan

B

,

04/14/31

(r)

.................

1,000

1,074,077

Banijay

Entertainment

SAS,

Facility

Term

Loan

B2

,

03/01/28

(r)

......

3,000

3,213,846

Bidco

SB,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.22

%

,

11/16/28

............

4,000

4,251,671

Casper

Bidco

SAS,

Facility

Term

Loan

B5

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

7.85

%

,

03/21/31

.....

4,000

4,282,001

Circet

Europe,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

6.97

%

,

10/13/28

......

3,000

3,155,950

Cooper

Consumer

Health,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.22

%

,

11/06/28

.

3,000

3,170,023

Elsan

SAS,

Facility

Term

Loan

B5

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.10%),

6.82

%

,

06/16/28

......

2,000

2,115,940

Financiere

Mendel,

Facility

Term

Loan

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.22

%

,

11/08/30

.......

2,000

2,132,540

Galileo

Global

Education

Operations

SAS,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

7.07

%

,

07/14/28

............

3,000

3,203,308

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

France

(continued)

Granite

France

Bidco

SAS,

Facility

Term

Loan

B

,

10/17/28

(r)

.......

EUR

3,000

$

3,213,364

Holding

Socotec,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.22

%

,

06/02/28

......

3,241

3,465,341

LSF10

Edilians

Investments

SARL,

Facility

Term

Loan

B3

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.68%),

6.59

%

,

03/03/28

............

3,000

3,136,995

Parts

Europe,

Facility

Term

Loan

B

,

02/03/31

(r)

.................

4,000

4,280,244

SAM

Bidco,

Facility

Term

Loan

B6

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.47

%

,

12/13/27

......

4,000

4,281,658

Tarkett

Participation,

Facility

Term

Loan

B

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.45%),

7.12

%

,

04/21/28

.....

5,761

6,135,654

Vivalto

Sante

Investissement,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.35%),

7.07

%

,

07/21/28

............

2,370

2,525,461

ZF

Invest,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.48%),

7.39

%

,

07/12/28

............

4,000

4,197,439

61,376,160

Germany

—

0.2%

(a)

Apleona

Holding

GmbH,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.80%),

6.67

%

-

6.67

%

,

04/28/28

............

3,000

3,187,950

Apleona

Holding

GmbH,

Term

Loan

B

,

04/28/28

(r)

.................

5,673

6,075,785

Athena

BidCo

GmbH,

Term

Loan

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.15

%

,

03/20/29

......

1,818

1,946,695

BK

LC

Lux

SPV

SARL,

Facility

Term

Loan

B

,

8.84

%

,

04/28/28

(l)

......

USD

420

420,172

Cerebro

Bidco

GmbH,

Facility

Term

Loan

B2

,

12/15/27

(r)

..........

EUR

2,000

2,137,274

Cheplapharm

Arzneimittel

GmbH,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.91

%

,

02/22/29

............

3,000

3,206,842

CTEC

III

GmbH,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.29

%

,

03/16/29

......

3,000

3,184,416

IFCO

Management

GmbH,

Facility

Term

Loan

BB

,

11/29/29

(r)

......

4,000

4,267,650

Minimax

Viking

GmbH,

Facility

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.21

%

,

07/31/28

(l)

...........

USD

994

998,117

Nidda

Healthcare

Holding

GmbH,

Facility

Term

Loan

F

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.32

%

,

08/21/26

............

EUR

4,000

4,274,419

Nidda

Healthcare

Holding

GmbH,

Term

Loan

B3

,

(3-mo.

EURIBOR

+

4.00%),

0.00

%

,

02/21/30

......

10,172

10,893,400

Rain

Carbon,

Inc.,

Term

Loan

,

10/31/28

(d)

(r)

...............

3,713

3,956,199

Security

Par

(000)

Par

(000)

Value

Germany

(continued)

Speedster

BidCo

GmbH,

Facility

1st

Lien

Term

Loan

B

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

6.36

%

,

02/14/27

............

EUR

3,000

$

3,177,444

Techem

Verwaltungsgesellschaft

675

mbH,

Facility

Term

Loan

B5

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.37

%

,

07/15/29

............

4,000

4,270,982

Tele

Columbus

AG,

Facility

Term

Loan

B

,

01/01/29

(r)

...............

2,000

1,493,975

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B2

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.93

%

,

04/30/30

.

6,138

6,554,348

Wittur

Holding

GmbH,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

9.41

%

,

09/29/28

.

4,166

3,922,766

63,968,434

Ireland

—

0.1%

(a)

Broom

Holdings

Bidco

Ltd.,

Facility

Term

Loan

B

,

08/24/28

(r)

.......

3,000

3,204,818

Promontoria

Beech

DAC,

Term

Loan

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.35

%

-

7.63

%

,

01/01/28

(d)

27,006

28,849,997

Virgin

Media

Ireland

Ltd.,

Facility

Term

Loan

B1

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.10

%

,

07/15/29

.

4,000

4,240,062

36,294,877

Jersey,

Channel

Islands

—

0.1%

(a)(d)

New

Look

Corp.

Ltd.,

Term

Loan

,

(6-

mo.

SONIA

at

0.00%

Floor

+

0.00%),

16.50

%

,

11/10/27

...........

GBP

295

221,221

Vita

Global

FinCo

Ltd.,

Additional

Facility

Term

Loan

,

(6-mo.

SONIA

at

0.00%

Floor

+

7.00%),

12.28

%

,

07/06/27

...........

7,341

8,885,148

Vita

Global

FinCo

Ltd.,

Facility

Term

Loan

B

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

0.00%),

10.95

%

,

09/23/27

EUR

12,235

12,530,157

21,636,526

Luxembourg

—

0.2%

AI

Convoy

(Luxembourg)

SARL,

Facility

Term

Loan

B

,

01/18/27

(a)

(r)

......

2,324

2,488,083

AI

Monet

(Luxembourg)

Parentco

SARL,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

8.21

%

,

02/10/31

(a)

...........

3,000

3,216,866

AI

Sirona

(Luxembourg)

Acquisition

SARL,

Facility

Term

Loan

B3

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.65

%

,

09/30/28

(a)

...........

4,000

4,282,001

Allied

Universal

Holdco

LLC,

Term

Loan

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.40

%

,

05/12/28

(a)

3,982

4,221,974

Altice

Financing

SA,

Term

Loan

(a)

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

8.91

%

,

10/28/27

....

5,785

5,381,635

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

8.91

%

,

10/31/27

....

7,454

6,934,292

Chrysaor

Bidco

SARL,

Term

Loan

B

,

05/14/31

(a)

(r)

...............

1,345

1,439,236

Cidron

Aida

Finco

SARL,

Facility

Term

Loan

B

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

8.15

%

,

05/29/28

(a)

2,000

2,139,222

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Luxembourg

(continued)

Claudius

Finance

Parent

SARL,

Term

Loan

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.39

%

,

07/10/28

(a)

EUR

3,000

$

3,209,251

Cobham

Ultra

SeniorCo

SARL,

Facility

Term

Loan

B

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

7.08

%

,

08/06/29

(a)

...........

4,000

4,271,206

Connect

Finco

SARL,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84

%

,

09/27/29

(a)

(l)

........

USD

15,486

14,571,745

Eircom

Finco

SARL.,

Facility

Term

Loan

B3

,

05/15/29

(a)

(r)

.............

EUR

3,000

3,208,866

EURO

Parfums

Fze,

Term

Loan

A

,

(6-mo.

LIBOR

USD

at

0.00%

Floor

+

0.00%),

12.21

%

,

01/01/30

(a)

(d)

...

USD

10,561

10,561,000

Index

Holdco

SARL,

Facility

Term

Loan

A

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

0.10%),

0.10

%

,

12/29/28

(a)

(d)

...

EUR

3,699

624,861

Jazz

Pharmaceuticals

plc,

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.46

%

,

05/05/28

(a)

(l)

..........

USD

989

988,678

Motion

Acquisition

Ltd.,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.47

%

,

11/12/29

(a)

EUR

3,924

4,191,218

Radar

Bidco

SARL,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

7.96

%

,

04/04/31

(a)

....

4,258

4,555,432

Rainbow

UK

Holdco

Ltd.,

Facility

Term

Loan

B2

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.41

%

,

02/24/29

(a)

5,600

5,973,211

Summer

(BC)

Bidco

B

LLC,

Facility

Term

Loan

B

,

01/31/29

(a)

(r)

......

3,000

3,202,023

Telenet

International

Finance

SARL,

Facility

Term

Loan

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.25%),

5.85

%

,

04/30/29

(a)

...........

4,000

4,201,551

Tipico

Co.

Ltd.,

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.32

%

,

05/22/28

(a)

...........

3,400

3,627,175

93,289,526

Netherlands

—

0.2%

(a)

Bach

Finance

Ltd.,

Term

Loan

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.04

%

,

01/31/28

............

3,000

3,213,203

Barentz

Midco

BV,

Facility

Term

Loan

B

,

11/30/27

(r)

...............

3,000

3,210,183

Bock

Capital

Bidco

BV,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.22

%

,

06/29/28

.

4,000

4,229,567

Boels

Topholding

BV,

Facility

Term

Loan

B2

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

6.80

%

,

05/23/31

.....

4,417

4,720,616

Flutter

Entertainment

plc,

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.58

%

,

11/25/30

(l)

.

USD

945

944,664

Kouti

BV,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.43%),

7.22

%

,

08/31/28

............

EUR

3,500

3,737,192

Median

BV,

Facility

Term

Loan

B1

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.93%),

8.65

%

,

10/14/27

......

2,618

2,751,873

Security

Par

(000)

Par

(000)

Value

Netherlands

(continued)

Median

BV,

Facility

Term

Loan

B2

,

10/14/27

(r)

.................

GBP

5,300

$

6,283,811

Odido

Holding

BV,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.90%),

7.62

%

,

03/30/29

......

EUR

4,000

4,278,274

Peer

Holding

III

BV,

Facility

Term

Loan

B3

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.40

%

,

09/29/28

.....

3,000

3,207,485

Peer

Holding

III

BV,

Facility

Term

Loan

B4

,

8.59

%

,

10/28/30

(l)

.........

USD

799

799,503

Pegasus

BidCo

BV,

Term

Loan

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.58

%

,

07/12/29

............

EUR

4,000

4,279,773

Sandy

BidCo

BV,

Facility

Term

Loan

B

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.60%),

7.41

%

,

08/17/29

......

3,000

3,197,717

Sigma

Holdco

BV,

Facility

Term

Loan

B6

,

01/02/28

(r)

..............

7,500

7,985,780

Stage

Entertainment

BV,

Facility

Term

Loan

B2

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

6.81

%

,

06/02/26

.

3,208

3,424,880

TMF

Sapphire

Bidco

BV,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.61

%

,

05/03/28

............

4,000

4,280,887

UPC

Broadband

Holding

BV,

Facility

Term

Loan

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

6.10

%

,

04/30/29

............

3,000

3,192,256

Ziggo

BV,

Facility

Term

Loan

H

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

6.60

%

,

01/31/29

............

4,279

4,488,469

68,226,133

Norway

—

0.0%

Sector

Alarm

Holding

AS,

Term

Loan

,

06/12/29

(a)

(r)

...............

2,035

2,171,305

Spain

—

0.3%

(a)

Aernnova

Aerospace

SAU,

Facility

Term

Loan

B1

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

6.65

%

,

02/26/27

.

2,388

2,543,690

Aernnova

Aerospace

SAU,

Facility

Term

Loan

B2

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

6.90

%

,

02/26/27

.

612

652,228

Aernnova

Aerospace

SAU,

Term

Loan

,

02/27/30

(r)

.................

1,042

1,110,404

Boluda

Towage

SLU,

Facility

Term

Loan

B3

,

01/31/30

(r)

..............

3,000

3,201,605

Europa

University

Education

Group

SL,

Term

Loan

,

06/13/31

(r)

........

4,746

5,067,730

Lorca

Holdco

Ltd.,

Facility

Term

Loan

B3

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.30

%

-

7.36

%

,

03/25/31

28,616

30,590,990

Pax

Midco

SLU,

Facility

Term

Loan

B2

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

5.00%),

8.74

%

,

12/31/29

......

8,528

9,076,184

Promontoria

Challenger

I

SA,

Term

Loan

,

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

0.00%),

7.09

%

,

07/15/24

(d)

24,765

26,489,898

Sirocco

Lux

SA,

Facility

Term

Loan

A

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.00%),

7.79

%

,

01/01/28

(d)

.....

30,685

32,862,028

111,594,757

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Sweden

—

0.0%

(a)

Anticimex

Global

AB,

Facility

Term

Loan

B6

,

11/16/28

(l)

(r)

.............

USD

120

$

120,199

Platea

(BC)

Bidco

AB,

Facility

Delayed

Draw

Term

Loan

,

04/02/31

(r)

....

EUR

667

711,140

Platea

(BC)

Bidco

AB,

Facility

Term

Loan

B

,

04/02/31

(r)

...........

3,333

3,555,696

Quimper

AB,

Facility

Term

Loan

B1

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.93%),

6.62

%

,

02/16/26

......

3,000

3,193,573

Verisure

Holding

AB

(publ),

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

6.72

%

,

03/27/28

............

3,000

3,193,862

10,774,470

United

Kingdom

—

0.4%

(a)

BCP

V

Modular

Services

Holdings

IV

Ltd.,

Facility

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.43%),

8.33

%

,

12/15/28

............

3,000

3,187,951

Bellis

Acquisition

Co.

plc,

Term

Loan

B

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.80

%

,

12/31/30

......

7,879

8,351,152

CD&R

Firefly

Bidco

Ltd.,

Facility

Term

Loan

B6

,

(6-mo.

SONIA

at

0.00%

Floor

+

5.75%),

11.11

%

,

06/21/28

.

GBP

5,875

7,425,251

CML

Project

Horizons,

Term

Loan

,

(3-

mo.

SONIA

at

0.00%

Floor

+

4.34%),

8.97

%

,

06/05/26

(d)

...........

30,990

39,163,221

Eagle

Bidco

Ltd.,

Facility

Term

Loan

B

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.40

%

,

03/20/28

......

EUR

3,000

3,195,565

Elvis

UK

HoldCo

Ltd.,

Facility

Term

Loan

B

,

10/19/28

(r)

...........

2,500

2,669,022

Emerald

2

Ltd.,

1st

Lien

Term

Loan

B2

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.47

%

,

07/12/28

......

4,000

4,279,216

Entain

plc,

Facility

Term

Loan

B3

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.01

%

,

10/31/29

(l)

USD

814

814,500

Entain

plc,

Facility

Term

Loan

B4

,

06/30/28

(r)

.................

EUR

4,000

4,284,485

Fleet

Midco

I

Ltd.,

Facility

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59

%

,

02/10/31

(d)

(l)

USD

478

479,793

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

,

01/29/27

(r)

.....

EUR

3,000

3,195,436

HNVR

Holdco

Ltd.,

Facility

Term

Loan

D2

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.09

%

,

09/12/27

.....

4,667

5,004,914

Ineos

Finance

plc,

Term

Loan

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.65

%

,

02/07/31

............

3,000

3,211,115

Ineos

Quattro

Holdings

UK

Ltd.,

Term

Loan

B

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.50%),

8.15

%

,

04/02/29

.

11,295

12,056,873

Ineos

US

Finance

LLC,

Term

Loan

(1-mo.

EURIBOR

at

0.50%

Floor

+

4.00%),

0.00

%

-

7.12

%

,

07/31/24

1,000

1,064,589

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

0.00

%

,

02/18/30

(l)

USD

965

958,486

(1-mo.

EURIBOR

+

3.50%),

0.00

%

,

06/23/31

..........

EUR

8,036

8,537,923

Inspired

Finco

Holdings

Ltd.,

Facility

Term

Loan

B5

,

02/28/31

(r)

......

4,000

4,279,516

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Market

Bidco

Ltd.,

Facility

Term

Loan

B1

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

8.58

%

,

11/04/27

.....

EUR

2,000

$

2,133,461

Mercia,

Facility

Term

Loan

A2

,

(3-mo.

SONIA

at

0.00%

Floor

+

0.00%),

7.63

%

,

04/09/25

(d)

...........

GBP

28,574

36,101,767

Mercia,

Term

Loan

A1

,

(3-mo.

SONIA

at

0.00%

Floor

+

2.40%),

7.63

%

,

04/09/25

(d)

...........

9,371

11,840,103

Mercia,

Term

Loan

B1

,

(3-mo.

SONIA

at

0.00%

Floor

+

0.00%),

7.63

%

,

04/09/25

(d)

...........

1,646

2,079,581

Seashell

Bidco

SL,

Facility

Term

Loan

B

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

0.00%),

10.36

%

,

10/10/29

(d)

...

EUR

2,270

2,431,084

Synlab

Bondco

plc,

Facility

Term

Loan

,

(6-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

6.18

%

,

07/01/27

......

3,230

3,428,105

VMED

O2

UK

Holdco

4

Ltd.,

Facility

Term

Loan

Z

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.43%),

7.02

%

,

10/15/31

............

2,500

2,650,976

172,824,085

United

States

—

2.6%

ABG

Intermediate

Holdings

2

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

0.00

%

,

12/21/28

(a)

(l)

.....

USD

1,029

1,029,479

Action

Environmental

Group,

Inc.,

(The),

Delayed

Draw

Term

Loan

,

10/24/30

(a)

(d)

(l)

(r)

..............

43

43,210

Action

Environmental

Group,

Inc.,

(The),

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.33

%

,

10/24/30

(a)

(d)

(l)

.........

529

531,307

ADMI

Corp.,

Term

Loan

,

12/23/27

(a)

(l)

(r)

492

480,227

AHP

Health

Partners,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96

%

,

08/24/28

(a)

(l)

879

880,929

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(a)

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.21

%

,

02/02/26

8,247

8,038,868

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

10.21

%

,

02/02/26

3,240

3,185,278

AlixPartners

LLP,

Term

Loan

(a)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

6.72

%

,

02/04/28

....

EUR

2,855

3,050,907

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.96

%

,

02/04/28

(l)

USD

617

616,712

Allied

Universal

Holdco

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.19

%

,

05/12/28

(a)

...........

7,294

7,262,841

Allspring

Buyer

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.89

%

,

11/01/28

(a)

(l)

.....

990

986,864

Alorica,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.88%),

12.22

%

,

12/21/27

(a)

(d)

...

21,255

20,804,308

Altar

BidCo,

Inc.,

2nd

Lien

Term

Loan

,

(12-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.60%),

10.40

%

,

02/01/30

(a)

32,364

31,554,821

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

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)

Alterra

Mountain

Co.,

Term

Loan

B

,

05/31/30

(a)

(l)

(r)

...............

USD

161

$

161,705

Amer

Sports

Co.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.58

%

,

02/17/31

(a)

(d)

(l)

...

386

387,963

American

Airlines,

Inc.,

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.50%),

7.77

%

,

06/04/29

(a)

(l)

1,000

997,500

American

Auto

Auction

Group

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.48

%

,

12/30/27

(a)

..........

3,161

3,152,401

American

Axle

&

Manufacturing,

Inc.,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.33

%

,

12/13/29

(a)

(l)

..........

975

977,358

AmWINS

Group,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

7.71

%

,

02/19/28

(a)

(l)

1,107

1,105,672

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

+

4.25%),

9.55

%

,

02/28/28

(a)

....

549

550,025

AppLovin

Corp.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.84

%

,

10/25/28

(a)

(l)

.....

995

996,461

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.35

%

,

06/23/28

(a)

(l)

.........

465

464,974

Arsenal

AIC

Parent

LLC,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.09

%

,

08/18/30

(a)

(l)

459

460,719

Avaya,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.50%),

6.84

%

,

08/01/28

(a)

.....

92

79,283

Bakelite

US

Holdco,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.83

%

-

8.84

%

,

05/29/29

(a)

...........

15,082

15,120,063

Baldwin

Insurance

Group

Holdings

LLC

(The),

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59

%

,

05/26/31

(a)

(d)

(l)

.........

479

478,293

Bally's

Corp.,

Facility

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.84

%

,

10/02/28

(a)

(l)

........

30,683

29,091,536

Barnes

Group,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.83

%

,

08/30/30

(a)

(l)

.....

494

494,745

Barracuda

Parent

LLC,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.81

%

,

08/15/29

(a)

(l)

..........

995

992,343

Bausch

+

Lomb

Corp.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.69

%

,

05/10/27

(a)

(l)

990

978,515

BCPE

North

Star

US

Holdco

2,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.46

%

,

06/09/28

(a)

...........

10,003

9,453,070

Bleriot

US

Bidco,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.58

%

,

10/30/28

(a)

(l)

1,203

1,208,120

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Boost

Newco

Borrower

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.33

%

,

01/31/31

(a)

(l)

..........

USD

622

$

621,913

Boxer

Parent

Co.,

Inc.,

Term

Loan

(a)

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

7.90

%

,

12/29/28

....

EUR

9,552

10,225,418

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34

%

,

12/29/28

(l)

USD

530

530,807

Brand

Industrial

Services,

Inc.,

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

and

0.50%

Cap

+

4.50%),

0.00

%

,

08/01/30

(a)

(l)

.....

1,090

1,092,808

Broadstreet

Partners,

Inc.,

Term

Loan

B4

,

05/09/31

(a)

(l)

(r)

............

1,000

996,750

Caesars

Entertainment,

Inc.,

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.10

%

,

02/06/30

(a)

(l)

952

951,366

Caesars

Entertainment,

Inc.,

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.10

%

,

02/06/31

(a)

(l)

..........

360

359,759

Calpine

Construction

Finance

Co.

LP,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34

%

,

07/31/30

(a)

(l)

..........

1,212

1,207,423

Cambrex

Corp.,

1st

Lien

Term

Loan

B2

,

8.94

%

,

12/04/26

(a)

(l)

..........

997

981,875

Camelot

US

Acquisition

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09

%

,

01/31/31

(a)

(l)

..........

934

934,920

Carnival

Corp.,

Term

Loan

(a)(l)

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.09

%

,

08/08/27

501

502,122

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.09

%

,

10/18/28

232

231,795

Cast

&

Crew

LLC,

Facility

1st

Lien

Term

Loan

,

9.09

%

,

12/29/28

(a)

(l)

......

968

968,001

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.34

%

,

02/22/28

(a)

(d)

(l)

.........

786

786,000

Central

Parent

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.58

%

,

07/06/29

(a)

(l)

..........

997

982,405

Champions

Holdco,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

10.08

%

,

02/23/29

(a)

(l)

383

384,436

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.84

%

,

12/01/27

(a)

(l)

..........

992

993,379

Chemours

Co.

(The),

Term

Loan

B3

(a)

(1-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.65

%

,

08/18/28

....

EUR

10,000

10,705,002

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84

%

,

08/18/28

(l)

USD

920

915,447

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan

(a)(l)

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.71

%

,

09/29/28

990

990,644

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09

%

,

09/29/28

305

305,975

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Chobani

LLC,

Term

Loan

(a)(l)

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.25%),

8.71

%

,

10/25/27

USD

497

$

498,562

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.08

%

,

10/25/27

509

511,350

Chromalloy

Corp.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.08

%

,

03/27/31

(a)

(l)

.....

373

373,466

Citadel

Securities

LP,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59

%

,

07/29/30

(a)

(l)

995

997,587

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.83

%

,

03/21/31

(a)

(l)

..........

378

378,767

Cloud

Software

Group,

Inc.,

Term

Loan

B

,

03/30/29

(a)

(r)

..............

EUR

3,004

3,214,033

CML

Hyatt

Lost

Pines,

Term

Loan

,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

0.00%),

8.87

%

,

09/09/24

(a)

(d)

....

USD

25,700

25,700,000

CML

La

Quinta

Resort,

Term

Loan

,

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

0.00%),

8.43

%

,

09/09/24

(a)

(d)

....

23,267

23,267,493

CML

Lake

Tahoe

Resort

Hotel,

Term

Loan

,

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

0.00%),

8.34

%

,

12/09/24

(a)

(d)

19,245

18,887,869

CML

Terranea

Resort,

Term

Loan

,

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

0.00%),

9.66

%

,

01/01/27

(a)

(d)

....

16,500

16,570,105

CML

Trigrams,

Term

Loan

,

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

0.00%),

8.18

%

,

09/15/24

(a)

(d)

....

18,861

18,861,003

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.83

%

,

11/08/27

(a)

(l)

..........

512

513,281

Cobham

Ultra

SeniorCo

SARL,

Facility

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.26

%

,

08/03/29

(a)

(l)

..........

993

960,758

Colorado

Plaza,

Term

Loan

,

(1-mo.

CME

Term

SOFR

+

2.86%),

0.00

%

,

12/15/24

(a)

(d)

(e)

(f)

........

15,894

1,405,183

Conair

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.21

%

,

05/17/28

(a)

...........

2,274

2,259,071

ConnectWise

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

9.10

%

,

09/29/28

(a)

.....

10,029

9,941,670

Core

&

Main

LP,

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59

%

,

02/09/31

(a)

(l)

.....

766

766,563

CoreWeave

Compute

Acquisition

Co.

II

LLC,

Delayed

Draw

Term

Loan

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

1.00

%

-

14.97

%

,

07/31/28

(a)

(d)

.......

63,145

63,069,396

0.00

%

,

05/16/29

............

73,445

72,343,325

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.68

%

,

04/12/28

(a)

...........

12,030

11,718,310

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Cotiviti

Holdings,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59

%

,

05/01/31

(a)

(l)

........

USD

8,665

$

8,611,125

Covanta

Holding

Corp.,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.08

%

,

11/30/28

(a)

(l)

1,882

1,880,743

Covanta

Holding

Corp.,

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.08

%

,

11/30/28

(a)

(l)

103

102,773

CPM

Holdings,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84

%

,

09/28/28

(a)

(l)

.....

311

308,775

Creative

Artists

Agency

LLC,

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59

%

,

11/27/28

(a)

(l)

..........

269

270,316

Crocs,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.58

%

-

7.59

%

,

02/20/29

(a)

(l)

581

584,137

Cushman

&

Wakefield

US

Borrower

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09

%

,

01/31/30

(a)

(d)

(l)

.........

998

1,002,488

Dayforce,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84

%

,

03/03/31

(a)

(d)

(l)

...

261

261,326

Dealer

Tire

Financial

LLC,

Term

Loan

B4

,

07/02/31

(a)

(d)

(l)

(r)

...........

1,495

1,491,236

Derby

Buyer

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84

%

,

11/01/30

(a)

(l)

.....

520

521,807

DirecTV

Financing

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.46

%

,

08/02/27

(a)

3,577

3,580,324

DirecTV

Financing

LLC,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.25%),

10.71

%

,

08/02/29

(a)

(l)

904

898,856

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.38%),

9.69

%

,

10/04/29

(a)

(l)

..........

277

275,881

DRI

Holding,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.69

%

,

12/21/28

(a)

6,172

5,917,343

Dun

&

Bradstreet

Corp.

(The),

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.10

%

,

01/18/29

(a)

(l)

..........

992

992,241

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84

%

,

08/24/28

(a)

(l)

..........

644

645,530

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84

%

,

08/24/28

(a)

(l)

..........

248

248,900

ECL

Entertainment

LLC,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34

%

,

08/31/30

(a)

22,028

22,082,824

EIS

Group

Ltd.,

Term

Loan

(a)(d)

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.00%),

12.33

%

,

07/10/28

28,919

28,233,206

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

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)

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.00%),

12.35

%

,

07/10/28

USD

2,892

$

2,823,320

Elanco

Animal

Health,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.19

%

,

08/01/27

(a)

(l)

992

987,534

Electron

Bidco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.46

%

,

11/01/28

(a)

(l)

..........

992

991,522

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.68

%

,

07/06/29

(a)

(l)

..........

313

314,318

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.68

%

,

07/06/29

(a)

(l)

679

681,023

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.94

%

,

10/09/29

(a)

(l)

..........

994

998,126

Emerald

Technologies

US

AcquisitionCo.,

Inc.,

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.75

%

,

12/29/27

(a)

(d)

7,538

6,633,204

Ensemble

RCM

LLC,

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.33

%

,

08/01/29

(a)

(l)

977

972,539

EP

Purchaser

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

9.10

%

,

11/06/28

(a)

(l)

990

989,171

Fertitta

Entertainment

LLC,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.08

%

,

01/27/29

(a)

14,817

14,825,984

First

Advantage

Holdings

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.21

%

,

01/31/27

(a)

(l)

..........

1,000

998,330

First

Brands

Group

LLC,

1st

Lien

Term

Loan

,

(3-mo.

EURIBOR

at

1.00%

Floor

+

5.00%),

8.87

%

,

03/30/27

(a)

(d)

EUR

6,747

7,216,260

Flexsys

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.25%),

10.85

%

,

11/01/28

(a)

..........

USD

4,453

4,207,624

Focus

Financial

Partners

LLC,

Term

Loan

B7

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.09

%

,

06/30/28

(a)

(l)

..........

993

990,895

Fortrea

Holdings,

Inc.,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09

%

,

07/01/30

(a)

(l)

239

238,477

Foundation

Building

Materials,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.33

%

,

01/29/31

(a)

(l)

..........

186

184,916

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

10/01/27

(a)

(l)

(r)

.....

997

964,581

Galaxy

Universal

LLC,

Term

Loan

,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

6.00%),

11.71

%

,

11/12/26

(a)

(d)

....

27,804

27,526,289

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Gemini

HDPE

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.59

%

,

12/31/27

(a)

(l)

.....

USD

494

$

494,393

Genesys

Cloud

Services

Holdings

I

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.21

%

,

12/01/27

(a)

(l)

..........

385

387,441

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.33

%

-

9.34

%

,

09/27/30

(a)

(l)

.....

975

970,249

GN

Loanco

LLC,

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.50%),

9.83

%

,

12/19/30

(a)

(l)

.....

929

863,867

GoTo

Group,

Inc.,

Term

Loan

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

4.75%),

10.18

%

,

04/28/28

(a)

..

27,125

19,383,383

Green

Plains

Operating

Co.

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

13.65

%

,

07/20/26

(a)

(d)

.........

22,095

21,818,451

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.44

%

,

11/15/27

(a)

(l)

..........

995

977,224

Grinding

Media,

Inc.,

1st

Lien

Term

Loan

,

9.56

%

,

10/12/28

(a)

(d)

(l)

.....

992

984,904

Gulfside

Supply,

Inc.,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

8.33

%

,

06/17/31

(a)

(d)

365

365,000

Hanesbrands,

Inc.,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09

%

,

03/08/30

(a)

(l)

.....

995

996,624

Helios

Service

Partners

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.50%),

12.06

%

,

03/19/27

(a)

(d)

.........

893

893,166

Helios

Service

Partners

LLC,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

11.81

%

,

03/19/27

(a)

(d)

.........

4,700

4,671,042

Helios

Service

Partners

LLC,

Delayed

Draw

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

1.00

%

-

11.84

%

,

03/19/27

(a)

(d)

.........

7,207

7,162,733

Helios

Software

Holdings,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.08

%

,

07/18/30

(a)

(l)

..........

833

833,909

Herschend

Entertainment

Co.

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.34

%

,

08/27/28

(a)

...........

3,699

3,710,490

Hilton

Domestic

Operating

Co.,

Inc.,

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.10

%

,

11/08/30

(a)

(l)

..........

276

276,190

Hilton

Garden

Inn

Waikiki,

Term

loan

,

(1-mo.

LIBOR

USD

at

3.25%

Floor

+

0.00%),

8.63

%

,

01/01/38

(a)

.....

29,100

28,998,150

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

86

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09

%

,

01/17/31

(a)

(l)

..........

USD

657

$

656,860

Homeserve

USA

Holding

Corp.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84

%

,

10/21/30

(a)

(l)

..........

548

548,657

Houston

Center,

Term

Loan

,

(1-mo.

CME

Term

SOFR

+

2.21%),

0.00

%

,

12/15/24

(a)

(d)

..........

30,825

15,180,463

HRNI

Holdings

LLC,

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

9.74

%

-

9.73

%

,

12/11/28

(a)

(d)

..........

31,419

31,340,727

Hunter

Douglas

Holding

BV,

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84

%

,

02/26/29

(a)

(l)

..........

496

491,419

Hydrofarm

Holdings

Group,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

10.96

%

,

10/25/28

(a)

(d)

.........

4,364

3,513,339

INEOS

Enterprises

Holdings

US

Finco

LLC,

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.20

%

,

07/08/30

(a)

(l)

.....

998

997,919

INNIO

Group

Holding

GmbH,

Facility

Term

Loan

B

,

9.58

%

,

11/02/28

(a)

(l)

.

662

663,155

Interface

Security

Systems

LLC

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.00%),

0.00

%

,

12/15/24

(a)

(d)

....

16,912

7,990,918

Iridium

Satellite

LLC,

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

7.59

%

,

09/20/30

(a)

(l)

1,132

1,129,980

J&J

Ventures

Gaming

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.46

%

,

04/26/28

(a)

7,870

7,851,437

Jack

Ohio

Finance

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.21

%

,

10/04/28

(a)

6,010

6,006,355

JFL-Tiger

Acquisition

Co.,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.83

%

,

10/17/30

(a)

(l)

..........

299

298,748

Jump

Financial

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

10.10

%

,

08/07/28

(a)

(d)

(l)

...

994

989,890

KBR,

Inc.,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59

%

,

01/17/31

(a)

(l)

.....

307

308,536

Kraton

Corp.,

Term

Loan

,

03/15/29

(a)

(l)

(r)

992

985,122

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

11.49

%

,

12/22/26

(a)

..........

3,279

3,278,535

Learning

Care

Group

(US)

No.

2

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.33

%

-

9.34

%

,

08/11/28

(a)

(l)

..........

206

207,605

Legence

Holdings

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.94

%

,

12/16/27

(a)

(l)

881

880,319

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Level

3

Financing,

Inc.,

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.56%),

11.90

%

,

04/15/29

(a)

USD

2,870

$

2,806,344

Light

&

Wonder

International,

Inc.,

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.08

%

,

04/14/29

(a)

(l)

..........

992

991,757

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.96

%

,

12/31/29

(a)

(l)

..........

992

995,320

M6

ETX

Holdings

II

Midco

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.94

%

,

09/19/29

(a)

(l)

..........

990

992,934

Maravai

Intermediate

Holdings

LLC,

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.33

%

,

10/19/27

(a)

(l)

..........

990

977,475

Maverick

Gaming

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.82

%

,

06/03/28

(a)

..........

3,056

2,931,633

Maverick

Gaming

LLC,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.82

%

,

06/03/28

(a)

..........

4,883

3,418,305

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.09

%

,

05/04/28

(a)

(l)

.....

990

991,161

McAfee

Corp.,

Term

Loan

B2

,

(1-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.16

%

,

03/01/29

(a)

...........

EUR

3,456

3,681,816

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

7.00%),

12.44

%

,

11/01/29

(a)

..........

USD

3,210

2,177,439

Medline

Borrower

LP,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.09

%

,

10/23/28

(a)

(l)

........

18,606

18,630,901

MH

Sub

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.59

%

,

05/03/28

(a)

(l)

990

988,347

Momentive

Performance

Materials,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

9.84

%

,

03/29/28

(a)

(d)

(l)

.........

990

987,500

MPH

Acquisition

Holdings

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.86

%

,

09/01/28

(a)

(l)

..........

497

411,882

Naked

Juice

LLC,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.43

%

,

01/24/30

(a)

943

752,307

NGL

Energy

Operating

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

9.84

%

,

02/03/31

(a)

(l)

416

416,923

Nieslsen

Consumer,

Inc.,

Term

Loan

(a)

(1-mo.

EURIBOR

+

4.75%),

0.00

%

,

03/06/28

..........

EUR

3,000

3,206,842

(3-mo.

EURIBOR

at

0.00%

Floor

+

6.50%),

10.10

%

,

03/06/28

....

5,237

5,602,506

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Olaplex,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.94

%

,

02/23/29

(a)

.....

USD

12,582

$

12,061,286

Olympus

Water

US

Holding

Corp.,

Term

Loan

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.90

%

,

11/09/28

(a)

EUR

1,000

1,066,099

Olympus

Water

US

Holding

Corp.,

Term

Loan

B

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.46

%

,

06/20/31

(a)

4,362

4,649,896

OMNIA

Partners

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.57

%

,

07/25/30

(a)

(l)

USD

941

940,465

Organon

&

Co.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.83

%

,

05/19/31

(a)

(l)

.....

617

617,000

Orion

Group

HoldCo

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.50%),

12.06

%

,

03/19/27

(a)

(d)

...

4,005

4,004,546

Orion

Group

HoldCo

LLC,

Delayed

Draw

Term

Loan

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

11.60

%

,

03/19/27

(a)

(d)

.......

10,464

10,446,738

Orion

Group

HoldCo

LLC,

Term

Loan

(a)

(d)

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

0.00%),

11.56

%

,

03/19/27

151

149,413

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.00%),

11.60

%

,

03/19/27

764

763,740

Orion

Incremental,

Delayed

Draw

Term

Loan

,

12/31/30

(a)

(d)

(r)

..........

4,726

4,673,244

Osaic

Holdings,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34

%

,

08/17/28

(a)

(l)

.....

403

404,358

Oscar

AcquisitionCo

LLC,

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.58

%

,

04/29/29

(a)

(l)

990

988,687

Osmosis

Buyer

Ltd.,

Delayed

Draw

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.58

%

-

9.59

%

,

07/31/28

(a)

(l)

..........

334

334,251

Ovation

Parent,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.83

%

,

04/21/31

(a)

(l)

.....

278

279,390

Park

River

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.84

%

,

12/28/27

(a)

...........

2,067

2,017,932

Peraton

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.19

%

,

02/01/28

(a)

(l)

987

986,281

PetSmart

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.19

%

,

02/11/28

(a)

(l)

.....

1,241

1,235,893

Phoenix

Guarantor,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59

%

,

02/14/31

(a)

(l)

998

994,388

Planet

U.S.

Buyer

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.82

%

,

02/07/31

(a)

(l)

961

966,766

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Precision

Medicine

Group

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

8.43

%

,

11/18/27

(a)

(l)

..........

USD

997

$

992,440

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.58

%

,

10/13/30

(a)

(l)

.....

354

353,773

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.07

%

,

10/28/30

(a)

(l)

..........

966

967,791

Project

Montage,

Term

Loan

(a)(d)(r)

01/01/28

.................

5,184

5,183,692

01/01/38

.................

11,663

11,663,308

Quartz

AcquireCo

LLC,

Term

Loan

B1

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.08

%

,

06/28/30

(a)

(d)

(l)

.......

8,996

8,996,445

Redstone

HoldCo

2

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.21

%

,

04/27/28

(a)

..........

19,419

17,310,182

Redstone

HoldCo

2

LP,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

13.21

%

,

04/27/29

(a)

..........

10,460

8,368,000

Robertshaw

U.S.

Holding

Corp.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

8.00%),

13.45

%

,

02/28/27

(a)

(d)

.........

4,760

47,600

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.83

%

,

03/16/27

(a)

...........

9,057

9,056,984

Severin

Acquisition

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.33

%

,

08/01/27

(a)

(l)

..........

602

603,890

Star

Parent,

Inc.,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.08

%

,

09/27/30

(a)

(l)

.....

998

996,024

Surgery

Center

Holdings,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

+

3.50%),

0.00

%

,

12/19/30

(a)

.....

305

305,449

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B2

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.79

%

,

04/30/30

(a)

(l)

..........

990

994,473

Topgolf

Callaway

Brands

Corp.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.34

%

,

03/15/30

(a)

(l)

..........

950

951,575

TransDigm,

Inc.,

Term

Loan

J

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84

%

,

02/28/31

(a)

(l)

.....

998

999,495

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.85

%

,

03/31/28

(a)

...........

4,103

4,103,080

Truist

Insurance

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.58

%

,

05/06/31

(a)

(l)

..........

1,137

1,138,012

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

88

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

UKG,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.58

%

,

02/10/31

(a)

(l)

.....

USD

995

$

998,157

UPC

Financing

Partnership,

Facility

Term

Loan

AX

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.44

%

,

01/31/29

(a)

(l)

..........

1,000

993,470

USI,

Inc.,

Term

Loan

,

8.09

%

,

09/30/24

(a)

300

300,364

Vaco

Holdings

LLC,

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.48

%

,

01/21/29

(a)

.....

7,607

7,537,194

VC

GB

Holdings

I

Corp.,

1st

Lien

Term

Loan

,

8.34

%

-

8.33

%

,

07/21/28

(a)

(l)

992

988,179

Veritas

US,

Inc.,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.00%),

10.46

%

,

09/01/25

(a)

.....

1,681

1,457,725

Vestis

Corp.,

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.58

%

,

02/22/31

(a)

(l)

.....

261

259,821

ViaSat,

Inc.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.94

%

,

05/30/30

(a)

(l)

.....

464

412,430

Vinoy

St.

Petersburg

(The),

Term

Loan

,

09/09/24

(a)

(d)

(r)

..............

866

848,264

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.69

%

,

01/31/29

(a)

(l)

..........

1,000

953,750

Virtusa

Corp.,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.19

%

,

02/11/28

(a)

.....

992

993,260

VS

Buyer

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.58

%

,

04/12/31

(a)

(l)

.....

995

996,062

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.09

%

,

01/30/31

(a)

(l)

..........

641

644,891

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

+

4.00%),

8.10

%

,

07/31/24

(a)

....

569

569,100

WEC

US

Holdings

Ltd.,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09

%

,

01/27/31

(a)

(l)

351

351,077

Whatabrands

LLC,

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.09

%

,

08/03/28

(a)

(l)

.....

374

373,965

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.35

%

,

12/21/27

(a)

...........

3,192

2,629,822

WR

Grace

Holdings

LLC,

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59

%

,

09/22/28

(a)

(l)

995

997,922

Xerox

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.34

%

,

11/17/29

(a)

5,540

5,527,818

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Ziggo

Financing

Partnership,

Facility

Term

Loan

I

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.94

%

,

04/30/28

(a)

(l)

..........

USD

1,000

$

965,560

981,456,487

Total

Floating

Rate

Loan

Interests

—

4.4%

(Cost:

$

1,751,066,713

)

...........................

1,675,113,833

Foreign

Agency

Obligations

Argentina

—

0.1%

YPF

SA

,

9.50%

,

01/17/31

(c)

.......

21,201

21,540,216

Chile

—

0.0%

Banco

del

Estado

de

Chile

,

2.70%

,

01/09/25

(b)

................

1,296

1,273,320

Empresa

Nacional

del

Petroleo

3.75%

,

08/05/26

(b)

...........

3,644

3,487,991

6.15%

,

05/10/33

(c)

...........

1,520

1,516,960

6,278,271

Colombia

—

0.0%

Ecopetrol

SA

8.88%

,

01/13/33

............

3,244

3,349,430

8.38%

,

01/19/36

............

1,814

1,780,441

5,129,871

Denmark

—

0.0%

Orsted

A/S

(a)(b)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.14%),

2.50%

,

02/18/3021

........

GBP

5,000

4,534,959

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.59%),

5.13%

,

03/14/3024

...

EUR

1,525

1,645,448

6,180,407

Finland

—

0.0%

Finnair

OYJ

,

4.75%

,

05/24/29

(b)

....

2,700

2,845,531

France

—

0.3%

Electricite

de

France

SA

(b)

(6-Year

EUR

Swap

Annual

+

3.44%),

4.00%

(a)

(o)

.........

11,700

12,526,820

(12-Year

EUR

Swap

Annual

+

3.79%),

5.38%

(a)

(o)

.........

11,000

11,751,941

(12-Year

EUR

Swap

Annual

+

3.04%),

5.00%

(a)

(o)

.........

900

955,706

(13-Year

GBP

Swap

Semi

+

4.23%),

6.00%

(a)

(o)

...............

GBP

18,500

22,779,829

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.37%),

2.88%

(a)

(o)

.........

EUR

14,200

14,179,494

(5-Year

EUR

Swap

Annual

+

3.20%),

3.00%

(a)

(o)

.........

1,000

982,616

(5-Year

EUR

Swap

Annual

+

4.86%),

7.50%

(a)

(o)

.........

10,000

11,451,133

(BPISDS15

+

3.32%),

5.88%

(a)

(o)

.

GBP

3,900

4,681,518

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

(a)

(o)

.........

EUR

7,800

7,279,496

6.13%

,

06/02/34

............

GBP

8,600

11,054,375

97,642,928

Hong

Kong

—

0.0%

(b)

Airport

Authority

,

3.83%

,

07/09/27

...

HKD

25,000

3,204,615

Hong

Kong

Mortgage

Corp.

Ltd.

(The)

4.10%

,

02/28/29

............

35,000

4,481,979

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hong

Kong

(continued)

4.20%

,

02/28/34

............

HKD

11,500

$

1,494,313

9,180,907

Hungary

—

0.0%

(b)

Magyar

Export-Import

Bank

Zrt.

,

6.00%

,

05/16/29

.................

EUR

4,472

5,036,236

MVM

Energetika

Zrt.

,

7.50%

,

06/09/28

USD

2,649

2,754,132

7,790,368

India

—

0.1%

(b)

NTPC

Ltd.

,

4.38%

,

11/26/24

......

10,000

9,933,900

Power

Finance

Corp.

Ltd.

4.50%

,

06/18/29

............

1,500

1,431,094

3.95%

,

04/23/30

............

8,000

7,335,000

18,699,994

Indonesia

—

0.2%

(b)

Bank

Negara

Indonesia

Persero

Tbk.

PT

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.47%),

4.30%

(a)

(o)

...........

13,000

12,090,000

Bank

Tabungan

Negara

Persero

Tbk.

PT

,

4.20%

,

01/23/25

..........

10,000

9,856,250

Hutama

Karya

Persero

PT

,

3.75%

,

05/11/30

..................

10,000

9,153,125

Pelabuhan

Indonesia

Persero

PT

,

4.88%

,

10/01/24

............

10,000

9,971,875

Pertamina

Persero

PT

,

3.65%

,

07/30/29

4,998

4,645,016

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

1.88%

,

11/05/31

..................

EUR

8,000

7,124,495

Sarana

Multi

Infrastruktur

Perusahaan

Perseroan

Persero

PT

,

2.05%

,

05/11/26

..................

USD

10,000

9,226,100

62,066,861

Ireland

—

0.1%

AIB

Group

plc

(a)(b)(o)

(5-Year

EUR

Swap

Annual

+

5.70%),

5.25%

...........

EUR

15,107

16,118,171

(5-Year

EUR

Swap

Annual

+

6.63%),

6.25%

...........

11,797

12,629,259

28,747,430

Italy

—

0.0%

(a)(b)

Banca

Monte

dei

Paschi

di

Siena

SpA

,

(3-mo.

EURIBOR

+

3.21%),

6.75%

,

03/02/26

.................

8,755

9,470,304

Poste

Italiane

SpA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.68%),

2.63%

(o)

4,860

4,566,186

14,036,490

Latvia

—

0.0%

Air

Baltic

Corp.

A/S

,

14.50%

,

08/14/29

(c)

8,860

10,242,583

Mexico

—

0.3%

Petroleos

Mexicanos

4.25%

,

01/15/25

............

USD

511

504,357

3.63%

,

11/24/25

(b)

...........

EUR

965

997,942

6.88%

,

08/04/26

............

USD

25,552

24,977,080

6.50%

,

03/13/27

............

65,808

62,675,539

8.75%

,

06/02/29

............

3,541

3,477,103

5.95%

,

01/28/31

............

3,328

2,674,880

6.70%

,

02/16/32

............

4,191

3,506,484

Series

13-2

,

7.19%

,

09/12/24

....

MXN

2,306

12,463,421

111,276,806

Security

Par

(000)

Par

(000)

Value

Morocco

—

0.1%

OCP

SA

4.50%

,

10/22/25

(b)

...........

USD

4,882

$

4,787,411

6.75%

,

05/02/34

(c)

...........

15,569

15,977,687

5.13%

,

06/23/51

(b)

...........

1,237

931,229

7.50%

,

05/02/54

(c)

...........

13,122

13,370,268

35,066,595

Netherlands

—

0.1%

TenneT

Holding

BV

(b)

(5-Year

EUR

Swap

Annual

+

2.72%),

2.37%

(a)

(o)

.........

EUR

17,400

18,122,080

1.00%

,

06/13/26

............

11,300

11,545,128

1.38%

,

06/05/28

............

3,900

3,886,860

2.00%

,

06/05/34

............

1,600

1,490,991

4.75%

,

10/28/42

............

4,271

4,971,712

40,016,771

Panama

—

0.0%

Aeropuerto

Internacional

de

Tocumen

SA

,

5.13%

,

08/11/61

(c)

........

USD

3,142

2,317,225

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA

,

4.75%

,

07/15/25

(b)

...........

6,523

6,427,764

Philippines

—

0.0%

Development

Bank

of

the

Philippines

,

2.38%

,

03/11/31

(b)

...........

10,000

8,300,400

Singapore

—

0.0%

Clifford

Capital

Pte.

Ltd.

,

1.73%

,

09/10/24

(b)

................

800

794,344

South

Korea

—

0.1%

Korea

Development

Bank

(The)

,

2.13%

,

10/01/24

.................

10,000

9,911,100

Korea

Electric

Power

Corp.

,

3.63%

,

06/14/25

(b)

................

10,000

9,835,900

Korea

Housing

Finance

Corp.

,

4.48%

,

04/06/26

(b)

................

AUD

6,300

4,150,833

Korea

Hydro

&

Nuclear

Power

Co.

Ltd.

(b)

3.25%

,

06/15/25

............

USD

3,292

3,225,896

1.25%

,

04/27/26

............

4,917

4,569,737

Korea

National

Oil

Corp.

(b)

3.25%

,

07/10/24

............

1,650

1,649,175

4.75%

,

04/03/26

............

500

494,385

4.88%

,

04/03/28

............

500

495,375

4.88%

,

04/03/29

............

6,485

6,413,730

Korea

South-East

Power

Co.

Ltd.

,

2.13%

,

02/03/25

(b)

...........

2,786

2,731,151

43,477,282

Thailand

—

0.0%

Export

Import

Bank

of

Thailand

,

3.90%

,

06/02/27

(b)

................

6,000

5,775,420

Turkey

—

0.0%

Turkiye

Varlik

Fonu

Yonetimi

A/S

,

8.25%

,

02/14/29

(b)

...........

1,865

1,897,638

Total

Foreign

Agency

Obligations

—

1.4%

(Cost:

$

544,687,179

)

.............................

545,732,102

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

90

(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

(c)

USD

9,675

$

8,565,398

Argentina

—

0.1%

Argentine

Republic

(The)

1.00%

,

07/09/29

............

8,480

4,846,850

3.62%

,

07/09/35

(g)

...........

16,064

6,746,985

4.25%

,

01/09/38

(g)

...........

9,835

4,514,265

3.50%

,

07/09/41

(g)

...........

15,925

6,242,600

22,350,700

Bahrain

—

0.0%

Kingdom

of

Bahrain

,

5.45%

,

09/16/32

(b)

2,890

2,651,575

Belgium

—

0.1%

Kingdom

of

Belgium

,

3.30%

,

06/22/54

(b)

(c)

...............

EUR

23,877

24,064,143

Benin

—

0.0%

Benin

Government

Bond

4.88%

,

01/19/32

(b)

...........

553

495,627

7.96%

,

02/13/38

(c)

...........

USD

5,075

4,710,235

6.88%

,

01/19/52

(b)

...........

EUR

2,282

1,921,889

7,127,751

Brazil

—

0.2%

Federative

Republic

of

Brazil

6.00%

,

08/15/24

............

BRL

29

22,135,881

10.00%

,

01/01/25

...........

85

14,286,932

10.00%

,

01/01/27

...........

273

44,365,723

7.13%

,

05/13/54

............

USD

6,739

6,506,505

87,295,041

Chile

—

0.0%

Republic

of

Chile

,

4.34%

,

03/07/42

..

5,498

4,746,039

Colombia

—

0.3%

Republic

of

Colombia

4.50%

,

01/28/26

............

4,799

4,691,023

3.88%

,

03/22/26

............

EUR

938

989,593

5.75%

,

11/03/27

............

COP

214,897,800

45,811,539

6.00%

,

04/28/28

............

232,756,900

49,024,731

8.00%

,

04/20/33

............

USD

4,337

4,495,301

8.00%

,

11/14/35

............

22,368

22,971,936

8.75%

,

11/14/53

............

1,134

1,194,102

129,178,225

Costa

Rica

—

0.0%

Republic

of

Costa

Rica

6.13%

,

02/19/31

(b)

...........

10,199

10,234,059

6.55%

,

04/03/34

(b)

...........

2,478

2,534,529

7.30%

,

11/13/54

(c)

...........

2,885

3,005,810

15,774,398

Czech

Republic

—

0.3%

Czech

Republic

2.75%

,

07/23/29

............

CZK

1,420,380

57,020,229

5.00%

,

09/30/30

............

833,010

37,315,653

94,335,882

Dominican

Republic

—

0.2%

Dominican

Republic

Government

Bond

6.88%

,

01/29/26

(b)

...........

USD

1,433

1,449,121

5.95%

,

01/25/27

(b)

...........

5,235

5,203,590

4.50%

,

01/30/30

(c)

...........

6,882

6,271,223

7.05%

,

02/03/31

(c)

...........

5,388

5,546,273

4.88%

,

09/23/32

(c)

...........

5,061

4,539,084

4.88%

,

09/23/32

(b)

...........

18,004

16,147,338

Security

Par

(000)

Par

(000)

Value

Dominican

Republic

(continued)

10.75%

,

06/01/36

(c)

..........

DOP

1,559,550

$

26,174,579

65,331,208

Egypt

—

0.2%

Arab

Republic

of

Egypt

3.88%

,

02/16/26

(b)

...........

USD

10,656

9,856,800

4.75%

,

04/16/26

(b)

...........

EUR

20,085

20,266,482

5.63%

,

04/16/30

(b)

...........

3,243

2,778,473

6.38%

,

04/11/31

(b)

...........

2,600

2,205,822

7.63%

,

05/29/32

(b)

...........

USD

31,919

26,043,909

8.50%

,

01/31/47

(c)

...........

2,140

1,583,600

7.90%

,

02/21/48

(b)

...........

13,610

9,552,519

7.50%

,

02/16/61

(c)

...........

2,556

1,708,526

7.50%

,

02/16/61

(b)

...........

2,690

1,798,097

75,794,228

El

Salvador

—

0.0%

Republic

of

El

Salvador

,

7.65%

,

06/15/35

(b)

................

6,136

4,416,002

France

—

0.1%

French

Republic

,

3.00%

,

05/25/54

(b)

(c)

EUR

24,477

22,819,163

Gabon

—

0.0%

Gabon

Government

Bond

,

7.00%

,

11/24/31

(b)

................

USD

7,617

5,750,835

Germany

—

0.4%

Federal

Republic

of

Germany

(b)

0.10%

,

04/15/26

............

EUR

58,781

61,390,231

0.00%

,

08/15/29

............

9,700

9,197,486

1.70%

,

08/15/32

............

83,140

84,398,616

154,986,333

Greece

—

0.1%

Hellenic

Republic

,

4.13%

,

06/15/54

(b)

(c)

43,135

44,409,975

Guatemala

—

0.1%

Republic

of

Guatemala

4.88%

,

02/13/28

(b)

...........

USD

29,863

28,659,148

5.25%

,

08/10/29

(c)

...........

494

474,240

7.05%

,

10/04/32

(c)

...........

5,032

5,263,157

7.05%

,

10/04/32

(b)

...........

1,975

2,065,727

6.60%

,

06/13/36

(c)

...........

9,061

9,077,989

4.65%

,

10/07/41

(c)

...........

3,517

2,754,251

48,294,512

Honduras

—

0.0%

Republic

of

Honduras

,

5.63%

,

06/24/30

(c)

................

2,433

2,073,372

Hungary

—

0.2%

Hungary

Government

Bond

6.75%

,

10/22/28

............

HUF

4,399,620

11,956,252

5.25%

,

06/16/29

(c)

...........

USD

5,120

5,024,000

4.00%

,

07/25/29

(b)

...........

EUR

42,600

45,152,558

5.38%

,

09/12/33

(b)

...........

4,142

4,591,574

5.50%

,

03/26/36

(c)

...........

USD

1,955

1,879,244

68,603,628

India

—

1.2%

Indian

Railway

Finance

Corp.

Ltd.

,

3.25%

,

02/13/30

(b)

...........

638

571,209

Republic

of

India

7.37%

,

10/23/28

............

INR

13,274,400

161,284,656

6.54%

,

01/17/32

............

5,529,400

64,256,585

7.18%

,

08/14/33

............

11,000,000

133,009,144

7.18%

,

07/24/37

............

5,303,800

64,307,879

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

India

(continued)

7.30%

,

06/19/53

............

INR

1,124,550

$

13,883,161

437,312,634

Indonesia

—

0.3%

Bank

Negara

Indonesia

Persero

Tbk.

PT

,

3.75%

,

03/30/26

(b)

........

USD

1,980

1,892,137

Perusahaan

Penerbit

SBSN

Indonesia

III

,

4.40%

,

06/06/27

(c)

.........

1,916

1,875,745

Republic

of

Indonesia

7.00%

,

05/15/27

............

IDR

239,284,000

14,738,201

4.55%

,

01/11/28

............

USD

475

464,144

4.10%

,

04/24/28

............

4,525

4,345,219

6.88%

,

04/15/29

............

IDR

597,153,000

36,329,100

4.85%

,

01/11/33

............

USD

500

488,594

7.00%

,

02/15/33

............

IDR

242,985,000

14,833,282

6.63%

,

02/15/34

............

231,181,000

13,676,321

8.25%

,

05/15/36

............

218,585,000

14,550,085

7.13%

,

06/15/38

............

315,885,000

19,377,931

6.75%

,

01/15/44

(b)

...........

USD

3,983

4,604,099

5.65%

,

01/11/53

............

400

405,125

5.10%

,

02/10/54

............

3,000

2,824,080

130,404,063

Ireland

—

0.4%

Republic

of

Ireland

,

2.60%

,

10/18/34

(b)

EUR

160,881

167,032,913

Ivory

Coast

—

0.1%

Republic

of

Cote

d'Ivoire

6.38%

,

03/03/28

(b)

...........

USD

5,352

5,171,370

5.25%

,

03/22/30

(b)

...........

EUR

10,730

10,457,077

5.88%

,

10/17/31

(b)

...........

5,283

5,097,350

4.88%

,

01/30/32

(b)

...........

1,665

1,495,602

7.63%

,

01/30/33

(c)

...........

USD

5,077

4,918,344

6.13%

,

06/15/33

(b)

...........

13,874

12,226,462

8.25%

,

01/30/37

(c)

...........

8,204

7,916,860

47,283,065

Jamaica

—

0.0%

Jamaica

Government

Bond

,

6.75%

,

04/28/28

.................

3,408

3,491,070

Japan

—

0.7%

Japan

Government

Bond

0.40%

,

06/01/26

............

JPY

1,528,550

9,509,236

1.50%

,

09/20/43

............

19,404,000

114,438,856

1.30%

,

12/20/43

............

21,698,500

123,381,644

247,329,736

Jordan

—

0.0%

Hashemite

Kingdom

of

Jordan

(b)

4.95%

,

07/07/25

............

USD

3,107

3,024,470

5.85%

,

07/07/30

............

11,277

10,092,915

13,117,385

Kenya

—

0.1%

Republic

of

Kenya

9.75%

,

02/16/31

(c)

...........

13,643

12,994,957

8.00%

,

05/22/32

(b)

...........

15,652

13,523,328

26,518,285

Malaysia

—

0.2%

Federation

of

Malaysia

,

4.64%

,

11/07/33

..................

MYR

124,851

28,060,047

Malaysia

Government

Bond

,

3.89%

,

08/15/29

.................

129,883

27,810,518

55,870,565

Security

Par

(000)

Par

(000)

Value

Mexico

—

0.4%

Mex

Bonos

Desarr

Fix

Rt

,

7.00%

,

09/03/26

.................

MXN

13,032

$

66,387,253

United

Mexican

States

3.75%

,

01/11/28

............

USD

2,844

2,689,357

8.50%

,

03/01/29

............

MXN

913

4,694,107

8.50%

,

05/31/29

............

4,503

23,198,888

2.66%

,

05/24/31

............

USD

5,208

4,283,580

7.50%

,

05/26/33

............

MXN

4,783

22,467,011

6.35%

,

02/09/35

............

USD

4,995

5,022,473

6.34%

,

05/04/53

............

5,070

4,770,870

133,513,539

Mongolia

—

0.0%

State

of

Mongolia

(b)

3.50%

,

07/07/27

............

8,000

7,207,500

7.88%

,

06/05/29

............

485

494,753

7,702,253

Montenegro

—

0.0%

Republic

of

Montenegro

,

2.88%

,

12/16/27

(b)

................

EUR

3,708

3,652,155

Morocco

—

0.0%

Kingdom

of

Morocco

2.38%

,

12/15/27

(c)

...........

USD

402

357,378

2.38%

,

12/15/27

(b)

...........

566

503,174

5.95%

,

03/08/28

(c)

...........

2,259

2,264,648

6.50%

,

09/08/33

(c)

...........

2,441

2,516,518

5,641,718

Nigeria

—

0.1%

Federal

Republic

of

Nigeria

8.38%

,

03/24/29

(c)

...........

2,638

2,473,125

7.14%

,

02/23/30

(b)

...........

18,285

15,856,524

7.88%

,

02/16/32

(b)

...........

12,719

11,001,935

7.63%

,

11/28/47

(b)

...........

2,766

2,012,265

9.25%

,

01/21/49

(b)

...........

921

805,587

32,149,436

North

Macedonia

—

0.0%

Republic

of

North

Macedonia

,

6.96%

,

03/13/27

(b)

................

EUR

2,571

2,854,945

Oman

—

0.0%

Oman

Government

Bond

(b)

6.50%

,

03/08/47

............

USD

3,078

3,070,305

6.75%

,

01/17/48

............

5,398

5,497,526

8,567,831

Panama

—

0.1%

Republic

of

Panama

7.50%

,

03/01/31

............

5,812

6,078,989

6.40%

,

02/14/35

............

8,751

8,295,948

8.00%

,

03/01/38

............

2,654

2,797,316

17,172,253

Paraguay

—

0.0%

Republic

of

Paraguay

(b)

2.74%

,

01/29/33

............

3,160

2,541,825

5.60%

,

03/13/48

............

2,544

2,253,984

4,795,809

Peru

—

0.2%

Republic

of

Peru

5.94%

,

02/12/29

(b)

...........

PEN

117,311

30,606,678

2.78%

,

01/23/31

............

USD

4,054

3,472,251

1.86%

,

12/01/32

............

7,542

5,713,065

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Peru

(continued)

7.60%

,

08/12/39

(c)

...........

PEN

126,236

$

33,173,786

72,965,780

Philippines

—

0.1%

Republic

of

Philippines

6.13%

,

01/18/31

............

PHP

1,440,000

23,868,578

6.25%

,

01/25/34

............

320,580

5,287,411

2.65%

,

12/10/45

............

USD

1,702

1,115,342

30,271,331

Poland

—

0.3%

Republic

of

Poland

4.75%

,

07/25/29

............

PLN

212,774

50,806,455

2.75%

,

10/25/29

............

326,573

71,124,430

4.88%

,

10/04/33

............

USD

1,229

1,198,509

5.50%

,

04/04/53

............

4,679

4,579,712

127,709,106

Romania

—

0.1%

Romania

Government

Bond

5.25%

,

11/25/27

(c)

...........

1,221

1,199,022

2.13%

,

03/07/28

(b)

...........

EUR

7,826

7,729,088

2.50%

,

02/08/30

(b)

...........

4,410

4,128,101

2.12%

,

07/16/31

(b)

...........

5,060

4,363,994

17,420,205

Russia

—

0.0%

Russian

Federation

,

6.10%

,

07/18/35

(e)

(f)

................

RUB

1,479,489

3,450,703

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia

4.50%

,

04/17/30

(b)

...........

USD

3,614

3,499,933

5.00%

,

01/18/53

(c)

...........

2,483

2,185,040

3.45%

,

02/02/61

(b)

...........

10,042

6,552,405

12,237,378

Senegal

—

0.1%

Republic

of

Senegal

(b)

7.75%

,

06/10/31

............

17,079

16,182,353

6.25%

,

05/23/33

............

3,853

3,222,071

19,404,424

Serbia

—

0.0%

Republic

of

Serbia

,

6.00%

,

06/12/34

(c)

3,561

3,503,134

Singapore

—

0.2%

Republic

of

Singapore

1.25%

,

11/01/26

............

SGD

20,700

14,550,070

3.38%

,

05/01/34

............

55,585

41,587,500

56,137,570

South

Africa

—

0.4%

Republic

of

South

Africa

10.50%

,

12/21/26

...........

ZAR

422,568

24,103,969

8.00%

,

01/31/30

............

232,413

11,709,479

7.00%

,

02/28/31

............

690,241

31,799,150

5.88%

,

04/20/32

............

USD

4,469

4,139,411

9.00%

,

01/31/40

............

ZAR

250,150

10,830,020

8.75%

,

01/31/44

............

829,472

34,144,601

5.00%

,

10/12/46

............

USD

3,373

2,365,316

8.75%

,

02/28/48

............

ZAR

487,389

19,945,411

139,037,357

South

Korea

—

0.2%

Republic

of

Korea

,

3.50%

,

06/10/34

.

KRW

77,195,440

57,095,564

Security

Par

(000)

Par

(000)

Value

Spain

—

2.1%

Bonos

y

Obligaciones

del

Estado

0.00%

,

05/31/25

............

EUR

151,740

$

157,442,267

2.55%

,

10/31/32

(b)

(c)

..........

102,487

104,311,580

3.15%

,

04/30/33

(b)

(c)

..........

30,606

32,445,669

3.25%

,

04/30/34

(b)

(c)

..........

365,391

387,442,239

3.90%

,

07/30/39

(b)

(c)

..........

23,720

25,930,553

2.90%

,

10/31/46

(b)

(c)

..........

45,767

42,042,467

3.45%

,

07/30/66

(b)

(c)

..........

42,500

40,344,282

789,959,057

Thailand

—

0.4%

Kingdom

of

Thailand

2.40%

,

03/17/29

............

THB

2,736,800

74,211,859

2.80%

,

06/17/34

............

1,894,073

51,912,491

3.39%

,

06/17/37

............

1,253,300

35,917,858

4.00%

,

06/17/55

............

141,182

4,180,349

166,222,557

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago

,

6.40%

,

06/26/34

(c)

................

USD

4,158

4,129,414

Turkey

—

0.1%

Republic

of

Turkiye

(The)

31.08%

,

11/08/28

...........

TRY

298,920

9,465,186

26.20%

,

10/05/33

...........

1,029,948

31,104,873

40,570,059

Ukraine

—

0.1%

Ukraine

Government

Bond

(e)(f)

7.75%

,

09/01/25

(b)

...........

USD

3,089

974,580

8.99%

,

02/01/26

(b)

...........

2,837

919,188

7.75%

,

09/01/29

(b)

...........

14,930

4,516,325

4.38%

,

01/27/32

(b)

...........

EUR

11,145

3,055,549

7.38%

,

09/25/34

(b)

...........

USD

11,145

3,176,325

7.25%

,

03/15/35

(c)

...........

10,900

3,101,050

7.25%

,

03/15/35

(b)

...........

45,557

12,960,966

7.75%

,

08/01/41

(a)

(b)

..........

23,954

11,689,552

40,393,535

United

Kingdom

—

0.4%

U.K.

Treasury

Bonds

(b)

3.50%

,

01/22/45

............

GBP

33,536

36,055,125

3.75%

,

10/22/53

............

37,893

40,968,810

0.50%

,

10/22/61

............

203,531

76,258,749

153,282,684

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay

9.75%

,

07/20/33

............

UYU

73,346

1,855,778

5.75%

,

10/28/34

............

USD

5,317

5,539,958

7,395,736

Uzbekistan

—

0.0%

(c)

Republic

of

Uzbekistan

,

5.38%

,

05/29/27

.................

EUR

9,974

10,651,613

Republic

of

Uzbekistan

International

Bond

,

7.85%

,

10/12/28

........

USD

2,836

2,925,511

13,577,124

Total

Foreign

Government

Obligations

—

10.6%

(Cost:

$

4,119,565,066

)

...........................

3,987,740,781

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Grantor

Trust

iShares

Bitcoin

Trust

(f)

(l)

(s)

.........

88,000

$

3,004,320

Total

Grantor

Trust

—

0.0%

(Cost:

$

3,667,435

)

..............................

3,004,320

Investment

Companies

Communication

Services

Select

Sector

SPDR

Fund

...............

31,000

2,655,460

Energy

Select

Sector

SPDR

Fund

..

5,000

455,750

Financial

Select

Sector

SPDR

Fund

.

250,000

10,277,500

Formentera

Partners

Fund

II

LP

(d)

(l)

..

–

(m)

24,357,860

Invesco

S&P

500

Equal

Weight

ETF

(i)

240,141

39,450,364

iShares

0-5

Year

TIPS

Bond

ETF

(s)

..

401,690

39,964,138

iShares

20+

Year

Treasury

Bond

ETF

(s)

103,000

9,453,340

iShares

China

Large-Cap

ETF

(s)

....

18,825

489,262

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(i)

(s)

.......

289,039

30,961,858

iShares

Latin

America

40

ETF

(s)

....

536,067

13,273,019

iShares

MSCI

Brazil

ETF

(s)

.......

496,774

13,576,833

iShares

Russell

Mid-Cap

Growth

ETF

(s)

95,766

10,567,778

Janus

Henderson

AAA

CLO

ETF

...

981,578

49,942,689

SPDR

Bloomberg

High

Yield

Bond

ETF

(i)

....................

36,829

3,471,870

US

Global

Jets

ETF

(f)

(i)

..........

250,000

4,915,000

Utilities

Select

Sector

SPDR

Fund

..

7,000

476,980

VanEck

JPMorgan

EM

Local

Currency

Bond

ETF

.................

1,780,566

42,341,859

VanEck

Semiconductor

ETF

(i)

......

56,000

14,599,200

Vanguard

Intermediate-Term

Corporate

Bond

ETF

(i)

................

612,000

48,917,160

Total

Investment

Companies

—

1.0%

(Cost:

$

344,299,408

)

.............................

360,147,920

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

7,110,714

California

State

Public

Works

Board

,

Series

2009G,

Sub-Series

G-2

,

RB

,

8.36

%

,

10/01/34

............

6,820

8,189,751

Central

Unified

School

District

,

Series

2021A

,

GO

,

3.00

%

,

08/01/44

....

5,000

4,101,157

City

of

Riverside

,

Series

2010A

,

RB

,

7.61

%

,

10/01/40

............

3,805

4,617,075

Contra

Costa

Community

College

District

,

Series

2010B

,

GO

,

6.50

%

,

08/01/34

............

3,205

3,413,947

Golden

State

Tobacco

Securitization

Corp.

,

Series

2021B

,

RB

,

2.75

%

,

06/01/34

............

4,140

3,454,864

State

of

California

Series

2009

,

GO

,

7.50

%

,

04/01/34

2,155

2,484,567

Series

2009

,

GO

,

7.55

%

,

04/01/39

4,840

5,735,000

Series

2009

,

GO

,

7.30

%

,

10/01/39

3,720

4,251,517

Series

2009

,

GO

,

7.35

%

,

11/01/39

2,270

2,615,502

45,974,094

Security

Par

(000)

Par

(000)

Value

Colorado

-

0

.1

%

City

&

County

of

Denver

,

Series

2022A

,

GO

,

5.00

%

,

08/01/37

.........

USD

10,000

$

11,385,508

City

of

Greeley

Series

2022

,

RB

,

3.00

%

,

08/01/38

1,275

1,153,965

Series

2022

,

RB

,

3.00

%

,

08/01/39

1,340

1,194,270

Series

2022

,

RB

,

3.00

%

,

08/01/40

1,380

1,203,624

Colorado

Health

Facilities

Authority

,

Series

2016A

,

RB

,

4.00

%

,

11/15/46

9,245

8,779,967

Denver

City

&

County

School

District

No.

1

,

Series

2022A

,

GO

,

5.00

%

,

12/01/45

............

5,950

6,493,349

30,210,683

Delaware

-

0

.0

%

University

of

Delaware

,

Series

2010A

,

RB

,

5.87

%

,

11/01/40

.........

7,500

7,665,283

Florida

-

0

.1

%

Brevard

County

Health

Facilities

Authority

,

Series

2022A

,

RB

,

5.00

%

,

04/01/47

............

9,000

9,405,718

County

of

Broward

Airport

System

,

Series

2019C

,

RB

,

2.91

%

,

10/01/32

3,100

2,660,154

County

of

Miami-Dade

,

Series

2019E

,

RB

,

2.53

%

,

10/01/30

.........

7,590

6,572,436

Florida

Department

of

Management

Services

,

Series

2021A

,

COP

,

3.00

%

,

11/01/36

............

5,005

4,705,049

Florida

Development

Finance

Corp.

,

Series

2024

,

RB,

AMT

,

VRDN

,

12.00

%

,

07/15/28

(c)

(t)

.........

14,910

15,832,032

Sumter

Landing

Community

Development

District

,

Series

2016

,

RB

,

4.17

%

,

10/01/47

.........

2,555

2,251,513

41,426,902

Georgia

-

0

.1

%

State

of

Georgia

Series

2022A

,

GO

,

4.00

%

,

07/01/40

3,950

4,047,724

Series

2022A

,

GO

,

4.00

%

,

07/01/41

7,890

8,035,339

12,083,063

Louisiana

-

0

.0

%

Louisiana

Public

Facilities

Authority

,

Series

2020A

,

RB

,

3.00

%

,

05/15/47

8,000

6,170,157

Massachusetts

-

0

.1

%

Commonwealth

of

Massachusetts

Series

2009E

,

GO

,

5.46

%

,

12/01/39

805

816,883

Series

2019H

,

GO

,

2.90

%

,

09/01/49

1,055

732,245

Massachusetts

Housing

Finance

Agency

Series

2014B

,

RB,

AMT

,

4.50

%

,

12/01/39

..........

485

477,470

Series

2015A

,

RB,

AMT

,

4.35

%

,

12/01/40

..........

335

335,000

Massachusetts

School

Building

Authority

Series

2019B

,

RB

,

2.87

%

,

10/15/31

11,415

9,921,109

Series

2019B

,

RB

,

2.97

%

,

10/15/32

9,240

7,926,612

20,209,319

Minnesota

-

0

.0

%

State

of

Minnesota

,

Series

2021A

,

GO

,

4.00

%

,

09/01/38

............

7,785

8,079,798

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

New

Hampshire

-

0

.0

%

New

Hampshire

Municipal

Bond

Bank

,

Series

2022A

,

RB

,

3.00

%

,

02/15/38

USD

1,530

$

1,409,459

New

Jersey

-

0

.0

%

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Series

2021

,

RB

,

3.00

%

,

07/01/51

.........

4,965

3,623,021

New

Jersey

Transportation

Trust

Fund

Authority

,

Series

2010C

,

RB

,

5.75

%

,

12/15/28

............

3,800

3,824,489

Rutgers

The

State

University

of

New

Jersey

,

Series

2019R

,

RB

,

3.27

%

,

05/01/43

............

3,750

2,986,604

10,434,114

New

York

-

0

.1

%

New

York

City

Municipal

Water

Finance

Authority

Series

2010AA-1

,

RB

,

5.75

%

,

06/15/41

..........

1,610

1,629,179

Series

2011AA

,

RB

,

5.44

%

,

06/15/43

..........

4,775

4,655,213

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

,

Series

2019B,

Sub-Series

B-3

,

RB

,

3.90

%

,

08/01/31

............

11,870

11,146,513

New

York

State

Urban

Development

Corp.

Series

2020E

,

RB

,

4.00

%

,

03/15/38

4,755

4,800,789

Series

2021B

,

RB

,

2.01

%

,

03/15/30

7,085

6,115,647

Series

2021B

,

RB

,

2.50

%

,

03/15/33

9,725

8,085,102

State

of

New

York

,

Series

2019B

,

GO

,

2.80

%

,

02/15/32

............

11,215

9,897,213

State

of

New

York

Mortgage

Agency

,

Series

2014-189

,

RB,

AMT

,

3.85

%

,

10/01/34

............

10

9,979

46,339,635

North

Carolina

-

0

.0

%

City

of

Charlotte

,

Series

2021A

,

RB

,

3.00

%

,

07/01/46

............

12,525

10,340,371

Ohio

-

0

.0

%

American

Municipal

Power,

Inc.

,

Series

2010A

,

RB

,

7.83

%

,

02/15/41

....

4,015

4,821,801

JobsOhio

Beverage

System

,

Series

2013B

,

RB

,

3.99

%

,

01/01/29

....

5,315

5,186,105

State

of

Ohio

,

Series

2020C

,

GO

,

5.00

%

,

03/01/39

............

4,095

4,533,882

14,541,788

Oregon

-

0

.0

%

Oregon

School

Boards

Association

Series

2002B

,

GO

,

5.55

%

,

06/30/28

6,710

6,711,186

Series

2005A

,

GO

,

4.76

%

,

06/30/28

2,601

2,555,636

State

of

Oregon

,

Series

2003

,

GO

,

5.89

%

,

06/01/27

............

3,057

3,099,265

12,366,087

Pennsylvania

-

0

.0

%

Commonwealth

Financing

Authority

,

Series

2016A

,

RB

,

4.14

%

,

06/01/38

1,580

1,437,125

Puerto

Rico

-

0

.2

%

Commonwealth

of

Puerto

Rico

(e)(f)(t)

Series

2022

,

VRDN

0.00

%

,

11/01/43

6,715

4,111,344

Series

2022

,

VRDN

0.00

%

,

11/01/51

95,546

49,261,334

Security

Par

(000)

Par

(000)

Value

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority

Series

2003NN

,

RB

,

5.50

%

,

07/01/20

..........

USD

2,060

$

968,200

Series

2007TT

,

RB

,

5.00

%

,

07/01/18

(e)

(f)

........

1,915

900,050

Series

2008WW

,

RB

,

5.38

%

,

07/01/24

(e)

(f)

........

1,530

719,100

Series

2008WW

,

RB

,

5.25

%

,

07/01/33

(e)

(f)

........

2,930

1,377,100

Series

2008WW

,

RB

,

5.50

%

,

07/01/38

(e)

(f)

........

6,160

2,895,200

Series

2010AAA

,

RB

,

5.25

%

,

07/01/21

..........

1,710

803,700

Series

2010AAA

,

RB

,

5.25

%

,

07/01/26

..........

940

441,800

Series

2010CCC

,

RB

,

5.25

%

,

07/01/28

(e)

(f)

........

1,635

768,450

Series

2010ZZ

,

RB

,

5.00

%

,

07/01/18

1,225

575,750

Series

2010ZZ

,

RB

,

5.25

%

,

07/01/23

(e)

(f)

........

500

235,000

Series

2010ZZ

,

RB

,

5.25

%

,

07/01/26

1,150

540,500

Series

2010ZZ

,

RB

,

5.25

%

,

12/31/49

(e)

(f)

........

6,255

2,939,850

Series

2013A

,

RB

,

5.00

%

,

07/01/42

(e)

(f)

........

6,800

3,196,000

Series

2013A

,

RB

,

5.05

%

,

07/01/42

(e)

(f)

........

1,030

484,100

Series

2013A

,

RB

,

7.00

%

,

07/01/43

(e)

(f)

........

7,405

3,480,350

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Series

2018A-1

,

RB

,

4.75

%

,

07/01/53

............

2,048

2,018,606

75,716,434

Tennessee

-

0

.0

%

Tennessee

Housing

Development

Agency

Series

2018-3

,

RB

,

3.85

%

,

07/01/43

765

767,593

Series

2018-3

,

RB

,

3.95

%

,

01/01/49

615

619,147

1,386,740

Texas

-

0

.1

%

Dallas

Fort

Worth

International

Airport

,

Series

2019A

,

RB

,

3.14

%

,

11/01/45

2,360

1,765,023

Port

of

Beaumont

Navigation

District

,

Series

2024B

,

RB

,

10.00

%

,

07/01/26

(c)

..........

17,945

17,992,965

Temple

College

,

Series

2021

,

GO

,

3.00

%

,

07/01/46

............

6,035

4,598,754

Texas

A&M

University

,

Series

2017B

,

RB

,

2.84

%

,

05/15/27

.........

5,965

5,654,490

University

of

Houston

,

Series

2020A

,

RB

,

3.00

%

,

02/15/44

.........

5,530

4,489,800

34,501,032

Utah

-

0

.1

%

City

of

Salt

Lake

City

,

Series

2021A

,

RB,

AMT

,

5.00

%

,

07/01/46

.....

12,445

12,930,029

Virginia

-

0

.0

%

Tobacco

Settlement

Financing

Corp.

,

Series

2007A-1

,

RB

,

6.71

%

,

06/01/46

............

9,465

7,969,681

Virginia

Small

Business

Financing

Authority

,

Series

2017

,

RB,

AMT

,

5.00

%

,

12/31/47

............

2,900

2,931,696

10,901,377

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Washington

-

0

.1

%

State

of

Washington

,

Series

2022A

,

GO

,

5.00

%

,

08/01/39

.........

USD

10,000

$

11,049,731

Washington

Health

Care

Facilities

Authority

,

Series

2015A

,

RB

,

4.00

%

,

10/01/45

............

16,910

16,510,399

27,560,130

Total

Municipal

Bonds

—

1.1%

(Cost:

$

467,624,304

)

.............................

431,683,620

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

5

.2

%

Cayman

Islands

—

0.1%

Prima

Capital

CRE

Securitization

Ltd.,

Series

2016-6A,

Class

C,

4.00%,

08/24/40

(c)

................

17,980

16,864,015

Ireland

—

0.0%

(a)

Dilosk

Rmbs

No.

8

Sts

DAC

Series

8-STS,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.65%),

4.48%,

05/20/62

(b)

...

EUR

2,031

2,175,045

Series

8-STS,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.90%),

4.73%,

05/20/62

(b)

...

518

554,205

Dilosk

Rmbs

No.

9

Dac,

Series

9,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.68%),

4.47%,

01/25/63

(b)

....

5,300

5,682,744

8,411,994

Italy

—

0.0%

Miltonia

Mortgage

Finance

SRL,

Series

1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.30%),

5.09%,

04/28/62

(a)

(b)

...............

8,612

9,022,623

Netherlands

—

0.0%

(a)(b)

Domi

BV

Series

2021-1,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.63%),

4.35%,

06/15/53

(b)

...

1,806

1,937,153

Series

2023-1,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.12%),

4.95%,

02/15/55

(b)

...

2,414

2,618,241

Series

2023-1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.70%),

5.53%,

02/15/55

(b)

...

803

875,989

Dutch

Property

Finance

BV

Series

2021-1,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.10%),

4.96%,

07/28/58

(b)

...

740

792,519

Series

2021-2,

Class

A,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.70%),

4.56%,

04/28/59

(b)

...

1,972

2,115,565

Series

2021-2,

Class

B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.80%),

4.66%,

04/28/59

(b)

...

820

873,740

Series

2021-2,

Class

C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

1.05%),

4.91%,

04/28/59

(b)

...

504

535,708

9,748,915

Security

Par

(000)

Par

(000)

Value

United

Kingdom

—

1.1%

(a)

Atlas

Funding

plc

Series

2022-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.80%),

7.02%,

02/25/60

(b)

..............

GBP

2,955

$

3,768,429

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.15%),

6.36%,

01/20/61

(b)

..............

4,141

5,270,086

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

7.11%,

01/20/61

(b)

..............

1,494

1,909,287

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.75%),

7.96%,

01/20/61

(b)

..............

987

1,266,921

Series

2023-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.80%),

9.01%,

01/20/61

(b)

..............

505

654,380

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.85%),

6.07%,

09/20/61

(b)

..............

12,150

15,362,885

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.30%),

6.52%,

09/20/61

(b)

..............

1,603

2,022,956

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.55%),

6.77%,

09/20/61

(b)

..............

1,104

1,393,191

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.20%),

7.42%,

09/20/61

(b)

..............

365

460,614

Auburn

15

plc,

Series

15,

Class

A2,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.10%),

6.33%,

07/20/45

(b)

................

3,405

4,324,163

Barley

Hill

No.

2

plc,

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.70%),

6.90%,

08/27/58

(b)

.....

520

653,834

Brants

Bridge

plc

Series

2022-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.40%),

7.61%,

12/12/64

(b)

..............

2,600

3,315,215

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.90%),

6.11%,

06/14/66

(b)

..............

2,486

3,145,832

Canada

Square

Funding

plc

Series

2021-2,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.78%),

5.99%,

06/17/58

(b)

..............

1,310

1,656,052

Series

2021-2,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.20%),

6.41%,

06/17/58

(b)

..............

382

482,009

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

6.81%,

06/17/58

(b)

..............

102

129,179

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

96

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

6,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.45%),

6.70%,

01/17/59

(b)

..............

GBP

2,813

$

3,523,572

Series

6,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.85%),

7.10%,

01/17/59

(b)

..............

178

220,076

East

One

plc

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

6.60%,

12/27/55

(b)

..............

1,829

2,318,456

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

6.90%,

12/27/55

(b)

..............

1,969

2,479,587

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

7.20%,

12/27/55

(b)

..............

2,438

3,050,962

Elstree

Funding

No.

4

plc,

Series

4,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.12%),

6.33%,

10/21/55

(b)

...........

1,821

2,314,276

Exmoor

Funding

plc

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.88%),

6.09%,

03/25/94

(b)

..............

8,505

10,747,429

Series

2024-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

6.71%,

03/25/94

(b)

..............

967

1,221,940

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

7.11%,

03/25/94

(b)

..............

454

573,697

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.80%),

8.01%,

03/25/94

(b)

..............

196

247,672

Finsbury

Square

Series

2021-1GRX,

Class

AGRN,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.65%),

5.86%,

12/16/67

(b)

..............

808

1,020,536

Series

2021-1GRX,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.00%),

6.21%,

12/16/67

(b)

..............

1,470

1,857,907

Series

2021-1GRX,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

6.46%,

12/16/67

(b)

..............

1,045

1,309,584

Finsbury

Square

plc

Series

2021-2X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.80%),

6.01%,

12/16/71

(b)

..............

1,036

1,310,953

Series

2021-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

6.46%,

12/16/71

(b)

..............

1,339

1,694,388

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2021-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.40%),

6.61%,

12/16/71

(b)

..............

GBP

371

$

468,445

Series

2021-2X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

6.91%,

12/16/71

(b)

..............

200

250,183

Gemgarto

plc

Series

2021-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.30%),

6.51%,

12/16/67

(b)

..............

218

275,146

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

7.21%,

12/16/73

(b)

..............

1,294

1,654,794

Series

2023-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.50%),

7.71%,

12/16/73

(b)

..............

1,236

1,578,363

Series

2023-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.50%),

9.71%,

12/16/73

(b)

..............

873

1,082,844

Great

Hall

Mortgages

No.

1

plc,

Series

2007-2X,

Class

BA,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.42%),

5.63%,

06/18/39

(b)

6,150

7,616,717

Harben

Finance

Series

2017-1RX,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.15%),

6.35%,

09/28/55

(b)

..............

741

929,848

Series

2017-1RX,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

6.70%,

09/28/55

(b)

..............

441

547,752

Hops

Hill

NO

4

plc

Series

4,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.88%),

6.10%,

04/21/56

(b)

..............

2,616

3,311,707

Series

4,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.30%),

6.52%,

04/21/56

(b)

..............

980

1,236,639

Series

4,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

6.92%,

04/21/56

(b)

..............

2,900

3,659,336

Series

4,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.30%),

7.52%,

04/21/56

(b)

..............

1,795

2,264,984

Hops

Hill

No.

2

plc

Series

2,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.25%),

7.46%,

11/27/54

(b)

..............

4,073

5,240,728

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.85%),

8.05%,

11/27/54

(b)

..............

1,077

1,385,247

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Hops

Hill

No.

3

plc

Series

3,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.00%),

6.21%,

12/21/55

(b)

..............

GBP

6,480

$

8,222,877

Series

3,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

6.91%,

12/21/55

(b)

..............

5,514

7,044,069

Series

3,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.50%),

7.71%,

12/21/55

(b)

..............

5,089

6,523,749

Jupiter

Mortgage

No.

1

plc

Series

1X,

Class

BR,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

6.95%,

07/20/55

(b)

..............

29,187

37,048,144

Series

1X,

Class

CR,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.25%),

7.50%,

07/20/55

(b)

..............

9,209

11,822,256

Series

1X,

Class

DR,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.00%),

8.25%,

07/20/55

(b)

..............

6,280

8,048,854

Lanebrook

Mortgage

Transaction

plc

Series

2020-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.25%),

7.46%,

06/12/57

(b)

..............

370

468,745

Series

2021-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.65%),

5.90%,

07/20/58

(b)

..............

1,533

1,932,677

Series

2021-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.95%),

6.20%,

07/20/58

(b)

..............

266

334,992

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

6.50%,

07/20/58

(b)

..............

158

199,504

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.65%),

6.90%,

07/20/58

(b)

..............

103

129,922

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.80%),

6.03%,

03/15/61

(b)

..............

1,122

1,418,471

London

Wall

Mortgage

Capital

plc

Series

2021-FL1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.75%),

5.98%,

05/15/51

(b)

..............

1,318

1,666,829

Series

2021-FL2,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.80%),

6.03%,

05/15/52

(b)

..............

767

969,527

Molossus

Btl

plc,

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.95%),

6.19%,

04/18/61

(b)

................

2,327

2,942,020

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Mortimer

BTL

plc

Series

2021-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.70%),

5.91%,

06/23/53

(b)

..............

GBP

1,573

$

1,986,850

Series

2021-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.10%),

6.31%,

06/23/53

(b)

..............

334

421,397

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.45%),

6.66%,

06/23/53

(b)

..............

110

138,914

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

7.20%,

12/22/56

(b)

..............

764

980,494

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.00%),

8.20%,

12/22/56

(b)

..............

832

1,068,440

Series

2023-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.05%),

9.25%,

12/22/56

(b)

..............

764

993,007

Newgate

Funding

plc,

Series

2006-1,

Class

BB,

(3-mo.

EURIBOR

at

0.28%

Floor

+

0.28%),

4.07%,

12/01/50

(b)

................

EUR

949

958,746

Paragon

Mortgages

No.

12

plc,

Series

12X,

Class

B1B,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.48%),

4.31%,

11/15/38

(b)

................

457

469,732

Parkmore

Point

RMBS

plc,

Series

2022-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

6.75%,

07/25/45

(b)

GBP

9,602

12,179,424

Pierpont

Btl

plc

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.10%),

6.31%,

09/21/54

(b)

..............

3,799

4,825,005

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.90%),

7.11%,

09/21/54

(b)

..............

2,246

2,873,386

Pierpont

BTL

plc

Series

2021-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.80%),

6.01%,

12/22/53

(b)

..............

2,474

3,125,571

Series

2021-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

6.46%,

12/22/53

(b)

..............

1,728

2,184,102

PMF

plc,

Series

2024-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.98%),

6.19%,

07/16/60

(b)

................

1,602

2,033,885

Polaris

plc

Series

2022-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

6.70%,

10/23/59

(b)

..............

421

533,350

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

98

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2022-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

7.20%,

10/23/59

(b)

..............

GBP

307

$

387,064

Series

2022-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.40%),

8.60%,

10/23/59

(b)

..............

538

667,842

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

6.45%,

02/23/61

(b)

..............

5,725

7,280,565

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.75%),

7.95%,

02/23/61

(b)

..............

2,389

3,102,273

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.65%),

8.85%,

02/23/61

(b)

..............

1,770

2,321,514

Series

2023-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.35%),

9.55%,

02/23/61

(b)

..............

1,093

1,435,700

Series

2023-2,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

6.45%,

09/27/59

(b)

..............

6,621

8,418,151

Series

2023-2,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.25%),

7.45%,

09/27/59

(b)

..............

2,321

3,000,445

Series

2023-2,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.20%),

8.40%,

09/27/59

(b)

..............

2,150

2,772,919

Series

2023-2,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.25%),

9.45%,

09/27/59

(b)

..............

1,337

1,732,817

Series

2024-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

6.90%,

02/26/61

(b)

..............

1,671

2,129,453

Series

2024-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.70%),

7.90%,

02/26/61

(b)

..............

566

727,815

Series

2024-1,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.00%),

9.20%,

02/26/61

(b)

..............

356

453,807

Precise

Mortgage

Funding

plc

Series

2020-1B,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.45%),

6.66%,

10/16/56

(b)

..............

115

145,651

Series

2020-1B,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

6.91%,

10/16/56

(b)

..............

100

126,605

Series

2020-1B,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.95%),

7.16%,

10/16/56

(b)

..............

100

126,417

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

RMAC

Securities

No.1

plc

Series

2006-NS1X,

Class

M1C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.25%),

3.99%,

06/12/44

(b)

..

EUR

100

$

103,221

Series

2007-NS1X,

Class

A2A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.27%),

5.48%,

06/12/44

(b)

..............

GBP

250

307,669

Series

2007-NS1X,

Class

M1C,

(3-mo.

EURIBOR

at

0.00%

Floor

+

0.27%),

4.01%,

06/12/44

(b)

..

EUR

1,648

1,690,523

Stanlington

No.

2

plc

Series

2,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

and

10.63%

Cap

+

1.75%),

6.96%,

06/12/45

(b)

...

GBP

534

671,014

Series

2,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

and

11.20%

Cap

+

2.20%),

7.41%,

06/12/45

(b)

...

329

408,248

Series

2,

Class

E,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

and

12.30%

Cap

+

3.30%),

8.51%,

06/12/45

(b)

...

450

551,332

Stratton

Mortgage

Funding

plc

Series

2024-2X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.90%),

6.10%,

06/28/50

(b)

..............

1,764

2,229,284

Series

2024-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.35%),

6.55%,

06/28/50

(b)

..............

1,121

1,410,208

Series

2024-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

6.70%,

06/28/50

(b)

..............

2,576

3,212,576

Series

2024-3,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.98%),

6.19%,

06/25/49

(b)

..............

8,510

10,755,877

Series

2024-3,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.35%),

6.56%,

06/25/49

(b)

..............

11,150

14,067,273

Series

2024-3,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

6.71%,

06/25/49

(b)

..............

933

1,173,968

Together

Asset-Backed

Securitisation

plc

Series

2021-1ST1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.70%),

5.96%,

07/12/63

(b)

..............

634

800,676

Series

2021-1ST1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.95%),

6.21%,

07/12/63

(b)

..............

157

198,512

Series

2021-1ST1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

6.51%,

07/12/63

(b)

..............

107

135,159

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2023-1ST2X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.23%),

6.44%,

04/20/65

(b)

..............

GBP

4,054

$

5,163,200

Series

2023-1ST2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.15%),

7.36%,

04/20/65

(b)

..............

2,053

2,666,568

Series

2023-1ST2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.15%),

8.36%,

04/20/65

(b)

..............

438

575,453

Series

2023-1ST2X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.40%),

9.61%,

04/20/65

(b)

..............

278

357,321

Series

2024-1ST1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.95%),

6.16%,

08/15/64

(b)

..............

16,482

20,900,825

Series

2024-2ND1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

6.91%,

08/20/55

(b)

..............

2,576

3,301,083

Series

2024-2ND1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.50%),

7.71%,

08/20/55

(b)

..............

817

1,043,913

Series

2024-2ND1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.50%),

8.71%,

08/20/55

(b)

..............

1,039

1,348,110

Tower

Bridge

Funding

plc

Series

2021-2,

Class

A,

(Sterling

Overnight

Index

Average

+

0.78%),

6.01%,

11/20/63

(b)

...

556

703,622

Series

2021-2,

Class

B,

(Sterling

Overnight

Index

Average

+

1.10%),

6.33%,

11/20/63

(b)

...

253

319,889

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

+

1.50%),

6.73%,

11/20/63

(b)

...

140

176,751

Series

2021-2,

Class

D,

(Sterling

Overnight

Index

Average

+

1.80%),

7.03%,

11/20/63

(b)

...

170

213,995

Series

2022-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.25%),

6.46%,

12/20/63

(b)

..............

264

331,234

Series

2023-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.20%),

7.41%,

03/20/65

(b)

..............

755

960,585

Series

2023-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.20%),

8.41%,

03/20/65

(b)

..............

1,119

1,431,731

Series

2023-2X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.30%),

9.51%,

03/20/65

(b)

..............

959

1,229,047

Series

2024-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.00%),

8.25%,

01/20/66

(b)

..............

773

996,251

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2024-1X,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.00%),

9.25%,

01/20/66

(b)

..............

GBP

864

$

1,119,288

Series

2024-2X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.88%),

6.13%,

05/20/66

(b)

..............

7,531

9,538,844

Series

2024-2X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.20%),

6.45%,

05/20/66

(b)

..............

1,489

1,885,723

Series

2024-2X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

6.85%,

05/20/66

(b)

..............

676

858,715

Trinity

Square

plc,

Series

2021-1X,

Class

AR,

(Sterling

Overnight

Index

Average

+

0.90%),

6.16%,

07/15/59

(b)

................

16,879

21,318,010

Twin

Bridges

plc

Series

2021-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

6.81%,

03/12/55

(b)

..............

436

553,319

Series

2021-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.10%),

7.31%,

03/12/55

(b)

..............

804

1,009,868

Series

2021-2,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.66%),

5.87%,

09/12/55

(b)

..............

2,555

3,222,675

Series

2021-2,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.90%),

6.11%,

09/12/55

(b)

..............

819

1,030,050

Series

2021-2,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.15%),

6.36%,

09/12/55

(b)

..............

435

546,132

Series

2021-2,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.50%),

6.71%,

09/12/55

(b)

..............

187

233,461

Series

2022-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.30%),

6.51%,

12/01/55

(b)

..............

830

1,035,568

Series

2022-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.70%),

6.91%,

12/01/55

(b)

..............

365

451,291

Series

2022-2,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.00%),

7.21%,

06/12/55

(b)

..............

5,709

7,295,085

Series

2023-1,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

0.95%),

6.16%,

06/14/55

(b)

..............

2,516

3,190,724

Series

2023-1,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.60%),

6.81%,

06/14/55

(b)

..............

6,190

7,876,532

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

100

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Series

2023-1,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.50%),

7.71%,

06/14/55

(b)

..............

GBP

2,602

$

3,314,594

Series

2023-1,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.50%),

8.71%,

06/14/55

(b)

..............

1,672

2,146,824

Series

2023-2,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.05%),

7.28%,

05/15/56

(b)

..............

891

1,148,723

Series

2023-2,

Class

D,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

4.05%),

9.28%,

05/15/56

(b)

..............

890

1,163,094

417,956,416

United

States

—

4.0%

Agate

Bay

Mortgage

Trust

(a)(c)

Series

2015-1,

Class

B5,

3.63%,

01/25/45

...............

USD

1,323

839,276

Series

2015-3,

Class

B5,

3.49%,

04/25/45

...............

1,521

968,539

Series

2015-4,

Class

B5,

3.50%,

06/25/45

...............

1,061

633,961

Ajax

Mortgage

Loan

Trust

(c)

Series

2022-A,

Class

A1,

3.50%,

10/25/61

(g)

..............

41,279

38,836,611

Series

2022-A,

Class

A2,

3.00%,

10/25/61

(a)

..............

2,705

2,355,694

Series

2022-A,

Class

A3,

3.00%,

10/25/61

(a)

..............

1,443

1,234,881

Series

2022-A,

Class

B,

3.00%,

10/25/61

...............

10,820

7,935,118

Series

2022-A,

Class

C,

3.00%,

10/25/61

...............

5,309

5,199,175

Series

2022-A,

Class

M1,

3.00%,

10/25/61

...............

1,578

1,320,025

Series

2022-A,

Class

M2,

3.00%,

10/25/61

...............

7,078

5,719,429

Series

2022-A,

Class

M3,

3.00%,

10/25/61

...............

451

352,900

Series

2022-B,

Class

A1,

3.50%,

03/27/62

(g)

..............

46,838

44,006,150

Series

2022-B,

Class

A2,

3.00%,

03/27/62

(a)

..............

2,124

1,734,885

Series

2022-B,

Class

A3,

3.00%,

03/27/62

(a)

..............

1,821

1,470,900

Series

2022-B,

Class

B,

3.00%,

03/27/62

...............

10,116

6,863,751

Series

2022-B,

Class

C,

3.00%,

03/27/62

...............

8,307

6,406,666

Series

2022-B,

Class

M1,

3.00%,

03/27/62

...............

1,365

1,096,071

Series

2022-B,

Class

M2,

3.00%,

03/27/62

...............

6,777

5,192,512

Series

2023-A,

Class

A1,

3.50%,

07/25/62

(g)

..............

55,815

52,253,818

Series

2023-A,

Class

A2,

3.00%,

07/25/62

(a)

..............

2,667

2,282,741

Series

2023-A,

Class

A3,

2.50%,

07/25/62

(a)

..............

1,511

1,219,298

Series

2023-A,

Class

B,

2.50%,

07/25/62

(a)

..............

8,888

6,277,798

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2023-A,

Class

C,

2.50%,

07/25/62

(a)

..............

USD

5,609

$

2,936,059

Series

2023-A,

Class

M1,

2.50%,

07/25/62

(a)

..............

4,578

3,592,131

Series

2023-C,

Class

A1,

3.50%,

05/25/63

(g)

..............

47,466

44,846,183

Series

2023-C,

Class

A2,

3.00%,

05/25/63

(a)

..............

2,968

2,522,844

Series

2023-C,

Class

A3,

2.50%,

05/25/63

(a)

..............

1,583

1,277,176

Series

2023-C,

Class

C,

2.50%,

05/25/63

(a)

..............

12,954

10,556,485

Series

2023-C,

Class

M1,

2.50%,

05/25/63

(a)

..............

1,385

1,103,291

Series

2023-C,

Class

M2,

2.50%,

05/25/63

(a)

..............

8,588

6,268,807

Alternative

Loan

Trust

Series

2005-11CB,

Class

2A1,

5.50%,

06/25/35

..........

178

140,029

Series

2005-11CB,

Class

2A6,

5.50%,

06/25/25

..........

920

724,051

Series

2005-59,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.66%

Floor

+

0.77%),

6.12%,

11/20/35

(a)

..

1,310

1,175,948

Series

2005-22T1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

and

5.42%

Cap

+

0.46%),

5.42%,

06/25/35

(a)

..............

6,816

5,688,526

Series

2006-6CB,

Class

2A10,

6.00%,

05/25/36

..........

418

167,771

Series

2006-11CB,

Class

3A1,

6.50%,

05/25/36

..........

3,576

1,692,363

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

...............

633

286,483

Series

2006-23CB,

Class

2A5,

(1-

mo.

CME

Term

SOFR

at

0.40%

Floor

and

7.50%

Cap

+

0.51%),

5.86%,

08/25/36

(a)

.........

7,513

1,537,435

Series

2006-28CB,

Class

A14,

6.25%,

10/25/36

..........

2,131

1,078,408

Series

2006-34,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.70%

Floor

and

6.25%

Cap

+

0.81%),

6.16%,

11/25/46

(a)

..............

4,733

1,661,117

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

..........

2,403

1,288,186

Series

2006-J7,

Class

2A1,

(1-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.94%,

11/20/46

(a)

...

3,243

2,419,529

Series

2006-OA11,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.84%,

09/25/46

(a)

..

2,435

2,038,547

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.73%

Floor

+

1.73%),

6.88%,

11/25/46

(a)

..............

8,849

6,856,235

Series

2006-OA16,

Class

A4C,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

6.14%,

10/25/46

(a)

..............

8,836

6,375,979

Series

2006-OA21,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.19%

Floor

+

0.30%),

5.64%,

03/20/47

(a)

..

2,880

2,310,437

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

101

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2006-OC1,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

+

0.57%),

5.92%,

03/25/36

(a)

..

USD

2,192

$

2,068,118

Series

2006-OC7,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

0.61%),

5.96%,

07/25/46

(a)

..

4,981

4,162,543

Series

2006-OC10,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

+

0.57%),

5.92%,

11/25/36

(a)

..............

4,192

3,527,158

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

...............

20,764

9,427,915

Series

2007-3T1,

Class

1A1,

6.00%,

04/25/37

...............

705

324,980

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

...............

3,709

1,770,060

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.74%,

04/25/47

(a)

..

2,722

2,364,116

Series

2007-OA3,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.82%,

04/25/47

(a)

..

5

455

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.82%,

06/25/47

(a)

..

483

358,418

Series

2007-OH2,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

and

10.00%

Cap

+

0.59%),

5.94%,

08/25/47

(a)

.........

525

451,671

American

Home

Mortgage

Assets

Trust

(a)

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

6.09%,

10/25/46

...............

2,415

1,611,267

Series

2006-4,

Class

1A12,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.32%),

5.67%,

10/25/46

...

5,089

2,779,087

American

Home

Mortgage

Investment

Trust,

Series

2007-1,

Class

GA1C,

(1-mo.

CME

Term

SOFR

at

0.19%

Floor

+

0.30%),

5.65%,

05/25/47

(a)

4,697

2,670,902

Angel

Oak

Mortgage

Trust

(a)(c)

Series

2019-5,

Class

B1,

3.96%,

10/25/49

...............

715

643,110

Series

2021-4,

Class

B1,

3.20%,

01/20/65

...............

3,150

2,185,165

APS

Resecuritization

Trust,

Series

2016-1,

Class

1MZ,

3.00%,

07/31/57

(a)

(c)

...............

20,858

7,929,415

Banc

of

America

Alternative

Loan

Trust,

Series

2006-7,

Class

A4,

6.50%,

10/25/36

(g)

................

3,763

1,094,323

Banc

of

America

Funding

Trust

Series

2007-1,

Class

1A6,

5.75%,

01/25/37

...............

40

31,619

Series

2014-R2,

Class

1C,

0.00%,

11/26/36

(a)

(c)

.............

8,841

2,770,226

Series

2016-R2,

Class

1A1,

4.70%,

05/01/33

(a)

(c)

.............

2,404

2,371,161

Barclays

Mortgage

Loan

Trust

(c)

Series

2022-NQM1,

Class

A1,

4.55%,

07/25/52

(g)

.........

12,297

12,000,956

Series

2023-NQM3,

Class

A1,

6.90%,

10/25/63

(g)

.........

74,233

74,929,640

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2023-NQM3,

Class

A2,

7.36%,

10/25/63

(g)

.........

USD

11,802

$

11,902,288

Series

2023-NQM3,

Class

A3,

7.69%,

10/25/63

(g)

.........

7,127

7,177,646

Series

2023-NQM3,

Class

B1,

8.04%,

10/25/63

(a)

.........

3,856

3,845,597

Series

2023-NQM3,

Class

B2,

8.04%,

10/25/63

(a)

.........

3,244

3,142,906

Series

2023-NQM3,

Class

B3,

8.04%,

10/25/63

(a)

.........

8,876

7,930,296

Series

2023-NQM3,

Class

M1,

8.04%,

10/25/63

(a)

.........

6,427

6,685,040

Series

2023-NQM3,

Class

SA,

0.00%,

10/25/63

(a)

.........

2

2,419

Series

2024-NQM1,

Class

A1,

5.90%,

01/25/64

(g)

.........

12,348

12,282,936

Series

2024-NQM1,

Class

A2,

6.11%,

01/25/64

(g)

.........

8,412

8,351,450

Series

2024-NQM1,

Class

A3,

6.31%,

01/25/64

(g)

.........

6,425

6,387,814

Series

2024-NQM1,

Class

B1,

8.09%,

01/25/64

(a)

.........

2,900

2,889,024

Series

2024-NQM1,

Class

B2,

8.70%,

01/25/64

(a)

.........

2,658

2,640,838

Series

2024-NQM1,

Class

B3,

8.70%,

01/25/64

(a)

.........

5,704

5,148,833

Series

2024-NQM1,

Class

M1,

6.80%,

01/25/64

(a)

.........

4,979

4,967,178

Series

2024-NQM1,

Class

SA,

0.00%,

01/25/64

(a)

.........

13

12,057

Series

2024-NQM3,

Class

A1,

6.04%,

06/25/64

(g)

.........

59,524

59,516,258

Series

2024-NQM3,

Class

A2,

6.30%,

06/25/64

(g)

.........

4,693

4,692,379

Series

2024-NQM3,

Class

A3,

6.50%,

06/25/64

(g)

.........

8,189

8,187,946

Series

2024-NQM3,

Class

B1,

7.50%,

06/25/64

(a)

.........

3,975

3,973,641

Series

2024-NQM3,

Class

B2,

8.08%,

06/25/64

(a)

.........

3,640

3,543,138

Series

2024-NQM3,

Class

B3,

8.08%,

06/25/64

(a)

.........

9,961

8,150,713

Series

2024-NQM3,

Class

M1,

6.41%,

06/25/64

(a)

.........

5,794

5,792,888

Series

2024-NQM3,

Class

SA,

0.00%,

06/25/64

(a)

.........

17

17,184

Barclays

Mortgage

Trust

(c)

  0.00%,

11/25/51

(a)

(d)

.........

29

27,970

Series

2021-NPL1,

Class

A,

2.00%,

11/25/51

(g)

..............

37,097

35,693,739

Series

2021-NPL1,

Class

B,

4.62%,

11/25/51

(g)

..............

6,222

5,842,543

Series

2021-NPL1,

Class

C,

0.00%,

11/25/51

...............

12,926

14,400,506

Series

2022-RPL1,

Class

A,

4.25%,

02/25/28

(g)

..............

25,539

26,378,360

Series

2022-RPL1,

Class

B,

4.25%,

02/25/28

(g)

..............

4,958

4,626,292

Series

2022-RPL1,

Class

C,

0.00%,

02/25/28

...............

8,424

1,651,895

Series

2022-RPL1,

Class

SA,

0.00%,

02/25/28

..........

149

96,785

BCAP

LLC

Trust,

Series

2011-RR5,

Class

11A5,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

4.68%,

05/28/36

(a)

(c)

..........

2,885

2,740,171

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

102

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Bear

Stearns

ALT-A

Trust

(a)

Series

2006-6,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

and

11.50%

Cap

+

0.43%),

5.78%,

11/25/36

..........

USD

1,850

$

1,520,773

Series

2007-1,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

and

11.50%

Cap

+

0.43%),

5.78%,

01/25/47

..........

1,575

1,241,412

Bear

Stearns

Asset-Backed

Securities

I

Trust

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

(g)

..............

2,117

1,960,728

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

(g)

..............

2,590

2,504,177

Series

2006-AC2,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

and

7.50%

Cap

+

0.46%),

5.81%,

03/25/36

(a)

..............

6,126

1,686,542

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2006-SL1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

and

11.00%

Cap

+

0.39%),

5.74%,

08/25/36

..........

846

826,365

Series

2007-AR2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

and

10.50%

Cap

+

0.45%),

5.80%,

03/25/37

..........

90

82,195

Series

2007-AR3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

and

10.50%

Cap

+

0.25%),

5.60%,

03/25/37

..........

1,403

1,239,671

Series

2007-AR4,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.21%

Floor

and

10.50%

Cap

+

0.32%),

5.67%,

06/25/37

..........

972

896,723

Cascade

Funding

Mortgage

Trust,

Series

2019-RM3,

Class

C,

(1-mo.

LIBOR

USD

+

0.00%),

4.00%,

06/25/69

(a)

(c)

...............

1,123

1,053,645

CFMT

LLC

(a)(c)

Series

2024-HB14,

Class

M2,

3.00%,

06/25/34

..........

547

481,612

Series

2024-HB14,

Class

M3,

3.00%,

06/25/34

..........

1,360

1,129,948

Chase

Mortgage

Finance

Trust,

Series

2007-S6,

Class

1A1,

6.00%,

12/25/37

.................

49,761

20,489,122

CHL

Mortgage

Pass-Through

Trust

Series

2005-22,

Class

2A1,

4.69%,

11/25/35

(a)

..............

1,020

805,891

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.96%

Floor

+

0.96%),

6.11%,

04/25/46

(a)

..............

26,614

7,896,359

Series

2006-OA5,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

+

0.51%),

5.86%,

04/25/46

(a)

..

964

880,064

Series

2007-1,

Class

A2,

6.00%,

03/25/37

...............

788

353,350

Series

2007-9,

Class

A1,

5.75%,

07/25/37

...............

2,445

1,204,739

Series

2007-9,

Class

A11,

5.75%,

07/25/37

...............

1,336

658,377

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-15,

Class

2A2,

6.50%,

09/25/37

...............

USD

12,950

$

4,748,914

CHNGE

Mortgage

Trust

(c)

Series

2022-1,

Class

A1,

3.01%,

01/25/67

(a)

..............

4,084

3,757,626

Series

2022-4,

Class

A1,

6.00%,

10/25/57

(g)

..............

1,450

1,431,110

CIM

Trust,

Series

2019-J2,

Class

B4,

3.75%,

10/25/49

(a)

(c)

..........

1,550

1,171,958

Citicorp

Mortgage

Securities

Trust

Series

2007-4,

Class

1A14,

6.00%,

05/25/37

...............

1,178

1,014,989

Series

2007-9,

Class

1A1,

6.25%,

12/25/37

...............

2,733

2,388,312

Series

2008-2,

Class

1A1,

6.50%,

06/25/38

...............

3,843

2,979,866

Citigroup

Mortgage

Loan

Trust

Series

2007-6,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

and

6.50%

Cap

+

0.61%),

5.96%,

05/25/37

(a)

..............

3,554

3,172,992

Series

2014-C,

Class

B2,

4.25%,

02/25/54

(c)

..............

582

545,766

Series

2022-A,

Class

A1,

6.17%,

09/25/62

(c)

(g)

.............

11,426

11,423,716

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A6,

Class

1A11,

6.00%,

06/25/37

.................

769

633,992

COLT

Mortgage

Loan

Trust

(a)(c)

Series

2020-2,

Class

M1,

5.25%,

03/25/65

...............

2,734

2,657,286

Series

2022-3,

Class

B1,

4.22%,

02/25/67

...............

2,500

2,001,568

Series

2022-5,

Class

B1,

4.56%,

03/25/67

...............

4,802

4,180,451

Credit

Suisse

Mortgage

Capital

Certificates

(c)

Series

2009-12R,

Class

3A1,

6.50%,

10/27/37

...............

21,075

8,126,296

Series

2021-JR1,

Class

A1,

5.47%,

09/27/66

(a)

..............

29,066

28,777,581

Series

2021-JR1,

Class

A2,

3.50%,

09/27/66

(a)

..............

2,752

2,411,309

Series

2021-JR1,

Class

B2,

34.24%,

09/27/66

...............

4,567

3,592,927

Series

2021-JR1,

Class

PT2,

0.00%,

07/26/60

(a)

..............

2,883

1,218,133

CSFB

Mortgage-Backed

Pass-Through

Certificates,

Series

2005-10,

Class

10A1,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

and

6.25%

Cap

+

1.46%),

6.25%,

11/25/35

(a)

......

3,143

679,483

CSMC

Mortgage-Backed

Trust,

Series

2006-4,

Class

1A3,

6.00%,

05/25/36

643

348,582

CSMC

Trust

(a)(c)

Series

2014-4R,

Class

16A3,

(1-mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.31%),

5.16%,

02/27/36

...

1,855

1,817,839

Series

2014-9R,

Class

9A1,

(1-mo.

CME

Term

SOFR

at

0.12%

Floor

+

0.23%),

5.68%,

08/27/36

...

1,968

1,547,648

Series

2014-SAF1,

Class

B5,

3.86%,

03/25/44

...............

2,835

2,057,282

Series

2015-4R,

Class

1A4,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

3.34%,

10/27/36

...

4,646

3,115,175

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

103

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2015-6R,

Class

5A2,

(1-mo.

CME

Term

SOFR

at

0.18%

Floor

+

0.29%),

5.64%,

03/27/36

...

USD

2,977

$

2,215,410

Series

2020-RPL2,

Class

A12,

3.64%,

02/25/60

..........

4,129

4,184,912

Series

2021-NQM8,

Class

M1,

3.26%,

10/25/66

..........

1,453

1,018,448

Series

2022-NQM6,

Class

PT,

9.26%,

12/25/67

..........

25,022

24,797,009

Deephaven

Residential

Mortgage

Trust

(a)(c)

Series

2022-2,

Class

M1,

4.33%,

03/25/67

...............

2,349

1,964,243

Series

2022-3,

Class

B1,

5.27%,

07/25/67

...............

3,178

2,714,220

Series

2022-3,

Class

M1,

5.27%,

07/25/67

...............

5,876

5,296,663

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

A2A,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.80%,

08/25/47

(a)

................

2,082

1,844,170

Deutsche

Alt-B

Securities

Mortgage

Loan

Trust

(a)

Series

2006-AB3,

Class

A3,

6.51%,

07/25/36

...............

824

675,918

Series

2006-AB3,

Class

A8,

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

0.00%),

6.36%,

07/25/36

....

524

429,817

Ellington

Financial

Mortgage

Trust,

Series

2022-4,

Class

B2,

5.95%,

09/25/67

(a)

(c)

...............

4,578

3,828,723

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2005-AA12,

Class

2A1,

5.63%,

02/25/36

(a)

...

42

26,305

GCAT

Trust

(c)

Series

2020-NQM2,

Class

B1,

4.85%,

04/25/65

(a)

.........

4,430

4,014,940

Series

2021-NQM3,

Class

B1,

3.47%,

05/25/66

(a)

.........

3,170

2,277,034

Series

2022-NQM4,

Class

A1,

5.27%,

08/25/67

(g)

.........

12,234

12,104,917

GreenPoint

Mortgage

Funding

Trust,

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

2.00%

Floor

and

10.50%

Cap

+

2.00%),

7.15%,

03/25/36

(a)

.....

1,214

1,055,685

GS

Mortgage-Backed

Securities

Corp.

Trust

(a)(c)

Series

2019-PJ2,

Class

B4,

4.37%,

11/25/49

...............

2,536

2,205,559

Series

2020-PJ2,

Class

B4,

3.55%,

07/25/50

...............

1,892

1,506,552

GSMPS

Mortgage

Loan

Trust

(a)(c)

Series

2005-RP1,

Class

1AF,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.81%,

01/25/35

...

2,581

2,183,737

Series

2005-RP2,

Class

1AF,

(1-mo.

CME

Term

SOFR

at

0.35%

Floor

+

0.46%),

5.81%,

03/25/35

...

3,690

3,349,122

Series

2006-RP1,

Class

1AF1,

(1-

mo.

CME

Term

SOFR

at

0.35%

Floor

and

9.15%

Cap

+

0.46%),

5.81%,

01/25/36

..........

2,401

1,913,350

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

GSR

Mortgage

Loan

Trust

Series

2005-AR1,

Class

2A1,

6.05%,

01/25/35

(a)

..............

USD

298

$

279,661

Series

2007-1F,

Class

2A4,

5.50%,

01/25/37

...............

88

129,644

Series

2007-OA2,

Class

2A1,

3.15%,

06/25/47

(a)

.........

1,465

884,776

HarborView

Mortgage

Loan

Trust

(a)

Series

2006-12,

Class

1A1A,

(1-mo.

CME

Term

SOFR

at

0.41%

Floor

+

0.52%),

5.86%,

12/19/36

...

10,551

8,092,147

Series

2007-3,

Class

1A1A,

(1-mo.

CME

Term

SOFR

at

0.20%

Floor

+

0.51%),

5.85%,

05/19/37

...

2,979

2,346,612

Series

2007-4,

Class

2A2,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

and

10.00%

Cap

+

0.61%),

5.70%,

07/19/47

..........

1,019

913,346

HIG

RCP

LLC,

Series

2023-FL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.60%,

09/19/38

(a)

(c)

8,310

8,320,032

Homeward

Opportunities

Fund

I

Trust,

Series

2020-2,

Class

B1,

5.45%,

05/25/65

(a)

(c)

...............

6,360

6,168,000

Homeward

Opportunities

Fund

Trust

(c)

Series

2022-1,

Class

A1,

5.08%,

07/25/67

(g)

..............

12,410

12,259,292

Series

2022-1,

Class

M1,

5.04%,

07/25/67

(a)

..............

6,241

5,819,274

Impac

Secured

Assets

Trust,

Series

2006-3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.80%,

11/25/36

(a)

...........

1,512

1,334,450

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2006-AR15,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.35%),

5.70%,

07/25/36

...

567

542,050

Series

2006-AR35,

Class

2A1A,

(1-

mo.

CME

Term

SOFR

at

0.34%

Floor

and

10.50%

Cap

+

0.45%),

5.80%,

01/25/37

..........

1,092

961,298

Series

2007-AR19,

Class

3A1,

3.78%,

09/25/37

..........

4,953

3,134,465

Series

2007-FLX5,

Class

2A2,

(1-

mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.94%,

08/25/37

1,393

1,200,781

J.P.

Morgan

Alternative

Loan

Trust,

Series

2007-A2,

Class

2A1,

4.88%,

05/25/37

(a)

................

738

633,989

J.P.

Morgan

Madison

Avenue

Securities

Trust,

Series

2014-CH1,

Class

M2,

(SOFR

30

day

Average

at

4.25%

Floor

+

4.36%),

9.70%,

11/25/24

(a)

(c)

1,006

1,046,493

J.P.

Morgan

Mortgage

Trust

(a)

Series

2007-A1,

Class

4A1,

6.41%,

07/25/35

...............

3

3,059

Series

2021-4,

Class

B3,

2.90%,

08/25/51

(c)

..............

6,490

5,007,735

Series

2021-INV5,

Class

A5A,

2.50%,

12/25/51

(c)

.........

18,014

14,132,776

Series

2021-INV5,

Class

B4,

3.19%,

12/25/51

(c)

..............

2,500

1,928,145

Series

2021-INV5,

Class

B5,

3.19%,

12/25/51

(c)

..............

875

635,559

Series

2021-INV5,

Class

B6,

3.07%,

12/25/51

(c)

..............

2,991

1,208,677

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

104

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2021-INV7,

Class

A5A,

2.50%,

02/25/52

(c)

.........

USD

8,259

$

6,479,736

Series

2021-INV7,

Class

B1,

3.27%,

02/25/52

(c)

..............

7,395

6,057,506

Series

2021-INV7,

Class

B2,

3.27%,

02/25/52

(c)

..............

1,735

1,406,595

Series

2021-INV7,

Class

B3,

3.27%,

02/25/52

(c)

..............

2,414

1,934,141

Series

2021-INV7,

Class

B4,

3.27%,

02/25/52

(c)

..............

1,283

990,174

Series

2021-INV7,

Class

B5,

3.27%,

02/25/52

(c)

..............

528

383,489

Series

2021-INV7,

Class

B6,

3.20%,

02/25/52

(c)

..............

1,730

690,965

Legacy

Mortgage

Asset

Trust,

Series

2021-GS2,

Class

A1,

4.75%,

04/25/61

(c)

(g)

...............

29,550

29,004,663

Lehman

XS

Trust,

Series

2007-16N,

Class

AF2,

(1-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.01%),

7.36%,

09/25/47

(a)

................

2,783

3,582,364

MASTR

Resecuritization

Trust,

Series

2008-3,

Class

A1,

4.78%,

08/25/37

(a)

(c)

...............

1,337

495,626

MCM

Trust

(d)

Series

2018-NPL2,  3.00%,

08/25/28

(c)

..............

31,319

30,030,289

Series

2021-VFN1,  3.00%,

08/28/28

28,890

18,911,339

Merrill

Lynch

Alternative

Note

Asset

Trust,

Series

2007-OAR2,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.88%,

04/25/37

(a)

2,605

2,055,134

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2006-AF2,

Class

AV1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.78%,

09/25/37

(a)

.....

1,341

716,089

MFA

Trust

(c)

Series

2020-NQM1,

Class

A3,

2.30%,

08/25/49

(a)

.........

190

174,055

Series

2021-NQM1,

Class

B1,

3.51%,

04/25/65

(a)

.........

6,050

4,680,973

Series

2022-NQM1,

Class

M1,

4.26%,

12/25/66

(a)

.........

4,096

3,525,091

Series

2022-NQM3,

Class

A1,

5.57%,

09/25/67

(g)

.........

9,691

9,589,922

Series

2024-RTL1,

Class

A1,

7.09%,

02/25/29

(g)

..............

10,556

10,538,261

Morgan

Stanley

Resecuritization

Trust,

Series

2013-R7,

Class

1B,

(1-mo.

CME

Term

SOFR

at

0.16%

Floor

and

10.50%

Cap

+

0.27%),

5.76%,

12/26/46

(a)

(c)

...............

1,182

1,061,147

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2014-1A,

Class

B3,

6.87%,

06/25/44

(a)

(c)

.......

777

775,556

Mortgage

Loan

Resecuritization

Trust,

Series

2009-RS1,

Class

A85,

(1-mo.

LIBOR

USD

at

0.34%

Floor

and

9.00%

Cap

+

0.34%),

5.78%,

04/16/36

(a)

(c)

...............

5,341

5,127,514

NACC

Reperforming

Loan

REMIC

Trust

(c)

Series

2004-R1,

Class

A1,

6.50%,

03/25/34

...............

2,942

2,530,562

Series

2004-R1,

Class

A2,

7.50%,

03/25/34

...............

676

598,388

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

New

Residential

Mortgage

Loan

Trust

(a)

(c)

Series

2019-2A,

Class

A1,

4.25%,

12/25/57

...............

USD

1,718

$

1,639,987

Series

2020-RPL1,

Class

B3,

3.87%,

11/25/59

...............

10,258

7,222,878

NMLT

Trust,

Series

2021-INV1,

Class

B1,

3.61%,

05/25/56

(a)

(c)

.......

2,642

1,890,547

Nomura

Asset

Acceptance

Corp.

Alternative

Loan

Trust

Series

2001-R1A,

Class

A,

7.00%,

02/19/30

(a)

(c)

.............

647

623,847

Series

2005-AP1,

Class

2A4,

6.05%,

02/25/35

(g)

..............

556

528,326

Series

2006-AF1,

Class

1A4,

7.13%,

05/25/36

(g)

..............

1,523

268,184

Series

2007-2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.84%

Floor

+

0.95%),

6.30%,

06/25/37

(a)

..

676

540,015

OBX

Trust,

Series

2022-NQM7,

Class

A1,

5.11%,

08/25/62

(c)

(g)

.......

8,173

8,025,945

PGA

National

Resort

Commercial

Mortgage

Trust,  

(1-mo.

SOFR

FWD

+

1.89%),

7.22%,

06/15/39

(a)

(c)

...

4,965

4,952,587

PRET

LLC

(c)(g)

Series

2024-NPL2,

Class

A1,

7.02%,

02/25/54

...............

20,191

20,134,753

Series

2024-RN2,

Class

A1,

7.12%,

04/25/54

...............

4,229

4,228,933

PRKCM

Trust

(a)(c)

Series

2021-AFC2,

Class

A1,

2.07%,

11/25/56

...............

3,179

2,679,381

Series

2022-AFC1,

Class

A1A,

4.10%,

04/25/57

..........

1,711

1,640,004

Series

2022-AFC2,

Class

A1,

5.33%,

08/25/57

...............

12,541

12,333,061

PRPM

LLC

(c)

Series

2020-4,

Class

A1,

5.61%,

10/25/25

(g)

..............

8,577

8,571,343

Series

2021-4,

Class

A1,

4.87%,

04/25/26

(g)

..............

5,244

5,230,891

Series

2022-1,

Class

A1,

3.72%,

02/25/27

(g)

..............

1,514

1,487,271

Series

2022-NQM1,

Class

B1,

5.43%,

08/25/67

(a)

.........

964

815,379

Series

2023-1,

Class

A1,

6.88%,

02/25/28

(a)

..............

15,457

15,512,406

RALI

Trust

(a)

Series

2006-QA10,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.82%,

12/25/36

...

3,338

2,840,974

Series

2007-QH9,

Class

A1,

6.43%,

11/25/37

...............

546

446,900

Series

2007-QO2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

5.61%,

02/25/47

...

450

150,358

RCKT

Mortgage

Trust,

Series

2020-1,

Class

B4,

3.46%,

02/25/50

(a)

(c)

...

1,608

1,334,152

RCO

VI

Mortgage

LLC,

Series

2022-1,

Class

A1,

3.00%,

01/25/27

(c)

(g)

...

12,460

12,148,402

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

7.90%,

10/25/39

(a)

(c)

....

17,810

17,842,998

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

105

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Reperforming

Loan

REMIC

Trust

(a)(c)

Series

2005-R1,

Class

1AF2,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

and

8.00%

Cap

+

0.47%),

5.82%,

03/25/35

...............

USD

403

$

380,886

Series

2005-R2,

Class

1AF1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

and

9.50%

Cap

+

0.45%),

5.80%,

06/25/35

...............

872

818,756

Series

2005-R3,

Class

AF,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

and

9.50%

Cap

+

0.51%),

5.86%,

09/25/35

...............

1,423

1,184,754

Residential

Mortgage

Loan

Trust

(a)(c)

Series

2019-3,

Class

B2,

5.66%,

09/25/59

...............

5,100

4,738,395

Series

2020-1,

Class

B2,

4.66%,

01/26/60

...............

2,129

1,773,225

RFMSI

Trust,

Series

2006-SA2,

Class

2A1,

5.62%,

08/25/36

(a)

........

7,263

5,004,218

RMF

Buyout

Issuance

Trust,

Series

2021-HB1,

Class

M6,

6.00%,

11/25/31

(a)

(c)

...............

4,367

3,160,320

Saluda

Grade

Alternative

Mortgage

Trust

(c)(g)

Series

2024-RTL4,

Class

A1,

7.50%,

02/25/30

...............

18,613

18,623,514

Series

2024-RTL5,

Class

A1,

7.76%,

04/25/30

...............

10,861

10,942,231

Seasoned

Loans

Structured

Transaction

Trust

(a)(c)

Series

2020-2,

Class

M1,

4.75%,

09/25/60

...............

17,131

16,423,084

Series

2020-3,

Class

M1,

4.75%,

04/26/60

...............

1,268

1,231,586

Sequoia

Mortgage

Trust,

Series

2007-3,

Class

2AA1,

4.47%,

07/20/37

(a)

..

1,462

1,053,423

SG

Residential

Mortgage

Trust

(c)

Series

2022-2,

Class

A1,

5.35%,

08/25/62

(g)

..............

2,606

2,569,011

Series

2022-2,

Class

B1,

5.28%,

08/25/62

(a)

..............

4,811

4,330,102

Spruce

Hill

Mortgage

Loan

Trust,

Series

2022-SH1,

Class

A3,

4.10%,

07/25/57

(c)

(g)

...............

1,862

1,661,941

STARM

Mortgage

Loan

Trust,

Series

2007-2,

Class

3A3,

5.94%,

04/25/37

(a)

................

365

204,742

Starwood

Mortgage

Residential

Trust,

Series

2020-3,

Class

B1,

4.75%,

04/25/65

(a)

(c)

...............

4,942

4,353,089

Structured

Adjustable

Rate

Mortgage

Loan

Trust

(a)

Series

2005-11,

Class

1A1,

5.14%,

05/25/35

...............

646

498,934

Series

2006-3,

Class

4A,

4.13%,

04/25/36

...............

1,321

679,263

Structured

Asset

Mortgage

Investments

II

Trust

(a)

Series

2006-AR2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

and

10.50%

Cap

+

0.57%),

5.92%,

02/25/36

..........

795

666,421

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

5.84%,

06/25/36

..........

USD

3,878

$

3,252,282

Series

2006-AR5,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

and

10.50%

Cap

+

0.53%),

5.88%,

05/25/46

..........

968

642,066

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

(c)

Series

2006-RF3,

Class

1A2,

6.00%,

10/25/36

...............

1,897

1,041,250

Series

2006-RF4,

Class

2A1,

6.00%,

10/25/36

...............

2,268

1,198,520

Thornburg

Mortgage

Securities

Trust,

Series

2006-3,

Class

A1,

(1M

Sofr

FWD

at

0.09%

Floor

+

0.20%),

4.56%,

06/25/46

(a)

...........

2,679

1,645,028

TRK

Trust

(a)(c)

Series

2021-INV1,

Class

B1,

3.29%,

07/25/56

...............

1,876

1,403,451

Series

2021-INV2,

Class

B1,

4.10%,

11/25/56

...............

6,120

4,832,070

TVC

DSCR,

Series

2021-1,

Class

A,

2.38%,

02/01/51

(c)

(d)

..........

34,131

31,173,494

TVC

Holding,

Series

2021-1,  2.38%,

02/01/51

(d)

................

12,832

11,098,477

TVC

Mortgage

Trust,

Series

2023-

RTL1,

Class

A1,

8.25%,

11/25/27

(c)

(g)

6,749

6,742,231

Verus

Securitization

Trust

(a)(c)

Series

2019-4,

Class

B1,

3.86%,

11/25/59

...............

1,400

1,271,283

Series

2019-INV2,

Class

M1,

3.50%,

07/25/59

...............

1,415

1,346,809

Series

2020-5,

Class

M1,

2.60%,

05/25/65

...............

3,834

3,308,746

Series

2021-6,

Class

B1,

4.05%,

10/25/66

...............

540

407,727

Series

2021-6,

Class

M1,

2.94%,

10/25/66

...............

1,567

1,131,219

Series

2022-1,

Class

B1,

4.01%,

01/25/67

...............

2,802

2,056,618

Series

2022-3,

Class

B1,

4.07%,

02/25/67

...............

2,034

1,565,532

Visio

Trust

(a)(c)

Series

2019-2,

Class

B1,

3.91%,

11/25/54

...............

1,825

1,388,411

Series

2020-1,

Class

M1,

4.45%,

08/25/55

...............

1,900

1,720,879

Series

2022-1,

Class

B1,

6.17%,

08/25/57

...............

4,722

4,119,840

Vista

Point

Securitization

Trust,

Series

2020-2,

Class

B1,

4.90%,

04/25/65

(a)

(c)

...............

1,160

1,030,246

WaMu

Mortgage

Pass-Through

Certificates

Trust

(a)

Series

2006-AR5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.99%

Floor

+

0.99%),

6.14%,

06/25/46

...............

268

228,499

Series

2007-HY3,

Class

4A1,

5.09%,

03/25/37

...............

57

50,265

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

106

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2007-OA5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.75%

Floor

+

0.75%),

5.90%,

06/25/47

...............

USD

6,641

$

5,278,692

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust,

Series

2007-OA5,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.25%

Floor

+

0.80%),

5.95%,

06/25/47

(a)

....

2,023

1,573,018

Washington

Mutual

Mortgage

Pass-

Through

Certificates

WMALT

(a)

Series

2006-AR10,

Class

A2A,

(1-

mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.80%,

12/25/36

1,239

952,394

Series

2007-OA3,

Class

5A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.25%

Floor

+

1.25%),

6.40%,

04/25/47

...............

1,867

1,530,118

Series

2007-OC2,

Class

A3,

(1-mo.

CME

Term

SOFR

at

0.62%

Floor

+

0.73%),

6.08%,

06/25/37

...

1,695

1,569,942

Washington

Mutual

Mortgage

Pass-

Through

Certificates

WMALT

Trust

Series

2005-9,

Class

5A6,

(1-mo.

CME

Term

SOFR

at

0.55%

Floor

and

5.50%

Cap

+

0.66%),

5.50%,

11/25/35

(a)

..............

653

450,758

Series

2005-9,

Class

5A9,

5.50%,

11/25/35

...............

265

200,434

Series

2006-1,

Class

4CB,

6.50%,

02/25/36

...............

1,881

1,396,429

Series

2006-4,

Class

1A1,

6.00%,

04/25/36

...............

2,624

2,323,992

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(g)

..............

2,775

2,297,158

Series

2006-4,

Class

3A5,

6.85%,

05/25/36

(g)

..............

738

610,687

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.72%

Floor

+

0.72%),

5.87%,

12/25/46

(a)

..............

5,250

3,976,229

Western

Alliance

Bank

(a)(c)

Series

2021-CL2,

Class

M1,

(SOFR

30

day

Average

at

0.00%

Floor

+

3.15%),

8.49%,

07/25/59

....

11,895

12,302,405

Series

2021-CL2,

Class

M2,

(SOFR

30

day

Average

at

0.00%

Floor

+

3.70%),

9.04%,

07/25/59

....

16,245

16,832,336

WinWater

Mortgage

Loan

Trust,

Series

2014-3,

Class

B5,

3.98%,

11/20/44

(a)

(c)

...............

1,651

1,229,549

1,496,122,823

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

5

.1

%

Bermuda

—

0.1%

(a)(c)

PFP

Ltd.,

Series

2022-9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.60%,

08/19/35

.

USD

11,988

$

11,973,015

RIAL

Issuer

Ltd.,

Series

2022-FL8,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.58%,

01/19/37

.................

22,543

22,436,041

34,409,056

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%),

9.55%,

12/15/34

(a)

(c)

...............

2,119

2,000,209

Ireland

—

0.2%

(a)

Agora

Securities

DAC,

Series

2021-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

1.20%

Floor

+

1.20%),

6.45%,

07/22/31

(b)

...........

GBP

1,160

1,453,869

Frost

CMBS

DAC,

Series

2021-1X,

Class

GBA,

(Sterling

Overnight

Index

Average

at

1.35%

Floor

+

1.35%),

6.58%,

11/20/33

(b)

......

1,817

2,280,245

Haus

European

Loan

Conduit

No

39

DAC

Series

39X,

Class

A1,

(3-mo.

EURIBOR

at

0.65%

Floor

+

0.65%),

4.48%,

07/28/51

(b)

...

EUR

2,101

2,106,721

Series

39X,

Class

B,

(3-mo.

EURIBOR

at

1.10%

Floor

+

1.10%),

4.93%,

07/28/51

(b)

...

1,039

1,036,533

Last

Mile

Logistics

CMBS

UK

DAC

Series

2023-1X,

Class

B,

(Sterling

Overnight

Index

Average

at

3.50%

Floor

+

3.50%),

8.73%,

08/17/33

(b)

..............

GBP

8,848

11,197,228

Series

2023-1X,

Class

C,

(Sterling

Overnight

Index

Average

at

4.50%

Floor

+

4.50%),

9.73%,

08/17/33

(b)

..............

7,642

9,670,105

Last

Mile

Logistics

Pan

Euro

Finance

DAC

Series

1X,

Class

A,

(3-mo.

EURIBOR

at

0.75%

Floor

+

0.75%),

4.57%,

08/17/33

(b)

...

EUR

1,844

1,960,632

Series

1X,

Class

B,

(3-mo.

EURIBOR

at

1.05%

Floor

+

1.05%),

4.87%,

08/17/33

(b)

...

1,125

1,190,269

Series

1X,

Class

C,

(3-mo.

EURIBOR

at

1.40%

Floor

+

1.40%),

5.22%,

08/17/33

(b)

...

1,331

1,398,401

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

1.90%

Floor

+

1.90%),

5.72%,

08/17/33

(b)

...

1,031

1,085,133

Last

Mile

Securities

PE

DAC

Series

2021-1X,

Class

A1,

(3-mo.

EURIBOR

at

0.90%

Floor

and

4.90%

Cap

+

0.90%),

4.72%,

08/17/31

(b)

..............

3,245

3,468,418

Series

2021-1X,

Class

B,

(3-mo.

EURIBOR

at

1.20%

Floor

and

5.20%

Cap

+

1.20%),

5.02%,

08/17/31

(b)

..............

939

997,864

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

107

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

Series

2021-1X,

Class

C,

(3-mo.

EURIBOR

at

1.60%

Floor

and

5.60%

Cap

+

1.60%),

5.42%,

08/17/31

(b)

..............

EUR

1,061

$

1,123,461

Stark

Financing

DAC,

Series

2023-1X,

Class

B,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

3.10%),

8.33%,

08/17/33

(b)

...........

GBP

13,404

16,932,254

Taurus

UK

DAC

Series

2021-UK1X,

Class

B,

(Sterling

Overnight

Index

Average

at

1.30%

Floor

+

1.30%),

6.53%,

05/17/31

(b)

..............

880

1,105,891

Series

2021-UK1X,

Class

C,

(Sterling

Overnight

Index

Average

at

1.65%

Floor

+

1.65%),

6.88%,

05/17/31

(b)

..............

536

671,668

Series

2021-UK1X,

Class

D,

(Sterling

Overnight

Index

Average

at

2.60%

Floor

+

2.60%),

7.83%,

05/17/31

(b)

..............

547

688,359

Series

2021-UK4X,

Class

C,

(Sterling

Overnight

Index

Average

at

1.75%

Floor

+

1.75%),

6.98%,

08/17/31

(b)

..............

319

403,584

Series

2021-UK4X,

Class

D,

(Sterling

Overnight

Index

Average

at

2.10%

Floor

+

2.10%),

7.33%,

08/17/31

(b)

..............

1,567

1,979,099

UK

Logistics

DAC,

Series

2024-1X,

Class

A,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.65%),

6.88%,

05/17/34

(b)

...........

564

713,669

Vita

Scientia

DAC,

Series

2022-1X,

Class

B,

(3-mo.

EURIBOR

at

1.80%

Floor

+

1.80%),

5.60%,

02/27/33

(b)

EUR

2,700

2,787,049

64,250,452

Italy

—

0.1%

(b)

Cassia

SRL

(a)

Series

2022-1X,

Class

A,

(3-mo.

EURIBOR

at

2.50%

Floor

+

2.50%),

6.32%,

05/22/34

(b)

...

12,859

13,750,822

Series

2022-1X,

Class

B,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

7.32%,

05/22/34

(b)

...

6,145

6,391,649

20,142,471

Switzerland

—

0.0%

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2005-C2,

Class

AMFX,

4.88%,

04/15/37

...

USD

8

8,103

United

Kingdom

—

0.0%

(a)

Canary

Wharf

Finance

II

plc

Series

II,

Class

C2,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

1.49%),

6.74%,

10/22/37

(b)

..............

GBP

2,100

2,020,992

Series

II,

Class

D2,

(Sterling

Overnight

Index

Average

at

1.26%

Floor

+

2.22%),

7.47%,

10/22/37

(b)

..............

3,893

3,709,828

Security

Par

(000)

Par

(000)

Value

United

Kingdom

(continued)

Sage

AR

Funding

plc,

Series

1X,

Class

C,

(Sterling

Overnight

Index

Average

at

0.00%

Floor

+

2.15%),

7.38%,

11/17/30

(b)

................

GBP

535

$

673,203

6,404,023

United

States

—

4.7%

1211

Avenue

of

the

Americas

Trust

(a)(c)

Series

2015-1211,

Class

C,

4.28%,

08/10/35

...............

USD

1,100

1,043,099

Series

2015-1211,

Class

D,

4.28%,

08/10/35

...............

1,235

1,154,160

Series

2015-1211,

Class

E,

4.28%,

08/10/35

...............

2,360

2,171,110

245

Park

Avenue

Trust

(a)(c)

Series

2017-245P,

Class

D,

3.78%,

06/05/37

...............

1,100

964,856

Series

2017-245P,

Class

E,

3.78%,

06/05/37

...............

5,691

4,703,615

280

Park

Avenue

Mortgage

Trust

(a)(c)

Series

2017-280P,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.38%),

6.71%,

09/15/34

...

1,978

1,859,398

Series

2017-280P,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.79%

Floor

+

1.84%),

7.16%,

09/15/34

...

3,660

3,331,304

Series

2017-280P,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.42%),

7.75%,

09/15/34

...

17,397

15,828,041

3650R

Commercial

Mortgage

Trust,

Series

2022-PF2,

Class

A5,

5.47%,

11/15/55

(a)

................

2,100

2,099,422

Alen

Mortgage

Trust

(a)(c)

Series

2021-ACEN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

6.59%,

04/15/34

...

2,178

1,983,009

Series

2021-ACEN,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.21%),

8.54%,

04/15/34

...

4,827

3,215,449

Arbor

Multifamily

Mortgage

Securities

Trust

(c)

Series

2020-MF1,

Class

E,

1.75%,

05/15/53

...............

1,165

781,627

Series

2021-MF3,

Class

A5,

2.57%,

10/15/54

...............

3,605

3,029,224

AREIT

LLC,

Series

2022-CRE7,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.24%),

7.57%,

06/17/39

(a)

(c)

11,460

11,472,874

ARES

Commercial

Mortgage

Trust,

Series

2024-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

7.01%,

07/15/41

(a)

(c)

....

17,640

17,601,367

Ashford

Hospitality

Trust

(a)(c)

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

7.60%,

04/15/35

...

3,816

3,717,977

Series

2018-ASHF,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.23%

Floor

+

3.27%),

8.60%,

04/15/35

...

61

59,339

Atrium

Hotel

Portfolio

Trust,

Series

2017-ATRM,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.25%),

7.58%,

12/15/36

(a)

(c)

....

8,386

7,846,137

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

108

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BAMLL

Commercial

Mortgage

Securities

Trust

(a)(c)

Series

2015-200P,

Class

F,

3.72%,

04/14/33

...............

USD

3,391

$

3,186,315

Series

2017-SCH,

Class

AF,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.05%),

6.38%,

11/15/33

...

250

249,290

Series

2017-SCH,

Class

BF,

(1-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.45%),

6.78%,

11/15/33

...

6,440

6,232,710

Series

2017-SCH,

Class

CL,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.88%,

11/15/32

...

2,560

2,542,284

Series

2017-SCH,

Class

DL,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.05%),

7.38%,

11/15/32

...

5,070

5,035,717

BANK5

Trust,

Series

2024-5YR6,

Class

A3,

6.23%,

05/15/57

.........

14,360

14,836,209

Bayview

Commercial

Asset

Trust

(a)(c)

Series

2005-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.94%,

11/25/35

...

2,670

2,543,905

Series

2005-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.56%),

5.91%,

01/25/36

...

4,706

4,420,396

Series

2005-4A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.39%

Floor

+

0.70%),

6.04%,

01/25/36

...

110

103,968

Series

2005-4A,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.45%

Floor

+

0.79%),

6.13%,

01/25/36

...

295

275,883

Series

2006-1A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.54%

Floor

+

0.65%),

6.00%,

04/25/36

...

435

404,425

Series

2006-2A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.53%),

5.88%,

07/25/36

...

788

751,974

Series

2006-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.49%),

5.83%,

10/25/36

...

511

490,230

Series

2006-3A,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.56%),

5.91%,

10/25/36

...

554

532,572

Series

2006-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.23%

Floor

+

0.46%),

5.80%,

12/25/36

...

1,808

1,714,441

Series

2007-1,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

+

0.52%),

5.86%,

03/25/37

...

1,182

1,110,731

Series

2007-2A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

+

0.52%),

5.86%,

07/25/37

...

1,714

1,586,551

Series

2007-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

6.13%,

09/25/37

...

5,536

5,196,081

Series

2007-6A,

Class

A4A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.61%),

6.96%,

12/25/37

...

8,003

6,929,934

Series

2008-2,

Class

A4A,

(1-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.61%),

7.96%,

04/25/38

...

1,987

1,945,927

BBCMS

Mortgage

Trust

(a)(c)

Series

2018-CHRS,

Class

E,

4.41%,

08/05/38

...............

1,720

1,339,435

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2018-TALL,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.87%

Floor

+

0.92%),

6.25%,

03/15/37

...

USD

2,229

$

2,106,446

Series

2018-TALL,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.17%),

6.50%,

03/15/37

...

2,134

1,942,002

Series

2023-5C23,

Class

D,

7.70%,

12/15/56

...............

1,148

1,115,953

BB-UBS

Trust,

Series

2012-SHOW,

Class

E,

4.16%,

11/05/36

(a)

(c)

....

2,313

2,066,581

BDS

LLC,

Series

2022-FL12,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.14%

Floor

+

2.14%),

7.48%,

08/19/38

(a)

(c)

6,880

6,892,835

BFLD

Mortgage

Trust,

Series

2024-

VICT,  (1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

0.00%,

07/15/41

(a)

(c)

...............

8,290

8,268,943

BFLD

Trust,

Series

2020-EYP,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

9.14%,

10/15/35

(a)

(c)

6,517

375,782

BHMS,

Series

2018-ATLS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.88%,

07/15/35

(a)

(c)

14,468

14,446,765

BLP

Commercial

Mortgage

Trust,

Series

2023-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

7.02%,

03/15/40

(a)

(c)

....

7,455

7,441,041

BMP,

Series

2024-MF23,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.39%

Floor

+

3.39%),

8.72%,

06/15/41

(a)

(c)

5,092

5,053,854

BOCA

Commercial

Mortgage

Trust,

Series

2022-BOCA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.77%

Floor

+

1.77%),

7.10%,

05/15/39

(a)

(c)

....

5,533

5,528,272

BPR

Trust

(a)(c)

Series

2021-TY,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

9.04%,

09/15/38

...

5,768

5,701,531

Series

2022-SSP,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.00%),

8.33%,

05/15/39

...

2,870

2,890,857

BSST

Mortgage

Trust

(a)(c)

Series

2021-SSCP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

0.86%),

6.19%,

04/15/36

...

6,447

6,366,821

Series

2021-SSCP,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.21%),

6.54%,

04/15/36

...

6,584

6,432,129

Series

2021-SSCP,

Class

C,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.46%),

6.79%,

04/15/36

...

8,102

7,915,188

Series

2021-SSCP,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.71%),

7.04%,

04/15/36

...

7,613

7,389,216

Series

2021-SSCP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.21%),

7.54%,

04/15/36

...

6,452

6,191,510

Series

2021-SSCP,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.01%),

8.34%,

04/15/36

...

6,200

5,958,779

Series

2021-SSCP,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.80%

Floor

+

3.91%),

9.24%,

04/15/36

...

6,988

6,634,393

Series

2021-SSCP,

Class

H,

(1-mo.

CME

Term

SOFR

at

4.90%

Floor

+

5.02%),

10.35%,

04/15/36

..

4,913

4,655,378

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

109

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BWAY

Mortgage

Trust

(c)

Series

2013-1515,

Class

A2,

3.45%,

03/10/33

...............

USD

3,024

$

2,869,524

Series

2013-1515,

Class

D,

3.63%,

03/10/33

...............

9,570

8,516,964

Series

2013-1515,

Class

E,

3.72%,

03/10/33

...............

650

573,299

Series

2013-1515,

Class

F,

4.06%,

03/10/33

(a)

..............

601

524,528

BX

Commercial

Mortgage

Trust

(c)

Series

2020-VIV3,

Class

B,

3.66%,

03/09/44

(a)

..............

8,380

7,396,392

Series

2020-VIV4,

Class

A,

2.84%,

03/09/44

...............

2,733

2,367,578

Series

2020-VKNG,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.93%

Floor

+

1.04%),

6.37%,

10/15/37

(a)

..

1,007

1,001,132

Series

2020-VKNG,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

8.19%,

10/15/37

(a)

..

5,369

5,274,861

Series

2021-NWM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.91%

Floor

+

1.02%),

6.35%,

02/15/33

(a)

..

25,114

24,715,057

Series

2021-NWM,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.26%),

7.59%,

02/15/33

(a)

..

15,394

15,204,121

Series

2021-NWM,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

4.36%),

9.69%,

02/15/33

(a)

..

10,302

10,266,002

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

8.24%,

06/15/38

(a)

..

6,687

6,562,063

Series

2021-VINO,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.92%

Floor

+

2.92%),

8.25%,

05/15/38

(a)

..

1,557

1,533,900

Series

2021-VIV5,

Class

A,

2.84%,

03/09/44

(a)

..............

2,328

1,992,639

Series

2022-CSMO,

Class

B,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.14%),

8.47%,

06/15/27

(a)

..

7,520

7,531,750

Series

2022-CSMO,

Class

C,

(1-mo.

CME

Term

SOFR

at

3.89%

Floor

+

3.89%),

9.22%,

06/15/27

(a)

..

4,000

4,008,750

Series

2023-VLT3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.94%

Floor

+

1.94%),

7.27%,

11/15/28

(a)

..

3,410

3,384,457

Series

2023-XL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

7.09%,

12/09/40

(a)

..

11,228

11,234,992

Series

2023-XL3,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.59%

Floor

+

3.59%),

8.92%,

12/09/40

(a)

..

14,970

14,993,319

Series

2024-KING,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.87%,

05/15/34

(a)

..

8,530

8,535,236

Series

2024-MDHS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

6.97%,

05/15/41

(a)

..

25,204

25,140,950

Series

2024-MF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

6.77%,

02/15/39

(a)

..

2,940

2,929,869

Series

2024-MF,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.74%

Floor

+

3.74%),

9.07%,

02/15/39

(a)

..

7,188

7,131,461

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2024-PALM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.84%,

06/15/37

(a)

..

USD

29,286

$

29,149,006

Series

2024-XL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

6.77%,

02/15/39

(a)

..

6,156

6,134,820

Series

2024-XL4,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.14%),

8.47%,

02/15/39

(a)

..

18,127

18,081,910

Series

2024-XL4,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.19%

Floor

+

4.19%),

9.52%,

02/15/39

(a)

..

9,790

9,624,550

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

6.72%,

03/15/41

(a)

..

393

390,971

BX

Trust

(a)(c)

Series

2019-OC11,

Class

E,

4.08%,

12/09/41

...............

7,318

6,191,434

Series

2021-ARIA,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.01%),

6.34%,

10/15/36

...

1,930

1,905,875

Series

2021-ARIA,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.01%),

7.34%,

10/15/36

...

4,111

4,033,965

Series

2021-ARIA,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.26%),

8.59%,

10/15/36

...

3,602

3,442,688

Series

2021-LBA,

Class

AJV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.24%,

02/15/36

...

6,553

6,468,870

Series

2021-LBA,

Class

AV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.24%,

02/15/36

...

4,118

4,069,239

Series

2021-LBA,

Class

FJV,

(1-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.51%),

7.84%,

02/15/36

...

11,223

10,811,946

Series

2021-LBA,

Class

FV,

(1-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.51%),

7.84%,

02/15/36

...

7,117

6,856,572

Series

2021-LBA,

Class

GJV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.44%,

02/15/36

...

2,185

2,063,914

Series

2021-LBA,

Class

GV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.44%,

02/15/36

...

7,383

6,974,278

Series

2021-MFM1,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.69%,

01/15/34

...

2,207

2,164,134

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.44%,

01/15/34

...

3,418

3,343,415

Series

2021-MFM1,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.90%

Floor

+

4.01%),

9.34%,

01/15/34

...

77

74,364

Series

2021-VIEW,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

9.04%,

06/15/36

...

6,905

6,498,413

Series

2021-VIEW,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.93%

Floor

+

4.04%),

9.37%,

06/15/36

...

2,240

1,990,185

Series

2022-GPA,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.17%

Floor

+

2.17%),

7.49%,

08/15/39

...

44,394

44,407,535

Series

2022-GPA,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.66%

Floor

+

2.66%),

7.99%,

08/15/41

...

1,178

1,178,329

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

110

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2022-GPA,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.06%

Floor

+

4.06%),

9.39%,

08/15/43

...

USD

6,737

$

6,750,040

Series

2022-LBA6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

6.33%,

01/15/39

...

3,419

3,380,536

Series

2022-VAMF,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.85%),

6.18%,

01/15/39

...

3,580

3,530,797

Series

2022-VAMF,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

6.61%,

01/15/39

...

1,449

1,425,454

Series

2023-DELC,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

8.02%,

05/15/38

...

18,097

18,142,243

Series

2023-DELC,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.39%

Floor

+

4.39%),

9.72%,

05/15/38

...

907

909,835

Series

2024-CNYN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

6.77%,

04/15/29

...

10,697

10,703,248

Series

2024-CNYN,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

8.02%,

04/15/29

...

4,123

4,082,112

Series

2024-CNYN,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.69%

Floor

+

3.69%),

9.02%,

04/15/29

...

6,736

6,706,219

Series

2024-PAT,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.09%

Floor

+

2.09%),

7.42%,

03/15/41

...

7,020

7,011,225

Series

2024-PAT,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

9.77%,

03/15/41

...

15,026

14,875,557

Series

2024-PAT,

Class

D,

(1-mo.

CME

Term

SOFR

at

5.39%

Floor

+

5.39%),

10.72%,

03/15/41

..

7,203

7,197,224

Series

2024-VLT4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

6.81%,

07/15/29

...

36,010

35,964,815

Series

2024-VLT4,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.89%

Floor

+

2.89%),

8.21%,

07/15/29

...

6,070

6,039,629

Series

2024-VLT4,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.94%

Floor

+

3.94%),

9.26%,

07/15/29

...

15,610

15,473,559

BXP

Trust

(a)(c)

Series

2017-CC,

Class

D,

(1-mo.

LIBOR

USD

+

0.00%),

3.67%,

08/13/37

...............

1,930

1,611,100

Series

2017-CC,

Class

E,

(1-mo.

LIBOR

USD

+

0.00%),

3.67%,

08/13/37

...............

3,820

3,020,090

Series

2017-GM,

Class

D,

3.54%,

06/13/39

...............

1,520

1,354,160

Series

2017-GM,

Class

E,

3.54%,

06/13/39

...............

3,300

2,892,711

Series

2021-601L,

Class

D,

2.87%,

01/15/44

...............

3,999

2,714,938

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.45%),

7.78%,

12/15/37

(a)

(c)

....

9,282

9,264,895

CD

Mortgage

Trust,

Series

2017-CD6,

Class

B,

3.91%,

11/13/50

(a)

.....

1,143

1,002,180

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

CENT

Trust,

Series

2023-CITY,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.62%

Floor

+

2.62%),

7.95%,

09/15/38

(a)

(c)

USD

18,476

$

18,568,584

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

C,

5.00%,

05/10/58

(a)

................

6,142

5,758,352

CFK

Trust

(a)(c)

Series

2019-FAX,

Class

D,

4.79%,

01/15/39

...............

6,897

6,116,421

Series

2019-FAX,

Class

E,

4.79%,

01/15/39

...............

6,152

5,259,248

Citigroup

Commercial

Mortgage

Trust

Series

2015-P1,

Class

D,

3.23%,

09/15/48

(c)

..............

2,062

1,825,133

Series

2016-GC37,

Class

C,

5.08%,

04/10/49

(a)

..............

2,110

1,896,778

Series

2020-420K,

Class

E,

3.42%,

11/10/42

(a)

(c)

.............

2,660

2,174,414

COAST

Commercial

Mortgage

Trust

(a)(c)

Series

2023-2HTL,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.59%

Floor

+

2.59%),

7.92%,

08/15/36

...

5,172

5,165,969

Series

2023-2HTL,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

9.77%,

08/15/36

...

8,751

8,718,219

Cold

Storage

Trust

(a)(c)

Series

2020-ICE5,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.01%),

6.34%,

11/15/37

...

6,359

6,335,119

Series

2020-ICE5,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.77%

Floor

+

2.88%),

8.21%,

11/15/37

...

15,600

15,546,714

Series

2020-ICE5,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.49%

Floor

+

3.61%),

8.93%,

11/15/37

...

13,381

13,366,634

Commercial

Mortgage

Trust

Series

2013-300P,

Class

D,

4.54%,

08/10/30

(a)

(c)

.............

750

607,370

Series

2015-LC19,

Class

B,

3.83%,

02/10/48

(a)

..............

942

890,485

Series

2015-LC23,

Class

A4,

3.77%,

10/10/48

...............

2,008

1,956,405

Series

2016-667M,

Class

D,

3.28%,

10/10/36

(a)

(c)

.............

1,840

1,461,970

Series

2024-WCL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

7.14%,

06/15/41

(a)

(c)

.

16,380

16,325,428

Series

2024-WCL1,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.59%

Floor

+

2.59%),

7.89%,

06/15/41

(a)

(c)

.

4,908

4,891,727

Series

2024-WCL1,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.49%

Floor

+

4.49%),

9.79%,

06/15/41

(a)

(c)

.

6,488

6,466,626

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2020-NET,

Class

D,

3.83%,

08/15/37

(a)

(c)

........

560

521,282

CSAIL

Commercial

Mortgage

Trust,

Series

2018-CX12,

Class

C,

4.88%,

08/15/51

(a)

................

1,586

1,396,589

CSMC

Trust

(c)

Series

2017-PFHP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.00%),

6.33%,

12/15/30

(a)

..

2,310

2,225,213

Series

2017-TIME,

Class

A,

3.65%,

11/13/39

...............

2,190

1,780,750

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

111

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2020-FACT,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.86%

Floor

+

5.23%),

10.56%,

10/15/37

(a)

.

USD

4,184

$

3,797,613

Series

2020-FACT,

Class

F,

(1-mo.

CME

Term

SOFR

at

6.16%

Floor

+

6.52%),

11.85%,

10/15/37

(a)

.

300

263,295

Series

2021-BHAR,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

6.59%,

11/15/38

(a)

..

1,337

1,330,329

Series

2021-BHAR,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.61%),

6.94%,

11/15/38

(a)

..

2,356

2,341,323

Series

2021-BHAR,

Class

C,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.11%),

7.44%,

11/15/38

(a)

..

3,520

3,493,685

Series

2021-BHAR,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.61%),

8.94%,

11/15/38

(a)

..

2,565

2,526,154

Series

2022-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.59%

Floor

+

3.44%),

8.77%,

02/15/25

(a)

(d)

.

23,200

22,448,575

Series

2022-NWPT,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.14%),

8.47%,

09/09/24

(a)

..

12,790

12,858,998

DBGS

Mortgage

Trust,

Series

2018-

BIOD,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.60%),

6.93%,

05/15/35

(a)

(c)

..........

137

135,271

DBSG

Mortgage

Trust,

Series

2024-

ALTA,

Class

A,

6.14%,

06/10/37

(a)

(c)

4,998

5,000,257

DBUBS

Mortgage

Trust

(a)(c)

Series

2017-BRBK,

Class

D,

(1-mo.

LIBOR

USD

+

0.00%),

3.65%,

10/10/34

...............

3,760

3,271,098

Series

2017-BRBK,

Class

E,

(1-mo.

LIBOR

USD

+

0.00%),

3.65%,

10/10/34

...............

8,126

6,825,599

Series

2017-BRBK,

Class

F,

3.65%,

10/10/34

...............

2,070

1,656,978

DBWF

Mortgage

Trust,

Series

2024-

LCRS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

7.07%,

04/15/37

(a)

(c)

..........

1,428

1,424,430

DC

Trust

(a)(c)

Series

2024-HLTN,

Class

A,

5.93%,

04/13/28

...............

1,570

1,548,370

Series

2024-HLTN,

Class

F,

10.66%,

04/13/28

...............

4,127

4,124,381

DK

Trust

(a)(c)

Series

2024-SPBX,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

6.83%,

03/15/34

...

9,090

9,033,157

Series

2024-SPBX,

Class

E,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

4.00%),

9.33%,

03/15/34

...

26,040

26,023,962

ELM

Trust

(a)(c)

Series

2024-ELM,

Class

A10,

5.80%,

06/10/39

..........

9,410

9,417,948

Series

2024-ELM,

Class

A15,

5.80%,

06/10/39

..........

9,410

9,417,948

Series

2024-ELM,

Class

E10,

7.79%,

06/10/39

..........

12,317

12,323,956

ELP

Commercial

Mortgage

Trust,

Series

2021-ELP,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.12%

Floor

+

3.23%),

8.56%,

11/15/38

(a)

(c)

....

4,922

4,818,718

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Extended

Stay

America

Trust

(a)(c)

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.69%,

07/15/38

...

USD

8,897

$

8,891,745

Series

2021-ESH,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

8.29%,

07/15/38

...

12,971

12,947,169

Series

2021-ESH,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

9.14%,

07/15/38

...

30,726

30,610,897

GCT

Commercial

Mortgage

Trust,

Series

2021-GCT,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.46%),

7.79%,

02/15/38

(a)

(c)

....

770

62,416

Grace

Trust,

Series

2020-GRCE,

Class

E,

2.77%,

12/10/40

(a)

(c)

........

2,546

1,841,715

Great

Wolf

Trust

(a)(c)

Series

2024-WLF2,

Class

A,

(1-mo.

CME

Term

SOFR

+

1.69%),

7.02%,

05/15/41

..........

36,228

36,205,357

Series

2024-WOLF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.87%,

03/15/39

...

5,531

5,518,894

GS

Mortgage

Securities

Corp.

II

(c)

Series

2005-ROCK,

Class

A,

5.37%,

05/03/32

...............

7,340

7,209,348

Series

2023-SHIP,

Class

E,

7.68%,

09/10/38

(a)

..............

31,848

31,593,308

GS

Mortgage

Securities

Corp.

Trust

Series

2015-GC32,

Class

C,

4.55%,

07/10/48

(a)

..............

1,786

1,692,689

Series

2017-375H,

Class

A,

3.59%,

09/10/37

(a)

(c)

.............

1,460

1,337,412

Series

2017-GPTX,

Class

A,

2.86%,

05/10/34

(c)

..............

5,351

4,120,628

Series

2017-SLP,

Class

C,

3.92%,

10/10/32

(c)

..............

1,065

1,044,587

Series

2021-DM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.89%

Floor

+

1.00%),

6.33%,

11/15/36

(a)

(c)

.

7,136

7,053,490

Series

2021-ROSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

6.74%,

05/15/26

(a)

(c)

.

2,320

2,156,699

Series

2022-AGSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.69%),

8.02%,

11/15/27

(a)

(c)

.

18,336

18,312,710

Series

2022-ECI,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.19%),

7.52%,

08/15/39

(a)

(c)

.

11,620

11,627,262

Series

2023-FUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.09%

Floor

+

2.09%),

7.42%,

03/15/28

(a)

(c)

.

7,510

7,519,387

GS

Mortgage

Securities

Trust

(a)

Series

2014-GC20,

Class

B,

4.53%,

04/10/47

...............

88

85,201

Series

2015-590M,

Class

E,

3.93%,

10/10/35

(c)

..............

2,540

2,150,546

Series

2019-GSA1,

Class

C,

3.93%,

11/10/52

...............

570

478,678

Harvest

Commercial

Capital

Loan

Trust,

Series

2020-1,

Class

M4,

5.96%,

04/25/52

(a)

(c)

...............

1,181

1,070,051

HILT

Commercial

Mortgage

Trust

(a)(c)

Series

2024-ORL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.87%,

05/15/37

...

10,515

10,488,713

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

112

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2024-ORL,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

8.52%,

05/15/37

...

USD

11,854

$

11,824,365

HIT

Trust,

Series

2022-HI32,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.39%

Floor

+

2.39%),

7.72%,

07/15/24

(a)

(c)

2,607

2,607,799

HLTN

Commercial

Mortgage

Trust,

Series

2024-DPLO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

6.97%,

06/15/41

(a)

(c)

....

5,310

5,283,432

HONO

Mortgage

Trust

(a)(c)

Series

2021-LULU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

6.59%,

10/15/36

...

6,099

5,894,199

Series

2021-LULU,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.46%),

8.79%,

10/15/36

...

3,296

3,095,513

HTL

Commercial

Mortgage

Trust

(a)(c)

Series

2024-T53,

Class

A,

6.07%,

05/10/39

...............

3,390

3,383,674

Series

2024-T53,

Class

E,

10.60%,

05/10/39

...............

8,490

8,586,254

Hudson

Yards

Mortgage

Trust,

Series

2019-55HY,

Class

F,

3.04%,

12/10/41

(a)

(c)

...............

6,663

5,134,539

ILPT

Commercial

Mortgage

Trust,

Series

2022-LPF2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.57%,

10/15/39

(a)

(c)

....

19,679

19,556,006

Independence

Plaza

Trust

(c)

Series

2018-INDP,

Class

B,

3.91%,

07/10/35

...............

1,220

1,159,740

Series

2018-INDP,

Class

C,

4.16%,

07/10/35

...............

2,655

2,509,413

INTOWN

Mortgage

Trust,

Series

2022-

STAY,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.49%

Floor

+

2.49%),

7.82%,

08/15/39

(a)

(c)

..........

12,733

12,756,797

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(c)

Series

2016-NINE,

Class

B,

(1-mo.

LIBOR

USD

+

0.00%),

2.95%,

09/06/38

(a)

..............

6,933

6,383,368

Series

2018-AON,

Class

A,

4.13%,

07/05/31

...............

4,834

4,375,344

Series

2018-PHH,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.41%

Floor

+

1.26%),

6.59%,

06/15/35

(a)

..

3,165

2,959,306

Series

2019-MFP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.16%

Floor

+

2.21%),

7.54%,

07/15/36

(a)

..

5,580

5,440,532

Series

2020-609M,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.77%

Floor

+

3.13%),

8.46%,

10/15/33

(a)

..

2,500

1,944,177

Series

2021-MHC,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

1.16%),

6.49%,

04/15/38

(a)

..

991

990,821

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.81%),

8.14%,

04/15/38

(a)

..

13,815

13,685,618

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.31%),

8.64%,

04/15/38

(a)

..

5,050

5,002,701

Series

2022-NLP,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.54%

Floor

+

3.54%),

8.87%,

04/15/37

(a)

..

12,552

10,418,717

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2022-NXSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.18%

Floor

+

2.18%),

7.51%,

09/15/39

(a)

..

USD

20,660

$

20,679,369

Series

2022-OPO,

Class

D,

3.56%,

01/05/39

(a)

..............

6,152

4,676,869

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.29%,

12/15/48

(a)

(c)

...

2,084

1,820,380

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2019-COR5,

Class

A3,

3.12%,

06/13/52

.....

2,890

2,599,294

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2018-C8,

Class

AS,

4.42%,

06/15/51

.....

379

349,335

JW

Commercial

Mortgage

Trust

(a)(c)

Series

2024-MRCO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

6.94%,

06/15/39

...

5,560

5,539,135

Series

2024-MRCO,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.19%

Floor

+

3.19%),

8.51%,

06/15/39

...

4,203

4,181,970

KSL

Commercial

Mortgage

Trust

(a)(c)

Series

2023-HT,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.29%

Floor

+

2.29%),

7.62%,

12/15/36

...

12,353

12,383,883

Series

2023-HT,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.29%

Floor

+

4.29%),

9.62%,

12/15/36

...

36,405

36,404,989

LBA

Trust

(a)(c)

Series

2024-BOLT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

6.92%,

06/15/26

...

24,970

24,852,953

Series

2024-BOLT,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

9.77%,

06/15/26

...

2,039

2,033,745

Lehman

Brothers

Small

Balance

Commercial

Mortgage

Trust

(a)(c)

Series

2006-2A,

Class

M3,

(1-mo.

CME

Term

SOFR

at

0.45%

Floor

+

0.56%),

5.91%,

09/25/36

...

2,036

1,933,284

Series

2007-3A,

Class

M2,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.11%),

7.46%,

10/25/37

...

5,850

4,846,865

LUX

Trust,

Series

2023-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

8.02%,

08/15/40

(a)

(c)

4,400

4,421,544

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

8.19%,

10/15/38

(a)

(c)

1,216

1,203,460

MAD

Mortgage

Trust

(a)(c)

Series

2017-330M,

Class

D,

4.11%,

08/15/34

...............

2,925

2,486,250

Series

2017-330M,

Class

E,

4.17%,

08/15/34

...............

4,493

3,459,610

Manhattan

West

Mortgage

Trust,

Series

2020-1MW,

Class

D,

2.41%,

09/10/39

(a)

(c)

...............

118

101,555

MCR

Mortgage

Trust

(c)

Series

2024-HTL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

7.09%,

02/15/37

(a)

..

614

613,970

Series

2024-HTL,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.65%

Floor

+

4.65%),

9.98%,

02/15/37

(a)

..

4,922

4,951,473

Series

2024-TWA,

Class

A,

5.92%,

06/12/39

...............

7,000

6,987,297

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

113

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2024-TWA,

Class

E,

8.73%,

06/12/39

...............

USD

5,891

$

5,868,988

Med

Trust

(a)(c)

Series

2021-MDLN,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.26%),

8.59%,

11/15/38

...

435

434,641

Series

2021-MDLN,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.00%

Floor

+

4.11%),

9.44%,

11/15/38

...

7,179

7,174,410

Series

2021-MDLN,

Class

G,

(1-mo.

CME

Term

SOFR

at

5.25%

Floor

+

5.36%),

10.69%,

11/15/38

..

41,162

41,148,764

MFT

Trust,

Series

2020-ABC,

Class

C,

3.59%,

02/10/42

(a)

(c)

..........

3,925

2,400,901

MHC

Commercial

Mortgage

Trust

(a)(c)

Series

2021-MHC,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.92%),

6.24%,

04/15/38

...

3,481

3,453,082

Series

2021-MHC,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.22%),

7.54%,

04/15/38

...

7,128

7,052,280

Series

2021-MHC,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.72%),

8.04%,

04/15/38

...

909

898,986

MHP

Commercial

Mortgage

Trust

(a)(c)

Series

2021-STOR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

8.19%,

07/15/38

...

7,927

7,818,090

Series

2021-STOR,

Class

J,

(1-mo.

CME

Term

SOFR

at

3.95%

Floor

+

4.06%),

9.39%,

07/15/38

...

3,438

3,378,951

MIRA

Trust,

Series

2023-MILE,

Class

A,

6.75%,

06/10/38

(c)

...........

6,775

6,976,047

Morgan

Stanley

Capital

I

Trust

(c)

Series

2017-ASHF,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.65%),

9.98%,

11/15/34

(a)

..

2,673

2,637,645

Series

2017-ASHF,

Class

G,

(1-mo.

CME

Term

SOFR

at

6.90%

Floor

+

7.20%),

12.53%,

11/15/34

(a)

.

2,925

2,885,961

Series

2017-HR2,

Class

D,

2.73%,

12/15/50

...............

625

509,087

Series

2018-MP,

Class

E,

4.42%,

07/11/40

(a)

..............

7,057

4,395,640

Series

2018-SUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.90%

Floor

+

1.20%),

6.53%,

07/15/35

(a)

..

2,330

2,327,820

Series

2018-SUN,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.85%),

8.18%,

07/15/35

(a)

..

74

73,776

Series

2019-H6,

Class

D,

3.00%,

06/15/52

...............

1,190

916,234

Series

2019-H7,

Class

D,

3.00%,

07/15/52

...............

750

564,556

MSWF

Commercial

Mortgage

Trust,

Series

2023-2,

Class

A5,

6.01%,

12/15/56

(a)

................

1,976

2,076,996

MTN

Commercial

Mortgage

Trust,

Series

2022-LPFL,

Class

F,

(1-mo.

CME

Term

SOFR

at

5.29%

Floor

+

5.29%),

10.62%,

03/15/39

(a)

(c)

....

2,870

2,719,844

Multi

Security

Asset

Trust

LP

Commercial

Mortgage-Backed

Securities

Pass-Through,

Series

2005-RR4A,

Class

N,

0.00%,

11/28/35

(a)

(c)

...............

2,024

1,337,210

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

D,

4.44%,

08/15/38

(c)

...........

USD

3,140

$

2,650,659

NJ

Trust,

Series

2023-GSP,

Class

A,

6.70%,

01/06/29

(a)

(c)

..........

4,750

4,896,422

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

E,

4.08%,

05/10/39

(a)

(c)

...............

7,856

5,371,901

One

Bryant

Park

Trust,

Series

2019-

OBP,

Class

A,

2.52%,

09/15/54

(c)

.

4,638

3,926,853

One

Market

Plaza

Trust,

Series

2017-

1MKT,

Class

D,

4.15%,

02/10/32

(c)

3,310

2,744,544

One

New

York

Plaza

Trust

(a)(c)

Series

2020-1NYP,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.95%

Floor

+

1.06%),

6.39%,

01/15/36

...

3,402

3,309,905

Series

2020-1NYP,

Class

AJ,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.36%),

6.69%,

01/15/36

...

4,673

4,454,461

Series

2020-1NYP,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.61%),

6.94%,

01/15/36

...

3,892

3,652,469

Series

2020-1NYP,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

8.19%,

01/15/36

...

1,660

1,376,552

OPEN

Trust,

Series

2023-AIR,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.09%

Floor

+

3.09%),

8.42%,

10/15/28

(a)

(c)

8,388

8,481,948

PKHL

Commercial

Mortgage

Trust

(a)(c)

Series

2021-MF,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.46%),

8.79%,

07/15/38

...

1,617

1,037,725

Series

2021-MF,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.46%),

9.79%,

07/15/38

...

3,533

845,997

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.47%

Floor

+

2.47%),

7.81%,

06/25/37

(a)

(c)

....

3,228

3,233,585

SG

Commercial

Mortgage

Securities

Trust

(a)(c)

Series

2019-PREZ,

Class

D,

3.59%,

09/15/39

...............

4,690

3,835,975

Series

2019-PREZ,

Class

E,

3.59%,

09/15/39

...............

3,356

2,675,821

SHER

Trust,

Series

2024-DAL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

6.97%,

04/15/37

(a)

(c)

5,335

5,295,037

STWD

Trust,

Series

2021-FLWR,

Class

E,

(1-mo.

CME

Term

SOFR

at

1.92%

Floor

+

2.04%),

7.37%,

07/15/36

(a)

(c)

3,122

3,078,845

Taubman

Centers

Commercial

Mortgage

Trust,

Series

2022-DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.19%

Floor

+

2.19%),

7.51%,

05/15/37

(a)

(c)

...............

23,880

23,999,400

THPT

Mortgage

Trust,

Series

2023-

THL,

Class

A,

7.23%,

12/10/34

(a)

(c)

3,172

3,216,906

TPGI

Trust,

Series

2021-DGWD,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.46%),

7.79%,

06/15/26

(a)

(c)

1,231

1,225,107

TYSN

Mortgage

Trust,

Series

2023-

CRNR,

Class

A,

6.80%,

12/10/33

(a)

(c)

4,360

4,499,105

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

114

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Velocity

Commercial

Capital

Loan

Trust

(c)

Series

2017-2,

Class

M3,

(3-mo.

LIBOR

USD

+

0.00%),

4.24%,

11/25/47

(a)

..............

USD

546

$

479,408

Series

2017-2,

Class

M4,

5.00%,

11/25/47

(a)

..............

329

284,613

Series

2018-1,

Class

M2,

4.26%,

04/25/48

...............

291

258,759

Series

2020-1,

Class

M1,

2.80%,

02/25/50

(a)

..............

911

771,976

Series

2020-1,

Class

M2,

2.98%,

02/25/50

(a)

..............

1,072

905,622

Series

2020-1,

Class

M3,

3.19%,

02/25/50

(a)

..............

474

396,359

Series

2020-1,

Class

M4,

3.54%,

02/25/50

(a)

..............

732

595,588

Series

2020-1,

Class

M5,

4.29%,

02/25/50

(a)

..............

832

646,252

Series

2021-4,

Class

M4,

4.48%,

12/26/51

(a)

..............

2,081

1,594,695

Series

2022-4,

Class

M2,

6.97%,

08/25/52

(a)

..............

1,997

1,946,840

Series

2022-4,

Class

M3,

7.54%,

08/25/52

(a)

..............

1,821

1,668,378

Series

2023-2,

Class

A,

6.22%,

05/25/53

(a)

..............

6,814

6,790,801

Series

2024-1,

Class

M2,

7.23%,

01/25/54

(a)

..............

1,252

1,254,651

Series

2024-1,

Class

M3,

8.44%,

01/25/54

(a)

..............

1,452

1,469,523

Wells

Fargo

Commercial

Mortgage

Trust

(c)

Series

2018-1745,

Class

A,

3.87%,

06/15/36

(a)

..............

2,708

2,368,767

Series

2019-C49,

Class

D,

3.00%,

03/15/52

...............

988

778,681

Series

2021-FCMT,

Class

D,

(1-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.61%),

8.94%,

05/15/31

(a)

..

750

700,740

Series

2024-1CHI,

Class

A,

5.31%,

07/15/35

(a)

..............

5,640

5,532,932

Series

2024-BPRC,

Class

B,

6.22%,

07/15/43

...............

8,942

9,031,411

Series

2024-BPRC,

Class

C,

6.43%,

07/15/43

...............

5,427

5,427,000

Series

2024-BPRC,

Class

D,

7.08%,

07/15/43

...............

2,300

2,276,991

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C24,

Class

B,

4.20%,

11/15/47

(a)

................

1,770

1,653,652

WMRK

Commercial

Mortgage

Trust

(a)(c)

Series

2022-WMRK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.79%),

8.12%,

11/15/27

...

14,598

14,620,793

Series

2022-WMRK,

Class

B,

(1-mo.

CME

Term

SOFR

at

3.44%

Floor

+

3.44%),

8.76%,

11/15/27

...

4,950

4,954,654

1,797,407,220

Interest

Only

Collateralized

Mortgage

Obligations

—

0

.1

%

United

States

—

0.1%

(a)

Barclays

Mortgage

Loan

Trust

(c)

Series

2023-NQM3,

Class

XS,

0.82%,

10/25/63

..........

115,566

1,895,946

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2024-NQM1,

Class

XS,

2.45%,

01/25/64

..........

USD

93,155

$

4,471,306

Series

2024-NQM3,

Class

XS,

0.00%,

06/25/64

..........

95,775

4,409,343

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-HOA1,

Class

AXPP,

0.00%,

07/25/47

............

12,220

8,665

J.P.

Morgan

Mortgage

Trust

(c)

Series

2021-INV5,

Class

A2X,

0.50%,

12/25/51

..........

98,742

2,709,180

Series

2021-INV5,

Class

A5X,

0.50%,

12/25/51

..........

10,745

294,807

Series

2021-INV5,

Class

AX1,

0.19%,

12/25/51

..........

193,409

1,930,643

Series

2021-INV7,

Class

A2X,

0.50%,

02/25/52

..........

60,679

1,680,654

Series

2021-INV7,

Class

A3X,

0.50%,

02/25/52

..........

35,899

684,349

Series

2021-INV7,

Class

A4X,

0.50%,

02/25/52

..........

15,746

686,333

Series

2021-INV7,

Class

A5X,

0.50%,

02/25/52

..........

6,607

183,007

Series

2021-INV7,

Class

AX1,

0.27%,

02/25/52

..........

118,931

1,706,912

Reperforming

Loan

REMIC

Trust,

Series

2005-R3,

Class

AS,

0.58%,

09/25/35

(c)

................

1,171

35,997

Voyager

OPTONE

Delaware

Trust,

Series

2009-1,

Class

SAA7,

(1-mo.

LIBOR

USD

+

0.25%),

3.30%,

02/25/38

(c)

................

31,178

6,943,950

27,641,092

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0

.1

%

United

States

—

0.1%

245

Park

Avenue

Trust,

Series

2017-

245P,

Class

XA,

0.27%,

06/05/37

(a)

(c)

25,000

120,140

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2016-SS1,

Class

XA,

0.70%,

12/15/35

(a)

(c)

...

19,140

106,469

BANK,

Series

2019-BN20,

Class

XB,

0.47%,

09/15/62

(a)

...........

86,048

1,454,091

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2017-BNK3,

Class

XB,

0.73%,

02/15/50

(a)

................

31,555

437,463

BBCMS

Mortgage

Trust,

Series

2020-

C7,

Class

XB,

1.10%,

04/15/53

(a)

.

2,706

136,999

BBCMS

Trust

(a)(c)

Series

2015-SRCH,

Class

XA,

1.04%,

08/10/35

..........

65,194

1,354,330

Series

2015-SRCH,

Class

XB,

0.30%,

08/10/35

..........

42,790

248,417

Benchmark

Mortgage

Trust

(a)

Series

2019-B9,

Class

XA,

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

0.00%),

1.18%,

03/15/52

....

31,291

1,131,828

Series

2020-B17,

Class

XB,

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

0.00%),

0.65%,

03/15/53

....

13,340

291,961

Series

2021-B23,

Class

XA,

1.37%,

02/15/54

...............

47,733

2,694,914

BMO

Mortgage

Trust,

Series

2023-C5,

Class

XA,

0.95%,

06/15/56

(a)

....

28,292

1,410,425

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

115

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

BX

Trust,

Series

2022-GPA,

Class

XCP,

0.00%,

08/15/39

(a)

(c)

..........

USD

242,391

$

7,102

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XB,

0.85%,

05/10/58

(a)

................

18,700

208,788

Commercial

Mortgage

Trust

(a)

Series

2015-CR25,

Class

XA,

0.94%,

08/10/48

..........

13,555

81,251

Series

2018-COR3,

Class

XD,

1.75%,

05/10/51

(c)

.........

8,680

483,539

CSAIL

Commercial

Mortgage

Trust

(a)

Series

2017-CX10,

Class

XB,

0.26%,

11/15/50

..........

32,800

276,334

Series

2019-C16,

Class

XA,

1.70%,

06/15/52

...............

68,114

3,983,589

Series

2019-C17,

Class

XA,

1.46%,

09/15/52

...............

26,353

1,374,247

Series

2019-C17,

Class

XB,

0.68%,

09/15/52

...............

41,829

993,668

CSMC

OA

LLC,

Series

2014-USA,

Class

X2,

0.19%,

09/15/37

(a)

(c)

...

598,765

397,484

DBGS

Mortgage

Trust,

Series

2019-

1735,

Class

X,

0.43%,

04/10/37

(a)

(c)

52,590

681,691

DBJPM

Mortgage

Trust,

Series

2017-

C6,

Class

XD,

(1-mo.

LIBOR

USD

+

0.00%),

1.00%,

06/10/50

(a)

(c)

....

15,440

373,209

ELM

Trust

(a)(c)

Series

2024-ELM,

Class

XP10,

0.23%,

06/10/39

..........

98,981

423,708

Series

2024-ELM,

Class

XP15,

1.56%,

06/10/39

..........

90,365

2,562,869

GS

Mortgage

Securities

Corp.

II,

Series

2005-ROCK,

Class

X1,

0.39%,

05/03/32

(a)

(c)

...............

24,000

39,485

GS

Mortgage

Securities

Trust

(a)

Series

2019-GSA1,

Class

XA,

0.93%,

11/10/52

..........

15,631

542,139

Series

2020-GSA2,

Class

XA,

1.82%,

12/12/53

(c)

.........

31,687

2,466,448

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP3,

Class

XC,

0.75%,

08/15/49

(a)

(c)

...............

37,589

502,197

JPMBB

Commercial

Mortgage

Securities

Trust

(a)

Series

2014-C22,

Class

XA,

0.83%,

09/15/47

...............

3,324

178

Series

2015-C27,

Class

XD,

0.50%,

02/15/48

(c)

..............

31,775

234,377

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(a)

(c)

...

14,670

212,690

Ladder

Capital

Commercial

Mortgage

Mortgage

Trust,

Series

2013-GCP,

Class

XA,

1.31%,

02/15/36

(a)

(c)

...

5,797

195,063

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.99%,

03/10/50

(a)

(c)

...............

6,624

105,764

MCR

Mortgage

Trust,

Series

2024-

TWA,

Class

XA,

0.92%,

06/12/39

(c)

32,439

663,910

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(a)(c)

Series

2014-C19,

Class

XD,

1.28%,

12/15/47

...............

51,913

200,312

Series

2014-C19,

Class

XF,

1.28%,

12/15/47

...............

13,486

157,342

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Series

2015-C21,

Class

XB,

0.40%,

03/15/48

...............

USD

15,696

$

25,266

Series

2015-C26,

Class

XD,

1.45%,

10/15/48

...............

18,660

269,748

Morgan

Stanley

Capital

I

Trust

(a)

Series

2017-H1,

Class

XD,

2.30%,

06/15/50

(c)

..............

8,870

472,613

Series

2019-H6,

Class

XB,

0.86%,

06/15/52

...............

53,695

1,602,250

Series

2019-L2,

Class

XA,

1.17%,

03/15/52

...............

22,076

810,067

MSWF

Commercial

Mortgage

Trust,

Series

2023-2,

Class

XA,

1.14%,

12/15/56

(a)

................

107,417

6,909,210

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

XA,

0.51%,

05/10/39

(a)

(c)

...............

99,000

945,985

One

Market

Plaza

Trust

(a)(c)

Series

2017-1MKT,

Class

XCP,

0.00%,

02/10/32

(d)

.........

126,326

12

Series

2017-1MKT,

Class

XNCP,

0.22%,

02/10/32

..........

25,265

65,705

UBS

Commercial

Mortgage

Trust

(a)

Series

2019-C17,

Class

XA,

1.58%,

10/15/52

...............

65,440

3,828,136

Series

2019-C18,

Class

XA,

1.13%,

12/15/52

...............

68,664

2,525,193

Wells

Fargo

Commercial

Mortgage

Trust

(a)

Series

2016-BNK1,

Class

XD,

1.38%,

08/15/49

(c)

.........

9,764

210,028

Series

2019-C50,

Class

XA,

1.57%,

05/15/52

...............

48,173

2,343,900

Series

2021-C59,

Class

XA,

1.64%,

04/15/54

...............

37,514

2,668,386

Series

2024-BPRC,

Class

X,

0.31%,

07/15/43

(c)

..............

67,308

653,763

49,884,683

Total

Non-Agency

Mortgage-Backed

Securities

—

10.5%

(Cost:

$

4,129,320,360

)

...........................

3,960,274,095

Preferred

Securities

Capital

Trusts

—

0

.4

%

Spain

—

0.0%

Banco

Bilbao

Vizcaya

Argentaria

SA

,

(5-Year

EUR

Swap

Annual

+

6.46%),

6.00

%

(a)

(b)

(o)

................

EUR

10,000

10,655,953

United

States

—

0.4%

(a)(o)

Ally

Financial,

Inc.

,

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.87%),

4.70

%

...................

USD

9,234

8,125,833

AT&T,

Inc.

,

Series

B

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.14%),

2.88

%

.

EUR

20,300

21,307,045

Bank

of

America

Corp.

,

Series

RR

,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

4.38

%

...................

USD

13,296

12,574,467

Capital

One

Financial

Corp.

,

Series

M

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.16%),

3.95

%

.............

2,468

2,271,193

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

116

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

States

(continued)

Charles

Schwab

Corp.

(The)

,

Series

I

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.17%),

4.00

%

.............

USD

31,582

$

29,632,001

Citigroup,

Inc.

,

Series

Y

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

4.15

%

1,643

1,533,536

Discover

Financial

Services

,

Series

C

,

(3-mo.

CME

Term

SOFR

+

3.34%),

5.50

%

...................

5,701

4,913,569

Energy

Transfer

LP

,

Series

G

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

7.13

%

...................

8,782

8,698,921

General

Motors

Financial

Co.,

Inc.

,

Series

C

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.00%),

5.70

%

............

2,828

2,654,695

PNC

Financial

Services

Group,

Inc.

(The)

Series

T

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.60%),

3.40

%

....

14,445

12,959,619

Series

W

,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25

%

....

13,149

12,813,310

US

Bancorp

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.54%),

3.70

%

............

11,606

10,497,300

127,981,489

Total

Capital

Trusts

—

0.4%  

(Cost:

$

134,592,830

)

.............................

138,637,442

Shares

Shares

Preferred

Stocks

—

0

.9

%

Brazil

—

0.0%

Neon

Payments

Ltd.

(d)

(f)

..........

28,089

11,459,188

China

—

0.1%

ByteDance

Ltd.

,

Series

E-1

,

(Acquired

11/11/20

,

cost

$

32,477,349

)

(d)

(f)

(k)

..

296,396

50,093,888

Germany

—

0.0%

Volocopter

GmbH

,

(Acquired

03/03/21

,

cost

$

11,751,352

)

(d)

(f)

(k)

........

2,211

26,118

Israel

—

0.1%

(d)(f)(k)

Deep

Instinct

Ltd.

,

Series

D-

2

,

(Acquired

03/19/21

,

cost

$

8,210,225

)

...............

1,350,837

5,970,699

Deep

Instinct

Ltd.

,

Series

D-

4

,

(Acquired

09/20/22

,

cost

$

11,103,299

)

..............

1,574,860

8,000,289

13,970,988

Sweden

—

0.0%

Volta

Greentech

AB

,

Series

C

,

(Acquired

02/22/22

,

cost

$

5,952,131

)

(d)

(f)

(k)

............

50,461

1

United

Kingdom

—

0.0%

10x

Future

Technologies

Services

Ltd.

,

Series

D

,

(Acquired

05/13/21

,

cost

$

16,122,168

)

(d)

(f)

(k)

...........

425,677

8,270,571

Security

Shares

Shares

Value

United

States

—

0.7%

Breeze

Aviation

Group,

Inc.

,

Series

B

,

(Acquired

07/30/21

,

cost

$

7,738,156

)

(d)

(f)

(k)

............

14,327

$

2,400,202

Bright

Machinery

Manufacturing

Group,

Inc.

,

Series

C-1

(d)

(f)

...........

4,079,305

9,871,919

Bright

Machines,

Inc.

,

Series

C

(d)

(f)

...

1,958,349

6,599,636

Cap

Hill

Brands

(Preference)

,

Class

E

(d)

(f)

....................

13,277,076

2,788,186

Caresyntax,

Inc.

,

Series

C-2

(d)

(f)

....

52,356

6,359,160

Caresyntax,

Inc.

,

Series

C-3

(d)

(f)

....

6,774

721,431

Clarify

Health

Solutions,

Inc.

(d)

(f)

....

1,542,267

8,698,386

Coreweave,

Inc.

,

10.00

%

(d)

(f)

......

20,264,000

20,264,000

Dream

Finders

Homes,

Inc.

(Preference)

,

9.00

%

(d)

.........

58,891

56,240,905

Exo

Imaging,

Inc.

,

Series

C

,

(Acquired

06/24/21

,

cost

$

5,879,165

)

(d)

(f)

(k)

..

1,003,613

1,977,118

GM

Cruise

Holdings

LLC

,

Series

G

,

(Acquired

03/25/21

,

cost

$

7,513,940

)

(d)

(f)

(k)

............

285,159

2,577,837

HNG

Hospitality

offshore

LP

,

(Acquired

02/16/24

,

cost

$

26,198,000

)

(d)

(f)

(k)

.

26,198,000

26,459,980

Insightful

Corp.

,

Series

D

(d)

(f)

.......

12,737,258

4,449,124

JumpCloud,

Inc.

,

Series

E-1

,

(Acquired

10/30/20

,

cost

$

8,237,574

)

(d)

(f)

(k)

..

4,516,957

8,988,745

JumpCloud,

Inc.

,

Series

F

,

(Acquired

09/03/21

,

cost

$

1,779,219

)

(d)

(f)

(k)

..

297,096

591,221

Lessen

Holdings,

Inc.

,

Series

B

(d)

(f)

..

2,002,830

10,995,537

Loadsmart,

Inc.

,

Series

C

,

(Acquired

10/05/20

,

cost

$

7,500,000

)

(d)

(f)

(k)

..

877,193

6,236,842

Loadsmart,

Inc.

,

Series

D

,

(Acquired

01/27/22

,

cost

$

2,351,580

)

(d)

(f)

(k)

..

117,579

1,243,986

MNTN

Digital

,

Series

D

,

(Acquired

11/05/21

,

cost

$

6,262,132

)

(d)

(f)

(k)

..

272,678

3,531,180

Mythic

AI,

Inc.

,

Series

C

,

(Acquired

01/26/21

,

cost

$

4,357,643

)

(d)

(f)

(k)

..

6,343

—

Noodle

Partners,

Inc.

,

Series

C

,

(Acquired

08/26/21

,

cost

$

7,700,677

)

(d)

(f)

(k)

............

862,850

2,614,436

PsiQuantum

Corp.

,

Series

D

,

(Acquired

05/21/21

,

cost

$

3,512,029

)

(d)

(f)

(k)

..

133,913

4,251,738

RapidSOS,

Inc.

,

Series

C-1

(d)

(f)

.....

10,953,097

10,624,504

Relativity

Space,

Inc.

,

Series

E

,

(Acquired

05/27/21

,

cost

$

5,860,925

)

(d)

(f)

(k)

............

256,663

5,695,352

SCI

PH

Parent,

Inc.

,

(Acquired

02/10/23

,

cost

$

7,993,000

)

,

12.50

%

,

(d)

(f)

(k)

..............

7,993

7,757,606

Snorkel

AI,

Inc.

,

Series

C

,

(Acquired

06/30/21

,

cost

$

2,440,004

)

(d)

(f)

(k)

..

162,454

1,107,936

Ursa

Major

Technologies,

Inc.

,

Series

C

,

(Acquired

09/13/21

,

cost

$

7,831,305

)

(d)

(f)

(k)

............

1,312,920

3,899,372

Ursa

Major

Technologies,

Inc.

,

Series

D

,

(Acquired

10/14/22

,

cost

$

1,066,003

)

(d)

(f)

(k)

............

160,843

497,005

Verge

Genomics

,

Series

B

,

(Acquired

11/05/21

,

cost

$

7,544,038

)

(d)

(f)

(k)

..

1,416,243

9,163,092

Verge

Genomics

,

Series

C

,

(Acquired

09/06/23

,

cost

$

1,205,410

)

(d)

(f)

(k)

..

167,623

1,206,886

Versa

Networks,

Inc.

,

Series

E

,

(Acquired

10/14/22

,

cost

$

27,065,882

)

,

12.00

%

,

(d)

(f)

(k)

....

9,274,836

37,192,092

Volato

Group,

Inc.

,

Class

A

(f)

......

87,349

51,064

Zero

Mass

Water,

Inc.

,

Series

C-1

,

(Acquired

05/07/20

,

cost

$

6,249,999

)

(d)

(f)

(k)

............

396,483

3,853,815

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

117

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Zero

Mass

Water,

Inc.

,

Series

D

,

(Acquired

07/05/22

,

cost

$

1,171,040

)

(d)

(f)

(k)

............

28,589

$

495,733

Zero

Mass

Water,

Inc.

,

Series

D-2

,

(Acquired

05/16/24

,

cost

$

0

)

(d)

(f)

(k)

.

20,316

137,133

Zero

Mass

Water,

Inc.

,

Series

D-3

,

(Acquired

05/15/24

,

cost

$

1,080,540

)

(d)

(f)

(k)

............

29,677

457,619

270,000,778

Total

Preferred

Stocks

—

0.9%  

(Cost:

$

436,976,313

)

.............................

353,821,532

Total

Preferred

Securities

—

1.3%

(Cost:

$

571,569,143

)

.............................

492,458,974

Par

(000)

Pa

r

(

000)

U.S.

Government

Sponsored

Agency

Securities

Collateralized

Mortgage

Obligations

—

1.0%

Ajax

Magnethermic

Corp.

,

0.00

%

,

06/27/61

(c)

(d)

..........

USD

83

80,650

Barclays

Mortgage

Loan

Trust

,

0.00

%

,

02/25/28

(c)

(d)

..........

11

10,662

Federal

Home

Loan

Mortgage

Corp.

(a)

Series

413

,

Class

F26

,

(SOFR

30

day

Average

at

1.20%

Floor

and

7.00%

Cap

+

1.20%),

6.54

%

,

05/25/54

........

74,651

74,713,976

Series

5386

,

Class

FD

,

(SOFR

30

day

Average

at

1.25%

Floor

and

7.00%

Cap

+

1.25%),

6.59

%

,

03/25/54

..

26,822

26,918,990

Series

5424

,

Class

FA

,

(SOFR

30

day

Average

at

1.20%

Floor

and

7.00%

Cap

+

1.20%),

6.54

%

,

06/25/54

........

66,923

67,308,021

Series

5425

,

Class

FK

,

(SOFR

30

day

Average

at

1.20%

Floor

and

7.00%

Cap

+

1.20%),

6.54

%

,

06/25/54

........

49,441

49,673,141

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

,

Series

2018-1

,

Class

BX

,

3.81

%

,

05/25/57

(a)

...........

1,379

551,845

Federal

Home

Loan

Mortgage

Corp.

Structured

Agency

Credit

Risk

Debt

Variable

Rate

Notes

,

Series

2015-HQ2

,

Class

B

,

(SOFR

30

day

Average

at

0.00%

Floor

+

8.06%),

13.40

%

,

05/25/25

(a)

..........

1,534

1,614,762

Federal

National

Mortgage

Association

Variable

Rate

Notes

(a)

Series

2024-30

,

Class

FC

,

(SOFR

30

day

Average

at

1.05%

Floor

and

7.00%

Cap

+

1.05%),

6.39

%

,

06/25/54

..

65,746

65,650,892

Series

2024-38

,

Class

FE

,

(SOFR

30

day

Average

at

1.05%

Floor

and

7.00%

Cap

+

1.05%),

6.39

%

,

06/25/54

..

79,097

79,158,867

365,681,806

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-Through

Certificates

,

Series

KJ48

,

Class

A2

,

5.03

%

,

10/25/31

............

USD

4,457

$

4,472,465

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)(c)

Series

2017-KGX1

,

Class

BFX

,

3.71

%

,

10/25/27

........

2,876

2,582,102

Series

2018-K80

,

Class

B

,

4.38

%

,

08/25/50

........

2,888

2,735,377

Series

2018-W5FX

,

Class

CFX

,

(1-mo.

LIBOR

USD

+

0.00%),

3.79

%

,

04/25/28

........

10,630

9,207,807

Series

2019-K99

,

Class

C

,

3.76

%

,

10/25/52

........

1,000

903,748

Government

National

Mortgage

Association

Series

2023-118

,

Class

BA

,

3.75

%

,

05/16/65

(a)

.......

2,638

2,477,983

Series

2023-119

,

Class

AD

,

2.25

%

,

04/16/65

........

2,864

2,270,260

24,649,742

Interest

Only

Collateralized

Mortgage

Obligations

—

0.3%

Federal

Home

Loan

Mortgage

Corp.

Series

5081

,

Class

AI

,

3.50

%

,

03/25/51

........

15,283

2,842,404

Series

5112

,

Class

KI

,

3.50

%

,

06/25/51

........

30,638

5,680,212

Series

5127

,

Class

AI

,

3.00

%

,

06/25/51

........

12,582

2,107,792

Series

5185

,

Class

DI

,

3.00

%

,

11/25/49

........

24,850

4,168,306

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

,

Series

2017-3

,

Class

BIO

,

0.67

%

,

07/25/56

(a)

(c)

..........

7,166

794,833

Federal

National

Mortgage

Association

Series

2020-32

,

Class

PI

,

4.00

%

,

05/25/50

........

23,598

4,950,558

Series

2020-85

,

Class

IP

,

3.00

%

,

12/25/50

........

19,063

3,077,868

Series

2021-50

,

4.00

%

,

08/25/51

50,600

9,902,371

Series

427

,

Class

C71

,

3.00

%

,

10/25/49

........

34,576

5,674,754

Series

437

,

Class

C11

,

3.00

%

,

07/25/52

........

63,205

11,229,192

Government

National

Mortgage

Association

Series

2020-146

,

Class

DI

,

2.50

%

,

10/20/50

........

22,084

2,878,972

Series

2020-149

,

Class

IA

,

2.50

%

,

10/20/50

........

18,276

2,392,218

Series

2020-175

,

Class

DI

,

2.50

%

,

11/20/50

........

7,561

1,030,810

Series

2020-185

,

Class

MI

,

2.50

%

,

12/20/50

........

27,648

3,921,140

Series

2021-140

,

Class

JI

,

3.00

%

,

08/20/51

........

31,688

4,974,376

Series

2021-67

,

Class

QI

,

3.00

%

,

04/20/51

........

23,411

3,680,101

Series

2021-76

,

Class

JI

,

3.00

%

,

08/20/50

........

24,054

3,775,580

Series

2021-78

,

Class

IP

,

3.00

%

,

05/20/51

........

9,420

1,475,981

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

118

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Collateralized

Mortgage

Obligations

(continued)

Series

2021-83

,

Class

PI

,

3.00

%

,

05/20/51

........

USD

13,467

$

2,112,688

Series

2021-96

,

Class

MI

,

3.00

%

,

06/20/51

........

41,982

6,600,720

Series

2022-78

,

Class

D

,

3.00

%

,

08/20/51

........

79,921

12,798,594

Series

2022-85

,

Class

IK

,

3.00

%

,

05/20/51

........

6,015

943,412

97,012,882

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

,

Series

2019-KW08

,

Class

X2A

,

0.10

%

,

01/25/29

(c)

...........

271,244

906,362

Federal

Home

Loan

Mortgage

Corp.

Multifamily

Structured

Pass-

Through

Certificates

Variable

Rate

Notes

,

Series

KL06

,

Class

XFX

,

1.47

%

,

12/25/29

(a)

...........

11,610

569,211

Government

National

Mortgage

Association

Variable

Rate

Notes

(a)

Series

2009-80

,

1.56

%

,

09/16/51

1,898

255,464

Series

2013-30

,

0.52

%

,

09/16/53

7,215

102,159

Series

2016-36

,

0.66

%

,

08/16/57

1,606

45,345

Series

2016-96

,

0.77

%

,

12/16/57

8,495

317,182

2,195,723

Mortgage-Backed

Securities

—

33.5%

Federal

National

Mortgage

Association

,

5.81

%

,

06/01/31

............

10,626

10,815,724

Government

National

Mortgage

Association

,

5.50

%

,

07/15/54

(u)

..

387,470

384,408,751

Uniform

Mortgage-Backed

Securities

6.00

%

,

03/01/38

-

03/01/54

...

104,939

106,520,165

4.50

%

,

09/01/43

-

11/01/44

...

99

95,602

4.00

%

,

09/01/44

-

06/01/52

(v)

..

277,736

258,151,391

5.00

%

,

10/01/52

..........

1

825

6.50

%

,

08/01/53

-

03/01/54

...

99,600

102,585,654

7.00

%

,

11/01/53

-

03/01/54

...

26,718

27,898,078

3.00

%

,

07/25/54

(u)

.........

24,932

21,206,090

3.50

%

,

07/25/54

(u)

.........

7,325,090

6,482,705,089

4.50

%

,

07/25/54

(u)

.........

4,158,688

3,920,375,689

5.50

%

,

07/25/54

(u)

.........

362,419

357,421,583

7.00

%

,

07/25/54

(u)

.........

984,534

1,012,569,730

12,684,754,371

Principal

Only

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Seasoned

Credit

Risk

Transfer

Trust

,

Series

2017-3

,

Class

B

,

0.00

%

,

07/25/56

(c)

(h)

..........

3,999

537,466

Total

U.S.

Government

Sponsored

Agency

Securities

—

34

.8

%

(Cost:

$

13,124,713,861

)

...........................

13,174,831,990

U.S.

Treasury

Obligations

U.S.

Treasury

Bonds

1.38

%

,

08/15/50

(j)

(w)

..........

75,000

38,381,836

1.88

%

,

02/15/51

(w)

...........

64,421

37,620,799

2.88

%

,

05/15/52

(w)

...........

201,565

147,732,607

3.00

%

,

08/15/52

(j)

(w)

..........

186,365

140,203,264

3.63

%

,

02/15/53

(w)

...........

3,000

2,552,109

4.25

%

,

02/15/54

............

14,458

13,766,632

4.63

%

,

05/15/54

............

50,000

50,695,313

U.S.

Treasury

Inflation

Linked

Bonds

,

2.13

%

,

02/15/54

............

33,964

33,011,000

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

U.S.

Treasury

Inflation

Linked

Notes

,

2.13

%

,

04/15/29

............

USD

2,230

$

2,232,734

U.S.

Treasury

Notes

4.63

%

,

06/30/25

-

06/15/27

(v)

(w)

...

289,650

290,335,287

4.50

%

,

03/31/26

............

10,500

10,445,039

2.38

%

,

05/15/29

(w)

...........

1,000

913,203

4.00

%

,

02/15/34

(j)

(w)

..........

103,164

100,133,461

Total

U.S.

Treasury

Obligations

—

2.3%

(Cost:

$

962,280,050

)

.............................

868,023,284

Shares

Shares

Warrants

Brazil

—

0.0%

Lavoro

Ltd.

(Issued/Exercisable

12/27/22

,

1

Share

for

1

Warrant,

Expires

12/27/27

,

Strike

Price

USD

11.50

)

(f)

..................

147,996

59,198

Germany

—

0.0%

Tonies

SE

(Issued/Exercisable

04/30/21

,

1

Share

for

1

Warrant,

Expires

04/30/26

,

Strike

Price

EUR

11.50

)

(f)

..................

196,295

31,533

Israel

—

0.0%

(f)

Deep

Instinct

Ltd.

,

(Acquired

09/20/22

,

cost

$

0

)

(Issued/Exercisable

09/20/22

,

1

Share

for

1

Warrant,

Expires

09/20/32

)

(d)

(k)

.........

111,033

11,104

Innovid

Corp.

,

Class

A

(Issued/

Exercisable

01/28/21

,

1

Share

for

1

Warrant,

Expires

12/31/27

,

Strike

Price

USD

11.50

)

............

3,266

212

11,316

Japan

—

0.0%

(d)(f)

Daiwa

House

Industry

Co.

Ltd.

(Issued/

Exercisable

02/06/24

,

1

Share

for

1

Warrant,

Expires

03/30/29

)

.....

11,000,000

134,246

Daiwa

House

Industry

Co.

Ltd.

(Issued/

Exercisable

01/29/24

,

1

Share

for

1

Warrant,

Expires

03/15/29

)

(b)

....

14,000,000

348,064

JAFCO

Group

Co.

Ltd.

(Issued/

Exercisable

09/28/23

,

1

Share

for

1

Warrant,

Expires

09/13/28

)

(b)

....

9,000,000

938,728

Money

Forward,

Inc.

(Issued/

Exercisable

08/18/23

,

1

Share

for

1

Warrant,

Expires

08/18/28

,

Strike

Price

JPY

2.50

)

(b)

............

4,000,000

309,528

Nagoya

Railroad

Co.

Ltd.

(Issued/

Exercisable

06/05/24

,

1

Share

for

1

Warrant,

Expires

06/06/34

)

(b)

....

15,000,000

688,426

Nagoya

Railroad

Co.,

Ltd.

(Issued/

Exercisable

0

,

1

Share

for

1

Warrant,

Expires

06/06/33

)

(b)

..........

11,000,000

396,407

Sanrio

Co.

Ltd.

(Issued/Exercisable

12/14/23

,

1

Share

for

1

Warrant,

Expires

11/28/28

)

(b)

..........

10,000,000

2,285,591

Taiyo

Yuden

Co.

Ltd.

(Issued/

Exercisable

03/06/24

,

1

Share

for

1

Warrant,

Expires

10/22/30

)

(b)

....

8,000,000

733,420

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

119

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Japan

(continued)

Taiyo

Yuden

Co.

Ltd.

(Issued/

Exercisable

03/06/24

,

1

Share

for

1

Warrant,

Expires

10/22/30

)

(b)

....

2,000,000

$

173,411

6,007,821

Luxembourg

—

0.0%

HomeToGo

SE

(Issued/Exercisable

02/17/21

,

1

Share

for

1

Warrant,

Expires

12/31/25

,

Strike

Price

EUR

11.50

)

(f)

..................

109,138

117

United

Kingdom

—

0.0%

10x

Future

Technologies

Services

Ltd.

,

(Acquired

12/19/23

,

cost

$

0

)

(Issued/

Exercisable

12/19/23

,

1

Share

for

1

Warrant,

Expires

11/17/30

,

Strike

Price

GBP

0.01

)

(d)

(f)

(k)

.........

512,859

797,415

United

States

—

0.1%

(f)

Aurora

Innovation,

Inc.

(Issued/

Exercisable

05/04/21

,

1

Share

for

1

Warrant,

Expires

03/11/26

,

Strike

Price

USD

11.50

)

............

45,680

9,456

Cano

Health,

Inc.

(Issued/Exercisable

07/06/20

,

1

Share

for

1

Warrant,

Expires

06/03/26

,

Strike

Price

USD

11.50

)

...................

178,770

536

Crown

PropTech

Acquisitions

(Issued/

Exercisable

01/25/21

,

1

Share

for

1

Warrant,

Expires

12/31/27

,

Strike

Price

USD

11.50

)

(d)

..........

199,600

2

Crown

PropTech

Acquisitions

(Issued/

Exercisable

02/05/21

,

1

Share

for

1

Warrant,

Expires

02/01/26

,

Strike

Price

USD

11.50

)

(d)

..........

333,560

7,238

CXApp,

Inc.

,

Class

A

(Issued/

Exercisable

02/02/21

,

1

Share

for

1

Warrant,

Expires

12/15/25

,

Strike

Price

USD

11.50

)

............

70,428

13,142

Davidson

Homes,

Inc.

(Issued/

Exercisable

05/16/24

,

1

Share

for

1

Warrant,

Expires

05/16/34

,

Strike

Price

USD

8.47

)

(d)

...........

537,085

5,531,976

EVgo,

Inc.

(Issued/Exercisable

11/10/20

,

1

Share

for

1

Warrant,

Expires

09/15/25

,

Strike

Price

USD

11.50

)

...................

213,790

31,320

Flyr,

Inc.

(Issued/Exercisable

05/10/22

,

1

Share

for

1

Warrant,

Expires

05/10/32

,

Strike

Price

USD

3.95

)

(d)

64,041

318,924

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23

,

1

Share

for

1

Warrant,

Expires

07/07/33

,

Strike

Price

USD

0.01

)

(d)

...................

204,533

1,034,937

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23

,

1

Share

for

1

Warrant,

Expires

07/07/33

,

Strike

Price

USD

11.17

)

(d)

..................

81,813

216,805

HawkEye

360,

Inc.

(Issued/Exercisable

07/07/23

,

1

Share

for

1

Warrant,

Expires

07/07/33

,

Strike

Price

USD

0.01

)

(d)

...................

515,422

2,608,035

Hippo

Holdings,

Inc.

(Issued/

Exercisable

01/04/21

,

1

Share

for

1

Warrant,

Expires

08/02/26

,

Strike

Price

USD

11.50

)

............

7,405

120

Security

Shares

Shares

Value

United

States

(continued)

Latch,

Inc.

(Issued/Exercisable

12/29/20

,

1

Share

for

1

Warrant,

Expires

06/04/26

,

Strike

Price

USD

11.50

)

...................

164,855

$

16

Lightning

eMotors,

Inc.

(Issued/

Exercisable

05/06/21

,

1

Share

for

1

Warrant,

Expires

12/15/25

,

Strike

Price

USD

11.50

)

............

375,043

150

New

York

Community

Bancorp,

Inc.

,

(Acquired

03/07/24

,

cost

$

0

)

(Issued/

Exercisable

03/11/24

,

1

Share

for

1

Warrant,

Expires

03/11/31

,

Strike

Price

USD

2.50

)

(d)

(k)

..........

3,551

6,930,913

Offerpad

Solutions,

Inc.

(Issued/

Exercisable

10/13/20

,

1

Share

for

1

Warrant,

Expires

09/01/26

,

Strike

Price

USD

11.50

)

............

369,311

1,330

Palladyne

AI

Corp.

(Issued/Exercisable

12/21/20

,

1

Share

for

1

Warrant,

Expires

09/24/26

,

Strike

Price

USD

11.50

)

...................

505,097

16,012

Palladyne

AI

Corp.

(Issued/Exercisable

01/15/21

,

1

Share

for

1

Warrant,

Expires

06/15/27

,

Strike

Price

USD

11.50

)

...................

128,364

4,069

Pear

Therapeutics,

Inc.

(Issued/

Exercisable

03/23/21

,

1

Share

for

1

Warrant,

Expires

12/03/26

,

Strike

Price

USD

11.50

)

(d)

..........

111,845

1

RapidSOS,

Inc.

(Issued/Exercisable

12/13/23

,

1

Share

for

1

Warrant,

Expires

12/13/33

,

Strike

Price

USD

0.01

)

(d)

...................

6,073,125

5,830,200

Sonder

Holdings,

Inc.

(Issued/

Exercisable

06/10/24

,

1

Share

for

1

Warrant,

Expires

12/10/26

,

Strike

Price

USD

36.00

)

(d)

..........

104,124

420,661

Versa

Networks,

Inc.

,

Series

E

,

(Acquired

10/14/22

,

cost

$

0

)

(Issued/

Exercisable

10/14/22

,

1

Share

for

1

Warrant,

Expires

10/07/32

,

Strike

Price

USD

0.01

)

(d)

(k)

..........

1,143,143

3,863,823

Volato

Group,

Inc.

,

(Acquired

12/03/23

,

cost

$

446,489

)

(Issued/Exercisable

12/04/23

,

1

Share

for

1

Warrant,

Expires

12/03/28

,

Strike

Price

USD

11.50

)

(k)

..................

299,148

4,338

26,844,004

Total

Warrants

—

0

.1

%

(Cost:

$

9,049,283

)

..............................

33,751,404

Total

Long-Term

Investments

—

123

.8

%

(Cost:

$

47,696,766,124

)

...........................

46,808,663,520

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

120

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Short-Term

Securities

Borrowed

Bond

Agreements

—

0.7%

(x)

Barclays

Bank

plc

,

5.05

%

,

08/01/24

(Purchased

on

06/13/24

to

be

repurchased

at

USD

1,438,987

,

collateralized

by

CommScope,

Inc.

,

6.00

%,

due

at

03/01/26

,

par

and

fair

value

of

USD

1,573,000

and

$

1,380,386

,

respectively)

......

USD

1,435

$

1,435,363

Barclays

Bank

plc

,

(

0.40

)

%

,

Open

(Purchased

on

06/04/24

to

be

repurchased

at

USD

2,247,494

,

collateralized

by

Webuild

SpA

,

7.00

%,

due

at

09/27/28

,

par

and

fair

value

of

EUR

1,860,000

and

$

2,111,684

,

respectively)

(y)

.....

EUR

2,099

2,248,034

Barclays

Bank

plc

,

0.60

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

3,399,319

,

collateralized

by

INEOS

Quattro

Finance

1

plc

,

3.75

%,

due

at

07/15/26

,

par

and

fair

value

of

EUR

3,249,000

and

$

3,384,317

,

respectively)

(y)

..............

3,169

3,393,677

Barclays

Bank

plc

,

1.90

%

,

Open

(Purchased

on

03/26/24

to

be

repurchased

at

USD

2,213,996

,

collateralized

by

Intrum

AB

,

4.88

%,

due

at

08/15/25

,

par

and

fair

value

of

EUR

2,670,000

and

$

2,163,164

,

respectively)

(y)

..............

2,056

2,201,795

Barclays

Bank

plc

,

2.25

%

,

Open

(Purchased

on

04/05/24

to

be

repurchased

at

USD

3,414,085

,

collateralized

by

Motion

Bondco

DAC

,

4.50

%,

due

at

11/15/27

,

par

and

fair

value

of

EUR

3,250,000

and

$

3,301,163

,

respectively)

(y)

.....

3,170

3,394,965

Barclays

Bank

plc

,

3.00

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

4,660,632

,

collateralized

by

Arkema

SA

,

0.75

%,

due

at

12/03/29

,

par

and

fair

value

of

EUR

5,000,000

and

$

4,491,108

,

respectively)

(y)

..............

4,323

4,629,502

Barclays

Bank

plc

,

3.30

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

4,756,557

,

collateralized

by

Akelius

Residential

Property

Financing

BV

,

0.75

%,

due

at

02/22/30

,

par

and

fair

value

of

EUR

5,550,000

and

$

4,766,561

,

respectively)

(y)

..............

4,409

4,721,792

Barclays

Bank

plc

,

5.00

%

,

Open

(Purchased

on

05/17/24

to

be

repurchased

at

USD

2,617,935

,

collateralized

by

AthenaHealth

Group,

Inc.

,

6.50

%,

due

at

02/15/30

,

par

and

fair

value

of

USD

2,790,000

and

$

2,568,751

,

respectively)

(y)

..

USD

2,602

2,601,675

Barclays

Bank

plc

,

5.10

%

,

Open

(Purchased

on

04/04/24

to

be

repurchased

at

USD

1,480,806

,

collateralized

by

Medline

Borrower

LP

,

5.25

%,

due

at

10/01/29

,

par

and

fair

value

of

USD

1,558,000

and

$

1,486,841

,

respectively)

(y)

.....

1,463

1,462,573

Security

Par

(000)

Par

(000)

Value

Barclays

Bank

plc

,

5.15

%

,

Open

(Purchased

on

01/29/24

to

be

repurchased

at

USD

3,413,862

,

collateralized

by

Park

River

Holdings,

Inc.

,

5.63

%,

due

at

02/01/29

,

par

and

fair

value

of

USD

3,983,000

and

$

3,149,081

,

respectively)

(y)

..............

USD

3,341

$

3,340,741

Barclays

Capital,

Inc.

,

3.75

%

,

08/01/24

(Purchased

on

06/13/24

to

be

repurchased

at

USD

7,830,184

,

collateralized

by

Great

Lakes

Dredge

&

Dock

Corp.

,

5.25

%,

due

at

06/01/29

,

par

and

fair

value

of

USD

8,696,000

and

$

7,759,553

,

respectively)

...............

7,816

7,815,530

Barclays

Capital,

Inc.

,

3.85

%

,

08/01/24

(Purchased

on

06/13/24

to

be

repurchased

at

USD

1,717,173

,

collateralized

by

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.75

%,

due

at

04/15/28

,

par

and

fair

value

of

USD

1,923,000

and

$

1,682,633

,

respectively)

...............

1,714

1,713,874

Barclays

Capital,

Inc.

,

5.15

%

,

08/01/24

(Purchased

on

06/13/24

to

be

repurchased

at

USD

7,494,594

,

collateralized

by

Valaris

Ltd.

,

8.38

%,

due

at

04/30/30

,

par

and

fair

value

of

USD

7,119,000

and

$

7,369,895

,

respectively)

...............

7,475

7,475,345

BNP

Paribas

SA

,

0.55

%

,

Open

(Purchased

on

04/09/24

to

be

repurchased

at

USD

3,107,460

,

collateralized

by

Webuild

SpA

,

3.63

%,

due

at

01/28/27

,

par

and

fair

value

of

EUR

2,970,000

and

$

3,086,445

,

respectively)

(y)

.....

EUR

2,897

3,102,285

BNP

Paribas

SA

,

1.25

%

,

Open

(Purchased

on

03/27/24

to

be

repurchased

at

USD

2,184,048

,

collateralized

by

Intrum

AB

,

4.88

%,

due

at

08/15/25

,

par

and

fair

value

of

EUR

2,670,000

and

$

2,163,163

,

respectively)

(y)

..............

2,032

2,176,174

BNP

Paribas

SA

,

3.00

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

2,117,250

,

collateralized

by

Next

Group

plc

,

3.63

%,

due

at

05/18/28

,

par

and

fair

value

of

GBP

1,700,000

and

$

2,042,497

,

respectively)

(y)

.....

GBP

1,665

2,104,142

BNP

Paribas

SA

,

3.25

%

,

Open

(Purchased

on

04/29/24

to

be

repurchased

at

USD

2,458,827

,

collateralized

by

Banco

de

Sabadell

SA

,

5.13

%,

due

at

06/27/34

,

par

and

fair

value

of

EUR

2,300,000

and

$

2,476,733

,

respectively)

(y)

.....

EUR

2,282

2,444,415

BNP

Paribas

SA

,

3.25

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

1,785,060

,

collateralized

by

Legrand

SA

,

0.38

%,

due

at

10/06/31

,

par

and

fair

value

of

EUR

2,000,000

and

$

1,736,164

,

respectively)

(y)

..............

1,655

1,772,208

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

121

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

BNP

Paribas

SA

,

3.65

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

36,097,085

,

collateralized

by

Bonos

y

Obligaciones

del

Estado

,

0.50

%,

due

at

10/31/31

,

par

and

fair

value

of

EUR

40,000,000

and

$

35,499,926

,

respectively)

(y)

..............

EUR

33,435

$

35,806,999

BNP

Paribas

SA

,

3.67

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

36,365,193

,

collateralized

by

Bonos

y

Obligaciones

del

Estado

,

0.70

%,

due

at

04/30/32

,

par

and

fair

value

of

EUR

40,000,000

and

$

35,546,801

,

respectively)

(y)

..............

33,683

36,072,595

BNP

Paribas

SA

,

5.16

%

,

Open

(Purchased

on

04/29/24

to

be

repurchased

at

USD

6,847,828

,

collateralized

by

CrownRock

LP

,

5.00

%,

due

at

05/01/29

,

par

and

fair

value

of

USD

6,712,000

and

$

6,657,661

,

respectively)

(y)

.....

USD

6,788

6,787,510

BNP

Paribas

SA

,

5.16

%

,

Open

(Purchased

on

05/10/24

to

be

repurchased

at

USD

7,903,736

,

collateralized

by

PHH

Mortgage

Corp.

,

7.88

%,

due

at

03/15/26

,

par

and

fair

value

of

USD

7,985,000

and

$

7,786,098

,

respectively)

(y)

.....

7,845

7,845,263

BofA

Securities,

Inc.

,

3.50

%

,

07/17/24

(Purchased

on

06/17/24

to

be

repurchased

at

USD

5,470,035

,

collateralized

by

GN

Bondco

LLC

,

9.50

%,

due

at

10/15/31

,

par

and

fair

value

of

USD

5,720,000

and

$

5,331,484

,

respectively)

......

5,463

5,462,600

Deutsche

Bank

AG

,

5.25

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

21,896,268

,

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

$

21,680,959

,

respectively)

(y)

..............

GBP

17,135

21,660,629

Deutsche

Bank

AG

,

5.25

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

4,724,860

,

collateralized

by

U.K.

Treasury

Inflation

Linked

Bonds

,

0.13

%,

due

at

03/22/46

,

par

and

fair

value

of

GBP

3,210,000

and

$

4,678,400

,

respectively)

(y)

..............

3,698

4,674,013

Goldman

Sachs

&

Co.

LLC

,

5.10

%

,

Open

(Purchased

on

06/12/24

to

be

repurchased

at

USD

7,961,472

,

collateralized

by

PBF

Holding

Co.

LLC

,

6.00

%,

due

at

02/15/28

,

par

and

fair

value

of

USD

7,980,000

and

$

7,780,458

,

respectively)

(y)

..............

USD

7,940

7,940,100

Security

Par

(000)

Par

(000)

Value

Goldman

Sachs

International

,

3.35

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

2,719,594

,

collateralized

by

Verisure

Midholding

AB

,

5.25

%,

due

at

02/15/29

,

par

and

fair

value

of

EUR

2,615,000

and

$

2,731,910

,

respectively)

(y)

..............

EUR

2,521

$

2,699,435

J.P.

Morgan

Securities

plc

,

(

1.75

)

%

,

Open

(Purchased

on

06/04/24

to

be

repurchased

at

USD

1,086,437

,

collateralized

by

Webuild

SpA

,

7.00

%,

due

at

09/27/28

,

par

and

fair

value

of

EUR

900,000

and

$

1,021,783

,

respectively)

(y)

.....

1,016

1,087,759

J.P.

Morgan

Securities

plc

,

3.30

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

4,147,516

,

collateralized

by

Vonovia

SE

,

0.25

%,

due

at

09/01/28

,

par

and

fair

value

of

EUR

4,500,000

and

$

4,151,719

,

respectively)

(y)

.....

3,844

4,117,203

J.P.

Morgan

Securities

plc

,

3.35

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

2,120,064

,

collateralized

by

Vonovia

SE

,

0.25

%,

due

at

09/01/28

,

par

and

fair

value

of

EUR

2,300,000

and

$

2,121,990

,

respectively)

(y)

.....

1,965

2,104,348

J.P.

Morgan

Securities

plc

,

3.37

%

,

Open

(Purchased

on

05/13/24

to

be

repurchased

at

USD

6,736,105

,

collateralized

by

Grifols

SA

,

2.25

%,

due

at

11/15/27

,

par

and

fair

value

of

EUR

7,000,000

and

$

6,709,501

,

respectively)

(y)

.....

6,260

6,704,629

J.P.

Morgan

Securities

plc

,

3.37

%

,

Open

(Purchased

on

04/30/24

to

be

repurchased

at

USD

1,296,227

,

collateralized

by

Banco

de

Sabadell

SA

,

5.13

%,

due

at

06/27/34

,

par

and

fair

value

of

EUR

1,200,000

and

$

1,292,208

,

respectively)

(y)

..............

1,203

1,288,751

J.P.

Morgan

Securities

plc

,

3.40

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

2,686,482

,

collateralized

by

Erste

Group

Bank

AG

,

0.88

%,

due

at

11/15/32

,

par

and

fair

value

of

EUR

2,800,000

and

$

2,680,113

,

respectively)

(y)

..............

2,490

2,666,289

J.P.

Morgan

Securities

plc

,

3.45

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

2,686,763

,

collateralized

by

Erste

Group

Bank

AG

,

0.88

%,

due

at

11/15/32

,

par

and

fair

value

of

EUR

2,800,000

and

$

2,680,112

,

respectively)

(y)

..............

2,490

2,666,288

Merrill

Lynch

International

,

3.05

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

13,983,361

,

collateralized

by

Arkema

SA

,

0.75

%,

due

at

12/03/29

,

par

and

fair

value

of

EUR

15,000,000

and

$

13,473,323

,

respectively)

(y)

..............

12,968

13,888,508

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

122

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Merrill

Lynch

International

,

3.10

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

2,676,748

,

collateralized

by

Legrand

SA

,

0.38

%,

due

at

10/06/31

,

par

and

fair

value

of

EUR

3,000,000

and

$

2,604,246

,

respectively)

(y)

..............

EUR

2,482

$

2,658,312

Nomura

Securities

International,

Inc.

,

4.50

%

,

Open

(Purchased

on

04/12/24

to

be

repurchased

at

USD

5,998,435

,

collateralized

by

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.75

%,

due

at

04/15/28

,

par

and

fair

value

of

USD

7,000,000

and

$

6,125,029

,

respectively)

(y)

.....

USD

5,941

5,941,250

Nomura

Securities

International,

Inc.

,

5.05

%

,

Open

(Purchased

on

05/20/24

to

be

repurchased

at

USD

1,969,465

,

collateralized

by

CrownRock

LP

,

5.00

%,

due

at

05/01/29

,

par

and

fair

value

of

USD

1,973,000

and

$

1,957,027

,

respectively)

(y)

..............

1,958

1,958,203

Nomura

Securities

International,

Inc.

,

5.20

%

,

Open

(Purchased

on

04/29/24

to

be

repurchased

at

USD

1,848,911

,

collateralized

by

AthenaHealth

Group,

Inc.

,

6.50

%,

due

at

02/15/30

,

par

and

fair

value

of

USD

2,000,000

and

$

1,841,398

,

respectively)

(y)

..............

1,833

1,832,500

RBC

Capital

Markets

LLC

,

3.00

%

,

Open

(Purchased

on

06/28/24

to

be

repurchased

at

USD

1,076,613

,

collateralized

by

Walgreens

Boots

Alliance,

Inc.

,

4.80

%,

due

at

11/18/44

,

par

and

fair

value

of

USD

1,335,000

and

$

1,048,309

,

respectively)

(y)

.....

1,076

1,076,344

RBC

Capital

Markets

LLC

,

4.75

%

,

Open

(Purchased

on

05/23/24

to

be

repurchased

at

USD

54,101

,

collateralized

by

Viasat,

Inc.

,

5.63

%,

due

at

09/15/25

,

par

and

fair

value

of

USD

55,000

and

$

53,364

,

respectively)

(y)

..............

54

53,831

RBC

Capital

Markets

LLC

,

5.15

%

,

Open

(Purchased

on

05/23/24

to

be

repurchased

at

USD

9,671,853

,

collateralized

by

Weatherford

International

Ltd.

,

8.63

%,

due

at

04/30/30

,

par

and

fair

value

of

USD

8,907,000

and

$

9,229,763

,

respectively)

(y)

.....

9,620

9,619,560

RBC

Capital

Markets

LLC

,

5.15

%

,

Open

(Purchased

on

05/23/24

to

be

repurchased

at

USD

3,524,412

,

collateralized

by

Community

Health

Systems,

Inc.

,

6.00

%,

due

at

01/15/29

,

par

and

fair

value

of

USD

3,805,000

and

$

3,357,939

,

respectively)

(y)

.....

3,505

3,505,356

Security

Par

(000)

Par

(000)

Value

RBC

Capital

Markets

LLC

,

5.15

%

,

Open

(Purchased

on

05/23/24

to

be

repurchased

at

USD

1,885,907

,

collateralized

by

Valaris

Ltd.

,

8.38

%,

due

at

04/30/30

,

par

and

fair

value

of

USD

1,800,000

and

$

1,863,437

,

respectively)

(y)

.....

USD

1,876

$

1,875,710

RBC

Capital

Markets

LLC

,

5.15

%

,

Open

(Purchased

on

05/23/24

to

be

repurchased

at

USD

3,959,307

,

collateralized

by

Cargo

Aircraft

Management,

Inc.

,

4.75

%,

due

at

02/01/28

,

par

and

fair

value

of

USD

4,240,000

and

$

3,932,773

,

respectively)

(y)

..............

3,938

3,937,900

RBC

Europe

Ltd.

,

3.40

%

,

Open

(Purchased

on

04/15/24

to

be

repurchased

at

USD

2,719,879

,

collateralized

by

Verisure

Midholding

AB

,

5.25

%,

due

at

02/15/29

,

par

and

fair

value

of

EUR

2,615,000

and

$

2,731,910

,

respectively)

(y)

.....

EUR

2,521

2,699,435

Total

Borrowed

Bond

Agreements

—

0.7%

(Cost:

$

255,524,104

)

.............................

256,665,410

Commercial

Paper

—

1.9%

(z)

Bayer

Corp.

(c)

5.70%

,

08/12/24

............

USD

11,500

11,418,638

6.29%

,

09/10/24

............

16,217

16,027,835

DENTSPLY

SIRONA,

Inc.

(c)

6.18%

,

07/12/24

............

51,850

51,729,130

6.13%

,

07/15/24

............

25,300

25,228,400

6.07%

,

07/18/24

............

29,300

29,202,496

FMC

Corp.

,

6.13%

,

07/16/24

(c)

.....

83,700

83,444,736

Harley-Davidson

Financial

Services,

Inc.

,

6.05%

,

07/02/24

(c)

........

16,750

16,739,716

HSBC

USA,

Inc.

6.53%

,

07/01/24

............

42,025

42,006,269

5.52%

,

07/26/24

(c)

...........

2,000

1,991,549

6.49%

,

08/12/24

(c)

...........

21,190

21,045,961

6.15%

,

08/16/24

............

20,636

20,482,831

6.46%

,

09/09/24

(c)

...........

24,384

24,111,976

6.53%

,

09/16/24

(c)

...........

40,618

40,121,107

6.52%

,

10/11/24

(c)

...........

21,297

20,955,485

6.29%

,

11/27/24

(c)

...........

20,632

20,156,480

Ovintiv,

Inc.

,

6.13%

,

07/19/24

(c)

....

12,300

12,255,931

VF

Corp.

6.13%

,

07/23/24

............

16,897

16,833,101

6.29%

,

07/24/24

............

103,050

102,644,649

Walgreens

Boots

Alliance,

Inc.

,

6.47%

,

07/31/24

(c)

................

167,400

166,414,237

Total

Commercial

Paper

—

1.9%

(Cost:

$

722,920,913

)

.............................

722,810,527

Foreign

Agency

Obligations

—

0.2%

Brazil

—

0.2%

Letras

do

Tesouro

Nacional

,

0.00%

,

10/01/24

(z)

................

BRL

414

72,206,337

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

123

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Egypt

—

0.0%

Arab

Republic

of

Egypt

Treasury

Bills

,

25.31%

,

10/01/24

(z)

..........

EGP

154,125

$

3,013,412

Total

Foreign

Agency

Obligations

—

0.2%

(Cost:

$

82,658,015

)

..............................

75,219,749

Foreign

Government

Obligations

—

0.5%

Egypt

—

0.2%

Arab

Republic

of

Egypt

Treasury

Bills

(z)

34.23%

,

09/17/24

...........

298,875

5,854,913

36.20%

,

12/10/24

...........

887,200

16,569,748

25.03%

,

02/18/25

...........

942,175

16,854,964

34.46%

,

03/18/25

...........

1,232,550

21,661,880

60,941,505

Mexico

—

0.3%

United

Mexican

States

Treasury

Bills

(z)

11.02%

,

10/03/24

...........

MXN

27,976

14,861,224

12.29%

,

11/28/24

...........

125,000

65,291,063

0.00%

,

04/03/25

............

77,102

38,786,806

118,939,093

Total

Foreign

Government

Obligations

—

0.5%

(Cost:

$

179,227,381

)

.............................

179,880,598

Shares

Shares

Money

Market

Funds

—

3.4%

(s)(aa)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.48

%

(ab)

......

114,655,316

114,701,179

BlackRock

Liquid

Environmentally

Aware

Fund

,

Class

Direct

,

5.32

%

.

34,141,033

34,147,861

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

5.19

%

(l)

.....

1,123,058,638

1,123,058,638

Total

Money

Market

Funds

—

3

.4

%

(Cost:

$

1,271,900,427

)

...........................

1,271,907,678

Total

Short-Term

Securities

—

6.7%

(Cost:

$

2,512,230,840

)

...........................

2,506,483,962

Total

Options

Purchased

—

0

.2

%

(Cost:

$

103,632,147

)

.............................

83,262,160

Total

Investments

Before

Options

Written,

Borrowed

Bonds

and

TBA

Sale

Commitments

—

130.7%

(Cost:

$

50,312,629,111

)

...........................

49,398,409,642

Total

Options

Written

—

(

0

.4

)

%

(Premiums

Received

—

$

(

154,886,883

)

)

...............

(

142,013,705

)

Par

(000)

Pa

r

(

000)

Borrowed

Bonds

Corporate

Bonds

—

(

0

.4

)

%

Austria

—

(0.0)%

Erste

Group

Bank

AG

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.10%),

0.88

%

,

11/15/32

(a)

...........

EUR

(

5,600

)

(

5,360,225

)

France

—

(0.1)%

Arkema

SA

,

0.75

%

,

12/03/29

......

(

20,000

)

(

17,964,431

)

Security

Par

(000)

Par

(000)

Value

Germany

—

(0.0)%

Legrand

SA:

0.38

%

,

10/06/31

............

(

5,000

)

$

(

4,340,410

)

Vonovia

SE

,

0.25

%

,

09/01/28

......

EUR

(

6,800

)

(

6,273,710

)

(

10,614,120

)

Italy

—

(0.0)%

Webuild

SpA:

3.63

%

,

01/28/27

............

(

2,970

)

(

3,086,445

)

7.00

%

,

09/27/28

............

(

2,760

)

(

3,133,467

)

(

6,219,912

)

Spain

—

(0.0)%

Banco

de

Sabadell

SA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.40%),

5.13

%

,

06/27/34

(a)

...........

(

3,500

)

(

3,768,941

)

Grifols

SA

,

2.25

%

,

11/15/27

.......

(

7,000

)

(

6,709,501

)

(

10,478,442

)

Sweden

—

(0.1)%

Akelius

Residential

Property

Financing

BV

,

0.75

%

,

02/22/30

.........

(

5,550

)

(

4,766,561

)

Intrum

AB

,

4.88

%

,

08/15/25

.......

(

5,340

)

(

4,326,327

)

Verisure

Midholding

AB

,

5.25

%

,

02/15/29

............

(

5,230

)

(

5,463,820

)

(

14,556,708

)

United

Kingdom

—

(0.0)%

INEOS

Quattro

Finance

1

plc

,

3.75

%

,

07/15/26

............

(

3,249

)

(

3,384,317

)

Motion

Bondco

DAC

,

4.50

%

,

11/15/27

(

3,250

)

(

3,301,163

)

Next

Group

plc

,

3.63

%

,

05/18/28

...

GBP

(

1,700

)

(

2,042,497

)

(

8,727,977

)

United

States

—

(0.2)%

AthenaHealth

Group,

Inc.

,

6.50

%

,

02/15/30

(c)

...........

USD

(

4,790

)

(

4,410,149

)

Cargo

Aircraft

Management,

Inc.

,

4.75

%

,

02/01/28

(c)

...........

(

4,240

)

(

3,932,773

)

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.75

%

,

04/15/28

(c)

...........

(

8,923

)

(

7,807,662

)

CommScope,

Inc.

,

6.00

%

,

03/01/26

(c)

(

1,573

)

(

1,380,386

)

Community

Health

Systems,

Inc.

,

6.00

%

,

01/15/29

(c)

...........

(

3,805

)

(

3,357,939

)

CrownRock

LP

,

5.00

%

,

05/01/29

(c)

..

(

8,685

)

(

8,614,688

)

GN

Bondco

LLC

,

9.50

%

,

10/15/31

(c)

.

(

5,720

)

(

5,331,484

)

Great

Lakes

Dredge

&

Dock

Corp.

,

5.25

%

,

06/01/29

(c)

...........

(

8,696

)

(

7,759,553

)

Medline

Borrower

LP

,

5.25

%

,

10/01/29

(c)

(

1,558

)

(

1,486,841

)

Park

River

Holdings,

Inc.

,

5.63

%

,

02/01/29

(c)

...........

(

3,983

)

(

3,149,081

)

PBF

Holding

Co.

LLC

,

6.00

%

,

02/15/28

(

7,980

)

(

7,780,458

)

PHH

Mortgage

Corp.

,

7.88

%

,

03/15/26

(c)

...........

(

7,985

)

(

7,786,098

)

Valaris

Ltd.

,

8.38

%

,

04/30/30

(c)

.....

(

8,919

)

(

9,233,332

)

Viasat,

Inc.

,

5.63

%

,

09/15/25

(c)

.....

(

55

)

(

53,364

)

Walgreens

Boots

Alliance,

Inc.

,

4.80

%

,

11/18/44

............

(

1,335

)

(

1,048,309

)

Weatherford

International

Ltd.

,

8.63

%

,

04/30/30

(c)

...........

(

8,907

)

(

9,229,763

)

(

82,361,880

)

Foreign

Government

Obligations

—

(

0

.3

)

%

Spain

—

(0.2)%

Bonos

y

Obligaciones

del

Estado

(c)

:

0.50

%

,

10/31/31

............

EUR

(

40,000

)

(

35,499,926

)

0.70

%

,

04/30/32

............

(

40,000

)

(

35,546,801

)

(

71,046,727

)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

124

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

United

Kingdom

—

(0.1)%

U.K.

Treasury

Inflation

Linked

Bonds

,

0.13

%

,

03/22/46

............

GBP

(

27,011

)

$

(

26,359,359

)

Total

Borrowed

Bonds

—

(

0

.7

)

%

(Proceeds:

$

(

287,103,195

)

)

........................

(

253,689,781

)

TBA

Sale

Commitments

(u)

Government

National

Mortgage

Association

4.50

%

,

07/15/54

............

USD

(

756,697

)

(

719,330,999

)

5.50

%

,

07/15/54

............

(

387,470

)

(

384,408,751

)

Uniform

Mortgage-Backed

Securities

3.50

%

,

07/25/54

............

(

586,161

)

(

518,752,485

)

Security

Par

(000)

Par

(000)

Value

TBA

Sale

Commitments

(u)

(continued)

4.00

%

,

07/25/54

............

USD

(

282,890

)

$

(

258,832,843

)

5.50

%

,

07/25/54

............

(

2,868,740

)

(

2,829,182,772

)

6.00

%

,

07/25/54

............

(

109,299

)

(

109,602,134

)

6.50

%

,

07/25/54

............

(

771,783

)

(

785,470,093

)

7.00

%

,

07/25/54

............

(

158,500

)

(

163,013,535

)

Total

TBA

Sale

Commitments

—

(

15

.3

)

%

(Proceeds:

$

(

5,783,939,783

)

)

.......................

(

5,768,593,612

)

Total

Investments

Net

of

Options

Written,

Borrowed

Bonds

and

TBA

Sale

Commitments

—

114

.3

%

(Cost:

$

44,086,699,250

)

...........................

43,234,112,544

Liabilities

in

Excess

of

Other

Assets

—

(

14.3

)

%

...........

(

5,413,487,188

)

Net

Assets

—

100.0%

..............................

$

37,820,625,356

(a)

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.

(b)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(f)

Non-income

producing

security.

(g)

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.

(h)

Zero-coupon

bond.

(i)

All

or

a

portion

of

this

security

is

on

loan.

(j)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(k)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$353,564,196,

representing

0.93%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$351,901,246.

(l)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

(m)

Investment

does

not

issue

shares.

(n)

Convertible

security.

(o)

Perpetual

security

with

no

stated

maturity

date.

(p)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(q)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

reverse

repurchase

agreements.

(r)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(s)

Affiliate

of

the

Fund.

(t)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(u)

Represents

or

includes

a

TBA

transaction.

(v)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

borrowed

bonds.

(w)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(x)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

(y)

The

amount

to

be

repurchased

assumes

the

maturity

will

be

the

day

after

the

period

end.

(z)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(aa)

Annualized

7-day

yield

as

of

period

end.

(ab)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

125

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

June

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/24

Shares

Held

at

06/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

—

$

114,757,920

(a)

$

—

$

(

61,817

)

$

5,076

$

114,701,179

114,655,316

$

466,535

(b)

$

—

BlackRock

Liquid

Environmentally

Aware

Fund

,

Class

Direct

......

394,464,458

4,841,893

(

365,037,984

)

34,052

(

154,558

)

34,147,861

34,141,033

4,840,885

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

1,717,704,758

—

(

594,646,120

)

(a)

—

—

1,123,058,638

1,123,058,638

35,582,709

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

206,038,791

—

(

206,049,737

)

(a)

112,082

(

101,136

)

—

—

—

—

iShares

0-5

Year

TIPS

Bond

ETF

................

39,602,617

—

—

—

361,521

39,964,138

401,690

544,918

—

iShares

20+

Year

Treasury

Bond

ETF

............

10,184,640

—

—

—

(

731,300

)

9,453,340

103,000

157,983

—

iShares

Bitcoin

Trust

......

—

3,667,435

—

—

(

663,115

)

3,004,320

88,000

—

—

iShares

China

Large-Cap

ETF

—

6,176,652

(

5,512,145

)

(

164,104

)

(

11,141

)

489,262

18,825

1,596

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

...

—

31,011,600

(

30,807,532

)

(

204,068

)

—

—

—

—

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

147,927,632

21,242,114

(

134,149,143

)

1,324,755

(

5,383,500

)

30,961,858

289,039

1,572,442

—

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

(c)

..............

83,325,516

—

(

82,388,403

)

5,780,048

(

6,717,161

)

—

—

1,046,508

—

iShares

Latin

America

40

ETF

15,578,107

—

—

—

(

2,305,088

)

13,273,019

536,067

354,859

—

iShares

MSCI

Brazil

ETF

...

17,367,219

—

—

—

(

3,790,386

)

13,576,833

496,774

454,228

—

iShares

Russell

Mid-Cap

Growth

ETF

..........

10,003,716

—

—

—

564,062

10,567,778

95,766

21,387

—

$

6,820,948

$

(

18,926,726

)

$

1,393,198,226

$

45,044,050

$

—

—

—

(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.

Reverse

Repurchase

Agreements

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

Face

Value

Face

Value

Including

Accrued

Interest

Type

of

Non-Cash

Underlying

Collateral

Remaining

Contractual

Maturity

of

the

Agreements

Barclays

Bank

plc

......

(

4

.00

)

%

05/03/24

Open  

(a)

$

1,294,281

$

1,286,228

Corporate

Bonds

Open/Demand

(a)

(a)

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

126

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

CME

Bitcoin

(a)

............................................................

210

07/26/24

$

63,341

$

723,526

FTSE

China

A50

Index

......................................................

600

07/30/24

7,128

(

44,779

)

CBOE

Volatility

Index

.......................................................

10

08/21/24

149

(

23,258

)

Euro-Bobl

...............................................................

12,364

09/06/24

1,541,808

8,878,669

Euro-BTP

...............................................................

55

09/06/24

6,791

(

14,772

)

SGX

Nikkei

225

Index

.......................................................

71

09/12/24

17,538

407,787

Australia

10-Year

Bond

......................................................

3,342

09/16/24

253,196

(

2,011,404

)

3-mo.

SOFR

.............................................................

800

09/17/24

189,305

(

101,104

)

U.S.

Treasury

Long

Bond

.....................................................

55

09/19/24

6,483

(

80,863

)

EURO

STOXX

Banks

Price

Index

...............................................

2,490

09/20/24

18,314

158,772

MSCI

Emerging

Markets

E-Mini

Index

............................................

320

09/20/24

17,411

78,339

S&P

500

E-Mini

Index

.......................................................

116

09/20/24

32,025

(

61,612

)

U.S.

Treasury

5-Year

Note

....................................................

78,107

09/30/24

8,319,616

15,119,786

CBOE

Volatility

Index

.......................................................

5

11/20/24

87

1,210

ECX

Emission

(a)

...........................................................

108

12/16/24

7,804

(

264,029

)

3-mo.

SOFR

.............................................................

5

12/17/24

1,186

(

694

)

CBOE

Volatility

Index

.......................................................

10

02/19/25

183

(

2,980

)

3-mo.

SONIA

Index

.........................................................

884

03/18/25

266,166

(

9,510

)

3-mo.

SOFR

.............................................................

80

09/16/25

19,138

1,890

3-mo.

SOFR

.............................................................

158

03/17/26

37,930

(

23,808

)

22,731,166

Short

Contracts

CBOE

Volatility

Index

.......................................................

10

07/17/24

140

28,472

MSCI

Singapore

Index

......................................................

380

07/30/24

8,845

(

96,654

)

Euro-Bund

..............................................................

3,588

09/06/24

505,759

(

128,802

)

Euro-Buxl

...............................................................

950

09/06/24

132,507

(

2,046,721

)

Euro-OAT

...............................................................

575

09/06/24

75,817

698,987

Euro-Schatz

.............................................................

1,582

09/06/24

179,081

(

692,501

)

Japan

10-Year

Bond

........................................................

568

09/12/24

504,348

1,121,373

Australia

3-Year

Bond

.......................................................

72

09/16/24

5,065

18,405

U.S.

Treasury

10-Year

Note

...................................................

40,026

09/19/24

4,396,606

(

20,656,758

)

U.S.

Treasury

10-Year

Ultra

Note

...............................................

10,223

09/19/24

1,158,074

(

3,942,573

)

U.S.

Treasury

Ultra

Bond

.....................................................

5,257

09/19/24

654,825

3,596,675

EURO

STOXX

50

Index

.....................................................

1,074

09/20/24

56,579

52,666

FTSE

100

Index

...........................................................

7

09/20/24

725

3,934

MSCI

China

Index

.........................................................

75

09/20/24

1,688

48,362

NASDAQ

100

E-Mini

Index

...................................................

150

09/20/24

59,782

658,001

Russell

2000

E-Mini

Index

....................................................

419

09/20/24

43,262

(

602,773

)

Long

Gilt

................................................................

951

09/26/24

117,295

(

435,603

)

U.S.

Treasury

2-Year

Note

....................................................

43,756

09/30/24

8,935,796

(

5,241,715

)

CBOE

Volatility

Index

.......................................................

15

10/16/24

273

(

4,908

)

3-mo.

SOFR

.............................................................

3,086

03/18/25

734,044

2,581,354

3-mo.

EURIBOR

..........................................................

144

12/15/25

37,507

15,278

3-mo.

SOFR

.............................................................

5

12/16/25

1,199

(

4,007

)

(

25,029,508

)

$

(

2,298,342

)

(a)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

127

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

596,258

USD

636,628

Standard

Chartered

Bank

07/02/24

$

1,934

USD

11,367,000

BRL

60,564,172

Barclays

Bank

plc

07/02/24

532,816

USD

7,536,000

BRL

39,993,202

BNP

Paribas

SA

07/02/24

381,709

USD

32,020,500

BRL

173,037,803

Goldman

Sachs

International

07/02/24

1,066,170

USD

10,681,000

BRL

56,716,110

JPMorgan

Chase

Bank

NA

07/02/24

535,187

USD

18,228,316

EUR

16,781,283

Morgan

Stanley

&

Co.

International

plc

07/02/24

256,401

USD

5,369,439

EUR

4,943,480

Standard

Chartered

Bank

07/02/24

75,220

ZAR

559,203,794

USD

29,012,862

HSBC

Bank

plc

07/02/24

1,723,176

ZAR

1,272,210,395

USD

69,150,659

Toronto

Dominion

Bank

07/02/24

775,024

EUR

18,665,173

USD

19,974,200

UBS

AG

07/12/24

24,656

NOK

118,096,463

GBP

8,724,738

UBS

AG

07/12/24

34,135

USD

1,786,508

GBP

1,407,486

UBS

AG

07/12/24

7,198

USD

4,315,947

NOK

46,025,616

UBS

AG

07/12/24

4,087

USD

7,113,465

NZD

11,604,130

UBS

AG

07/12/24

45,401

USD

6,758,279

SEK

71,218,563

UBS

AG

07/12/24

35,659

COP

209,596,319,116

USD

50,044,487

JPMorgan

Chase

Bank

NA

07/17/24

298,872

HUF

2,553,166,202

USD

6,907,039

Deutsche

Bank

AG

07/17/24

11,605

HUF

1,638,883,753

USD

4,429,139

State

Street

Bank

and

Trust

Co.

07/17/24

11,956

IDR

285,581,945,864

USD

17,435,860

Barclays

Bank

plc

07/17/24

21,764

MXN

1,130,202,558

USD

60,802,685

JPMorgan

Chase

Bank

NA

07/17/24

830,956

PLN

243,123,635

USD

59,925,589

Deutsche

Bank

AG

07/17/24

459,014

USD

152,611,139

BRL

791,059,840

Goldman

Sachs

International

07/17/24

11,347,766

USD

75,037,264

COP

294,945,220,049

Citibank

NA

07/17/24

4,193,782

USD

34,630,923

COP

135,908,342,867

JPMorgan

Chase

Bank

NA

07/17/24

1,986,827

USD

59,738,827

CZK

1,370,937,372

Bank

of

America

NA

07/17/24

1,113,447

USD

20,172,715

EUR

18,678,450

Deutsche

Bank

AG

07/17/24

154,684

USD

59,930,068

EUR

55,349,990

Morgan

Stanley

&

Co.

International

plc

07/17/24

610,487

USD

3,131,249

EUR

2,884,934

State

Street

Bank

and

Trust

Co.

07/17/24

39,412

USD

4,745,337

EUR

4,371,000

Westpac

Banking

Corp.

07/17/24

60,857

USD

143,000,386

IDR

2,289,453,222,736

Barclays

Bank

plc

07/17/24

3,046,110

USD

22,675,680

PEN

85,073,471

Citibank

NA

07/17/24

541,217

USD

6,237,057

PEN

23,732,000

Morgan

Stanley

&

Co.

International

plc

07/17/24

62,452

USD

2,724,433

UYU

105,762,485

Citibank

NA

07/17/24

43,168

ZAR

447,306,413

USD

24,423,701

State

Street

Bank

and

Trust

Co.

07/17/24

134,076

USD

7,179,409

EUR

6,613,000

Morgan

Stanley

&

Co.

International

plc

07/18/24

91,787

USD

35,751,135

PEN

135,408,968

Citibank

NA

07/18/24

520,393

USD

10,351,117

PEN

39,386,000

Morgan

Stanley

&

Co.

International

plc

07/18/24

103,657

TRY

510,633,291

USD

15,141,046

UBS

AG

07/22/24

153,151

USD

44,929,415

COP

173,517,400,148

Citibank

NA

07/22/24

3,287,669

USD

13,964,066

EUR

13,014,137

Deutsche

Bank

AG

07/24/24

11,753

AUD

8,050,700

EUR

5,004,000

Natwest

Markets

plc

07/26/24

8,950

CLP

10,736,131,500

USD

11,367,000

Citibank

NA

07/26/24

39,592

COP

66,818,532,200

GBP

12,598,000

Morgan

Stanley

&

Co.

International

plc

07/26/24

97,040

COP

31,693,149,300

USD

7,599,000

Citibank

NA

07/26/24

1,683

COP

15,835,709,750

USD

3,775,000

Morgan

Stanley

&

Co.

International

plc

07/26/24

22,736

EUR

4,845,197

GBP

4,103,053

Bank

of

America

NA

07/26/24

7,572

EUR

26,423,000

GBP

22,375,011

Barclays

Bank

plc

07/26/24

42,243

EUR

14,178,000

USD

15,201,265

State

Street

Bank

and

Trust

Co.

07/26/24

316

GBP

4,283,094

USD

5,412,552

Commonwealth

Bank

of

Australia

07/26/24

2,494

HUF

4,200,447,510

USD

11,367,000

Barclays

Bank

plc

07/26/24

11,542

HUF

4,220,326,206

USD

11,394,000

Royal

Bank

of

Canada

07/26/24

38,391

HUF

2,809,774,376

USD

7,545,046

UBS

AG

07/26/24

66,318

IDR

307,106,032,000

USD

18,617,000

Deutsche

Bank

AG

07/26/24

152,706

INR

594,581,994

USD

7,108,399

Morgan

Stanley

&

Co.

International

plc

07/26/24

17,632

KRW

10,480,020,006

USD

7,550,175

Barclays

Bank

plc

07/26/24

53,226

KRW

15,622,860,395

USD

11,267,000

Goldman

Sachs

International

07/26/24

67,604

MXN

177,527,573

USD

9,588,000

Bank

of

America

NA

07/26/24

79,106

MXN

349,428,492

USD

18,991,000

BNP

Paribas

SA

07/26/24

36,818

MXN

557,958,891

USD

30,279,000

Goldman

Sachs

International

07/26/24

104,156

MXN

715,038,618

USD

38,646,000

JPMorgan

Chase

Bank

NA

07/26/24

290,793

MXN

488,651,295

USD

26,395,000

Royal

Bank

of

Canada

07/26/24

214,072

PLN

76,691,304

EUR

17,709,000

BNP

Paribas

SA

07/26/24

58,333

PLN

214,240,535

USD

53,110,000

Barclays

Bank

plc

07/26/24

95,376

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

128

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

RON

33,120,523

USD

7,107,982

Barclays

Bank

plc

07/26/24

$

16,437

THB

694,694,205

USD

18,945,000

Citibank

NA

07/26/24

22,791

THB

204,158,146

USD

5,571,500

HSBC

Bank

plc

07/26/24

2,793

TRY

638,631,008

USD

18,759,264

Citibank

NA

07/26/24

280,785

USD

5,302,995

AUD

7,942,500

Bank

of

America

NA

07/26/24

1,010

USD

5,015,500

BRL

27,776,090

Citibank

NA

07/26/24

61,069

USD

18,941,000

CLP

17,823,481,000

BNP

Paribas

SA

07/26/24

4,460

USD

15,149,000

CLP

14,176,434,200

Citibank

NA

07/26/24

87,262

USD

26,718,000

CNY

194,223,108

Barclays

Bank

plc

07/26/24

59,615

USD

32,819,102

CNY

234,341,517

BNP

Paribas

SA

07/26/24

654,204

USD

186,400

COP

777,114,398

Toronto

Dominion

Bank

07/26/24

32

USD

54,520,276

EUR

50,745,000

Natwest

Markets

plc

07/26/24

111,741

USD

11,212,689

GBP

8,840,000

State

Street

Bank

and

Trust

Co.

07/26/24

36,420

USD

11,245,000

JPY

1,786,130,723

State

Street

Bank

and

Trust

Co.

07/26/24

101,602

USD

55,869,871

MXN

1,025,963,171

State

Street

Bank

and

Trust

Co.

07/26/24

1,958

USD

11,389,000

PLN

45,598,652

BNP

Paribas

SA

07/26/24

64,843

USD

17,834,973

PLN

71,536,236

Goldman

Sachs

International

07/26/24

69,370

USD

35,744,657

PLN

143,529,340

Nomura

International

plc

07/26/24

99,990

USD

14,745,000

SEK

153,658,854

Bank

of

America

NA

07/26/24

229,758

USD

5,329,531

SEK

55,978,528

Toronto

Dominion

Bank

07/26/24

41,571

USD

85,110,393

ZAR

1,535,903,834

State

Street

Bank

and

Trust

Co.

07/26/24

846,339

ZAR

417,794,725

USD

22,723,000

Citibank

NA

07/26/24

198,408

USD

11,367,000

BRL

63,366,519

BNP

Paribas

SA

08/02/24

74,145

USD

11,367,000

BRL

63,632,466

UBS

AG

08/02/24

26,750

USD

115,801,336

COP

460,397,161,940

Citibank

NA

08/13/24

5,676,637

USD

160,409,768

COP

654,872,873,741

Citibank

NA

08/14/24

3,787,751

COP

79,612,884,608

USD

18,691,761

Barclays

Bank

plc

08/15/24

346,230

COP

204,718,846,133

USD

47,343,689

BNP

Paribas

SA

08/15/24

1,611,140

COP

141,049,230,000

USD

32,627,627

Morgan

Stanley

&

Co.

International

plc

08/15/24

1,101,758

USD

32,255,267

BRL

168,766,008

JPMorgan

Chase

Bank

NA

08/15/24

2,220,804

USD

56,367,601

CZK

1,282,263,160

HSBC

Bank

plc

08/29/24

1,479,940

AUD

5,743,739

USD

3,800,000

BNP

Paribas

SA

09/18/24

39,536

CAD

7,902,162

USD

5,750,000

BNP

Paribas

SA

09/18/24

37,145

CAD

1,027,354

USD

750,000

State

Street

Bank

and

Trust

Co.

09/18/24

2,382

EUR

25,089,352

BRL

147,087,644

Citibank

NA

09/18/24

894,709

EUR

3,423,430

PLN

14,800,000

Deutsche

Bank

AG

09/18/24

7,514

EUR

69,644,058

USD

74,705,092

Bank

of

America

NA

09/18/24

167,145

EUR

52,619,961

USD

56,536,780

BNP

Paribas

SA

09/18/24

33,361

INR

2,932,360,068

USD

34,995,078

BNP

Paribas

SA

09/18/24

86,045

MXN

8,363,386

JPY

70,904,694

Goldman

Sachs

International

09/18/24

5,425

MXN

246,459,934

USD

13,043,810

Royal

Bank

of

Canada

09/18/24

261,843

MYR

70,300,000

USD

14,932,665

Goldman

Sachs

International

09/18/24

1,280

NOK

689,110,000

SEK

674,008,843

UBS

AG

09/18/24

817,288

PLN

14,800,000

EUR

3,378,028

UBS

AG

09/18/24

41,296

USD

3,800,000

AUD

5,660,260

HSBC

Bank

plc

09/18/24

16,266

USD

1,824,830

AUD

2,729,000

State

Street

Bank

and

Trust

Co.

09/18/24

566

USD

5,186,606

BRL

28,292,000

Goldman

Sachs

International

09/18/24

170,538

USD

16,722,332

BRL

90,696,912

HSBC

Bank

plc

09/18/24

642,102

USD

5,750,000

CAD

7,850,129

HSBC

Bank

plc

09/18/24

961

USD

244,639,407

CHF

216,770,844

Barclays

Bank

plc

09/18/24

1,038,200

USD

4,400,000

CHF

3,903,913

BNP

Paribas

SA

09/18/24

12,888

USD

1,500,000

CHF

1,322,948

Deutsche

Bank

AG

09/18/24

13,307

USD

1,000,000

CHF

886,083

Goldman

Sachs

International

09/18/24

4,244

USD

2,716,327

CNY

19,312,000

BNP

Paribas

SA

09/18/24

54,790

USD

4,722,633,390

EUR

4,386,655,090

BNP

Paribas

SA

09/18/24

6,672,103

USD

58,532,226

EUR

53,903,942

Credit

Agricole

Corporate

&

Investment

Bank

SA

09/18/24

581,715

USD

309,571,002

EUR

286,588,421

Deutsche

Bank

AG

09/18/24

1,468,388

USD

86,753,316

EUR

80,566,000

HSBC

Bank

plc

09/18/24

139,226

USD

18,005,109

EUR

16,723,000

JPMorgan

Chase

Bank

NA

09/18/24

26,713

USD

47,389,095

EUR

44,054,000

Morgan

Stanley

&

Co.

International

plc

09/18/24

27,961

USD

7,203,872

EUR

6,696,000

Natwest

Markets

plc

09/18/24

5,203

USD

378,950,216

EUR

350,352,322

Nomura

International

plc

09/18/24

2,296,945

USD

4,127,383

EUR

3,800,000

Standard

Chartered

Bank

09/18/24

42,117

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

129

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

3,066,144,424

EUR

2,848,944,910

Toronto

Dominion

Bank

09/18/24

$

3,329,220

USD

2,600,000

GBP

2,043,244

BNP

Paribas

SA

09/18/24

15,616

USD

160,984,146

GBP

126,720,255

Citibank

NA

09/18/24

702,893

USD

36,554,372

GBP

28,608,390

Deutsche

Bank

AG

09/18/24

369,243

USD

423,745,640

GBP

334,150,000

Goldman

Sachs

International

09/18/24

1,098,285

USD

453,432,217

GBP

357,365,000

HSBC

Bank

plc

09/18/24

1,421,527

USD

562,369,858

GBP

443,600,095

JPMorgan

Chase

Bank

NA

09/18/24

1,285,294

USD

28,402,485

GBP

22,122,000

Natwest

Markets

plc

09/18/24

421,624

USD

7,098,077

GBP

5,546,909

Royal

Bank

of

Canada

09/18/24

82,107

USD

402,923,074

GBP

317,680,000

Standard

Chartered

Bank

09/18/24

1,107,686

USD

377,323

IDR

6,154,892,776

Barclays

Bank

plc

09/18/24

1,665

USD

15,351,829

IDR

250,196,427,113

Morgan

Stanley

&

Co.

International

plc

09/18/24

81,340

USD

1,500,000

JPY

232,440,360

Deutsche

Bank

AG

09/18/24

37,625

USD

175,817,703

JPY

27,237,968,647

HSBC

Bank

plc

09/18/24

4,452,829

USD

2,600,000

JPY

399,324,770

JPMorgan

Chase

Bank

NA

09/18/24

87,689

USD

167,569,083

JPY

26,114,673,000

Royal

Bank

of

Canada

09/18/24

3,271,308

USD

4,207,681

MXN

76,389,787

JPMorgan

Chase

Bank

NA

09/18/24

83,619

USD

3,050,000

NZD

4,905,895

Toronto

Dominion

Bank

09/18/24

61,855

USD

8,350,000

SEK

87,397,396

BNP

Paribas

SA

09/18/24

70,486

USD

28,505,000

SEK

292,343,535

Natwest

Markets

plc

09/18/24

810,097

USD

3,246,559

SGD

4,380,000

State

Street

Bank

and

Trust

Co.

09/18/24

4,323

USD

15,897,000

ZAR

289,357,194

Goldman

Sachs

International

09/18/24

88,652

USD

12,550,000

ZAR

228,446,395

HSBC

Bank

plc

09/18/24

69,370

USD

8,411,000

ZAR

153,811,520

JPMorgan

Chase

Bank

NA

09/18/24

7,870

ZAR

154,666,063

USD

8,357,455

Goldman

Sachs

International

09/18/24

92,361

ZAR

93,049,031

USD

5,018,880

JPMorgan

Chase

Bank

NA

09/18/24

64,634

ZAR

393,337,348

USD

21,174,109

Nomura

International

plc

09/18/24

314,950

AUD

381,000

USD

254,350

Citibank

NA

09/19/24

344

AUD

1,800,000

USD

1,198,341

Morgan

Stanley

&

Co.

International

plc

09/19/24

4,938

AUD

1,400,000

USD

928,907

Natwest

Markets

plc

09/19/24

6,976

THB

541,000,000

USD

14,741,144

Citibank

NA

09/19/24

97,596

USD

4,418,258

AUD

6,600,000

HSBC

Bank

plc

09/19/24

6,236

USD

13,939,013

CNY

100,403,000

BNP

Paribas

SA

09/19/24

100,484

USD

71,123,500

CNY

513,088,840

Royal

Bank

of

Canada

09/19/24

404,551

USD

3,106,221

CNY

22,020,000

Standard

Chartered

Bank

09/19/24

71,208

USD

53,083,346

CNY

383,032,141

State

Street

Bank

and

Trust

Co.

09/19/24

290,090

USD

18,458,882

EUR

17,050,000

BNP

Paribas

SA

09/19/24

128,077

USD

4,305,479

EUR

4,000,000

Deutsche

Bank

AG

09/19/24

4,997

USD

449,241

HKD

3,500,000

BNP

Paribas

SA

09/19/24

35

USD

7,736,533

HKD

60,254,000

UBS

AG

09/19/24

3,264

USD

112,328,504

JPY

17,233,461,627

Citibank

NA

09/19/24

3,890,221

USD

15,083,055

JPY

2,314,181,000

HSBC

Bank

plc

09/19/24

521,511

USD

45,312,345

JPY

6,911,242,901

Morgan

Stanley

&

Co.

International

plc

09/19/24

1,824,663

USD

56,951,459

KRW

77,435,939,000

BNP

Paribas

SA

09/19/24

595,673

USD

19,398,995

MYR

90,700,000

Morgan

Stanley

&

Co.

International

plc

09/19/24

130,284

USD

37,271,812

MYR

174,037,000

Royal

Bank

of

Canada

09/19/24

298,619

USD

3,273,315

PHP

187,921,000

BNP

Paribas

SA

09/19/24

59,673

USD

9,825,296

SGD

13,200,000

Bank

of

America

NA

09/19/24

53,739

USD

20,176,713

SGD

27,019,000

Citibank

NA

09/19/24

175,372

USD

26,480,344

SGD

35,500,000

HSBC

Bank

plc

09/19/24

200,779

USD

53,195,877

THB

1,916,756,000

Bank

of

America

NA

09/19/24

622,413

USD

113,474,951

THB

4,097,467,000

Citibank

NA

09/19/24

1,088,171

USD

14,519,541

THB

525,680,000

HSBC

Bank

plc

09/19/24

101,004

USD

14,990,236

TWD

483,600,000

Goldman

Sachs

International

09/19/24

69,291

TRY

1,701,049,921

USD

44,198,691

UBS

AG

09/25/24

3,256,322

USD

11,041,185

EUR

10,252,033

JPMorgan

Chase

Bank

NA

10/01/24

12,732

USD

12,334,610

EUR

11,453,227

Natwest

Markets

plc

10/01/24

13,991

USD

55,073,152

BRL

286,931,122

JPMorgan

Chase

Bank

NA

10/02/24

4,281,239

USD

36,328,787

BRL

184,681,024

Morgan

Stanley

&

Co.

International

plc

10/02/24

3,636,962

USD

55,540,895

CNY

399,900,000

Citibank

NA

10/16/24

305,087

USD

18,583,035

CNY

132,780,000

Royal

Bank

of

Canada

10/16/24

242,924

TRY

284,796,068

USD

7,596,000

BNP

Paribas

SA

10/23/24

132,550

TRY

282,863,775

USD

7,545,046

Citibank

NA

10/23/24

131,067

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

130

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

TRY

632,320,784

USD

17,057,480

UBS

AG

10/23/24

$

101,896

USD

53,710,639

MXN

944,679,528

Bank

of

America

NA

10/24/24

2,996,305

TRY

421,670,232

USD

11,367,000

Barclays

Bank

plc

10/28/24

18,982

TRY

707,889,525

USD

18,991,000

Citibank

NA

10/28/24

123,504

USD

146,900,000

HKD

1,143,102,350

UBS

AG

11/01/24

61,270

USD

146,900,000

HKD

1,142,439,831

UBS

AG

11/05/24

135,080

TRY

344,685,936

USD

8,608,882

Barclays

Bank

plc

12/04/24

353,928

TRY

687,081,600

USD

17,631,084

Goldman

Sachs

International

12/04/24

234,982

TRY

648,692,000

USD

15,166,064

BNP

Paribas

SA

12/06/24

1,666,722

TRY

609,454,000

USD

14,673,263

UBS

AG

12/06/24

1,141,343

USD

35,546,000

CNY

249,070,822

Morgan

Stanley

&

Co.

International

plc

01/27/25

885,499

HKD

804,026,372

USD

103,550,263

HSBC

Bank

plc

05/16/25

73,090

USD

83,550,263

HKD

648,007,485

Deutsche

Bank

AG

05/16/25

34,709

USD

20,000,000

HKD

155,110,000

JPMorgan

Chase

Bank

NA

05/16/25

9,340

USD

115,535,045

KRW

152,458,890,000

Citibank

NA

05/20/25

3,014,438

HKD

648,583,982

USD

83,550,263

HSBC

Bank

plc

05/29/25

54,809

USD

83,550,263

HKD

647,815,319

Bank

of

America

NA

05/29/25

44,274

124,218,571

BRL

182,535,403

USD

34,000,000

BNP

Paribas

SA

07/02/24

(

1,346,667

)

BRL

27,699,101

USD

5,015,500

Citibank

NA

07/02/24

(

60,472

)

BRL

116,378,528

USD

22,589,000

HSBC

Bank

plc

07/02/24

(

1,770,316

)

EUR

10,252,033

USD

10,993,132

JPMorgan

Chase

Bank

NA

07/02/24

(

13,718

)

EUR

11,453,227

USD

12,280,929

Natwest

Markets

plc

07/02/24

(

15,096

)

USD

617,192

EUR

576,754

Deutsche

Bank

AG

07/02/24

(

482

)

USD

6,036,621

ZAR

110,629,328

BNP

Paribas

SA

07/02/24

(

44,002

)

USD

84,282,381

ZAR

1,587,221,830

Citibank

NA

07/02/24

(

2,957,567

)

USD

19,228,294

ZAR

356,958,050

State

Street

Bank

and

Trust

Co.

07/02/24

(

391,523

)

ZAR

223,395,019

USD

12,348,718

Bank

of

America

NA

07/02/24

(

70,050

)

GBP

15,736,508

EUR

18,665,173

UBS

AG

07/12/24

(

105,139

)

NZD

11,604,130

GBP

5,604,284

UBS

AG

07/12/24

(

16,738

)

SEK

71,218,564

NOK

72,070,847

UBS

AG

07/12/24

(

29,259

)

BRL

251,626,050

USD

46,612,954

JPMorgan

Chase

Bank

NA

07/17/24

(

1,678,876

)

COP

46,103,607,599

USD

11,935,309

JPMorgan

Chase

Bank

NA

07/17/24

(

861,591

)

CZK

358,238,645

USD

15,570,333

UBS

AG

07/17/24

(

250,978

)

EUR

12,289,288

USD

13,174,596

Bank

of

America

NA

07/17/24

(

3,943

)

EUR

5,415,508

USD

5,823,509

Morgan

Stanley

&

Co.

International

plc

07/17/24

(

19,612

)

IDR

576,432,483,498

USD

35,350,943

BNP

Paribas

SA

07/17/24

(

113,625

)

IDR

544,830,424,731

USD

33,388,309

Deutsche

Bank

AG

07/17/24

(

82,825

)

IDR

162,741,555,439

USD

9,986,595

JPMorgan

Chase

Bank

NA

07/17/24

(

38,204

)

IDR

440,236,009,311

USD

27,162,487

Standard

Chartered

Bank

07/17/24

(

250,860

)

PEN

25,715,513

USD

6,811,515

Citibank

NA

07/17/24

(

120,839

)

PEN

15,652,786

USD

4,159,103

Deutsche

Bank

AG

07/17/24

(

86,552

)

PEN

19,099,752

USD

4,995,358

Standard

Chartered

Bank

07/17/24

(

25,974

)

USD

76,157,249

MXN

1,416,330,421

Barclays

Bank

plc

07/17/24

(

1,079,880

)

USD

15,972,134

ZAR

292,249,144

Canadian

Imperial

Bank

of

Commerce

07/17/24

(

72,772

)

USD

29,065,780

ZAR

532,443,496

State

Street

Bank

and

Trust

Co.

07/17/24

(

166,148

)

USD

2,420,733

ZAR

44,260,150

UBS

AG

07/17/24

(

9,214

)

ZAR

140,281,534

USD

7,789,107

Deutsche

Bank

AG

07/17/24

(

87,445

)

COP

71,591,985,000

USD

18,267,922

Toronto

Dominion

Bank

07/18/24

(

1,075,035

)

PEN

101,079,399

USD

26,436,354

Standard

Chartered

Bank

07/18/24

(

137,490

)

USD

7,596,000

TRY

257,678,348

BNP

Paribas

SA

07/22/24

(

121,835

)

USD

7,545,046

TRY

255,814,785

Citibank

NA

07/22/24

(

116,972

)

USD

52,175,978

EUR

48,857,576

Deutsche

Bank

AG

07/24/24

(

203,692

)

USD

6,931,000

TRY

234,303,841

Barclays

Bank

plc

07/25/24

(

62,558

)

BRL

556,778,916

USD

101,912,565

Barclays

Bank

plc

07/26/24

(

2,599,707

)

CLP

36,245,575,957

USD

38,704,471

Societe

Generale

SA

07/26/24

(

195,395

)

CNY

234,341,517

USD

32,973,339

Citibank

NA

07/26/24

(

808,441

)

CNY

80,068,231

USD

11,013,301

Deutsche

Bank

AG

07/26/24

(

23,415

)

COP

94,482,504,000

USD

22,734,000

BNP

Paribas

SA

07/26/24

(

75,112

)

COP

93,912,078,000

USD

22,717,000

Standard

Chartered

Bank

07/26/24

(

194,911

)

CZK

947,009,128

USD

40,627,152

Natwest

Markets

plc

07/26/24

(

122,824

)

EUR

108,913

HUF

43,394,836

Nomura

International

plc

07/26/24

(

776

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

131

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

26,364,000

PLN

114,250,345

UBS

AG

07/26/24

$

(

106,052

)

GBP

8,840,000

USD

11,176,711

Barclays

Bank

plc

07/26/24

(

442

)

GBP

35,159,000

USD

44,601,653

Commonwealth

Bank

of

Australia

07/26/24

(

150,698

)

JPY

1,779,627,104

USD

11,270,000

Commonwealth

Bank

of

Australia

07/26/24

(

167,177

)

JPY

1,315,553,718

USD

8,313,136

Goldman

Sachs

International

07/26/24

(

105,596

)

JPY

1,776,306,754

USD

11,245,000

State

Street

Bank

and

Trust

Co.

07/26/24

(

162,892

)

MXN

1,191,919,738

USD

65,272,240

HSBC

Bank

plc

07/26/24

(

367,309

)

MYR

115,001,350

USD

24,448,657

Morgan

Stanley

&

Co.

International

plc

07/26/24

(

59,363

)

PEN

23,967,714

USD

6,302,152

BNP

Paribas

SA

07/26/24

(

66,282

)

PEN

42,616,805

USD

11,165,000

Citibank

NA

07/26/24

(

77,049

)

PLN

45,808,010

USD

11,389,000

BNP

Paribas

SA

07/26/24

(

12,850

)

THB

605,741,245

USD

16,546,012

HSBC

Bank

plc

07/26/24

(

6,976

)

USD

35,309,000

COP

148,117,371,010

Morgan

Stanley

&

Co.

International

plc

07/26/24

(

212,656

)

USD

10,355,219

EUR

9,676,304

Deutsche

Bank

AG

07/26/24

(

19,666

)

USD

18,817,175

KRW

25,958,292,512

BNP

Paribas

SA

07/26/24

(

15,929

)

USD

26,395,000

MXN

488,719,262

Bank

of

America

NA

07/26/24

(

217,773

)

USD

21,561,748

MXN

398,824,204

Barclays

Bank

plc

07/26/24

(

155,870

)

USD

15,133,000

MXN

280,895,720

Citibank

NA

07/26/24

(

162,927

)

USD

153,542,399

MXN

2,840,498,231

State

Street

Bank

and

Trust

Co.

07/26/24

(

1,134,410

)

USD

73,235,412

PLN

296,038,749

Nomura

International

plc

07/26/24

(

284,069

)

USD

26,109,724

TRY

887,170,555

Barclays

Bank

plc

07/26/24

(

340,246

)

ZAR

276,019,843

EUR

14,200,000

Nomura

International

plc

07/26/24

(

81,935

)

ZAR

340,557,167

USD

18,997,000

Barclays

Bank

plc

07/26/24

(

313,065

)

ZAR

134,969,508

USD

7,532,000

Standard

Chartered

Bank

07/26/24

(

127,189

)

BRL

61,594,905

USD

11,167,500

Goldman

Sachs

International

08/02/24

(

190,373

)

USD

55,490,041

COP

233,773,992,821

Morgan

Stanley

&

Co.

International

plc

08/26/24

(

331,916

)

USD

68,822,671

ZAR

1,272,210,395

Toronto

Dominion

Bank

09/03/24

(

758,069

)

BRL

93,365,804

USD

16,825,699

Citibank

NA

09/04/24

(

246,038

)

AUD

22,740,000

USD

15,237,053

State

Street

Bank

and

Trust

Co.

09/18/24

(

35,968

)

BRL

73,788,349

EUR

12,542,000

Citibank

NA

09/18/24

(

401,124

)

BRL

73,460,982

EUR

12,547,352

Morgan

Stanley

&

Co.

International

plc

09/18/24

(

464,919

)

BRL

190,647,264

USD

34,890,127

Barclays

Bank

plc

09/18/24

(

1,089,065

)

BRL

91,021,994

USD

16,722,332

HSBC

Bank

plc

09/18/24

(

584,466

)

CHF

5,234,094

USD

5,900,000

HSBC

Bank

plc

09/18/24

(

18,066

)

CHF

14,935,345

USD

16,826,000

JPMorgan

Chase

Bank

NA

09/18/24

(

42,064

)

EUR

6,779,438

PLN

29,600,000

Deutsche

Bank

AG

09/18/24

(

57,454

)

EUR

4,265,590

USD

4,600,000

BNP

Paribas

SA

09/18/24

(

14,192

)

EUR

16,723,000

USD

18,036,993

HSBC

Bank

plc

09/18/24

(

58,597

)

EUR

2,118,738

USD

2,300,000

Toronto

Dominion

Bank

09/18/24

(

22,209

)

GBP

3,202,645

USD

4,100,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

09/18/24

(

49,156

)

GBP

7,877,000

USD

10,105,956

State

Street

Bank

and

Trust

Co.

09/18/24

(

142,786

)

JPY

2,344,000,000

EUR

14,052,752

Deutsche

Bank

AG

09/18/24

(

360,657

)

JPY

68,654,742

MXN

8,363,386

Credit

Agricole

Corporate

&

Investment

Bank

SA

09/18/24

(

19,581

)

JPY

401,964,680

USD

2,600,000

BNP

Paribas

SA

09/18/24

(

71,081

)

JPY

395,685,817

USD

2,496,713

HSBC

Bank

plc

09/18/24

(

7,296

)

JPY

79,393,450

USD

500,000

Natwest

Markets

plc

09/18/24

(

504

)

JPY

2,652,221,259

USD

16,827,000

Nomura

International

plc

09/18/24

(

140,823

)

JPY

8,784,018,560

USD

55,305,575

Royal

Bank

of

Canada

09/18/24

(

41,827

)

JPY

238,089,750

USD

1,500,000

Toronto

Dominion

Bank

09/18/24

(

2,083

)

NOK

14,788,097

USD

1,400,000

State

Street

Bank

and

Trust

Co.

09/18/24

(

12,224

)

NZD

4,937,602

USD

3,050,000

HSBC

Bank

plc

09/18/24

(

42,542

)

SEK

52,759,335

NOK

53,260,000

JPMorgan

Chase

Bank

NA

09/18/24

(

29

)

SEK

48,521,672

NOK

49,240,000

Societe

Generale

SA

09/18/24

(

24,227

)

SEK

52,678,561

NOK

53,260,000

UBS

AG

09/18/24

(

7,681

)

SEK

384,398,055

USD

36,855,000

JPMorgan

Chase

Bank

NA

09/18/24

(

439,395

)

USD

447,546

AUD

673,000

Deutsche

Bank

AG

09/18/24

(

2,337

)

USD

44,379,947

AUD

67,045,000

State

Street

Bank

and

Trust

Co.

09/18/24

(

437,852

)

USD

2,017,549

AUD

3,033,000

Westpac

Banking

Corp.

09/18/24

(

9,931

)

USD

750,000

CAD

1,024,589

Deutsche

Bank

AG

09/18/24

(

358

)

USD

75,582,482

EUR

70,417,237

Citibank

NA

09/18/24

(

120,977

)

USD

53,054,885

EUR

49,431,000

Commonwealth

Bank

of

Australia

09/18/24

(

86,900

)

USD

1,078,708

EUR

1,005,000

Deutsche

Bank

AG

09/18/24

(

1,737

)

USD

122,382,607

EUR

114,155,000

Natwest

Markets

plc

09/18/24

(

342,009

)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

132

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

11,805,783

EUR

11,000,000

Westpac

Banking

Corp.

09/18/24

$

(

19,987

)

USD

18,955,836

GBP

14,987,000

State

Street

Bank

and

Trust

Co.

09/18/24

(

369

)

USD

169,248,741

INR

14,179,913,394

Credit

Agricole

Corporate

&

Investment

Bank

SA

09/18/24

(

391,845

)

USD

18,383,231

INR

1,540,000,000

JPMorgan

Chase

Bank

NA

09/18/24

(

40,471

)

USD

25,084,246

MXN

473,999,789

Royal

Bank

of

Canada

09/18/24

(

505,620

)

USD

1,400,000

NOK

14,931,291

BNP

Paribas

SA

09/18/24

(

1,214

)

USD

516,602

PHP

30,303,000

BNP

Paribas

SA

09/18/24

(

1,616

)

USD

20,912,000

ZAR

383,578,360

JPMorgan

Chase

Bank

NA

09/18/24

(

43,899

)

USD

8,357,455

ZAR

154,680,173

State

Street

Bank

and

Trust

Co.

09/18/24

(

93,132

)

ZAR

152,812,989

USD

8,366,667

HSBC

Bank

plc

09/18/24

(

18,090

)

ZAR

289,375,452

USD

15,897,000

JPMorgan

Chase

Bank

NA

09/18/24

(

87,654

)

AUD

967,000

USD

647,289

JPMorgan

Chase

Bank

NA

09/19/24

(

861

)

CNY

22,020,000

USD

3,097,700

BNP

Paribas

SA

09/19/24

(

62,687

)

IDR

120,360,000,000

USD

7,407,818

BNP

Paribas

SA

09/19/24

(

62,006

)

JPY

3,551,953,848

USD

22,392,128

HSBC

Bank

plc

09/19/24

(

42,134

)

NZD

5,024,000

USD

3,113,127

Citibank

NA

09/19/24

(

53,048

)

NZD

15,733,000

USD

9,745,272

Royal

Bank

of

Canada

09/19/24

(

162,427

)

USD

2,842,186

AUD

4,264,000

Citibank

NA

09/19/24

(

8,248

)

USD

1,190,830

AUD

1,790,000

HSBC

Bank

plc

09/19/24

(

5,764

)

USD

2,940,217

AUD

4,400,000

JPMorgan

Chase

Bank

NA

09/19/24

(

1,131

)

USD

13,106,385

AUD

19,714,304

Royal

Bank

of

Canada

09/19/24

(

72,395

)

USD

8,912,466

EUR

8,300,000

JPMorgan

Chase

Bank

NA

09/19/24

(

11,034

)

USD

23,598,209

IDR

388,756,896,119

Deutsche

Bank

AG

09/19/24

(

128,402

)

USD

41,936,769

IDR

690,656,647,601

JPMorgan

Chase

Bank

NA

09/19/24

(

215,388

)

USD

3,311,014

NZD

5,509,000

Morgan

Stanley

&

Co.

International

plc

09/19/24

(

44,474

)

USD

14,488,898

PHP

850,107,062

Citibank

NA

09/19/24

(

48,803

)

USD

7,443,774

THB

271,400,000

HSBC

Bank

plc

09/19/24

(

282

)

USD

15,505,391

TRY

560,861,000

Barclays

Bank

plc

09/25/24

(

141,220

)

CNY

67,490,000

USD

9,372,201

BNP

Paribas

SA

10/16/24

(

50,209

)

COP

427,639,359,000

USD

102,801,450

BNP

Paribas

SA

10/23/24

(

1,564,673

)

USD

18,421,760

TRY

690,631,800

Citibank

NA

10/23/24

(

320,010

)

HKD

1,142,514,750

USD

146,900,000

UBS

AG

11/01/24

(

136,751

)

HKD

1,143,102,350

USD

146,900,000

HSBC

Bank

plc

11/05/24

(

49,969

)

KRW

152,458,890,000

USD

114,415,677

Citibank

NA

11/20/24

(

3,054,215

)

TRY

113,368,464

USD

2,954,612

Goldman

Sachs

International

12/04/24

(

6,711

)

USD

28,888,396

TRY

1,145,136,000

UBS

AG

12/04/24

(

888,376

)

USD

31,996,063

TRY

1,258,146,000

Barclays

Bank

plc

12/06/24

(

651,330

)

CNY

248,466,540

USD

35,546,000

Morgan

Stanley

&

Co.

International

plc

01/27/25

(

969,590

)

COP

173,517,400,148

USD

43,619,256

Citibank

NA

02/21/25

(

3,225,100

)

COP

216,233,070,000

USD

52,129,476

HSBC

Bank

plc

02/24/25

(

1,812,690

)

USD

106,187,173

HKD

825,000,000

HSBC

Bank

plc

03/19/25

(

49,988

)

(

43,579,277

)

$

80,639,294

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

One-Touch

HSBC

Bank

plc

07/03/24

ZAR

20.00

ZAR

20.00

USD

4,111

$

1,122

USD

Currency

...............

Up

and

Out

Royal

Bank

of

Canada

07/30/24

JPY

161.50

JPY

168.00

USD

28,694

116,466

EUR

Currency

...............

Up

and

Out

HSBC

Bank

plc

08/09/24

USD

1.08

USD

1.11

EUR

83,191

207,134

USD

Currency

...............

One-Touch

Barclays

Bank

plc

10/23/24

CNH

7.50

CNH

7.50

USD

5,454

377,982

USD

Currency

...............

One-Touch

HSBC

Bank

plc

11/18/24

CNH

7.35

CNH

7.35

USD

2,494

604,992

USD

Currency

...............

Up

and

Out

HSBC

Bank

plc

11/27/24

CNH

7.20

CNH

7.40

USD

5,000

19,602

USD

Currency

...............

One-Touch

HSBC

Bank

plc

03/31/25

CNH

7.35

CNH

7.35

USD

4,150

1,053,777

2,381,075

Put

USD

Currency

...............

Down

and

Out

Bank

of

America

NA

07/03/24

MXN

17.45

MXN

17.12

USD

26,379

212

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

133

OTC

Barrier

Options

Purchased

(continued)

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

USD

Currency

...............

Down

and

Out

Bank

of

America

NA

07/03/24

MXN

17.45

MXN

17.12

USD

26,472

$

213

USD

Currency

...............

One-Touch

JPMorgan

Chase

Bank

NA

07/03/24

MXN

17.10

MXN

17.10

USD

2,841

1,408

EUR

Currency

...............

Instant-One-Touch

HSBC

Bank

plc

07/08/24

USD

1.13

USD

1.13

EUR

2,300

1,749

EUR

Currency

...............

Down

and

Out

Credit

Agricole

Corporate

&

Investment

Bank

SA

07/15/24

USD

1.08

USD

1.05

EUR

83,581

293,839

EUR

Currency

...............

Down

and

Out

UBS

AG

07/15/24

USD

1.08

USD

1.06

EUR

83,617

116,337

USD

Currency

...............

Up

and

In

JPMorgan

Chase

Bank

NA

07/15/24

MXN

18.25

MXN

18.75

USD

57,142

620,692

USD

Currency

...............

One-Touch

Barclays

Bank

plc

07/22/24

MXN

17.30

MXN

17.30

USD

3,040

105,840

USD

Currency

...............

Down

and

Out

Bank

of

America

NA

07/24/24

BRL

5.35

BRL

5.22

USD

15,104

9,212

USD

Currency

...............

Down

and

Out

Bank

of

America

NA

07/24/24

BRL

5.35

BRL

5.22

USD

22,778

13,893

EUR

Currency

...............

One-Touch

Bank

of

America

NA

08/01/24

USD

1.04

USD

1.04

EUR

2,470

194,599

USD

Currency

...............

One-Touch

HSBC

Bank

plc

08/02/24

MXN

17.10

MXN

17.10

USD

1,672

43,941

EUR

Currency

...............

One-Touch

Bank

of

America

NA

08/05/24

USD

1.04

USD

1.04

EUR

9,630

831,939

EUR

Currency

...............

One-Touch

Bank

of

America

NA

08/12/24

JPY

150.00

JPY

150.00

EUR

5,820

36,019

EUR

Currency

...............

Down

and

Out

Bank

of

America

NA

08/13/24

PLN

4.31

PLN

4.20

EUR

20,685

85,296

USD

Currency

...............

One-Touch

UBS

AG

08/13/24

TRY

32.00

TRY

32.00

USD

753

32,531

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

08/15/24

USD

1.05

USD

1.05

EUR

5,542

897,590

EUR

Currency

...............

One-Touch

Bank

of

America

NA

08/16/24

PLN

4.20

PLN

4.20

EUR

1,440

104,591

USD

Currency

...............

Down

and

Out

UBS

AG

08/23/24

TRY

35.00

TRY

33.50

USD

18,832

152,705

EUR

Currency

...............

One-Touch

Citibank

NA

09/04/24

JPY

145.00

JPY

145.00

EUR

10,410

55,520

EUR

Currency

...............

Down

and

Out

Bank

of

America

NA

09/26/24

JPY

167.00

JPY

160.00

EUR

5,000

12,502

USD

Currency

...............

Down

and

Out

UBS

AG

09/27/24

TRY

38.50

TRY

36.00

USD

25,938

210,824

USD

Currency

...............

Down

and

Out

Goldman

Sachs

International

10/08/24

TRY

37.50

TRY

34.00

USD

22,282

574,880

USD

Currency

...............

Down

and

Out

UBS

AG

10/30/24

TRY

35.50

TRY

34.00

USD

33,890

116,759

USD

Currency

...............

One-Touch

UBS

AG

11/21/24

TRY

35.00

TRY

35.00

USD

1,839

482,558

USD

Currency

...............

One-Touch

Bank

of

America

NA

12/17/24

TRY

29.25

TRY

29.25

USD

5,744

18,892

EUR

Currency

...............

One-Touch

HSBC

Bank

plc

12/30/24

USD

0.99

USD

0.99

EUR

8,500

500,669

CNH

Currency

..............

One-Touch

Standard

Chartered

Bank

01/23/25

INR

11.50

INR

11.50

CNH

26,461

1,155,504

USD

Currency

...............

One-Touch

JPMorgan

Chase

Bank

NA

02/05/25

TRY

30.60

TRY

30.60

USD

4,210

47,790

CNH

Currency

..............

One-Touch

JPMorgan

Chase

Bank

NA

06/12/25

INR

11.50

INR

11.50

CNH

20,158

679,457

7,397,961

$

9,779,036

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

SPDR

S&P

500

ETF

Trust

......................

7,496

07/05/24

USD

553.00

USD

407,947

$

108,692

Invesco

QQQ

Trust

Series

1

....................

4,167

07/12/24

USD

490.00

USD

199,645

695,889

CBOE

Volatility

Index

.........................

2,498

07/17/24

USD

18.00

USD

3,108

78,687

Advanced

Micro

Devices,

Inc.

...................

350

07/19/24

USD

160.00

USD

5,677

258,125

Apple,

Inc.

................................

1,200

07/19/24

USD

220.00

USD

25,274

156,000

Bank

of

America

Corp.

........................

3,000

07/19/24

USD

41.00

USD

11,931

109,500

Crowdstrike

Holdings,

Inc.

......................

250

07/19/24

USD

400.00

USD

9,580

150,000

EOG

Resources,

Inc.

.........................

1,100

07/19/24

USD

125.00

USD

13,846

341,000

Freeport-McMoRan,

Inc.

.......................

2,400

07/19/24

USD

55.00

USD

11,664

34,800

iShares

China

Large-Cap

ETF

...................

28,011

07/19/24

USD

27.00

USD

72,801

686,270

Merck

&

Co.,

Inc.

............................

482

07/19/24

USD

130.00

USD

5,967

61,455

Meta

Platforms,

Inc.

..........................

100

07/19/24

USD

470.00

USD

5,042

372,750

Micron

Technology,

Inc.

.......................

700

07/19/24

USD

140.00

USD

9,207

156,800

NVIDIA

Corp.

..............................

500

07/19/24

USD

110.00

USD

6,177

743,750

Sabre

Corp.

...............................

1,870

07/19/24

USD

4.00

USD

499

5,610

Sabre

Corp.

...............................

2,479

07/19/24

USD

3.50

USD

662

9,916

Sabre

Corp.

...............................

3,250

07/19/24

USD

4.50

USD

868

11,375

Valero

Energy

Corp.

..........................

250

07/19/24

USD

185.00

USD

3,919

6,875

Vistra

Corp.

...............................

998

07/19/24

USD

110.00

USD

8,581

44,910

Western

Digital

Corp.

.........................

707

07/19/24

USD

85.00

USD

5,357

21,917

Western

Digital

Corp.

.........................

2,077

07/19/24

USD

82.50

USD

15,737

103,850

SPDR

S&P

500

ETF

Trust

......................

300

07/31/24

USD

555.00

USD

16,327

102,000

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

134

Exchange-Traded

Options

Purchased

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

ConocoPhillips

.............................

1,400

08/16/24

USD

120.00

USD

16,013

$

217,000

Delta

Air

Lines,

Inc.

..........................

1,581

08/16/24

USD

55.00

USD

7,500

67,193

Freeport-McMoRan,

Inc.

.......................

1,301

08/16/24

USD

55.00

USD

6,323

90,420

iShares

Biotechnology

ETF

.....................

1,701

08/16/24

USD

140.00

USD

23,348

450,765

UniCredit

SpA

..............................

300

08/16/24

EUR

37.00

EUR

5,191

120,482

Visa,

Inc.

.................................

500

08/16/24

USD

290.00

USD

13,124

38,000

Walmart,

Inc.

..............................

1,600

08/16/24

USD

70.00

USD

10,834

184,800

3-mo.

SOFR

Interest

Futures

....................

10,034

09/13/24

USD

95.00

USD

2,508,500

752,550

Carrier

Global

Corp.

..........................

2,000

09/20/24

USD

67.50

USD

12,616

395,000

Trane

Technologies

plc

........................

800

09/20/24

USD

360.00

USD

26,314

620,000

7,196,381

Put

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

1,150

07/19/24

USD

73.00

USD

8,871

2,875

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

2,500

07/19/24

USD

75.00

USD

19,285

11,250

iShares

Russell

2000

ETF

......................

600

07/19/24

USD

195.00

USD

12,173

44,100

iShares

Russell

2000

ETF

......................

1,000

07/19/24

USD

190.00

USD

20,289

30,500

Spirit

Airlines,

Inc.

...........................

1,045

07/19/24

USD

2.00

USD

382

5,225

Spirit

Airlines,

Inc.

...........................

1,254

07/19/24

USD

2.50

USD

459

3,135

U.S.

Treasury

10-Year

Note

.....................

810

07/26/24

USD

109.50

USD

81,000

417,656

U.S.

Treasury

10-Year

Note

.....................

844

07/26/24

USD

107.50

USD

84,400

65,938

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

.......

50,001

08/16/24

USD

76.00

USD

385,708

1,075,022

S&P

500

Index

.............................

60

08/16/24

USD

5,300.00

USD

32,763

191,400

Spirit

Airlines,

Inc.

...........................

837

08/16/24

USD

2.00

USD

306

7,952

U.S.

Treasury

10-Year

Note

.....................

552

08/23/24

USD

110.00

USD

55,200

595,125

U.S.

Treasury

10-Year

Note

.....................

694

08/23/24

USD

109.00

USD

69,400

444,594

U.S.

Treasury

10-Year

Note

.....................

1,692

08/23/24

USD

108.00

USD

169,200

608,063

EURO

STOXX

50

Index

.......................

246

09/20/24

EUR

4,750.00

EUR

12,039

200,225

3,703,060

$

10,899,441

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........

Bank

of

America

NA

—

07/10/24

INR

84.75

USD

84,040

$

11,580

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

07/10/24

COP

4,020.00

USD

30,230

1,042,863

USD

Currency

...........

UBS

AG

—

07/15/24

BRL

5.35

USD

37,019

1,687,892

USD

Currency

...........

Citibank

NA

—

07/18/24

MXN

18.00

USD

41,775

1,031,899

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

07/18/24

THB

37.00

USD

41,681

132,602

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

07/18/24

MXN

17.50

USD

41,775

1,965,091

USD

Currency

...........

Bank

of

America

NA

—

07/23/24

TRY

39.00

USD

11,141

7,086

USD

Currency

...........

UBS

AG

—

07/30/24

JPY

161.00

USD

28,694

206,884

USD

Currency

...........

Goldman

Sachs

International

—

08/15/24

ZAR

20.80

USD

36,819

34,014

USD

Currency

...........

Bank

of

America

NA

—

08/19/24

INR

85.00

USD

84,440

65,816

USD

Currency

...........

Bank

of

America

NA

—

08/19/24

INR

84.00

USD

84,440

165,429

USD

Currency

...........

HSBC

Bank

plc

—

08/21/24

CNH

8.50

USD

989,382

1,786

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

08/28/24

ZAR

19.00

USD

84,130

859,415

USD

Currency

...........

Barclays

Bank

plc

—

09/11/24

INR

84.00

USD

84,500

246,879

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

09/24/24

CNH

7.25

USD

37,882

290,541

USD

Currency

...........

BNP

Paribas

SA

—

09/27/24

INR

84.00

USD

84,990

302,638

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

10/18/24

MXN

18.30

USD

37,041

1,429,910

USD

Currency

...........

HSBC

Bank

plc

—

11/01/24

HKD

7.78

USD

253,100

629,787

USD

Currency

...........

Bank

of

America

NA

—

03/06/26

CNH

7.75

USD

153,169

1,142,602

11,254,714

Put

USD

Currency

...........

Citibank

NA

—

07/01/24

ZAR

17.70

USD

55,907

3,761

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

07/01/24

INR

82.80

USD

253,470

352

USD

Currency

...........

UBS

AG

—

07/03/24

MXN

17.15

USD

75,249

64

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

135

OTC

Options

Purchased

(continued)

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

...........

Barclays

Bank

plc

—

07/10/24

MXN

18.00

USD

37,638

$

147,101

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

07/10/24

INR

82.75

USD

84,040

10,333

USD

Currency

...........

Citibank

NA

—

07/11/24

ZAR

18.38

USD

41,383

690,818

USD

Currency

...........

Morgan

Stanley

&

Co.

International

plc

—

07/11/24

MXN

18.50

USD

18,826

331,492

USD

Currency

...........

UBS

AG

—

07/11/24

ZAR

18.00

USD

30,100

177,770

USD

Currency

...........

Bank

of

America

NA

—

07/18/24

CLP

930.00

USD

37,902

286,729

USD

Currency

...........

HSBC

Bank

plc

—

07/29/24

MXN

16.30

USD

83,606

1,052

EUR

Currency

...........

Goldman

Sachs

International

—

07/31/24

JPY

168.00

EUR

50,489

305,488

USD

Currency

...........

Bank

of

America

NA

—

08/01/24

ZAR

18.30

USD

41,802

785,443

EUR

Currency

...........

JPMorgan

Chase

Bank

NA

—

08/02/24

USD

1.08

EUR

2,000

24,693

USD

Currency

...........

JPMorgan

Chase

Bank

NA

—

08/05/24

BRL

5.25

USD

21,362

25,764

USD

Currency

...........

Barclays

Bank

plc

—

08/06/24

TRY

33.50

USD

22,650

219,853

USD

Currency

...........

UBS

AG

—

08/14/24

TRY

34.00

USD

26,276

410,220

USD

Currency

...........

Goldman

Sachs

International

—

08/15/24

ZAR

18.20

USD

36,819

678,545

USD

Currency

...........

Deutsche

Bank

AG

—

08/16/24

JPY

154.60

USD

15,000

62,984

EUR

Currency

...........

UBS

AG

—

09/18/24

USD

1.05

EUR

204,951

1,040,461

S&P

500

Index

..........

Citibank

NA

25,910

09/20/24

USD

5,200.00

USD

141,481

1,345,101

USD

Currency

...........

Goldman

Sachs

International

—

12/06/24

TRY

42.50

USD

22,110

2,773,617

9,321,641

$

20,576,355

OTC

Structured

Options

Description

Counterparty

Units

Expiration

Date

Notional

Amount  

(000)

Value

Asset

Swapped

Convertible

Option

Transaction.

Call

on

Koei

Tecmo

Holdings

Co.

Ltd.

convertible

corporate

bond.

Exercise

price

or

rate

is

6-mo.

TIBOR

plus

60.00

Nomura

International

plc

1,500,000,000

12/04/24

JPY

1,500,000

$

1

Asset

Swapped

Convertible

Option

Transaction.

Call

on

LINK

Ltd.

convertible

corporate

bond.

Exercise

price

or

rate

is

3-mo.

HIBOR

plus

110.00

HSBC

Bank

plc

140,000,000

12/12/25

HKD

140,000

122,463

Asset

Swapped

Convertible

Option

Transaction.

Call

on

Obara

Group,

Inc.

convertible

corporate

bond.

Exercise

price

or

rate

is

1.29

(Fixed

Spread)

Nomura

International

plc

720,000,000

03/31/26

JPY

720,000

446,512

Asset

Swapped

Convertible

Option

Transaction.

Call

on

OSG

Corp.

convertible

corporate

bond.

Exercise

price

or

rate

is

1-day

TONAR

plus

60.00

Nomura

International

plc

350,000,000

12/21/27

JPY

350,000

256,008

Asset

Swapped

Convertible

Option

Transaction.

Call

on

Kobe

Steel

Ltd.

convertible

corporate

bond.

Exercise

price

or

rate

is

1-day

TONAR

plus

110.00

Nomura

International

plc

500,000,000

11/27/28

JPY

500,000

506,652

Asset

Swapped

Convertible

Option

Transaction.

Call

on

Kansai

Paint

Co.

Ltd.

convertible

corporate

bond.

Exercise

price

or

rate

is

1-day

TONAR

plus

55.00

Nomura

International

plc

1,170,000,000

03/08/29

JPY

1,170,000

1,012,813

Asset

Swapped

Convertible

Option

Transaction.

Call

on

INFRONEER

Holdings,

Inc.

convertible

corporate

bond.

Exercise

price

or

rate

is

1.42

(Fixed

Spread)

Nomura

International

plc

720,000,000

03/30/29

JPY

720,000

241,170

Asset

Swapped

Convertible

Option

Transaction.

Call

on

Kobe

Steel

Ltd.

convertible

corporate

bond.

Exercise

price

or

rate

is

1-day

TONAR

plus

125.00

Nomura

International

plc

500,000,000

11/26/30

JPY

500,000

741,838

Asset

Swapped

Convertible

Option

Transaction.

Call

on

Kansai

Paint

Co.

Ltd.

convertible

corporate

bond.

Exercise

price

or

rate

is

1-day

TONAR

plus

65.00

Nomura

International

plc

750,000,000

03/07/31

JPY

750,000

777,796

$

4,105,253

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

136

OTC

Worst-of

Options

Purchased

Description

Counterparty

Expiration

Date

Notional

Amount

(000)

Value

EUR/USD

1.09

Strike/Put,

USD/MXN

17.39

Strike/

Put,

USD/BRL

5.19

Strike/Put

(a)

..........

Citibank

NA

09/03/24

USD

209,083

$

28,795

(a)

Composed

of

multiple

options.

Only

the

worst

performing

(least

performing)

option

can

be

exercised

at

expiration.

OTC

Credit

Default

Swaptions

Purchased

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

(a)

Value

Put

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1

.00

%

iTraxx

Europe

Main

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

EUR

55.00

EUR

500,000

$

2,619,596

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1

.00

iTraxx

Europe

Main

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

EUR

55.00

EUR

58,740

307,750

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1

.00

iTraxx

Europe

Main

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

EUR

55.00

EUR

58,740

307,750

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1

.00

iTraxx

Europe

Main

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

EUR

70.00

EUR

500,000

1,068,654

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1

.00

iTraxx

Europe

Main

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

EUR

70.00

EUR

58,740

125,546

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1

.00

iTraxx

Europe

Main

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/17/24

EUR

70.00

EUR

406,565

308,682

Bought

Protection

on

5-Year

Credit

Default

Swap

......

1

.00

iTraxx

Europe

Main

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/17/24

EUR

70.00

EUR

406,565

308,682

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

Quarterly

Bank

of

America

NA

07/17/24

USD

104.50

USD

29,115

33,115

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

Quarterly

BNP

Paribas

SA

07/17/24

USD

105.00

USD

33,270

50,381

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

iTraxx

Europe

Crossover

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/17/24

EUR

325.00

EUR

41,595

286,257

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

iTraxx

Europe

Crossover

Index

Series

41.V1

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/17/24

EUR

350.00

EUR

58,290

201,063

Bought

Protection

on

5-Year

Credit

Default

Swap

......

5

.00

iTraxx

Europe

Crossover

Index

Series

41.V1

Quarterly

BNP

Paribas

SA

08/21/24

EUR

475.00

EUR

31,205

48,859

$

5,666,335

(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

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.35%

Annual

Citibank

NA

07/18/24

4

.35

%

USD

224,700

$

149,200

2-Year

Interest

Rate

Swap

(a)

.

1-day

SONIA

Annual

4.00%

Annual

Barclays

Bank

plc

08/23/24

4

.00

GBP

268,610

237,344

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

4.54%

At

Termination

Barclays

Bank

plc

10/16/24

4

.54

USD

1,193,079

1,554,648

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

4.54%

At

Termination

Goldman

Sachs

International

10/16/24

4

.54

USD

598,136

779,404

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.75%

Annual

Citibank

NA

10/23/24

3

.75

USD

391,124

5,249,448

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

10/24/24

4

.00

USD

800,722

1,859,865

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

137

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

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

3.60%

Annual

JPMorgan

Chase

Bank

NA

12/17/24

3

.60

%

USD

497,271

$

3,971,659

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.00%

Annual

Goldman

Sachs

International

01/23/25

3

.00

USD

499,290

2,476,303

3-Year

Interest

Rate

Swap

(a)

.

3-mo.

BBR

Quarterly

3.30%

Semi-Annual

Barclays

Bank

plc

02/10/25

3

.30

AUD

190,900

151,981

3-Year

Interest

Rate

Swap

(a)

.

3-mo.

BBR

Quarterly

3.30%

Semi-Annual

JPMorgan

Chase

Bank

NA

02/10/25

3

.30

AUD

150,800

120,057

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.91%

Annual

Deutsche

Bank

AG

05/24/27

3

.91

USD

93,822

5,073,054

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.99%

Annual

Deutsche

Bank

AG

05/28/27

3

.99

USD

52,220

3,011,978

24,634,941

Put

10-Year

Interest

Rate

Swap

(a)

4.43%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

10/17/24

4

.43

USD

101,759

495,705

2-Year

Interest

Rate

Swap

(a)

.

1.00%

Annual

1-day

TONAR

Annual

Deutsche

Bank

AG

11/18/24

1

.00

JPY

99,859,946

274,732

10-Year

Interest

Rate

Swap

(a)

3.91%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

05/24/27

3

.91

USD

93,822

4,456,175

10-Year

Interest

Rate

Swap

(a)

3.99%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

05/28/27

3

.99

USD

52,220

2,345,392

7,572,004

$

32,206,945

(a)

Forward

settling

swaption.

OTC

Barrier

Options

Written

Description

Type

of

Option

Counterparty

Expiration

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Call

USD

Currency

...............

One-Touch

HSBC

Bank

plc

11/18/24

CNH

7.58

CNH

7.58

USD

2,494

$

(

138,740

)

CNH

Currency

..............

One-Touch

Standard

Chartered

Bank

01/23/25

INR

12.50

INR

12.50

CNH

13,231

(

106,848

)

CNH

Currency

..............

One-Touch

JPMorgan

Chase

Bank

NA

06/12/25

INR

12.00

INR

12.00

CNH

8,450

(

486,925

)

(

732,513

)

Put

EUR

Currency

...............

One-Touch

BNP

Paribas

SA

08/05/24

USD

1.04

USD

1.04

EUR

9,630

(

831,939

)

EUR

Currency

...............

One-Touch

Barclays

Bank

plc

08/12/24

JPY

150.00

JPY

150.00

EUR

5,820

(

36,019

)

EUR

Currency

...............

One-Touch

HSBC

Bank

plc

09/04/24

JPY

145.00

JPY

145.00

EUR

10,410

(

55,520

)

USD

Currency

...............

One-Touch

Goldman

Sachs

International

05/23/25

CNH

7.10

CNH

7.10

USD

2,535

(

1,168,512

)

(

2,091,990

)

$

(

2,824,503

)

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Invesco

QQQ

Trust

Series

1

.....................

4,167

07/12/24

USD

500.00

USD

199,645

$

(

122,927

)

CBOE

Volatility

Index

..........................

2,498

07/17/24

USD

35.00

USD

3,108

(

19,984

)

iShares

China

Large-Cap

ETF

....................

28,011

07/19/24

USD

29.00

USD

72,801

(

98,039

)

Lam

Research

Corp.

..........................

100

07/19/24

USD

1,000.00

USD

10,649

(

796,750

)

Las

Vegas

Sands

Corp.

........................

1,000

07/19/24

USD

52.50

USD

4,425

(

10,500

)

Meta

Platforms,

Inc.

...........................

100

07/19/24

USD

540.00

USD

5,042

(

28,100

)

Micron

Technology,

Inc.

........................

700

07/19/24

USD

155.00

USD

9,207

(

36,400

)

NVIDIA

Corp.

...............................

500

07/19/24

USD

130.00

USD

6,177

(

160,000

)

Salesforce,

Inc.

..............................

400

07/19/24

USD

310.00

USD

10,284

(

4,400

)

United

States

Steel

Corp.

.......................

2,509

07/19/24

USD

39.00

USD

9,484

(

215,774

)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

138

Exchange-Traded

Options

Written

(continued)

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Walt

Disney

Co.

(The)

.........................

500

07/19/24

USD

115.00

USD

4,965

$

(

5,750

)

Western

Digital

Corp.

..........................

2,784

07/19/24

USD

95.00

USD

21,094

(

13,920

)

SPDR

S&P

500

ETF

Trust

.......................

300

07/31/24

USD

565.00

USD

16,327

(

29,100

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

25,000

08/16/24

USD

78.00

USD

192,850

(

275,000

)

Walmart,

Inc.

...............................

1,600

08/16/24

USD

75.00

USD

10,834

(

40,000

)

U.S.

Treasury

10-Year

Note

......................

846

08/23/24

USD

112.00

USD

84,600

(

330,469

)

3-mo.

SOFR

Interest

Futures

.....................

10,034

09/13/24

USD

95.50

USD

2,508,500

(

376,275

)

(

2,563,388

)

Put

Apple,

Inc.

.................................

1,200

07/19/24

USD

205.00

USD

25,274

(

178,800

)

Bank

of

America

Corp.

.........................

1,500

07/19/24

USD

36.00

USD

5,966

(

14,250

)

Crowdstrike

Holdings,

Inc.

.......................

250

07/19/24

USD

340.00

USD

9,580

(

24,625

)

EOG

Resources,

Inc.

..........................

1,100

07/19/24

USD

110.00

USD

13,846

(

19,250

)

Freeport-McMoRan,

Inc.

........................

2,400

07/19/24

USD

45.00

USD

11,664

(

74,400

)

iShares

Russell

2000

ETF

.......................

600

07/19/24

USD

175.00

USD

12,173

(

3,900

)

iShares

Russell

2000

ETF

.......................

1,000

07/19/24

USD

170.00

USD

20,289

(

4,500

)

Valero

Energy

Corp.

...........................

250

07/19/24

USD

150.00

USD

3,919

(

38,750

)

U.S.

Treasury

10-Year

Note

......................

810

07/26/24

USD

108.50

USD

81,000

(

177,188

)

ConocoPhillips

..............................

1,400

08/16/24

USD

105.00

USD

16,013

(

117,600

)

Delta

Air

Lines,

Inc.

...........................

1,581

08/16/24

USD

45.00

USD

7,500

(

220,550

)

Freeport-McMoRan,

Inc.

........................

1,301

08/16/24

USD

45.00

USD

6,323

(

131,401

)

iShares

Biotechnology

ETF

......................

1,701

08/16/24

USD

130.00

USD

23,348

(

157,343

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

........

44,751

08/16/24

USD

74.00

USD

345,209

(

626,514

)

S&P

500

Index

..............................

60

08/16/24

USD

5,100.00

USD

32,763

(

83,400

)

UniCredit

SpA

...............................

300

08/16/24

EUR

31.00

EUR

5,191

(

88,353

)

Visa,

Inc.

..................................

500

08/16/24

USD

255.00

USD

13,124

(

212,500

)

U.S.

Treasury

10-Year

Note

......................

835

08/23/24

USD

108.50

USD

83,500

(

404,453

)

U.S.

Treasury

10-Year

Note

......................

1,042

08/23/24

USD

107.50

USD

104,200

(

276,781

)

U.S.

Treasury

10-Year

Note

......................

2,538

08/23/24

USD

106.00

USD

253,800

(

277,594

)

Carrier

Global

Corp.

...........................

2,000

09/20/24

USD

57.50

USD

12,616

(

220,000

)

EURO

STOXX

50

Index

........................

246

09/20/24

EUR

4,400.00

EUR

12,039

(

86,940

)

Trane

Technologies

plc

.........................

800

09/20/24

USD

310.00

USD

26,314

(

576,000

)

(

4,015,092

)

$

(

6,578,480

)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Goldman

Sachs

International

07/02/24

ZAR

18.25

USD

50,200

$

(

256,618

)

USD

Currency

.............................

Barclays

Bank

plc

07/03/24

BRL

5.15

USD

3,678

(

291,944

)

USD

Currency

.............................

Barclays

Bank

plc

07/03/24

BRL

5.15

USD

7,379

(

585,662

)

USD

Currency

.............................

Bank

of

America

NA

07/10/24

INR

84.75

USD

84,040

(

11,580

)

USD

Currency

.............................

Barclays

Bank

plc

07/10/24

MXN

19.10

USD

18,819

(

41,724

)

USD

Currency

.............................

Deutsche

Bank

AG

07/15/24

BRL

5.35

USD

18,457

(

841,541

)

USD

Currency

.............................

Deutsche

Bank

AG

07/15/24

BRL

5.35

USD

18,562

(

846,351

)

USD

Currency

.............................

Citibank

NA

07/18/24

MXN

17.50

USD

41,775

(

1,965,091

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

07/18/24

MXN

18.00

USD

41,775

(

1,031,899

)

USD

Currency

.............................

Goldman

Sachs

International

07/23/24

TRY

39.00

USD

11,141

(

7,086

)

USD

Currency

.............................

UBS

AG

07/30/24

JPY

165.00

USD

57,388

(

107,889

)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

08/05/24

BRL

5.50

USD

5,016

(

148,763

)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

08/05/24

BRL

5.50

USD

5,666

(

168,043

)

USD

Currency

.............................

UBS

AG

08/14/24

TRY

37.00

USD

7,508

(

48,312

)

USD

Currency

.............................

UBS

AG

08/14/24

TRY

37.00

USD

11,261

(

72,462

)

USD

Currency

.............................

Goldman

Sachs

International

08/15/24

ZAR

20.80

USD

36,819

(

34,014

)

USD

Currency

.............................

Bank

of

America

NA

08/19/24

CLP

1,000.00

USD

37,902

(

178,257

)

USD

Currency

.............................

Bank

of

America

NA

08/19/24

INR

85.00

USD

84,440

(

65,816

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

08/28/24

ZAR

19.65

USD

126,194

(

618,052

)

USD

Currency

.............................

Barclays

Bank

plc

09/11/24

INR

85.00

USD

84,500

(

110,173

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

139

OTC

Currency

Options

Written

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

09/24/24

CNH

7.35

USD

22,656

$

(

64,656

)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

09/24/24

CNH

7.35

USD

34,167

(

97,506

)

USD

Currency

.............................

Bank

of

America

NA

09/27/24

TRY

38.00

USD

8,356

(

165,038

)

USD

Currency

.............................

BNP

Paribas

SA

09/27/24

INR

85.00

USD

127,490

(

205,394

)

USD

Currency

.............................

HSBC

Bank

plc

11/01/24

HKD

7.84

USD

253,100

(

75,685

)

USD

Currency

.............................

HSBC

Bank

plc

03/31/25

CNH

7.35

USD

83,000

(

776,687

)

USD

Currency

.............................

Goldman

Sachs

International

05/23/25

CNH

7.35

USD

101,402

(

1,068,871

)

–

(

9,885,114

)

–

Put

USD

Currency

.............................

Bank

of

America

NA

07/01/24

INR

82.80

USD

253,470

(

352

)

USD

Currency

.............................

Goldman

Sachs

International

07/01/24

ZAR

17.70

USD

55,907

(

3,762

)

USD

Currency

.............................

Goldman

Sachs

International

07/02/24

ZAR

18.10

USD

25,240

(

93,716

)

USD

Currency

.............................

Bank

of

America

NA

07/10/24

INR

82.75

USD

84,040

(

10,333

)

USD

Currency

.............................

Citibank

NA

07/11/24

ZAR

18.00

USD

60,200

(

355,541

)

EUR

Currency

.............................

Goldman

Sachs

International

07/31/24

JPY

163.00

EUR

50,489

(

97,854

)

USD

Currency

.............................

Bank

of

America

NA

08/01/24

ZAR

17.70

USD

83,603

(

447,553

)

EUR

Currency

.............................

JPMorgan

Chase

Bank

NA

08/02/24

USD

1.05

EUR

3,000

(

7,508

)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

08/05/24

BRL

5.10

USD

21,362

(

5,771

)

USD

Currency

.............................

Goldman

Sachs

International

08/15/24

ZAR

18.20

USD

36,819

(

678,545

)

USD

Currency

.............................

Bank

of

America

NA

08/19/24

INR

83.00

USD

84,440

(

108,255

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

08/28/24

ZAR

17.70

USD

25,239

(

235,727

)

USD

Currency

.............................

Barclays

Bank

plc

09/11/24

INR

83.00

USD

84,500

(

155,140

)

EUR

Currency

.............................

UBS

AG

09/18/24

USD

1.02

EUR

204,951

(

348,513

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

10/18/24

MXN

17.00

USD

18,521

(

48,679

)

USD

Currency

.............................

Goldman

Sachs

International

12/06/24

TRY

40.50

USD

33,164

(

2,834,140

)

–

(

5,431,389

)

–

$

(

15,316,503

)

OTC

Credit

Default

Swaptions

Written

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Put

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

41.V1

1

.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

A-

EUR

60.00

EUR

500,000

$

(

1,919,711

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

41.V1

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

A-

EUR

60.00

EUR

58,740

(

225,528

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

41.V1

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

A-

EUR

60.00

EUR

58,740

(

225,528

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

41.V1

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

A-

EUR

65.00

EUR

500,000

(

1,418,691

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

41.V1

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

A-

EUR

65.00

EUR

58,740

(

166,668

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Main

Index

Series

41.V1

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

09/18/24

A-

EUR

65.00

EUR

58,740

(

166,668

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

5

.00

Quarterly

Bank

of

America

NA

07/17/24

B+

USD

101.00

USD

29,115

(

12,457

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

5

.00

Quarterly

BNP

Paribas

SA

07/17/24

B+

USD

102.00

USD

33,270

(

17,145

)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

140

OTC

Credit

Default

Swaptions

Written

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration

Date

Credit

Rating

(a)

Exercise

Price

Notional

Amount

(000)

(b)

Value

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

41.V1

5

.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/17/24

BB-

EUR

400.00

EUR

58,290

$

(

76,467

)

Sold

Protection

on

5-Year

Credit

Default

Swap

.........

iTraxx

Europe

Crossover

Index

Series

41.V1

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

07/17/24

BB-

EUR

425.00

EUR

41,595

(

39,258

)

$

(

4,268,121

)

(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

2-Year

Interest

Rate

Swap

(a)

.

3.85%

Annual

1-day

SOFR

Annual

Citibank

NA

07/18/24

3

.85

%

USD

224,700

$

(

4,729

)

2-Year

Interest

Rate

Swap

(a)

.

3.50%

Annual

1-day

SONIA

Annual

Barclays

Bank

plc

08/23/24

3

.50

GBP

268,610

(

39,297

)

1-Year

Interest

Rate

Swap

(a)

.

3.84%

At

Termination

1-day

SOFR

At

Termination

Barclays

Bank

plc

10/16/24

3

.84

USD

1,193,079

(

333,364

)

1-Year

Interest

Rate

Swap

(a)

.

3.84%

At

Termination

1-day

SOFR

At

Termination

Goldman

Sachs

International

10/16/24

3

.84

USD

598,136

(

167,128

)

10-Year

Interest

Rate

Swap

(a)

3.15%

Annual

1-day

SOFR

Annual

Citibank

NA

10/23/24

3

.15

USD

391,124

(

1,043,664

)

2-Year

Interest

Rate

Swap

(a)

.

3.30%

Semi-Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

10/24/24

3

.30

USD

800,722

(

448,965

)

5-Year

Interest

Rate

Swap

(a)

.

3.20%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

12/17/24

3

.20

USD

497,271

(

1,894,273

)

10-Year

Interest

Rate

Swap

(a)

2.25%

Annual

1-day

SOFR

Annual

Goldman

Sachs

International

01/23/25

2

.25

USD

499,290

(

521,319

)

3-Year

Interest

Rate

Swap

(a)

.

2.50%

Semi-Annual

3-mo.

BBR

Quarterly

Barclays

Bank

plc

02/10/25

2

.50

AUD

381,800

(

48,325

)

3-Year

Interest

Rate

Swap

(a)

.

2.50%

Semi-Annual

3-mo.

BBR

Quarterly

JPMorgan

Chase

Bank

NA

02/10/25

2

.50

AUD

301,600

(

38,174

)

10-Year

Interest

Rate

Swap

(a)

3.95%

Annual

1-day

SOFR

Annual

Deutsche

Bank

AG

05/08/26

3

.95

USD

141,405

(

6,942,414

)

10-Year

Interest

Rate

Swap

(a)

3.98%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

05/11/26

3

.98

USD

313,921

(

15,892,709

)

10-Year

Interest

Rate

Swap

(a)

3.93%

Annual

1-day

SOFR

Annual

JPMorgan

Chase

Bank

NA

05/14/26

3

.93

USD

29,720

(

1,441,075

)

10-Year

Interest

Rate

Swap

(a)

3.84%

Annual

1-day

SOFR

Annual

Morgan

Stanley

&

Co.

International

plc

05/18/26

3

.84

USD

86,910

(

3,888,129

)

10-Year

Interest

Rate

Swap

(a)

3.87%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

05/18/26

3

.87

USD

106,226

(

4,887,165

)

10-Year

Interest

Rate

Swap

(a)

3.91%

Annual

1-day

SOFR

Annual

Bank

of

America

NA

05/22/26

3

.91

USD

127,341

(

6,073,718

)

(

43,664,448

)

Put

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.35%

Annual

Morgan

Stanley

&

Co.

International

plc

07/01/24

4

.35

USD

388,174

(

524

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.40%

Annual

Citibank

NA

07/02/24

4

.40

USD

194,280

(

239

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.17%

Annual

Citibank

NA

07/18/24

4

.17

USD

174,769

(

367,699

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.37%

Annual

Deutsche

Bank

AG

07/18/24

4

.37

USD

980,525

(

3,703,616

)

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

2.75%

Annual

Bank

of

America

NA

09/12/24

2

.75

EUR

41,620

(

385,339

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.60%

Annual

Goldman

Sachs

International

09/13/24

4

.60

USD

590,456

(

1,111,292

)

1-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

At

Termination

5.10%

At

Termination

Goldman

Sachs

International

10/17/24

5

.10

USD

854,774

(

361,523

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

TONAR

Annual

1.50%

Annual

Deutsche

Bank

AG

11/18/24

1

.50

JPY

99,859,946

(

55,556

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

5.00%

Semi-Annual

JPMorgan

Chase

Bank

NA

11/21/24

5

.00

USD

994,510

(

788,396

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.50%

Annual

JPMorgan

Chase

Bank

NA

12/17/24

4

.50

USD

497,271

(

2,181,991

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

141

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

5-Year

Interest

Rate

Swap

(a)

.

6-mo.

EURIBOR

Semi-Annual

2.87%

Annual

Barclays

Bank

plc

01/29/25

2

.87

%

EUR

46,350

$

(

456,543

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

5.50%

Annual

Goldman

Sachs

International

04/25/25

5

.50

USD

989,813

(

750,469

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.65%

Annual

Bank

of

America

NA

05/05/25

4

.65

USD

1,404,050

(

4,473,675

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.51%

Annual

Bank

of

America

NA

05/14/25

4

.51

USD

1,419,840

(

5,665,785

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

5.00%

Annual

Goldman

Sachs

International

05/23/25

5

.00

USD

1,189,376

(

2,291,639

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

5.05%

Annual

Goldman

Sachs

International

05/23/25

5

.05

USD

1,189,376

(

2,119,705

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.36%

Annual

Goldman

Sachs

International

06/11/25

4

.36

USD

1,428,410

(

7,248,036

)

2-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.60%

Annual

Morgan

Stanley

&

Co.

International

plc

06/13/25

4

.60

USD

483,699

(

1,773,922

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.40%

Annual

Goldman

Sachs

International

06/20/25

4

.40

USD

253,437

(

2,299,087

)

5-Year

Interest

Rate

Swap

(a)

.

1-day

SOFR

Annual

4.55%

Annual

Morgan

Stanley

&

Co.

International

plc

06/27/25

4

.55

USD

299,565

(

2,268,038

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.95%

Annual

Deutsche

Bank

AG

05/08/26

3

.95

USD

141,405

(

5,351,120

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.98%

Annual

Bank

of

America

NA

05/11/26

3

.98

USD

313,921

(

11,582,319

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.93%

Annual

JPMorgan

Chase

Bank

NA

05/14/26

3

.93

USD

29,720

(

1,145,704

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.84%

Annual

Morgan

Stanley

&

Co.

International

plc

05/18/26

3

.84

USD

86,910

(

3,626,654

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.87%

Annual

Bank

of

America

NA

05/18/26

3

.87

USD

106,226

(

4,320,831

)

10-Year

Interest

Rate

Swap

(a)

1-day

SOFR

Annual

3.91%

Annual

Bank

of

America

NA

05/22/26

3

.91

USD

127,341

(

5,031,948

)

(

69,361,650

)

$

(

113,026,098

)

(a)

Forward

settling

swaption.

Centrally

Cleared

Credit

Default

Swaps

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

iTraxx

Europe

Crossover

Index

Series

38.V2

.

5

.00

%

Quarterly

12/20/27

EUR

12,595

$

(

1,094,148

)

$

(

395,586

)

$

(

698,562

)

Markit

CDX

North

American

High

Yield

Index

Series

39.V3

.....................

5

.00

Quarterly

12/20/27

USD

44,315

(

2,764,607

)

(

403,791

)

(

2,360,816

)

Markit

CDX

North

American

Investment

Grade

Index

Series

39.V1

................

1

.00

Quarterly

12/20/27

USD

58,347

(

1,163,223

)

(

590,700

)

(

572,523

)

iTraxx

Europe

Crossover

Index

Series

40.V1

.

5

.00

Quarterly

12/20/28

EUR

131,196

(

8,957,048

)

(

10,311,180

)

1,354,132

iTraxx

Europe

Main

Index

Series

40.V1

.....

1

.00

Quarterly

12/20/28

EUR

3,575

(

69,661

)

(

77,860

)

8,199

Markit

CDX

North

American

Investment

Grade

Index

Series

41.V1

................

1

.00

Quarterly

12/20/28

USD

82,763

(

1,766,091

)

(

1,661,108

)

(

104,983

)

iTraxx

Europe

Crossover

Index

Series

41.V1

.

5

.00

Quarterly

06/20/29

EUR

223,201

(

17,998,826

)

(

20,277,100

)

2,278,274

iTraxx

Europe

Main

Index

Series

41.V1

.....

1

.00

Quarterly

06/20/29

EUR

804,617

(

15,542,686

)

(

18,329,503

)

2,786,817

iTraxx

Europe

Senior

Financials

Index

Series

41.V1

.........................

1

.00

Quarterly

06/20/29

EUR

133,968

(

1,867,192

)

(

2,426,171

)

558,979

iTraxx

Europe

Subordinated

Financials

Index

Series

41.V1

.....................

1

.00

Quarterly

06/20/29

EUR

38,088

519,408

313,169

206,239

Lennar

Corp.

.......................

5

.00

Quarterly

06/20/29

USD

102,522

(

19,373,937

)

(

19,163,322

)

(

210,615

)

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

.....................

5

.00

Quarterly

06/20/29

USD

849,893

(

54,121,521

)

(

53,873,010

)

(

248,511

)

PulteGroup,

Inc.

....................

5

.00

Quarterly

06/20/29

USD

66,471

(

12,543,918

)

(

12,424,616

)

(

119,302

)

$

(

136,743,450

)

$

(

139,620,778

)

$

2,877,328

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

142

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

41.V2

...........

5

.00

%

Quarterly

12/20/28

B+

USD

67,169

$

4,349,269

$

4,572,957

$

(

223,688

)

Markit

CDX

North

American

Investment

Grade

Index

Series

42.V1

.......

1

.00

Quarterly

06/20/29

BBB+

USD

996,053

20,633,726

21,862,496

(

1,228,770

)

$

24,982,995

$

26,435,453

$

(

1,452,458

)

(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)

1-day

SOFR

At

Termination

4.46%

At

Termination

N/A

07/12/24

USD

1,936,779

$

(

19,494,531

)

$

—

$

(

19,494,531

)

1-day

SOFR

At

Termination

5.37%

At

Termination

N/A

07/12/24

USD

910,419

(

730,968

)

—

(

730,968

)

1-day

SOFR

At

Termination

5.37%

At

Termination

N/A

07/12/24

USD

910,419

(

758,662

)

—

(

758,662

)

3.55%

Annual

1-day

SOFR

Annual

N/A

07/13/24

USD

246,525

4,779,359

1,472

4,777,887

3.57%

Annual

1-day

SOFR

Annual

N/A

07/16/24

USD

363,491

6,921,573

(

257

)

6,921,830

3.56%

Annual

1-day

SOFR

Annual

N/A

07/20/24

USD

360,069

6,956,799

866

6,955,933

3.56%

Annual

1-day

SOFR

Annual

N/A

07/23/24

USD

479,100

9,188,551

1,272

9,187,279

4.86%

At

Termination

1-day

REPO_CORRA

At

Termination

N/A

07/25/24

CAD

487,137

(

35,563

)

—

(

35,563

)

4.87%

At

Termination

1-day

REPO_CORRA

At

Termination

N/A

07/25/24

CAD

974,275

(

74,938

)

—

(

74,938

)

4.87%

At

Termination

1-day

REPO_CORRA

At

Termination

N/A

07/25/24

CAD

210,443

(

16,701

)

—

(

16,701

)

3.56%

Annual

1-day

SOFR

Annual

N/A

08/12/24

USD

356,321

6,804,665

(

2,311

)

6,806,976

3.56%

Annual

1-day

SOFR

Annual

N/A

08/13/24

USD

604,646

11,579,261

(

4,373

)

11,583,634

3.53%

Annual

1-day

SOFR

Annual

N/A

08/27/24

USD

678,054

13,162,125

16,548

13,145,577

1-day

SONIA

At

Termination

4.26%

At

Termination

N/A

09/06/24

GBP

551,110

(

7,319,849

)

—

(

7,319,849

)

3.51%

Annual

1-day

SOFR

Annual

N/A

10/20/24

USD

262,263

5,095,296

1,964

5,093,332

3.50%

Annual

1-day

SOFR

Annual

N/A

10/25/24

USD

521,289

10,131,830

15,834

10,115,996

3.48%

Annual

1-day

SOFR

Annual

N/A

11/26/24

USD

426,986

8,237,804

17,211

8,220,593

3.46%

Annual

1-day

SOFR

Annual

N/A

12/06/24

USD

560,589

10,894,090

56,825

10,837,265

1-day

SOFR

At

Termination

4.59%

At

Termination

N/A

12/14/24

USD

1,865,764

(

15,292,524

)

(

350

)

(

15,292,174

)

0.23%

Annual

1-day

TONAR

Annual

N/A

01/11/25

JPY

4,977,810

(

34,988

)

—

(

34,988

)

0.24%

Annual

1-day

TONAR

Annual

N/A

01/19/25

JPY

25,150,650

(

174,330

)

—

(

174,330

)

28-day

MXIBTIIE

Monthly

9.80%

Monthly

N/A

02/04/25

MXN

996,835

(

401,140

)

—

(

401,140

)

28-day

MXIBTIIE

Monthly

9.90%

Monthly

N/A

02/05/25

MXN

3,745,186

(

1,381,022

)

—

(

1,381,022

)

28-day

MXIBTIIE

Monthly

9.92%

Monthly

N/A

02/05/25

MXN

1,804,542

(

653,588

)

—

(

653,588

)

1-day

SOFR

Annual

2.60%

Annual

N/A

02/17/25

USD

988,820

(

26,349,032

)

—

(

26,349,032

)

1-day

SOFR

Annual

2.70%

Annual

N/A

02/17/25

USD

988,820

(

25,382,320

)

—

(

25,382,320

)

2.00%

Annual

1-day

SOFR

Annual

N/A

02/17/25

USD

278,159

9,043,736

—

9,043,736

1-day

SOFR

Annual

4.03%

Annual

N/A

03/10/25

USD

1,999,163

(

24,595,701

)

—

(

24,595,701

)

3-mo.

WIBOR

Quarterly

5.68%

Annual

N/A

03/20/25

PLN

224,735

690,046

—

690,046

4.68%

Annual

3-mo.

PRIBOR

Quarterly

N/A

03/20/25

CZK

2,552,060

(

1,350,062

)

—

(

1,350,062

)

2.79%

Annual

1-day

SOFR

Annual

N/A

04/26/25

USD

455,000

10,694,524

—

10,694,524

2.80%

Annual

1-day

SOFR

Annual

N/A

05/11/25

USD

145,000

3,316,336

—

3,316,336

2.60%

Annual

1-day

SOFR

Annual

N/A

05/16/25

USD

150,000

3,713,897

—

3,713,897

3-mo.

CD_KSDA

Quarterly

3.51%

Quarterly

11/20/24

(a)

05/20/25

KRW

152,458,890

98,060

—

98,060

4.77%

At

Termination

1-day

SOFR

At

Termination

11/20/24

(a)

05/20/25

USD

111,440

32,273

—

32,273

3-mo.

WIBOR

Quarterly

5.70%

Annual

N/A

06/19/25

PLN

61,016

(

15,249

)

—

(

15,249

)

1-day

SOFR

Annual

4.10%

Annual

N/A

08/11/25

USD

1,000,596

(

21,609,643

)

—

(

21,609,643

)

3.24%

Semi-Annual

1-day

SORA

Semi-Annual

09/18/24

(a)

09/18/25

SGD

264,500

14,615

—

14,615

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

143

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)

4.19%

Annual

1-day

SOFR

Annual

N/A

09/28/25

USD

292,000

$

5,319,386

$

—

$

5,319,386

1-day

SOFR

Annual

4.25%

Annual

N/A

10/17/25

USD

1,489,926

(

24,441,659

)

—

(

24,441,659

)

1-day

SOFR

Annual

4.05%

Annual

N/A

10/18/25

USD

765,005

(

15,518,030

)

—

(

15,518,030

)

1-day

SOFR

Annual

4.25%

Annual

N/A

10/19/25

USD

685,759

(

11,206,291

)

—

(

11,206,291

)

0.33%

Annual

1-day

TONAR

Annual

N/A

11/06/25

JPY

25,122,000

(

285,626

)

—

(

285,626

)

4.51%

Annual

1-day

SOFR

Annual

N/A

11/07/25

USD

800,000

8,512,975

—

8,512,975

4.45%

Annual

1-day

SOFR

Annual

N/A

11/08/25

USD

400,000

4,685,355

—

4,685,355

0.31%

Annual

1-day

TONAR

Annual

N/A

11/16/25

JPY

31,275,920

(

270,013

)

—

(

270,013

)

0.30%

Annual

1-day

TONAR

Annual

N/A

11/16/25

JPY

7,959,080

(

60,797

)

—

(

60,797

)

0.25%

Annual

1-day

TONAR

Annual

N/A

11/22/25

JPY

53,774,500

(

2,557

)

—

(

2,557

)

1-day

SOFR

Annual

3.88%

Annual

N/A

12/12/25

USD

265,000

(

5,694,038

)

—

(

5,694,038

)

0.23%

Annual

1-day

TONAR

Annual

N/A

12/14/25

JPY

20,252,000

76,197

—

76,197

1-day

SOFR

Annual

3.75%

Annual

N/A

12/15/25

USD

251,214

(

5,988,402

)

—

(

5,988,402

)

1-day

SOFR

Annual

3.93%

Annual

N/A

12/15/25

USD

270,000

(

5,495,263

)

—

(

5,495,263

)

0.23%

Annual

1-day

TONAR

Annual

N/A

12/15/25

JPY

53,005,000

211,468

—

211,468

1-day

SOFR

Annual

3.78%

Annual

N/A

12/19/25

USD

589,000

(

13,674,797

)

—

(

13,674,797

)

1-day

SOFR

Annual

3.81%

Annual

N/A

12/19/25

USD

613,023

(

13,852,330

)

—

(

13,852,330

)

5.14%

Annual

6-mo.

WIBOR

Semi-Annual

N/A

12/20/25

PLN

200,829

(

935,383

)

—

(

935,383

)

1-day

SOFR

Annual

3.70%

Annual

N/A

01/20/26

USD

472,000

(

11,036,316

)

—

(

11,036,316

)

4.33%

Annual

1-day

SOFR

Annual

N/A

02/22/26

USD

511,600

5,142,774

—

5,142,774

4.46%

Annual

1-day

SOFR

Annual

N/A

03/02/26

USD

272,500

1,958,974

—

1,958,974

4.47%

Annual

1-day

SOFR

Annual

N/A

03/02/26

USD

272,000

1,883,598

—

1,883,598

0.28%

Annual

1-day

TONAR

Annual

N/A

03/09/26

JPY

55,971,540

381,279

—

381,279

0.29%

Annual

1-day

TONAR

Annual

N/A

03/11/26

JPY

56,730,000

379,673

—

379,673

3.72%

Annual

1-day

SOFR

Annual

N/A

03/17/26

USD

270,000

5,606,629

—

5,606,629

8.02%

Quarterly

3-mo.

JIBAR

Quarterly

03/26/25

(a)

03/26/26

ZAR

890,455

(

153,254

)

—

(

153,254

)

4.75%

Annual

1-day

SOFR

Annual

N/A

03/31/26

USD

831,684

(

702,743

)

—

(

702,743

)

4.75%

Annual

1-day

SOFR

Annual

N/A

03/31/26

USD

831,684

(

808,742

)

—

(

808,742

)

4.73%

Annual

1-day

SOFR

Annual

N/A

03/31/26

USD

415,842

(

248,989

)

—

(

248,989

)

4.87%

Annual

1-day

SOFR

Annual

N/A

03/31/26

USD

1,049,201

(

3,159,790

)

—

(

3,159,790

)

1-day

SOFR

Annual

4.40%

Annual

N/A

04/08/26

USD

856,095

(

5,849,103

)

—

(

5,849,103

)

1-day

SOFR

Annual

4.45%

Annual

N/A

04/09/26

USD

313,413

(

1,829,841

)

—

(

1,829,841

)

1-day

SOFR

Annual

4.05%

Annual

N/A

04/18/26

USD

496,227

(

6,496,412

)

—

(

6,496,412

)

1-day

SOFR

Annual

4.30%

Annual

N/A

04/24/26

USD

597,999

(

4,834,495

)

—

(

4,834,495

)

8.15%

Quarterly

3-mo.

JIBAR

Quarterly

05/07/25

(a)

05/07/26

ZAR

3,245,821

(

788,295

)

—

(

788,295

)

1-day

SOFR

Annual

4.50%

Annual

N/A

05/08/26

USD

496,014

(

1,836,916

)

—

(

1,836,916

)

6.40%

At

Termination

1-day

MIBOR

At

Termination

05/20/25

(a)

05/20/26

INR

16,656,000

222,485

—

222,485

6.41%

At

Termination

1-day

MIBOR

At

Termination

05/20/25

(a)

05/20/26

INR

14,101,110

173,439

—

173,439

3.15%

Annual

1-day

SOFR

Annual

N/A

05/27/26

USD

533,651

15,191,852

343,790

14,848,062

7.97%

Quarterly

3-mo.

JIBAR

Quarterly

06/06/25

(a)

06/06/26

ZAR

2,849,253

(

423,231

)

—

(

423,231

)

28-day

MXIBTIIE

Monthly

10.76%

Monthly

N/A

06/11/26

MXN

488,455

212,247

—

212,247

0.29%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

6,403,900

119,967

—

119,967

0.36%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

9,413,272

134,874

—

134,874

0.33%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

19,207,870

315,450

—

315,450

0.27%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

28,384,620

578,086

—

578,086

0.32%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

6,402,940

108,903

—

108,903

0.32%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

6,403,910

107,539

—

107,539

0.33%

At

Termination

1-day

TONAR

At

Termination

07/07/25

(a)

07/07/26

JPY

9,797,488

160,300

—

160,300

6.44%

Semi-Annual

1-day

MIBOR

Semi-Annual

09/18/24

(a)

09/18/26

INR

2,358,600

36,124

—

36,124

4.05%

Annual

1-day

SOFR

Annual

09/18/24

(a)

09/18/26

USD

9,360

61,748

—

61,748

4.41%

Annual

1-day

SOFR

Annual

09/18/24

(a)

09/18/26

USD

9,805

(

587

)

—

(

587

)

3.99%

Annual

1-day

SOFR

Annual

09/18/24

(a)

09/18/26

USD

9,180

70,788

—

70,788

3.07%

Semi-Annual

1-day

SORA

Semi-Annual

09/18/24

(a)

09/18/26

SGD

38,000

(

10,700

)

—

(

10,700

)

0.41%

Annual

1-day

TONAR

Annual

09/18/24

(a)

09/18/26

JPY

1,391,186

15,623

—

15,623

0.48%

Annual

1-day

TONAR

Annual

09/18/24

(a)

09/18/26

JPY

794,772

1,989

—

1,989

1.93%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/26

CNY

132,815

(

48,414

)

—

(

48,414

)

3.88%

Quarterly

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/26

AUD

14,087

68,684

—

68,684

4.74%

Semi-Annual

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/26

NZD

1,540

995

—

995

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

144

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)

4.60%

Semi-Annual

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/26

NZD

1,510

$

3,404

$

—

$

3,404

4.09%

Quarterly

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/26

AUD

7,200

16,123

—

16,123

4.50%

Semi-Annual

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/26

NZD

11,737

40,193

—

40,193

4.81%

Semi-Annual

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/26

NZD

8,125

(

895

)

—

(

895

)

1.82%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/19/24

(a)

09/19/26

CNY

71,530

(

4,977

)

—

(

4,977

)

4.00%

Quarterly

3-mo.

HIBOR

Quarterly

09/19/24

(a)

09/19/26

HKD

56,462

13,196

—

13,196

4.17%

Quarterly

3-mo.

HIBOR

Quarterly

09/19/24

(a)

09/19/26

HKD

39,600

(

6,455

)

—

(

6,455

)

3.96%

Quarterly

3-mo.

HIBOR

Quarterly

09/19/24

(a)

09/19/26

HKD

7,320

2,504

—

2,504

3.98%

Quarterly

3-mo.

HIBOR

Quarterly

09/19/24

(a)

09/19/26

HKD

7,250

2,136

—

2,136

0.65%

At

Termination

1-day

TONAR

At

Termination

10/08/25

(a)

10/08/26

JPY

13,315,000

2,391

—

2,391

0.64%

At

Termination

1-day

TONAR

At

Termination

10/08/25

(a)

10/08/26

JPY

13,315,000

15,902

—

15,902

1-day

SOFR

At

Termination

4.17%

At

Termination

10/23/25

(a)

10/23/26

USD

397,482

812,459

—

812,459

1-day

SOFR

At

Termination

4.21%

At

Termination

10/27/25

(a)

10/27/26

USD

794,377

1,965,425

—

1,965,425

1-day

SOFR

Annual

4.03%

Annual

N/A

03/07/27

USD

464,406

(

6,200,284

)

—

(

6,200,284

)

1-day

SOFR

Annual

3.47%

Annual

03/10/25

(a)

03/10/27

USD

200,466

(

2,237,438

)

—

(

2,237,438

)

1-day

SONIA

At

Termination

3.45%

At

Termination

03/16/26

(a)

03/16/27

GBP

41,120

(

177,033

)

13,605

(

190,638

)

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/27

INR

22,824,195

(

1,511,048

)

—

(

1,511,048

)

3.99%

Annual

1-day

SOFR

Annual

05/16/25

(a)

05/16/27

USD

477,024

(

45,196

)

—

(

45,196

)

1-day

SOFR

Annual

4.10%

Annual

05/30/25

(a)

05/30/27

USD

590,948

1,392,527

—

1,392,527

1-day

SOFR

Annual

4.15%

Annual

05/30/25

(a)

05/30/27

USD

590,948

1,929,676

—

1,929,676

3.86%

Annual

1-day

SOFR

Annual

06/13/25

(a)

06/13/27

USD

478,089

804,049

—

804,049

0.67%

Annual

1-day

TONAR

Annual

09/22/25

(a)

09/22/27

JPY

6,007,000

31,422

—

31,422

0.71%

Annual

1-day

TONAR

Annual

09/29/25

(a)

09/29/27

JPY

21,524,000

33,696

—

33,696

1-day

SOFR

Annual

3.98%

Annual

N/A

10/06/27

USD

482,431

(

9,464,049

)

—

(

9,464,049

)

1-day

SONIA

At

Termination

4.11%

At

Termination

10/13/26

(a)

10/13/27

GBP

98,050

481,602

(

11,230

)

492,832

1-day

SONIA

At

Termination

4.39%

At

Termination

10/20/26

(a)

10/20/27

GBP

29,700

239,012

(

68

)

239,080

1-day

SONIA

At

Termination

4.40%

At

Termination

10/20/26

(a)

10/20/27

GBP

29,710

241,714

39

241,675

1-day

SOFR

Annual

3.30%

Annual

10/23/25

(a)

10/23/27

USD

143,045

(

1,369,258

)

—

(

1,369,258

)

1-day

SOFR

Annual

4.20%

Annual

10/23/25

(a)

10/23/27

USD

206,848

1,370,033

—

1,370,033

1-day

SOFR

Annual

3.92%

Annual

11/03/25

(a)

11/03/27

USD

98,149

174,632

—

174,632

1-day

SOFR

Annual

3.95%

Annual

11/03/25

(a)

11/03/27

USD

98,149

227,457

—

227,457

1-day

SOFR

Annual

3.99%

Annual

11/03/25

(a)

11/03/27

USD

196,299

578,174

—

578,174

1-day

SOFR

Annual

4.07%

Annual

11/03/25

(a)

11/03/27

USD

400,330

1,791,036

—

1,791,036

1-day

SOFR

Annual

3.86%

Annual

11/10/25

(a)

11/10/27

USD

405,709

334,008

—

334,008

1-day

SOFR

Annual

3.91%

Annual

11/10/25

(a)

11/10/27

USD

410,897

652,764

—

652,764

1-day

SONIA

At

Termination

3.75%

At

Termination

11/23/26

(a)

11/23/27

GBP

303,470

377,615

(

262,908

)

640,523

1-day

SONIA

At

Termination

3.86%

At

Termination

11/27/26

(a)

11/27/27

GBP

472,100

1,153,783

55,130

1,098,653

1-day

SONIA

At

Termination

3.70%

At

Termination

12/01/26

(a)

12/01/27

GBP

120,710

89,587

14,642

74,945

1-day

SOFR

Annual

3.48%

Annual

01/23/26

(a)

01/23/28

USD

540,713

(

2,827,544

)

—

(

2,827,544

)

1-day

SONIA

At

Termination

3.18%

At

Termination

01/26/27

(a)

01/26/28

GBP

101,220

(

475,313

)

2,991

(

478,304

)

1-day

SOFR

Annual

4.00%

Annual

01/26/26

(a)

01/26/28

USD

494,279

1,959,840

—

1,959,840

3.45%

Annual

1-day

SOFR

Annual

01/26/26

(a)

01/26/28

USD

494,279

2,876,077

—

2,876,077

1-day

SONIA

At

Termination

3.33%

At

Termination

02/02/27

(a)

02/02/28

GBP

323,570

(

958,792

)

(

37,360

)

(

921,432

)

1-day

SONIA

At

Termination

3.32%

At

Termination

02/05/27

(a)

02/05/28

GBP

166,200

(

509,634

)

(

248,749

)

(

260,885

)

1-day

SOFR

Annual

3.87%

Annual

02/05/26

(a)

02/05/28

USD

500,675

910,469

—

910,469

3.27%

Annual

1-day

SOFR

Annual

02/05/26

(a)

02/05/28

USD

500,675

4,441,235

—

4,441,235

1-day

SONIA

At

Termination

3.18%

At

Termination

02/10/27

(a)

02/10/28

GBP

694,015

(

3,162,927

)

—

(

3,162,927

)

4.64%

Annual

1-day

SONIA

Annual

N/A

05/26/28

GBP

48,910

(

1,114,419

)

—

(

1,114,419

)

0.72%

Annual

1-day

TONAR

Annual

06/17/26

(a)

06/17/28

JPY

15,015,000

170,281

—

170,281

0.72%

Annual

1-day

TONAR

Annual

06/17/26

(a)

06/17/28

JPY

15,015,000

160,178

—

160,178

1-day

SONIA

Annual

4.86%

Annual

N/A

06/20/28

GBP

124,190

4,229,165

—

4,229,165

28-day

MXIBTIIE

Monthly

9.13%

Monthly

N/A

08/15/28

MXN

537,505

(

529,381

)

—

(

529,381

)

4.29%

Annual

1-day

SOFR

Annual

N/A

08/31/28

USD

495,162

(

2,401,264

)

—

(

2,401,264

)

4.25%

Annual

1-day

SOFR

Annual

N/A

08/31/28

USD

195,737

(

633,343

)

—

(

633,343

)

4.26%

Annual

1-day

SOFR

Annual

N/A

08/31/28

USD

981,388

(

3,788,932

)

—

(

3,788,932

)

4.29%

Annual

1-day

SOFR

Annual

N/A

08/31/28

USD

782,949

(

3,846,781

)

—

(

3,846,781

)

1-day

SOFR

Annual

4.40%

Annual

N/A

10/31/28

USD

250,232

900,312

—

900,312

1-day

SONIA

Annual

4.12%

Annual

N/A

11/17/28

GBP

121,376

(

708,251

)

—

(

708,251

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

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)

1-day

SONIA

Annual

4.12%

Annual

N/A

11/21/28

GBP

120,683

$

(

669,253

)

$

—

$

(

669,253

)

1-day

SONIA

At

Termination

3.47%

At

Termination

12/06/27

(a)

12/06/28

GBP

67,940

(

31,632

)

(

17,400

)

(

14,232

)

1-day

SONIA

Annual

3.68%

Annual

N/A

12/14/28

GBP

122,882

(

3,626,752

)

(

5,183

)

(

3,621,569

)

1-day

SOFR

Annual

3.25%

Annual

12/15/26

(a)

12/15/28

USD

419,055

(

3,107,694

)

—

(

3,107,694

)

1-day

SOFR

Annual

3.21%

Annual

02/04/27

(a)

02/04/29

USD

185,030

(

1,468,989

)

—

(

1,468,989

)

1-day

SOFR

Annual

3.35%

Annual

02/04/27

(a)

02/04/29

USD

157,850

(

881,744

)

—

(

881,744

)

1-day

SOFR

Annual

3.37%

Annual

02/04/27

(a)

02/04/29

USD

397,310

(

2,093,103

)

—

(

2,093,103

)

1-day

SOFR

Annual

3.42%

Annual

02/04/27

(a)

02/04/29

USD

21,030

(

93,270

)

—

(

93,270

)

1-day

SONIA

At

Termination

3.31%

At

Termination

02/07/28

(a)

02/07/29

GBP

84,960

(

174,623

)

(

108,859

)

(

65,764

)

2.92%

Annual

1-day

SOFR

Annual

N/A

02/16/29

USD

180,919

10,596,059

411,124

10,184,935

6-mo.

EURIBOR

Semi-Annual

3.00%

Annual

N/A

03/05/29

EUR

300,382

374,515

—

374,515

0.50%

Annual

1-day

TONAR

Annual

N/A

03/05/29

JPY

27,688,578

1,115,529

—

1,115,529

0.50%

Annual

1-day

TONAR

Annual

N/A

03/11/29

JPY

27,688,578

1,125,153

—

1,125,153

1-day

MIBOR

Semi-Annual

6.26%

Semi-Annual

N/A

03/20/29

INR

6,525,000

(

659,813

)

—

(

659,813

)

1-day

MIBOR

Semi-Annual

6.30%

Semi-Annual

N/A

03/20/29

INR

7,975,000

(

651,661

)

—

(

651,661

)

1-day

SOFR

Annual

3.79%

Annual

N/A

03/29/29

USD

732,656

(

12,477,694

)

—

(

12,477,694

)

1-day

SOFR

Annual

4.00%

Annual

N/A

04/08/29

USD

414,291

(

2,924,062

)

—

(

2,924,062

)

1-day

SOFR

Annual

4.05%

Annual

N/A

04/09/29

USD

313,413

(

1,491,946

)

—

(

1,491,946

)

1-day

SOFR

Annual

4.00%

Annual

N/A

04/18/29

USD

496,227

(

3,268,479

)

—

(

3,268,479

)

1-day

SOFR

Annual

4.00%

Annual

N/A

04/24/29

USD

249,166

(

1,570,255

)

—

(

1,570,255

)

6-mo.

EURIBOR

Semi-Annual

2.90%

Annual

N/A

04/30/29

EUR

349,347

(

528,468

)

—

(

528,468

)

1-day

SOFR

Annual

4.00%

Annual

N/A

05/06/29

USD

501,757

(

2,875,176

)

—

(

2,875,176

)

6-mo.

EURIBOR

Semi-Annual

2.87%

Annual

N/A

06/11/29

EUR

248,990

(

314,059

)

—

(

314,059

)

1-day

THOR

Quarterly

2.83%

Quarterly

06/21/28

(a)

06/21/29

THB

6,994,467

221,794

—

221,794

0.69%

Annual

1-day

TONAR

Annual

09/18/24

(a)

09/18/29

JPY

802,989

11,825

—

11,825

0.60%

Annual

1-day

TONAR

Annual

09/18/24

(a)

09/18/29

JPY

1,391,452

57,732

—

57,732

2.06%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

577,720

(

440,500

)

—

(

440,500

)

2.10%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

577,740

(

589,173

)

—

(

589,173

)

2.08%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

750,000

(

697,299

)

—

(

697,299

)

2.08%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

87,305

(

78,924

)

—

(

78,924

)

2.13%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

9,440

(

11,449

)

—

(

11,449

)

2.17%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

574,020

(

866,011

)

—

(

866,011

)

4.41%

Semi-Annual

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/29

NZD

7,934

(

3,267

)

—

(

3,267

)

4.49%

Semi-Annual

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/29

NZD

4,600

(

12,207

)

—

(

12,207

)

4.21%

Semi-Annual

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/29

NZD

5,824

28,562

—

28,562

4.29%

Semi-Annual

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/29

NZD

4,540

11,734

—

11,734

4.20%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

6,100

31,639

—

31,639

4.03%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

28,160

288,831

26,988

261,843

2.10%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/19/24

(a)

09/19/29

CNY

261,389

(

279,224

)

—

(

279,224

)

2.01%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/19/24

(a)

09/19/29

CNY

137,114

(

63,126

)

—

(

63,126

)

6-mo.

EURIBOR

Semi-Annual

2.82%

Annual

09/20/24

(a)

09/20/29

EUR

77,520

(

7,952

)

270,675

(

278,627

)

4.17%

Annual

1-day

SOFR

Annual

N/A

02/28/31

USD

323,174

(

3,046,045

)

—

(

3,046,045

)

4.16%

Annual

1-day

SOFR

Annual

N/A

02/28/31

USD

258,000

(

2,177,026

)

—

(

2,177,026

)

4.15%

Annual

1-day

SOFR

Annual

N/A

02/28/31

USD

258,000

(

2,029,848

)

—

(

2,029,848

)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

146

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)

4.09%

Annual

1-day

SOFR

Annual

N/A

02/28/31

USD

129,000

$

(

616,045

)

$

—

$

(

616,045

)

3.98%

Annual

1-day

SOFR

Annual

07/02/24

(a)

07/02/31

USD

8,400

—

—

—

0.02%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/26/31

EUR

157,050

32,575,785

—

32,575,785

1-day

SOFR

Annual

3.79%

Annual

N/A

10/14/31

USD

197,460

(

4,717,715

)

—

(

4,717,715

)

1-day

SOFR

Annual

3.79%

Annual

N/A

11/19/31

USD

251,205

(

5,679,083

)

—

(

5,679,083

)

1-day

SOFR

Annual

3.78%

Annual

N/A

01/28/32

USD

467,125

(

9,194,783

)

—

(

9,194,783

)

2.38%

Annual

1-day

SOFR

Annual

N/A

04/08/32

USD

43,962

4,935,840

—

4,935,840

2.60%

Annual

1-day

SOFR

Annual

N/A

05/26/32

USD

53,426

5,048,737

—

5,048,737

1-day

SOFR

Annual

3.47%

Annual

N/A

10/04/32

USD

223,490

(

11,044,205

)

—

(

11,044,205

)

1-day

SOFR

Annual

3.42%

Annual

N/A

10/05/32

USD

103,240

(

5,511,720

)

—

(

5,511,720

)

1-day

SOFR

Annual

3.05%

Annual

N/A

10/28/32

USD

249,920

(

20,110,454

)

—

(

20,110,454

)

1-day

SOFR

Annual

2.88%

Annual

N/A

11/02/32

USD

250,132

(

23,369,444

)

—

(

23,369,444

)

1-day

SOFR

Annual

2.92%

Annual

N/A

11/04/32

USD

249,476

(

22,477,416

)

—

(

22,477,416

)

1-day

SOFR

Annual

2.90%

Annual

N/A

11/15/32

USD

400,986

(

36,570,060

)

—

(

36,570,060

)

1-day

SOFR

Annual

3.20%

Annual

N/A

11/28/32

USD

239,768

(

16,190,098

)

—

(

16,190,098

)

1-day

ESTR

Annual

2.34%

Annual

01/19/28

(a)

01/19/33

EUR

150,420

(

1,724,367

)

—

(

1,724,367

)

1-day

SOFR

Annual

3.14%

Annual

05/12/28

(a)

05/12/33

USD

279,328

(

6,758,998

)

—

(

6,758,998

)

1-day

SOFR

Annual

3.75%

Annual

N/A

08/09/33

USD

251,131

(

7,858,199

)

—

(

7,858,199

)

3.24%

Annual

1-day

SOFR

Annual

N/A

08/09/33

USD

122,861

9,153,516

—

9,153,516

1-day

TONAR

Annual

1.33%

Annual

09/21/28

(a)

09/21/33

JPY

2,349,000

353

—

353

1-day

TONAR

Annual

1.34%

Annual

09/28/28

(a)

09/28/33

JPY

9,070,000

20,366

—

20,366

1-day

SOFR

Annual

3.93%

Annual

N/A

10/04/33

USD

249,492

(

3,389,257

)

—

(

3,389,257

)

1-day

SOFR

Annual

3.50%

Annual

N/A

10/17/33

USD

343,829

(

16,906,238

)

—

(

16,906,238

)

4.40%

Annual

1-day

SOFR

Annual

N/A

11/01/33

USD

245,780

(

6,660,735

)

—

(

6,660,735

)

1-day

SOFR

Annual

4.00%

Annual

N/A

01/12/34

USD

193,843

(

650,862

)

—

(

650,862

)

1-day

SOFR

Annual

4.00%

Annual

N/A

01/17/34

USD

55,662

(

174,715

)

—

(

174,715

)

6-mo.

EURIBOR

Semi-Annual

2.73%

Annual

N/A

01/26/34

EUR

11,220

(

173,719

)

64,375

(

238,094

)

1-day

MIBOR

Semi-Annual

6.34%

Semi-Annual

N/A

03/20/34

INR

4,198,022

(

501,495

)

—

(

501,495

)

1-day

MIBOR

Semi-Annual

6.35%

Semi-Annual

N/A

03/20/34

INR

4,198,022

(

464,601

)

—

(

464,601

)

1-day

ESTR

Annual

2.52%

Annual

04/10/29

(a)

04/10/34

EUR

51,340

(

366,561

)

(

93,041

)

(

273,520

)

1.03%

Annual

1-day

TONAR

Annual

09/18/24

(a)

09/18/34

JPY

1,563,493

53,878

—

53,878

1.00%

Annual

1-day

TONAR

Annual

09/18/24

(a)

09/18/34

JPY

1,350,000

69,326

—

69,326

1.02%

Annual

1-day

TONAR

Annual

09/18/24

(a)

09/18/34

JPY

152,855

6,799

—

6,799

0.90%

Annual

1-day

TONAR

Annual

09/18/24

(a)

09/18/34

JPY

1,352,000

150,047

—

150,047

4.47%

Semi-Annual

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/34

NZD

7,650

805

—

805

4.47%

Semi-Annual

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/34

NZD

7,867

560

—

560

4.64%

Semi-Annual

3-mo.

BBR

Quarterly

09/18/24

(a)

09/18/34

NZD

7,300

(

56,762

)

—

(

56,762

)

4.37%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/34

AUD

3,364

31,123

—

31,123

3.46%

Annual

1-day

SOFR

Annual

12/15/26

(a)

12/15/36

USD

95,777

2,457,882

—

2,457,882

4.02%

Annual

1-day

SOFR

Annual

N/A

08/15/39

USD

66,600

(

401,491

)

—

(

401,491

)

4.08%

Annual

1-day

SOFR

Annual

N/A

08/15/39

USD

133,200

(

1,688,391

)

—

(

1,688,391

)

4.09%

Annual

1-day

SOFR

Annual

N/A

08/15/39

USD

133,200

(

1,828,724

)

—

(

1,828,724

)

4.09%

Annual

1-day

SOFR

Annual

N/A

08/15/39

USD

167,354

(

2,380,831

)

—

(

2,380,831

)

2.93%

Annual

1-day

SOFR

Annual

N/A

11/26/41

USD

32,045

4,568,242

(

40,080

)

4,608,322

6-mo.

EURIBOR

Semi-Annual

2.68%

Annual

N/A

02/12/44

EUR

27,185

(

603,835

)

(

99,555

)

(

504,280

)

6-mo.

EURIBOR

Semi-Annual

2.63%

Annual

N/A

04/15/44

EUR

27,580

(

804,063

)

(

117,791

)

(

686,272

)

2.59%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

08/15/48

EUR

22,780

480,222

—

480,222

2.81%

Annual

1-day

SOFR

Annual

N/A

01/25/51

USD

62,463

10,956,368

(

840,344

)

11,796,712

2.81%

Annual

1-day

SOFR

Annual

N/A

01/28/51

USD

111,429

19,513,145

(

1,505,666

)

21,018,811

2.80%

Annual

1-day

SOFR

Annual

N/A

02/01/51

USD

65,177

11,509,725

(

763,662

)

12,273,387

2.80%

Annual

1-day

SOFR

Annual

N/A

02/04/51

USD

37,194

6,557,531

(

437,953

)

6,995,484

2.80%

Annual

1-day

SOFR

Annual

N/A

02/05/51

USD

38,392

6,768,570

(

452,026

)

7,220,596

2.80%

Annual

1-day

SOFR

Annual

N/A

02/22/51

USD

15,576

2,727,253

(

773,567

)

3,500,820

2.80%

Annual

1-day

SOFR

Annual

N/A

05/27/51

USD

62,621

10,537,063

(

3,182,785

)

13,719,848

2.80%

Annual

1-day

SOFR

Annual

N/A

06/07/51

USD

19,517

3,270,263

(

993,789

)

4,264,052

2.79%

Annual

1-day

SOFR

Annual

N/A

01/21/52

USD

153,727

27,605,784

(

7,989,041

)

35,594,825

1-day

SOFR

Annual

4.00%

Annual

N/A

11/03/53

USD

99,173

3,305,345

—

3,305,345

3.65%

Annual

1-day

SOFR

Annual

N/A

11/03/53

USD

99,173

2,982,330

—

2,982,330

3.55%

Annual

1-day

SOFR

Annual

01/19/34

(a)

01/19/54

USD

490

1,323

—

1,323

1-day

ESTR

Annual

2.45%

Annual

N/A

01/24/54

EUR

29,250

(

779,365

)

(

64,272

)

(

715,093

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

147

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

2.47%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

01/24/54

EUR

28,945

$

754,892

$

96,051

$

658,841

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

01/26/54

EUR

4,626

82,752

(

61,346

)

144,098

3.35%

Annual

1-day

SOFR

Annual

02/06/34

(a)

02/06/54

USD

25,950

558,733

—

558,733

3.28%

Annual

1-day

SOFR

Annual

02/06/34

(a)

02/06/54

USD

29,960

866,394

—

866,394

3.36%

Annual

1-day

SOFR

Annual

02/06/34

(a)

02/06/54

USD

65,260

1,364,266

—

1,364,266

3.38%

Annual

1-day

SOFR

Annual

02/06/34

(a)

02/06/54

USD

13,240

247,454

—

247,454

2.49%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/19/54

EUR

11,797

235,148

—

235,148

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/20/54

EUR

11,797

192,355

—

192,355

2.51%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/01/54

EUR

5,948

87,543

—

87,543

1-day

TONAR

Annual

1.45%

Annual

N/A

03/06/54

JPY

5,655,040

(

2,044,216

)

—

(

2,044,216

)

1-day

TONAR

Annual

1.45%

Annual

N/A

03/11/54

JPY

5,655,040

(

2,036,072

)

—

(

2,036,072

)

2.46%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/22/54

EUR

2,498

62,396

—

62,396

1-day

ESTR

Annual

2.39%

Annual

N/A

03/28/54

EUR

29,670

(

1,148,654

)

(

19,816

)

(

1,128,838

)

2.38%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

03/28/54

EUR

29,735

1,238,086

13,701

1,224,385

2.54%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

04/22/54

EUR

9,667

44,912

(

19,952

)

64,864

2.32%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

02/12/64

EUR

15,980

304,028

86,808

217,220

2.23%

Annual

6-mo.

EURIBOR

Semi-Annual

N/A

04/15/64

EUR

15,650

614,598

83,060

531,538

$

(

198,067,508

)

$

(

16,558,763

)

$

(

181,508,745

)

(a)

Forward

swap.

Centrally

Cleared

Inflation

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Reference

Frequency

Rate

Frequency

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Harmonised

Index

of

Consumer

Prices

ex.

Tobacco

All

Items

Monthly

At

Termination

2.69%

At

Termination

08/15/32

EUR

30,405

$

331,653

$

—

$

331,653

2.56%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

06/07/34

USD

6,565

(

11,405

)

(

650

)

(

10,755

)

2.54%

At

Termination

U.S.

Consumer

Price

Index

All

Items

Monthly

At

Termination

06/13/34

USD

4,399

378

(

489

)

867

$

320,626

$

(

1,139

)

$

321,765

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)

American

Airlines

Group,

Inc.

..

5

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

1,000

$

(

20,057

)

$

(

5,500

)

$

(

14,557

)

Avis

Budget

Car

Rental

LLC

..

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

1,500

(

31,613

)

11,876

(

43,489

)

Avis

Budget

Car

Rental

LLC

..

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

2,960

(

63,958

)

23,435

(

87,393

)

Boeing

Co.

(The)

..........

1

.00

Quarterly

BNP

Paribas

SA

12/20/24

USD

4,760

(

14,977

)

(

8,960

)

(

6,017

)

Boeing

Co.

(The)

..........

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/24

USD

11,875

(

37,363

)

(

13,245

)

(

24,118

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,807

(

38,257

)

29,956

(

68,213

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

17,930

(

53,560

)

41,938

(

95,498

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

7,752

(

23,157

)

18,132

(

41,289

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,810

(

38,266

)

30,544

(

68,810

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,810

(

38,266

)

30,544

(

68,810

)

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

12/20/24

USD

12,809

(

38,263

)

30,542

(

68,805

)

Ally

Financial,

Inc.

.........

5

.00

Quarterly

Citibank

NA

06/20/25

USD

1,320

(

59,182

)

(

27,611

)

(

31,571

)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

148

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

$

(

39,455

)

$

(

18,410

)

$

(

21,045

)

Ardagh

Packaging

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

EUR

2,650

401,199

482,193

(

80,994

)

Avis

Budget

Car

Rental

LLC

..

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

USD

4,370

(

172,090

)

105,457

(

277,547

)

Macy's

Retail

Holdings

LLC

...

1

.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,000

(

3,907

)

47,136

(

51,043

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

06/20/25

USD

1,625

500

138,209

(

137,709

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,000

615

203,163

(

202,548

)

Simon

Property

Group

LP

....

1

.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,010

(

8,080

)

16,086

(

24,166

)

Simon

Property

Group

LP

....

1

.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

1,190

(

9,520

)

24,900

(

34,420

)

Southwest

Airlines

Co.

......

1

.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

3,750

(

26,240

)

43,355

(

69,595

)

Southwest

Airlines

Co.

......

1

.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,825

(

19,768

)

16,592

(

36,360

)

Southwest

Airlines

Co.

......

1

.00

Quarterly

Goldman

Sachs

International

06/20/25

USD

2,825

(

19,768

)

17,839

(

37,607

)

Boparan

Finance

plc

.......

5

.00

Quarterly

Goldman

Sachs

International

12/20/25

EUR

4,471

10,829

133,438

(

122,609

)

Grifols

SA

...............

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

EUR

1,800

(

5,116

)

(

26,198

)

21,082

Grifols

SA

...............

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

EUR

2,768

(

7,867

)

(

10,193

)

2,326

Community

Health

Systems,

Inc.

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

1,235

54,521

113,696

(

59,175

)

Community

Health

Systems,

Inc.

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

USD

830

36,642

58,940

(

22,298

)

General

Electric

Co.

........

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

1,601

(

37,312

)

20,046

(

57,358

)

General

Electric

Co.

........

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

1,601

(

37,312

)

20,046

(

57,358

)

General

Electric

Co.

........

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

USD

2,139

(

49,849

)

25,081

(

74,930

)

BorgWarner,

Inc.

..........

1

.00

Quarterly

BNP

Paribas

SA

12/20/27

USD

3,000

(

46,978

)

28,908

(

75,886

)

INEOS

Group

Holdings

SA

...

5

.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

1,202

(

172,688

)

(

89,448

)

(

83,240

)

Intesa

Sanpaolo

SpA

.......

1

.00

Quarterly

BNP

Paribas

SA

12/20/27

EUR

5,600

33,823

311,590

(

277,767

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Bank

of

America

NA

12/20/27

USD

1,620

162,333

300,654

(

138,321

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Barclays

Bank

plc

12/20/27

USD

1,030

103,212

186,013

(

82,801

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

12/20/27

USD

980

98,201

191,722

(

93,521

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

12/20/27

USD

1,215

121,750

313,886

(

192,136

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

12/20/27

USD

650

65,134

123,556

(

58,422

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

1,030

103,212

186,117

(

82,905

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

2,760

276,567

675,611

(

399,044

)

Simon

Property

Group

LP

....

1

.00

Quarterly

Goldman

Sachs

International

12/20/27

USD

7,485

(

126,997

)

81,003

(

208,000

)

Simon

Property

Group

LP

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

4,700

(

79,744

)

50,960

(

130,704

)

UniCredit

SpA

............

1

.00

Quarterly

Goldman

Sachs

International

12/20/27

EUR

5,600

35,382

307,369

(

271,987

)

UniCredit

SpA

............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

EUR

5,349

33,796

268,072

(

234,276

)

Xerox

Corp.

.............

1

.00

Quarterly

Citibank

NA

12/20/27

USD

1,050

52,296

85,114

(

32,818

)

Xerox

Corp.

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

USD

1,750

87,160

142,362

(

55,202

)

Caterpillar,

Inc.

...........

1

.00

Quarterly

Citibank

NA

06/20/28

USD

11,800

(

323,898

)

(

237,349

)

(

86,549

)

Deutsche

Bank

AG

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

10,488

(

45,093

)

452,373

(

497,466

)

Deutsche

Bank

AG

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

17,900

(

76,962

)

1,190,303

(

1,267,265

)

Deutsche

Bank

AG

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,916

(

16,837

)

178,256

(

195,093

)

Deutsche

Bank

AG

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,496

(

15,031

)

150,791

(

165,822

)

Paramount

Global

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

5,785

176,684

203,869

(

27,185

)

Paramount

Global

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

USD

5,500

167,980

193,825

(

25,845

)

Pitney

Bowes,

Inc.

.........

1

.00

Quarterly

Citibank

NA

06/20/28

USD

1,420

180,784

407,356

(

226,572

)

UBS

Group

AG

...........

1

.00

Quarterly

BNP

Paribas

SA

06/20/28

EUR

4,131

(

76,126

)

148,420

(

224,546

)

UBS

Group

AG

...........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,623

(

66,765

)

172,600

(

239,365

)

UBS

Group

AG

...........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

1,536

(

28,305

)

67,791

(

96,096

)

UBS

Group

AG

...........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

3,487

(

64,258

)

147,792

(

212,050

)

UBS

Group

AG

...........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

EUR

29,800

(

549,154

)

847,210

(

1,396,364

)

Boeing

Co.

(The)

..........

1

.00

Quarterly

Deutsche

Bank

AG

12/20/28

USD

17,500

203,493

(

76,654

)

280,147

Deutsche

Bank

AG

.........

1

.00

Quarterly

Bank

of

America

NA

12/20/28

EUR

2,800

86,652

152,554

(

65,902

)

eG

Global

Finance

plc

......

5

.00

Quarterly

Deutsche

Bank

AG

12/20/28

EUR

3,996

104,101

145,047

(

40,946

)

Gap,

Inc.

(The)

...........

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

USD

1,985

50,551

276,361

(

225,810

)

Paramount

Global

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

500

23,157

33,097

(

9,940

)

Paramount

Global

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

500

23,157

32,248

(

9,091

)

Xerox

Corp.

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

USD

410

37,032

44,498

(

7,466

)

Xerox

Corp.

.............

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/28

USD

810

73,161

87,909

(

14,748

)

ArcelorMittal

SA

...........

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

18,360

(

3,099,822

)

(

3,125,472

)

25,650

AT&T,

Inc.

...............

1

.00

Quarterly

BNP

Paribas

SA

06/20/29

USD

38,880

(

525,228

)

(

426,334

)

(

98,894

)

AutoZone,

Inc.

............

1

.00

Quarterly

Citibank

NA

06/20/29

USD

37,732

(

1,144,737

)

(

1,140,546

)

(

4,191

)

Boeing

Co.

(The)

..........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

17,500

287,074

208,911

78,163

Commerzbank

AG

.........

1

.00

Quarterly

Citibank

NA

06/20/29

EUR

9,820

327,472

408,538

(

81,066

)

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

18,866

(

413,230

)

(

345,692

)

(

67,538

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

149

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)

CVS

Health

Corp.

.........

1

.00

%

Quarterly

Barclays

Bank

plc

06/20/29

USD

3,969

$

(

70,966

)

$

(

99,119

)

$

28,153

CVS

Health

Corp.

.........

1

.00

Quarterly

Citibank

NA

06/20/29

USD

49,780

(

890,143

)

(

1,245,875

)

355,732

CVS

Health

Corp.

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

51,834

(

926,877

)

(

1,320,864

)

393,987

Deutsche

Bank

AG

.........

1

.00

Quarterly

BNP

Paribas

SA

06/20/29

EUR

31,340

117,367

319,410

(

202,043

)

Dow

Chemical

Co.

(The)

.....

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/29

USD

37,732

(

586,983

)

(

551,583

)

(

35,400

)

DR

Horton,

Inc.

...........

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

USD

97,176

(

2,098,325

)

(

2,043,260

)

(

55,065

)

DXC

Technology

Co.

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

4,175

(

590,744

)

(

526,494

)

(

64,250

)

DXC

Technology

Co.

.......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

2,090

(

295,726

)

(

232,946

)

(

62,780

)

eG

Global

Finance

plc

......

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

EUR

3,040

123,153

138,345

(

15,192

)

ELO

SACA

..............

1

.00

Quarterly

Bank

of

America

NA

06/20/29

EUR

5,836

506,327

425,173

81,154

Eni

SpA

................

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

EUR

18,260

(

360,086

)

(

402,171

)

42,085

Exelon

Corp.

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

51,908

(

1,410,076

)

(

1,418,508

)

8,432

Exelon

Corp.

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

11,129

(

302,319

)

(

304,127

)

1,808

Exelon

Corp.

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

21,013

(

570,798

)

(

574,212

)

3,414

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

15,666

465,962

450,607

15,355

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

63,390

1,885,454

1,009,506

875,948

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

USD

22,785

677,706

660,783

16,923

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

USD

11,393

338,868

328,011

10,857

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

USD

11,830

351,866

335,616

16,250

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

9,628

286,371

256,796

29,575

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

9,628

286,371

248,663

37,708

Federative

Republic

of

Brazil

..

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

24,683

734,159

679,164

54,995

Grifols

SA

...............

5

.00

Quarterly

Barclays

Bank

plc

06/20/29

EUR

4,626

251,199

476,992

(

225,793

)

HSBC

Holdings

plc

........

1

.00

Quarterly

BNP

Paribas

SA

06/20/29

EUR

40,080

(

800,645

)

(

779,706

)

(

20,939

)

Intel

Corp.

..............

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

8,357

(

146,436

)

(

129,813

)

(

16,623

)

Intel

Corp.

..............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

40,072

(

702,162

)

(

575,442

)

(

126,720

)

Ladbrokes

Group

Finance

plc

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

EUR

1,251

36,678

35,401

1,277

Ladbrokes

Group

Finance

plc

.

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

5,004

146,714

164,518

(

17,804

)

Lennar

Corp.

.............

5

.00

Quarterly

Barclays

Bank

plc

06/20/29

USD

18,790

(

3,550,811

)

(

3,603,555

)

52,744

Lincoln

National

Corp.

......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

49,226

500,066

1,179,679

(

679,613

)

Lincoln

National

Corp.

......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

27,145

275,753

650,514

(

374,761

)

Lincoln

National

Corp.

......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

7,530

76,495

180,456

(

103,961

)

Lincoln

National

Corp.

......

1

.00

Quarterly

Citibank

NA

06/20/29

USD

27,145

275,753

650,514

(

374,761

)

Lincoln

National

Corp.

......

1

.00

Quarterly

Citibank

NA

06/20/29

USD

7,530

76,495

180,456

(

103,961

)

Lincoln

National

Corp.

......

1

.00

Quarterly

Citibank

NA

06/20/29

USD

49,226

500,066

1,179,679

(

679,613

)

Lowe's

Cos.,

Inc.

..........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

37,732

(

1,056,545

)

(

1,041,228

)

(

15,317

)

Monitchem

HoldCo

3

SA

.....

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

EUR

1,763

(

45,302

)

(

44,998

)

(

304

)

Novafives

SAS

...........

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

2,855

(

445,829

)

(

263,599

)

(

182,230

)

Novafives

SAS

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

EUR

3,007

(

469,565

)

(

215,239

)

(

254,326

)

Picard

Bondco

SA

.........

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

EUR

2,715

(

236,620

)

(

239,149

)

2,529

Republic

of

Chile

..........

1

.00

Quarterly

Citibank

NA

06/20/29

USD

19,413

(

380,181

)

(

385,010

)

4,829

Republic

of

Chile

..........

1

.00

Quarterly

Citibank

NA

06/20/29

USD

44,290

(

867,371

)

(

878,388

)

11,017

Republic

of

Chile

..........

1

.00

Quarterly

Citibank

NA

06/20/29

USD

19,413

(

380,181

)

(

385,010

)

4,829

Republic

of

Colombia

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

USD

38,841

1,580,688

1,295,563

285,125

Republic

of

Panama

........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

11,805

402,116

443,350

(

41,234

)

Republic

of

South

Africa

.....

1

.00

Quarterly

Citibank

NA

06/20/29

USD

19,838

922,572

1,164,267

(

241,695

)

Republic

of

South

Africa

.....

1

.00

Quarterly

Citibank

NA

06/20/29

USD

20,825

968,468

1,222,186

(

253,718

)

Republic

of

South

Africa

.....

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/29

USD

8,176

380,233

508,405

(

128,172

)

Republic

of

South

Africa

.....

1

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/29

USD

13,158

611,926

833,735

(

221,809

)

Republic

of

Turkiye

(The)

....

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

7,544

555,165

644,789

(

89,624

)

Republic

of

Turkiye

(The)

....

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

16,597

1,221,364

1,624,637

(

403,273

)

Republic

of

Turkiye

(The)

....

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

18,861

1,387,913

1,846,179

(

458,266

)

Republic

of

Turkiye

(The)

....

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

18,861

1,387,913

1,846,179

(

458,266

)

Republic

of

Turkiye

(The)

....

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

USD

29,171

2,146,646

2,500,496

(

353,850

)

Southwest

Airlines

Co.

......

1

.00

Quarterly

Citibank

NA

06/20/29

USD

12,900

(

3,112

)

(

92,917

)

89,805

Stena

AB

...............

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/29

EUR

6,618

(

923,740

)

(

823,951

)

(

99,789

)

Syensqo

SA

.............

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

22,730

(

506,823

)

(

437,437

)

(

69,386

)

Telecom

Italia

SpA

.........

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

5,817

324,436

428,415

(

103,979

)

Toll

Brothers

Finance

Corp.

...

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

11,274

(

56,034

)

(

14,067

)

(

41,967

)

Toll

Brothers

Finance

Corp.

...

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

109,831

(

545,891

)

(

137,047

)

(

408,844

)

Toll

Brothers

Finance

Corp.

...

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

USD

11,274

(

56,035

)

(

98,789

)

42,754

Toll

Brothers

Finance

Corp.

...

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

USD

18,790

(

93,391

)

(

205,142

)

111,751

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

150

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)

Tyson

Foods,

Inc.

.........

1

.00

%

Quarterly

Bank

of

America

NA

06/20/29

USD

37,732

$

(

677,563

)

$

(

619,934

)

$

(

57,629

)

UniCredit

SpA

............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

EUR

9,250

280,867

272,585

8,282

United

Group

BV

..........

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

EUR

5,868

(

560,049

)

(

643,610

)

83,561

Verisure

Midholding

AB

......

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

EUR

3,051

(

193,252

)

(

179,935

)

(

13,317

)

Volkswagen

International

Finance

NV

...........

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

11,100

(

36,040

)

(

66,810

)

30,770

Volvo

Car

AB

............

5

.00

Quarterly

Barclays

Bank

plc

06/20/29

EUR

5,581

(

822,071

)

(

890,640

)

68,569

Volvo

Car

AB

............

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

5,850

(

861,695

)

(

953,884

)

92,189

CMBX.NA.9.AAA

..........

0

.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

14

14

154

(

140

)

CMBX.NA.9.AAA

..........

0

.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

8,086

7,936

83,028

(

75,092

)

CMBX.NA.9.AAA

..........

0

.50

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

6,945

6,816

85,433

(

78,617

)

CMBX.NA.9.BBB-

.........

3

.00

Monthly

Citigroup

Global

Markets,

Inc.

09/17/58

USD

4,870

826,683

147,119

679,564

CMBX.NA.9.BBB-

.........

3

.00

Monthly

Goldman

Sachs

International

09/17/58

USD

1,456

247,156

102,663

144,493

CMBX.NA.9.BBB-

.........

3

.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

1,674

284,162

82,672

201,490

CMBX.NA.9.BBB-

.........

3

.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

USD

1,421

241,215

70,178

171,037

CMBX.NA.6.AAA

..........

0

.50

Monthly

Deutsche

Bank

AG

05/11/63

USD

19

(

1

)

(

9,069

)

9,068

$

–

$

–

$

–

$

(

5,169,862

)

$

7,253,006

$

(

12,422,868

)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ADLER

Real

Estate

AG

.

5

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

NR

EUR

1,117

$

(

15,084

)

$

(

44,592

)

$

29,508

Bank

of

America

Corp.

..

1

.00

Quarterly

Deutsche

Bank

AG

12/20/24

A-

USD

74,356

305,569

137,350

168,219

Goldman

Sachs

Group,

Inc.

(The)

............

1

.00

Quarterly

Deutsche

Bank

AG

12/20/24

BBB+

USD

74,356

284,792

171,862

112,930

Morgan

Stanley

.......

1

.00

Quarterly

Deutsche

Bank

AG

12/20/24

A-

USD

74,356

298,546

182,229

116,317

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Deutsche

Bank

AG

12/20/24

BBB+

USD

103,066

400,666

133,722

266,944

Sprint

Communications

LLC

5

.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,400

112,566

76,487

36,079

Sprint

Communications

LLC

5

.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,200

103,186

79,988

23,198

Sprint

Communications

LLC

5

.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

2,850

133,672

100,759

32,913

Sprint

Communications

LLC

5

.00

Quarterly

Barclays

Bank

plc

06/20/25

NR

USD

1,033

48,465

37,738

10,727

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

B-

EUR

3,790

154,319

148,134

6,185

CCO

Holdings

LLC

....

5

.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

1,868

107,960

102,375

5,585

CCO

Holdings

LLC

....

5

.00

Quarterly

BNP

Paribas

SA

12/20/25

BB-

USD

3,114

179,933

170,543

9,390

CCO

Holdings

LLC

....

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

1,868

107,960

103,242

4,718

CCO

Holdings

LLC

....

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB-

USD

3,000

173,366

157,113

16,253

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B-

EUR

980

52,793

48,480

4,313

Vistra

Operations

Co.

LLC

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

BB

USD

4,408

270,424

114,781

155,643

ADLER

Real

Estate

AG

.

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

CCC-

EUR

806

(

29,088

)

(

25,829

)

(

3,259

)

CMA

CGM

SA

........

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

310

26,748

12,867

13,881

CMA

CGM

SA

........

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/26

NR

EUR

410

35,377

41,717

(

6,340

)

CMA

CGM

SA

........

5

.00

Quarterly

Barclays

Bank

plc

06/20/27

NR

EUR

110

13,182

2,079

11,103

CMA

CGM

SA

........

5

.00

Quarterly

Barclays

Bank

plc

06/20/27

NR

EUR

3,940

470,154

51,764

418,390

CMA

CGM

SA

........

5

.00

Quarterly

Goldman

Sachs

International

06/20/27

NR

EUR

1,474

175,924

(

31,637

)

207,561

CMA

CGM

SA

........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

2,104

251,067

138,359

112,708

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

151

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)

CMA

CGM

SA

........

5

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

612

$

73,047

$

13,616

$

59,431

CMA

CGM

SA

........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

575

68,664

12,799

55,865

CMA

CGM

SA

........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

163

19,424

3,548

15,876

CMA

CGM

SA

........

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

NR

EUR

4,295

512,503

650,423

(

137,920

)

ADLER

Real

Estate

AG

.

5

.00

Quarterly

Bank

of

America

NA

12/20/27

NR

EUR

631

(

19,625

)

(

99,191

)

79,566

ADLER

Real

Estate

AG

.

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

1,309

(

40,739

)

(

199,990

)

159,251

ADLER

Real

Estate

AG

.

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

379

(

11,796

)

(

57,908

)

46,112

ADLER

Real

Estate

AG

.

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

1,065

(

33,156

)

(

162,768

)

129,612

ADLER

Real

Estate

AG

.

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

3,750

(

116,707

)

(

572,927

)

456,220

ADLER

Real

Estate

AG

.

5

.00

Quarterly

Citibank

NA

12/20/27

NR

EUR

1,088

(

33,865

)

(

171,135

)

137,270

ADLER

Real

Estate

AG

.

5

.00

Quarterly

Citibank

NA

12/20/27

NR

EUR

309

(

9,621

)

(

48,619

)

38,998

ADLER

Real

Estate

AG

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

NR

EUR

647

(

20,134

)

(

100,902

)

80,768

ADLER

Real

Estate

AG

.

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

225

(

7,004

)

(

35,051

)

28,047

ADLER

Real

Estate

AG

.

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

469

(

14,598

)

(

73,056

)

58,458

CMA

CGM

SA

........

5

.00

Quarterly

BNP

Paribas

SA

12/20/27

NR

EUR

285

35,716

(

6,958

)

42,674

CMA

CGM

SA

........

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

3,100

388,494

(

57,255

)

445,749

CMA

CGM

SA

........

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

958

120,057

168,477

(

48,420

)

Boparan

Finance

plc

...

5

.00

Quarterly

Goldman

Sachs

International

12/20/28

NR

EUR

5,589

(

156,412

)

(

400,272

)

243,860

ADLER

Real

Estate

AG

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

CCC-

EUR

806

(

22,862

)

(

19,437

)

(

3,425

)

Ally

Financial,

Inc.

.....

5

.00

Quarterly

Citibank

NA

06/20/29

BBB-

USD

4,378

685,326

701,042

(

15,716

)

Ally

Financial,

Inc.

.....

5

.00

Quarterly

Citibank

NA

06/20/29

BBB-

USD

8,756

1,370,651

1,404,078

(

33,427

)

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

6,878

92,915

96,771

(

3,856

)

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

19,412

262,236

281,045

(

18,809

)

AT&T,

Inc.

...........

1

.00

Quarterly

Deutsche

Bank

AG

06/20/29

BBB

USD

5,236

70,733

75,806

(

5,073

)

Bank

of

America

Corp.

..

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

A-

USD

30,648

580,952

717,031

(

136,079

)

Bank

of

America

Corp.

..

1

.00

Quarterly

Goldman

Sachs

International

06/20/29

A-

USD

49,861

945,147

1,098,688

(

153,541

)

Broadcom,

Inc.

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

19,573

435,228

432,361

2,867

Broadcom,

Inc.

.......

1

.00

Quarterly

Citibank

NA

06/20/29

BBB

USD

10,925

242,930

241,937

993

Broadcom,

Inc.

.......

1

.00

Quarterly

Citibank

NA

06/20/29

BBB

USD

10,926

242,952

241,959

993

CCO

Holdings

LLC

....

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/29

BB-

USD

2,510

230,774

177,843

52,931

Energy

Transfer

LP

....

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB

USD

41,240

569,170

706,933

(

137,763

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

3,697

554,938

552,136

2,802

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

9,730

1,460,522

1,486,998

(

26,476

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

3,697

554,938

555,690

(

752

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

8,640

1,296,907

1,328,199

(

31,292

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

6,162

924,914

931,055

(

6,141

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

4,108

616,631

631,182

(

14,551

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

BBB-

USD

3,484

522,943

530,725

(

7,782

)

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

6,146

43,231

48,220

(

4,989

)

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

19,413

136,552

186,531

(

49,979

)

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

4,098

28,825

37,640

(

8,815

)

General

Motors

Co.

....

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

19,413

3,296,769

3,380,722

(

83,953

)

General

Motors

Co.

....

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

6,183

1,049,988

1,055,295

(

5,307

)

General

Motors

Co.

....

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

9,706

1,648,299

1,675,099

(

26,800

)

Goldman

Sachs

Group,

Inc.

(The)

............

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

10,048

174,989

198,603

(

23,614

)

Goldman

Sachs

Group,

Inc.

(The)

............

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

20,299

353,513

439,249

(

85,736

)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

152

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)

Goldman

Sachs

Group,

Inc.

(The)

............

1

.00

%

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

4,060

$

70,706

$

77,103

$

(

6,397

)

Goldman

Sachs

Group,

Inc.

(The)

............

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

20,096

349,978

406,720

(

56,742

)

HCA,

Inc.

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

17,893

3,539,881

3,531,271

8,610

HCA,

Inc.

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

19,881

3,933,180

3,923,613

9,567

JPMorgan

Chase

&

Co.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

19,988

487,241

521,645

(

34,404

)

JPMorgan

Chase

&

Co.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

9,994

243,620

255,965

(

12,345

)

JPMorgan

Chase

&

Co.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

7,582

184,824

191,958

(

7,134

)

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

8,433

155,220

156,859

(

1,639

)

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

11,738

216,053

227,668

(

11,615

)

Morgan

Stanley

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

9,896

191,192

208,896

(

17,704

)

Morgan

Stanley

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

5,997

115,863

124,581

(

8,718

)

Morgan

Stanley

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

19,792

382,385

418,328

(

35,943

)

Morgan

Stanley

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

19,341

373,671

427,779

(

54,108

)

Sunrise

HoldCo

IV

BV

..

5

.00

Quarterly

Bank

of

America

NA

06/20/29

B

EUR

1,692

204,374

165,493

38,881

Sunrise

HoldCo

IV

BV

..

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

B

EUR

1,067

128,963

101,847

27,116

Teck

Resources

Ltd.

....

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

28,419

5,288,605

4,777,558

511,047

T-Mobile

USA,

Inc.

.....

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

BBB

USD

2,186

444,623

438,028

6,595

T-Mobile

USA,

Inc.

.....

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

BBB

USD

11,040

2,245,489

2,240,952

4,537

T-Mobile

USA,

Inc.

.....

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

BBB

USD

7,090

1,442,076

1,448,500

(

6,424

)

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

28,390

477,762

525,188

(

47,426

)

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Barclays

Bank

plc

06/20/29

BBB+

USD

82,029

1,380,426

1,550,103

(

169,677

)

Virgin

Media

Finance

plc

.

5

.00

Quarterly

Bank

of

America

NA

06/20/29

B-

EUR

6,990

286,634

239,882

46,752

Vistra

Operations

Co.

LLC

5

.00

Quarterly

BNP

Paribas

SA

06/20/29

BB

USD

1,975

309,432

310,940

(

1,508

)

Vistra

Operations

Co.

LLC

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

BB

USD

1,975

309,432

308,157

1,275

Vistra

Operations

Co.

LLC

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

BB

USD

1,975

309,432

295,356

14,076

Wells

Fargo

&

Co.

.....

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

9,896

196,854

222,226

(

25,372

)

Wells

Fargo

&

Co.

.....

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

19,792

393,707

445,023

(

51,316

)

Williams

Cos.,

Inc.

(The)

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

8,381

136,067

137,056

(

989

)

Williams

Cos.,

Inc.

(The)

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

11,737

190,552

217,123

(

26,571

)

Williams

Cos.,

Inc.

(The)

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

21,396

347,367

386,128

(

38,761

)

Ziggo

Bond

Co.

BV

....

5

.00

Quarterly

Bank

of

America

NA

06/20/29

B-

EUR

2,220

117,509

176,607

(

59,098

)

Ziggo

Bond

Co.

BV

....

5

.00

Quarterly

Bank

of

America

NA

06/20/29

B-

EUR

1,279

67,690

101,732

(

34,042

)

Ziggo

Bond

Co.

BV

....

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

B-

EUR

2,296

121,524

105,293

16,231

Ziggo

Bond

Co.

BV

....

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

B-

EUR

4,056

214,678

186,004

28,674

CMBX.NA.9.BBB-

.....

3

.00

Monthly

Citigroup

Global

Markets,

Inc.

09/17/58

BBB-

USD

1,578

(

267,933

)

(

3,428

)

(

264,505

)

CMBX.NA.9.BBB-

.....

3

.00

Monthly

Goldman

Sachs

International

09/17/58

BBB-

USD

774

(

131,319

)

(

76,103

)

(

55,216

)

CMBX.NA.9.BBB-

.....

3

.00

Monthly

JPMorgan

Securities

LLC

09/17/58

BBB-

USD

1,360

(

230,860

)

(

276,545

)

45,685

CMBX.NA.9.BBB-

.....

3

.00

Monthly

JPMorgan

Securities

LLC

09/17/58

BBB-

USD

1,674

(

284,162

)

—

(

284,162

)

CMBX.NA.9.BBB-

.....

3

.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

1,635

(

277,541

)

(

389,648

)

112,107

CMBX.NA.9.BBB-

.....

3

.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

2,400

(

407,400

)

2,259

(

409,659

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

153

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.10.BBB-

....

3

.00

%

Monthly

JPMorgan

Securities

LLC

11/17/59

BBB-

USD

270

$

(

51,317

)

$

—

$

(

51,317

)

$

45,993,334

$

44,073,880

$

1,919,454

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Currency

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Notional

Amount

(000)

Rate

Frequency

Rate

Frequency

D

elivered

Received

Counterparty

Termination

Date

(a)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

USD

Semi-Annual

6.81%

Semi-Annual

USD

200,168

INR

16,656,000

Morgan

Stanley

&

Co.

International

plc

05/20/26

$

11,734

$

–

$

11,734

1-day

SOFR

USD

At

Termination

6.93%

At

Termination

USD

166,071

INR

14,101,110

Citibank

NA

05/20/26

8,375

–

8,375

$

20,109

$

–

$

20,109

(a)

At

termination

date,

the

notional

amount

delivered

will

be

exchanged

for

the

notional

amount

received.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

13.21%

At

Termination

JPMorgan

Chase

Bank

NA

N/A

01/02/25

BRL

294,168

$

1,371,254

$

—

$

1,371,254

1-day

BZDIOVER

At

Termination

10.67%

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

458,675

—

—

—

1-day

BZDIOVER

At

Termination

10.67%

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

458,675

—

—

—

1-day

BZDIOVER

At

Termination

13.15%

At

Termination

Bank

of

America

NA

N/A

01/02/25

BRL

27,073

120,854

—

120,854

1-day

BZDIOVER

At

Termination

13.25%

At

Termination

Citibank

NA

N/A

01/02/25

BRL

154,749

743,773

—

743,773

1-day

BZDIOVER

At

Termination

13.35%

At

Termination

Bank

of

America

NA

N/A

01/02/25

BRL

562,555

2,907,588

—

2,907,588

10.02%

At

Termination

1-day

IBR

At

Termination

Barclays

Bank

plc

N/A

03/21/25

COP

46,576,678

36,781

—

36,781

9.81%

At

Termination

1-day

IBR

At

Termination

JPMorgan

Chase

Bank

NA

N/A

05/10/25

COP

104,072,084

14,451

—

14,451

9.81%

At

Termination

1-day

IBR

At

Termination

JPMorgan

Chase

Bank

NA

N/A

05/10/25

COP

187,358,434

26,016

—

26,016

9.73%

At

Termination

1-day

IBR

At

Termination

Morgan

Stanley

&

Co.

International

plc

N/A

05/10/25

COP

69,620,765

22,184

—

22,184

9.73%

At

Termination

1-day

IBR

At

Termination

Morgan

Stanley

&

Co.

International

plc

N/A

05/10/25

COP

125,336,566

39,938

—

39,938

8.62%

At

Termination

1-day

IBR

At

Termination

JPMorgan

Chase

Bank

NA

11/05/24

(a)

11/05/25

COP

368,616,006

(

40,243

)

—

(

40,243

)

1-day

BZDIOVER

At

Termination

10.14%

At

Termination

Goldman

Sachs

International

N/A

01/02/26

BRL

99,060

(

582,452

)

—

(

582,452

)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

154

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

11.78%

At

Termination

Citibank

NA

N/A

01/02/26

BRL

265,757

$

(

54,711

)

$

—

$

(

54,711

)

1-day

BZDIOVER

At

Termination

11.84%

At

Termination

Citibank

NA

N/A

01/02/26

BRL

281,977

25,905

—

25,905

1-day

CLICP

At

Termination

4.88%

At

Termination

JPMorgan

Chase

Bank

NA

04/01/25

(a)

04/01/26

CLP

29,304,654

(

89,545

)

—

(

89,545

)

1-day

CLICP

At

Termination

4.95%

At

Termination

Goldman

Sachs

International

04/01/25

(a)

04/01/26

CLP

94,840,895

(

224,517

)

—

(

224,517

)

1-day

BZDIOVER

At

Termination

10.06%

At

Termination

JPMorgan

Chase

Bank

NA

N/A

01/04/27

BRL

268,512

(

2,826,500

)

—

(

2,826,500

)

10.97%

At

Termination

1-day

BZDIOVER

At

Termination

Barclays

Bank

plc

N/A

01/04/27

BRL

390,651

1,434,712

—

1,434,712

11.57%

At

Termination

1-day

BZDIOVER

At

Termination

BNP

Paribas

SA

N/A

01/04/27

BRL

257,208

305,258

—

305,258

1-day

BZDIOVER

At

Termination

10.00%

At

Termination

Bank

of

America

NA

N/A

01/04/27

BRL

276,479

(

3,008,624

)

—

(

3,008,624

)

1-day

BZDIOVER

At

Termination

10.03%

At

Termination

Morgan

Stanley

&

Co.

International

plc

N/A

01/04/27

BRL

268,801

(

2,885,285

)

—

(

2,885,285

)

1-day

BZDIOVER

At

Termination

10.05%

At

Termination

Barclays

Bank

plc

N/A

01/04/27

BRL

25,249

(

200,386

)

—

(

200,386

)

1-day

BZDIOVER

At

Termination

10.07%

At

Termination

BNP

Paribas

SA

N/A

01/04/27

BRL

241,046

(

2,630,144

)

—

(

2,630,144

)

1-day

BZDIOVER

At

Termination

10.14%

At

Termination

Bank

of

America

NA

N/A

01/04/27

BRL

256,421

(

2,700,472

)

—

(

2,700,472

)

1-day

BZDIOVER

At

Termination

10.16%

At

Termination

BNP

Paribas

SA

N/A

01/04/27

BRL

1,830

(

19,046

)

—

(

19,046

)

1-day

BZDIOVER

At

Termination

10.32%

At

Termination

Bank

of

America

NA

N/A

01/04/27

BRL

4,687

(

31,159

)

—

(

31,159

)

1-day

BZDIOVER

At

Termination

11.40%

At

Termination

Goldman

Sachs

International

N/A

01/04/27

BRL

87,847

(

174,253

)

—

(

174,253

)

1-day

BZDIOVER

At

Termination

11.78%

At

Termination

Citibank

NA

N/A

01/04/27

BRL

88,184

—

—

—

1-day

BZDIOVER

At

Termination

9.79%

At

Termination

BNP

Paribas

SA

N/A

01/04/27

BRL

398,851

(

3,849,752

)

—

(

3,849,752

)

1-day

BZDIOVER

At

Termination

9.94%

At

Termination

Barclays

Bank

plc

N/A

01/04/27

BRL

82,900

(

716,168

)

—

(

716,168

)

1-day

BZDIOVER

At

Termination

9.99%

At

Termination

Citibank

NA

N/A

01/04/27

BRL

269,132

(

2,952,568

)

—

(

2,952,568

)

4.92%

Semi-Annual

1-day

CLICP

Semi-Annual

JPMorgan

Chase

Bank

NA

04/01/26

(a)

04/01/28

CLP

15,351,903

92,895

—

92,895

4.92%

Semi-Annual

1-day

CLICP

Semi-Annual

JPMorgan

Chase

Bank

NA

04/01/26

(a)

04/01/28

CLP

51,117,530

309,315

—

309,315

4.99%

Semi-Annual

1-day

CLICP

Semi-Annual

Goldman

Sachs

International

04/01/26

(a)

04/01/28

CLP

53,254,662

248,325

—

248,325

4.99%

Semi-Annual

1-day

CLICP

Semi-Annual

Goldman

Sachs

International

04/01/26

(a)

04/01/28

CLP

15,993,739

74,578

—

74,578

$

(

15,211,998

)

$

—

$

(

15,211,998

)

(a)

Forward

swap.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

155

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)

0.00%

...........

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

09/16/24

USD

17,795

$

88,793

$

—

$

88,793

1-day

SOFR

minus

0.35%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

BNP

Paribas

SA

09/20/24

USD

696

(

53,214

)

—

(

53,214

)

1-day

SOFR

minus

0.35%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

JPMorgan

Chase

Bank

NA

09/20/24

USD

585

(

44,732

)

—

(

44,732

)

1-day

SOFR

minus

0.45%

.........

At

Termination

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

At

Termination

Bank

of

America

NA

09/20/24

USD

862

(

64,090

)

—

(

64,090

)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

...........

At

Termination

1-day

SOFR

minus

0.55%

At

Termination

Bank

of

America

NA

09/20/24

USD

645

187,740

—

187,740

Markit

iBoxx

EUR

Corporates

Total

Return

Index

.....

At

Termination

3-mo.

EURIBOR

Quarterly

JPMorgan

Chase

Bank

NA

09/20/24

EUR

81,600

32,232

765,833

(

733,601

)

0.00%

...........

Quarterly

Goldman

Sachs

Systematic

Skew

US

Series

10

Excess

Return

Strategy

Quarterly

Goldman

Sachs

International

12/06/24

USD

19,494

(

38,690

)

—

(

38,690

)

0.00%

...........

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

12/20/24

USD

4,930

15,835

—

15,835

0.00%

...........

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

12/20/24

USD

4,930

15,835

—

15,835

0.00%

...........

Quarterly

Citi

Equity

US

1W

Volatility

Carry

Index

Quarterly

Citibank

NA

12/20/24

USD

4,984

16,008

—

16,008

0.00%

...........

Quarterly

Goldman

Sachs

TY

Weekly

Volatility

Carry

Index

Quarterly

Goldman

Sachs

International

12/20/24

USD

3,012

(

2,665

)

—

(

2,665

)

0.00%

...........

Quarterly

J.P.

Morgan

EM

FX

Volatility

Carry

Index

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

994

(

946

)

—

(

946

)

0.00%

...........

Quarterly

J.P.

Morgan

UST

10Y

Short

Variance

Index

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

1,987

2,595

—

2,595

0.00%

...........

Quarterly

J.P.

Morgan

UST

10Y

Short

Variance

Index

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

2,983

3,896

—

3,896

1-day

SOFR

.......

Quarterly

Goldman

Sachs

Systematic

Skew

US

Series

I1D

Excess

Return

Index

Quarterly

Goldman

Sachs

International

12/20/24

USD

2,990

1,115

—

1,115

1-day

SOFR

.......

Quarterly

Goldman

Sachs

Systematic

Skew

US

Series

I1D

Excess

Return

Index

Quarterly

Goldman

Sachs

International

12/20/24

USD

2,002

747

—

747

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

156

(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

.......

Quarterly

J.P.

Morgan

EM

FX

Volatility

Carry

Index

Quarterly

JPMorgan

Chase

Bank

NA

12/20/24

USD

994

$

(

1,534

)

$

—

$

(

1,534

)

$

158,925

$

765,833

$

(

606,908

)

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Barclays

Bank

plc

(b)

03/31/25

$

(

53,883,701

)

$

72,835

(c)

$

(

53,371,648

)

0

.4

%

Monthly

Citibank

NA

(d)

02/24/28

(

54,333,945

)

204,435

(e)

(

53,770,288

)

0

.3

Monthly

JPMorgan

Chase

Bank

NA

(f)

04/30/25

(

144,355,526

)

1,039,892

(g)

(

143,582,724

)

0

.9

Monthly

Merrill

Lynch

International

&

Co.

(h)

03/15/28

(

212,213,057

)

793,355

(i)

(

211,317,108

)

1

.4

$

2,110,517

$

(

462,041,768

)

(b)

(d)

(f)

Range:

5-174

basis

points

0-26

basis

points

0-900

basis

points

Benchmarks:

CHF

-

Swiss

Average

Rate

O/N

(SSARON)

CAD

-

1D

Overnight

Bank

of

Canada

Repo

Rate

(CORRA)

AUD

-

1D

Overnight

Reserve

Bank

of

Australia

Rate

(AONIA)

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

CHF

-

Swiss

Average

Rate

O/N

(SSARON)

CAD

-

Overnight

Interbank

Rate

Overnight

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

CHF

-

Swiss

Average

Rate

O/N

(SSARON)

JPY

-

Provisional

1D

Overnight

Tokyo

Average

Rate

(TONA)

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

DKK

-

Denmark

Short-Term

Rate

NOK

-

Norwegian

Overnight

Weighted

Average

(NOWA)

JPY

-

Provisional

1D

Overnight

Tokyo

Average

Rate

(TONA)

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

SEK

-

1D

Overnight

Stockholm

Interbank

Offer

Rate

(STIBOR)

NOK

-

Norwegian

Overnight

Weighted

Average

(NOWA)

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

SEK

-

TN

Stockholm

Interbank

Offer

Rate

(STIBOR)

HKD

-

Overnight

Index

Average

(HONIA)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

JPY

-

Provisional

1D

Overnight

Tokyo

Average

Rate

(TONA)

MXN

-

28D

Mexican

Interbank

Rate

(TIIE)

NOK

-

Norwegian

Overnight

Weighted

Average

(NOWA)

SEK

-

TN

Stockholm

Interbank

Offer

Rate

(STIBOR)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

ZAR

-

1D

Rand

Overnight

Interest

Rate

Fixing

(RAONON)

(h)

Range:

0-520

basis

points

Benchmarks:

AUD

-

1D

Overnight

Reserve

Bank

of

Australia

Rate

(AONIA)

Bank

of

Canada

Overnight

Rate

Target

(CABROVER)

CHF

-

Swiss

Average

Rate

O/N

(SSARON)

DKK

-

1W

Copenhagen

Interbank

Swap

Rate

(CIBOR)

EUR

-

1D

Euro

Short

Term

Rate

(ESTR)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

157

Benchmarks:

GBP

-

1D

Sterling

Overnight

Index

Average

(SONIA)

HKD

-

Overnight

Index

Average

(HONIA)

JPY

-

Provisional

1D

Overnight

Tokyo

Average

Rate

(TONA)

MXN

-

28D

Mexican

Interbank

Rate

(TIIE)

SEK

-

1D

Overnight

Stockholm

Interbank

Offer

Rate

(STIBOR)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

ZAR

-

1M

Johannesburg

Interbank

Agreed

Rate

(JIBAR)

(b)

Barclays

Bank

(c)

Amount

includes

$(439,218)

of

net

dividends

and

financing

fees.

(d)

CitiBank

NA

(e)

Amount

includes

$(359,222)

of

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$267,090

of

net

dividends

and

financing

fees.

(h)

Merill

Lynch

(i)

Amount

includes

$(102,594)

of

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Barclays

Bank

plc,

as

of

period

end,

termination

date

March

31,

2025:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

France

Carrefour

SA

............

124,300

$

1,761,363

(

3

.3

)

%

Edenred

SE

.............

28,500

1,208,737

(

2

.3

)

2,970,100

Germany

Northern

Data

AG

.........

67,631

1,714,552

(

3

.2

)

Japan

Daikin

Industries

Ltd.

.......

4,900

682,157

(

1

.3

)

Hakuhodo

DY

Holdings,

Inc.

..

88,500

647,838

(

1

.2

)

Mitsubishi

Logistics

Corp.

....

28,500

937,853

(

1

.8

)

Shimamura

Co.

Ltd.

.......

22,400

1,019,969

(

1

.9

)

Shionogi

&

Co.

Ltd.

........

19,900

775,076

(

1

.5

)

Sompo

Holdings,

Inc.

......

77,700

1,664,621

(

3

.1

)

Toei

Animation

Co.

Ltd.

.....

77,800

1,205,275

(

2

.3

)

Yamazaki

Baking

Co.

Ltd.

....

55,000

1,135,403

(

2

.1

)

8,068,192

Norway

Telenor

ASA

.............

89,400

1,019,011

(

1

.9

)

Sweden

Sandvik

AB

.............

56,000

1,125,282

(

2

.1

)

United

Kingdom

Imperial

Brands

plc

........

55,300

1,415,062

(

2

.6

)

National

Grid

plc

..........

137,100

1,530,878

(

2

.9

)

Spirax

Group

plc

..........

8,800

943,180

(

1

.8

)

3,889,120

United

States

AMC

Networks,

Inc.

,

Class

A

..

179,997

1,738,771

(

3

.3

)

Aon

plc

,

Class

A

..........

4,000

1,174,320

(

2

.2

)

Bristol-Myers

Squibb

Co.

....

70,400

2,923,712

(

5

.5

)

Conagra

Brands,

Inc.

.......

46,400

1,318,688

(

2

.5

)

Delta

Air

Lines,

Inc.

........

18,500

877,640

(

1

.6

)

DuPont

de

Nemours,

Inc.

....

16,500

1,328,085

(

2

.5

)

Intuit,

Inc.

..............

1,900

1,248,699

(

2

.3

)

Johnson

&

Johnson

........

23,300

3,405,528

(

6

.4

)

Netflix,

Inc.

..............

2,100

1,417,248

(

2

.7

)

PACCAR,

Inc.

...........

15,200

1,564,688

(

2

.9

)

Shares

Value

%

of

Basket

Value

United

States

(continued)

Paramount

Global

,

Class

B

...

93,200

$

968,348

(

1

.8

)

%

Rockwell

Automation,

Inc.

....

9,400

2,587,632

(

4

.8

)

Seagate

Technology

Holdings

plc

.................

6,300

650,601

(

1

.2

)

TE

Connectivity

Ltd.

.......

7,900

1,188,397

(

2

.2

)

22,392,357

Total

Reference

Entity

—

Long

............

41,178,614

Reference

Entity

—

Short

Common

Stocks

Belgium

Anheuser-Busch

InBev

SA

...

(

38,300

)

(

2,223,535

)

4

.1

Solvay

SA

..............

(

20,800

)

(

733,493

)

1

.4

(

2,957,028

)

China

NIO,

Inc.

,

ADR

...........

(

121,700

)

(

506,272

)

0

.9

Finland

Valmet

OYJ

.............

(

31,800

)

(

910,093

)

1

.7

France

Remy

Cointreau

SA

........

(

11,400

)

(

957,870

)

1

.8

SOITEC

...............

(

10,900

)

(

1,210,189

)

2

.3

Teleperformance

SE

.......

(

7,500

)

(

792,365

)

1

.5

(

2,960,424

)

Germany

Fresenius

SE

&

Co.

KGaA

...

(

23,200

)

(

693,084

)

1

.3

thyssenkrupp

AG

.........

(

161,200

)

(

697,881

)

1

.3

(

1,390,965

)

Italy

Telecom

Italia

SpA

........

(

7,500

)

(

1,794

)

0.0

Japan

DMG

Mori

Co.

Ltd.

........

(

63,300

)

(

1,655,733

)

3

.1

GLP

J-Reit

..............

(

1,300

)

(

1,061,458

)

2

.0

Hoshizaki

Corp.

..........

(

24,800

)

(

788,831

)

1

.5

Japan

Metropolitan

Fund

Invest

(

2,200

)

(

1,237,809

)

2

.3

Japan

Real

Estate

Investment

Corp.

...............

(

700

)

(

2,212,561

)

4

.1

Kintetsu

Group

Holdings

Co.

Ltd.

................

(

63,200

)

(

1,378,488

)

2

.6

Kobe

Bussan

Co.

Ltd.

......

(

31,200

)

(

695,010

)

1

.3

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

158

Shares

Value

%

of

Basket

Value

Japan

(continued)

Lasertec

Corp.

...........

(

2,400

)

$

(

538,753

)

1

.0

%

Mercari,

Inc.

.............

(

77,600

)

(

963,976

)

1

.8

Mitsui

Chemicals,

Inc.

......

(

24,600

)

(

681,209

)

1

.3

Nippon

Express

Holdings,

Inc.

.

(

48,000

)

(

2,221,465

)

4

.2

Nissan

Chemical

Corp.

.....

(

47,400

)

(

1,506,596

)

2

.8

Olympus

Corp.

...........

(

123,000

)

(

1,985,506

)

3

.7

Orient

Corp.

.............

(

139,900

)

(

898,115

)

1

.7

Recruit

Holdings

Co.

Ltd.

....

(

31,900

)

(

1,716,449

)

3

.2

Ryohin

Keikaku

Co.

Ltd.

.....

(

27,900

)

(

464,310

)

0

.9

Sankyu,

Inc.

.............

(

41,900

)

(

1,435,249

)

2

.7

Shinko

Electric

Industries

Co.

Ltd.

................

(

25,200

)

(

881,060

)

1

.7

Sumitomo

Chemical

Co.

Ltd.

..

(

1,180,800

)

(

2,535,406

)

4

.8

Sumitomo

Corp.

..........

(

42,900

)

(

1,077,732

)

2

.0

Sumitomo

Pharma

Co.

Ltd.

...

(

402,400

)

(

1,014,258

)

1

.9

Taisei

Corp.

.............

(

52,400

)

(

1,949,423

)

3

.7

Tokyu

Corp.

.............

(

113,200

)

(

1,249,983

)

2

.3

Toyota

Industries

Corp.

.....

(

7,400

)

(

629,484

)

1

.2

Zenkoku

Hosho

Co.

Ltd.

.....

(

28,200

)

(

1,040,519

)

1

.9

(

31,819,383

)

Luxembourg

RTL

Group

SA

...........

(

43,900

)

(

1,332,985

)

2

.5

Netherlands

Aegon

Ltd.

..............

(

286,300

)

(

1,770,171

)

3

.3

Euronext

NV

............

(

8,200

)

(

759,897

)

1

.4

JDE

Peet's

NV

...........

(

70,600

)

(

1,408,136

)

2

.7

(

3,938,204

)

South

Korea

Delivery

Hero

SE

.........

(

38,600

)

(

916,928

)

1

.7

Sweden

Beijer

Ref

AB

,

Class

B

......

(

45,700

)

(

705,368

)

1

.3

Industrivarden

AB

,

Class

A

...

(

40,300

)

(

1,372,781

)

2

.6

Lifco

AB

,

Class

B

.........

(

73,200

)

(

2,009,141

)

3

.8

(

4,087,290

)

Switzerland

Bachem

Holding

AG

.......

(

12,100

)

(

1,105,665

)

2

.1

Clariant

AG

(Registered)

....

(

103,600

)

(

1,632,070

)

3

.0

(

2,737,735

)

Taiwan

First

Financial

Holding

Co.

Ltd.

(

1,005,000

)

(

870,681

)

1

.6

Formosa

Plastics

Corp.

.....

(

174,000

)

(

308,275

)

0

.6

Powerchip

Semiconductor

Manufacturing

Corp.

.....

(

436,000

)

(

359,908

)

0

.7

(

1,538,864

)

United

Kingdom

Ashtead

Group

plc

........

(

22,700

)

(

1,513,493

)

2

.9

Coca-Cola

Europacific

Partners

plc

.................

(

11,100

)

(

808,857

)

1

.5

Entain

plc

..............

(

132,300

)

(

1,049,098

)

2

.0

Howden

Joinery

Group

plc

...

(

61,900

)

(

684,611

)

1

.3

Persimmon

plc

...........

(

82,300

)

(

1,396,574

)

2

.6

St

James's

Place

plc

.......

(

196,400

)

(

1,349,632

)

2

.5

(

6,802,265

)

United

States

Albemarle

Corp.

..........

(

800

)

(

76,416

)

0

.1

American

International

Group,

Inc.

.................

(

34,300

)

(

2,546,432

)

4

.8

Arch

Capital

Group

Ltd.

.....

(

11,700

)

(

1,180,413

)

2

.2

AutoZone,

Inc.

...........

(

300

)

(

889,230

)

1

.7

Bath

&

Body

Works,

Inc.

....

(

25,900

)

(

1,011,395

)

1

.9

Shares

Value

%

of

Basket

Value

United

States

(continued)

Bio-Rad

Laboratories,

Inc.

,

Class

A

..................

(

2,700

)

$

(

737,397

)

1

.4

%

Boston

Properties,

Inc.

......

(

13,500

)

(

831,060

)

1

.6

CH

Robinson

Worldwide,

Inc.

.

(

12,900

)

(

1,136,748

)

2

.1

Charter

Communications,

Inc.

,

Class

A

..............

(

9,700

)

(

2,899,912

)

5

.4

Chubb

Ltd.

..............

(

11,300

)

(

2,882,404

)

5

.4

CVS

Health

Corp.

.........

(

18,100

)

(

1,068,986

)

2

.0

EQT

Corp.

..............

(

44,100

)

(

1,630,818

)

3

.1

Gartner,

Inc.

.............

(

2,600

)

(

1,167,556

)

2

.2

General

Dynamics

Corp.

....

(

3,100

)

(

899,434

)

1

.7

Hershey

Co.

(The)

........

(

11,700

)

(

2,150,811

)

4

.0

Home

Depot,

Inc.

(The)

.....

(

3,000

)

(

1,032,720

)

1

.9

Lamb

Weston

Holdings,

Inc.

..

(

16,000

)

(

1,345,280

)

2

.5

Match

Group,

Inc.

.........

(

16,800

)

(

510,384

)

1

.0

Occidental

Petroleum

Corp.

..

(

20,600

)

(

1,298,418

)

2

.4

ONEOK,

Inc.

............

(

10,500

)

(

856,275

)

1

.6

Phillips

66

..............

(

6,000

)

(

847,020

)

1

.6

Southwest

Airlines

Co.

......

(

37,900

)

(

1,084,319

)

2

.0

Synopsys,

Inc.

...........

(

4,500

)

(

2,677,770

)

5

.0

Westrock

Co.

............

(

21,600

)

(

1,085,616

)

2

.0

Zebra

Technologies

Corp.

,

Class

A

..................

(

2,600

)

(

803,218

)

1

.5

(

32,650,032

)

Total

Reference

Entity

—

Short

............

(

94,550,262

)

Net

Value

of

Reference

Entity

—

Barclays

Bank

plc

................................

$

(

53,371,648

)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Citibank

NA,

as

of

period

end,

termination

date

February

24,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Germany

CTS

Eventim

AG

&

Co.

KGaA

.

10,100

840,819

(

1

.5

)

Fresenius

Medical

Care

AG

..

20,700

791,087

(

1

.5

)

1,631,906

Japan

FUJIFILM

Holdings

Corp.

....

97,100

2,277,646

(

4

.2

)

Mitsui

OSK

Lines

Ltd.

......

63,100

1,897,206

(

3

.5

)

Nihon

M&A

Center

Holdings,

Inc.

.................

195,600

1,013,009

(

1

.9

)

Rohto

Pharmaceutical

Co.

Ltd.

49,200

1,030,029

(

1

.9

)

SCREEN

Holdings

Co.

Ltd.

..

7,300

661,810

(

1

.2

)

Yamaha

Motor

Co.

Ltd.

.....

161,700

1,503,293

(

2

.8

)

8,382,993

Netherlands

Koninklijke

KPN

NV

........

873,900

3,349,427

(

6

.2

)

Norway

Equinor

ASA

............

31,200

893,687

(

1

.7

)

Sweden

Boliden

AB

..............

38,000

1,222,111

(

2

.3

)

Volvo

AB

,

Class

B

.........

128,300

3,296,596

(

6

.1

)

4,518,707

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

159

Shares

Value

%

of

Basket

Value

Switzerland

Julius

Baer

Group

Ltd.

......

18,000

$

1,006,780

(

1

.9

)

%

Straumann

Holding

AG

(Registered)

...........

6,400

790,007

(

1

.4

)

1,796,787

United

Kingdom

Marks

&

Spencer

Group

plc

..

288,200

1,042,055

(

1

.9

)

Rolls-Royce

Holdings

plc

....

128,200

736,283

(

1

.4

)

Sage

Group

plc

(The)

......

69,200

948,062

(

1

.8

)

2,726,400

United

States

Altria

Group,

Inc.

..........

24,600

1,120,530

(

2

.1

)

CRH

plc

...............

17,500

1,312,150

(

2

.4

)

Devon

Energy

Corp.

.......

37,400

1,772,760

(

3

.3

)

Kenvue,

Inc.

.............

60,000

1,090,800

(

2

.0

)

Lululemon

Athletica,

Inc.

....

5,300

1,583,110

(

2

.9

)

Masco

Corp.

............

20,400

1,360,068

(

2

.5

)

Norwegian

Cruise

Line

Holdings

Ltd.

................

36,600

687,714

(

1

.3

)

PNC

Financial

Services

Group,

Inc.

(The)

............

6,000

932,880

(

1

.7

)

Principal

Financial

Group,

Inc.

.

27,300

2,141,685

(

4

.0

)

Sanofi

SA

..............

10,100

974,075

(

1

.8

)

Tenaris

SA

..............

61,100

939,861

(

1

.8

)

Ventas,

Inc.

.............

19,400

994,444

(

1

.9

)

14,910,077

Total

Reference

Entity

—

Long

............

38,209,984

Reference

Entity

—

Short

Common

Stocks

Belgium

UCB

SA

...............

(

11,300

)

(

1,677,902

)

3

.1

Canada

Alimentation

Couche-Tard,

Inc.

(

38,000

)

(

2,132,422

)

4

.0

BCE,

Inc.

...............

(

80,300

)

(

2,600,850

)

4

.8

Canadian

Pacific

Kansas

City

Ltd.

................

(

13,300

)

(

1,047,434

)

2

.0

Manulife

Financial

Corp.

.....

(

32,900

)

(

876,099

)

1

.6

(

6,656,805

)

Finland

Nokia

OYJ

..............

(

365,400

)

(

1,390,736

)

2

.6

France

Renault

SA

.............

(

23,700

)

(

1,215,449

)

2

.3

Wendel

SE

.............

(

7,300

)

(

645,283

)

1

.2

Worldline

SA

............

(

95,200

)

(

1,037,455

)

1

.9

(

2,898,187

)

Germany

Deutsche

Post

AG

.........

(

41,400

)

(

1,681,127

)

3

.1

Italy

DiaSorin

SpA

............

(

21,700

)

(

2,158,713

)

4

.0

Nexi

SpA

...............

(

208,800

)

(

1,272,844

)

2

.4

(

3,431,557

)

Japan

Alps

Alpine

Co.

Ltd.

........

(

59,900

)

(

574,346

)

1

.1

Anritsu

Corp.

............

(

97,100

)

(

745,448

)

1

.4

Calbee,

Inc.

.............

(

53,200

)

(

1,023,008

)

1

.9

Chiba

Bank

Ltd.

(The)

......

(

138,600

)

(

1,242,311

)

2

.3

Hamamatsu

Photonics

KK

...

(

30,200

)

(

811,282

)

1

.5

Kaneka

Corp.

............

(

19,700

)

(

518,803

)

1

.0

Shares

Value

%

of

Basket

Value

Japan

(continued)

Kansai

Electric

Power

Co.,

Inc.

(The)

...............

(

32,000

)

$

(

537,338

)

1

.0

%

Kao

Corp.

..............

(

12,500

)

(

506,087

)

0

.9

Koito

Manufacturing

Co.

Ltd.

..

(

95,200

)

(

1,312,456

)

2

.4

Lion

Corp.

..............

(

110,100

)

(

858,145

)

1

.6

MatsukiyoCocokara

&

Co.

...

(

122,800

)

(

1,763,456

)

3

.3

Mitsubishi

Corp.

..........

(

69,300

)

(

1,362,292

)

2

.5

Nippon

Express

Holdings,

Inc.

.

(

3,300

)

(

152,726

)

0

.3

Nippon

Shinyaku

Co.

Ltd.

....

(

75,800

)

(

1,532,485

)

2

.8

Nomura

Real

Estate

Holdings,

Inc.

.................

(

41,600

)

(

1,047,214

)

1

.9

Nomura

Real

Estate

Master

Fund,

Inc.

............

(

1,200

)

(

1,065,969

)

2

.0

Oriental

Land

Co.

Ltd.

......

(

38,000

)

(

1,061,877

)

2

.0

Penta-Ocean

Construction

Co.

Ltd.

................

(

382,500

)

(

1,576,279

)

2

.9

Relo

Group,

Inc.

..........

(

108,800

)

(

1,162,731

)

2

.2

Sanken

Electric

Co.

Ltd.

.....

(

19,900

)

(

852,067

)

1

.6

Sawai

Group

Holdings

Co.

Ltd.

(

41,600

)

(

1,688,017

)

3

.1

Seibu

Holdings,

Inc.

.......

(

50,800

)

(

702,022

)

1

.3

SG

Holdings

Co.

Ltd.

.......

(

96,900

)

(

896,068

)

1

.7

SUMCO

Corp.

...........

(

124,400

)

(

1,799,548

)

3

.3

Yamaha

Corp.

...........

(

28,200

)

(

662,783

)

1

.2

(

25,454,758

)

Norway

Schibsted

ASA

,

Class

A

.....

(

48,800

)

(

1,440,644

)

2

.7

TOMRA

Systems

ASA

......

(

64,700

)

(

771,265

)

1

.4

(

2,211,909

)

Sweden

EQT

AB

................

(

34,200

)

(

1,002,654

)

1

.9

Husqvarna

AB

,

Class

B

.....

(

129,500

)

(

1,035,579

)

1

.9

Swedbank

AB

,

Class

A

......

(

76,700

)

(

1,579,886

)

2

.9

(

3,618,119

)

Switzerland

Cie

Financiere

Richemont

SA

.

(

4,500

)

(

703,273

)

1

.3

Temenos

AG

(Registered)

...

(

16,400

)

(

1,130,143

)

2

.1

(

1,833,416

)

United

Kingdom

Flutter

Entertainment

plc

....

(

7,900

)

(

1,436,996

)

2

.7

Halma

plc

..............

(

24,500

)

(

835,096

)

1

.5

Hargreaves

Lansdown

plc

...

(

64,800

)

(

923,689

)

1

.7

HSBC

Holdings

plc

........

(

265,700

)

(

2,293,525

)

4

.3

Rentokil

Initial

plc

.........

(

315,500

)

(

1,832,299

)

3

.4

WPP

plc

...............

(

80,300

)

(

735,281

)

1

.4

(

8,056,886

)

United

States

Air

Products

&

Chemicals,

Inc.

(

9,500

)

(

2,451,475

)

4

.6

Albemarle

Corp.

..........

(

7,500

)

(

716,400

)

1

.3

Blackstone,

Inc.

..........

(

7,400

)

(

916,120

)

1

.7

Constellation

Brands,

Inc.

,

Class

A

..................

(

11,500

)

(

2,958,720

)

5

.5

Domino's

Pizza,

Inc.

.......

(

3,200

)

(

1,652,256

)

3

.1

Enphase

Energy,

Inc.

.......

(

6,500

)

(

648,115

)

1

.2

FedEx

Corp.

............

(

3,100

)

(

929,504

)

1

.7

First

Solar,

Inc.

...........

(

2,600

)

(

586,196

)

1

.1

Fiserv,

Inc.

..............

(

13,500

)

(

2,012,040

)

3

.7

GE

HealthCare

Technologies,

Inc.

.................

(

16,600

)

(

1,293,472

)

2

.4

Live

Nation

Entertainment,

Inc.

(

6,700

)

(

628,058

)

1

.2

Norfolk

Southern

Corp.

.....

(

7,600

)

(

1,631,644

)

3

.0

O'Reilly

Automotive,

Inc.

....

(

700

)

(

739,242

)

1

.4

PayPal

Holdings,

Inc.

......

(

11,400

)

(

661,542

)

1

.2

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

160

Shares

Value

%

of

Basket

Value

United

States

(continued)

Public

Service

Enterprise

Group,

Inc.

.................

(

28,300

)

$

(

2,085,710

)

3

.9

%

Revvity,

Inc.

.............

(

9,800

)

(

1,027,628

)

1

.9

Simon

Property

Group,

Inc.

..

(

12,900

)

(

1,958,220

)

3

.6

Solventum

Corp.

..........

(

14,200

)

(

750,896

)

1

.4

Super

Micro

Computer,

Inc.

..

(

900

)

(

737,415

)

1

.4

Sysco

Corp.

.............

(

17,300

)

(

1,235,047

)

2

.3

Tapestry,

Inc.

............

(

23,600

)

(

1,009,844

)

1

.9

Target

Corp.

.............

(

5,800

)

(

858,632

)

1

.6

Teradyne,

Inc.

...........

(

8,900

)

(

1,319,781

)

2

.4

Viatris,

Inc.

..............

(

106,700

)

(

1,134,221

)

2

.1

Walgreens

Boots

Alliance,

Inc.

(

64,700

)

(

782,546

)

1

.5

WW

Grainger,

Inc.

.........

(

1,600

)

(

1,443,584

)

2

.7

(

32,168,308

)

Preferred

Securities

Germany

FUCHS

SE

(Preference)

....

(

19,700

)

(

900,562

)

1

.7

Total

Reference

Entity

—

Short

............

(

91,980,272

)

Net

Value

of

Reference

Entity

—

Citibank

NA

..

$

(

53,770,288

)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

April

30,

2025:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Australia

Macquarie

Group

Ltd.

......

10,000

1,360,714

(

1

.0

)

Metcash

Ltd.

............

756,800

1,780,916

(

1

.2

)

Transurban

Group

.........

299,100

2,466,850

(

1

.7

)

5,608,480

Belgium

Warehouses

De

Pauw

CVA

..

58,800

1,588,109

(

1

.1

)

Brazil

Telefonica

Brasil

SA

........

171,700

1,400,912

(

1

.0

)

Canada

Barrick

Gold

Corp.

........

57,500

959,139

(

0

.7

)

Shopify,

Inc.

,

Class

A

.......

9,700

641,042

(

0

.4

)

1,600,181

China

Baidu,

Inc.

,

Class

A

........

41,600

450,364

(

0

.3

)

BeiGene

Ltd.

............

56,700

619,011

(

0

.4

)

Budweiser

Brewing

Co.

APAC

Ltd.

................

1,232,600

1,450,746

(

1

.0

)

China

Mengniu

Dairy

Co.

Ltd.

.

552,000

987,868

(

0

.7

)

CSPC

Pharmaceutical

Group

Ltd.

................

950,000

756,570

(

0

.5

)

Haidilao

International

Holding

Ltd.

................

395,000

709,495

(

0

.5

)

JD.com,

Inc.

,

Class

A

.......

45,900

596,116

(

0

.4

)

Tencent

Holdings

Ltd.

......

30,200

1,432,698

(

1

.0

)

Weichai

Power

Co.

Ltd.

,

Class

H

590,000

1,123,278

(

0

.8

)

Yum

China

Holdings,

Inc.

....

20,900

644,556

(

0

.5

)

8,770,702

France

Dassault

Systemes

SE

.....

38,000

1,428,837

(

1

.0

)

Eiffage

SA

..............

11,700

1,075,305

(

0

.8

)

Shares

Value

%

of

Basket

Value

France

(continued)

Orange

SA

..............

102,700

$

1,030,133

(

0

.7

)

%

3,534,275

Hong

Kong

AIA

Group

Ltd.

...........

173,600

1,174,534

(

0

.8

)

Italy

Buzzi

SpA

..............

30,000

1,208,038

(

0

.8

)

Japan

Credit

Saison

Co.

Ltd.

......

46,200

961,910

(

0

.7

)

Daiichi

Sankyo

Co.

Ltd.

.....

34,500

1,199,004

(

0

.8

)

Food

&

Life

Cos.

Ltd.

.......

43,700

708,398

(

0

.5

)

Goldwin,

Inc.

............

22,700

1,243,217

(

0

.9

)

Jeol

Ltd.

...............

12,400

563,116

(

0

.4

)

Kamigumi

Co.

Ltd.

........

101,400

2,094,886

(

1

.5

)

Kawasaki

Kisen

Kaisha

Ltd.

..

54,400

793,309

(

0

.5

)

Mabuchi

Motor

Co.

Ltd.

.....

114,600

1,710,714

(

1

.2

)

Makita

Corp.

............

22,700

621,480

(

0

.4

)

Medipal

Holdings

Corp.

.....

101,300

1,544,350

(

1

.1

)

Mitsubishi

Electric

Corp.

.....

88,200

1,413,416

(

1

.0

)

Mitsui

Mining

&

Smelting

Co.

Ltd.

................

37,200

1,192,082

(

0

.8

)

Morinaga

Milk

Industry

Co.

Ltd.

51,200

1,077,333

(

0

.7

)

MS&AD

Insurance

Group

Holdings,

Inc.

..........

95,900

2,141,065

(

1

.5

)

NSK

Ltd.

...............

162,100

790,770

(

0

.5

)

Panasonic

Holdings

Corp.

...

116,500

957,688

(

0

.7

)

Rakus

Co.

Ltd.

...........

121,200

1,572,563

(

1

.1

)

TIS,

Inc.

...............

65,800

1,278,365

(

0

.9

)

21,863,666

Mexico

Wal-Mart

de

Mexico

SAB

de

CV

449,900

1,536,718

(

1

.1

)

Netherlands

Koninklijke

Vopak

NV

......

41,500

1,724,164

(

1

.2

)

Wolters

Kluwer

NV

........

5,500

908,260

(

0

.7

)

2,632,424

Norway

Norsk

Hydro

ASA

.........

112,800

703,250

(

0

.5

)

Peru

Credicorp

Ltd.

...........

8,700

1,403,571

(

1

.0

)

South

Africa

Discovery

Ltd.

...........

232,400

1,720,479

(

1

.2

)

South

Korea

BNK

Financial

Group,

Inc.

...

170,000

1,044,938

(

0

.7

)

Doosan

Enerbility

Co.

Ltd.

...

66,400

965,307

(

0

.7

)

Hanmi

Pharm

Co.

Ltd.

......

3,700

724,334

(

0

.5

)

Krafton,

Inc.

.............

2,300

467,866

(

0

.3

)

3,202,445

Spain

Banco

Bilbao

Vizcaya

Argentaria

SA

.................

237,200

2,381,130

(

1

.7

)

Sweden

Evolution

AB

............

12,400

1,290,708

(

0

.9

)

Switzerland

Banque

Cantonale

Vaudoise

(Registered)

...........

19,600

2,079,611

(

1

.4

)

Flughafen

Zurich

AG

(Registered)

...........

3,600

796,895

(

0

.6

)

SGS

SA

(Registered)

.......

20,600

1,836,529

(

1

.3

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

161

Shares

Value

%

of

Basket

Value

Switzerland

(continued)

UBS

Group

AG

(Registered)

..

25,000

$

734,254

(

0

.5

)

%

5,447,289

Taiwan

Advantech

Co.

Ltd.

........

92,000

1,047,402

(

0

.7

)

Quanta

Computer,

Inc.

......

114,000

1,089,800

(

0

.8

)

Realtek

Semiconductor

Corp.

.

96,000

1,610,999

(

1

.1

)

Yang

Ming

Marine

Transport

Corp.

...............

221,000

508,195

(

0

.3

)

4,256,396

United

Kingdom

Barclays

plc

.............

343,300

907,142

(

0

.6

)

J

Sainsbury

plc

...........

653,500

2,105,482

(

1

.5

)

3,012,624

United

States

American

Water

Works

Co.,

Inc.

9,900

1,278,684

(

0

.9

)

Bunge

Global

SA

.........

8,700

928,899

(

0

.6

)

Centene

Corp.

...........

10,100

669,630

(

0

.5

)

Customers

Bancorp,

Inc.

....

119,361

5,726,941

(

4

.0

)

Dexcom,

Inc.

............

9,500

1,077,110

(

0

.8

)

DoorDash,

Inc.

,

Class

A

.....

8,300

902,874

(

0

.6

)

Eagle

Bancorp,

Inc.

........

65,550

1,238,895

(

0

.9

)

Eversource

Energy

........

38,100

2,160,651

(

1

.5

)

Healthpeak

Properties,

Inc.

...

42,500

833,000

(

0

.6

)

Invesco

Ltd.

.............

64,100

958,936

(

0

.7

)

James

Hardie

Industries

plc

,

CDI

................

23,400

732,364

(

0

.5

)

Kenvue,

Inc.

.............

35,000

636,300

(

0

.4

)

Lam

Research

Corp.

.......

1,300

1,384,305

(

1

.0

)

New

York

Community

Bancorp,

Inc.

.................

2,149,915

6,922,726

(

4

.8

)

Old

Dominion

Freight

Line,

Inc.

6,600

1,165,560

(

0

.8

)

Royal

Caribbean

Cruises

Ltd.

.

7,100

1,131,953

(

0

.8

)

SBA

Communications

Corp.

..

3,300

647,790

(

0

.5

)

ServiceNow,

Inc.

..........

2,200

1,730,674

(

1

.2

)

Snowflake,

Inc.

,

Class

A

.....

4,600

621,414

(

0

.4

)

T.

Rowe

Price

Group,

Inc.

....

6,600

761,046

(

0

.5

)

United

Rentals,

Inc.

........

1,100

711,403

(

0

.5

)

Western

Digital

Corp.

.......

10,000

757,700

(

0

.5

)

Wynn

Resorts

Ltd.

........

8,100

724,950

(

0

.5

)

33,703,805

Total

Reference

Entity

—

Long

............

108,039,736

Reference

Entity

—

Short

Investment

Companies

United

States

Invesco

Preferred

ETF

......

(

1,000,000

)

(

11,550,000

)

8

.0

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(

432,931

)

(

46,375,569

)

32

.3

iShares

Preferred

&

Income

Securities

ETF

.........

(

500,000

)

(

15,775,000

)

11

.0

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.....

(

786,291

)

(

62,848,240

)

43

.8

(

136,548,809

)

Common

Stocks

Australia

Altium

Ltd.

..............

(

50,900

)

(

2,301,311

)

1

.6

CAR

Group

Ltd.

..........

(

58,800

)

(

1,376,634

)

0

.9

Computershare

Ltd.

........

(

59,400

)

(

1,038,896

)

0

.7

Endeavour

Group

Ltd.

......

(

247,000

)

(

828,273

)

0

.6

IDP

Education

Ltd.

........

(

23,700

)

(

238,504

)

0

.2

Lynas

Rare

Earths

Ltd.

.....

(

470,100

)

(

1,851,968

)

1

.3

Shares

Value

%

of

Basket

Value

Australia

(continued)

Mineral

Resources

Ltd.

.....

(

44,600

)

$

(

1,595,593

)

1

.1

%

Perpetual

Ltd.

............

(

62,000

)

(

876,832

)

0

.6

Pro

Medicus

Ltd.

..........

(

11,000

)

(

1,044,697

)

0

.7

SEEK

Ltd.

..............

(

119,900

)

(

1,701,810

)

1

.2

Seven

Group

Holdings

Ltd.

...

(

23,000

)

(

574,590

)

0

.4

Sonic

Healthcare

Ltd.

......

(

40,500

)

(

707,280

)

0

.5

Treasury

Wine

Estates

Ltd.

...

(

254,400

)

(

2,104,998

)

1

.5

WiseTech

Global

Ltd.

.......

(

19,200

)

(

1,276,395

)

0

.9

(

17,517,781

)

Belgium

Groupe

Bruxelles

Lambert

NV

.

(

14,300

)

(

1,018,181

)

0

.7

Lotus

Bakeries

NV

........

(

100

)

(

1,031,325

)

0

.7

(

2,049,506

)

Brazil

Alupar

Investimento

SA

.....

(

80,616

)

(

429,320

)

0

.3

Atacadao

SA

............

(

313,700

)

(

508,421

)

0

.4

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

.............

(

79,900

)

(

1,072,127

)

0

.7

Cia

Siderurgica

Nacional

SA

..

(

338,865

)

(

780,770

)

0

.5

Eneva

SA

..............

(

440,778

)

(

1,005,334

)

0

.7

PRIO

SA

...............

(

82,600

)

(

647,933

)

0

.5

(

4,443,905

)

China

Agricultural

Bank

of

China

Ltd.

,

Class

H

..............

(

2,067,000

)

(

882,271

)

0

.6

Anhui

Conch

Cement

Co.

Ltd.

,

Class

H

..............

(

1,100,500

)

(

2,617,761

)

1

.8

Bank

of

China

Ltd.

,

Class

H

..

(

3,907,000

)

(

1,925,397

)

1

.3

Bank

of

Communications

Co.

Ltd.

,

Class

H

..........

(

2,449,000

)

(

1,919,724

)

1

.3

China

Everbright

Bank

Co.

Ltd.

,

Class

H

..............

(

1,922,000

)

(

597,420

)

0

.4

China

Resources

Power

Holdings

Co.

Ltd.

.......

(

408,000

)

(

1,250,055

)

0

.9

NIO,

Inc.

,

ADR

...........

(

21,600

)

(

89,856

)

0

.1

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

..........

(

1,004,000

)

(

1,244,718

)

0

.9

Postal

Savings

Bank

of

China

Co.

Ltd.

,

Class

H

.......

(

2,887,000

)

(

1,690,364

)

1

.2

(

12,217,566

)

Denmark

Coloplast

A/S

,

Class

B

......

(

17,500

)

(

2,103,731

)

1

.5

France

Alstom

SA

..............

(

72,720

)

(

1,226,409

)

0

.9

Germany

Beiersdorf

AG

............

(

14,300

)

(

2,093,032

)

1

.5

Hong

Kong

Hang

Seng

Bank

Ltd.

......

(

131,900

)

(

1,695,753

)

1

.2

Henderson

Land

Development

Co.

Ltd.

..............

(

360,000

)

(

965,222

)

0

.7

Sino

Land

Co.

Ltd.

........

(

626,000

)

(

644,217

)

0

.4

(

3,305,192

)

Italy

Davide

Campari-Milano

NV

..

(

171,831

)

(

1,626,855

)

1

.1

Telecom

Italia

SpA

........

(

4,166,900

)

(

996,635

)

0

.7

(

2,623,490

)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

162

Shares

Value

%

of

Basket

Value

Japan

K's

Holdings

Corp.

........

(

124,000

)

$

(

1,168,242

)

0

.8

%

McDonald's

Holdings

Co.

Japan

Ltd.

................

(

26,400

)

(

1,041,881

)

0

.7

OKUMA

Corp.

...........

(

20,400

)

(

924,253

)

0

.7

Rakuten

Group,

Inc.

.......

(

261,000

)

(

1,352,094

)

0

.9

Seven

&

i

Holdings

Co.

Ltd.

..

(

65,800

)

(

804,087

)

0

.6

Sharp

Corp.

.............

(

153,000

)

(

885,289

)

0

.6

Shinko

Electric

Industries

Co.

Ltd.

................

(

17,600

)

(

615,344

)

0

.4

Suzuki

Motor

Corp.

........

(

103,500

)

(

1,194,868

)

0

.8

Tokyo

Ohka

Kogyo

Co.

Ltd.

..

(

45,100

)

(

1,230,577

)

0

.9

(

9,216,635

)

Luxembourg

L'Occitane

International

SA

...

(

136,750

)

(

581,390

)

0

.4

Reinet

Investments

SCA

....

(

37,600

)

(

949,623

)

0

.7

RTL

Group

SA

...........

(

1,300

)

(

39,473

)

0.0

(

1,570,486

)

Mexico

Alfa

SAB

de

CV

,

Class

A

....

(

2,877,000

)

(

1,676,350

)

1

.2

Grupo

Bimbo

SAB

de

CV

....

(

258,900

)

(

914,322

)

0

.6

Industrias

Penoles

SAB

de

CV

(

43,200

)

(

560,833

)

0

.4

(

3,151,505

)

Netherlands

ASR

Nederland

NV

........

(

29,800

)

(

1,418,737

)

1

.0

Poland

ORLEN

SA

.............

(

151,600

)

(

2,547,012

)

1

.8

Singapore

SATS

Ltd.

..............

(

688,431

)

(

1,444,100

)

1

.0

South

Africa

Aspen

Pharmacare

Holdings

Ltd.

................

(

70,300

)

(

901,502

)

0

.6

Growthpoint

Properties

Ltd.

..

(

3,636,000

)

(

2,434,159

)

1

.7

Impala

Platinum

Holdings

Ltd.

.

(

240,200

)

(

1,192,937

)

0

.8

(

4,528,598

)

South

Korea

Coway

Co.

Ltd.

...........

(

12,374

)

(

573,571

)

0

.4

Spain

Endesa

SA

.............

(

39,100

)

(

734,649

)

0

.5

Grifols

SA

,

Class

A

........

(

111,500

)

(

942,957

)

0

.7

(

1,677,606

)

Sweden

Securitas

AB

,

Class

B

......

(

132,800

)

(

1,316,357

)

0

.9

Skanska

AB

,

Class

B

.......

(

43,400

)

(

782,952

)

0

.6

(

2,099,309

)

Switzerland

Baloise

Holding

AG

(Registered)

(

9,800

)

(

1,727,771

)

1

.2

Helvetia

Holding

AG

(Registered)

...........

(

16,000

)

(

2,162,556

)

1

.5

Swiss

Life

Holding

AG

(Registered)

...........

(

4,600

)

(

3,376,090

)

2

.4

(

7,266,417

)

Taiwan

Chailease

Holding

Co.

Ltd.

...

(

151,265

)

(

713,969

)

0

.5

E.Sun

Financial

Holding

Co.

Ltd.

(

1,094,000

)

(

963,132

)

0

.7

First

Financial

Holding

Co.

Ltd.

(

2,796,127

)

(

2,422,423

)

1

.7

Formosa

Plastics

Corp.

.....

(

841,789

)

(

1,491,390

)

1

.0

Lite-On

Technology

Corp.

....

(

14,133

)

(

45,911

)

0.0

Shares

Value

%

of

Basket

Value

Taiwan

(continued)

Powerchip

Semiconductor

Manufacturing

Corp.

.....

(

711,000

)

$

(

586,915

)

0

.4

%

Yuanta

Financial

Holding

Co.

Ltd.

................

(

1,637,120

)

(

1,614,521

)

1

.1

(

7,838,261

)

United

Kingdom

Diageo

plc

..............

(

42,000

)

(

1,318,548

)

0

.9

RS

GROUP

plc

...........

(

115,400

)

(

1,019,837

)

0

.7

(

2,338,385

)

United

States

Atlantic

Union

Bankshares

Corp.

(

30,170

)

(

991,084

)

0

.7

Best

Buy

Co.,

Inc.

.........

(

12,400

)

(

1,045,196

)

0

.7

Brookline

Bancorp,

Inc.

.....

(

108,316

)

(

904,439

)

0

.6

Cognizant

Technology

Solutions

Corp.

,

Class

A

.........

(

37,700

)

(

2,563,600

)

1

.8

Community

Financial

System,

Inc.

.................

(

28,734

)

(

1,356,532

)

0

.9

CVB

Financial

Corp.

.......

(

72,435

)

(

1,248,779

)

0

.9

Dime

Community

Bancshares,

Inc.

.................

(

4,130

)

(

84,252

)

0

.1

First

BanCorp

............

(

32,496

)

(

1,037,272

)

0

.7

GE

HealthCare

Technologies,

Inc.

.................

(

13,200

)

(

1,028,544

)

0

.7

Independent

Bank

Group,

Inc.

.

(

34,553

)

(

1,572,852

)

1

.1

Iron

Mountain,

Inc.

........

(

10,500

)

(

941,010

)

0

.7

OceanFirst

Financial

Corp.

...

(

92,629

)

(

1,471,875

)

1

.0

Provident

Financial

Services,

Inc.

.................

(

100,014

)

(

1,435,201

)

1

.0

Sandy

Spring

Bancorp,

Inc.

..

(

70,405

)

(

1,715,066

)

1

.2

Valley

National

Bancorp

.....

(

224,356

)

(

1,566,005

)

1

.1

Waters

Corp.

............

(

2,100

)

(

609,252

)

0

.4

Xylem,

Inc.

..............

(

16,600

)

(

2,251,458

)

1

.6

(

21,822,417

)

Total

Reference

Entity

—

Short

............

(

251,622,460

)

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

(

143,582,724

)

The

following

table

represents

the

individual

long

and

short

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Merrill

Lynch

International

&

Co.,

as

of

period

end,

termination

date

March

15,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Australia

AMP

Ltd.

...............

1,511,000

1,097,271

(

0

.5

)

Ansell

Ltd.

..............

49,800

878,738

(

0

.4

)

BHP

Group

Ltd.

..........

26,000

743,131

(

0

.4

)

Brambles

Ltd.

............

158,900

1,533,374

(

0

.7

)

Coles

Group

Ltd.

.........

177,300

2,008,562

(

1

.0

)

Steadfast

Group

Ltd.

.......

350,300

1,437,678

(

0

.7

)

Wesfarmers

Ltd.

..........

19,600

848,710

(

0

.4

)

Woolworths

Group

Ltd.

.....

57,200

1,284,254

(

0

.6

)

9,831,718

Belgium

Liberty

Global

Ltd.

,

Class

A

...

121,654

2,120,429

(

1

.0

)

Brazil

B3

SA

-

Brasil

Bolsa

Balcao

..

1,152,500

2,109,099

(

1

.0

)

Lojas

Renner

SA

..........

376,300

843,462

(

0

.4

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

163

Shares

Value

%

of

Basket

Value

Brazil

(continued)

M

Dias

Branco

SA

.........

79,500

$

419,110

(

0

.2

)

%

Multiplan

Empreendimentos

Imobiliarios

SA

.........

162,200

657,203

(

0

.3

)

4,028,874

Canada

Enbridge,

Inc.

............

54,100

1,924,672

(

0

.9

)

Franco-Nevada

Corp.

......

13,000

1,541,318

(

0

.7

)

Magna

International,

Inc.

....

22,800

955,632

(

0

.4

)

Power

Corp.

of

Canada

.....

144,700

4,021,413

(

1

.9

)

8,443,035

China

China

Tower

Corp.

Ltd.

,

Class

H

6,182,000

799,031

(

0

.4

)

Kuaishou

Technology

.......

149,000

874,608

(

0

.4

)

Lenovo

Group

Ltd.

........

386,000

541,711

(

0

.3

)

Li

Auto,

Inc.

,

Class

A

.......

92,100

824,800

(

0

.4

)

Nongfu

Spring

Co.

Ltd.

,

Class

H

370,000

1,757,456

(

0

.8

)

PDD

Holdings,

Inc.

,

ADR

....

13,100

1,741,645

(

0

.8

)

Prosus

NV

..............

22,700

807,178

(

0

.4

)

Xiaomi

Corp.

,

Class

B

......

283,000

594,925

(

0

.3

)

7,941,354

Denmark

AP

Moller

-

Maersk

A/S

,

Class

B

800

1,387,477

(

0

.7

)

Vestas

Wind

Systems

A/S

...

46,900

1,087,516

(

0

.5

)

2,474,993

Finland

Elisa

OYJ

..............

42,700

1,954,927

(

0

.9

)

France

Bouygues

SA

............

31,900

1,025,406

(

0

.5

)

Eurazeo

SE

.............

29,800

2,376,206

(

1

.1

)

La

Francaise

des

Jeux

SAEM

.

29,900

1,018,396

(

0

.5

)

Neoen

SA

..............

23,400

946,409

(

0

.4

)

5,366,417

Germany

ADLER

Group

SA

.........

6,045

1,046

(

0.0

)

Evonik

Industries

AG

.......

84,200

1,718,081

(

0

.8

)

RWE

AG

...............

39,800

1,365,353

(

0

.7

)

3,084,480

Hong

Kong

Hongkong

Land

Holdings

Ltd.

.

253,300

816,077

(

0

.4

)

New

World

Development

Co.

Ltd.

................

1,192,000

1,115,503

(

0

.5

)

Yue

Yuen

Industrial

Holdings

Ltd.

................

241,000

464,294

(

0

.2

)

2,395,874

Italy

Mediobanca

Banca

di

Credito

Finanziario

SpA

........

176,100

2,577,759

(

1

.2

)

Japan

Alfresa

Holdings

Corp.

......

172,800

2,375,010

(

1

.1

)

Asahi

Intecc

Co.

Ltd.

.......

67,100

942,018

(

0

.4

)

Azbil

Corp.

..............

27,900

779,311

(

0

.4

)

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

..........

72,100

903,883

(

0

.4

)

COMSYS

Holdings

Corp.

....

79,700

1,538,538

(

0

.7

)

Daicel

Corp.

.............

60,500

582,599

(

0

.3

)

DIC

Corp.

..............

88,700

1,687,981

(

0

.8

)

GMO

Payment

Gateway,

Inc.

.

9,300

514,908

(

0

.2

)

Idemitsu

Kosan

Co.

Ltd.

.....

101,400

659,056

(

0

.3

)

Ito

En

Ltd.

..............

97,100

2,107,280

(

1

.0

)

Shares

Value

%

of

Basket

Value

Japan

(continued)

Kajima

Corp.

............

47,600

$

825,669

(

0

.4

)

%

Kuraray

Co.

Ltd.

..........

147,200

1,703,140

(

0

.8

)

Mitsui

High-Tec,

Inc.

.......

27,700

1,084,095

(

0

.5

)

Morinaga

&

Co.

Ltd.

.......

188,700

2,931,109

(

1

.4

)

NH

Foods

Ltd.

...........

25,000

750,756

(

0

.4

)

Nippon

Paint

Holdings

Co.

Ltd.

202,100

1,321,124

(

0

.6

)

Nomura

Research

Institute

Ltd.

27,200

768,773

(

0

.4

)

Odakyu

Electric

Railway

Co.

Ltd.

87,100

844,781

(

0

.4

)

Ship

Healthcare

Holdings,

Inc.

77,100

1,142,737

(

0

.5

)

Sumitomo

Rubber

Industries

Ltd.

................

200,200

2,008,593

(

1

.0

)

TechnoPro

Holdings,

Inc.

....

82,800

1,356,174

(

0

.6

)

Toyo

Tire

Corp.

...........

35,400

568,124

(

0

.3

)

Toyota

Tsusho

Corp.

.......

53,400

1,043,603

(

0

.5

)

Trend

Micro,

Inc.

..........

25,900

1,055,705

(

0

.5

)

29,494,967

Mexico

Cemex

SAB

de

CV

........

2,107,400

1,347,723

(

0

.6

)

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

.........

120,700

939,342

(

0

.5

)

2,287,065

Netherlands

Koninklijke

Ahold

Delhaize

NV

.

50,100

1,474,297

(

0

.7

)

NN

Group

NV

............

22,200

1,031,822

(

0

.5

)

2,506,119

New

Zealand

Xero

Ltd.

...............

6,200

560,706

(

0

.3

)

Poland

Powszechny

Zaklad

Ubezpieczen

SA

.................

171,600

2,190,851

(

1

.0

)

Singapore

UOL

Group

Ltd.

..........

465,000

1,781,629

(

0

.8

)

South

Africa

FirstRand

Ltd.

...........

166,400

705,739

(

0

.4

)

Nedbank

Group

Ltd.

.......

124,300

1,759,700

(

0

.8

)

2,465,439

South

Korea

KCC

Corp.

..............

4,200

936,286

(

0

.4

)

Sweden

Skandinaviska

Enskilda

Banken

AB

,

Class

A

...........

82,700

1,222,693

(

0

.6

)

SSAB

AB

,

Class

A

.........

122,500

674,640

(

0

.3

)

Trelleborg

AB

,

Class

B

......

28,300

1,101,328

(

0

.5

)

2,998,661

Switzerland

Kuehne

+

Nagel

International

AG

(Registered)

...........

4,600

1,323,798

(

0

.6

)

PSP

Swiss

Property

AG

(Registered)

...........

9,600

1,232,353

(

0

.6

)

Swiss

Prime

Site

AG

(Registered)

...........

19,300

1,827,614

(

0

.9

)

4,383,765

Taiwan

ASMedia

Technology,

Inc.

...

18,000

1,236,994

(

0

.6

)

Chicony

Electronics

Co.

Ltd.

..

199,000

1,046,984

(

0

.5

)

Compal

Electronics,

Inc.

.....

1,283,000

1,367,683

(

0

.6

)

Genius

Electronic

Optical

Co.

Ltd.

................

83,000

1,689,376

(

0

.8

)

MediaTek,

Inc.

...........

28,000

1,205,915

(

0

.6

)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

164

Shares

Value

%

of

Basket

Value

Taiwan

(continued)

Powertech

Technology,

Inc.

..

109,000

$

630,265

(

0

.3

)

%

Wistron

Corp.

............

187,000

606,923

(

0

.3

)

7,784,140

United

Kingdom

Aviva

plc

...............

193,600

1,166,112

(

0

.6

)

British

Land

Co.

plc

(The)

....

181,900

945,484

(

0

.4

)

ConvaTec

Group

plc

.......

231,700

686,462

(

0

.3

)

EnQuest

plc

.............

4,891,224

839,651

(

0

.4

)

Hiscox

Ltd.

..............

84,300

1,223,629

(

0

.6

)

Johnson

Matthey

plc

.......

58,600

1,160,775

(

0

.5

)

M&G

plc

...............

563,700

1,449,171

(

0

.7

)

NatWest

Group

plc

........

249,500

981,557

(

0

.5

)

Synthomer

plc

...........

588,203

1,906,945

(

0

.9

)

10,359,786

United

States

Adobe,

Inc.

.............

2,400

1,333,296

(

0

.6

)

Atlassian

Corp.

,

Class

A

.....

12,500

2,211,000

(

1

.0

)

Block,

Inc.

,

Class

A

........

9,500

612,655

(

0

.3

)

Booking

Holdings,

Inc.

......

200

792,300

(

0

.4

)

Carnival

Corp.

...........

82,500

1,544,400

(

0

.7

)

Citigroup,

Inc.

............

22,000

1,396,120

(

0

.7

)

CRH

plc

...............

16,700

1,237,541

(

0

.6

)

Cummins,

Inc.

...........

8,900

2,464,677

(

1

.2

)

Deckers

Outdoor

Corp.

.....

1,700

1,645,515

(

0

.8

)

Fortinet,

Inc.

.............

12,400

747,348

(

0

.4

)

Franklin

Resources,

Inc.

.....

105,200

2,351,220

(

1

.1

)

General

Mills,

Inc.

.........

18,200

1,151,332

(

0

.5

)

General

Motors

Co.

........

23,200

1,077,872

(

0

.5

)

Holcim

AG

..............

18,900

1,670,610

(

0

.8

)

Hormel

Foods

Corp.

.......

38,800

1,183,012

(

0

.6

)

IDEX

Corp.

.............

10,000

2,012,000

(

1

.0

)

Jabil,

Inc.

...............

7,100

772,409

(

0

.4

)

Lockheed

Martin

Corp.

......

3,800

1,774,980

(

0

.8

)

MSCI,

Inc.

..............

3,000

1,445,250

(

0

.7

)

Prologis,

Inc.

............

8,700

977,097

(

0

.5

)

Southwest

Airlines

Co.

......

10,000

286,100

(

0

.1

)

State

Street

Corp.

.........

40,900

3,026,600

(

1

.4

)

United

Parcel

Service,

Inc.

,

Class

B

..................

5,700

780,045

(

0

.4

)

Walt

Disney

Co.

(The)

......

10,700

1,062,403

(

0

.5

)

33,555,782

Preferred

Securities

Brazil

Cia

Energetica

de

Minas

Gerais

(Preference)

..........

577,150

1,019,028

(

0

.5

)

Total

Reference

Entity

—

Long

............

152,544,084

Reference

Entity

—

Short

Investment

Companies

United

States

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(

255,683

)

(

27,388,763

)

13

.0

iShares

Preferred

&

Income

Securities

ETF

.........

(

815,000

)

(

25,713,250

)

12

.2

SPDR

Bloomberg

High

Yield

Bond

ETF

............

(

635,565

)

(

59,914,712

)

28

.4

Vanguard

Long-Term

Corporate

Bond

ETF

............

(

275,000

)

(

20,861,500

)

9

.9

Vanguard

Short-Term

Corporate

Bond

ETF

............

(

1,800,000

)

(

139,095,000

)

65

.8

(

272,973,225

)

Shares

Value

%

of

Basket

Value

Common

Stocks

Australia

IDP

Education

Ltd.

........

(

61,600

)

$

(

619,909

)

0

.3

%

Pilbara

Minerals

Ltd.

.......

(

304,700

)

(

620,001

)

0

.3

(

1,239,910

)

Brazil

Atacadao

SA

............

(

127,300

)

(

206,318

)

0

.1

Localiza

Rent

a

Car

SA

.....

(

211,295

)

(

1,584,117

)

0

.7

Sendas

Distribuidora

S/A

....

(

413,600

)

(

763,555

)

0

.4

(

2,553,990

)

Canada

Constellation

Software,

Inc.

..

(

600

)

(

1,728,832

)

0

.8

Saputo,

Inc.

.............

(

79,100

)

(

1,776,216

)

0

.8

(

3,505,048

)

China

China

Everbright

Bank

Co.

Ltd.

,

Class

H

..............

(

3,221,000

)

(

1,001,192

)

0

.5

Guangzhou

Automobile

Group

Co.

Ltd.

,

Class

H

.......

(

4,550,000

)

(

1,604,667

)

0

.8

iQIYI,

Inc.

,

ADR

..........

(

365,750

)

(

1,342,302

)

0

.6

Tencent

Holdings

Ltd.

......

(

57,100

)

(

2,708,843

)

1

.3

Trip.com

Group

Ltd.

,

ADR

...

(

69,800

)

(

3,280,600

)

1

.6

Wharf

Holdings

Ltd.

(The)

....

(

453,000

)

(

1,272,878

)

0

.6

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

..............

(

3,014,000

)

(

6,350,523

)

3

.0

(

17,561,005

)

Italy

Telecom

Italia

SpA

........

(

466,300

)

(

111,529

)

0.0

Japan

Daiwa

House

Industry

Co.

Ltd.

(

135,000

)

(

3,437,084

)

1

.6

Ibiden

Co.

Ltd.

...........

(

56,100

)

(

2,296,303

)

1

.1

Iida

Group

Holdings

Co.

Ltd.

..

(

104,100

)

(

1,375,395

)

0

.7

INFRONEER

Holdings,

Inc.

..

(

36,200

)

(

294,595

)

0

.1

JAFCO

Group

Co.

Ltd.

......

(

52,000

)

(

615,042

)

0

.3

JFE

Holdings,

Inc.

.........

(

379,100

)

(

5,471,410

)

2

.6

Kansai

Paint

Co.

Ltd.

.......

(

221,900

)

(

3,587,805

)

1

.7

Kobe

Steel

Ltd.

...........

(

238,000

)

(

2,960,732

)

1

.4

Nagoya

Railroad

Co.

Ltd.

....

(

571,000

)

(

6,244,438

)

3

.0

Obara

Group,

Inc.

.........

(

77,000

)

(

2,000,675

)

0

.9

OSG

Corp.

..............

(

93,800

)

(

1,148,728

)

0

.5

Rohm

Co.

Ltd.

...........

(

511,100

)

(

6,832,222

)

3

.2

Sanrio

Co.

Ltd.

...........

(

271,200

)

(

5,017,191

)

2

.4

Taiyo

Yuden

Co.

Ltd.

.......

(

107,800

)

(

2,735,641

)

1

.3

(

44,017,261

)

Macau

Wynn

Macau

Ltd.

.........

(

6,744,800

)

(

5,514,427

)

2

.6

Singapore

Jardine

Cycle

&

Carriage

Ltd.

.

(

45,000

)

(

880,396

)

0

.4

Switzerland

Tecan

Group

AG

(Registered)

.

(

2,500

)

(

837,043

)

0

.4

United

States

Air

Transport

Services

Group,

Inc.

.................

(

34,000

)

(

471,580

)

0

.2

Arthur

J

Gallagher

&

Co.

....

(

5,500

)

(

1,426,205

)

0

.7

Brandywine

Realty

Trust

....

(

12,500

)

(

56,000

)

0.0

CDW

Corp.

.............

(

3,600

)

(

805,824

)

0

.4

Celanese

Corp.

..........

(

10,800

)

(

1,456,812

)

0

.7

Corning,

Inc.

............

(

57,300

)

(

2,226,105

)

1

.1

Frontier

Communications

Parent,

Inc.

.................

(

60,500

)

(

1,583,890

)

0

.7

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

165

Shares

Value

%

of

Basket

Value

United

States

(continued)

MicroStrategy,

Inc.

,

Class

A

..

(

2,670

)

$

(

3,677,872

)

1

.7

%

T-Mobile

US,

Inc.

.........

(

16,800

)

(

2,959,824

)

1

.4

(

14,664,112

)

Shares

Value

%

of

Basket

Value

Rights

Brazil

Localiza

Rent

a

Car

SA

.....

(

2,135

)

$

(

3,246

)

0.0

%

Total

Reference

Entity

—

Short

............

(

363,861,192

)

Net

Value

of

Reference

Entity

—

Merrill

Lynch

International

&

Co.

.....................

$

(

211,317,108

)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0

.04

%

1-day

CLICP

.........................................

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0

.02

1-day

ESTR

.........................................

Euro

Short-Term

Rate

3

.66

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

10

.96

1-day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

6

.86

1-day

REPO_CORRA

...................................

Canadian

Overnight

Repo

Rate

4

.80

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

5

.34

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

5

.20

1-day

SORA

.........................................

Singapore

Overnight

Rate

Average

3

.43

1-day

THOR

.........................................

Thailand

Overnight

Repo

Rate

ON

2

.48

1-day

TONAR

........................................

Tokyo

Overnight

Average

Rate

0

.08

1-week

CNREPOFIX_CFXS

..............................

China

Fixing

Repo

Rates

2

.30

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

11

.24

3-mo.

BBR

..........................................

Australian

Bank

Bill

Rate

4

.45

3-mo.

CD_KSDA

......................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

3

.60

3-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

3

.71

3-mo.

HIBOR

........................................

Hong

Kong

Interbank

Offered

Rate

4

.75

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

8

.35

3-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

4

.71

3-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

5

.75

6-mo.

BBR

..........................................

Australian

Bank

Bill

Rate

4

.74

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

3

.68

6-mo.

TIBOR

.........................................

Tokyo

Interbank

Offered

Rate

0

.31

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

5

.76

Balances

Reported

in

the

Consolidated

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

............................................

$

28,343,593

$

(

158,088,820

)

$

412,946,622

$

(

592,708,732

)

$

—

OTC

Swaps

.....................................................

82,931,110

(

30,838,391

)

19,484,505

(

43,676,199

)

—

Options

Written

...................................................

N/A

N/A

32,164,612

(

19,291,434

)

(

142,013,705

)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Consolidated

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

166

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Consolidated

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

723,526

$

—

$

1,437,543

$

—

$

32,032,417

$

—

$

34,193,486

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

124,218,571

—

—

124,218,571

Options

purchased

(b)

Investments

at

value

—

unaffiliated

(c)

............

—

5,666,335

9,360,616

29,039,085

39,196,124

—

83,262,160

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

7,192,640

—

—

405,421,462

332,520

412,946,622

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

91,412,765

2,443,081

20,109

8,539,660

—

102,415,615

$

723,526

$

104,271,740

$

13,241,240

$

153,277,765

$

485,189,663

$

332,520

$

757,036,454

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

264,029

$

—

$

836,964

$

—

$

35,390,835

$

—

$

36,491,828

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

43,579,277

—

—

43,579,277

Options

written

(b)

Options

written

at

value

.....................

—

4,268,121

4,735,720

18,141,006

114,868,858

—

142,013,705

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

5,767,770

—

—

586,930,207

10,755

592,708,732

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

50,589,293

205,871

—

23,719,426

—

74,514,590

$

264,029

$

60,625,184

$

5,778,555

$

61,720,283

$

760,909,326

$

10,755

$

889,308,132

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Consolidated

Schedule

of

Investments.

In

the

Consolidated

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

forward

settling

swaptions.

(c)

Includes

options

purchased

at

value

as

reported

in

the

Consolidated

Schedule

of

Investments.

For

the

period

ended

June

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Consolidated

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

15,588,738

$

—

$

(

46,688,908

)

$

—

$

82,874,489

$

—

$

51,774,319

Forward

foreign

currency

exchange

contracts

....

—

—

—

213,500,956

—

—

213,500,956

Options

purchased

(a)

.....................

—

(

6,265,444

)

41,405,866

(

49,290,171

)

(

50,655,721

)

(

460,931

)

(

65,266,401

)

Options

written

........................

—

2,131,472

11,147,782

27,228,375

71,298,203

—

111,805,832

Swaps

..............................

—

(

45,713,710

)

(

3,320,522

)

575,590

(

29,270,490

)

798,430

(

76,930,702

)

$

15,588,738

$

(49,847,682)

$

2,544,218

$

192,014,750

$

74,246,481

$

337,499

$

234,884,004

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

406,783

$

—

$

3,702,122

$

—

$

201,097,103

$

—

$

205,206,008

Forward

foreign

currency

exchange

contracts

....

—

—

—

201,024,426

—

—

201,024,426

Options

purchased

(b)

.....................

—

632,716

4,085,331

191,275

(

61,655,254

)

1,756,785

(

54,989,147

)

Options

written

........................

—

(

1,730,452

)

1,287,187

(

888,512

)

7,295,561

—

5,963,784

Swaps

..............................

—

15,082,599

7,027,466

20,109

(

376,826,138

)

(

76,308

)

(

354,772,272

)

$

406,783

$

13,984,863

$

16,102,106

$

200,347,298

$

(230,088,728)

$

1,680,477

$

2,432,799

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

167

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

9,991,564,222

Average

notional

value

of

contracts

—

short

.................................................................................

$

18,293,192,456

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

16,292,500,776

Average

amounts

sold

—

in

USD

........................................................................................

$

3,588,613,762

Options

Average

value

of

option

contracts

purchased

................................................................................

$

55,708,388

Average

value

of

option

contracts

written

...................................................................................

$

27,472,392

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

$

8,626,699,051

Average

notional

value

of

swaption

contracts

written

...........................................................................

$

20,834,314,815

Structured

options:

Average

notional

value

...............................................................................................

$

3,744,163

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

5,056,502,798

Average

notional

value

—

sell

protection

...................................................................................

$

1,612,989,599

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

25,608,826,229

Average

notional

value

—

receives

fixed

rate

................................................................................

$

46,879,698,313

Currency

swaps:

Average

notional

value

—

pays

..........................................................................................

$

239,231,449

Average

notional

value

—

receives

.......................................................................................

$

15,386,368,030

Inflation

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

90,888,572

Average

notional

value

—

receives

fixed

rate

................................................................................

$

105,382,069

Total

return

swaps

Average

notional

value

...............................................................................................

$

1,277,306,879

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

1,971,724

Futures

contracts

....................................................................................

$

35,318,572

$

5,710,919

Forward

f

oreign

currency

exchange

contracts

.................................................................

124,218,571

43,579,277

Options

(a)

(b)

........................................................................................

83,262,160

142,013,705

Swaps

—

centrally

cleared

..............................................................................

156,138

—

Swaps

—

OTC

(c)

.....................................................................................

102,415,615

74,514,590

Total

derivative

assets

and

liabilities

in

the

Consolidated

Statements

of

Assets

and

Liabilities

...................................

$

345,371,056

$

265,818,491

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

46,374,151

)

(

12,289,399

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

298,996,905

$

253,529,092

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Consolidated

Statements

of

Assets

and

Liabilities

and

reported

in

the

Consolidated

Schedule

of

Investments.

(b)

Includes

forward

settling

swaptions.

(c)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

168

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

..............................

$

41,556,397

$

(

41,556,397

)

$

—

$

—

$

—

Barclays

Bank

plc

................................

17,237,891

(

17,237,891

)

—

—

—

BNP

Paribas

SA

.................................

15,645,397

(

13,532,860

)

—

—

2,112,537

Citibank

NA

....................................

48,138,075

(

25,825,433

)

—

(

20,117,376

)

2,195,266

Citigroup

Global

Markets,

Inc.

........................

826,683

(

267,933

)

—

(

558,750

)

—

Commonwealth

Bank

of

Australia

.....................

2,494

(

2,494

)

—

—

—

Credit

Agricole

Corporate

&

Investment

Bank

SA

...........

875,554

(

460,582

)

—

(

330,000

)

84,972

Deutsche

Bank

AG

...............................

21,078,247

(

20,071,649

)

—

—

1,006,598

Goldman

Sachs

International

........................

41,168,512

(

33,590,338

)

—

(

2,720,000

)

4,858,174

HSBC

Bank

plc

..................................

14,093,693

(

5,881,117

)

—

—

8,212,576

JPMorgan

Chase

Bank

NA

..........................

41,341,148

(

25,260,110

)

—

(

9,593,000

)

6,488,038

JPMorgan

Securities

LLC

...........................

45,685

(

45,685

)

—

—

—

Merrill

Lynch

International

&

Co.

......................

793,355

—

—

—

793,355

Morgan

Stanley

&

Co.

International

plc

..................

24,408,449

(

24,408,449

)

—

—

—

Natwest

Markets

plc

..............................

1,378,582

(

480,433

)

—

—

898,149

Nomura

International

plc

...........................

6,694,675

(

507,603

)

—

(

3,490,000

)

2,697,072

Royal

Bank

of

Canada

.............................

4,930,281

(

782,269

)

—

—

4,148,012

Standard

Chartered

Bank

...........................

2,453,669

(

843,272

)

—

(

520,000

)

1,090,397

State

Street

Bank

and

Trust

Co.

......................

1,469,440

(

1,469,440

)

—

—

—

Toronto

Dominion

Bank

............................

4,207,702

(

1,857,396

)

—

—

2,350,306

UBS

AG

......................................

10,590,119

(

2,127,364

)

(

2,154,672

)

(

1,113,000

)

5,195,083

Westpac

Banking

Corp.

............................

60,857

(

29,918

)

—

—

30,939

$

298,996,905

$

(

216,238,633

)

$

(

2,154,672

)

$

(

38,442,126

)

$

42,161,474

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

..............................

$

72,842,351

$

(

41,556,397

)

$

(

31,285,954

)

$

—

$

—

Barclays

Bank

plc

................................

18,914,347

(

17,237,891

)

—

—

1,676,456

BNP

Paribas

SA

.................................

13,532,860

(

13,532,860

)

—

—

—

Canadian

Imperial

Bank

of

Commerce

..................

72,772

—

—

—

72,772

Citibank

NA

....................................

25,825,433

(

25,825,433

)

—

—

—

Citigroup

Global

Markets,

Inc.

........................

267,933

(

267,933

)

—

—

—

Commonwealth

Bank

of

Australia

.....................

404,775

(

2,494

)

—

—

402,281

Credit

Agricole

Corporate

&

Investment

Bank

SA

...........

460,582

(

460,582

)

—

—

—

Deutsche

Bank

AG

...............................

20,071,649

(

20,071,649

)

—

—

—

Goldman

Sachs

International

........................

33,590,338

(

33,590,338

)

—

—

—

HSBC

Bank

plc

..................................

5,881,117

(

5,881,117

)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

25,260,110

(

25,260,110

)

—

—

—

JPMorgan

Securities

LLC

...........................

612,024

(

45,685

)

(

549,812

)

—

16,527

Morgan

Stanley

&

Co.

International

plc

..................

26,367,620

(

24,408,449

)

(

1,959,171

)

—

—

Natwest

Markets

plc

..............................

480,433

(

480,433

)

—

—

—

Nomura

International

plc

...........................

507,603

(

507,603

)

—

—

—

Royal

Bank

of

Canada

.............................

782,269

(

782,269

)

—

—

—

Societe

Generale

SA

..............................

219,622

—

(

219,622

)

—

—

Standard

Chartered

Bank

...........................

843,272

(

843,272

)

—

—

—

State

Street

Bank

and

Trust

Co.

......................

2,577,304

(

1,469,440

)

—

—

1,107,864

Toronto

Dominion

Bank

............................

1,857,396

(

1,857,396

)

—

—

—

UBS

AG

......................................

2,127,364

(

2,127,364

)

—

—

—

Westpac

Banking

Corp.

............................

29,918

(

29,918

)

—

—

—

$

253,529,092

$

(

216,238,633

)

$

(

34,014,559

)

$

—

$

3,275,900

(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.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

169

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Consolidated

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Consolidated

Schedule

of

Investments

above.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Net

amount

may

be

offset

further

by

the

options

receivable/payable

on

the

Consolidated

Statements

of

Assets

and

Liabilities.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

Australia

.............................................

$

—

$

2,480,897

$

—

$

2,480,897

Bermuda

.............................................

—

39,727,237

—

39,727,237

Canada

.............................................

—

18,837,472

—

18,837,472

Cayman

Islands

........................................

—

2,508,095,964

1

2,508,095,965

France

..............................................

—

28,388,743

—

28,388,743

Germany

............................................

—

4,710,517

—

4,710,517

Ireland

..............................................

—

420,963,737

—

420,963,737

Italy

................................................

—

104,663,379

—

104,663,379

Jersey,

Channel

Islands

...................................

—

60,588,097

—

60,588,097

Luxembourg

..........................................

—

25,688,701

—

25,688,701

Netherlands

...........................................

—

20,487,171

—

20,487,171

Portugal

.............................................

—

543,833

—

543,833

Spain

...............................................

—

14,450,771

—

14,450,771

United

Kingdom

........................................

—

215,669,639

—

215,669,639

United

States

..........................................

—

2,300,561,540

68,504,592

2,369,066,132

Common

Stocks

Belgium

.............................................

—

1,444,167

—

1,444,167

Cambodia

............................................

—

541,256

—

541,256

Canada

.............................................

2,787,847

—

—

2,787,847

Chile

...............................................

—

1,326,516

—

1,326,516

China

...............................................

471,583

6,231,674

—

6,703,257

Czech

Republic

........................................

—

978,431

—

978,431

France

..............................................

86,369

826,728

—

913,097

Georgia

.............................................

—

486,256

—

486,256

Germany

............................................

84,571

35,982,066

—

36,066,637

Greece

..............................................

976,478

241,403

—

1,217,881

Hungary

.............................................

672,382

647,166

—

1,319,548

India

...............................................

2,870,400

19,640,599

—

22,510,999

Indonesia

............................................

510,180

3,636,080

—

4,146,260

Italy

................................................

—

8,572,564

—

8,572,564

Kazakhstan

...........................................

1,757,632

—

—

1,757,632

Malaysia

.............................................

—

1,592,014

—

1,592,014

Mexico

..............................................

662,780

—

—

662,780

Netherlands

...........................................

779,544

4,250,943

—

5,030,487

Philippines

...........................................

1,741,403

1,882,657

—

3,624,060

Poland

..............................................

—

1,887,393

—

1,887,393

Singapore

............................................

683,132

—

—

683,132

South

Korea

..........................................

244,214

—

—

244,214

Spain

...............................................

—

795,540

—

795,540

Sweden

.............................................

—

1,663,031

—

1,663,031

Switzerland

...........................................

—

1,927,915

—

1,927,915

Thailand

.............................................

1,490,122

537,178

—

2,027,300

United

Kingdom

........................................

7,332,343

2,368,151

52

9,700,546

United

States

..........................................

508,562,115

7,838,267

175,993,686

692,394,068

Corporate

Bonds

Argentina

............................................

—

4,667,215

—

4,667,215

Australia

.............................................

—

147,921,088

36,866,900

184,787,988

Austria

..............................................

—

49,792,338

—

49,792,338

Belgium

.............................................

—

112,729,674

—

112,729,674

Brazil

...............................................

—

125,565,413

—

125,565,413

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

170

Level

1

Level

2

Level

3

Total

Canada

.............................................

$

—

$

267,498,771

$

—

$

267,498,771

Chile

...............................................

—

46,177,188

—

46,177,188

China

...............................................

—

63,158,790

—

63,158,790

Colombia

............................................

—

54,755,311

—

54,755,311

Costa

Rica

...........................................

—

1,550,634

—

1,550,634

Cyprus

..............................................

—

10,775,853

—

10,775,853

Czech

Republic

........................................

—

15,385,328

—

15,385,328

Denmark

.............................................

—

98,077,876

—

98,077,876

Dominican

Republic

.....................................

—

6,346,330

—

6,346,330

Finland

..............................................

—

58,443,633

—

58,443,633

France

..............................................

—

1,138,498,174

16,105,517

1,154,603,691

Germany

............................................

—

1,137,637,044

22,722,007

1,160,359,051

Ghana

..............................................

—

2,899,396

—

2,899,396

Greece

..............................................

—

18,710,946

—

18,710,946

Guatemala

...........................................

—

7,109,215

—

7,109,215

Hong

Kong

...........................................

—

167,376,654

—

167,376,654

India

...............................................

—

293,308,543

—

293,308,543

Indonesia

............................................

—

100,128,423

—

100,128,423

Ireland

..............................................

—

52,681,204

—

52,681,204

Israel

...............................................

—

30,371,549

—

30,371,549

Italy

................................................

—

616,430,674

21,710,539

638,141,213

Jamaica

.............................................

—

8,259,376

—

8,259,376

Japan

...............................................

—

296,822,516

—

296,822,516

Jersey,

Channel

Islands

...................................

—

18,417,811

47,240,000

65,657,811

Kuwait

..............................................

—

10,828,719

—

10,828,719

Liechtenstein

..........................................

—

—

19,384,000

19,384,000

Luxembourg

..........................................

—

143,879,090

—

143,879,090

Macau

..............................................

—

83,994,886

—

83,994,886

Malaysia

.............................................

—

17,762,613

—

17,762,613

Mexico

..............................................

—

31,424,731

—

31,424,731

Netherlands

...........................................

—

303,389,891

—

303,389,891

New

Zealand

..........................................

—

8,394,225

—

8,394,225

Nigeria

..............................................

—

14,063,977

—

14,063,977

Norway

..............................................

—

14,280,743

—

14,280,743

Peru

................................................

—

6,423,627

—

6,423,627

Philippines

...........................................

—

46,314,369

—

46,314,369

Portugal

.............................................

—

62,426,311

—

62,426,311

Romania

.............................................

—

18,873,270

—

18,873,270

Saudi

Arabia

..........................................

—

19,594,434

—

19,594,434

Singapore

............................................

—

62,716,216

—

62,716,216

Slovenia

.............................................

—

23,911,630

—

23,911,630

South

Africa

...........................................

—

51,338,916

—

51,338,916

South

Korea

..........................................

—

196,684,938

—

196,684,938

Spain

...............................................

—

537,879,403

23,026,603

560,906,006

Sweden

.............................................

—

141,898,048

—

141,898,048

Switzerland

...........................................

—

419,673,235

—

419,673,235

Thailand

.............................................

—

56,200,497

—

56,200,497

Turkey

..............................................

—

13,962,077

—

13,962,077

Ukraine

.............................................

—

57,802,004

—

57,802,004

United

Arab

Emirates

....................................

—

51,817,817

—

51,817,817

United

Kingdom

........................................

—

1,442,022,873

6,420,929

1,448,443,802

United

States

..........................................

—

5,028,212,144

441,961,754

5,470,173,898

Vietnam

.............................................

—

1,764,000

—

1,764,000

Zambia

..............................................

—

6,589,282

—

6,589,282

Fixed

Rate

Loan

Interests

..................................

—

—

131,215,525

131,215,525

Floating

Rate

Loan

Interests

Australia

.............................................

—

989,208

—

989,208

Austria

..............................................

—

3,212,047

—

3,212,047

Belgium

.............................................

—

5,982,660

—

5,982,660

Canada

.............................................

—

3,281,009

—

3,281,009

Colombia

............................................

—

—

27,871,840

27,871,840

Finland

..............................................

—

10,164,309

—

10,164,309

France

..............................................

—

61,376,160

—

61,376,160

Germany

............................................

—

60,012,235

3,956,199

63,968,434

Fair

Value

Hierarchy

as

of Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

171

Level

1

Level

2

Level

3

Total

Ireland

..............................................

$

—

$

7,444,880

$

28,849,997

$

36,294,877

Jersey,

Channel

Islands

...................................

—

—

21,636,526

21,636,526

Luxembourg

..........................................

—

82,103,665

11,185,861

93,289,526

Netherlands

...........................................

—

68,226,133

—

68,226,133

Norway

..............................................

—

2,171,305

—

2,171,305

Spain

...............................................

—

52,242,831

59,351,926

111,594,757

Sweden

.............................................

—

10,774,470

—

10,774,470

United

Kingdom

........................................

—

80,728,536

92,095,549

172,824,085

United

States

..........................................

—

572,801,905

408,654,582

981,456,487

Foreign

Agency

Obligations

.................................

—

545,732,102

—

545,732,102

Foreign

Government

Obligations

..............................

—

3,987,740,781

—

3,987,740,781

Grantor

Trust

...........................................

3,004,320

—

—

3,004,320

Investment

Companies

....................................

335,790,060

—

24,357,860

360,147,920

Municipal

Bonds

.........................................

—

431,683,620

—

431,683,620

Non-Agency

Mortgage-Backed

Securities

Bermuda

.............................................

—

34,409,056

—

34,409,056

Cayman

Islands

........................................

—

18,864,224

—

18,864,224

Ireland

..............................................

—

72,662,446

—

72,662,446

Italy

................................................

—

29,165,094

—

29,165,094

Netherlands

...........................................

—

9,748,915

—

9,748,915

Switzerland

...........................................

—

8,103

—

8,103

United

Kingdom

........................................

—

424,360,439

—

424,360,439

United

States

..........................................

—

3,257,365,662

113,690,156

3,371,055,818

Preferred

Securities

Brazil

...............................................

—

—

11,459,188

11,459,188

China

...............................................

—

—

50,093,888

50,093,888

Germany

............................................

—

—

26,118

26,118

Israel

...............................................

—

—

13,970,988

13,970,988

Spain

...............................................

—

10,655,953

—

10,655,953

Sweden

.............................................

—

—

1

1

United

Kingdom

........................................

—

—

8,270,571

8,270,571

United

States

..........................................

—

128,032,553

269,949,714

397,982,267

U.S.

Government

Sponsored

Agency

Securities

....................

—

13,174,740,678

91,312

13,174,831,990

U.S.

Treasury

Obligations

...................................

—

868,023,284

—

868,023,284

Warrants

..............................................

162,992

8,557

33,579,855

33,751,404

Short-Term

Securities

Borrowed

Bond

Agreements

.................................

—

256,665,410

—

256,665,410

Commercial

Paper

.......................................

—

722,810,527

—

722,810,527

Foreign

Agency

Obligations

.................................

—

75,219,749

—

75,219,749

Foreign

Government

Obligations

..............................

—

179,880,598

—

179,880,598

Money

Market

Funds

......................................

1,271,907,678

—

—

1,271,907,678

Options

Purchased

Credit

contracts

..........................................

—

5,666,335

—

5,666,335

Equity

contracts

..........................................

8,015,515

1,345,101

—

9,360,616

Foreign

currency

exchange

contracts

...........................

—

29,039,085

—

29,039,085

Interest

rate

contracts

......................................

2,883,926

36,312,198

—

39,196,124

Unfunded

commitments

(a)

........................................

—

—

6,178,887

6,178,887

Liabilities

Investments

Borrowed

Bonds

.........................................

—

(

253,689,781

)

—

(

253,689,781

)

TBA

Sale

Commitments

....................................

—

(

5,768,593,612

)

—

(

5,768,593,612

)

Unfunded

Floating

Rate

Loan

Interests

(b)

..............................

—

—

(

62,690

)

(

62,690

)

$

2,153,477,586

$

38,996,145,056

$

2,196,360,433

$

43,345,983,075

Investments

valued

at

NAV

(c)

......................................

36,259,371

$

43,382,242,446

Derivative

Financial

Instruments

(d)

Assets

Commodity

contracts

.......................................

$

723,526

$

—

$

—

$

723,526

Credit

contracts

...........................................

—

16,440,128

—

16,440,128

Equity

contracts

...........................................

766,022

3,114,602

—

3,880,624

Foreign

currency

exchange

contracts

............................

—

124,238,680

—

124,238,680

Interest

rate

contracts

.......................................

32,032,417

413,195,289

—

445,227,706

Fair

Value

Hierarchy

as

of Period

End

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

172

Level

1

Level

2

Level

3

Total

Other

contracts

...........................................

$

—

$

332,520

$

—

$

332,520

Liabilities

Commodity

contracts

.......................................

(

264,029

)

—

—

(

264,029

)

Credit

contracts

...........................................

—

(

29,786,793

)

—

(

29,786,793

)

Equity

contracts

...........................................

(

5,431,251

)

(

347,304

)

—

(

5,778,555

)

Foreign

currency

exchange

contracts

............................

—

(

61,720,283

)

—

(

61,720,283

)

Interest

rate

contracts

.......................................

(

37,233,595

)

(

723,675,731

)

—

(

760,909,326

)

Other

contracts

...........................................

—

(

10,755

)

—

(

10,755

)

$

(

9,406,910

)

$

(

258,219,647

)

$

—

$

(

267,626,557

)

(a)

Unfunded

commitments

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(c)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(d)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

The

Fund

may

hold

assets

and/or

liabilities

in

which

the

fair

value

approximates

the

carrying

amount

or

face

value,

including

accrued

interest,

for

financial

statement

purposes.

As

of

period

end,

reverse

repurchase

agreements

of

$1,286,228

are

categorized

as

Level

2

within

the

fair

value

hierarchy.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Investment

Companies

Investments

Assets/Liabilities

Opening

balance,

as

of

December

31,

2023

...............................

$

130,976,062

$

77,139,022

$

540,614,614

$

88,154,978

$

727,543,256

$

16,854,730

Transfers

into

Level

3

.............................................

—

—

—

34,120,240

66,359,854

—

Transfers

out

of

Level

3

............................................

(

42,876,170

)

—

(

2,861,553

)

—

(

5,645,190

)

—

Other

(a)

.......................................................

5,614,989

—

(

5,614,989

)

—

—

—

Accrued

discounts/premiums

.........................................

(

2,321,367

)

—

2,511,494

105,452

930,225

—

Net

realized

gain

(loss)

............................................

26,061

(

1,255,439

)

(

1,493,982

)

69,915

815,692

—

Net

change

in

unrealized

appreciation

(depreciation)

(b)

(c)

.......................

(

1,525,444

)

(

1,831,065

)

(

9,854,735

)

(

97,054

)

(

9,450,349

)

2,713,479

Purchases

.....................................................

—

102,259,415

190,209,670

36,661,597

85,585,476

4,789,651

Sales

........................................................

(

21,389,538

)

(

318,195

)

(

78,072,270

)

(

27,799,603

)

(

212,536,484

)

—

Closing

balance,

as

of

June

30,

2024

...................................

$

68,504,593

$

175,993,738

$

635,438,249

$

131,215,525

$

653,602,480

$

24,357,860

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2024

(c)

.....................................................

$

330,960

$

(

3,404,684

)

$

(

5,263,287

)

$

(

97,054

)

$

(

10,111,569

)

$

2,713,479

Non-Agency

Mortgage-

Backed

Securities

Preferred

Securities

Unfunded

Commitments

Unfunded

Floating

Rate

Loan

Interests

U.S.

Government

Sponsored

Agency

Securities

Warrants

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

December

31,

2023

...................

$

140,558,506

$

298,734,094

$

7,197,193

$

2,087,315

$

—

$

10,297,993

$

2,040,157,763

Transfers

into

Level

3

.................................

—

15,957,567

—

—

—

940,426

117,378,087

Transfers

out

of

Level

3

................................

(

2,527,155

)

(

719,742

)

—

—

—

(

40,407

)

(

54,670,217

)

Accrued

discounts/premiums

.............................

694,125

—

—

—

—

—

1,919,929

Net

realized

gain

(loss)

................................

105,014

276

—

—

—

—

(

1,732,463

)

Net

change

in

unrealized

appreciation

(depreciation)

(b)

(c)

...........

2,514,113

(

23,269,861

)

(

1,018,306

)

(

2,150,005

)

(

2,824

)

19,232,541

(

24,739,510

)

Purchases

.........................................

28,885

85,321,000

—

—

94,136

3,149,302

508,099,132

Sales

............................................

(

27,683,332

)

(

22,252,866

)

—

—

—

—

(

390,052,288

)

Closing

balance,

as

of

June

30,

2024

.......................

$

113,690,156

$

353,770,468

$

6,178,887

$

(

62,690

)

$

91,312

$

33,579,855

$

2,196,360,433

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2024

(c)

..............................

$

2,514,113

$

(

40,171,581

)

$

(

1,018,306

)

$

(

2,150,005

)

$

(

2,824

)

$

19,870,693

$

(

36,790,065

)

(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

Consolidated

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,

2024

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2024

BlackRock

Strategic

Income

Opportunities

Portfolio

Consolidated

Schedules

of

Investments

173

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

$352,689,610.

(a)

A

significant

change

in

unobservable

input

would

have

resulted

in

a

correlated

(inverse)

significant

change

to

value.

(b)

The

fund

valued

certain

of

its

Level

3

Direct

Investments

using

recent

transactions

as

the

best

approximation

of

fair

value.

The

value

of

Level

3

investments

obtained

using

recent

prior

transaction

prices,

for

which

inputs

are

unobservable,

is

$20,264,000

as

of

June

30,

2024.

See

notes

to

consolidated

financial

statements.

Value

Valuation

Approach

Unobservable

Inputs

Range

of

Unobservable

Inputs

Utilized

(a)

Weighted

Average

of

Unobservable

Inputs

Based

on

Fair

Value

Assets

Asset-Backed

Securities

........................

$

39,105,325

Income

Discount

Rate

9%

—

Common

Stocks

.............................

175,993,598

Market

Revenue

Multiple

1.63x

–

17.50x

7.04x

Volatility

75%

–

80%

80%

Time

to

Exit

3.0

–

5.1

years

3.0

years

EBIDTA

Multiple

12.80x

—

Income

Discount

Rate

14%

–

16%

15%

Corporate

Bonds

.............................

590,583,396

Income

Discount

Rate

5%

–

30%

12%

Market

Revenue

Multiple

4.00x

—

Volatility

50%

—

Fixed

Rate

Loan

Interests

........................

75,759,551

Income

Discount

Rate

7%

–

12%

8%

Floating

Rate

Loan

Interests

......................

565,368,793

Income

Discount

Rate

7%

–

14%

10%

Estimated

Recovery

Value

9%

–

44%

41%

Market

EBITDA

Multiple

15.00x

—

Non-Agency

Mortgage-Backed

Securities

..............

22,448,575

Income

Discount

Rate

10%

—

Preferred

Stocks

(b)

............................

353,770,467

Market

Revenue

Multiple

0.22x

–

17.50x

6.21x

Volatility

35%

–

95%

69%

Time

to

Exit

0.5

–

5.0

years

2.6

years

Gross

Profit

Multiple

16.75x

—

EBIDTAR

Multiple

11.15x

—

EBIDTA

Multiple

7.00x

–

12.40x

11.89x

Market

Adjustment

Multiple

1.40x

—

Income

Discount

Rate

11%

–

16%

13%

Warrants

..................................

20,641,118

Market

Revenue

Multiple

4.00x

–

10.50x

7.44x

Volatility

38%

–

80%

64%

Time

to

Exit

0.5

–

5.1

years

2.8

years

Income

Discount

Rate

6%

–

19%

18%

$

1,843,670,823

Consolidated

Statements

of

Assets

and

Liabilities

(unaudited)

June

30,

2024

2024

BlackRock

Semi-Annual

Financial

Statements

174

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

2,199,721,181‌

$

48,005,211,416‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

9,690,707‌

1,393,198,226‌

Cash

..............................................................................................

6,148,095‌

25,149,163‌

Cash

pledged:

Collateral

—

borrowed

bond

agreements

......................................................................

—‌

255,182‌

Collateral

—

OTC

derivatives

.............................................................................

—‌

17,911,000‌

Futures

contracts

.....................................................................................

2,832,820‌

249,446,000‌

Centrally

cleared

swaps

.................................................................................

7,870,000‌

324,972,000‌

Foreign

currency,

at

value

(d)

................................................................................

3,175,934‌

385,302,561‌

Receivables:

–‌

–‌

Investment

s

sold

.....................................................................................

21,422,586‌

541,223,602‌

Options

written

.......................................................................................

5,569‌

986,027‌

Securities

lending

income

—

affiliated

.......................................................................

—‌

48,714‌

TBA

sale

commitments

.................................................................................

—‌

5,783,939,783‌

Capital

shares

sold

....................................................................................

4,466,935‌

50,926,081‌

Dividends

—

unaffiliated

................................................................................

16,600‌

378,538‌

Dividends

—

affiliated

..................................................................................

28,337‌

4,025,609‌

Interest

—

unaffiliated

..................................................................................

8,638,009‌

372,659,550‌

From

the

Manager

....................................................................................

169,450‌

—‌

Due

from

broker

......................................................................................

2,250,000‌

—‌

Variation

margin

on

futures

contracts

........................................................................

584,173‌

35,318,572‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

136,121‌

156,138‌

Swap

premiums

paid

....................................................................................

—‌

82,931,110‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

697,315‌

124,218,571‌

OTC

swaps

.........................................................................................

—‌

19,484,505‌

Unfunded

commitments

.................................................................................

—‌

6,178,887‌

Prepaid

e

xpenses

......................................................................................

111,980‌

740,022‌

Total

a

ssets

..........................................................................................

2,267,965,812‌

57,424,661,257‌

LIABILITIES

Cash

received:

Collateral

—

reverse

repurchase

agreements

...................................................................

—‌

1,239,005‌

Collateral

—

OTC

derivatives

.............................................................................

580,000‌

38,556,764‌

Collateral

—

TBA

commitments

............................................................................

281,000‌

121,366,512‌

Borrowed

bonds,

at

value

(e)

................................................................................

—‌

253,689,781‌

Collateral

on

securities

loaned

..............................................................................

—‌

114,775,261‌

Options

written,

at

value

(f)

.................................................................................

1,776,555‌

142,013,705‌

TBA

sale

commitments,

at

value

(g)

...........................................................................

—‌

5,768,593,612‌

Reverse

repurchase

agreements,

at

value

......................................................................

229,758,793‌

1,286,228‌

Consolidated

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2024

175

Consolidated

Statements

of

Assets

and

Liabilities

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

Payables:

–‌

–‌

Investments

purchased

.................................................................................

84,047,862‌

12,828,998,692‌

Swaps  

...........................................................................................

—‌

4,162,443‌

Bank

borrowings

.....................................................................................

—‌

87,054,071‌

Accounting

services

fees

................................................................................

93,059‌

932,357‌

Dividends

on

short

sales

................................................................................

—‌

204,193‌

Administration

fees

....................................................................................

63,172‌

1,588,628‌

Capital

shares

redeemed

................................................................................

8,678,450‌

74,508,443‌

Custodian

fees

.......................................................................................

13,231‌

806,395‌

Deferred

capital

gain

tax

................................................................................

—‌

990,351‌

Income

dividend

distributions

.............................................................................

1,556,907‌

14,548,266‌

Interest

expense

.....................................................................................

—‌

2,206,448‌

Investment

advisory

fees

................................................................................

352,757‌

13,915,911‌

Trustees'

and

Officer's

fees

..............................................................................

—‌

527,097‌

Other

affiliate

fees

....................................................................................

826‌

55,562‌

Professional

fees

.....................................................................................

37,144‌

297,312‌

Registration

fees

.....................................................................................

3,440‌

—‌

Service

and

distribution

fees

..............................................................................

89,720‌

295,038‌

Transfer

agent

fees

...................................................................................

695,167‌

6,938,644‌

Other

accrued

expenses

................................................................................

73,837‌

617,706‌

Variation

margin

on

futures

contracts

........................................................................

—‌

5,710,919‌

Swap

premiums

received

.................................................................................

—‌

30,838,391‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

43,718‌

43,579,277‌

OTC

swaps

.........................................................................................

—‌

43,676,199‌

Unfunded

floating

rate

loan

interests

........................................................................

—‌

62,690‌

Total

li

abilities

.........................................................................................

328,145,638‌

19,604,035,901‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

1,939,820,174‌

$

37,820,625,356‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

2,392,669,462‌

$

41,559,769,039‌

Accumulated

loss

......................................................................................

(

452,849,288‌

)

(

3,739,143,683‌

)

NET

ASSETS

.........................................................................................

$

1,939,820,174‌

$

37,820,625,356‌

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

2,333,963,064‌

$

48,918,848,468‌

(b)

  Securities

loaned,

at

value

........................................................................

$

—‌

$

112,134,772‌

(c)

  Investments,

at

cost

—

affiliated

.....................................................................

$

10,134,482‌

$

1,393,780,643‌

(d)

  Foreign

currency,

at

cost

.........................................................................

$

3,246,466‌

$

391,233,111‌

(e)

  Proceeds

received

from

borrowed

bonds

...............................................................

$

—‌

$

287,103,195‌

(f)

  Premiums

received

.............................................................................

$

2,499,214‌

$

154,886,883‌

(g)

  Proceeds

received

from

TBA

sale

commitments

...........................................................

$

—‌

$

5,783,939,783‌

Consolidated

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2024

2024

BlackRock

Semi-Annual

Financial

Statements

176

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................

$

1,092,934,846‌

$

24,312,484,545‌

Shares

outstanding

...................................................................................

113,431,580‌

2,596,920,037‌

Net

asset

value

.....................................................................................

$

9.64‌

$

9.36‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Investor

A

Net

assets

.........................................................................................

$

298,994,483‌

$

916,932,049‌

Shares

outstanding

...................................................................................

31,954,295‌

97,983,619‌

Net

asset

value

.....................................................................................

$

9.36‌

$

9.36‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Investor

C

Net

assets

.........................................................................................

$

20,772,084‌

$

85,181,662‌

Shares

outstanding

...................................................................................

2,333,444‌

9,105,013‌

Net

asset

value

.....................................................................................

$

8.90‌

$

9.36‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Class

K

Net

assets

.........................................................................................

$

527,118,761‌

$

12,506,027,100‌

Shares

outstanding

...................................................................................

55,544,300‌

1,334,813,846‌

Net

asset

value

.....................................................................................

$

9.49‌

$

9.37‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Consolidated

Statements

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2024

177

Consolidated

Statements

of

Operations

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

27,968‌

$

6,497,548‌

Dividends

—

affiliated

..................................................................................

152,658‌

44,577,515‌

Interest

—

unaffiliated

..................................................................................

58,631,309‌

1,067,052,473‌

Securities

lending

income

—

affiliated

—

net

..................................................................

—‌

466,535‌

Foreign

taxes

withheld

.................................................................................

—‌

(

5,357,180‌

)

Total

investment

income

..................................................................................

58,811,935‌

1,113,236,891‌

EXPENSES

Investment

advisory

...................................................................................

2,475,643‌

83,300,226‌

Transfer

agent

—

class

specific

...........................................................................

1,425,795‌

11,354,333‌

Service

and

distribution

—

class

specific

.....................................................................

503,614‌

1,640,070‌

Administration

......................................................................................

397,111‌

5,762,929‌

Administration

—

class

specific

...........................................................................

202,159‌

3,672,053‌

Accounting

services

...................................................................................

86,476‌

881,145‌

Professional

........................................................................................

60,628‌

716,948‌

Custodian

..........................................................................................

40,509‌

1,511,716‌

Registration

........................................................................................

33,455‌

532,207‌

Printing

and

postage

..................................................................................

25,350‌

53,220‌

Trustees

and

Officer

...................................................................................

18,565‌

284,353‌

Miscellaneous

.......................................................................................

15,559‌

544,686‌

Total

expenses

excluding

dividend

expense

and

interest

expense

......................................................

5,284,864‌

110,253,886‌

Dividend

expense

—

unaffiliated

...........................................................................

—‌

8,577‌

Interest

expense

.....................................................................................

7,696,075‌

16,773,835‌

Total

e

xpenses

........................................................................................

12,980,939‌

127,036,298‌

Less:

–‌

–‌

Administration

fees

waived

by

the

Manager

—

class

specific

........................................................

(

202,159‌

)

—‌

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(

238,953‌

)

(

1,101,097‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

...........................................

(

1,058,450‌

)

—‌

Total

ex

penses

after

fees

waived

and/or

reimbursed

...............................................................

11,481,377‌

125,935,201‌

Net

investment

income

...................................................................................

47,330,558‌

987,301,690‌

Consolidated

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

June

30,

2024

2024

BlackRock

Semi-Annual

Financial

Statements

178

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(

28,044,215‌

)

$

(

387,289,738‌

)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(a)

...........................................................................

$

(

58,148,252‌

)

$

(

163,816,634‌

)

Investments

—

affiliated

..............................................................................

—‌

9,183,616‌

Borrowed

bonds

...................................................................................

—‌

3,318,669‌

Forward

foreign

currency

exchange

contracts

................................................................

1,556,005‌

213,500,956‌

Foreign

currency

transactions

..........................................................................

28,243‌

2,133,867‌

Futures

contracts

...................................................................................

5,027,909‌

51,774,319‌

Options

written

....................................................................................

2,941,721‌

111,805,832‌

Payment

by

affiliate

.................................................................................

—‌

9,825‌

Short

sales

—

affiliated

...............................................................................

—‌

(

2,362,668‌

)

Short

sales

—

unaffiliated

.............................................................................

—‌

(

336,815‌

)

Swaps  

.........................................................................................

(

1,983,143‌

)

(

76,930,702‌

)

(50,577,517‌)

148,280,265‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(b)

...........................................................................

8,426,097‌

(

584,350,526‌

)

Investments

—

affiliated

..............................................................................

112,246‌

(

18,926,726‌

)

Borrowed

bonds

...................................................................................

—‌

12,001,430‌

Forward

foreign

currency

exchange

contracts

................................................................

712,569‌

201,024,426‌

Foreign

currency

translations

...........................................................................

(

114,457‌

)

1,336,335‌

Futures

contracts

...................................................................................

9,980,400‌

205,206,008‌

Options

written

....................................................................................

1,356,346‌

5,963,784‌

Short

sales

—

unaffiliated

.............................................................................

—‌

115,848‌

Swaps  

.........................................................................................

2,060,101‌

(

354,772,272‌

)

Unfunded

floating

rate

loan

interests

......................................................................

—‌

(

2,150,005‌

)

Unfunded

commitments

..............................................................................

—‌

(

1,018,306‌

)

22,533,302‌

(535,570,004‌)

Net

realized

and

unrealized

loss

.............................................................................

(28,044,215‌)

(387,289,739‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

19,286,343‌

$

600,011,951‌

(a)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

................................................

$

—‌

$

(

8,176‌

)

(b)

  Net

of

increase

in

deferred

capital

gain

tax

of

..................................................................

$

—‌

$

(

913,755‌

)

Consolidated

Statements

of

Changes

in

Net

Assets

179

Consolidated

Statements

of

Changes

in

Net

Assets

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

BlackRock

Strategic

Income

Opportunities

Portfolio

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

47,330,558‌

$

81,493,846‌

$

987,301,690‌

$

1,787,607,361‌

Net

realized

gain

(loss)

............................................

(

50,577,517‌

)

(

155,194,672‌

)

148,280,265‌

(

1,266,229,120‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

22,533,302‌

158,253,913‌

(

535,570,004‌

)

2,030,547,848‌

Net

increase

in

net

assets

resulting

from

operations

...........................

19,286,343‌

84,553,087‌

600,011,951‌

2,551,926,089‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

From

net

investment

income:

Institutional

...................................................

(

26,723,562‌

)

(

45,875,910‌

)

(

564,112,649‌

)

(

1,046,868,306‌

)

Investor

A

....................................................

(

7,089,032‌

)

(

12,622,429‌

)

(

21,227,182‌

)

(

40,071,450‌

)

Investor

C

....................................................

(

458,344‌

)

(

906,231‌

)

(

1,669,671‌

)

(

3,603,287‌

)

Class

K

......................................................

(

13,125,975‌

)

(

20,902,312‌

)

(

283,187,327‌

)

(

414,830,127‌

)

Return

of

capital:

–

–

–

–

Institutional

...................................................

—‌

(

1,539,532‌

)

—‌

(

108,729,520‌

)

Investor

A

....................................................

—‌

(

445,999‌

)

—‌

(

4,161,889‌

)

Investor

C

....................................................

—‌

(

38,373‌

)

—‌

(

374,243‌

)

Class

K

......................................................

—‌

(

699,669‌

)

—‌

(

43,084,961‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(47,396,913‌)

(83,030,455‌)

(870,196,829‌)

(1,661,723,783‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(172,584,896‌)

(545,679,117‌)

1,983,982,467‌

(2,542,917,341‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(

200,695,466‌

)

(

544,156,485‌

)

1,713,797,589‌

(

1,652,715,035‌

)

Beginning

of

period

................................................

2,140,515,640‌

2,684,672,125‌

36,106,827,767‌

37,759,542,802‌

End

of

period

....................................................

$

1,939,820,174‌

$

2,140,515,640‌

$

37,820,625,356‌

$

36,106,827,767‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Consolidated

Statements

of

Cash

Flows

(unaudited)

Six

Months

Ended

June

30,

2024

2024

BlackRock

Semi-Annual

Financial

Statements

180

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

CASH

PROVIDED

BY

OPERATING

ACTIVITIES

–

Net

increase

in

net

assets

resulting

from

operations

...............................................................................

$

19,286,343‌

Adjustments

to

reconcile

net

increase

in

net

assets

resulting

from

operations

to

net

cash

provided

by

operating

activities:

—‌

Proceeds

from

sales

of

long-term

investments

.................................................................................

3,793,309,111‌

Purchases

of

long-term

investments

.......................................................................................

(

3,608,436,129‌

)

Net

proceeds

from

sales

of

short-term

securities

...............................................................................

13,517,112‌

Amortization

of

premium

and

accretion

of

discount

on

investments

...................................................................

(

44,104,369‌

)

Premiums

received

from

options

written

.....................................................................................

11,173,613‌

Premiums

paid

on

closing

options

written

....................................................................................

(

12,664,298‌

)

Net

realized

(gain)

loss

on

investments

and

options

written

........................................................................

55,206,531‌

Net

unrealized

(appreciation)

depreciation

on

investments

,

options

written

,

swaps

,

forward

foreign

currency

exchange

contracts

and

foreign

currency

translations

...

(

10,492,801‌

)

(Increase)

Decrease

in

Assets:

Receivables:

—‌

Dividends

—

affiliated

...............................................................................................

2,406‌

Interest

—

unaffiliated

...............................................................................................

389,618‌

From

the

Manager

..................................................................................................

11,585‌

Options

written

....................................................................................................

(

5,569‌

)

Variation

margin

on

futures

contracts

.....................................................................................

(

247,521‌

)

Variation

margin

on

centrally

cleared

swaps

.................................................................................

(

136,121‌

)

Prepaid

expenses

....................................................................................................

(

17,889‌

)

Increase

(Decrease)

in

Liabilities:

—‌

Cash

received:

—‌

Collateral

—

OTC

derivatives

..........................................................................................

580,000‌

Collateral

—

TBA

commitments

.........................................................................................

(

1,479,000‌

)

Payables:

—‌

Administration

fees

.................................................................................................

(

8,173‌

)

Service

and

distribution

fees

...........................................................................................

(

16,032‌

)

Interest

expense  

..................................................................................................

(

1,034,391‌

)

Interest

expense

and

fees

............................................................................................

(

36,949‌

)

Investment

advisory

fees

.............................................................................................

(

53,083‌

)

Trustees'

and

Officer's

fees

............................................................................................

(

5,907‌

)

Other

affiliates

....................................................................................................

826‌

Professional

fees

..................................................................................................

(

13,878‌

)

Variation

margin

on

futures

contracts

.....................................................................................

(

442,096‌

)

Variation

margin

on

centrally

cleared

swaps

.................................................................................

(

83,282‌

)

Other

accrued

expenses

.............................................................................................

(

88,339‌

)

Net

cash

provided

by

operating

activities

......................................................................................

214,111,318‌

CASH

USED

FOR

FINANCING

ACTIVITIES

Cash

dividends

paid

to

shareholders

.........................................................................................

556,849‌

Payments

on

redemption

of

capital

shares

.....................................................................................

(

471,888,175‌

)

Proceeds

from

issuance

of

capital

shares

.....................................................................................

251,484,276‌

Net

borrowing

of

reverse

repurchase

agreements

................................................................................

(

4,873,619‌

)

Net

cash

used

for

financing

activities

.........................................................................................

(

224,720,669‌

)

CASH

IMPACT

FROM

FOREIGN

EXCHANGE

FLUCTUATIONS

Cash

impact

from

foreign

exchange

fluctuations

.................................................................................

(

58,461‌

)

CASH

AND

FOREIGN

CURRENCY

Net

decrease

in

restricted

and

unrestricted

cash

and

foreign

currency

..................................................................

(

10,667,812‌

)

Restricted

and

unrestricted

cash

and

foreign

currency

at

beginning

of

period

..............................................................

32,944,661‌

Restricted

and

unrestricted

cash

and

foreign

currency

at

end

of

period

..................................................................

$

22,276,849‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

Cash

paid

during

the

period

for

interest

expense

.................................................................................

$

(

7,659,125‌

)

NON-CASH

FINANCING

ACTIVITIES

Capital

shares

issued

in

reinvestment

of

dividends

and

distributions

paid

to

shareholders

.....................................................

$

46,466,256‌

Consolidated

Statements

of

Cash

Flows

(unaudited)

(continued)

Six

Months

Ended

June

30,

2024

181

Consolidated

Statements

of

Cash

Flows

BlackRock

Inflation

Protected

Bond

Portfolio

RECONCILIATION

OF

RESTRICTED

AND

UNRESTRICTED

CASH  AND

FOREIGN

CURRENCY

AT

THE

END

OF

PERIOD

TO

THE

CONSOLIDATED

STATEMENT

OF

ASSETS

AND

LIABILITIES:

22,276,849

Cash

...........................................................................................................

$

6,148,095

Due

from

broker

....................................................................................................

2,250,000

Cash

pledged:

—

Futures

contracts

.................................................................................................

2,832,820

Centrally

cleared

swaps

.............................................................................................

7,870,000

Foreign

currency,

at

value

.............................................................................................

3,175,934

$

22,276,849

Consolidated

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

182

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.69%,

0.56%

and

0.34%,

respectively.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.52%,

0.35%

and

0.34%,

respectively.

(i)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

Institutional

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

period

...........

$

9.77

‌

$

9.76

‌

$

11.82

‌

$

11.91

‌

$

10.82

‌

$

10.23

‌

Net

investment

income

(a)

...................

0

.23

‌

0

.33

‌

0

.76

‌

0

.59

‌

0

.16

‌

0

.22

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.13

)

0

.02

‌

(

2

.06

)

0

.08

‌

1

.11

‌

0

.62

‌

Net

increase

(decrease)

from

investment

operations

..

0.10

‌

0.35

‌

(1.30

)

0.67

‌

1.27

‌

0.84

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.23

)

(

0

.33

)

(

0

.66

)

(

0

.58

)

(

0

.18

)

(

0

.25

)

From

net

realized

gain

.....................

—

‌

—

‌

(

0

.10

)

(

0

.18

)

—

‌

—

‌

Return

of

capital

.........................

—

‌

(

0

.01

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

..........................

(0.23

)

(0.34

)

(0.76

)

(0.76

)

(0.18

)

(0.25

)

Net

asset

value,

end

of

period

................

$

9.64

‌

$

9.77

‌

$

9.76

‌

$

11.82

‌

$

11.91

‌

$

10.82

‌

Total

Return

(c)

Based

on

net

asset

value

....................

1.05

%

(d)

3.63

%

(11.40

)%

5.75

%

11.75

%

8.26

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

1.27

%

(f)

1.01

%

0.75

%

(g)

0.56

%

(h)

0.61

%

0.80

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

1.10

%

(f)

0.85

%

0.62

%

(g)

0.39

%

(h)

0.43

%

0.65

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.................

0.34

%

(f)

0.35

%

0.40

%

(g)

0.38

%

(h)

0.34

%

0.34

%

Net

investment

income

.....................

4.72

%

(f)

3.39

%

7.14

%

4.92

%

1.39

%

2.12

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

1,092,935

‌

$

1,200,730

‌

$

1,524,659

‌

$

2,093,224

‌

$

1,260,218

‌

$

1,343,773

‌

Portfolio

turnover

rate

(i)

......................

140

%

197

%

293

%

246

%

330

%

252

%

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...............................

110%

145%

235%

246%

319%

220%

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

183

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.99%,

0.80%

and

0.59%,

respectively.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.77%,

0.60%

and

0.59%,

respectively.

(i)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

Investor

A

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

period

...........

$

9.49

‌

$

9.48

‌

$

11.50

‌

$

11.60

‌

$

10.55

‌

$

9.99

‌

Net

investment

income

(a)

...................

0

.21

‌

0

.30

‌

0

.70

‌

0

.55

‌

0

.13

‌

0

.20

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.12

)

0

.02

‌

(

2

.00

)

0

.07

‌

1

.08

‌

0

.59

‌

Net

increase

(decrease)

from

investment

operations

..

0.09

‌

0.32

‌

(1.30

)

0.62

‌

1.21

‌

0.79

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.22

)

(

0

.30

)

(

0

.62

)

(

0

.54

)

(

0

.16

)

(

0

.23

)

From

net

realized

gain

.....................

—

‌

—

‌

(

0

.10

)

(

0

.18

)

—

‌

—

‌

Return

of

capital

.........................

—

‌

(

0

.01

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

..........................

(0.22

)

(0.31

)

(0.72

)

(0.72

)

(0.16

)

(0.23

)

Net

asset

value,

end

of

period

................

$

9.36

‌

$

9.49

‌

$

9.48

‌

$

11.50

‌

$

11.60

‌

$

10.55

‌

Total

Return

(c)

Based

on

net

asset

value

....................

0.94

%

(d)

3.45

%

(11.71

)%

5.45

%

11.53

%

7.94

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

1.57

%

(f)

1.27

%

1.05

%

(g)

0.80

%

(h)

0.93

%

1.27

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

1.35

%

(f)

1.10

%

0.86

%

(g)

0.63

%

(h)

0.68

%

0.90

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.................

0.59

%

(f)

0.60

%

0.65

%

(g)

0.62

%

(h)

0.59

%

0.59

%

Net

investment

income

.....................

4.44

%

(f)

3.17

%

6.80

%

4.73

%

1.18

%

1.89

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

298,994

‌

$

334,368

‌

$

441,529

‌

$

478,357

‌

$

457,665

‌

$

359,449

‌

Portfolio

turnover

rate

(i)

......................

140

%

197

%

293

%

246

%

330

%

252

%

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...............................

110%

145%

235%

246%

319%

220%

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

184

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

1.64%,

1.55%

and

1.34%,

respectively.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

1.47%,

1.35%

and

1.34%,

respectively.

(i)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

Investor

C

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

period

...........

$

9.04

‌

$

9.06

‌

$

11.01

‌

$

11.12

‌

$

10.17

‌

$

9.66

‌

Net

investment

income

(a)

...................

0

.16

‌

0

.22

‌

0

.61

‌

0

.44

‌

0

.01

‌

0

.10

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.11

)

0

.01

‌

(

1

.93

)

0

.08

‌

1

.07

‌

0

.59

‌

Net

increase

(decrease)

from

investment

operations

..

0.05

‌

0.23

‌

(1.32

)

0.52

‌

1.08

‌

0.69

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.19

)

(

0

.24

)

(

0

.53

)

(

0

.45

)

(

0

.13

)

(

0

.18

)

From

net

realized

gain

.....................

—

‌

—

‌

(

0

.10

)

(

0

.18

)

—

‌

—

‌

Return

of

capital

.........................

—

‌

(

0

.01

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

..........................

(0.19

)

(0.25

)

(0.63

)

(0.63

)

(0.13

)

(0.18

)

Net

asset

value,

end

of

period

................

$

8.90

‌

$

9.04

‌

$

9.06

‌

$

11.01

‌

$

11.12

‌

$

10.17

‌

Total

Return

(c)

Based

on

net

asset

value

....................

0.54

%

(d)

2.56

%

(12.35

)%

4.73

%

10.64

%

7.17

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

2.19

%

(f)

1.93

%

1.70

%

(g)

1.51

%

(h)

1.57

%

1.83

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

2.10

%

(f)

1.85

%

1.61

%

(g)

1.39

%

(h)

1.43

%

1.65

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.................

1.34

%

(f)

1.35

%

1.40

%

(g)

1.38

%

(h)

1.34

%

1.34

%

Net

investment

income

.....................

3.55

%

(f)

2.40

%

6.15

%

3.95

%

0.06

%

1.04

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

20,772

‌

$

26,278

‌

$

40,543

‌

$

50,488

‌

$

29,358

‌

$

62,226

‌

Portfolio

turnover

rate

(i)

......................

140

%

197

%

293

%

246

%

330

%

252

%

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...............................

110%

145%

235%

246%

319%

220%

Consolidated

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

185

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.55%,

0.50%

and

0.29%,

respectively.

(h)

Includes

non-recurring

expenses

of

proxy costs.

Without

these

costs,

total

expenses,

total

expenses

after

fees

waived

and/or

reimbursed,

and

total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense would

have

been

0.34%,

0.29%

and

0.29%,

respectively.

(i)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

consolidated

financial

statements.

BlackRock

Inflation

Protected

Bond

Portfolio

Class

K

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

period

...........

$

9.62

‌

$

9.61

‌

$

11.64

‌

$

11.73

‌

$

10.65

‌

$

10.07

‌

Net

investment

income

(a)

...................

0

.23

‌

0

.33

‌

0

.73

‌

0

.59

‌

0

.17

‌

0

.22

‌

Net

realized

and

unrealized

gain

(loss)

..........

(

0

.13

)

0

.02

‌

(

2

.01

)

0

.08

‌

1

.09

‌

0

.61

‌

Net

increase

(decrease)

from

investment

operations

..

0.10

‌

0.35

‌

(1.28

)

0.67

‌

1.26

‌

0.83

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.23

)

(

0

.33

)

(

0

.65

)

(

0

.58

)

(

0

.18

)

(

0

.25

)

From

net

realized

gain

.....................

—

‌

—

‌

(

0

.10

)

(

0

.18

)

—

‌

—

‌

Return

of

capital

.........................

—

‌

(

0

.01

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

..........................

(0.23

)

(0.34

)

(0.75

)

(0.76

)

(0.18

)

(0.25

)

Net

asset

value,

end

of

period

................

$

9.49

‌

$

9.62

‌

$

9.61

‌

$

11.64

‌

$

11.73

‌

$

10.65

‌

Total

Return

(c)

Based

on

net

asset

value

....................

1.05

%

(d)

3.67

%

(11.38

)%

5.80

%

11.85

%

8.28

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...........................

1.10

%

(f)

0.85

%

0.61

%

(g)

0.38

%

(h)

0.43

%

0.65

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

1.05

%

(f)

0.80

%

0.56

%

(g)

0.33

%

(h)

0.38

%

0.60

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.................

0.29

%

(f)

0.30

%

0.35

%

(g)

0.33

%

(h)

0.29

%

0.29

%

Net

investment

income

.....................

4.78

%

(f)

3.43

%

7.06

%

5.03

%

1.48

%

2.14

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

527,119

‌

$

579,140

‌

$

677,942

‌

$

717,937

‌

$

460,370

‌

$

340,162

‌

Portfolio

turnover

rate

(i)

......................

140

%

197

%

293

%

246

%

330

%

252

%

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...............................

110%

145%

235%

246%

319%

220%

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

186

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(j)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

consolidated

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

Institutional

Six

Months

Ended

06/30/24

(unaudited)

(a)

Year

Ended

12/31/23

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

period

.........

$

9.43

‌

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

Net

investment

income

(b)

.................

0

.25

‌

0

.45

‌

0

.29

‌

0

.23

‌

0

.26

‌

0

.34

‌

Net

realized

and

unrealized

gain

(loss)

........

(

0

.10

)

0

.20

‌

(

0

.86

)

(

0

.13

)

0

.44

‌

0

.38

‌

Net

increase

(decrease)

from

investment

operations

0.15

‌

0.65

‌

(0.57

)

0.10

‌

0.70

‌

0.72

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

..............

(

0

.22

)

(

0

.38

)

(

0

.34

)

(

0

.22

)

(

0

.30

)

(

0

.35

)

From

net

realized

gain

...................

—

‌

—

‌

(

0

.04

)

(

0

.10

)

—

‌

—

‌

Return

of

capital

.......................

—

‌

(

0

.04

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

........................

(0.22

)

(0.42

)

(0.38

)

(0.32

)

(0.30

)

(0.35

)

Net

asset

value,

end

of

period

..............

$

9.36

‌

$

9.43

‌

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

Total

Return

(d)

Based

on

net

asset

value

..................

1.61

%

(e)

(f)

7.26

%

(5.64

)%

(f)

0.96

%

7.21

%

7.62

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.........................

0.71

%

(h)

0.76

%

0.70

%

0.68

%

0.73

%

0.74

%

Total

expenses

after

fees

waived

and/or

reimbursed

0.71

%

(h)

0.75

%

0.69

%

0.68

%

0.72

%

0.74

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense

and

professional

fees

for

foreign

withholding

taxes

0.61

%

(h)

0.62

%

0.60

%

0.61

%

0.60

%

0.61

%

Net

investment

income

...................

5.36

%

(h)

4.89

%

3.02

%

2.23

%

2.62

%

3.49

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..............

$

24,312,485

‌

$

23,850,574

‌

$

27,215,944

‌

$

33,577,122

‌

$

25,026,882

‌

$

23,223,183

‌

Portfolio

turnover

rate

(i)

....................

627

%

(j)

1,005

%

(j)

894

%

1,155

%

1,515

%

1,805

%

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...............................

377%

728%

673%

755%

1,030%

1,307%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

187

Financial

Highlights

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(j)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

consolidated

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

Investor

A

Six

Months

Ended

06/30/24

(unaudited)

(a)

Year

Ended

12/31/23

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

period

.........

$

9.43

‌

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

$

9.60

‌

Net

investment

income

(b)

.................

0

.24

‌

0

.43

‌

0

.26

‌

0

.20

‌

0

.23

‌

0

.31

‌

Net

realized

and

unrealized

gain

(loss)

........

(

0

.10

)

0

.20

‌

(

0

.86

)

(

0

.13

)

0

.44

‌

0

.38

‌

Net

increase

(decrease)

from

investment

operations

0.14

‌

0.63

‌

(0.60

)

0.07

‌

0.67

‌

0.69

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

..............

(

0

.21

)

(

0

.36

)

(

0

.31

)

(

0

.19

)

(

0

.27

)

(

0

.32

)

From

net

realized

gain

...................

—

‌

—

‌

(

0

.04

)

(

0

.10

)

—

‌

—

‌

Return

of

capital

.......................

—

‌

(

0

.04

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

........................

(0.21

)

(0.40

)

(0.35

)

(0.29

)

(0.27

)

(0.32

)

Net

asset

value,

end

of

period

..............

$

9.36

‌

$

9.43

‌

$

9.20

‌

$

10.15

‌

$

10.37

‌

$

9.97

‌

Total

Return

(d)

Based

on

net

asset

value

..................

1.48

%

(e)

(f)

7.00

%

(5.91

)%

(f)

0.67

%

6.90

%

7.31

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.........................

0.97

%

(h)

1.01

%

0.98

%

0.97

%

1.02

%

1.05

%

Total

expenses

after

fees

waived

and/or

reimbursed

0.96

%

(h)

1.01

%

0.97

%

0.97

%

1.01

%

1.03

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense

and

professional

fees

for

foreign

withholding

taxes

0.87

%

(h)

0.87

%

0.88

%

0.90

%

0.89

%

0.90

%

Net

investment

income

...................

5.10

%

(h)

4.64

%

2.73

%

1.96

%

2.34

%

3.20

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..............

$

916,932

‌

$

1,001,600

‌

$

1,118,485

‌

$

1,387,829

‌

$

1,583,745

‌

$

1,501,890

‌

Portfolio

turnover

rate

(i)

....................

627

%

(j)

1,005

%

(j)

894

%

1,155

%

1,515

%

1,805

%

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...............................

377%

728%

673%

755%

1,030%

1,307%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Semi-Annual

Financial

Statements

188

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees

for

the

year

ended

December

31,

2019,

the

expense

ratio

would

have

been

1.77%.

(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

consolidated

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

Investor

C

Six

Months

Ended

06/30/24

(unaudited)

(a)

Year

Ended

12/31/23

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

period

........

$

9.43

‌

$

9.20

‌

$

10.14

‌

$

10.36

‌

$

9.96

‌

$

9.59

‌

Net

investment

income

(b)

................

0

.20

‌

0

.36

‌

0

.19

‌

0

.13

‌

0

.16

‌

0

.24

‌

Net

realized

and

unrealized

gain

(loss)

.......

(

0

.10

)

0

.20

‌

(

0

.85

)

(

0

.13

)

0

.44

‌

0

.38

‌

Net

increase

(decrease)

from

investment

operations

0.10

‌

0.56

‌

(0.66

)

—

‌

0.60

‌

0.62

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.............

(

0

.17

)

(

0

.30

)

(

0

.24

)

(

0

.12

)

(

0

.20

)

(

0

.25

)

From

net

realized

gain

..................

—

‌

—

‌

(

0

.04

)

(

0

.10

)

—

‌

—

‌

Return

of

capital

......................

—

‌

(

0

.03

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

.......................

(0.17

)

(0.33

)

(0.28

)

(0.22

)

(0.20

)

(0.25

)

Net

asset

value,

end

of

period

.............

$

9.36

‌

$

9.43

‌

$

9.20

‌

$

10.14

‌

$

10.36

‌

$

9.96

‌

Total

Return

(d)

Based

on

net

asset

value

.................

1.11

%

(e)

(f)

6.23

%

(6.48

)%

(f)

(0.04

)%

6.14

%

6.54

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

........................

1.70

%

(h)

1.74

%

1.70

%

1.68

%

1.75

%

1.77

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

1.70

%

(h)

1.73

%

1.69

%

1.67

%

1.74

%

1.76

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense

and

professional

fees

for

foreign

withholding

taxes

.............................

1.60

%

(h)

1.60

%

1.60

%

1.61

%

1.62

%

1.63

%

Net

investment

income

..................

4.37

%

(h)

3.90

%

1.97

%

1.25

%

1.59

%

2.48

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.............

$

85,182

‌

$

97,046

‌

$

129,029

‌

$

200,734

‌

$

247,844

‌

$

434,348

‌

Portfolio

turnover

rate

(j)

...................

627

%

(k)

1,005

%

(k)

894

%

1,155

%

1,515

%

1,805

%

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...............................

377%

728%

673%

755%

1,030%

1,307%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

189

Financial

Highlights

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Includes

mortgage

dollar

roll

transactions

("MDRs").

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(j)

Excludes

underlying

investments

in

total

return

swaps.

See

notes

to

consolidated

financial

statements.

BlackRock

Strategic

Income

Opportunities

Portfolio

Class

K

Six

Months

Ended

06/30/24

(unaudited)

(a)

Year

Ended

12/31/23

(a)

Year

Ended

12/31/22

(a)

Year

Ended

12/31/21

(a)

Year

Ended

12/31/20

Year

Ended

12/31/19

Net

asset

value,

beginning

of

period

.........

$

9.44

‌

$

9.21

‌

$

10.16

‌

$

10.38

‌

$

9.98

‌

$

9.60

‌

Net

investment

income

(b)

.................

0

.25

‌

0

.46

‌

0

.30

‌

0

.24

‌

0

.27

‌

0

.35

‌

Net

realized

and

unrealized

gain

(loss)

........

(

0

.10

)

0

.20

‌

(

0

.86

)

(

0

.13

)

0

.44

‌

0

.39

‌

Net

increase

(decrease)

from

investment

operations

0.15

‌

0.66

‌

(0.56

)

0.11

‌

0.71

‌

0.74

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

..............

(

0

.22

)

(

0

.39

)

(

0

.35

)

(

0

.23

)

(

0

.31

)

(

0

.36

)

From

net

realized

gain

...................

—

‌

—

‌

(

0

.04

)

(

0

.10

)

—

‌

—

‌

Return

of

capital

.......................

—

‌

(

0

.04

)

—

‌

—

‌

—

‌

—

‌

Total

distributions

........................

(0.22

)

(0.43

)

(0.39

)

(0.33

)

(0.31

)

(0.36

)

Net

asset

value,

end

of

period

..............

$

9.37

‌

$

9.44

‌

$

9.21

‌

$

10.16

‌

$

10.38

‌

$

9.98

‌

Total

Return

(d)

Based

on

net

asset

value

..................

1.66

%

(e)

(f)

7.36

%

(5.56

)%

(f)

1.05

%

7.29

%

7.82

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.........................

0.62

%

(h)

0.67

%

0.61

%

0.59

%

0.65

%

0.66

%

Total

expenses

after

fees

waived

and/or

reimbursed

0.62

%

(h)

0.66

%

0.60

%

0.59

%

0.63

%

0.65

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense

and

professional

fees

for

foreign

withholding

taxes

0.52

%

(h)

0.53

%

0.51

%

0.52

%

0.52

%

0.52

%

Net

investment

income

...................

5.45

%

(h)

5.02

%

3.14

%

2.33

%

2.71

%

3.57

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..............

$

12,506,027

‌

$

11,157,608

‌

$

9,296,084

‌

$

9,940,850

‌

$

8,585,689

‌

$

8,858,737

‌

Portfolio

turnover

rate

(i)

....................

627

%

(j)

1,005

%

(j)

894

%

1,155

%

1,515

%

1,805

%

Six

Months

Ended

06/30/24

(unaudited)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Year

Ended

12/31/20

Year

Ended

12/31/19

Portfolio

turnover

rate

(excluding

MDRs)

...............................

377%

728%

673%

755%

1,030%

1,307%

Notes

to

Consolidated

Financial

Statements

(unaudited)

2024

BlackRock

Semi-Annual

Financial

Statements

190

1.

ORGANIZATION 

BlackRock

Funds

V (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business trust.

The

following,

each

of

which

is

a

series

of

the

Trust, are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

automatically

convert

to

Investor

A

Shares

after

approximately

eight

years.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”)

or

its

affiliates,

are

included

in

a

complex

of

funds

referred

to

as

the

BlackRock

Fixed-Income

Complex.

Prior

Year

Reorganization:

The

Board

of

Trustees

of

the

Trust

(the

“Board”)

of

Strategic

Income

Opportunities

(the

“Acquiring

Fund”)

and

the

Board

and

shareholders

of

BlackRock

Multi-Sector

Opportunities

Trust

II

("MSO

2"

or

the

"Target

Fund")

approved

the

reorganization

of

the

Target

Fund

into

the

Acquiring

Fund.

As

a

result,

the

Acquiring

Fund

acquired

substantially

all

of

the

assets

and

assumed

substantially

all

of

the

liabilities

of

the

Target

Fund

in

exchange

for

an

equal

aggregate

value

of

newly-issued

shares

of

the

Acquiring

Fund.

Each

Common

Shareholder

of

the

Target

Fund

received

shares

of

the

Acquiring

Fund

in

an

amount

equal

to

the

aggregate

net

asset

value

(“NAV”)

of

such

Common

Shareholder's

Target

Fund

Common

Shares,

as

determined

at

the

close

of

business

on

November

10,

2023,

less

the

costs

of

the

Target

Fund’s

reorganization.

The

reorganization

was

accomplished

by

a

tax-free

exchange

of

shares

of

the

Acquiring

Fund

in

the

following

amounts

and

at

the

following

conversion

ratios:

The

Target

Fund’s

net

assets

and

composition

of

net

assets

on

November

10,

2023,

the

valuation

date

of

the

reorganization

were

as

follows: 

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

Acquiring

Fund

were

recorded

at

fair

value.

However,

the

cost

basis

of

the

investments

received

from

the

Target

Fund

was

carried

forward

to

align

ongoing

reporting

of

the

Acquiring

Fund's

realized

and

unrealized

gains

and

losses

with

amounts

distributable

to

shareholders

for

tax

purposes. 

The

net

assets

of

the

Acquiring

Fund

before

the

reorganization

were

$35,331,654,867.

The

aggregate

net

assets

of

the

Acquiring

Fund

immediately

after

the

reorganization

amounted

to

$35,411,936,864.

The

Target

Fund’s

fair

value

and

cost

of

financial

instruments

prior

to

the

reorganization

were

as

follows: 

The

purpose

of

these

transactions

was

to

combine

two

funds

managed

by

the

Manager

with

same

or

substantially

similar

(but

not

identical)

investment

objectives

and

strategies.

The

reorganization

was

a

tax-free

event

and

was

effective

on

November

13,

2023.

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Inflation

Protected

Bond

Portfolio

......................................

Inflation

Protected

Bond

Diversified

BlackRock

Strategic

Income

Opportunities

Portfolio

..................................

Strategic

Income

Opportunities

Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

(“CDSC”)

Conversion

Privilege

Institutional

and

Class

K

Shares

...................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Target

Fund

Target

Fund's

Share

Class

Shares

Prior

to

Reorganization

Conversion

Ratio

Strategic

Income

Opportunities’

Share

Class

Shares

of

Strategic

Income

Opportunities

MSO

2

Common

1,181,996‌

7.50355730

Investor

A

8,869,175‌

Target

Fund

Net

Assets

Paid-In

Capital

Accumulated

Loss

MSO

2

$

80,281,997‌

$

119,228,909‌

$

(38,946,912‌)

Target

Fund

Fair

Value

of

Investment

Cost

of

Investments

MSO

2

$

64,193,018‌

$

70,394,815‌

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

191

Notes

to

Consolidated

Financial

Statements

Assuming

the

reorganization

had

been

completed

on

January

1,

2023,

the

beginning

of

the

fiscal

reporting

period

of

the

Acquiring

Fund,

the

pro

forma

results

of

operations

for

the

year

ended

December

31,

2023,

were

as

follows:

•

Net

investment

income

(loss):

$1,791,509,530

•

Net

realized

and

change

in

unrealized

gain/loss

on

investments:

$764,011,394

•

Net

increase/decrease

in

net

assets

resulting

from

operations:

$2,555,520,924

Because

the

combined

investment

portfolios

have

been

managed

as

a

single

integrated

portfolio

since

the

reorganization

was

completed,

it

is

not

practicable

to

separate

the

amounts

of

revenue

and

earnings

of

the

Target

Fund

that

have

been

included

in

the

Acquiring

Fund's

Consolidated

Statements

of

Operations

since

November

13,

2023.

Basis

of

Consolidation:

The

accompanying

consolidated

financial

statements

of

Inflation

Protected

Bond

includes

the

account

of

Cayman

Inflation

Protected

Bond

Portfolio,

Ltd.

(the

"Inflation

Protected

Bond

Cayman

Subsidiary"),

which

is

a

wholly-owned

subsidiary

of

Inflation

Protected

Bond

and

primarily

invests

in

commodity-related

instruments

and

other

derivatives.

The

Inflation

Protected

Bond

Cayman

Subsidiary

enables

Inflation

Protected

Bond

to

hold

these

commodity-related

instruments

and

satisfy,

regulated

investment

company

tax

requirements.

Inflation

Protected

Bond

may

invest

up

to

25%

of

its

total

assets

in

the

Inflation

Protected

Bond

Cayman

Subsidiary.

The

net

assets

of

the

Inflation

Protected

Bond

Cayman

Subsidiary

as

of

period

end

were

$6,139,653,

which

is

0.3%

of

Inflation

Protected

Bond’s

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Inflation

Protected

Bond

Cayman

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

Inflation

Protected

Bond,

except

that

the

Inflation

Protected

Bond

Cayman

Subsidiary

may

invest

without

limitation

in

commodity-related

instruments.

The

accompanying

consolidated

financial

statements

of

Strategic

Income

Opportunities

includes

the

account

of

BlackRock

Cayman

Strategic

Income

Opportunities

Portfolio

II,

Ltd.

(the

"Strategic

Income

Opportunities

Cayman

Subsidiary"

or

together

with

the

Inflation

Protected

Bond

Cayman

Subsidiary,

the

"Cayman

Subsidiaries"),

which

is

a

wholly-owned

subsidiary

of

Strategic

Income

Opportunities

and

primarily

invests

in

commodity-related

instruments

and

other

derivatives.

The

Strategic

Income

Opportunities

Cayman

Subsidiary

enables

Strategic

Income

Opportunities

to

hold

these

commodity-related

instruments

and

satisfy,

regulated

investment

company

tax

requirements.

Strategic

Income

Opportunities

may

invest

up

to

25%

of

its

total

assets

in

the

Strategic

Income

Opportunities

Cayman

Subsidiary.

The

net

assets

of

the

Strategic

Income

Opportunities

Cayman

Subsidiary

as

of

period

end

were

$99,747,862,

which

is

0.3%

of

Strategic

Income

Opportunities’

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Strategic

Income

Opportunities

Cayman

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

Strategic

Income

Opportunities,

except

that

the

Strategic

Income

Opportunities

Cayman

Subsidiary

may

invest

without

limitation

in

commodity-related

instruments.

The

accompanying

consolidated

financial

statements

of

Strategic

Income

Opportunities

includes

the

account

of

SIO

Neptunite

2023-2

LLC,

which

is

a

wholly-owned

subsidiary

of

Strategic

Income

Opportunities

that

invests

in

floating

rate

loan

interests.

The

net

assets

of

SIO

Neptunite

2023-2

LLC

as

of

period

end

were

$26,073,378

which

is

0.1%

of

Strategic

Income

Opportunities'

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

SIO

Neptunite

2023-2

LLC

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

Strategic

Income

Opportunities.

SIO

Neptunite

2023-2

LLC

has

entered

into

a

credit

agreement

with

Mizuho

Bank,

Ltd.

that

established

a

non-recourse,

revolving

credit

facility

with

a

maximum

commitment

of

up

to

$200

million

(the

“Mizuho

Facility”)

as

leverage

for

investment

purposes.

The

Mizuho

Facility

has

the

following

terms:

an

upfront

fee

of

0.15%

of

the

maximum

commitment

and

interest

at

a

rate

equal

to

three-month

Secured

Overnight

Financing

Rate

(“SOFR”)

on

the

date

the

loan

is

made

plus

1.60%

per

annum

on

amounts

borrowed.

There

are

no

commitment

fees

or

unused

fees

associated

with

the

Mizuho

Facility.

The

agreement

expires

on

July

6,

2025

unless

extended

or

renewed.

SIO

Neptunite

2023-2

LLC's

borrowings

are

secured

by

eligible

securities

held

in

its

portfolio

of

investments.

During

the

period,

SIO

Neptunite

2023-2

paid

the

upfront

fee

associated

with

the

agreement.

The

upfront

fees

and

interest

associated

with

the

agreement

are

included

in

the

Consolidated

Statements

of

Operations

as

interest

expense

and

fees,

if

any.

Advances

to

SIO

Neptunite

2023-2

LLC

as

of

period

end,

if

any,

are

shown

in

the

Consolidated

Statements

of

Assets

and

Liabilities

as

bank

borrowings.

For

the

six

months

ended

June

30,

2024,

the

maximum

amount

borrowed,

the

average

daily

borrowing

and

the

weighted

average

interest

rate,

if

any,

under

SIO

Neptunite

2023-2

LLC’s

credit

agreement

were

as

follows:

The

accompanying

consolidated

financial

statements

of

Strategic

Income

Opportunities

includes

the

account

of

BR-SIP

Subsidiary,

LLC

(the

“Taxable

Subsidiary”

or

together

with

the

Cayman

Subsidiaries

and

SIO

Neptunite

2023-2

LLC

the

“Subsidiaries”),

which

is

a

wholly-owned

taxable

subsidiary

of

Strategic

Income

Opportunities.

The

Taxable

Subsidiary

enables

Strategic

Income

Opportunities

to

hold

certain

pass-through

investments

and

satisfy

regulated

investment

company

tax

requirements.

Income

earned

and

gains

realized

on

the

investment

held

by

the

Taxable

Subsidiary

are

taxable

to

such

subsidiary.

A

tax

provision

for

income,

if

any,

is

shown

as

income

tax

in

the

Consolidated

Statements

of

Operations

for

Strategic

Income

Opportunities.

A

tax

provision

for

realized

and

unrealized

gains,

if

any,

is

included

as

a

reduction

of

realized

and/or

unrealized

gain

(loss)

in

the

Consolidated

Statements

of

Operations

for

Strategic

Income

Opportunities.

Taxes

payable

or

deferred

as

of

June

30,

2024,

if

any,

are

disclosed

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Strategic

Income

Opportunities

may

invest

up

to

25%

of

its

total

assets

in

the

Taxable

Subsidiary.

The

net

assets

of

the

Taxable

Subsidiary

as

of

period

end

were

$27,626,863,

which

is

0.1%

of

Strategic

Income

Opportunities’

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Taxable

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

Strategic

Income

Opportunities.

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: 

Maximum

Amount

Borrowed

Average

Borrowing

Weighted

Average

Interest

Rates

SIO

Neptunite

2023-2

...........................................................

$

87,566,496‌

$

79,491,798‌

6.99‌%

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

192

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed

(the

"trade

dates").

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

and

payment-in-kind

interest

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Consolidated

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Consolidated

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

June

30,

2024

,

if

any,

are

disclosed

in

the

Consolidated Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Consolidated

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Bank

Overdraft:

The

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Consolidated

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually. The

portion

of

distributions,

if

any,

that

exceeds

a

fund’s

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

constitute

a

non-taxable

return

of

capital.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

.

Net

income

and

realized

gains

from

investments

held

by

the

Cayman

Subsidiaries,

are

treated

as

ordinary

income

for

tax

purposes. If

a

net

loss

is

realized

by

the

Cayman

Subsidiaries

in

any

taxable

year,

the

loss

will

generally

not

be

available

to

offset

the

Funds'

ordinary

income

and/or

capital

gains

for

that

year.  

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board, the 

trustees

who

are

not

“interested

persons”

of

the

Funds,

as

defined

in

the

1940

Act

(“Independent

Trustees

”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Trustees

.

This

has

the

same

economic

effect

for

the

Independent 

Trustees

as

if

the

Independent 

Trustees

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-

Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

each

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Trustees’

and

Officer’s

fees

payable

in

the

Consolidated

Statements

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Funds

until

such

amounts

are

distributed

in

accordance

with

the

Plan. Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed-Income

Complex

and

reflected

as

Trustee

and

Officer

expense

on

the Consolidated

Statements

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

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. 

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

193

Notes

to

Consolidated

Financial

Statements

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

each

Fund’s

Manager

as

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

ETFs

and

closed-end

funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

at

the

mean

between

the

last

bid

and

ask

prices

at

the

close

of

the

options

market

in

which

the

options

trade.

An

exchange-traded

option

for

which

there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day’s

price

will

be

used,

unless

it

is

determined

that

the

prior

day’s

price

no

longer

reflects

the

fair

value

of

the

option.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

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.

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

194

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date

a

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price

a

Fund

could

receive

upon

the

sale

of

the

investment. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

As

of

June

30,

2024,

certain

investments

of

Strategic

Income

Opportunities

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

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

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

195

Notes

to

Consolidated

Financial

Statements

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Inflation-Indexed

Bonds:

Inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

according

to

the

rate

of

inflation.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

an

inflation-indexed

bond

is

included

as

interest

income

in

the

Consolidated

Statements

of

Operations,

even

though

investors

do

not

receive

their

principal

until

maturity.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

U.S.

Treasury

inflation-indexed

bonds.

For

bonds

that

do

not

provide

a

similar

guarantee,

the

adjusted

principal

value

of

the

bond

repaid

at

maturity

may

be

less

than

the

original

principal.

With

regard

to

municipal

inflation-indexed

bonds

and

certain

corporate

inflation-indexed

bonds,

the

inflation

adjustment

is

typically

reflected

in

the

semi-annual

coupon

payment.

As

a

result,

the

principal

value

of

municipal

inflation-indexed

bonds

and

such

corporate

inflation-indexed

bonds

does

not

adjust

according

to

the

rate

of

inflation.

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Stripped

Mortgage-Backed

Securities:

Stripped

mortgage-backed

securities

are

typically

issued

by

the

U.S.

Government,

its

agencies

and

instrumentalities.

Stripped

mortgage-backed

securities

are

usually

structured

with

two

classes

that

receive

different

proportions

of

the

interest

(IOs)

and

principal

(POs)

distributions

on

a

pool

of

Mortgage

Assets.

Stripped

mortgage-backed

securities

may

be

privately

issued.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

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. 

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

196

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

SOFR,

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

In

connection

with

floating

rate

loan

interests,

the

Funds

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

a

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Consolidated

Statements

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Consolidated

Statements

of

Assets

and

Liabilities

and

Consolidated

Statements

of

Operations.

As

of

period

end,

Strategic

Income

Opportunities

had

the

following

unfunded

floating

rate

loan

interests: 

Forward

Commitments,

When-Issued

and

Delayed

Delivery

Securities

:

The

Funds

may

purchase

securities

on

a

when-issued

basis

and

may

purchase

or

sell

securities

on

a

forward

commitment

basis.

Settlement

of

such

transactions

normally

occurs

within

a

month

or

more

after

the

purchase

or

sale

commitment

is

made. The

Funds

may

purchase

securities

under

such

conditions

with

the

intention

of

actually

acquiring

them

but

may

enter

into

a

separate

agreement

to

sell

the

securities

before

the

settlement

date.

Since

the

value

of

securities

purchased

may

fluctuate

prior

to

settlement, the

Funds

may

be

required

to

pay

more

at

settlement

than

the

security

is

worth.

In

addition,

a

fund

is

not

entitled

to

any

of

the

interest

earned

prior

to

settlement.

When

purchasing

a

security

on

a

delayed

delivery

basis, the

Funds

assume

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations.

In

the

event

of

default

by

the

counterparty, the

Funds'

maximum

amount

of

loss

is

the

unrealized

appreciation

of

unsettled

when-issued

transactions.

These

types

of

securities

may

be

considered

unfunded

and

may

obligate

the

Funds

to

make

future

cash

payments.

An

unfunded

commitment

is

marked-to-market

and

any

unrealized

appreciation

(depreciation)

is

separately

presented

in

the

Consolidated

Statements

of

Assets

and

Liabilities

and

Consolidated

Statements

of

Operations.

As

of

period

end,

Strategic

Income

Opportunities

had

the

following

unfunded

commitments:

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Strategic

Income

Opportunities

CML

La

Quinta

Resort,

Term

Loan

.....................

$

2,632,507‌

$

2,632,507‌

$

2,632,507‌

$

–‌

Strategic

Income

Opportunities

Helios

Service

Partners

LLC,

Delayed

Draw

2nd

Lien

Term

Loan

.

1,654,162‌

1,654,162‌

1,643,906‌

(10,256‌)

Strategic

Income

Opportunities

Seashell

Bidco

SL,

Facility

Term

Loan

B

.................

6,810,075‌

7,345,687‌

7,293,253‌

(52,434‌)

$

(62,690‌)

Fund

Name

Investment

Name

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Strategic

Income

Opportunities

Puerto

Rico

Electric

Power

Authority,

Series

B-1

............

$

6,150,147‌

$

6,150,147‌

$

6,967,032‌

$

816,885‌

Strategic

Income

Opportunities

Puerto

Rico

Electric

Power

Authority,

Series

B-2

............

29,771,087‌

29,771,087‌

35,133,089‌

5,362,002‌

$

6,178,887‌

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

197

Notes

to

Consolidated

Financial

Statements

TBA

Commitments:

TBA

commitments

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate

and

mortgage

terms.

When

entering

into

TBA

commitments,

a

fund

may

take

possession

of

or

deliver

the

underlying

mortgage-backed

securities

but

can

extend

the

settlement

or

roll

the

transaction.

TBA

commitments

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

settlement

date,

if

there

are

expenses

or

delays

in

connection

with

the

TBA

transactions,

or

if

the

counterparty

fails

to

complete

the

transaction.

In

order

to

better

define

contractual

rights

and

to

secure

rights

that

will

help

a

fund

mitigate its

counterparty

risk,

TBA

commitments

may

be

entered

into

by

a

fund

under

Master

Securities

Forward

Transaction

Agreements

(each,

an

“MSFTA”).

An

MSFTA

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

default

and/or

termination

event. The

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

the

collateral

currently

pledged

by

a

fund

and

the

counterparty. Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Consolidated

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

for

TBA

commitments

or

cash

received

as

collateral

for

TBA

commitments,

respectively.

Non-cash

collateral

pledged

by

a

fund,

if

any,

is

noted

in

the

Consolidated

Schedules

of

Investments. Typically,

a

fund

is

permitted

to

sell,

re-pledge

or

use

the

collateral

it

receives;

however,

the

counterparty

is

not

permitted

to

do

so.

To

the

extent

amounts

due

to

a

fund

are

not

fully

collateralized,

contractually

or

otherwise,

a

fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Mortgage

Dollar

Roll

Transactions

:

The

Funds

may

sell

TBA

mortgage-backed

securities

and

simultaneously

contract

to

repurchase

substantially

similar

(i.e.,

same

type,

coupon

and

maturity)

securities

on

a

specific

future

date

at

an

agreed

upon

price.

During

the

period

between

the

sale

and

repurchase,

a

fund

is

not

entitled

to

receive

interest

and

principal

payments

on

the

securities

sold.

Mortgage

dollar

roll

transactions

are

treated

as

purchases

and

sales

and

a

fund realizes

gains

and

losses

on

these

transactions.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

that

a

fund

is

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities. 

Commitments:

Commitments

are

agreements

to

acquire

an

investment

at

a

future

date

(subject

to

conditions)

in

connection

with

a

potential

public

or

non-public

offering.

Such

agreements

may

obligate

a

fund

to

make

future

cash

payments.

As

of

June

30,

2024

,

Strategic

Income

Opportunities

had

outstanding

commitments

of

$41,765,612.

These

commitments

are

not

included

in

the

net

assets

of

Strategic

Income

Opportunities

as

of

June

30,

2024

.

Borrowed

Bond

Agreements:

Repurchase

agreements

may

be

referred

to

as

borrowed

bond

agreements

when

entered

into

in

connection

with

short

sales

of

bonds.

In

a

borrowed

bond

agreement,

a

fund

borrows

a

bond

from

a

counterparty

in

exchange

for

cash

collateral.

The

agreement

contains

a

commitment

that

the

security

and

the

cash

will

be

returned

to

the

counterparty

and

a

fund

at

a

mutually

agreed

upon

date.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Earnings

on

cash

collateral

and

compensation

to

the

lender

of

the

bond

are

based

on

agreed

upon

rates

between

a

fund

and

the

counterparty.

The

value

of

the

underlying

cash

collateral

approximates

the

market

value

and

accrued

interest

of

the

borrowed

bond.

To

the

extent

that

a

borrowed

bond

transaction

exceeds

one

business

day,

the

value

of

the

cash

collateral

in

the

possession

of

the

counterparty

is

monitored

on

a

daily

basis

to

ensure

the

adequacy

of

the

collateral.

As

the

market

value

of

the

borrowed

bond

changes,

the

cash

collateral

is

periodically

increased

or

decreased

with

a

frequency

and

in

amounts

prescribed

in

the

borrowed

bond

agreement.

A

fund

may

also

experience

delays

in

gaining

access

to

the

collateral.

Reverse

Repurchase

Agreements:

Reverse

repurchase

agreements

are

agreements

with

qualified

third-party

broker

dealers

in

which

a

fund

sells

securities

to

a

bank

or

broker-dealer

and

agrees

to

repurchase

the

same

securities

at

a

mutually

agreed

upon

date

and

price.

A

fund

receives

cash

from

the

sale

to

use

for

other

investment

purposes.

During

the

term

of

the

reverse

repurchase

agreement,

a

fund

continues

to

receive

the

principal

and

interest

payments

on

the

securities

sold.

Certain

agreements

have

no

stated

maturity

and

can

be

terminated

by

either

party

at

any

time.

Interest

on

the

value

of

the

reverse

repurchase

agreements

issued

and

outstanding

is

based

upon

competitive

market

rates

determined

at

the

time

of

issuance.

A

fund

may

utilize

reverse

repurchase

agreements

when

it

is

anticipated

that

the

interest

income

to

be

earned

from

the

investment

of

the

proceeds

of

the

transaction

is

greater

than

the

interest

expense

of

the

transaction.

Reverse

repurchase

agreements

involve

leverage

risk.

If

a

fund

suffers

a

loss

on

its

investment

of

the

transaction

proceeds

from

a

reverse

repurchase

agreement,

a

fund

would

still

be

required

to

pay

the

full

repurchase

price.

Further,

a

fund

remains

subject

to

the

risk

that

the

market

value

of

the

securities

repurchased

declines

below

the

repurchase

price.

In

such

cases,

a

fund

would

be

required

to

return

a

portion

of

the

cash

received

from

the

transaction

or

provide

additional

securities

to

the

counterparty. 

Cash

received

in

exchange

for

securities

delivered

plus

accrued

interest

due

to

the

counterparty

is

recorded

as

a

liability

in

the

Consolidated

Statements

of

Assets

and

Liabilities

at

face

value

including

accrued

interest.

Due

to

the

short-term

nature

of

the

reverse

repurchase

agreements,

face

value

approximates

fair

value.

Interest

payments

made

by

a

fund

to

the

counterparties

are

recorded

as

a

component

of

interest

expense

in

the

Consolidated

Statements

of

Operations.

In

periods

of

increased

demand

for

the

security,

a

fund

may

receive

a

fee

for

the

use

of

the

security

by

the

counterparty,

which

may

result

in

interest

income

to

a

fund.

For

the

six

months

ended

June

30,

2024,

the

average

daily

amount

of

reverse

repurchase

agreements

outstanding and

the

weighted

average

interest

rate

for

the

Funds

were

as

follows:

Fund

Name

Average

Amount

Outstanding

Weighted

Average

Interest

Rate

Inflation

Protected

Bond

...........................................................................

$

271,184,512‌

5.38‌%

Strategic

Income

Opportunities

......................................................................

1,774,046‌

(1.30‌)

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

198

Borrowed

bond

agreements

and

reverse

repurchase

transactions are

entered

into

by

a

fund

under

Master

Repurchase

Agreements

(each,

an

“MRA”),

which

permit

a

fund,

under

certain

circumstances,

including

an

event

of

default

(such

as

bankruptcy

or

insolvency),

to

offset

payables

and/or

receivables

under

the

MRA

with

collateral

held

and/or

posted

to

the

counterparty

and

create

one

single

net

payment

due

to

or

from

a

fund.

With

borrowed

bond

agreements

and

reverse

repurchase

transactions,

typically

a

fund

and

counterparty

under

an

MRA

are

permitted

to

sell,

re-pledge,

or

use

the

collateral

associated

with

the

transaction.

Bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

the

MRA

counterparty’s

bankruptcy

or

insolvency.

Pursuant

to

the

terms

of

the

MRA,

a

fund

receives

or

posts

securities

and

cash

as

collateral

with

a

market

value

in

excess

of

the

repurchase

price

to

be

paid

or

received

by

a

fund

upon

the

maturity

of

the

transaction.

Upon

a

bankruptcy

or

insolvency

of

the

MRA

counterparty,

a

fund

is

considered

an

unsecured

creditor

to

the

extent

that

the

aggregate

market

value

of

the

cash

collateral

and

the

purchased

securities

it

holds

is

less

than

the

repurchase

price.

As

such,

the

receipt

of

any

shortfall

or

any

closeout

amount

owed

to

a

fund

upon

termination

of

the

MRA

could

be

delayed

or

not

received

at

all.

As

of

period

end,

the

following

table

is

a

summary

of

Inflation

Protected

Bond’s

open

reverse

repurchase

agreements

by

counterparty

which

are

subject

to

offset

under

an

MRA

on

a

net

basis:

As

of

period

end,

the

following

table

is

a

summary

of

Strategic

Income

Opportunities’

open

borrowed

bond

agreements

and

reverse

repurchase

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

Counterparty

Reverse

Repurchase

Agreements

Fair

Value

of

Non-Cash

Collateral

Pledged

Including

Accrued

Interest

(a)

(a)

Cash

Collateral

Pledged/Received

Net

Amount

(b)

(b)

Inflation

Protected

Bond

BNP

Paribas

SA

............................

$

(34,750,027‌)

$

34,696,524‌

$

—‌

$

(53,503‌)

HSBC

Securities

(USA),

Inc.

....................

(62,503,270‌)

62,503,270‌

—‌

—‌

Nomura

Securities

International,

Inc.

..............

(11,949,719‌)

11,926,802‌

—‌

(22,917‌)

U.S.

Bancorp

Investments,

Inc.

..................

(120,555,777‌)

120,274,202‌

—‌

(281,575‌)

$

(229,758,793‌)

$

229,400,798‌

$

—‌

$

(357,995‌)

(a)

Collateral,

if

any,

with

a

value

of

$229,426,444

has

been

pledged

in

connection

with

open

reverse

repurchase

agreements.

Excess

of

net

collateral

pledged,

if

any,

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(b)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Counterparty

Borrowed

Bond

Agreements

(a)

Reverse

Repurchase

Agreements

Borrowed

Bonds

at

Value

including

Accrued

Interest

(b)

Net

Amount

before

Collateral

Non-Cash

Collateral

Received

Cash

Collateral

Received

Fair

Value

of

Non-Cash

Collateral

Pledged

Including

Accrued

Interest

(c)

Cash

Collateral

Pledged

Net

Collateral

(Received)/

Pledged

Net

Exposure

Due

(to)/from

Counterparty

(d)

Barclays

Bank

plc

.

$

29,430,117‌

$

(1,286,228‌)

$

(29,258,894‌)

$

(1,115,005‌)

$

—‌

$

—‌

$

1,115,005‌

$

—‌

$

1,115,005‌

$

—‌

Barclays

Capital

..

17,004,749‌

—‌

(16,981,855‌)

22,894‌

—‌

—‌

—‌

—‌

—‌

22,894‌

BNP

Paribas

SA

..

98,111,591‌

—‌

(95,770,636‌)

2,340,955‌

—‌

(989,005‌)

—‌

—‌

(989,005‌)

1,351,950‌

(e)

BofA

Securities

...

5,462,600‌

—‌

(5,446,006‌)

16,594‌

—‌

—‌

—‌

—‌

—‌

16,594‌

Deutsche

Bank

AG

.

26,334,642‌

—‌

(26,367,202‌)

(32,560‌)

—‌

—‌

32,560‌

—‌

32,560‌

—‌

Goldman

Sachs

&

Co.

LLC

........

7,940,100‌

—‌

(7,960,666‌)

(20,566‌)

—‌

—‌

—‌

—‌

—‌

(20,566‌)

Goldman

Sachs

International

.....

2,699,435‌

—‌

(2,787,247‌)

(87,812‌)

—‌

—‌

—‌

—‌

—‌

(87,812‌)

J.P.

Morgan

Securities

plc

....

20,635,267‌

—‌

(20,778,894‌)

(143,627‌)

—‌

—‌

—‌

—‌

—‌

(143,627‌)

Merrill

Lynch

International

.....

16,546,820‌

—‌

(13,542,781‌)

3,004,039‌

—‌

(250,000‌)

—‌

—‌

(250,000‌)

2,754,039‌

(f)

Nomura

Securities

International

.....

9,731,953‌

—‌

(10,102,830‌)

(370,877‌)

—‌

—‌

—‌

255,182‌

255,182‌

(115,695‌)

RBC

Capital

Markets

LLC

...........

20,068,701‌

—‌

(19,771,560‌)

297,141‌

—‌

—‌

—‌

—‌

—‌

297,141‌

RBC

Europe

Ltd.

..

2,699,435‌

—‌

(2,787,247‌)

(87,812‌)

—‌

—‌

—‌

—‌

—‌

(87,812‌)

$

256,665,410‌

$

(1,286,228‌)

$

(251,555,818‌)

$

3,823,364‌

$

—‌

$

(1,239,005‌)

$

1,147,565‌

$

255,182‌

$

163,742‌

$

3,987,106‌

(a)

Included

in

Investments

at

value-unaffiliated

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

(b)

Includes

accrued

interest

on

borrowed

bonds

in

the

amount

of

$2,206,448

which

is

included

in

interest

expense

payable

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

(c)

Collateral,

if

any,

with

a

value

of

$1,282,774

has

been

pledged

in

connection

with

open

reverse

repurchase

agreements.

Excess

of

net

collateral

pledged,

if

any,

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(d)

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

(e)

Borrowed

bond

agreement

with

a

value

of

$1,772,208

has

been

purchased

and

is

pending

settlement

as

of

June

30,

2024.

(f)

Borrowed

bond

agreement

with

a

value

of

$2,658,312

has

been

purchased

and

is

pending

settlement

as

of

June

30,

2024.

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

199

Notes

to

Consolidated

Financial

Statements

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

Consolidated

Statements

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is

limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

Securities

Lending:

 Certain

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Consolidated

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Consolidated

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

related

collateral,

if

any,

are

shown

separately

in

the

Consolidated Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

MSLA,

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-

defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Funds

benefit

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

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

Value

Net

Amount

Strategic

Income

Opportunities

BNP

Paribas

SA

.............................

$

1,474,500‌

$

(1,474,500‌)

$

—‌

$

—‌

BofA

Securities,

Inc.

...........................

22,757,901‌

(22,757,901‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

3,850,684‌

(3,850,684‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

157,577‌

(157,577‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

45,318,767‌

(45,318,767‌)

—‌

—‌

Mizuho

Securities

USA

LLC

.....................

3,437,084‌

(3,437,084‌)

—‌

—‌

Morgan

Stanley

..............................

24,466,756‌

(24,466,756‌)

—‌

—‌

National

Financial

Services

LLC

...................

81,406‌

(81,406‌)

—‌

—‌

Toronto-Dominion

Bank

........................

10,590,097‌

(10,590,097‌)

—‌

—‌

$

112,134,772‌

$

(112,134,772‌)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Consolidated

Statements

of

Assets

and

Liabilities.

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

200

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

Consolidated

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk),

foreign

currencies

(foreign

currency

exchange

rate

risk),

bitcoin

(commodity

risk)

or

to

the

applicable

commodities

market

(commodities

price

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Strategic

Income

Opportunities

may

invest

in

cash-settled

bitcoin

futures

that

are

traded

on

commodity

exchanges

registered

with

the

Commodity

Futures

Trading

Commission.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Consolidated

Schedules

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Consolidated

Statements

of

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Consolidated

Statements

of

Assets

and

Liabilities. The

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Options:

The

Funds

may purchase

and

write

call

and

put

options

to

increase

or

decrease

their

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statements

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Consolidated

Statements

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Funds

write

a

call

option,

such

option

is

typically

“covered,”

meaning

that

they

hold

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Funds

write

a

put

option,

cash

is

segregated

in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Swaptions

–

The

Funds

may purchase

and

write

swaptions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

the

Funds’

holdings,

as

a

duration

management

technique

or

to

protect

against

an

increase

in

the

price

of

securities

it

anticipates

purchasing

at

a

later

date.

The

purchaser

and

writer

of

a

swaption

is

buying

or

granting

the

right

to

enter

into

a

previously

agreed

upon

interest

rate

or

credit

default

swap

agreement

(interest

rate

risk

and/or

credit

risk)

at

any

time

before

the

expiration

of

the

option.

Foreign

currency

options

–

The

Funds

may

purchase

and

write

foreign

currency

options,

foreign

currency

futures

and

options

on

foreign

currency

futures

to

gain

or

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

201

Notes

to

Consolidated

Financial

Statements

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

Consolidated

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

swaps

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Consolidated

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Consolidated

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

Consolidated

Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Consolidated

Statements

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Funds

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Funds

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Funds

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

each

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

202

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

Consolidated

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Funds

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Currency

swaps

—

Currency

swaps

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

Currency

swaps

are

interest

rate

swaps

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,

based

on

the

notional

amounts

of

two

different

currencies.

The

notional

amounts

are

typically

determined

based

on

the

spot

exchange

rates

at

the

inception

of

the

trade.

Currency

swaps

may

also

involve

an

exchange

of

notional

amounts

at

the

start,

during

and/or

at

expiration

of

the

contract,

either

at

the

current

spot

rate

or

another

specified

rate.

Forward

swaps

— The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Inflation

swaps

—

Inflation

swaps

are

entered

into

to

gain

or

reduce

exposure

to

inflation

(inflation

risk).

In

an

inflation

swap,

one

party

makes

fixed

interest

payments

on

a

notional

principal

amount

in

exchange

for

another

party’s

variable

payments

based

on

an

inflation

index,

such

as

the

Consumer

Price

Index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Funds

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Consolidated

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Consolidated

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

203

Notes

to

Consolidated

Financial

Statements

For

such

services,

Inflation

Protected

Bond

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

Inflation

Protected

Bond’s

net

assets:

For

such

services,

Strategic

Income

Opportunities

pays

the

Manager

a

monthly

fee,

based

on

the

average

daily

net

assets

that

are

attributable

to

Strategic

Income

Opportunities' direct

investments

in

fixed-income

and

equity

securities

and

instruments,

including

ETFs

advised

by

the

Manager

or

other

investment

advisers,

other

investments,

and

cash

and

cash

equivalents

(including

money

market

funds,

whether

advised

by

the

Manager

or

other

investment

advisers)

and

excludes

investments

in

other

BlackRock

equity

and/or

fixed-income

mutual

funds,

at

the

following

annual

rates:

The

Manager

provides

investment

management

and

other

services

to

the

Subsidiaries.

The

Manager

does

not

receive

separate

compensation

from

the

Subsidiaries

for

providing

investment

management

or

administrative

services.

However,

the

Funds

pay

the

Manager

based

on

the

Funds'

net

assets,

which

includes

the

assets

of

the

Subsidiaries.

With

respect

to

each

Fund,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

BlackRock

International

Limited

(“BIL”)

and

BlackRock

(Singapore)

Limited

("BSL")

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

each

Fund

for

which

BIL

and

BSL,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

each

Fund

to

the

Manager.

Service

and

Distribution

Fees:

The

Trust

,

on behalf

of each

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to the

Funds.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the six

months

ended

June

30,

2024,

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 each

Fund, entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Consolidated

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Consolidated

Statements

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.250%

$1

billion

-

$

3

billion

.....................................................................................................

0.240

$

3

billion

-

$5

billion

.....................................................................................................

0.230

$5

billion

-

$10

billion

....................................................................................................

0.220

Greater

than

$10

billion

...................................................................................................

0.210

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.550%

$1

billion

-

$2

billion

.....................................................................................................

0.500

$2

billion

-

$3

billion

.....................................................................................................

0.475

$3

billion

-

$35

billion

....................................................................................................

0.450

Greater

than

$35

billion

...................................................................................................

0.430

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌

%

—‌

%

Investor

C

.................................................................................................

0.25‌

0.75‌

Fund

Name

Investor

A

Investor

C

Total

Inflation

Protected

Bond

............................................................................

$

389,650‌

$

113,964‌

$

503,614‌

Strategic

Income

Opportunities

.......................................................................

1,190,887‌

449,183‌

1,640,070‌

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

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

204

For

the

six

months

ended

June

30,

2024, 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,

2024,

the

Funds 

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Consolidated

Statements

of

Operations:

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,

2024,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Consolidated

Statements

of

Operations:

For

the

six

months ended

June

30,

2024,

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,

2024

,

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,

2024,

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

5

.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Consolidated

Statements

of

Operations.

For

the

six

months

ended

June

30,

2024,

the

amounts

waived

were

as

follows:

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

Inflation

Protected

Bond's

assets

invested

in

affiliated

equity

and

fixed-income

mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2025.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

Strategic

Income

Opportunities'

assets

invested

in

(i)

affiliated

equity

and

fixed-income

exchange-traded

funds

that

have

a

contractual

management

fee

and

(ii)

other

exchange-traded

products

sponsored

by

BlackRock

or

its

affiliates,

through

June

30,

2025.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Consolidated

Statements

of

Operations.

For

the

six

months

ended

June

30,

2024,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

these

arrangements

were

as

follows:

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Inflation

Protected

Bond

...........................................................

$

113,312‌

$

31,172‌

$

2,279‌

$

55,396‌

$

202,159‌

Strategic

Income

Opportunities

......................................................

2,391,729‌

95,271‌

8,984‌

1,176,069‌

3,672,053‌

Fund

Name

Institutional

Inflation

Protected

Bond

.....................................................................................................

$

672,316‌

Strategic

Income

Opportunities

................................................................................................

113,887‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Inflation

Protected

Bond

...........................................................

$

2,558‌

$

5,627‌

$

866‌

$

1,619‌

$

10,670‌

Strategic

Income

Opportunities

......................................................

30,672‌

7,957‌

3,045‌

11,696‌

53,370‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Inflation

Protected

Bond

...........................................................

$

1,027,260‌

$

358,447‌

$

10,756‌

$

29,332‌

$

1,425,795‌

Strategic

Income

Opportunities

......................................................

10,809,686‌

459,955‌

35,932‌

48,760‌

11,354,333‌

Fund

Name

Other

Fees

Inflation

Protected

Bond

....................................................................................................

$

467‌

Strategic

Income

Opportunities

...............................................................................................

5,283‌

Fund

Name

Investor

A

Investor

C

Inflation

Protected

Bond

.........................................................................................

$

1‌

$

325‌

Strategic

Income

Opportunities

....................................................................................

1,842‌

2,864‌

Fund

Name

Fees

Waived

and/

or

Reimbursed

by

the

Manager

Inflation

Protected

Bond

................................................................................................

$

1,804‌

Strategic

Income

Opportunities

...........................................................................................

605,966‌

Fund

Name

Fees

Waived

and/

or

Reimbursed

by

the

Manager

Inflation

Protected

Bond

....................................................................................................

$

2,770‌

Strategic

Income

Opportunities

...............................................................................................

495,131‌

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

205

Notes

to

Consolidated

Financial

Statements

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,

2025,

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,

2024,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Consolidated

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

Consolidated

Statements

of

Operations.

For

the

six

months ended

June

30,

2024,

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 fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

the

Funds

bear

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

redemption

fee,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

reinvested

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

of

the

value

redeemed,

if

such

fee,

is

determined

to

be

in

the

best

interests

of

such

money

market

fund.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Strategic

Income

Opportunities

retains

a

portion

of

the

securities

lending

income

and

remits the

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. 

The

share

of

securities

lending

income

earned

by

Strategic

Income

Opportunities

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Consolidated

Statements

of

Operations.

For

the six

months

ended June

30,

2024,

Strategic

Income

Opportunities

paid

BIM $101,806

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

June

30,

2024,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Inflation

Protected

Bond

.................................................................

0.34‌%

0.59‌%

1.34‌%

0.29‌%

Strategic

Income

Opportunities

............................................................

0.65‌

0.90‌

1.65‌

N/A‌

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Inflation

Protected

Bond

......................................................................................................

$

234,379‌

Fund

Name/Share

Class

Administration

Fees

Waived

by

the

Manager

-

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

-

Class

Specific

Inflation

Protected

Bond

Institutional

....................................................................................

$

113,312‌

$

743,505‌

Investor

A

.....................................................................................

31,172‌

280,533‌

Investor

C

.....................................................................................

2,279‌

5,080‌

Class

K

......................................................................................

55,396‌

29,332‌

$

202,159‌

$

1,058,450‌

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

206

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Consolidated

Statements

of

Operations. 

Other

Transactions:

During

the

six

months

ended

June

30,

2024,

Strategic

Income

Opportunities

received

a

reimbursement

of

$9,825

from

an

affiliate,

which

is

included

in

payment

by

affiliate

in

the

Consolidated

Statements

of

Operations,

related

to

an

operating

event.

7.

PURCHASES

AND

SALES 

For

the

six

months

ended

June

30,

2024,

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,

2024,

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,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

Consolidated

financial

statements.

As

of

December

31,

2023, the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses as

follows: 

As

of

June

30,

2024, 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

each

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.40

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

SOFR

 (but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

in

April

2025

unless

extended

or

renewed.

Prior

to

April

11,

2024,

the

aggregate

commitment

amount

was

$2.50

billion.

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,

2024,

the

Funds

did

not

borrow

under

the

credit

agreement.

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Inflation

Protected

Bond

.................................................

$

3,206,513,947‌

$

3,568,922,763‌

$

127,889,524‌

$

80,188,260‌

Strategic

Income

Opportunities

............................................

228,284,371,978‌

226,271,802,205‌

23,565,883,532‌

19,825,371,256‌

Fund

Name

Purchases

Sales

Inflation

Protected

Bond

.................................................................................

$

714,325,086‌

$

714,165,690‌

Strategic

Income

Opportunities

............................................................................

98,389,230,066‌

98,375,441,680‌

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

Qualified

Late-Year

Ordinary

Losses

Inflation

Protected

Bond

.................................................................................

$

(174,774,078‌)

$

(291,792‌)

Strategic

Income

Opportunities

............................................................................

(2,616,274,329‌)

(75,885,858‌)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Inflation

Protected

Bond

.............................................

$

2,448,250,663‌

$

–‌

$

(234,779,962‌)

$

(234,779,962‌)

Strategic

Income

Opportunities

........................................

50,443,795,164‌

1,291,081,799‌

(2,400,447,410‌)

(1,109,365,611‌)

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

207

Notes

to

Consolidated

Financial

Statements

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.  

Market

Risk

:

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Municipal

securities

are

subject

to

the

risk

that

litigation,

legislation

or

other

political

events,

local

business

or

economic

conditions,

credit

rating

downgrades,

or

the

bankruptcy

of

the

issuer

could

have

a

significant

effect

on

an

issuer’s

ability

to

make

payments

of

principal

and/or

interest

or

otherwise

affect

the

value

of

such

securities.

Municipal

securities

can

be

significantly

affected

by

political

or

economic

changes,

including

changes

made

in

the

law

after

issuance

of

the

securities,

as

well

as

uncertainties

in

the

municipal

market

related

to,

taxation,

legislative

changes

or

the

rights

of

municipal

security

holders,

including

in

connection

with

an

issuer

insolvency.

Municipal

securities

backed

by

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

can

be

negatively

affected

by

the

discontinuance

of

the

tax

benefits

supporting

the

project

or

assets

or

the

inability

to

collect

revenues

for

the

project

or

from

the

assets.

Municipal

securities

may

be

less

liquid

than

taxable

bonds,

and

there

may

be

less

publicly

available

information

on

the

financial

condition

of

municipal

security

issuers

than

for

issuers

of

other

securities.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. 

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Consolidated

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

each

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Funds

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Funds

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Funds,

and

not

the

counterparty,

to

perform.

The

Funds

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

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. 

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

2024

BlackRock

Semi-Annual

Financial

Statements

208

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its Consolidated

Schedules

of

Investments.

Certain

Funds

invest

a

significant

portion

of their

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features.

The

Funds

invest

a

significant

portion

of

their

assets

in fixed-income securities and/or use

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

during

a

period

of

historically

low

interest

rates. The

Federal

Reserve

has raised the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

and

could

negatively

impact

the

Funds'

performance.

The

Funds invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest. 

Certain

Funds

invest

a

significant

portion

of their

assets

in

securities

backed

by

commercial

or

residential

mortgage

loans

or

in

issuers

that

hold

mortgage

and

other

asset-

backed

securities.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

a

greater

risk

of

prepayment

or

payment

extension

by

securities

issuers.

Changes

in

economic

conditions,

including

delinquencies

and/or

defaults

on

assets

underlying

these

securities,

can

affect

the

value,

income

and/or

liquidity

of

such

positions.

Investment

percentages

in

these

securities

are

presented

in

the

Consolidated

Schedules

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

Funds

may

be

exposed

to

financial

instruments

that

recently

transitioned

from,

or

continue

to

be

tied

to,

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

has

ceased

publishing

all

LIBOR

settings,

but

some

USD

LIBOR

settings

will

continue

to

be

published

under

a

synthetic

methodology

until

September

30,

2024

for

certain

legacy

contracts.

SOFR

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions. Under

U.S.

regulations

that

implement

a

statutory

fallback

mechanism

to

replace

LIBOR,

benchmark

rates

based

on

SOFR

have

replaced

LIBOR

in

certain

financial

contracts.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Six

Months

Ended

06/30/24

Year

Ended

12/31/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Inflation

Protected

Bond

Institutional

Shares

sold

..........................................

13,971,806‌

$

135,417,319‌

34,442,749‌

$

338,036,574‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,708,498‌

26,042,863‌

4,708,760‌

45,925,296‌

Shares

redeemed

......................................

(26,201,150‌)

(253,647,969‌)

(72,489,810‌)

(708,426,737‌)

(9,520,846‌)

$

(92,187,787‌)

(33,338,301‌)

$

(324,464,867‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

3,079,023‌

$

28,999,030‌

8,683,373‌

$

81,822,553‌

Shares

issued

in

reinvestment

of

distributions

.....................

735,537‌

6,868,703‌

1,337,487‌

12,684,035‌

Shares

redeemed

......................................

(7,099,304‌)

(66,799,185‌)

(21,332,305‌)

(201,274,781‌)

(3,284,744‌)

$

(30,931,452‌)

(11,311,445‌)

$

(106,768,193‌)

Investor

C

Shares

sold

..........................................

51,145‌

$

457,536‌

343,677‌

$

3,153,902‌

Shares

issued

in

reinvestment

of

distributions

.....................

48,855‌

434,060‌

99,119‌

897,772‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(672,985‌)

(6,034,261‌)

(2,012,663‌)

(18,215,273‌)

(572,985‌)

$

(5,142,665‌)

(1,569,867‌)

$

(14,163,599‌)

Notes

to

Consolidated

Financial

Statements

(unaudited)

(continued)

209

Notes

to

Consolidated

Financial

Statements

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

consolidated

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

consolidated

financial

statements.

d

Six

Months

Ended

06/30/24

Year

Ended

12/31/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Class

K

Shares

sold

..........................................

8,801,929‌

$

84,019,926‌

20,006,142‌

$

193,051,528‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,385,720‌

13,120,630‌

2,247,386‌

21,574,857‌

Shares

redeemed

......................................

(14,860,722‌)

(141,463,548‌)

(32,617,499‌)

(314,908,843‌)

(4,673,073‌)

$

(44,322,992‌)

(10,363,971‌)

$

(100,282,458‌)

(18,051,648‌)

$

(172,584,896‌)

(56,583,584‌)

$

(545,679,117‌)

Strategic

Income

Opportunities

Institutional

Shares

sold

..........................................

468,560,521‌

$

4,382,315,460‌

864,520,092‌

$

7,974,325,942‌

Shares

issued

in

reinvestment

of

distributions

.....................

54,860,999‌

512,817,913‌

113,174,026‌

1,042,050,665‌

Shares

redeemed

......................................

(454,683,587‌)

(4,254,610,964‌)

(1,406,710,997‌)

(12,947,280,122‌)

68,737,933‌

$

640,522,409‌

(429,016,879‌)

$

(3,930,903,515‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

8,243,569‌

$

77,114,243‌

23,136,391‌

$

213,186,399‌

Shares

issued

resulting

from

reorganization

......................

—‌

—‌

8,869,175‌

80,281,997‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,046,280‌

19,125,358‌

4,455,091‌

41,000,801‌

Shares

redeemed

......................................

(18,523,093‌)

(173,095,753‌)

(51,828,105‌)

(476,662,881‌)

(8,233,244‌)

$

(76,856,152‌)

(15,367,448‌)

$

(142,193,684‌)

Investor

C

Shares

sold

..........................................

689,608‌

$

6,457,249‌

1,746,893‌

$

16,094,132‌

Shares

issued

in

reinvestment

of

distributions

.....................

172,739‌

1,613,628‌

417,738‌

3,843,616‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(2,051,431‌)

(19,175,952‌)

(5,901,604‌)

(54,278,777‌)

(1,189,084‌)

$

(11,105,075‌)

(3,736,973‌)

$

(34,341,029‌)

Class

K

Shares

sold

..........................................

200,231,481‌

$

1,873,945,333‌

416,530,171‌

$

3,813,648,520‌

Shares

issued

in

reinvestment

of

distributions

.....................

28,647,936‌

267,996,316‌

46,437,606‌

427,600,136‌

Shares

redeemed

......................................

(75,902,184‌)

(710,520,364‌)

(290,515,054‌)

(2,676,727,769‌)

152,977,233‌

$

1,431,421,285‌

172,452,723‌

$

1,564,520,887‌

212,292,838‌

$

1,983,982,467‌

(275,668,577‌)

$

(2,542,917,341‌)

Additional

Information

2024

BlackRock

Semi-Annual

Financial

Statements

210

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Compensation

to

the

independent

trustees

of

the

Trust

is

paid

by

the

Trust,

on

behalf

of

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.

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

of

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

by

enrolling

in

the

electronic

delivery

program.

To

enroll

in

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisors,

Banks

or

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisors,

banks

or

brokerages

may

offer

this

service.

Shareholders

Who

Hold

Accounts

Directly

with

BlackRock:

1.

Access

the

BlackRock

website

at

blackrock.com

2.

Select

"Access

Your

Account"

3.

Next,

select

"eDelivery"

in

the

"Related

Resources"

box

and

follow

the

sign-up

instructions.

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)

211

Additional

Information

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodians

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Citibank

NA

(a)

New

York,

NY

10013

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

SIO

Neptunite

2023-2

LLC.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

2024

BlackRock

Semi-Annual

Financial

Statements

212

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

3,

2024

(the

“May

Meeting”)

and

June

6-7,

2024

(the

“June

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Inflation

Protected

Bond

Portfolio

(the

“Inflation

Protected

Bond

Portfolio”)

and

BlackRock

Strategic

Income

Opportunities

Portfolio

(the

“Strategic

Income

Opportunities

Portfolio”)

(together,

the

“Funds”

and

each,

a

“Fund,”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreements

(the

“Sub-Advisory

Agreements”)

between

(1)

the

Manager

and

BlackRock

International

Limited

(“BIL”),

with

respect

to

each

Fund

and

(2)

BlackRock

(Singapore)

Limited

(“BRS”

and

together

with

BIL,

the

“Sub-Advisors”),

with

respect

to

each

Fund.

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’

investment

performance

analyses,

and

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

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,

and

such

responses

were

reviewed

by

the

Board

Members.

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

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

The

following

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

213

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

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

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

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,

2023,

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

Inflation

Protected

Bond

Portfolio

ranked

in

the

third,

second

and

first

quartiles,

respectively,

against

its

Morningstar

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Category

is

an

appropriate

performance

metric

for

the

Inflation

Protected

Bond

Portfolio,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Inflation

Protected

Bond

Portfolio’s

underperformance

relative

to

its

Morningstar

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)

2024

BlackRock

Semi-Annual

Financial

Statements

214

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,

2023

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

Inflation

Protected

Bond

Portfolio’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

second

quartile

relative

to

the

Inflation

Protected

Bond

Portfolio’s

Expense

Peers.

The

Board

also

noted

that

the

Inflation

Protected

Bond

Portfolio

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Inflation

Protected

Bond

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

Inflation

Protected

Bond

Portfolio

decreases

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

Inflation

Protected

Bond

Portfolio’s

total

expenses

as

a

percentage

of

the

Inflation

Protected

Bond

Portfolio’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

ranked

in

the

first

and

second

quartiles,

respectively,

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

any

economies

of

scale

might

benefit

each

Fund

in

a

variety

of

ways

as

the

assets

of

each

Fund

increase.

The

Board

considered

multiple

factors,

including

the

advisory

fee

rate

and

breakpoints,

unitary

fee

structure,

fee

waivers,

and/or

expense

caps,

as

applicable.

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)

215

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

each

Fund,

for

a

one-year

term

ending

June

30,

2025,

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

each

Fund

for

a

one-year

term

ending

June

30,

2025.

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.

Glossary

of

Terms

Used

in

this

Report

2024

BlackRock

Semi-Annual

Financial

Statements

216

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

DOP

Dominican

Peso

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PHP

Philippine

Peso

PLN

Polish

Zloty

RON

Romanian

Leu

RUB

New

Russian

Ruble

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

Portfolio

Abbreviation

ABS

Asset-Backed

Security

ADR

American

Depositary

Receipts

AGM

Assured

Guaranty

Municipal

Corp.

AMBAC

Ambac

Assurance

Corp.

AMT

Alternative

Minimum

Tax

BBR

Australian

Bank

Bill

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CDO

Collateralized

Debt

Obligation

CLICP

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CNREPOFIX_CFXS

China

Fixing

Repo

Rates

COP

Certificates

of

Participation

CSMC

Credit

Suisse

Mortgage

Capital

CWABS

Countrywide

Asset-Backed

Certificates

DAC

Designated

Activity

Company

EM

Emerging

Markets

EFFR

Effective

Federal

Funds

Rate

ESTR

Euro

Short-Term

Rate

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GO

General

Obligation

Bonds

GUKG1

UK

Government

Bond

1

Year

Note

Generic

Bid

Yield

HIBOR

Hong

Kong

Interbank

Offered

Rate

IBR

Colombian

Reference

Banking

Indicator

JIBAR

Johannesburg

Interbank

Average

Rate

JSC

Joint

Stock

Company

LIBOR

London

Interbank

Offered

Rate

MIBOR

Mumbai

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NASDAQ

National

Association

of

Securities

Dealers

Automated

NVDR

Non-Voting

Depository

Receipts

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

PRIBOR

Prague

Interbank

Offered

Rate

RB

Revenue

Bonds

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

REPO_CORRA

Canadian

Overnight

Repo

Rate

SAP

Subject

to

Appropriations

SAW

State

Aid

Withholding

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SORA

Singapore

Overnight

Rate

Average

SPDR

Standard

&

Poor’s

Depositary

Receipts

TBA

To-be-announced

TIPS

Treasury

Inflation

Protected

Securities

TIBOR

Tokyo

Interbank

Offered

Rate

TONAR

Tokyo

Overnight

Average

Rate

THOR

Thailand

Overnight

Repo

Rate

ON

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.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable.

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – 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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable.

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report.

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable.

              (a)(3) Section 302 Certifications are attached.

              <<section302>>

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a)(5) 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, 2024 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds V

Date: August 22, 2024 

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds V

Date: August 22, 2024