NPORT-EX 2 BLK_Str_Inc_opp_Port.htm
Consolidated
Schedule
of
Investments
(unaudited)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
1
(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
3,085
$
2,132,766
Bermuda
—
0.1%
(a)(c)
AREIT
LLC,
Series
2023-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.11%
Floor
+
2.11%),
7.19%,
08/17/41
.
USD
5,640
5,653,817
BPCRE
Ltd.,
Series
2022-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
7.41%,
01/16/37
.
4,092
4,078,545
OHA
Credit
Funding
11
Ltd.,
Series
2022-11A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.40%
Floor
+
5.40%),
10.61%,
07/19/37
......
250
249,975
OHA
Credit
Funding
13
Ltd.,
Series
2022-13A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.40%
Floor
+
5.40%),
10.68%,
07/20/37
......
7,675
7,675,292
Symphony
CLO
38
Ltd.
Series
2023-38A,
Class
C1,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.18%,
04/24/36
...
2,500
2,525,774
Series
2023-38A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.00%),
11.28%,
04/24/36
..
7,500
7,537,653
Symphony
CLO
39
Ltd.,
Series
2023-
39A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.19%
Floor
+
6.19%),
11.47%,
04/25/34
...........
5,000
5,001,437
Symphony
CLO
40
Ltd.,
Series
2023-
40A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.00%
Floor
+
5.00%),
10.30%,
01/14/34
...........
3,350
3,466,616
36,189,109
Canada
—
0.0%
Fairstone
Financial
Issuance
Trust
I
(c)
Series
2020-1A,
Class
A,
2.51%,
10/20/39
...............
CAD
3,854
2,820,814
Series
2020-1A,
Class
B,
3.74%,
10/20/39
...............
18,261
13,117,081
Series
2020-1A,
Class
C,
5.16%,
10/20/39
...............
2,125
1,505,105
Series
2020-1A,
Class
D,
6.87%,
10/20/39
...............
150
107,747
17,550,747
Cayman
Islands
—
6.5%
(c)
720
East
CLO
Ltd.,
Series
2023-IA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.40%,
04/15/36
(a)
................
USD
5,000
5,030,169
ABPCI
DIRECT
LENDING
FUND
CLO
V
Ltd.,
Series
2019-5A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.48%,
01/20/36
(a)
6,250
6,322,026
ACAS
CLO
Ltd.
(a)
Series
2015-1A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
0.89%
Floor
+
1.15%),
6.43%,
10/18/28
...
590
589,960
Series
2015-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.86%),
7.14%,
10/18/28
...
500
501,390
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2015-1A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.46%),
7.74%,
10/18/28
...
USD
3,690
$
3,696,368
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.70%,
07/20/34
(a)
................
13,536
13,555,961
AGL
CLO
3
Ltd.,
Series
2020-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.86%,
01/15/33
(a)
................
375
376,130
AGL
CLO
5
Ltd.,
Series
2020-5A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.94%,
07/20/34
(a)
................
390
392,050
AIMCO
CLO,
Series
2018-BA,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.30%),
11.59%,
04/16/37
(a)
................
1,000
999,607
AIMCO
CLO
12
Ltd.
(a)
Series
2020-12A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
6.46%,
01/17/32
...
6,425
6,431,390
Series
2020-12A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.19%,
01/17/32
...
610
611,151
AIMCO
CLO
14
Ltd.,
Series
2021-14A,
Class
SUB,
0.00%,
04/20/34
(a)
...
20,000
14,176,000
Allegro
CLO
VI
Ltd.,
Series
2017-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.68%,
01/17/31
(a)
................
561
561,075
ALM
VII
Ltd.,
Series
2012-7A,
Class
SUB,
0.00%,
10/15/2116
(a)(d)(e)(f)
..
12,160
1
AMMC
CLO
21
Ltd.,
Series
2017-21A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.51%),
6.75%,
11/02/30
(a)
................
392
391,995
AMMC
CLO
XII
Ltd.,
Series
2013-12A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
6.86%,
11/10/30
(a)
................
640
640,532
Anchorage
Capital
CLO
11
Ltd.
(a)
Series
2019-11A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
3.75%),
9.09%,
07/22/37
...
2,500
2,545,056
Series
2019-11A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
7.33%
Floor
+
7.33%),
12.67%,
07/22/37
..
2,500
2,586,310
Anchorage
Capital
CLO
7
Ltd.
(a)
Series
2015-7A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.56%
Floor
+
1.56%),
6.89%,
04/28/37
...
22,000
22,143,374
Series
2015-7A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
7.38%,
04/28/37
...
8,000
8,063,654
Series
2015-7A,
Class
DR3,
(3-mo.
CME
Term
SOFR
at
3.80%
Floor
+
3.80%),
9.13%,
04/28/37
...
8,860
9,024,583
Anchorage
Credit
Funding
10
Ltd.,
Series
2020-10A,
Class
AV,
3.62%,
04/25/38
.................
23,350
22,683,712
Anchorage
Credit
Funding
12
Ltd.,
Series
2020-12A,
Class
A1,
3.18%,
10/25/38
.................
10,000
9,668,592
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Anchorage
Credit
Funding
13
Ltd.,
Series
2021-13A,
Class
A1,
2.88%,
07/27/39
.................
USD
11,420
$
10,479,226
Anchorage
Credit
Funding
14
Ltd.,
Series
2021-14A,
Class
A,
3.00%,
01/21/40
.................
20,750
19,715,716
Anchorage
Credit
Funding
2
Ltd.,
Series
2015-2A,
Class
ARV,
3.93%,
04/25/38
.................
12,160
11,975,181
Anchorage
Credit
Funding
3
Ltd.
Series
2016-3A,
Class
A1R,
2.87%,
01/28/39
...............
22,000
20,649,739
Series
2016-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.63%,
01/28/39
(a)
..
4,045
4,035,918
Series
2016-3A,
Class
SUBR,
0.00%,
01/28/39
(a)
.........
7,500
4,678,500
Anchorage
Credit
Funding
4
Ltd.,
Series
2016-4A,
Class
AR,
2.72%,
04/27/39
.................
14,250
13,537,929
Anchorage
Credit
Funding
8
Ltd.,
Series
2019-8A,
Class
A,
4.43%,
07/25/37
.................
8,750
8,700,429
Anchorage
Credit
Funding
9
Ltd.,
Series
2019-9A,
Class
AV,
3.79%,
10/25/37
.................
6,050
6,011,825
Anchorage
Credit
Funding
Ltd.,
Series
2021-14A,
Class
SUB,
0.00%,
01/21/40
(a)
................
10,000
6,789,000
Antares
CLO
Ltd.
(a)
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
7.13%,
04/20/33
...
3,250
3,251,977
Series
2019-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
7.23%,
01/23/36
...
8,470
8,496,380
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.79%),
7.08%,
07/25/33
...
3,250
3,250,118
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.27%),
6.55%,
04/20/31
(a)
...........
3,695
3,699,147
Apidos
CLO
XVIII,
Series
2018-18A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.43%,
10/22/30
(a)
................
21,259
21,269,161
Apidos
CLO
XX,
Series
2015-20A,
Class
A1RA,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
6.65%,
07/16/31
(a)
...........
1,196
1,197,943
Apidos
CLO
XXII
(a)
Series
2015-22A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.32%),
6.60%,
04/20/31
...
890
891,268
Series
2015-22A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.49%,
04/20/31
...
3,250
3,259,622
Series
2015-22A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.49%,
04/20/31
...
800
806,335
Apidos
CLO
XXIV,
Series
2016-24A,
Class
A1AL,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.49%,
10/20/30
(a)
...........
15,546
15,550,443
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Apidos
CLO
XXV
(a)
Series
2016-25A,
Class
A1R2,
(3-
mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.43%,
10/20/31
USD
15,079
$
15,088,504
Series
2016-25A,
Class
AJR2,
(3-
mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
6.78%,
10/20/31
5,000
5,001,591
Apidos
CLO
XXVI
(a)
Series
2017-26A,
Class
A1AR,
(3-
mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.16%),
6.44%,
07/18/29
640
640,122
Series
2017-26A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.49%,
07/18/29
...
2,750
2,758,124
Apidos
CLO
XXVII,
Series
2017-27A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.19%),
6.48%,
07/17/30
(a)
................
3,405
3,405,084
Apidos
CLO
XXVIII,
Series
2017-28A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.76%),
11.04%,
01/20/31
(a)
................
270
269,570
Apidos
CLO
XXXI,
Series
2019-31A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.11%,
04/15/31
(a)
................
250
250,330
Apidos
CLO
XXXVI,
Series
2021-36A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.14%,
07/20/34
(a)
................
1,320
1,325,309
Apidos
CLO
XXXVII,
Series
2021-37A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.56%),
11.84%,
10/22/34
(a)
................
850
851,393
AREIT
Ltd.,
Series
2024-CRE9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
6.77%,
05/17/41
(a)
27,500
27,496,211
Ares
LI
CLO
Ltd.,
Series
2019-51A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
7.11%),
12.41%,
07/15/34
(a)
................
300
300,820
Ares
LII
CLO
Ltd.,
Series
2019-52A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.59%,
04/22/31
(a)
................
1,777
1,779,482
Ares
Loan
Funding
I
Ltd.
(a)
Series
2021-ALFA,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.96%),
12.26%,
10/15/34
..
10,850
10,852,235
Series
2021-ALFA,
Class
SUB,
0.00%,
10/15/34
..........
14,000
9,213,400
Ares
LV
CLO
Ltd.,
Series
2020-55A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.71%,
07/15/34
(a)
................
750
750,950
Ares
XLV
CLO
Ltd.,
Series
2017-45A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.31%),
7.61%,
10/15/30
(a)
................
1,125
1,128,507
Ares
XLVII
CLO
Ltd.,
Series
2018-47A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.92%
Floor
+
1.18%),
6.48%,
04/15/30
(a)
................
968
969,323
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.08%),
6.38%,
10/15/30
(a)
...........
USD
12,673
$
12,689,603
Assurant
CLO
II
Ltd.,
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
6.58%,
04/20/31
(a)
................
566
566,540
Assurant
CLO
IV
Ltd.
(a)
Series
2019-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.66%),
7.94%,
04/20/30
...
500
500,348
Series
2019-4A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.65%
Floor
+
3.91%),
9.19%,
04/20/30
...
3,500
3,537,593
Atrium
XV,
Series
15A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
8.64%,
07/16/37
(a)
1,450
1,469,637
Bain
Capital
Credit
CLO,
Series
2018-
2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.08%),
6.36%,
07/19/31
(a)
...........
9,000
9,000,608
Ballyrock
CLO
14
Ltd.
(a)
Series
2020-14A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
7.30%,
07/20/37
...
250
250,761
Series
2020-14A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.85%
Floor
+
5.85%),
11.15%,
07/20/37
..
250
249,992
Ballyrock
CLO
25
Ltd.,
Series
2023-
25A,
Class
C,
(3-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
9.98%,
01/25/36
(a)
...........
1,750
1,765,759
Ballyrock
CLO
Ltd.
(a)
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
6.54%,
04/20/31
...
363
363,629
Series
2018-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.86%),
7.14%,
04/20/31
...
2,300
2,300,012
Series
2020-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.41%),
11.69%,
10/20/31
..
1,340
1,339,327
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.54%,
10/22/32
(a)
................
940
961,150
Barings
CLO
Ltd.
(a)
Series
2015-IA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
6.53%,
01/20/31
...
2,049
2,049,117
Series
2015-IA,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.94%,
01/20/31
...
250
250,315
Series
2016-2A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.61%,
01/20/32
...
6,032
6,036,776
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.21%),
6.51%,
04/15/31
...
1,351
1,352,039
Series
2019-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.61%,
04/20/31
...
1,230
1,234,827
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Battalion
CLO
IX
Ltd.,
Series
2015-9A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.81%,
07/15/31
(a)
................
USD
450
$
447,922
Battalion
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.09%,
07/18/30
(a)
...........
11,000
11,011,036
Bean
Creek
CLO
Ltd.
(a)
Series
2015-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
6.56%,
04/20/31
...
5,335
5,339,418
Series
2015-1A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.01%
Floor
+
6.01%),
11.29%,
04/20/31
..
1,000
1,000,307
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.53%),
6.83%,
07/20/37
(a)
.....
4,550
4,582,882
Benefit
Street
Partners
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.64%,
01/20/31
(a)
.....
2,091
2,092,876
Benefit
Street
Partners
CLO
X
Ltd.,
Series
2016-10A,
Class
A2AR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.09%,
04/20/34
(a)
750
750,953
Benefit
Street
Partners
CLO
XIX
Ltd.,
Series
2019-19A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.40%,
01/15/33
(a)
.....
1,750
1,751,060
Benefit
Street
Partners
CLO
XVI
Ltd.,
Series
2018-16A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
6.58%,
01/17/32
(a)
.....
6,445
6,450,263
Benefit
Street
Partners
CLO
XVII
Ltd.,
Series
2019-17A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.64%,
07/15/32
(a)
.....
5,500
5,503,233
Benefit
Street
Partners
CLO
XX
Ltd.,
Series
2020-20A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
7.01%),
12.31%,
07/15/34
(a)
.....
1,000
1,001,475
Benefit
Street
Partners
CLO
XXI
Ltd.,
Series
2020-21A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.73%,
10/15/34
(a)
.....
15,000
15,007,605
Benefit
Street
Partners
CLO
XXIII
Ltd.,
Series
2021-23A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.81%
Floor
+
7.07%),
12.36%,
04/25/34
(a)
.....
1,250
1,251,564
Betony
CLO
2
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.60%,
04/30/31
(a)
................
19,080
19,095,183
BlueMountain
CLO
Ltd.
(a)
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.44%),
6.72%,
10/22/30
...
1,296
1,297,259
Series
2013-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.86%),
7.14%,
10/22/30
...
4,000
4,012,747
Series
2015-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
6.54%,
04/20/31
...
1,545
1,545,263
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2016-2A,
Class
C1R2,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.49%,
08/20/32
...
USD
250
$
249,778
Series
2016-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
6.32%,
11/15/30
...
4,151
4,158,190
Series
2016-3A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.82%,
11/15/30
...
7,400
7,426,657
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.22%,
07/30/30
...
273
273,701
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.11%
Floor
+
1.37%),
6.49%,
08/15/31
...
887
886,943
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.08%,
08/15/31
...
2,750
2,761,148
Series
2018-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
6.47%,
10/25/30
...
12,461
12,465,138
Series
2018-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
6.88%,
10/25/30
...
9,000
8,984,976
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.64%,
07/15/31
(a)
.....
1,121
1,121,121
BlueMountain
CLO
XXIX
Ltd.,
Series
2020-29A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.70%,
07/25/34
(a)
.....
250
250,304
BlueMountain
CLO
XXVIII
Ltd.
(a)
Series
2021-28A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.52%),
6.82%,
04/15/34
...
450
450,416
Series
2021-28A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.46%,
04/15/34
...
2,000
1,973,000
BlueMountain
CLO
XXX
Ltd.,
Series
2020-30A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.70%),
12.00%,
04/15/35
(a)
.....
250
241,337
BlueMountain
CLO
XXXIII
Ltd.,
Series
2021-33A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.76%),
8.89%,
11/20/34
(a)
......
1,510
1,515,835
BlueMountain
Fuji
US
CLO
I
Ltd.,
Series
2017-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.52%,
07/20/29
(a)
.....
17,267
17,284,435
BlueMountain
Fuji
US
CLO
II
Ltd.,
Series
2017-2A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
6.54%,
10/20/30
(a)
.....
2,534
2,535,449
Bristol
Park
CLO
Ltd.
(a)
Series
2016-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
6.55%,
04/15/29
...
12,960
12,964,584
Series
2016-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.01%,
04/15/29
...
6,500
6,514,976
Series
2016-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.51%,
04/15/29
...
500
503,092
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Carbone
CLO
Ltd.
(a)
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.40%),
6.68%,
01/20/31
...
USD
2,484
$
2,487,233
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.86%),
8.14%,
01/20/31
...
3,000
3,004,666
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)
Series
2013-4A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.56%,
01/15/31
...
2,066
2,069,694
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.52%,
04/17/31
...
14,355
14,377,737
Series
2014-2RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.31%),
6.43%,
05/15/31
...
6,683
6,688,637
Series
2014-3RA,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.31%),
6.58%,
07/27/31
...
20,879
20,910,575
Series
2014-5A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.70%,
07/15/31
...
3,192
3,196,784
Series
2015-1A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.52%,
07/20/31
...
2,328
2,330,035
Series
2015-4A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
6.50%,
07/20/32
...
20,650
20,666,520
Carlyle
US
CLO
Ltd.
(a)
Series
2017-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.74%,
01/15/30
...
1,055
1,056,575
Series
2018-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.45%,
10/15/31
...
3,790
3,795,017
Series
2019-1A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.62%,
04/20/31
...
924
925,770
Series
2019-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.14%,
04/20/31
...
5,000
5,006,687
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.15%),
8.44%,
07/16/31
(a)
................
1,705
1,704,207
CarVal
CLO
II
Ltd.
(a)
Series
2019-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.26%
Floor
+
2.26%),
7.54%,
04/20/32
...
700
700,564
Series
2019-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.46%
Floor
+
3.46%),
8.74%,
04/20/32
...
2,000
2,002,363
CarVal
CLO
III
Ltd.,
Series
2019-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.70%),
11.98%,
07/20/32
(a)
................
1,300
1,273,596
CarVal
CLO
VC
Ltd.
(a)
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.81%,
10/15/34
...
500
501,425
Series
2021-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
7.01%),
12.31%,
10/15/34
..
250
249,494
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
CBAM
Ltd.
(a)
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.51%),
6.79%,
07/20/30
...
USD
6,813
$
6,819,681
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.66%),
7.94%,
07/20/30
...
750
752,641
Series
2018-7A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.14%,
07/20/31
...
1,000
1,003,417
Series
2019-10A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.66%,
04/20/32
...
3,756
3,757,472
Cedar
Funding
V
CLO
Ltd.,
Series
2016-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
6.65%,
07/17/31
(a)
.....
4,343
4,345,060
Cedar
Funding
VII
CLO
Ltd.
(a)
Series
2018-7A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.08%),
6.18%,
01/20/31
...
10,750
10,760,751
Series
2018-7A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
7.85%,
01/20/31
...
6,750
6,750,159
Series
2018-7A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.55%
Floor
+
4.81%),
10.09%,
01/20/31
..
2,963
2,903,855
Series
2018-7A,
Class
F,
(3-mo.
CME
Term
SOFR
at
6.90%
Floor
+
7.16%),
12.44%,
01/20/31
..
2,000
1,749,048
Series
2018-7A,
Class
SUB,
0.00%,
01/20/31
...............
1,750
396,645
Cedar
Funding
XI
CLO
Ltd.,
Series
2019-11A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
6.67%,
05/29/32
(a)
.....
1,000
999,994
Cedar
Funding
XIV
CLO
Ltd.
(a)
Series
2021-14A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.16%,
07/15/33
...
4,000
3,998,366
Series
2021-14A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.81%,
07/15/33
...
13,750
13,602,927
Series
2021-14A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.34%
Floor
+
6.60%),
11.90%,
07/15/33
..
4,975
4,865,889
Series
2021-14A,
Class
SUB,
0.00%,
07/15/33
..........
15,290
6,821,199
CIFC
Funding
2013-IV
Ltd.,
Series
2013-4A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.59%,
04/27/31
(a)
.....
2,737
2,740,371
CIFC
Funding
2014-V
Ltd.,
Series
2014-5A,
Class
ER3,
(3-mo.
CME
Term
SOFR
at
7.50%
Floor
+
7.50%),
12.80%,
07/17/37
(a)
.....
1,000
1,005,002
CIFC
Funding
2016-I
Ltd.,
Series
2016-
1A,
Class
D1RR,
(3-mo.
CME
Term
SOFR
at
3.16%
Floor
+
3.16%),
8.44%,
10/21/31
(a)
...........
668
671,554
CIFC
Funding
2018-II
Ltd.
(a)
Series
2018-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
0.00%,
10/20/37
...
14,110
14,110,000
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2018-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
0.00%,
10/20/37
...
USD
500
$
500,000
CIFC
Funding
2018-III
Ltd.,
Series
2018-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
6.64%,
07/18/31
(a)
...........
6,464
6,468,986
CIFC
Funding
2019-III
Ltd.,
Series
2019-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.80%
Floor
+
7.06%),
12.35%,
10/16/34
(a)
.....
2,275
2,283,887
CIFC
Funding
2021-IV
Ltd.,
Series
2021-4A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
6.82%,
07/23/37
(a)
.....
500
499,910
CIFC
Funding
2022-VII
Ltd.,
Series
2022-7A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.94%
Floor
+
8.94%),
14.22%,
10/22/35
(a)
..........
1,200
1,209,571
CIFC
Funding
Ltd.
(a)
Series
2013-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.01%),
7.30%,
07/16/30
...
1,250
1,253,344
Series
2013-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.81%),
9.10%,
07/16/30
...
500
510,361
Series
2013-2A,
Class
A1L2,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.54%,
10/18/30
...
19,072
19,110,403
Series
2013-3RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.52%,
04/24/31
...
10,572
10,581,415
Series
2013-3RA,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.39%,
04/24/31
...
650
651,675
Series
2013-3RA,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.44%,
04/24/31
...
1,050
1,054,959
Series
2013-4A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
2.80%
Floor
+
3.06%),
8.33%,
04/27/31
...
250
250,204
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
6.64%,
01/18/31
...
383
382,981
Series
2014-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.46%),
6.74%,
10/22/31
...
3,130
3,133,234
Series
2015-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.11%
Floor
+
1.37%),
6.65%,
01/22/31
...
21,880
21,919,522
Series
2015-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
6.99%,
01/22/31
...
400
400,507
Series
2015-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.13%),
6.41%,
04/19/29
...
2,378
2,380,891
Series
2015-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.41%),
6.69%,
04/19/29
...
8,750
8,746,973
Series
2017-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.49%,
04/20/30
...
6,856
6,862,828
Series
2017-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.70%),
11.98%,
04/20/37
..
1,500
1,477,507
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2017-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.49%,
10/24/30
...
USD
10,216
$
10,221,395
Series
2017-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.74%,
07/17/37
...
18,250
18,268,250
Series
2017-5A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.38%,
07/17/37
...
1,400
1,417,920
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
6.54%,
04/18/31
...
1,259
1,259,192
Series
2018-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.30%),
6.58%,
04/20/31
...
6,495
6,497,858
Series
2018-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.70%,
10/17/31
...
20,904
20,915,548
Clear
Creek
CLO
Ltd.
(a)
Series
2015-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.46%),
6.74%,
10/20/30
...
566
567,033
Series
2015-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.21%),
8.49%,
10/20/30
...
2,900
2,881,169
Clover
CLO
Ltd.,
Series
2019-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
6.65%,
10/25/33
(a)
................
1,500
1,501,919
Crown
City
CLO
III,
Series
2021-1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.71%,
07/20/34
(a)
................
250
250,196
Crown
Point
CLO
9
Ltd.,
Series
2020-
9A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
4.01%),
9.31%,
07/14/34
(a)
...........
1,000
1,007,080
Diameter
Capital
CLO
2
Ltd.,
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.32%
Floor
+
6.32%),
11.62%,
10/15/36
(a)
..........
1,500
1,496,277
Diameter
Credit
Funding
I
Ltd.,
Series
2019-1A,
Class
A,
4.60%,
07/25/37
9,730
9,672,763
Diameter
Credit
Funding
II
Ltd.,
Series
2019-2A,
Class
A,
3.94%,
01/25/38
3,000
2,949,880
Dryden
106
CLO
Ltd.,
Series
2022-
106A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.87%
Floor
+
8.87%),
14.17%,
10/15/35
(a)
..........
500
503,520
Dryden
30
Senior
Loan
Fund,
Series
2013-30A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.08%),
6.20%,
11/15/28
(a)
......
8,658
8,666,942
Dryden
36
Senior
Loan
Fund,
Series
2014-36A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.58%,
04/15/29
(a)
.....
5,216
5,217,472
Dryden
37
Senior
Loan
Fund,
Series
2015-37A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.66%,
01/15/31
(a)
.....
1,271
1,271,041
Dryden
40
Senior
Loan
Fund,
Series
2015-40A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.27%,
08/15/31
(a)
.....
25,850
25,878,044
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Dryden
41
Senior
Loan
Fund,
Series
2015-41A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.53%,
04/15/31
(a)
.....
USD
5,255
$
5,264,736
Dryden
49
Senior
Loan
Fund
(a)
Series
2017-49A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.49%,
07/18/30
...
587
586,940
Series
2017-49A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.14%,
07/18/30
...
1,000
1,000,974
Dryden
50
Senior
Loan
Fund
(a)
Series
2017-50A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.56%,
07/15/30
...
5,467
5,474,602
Series
2017-50A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.21%,
07/15/30
...
250
250,439
Dryden
55
CLO
Ltd.,
Series
2018-55A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.28%),
6.58%,
04/15/31
(a)
................
2,228
2,228,218
Dryden
58
CLO
Ltd.,
Series
2018-58A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
6.55%,
07/17/31
(a)
................
3,492
3,491,859
Dryden
65
CLO
Ltd.,
Series
2018-65A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.14%,
07/18/30
(a)
................
700
700,812
Dryden
77
CLO
Ltd.,
Series
2020-77A,
Class
XR,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
6.39%,
05/20/34
(a)
................
109
108,926
Dryden
Senior
Loan
Fund,
Series
2017-
47A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.54%,
04/15/28
(a)
...........
1,236
1,236,009
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.16%),
6.46%,
04/15/29
(a)
.....
2,089
2,092,090
Elmwood
CLO
14
Ltd.,
Series
2022-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.35%
Floor
+
6.35%),
11.63%,
04/20/35
(a)
................
4,900
4,911,950
Elmwood
CLO
16
Ltd.,
Series
2022-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
6.75%),
12.03%,
04/20/37
(a)
................
2,690
2,792,635
Elmwood
CLO
17
Ltd.,
Series
2022-4A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.40%),
9.69%,
07/17/37
(a)
................
3,000
3,063,346
Elmwood
CLO
20
Ltd.,
Series
2022-7A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.00%),
13.29%,
01/17/37
(a)
................
1,500
1,466,119
Elmwood
CLO
22
Ltd.,
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.65%
Floor
+
7.65%),
12.94%,
04/17/36
(a)
................
2,000
2,041,249
Elmwood
CLO
28
Ltd.,
Series
2024-4A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.25%
Floor
+
7.25%),
12.59%,
04/17/37
(a)
................
2,000
1,936,832
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Elmwood
CLO
29
Ltd.,
Series
2024-5A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.40%
Floor
+
6.40%),
11.72%,
04/20/37
(a)
................
USD
1,750
$
1,759,346
Elmwood
CLO
30
Ltd.,
Series
2024-6A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.43%),
6.73%,
07/17/37
(a)
................
25,500
25,601,166
Elmwood
CLO
33
Ltd.,
Series
2024-
9RA,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
7.12%,
10/21/37
(a)
...........
2,500
2,516,817
Elmwood
CLO
II
Ltd.
(a)
Series
2019-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.26%
Floor
+
3.26%),
8.54%,
04/20/34
...
750
750,413
Series
2019-2A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
7.06%
Floor
+
7.06%),
12.34%,
04/20/34
..
14,750
14,767,038
Series
2019-2A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.26%
Floor
+
8.26%),
13.54%,
04/20/34
..
7,500
7,122,256
Series
2019-2A,
Class
SUB,
0.00%,
04/20/34
...............
4,000
2,908,800
Elmwood
CLO
III
Ltd.
(a)
Series
2019-3A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
5.95%
Floor
+
5.95%),
11.27%,
07/18/37
..
500
500,420
Series
2019-3A,
Class
FRR,
(3-mo.
CME
Term
SOFR
at
7.91%
Floor
+
7.91%),
13.23%,
07/18/37
..
3,450
3,332,824
Elmwood
CLO
VII
Ltd.,
Series
2020-4A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
0.00%,
10/17/37
(a)
...........
2,750
2,750,000
Elmwood
CLO
VIII
Ltd.
(a)
Series
2021-1A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.00%),
13.28%,
04/20/37
..
4,500
4,371,115
Series
2021-1A,
Class
SUB,
0.00%,
01/20/34
...............
10,500
5,634,300
Elmwood
CLO
X
Ltd.,
Series
2021-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.85%
Floor
+
5.85%),
11.13%,
04/20/34
(a)
................
4,000
3,998,278
Elmwood
CLO
XII
Ltd.,
Series
2021-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
0.00%,
10/15/37
(a)
................
10,045
10,045,000
Flatiron
CLO
18
Ltd.,
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.50%,
04/17/31
(a)
................
6,882
6,886,896
Flatiron
CLO
19
Ltd.
(a)
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.44%,
11/16/34
...
25,000
25,013,925
Series
2019-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.36%,
11/16/34
...
800
804,281
Flatiron
CLO
25
Ltd.
(a)
Series
2024-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.62%,
10/17/37
...
1,150
1,150,000
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2024-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.87%,
10/17/37
...
USD
880
$
880,000
Series
2024-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.12%,
10/17/37
...
310
310,000
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)
................
2,000
2,006,160
Galaxy
31
CLO
Ltd.,
Series
2023-31A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.43%
Floor
+
8.43%),
13.73%,
04/15/36
(a)
................
650
667,265
Galaxy
XIX
CLO
Ltd.,
Series
2015-19A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.49%,
07/24/30
(a)
...........
2,495
2,499,682
Galaxy
XV
CLO
Ltd.,
Series
2013-15A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.53%,
10/15/30
(a)
................
4,935
4,940,195
Galaxy
XVIII
CLO
Ltd.,
Series
2018-
28A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.66%,
07/15/31
(a)
...........
5,932
5,936,885
Galaxy
XX
CLO
Ltd.,
Series
2015-20A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.54%,
04/20/31
(a)
................
17,944
17,973,572
Galaxy
XXII
CLO
Ltd.,
Series
2016-
22A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.75%,
04/16/34
(a)
...........
850
851,060
Galaxy
XXVI
CLO
Ltd.,
Series
2018-
26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
6.29%,
11/22/31
(a)
...........
2,158
2,160,564
Galaxy
XXVII
CLO
Ltd.,
Series
2018-
27A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.28%),
6.38%,
05/16/31
(a)
...........
10,649
10,670,407
Galaxy
XXVIII
CLO
Ltd.,
Series
2018-
28A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.56%),
6.86%,
07/15/31
(a)
...........
306
306,428
Generate
CLO
8
Ltd.,
Series
8A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.95%
Floor
+
7.21%),
12.49%,
10/20/34
(a)
................
4,250
4,220,327
GoldenTree
Loan
Management
US
CLO
11
Ltd.,
Series
2021-11A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.35%
Floor
+
5.61%),
10.89%,
10/20/34
(a)
5,765
5,776,381
GoldenTree
Loan
Management
US
CLO
3
Ltd.,
Series
2018-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.11%),
8.39%,
04/20/30
(a)
................
750
751,354
Golub
Capital
Partners
CLO
55B
Ltd.,
Series
2021-55A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.56%
Floor
+
6.82%),
12.10%,
07/20/34
(a)
.....
2,690
2,697,654
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Golub
Capital
Partners
CLO
56M
Ltd.,
Series
2021-56A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.79%),
7.08%,
10/25/33
(a)
.....
USD
6,250
$
6,238,792
Golub
Capital
Partners
CLO
Ltd.,
Series
2019-41A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.29%,
01/20/34
(a)
.....
2,000
2,007,752
Gracie
Point
International
Funding
(a)
Series
2023-1A,
Class
A,
(SOFR90A
at
0.00%
Floor
+
1.95%),
7.32%,
09/01/26
...............
4,766
4,793,907
Series
2023-1A,
Class
D,
(SOFR90A
at
0.00%
Floor
+
4.50%),
9.87%,
09/01/26
...............
1,512
1,528,695
Great
Lakes
CLO
VIII
Ltd.,
Series
2024-8A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.10%,
07/15/37
(a)
...........
6,500
6,534,161
GT
Loan
Financing
I
Ltd.,
Series
2013-
1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.36%),
7.63%,
07/28/31
(a)
...........
500
501,769
Halsey
Point
CLO
I
Ltd.,
Series
2019-
1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.61%),
9.89%,
01/20/33
(a)
...........
2,500
2,502,845
Highbridge
Loan
Management
Ltd.,
Series
3A-2014,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.44%),
6.72%,
07/18/29
(a)
.....
95
95,098
HPS
Loan
Management
Ltd.
(a)
Series
11A-17,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.51%,
05/06/30
...
7,949
7,954,651
Series
6A-2015,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
6.50%,
02/05/31
...
3,945
3,949,076
IVY
Hill
Middle
Market
Credit
Fund
XII
Ltd.,
Series
12A,
Class
A1TR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.14%,
07/20/33
(a)
.....
12,500
12,496,669
Ivy
Hill
Middle
Market
Credit
Fund
XX
Ltd.,
Series
20A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
7.68%,
04/20/35
(a)
.....
2,000
2,000,083
Ivy
Hill
Middle
Market
Credit
Fund
XXI
Ltd.,
Series
21A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.45%),
7.73%,
07/18/35
(a)
.....
19,750
19,887,501
KKR
CLO
10
Ltd.,
Series
10,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.96%),
6.91%,
09/15/29
(a)
3,000
3,003,831
KKR
Financial
CLO
Ltd.
(a)
Series
2013-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.10%),
6.40%,
04/15/29
...
18,342
18,348,404
Series
2013-1A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
6.75%,
04/15/29
...
1,000
999,926
LCM
26
Ltd.,
Series
26A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
8.04%,
01/20/31
(a)
400
395,628
LCM
XIV
LP,
Series
14A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.30%),
6.58%,
07/20/31
(a)
390
390,010
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
LCM
XVIII
LP,
Series
18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.28%),
6.56%,
04/20/31
(a)
USD
4,116
$
4,119,329
LCM
XXIV
Ltd.,
Series
24A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.52%,
03/20/30
(a)
245
245,451
Lewey
Park
CLO
Ltd.
Series
2024-1A,
Class
B2,
4.98%,
10/20/37
...............
2,750
2,750,000
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.55%
Floor
+
5.55%),
0.00%,
10/20/37
(a)
..
2,620
2,620,000
LoanCore
Issuer
Ltd.,
Series
2022-
CRE7,
Class
A,
(SOFR
30
day
Average
at
1.55%
Floor
+
1.55%),
6.89%,
01/17/37
(a)
...........
1,714
1,711,141
Loanpal
Solar
Loan
Ltd.
Series
2020-2GF,
Class
A,
2.75%,
07/20/47
...............
3,317
2,781,243
Series
2021-1GS,
Class
A,
2.29%,
01/20/48
...............
7,835
6,443,762
Madison
Park
Funding
LIV
Ltd.,
Series
2022-54A,
Class
E1,
(3-mo.
CME
Term
SOFR
at
8.95%
Floor
+
8.95%),
14.23%,
10/21/34
(a)
.....
250
251,987
Madison
Park
Funding
LIX
Ltd.,
Series
2021-59A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.40%
Floor
+
6.40%),
11.68%,
04/18/37
(a)
.....
750
751,954
Madison
Park
Funding
LXIII
Ltd.,
Series
2023-63A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.57%
Floor
+
8.57%),
13.85%,
04/21/35
(a)
.....
2,250
2,313,330
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)
.....
11,000
11,019,985
Madison
Park
Funding
XIV
Ltd.
(a)
Series
2014-14A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
6.48%,
10/22/30
...
4,883
4,887,096
Series
2014-14A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.49%,
10/22/30
...
1,000
1,005,148
Madison
Park
Funding
XL
Ltd.
(a)
Series
9A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
6.31%,
05/28/30
....
1,635
1,635,532
Series
9A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
6.82%,
05/28/30
....
325
325,348
Madison
Park
Funding
XLII
Ltd.,
Series
13A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.43%,
11/21/30
(a)
...........
43,228
43,270,829
Madison
Park
Funding
XLV
Ltd.,
Series
2020-45A,
Class
SUB,
0.00%,
07/15/34
(a)
................
2,000
1,184,000
Madison
Park
Funding
XLVIII
Ltd.,
Series
2021-48A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.51%
Floor
+
6.51%),
11.79%,
04/19/33
(a)
.....
500
501,863
Madison
Park
Funding
XVII
Ltd.,
Series
2015-17A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
6.54%,
07/21/30
(a)
.....
6,343
6,345,831
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Madison
Park
Funding
XVIII
Ltd.
(a)
Series
2015-18A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
0.94%
Floor
+
1.20%),
6.48%,
10/21/30
...
USD
45,029
$
45,118,976
Series
2015-18A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.21%),
8.49%,
10/21/30
...
2,750
2,761,280
Madison
Park
Funding
XX
Ltd.,
Series
2016-20A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.81%),
7.08%,
07/27/30
(a)
.....
2,000
2,003,005
Madison
Park
Funding
XXI
Ltd.,
Series
2016-21A,
Class
AARR,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
6.64%,
10/15/32
(a)
.....
1,250
1,250,441
Madison
Park
Funding
XXIII
Ltd.
(a)
Series
2017-23A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.50%,
07/27/31
...
28,431
28,456,637
Series
2017-23A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.08%,
07/27/31
...
2,000
2,003,106
Series
2017-23A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.53%,
07/27/31
...
3,000
3,009,420
Madison
Park
Funding
XXIV
Ltd.,
Series
2016-24A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
6.83%,
10/20/29
(a)
.....
7,250
7,262,004
Madison
Park
Funding
XXIX
Ltd.
(a)
Series
2018-29A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
6.46%,
10/18/30
...
466
466,396
Series
2018-29A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.70%
Floor
+
5.96%),
11.24%,
10/18/30
..
1,750
1,754,965
Madison
Park
Funding
XXVII
Ltd.
(a)
Series
2018-27A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.29%),
6.57%,
04/20/30
...
1,301
1,301,966
Series
2018-27A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
2.86%),
8.14%,
04/20/30
...
3,125
3,130,260
Madison
Park
Funding
XXX
Ltd.,
Series
2018-30A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
6.56%,
07/16/37
(a)
.....
25,800
25,877,400
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.16%
Floor
+
2.16%),
7.45%,
07/17/34
(a)
.....
250
250,495
Maranon
Loan
Funding
Ltd.,
Series
2020-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.51%,
01/15/34
(a)
...........
2,778
2,778,467
Marble
Point
CLO
XXIII
Ltd.,
Series
2021-4A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.65%
Floor
+
3.91%),
9.19%,
01/22/35
(a)
.....
500
503,480
MidOcean
Credit
CLO
XI
Ltd.,
Series
2022-11A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
7.93%,
10/18/33
(a)
.....
2,000
2,015,690
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Milos
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.61%,
10/20/30
(a)
................
USD
152
$
152,047
Myers
Park
CLO
Ltd.
(a)
Series
2018-1A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.14%,
10/20/30
...
250
250,483
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.59%,
10/20/30
...
1,000
1,003,152
Neuberger
Berman
CLO
XIV
Ltd.,
Series
2013-14A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
6.56%,
01/28/30
(a)
.....
1,268
1,268,809
Neuberger
Berman
CLO
XV,
Series
2013-15A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.92%
Floor
+
1.18%),
6.48%,
10/15/29
(a)
.....
15,962
15,974,629
Neuberger
Berman
CLO
XX
Ltd.
(a)
Series
2015-20A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.72%,
07/15/34
...
689
689,265
Series
2015-20A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.21%,
07/15/34
...
500
501,894
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.92%
Floor
+
1.18%),
6.46%,
10/18/30
(a)
29,821
29,821,026
Neuberger
Berman
Loan
Advisers
CLO
31
Ltd.,
Series
2019-31A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
6.58%,
04/20/31
(a)
2,228
2,229,422
Neuberger
Berman
Loan
Advisers
CLO
32
Ltd.
(a)
Series
2019-32A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
6.53%,
01/20/32
...
17,412
17,417,097
Series
2019-32A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.10%
Floor
+
6.36%),
11.64%,
01/20/32
..
825
827,698
Neuberger
Berman
Loan
Advisers
CLO
36
Ltd.,
Series
2020-36A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.50%),
7.78%,
04/20/33
(a)
................
6,700
6,732,664
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
6.01%),
11.29%,
07/20/31
(a)
250
250,552
Neuberger
Berman
Loan
Advisers
CLO
46
Ltd.,
Series
2021-46A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.19%,
01/20/36
(a)
750
752,798
New
Mountain
CLO
3
Ltd.,
Series
CLO-
3A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.24%,
10/20/34
(a)
...........
3,000
3,011,754
New
Mountain
CLO
6
Ltd.,
Series
CLO-6A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.40%),
0.00%,
10/15/37
(a)
...........
14,590
14,600,213
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Oaktree
CLO
Ltd.
(a)
Series
2019-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.11%
Floor
+
1.37%),
6.65%,
04/22/30
...
USD
1,944
$
1,945,578
Series
2024-26A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.45%),
8.78%,
04/20/37
...
3,000
3,046,311
Series
2024-27A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
6.35%,
10/22/37
...
960
958,330
Series
2024-27A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
7.78%,
10/22/37
...
900
909,852
OCP
CLO
Ltd.
Series
2014-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.62%,
04/26/31
(a)
..
1,672
1,675,253
Series
2014-5A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.44%,
04/26/31
(a)
..
1,430
1,422,830
Series
2014-7A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.38%),
6.66%,
07/20/29
(a)
..
241
241,237
Series
2014-7A,
Class
A2RR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.91%),
7.19%,
07/20/29
(a)
..
1,600
1,602,592
Series
2014-7A,
Class
B1RR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.51%),
7.79%,
07/20/29
(a)
..
500
501,874
Series
2014-7A,
Class
B2RR,
5.11%,
07/20/29
..........
3,830
3,788,128
Series
2016-12A,
Class
BAR3,
(3-mo.
CME
Term
SOFR
at
1.68%
Floor
+
1.68%),
0.00%,
10/18/37
(a)
..............
6,750
6,750,000
Series
2016-12A,
Class
BBR3,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
0.00%,
10/18/37
(a)
..............
4,000
4,000,000
Series
2016-12A,
Class
E2R3,
(3-mo.
CME
Term
SOFR
at
7.34%
Floor
+
7.34%),
0.00%,
10/18/37
(a)
..............
2,250
2,227,500
Series
2016-12A,
Class
XR3,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
0.00%,
10/18/37
(a)
..
1,000
1,000,000
Series
2017-13A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
0.96%
Floor
+
1.22%),
6.52%,
07/15/30
(a)
..............
19,811
19,825,207
Series
2017-14A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
7.84%,
07/20/37
(a)
..
4,000
4,045,378
Series
2017-14A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
9.24%,
07/20/37
(a)
..
6,250
6,203,012
Series
2019-16A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
6.57%,
04/10/33
(a)
..
489
488,621
Series
2019-16A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.41%
Floor
+
3.41%),
8.72%,
04/10/33
(a)
..
2,200
2,202,248
Series
2019-17A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.25%),
11.55%,
07/20/37
(a)
.
1,750
1,758,822
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2020-8RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.77%,
01/17/32
(a)
..
USD
1,934
$
1,935,552
Series
2020-18A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
6.60%,
07/20/37
(a)
..............
1,000
1,000,506
Series
2020-18A,
Class
D1R2,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
8.33%,
07/20/37
(a)
..............
2,750
2,782,211
Series
2020-18A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.25%),
11.48%,
07/20/37
(a)
.
3,650
3,646,864
Octagon
57
Ltd.,
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.61%,
10/15/34
(a)
................
2,750
2,756,599
Octagon
Investment
Partners
18-R
Ltd.,
Series
2018-18A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.22%),
6.51%,
04/16/31
(a)
.....
6,951
6,959,801
Octagon
Investment
Partners
30
Ltd.,
Series
2017-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
6.54%,
03/17/30
(a)
.....
1,290
1,290,844
Octagon
Investment
Partners
32
Ltd.,
Series
2017-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.51%,
07/15/29
(a)
.....
3,433
3,435,720
Octagon
Investment
Partners
35
Ltd.,
Series
2018-1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.60%,
01/20/31
(a)
.....
2,486
2,488,575
Octagon
Investment
Partners
36
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.23%),
6.53%,
04/15/31
(a)
.....
47,211
47,258,014
Octagon
Investment
Partners
37
Ltd.,
Series
2018-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.84%),
7.13%,
07/25/30
(a)
.....
1,000
1,000,918
Octagon
Investment
Partners
XIV
Ltd.,
Series
2012-1A,
Class
AARR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.51%,
07/15/29
(a)
.....
831
830,789
Octagon
Investment
Partners
XV
Ltd.
(a)
Series
2013-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.51%,
07/19/30
...
7,340
7,343,086
Series
2013-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.61%),
6.89%,
07/19/30
...
1,000
1,002,318
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.57%,
07/17/30
(a)
.....
2,184
2,186,398
Octagon
Investment
Partners
XXI
Ltd.,
Series
2014-1A,
Class
AAR3,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.38%,
02/14/31
(a)
.....
15,842
15,853,056
Octagon
Loan
Funding
Ltd.,
Series
2014-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.06%,
11/18/31
(a)
......
250
250,572
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.36%
Floor
+
6.62%),
11.90%,
04/21/34
(a)
.....
USD
2,100
$
2,105,158
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.19%,
07/02/35
(a)
.....
250
251,074
OHA
Credit
Funding
4
Ltd.,
Series
2019-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.69%,
10/22/36
(a)
.....
500
500,154
OHA
Credit
Funding
5
Ltd.,
Series
2020-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
0.00%,
10/18/37
(a)
.....
34,220
34,220,000
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.68%,
07/20/34
(a)
.....
1,000
1,000,228
OHA
Credit
Funding
9
Ltd.,
Series
2021-9A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
0.00%,
10/19/37
(a)
.....
2,750
2,750,000
OHA
Loan
Funding
Ltd.,
Series
2013-
2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.30%),
6.40%,
05/23/31
(a)
...........
11,900
11,916,945
Orchard
Park
CLO
Ltd.,
Series
2024-
1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.60%
Floor
+
5.60%),
0.00%,
10/20/37
(a)
...........
1,000
1,000,000
OSD
CLO
Ltd.,
Series
2021-23A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.26%
Floor
+
6.26%),
11.55%,
04/17/31
(a)
500
500,039
OZLM
VI
Ltd.
(a)
Series
2014-6A,
Class
A1T,
(3-mo.
CME
Term
SOFR
at
0.87%
Floor
+
0.87%),
6.15%,
04/17/31
...
27,873
27,909,006
Series
2014-6A,
Class
SUB,
0.00%,
04/17/31
(d)(e)
.............
3,200
61,304
OZLM
VIII
Ltd.
(a)
Series
2014-8A,
Class
A2R3,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.20%,
10/17/29
...
3,815
3,815,910
Series
2014-8A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.70%,
10/17/29
...
1,835
1,842,039
OZLM
XIX
Ltd.,
Series
2017-19A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
6.89%,
01/15/35
(a)
................
9,750
9,754,211
OZLM
XVIII
Ltd.,
Series
2018-18A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.58%,
04/15/31
(a)
................
3,092
3,091,728
OZLM
XX
Ltd.,
Series
2018-20A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.19%,
04/20/31
(a)
................
250
251,029
Palmer
Square
CLO
Ltd.
(a)
Series
2013-2A,
Class
A1A3,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
6.55%,
10/17/31
...
1,227
1,228,093
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2013-2A,
Class
A2R3,
(3-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
7.05%,
10/17/31
...
USD
1,250
$
1,253,030
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.68%,
01/17/31
...
394
397,004
Series
2015-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.64%,
07/20/30
...
491
491,131
Series
2015-2A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.29%,
07/20/30
...
500
501,366
Series
2018-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.94%
Floor
+
6.94%),
12.22%,
04/18/37
..
2,500
2,522,689
Series
2018-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
7.00%
Floor
+
7.00%),
12.29%,
04/16/37
..
1,500
1,515,215
Series
2021-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.61%
Floor
+
6.61%),
11.91%,
07/15/34
..
250
250,109
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.71%,
01/15/35
...
250
250,263
Series
2021-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.31%
Floor
+
6.31%),
11.61%,
10/15/34
..
1,000
1,001,614
Series
2022-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.35%
Floor
+
6.35%),
11.63%,
04/20/35
..
3,500
3,509,119
Series
2022-3A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
8.13%,
07/20/37
...
880
883,759
Series
2023-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
6.75%),
12.03%,
10/20/33
..
2,700
2,702,163
Series
2024-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
6.94%,
07/20/37
...
3,000
3,002,575
Palmer
Square
Loan
Funding
Ltd.
(a)
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.26%
Floor
+
6.26%),
11.54%,
04/20/29
..
3,000
2,999,669
Series
2021-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.51%
Floor
+
1.51%),
6.64%,
05/20/29
...
11,750
11,767,463
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.26%
Floor
+
5.26%),
10.39%,
05/20/29
..
500
500,670
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.06%),
6.34%,
07/20/29
...
4,386
4,387,840
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.76%
Floor
+
2.76%),
8.04%,
07/20/29
...
5,250
5,260,261
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.26%
Floor
+
5.26%),
10.54%,
07/20/29
..
4,875
4,882,537
Series
2021-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.06%),
6.36%,
10/15/29
...
1,021
1,021,140
Series
2021-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.01%
Floor
+
2.01%),
7.31%,
10/15/29
...
500
501,110
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.86%
Floor
+
2.86%),
8.16%,
10/15/29
...
USD
2,000
$
1,996,023
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.26%
Floor
+
5.26%),
10.56%,
10/15/29
..
10,000
9,992,970
Series
2022-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
6.57%,
10/15/30
...
6,585
6,593,865
Series
2022-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
7.20%,
10/15/30
...
25,000
25,039,500
Series
2022-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.50%,
10/15/30
...
10,500
10,527,977
Series
2022-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
8.40%,
10/15/30
...
8,395
8,445,358
Series
2022-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.20%
Floor
+
6.20%),
11.50%,
10/15/30
..
11,750
11,743,259
Series
2022-3A,
Class
A1BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
6.70%,
04/15/31
...
5,000
4,983,480
Series
2022-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.90%
Floor
+
5.90%),
11.20%,
04/15/31
..
5,000
4,996,984
Series
2023-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
6.73%,
01/25/32
...
1,161
1,161,583
Series
2023-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.35%),
9.63%,
01/25/32
...
5,325
5,335,164
Series
2024-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.90%
Floor
+
4.90%),
10.01%,
10/15/32
..
1,750
1,749,691
Series
2024-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.08%),
6.24%,
08/08/32
...
29,750
29,754,430
Series
2024-3A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
6.81%,
08/08/32
...
2,000
2,003,160
Series
2024-3A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
7.06%,
08/08/32
...
1,000
1,001,701
Series
2024-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
8.11%,
08/08/32
...
2,000
2,006,288
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2019-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.74%),
6.86%,
05/15/32
(a)
438
437,875
Park
Blue
CLO
2023-III
Ltd.,
Series
2023-3A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.16%
Floor
+
7.16%),
12.44%,
04/20/36
(a)
..........
1,000
997,839
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)
.....
7,500
7,519,181
Park
Blue
CLO
Ltd.,
Series
2022-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.45%),
7.73%,
10/20/34
(a)
................
1,250
1,254,613
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Pikes
Peak
CLO
1,
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.72%,
07/24/31
(a)
................
USD
1,613
$
1,615,007
Pikes
Peak
CLO
4,
Series
2019-4A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.81%,
07/15/34
(a)
................
375
375,637
Pikes
Peak
CLO
6
(a)
Series
2020-6A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.53%,
05/18/34
...
6,186
6,188,443
Series
2020-6A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.43%
Floor
+
6.69%),
11.79%,
05/18/34
..
500
500,040
Prima
Capital
CRE
Securitization
Ltd.,
Series
2015-4A,
Class
C,
4.00%,
08/24/49
.................
1,108
1,077,327
Race
Point
IX
CLO
Ltd.,
Series
2015-
9A,
Class
A1A2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
6.50%,
10/15/30
(a)
...........
2,463
2,462,708
Race
Point
X
CLO
Ltd.,
Series
2016-
10A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
6.65%,
07/25/31
(a)
...........
735
735,859
Rad
CLO
15
Ltd.,
Series
2021-15A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.63%,
01/20/34
(a)
................
2,750
2,752,507
Rad
CLO
17
Ltd.,
Series
2022-17A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.30%
Floor
+
8.30%),
13.58%,
10/20/35
(a)
................
500
502,927
Rad
CLO
5
Ltd.,
Series
2019-5A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.69%,
07/24/32
(a)
................
250
250,096
Rad
CLO
6
Ltd.,
Series
2019-6A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.53%
Floor
+
7.79%),
13.07%,
01/20/33
(a)
250
250,750
Rad
CLO
7
Ltd.
(a)
Series
2020-7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
6.64%,
04/17/36
...
250
250,005
Series
2020-7A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
7.89%,
04/17/36
...
500
504,613
Series
2020-7A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
4.15%
Floor
+
4.15%),
9.44%,
04/17/36
...
500
509,524
Rad
CLO
9
Ltd.
(a)
Series
2020-9A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.46%,
01/15/34
...
500
501,062
Series
2020-9A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.59%
Floor
+
7.85%),
13.15%,
01/15/34
..
3,500
3,537,425
Recette
CLO
Ltd.,
Series
2015-1A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.51%),
8.79%,
04/20/34
(a)
...........
1,000
1,002,348
Regatta
VI
Funding
Ltd.,
Series
2016-
1A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.64%,
04/20/34
(a)
...........
3,000
3,003,686
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Regatta
VII
Funding
Ltd.
(a)
Series
2016-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.23%,
06/20/34
...
USD
1,300
$
1,303,047
Series
2016-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.68%,
06/20/34
...
250
251,014
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)
...........
6,500
6,544,845
Regatta
XII
Funding
Ltd.,
Series
2019-
1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
1.39%,
10/15/37
(a)
...........
9,730
9,730,000
Regatta
XIV
Funding
Ltd.,
Series
2018-
3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.10%),
6.38%,
10/25/31
(a)
...........
3,587
3,587,737
Regatta
XV
Funding
Ltd.,
Series
2018-
4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
6.48%,
10/25/31
(a)
...........
1,387
1,387,592
Regatta
XVII
Funding
Ltd.
(a)
Series
2020-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.15%
Floor
+
4.41%),
9.71%,
10/15/33
...
600
608,158
Series
2020-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.61%
Floor
+
7.87%),
13.17%,
10/15/33
..
500
500,569
Regatta
XXIV
Funding
Ltd.,
Series
2021-5A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.64%,
01/20/35
(a)
...........
500
500,599
Regatta
XXV
Funding
Ltd.,
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.41%
Floor
+
8.41%),
13.71%,
07/15/36
(a)
..........
1,000
1,034,371
Rockford
Tower
CLO
Ltd.
(a)
Series
2017-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.46%,
10/15/29
...
1,250
1,251,134
Series
2017-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
3.11%),
8.41%,
10/15/29
...
5,360
5,361,012
Series
2017-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.45%),
6.73%,
10/20/30
...
7,088
7,097,317
Series
2017-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.91%),
8.19%,
10/20/30
...
430
429,810
Series
2017-3A,
Class
SUB,
0.00%,
10/20/30
...............
1,750
413,423
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.98%),
7.11%,
05/20/31
...
250
250,487
Series
2018-1A,
Class
SUB,
0.00%,
05/20/31
...............
1,750
382,470
Series
2018-2A,
Class
SUB,
0.00%,
10/20/31
...............
1,750
393,312
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.54%,
07/20/34
...
250
250,494
Rockford
Tower
Credit
Funding
I
Ltd.,
Series
2022-1A,
Class
SUB,
0.00%,
04/20/40
(a)
................
5,000
3,043,000
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Romark
CLO
II
Ltd.,
Series
2018-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
6.42%,
07/25/31
(a)
................
USD
12,175
$
12,181,476
Romark
CLO
IV
Ltd.,
Series
2021-4A,
Class
C1,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.46%),
8.77%,
07/10/34
(a)
................
3,500
3,505,330
Romark
CLO
Ltd.,
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.41%),
7.69%,
10/23/30
(a)
................
2,150
2,152,408
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.29%),
6.57%,
04/20/31
(a)
................
12,779
12,787,027
RR
16
Ltd.,
Series
2021-16A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.21%,
07/15/36
(a)
3,750
3,764,070
RR
17
Ltd.,
Series
2021-17A,
Class
SUB,
0.00%,
07/15/34
(a)
.......
475
260,015
RR
18
Ltd.,
Series
2021-18A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.16%,
10/15/34
(a)
1,750
1,755,920
RR
29
Ltd.,
Series
2024-29RA,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
6.69%,
07/15/39
(a)
................
1,000
1,005,136
RR
3
Ltd.
(a)
Series
2018-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.65%,
01/15/30
...
913
913,349
Series
2018-3A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.36%,
01/15/30
...
1,200
1,202,697
RR
32
Ltd.
(a)
Series
2024-32RA,
Class
A1R,
(3-
mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
0.00%,
10/15/39
5,325
5,325,000
Series
2024-32RA,
Class
A2R,
(3-
mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
0.00%,
10/15/39
4,500
4,500,000
RR
4
Ltd.,
Series
2018-4A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.81%),
7.11%,
04/15/30
(a)
2,000
2,006,818
RRX
7
Ltd.,
Series
2022-7A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
6.85%),
12.15%,
07/15/35
(a)
250
250,856
Sandstone
Peak
II
Ltd.,
Series
2023-
1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.79%
Floor
+
8.79%),
14.07%,
07/20/36
(a)
..........
3,000
3,100,232
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)
..........
1,000
1,030,850
Sandstone
Peak
Ltd.
(a)
Series
2021-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.92%,
10/15/34
...
9,730
9,730,000
Series
2021-1A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.83%),
6.47%,
10/15/34
...
4,750
4,750,000
Series
2021-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.80%
Floor
+
7.06%),
12.36%,
10/15/34
..
2,172
2,145,037
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Shackleton
CLO
Ltd.,
Series
2015-7RA,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.61%),
7.91%,
07/15/31
(a)
................
USD
250
$
250,238
Signal
Peak
CLO
7
Ltd.,
Series
2019-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
6.08%,
10/20/37
(a)
...........
6,500
6,500,000
Signal
Peak
CLO
8
Ltd.,
Series
2020-
8A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.53%),
6.81%,
04/20/33
(a)
...........
5,000
5,010,834
Sixth
Street
CLO
XIX
Ltd.,
Series
2021-
19A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.90%
Floor
+
6.16%),
11.44%,
07/20/34
(a)
..........
6,000
5,974,663
Sixth
Street
CLO
XVII
Ltd.
(a)
Series
2021-17A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.50%),
6.78%,
01/20/34
...
7,000
7,002,371
Series
2021-17A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.20%
Floor
+
6.46%),
11.74%,
01/20/34
..
2,250
2,243,587
Sixth
Street
CLO
XVIII
Ltd.,
Series
2021-18A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.76%),
12.04%,
04/20/34
(a)
.....
4,000
4,014,387
Sixth
Street
CLO
XXV
Ltd.,
Series
2024-25A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
6.80%,
07/24/37
(a)
.....
5,000
5,016,500
Sound
Point
CLO
II
Ltd.,
Series
2013-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
6.61%,
01/26/31
(a)
...........
286
286,209
Sound
Point
CLO
XV
Ltd.
(a)
Series
2017-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.04%,
01/23/29
...
117
116,479
Series
2017-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.59%,
01/23/29
...
3,350
3,350,534
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.76%
Floor
+
3.76%),
9.05%,
04/25/34
(a)
...........
345
342,276
Sound
Point
CLO
XXXII
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.70%,
10/25/34
(a)
...........
19,750
19,754,114
Steele
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.51%),
6.81%,
10/15/30
(a)
................
185
185,494
Strata
CLO
I
Ltd.,
Series
2018-1A,
Class
USUB,
0.00%,
01/15/2118
(a)
7,680
561,254
Stratus
CLO
Ltd.,
Series
2021-1A,
Class
SUB,
0.00%,
12/29/29
(a)
...
2,820
6,007
Symphony
CLO
XVI
Ltd.,
Series
2015-
16A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
6.50%,
10/15/31
(a)
...........
1,883
1,883,784
Symphony
CLO
XVIII
Ltd.,
Series
2016-
18A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.10%),
6.29%,
07/23/33
(a)
...........
3,750
3,751,875
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Symphony
CLO
XXIII
Ltd.
(a)
Series
2020-23A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.56%,
01/15/34
...
USD
510
$
511,454
Series
2020-23A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.41%),
11.71%,
01/15/34
..
510
511,670
Symphony
CLO
XXIV
Ltd.,
Series
2020-
24A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
6.48%,
01/23/32
(a)
...........
1,085
1,085,632
Symphony
Static
CLO
I
Ltd.
(a)
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.40%,
10/25/29
...
1,500
1,503,963
Series
2021-1A,
Class
E1,
(3-mo.
CME
Term
SOFR
at
5.35%
Floor
+
5.61%),
10.90%,
10/25/29
..
750
750,798
TCI-Flatiron
CLO
Ltd.
(a)
Series
2016-1A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.10%),
6.39%,
01/17/32
...
24,017
24,047,967
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.96%
Floor
+
1.22%),
6.32%,
11/18/30
...
10,422
10,422,109
Series
2018-1A,
Class
ANR,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.59%,
01/29/32
...
171
171,874
TCI-Symphony
CLO
Ltd.
(a)
Series
2016-1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.58%,
10/13/32
...
12,977
12,983,334
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.19%),
6.49%,
07/15/30
...
19,164
19,172,198
Texas
Debt
Capital
CLO
2024-I
Ltd.,
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.00%),
11.28%,
04/22/37
(a)
.....
2,750
2,790,177
TIAA
CLO
III
Ltd.
(a)
Series
2017-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.41%),
6.70%,
01/16/31
...
129
129,197
Series
2017-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.76%),
7.05%,
01/16/31
...
750
751,501
TICP
CLO
X
Ltd.,
Series
2018-10A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.76%),
11.04%,
04/20/31
(a)
................
1,000
999,856
TICP
CLO
XII
Ltd.
(a)
Series
2018-12A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.73%,
07/15/34
...
1,000
1,000,365
Series
2018-12A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.21%,
07/15/34
...
925
928,157
Series
2018-12A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.51%),
11.81%,
07/15/34
..
250
250,110
TICP
CLO
XIII
Ltd.,
Series
2019-13A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.26%,
04/15/34
(a)
................
3,000
3,011,934
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
TICP
CLO
XV
Ltd.
(a)
Series
2020-15A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.54%),
6.82%,
04/20/33
...
USD
250
$
250,225
Series
2020-15A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.41%),
11.69%,
04/20/33
..
500
501,313
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.71%,
07/21/34
(a)
................
1,000
1,001,118
Trestles
CLO
Ltd.,
Series
2017-1A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
5.95%
Floor
+
5.95%),
11.23%,
07/25/37
(a)
................
1,250
1,253,415
Trestles
CLO
VI
Ltd.,
Series
2023-6A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
11.78%,
01/25/36
(a)
................
5,000
5,034,850
Triaxx
Prime
CDO
Ltd.
(a)
Series
2006-1A,
Class
A2,
(3-mo.
LIBOR
USD
at
0.00%
Floor
+
0.45%),
5.73%,
03/03/39
(d)(e)
..
52,840
42,166
Series
2006-1A,
Class
B,
(3-mo.
LIBOR
USD
at
0.00%
Floor
+
0.65%),
5.93%,
03/03/39
....
12,800
1,216
Trimaran
CAVU
Ltd.
(a)
Series
2019-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.44%,
07/20/32
...
1,250
1,250,447
Series
2019-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.74%,
07/20/32
...
250
251,214
Series
2019-1A,
Class
C1,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.69%,
07/20/32
...
500
500,045
Series
2019-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.15%
Floor
+
4.41%),
9.69%,
07/20/32
...
1,300
1,286,848
Series
2019-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
4.72%
Floor
+
4.98%),
10.26%,
11/26/32
..
575
572,159
Series
2021-1A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.75%
Floor
+
4.75%),
10.03%,
07/23/37
..
3,375
3,358,823
Series
2021-1A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
7.00%
Floor
+
7.00%),
12.28%,
07/23/37
..
8,500
8,689,420
Series
2021-2A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.80%,
10/25/34
...
1,550
1,553,679
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.83%
Floor
+
5.83%),
11.11%,
10/22/35
..
2,000
2,026,748
Series
2022-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
9.08%
Floor
+
9.08%),
14.36%,
10/22/35
..
2,600
2,621,471
Series
2022-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.12%
Floor
+
6.12%),
11.40%,
01/20/36
..
3,000
3,051,705
Series
2022-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.81%
Floor
+
8.81%),
14.09%,
01/20/36
..
3,500
3,557,927
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.94%
Floor
+
8.94%),
14.22%,
07/20/36
..
USD
3,000
$
3,095,432
Trinitas
CLO
IV
Ltd.,
Series
2016-4A,
Class
A2L2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.94%,
10/18/31
(a)
...........
900
900,903
Trinitas
CLO
XIV
Ltd.
(a)
Series
2020-14A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
6.62%,
01/25/34
...
7,000
7,000,694
Series
2020-14A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
7.68%,
01/25/34
...
625
626,596
Trinitas
CLO
XVIII
Ltd.,
Series
2021-
18A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.86%),
9.14%,
01/20/35
(a)
...........
2,000
2,012,558
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.16%),
8.44%,
04/20/31
(a)
................
2,000
2,008,042
Voya
CLO
Ltd.
(a)
Series
2013-1A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.47%),
6.77%,
10/15/30
...
2,084
2,085,715
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.52%,
04/25/31
...
1,335
1,341,089
Series
2013-3A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.69%,
10/18/31
...
992
993,967
Series
2014-1A,
Class
AAR2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.25%),
6.53%,
04/18/31
...
23,862
23,879,597
Series
2014-2A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.57%,
04/17/30
...
5,337
5,339,832
Series
2014-4A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.35%),
7.65%,
07/14/31
...
1,200
1,203,711
Series
2015-3A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.43%,
10/20/31
...
19,397
19,474,054
Series
2016-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.61%,
01/20/31
...
3,435
3,449,155
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.19%,
01/20/31
...
1,085
1,086,080
Series
2016-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.41%),
6.69%,
07/19/28
...
132
132,220
Series
2017-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.24%),
6.54%,
06/07/30
...
340
339,982
Series
2017-2A,
Class
A2AR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.21%,
06/07/30
...
750
751,020
Series
2017-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.21%),
12.49%,
04/20/34
..
500
491,823
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.21%),
6.49%,
04/19/31
...
413
414,584
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2018-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
6.50%,
10/15/31
...
USD
265
$
265,419
Series
2019-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
0.00%,
10/15/37
...
22,750
22,750,000
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.62%,
04/15/31
...
23,115
23,206,764
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.20%,
10/17/32
...
1,300
1,302,525
Series
2021-1A,
Class
X,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
1.01%),
6.31%,
07/15/34
...
137
137,379
Whitebox
CLO
I
Ltd.
(a)
Series
2019-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
6.66%,
07/24/36
...
5,000
5,008,500
Series
2019-1A,
Class
D1RR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
8.44%,
07/24/36
...
9,280
9,386,788
Series
2019-1A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
11.09%,
07/24/36
..
6,630
6,644,936
Series
2019-1A,
Class
SUB,
0.00%,
07/24/36
...............
4,300
3,128,680
Whitebox
CLO
II
Ltd.
(a)
Series
2020-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.89%,
10/24/34
...
6,750
6,667,733
Series
2020-2A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
7.10%
Floor
+
7.36%),
12.64%,
10/24/34
..
2,000
2,000,687
Series
2020-2A,
Class
SUB,
0.00%,
10/24/34
...............
4,734
2,793,060
Whitebox
CLO
III
Ltd.
(a)
Series
2021-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
0.00%,
10/15/35
...
14,600
14,600,000
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.91%,
10/15/34
...
5,750
5,679,451
Series
2021-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.85%),
0.00%,
10/15/35
...
5,250
5,250,000
Series
2021-3A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
7.11%),
12.41%,
10/15/34
..
6,970
6,958,775
Series
2021-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
0.00%,
10/15/35
...
6,970
6,970,000
Whitebox
CLO
IV
Ltd.,
Series
2023-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.01%
Floor
+
8.01%),
13.29%,
04/20/36
(a)
................
7,000
7,165,725
2,606,771,912
Security
Par
(000)
Par
(000)
Value
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%),
4.70%,
10/21/38
............
EUR
4,000
$
4,483,653
FCT
Noria
Series
2021-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
4.05%,
10/25/49
....
464
515,573
Series
2021-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
4.45%,
10/25/49
....
321
357,229
Series
2021-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
4.85%,
10/25/49
....
642
714,800
FCT
Pixel,
Series
2021-1,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.75%),
5.29%,
02/25/38
.......
95
105,934
Noria
DE
Series
2024-DE1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
4.30%,
02/25/43
....
3,200
3,552,085
Series
2024-DE1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
4.60%,
02/25/43
....
2,000
2,225,527
Series
2024-DE1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
5.00%,
02/25/43
....
1,400
1,557,531
Series
2024-DE1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.55%),
6.90%,
02/25/43
....
1,500
1,669,251
Series
2024-DE1,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
7.85%,
02/25/43
....
800
890,270
Quarz
International,
Inc.,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.79%),
4.49%,
06/15/41
............
20,722
23,095,781
39,167,634
Germany
—
0.0%
(a)(b)
FCT
Autonoria
DE
Series
2023-DE,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
4.50%,
01/26/43
....
258
287,678
Series
2023-DE,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
5.45%,
01/26/43
....
1,029
1,157,395
Series
2023-DE,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.05%),
6.40%,
01/26/43
....
322
364,535
Series
2023-DE,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
8.85%,
01/26/43
....
257
288,912
Series
2023-DE,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
7.50%),
10.85%,
01/26/43
....
65
75,003
Red
&
Black
Auto
Germany
10
UG
Series
10,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
4.64%,
09/15/32
....
1,100
1,227,191
Series
10,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
5.54%,
09/15/32
....
600
678,831
Red
&
Black
Auto
Germany
8
UG
Series
8,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.75%),
4.19%,
09/15/30
...............
218
243,426
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Series
8,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
4.39%,
09/15/30
...............
EUR
175
$
194,344
Series
8,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
4.79%,
09/15/30
...............
44
48,509
4,565,824
Ireland
—
1.2%
AB
Carval
Euro
CLO
II-C
DAC,
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.28%,
02/15/37
(a)(b)
...............
3,200
3,554,744
Anchorage
Capital
Europe
CLO
2
DAC
(a)(c)
Series
2A,
Class
B1R,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
5.29%,
04/15/34
....
2,563
2,846,015
Series
2A,
Class
DR,
(3-mo.
EURIBOR
at
3.55%
Floor
+
3.55%),
7.23%,
04/15/34
....
2,110
2,360,886
Anchorage
Capital
Europe
CLO
DAC,
Series
4A,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
6.89%,
04/25/34
(a)(c)
..........
590
657,839
Aqueduct
European
CLO
DAC
(a)
Series
2019-3X,
Class
AR,
(3-mo.
EURIBOR
at
0.93%
Floor
+
0.93%),
4.47%,
08/15/34
(b)
...
5,000
5,554,677
Series
2020-5A,
Class
CR,
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
5.69%,
04/20/34
(c)
...
1,250
1,390,681
Series
2022-7X,
Class
AR,
(3-mo.
EURIBOR
at
1.28%
Floor
+
1.28%),
4.76%,
08/15/37
(b)
...
5,114
5,706,077
Arbour
CLO
DAC
(a)(c)
  (3-mo.
EURIBOR
at
0.00%
Floor
+
3.80%),
7.58%,
05/15/38
....
2,750
3,086,957
Series
11A,
Class
B1R,
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
5.78%,
05/15/38
....
2,000
2,230,935
Series
11A,
Class
CR,
(3-mo.
EURIBOR
at
2.65%
Floor
+
2.65%),
6.43%,
05/15/38
....
2,000
2,245,156
Arbour
CLO
VI
DAC
(a)(b)
Series
6X,
Class
AR,
(3-mo.
EURIBOR
at
1.15%
Floor
+
1.15%),
0.00%,
11/15/37
.....
8,000
8,894,068
Series
6X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
0.00%,
11/15/37
.....
1,790
1,982,576
Ares
European
CLO
VII
DAC,
Series
7X,
Class
AAR,
(3-mo.
EURIBOR
at
1.50%
Floor
+
1.50%),
5.19%,
10/15/30
(a)(b)(c)
..............
1,200
1,337,813
Ares
European
CLO
X
DAC,
Series
10A,
Class
DR,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
6.49%,
10/15/31
(a)(c)
...............
2,000
2,226,440
Ares
European
CLO
XII
DAC,
Series
12A,
Class
B1R,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
5.39%,
04/20/32
(a)(c)
...............
862
958,225
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Arini
European
CLO
I
DAC
(a)(b)
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
5.59%,
07/15/36
....
EUR
5,000
$
5,597,917
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
6.04%
Floor
+
6.04%),
9.73%,
07/15/36
....
1,000
1,142,648
Arini
European
CLO
II
DAC
(a)
Series
2A,
Class
D,
(3-mo.
EURIBOR
at
4.20%
Floor
+
4.20%),
8.06%,
04/15/38
(c)
...
6,648
7,417,308
Series
2X,
Class
A,
(3-mo.
EURIBOR
at
1.55%
Floor
+
1.55%),
5.41%,
04/15/38
(b)
...
5,750
6,423,520
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
4.20%
Floor
+
4.20%),
8.06%,
04/15/38
(b)
...
1,500
1,684,914
Arini
European
CLO
III
DAC
(a)(c)
Series
3A,
Class
D,
(3-mo.
EURIBOR
at
3.55%
Floor
+
3.55%),
7.03%,
10/15/37
....
1,390
1,546,584
Series
3A,
Class
E,
(3-mo.
EURIBOR
at
6.10%
Floor
+
6.10%),
9.58%,
10/15/37
....
900
990,674
Armada
Euro
CLO
III
DAC
(a)(c)
Series
3A,
Class
DR,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
6.99%,
07/15/31
....
2,800
3,117,640
Series
3A,
Class
DRR,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
0.00%,
10/15/37
....
2,800
3,116,820
Aurium
CLO,
Series
11A,
Class
D,
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.42%,
01/18/38
(a)(c)
....
2,825
3,187,102
Aurium
CLO
IV
DAC,
Series
4X,
Class
AR,
(3-mo.
EURIBOR
at
0.73%
Floor
+
0.73%),
4.39%,
01/16/31
(a)(b)
2,091
2,321,041
Aurium
CLO
VIII
DAC
(a)(b)
Series
8X,
Class
A,
(3-mo.
EURIBOR
at
0.85%
Floor
+
0.85%),
4.30%,
06/23/34
....
5,000
5,546,492
Series
8X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.46%,
06/23/34
....
750
831,152
Aurium
CLO
X
DAC,
Series
10A,
Class
D,
(3-mo.
EURIBOR
at
4.30%
Floor
+
4.30%),
7.96%,
07/17/35
(a)(c)
...
3,500
3,898,272
Avoca
CLO
XIV
DAC
(a)(b)
Series
14X,
Class
ER,
(3-mo.
EURIBOR
at
4.70%
Floor
+
4.70%),
8.40%,
01/12/31
....
2,240
2,511,169
Series
14X,
Class
FR,
(3-mo.
EURIBOR
at
6.35%
Floor
+
6.35%),
10.05%,
01/12/31
....
1,100
1,227,690
Series
14X,
Class
SUB,
0.00%,
01/12/31
(d)(e)
.............
4,510
2,721,006
Avoca
CLO
XV
DAC
(a)(b)
Series
15X,
Class
B2R,
(3-mo.
EURIBOR
at
1.05%
Floor
+
1.05%),
4.74%,
04/15/31
....
150
165,464
Series
15X,
Class
ER,
(3-mo.
EURIBOR
at
4.13%
Floor
+
4.13%),
7.81%,
04/15/31
....
1,305
1,438,612
Series
15X,
Class
FR,
(3-mo.
EURIBOR
at
5.84%
Floor
+
5.84%),
9.52%,
04/15/31
....
1,760
1,917,552
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
15X,
Class
M1,
0.00%,
04/15/31
...............
EUR
3,100
$
1,890,329
Avoca
CLO
XVIII
DAC
(a)(b)
Series
18X,
Class
B1,
(3-mo.
EURIBOR
at
1.25%
Floor
+
1.25%),
4.93%,
04/15/31
....
5,800
6,458,627
Series
18X,
Class
C,
(3-mo.
EURIBOR
at
1.75%
Floor
+
1.75%),
5.43%,
04/15/31
....
150
167,046
Avoca
CLO
XXII
DAC
(a)
Series
22A,
Class
D,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
6.59%,
04/15/35
(c)
...
970
1,075,881
Series
22X,
Class
B1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
4.98%,
04/15/35
(b)
...
710
784,430
Avoca
CLO
XXIII
DAC,
Series
23A,
Class
D,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
6.73%,
04/15/34
(a)(c)
750
837,844
Avoca
CLO
Xxx
DAC,
Series
30A,
Class
SUB,
0.00%,
07/15/37
(a)(c)
..
4,550
4,321,580
BBAM
European
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.87%
Floor
+
0.87%),
4.56%,
07/22/34
(a)(b)
...............
5,000
5,541,380
Bilbao
CLO
I
DAC,
Series
1X,
Class
A2A,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
4.99%,
07/20/31
(a)(b)
4,300
4,782,154
Bridgepoint
CLO
IV
DAC,
Series
4X,
Class
A,
(3-mo.
EURIBOR
at
2.20%
Floor
+
2.20%),
5.89%,
01/20/37
(a)(b)
11,650
13,035,788
Cabinteely
Park
CLO
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.35%
Floor
+
3.35%),
6.89%,
08/15/34
(a)(b)
1,500
1,671,429
Cairn
CLO
IX
DAC,
Series
2018-9X,
Class
A,
(3-mo.
EURIBOR
at
0.71%
Floor
+
0.71%),
4.39%,
04/25/32
(a)(b)
2,498
2,774,347
Cairn
CLO
XVI
DAC
(a)
Series
2023-16A,
Class
C,
(3-mo.
EURIBOR
at
3.85%
Floor
+
3.85%),
7.54%,
01/15/37
(c)
...
1,520
1,722,188
Series
2023-16A,
Class
D,
(3-mo.
EURIBOR
at
5.20%
Floor
+
5.20%),
8.89%,
01/15/37
(c)
...
939
1,072,698
Series
2023-16X,
Class
D,
(3-mo.
EURIBOR
at
5.20%
Floor
+
5.20%),
8.89%,
01/15/37
(b)
...
617
704,850
Capital
Four
CLO
V
DAC,
Series
5X,
Class
A,
(3-mo.
EURIBOR
at
1.84%
Floor
+
1.84%),
5.52%,
04/25/36
(a)(b)
7,585
8,468,572
Capital
Four
CLO
VIII
DAC,
Series
8X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
0.00%,
10/25/37
(a)(b)
2,600
2,894,190
Carlyle
Euro
CLO
DAC
(a)(c)
Series
2021-2A,
Class
B,
(3-mo.
EURIBOR
at
2.25%
Floor
+
2.25%),
5.93%,
10/15/35
....
250
277,884
Series
2021-2A,
Class
C,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
6.99%,
10/15/35
....
2,690
2,991,230
Series
2022-5A,
Class
BR,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.68%,
04/25/37
....
1,020
1,144,062
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
CIFC
European
Funding
CLO
I
DAC,
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
6.89%,
07/15/32
(a)(b)
..........
EUR
450
$
501,558
CIFC
European
Funding
CLO
II
DAC,
Series
2X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
5.29%,
04/15/33
(a)(b)
..........
400
444,011
CIFC
European
Funding
CLO
III
DAC
(a)
Series
3A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
6.19%,
01/15/34
(c)
...
500
558,515
Series
3X,
Class
B1,
(3-mo.
EURIBOR
at
1.50%
Floor
+
1.50%),
5.19%,
01/15/34
(b)
...
4,500
4,974,105
Series
3X,
Class
E,
(3-mo.
EURIBOR
at
5.61%
Floor
+
5.61%),
9.29%,
01/15/34
(b)
...
850
948,982
Citizen
Irish
Auto
Receivables
Trust,
Series
2023-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
4.91%,
12/15/32
(a)(b)
..........
1,000
1,121,475
Contego
CLO
VI
DAC,
Series
6X,
Class
AR,
(3-mo.
EURIBOR
at
0.79%
Floor
+
0.79%),
4.48%,
04/15/34
(a)(b)
11,500
12,757,673
Contego
CLO
VII
DAC,
Series
7X,
Class
D,
(3-mo.
EURIBOR
at
3.95%
Floor
+
3.95%),
7.65%,
05/14/32
(a)(b)
350
393,253
Cumulus
Static
CLO
DAC
(a)
Series
2024-1A,
Class
D,
(3-mo.
EURIBOR
at
3.70%
Floor
+
3.70%),
7.53%,
11/15/33
(c)
...
974
1,089,716
Series
2024-1X,
Class
D,
(3-mo.
EURIBOR
at
3.70%
Floor
+
3.70%),
7.53%,
11/15/33
(b)
...
499
558,283
CVC
Cordatus
Loan
Fund
IV
DAC,
Series
4X,
Class
BR1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
4.84%,
02/22/34
(a)(b)
..........
1,120
1,233,006
CVC
Cordatus
Loan
Fund
XIX
DAC,
Series
19A,
Class
D,
(3-mo.
EURIBOR
at
3.80%
Floor
+
3.80%),
7.26%,
12/23/33
(a)(c)
..........
400
449,372
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
6.63%,
12/15/34
(a)(b)
..........
755
842,035
CVC
Cordatus
Loan
Fund
XXIII
DAC
(a)(c)
Series
23A,
Class
DR,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
6.65%,
04/25/36
....
770
873,070
Series
23X,
Class
ER,
(3-mo.
EURIBOR
at
6.85%
Floor
+
6.85%),
10.40%,
04/25/36
(b)
..
470
521,223
CVC
Cordatus
Loan
Fund
XXIV
DAC,
Series
24A,
Class
ER,
(3-mo.
EURIBOR
at
6.50%
Floor
+
6.50%),
10.20%,
10/23/34
(a)(c)
.........
1,350
1,495,676
CVC
Cordatus
Loan
Fund
XXIX
DAC,
Series
29A,
Class
D,
(3-mo.
EURIBOR
at
5.40%
Floor
+
5.40%),
8.94%,
02/15/37
(a)(c)
..........
1,000
1,131,615
CVC
Cordatus
Loan
Fund
XXVII
DAC,
Series
27X,
Class
D2,
(3-mo.
EURIBOR
at
6.58%
Floor
+
6.58%),
10.27%,
04/15/35
(a)(b)
.........
1,300
1,474,212
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
CVC
Cordatus
Loan
Fund
XXX
DAC
Series
30A,
Class
A,
5.35%,
05/15/37
(c)
..............
EUR
750
$
837,985
Series
30A,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.87%,
05/15/37
(a)(c)
..
4,233
4,762,127
Series
30X,
Class
A,
(3-mo.
EURIBOR
at
1.48%
Floor
+
1.48%),
5.35%,
05/15/37
(a)(b)
..
5,750
6,424,551
Series
30X,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.87%,
05/15/37
(a)(b)
..
1,500
1,680,233
CVC
Cordatus
Opportunity
Loan
Fund
DAC
(a)
Series
1A,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.54%,
08/15/33
(c)
...
5,000
5,571,813
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.54%,
08/15/33
(b)
...
1,500
1,671,544
Dryden
46
Euro
CLO
DAC,
Series
2016-46A,
Class
CRR,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
6.19%,
04/15/34
(a)(c)
..........
250
278,890
Euro-Galaxy
III
CLO
DAC
(a)(c)
Series
2013-3A,
Class
CRRR,
(3-
mo.
EURIBOR
at
2.35%
Floor
+
2.35%),
6.05%,
04/24/34
....
700
779,989
Series
2013-3A,
Class
DRRR,
(3-
mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
6.95%,
04/24/34
....
1,380
1,538,182
Fair
Oaks
Loan
Funding
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.85%
Floor
+
0.85%),
4.53%,
04/15/34
(a)(b)
...............
5,000
5,548,576
Fernhill
Park
CLO
DAC,
Series
1A,
Class
D,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.54%,
04/15/37
(a)(c)
533
594,111
Fidelity
Grand
Harbour
CLO
DAC
(a)
Series
2021-1A,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
7.28%,
10/15/34
(c)
...
1,490
1,658,101
Series
2023-1X,
Class
D,
(3-mo.
EURIBOR
at
5.90%
Floor
+
5.90%),
9.44%,
08/15/36
(b)
...
1,193
1,344,458
Series
2023-2A,
Class
D,
(3-mo.
EURIBOR
at
4.10%
Floor
+
4.10%),
8.02%,
04/15/38
(c)
...
1,980
2,232,600
Finance
Ireland
Auto
Receivables
No.
1
DAC,
Series
1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
5.79%,
09/12/33
(a)(b)
..........
510
573,701
Fortuna
Consumer
Loan
Abs
DAC
(a)(b)
Series
2024-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
0.00%,
10/18/34
....
1,700
1,895,764
Series
2024-2,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.10%),
0.00%,
10/18/34
....
5,800
6,456,270
Fortuna
Consumer
Loan
ABS
DAC
(a)(b)
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
4.76%,
02/18/34
....
7,200
8,054,866
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
5.71%,
02/18/34
....
4,900
5,523,695
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2024-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
0.00%,
10/18/34
....
EUR
2,300
$
2,565,883
Glenbrook
Park
CLO
DAC,
Series
1A,
Class
E,
(3-mo.
EURIBOR
at
7.58%
Floor
+
7.58%),
11.27%,
07/21/36
(a)(c)
3,800
4,269,177
Harvest
CLO
XVIII
DAC,
Series
18X,
Class
B,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
4.88%,
10/15/30
(a)(b)
700
776,622
Harvest
CLO
XXIII
DAC
(a)(b)
Series
23X,
Class
A,
(3-mo.
EURIBOR
at
0.95%
Floor
+
0.95%),
4.64%,
10/20/32
....
1,817
2,022,997
Series
23X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.69%,
10/20/32
....
1,360
1,514,846
Harvest
CLO
XXX
DAC,
Series
30A,
Class
B1,
(3-mo.
EURIBOR
at
2.60%
Floor
+
2.60%),
6.29%,
07/27/36
(a)(c)
...............
2,000
2,250,912
Harvest
CLO
XXXII
DAC
(a)
Series
32A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
6.20%,
07/25/37
(c)
...
2,222
2,486,433
Series
32A,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
7.30%,
07/25/37
(c)
...
1,039
1,158,167
Series
32X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
7.30%,
07/25/37
(b)
...
1,543
1,719,972
Henley
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.95%
Floor
+
0.95%),
4.64%,
07/25/34
(a)(b)
3,800
4,237,500
Henley
CLO
IV
DAC
(a)
Series
4A,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.68%,
04/25/34
(c)
...
500
561,840
Series
4X,
Class
B1,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
5.03%,
04/25/34
(b)
...
450
497,378
Series
4X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.68%,
04/25/34
(b)
...
1,000
1,123,681
Henley
CLO
X
DAC
(a)
Series
10A,
Class
SUB,
0.00%,
07/20/37
(c)
..............
4,000
3,910,273
Series
10X,
Class
D,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.49%,
07/20/37
(b)
...
726
812,638
Holland
Park
CLO
DAC,
Series
1X,
Class
A1RR,
(3-mo.
EURIBOR
at
0.92%
Floor
+
0.92%),
4.47%,
11/14/32
(a)(b)
...............
600
668,509
Invesco
Euro
CLO
II
DAC,
Series
2X,
Class
DR,
(3-mo.
EURIBOR
at
3.40%
Floor
+
3.40%),
6.94%,
08/15/34
(a)(b)
...............
4,000
4,320,279
Invesco
Euro
CLO
IV
DAC,
Series
4A,
Class
B1,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
5.38%,
04/15/33
(a)(c)
...............
625
692,938
Invesco
Euro
CLO
IX
DAC,
Series
9X,
Class
A,
(3-mo.
EURIBOR
at
1.65%
Floor
+
1.65%),
5.34%,
04/20/36
(a)(b)
8,500
9,464,005
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Invesco
Euro
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
3.80%
Floor
+
3.80%),
7.49%,
01/15/34
(a)(b)
EUR
450
$
499,956
Jubilee
CLO,
Series
2024-29X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
0.00%,
01/15/39
(a)(b)
...
2,230
2,482,325
LT
Autorahoitus
IV
DAC,
Series
4,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.05%),
5.46%,
07/18/33
(a)(b)
5,800
6,597,953
LT
Autorahoitus
V
DAC,
Series
5,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
4.31%,
05/18/35
(a)(b)
...
1,800
1,986,943
Madison
Park
Euro
Funding
X
DAC
(a)(b)
Series
10X,
Class
A1,
(3-mo.
EURIBOR
at
0.74%
Floor
+
0.74%),
4.43%,
10/25/30
....
2,676
2,965,626
Series
10X,
Class
B1,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
4.88%,
10/25/30
....
1,850
2,043,473
Madison
Park
Euro
Funding
XI
DAC,
Series
11X,
Class
C,
(3-mo.
EURIBOR
at
1.85%
Floor
+
1.85%),
5.39%,
02/15/31
(a)(b)
..........
1,350
1,496,793
Madison
Park
Euro
Funding
XVI
DAC,
Series
16A,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
6.89%,
05/25/34
(a)(c)
..........
1,250
1,395,676
Man
GLG
Euro
CLO
VI
DAC,
Series
6A,
Class
DR,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
7.18%,
10/15/32
(a)(c)
...............
950
1,054,409
Margay
CLO
I
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
6.40%
Floor
+
6.40%),
10.09%,
07/15/36
(a)(b)
..
570
642,665
Marlay
Park
CLO
DAC,
Series
1A,
Class
D,
(3-mo.
EURIBOR
at
4.50%
Floor
+
4.50%),
8.18%,
10/15/30
(a)(c)
830
923,937
Neuberger
Berman
Loan
Advisers
Euro
CLO,
Series
2021-1X,
Class
E,
(3-mo.
EURIBOR
at
5.52%
Floor
+
5.52%),
9.18%,
04/17/34
(a)(b)
....
658
737,858
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
(a)(b)
...
882
986,351
Neuberger
Berman
Loan
Advisers
Euro
CLO
DAC,
Series
2022-3X,
Class
A,
(3-mo.
EURIBOR
at
0.92%
Floor
+
0.92%),
4.61%,
10/25/34
(a)(b)
....
5,200
5,753,994
Northwoods
Capital
19
Euro
DAC,
Series
2019-19A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
6.04%,
11/25/33
(a)(c)
..........
500
556,556
OAK
Hill
European
Credit
Partners
V
DAC,
Series
2016-5A,
Class
BR,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
5.59%,
01/21/35
(a)(c)
....
425
474,196
OAK
Hill
European
Credit
Partners
VI
DAC,
Series
2017-6X,
Class
B1,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
4.89%,
01/20/32
(a)(b)
....
450
501,170
OCP
Euro
CLO,
Series
2022-6A,
Class
DR,
(3-mo.
EURIBOR
at
4.80%
Floor
+
4.80%),
8.49%,
07/20/36
(a)(c)
3,370
3,818,747
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
OCP
Euro
CLO
DAC
(a)(c)
Series
2019-3A,
Class
CR,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
5.99%,
04/20/33
....
EUR
250
$
279,393
Series
2019-3A,
Class
DR,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
6.99%,
04/20/33
....
250
279,514
Series
2023-7A,
Class
D,
(3-mo.
EURIBOR
at
5.10%
Floor
+
5.10%),
8.79%,
04/25/36
....
2,500
2,842,272
Palmer
Square
European
CLO
DAC
(a)(b)
Series
2022-2X,
Class
DR,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.68%,
01/15/38
....
1,119
1,264,688
Series
2023-1X,
Class
D,
(3-mo.
EURIBOR
at
6.20%
Floor
+
6.20%),
9.88%,
07/15/36
....
1,382
1,554,966
Series
2024-2X,
Class
A,
(3-mo.
EURIBOR
at
1.34%
Floor
+
1.34%),
4.84%,
10/15/37
....
5,200
5,793,241
Palmer
Square
European
Loan
Funding
DAC
(a)
Series
2023-3A,
Class
D,
(3-mo.
EURIBOR
at
5.55%
Floor
+
5.55%),
9.09%,
05/15/33
(c)
...
1,000
1,123,931
Series
2024-2X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
6.61%,
05/15/34
(b)
...
3,250
3,617,429
Penta
CLO
16
DAC,
Series
2024-16A,
Class
D,
(3-mo.
EURIBOR
at
3.95%
Floor
+
3.95%),
7.87%,
10/18/36
(a)(c)
1,650
1,840,809
Penta
CLO
6
DAC,
Series
2019-6A,
Class
CR,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
5.99%,
07/25/34
(a)(c)
...............
500
559,529
Penta
CLO
DAC,
Series
2024-17X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
6.81%,
08/15/38
(a)(b)
1,640
1,828,835
Prodigy
Finance
DAC
(a)(c)
Series
2021-1A,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
6.22%,
07/25/51
...
USD
2,980
2,968,120
Series
2021-1A,
Class
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.61%),
7.47%,
07/25/51
...
304
303,894
Series
2021-1A,
Class
C,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.86%),
8.72%,
07/25/51
...
174
175,347
Series
2021-1A,
Class
D,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.01%),
10.87%,
07/25/51
..
114
115,987
Providus
CLO
II
DAC,
Series
2X,
Class
DRR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
0.00%,
10/15/38
(a)(b)
EUR
1,349
1,501,639
Providus
CLO
IX
DAC,
Series
9A,
Class
B,
(3-mo.
EURIBOR
at
2.45%
Floor
+
2.45%),
6.12%,
07/18/36
(a)(c)
...
5,200
5,840,745
Providus
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.95%
Floor
+
2.95%),
6.49%,
02/15/35
(a)(b)
...
1,000
1,108,975
Providus
CLO
VI
DAC,
Series
6X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
6.76%,
05/20/34
(a)(b)
...
1,000
1,114,645
Rockfield
Park
CLO
DAC,
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.66%,
07/16/34
(a)(b)
2,000
2,230,336
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Rockford
Tower
Europe
CLO
DAC,
Series
2019-1X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
5.29%,
01/20/33
(a)(b)
..........
EUR
5,012
$
5,580,036
RRE
18
Loan
Management
DAC
(a)
Series
18A,
Class
SUB,
(3-mo.
EURIBOR
+
0.00%),
0.00%,
04/15/39
(c)
..............
5,000
5,159,838
Series
18X,
Class
A1,
(3-mo.
EURIBOR
at
1.47%
Floor
+
1.47%),
5.27%,
04/15/39
(b)
...
5,750
6,429,014
RRE
19
Loan
Management
DAC,
Series
19X,
Class
A1,
(3-mo.
EURIBOR
at
1.41%
Floor
+
1.41%),
5.11%,
07/15/37
(a)(b)
..........
2,865
3,198,942
RRE
22
Loan
Management
DAC,
Series
22A,
Class
SUB,
0.00%,
01/15/38
(a)(c)
...............
4,500
4,508,258
RRE
9
Loan
Management
DAC,
Series
9A,
Class
A2,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
5.38%,
10/15/36
(a)(c)
...............
1,720
1,912,927
SCF
Rahoituspalvelut
XIII
DAC
(a)(b)
Series
13,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
4.35%,
06/25/34
....
800
888,887
Series
13,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
4.75%,
06/25/34
....
400
445,337
Sona
Fios
CLO
III
DAC
(a)(b)
Series
3X,
Class
A,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
4.48%,
04/20/37
....
6,700
7,435,088
Series
3X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
6.41%,
04/20/37
....
2,830
3,140,493
Sound
Point
Euro
CLO
III
Funding
DAC,
Series
3X,
Class
C,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
5.99%,
04/15/33
(a)(b)
..........
750
838,026
Sound
Point
Euro
CLO
X
Funding
DAC,
Series
10A,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.83%,
04/20/38
(a)(c)
..........
1,863
2,093,068
St
Paul's
CLO
VI
DAC,
Series
6A,
Class
DRRE,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
6.86%,
05/20/34
(a)(c)
...............
4,595
5,080,345
St
Paul's
CLO
XII
DAC
(a)(b)
Series
12X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
5.29%,
04/15/33
....
1,350
1,497,487
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
6.89%,
04/15/33
....
1,880
2,081,138
Sutton
Park
CLO
DAC
(a)(b)
Series
1X,
Class
A2A,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
5.24%,
11/15/31
.....
345
384,608
Series
1X,
Class
BE,
(3-mo.
EURIBOR
at
2.35%
Floor
+
2.35%),
5.89%,
11/15/31
.....
500
557,274
Texas
Debt
Capital
Euro
CLO
DAC
(a)
Series
2024-1A,
Class
A,
(3-mo.
EURIBOR
at
1.45%
Floor
+
1.45%),
5.15%,
07/16/38
(c)
...
2,000
2,236,097
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2024-1A,
Class
B,
(3-mo.
EURIBOR
at
2.10%
Floor
+
2.10%),
5.80%,
07/16/38
(c)
...
EUR
2,000
$
2,227,698
Series
2024-1A,
Class
C,
(3-mo.
EURIBOR
at
2.55%
Floor
+
2.55%),
6.25%,
07/16/38
(c)
...
1,500
1,661,115
Series
2024-1A,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
7.30%,
07/16/38
(c)
...
1,150
1,284,353
Series
2024-1X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
7.30%,
07/16/38
(b)
...
1,243
1,386,907
Tikehau
CLO
VI
DAC,
Series
6X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
7.28%,
01/15/35
(a)(b)
...
1,000
1,117,344
Tikehau
CLO
VII
DAC,
Series
7X,
Class
A,
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
5.69%,
10/20/35
(a)(b)
...
11,500
12,816,439
Tikehau
CLO
XII
DAC
(a)(b)
Series
12X,
Class
A,
(3-mo.
EURIBOR
at
1.34%
Floor
+
1.34%),
4.71%,
10/20/38
....
5,200
5,807,580
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
6.62%,
10/20/38
....
5,073
5,653,986
Toro
European
CLO
2
DAC,
Series
2A,
Class
CRR,
(3-mo.
EURIBOR
at
2.45%
Floor
+
2.45%),
6.14%,
07/25/34
(a)(c)
...............
320
355,206
Voya
Euro
CLO
I
DAC
(a)(b)
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
0.75%
Floor
+
0.75%),
4.43%,
10/15/30
....
2,733
3,041,992
Series
1X,
Class
B1NE,
(3-mo.
EURIBOR
at
1.15%
Floor
+
1.15%),
4.84%,
10/15/30
....
750
835,153
Voya
Euro
CLO
II
DAC
(a)(c)
Series
2A,
Class
B1R,
(3-mo.
EURIBOR
at
1.67%
Floor
+
1.67%),
5.36%,
07/15/35
....
250
278,391
Series
2A,
Class
CR,
(3-mo.
EURIBOR
at
2.15%
Floor
+
2.15%),
5.83%,
07/15/35
....
250
279,138
Voya
Euro
CLO
III
DAC,
Series
3X,
Class
B1,
(3-mo.
EURIBOR
at
1.65%
Floor
+
1.65%),
5.33%,
04/15/33
(a)(b)
...............
439
487,289
Voya
Euro
CLO
IV
DAC,
Series
4X,
Class
DR,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
6.78%,
10/15/34
(a)(b)
...............
900
997,443
Voya
Euro
CLO
V
DAC,
Series
5A,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
6.78%,
04/15/35
(a)(c)
660
733,273
461,995,554
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%),
4.11%,
12/29/36
.....
14,440
16,077,278
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
4.58%,
12/29/36
....
6,250
6,970,517
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
5.08%,
12/29/36
....
EUR
1,435
$
1,600,308
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
5.68%,
12/29/36
....
1,322
1,480,286
Series
2024-1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
7.88%,
12/29/36
....
268
298,246
AutoFlorence
2
SRL
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.75%),
4.12%,
12/24/44
...............
344
381,999
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
4.52%,
12/24/44
...............
159
176,572
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.35%),
5.72%,
12/24/44
...............
85
95,506
AutoFlorence
3
SRL
Series
3,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
4.30%,
12/25/46
...............
7,428
8,303,385
Series
3,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.35%),
5.70%,
12/25/46
...............
614
693,855
Series
3,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.35%),
6.70%,
12/25/46
...............
798
906,810
Series
3,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
5.35%),
8.70%,
12/25/46
...............
557
626,343
Brignole
Co.
Series
2024,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.78%),
4.15%,
02/24/42
....
13,361
14,884,317
Series
2024,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
4.57%,
02/24/42
....
1,642
1,826,759
Series
2024,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
5.37%,
02/24/42
....
588
656,245
Series
2024,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.37%,
02/24/42
....
669
745,809
Golden
Bar
Securitisation
Srl
,
Series
2024-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
4.93%,
09/22/43
.................
5,677
6,340,819
Golden
Bar
Securitisation
SRL
Series
2023-2,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
6.36%,
09/22/43
....
2,706
3,076,780
Series
2023-2,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.60%),
7.05%,
09/22/43
....
3,309
3,764,566
Series
2023-2,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.70%),
9.16%,
09/22/43
....
2,785
3,194,674
Quarzo
SRL
Series
2023-1,
Class
A2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
4.43%,
12/15/39
....
3,479
3,882,990
Series
2024-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
5.08%,
06/15/41
....
5,487
6,121,957
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Series
2024-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
5.78%,
06/15/41
....
EUR
970
$
1,090,998
Series
2024-1,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.70%),
7.18%,
06/15/41
....
850
958,490
Red
&
Black
Auto
Italy
SRL
Series
1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.85%),
6.23%,
12/28/31
...............
250
279,022
Series
2,
Class
A1,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
4.38%,
07/28/34
....
2,034
2,275,772
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.80%),
5.18%,
07/28/34
...............
929
1,045,524
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.80%),
6.18%,
07/28/34
...............
1,012
1,146,757
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.80%),
7.18%,
07/28/34
...............
355
400,100
Series
3,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.81%),
0.00%,
07/28/36
...............
8,360
9,313,188
Series
3,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
0.00%,
07/28/36
...............
1,266
1,409,248
Series
3,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
0.00%,
07/28/36
...............
635
706,850
Sunrise
SPV
50
SRL,
Series
2023-2,
Class
A1,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
4.38%,
07/27/48
.................
2,950
3,297,640
Youni
Italy
SRL
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.88%),
4.23%,
04/20/34
....
10,226
11,423,435
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
5.05%,
04/20/34
....
1,766
1,974,556
117,427,601
Jersey,
Channel
Islands
—
0.2%
AGL
CLO
20
Ltd.,
Series
2022-20A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.40%
Floor
+
6.40%),
0.00%,
10/20/37
(a)(c)
...............
USD
900
900,000
AGL
CLO
25
Ltd.,
Series
2023-25A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.66%
Floor
+
8.66%),
13.94%,
07/21/36
(a)(c)
...............
250
259,346
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
1,550,563
Apidos
CLO
XLI
Ltd.,
Series
2022-41A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
0.00%,
10/20/37
(a)(c)
...............
1,000
1,000,000
Ares
Loan
Funding
IV
Ltd.,
Series
2023-ALF4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.68%
Floor
+
4.68%),
9.98%,
10/15/36
(a)(c)
....
500
515,567
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
Ares
LXVIII
CLO
Ltd.,
Series
2023-68A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.55%
Floor
+
8.55%),
13.83%,
04/25/35
(a)(c)
...............
USD
2,000
$
2,055,085
Ballyrock
CLO
21
Ltd.,
Series
2022-
21A,
Class
D,
(3-mo.
CME
Term
SOFR
at
8.76%
Floor
+
8.76%),
14.04%,
10/20/35
(a)(c)
.........
1,000
1,007,027
Ballyrock
CLO
23
Ltd.,
Series
2023-
23A,
Class
C,
(3-mo.
CME
Term
SOFR
at
5.20%
Floor
+
5.20%),
10.48%,
04/25/36
(a)(c)
.........
1,000
1,020,725
Benefit
Street
Partners
CLO
XXX
Ltd.,
Series
2023-30A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.60%
Floor
+
5.60%),
10.88%,
04/25/36
(a)(c)
....
1,835
1,881,367
Blueberry
Park
CLO
Ltd.,
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.35%
Floor
+
5.35%),
10.48%,
10/20/37
(a)(c)
.........
2,000
1,998,504
GoldenTree
Loan
Management
US
CLO
19
Ltd.
(a)(c)
Series
2024-19A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.00%),
11.28%,
04/20/37
..
825
828,156
Series
2024-19A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.75%
Floor
+
7.75%),
13.03%,
04/20/37
..
2,360
2,280,563
Golub
Capital
Partners
CLO
64B
Ltd.,
Series
2022-64A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.50%),
10.78%,
10/25/35
(a)(c)
....
3,000
3,028,320
Golub
Capital
Partners
CLO
76
B
Ltd.
(a)(c)
Series
2024-76A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
6.11%,
10/25/37
...
880
880,909
Series
2024-76A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.67%
Floor
+
1.67%),
6.41%,
10/25/37
...
310
310,244
Series
2024-76A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.64%,
10/25/37
...
310
310,591
Series
2024-76A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
7.64%,
10/25/37
...
310
313,189
Juniper
Valley
Park
CLO
Ltd.,
Series
2023-1A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.50%),
10.78%,
07/20/36
(a)(c)
....
830
830,289
OCP
CLO
Ltd.
(c)
Series
2024-34A,
Class
D2,
(3-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.35%),
9.30%,
10/15/37
(a)
..
3,410
3,382,930
Series
2024-37A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
0.00%,
10/15/37
(a)
..
4,820
4,820,000
Series
2024-37A,
Class
B2,
4.94%,
10/15/37
...............
2,970
2,970,000
Series
2024-37A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.50%),
0.00%,
10/15/37
(a)
..
1,860
1,860,000
Orion
CLO
Ltd.,
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.90%
Floor
+
7.90%),
13.18%,
10/25/36
(a)
(c)
......................
1,000
1,013,712
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
Pikes
Peak
CLO
12
Ltd.,
Series
2023-
12A,
Class
E,
(3-mo.
CME
Term
SOFR
at
9.15%
Floor
+
9.15%),
14.43%,
04/20/36
(a)(c)
.........
USD
1,280
$
1,316,732
Pikes
Peak
CLO
16
Ltd.,
Series
2024-
16A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.12%,
07/25/37
(a)(c)
..........
5,000
5,019,249
Regatta
XXVII
Funding
Ltd.,
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
11.80%,
04/26/37
(a)(c)
.........
1,250
1,292,363
Valley
Stream
Park
CLO
Ltd.,
Series
2022-1A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
6.85%),
12.13%,
10/20/34
(a)(c)
....
13,575
13,590,230
Vantage
Data
Centers
Jersey
Borrower
Spv
Ltd.,
Series
2024-1X,
6.17%,
05/28/39
(b)
................
GBP
12,433
16,959,051
Verdelite
Static
CLO
Ltd.
(a)(c)
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.13%),
6.42%,
07/20/32
...
USD
7,000
7,013,919
Series
2024-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
6.94%,
07/20/32
...
2,000
2,001,630
Wildwood
Park
CLO
Ltd.
(a)(c)
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
0.00%,
10/20/37
...
6,750
6,741,580
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
0.00%,
10/20/37
...
1,600
1,592,029
90,543,870
Luxembourg
—
0.1%
(a)(b)
Auto1
Car
Funding
SARL
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
4.14%,
12/15/33
....
EUR
4,018
4,476,152
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
4.94%,
12/15/33
....
300
335,306
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.94%,
12/15/33
....
300
344,929
Compartment
BL
Consumer
Credit,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
4.25%,
09/25/41
............
1,236
1,377,749
FACT
SA,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
4.45%,
09/22/31
.......
2,400
2,656,653
Pony
SA
Compartment
German
Auto
Loans
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
4.29%,
01/14/33
....
1,200
1,334,192
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
4.64%,
01/14/33
....
600
667,100
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
5.09%,
01/14/33
....
400
444,699
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
SC
Germany
SA
Compartment
Consumer
Series
2020-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.75%),
5.19%,
11/14/34
.....
EUR
893
$
998,591
Series
2020-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
5.94%,
11/14/34
.....
366
410,655
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
4.44%,
01/14/38
....
1,900
2,111,643
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
4.74%,
01/14/38
....
11,200
12,435,514
SC
Germany
SA
Compartment
Leasing
Series
2023-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
5.44%,
12/14/32
....
1,100
1,231,625
Series
2023-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
6.44%,
12/14/32
....
1,000
1,127,207
TREVA
Equipment
Finance
SA-
Compartment,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
4.30%,
01/20/35
.....
3,386
3,766,606
33,718,621
Netherlands
—
0.1%
(a)(b)
Aurorus
BV
Series
2023-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
4.71%,
08/13/49
....
4,621
5,161,988
Series
2023-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
5.51%,
08/13/49
....
917
1,031,665
Series
2023-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.20%),
6.61%,
08/13/49
....
1,331
1,508,746
Hill
FL
Series
2024-1FL,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
4.51%,
02/18/32
....
800
893,035
Series
2024-1FL,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.05%),
5.46%,
02/18/32
....
900
1,012,708
Series
2024-1FL,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.20%),
6.61%,
02/18/32
....
200
225,599
Hill
FL
BV
Series
2024-2FL,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.72%),
0.00%,
10/18/32
....
7,500
8,352,591
Series
2024-2FL,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.95%),
0.00%,
10/18/32
....
500
557,187
Mila
BV
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.69%),
4.10%,
09/16/41
....
6,580
7,337,382
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
4.36%,
09/16/41
....
361
401,552
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.45%),
4.86%,
09/16/41
....
268
297,759
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
5.41%,
09/16/41
....
EUR
188
$
208,278
OZLME
IV
DAC,
Series
4X,
Class
B,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
5.04%,
07/27/32
.......
2,890
3,220,654
30,209,144
Portugal
—
0.0%
(a)(b)
GAMMA
Sociedade
de
Titularizacao
de
Creditos
,
Series
2,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
4.30%,
02/26/34
............
5,300
5,910,669
TAGUS
-
Sociedade
de
Titularizacao
de
Creditos
SA,
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.85%),
6.24%,
09/23/38
.......
481
519,119
6,429,788
Spain
—
0.1%
(b)
Auto
ABS
Spanish
Loans
FT
(a)
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
4.23%,
09/28/38
....
10,900
12,152,239
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
4.68%,
09/28/38
....
4,000
4,453,481
Autonoria
Spain
(a)
Series
2021-SP,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
4.15%,
01/31/39
....
503
558,779
Series
2021-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
4.40%,
01/31/39
....
812
903,637
Series
2021-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.55%),
4.90%,
01/31/39
....
348
387,492
Series
2021-SP,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.65%),
6.00%,
01/31/39
....
193
214,647
Series
2021-SP,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.90%),
7.25%,
01/31/39
....
77
84,779
Series
2022-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.80%),
6.15%,
01/27/40
....
991
1,126,443
Series
2022-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.20%),
7.55%,
01/28/40
....
248
283,184
Series
2022-SP,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
7.00%),
10.35%,
01/29/40
....
1,425
1,674,778
Autonoria
Spain
2023
FT
(a)
Series
2023-SP,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
4.05%,
09/30/41
....
4,895
5,458,817
Series
2023-SP,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
4.50%,
09/30/41
....
437
487,525
Series
2023-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
5.35%,
09/30/41
....
1,486
1,673,217
Series
2023-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
6.25%,
09/30/41
....
524
591,127
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
FT
Santander
Consumer
Spain
Auto
Series
2020-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
4.41%,
03/21/33
(a)
...
EUR
207
$
229,635
Series
2020-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.95%),
5.41%,
03/21/33
(a)
...
62
68,838
Series
2020-1,
Class
D,
3.50%,
03/21/33
...............
103
112,649
30,461,267
Switzerland
—
0.0%
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2004-CF2,
Class
1B,
6.00%,
01/25/43
(c)(g)
...
USD
605
473,281
United
Kingdom
—
0.6%
Asimi
Funding
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
+
1.00%),
5.96%,
09/16/31
....
GBP
3,274
4,382,796
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.35%),
6.31%,
09/16/31
....
1,786
2,385,887
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.95%),
6.91%,
09/16/31
....
1,654
2,217,368
Cardiff
Auto
Receivables
Securitisation
plc
(a)(b)
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
6.35%,
08/20/31
...............
2,918
3,910,903
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.85%,
08/20/31
...............
5,216
6,990,805
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.60%),
7.55%,
08/20/31
...............
3,951
5,302,436
Delamare
Cards
MTN
Issuer
plc,
Series
2023-1,
Class
A1,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
5.76%,
04/19/31
(a)(b)
3,454
4,631,383
Dowson
plc
(a)(b)
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
7.21%,
01/20/29
...............
2,528
3,387,850
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.70%),
7.66%,
01/20/29
...............
725
970,709
Series
2022-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.70%),
8.66%,
08/20/29
...............
1,814
2,436,898
Series
2022-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.25%),
10.21%,
08/20/29
...............
989
1,336,567
Greene
King
Finance
plc
Series
A6,  4.06%,
03/15/35
(b)
...
3,078
3,817,248
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
6.88%,
12/15/34
(a)
..............
2,472
2,838,939
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
B2,  (Sterling
Overnight
Index
Average
+
2.20%),
7.16%,
03/15/36
(a)(b)
.............
GBP
100
$
107,021
Hermitage
2023
plc,
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.45%),
7.40%,
09/21/33
(a)(b)
..........
891
1,198,665
Hermitage
2024
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.85%,
04/21/33
...............
7,019
9,398,220
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
6.20%,
04/21/33
...............
2,097
2,799,081
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.55%,
04/21/33
...............
2,189
2,922,036
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.35%),
7.30%,
04/21/33
...............
912
1,217,020
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.90%),
8.85%,
04/21/33
...............
1,372
1,831,654
London
Cards
No.
1
plc,
Series
1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.75%),
8.71%,
05/15/33
(a)(b)
..........
1,425
1,911,892
London
Cards
No.
2
plc
(a)(b)
Series
2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
6.35%,
03/28/34
...............
1,383
1,860,843
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
7.45%,
03/28/34
...............
1,708
2,292,010
Series
2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.45%),
8.40%,
03/28/34
...............
1,784
2,417,640
Series
2,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.50%),
10.45%,
03/28/34
...............
2,066
2,775,071
NewDay
Funding
(a)(b)
Series
2024-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.18%),
6.14%,
03/15/32
...............
1,910
2,567,175
Series
2024-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.65%),
6.61%,
03/15/32
...............
3,309
4,429,329
Series
2024-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
7.36%,
03/15/32
...............
3,128
4,219,894
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Newday
Funding
Master
Issuer
plc
(a)(b)
Series
2021-3X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
6.31%,
11/15/29
...............
GBP
677
$
906,062
Series
2022-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.00%),
9.96%,
07/15/30
...............
3,271
4,462,796
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.70%),
7.66%,
11/15/31
...............
4,377
5,966,649
Series
2023-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.70%),
8.66%,
11/15/31
...............
5,555
7,658,769
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
6.36%,
07/15/32
...............
1,949
2,605,864
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.86%,
07/15/32
...............
2,323
3,112,008
Series
2024-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.65%),
7.61%,
07/15/32
...............
4,901
6,568,190
Newday
Funding
Master
Issuer
plc-,
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.86%,
07/15/32
(a)(b)
9,773
13,073,016
PCL
Funding
IX
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.86%,
07/16/29
...............
22,145
29,676,955
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
6.26%,
07/16/29
...............
2,320
3,110,970
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.15%),
7.11%,
07/16/29
...............
150
200,361
PCL
Funding
VIII
plc
(a)(b)
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.18%),
6.14%,
05/15/28
...............
6,070
8,146,676
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
7.46%,
05/15/28
...............
1,125
1,530,452
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
8.46%,
05/15/28
...............
712
971,393
Satus
plc
(a)(b)
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.86%,
08/17/28
...............
200
267,795
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2021-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
8.16%,
08/17/28
...............
GBP
166
$
222,597
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.86%,
01/17/31
...............
9,263
12,414,179
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
6.21%,
01/17/31
...............
3,139
4,200,887
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.05%),
7.01%,
01/17/31
...............
3,161
4,240,713
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.30%),
8.26%,
01/17/31
...............
568
765,813
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.30%),
10.26%,
01/17/31
...............
549
739,874
Tower
Bridge
Funding
plc
(a)(b)
Series
2022-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.72%),
5.68%,
12/20/63
...............
2,104
2,812,940
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.20%),
7.20%,
10/20/64
...............
1,469
1,983,050
Series
2023-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.15%),
8.15%,
10/20/64
...............
993
1,345,973
Series
2023-1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.30%),
9.30%,
10/20/64
...............
1,116
1,517,046
Trafford
Centre
Finance
Ltd.
(The),
Series
B2,
(Sterling
Overnight
Index
Average
+
0.94%),
5.94%,
07/28/35
(a)(b)
...............
3,400
3,191,941
Unique
Pub
Finance
Co.
plc
(The),
Series
N,
6.46%,
03/30/32
(b)(g)
...
9,360
12,874,524
221,124,833
United
States
—
6.2%
510
Loan
Acquisition
Trust,
Series
2020-1,
Class
A,
8.11%,
09/25/60
(c)(g)
USD
6,727
6,677,020
522
Funding
CLO
Ltd.
(a)(c)
Series
2018-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
6.58%,
10/20/31
...
152
152,524
Series
2018-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.59%,
10/20/31
...
750
751,445
AccessLex
Institute,
Series
2007-A,
Class
A3,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.56%),
5.63%,
05/25/36
(a)
................
1,493
1,462,766
ACE
Securities
Corp.,
Series
2005-
AG1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.69%
Floor
+
0.80%),
5.66%,
08/25/35
(a)
...........
1,023
831,243
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
ACE
Securities
Corp.
Home
Equity
Loan
Trust
(a)
Series
2007-HE4,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.26%
Floor
+
0.37%),
5.23%,
05/25/37
...
USD
7,059
$
1,209,599
Series
2007-HE4,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
5.57%,
05/25/37
...
348
60,204
ACE
Securities
Manufactured
Housing
Loan
Trust,
Series
2003-MH1,
Class
B2,
0.00%,
08/15/30
(c)
........
2,286
2,066,575
ACREC
LLC,
Series
2023-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.23%),
7.33%,
02/19/38
(a)(c)
8,415
8,441,000
Affirm
Asset
Securitization
Trust,
Series
2024-A,
Class
A,
5.61%,
02/15/29
(c)
7,128
7,221,003
Ajax
Mortgage
Loan
Trust
Series
2017-D,
Class
B,
0.00%,
12/25/57
(a)(c)
.............
4
1,281
Series
2020-C,  0.00%,
09/25/60
(f)(h)
174
173,837
Series
2020-C,
Class
C,
0.00%,
09/27/60
(c)
..............
119
9,525
Series
2020-D,  0.00%,
06/25/60
(f)(h)
260
259,934
Series
2021-C,
Class
A,
5.11%,
01/25/61
(c)(g)
.............
15,145
15,144,845
Series
2021-C,
Class
B,
3.72%,
01/25/61
(c)(g)
.............
6,014
5,859,883
Series
2021-C,
Class
C,
0.00%,
01/25/61
(c)
..............
14,876
16,132,775
Series
2021-D,
Class
A,
2.00%,
03/25/60
(c)(g)
.............
34,707
34,186,344
Series
2021-D,
Class
B,
4.00%,
03/25/60
(a)(c)
.............
10,911
11,467,231
Series
2021-D,
Class
C,
0.00%,
03/25/60
(a)(c)
.............
15,907
16,626,061
Series
2021-E,
Class
A1,
1.74%,
12/25/60
(a)(c)
.............
39,794
35,097,881
Series
2021-E,
Class
A2,
2.69%,
12/25/60
(a)(c)
.............
8,637
6,717,964
Series
2021-E,
Class
B1,
3.73%,
12/25/60
(a)(c)
.............
5,214
3,670,907
Series
2021-E,
Class
B3,
4.15%,
12/25/60
(a)(c)
.............
12,677
4,464,490
Series
2021-E,
Class
M1,
2.94%,
12/25/60
(a)(c)
.............
8,544
6,125,180
Series
2021-E,
Class
SA,
0.00%,
12/25/60
(a)(c)
.............
80
37,371
Series
2021-E,
Class
XS,
0.00%,
12/25/60
(a)(c)
.............
168,048
6,272,363
Series
2021-F,
Class
A,
1.87%,
06/25/61
(c)(g)
.............
85,835
84,596,258
Series
2021-F,
Class
B,
3.75%,
06/25/61
(c)(g)
.............
23,922
23,554,630
Series
2021-F,
Class
C,
0.00%,
06/25/61
(c)
..............
36,362
34,663,609
Series
2021-G,
Class
A,
1.87%,
06/25/61
(a)(c)
.............
61,427
59,677,550
Series
2021-G,
Class
B,
3.75%,
06/25/61
(a)(c)
.............
14,966
15,965,771
Series
2021-G,
Class
C,
0.00%,
06/25/61
(c)
..............
26,853
24,663,027
Series
2023-B,
Class
A,
4.25%,
10/25/62
(c)(g)
.............
26,873
26,199,570
Series
2023-B,
Class
B,
4.25%,
10/25/62
(c)(g)
.............
3,314
3,151,219
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-B,
Class
C,
0.00%,
10/25/62
(c)
..............
USD
7,564
$
3,567,955
Series
2023-B,
Class
SA,
0.00%,
10/25/62
(c)(h)
.............
1,300
992,855
American
Homes
4
Rent
Trust,
Series
2015-SFR1,
Class
XS,
0.00%,
04/17/52
(a)(c)
...............
21,731
217
AMSR
Trust
(c)
Series
2020-SFR1,
Class
E,
3.22%,
04/17/37
...............
2,102
2,073,015
Series
2020-SFR4,
Class
E2,
2.46%,
11/17/37
..........
4,080
3,948,102
Series
2020-SFR4,
Class
F,
2.86%,
11/17/37
...............
4,520
4,385,723
Series
2020-SFR4,
Class
G2,
4.87%,
11/17/37
..........
4,542
4,486,561
Series
2021-SFR1,
Class
F,
3.60%,
06/17/38
...............
5,128
4,688,977
Series
2021-SFR2,
Class
F1,
3.28%,
08/17/38
...............
6,744
6,376,896
Series
2023-SFR2,
Class
F2,
3.95%,
06/17/40
...............
5,000
4,254,754
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
07/17/46
(c)
.....
645
595,094
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL1,
Class
A,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
6.79%,
01/15/37
(a)(c)
515
514,115
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
5.45%,
05/25/35
(a)
.....
5,063
4,063,747
Argent
Securities
Trust
(a)
Series
2006-M1,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
5.27%,
07/25/36
...
6,899
1,861,002
Series
2006-W2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.58%
Floor
+
0.69%),
5.55%,
03/25/36
...
1,844
1,018,906
Arm
Master
Trust
LLC,
Series
2021-T1,
Class
A,
2.43%,
11/15/27
(c)
.....
4,121
4,067,040
Avoca
CLO
XXVIII
DAC
(a)(c)
Series
28A,
Class
B1,
(3-mo.
EURIBOR
at
2.85%
Floor
+
2.85%),
6.54%,
04/15/37
....
EUR
3,400
3,787,832
Series
28A,
Class
B1R,
(3-mo.
EURIBOR
at
1.85%
Floor
+
1.85%),
0.00%,
10/15/37
....
3,400
3,784,710
BankAmerica
Manufactured
Housing
Contract
Trust
(a)
Series
1997-2,
Class
B1,
7.07%,
10/10/27
...............
USD
4,500
706,057
Series
1998-2,
Class
B1,
7.22%,
12/10/25
...............
8,475
1,101,762
Bankers
Healthcare
Group
Securitization
Trust,
Series
2020-A,
Class
C,
5.17%,
09/17/31
(c)
.....
750
743,586
Battalion
CLO
XII
Ltd.,
Series
2018-
12A,
Class
B2R,
(3-mo.
CME
Term
SOFR
at
2.08%
Floor
+
2.34%),
7.44%,
05/17/31
(a)(c)
..........
250
251,330
Bayview
Financial
Revolving
Asset
Trust
(a)(c)
Series
2004-B,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
5.96%,
05/28/39
...
18,134
14,568,624
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2004-B,
Class
A2,
(1-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.41%),
6.26%,
05/28/39
...
USD
604
$
312,986
Series
2005-A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
5.96%,
02/28/40
...
8,676
8,124,260
Series
2005-E,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
5.96%,
12/28/40
...
433
429,539
BCMSC
Trust
(a)
Series
2000-A,
Class
A2,
7.58%,
06/15/30
...............
7,777
696,491
Series
2000-A,
Class
A3,
7.83%,
06/15/30
...............
7,219
668,337
Series
2000-A,
Class
A4,
8.29%,
06/15/30
...............
5,207
510,364
BDS
LLC,
Series
2024-FL13,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.58%),
6.78%,
09/19/39
(a)(c)
5,300
5,286,680
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2004-HE7,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.73%
Floor
+
1.84%),
6.69%,
08/25/34
...
33
32,647
Series
2006-HE1,
Class
1M4,
(1-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
5.33%,
12/25/35
...
6,560
6,082,833
Series
2006-HE7,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.31%,
09/25/36
...
1,715
1,722,283
Series
2006-HE8,
Class
1A3,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
5.49%,
10/25/36
...
1,812
1,751,928
Series
2007-FS1,
Class
1A3,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.31%,
05/25/35
...
105
104,278
Series
2007-HE2,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.29%,
03/25/37
...
2,840
2,576,383
Series
2007-HE2,
Class
22A,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.25%,
03/25/37
...
1,644
1,545,792
Series
2007-HE2,
Class
23A,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.25%,
03/25/37
...
2,009
1,908,010
Series
2007-HE3,
Class
1A3,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.36%),
5.22%,
04/25/37
...
197
195,615
Series
2007-HE3,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
5.32%,
04/25/37
...
21,820
19,953,694
BHG
Securitization
Trust
(c)
Series
2021-A,
Class
A,
1.42%,
11/17/33
...............
1,716
1,667,757
Series
2021-A,
Class
B,
2.79%,
11/17/33
...............
1,995
1,902,448
Series
2021-B,
Class
C,
2.24%,
10/17/34
...............
1,600
1,485,694
Series
2022-C,
Class
B,
5.93%,
10/17/35
...............
3,675
3,693,008
Brex
Commercial
Charge
Card
Master
Trust,
Series
2024-1,
Class
A1,
6.05%,
07/15/27
(c)
...........
6,223
6,322,643
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(c)
Series
2012-4A,
Class
A1R4,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.12%),
5.97%,
04/22/32
...
USD
3,825
$
3,820,219
Series
2013-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.33%,
08/14/30
...
407
407,493
Carrington
Mortgage
Loan
Trust
(a)
Series
2006-NC1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.63%
Floor
+
0.74%),
5.60%,
01/25/36
...
1,620
1,372,074
Series
2006-NC4,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
12.50%
Cap
+
0.27%),
5.13%,
10/25/36
..........
794
779,242
Cascade
MH
Asset
Trust,
Series
2019-
MH1,
Class
A,
4.00%,
11/25/44
(a)(c)
14,909
14,126,631
C-BASS
Trust,
Series
2006-CB7,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.29%,
10/25/36
(a)
................
1,076
711,131
C-BASS
TRUST,
Series
2006-CB9,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
5.43%,
11/25/36
(a)
................
636
288,135
CIT
Mortgage
Loan
Trust,
Series
2007-
1,
Class
1M2,
(1-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.86%),
6.72%,
10/25/37
(a)(c)
..........
3,538
3,433,191
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(1-
mo.
CME
Term
SOFR
at
0.20%
Floor
+
0.31%),
5.17%,
05/25/37
11,653
7,764,588
Series
2007-AHL2,
Class
A3C,
(1-
mo.
CME
Term
SOFR
at
0.27%
Floor
+
0.38%),
5.24%,
05/25/37
5,294
3,526,772
Series
2007-AHL3,
Class
A3B,
(1-
mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.28%),
5.14%,
07/25/45
5,528
3,871,188
Series
2007-AMC1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.29%,
12/25/36
(c)
..
6,484
3,536,954
College
Ave
Student
Loans
Trust,
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.75%
Floor
+
1.75%),
7.03%,
06/25/54
(a)(c)
....
16,705
16,863,685
College
Avenue
Student
Loans
LLC
(c)
Series
2021-A,
Class
B,
2.32%,
07/25/51
...............
4,614
4,217,676
Series
2021-A,
Class
C,
2.92%,
07/25/51
...............
882
817,231
Series
2021-B,
Class
B,
2.42%,
06/25/52
...............
1,446
1,305,501
Series
2021-B,
Class
C,
2.72%,
06/25/52
...............
656
597,941
Series
2021-B,
Class
D,
3.78%,
06/25/52
...............
157
142,324
Series
2021-C,
Class
D,
4.11%,
07/26/55
...............
530
490,785
Conseco
Finance
Corp.
(a)
Series
1996-10,
Class
B1,
7.24%,
11/15/28
...............
1,602
1,606,262
Series
1997-3,
Class
M1,
7.53%,
03/15/28
...............
1,527
1,516,633
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
1997-6,
Class
M1,
7.21%,
01/15/29
...............
USD
1,095
$
1,111,667
Series
1998-4,
Class
M1,
6.83%,
04/01/30
...............
477
459,193
Series
1998-6,
Class
M1,
6.63%,
06/01/30
...............
1,311
1,292,224
Series
1999-5,
Class
A5,
7.86%,
03/01/30
...............
2,471
789,438
Series
1999-5,
Class
A6,
7.50%,
03/01/30
...............
2,651
809,994
Conseco
Finance
Securitizations
Corp.
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(a)
..............
4,152
674,577
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(a)
..............
5,128
850,873
Series
2000-5,
Class
A6,
7.96%,
05/01/31
...............
6,271
1,452,117
Series
2000-5,
Class
A7,
8.20%,
05/01/31
...............
11,418
2,723,736
Cook
Park
CLO
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.86%),
8.15%,
04/17/30
(a)(c)
...............
1,430
1,431,482
Credit-Based
Asset
Servicing
&
Securitization
LLC
Series
2006-CB2,
Class
AF4,
3.03%,
12/25/36
(g)
..............
982
827,259
Series
2006-MH1,
Class
B1,
6.75%,
10/25/36
(c)(g)
.............
1,034
1,029,073
Series
2006-MH1,
Class
B2,
6.75%,
10/25/36
(c)(g)
.............
5,709
4,676,952
Series
2006-SL1,
Class
A2,
6.06%,
09/25/36
(c)(g)
.............
11,603
434,318
Series
2007-CB6,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.31%,
07/25/37
(a)(c)
.
1,338
882,120
CSMC
Trust,
Series
2017-2,
Class
CERT,
0.00%,
02/01/47
(c)
......
1,868
1,683,045
CWABS
Asset-Backed
Certificates
Trust
(a)
Series
2005-16,
Class
1AF,
4.51%,
04/25/36
...............
5,249
4,674,973
Series
2006-17,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
5.45%,
03/25/47
...
96
81,764
Series
2006-18,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.56%),
5.42%,
03/25/37
...
12,830
10,812,506
Series
2006-22,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
5.31%,
05/25/47
...
1,557
1,364,484
CWABS
Asset-Backed
Notes
Trust,
Series
2007-SEA2,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
and
11.00%
Cap
+
1.61%),
6.47%,
06/25/47
(a)(c)
..........
2,919
2,299,578
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%),
5.48%,
03/15/34
(a)
...........
151
150,639
CWHEQ
Home
Equity
Loan
Trust
Series
2006-S3,
Class
A4,
5.46%,
01/25/29
(g)
..............
106
263,183
Series
2006-S5,
Class
A5,
6.16%,
06/25/35
...............
214
377,504
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
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%),
5.39%,
05/15/35
..........
USD
245
$
244,187
Series
2006-C,
Class
2A,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
and
16.00%
Cap
+
0.29%),
5.39%,
05/15/36
..........
1,176
1,160,512
Series
2006-H,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
and
16.00%
Cap
+
0.26%),
5.36%,
11/15/36
..........
688
684,030
Series
2006-I,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.35%,
01/15/37
...
445
414,742
Dewolf
Park
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.18%),
6.48%,
10/15/30
(a)(c)
...............
6,857
6,863,867
Diameter
Capital
CLO
1
Ltd.
(a)(c)
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.31%
Floor
+
6.31%),
11.61%,
07/15/36
..
5,000
4,989,341
Series
2021-1A,
Class
SUB,
0.00%,
07/15/36
...............
5,000
3,801,500
Diameter
Capital
CLO
3
Ltd.,
Series
2022-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.80%
Floor
+
6.80%),
12.10%,
04/15/37
(a)(c)
.........
2,300
2,307,246
Eaton
Vance
CLO
Ltd.,
Series
2014-
1RA,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
7.05%,
07/15/30
(a)(c)
..........
1,750
1,751,229
EDvestinU
Private
Education
Loan
Issue
No.
3
LLC,
Series
2021-A,
Class
B,
3.50%,
11/25/50
(c)
.....
1,660
1,389,950
EDvestinU
Private
Education
Loan
Issue
No.
4
LLC,
Series
2022-A,
Class
A,
5.25%,
11/25/40
(c)
.....
5,704
5,733,075
ELFI
Graduate
Loan
Program
LLC,
Series
2020-A,
Class
B,
2.98%,
08/25/45
(a)(c)
...............
1,796
1,620,981
Elmwood
CLO
15
Ltd.,
Series
2022-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.25%
Floor
+
7.25%),
12.53%,
04/22/35
(a)(c)
...............
1,800
1,804,240
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2004-FFH3,
Class
M3,
(1-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.16%),
6.02%,
10/25/34
...
2,818
2,613,156
Series
2006-FF13,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
5.21%,
10/25/36
...
4,385
2,865,092
Series
2006-FF13,
Class
A2C,
(1-
mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.29%,
10/25/36
2,571
1,701,156
Series
2006-FF16,
Class
2A4,
(1-
mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
5.39%,
12/25/36
4,909
2,029,285
FirstKey
Homes
Trust
(c)
Series
2020-SFR1,
Class
G,
4.78%,
08/17/37
...............
6,572
6,434,719
Series
2021-SFR1,
Class
F1,
3.24%,
08/17/38
...............
8,036
7,568,158
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-SFR1,
Class
E2,
5.00%,
05/19/39
..........
USD
5,000
$
4,865,509
Series
2022-SFR2,
Class
E1,
4.50%,
07/17/39
..........
4,977
4,793,659
Series
2022-SFR3,
Class
E2,
3.50%,
07/17/38
..........
8,285
7,887,270
Foundation
Finance
Trust
(c)
Series
2021-2A,
Class
A,
2.19%,
01/15/42
...............
5,277
4,961,203
Series
2023-1A,
Class
A,
5.67%,
12/15/43
...............
6,290
6,426,324
Series
2024-1A,
Class
B,
5.95%,
12/15/49
...............
1,833
1,885,522
Series
2024-2A,
Class
B,
4.93%,
03/15/50
...............
3,092
3,097,538
Fremont
Home
Loan
Trust
(a)
Series
2006-3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.25%,
02/25/37
...
4,817
3,602,984
Series
2006-3,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.31%,
02/25/37
...
5,217
1,681,655
FS
Rialto
Issuer
LLC
(a)(c)
Series
2022-FL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.30%),
7.27%,
06/19/37
...
6,888
6,906,944
Series
2022-FL6,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.58%
Floor
+
2.58%),
7.54%,
08/17/37
...
23,880
23,969,345
Series
2022-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
7.99%,
10/19/39
...
11,152
11,197,277
GAM
Resecuritization
Trust,
Series
2018-B,
Class
A1,
(US
Prime
Rate
at
0.00%
Floor
-
2.00%),
6.00%,
08/27/51
(a)(c)
...............
5,143
5,097,254
GoldenTree
Loan
Management
US
CLO
14
Ltd.
(a)(c)
Series
2022-14A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.90%
Floor
+
5.90%),
11.18%,
07/20/37
..
2,300
2,311,794
Series
2022-14A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.40%
Floor
+
8.40%),
13.68%,
07/20/37
..
2,670
2,678,134
GoldenTree
Loan
Management
US
CLO
15
Ltd.,
Series
2022-15A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
7.50%
Floor
+
7.50%),
12.78%,
10/20/36
(a)(c)
...............
2,500
2,420,809
Goldman
Home
Improvement
Trust
Issuer
Trust
(c)
Series
2021-GRN2,
Class
B,
1.97%,
06/25/51
...............
4,014
3,843,452
Series
2022-GRN2,
Class
A,
6.80%,
10/25/52
...............
3,810
3,918,956
Golub
Capital
BDC
3
CLO
LLC,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.16%,
04/15/33
(a)(c)
..........
10,000
10,007,062
Golub
Capital
Partners
CLO
69M,
Series
2023-69A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
7.45%,
11/09/36
(a)(c)
....
2,500
2,521,116
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Golub
Capital
Partners
CLO
71
M,
Series
2024-71A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
7.05%,
02/09/37
(a)(c)
....
USD
28,580
$
28,706,084
Goodleap
Sustainable
Home
Solutions
Trust,
Series
2023-3C,
Class
A,
6.50%,
07/20/55
(c)
...........
9,864
10,242,089
GoodLeap
Sustainable
Home
Solutions
Trust
(c)
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
...............
10,074
8,149,892
Series
2022-3CS,
Class
A,
4.95%,
07/20/49
...............
3,719
3,562,627
Series
2023-1GS,
Class
A,
5.52%,
02/22/55
...............
5,573
5,534,978
Gracie
Point
International
Funding
LLC,
Series
2024-1A,
Class
A,
(SOFR90A
at
1.70%
Floor
+
1.70%),
7.07%,
03/01/28
(a)(c)
...............
14,644
14,693,016
Greenpoint
Manufactured
Housing,
Series
1999-5,
Class
M2,
9.23%,
12/15/29
(a)
................
2,455
2,451,300
GreenSky
Home
Improvement
Trust
(c)
Series
2024-1,
Class
A4,
5.67%,
06/25/59
...............
27,395
27,805,588
Series
2024-1,
Class
B,
5.87%,
06/25/59
...............
2,127
2,170,355
Greenwood
Park
CLO
Ltd.,
Series
2018-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.27%),
6.57%,
04/15/31
(a)(c)
....
6,192
6,199,716
GSAA
Home
Equity
Trust
(a)
Series
2005-14,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
5.67%,
12/25/35
...
5,333
2,375,947
Series
2006-4,
Class
1A1,
4.13%,
03/25/36
...............
3,556
2,415,127
Series
2006-18,
Class
AF2A,
5.63%,
11/25/36
...............
210
61,997
Series
2006-18,
Class
AF3A,
5.77%,
11/25/36
...............
2,069
618,319
Series
2007-2,
Class
AF3,
5.92%,
03/25/37
...............
1,421
271,974
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
5.37%,
01/25/47
...
2,797
1,425,742
Series
2007-HS1,
Class
M6,
(1-mo.
CME
Term
SOFR
at
3.38%
Floor
+
3.49%),
8.34%,
02/25/47
...
3,414
3,354,380
Hipgnosis
Music
Assets
LP,
Series
2022-1,
Class
A,
5.00%,
05/16/62
(c)
8,287
8,188,748
Home
Equity
Asset
Trust
(a)
Series
2006-3,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
5.57%,
07/25/36
...
4,008
3,792,620
Series
2007-1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
5.27%,
05/25/37
...
4,598
3,622,967
Home
Equity
Mortgage
Loan
Asset-
Backed
Trust,
Series
2004-A,
Class
M2,
(1-mo.
CME
Term
SOFR
at
2.03%
Floor
+
2.14%),
3.75%,
07/25/34
(a)
................
801
777,660
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(g)
................
USD
6,933
$
715,796
Huntington
Bank
Auto
Credit-Linked
Notes,
Series
2024-1,
Class
B2,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.40%),
6.75%,
05/20/32
(a)(c)
12,409
12,425,708
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%),
5.25%,
12/25/36
(a)(c)
...............
56
54,533
J.P.
Morgan
Mortgage
Acquisition
Trust
Series
2006-CW1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.41%
Floor
+
0.52%),
5.37%,
05/25/36
(a)
..
1,649
1,623,404
Series
2007-CH1,
Class
MF1,
4.54%,
11/25/36
(g)
.........
11,339
11,685,181
KeyCorp
Student
Loan
Trust
(a)
Series
2004-A,
Class
2D,
(3-mo.
LIBOR
USD
at
0.00%
Floor
+
1.25%),
6.78%,
07/28/42
....
5,049
4,739,210
Series
2005-A,
Class
2C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.56%),
6.20%,
12/27/38
...
8,665
8,366,651
Legacy
Mortgage
Asset
Trust
(c)
Series
2019-SL2,
Class
A,
3.38%,
02/25/59
(a)
..............
6,329
6,055,581
Series
2019-SL2,
Class
B,
0.00%,
02/25/59
...............
4,513
850,962
Series
2019-SL2,
Class
M,
4.25%,
02/25/59
(a)
..............
5,164
4,804,822
Lehman
ABS
Manufactured
Housing
Contract
Trust
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
..............
4,353
4,406,736
Series
2002-A,
Class
C,
0.00%,
06/15/33
...............
480
474,924
Lehman
ABS
Mortgage
Loan
Trust,
Series
2007-1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.09%
Floor
+
0.20%),
5.06%,
06/25/37
(a)(c)
....
881
590,895
Lending
Funding
Trust
(c)
Series
2020-2A,
Class
B,
3.54%,
04/21/31
...............
3,340
3,200,961
Series
2020-2A,
Class
D,
6.77%,
04/21/31
...............
400
391,276
Lendmark
Funding
Trust
(c)
Series
2021-2A,
Class
C,
3.09%,
04/20/32
...............
5,450
4,973,352
Series
2021-2A,
Class
D,
4.46%,
04/20/32
...............
1,420
1,260,219
Series
2022-1A,
Class
A,
5.12%,
07/20/32
...............
19,321
19,366,891
Series
2023-1A,
Class
A,
5.59%,
05/20/33
...............
13,585
13,669,503
Series
2023-1A,
Class
D,
8.69%,
05/20/33
...............
8,082
8,192,705
Series
2024-1A,
Class
B,
5.88%,
06/21/32
...............
3,993
4,093,243
Series
2024-1A,
Class
C,
6.40%,
06/21/32
...............
2,283
2,342,286
Series
2024-1A,
Class
D,
7.21%,
06/21/32
...............
1,790
1,833,506
Litigation
Systems,
Inc.,
Series
2020-1,
Class
A,
4.00%,
10/30/27
(f)
.....
1,364
1,364,187
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Loanpal
Solar
Loan
Ltd.,
Series
2020-
3GS,
Class
A,
2.47%,
12/20/47
(c)
.
USD
16,660
$
14,314,792
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2006-2,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.33%,
03/25/46
...
—
(i)
2
Series
2006-5,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
5.27%,
06/25/36
...
7,950
3,781,625
Series
2006-7,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.29%,
08/25/36
...
17,901
7,146,072
Long
Point
Park
CLO
Ltd.,
Series
2017-
1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.64%),
6.92%,
01/17/30
(a)(c)
..........
3,750
3,749,050
Mariner
Finance
Issuance
Trust
(c)
Series
2020-AA,
Class
A,
2.19%,
08/21/34
...............
915
912,137
Series
2020-AA,
Class
B,
3.21%,
08/21/34
...............
6,926
6,877,286
Series
2020-AA,
Class
C,
4.10%,
08/21/34
...............
2,530
2,502,813
Series
2020-AA,
Class
D,
5.75%,
08/21/34
...............
3,350
3,284,211
Series
2021-AA,
Class
C,
2.96%,
03/20/36
...............
1,190
1,113,700
Series
2021-AA,
Class
D,
3.83%,
03/20/36
...............
1,180
1,121,310
Series
2021-AA,
Class
E,
5.40%,
03/20/36
...............
5,040
4,713,414
Series
2021-BA,
Class
D,
3.42%,
11/20/36
...............
1,130
1,052,735
Series
2021-BA,
Class
E,
4.68%,
11/20/36
...............
2,520
2,263,670
Series
2022-AA,
Class
A,
6.45%,
10/20/37
...............
18,710
18,725,264
Series
2023-AA,
Class
D,
8.85%,
10/22/35
...............
12,900
13,478,172
Series
2024-AA,
Class
A,
5.13%,
09/22/36
...............
11,386
11,575,558
Series
2024-AA,
Class
D,
6.77%,
09/22/36
...............
603
616,398
Series
2024-AA,
Class
E,
9.02%,
09/22/36
...............
2,472
2,529,098
MASTR
Asset-Backed
Securities
Trust
(a)
Series
2006-AM2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
5.49%,
06/25/36
(c)
..
2,952
2,727,038
Series
2007-HE1,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.25%,
05/25/37
...
5,000
4,199,087
MASTR
Specialized
Loan
Trust,
Series
2006-3,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
5.49%,
06/25/46
(a)(c)
..........
672
653,191
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2007-2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
5.45%,
05/25/37
...
3,682
2,642,817
Series
2007-H1,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
8.47%,
10/25/37
...
3,539
3,336,177
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2006-OPT1,
Class
M1,
(1-
mo.
CME
Term
SOFR
at
0.39%
Floor
+
0.50%),
5.36%,
08/25/37
USD
1,122
$
989,179
Series
2006-RM3,
Class
A2B,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
5.15%,
06/25/37
...
2,730
586,338
MF1
LLC,
Series
2023-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.07%
Floor
+
2.07%),
7.03%,
10/19/38
(a)(c)
4,192
4,202,480
MF1
Multifamily
Housing
Mortgage
Loan
Trust
(a)(c)
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.64%
Floor
+
2.64%),
7.60%,
09/17/37
...
5,160
5,171,301
Series
2024-FL14,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
6.70%,
03/19/39
...
3,340
3,341,035
Mill
City
Solar
Loan
Ltd.
(c)
Series
2019-1A,
Class
A,
4.34%,
03/20/43
...............
8,812
8,334,270
Series
2019-2GS,
Class
A,
3.69%,
07/20/43
...............
15,101
13,805,518
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
(a)
Series
2005-HE5,
Class
M4,
(1-mo.
CME
Term
SOFR
at
0.87%
Floor
+
0.98%),
5.84%,
09/25/35
...
7,653
6,391,752
Series
2007-SEA1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
3.80%
Floor
+
3.91%),
8.77%,
02/25/47
(c)
..............
684
637,495
Morgan
Stanley
Home
Equity
Loan
Trust,
Series
2006-3,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.29%,
04/25/36
(a)
2,206
1,554,799
Morgan
Stanley
Mortgage
Loan
Trust
Series
2006-12XS,
Class
A4,
6.51%,
10/25/36
(g)
..............
3,566
828,653
Series
2006-12XS,
Class
A6A,
6.23%,
10/25/36
(g)
.........
1,378
393,123
Series
2006-16AX,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.61%),
5.47%,
11/25/36
(a)
..............
1,914
533,972
Mosaic
Solar
Loan
Trust
(c)
Series
2018-2GS,
Class
A,
4.20%,
02/22/44
...............
7,876
7,421,809
Series
2018-2GS,
Class
C,
5.97%,
02/22/44
...............
1,873
1,596,478
Series
2019-1A,
Class
A,
4.37%,
12/21/43
...............
11,553
11,012,411
Series
2022-3A,
Class
A,
6.10%,
06/20/53
...............
3,082
3,149,858
Series
2023-1A,
Class
A,
5.32%,
06/20/53
...............
8,692
8,704,442
Nationstar
Home
Equity
Loan
Trust,
Series
2007-B,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.41%
Floor
+
0.52%),
5.38%,
04/25/37
(a)
.....
5,455
5,197,884
Navient
Private
Education
Loan
Trust
(c)
Series
2014-AA,
Class
B,
3.50%,
08/15/44
...............
14,970
14,514,926
Series
2015-AA,
Class
B,
3.50%,
12/15/44
...............
10,722
10,246,668
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Navient
Private
Education
Refi
Loan
Trust
(c)
Series
2019-CA,
Class
A2,
3.13%,
02/15/68
...............
USD
111
$
108,464
Series
2020-FA,
Class
B,
2.69%,
07/15/69
...............
4,310
3,635,803
Series
2021-DA,
Class
A,
(US
Prime
Rate
at
0.00%
Floor
-
1.99%),
6.51%,
04/15/60
(a)
.........
6,735
6,663,305
Series
2021-DA,
Class
B,
2.61%,
04/15/60
...............
1,736
1,546,665
Series
2021-DA,
Class
C,
3.48%,
04/15/60
...............
7,980
7,317,924
Series
2021-DA,
Class
D,
4.00%,
04/15/60
...............
2,550
2,339,349
Series
2023-A,
Class
A,
5.51%,
10/15/71
...............
16,331
16,705,734
Series
2024-A,
Class
A,
5.66%,
10/15/72
...............
32,724
33,629,245
Nelnet
Student
Loan
Trust
(c)
Series
2021-A,
Class
B1,
2.85%,
04/20/62
...............
4,023
3,517,408
Series
2021-A,
Class
B2,
2.85%,
04/20/62
...............
41,500
36,284,263
Series
2021-A,
Class
C,
3.75%,
04/20/62
...............
3,133
2,747,564
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
4,268
3,730,237
Series
2021-BA,
Class
B,
2.68%,
04/20/62
...............
24,341
21,067,588
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
1,556
1,316,851
Series
2021-BA,
Class
D,
4.75%,
04/20/62
...............
2,780
2,372,845
Series
2021-CA,
Class
B,
2.53%,
04/20/62
...............
23,450
20,034,478
Series
2021-CA,
Class
C,
3.36%,
04/20/62
...............
1,230
1,041,729
Series
2021-CA,
Class
D,
4.44%,
04/20/62
...............
1,880
1,585,288
Series
2021-DA,
Class
B,
2.90%,
04/20/62
...............
13,044
11,427,434
Series
2021-DA,
Class
C,
3.50%,
04/20/62
...............
2,110
1,787,652
Series
2021-DA,
Class
D,
4.38%,
04/20/62
...............
651
542,107
Series
2023-PL1A,
Class
A1A,
(SOFR
30
day
Average
at
0.00%
Floor
+
2.25%),
7.53%,
11/25/53
(a)
..............
7,690
7,670,189
New
Century
Home
Equity
Loan
Trust,
Series
2005-C,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
5.64%,
12/25/35
(a)
.....
3,943
3,335,914
New
Residential
Mortgage
Loan
Trust
(c)
Series
2022-SFR1,
Class
F,
4.44%,
02/17/39
...............
1,341
1,220,155
Series
2022-SFR2,
Class
F,
4.00%,
09/04/39
...............
6,607
5,888,420
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2006-
S5,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
5.37%,
10/25/36
(a)(c)
..........
75
91,097
NYMT
Trust,
Series
2024-RR1,
Class
A,
7.37%,
05/25/64
(c)(g)
..........
14,201
14,101,993
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Oakwood
Mortgage
Investors,
Inc.
(a)
Series
2001-D,
Class
A2,
5.26%,
01/15/19
...............
USD
1,484
$
599,547
Series
2001-D,
Class
A4,
6.93%,
09/15/31
...............
1,213
585,354
OneMain
Financial
Issuance
Trust
(c)
Series
2019-2A,
Class
D,
4.05%,
10/14/36
...............
10,070
9,522,963
Series
2020-2A,
Class
D,
3.45%,
09/14/35
...............
10,930
10,285,739
Series
2021-1A,
Class
A2,
(SOFR
30
day
Average
at
0.00%
Floor
+
0.76%),
6.10%,
06/16/36
(a)
...
4,537
4,539,236
Series
2021-1A,
Class
C,
2.22%,
06/16/36
...............
800
729,834
Series
2022-2A,
Class
B,
5.24%,
10/14/34
...............
17,533
17,625,899
Series
2023-1A,
Class
D,
7.49%,
06/14/38
...............
12,005
12,848,114
Series
2023-2A,
Class
D,
7.52%,
09/15/36
...............
25,921
27,323,230
Series
2024-1A,
Class
A,
5.79%,
05/14/41
...............
33,293
35,206,548
Option
One
Mortgage
Loan
Trust
Series
2005-4,
Class
M3,
(1-mo.
CME
Term
SOFR
at
0.74%
Floor
+
0.85%),
5.70%,
11/25/35
(a)
..
6,618
5,608,615
Series
2007-CP1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
+
0.32%),
5.18%,
03/25/37
(a)
..
6,755
5,721,568
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(g)
.........
13,904
12,066,609
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(g)
.........
11,818
10,305,838
Origen
Manufactured
Housing
Contract
Trust
(a)
Series
2001-A,
Class
M1,
7.82%,
03/15/32
...............
2,370
2,375,404
Series
2007-B,
Class
A1,
(1-mo.
LIBOR
USD
at
1.20%
Floor
and
18.00%
Cap
+
1.20%),
6.41%,
10/15/37
(c)
..............
818
809,633
Owl
Rock
CLO
VII
LLC,
Series
2022-
7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.38%,
07/20/33
(a)(c)
..........
1,300
1,307,827
Owl
Rock
CLO
XI
LLC,
Series
2023-
11A,
Class
A1F,
6.10%,
05/15/35
(c)
5,000
4,958,043
Owl
Rock
CLO
XII
LLC,
Series
2023-
12A,
Class
A1B,
6.37%,
07/20/34
(c)
9,000
8,919,358
Owl
Rock
CLO
XVIII
LLC,
Series
2024-
18A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
7.00%,
07/24/36
(a)(c)
..........
3,975
3,969,748
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(g)
................
4,244
3,903,861
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(c)
................
848
835,525
Pagaya
AI
Technology
in
Housing
Trust,
Series
2023-1,
Class
F,
3.60%,
10/25/40
(c)
................
6,577
5,223,539
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
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)
..........
USD
9,000
$
9,045,648
PennantPark
CLO
VI
LLC,
Series
2023-6A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.68%
Floor
+
2.68%),
7.96%,
04/22/35
(a)(c)
..........
8,500
8,556,007
PennantPark
CLO
VII
LLC,
Series
2023-7A,
Class
A1B,
6.55%,
07/20/35
(c)
................
7,000
6,901,280
Pennantpark
CLO
VIII
LLC,
Series
2024-8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.30%),
7.58%,
04/18/36
(a)(c)
....
8,000
8,031,610
PFS
Financing
Corp.,
Series
2022-E,
7.00%,
10/15/26
(c)(f)
..........
25,000
25,052,500
PPM
CLO
6-R
Ltd.
(a)(c)
Series
2022-6RA,
Class
C1R,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.45%),
8.73%,
01/20/37
...
2,110
2,168,863
Series
2022-6RA,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
10.93%,
01/20/37
..
1,690
1,696,168
PRET
LLC
(c)
Series
2021-NPL6,
Class
A1,
2.49%,
07/25/51
(g)
..............
8,116
8,065,554
Series
2021-RN4,
Class
A1,
2.49%,
10/25/51
(a)
..............
9,627
9,616,248
Series
2023-RN2,
Class
A1,
8.11%,
11/25/53
(g)
..............
14,167
14,372,219
Series
2024-NPL1,
Class
A1,
7.14%,
01/25/54
(g)
..............
19,681
19,705,506
Series
2024-NPL4,
Class
A1,
7.00%,
07/25/54
(g)
..............
13,429
13,588,505
Series
2024-NPL5,
Class
A1,
5.96%,
09/25/54
(g)
..............
10,353
10,352,918
Progress
Residential
Trust
(c)
Series
2021-SFR1,
Class
F,
2.76%,
04/17/38
...............
5,100
4,878,241
Series
2021-SFR10,
Class
E2,
3.67%,
12/17/40
..........
1,641
1,522,911
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
...............
6,626
6,217,236
Series
2021-SFR2,
Class
F,
3.40%,
04/19/38
...............
10,966
10,645,549
Series
2021-SFR3,
Class
F,
3.44%,
05/17/26
...............
12,190
11,667,794
Series
2021-SFR4,
Class
F,
3.41%,
05/17/38
...............
15,230
14,337,507
Series
2021-SFR5,
Class
F,
3.16%,
07/17/38
...............
3,192
3,022,275
Series
2021-SFR6,
Class
F,
3.42%,
07/17/38
...............
6,423
6,090,899
Series
2021-SFR9,
Class
F,
4.05%,
11/17/40
...............
2,637
2,419,157
Series
2022-SFR1,
Class
F,
4.88%,
02/17/41
...............
5,383
4,972,271
Series
2022-SFR1,
Class
G,
5.52%,
02/17/41
...............
5,383
4,854,552
Series
2022-SFR3,
Class
E1,
5.20%,
04/17/39
..........
4,500
4,417,931
Series
2022-SFR5,
Class
E1,
6.62%,
06/17/39
..........
4,054
4,115,243
Series
2023-SFR2,
Class
E1,
4.75%,
10/17/40
..........
2,773
2,630,043
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-SFR2,
Class
E1,
3.40%,
04/17/41
(a)
.........
USD
3,875
$
3,492,068
Series
2024-SFR2,
Class
E2,
3.65%,
04/17/41
(a)
.........
1,988
1,785,587
RAMP
Series
Trust,
Series
2004-RS7,
Class
A2A,
(1-mo.
LIBOR
USD
at
0.62%
Floor
and
14.00%
Cap
+
0.62%),
5.17%,
07/25/34
(a)
.....
2,113
1,661,949
RASC
Trust,
Series
2006-EMX9,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
and
14.00%
Cap
+
0.35%),
5.45%,
11/25/36
(a)
......
2,545
2,110,508
RCO
VII
Mortgage
LLC,
Series
2024-1,
Class
A1,
7.02%,
01/25/29
(c)(g)
...
11,544
11,627,018
Ready
Capital
Mortgage
Financing
LLC,
Series
2023-FL11,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.37%),
7.23%,
10/25/39
(a)(c)
6,932
6,958,383
Redwood
Funding
Trust,
Series
2023-1,
Class
A,
7.50%,
07/25/59
(c)(g)
....
883
883,219
Regional
Management
Issuance
Trust
(c)
Series
2020-1,
Class
A,
2.34%,
10/15/30
...............
1,814
1,805,807
Series
2020-1,
Class
B,
3.23%,
10/15/30
...............
1,140
1,124,478
Series
2020-1,
Class
C,
3.80%,
10/15/30
...............
1,500
1,468,305
Series
2021-1,
Class
A,
1.68%,
03/17/31
...............
918
902,717
Series
2021-1,
Class
C,
3.04%,
03/17/31
...............
2,500
2,406,387
Series
2021-2,
Class
A,
1.90%,
08/15/33
...............
2,361
2,205,802
Series
2021-2,
Class
B,
2.35%,
08/15/33
...............
560
510,773
Series
2021-2,
Class
C,
3.23%,
08/15/33
...............
1,339
1,230,743
Series
2022-1,
Class
A,
3.07%,
03/15/32
...............
9,895
9,726,844
Series
2022-1,
Class
B,
3.71%,
03/15/32
...............
1,698
1,649,068
Series
2022-1,
Class
C,
4.46%,
03/15/32
...............
1,117
1,088,461
Series
2022-1,
Class
D,
6.72%,
03/15/32
...............
3,555
3,484,654
Series
2022-2B,
Class
A,
7.10%,
11/17/32
...............
23,215
23,288,462
Series
2024-1,
Class
D,
7.46%,
07/15/36
...............
522
542,853
Republic
Finance
Issuance
Trust
(c)
Series
2020-A,
Class
A,
2.47%,
11/20/30
...............
182
181,341
Series
2020-A,
Class
B,
3.54%,
11/20/30
...............
9,340
9,287,703
Series
2020-A,
Class
C,
4.05%,
11/20/30
...............
2,420
2,389,165
Series
2021-A,
Class
A,
2.30%,
12/22/31
...............
28,426
27,873,799
Series
2021-A,
Class
B,
2.80%,
12/22/31
...............
5,960
5,733,353
Series
2021-A,
Class
C,
3.53%,
12/22/31
...............
4,340
4,159,310
Series
2021-A,
Class
D,
5.23%,
12/22/31
...............
2,860
2,752,380
Series
2024-A,
Class
B,
6.47%,
08/20/32
...............
1,393
1,417,820
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-A,
Class
C,
7.28%,
08/20/32
...............
USD
685
$
698,633
Series
2024-A,
Class
D,
9.49%,
08/20/32
...............
2,799
2,858,994
RMIT
Cash
Management
LLC,
Series
2021-3,
Class
A,
3.88%,
10/17/33
(f)
43,330
40,461,554
Saxon
Asset
Securities
Trust
Series
2004-2,
Class
MF5,
3.01%,
08/25/35
(g)
..............
829
629,150
Series
2007-1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.29%
Floor
+
0.40%),
5.26%,
01/25/47
(a)
..
6,006
5,830,950
Securitized
Asset-Backed
Receivables
LLC
Trust
(a)
Series
2006-OP1,
Class
M6,
(1-mo.
CME
Term
SOFR
at
1.01%
Floor
+
1.12%),
5.97%,
10/25/35
...
570
445,547
Series
2007-BR1,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.22%
Floor
+
0.33%),
5.19%,
02/25/37
...
656
286,706
Series
2007-BR1,
Class
A2B,
(1-mo.
CME
Term
SOFR
at
0.54%
Floor
+
0.65%),
5.51%,
02/25/37
...
6,989
3,054,531
Series
2007-NC2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.44%
Floor
+
0.55%),
5.41%,
01/25/37
...
1,092
789,438
Service
Experts
Issuer
LLC
(c)
Series
2021-1A,
Class
A,
2.67%,
02/02/32
...............
6,862
6,646,880
Series
2024-1A,
Class
A,
6.39%,
11/20/35
...............
8,072
8,321,222
Sesac
Finance
LLC
(c)
Series
2019-1,
Class
A2,
5.22%,
07/25/49
...............
33,857
33,704,243
Series
2024-1,
Class
A2,
6.42%,
01/25/54
...............
2,422
2,481,567
SG
Mortgage
Securities
Trust
(a)
Series
2006-FRE2,
Class
A2C,
(1-
mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.29%,
07/25/36
2,321
499,576
Series
2006-OPT2,
Class
A3D,
(1-
mo.
CME
Term
SOFR
at
0.21%
Floor
+
0.32%),
5.18%,
10/25/36
4,623
3,451,274
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.86%),
9.96%,
10/15/41
(a)(c)
....
17,778
18,606,540
SMB
Private
Education
Loan
Trust
(c)
Series
2015-B,
Class
B,
3.50%,
12/17/40
...............
5,194
5,120,371
Series
2015-C,
Class
B,
3.50%,
09/15/43
...............
2,916
2,882,333
Series
2020-A,
Class
B,
3.00%,
08/15/45
...............
5,930
5,414,884
Series
2020-PTA,
Class
C,
3.20%,
09/15/54
...............
4,455
3,681,232
Series
2021-A,
Class
C,
2.99%,
01/15/53
...............
14,544
12,576,176
Series
2021-C,
Class
C,
3.00%,
01/15/53
...............
848
745,241
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
6.79%,
03/15/56
(a)
...
19,965
20,087,658
Series
2024-A,
Class
B,
5.88%,
03/15/56
...............
19,727
20,285,497
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-C,
Class
A1B,
(SOFR
30
day
Average
at
1.10%
Floor
+
1.10%),
6.44%,
06/17/52
(a)
...
USD
7,947
$
7,883,040
SoFi
Personal
Loan
Trust
  0.00%,
10/15/30
(h)
..........
351
17,340,734
Series
2023-1A,
Class
A,
6.00%,
11/12/30
(c)
..............
19,659
20,012,607
Series
2024-1A,
Class
A,
6.06%,
02/12/31
(c)
..............
20,732
21,106,493
SoFi
Professional
Loan
Program
LLC,
Series
2018-A,
Class
B,
3.61%,
02/25/42
(c)
................
1,014
958,473
SoFi
Professional
Loan
Program
Trust
(c)
Series
2018-B,
Class
BFX,
3.83%,
08/25/47
...............
538
510,076
Series
2018-D,
Class
BFX,
4.14%,
02/25/48
...............
273
258,977
Series
2020-A,
Class
BFX,
3.12%,
05/15/46
...............
789
679,228
Soundview
Home
Loan
Trust
(a)
Series
2004-WMC1,
Class
M2,
(1-
mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
5.76%,
01/25/35
98
82,353
Series
2005-OPT3,
Class
M4,
(1-
mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
5.99%,
11/25/35
69
53,397
Series
2007-NS1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
5.32%,
01/25/37
...
1,076
1,027,839
Splitrock
Services,
Inc.,
0.00%,
02/12/31
.................
304
11,666,582
SpringCastle
America
Funding
LLC
(c)
Series
2020-AA,
Class
A,
1.97%,
09/25/37
...............
5,988
5,552,449
Series
2020-AA,
Class
B,
2.66%,
09/25/37
...............
19,740
18,065,977
STAR
Trust,
Series
2021-SFR1,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.51%
Floor
+
2.51%),
7.60%,
04/17/38
(a)(c)
1,870
1,827,739
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2007-
GEL2,
Class
M1,
(1-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.16%),
6.02%,
05/25/37
(a)(c)
..........
4,001
3,147,738
Subway
Funding
LLC,
Series
2024-1A,
Class
A2II,
6.27%,
07/30/54
(c)
...
11,174
11,539,630
Sunrun
Xanadu
Issuer
LLC,
Series
2019-1A,
Class
A,
3.98%,
06/30/54
(c)
7,984
7,578,805
Terwin
Mortgage
Trust
TMTS,
Series
2005-10HE,
Class
M5,
(1-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
5.99%,
06/25/36
(a)
.....
711
639,563
Tricon
American
Homes
Trust
(c)
Series
2018-SFR1,
Class
E,
4.56%,
05/17/37
...............
2,360
2,343,099
Series
2018-SFR1,
Class
F,
4.96%,
05/17/37
...............
1,630
1,620,354
Series
2020-SFR1,
Class
F,
4.88%,
07/17/38
...............
7,772
7,727,939
Upstart
Pass-Through
Trust,
Series
2020-ST6,
Class
A,
3.00%,
01/20/27
(c)
................
308
304,244
VOLT
CVI
LLC,
Series
2021-NP12,
Class
A1,
2.73%,
12/26/51
(c)(g)
...
15,586
15,522,219
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%),
5.33%,
09/25/36
...
USD
12,428
$
3,356,204
Series
2006-HE5,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.42%),
4.37%,
10/25/36
...
3,565
2,691,482
Yale
Mortgage
Loan
Trust,
Series
2007-
1,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
5.37%,
06/25/37
(a)(c)
...............
5,356
1,687,194
2,475,057,666
Total
Asset-Backed
Securities
—
15.5%
(Cost:
$6,309,136,977)
...........................
6,173,819,617
Shares
Shares
Common
Stocks
Belgium
—
0.0%
Azelis
Group
NV
..............
80,658
1,767,235
Cambodia
—
0.0%
NagaCorp
Ltd.
(e)
..............
1,484,000
705,272
Canada
—
0.1%
Agnico
Eagle
Mines
Ltd.
.........
11,455
922,786
Algoma
Steel
Group,
Inc.
(j)
........
1,251,408
12,801,904
Hydro
One
Ltd.
(b)(c)
.............
26,469
917,496
Intact
Financial
Corp.
...........
4,759
913,832
Lionsgate
Studios
Corp.
(e)(j)
.......
340,953
2,437,814
17,993,832
Chile
—
0.0%
Antofagasta
plc
...............
39,581
1,066,900
Czech
Republic
—
0.0%
Komercni
Banka
A/S
...........
20,614
726,717
Moneta
Money
Bank
A/S
(b)(c)
......
66,493
326,451
1,053,168
Denmark
—
0.0%
Novo
Nordisk
A/S
,
Class
B
.......
800
94,889
France
—
0.0%
Accor
SA
...................
22,227
966,206
Casino
Guichard
Perrachon
SA
(e)
...
22,622
75,545
LVMH
Moet
Hennessy
Louis
Vuitton
SE
11,898
9,124,292
10,166,043
Georgia
—
0.0%
Bank
of
Georgia
Group
plc
.......
6,708
329,584
Germany
—
0.1%
Covestro
AG
(b)(c)(e)
..............
134,578
8,386,976
Evonik
Industries
AG
...........
271,324
6,351,527
K+S
AG
(Registered)
...........
366,899
4,704,445
TUI
AG
(e)
...................
1,037,559
7,920,785
27,363,733
Greece
—
0.0%
Athens
International
Airport
SA
.....
112,319
953,663
National
Bank
of
Greece
SA
......
117,136
1,001,346
OPAP
SA
,
Class
R
.............
28,398
504,515
Piraeus
Financial
Holdings
SA
.....
66,337
282,417
2,741,941
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hungary
—
0.0%
MOL
Hungarian
Oil
&
Gas
plc
.....
86,164
$
644,518
OTP
Bank
Nyrt
.
...............
13,047
682,428
1,326,946
India
—
0.1%
Aditya
Birla
Capital
Ltd.
(e)
........
237,218
671,661
Axis
Bank
Ltd.
................
90,452
1,329,821
Bharat
Electronics
Ltd.
..........
301,103
1,025,928
Bharat
Petroleum
Corp.
Ltd.
......
243,026
1,070,949
Cipla
Ltd.
...................
78,018
1,541,452
Eicher
Motors
Ltd.
.............
18,029
1,081,320
GAIL
India
Ltd.
...............
697,946
2,000,819
Godrej
Consumer
Products
Ltd.
....
78,568
1,304,207
Hero
MotoCorp
Ltd.
............
25,893
1,765,607
IndusInd
Bank
Ltd.
.............
117,084
2,021,211
InterGlobe
Aviation
Ltd.
(b)(c)(e)
......
25,313
1,443,873
JSW
Energy
Ltd.
..............
125,112
1,093,451
Larsen
&
Toubro
Ltd.
...........
17,096
749,720
Maruti
Suzuki
India
Ltd.
.........
7,927
1,251,667
REC
Ltd.
...................
82,058
543,230
Reliance
Industries
Ltd.
.........
48,023
1,689,591
ReNew
Energy
Global
plc
,
Class
A
(e)
.
460,000
2,893,400
UltraTech
Cement
Ltd.
..........
7,567
1,065,463
24,543,370
Indonesia
—
0.0%
Astra
International
Tbk
.
PT
.......
2,745,700
914,493
Bank
Central
Asia
Tbk
.
PT
........
4,024,700
2,744,718
Bank
Negara
Indonesia
Persero
Tbk
.
PT
.....................
3,620,000
1,278,290
Bank
Syariah
Indonesia
Tbk
.
PT
....
2,845,600
566,839
Ciputra
Development
Tbk
.
PT
.....
8,387,600
735,178
6,239,518
Italy
—
0.0%
Intesa
Sanpaolo
SpA
...........
1,247,040
5,338,204
UniCredit
SpA
................
221,667
9,731,543
Wizz
Air
Holdings
plc
(b)(c)(e)
........
44,157
856,603
15,926,350
Japan
—
0.0%
Aeon
Fantasy
Co.
Ltd.
(j)
.........
26,000
412,755
Amiyaki
Tei
Co.
Ltd.
............
34,500
456,577
Aoyama
Trading
Co.
Ltd.
.........
43,500
410,793
Doutor
Nichires
Holdings
Co.
Ltd.
...
26,500
424,741
Fujita
Kanko,
Inc.
(e)
.............
8,700
590,669
Hiday
Hidaka
Corp.
............
21,700
408,369
HIS
Co.
Ltd.
(e)
................
34,900
408,552
Isetan
Mitsukoshi
Holdings
Ltd.
....
25,200
395,602
J
Front
Retailing
Co.
Ltd.
.........
40,100
436,338
Marui
Group
Co.
Ltd.
...........
25,800
431,480
PAL
GROUP
Holdings
Co.
Ltd.
.....
28,000
490,535
Round
One
Corp.
.............
77,000
590,325
Ryohin
Keikaku
Co.
Ltd.
.........
23,600
433,362
Saizeriya
Co.
Ltd.
.............
11,500
457,359
St
Marc
Holdings
Co.
Ltd.
........
28,400
430,926
6,778,383
Kazakhstan
—
0.0%
Kaspi.KZ
JSC
,
ADR
(b)
...........
13,624
1,444,008
Malaysia
—
0.0%
CIMB
Group
Holdings
Bhd.
.......
328,000
641,843
Frontken
Corp.
Bhd.
............
1,186,900
1,054,611
1,696,454
Security
Shares
Shares
Value
Netherlands
—
0.0%
Adyen
NV
(b)(c)(e)
...............
648
$
1,014,522
ASML
Holding
NV
.............
4,337
3,607,780
Universal
Music
Group
NV
.......
82,968
2,170,544
6,792,846
Philippines
—
0.0%
Ayala
Land,
Inc.
...............
2,064,600
1,344,654
Bloomberry
Resorts
Corp.
(e)
.......
8,217,500
1,186,341
International
Container
Terminal
Services,
Inc.
..............
104,000
753,676
Metropolitan
Bank
&
Trust
Co.
.....
460,130
647,033
3,931,704
Poland
—
0.0%
LPP
SA
....................
98
401,694
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
.................
65,221
950,413
Powszechny
Zaklad
Ubezpieczen
SA
91,240
997,435
2,349,542
Singapore
—
0.0%
Sea
Ltd.
,
ADR,
Class
A
(e)(j)
........
6,275
591,607
Sweden
—
0.0%
Skandinaviska
Enskilda
Banken
AB
,
Class
A
..................
51,502
788,404
Volvo
AB
,
Class
A
.............
30,546
815,657
1,604,061
Thailand
—
0.0%
Advanced
Info
Service
PCL
.......
164,000
1,323,363
CP
ALL
PCL
.................
373,200
756,404
True
Corp.
PCL
,
NVDR
(e)
.........
2,261,300
785,267
2,865,034
Turkey
—
0.0%
Eldorado
Gold
Corp.
(e)
..........
58,778
1,020,974
Turkiye
Is
Bankasi
A/S
,
Class
C
....
2,420,914
992,199
2,013,173
United
Kingdom
—
0.0%
Barclays
plc
.................
319,445
959,799
Genius
Sports
Ltd.
(e)(j)
...........
1,345,384
10,547,810
Mobico
Group
plc
(e)
............
2,543,814
2,501,059
NEW
Look
Retailers
(e)(f)
..........
4,100,922
55
14,008,723
United
States
—
1.8%
Adobe,
Inc.
(e)(k)
................
7,582
3,925,808
AES
Corp.
(The)
..............
338,983
6,799,999
Aiven
,
Inc.,
Series
D
(e)(f)
..........
169,258
9,315,960
Albertsons
Cos.,
Inc.
,
Class
A
.....
376,824
6,963,708
Altice
USA,
Inc.
,
Class
A
(e)
........
740,096
1,820,636
Amazon.com,
Inc.
(e)(k)
...........
115,113
21,449,005
AMC
Networks,
Inc.
,
Class
A
(e)
.....
197,308
1,714,607
Anduril
Engineering
LLC,
Series
F
(e)(f)
688,766
14,971,431
Apple,
Inc.
(k)
.................
37,641
8,770,353
Astra
Space,
Inc.
,
Class
A
(e)
.......
69,879
34,939
Autodesk,
Inc.
(e)
...............
3,360
925,613
Avaya,
Inc.
(e)
.................
4,218
27,417
Bank
of
America
Corp.
..........
325,446
12,913,697
Boyd
Gaming
Corp.
............
44,825
2,897,936
Caesars
Entertainment,
Inc.
(e)(j)
.....
278,230
11,613,320
Capri
Holdings
Ltd.
(e)
...........
158,797
6,739,345
Carlson
Travel,
Inc.
(e)
...........
17,611
61,639
Carnival
Corp.
(e)
...............
49,943
922,947
Centuri
Holdings,
Inc.
(e)(j)
.........
74,685
1,206,163
Cheniere
Energy,
Inc.
...........
39,968
7,187,845
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Cisco
Systems,
Inc.
............
17,330
$
922,303
Citigroup,
Inc.
................
132,710
8,307,646
Colgate-Palmolive
Co.
..........
8,821
915,708
Comerica,
Inc.
................
25,531
1,529,562
Concentra
Group
Holdings
Parent,
Inc.
(e)
....................
151,176
3,380,295
Constellium
SE
,
Class
A
(e)
........
751,443
12,218,463
Costco
Wholesale
Corp.
.........
999
885,633
Crown
PropTech
Acquisitions
(e)(f)
....
312,703
45,908
Crown
PropTech
Acquisitions
,
Class
A
(e)
133,068
1,429,150
Cummins,
Inc.
................
2,658
860,634
Davidson
Kempner
Merchant
Co.-Invest
Fund
LP,
(Acquired
03/31/23,
cost
$0)
(e)(l)(m)
..................
—
(n)
27,875,068
Dell
Technologies,
Inc.
,
Class
C
....
7,810
925,797
Delta
Air
Lines,
Inc.
............
134,604
6,836,537
DF
Residential
I
LP
(e)(f)
..........
48,552,000
48,552,000
DiamondRock
Hospitality
Co.
......
412,567
3,601,710
eBay,
Inc.
...................
14,071
916,163
Eli
Lilly
&
Co.
(k)
...............
12,806
11,345,348
EOG
Resources,
Inc.
...........
94,270
11,588,611
EPAM
Systems,
Inc.
(e)
...........
4,389
873,543
Fanatics
Holdings,
Inc.
,
Class
A
,
(Acquired
12/15/21,
cost
$27,387,008)
(e)(f)(l)
............
403,700
28,016,780
Farmers
Business
Network,
Inc.
(e)(f)
..
217,669
576,823
First
Citizens
BancShares
,
Inc.
,
Class
A
6,566
12,087,678
First
Horizon
Corp.
.............
283,917
4,409,231
FLYR,
Inc.
(e)(f)
................
4,503,497
32,109,934
Forestar
Group,
Inc.
(e)
...........
118,660
3,841,024
Formentera
Partners
Fund
II
LP
(f)(m)
..
—
(n)
24,036,871
Freeport-McMoRan,
Inc.
.........
134,118
6,695,171
FreeWire
Technologies,
Inc.
(e)(f)
.....
328
—
Golden
Entertainment,
Inc.
.......
79,939
2,541,261
Green
Plains,
Inc.
(e)
............
308,129
4,172,067
Halliburton
Co.
...............
223,860
6,503,133
HawkEye
360,
Inc.,
Series
D1
(e)(f)
...
1,684,066
17,329,039
Home
Depot,
Inc.
(The)
.........
15,000
6,078,000
Intuit,
Inc.
...................
1,475
915,975
Kinder
Morgan,
Inc.
............
175,252
3,871,317
Kroger
Co.
(The)
..............
149,243
8,551,624
Lam
Research
Corp.
...........
9,719
7,931,482
Landsea
Homes
Corp.
(e)
.........
271,780
3,356,483
Latch,
Inc.
(e)
.................
715,325
357,662
Linde
plc
...................
250
119,215
Lineage,
Inc.
.................
14,619
1,145,837
Lions
Gate
Entertainment
Corp.
,
Class
A
(e)(j)
.....................
661,236
5,177,478
Lions
Gate
Entertainment
Corp.
,
Class
B
(e)
.....................
60,575
419,179
Lockheed
Martin
Corp.
..........
1,495
873,917
Lumen
Technologies,
Inc.
(e)
.......
1,586,444
11,263,752
Martin
Marietta
Materials
,
Inc.
(j)
.....
10,000
5,382,500
Mastercard,
Inc.
,
Class
A
.........
11,000
5,431,800
Melange
Secondaries
Partners
(e)(m)
..
1,924,217
1,924,217
Meta
Platforms,
Inc.
,
Class
A
......
25,374
14,525,093
Micron
Technology,
Inc.
..........
76,536
7,937,549
Microsoft
Corp.
...............
7,000
3,012,100
NetApp,
Inc.
.................
7,470
922,620
New
Look
Builders,
Inc.
(e)(f)
.......
8,689,610
87
New
York
Community
Bancorp,
Inc.
.
2,034,133
22,843,317
NRG
Energy,
Inc.
..............
108,465
9,881,161
NVIDIA
Corp.
................
70,216
8,527,031
Opendoor
Technologies,
Inc.
(e)
.....
1,367,000
2,734,000
Palladyne
AI
Corp.
(e)
............
853,789
1,528,283
Security
Shares
Shares
Value
United
States
(continued)
Palladyne
AI
Corp.
(e)
............
73,917
$
132,311
Paramount
Global
,
Class
B
.......
192,484
2,044,180
Park
Hotels
&
Resorts,
Inc.
.......
221,093
3,117,411
Playstudios
,
Inc.
(e)
.............
1,145,983
1,730,434
RXO,
Inc.
(e)
..................
20,000
560,000
Schneider
Electric
SE
...........
3,293
868,061
Screaming
Eagle
Acquistion
Corp.,
(Acquired
05/14/24,
cost
$2,541,250)
(e)(l)
.............
250,000
1,787,500
Service
Properties
Trust
.........
768,304
3,503,466
Snorkel
AI,
Inc.,
(Acquired
06/30/21,
cost
$609,993)
(e)(f)(l)
...........
40,613
261,142
Sonder
Holdings,
Inc.
,
Class
A
(e)
....
60,116
281,344
Space
Exploration
Technologies
Corp.
,
Class
A
,
(Acquired
08/21/23,
cost
$7,985,223)
(e)(f)(l)
............
98,583
11,041,296
Space
Exploration
Technologies
Corp.
,
Class
C
,
(Acquired
08/21/23,
cost
$8,570,448)
(e)(f)(l)
............
105,808
11,850,496
Sunstone
Hotel
Investors,
Inc.
.....
248,338
2,562,848
Tesla,
Inc.
(e)
..................
57,300
14,991,399
Texas
Capital
Bancshares,
Inc.
(e)
...
34,964
2,498,527
Toll
Brothers,
Inc.
..............
93,515
14,447,132
Transocean
Ltd.
(e)(j)
.............
2,193,850
9,323,863
United
States
Steel
Corp.
........
1,043,328
36,860,778
Vertex
Pharmaceuticals,
Inc.
(e)
.....
1,985
923,184
Vistra
Corp.
.................
139,569
16,544,509
Walmart,
Inc.
.................
46,771
3,776,758
Walt
Disney
Co.
(The)
..........
60,450
5,814,685
Warner
Bros
Discovery,
Inc.
(e)(j)
.....
534,399
4,408,792
Welltower,
Inc.
................
7,248
927,961
Workday,
Inc.
,
Class
A
(e)
.........
3,797
928,025
Wynn
Resorts
Ltd.
.............
46,904
4,497,156
695,986,396
Zambia
—
0.0%
First
Quantum
Minerals
Ltd.
(e)
.....
43,612
594,628
Total
Common
Stocks
—
2.1%
(Cost:
$882,729,671)
.............................
851,975,340
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Argentina
—
0.0%
Generacion
Mediterranea
SA,
9.88%
,
12/01/27
(c)
................
USD
5,293
4,636,677
Australia
—
0.7%
AGI
Finance
Pty.
Ltd.,
6.11%
,
06/28/30
(b)
................
AUD
850
615,449
AngloGold
Ashanti
Holdings
plc,
3.75%
,
10/01/30
.................
USD
1,940
1,800,572
ANZ
Holdings
New
Zealand
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.95%),
7.37%
(a)(b)(o)
.
AUD
11,170
7,880,379
Arc
Infrastructure
Wa
Pty.
Ltd.,
6.02%
,
05/27/31
(b)
................
6,580
4,677,094
Aurizon
Network
Pty.
Ltd.,
6.10%
,
09/12/31
(b)
................
2,590
1,842,560
Australia
&
New
Zealand
Banking
Group
Ltd.
(a)(b)
(3-mo.
EURIBOR
+
0.40%),
3.95%,
05/21/27
...............
EUR
29,500
32,869,121
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.70%),
2.57%,
11/25/35
.....
USD
10,000
$
8,676,988
Australian
Gas
Networks
Ltd.,
2.82%
,
04/28/31
.................
AUD
10,000
5,939,733
BHP
Billiton
Finance
Ltd.,
(5-Year
EUR
Swap
Annual
+
4.80%),
5.63%
,
10/22/79
(a)(b)
...............
EUR
6,900
7,687,928
CIMIC
Finance
USA
Pty.
Ltd.,
7.00%
,
03/25/34
(b)
................
USD
15,000
16,103,548
Commonwealth
Bank
of
Australia,
2.69%
,
03/11/31
(b)
...........
10,000
8,804,098
FMG
Resources
August
2006
Pty.
Ltd.
(c)
4.50%,
09/15/27
............
839
825,636
5.88%,
04/15/30
............
1,642
1,663,088
4.38%,
04/01/31
............
1,095
1,023,173
6.13%,
04/15/32
............
1,312
1,341,991
Glencore
Capital
Finance
DAC,
1.13%
,
03/10/28
(b)
................
EUR
7,600
7,916,338
Glencore
Finance
Europe
Ltd.
(b)
3.13%,
03/26/26
............
GBP
8,000
10,437,355
1.50%,
10/15/26
............
EUR
5,200
5,611,834
Macquarie
Bank
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.85%),
6.22%
,
02/20/35
(a)(b)
...............
AUD
8,270
5,703,857
Macquarie
Group
Ltd.,
(1-day
SOFR
+
1.53%),
2.87%
,
01/14/33
(a)(b)
....
USD
10,000
8,685,928
Mineral
Resources
Ltd.
(c)
8.00%,
11/01/27
............
1,436
1,474,999
9.25%,
10/01/28
............
6,409
6,824,231
8.50%,
05/01/30
............
1,042
1,085,591
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
8,912,291
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.00%),
6.34%,
06/06/39
...............
AUD
4,520
3,253,367
National
Storage
Finance
Pty.
Ltd.,
3.63%
,
09/19/29
(b)(p)
..........
10,700
7,375,031
NSW
Ports
Finance
Co.
Pty.
Ltd.,
5.43%
,
09/19/34
(b)
...........
14,890
10,199,804
Oceana
Australian
Fixed
Income
Trust
(f)
12.00%,
08/31/25
...........
11,002
7,658,716
12.50%,
07/31/26
...........
16,502
11,501,068
12.50%,
07/31/27
...........
27,503
19,324,130
Origin
Energy
Finance
Ltd.,
1.00%
,
09/17/29
(b)
................
EUR
18,101
17,914,457
Qantas
Airways
Ltd.,
5.90%
,
09/19/34
(b)
AUD
14,670
10,082,469
QBE
Insurance
Group
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.25%),
6.30%
,
09/11/39
(a)(b)
7,790
5,431,448
Scentre
Group
Trust
1
(a)(b)
(ADSWAP5
+
2.30%),
5.88%,
09/10/54
...............
3,620
2,523,109
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.30%),
6.72%,
09/10/54
...............
4,050
2,823,767
Westpac
Banking
Corp.
(a)
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.88%),
5.75%,
04/03/34
(b)
..............
3,400
2,398,213
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
2.67%,
11/15/35
.....
USD
10,000
$
8,724,945
267,614,306
Austria
—
0.1%
ams
-OSRAM
AG
(b)
0.00%,
03/05/25
(h)(p)
..........
EUR
7,400
8,000,487
2.13%,
11/03/27
(p)
...........
3,600
3,195,854
10.50%,
03/30/29
...........
12,266
14,128,508
Erste
Group
Bank
AG,
(3-mo.
EURIBOR
+
0.90%),
3.25%
,
08/27/32
(a)(b)
...............
9,000
10,045,279
Lenzing
AG
(5-Year
EUR
Swap
Annual
+
11.21%),
5.75%
(a)(b)(o)
.......
20,200
21,784,303
57,154,431
Belgium
—
0.2%
Anheuser-Busch
InBev
SA
(b)
4.00%,
09/24/25
............
GBP
3,266
4,333,163
3.95%,
03/22/44
............
EUR
13,130
14,928,098
Azelis
Finance
NV
(b)
5.75%,
03/15/28
............
3,242
3,735,863
4.75%,
09/25/29
............
3,241
3,669,231
Elia
Transmission
Belgium
SA,
3.75%
,
01/16/36
(b)
................
10,700
12,139,581
KBC
Group
NV
(a)(b)
(GUKG1
+
0.92%),
1.25%,
09/21/27
GBP
3,300
4,112,563
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
8.00%
(o)
..........
EUR
3,400
4,101,680
KBC
IFIMA
SA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.35%),
3.82%
,
03/04/26
(a)(b)
...............
8,000
8,914,702
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%
,
03/01/28
(c)
......
USD
13,200
12,906,115
UCB
SA,
4.25%
,
03/20/30
(b)
.......
EUR
7,900
8,986,471
77,827,467
Brazil
—
0.3%
3R
Lux
SARL
9.75%,
02/05/31
(c)
...........
USD
15,657
16,532,813
9.75%,
02/05/31
(b)
...........
200
211,188
Azul
Secured
Finance
LLP,
11.93%
,
08/28/28
(c)
................
7,461
7,218,518
Braskem
Netherlands
Finance
BV
8.50%,
01/12/31
(b)
...........
5,000
5,304,750
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
8.22%),
8.50%,
01/23/81
(a)(c)
..
1,356
1,358,966
Cosan
Luxembourg
SA,
7.25%
,
06/27/31
(c)
................
1,941
2,029,267
CSN
Resources
SA,
5.88%
,
04/08/32
(c)
1,235
1,049,132
Gol
Finance
SA,
(1-mo.
CME
Term
SOFR
+
10.50%),
15.34%
,
01/29/25
(a)(c)
...............
7,001
7,421,271
LD
Celulose
International
GmbH,
7.95%
,
01/26/32
(c)
...........
2,085
2,135,040
MC
Brazil
Downstream
Trading
SARL
7.25%,
06/30/31
(c)
...........
6,990
5,989,362
7.25%,
06/30/31
(b)
...........
2,698
2,311,557
Pluxee
NV,
3.50%
,
09/04/28
(b)
.....
EUR
21,800
24,485,458
Raizen
Fuels
Finance
SA
(c)
6.45%,
03/05/34
............
USD
2,290
2,407,706
6.95%,
03/05/54
............
825
880,852
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Brazil
(continued)
Samarco
Mineracao
SA,
9.00%
,
(9.00%
Cash
or
9.00%
PIK),
06/30/31
(b)(q)
.
USD
23,624
$
21,999,748
Suzano
Austria
GmbH,
5.00%
,
01/15/30
.................
2,575
2,562,769
Trident
Energy
Finance
plc,
12.50%
,
11/30/29
(b)
................
1,702
1,784,973
Vale
Overseas
Ltd.,
6.40%
,
06/28/54
2,121
2,227,474
107,910,844
Canada
—
0.7%
1011778
BC
ULC
(c)
3.88%,
01/15/28
............
838
805,259
4.38%,
01/15/28
............
1,175
1,141,530
3.50%,
02/15/29
............
850
796,756
4.00%,
10/15/30
............
8,589
7,920,266
Baytex
Energy
Corp.,
7.38%
,
03/15/32
(c)
................
1,591
1,585,199
Bombardier,
Inc.
(c)
7.50%,
02/01/29
............
7,472
7,906,056
8.75%,
11/15/30
............
1,105
1,213,372
7.25%,
07/01/31
............
5,236
5,535,421
7.00%,
06/01/32
............
356
372,353
Brookfield
Residential
Properties,
Inc.
(c)
6.25%,
09/15/27
............
4,534
4,527,209
5.00%,
06/15/29
............
2,902
2,781,297
4.88%,
02/15/30
............
2,497
2,350,659
Dye
&
Durham
Ltd.,
8.63%
,
04/15/29
(c)
4,485
4,744,587
Emera,
Inc.,
Series
16-A,
(3-mo.
LIBOR
USD
+
5.44%),
6.75%
,
06/15/76
(a)
1,086
1,092,266
Enbridge,
Inc.
3.40%,
08/01/51
............
3,826
2,761,552
Series
20-A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
5.75%,
07/15/80
(a)
..............
5,388
5,290,143
Garda
World
Security
Corp.
(c)
9.50%,
11/01/27
............
2,793
2,796,670
7.75%,
02/15/28
............
1,621
1,680,828
HR
Ottawa
LP,
11.00%
,
03/31/31
(c)
..
99,478
109,101,918
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
............
4,672
4,644,509
4.63%,
03/01/30
............
7,171
6,865,535
Methanex
Corp.
5.13%,
10/15/27
............
500
494,755
5.25%,
12/15/29
............
150
148,080
NOVA
Chemicals
Corp.,
4.25%
,
05/15/29
(c)
................
9,139
8,496,835
Open
Text
Corp.,
3.88%
,
02/15/28
(c)
.
400
382,018
Open
Text
Holdings,
Inc.
(c)
4.13%,
02/15/30
............
200
187,732
4.13%,
12/01/31
............
350
321,643
Parkland
Corp.
(c)
5.88%,
07/15/27
............
250
249,356
4.50%,
10/01/29
............
200
189,357
4.63%,
05/01/30
............
980
924,190
Rogers
Communications,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.59%),
5.25%
,
03/15/82
(a)(c)
..........
1,117
1,096,751
Toronto-Dominion
Bank
(The)
(b)
2.88%,
04/05/27
............
GBP
3,266
4,173,323
2.78%,
09/03/27
............
EUR
31,520
35,359,180
3.19%,
02/16/29
............
41,620
47,501,898
Videotron
Ltd.,
5.13%
,
04/15/27
(c)
...
USD
275
274,088
Security
Par
(000)
Par
(000)
Value
Canada
(continued)
Wrangler
Holdco
Corp.,
6.63%
,
04/01/32
(c)
................
USD
6,491
$
6,746,908
282,459,499
Cayman
Islands
—
0.0%
Riyad
T1
Sukuk
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.91%),
5.50%
(a)
(b)(o)
.....................
15,000
14,893,050
Chile
—
0.1%
AES
Andes
SA
(c)
6.30%,
03/15/29
............
1,487
1,540,978
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.84%),
8.15%,
06/10/55
(a)
...
12,700
13,124,688
Banco
de
Credito
e
Inversiones
SA,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.94%),
8.75%
(a)(c)(o)
................
1,110
1,191,862
Engie
Energia
Chile
SA,
3.40%
,
01/28/30
(b)
................
2,468
2,263,619
Kenbourne
Invest
SA
(d)(e)
6.88%,
11/26/24
(c)
...........
17,203
10,321,800
6.88%,
11/26/24
(b)
...........
11,153
6,691,800
4.70%,
01/22/28
(c)
...........
1,288
772,800
4.70%,
01/22/28
(b)
...........
12,041
7,224,600
43,132,147
China
—
0.3%
ANLLIAN
Capital
Ltd.
(b)(h)(p)
0.00%,
02/05/25
............
EUR
7,100
8,306,437
0.00%,
02/05/25
............
15,900
18,601,738
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
7,886,993
eHi
Car
Services
Ltd.,
7.00%
,
09/21/26
(b)
................
1,000
695,000
European
TopSoho
SARL,
Series
SMCP,
4.00%
,
10/14/24
(b)(d)(e)(p)
...
EUR
13,600
4,861,196
Fantasia
Holdings
Group
Co.
Ltd.
(b)(d)(e)
11.88%,
06/01/24
...........
USD
3,142
43,203
7.95%,
07/05/24
............
5,938
89,070
9.88%,
10/19/24
............
3,695
50,806
6.95%,
12/17/24
............
3,180
47,700
11.75%,
04/17/25
...........
10,550
158,250
Far
East
Horizon
Ltd.
(b)
6.63%,
04/16/27
............
7,185
7,256,778
5.88%,
03/05/28
............
20,000
19,866,000
Fortune
Star
BVI
Ltd.
(b)
5.95%,
10/19/25
............
2,561
2,500,176
3.95%,
10/02/26
............
EUR
800
819,279
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
7,758,562
Haidilao
International
Holding
Ltd.,
2.15%
,
01/14/26
(b)
...........
5,000
4,806,250
Huarong
Finance
2019
Co.
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.98%),
4.25%
(a)(b)(o)
................
800
787,000
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
China
(continued)
Huarong
Finance
Co.
Ltd.,
4.25%
,
11/07/27
(b)
................
USD
5,200
$
4,992,000
Meituan
(b)
4.63%,
10/02/29
............
15,000
14,925,450
3.05%,
10/28/30
............
1,500
1,365,937
Nickel
Resources
International
Holdings
Co.
Ltd.,
Series
1,
12.00%
,
12/12/18
(b)(d)(e)(f)
.............
HKD
8,000
—
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
0.88%
,
07/22/29
(b)(p)
.......
USD
10,700
13,765,550
Trip.com
Group
Ltd.,
0.75%
,
06/15/29
(c)
(p)
......................
8,496
9,715,857
Zhongsheng
Group
Holdings
Ltd.,
0.00%
,
05/21/25
(b)(h)(p)
.........
HKD
22,000
3,190,826
132,490,058
Colombia
—
0.2%
ABRA
Global
Finance,
11.50%
,
(11.50%
Cash
or
11.50%
PIK),
03/02/28
(c)(q)
USD
9,240
9,762,204
Bancolombia
SA
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.94%),
4.63%,
12/18/29
....
1,328
1,315,132
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.32%),
8.63%,
12/24/34
....
11,796
12,550,944
Colombia
Telecomunicaciones
SA
ESP,
4.95%
,
07/17/30
(c)
...........
10,000
8,489,000
Gran
Tierra
Energy,
Inc.,
9.50%
,
10/15/29
(c)
................
17,706
16,758,729
Oleoducto
Central
SA,
4.00%
,
07/14/27
(b)
................
6,049
5,785,868
Promigas
SA
ESP,
3.75%
,
10/16/29
(c)
1,831
1,677,654
SierraCol
Energy
Andina
LLC,
6.00%
,
06/15/28
(b)
................
1,795
1,646,913
57,986,444
Costa
Rica
—
0.0%
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%
,
01/15/31
(c)
....
1,089
1,195,178
Cyprus
—
0.0%
ASG
Finance
DAC,
9.75%
,
05/15/29
(c)
2,830
2,830,000
Bank
of
Cyprus
PCL,
(1-Year
EUR
Swap
Annual
+
2.79%),
2.50%
,
06/24/27
(a)(b)
...............
EUR
4,656
5,066,213
7,896,213
Czech
Republic
—
0.1%
Allwyn
Entertainment
Financing
UK
plc
7.25%,
04/30/30
(b)
...........
17,551
20,709,109
Denmark
—
0.3%
AP
Moller
-
Maersk
A/S,
3.75%
,
03/05/32
(b)
................
10,825
12,354,903
Danske
Bank
A/S
(a)(b)
(1-Year
EUR
Swap
Annual
+
0.85%),
1.38%,
02/17/27
....
15,000
16,309,206
(3-mo.
EURIBOR
+
0.65%),
4.35%,
04/10/27
...............
22,680
25,297,997
(GUKG1
+
1.65%),
2.25%,
01/14/28
GBP
23,500
29,566,466
(1-Year
EUR
Swap
Annual
+
1.35%),
4.50%,
11/09/28
.....
EUR
10,000
11,589,742
Security
Par
(000)
Par
(000)
Value
Denmark
(continued)
SGL
Group
ApS
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.75%),
8.44%
,
04/22/30
(a)
................
EUR
11,104
$
12,391,319
107,509,633
Finland
—
0.2%
Ahlstrom
Holding
3
Oy
3.63%,
02/04/28
(b)
...........
6,573
7,004,457
4.88%,
02/04/28
(c)
...........
USD
4,120
3,878,403
4.88%,
02/04/28
(b)
...........
3,800
3,577,168
Citycon
Treasury
BV
(b)
Series
EURO,
2.38%,
01/15/27
..
EUR
909
976,155
1.63%,
03/12/28
............
5,000
5,130,508
Nordea
Bank
Abp
,
(3-mo.
EURIBOR
+
0.68%),
4.38%
,
09/06/26
(a)(b)
....
12,000
13,503,053
OP
Mortgage
Bank,
3.38%
,
02/15/27
(b)
25,030
28,449,339
62,519,083
France
—
2.9%
Accor
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.67%),
4.88%
(a)(b)(o)
.....
3,100
3,489,068
Afflelou
SAS,
6.00%
,
07/25/29
(b)
....
5,000
5,720,756
Air
Liquide
Finance
SA,
3.38%
,
05/29/34
(b)
................
10,000
11,396,430
Altice
France
SA
2.50%,
01/15/25
(b)
...........
1,048
1,122,460
5.88%,
02/01/27
(b)
...........
2,412
2,103,434
8.13%,
02/01/27
(c)
...........
USD
2,550
2,085,221
11.50%,
02/01/27
(b)
..........
EUR
1,455
1,333,768
5.50%,
01/15/28
(c)
...........
USD
1,000
727,152
5.13%,
07/15/29
(c)
...........
1,250
879,022
4.25%,
10/15/29
(b)
...........
EUR
1,139
885,790
Arkema
SA,
(5-Year
EUR
Swap
Annual
+
1.57%),
1.50%
(a)(b)(o)
.........
2,300
2,477,293
Atos
SE
(b)(d)(e)
0.00%,
11/06/24
(h)(p)
..........
12,600
911,670
1.75%,
05/07/25
............
2,400
204,283
2.50%,
11/07/28
............
1,800
99,568
1.00%,
11/12/29
............
2,300
174,404
AXA
SA
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.84%),
6.38%
(o)
..........
5,050
5,875,996
(3-mo.
EURIBOR
+
3.60%),
5.50%,
07/11/43
...............
9,000
10,948,213
Banijay
Entertainment
SAS,
7.00%
,
05/01/29
(b)
................
8,856
10,363,282
Banque
Federative
du
Credit
Mutuel
SA
(b)
3.00%,
09/11/25
............
11,000
12,218,365
4.88%,
09/25/25
............
GBP
21,000
28,032,008
(3-mo.
EURIBOR
+
0.64%),
4.10%,
03/05/27
(a)
..............
EUR
17,200
19,232,338
3.75%,
02/03/34
............
5,200
5,965,620
Banque
Stellantis
France
SACA,
3.50%
,
07/19/27
(b)
...........
10,000
11,246,822
Bertrand
Franchise
Finance
SAS
(b)
6.50%,
07/18/30
............
2,190
2,524,340
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.49%,
07/18/30
(a)
...
11,488
12,878,981
BNP
Paribas
SA
(5-Year
USD
Swap
Semi
+
5.15%),
7.38%
(a)(b)(o)
..............
USD
734
740,593
3.38%,
01/23/26
(b)
...........
GBP
13,266
17,388,921
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.63%
(a)(c)(o)
........
USD
1,754
1,662,133
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
(3-mo.
EURIBOR
+
0.70%),
0.25%,
04/13/27
(a)(b)
.............
EUR
27,000
$
28,779,123
1.88%,
12/14/27
(b)
...........
GBP
3,300
4,022,836
(5-Year
EUR
Swap
Annual
+
4.65%),
6.88%
(a)(b)(o)
........
EUR
2,400
2,795,120
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.63%),
7.38%
(a)(b)(o)
........
2,600
3,085,930
(5-Year
EUR
Swap
Annual
+
1.20%),
1.13%,
01/15/32
(a)(b)
..
15,100
15,844,459
Series
TMO,
(BFRTMO
at
0.00%
Floor
-
0.25%),
2.82%
(a)(o)
....
1,983
2,091,769
BPCE
SA
4.50%,
03/15/25
(c)
...........
USD
8,918
8,871,131
(3-mo.
EURIBOR
+
0.39%),
3.84%,
03/06/26
(a)(b)
.............
EUR
26,400
29,408,377
(3-mo.
EURIBOR
+
1.00%),
0.50%,
09/15/27
(a)(b)
.............
15,000
15,900,992
4.38%,
07/13/28
(b)
...........
6,800
7,872,689
4.00%,
11/29/32
(b)
...........
10,100
11,822,944
(5-year
SONIA
Mid-Swaps
Rate
+
1.83%),
2.50%,
11/30/32
(a)(b)
..
GBP
8,000
9,688,879
(3-mo.
EURIBOR
+
1.45%),
4.13%,
03/08/33
(a)(b)
.............
EUR
32,000
36,679,699
Cie
Generale
des
Etablissements
Michelin
SCA,
3.38%
,
05/16/36
(b)
.
21,900
24,205,803
Clariane
SE,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
9.08%),
13.17%
(a)(b)(o)
.........
GBP
11,700
15,329,469
Credit
Agricole
Assurances
SA,
5.88%
,
10/25/33
(b)
................
EUR
9,000
11,193,082
Credit
Agricole
SA
(b)
2.63%,
03/17/27
............
11,500
12,665,276
(GUKG1
+
2.60%),
5.75%,
11/29/27
(a)
..............
GBP
27,500
37,272,873
(5-Year
EUR
Swap
Annual
+
1.90%),
1.63%,
06/05/30
(a)
...
EUR
21,500
23,571,724
3.75%,
01/22/34
............
6,700
7,726,656
Danone
SA,
(5-Year
EUR
Swap
Annual
+
1.27%),
1.00%
(a)(b)(o)
.........
8,300
8,734,041
Elior
Group
SA,
3.75%
,
07/15/26
(b)
..
4,000
4,405,848
Elis
SA,
3.75%
,
03/21/30
(b)
.......
4,100
4,601,750
Engie
SA
(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.37%),
5.13%
(a)(o)
.........
4,700
5,362,490
3.88%,
12/06/33
............
3,800
4,372,960
4.25%,
03/06/44
............
12,000
13,589,692
Forvia
SE
(b)
7.25%,
06/15/26
............
314
361,546
2.75%,
02/15/27
............
8,652
9,246,736
3.75%,
06/15/28
............
5,185
5,542,466
5.50%,
06/15/31
............
7,818
8,626,459
Goldstory
SAS
(b)
6.75%,
02/01/30
............
7,438
8,469,379
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.63%,
02/01/30
(a)
...
3,859
4,300,693
Holding
d'Infrastructures
des
Metiers
de
l'Environnement
(b)
0.13%,
09/16/25
............
9,300
10,015,866
0.63%,
09/16/28
............
17,684
17,134,071
Iliad
Holding
SASU
5.13%,
10/15/26
(b)
...........
810
911,522
6.50%,
10/15/26
(c)
...........
USD
797
805,688
5.63%,
10/15/28
(b)
...........
EUR
300
339,789
7.00%,
10/15/28
(c)
...........
USD
5,140
5,229,010
6.88%,
04/15/31
(b)
...........
EUR
7,891
9,332,858
Security
Par
(000)
Par
(000)
Value
France
(continued)
8.50%,
04/15/31
(c)
...........
USD
11,236
$
12,085,509
Iliad
SA
(b)
5.38%,
06/14/27
............
EUR
9,200
10,627,782
5.38%,
02/15/29
............
13,600
15,820,088
5.63%,
02/15/30
............
7,100
8,348,340
5.38%,
05/02/31
............
900
1,048,170
Kering
SA,
5.13%
,
11/23/26
(b)
......
GBP
18,900
25,482,451
La
Financiere
Atalian
,
8.50%
,
(8.50%
Cash
or
5.00%
PIK),
06/30/28
(b)(q)
.
EUR
9,662
5,183,786
Lion/Polaris
Lux
4
SA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.63%),
7.33%
,
07/01/29
(a)(b)
..........
7,248
8,108,452
Loxam
SAS
(b)
3.75%,
07/15/26
............
6,681
7,418,363
4.50%,
02/15/27
............
921
1,031,788
4.50%,
04/15/27
............
500
543,613
5.75%,
07/15/27
............
828
920,518
6.38%,
05/15/28
............
2,073
2,396,978
6.38%,
05/31/29
............
6,298
7,326,096
Lune
Holdings
SARL,
5.63%
,
11/15/28
(b)
................
3,332
3,251,371
Nova
Alexandre
III
SAS
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.25%),
8.91%,
07/15/29
(a)(b)
..
5,718
6,237,692
Paprec
Holding
SA
(b)
6.50%,
11/17/27
............
3,951
4,656,661
7.25%,
11/17/29
............
12,449
14,720,933
Picard
Bondco
SA,
5.38%
,
07/01/27
(b)
3,466
3,810,452
Picard
Groupe
SAS,
6.38%
,
07/01/29
(b)
7,083
8,116,638
RCI
Banque
SA
(b)
4.13%,
12/01/25
............
8,108
9,071,684
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%,
02/18/30
(a)
...
29,500
32,518,478
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.75%),
5.50%,
10/09/34
(a)
...
20,200
22,966,800
Sabena
Technics
SAS,
(Acquired
10/28/22,
cost
$16,982,711),
(3-
mo.
EURIBOR
+
5.00%),
8.72%
,
09/30/29
(a)(f)(l)
...............
15,039
16,740,143
Societe
Generale
SA
1.88%,
10/03/24
(b)
...........
GBP
3,300
4,411,489
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(a)(c)(o)
..............
USD
1,068
1,078,769
(3-mo.
EURIBOR
+
0.50%),
4.18%,
01/19/26
(a)(b)
.............
EUR
16,200
18,087,129
(3-mo.
EURIBOR
+
1.50%),
1.13%,
04/21/26
(a)(b)
.............
17,500
19,225,832
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.39%),
9.38%
(a)(c)(o)
........
USD
3,240
3,403,756
(5-Year
EUR
Swap
Annual
+
1.60%),
1.13%,
06/30/31
(a)(b)
..
EUR
9,000
9,547,347
5.63%,
06/02/33
(b)
...........
8,000
9,590,900
Tereos
Finance
Groupe
I
SA
(b)
7.25%,
04/15/28
............
2,000
2,312,681
5.88%,
04/30/30
............
5,608
6,284,682
TotalEnergies
Capital
International
SA,
1.66%
,
07/22/26
(b)
...........
GBP
3,300
4,205,037
TotalEnergies
SE
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
2.15%),
2.63%
...........
EUR
44,470
49,192,394
(5-Year
EUR
Swap
Annual
+
3.35%),
3.37%
...........
12,400
13,696,887
Series
NC7,
(5-Year
EUR
Swap
Annual
+
1.99%),
1.63%
.....
60,900
63,212,242
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
Veolia
Environnement
SA
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
2.71%),
2.25%
...........
EUR
6,400
$
6,942,138
(5-Year
EUR
Swap
Annual
+
2.08%),
2.00%
...........
22,200
23,124,312
Worldline
SA
(b)
0.00%,
07/30/25
(h)(p)
..........
5,617
6,963,404
0.00%,
07/30/26
(h)(p)
..........
28,902
29,195,753
4.13%,
09/12/28
............
38,200
41,429,379
1,143,236,543
Germany
—
3.6%
ADLER
Real
Estate
GmbH,
3.00%
,
04/27/26
(b)
................
6,800
7,208,056
Allianz
SE,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.17%),
3.20%
(a)(b)(o)
.........
USD
18,800
16,098,867
APCOA
Group
GmbH,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.13%),
7.38%
,
04/15/31
(a)(b)
..........
EUR
3,775
4,203,192
Aroundtown
Finance
SARL
(a)(b)(o)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.49%),
8.63%
.................
GBP
15,512
19,494,027
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
7.88%
...........
USD
6,250
5,546,500
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.51%),
7.13%
...........
EUR
17,712
18,335,985
Aroundtown
SA
(b)
0.38%,
04/15/27
............
3,000
3,054,067
1.45%,
07/09/28
............
3,900
3,938,518
Bayer
AG
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.27%),
5.50%,
09/13/54
....
32,400
36,058,486
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%,
03/25/82
....
15,000
16,500,556
(5-Year
EUR
Swap
Annual
+
4.46%),
5.38%,
03/25/82
....
15,700
17,325,633
Series
NC5,
(5-Year
EUR
Swap
Annual
+
3.43%),
6.63%,
09/25/83
...............
51,300
59,489,283
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%,
09/25/83
....
11,400
13,530,858
Bertelsmann
SE
&
Co.
KGaA
(a)(b)
(5-Year
EUR
Swap
Annual
+
3.21%),
3.50%,
04/23/75
....
17,300
18,910,302
(5-Year
EUR
Swap
Annual
+
3.21%),
3.50%,
04/23/75
....
7,900
8,635,340
BMW
International
Investment
BV,
(3-mo.
EURIBOR
+
0.16%),
3.62%
,
06/05/26
(a)(b)
...............
43,700
48,632,494
BRANICKS
Group
AG,
2.25%
,
09/22/26
(b)
................
4,200
2,587,328
Cheplapharm
Arzneimittel
GmbH
(b)
3.50%,
02/11/27
............
5,297
5,804,372
4.38%,
01/15/28
............
10,392
11,323,079
7.50%,
05/15/30
............
3,328
3,900,220
Commerzbank
AG
(a)(b)
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(o)
..........
16,200
18,084,064
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(o)
..........
6,000
6,697,801
(3-mo.
EURIBOR
+
0.70%),
4.16%,
03/12/27
...............
17,200
19,219,299
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
(5-Year
EUR
Swap
Annual
+
4.39%),
4.25%
(o)
..........
EUR
14,000
$
14,505,680
(5-Year
EUR
Swap
Annual
+
6.74%),
6.50%
(o)
..........
3,800
4,292,532
(5-Year
EUR
Swap
Annual
+
6.74%),
6.50%
(o)
..........
5,800
6,551,758
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.13%),
7.88%
(o)
..........
2,400
2,852,449
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%,
02/28/33
..........
GBP
8,800
12,721,997
Daimler
Truck
Finance
Canada,
Inc.,
(3-mo.
EURIBOR
+
0.50%),
3.99%
,
03/18/25
(a)(b)
...............
EUR
16,600
18,509,243
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%
,
10/15/24
(b)
...
14,900
14,016,608
Deutsche
Bahn
Finance
GmbH
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
1.26%),
0.95%
...........
62,300
68,126,479
(5-Year
EUR
Swap
Annual
+
1.26%),
0.95%
...........
32,400
35,430,143
Series
CB,
(5-Year
EUR
Swap
Annual
+
1.89%),
1.60%
.....
23,900
23,465,512
Deutsche
Bank
AG
4.50%,
04/01/25
............
USD
139
138,426
(USISOA05
at
0.00%
Floor
+
4.36%),
4.79%
(a)(b)(o)
........
11,400
11,052,300
(1-day
SOFR
+
3.19%),
6.12%,
07/14/26
(a)
..............
1,694
1,707,410
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.55%),
4.50%
(a)(b)(o)
........
EUR
1,200
1,228,083
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.26%),
8.13%
(a)(b)(o)
........
5,600
6,490,777
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.30%),
4.00%,
06/24/32
(a)(b)
..
6,900
7,670,919
Deutsche
Lufthansa
AG,
Series
LHA,
2.00%
,
11/17/25
(b)(p)
..........
5,900
6,523,490
Dynamo
Newco
II
GmbH,
6.25%
,
10/15/31
(b)
................
6,585
7,375,906
E.ON
SE,
4.13%
,
03/25/44
(b)
......
7,930
9,065,704
EnBW
Energie
Baden-Wuerttemberg
AG
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.73%),
1.63%,
08/05/79
....
14,800
15,374,445
(5-Year
EUR
Swap
Annual
+
1.42%),
1.13%,
11/05/79
.....
21,200
23,485,506
EnBW
International
Finance
BV
(b)
4.30%,
05/23/34
............
29,730
35,079,587
4.00%,
07/22/36
............
16,650
19,054,714
Envalior
Deutschland
Gmbh
,
(6-mo.
EURIBOR
at
0.00%
Floor
+
9.50%),
12.66%
,
04/01/31
(a)(f)
.........
21,540
21,910,188
Eurogrid
GmbH
(b)
3.60%,
02/01/29
............
4,600
5,205,900
3.72%,
04/27/30
............
15,400
17,509,359
3.92%,
02/01/34
............
4,400
5,032,855
Fraport
AG
Frankfurt
Airport
Services
Worldwide,
4.25%
,
06/11/32
(b)
...
12,918
14,947,669
Gruenenthal
GmbH
(b)
3.63%,
11/15/26
............
7,590
8,400,693
4.13%,
05/15/28
............
3,348
3,728,242
6.75%,
05/15/30
............
2,833
3,381,455
HT
Troplast
GmbH,
9.38%
,
07/15/28
(b)
9,472
10,872,617
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
IHO
Verwaltungs
GmbH
(q)
3.75%,
(3.75%
Cash
or
4.50%
PIK),
09/15/26
(b)
..............
EUR
12,210
$
13,554,185
3.88%,
(3.88%
Cash
or
4.63%
PIK),
05/15/27
(a)(b)
.............
2,348
2,601,089
6.00%,
(6.00%
Cash
or
6.75%
PIK),
05/15/27
(c)
..............
USD
400
393,048
8.75%,
(8.75%
Cash
or
9.50%
PIK),
05/15/28
(a)(b)
.............
EUR
2,618
3,060,754
LEG
Properties
BV,
1.00%
,
09/04/30
(b)(p)
7,800
9,279,931
Mahle
GmbH
(b)
2.38%,
05/14/28
............
7,800
7,512,611
6.50%,
05/02/31
............
13,598
14,697,652
Mercedes-Benz
International
Finance
BV,
(3-mo.
EURIBOR
+
0.19%),
3.90%
,
04/09/26
(a)(b)
..........
29,200
32,493,481
Mercer
International,
Inc.,
5.13%
,
02/01/29
.................
USD
9,667
8,247,581
Merck
KGaA
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.54%),
3.88%,
08/27/54
....
EUR
2,200
2,449,503
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.00%),
1.63%,
09/09/80
....
18,600
19,952,185
Nidda
Healthcare
Holding
GmbH,
7.00%
,
02/21/30
(b)
...........
11,958
13,876,767
PCF
GmbH
(b)
4.75%,
04/15/29
............
8,061
7,726,148
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.44%,
04/15/29
(a)
...
5,120
4,934,179
Phoenix
PIB
Dutch
Finance
BV,
4.88%
,
07/10/29
(b)
................
3,500
4,003,555
PrestigeBidCo
GmbH,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.46%
,
07/01/29
(a)(b)
..........
6,078
6,850,297
ProGroup
AG
(b)
5.13%,
04/15/29
............
6,087
6,631,888
5.38%,
04/15/31
............
8,979
9,735,884
Sartorius
Finance
BV
(b)
4.25%,
09/14/26
............
4,500
5,122,122
4.38%,
09/14/29
............
10,000
11,642,324
4.88%,
09/14/35
............
10,000
11,946,816
Schaeffler
AG,
4.50%
,
08/14/26
(b)
...
9,400
10,601,458
Siemens
Financieringsmaatschappij
NV,
3.63%
,
02/22/44
(b)
........
10,000
11,152,015
Techem
Verwaltungsgesellschaft
674
mbH
,
6.00%
,
07/30/26
(b)
.......
7,115
7,933,915
Tele
Columbus
AG,
10.00%
,
(10.00%
Cash
or
10.00%
PIK),
01/01/29
(a)(b)(q)
17,114
14,938,793
TK
Elevator
Holdco
GmbH,
6.63%
,
07/15/28
(b)
................
4,151
4,608,912
TK
Elevator
Midco
GmbH
4.38%,
07/15/27
(b)
...........
6,229
6,875,983
Traton
Finance
Luxembourg
SA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
4.69%
,
01/21/26
(a)(b)
..........
10,000
11,198,846
TUI
AG,
5.88%
,
03/15/29
(b)
.......
1,530
1,774,446
TUI
Cruises
GmbH,
6.50%
,
05/15/26
(b)
993
1,121,222
Volkswagen
Financial
Services
NV
(b)
1.88%,
12/03/24
............
GBP
1,800
2,391,457
4.25%,
10/09/25
............
1,400
1,848,833
5.50%,
12/07/26
............
26,400
35,446,368
6.50%,
09/18/27
............
17,000
23,452,496
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Volkswagen
Financial
Services
Overseas
AG,
(3-mo.
EURIBOR
+
0.78%),
4.25%
,
06/10/27
(a)(b)
....
EUR
16,790
$
18,738,195
Volkswagen
International
Finance
NV
(a)(b)
(5-Year
EUR
Swap
Annual
+
3.75%),
3.50%
(o)
..........
18,600
20,497,544
(12-Year
EUR
Swap
Annual
+
2.97%),
4.63%
(o)
..........
6,100
6,749,963
(3-mo.
EURIBOR
+
0.65%),
4.00%,
03/27/26
...............
32,700
36,520,084
(5-Year
EUR
Swap
Annual
+
2.92%),
3.75%
(o)
..........
1,700
1,814,365
(10-Year
EUR
Swap
Annual
+
3.98%),
4.63%
(o)
..........
14,800
16,066,922
Wintershall
Dea
Finance
2
BV
(a)(b)(o)
Series
NC5,
(5-Year
EUR
Swap
Annual
+
2.92%),
2.50%
.....
53,300
56,945,793
Series
NC8,
(5-Year
EUR
Swap
Annual
+
3.32%),
3.00%
.....
24,800
25,504,604
Wintershall
Dea
Finance
BV
(b)
1.33%,
09/25/28
............
35,000
35,943,480
1.82%,
09/25/31
............
11,400
10,987,812
4.36%,
10/03/32
............
21,680
24,232,062
ZF
Europe
Finance
BV
(b)
2.00%,
02/23/26
............
1,300
1,399,934
2.50%,
10/23/27
............
1,900
1,969,897
4.75%,
01/31/29
............
800
862,914
ZF
Finance
GmbH
(b)
3.00%,
09/21/25
............
7,900
8,695,059
5.75%,
08/03/26
............
5,100
5,773,519
2.00%,
05/06/27
............
1,800
1,863,814
2.75%,
05/25/27
............
3,100
3,267,819
2.25%,
05/03/28
............
1,900
1,911,492
3.75%,
09/21/28
............
10,700
11,199,469
ZF
North
America
Capital,
Inc.,
6.88%
,
04/14/28
(c)
................
USD
1,710
1,726,100
1,423,014,558
Ghana
—
0.0%
Kosmos
Energy
Ltd.,
7.50%
,
03/01/28
(b)
1,468
1,418,914
Greece
—
0.1%
Danaos
Corp.,
8.50%
,
03/01/28
(c)
...
5,110
5,259,892
Eurobank
SA
(a)(b)
(1-Year
EUR
Swap
Annual
+
1.80%),
4.00%,
09/24/30
....
EUR
3,900
4,368,652
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.17%),
4.88%,
04/30/31
....
3,750
4,358,567
National
Bank
of
Greece
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.15%),
5.88%
,
06/28/35
(a)(b)
..........
11,496
13,326,968
27,314,079
Guatemala
—
0.0%
Millicom
International
Cellular
SA,
7.38%
,
04/02/32
(c)
...........
USD
1,521
1,559,025
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
9,654,800
5.38%,
04/05/34
............
8,000
8,240,320
5.40%,
09/30/54
............
6,000
6,025,620
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hong
Kong
(continued)
CAS
Capital
No.
1
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.64%),
4.00%
(a)
(b)(o)
.....................
USD
6,133
$
5,887,067
Cathay
Pacific
Finance
III
Ltd.,
2.75%
,
02/05/26
(b)(p)
...............
HKD
8,000
1,117,078
Celestial
Dynasty
Ltd.
6.38%,
08/22/28
(b)
...........
USD
8,800
8,756,000
Cheung
Kong
Infrastructure
Finance
BVI
Ltd.,
1.00%
,
12/12/24
(b)
.....
EUR
10,000
11,060,370
CLP
Power
Hong
Kong
Financing
Ltd.
(b)
5.10%,
07/19/27
............
AUD
10,000
6,994,249
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.85%),
5.32%,
07/19/27
(a)
...
7,570
5,221,378
FWD
Group
Holdings
Ltd.
8.40%,
04/05/29
(c)
...........
USD
1,579
1,660,919
8.40%,
04/05/29
(b)
...........
32,217
33,888,418
Link
CB
Ltd.,
4.50%
,
12/12/27
(b)(p)
...
HKD
40,000
5,225,388
Melco
Resorts
Finance
Ltd.
4.88%,
06/06/25
(c)
...........
USD
625
618,555
4.88%,
06/06/25
(b)
...........
5,800
5,740,187
5.25%,
04/26/26
(b)
...........
2,900
2,845,625
5.63%,
07/17/27
(c)
...........
1,133
1,102,905
5.63%,
07/17/27
(b)
...........
8,200
7,982,187
5.75%,
07/21/28
(c)
...........
1,348
1,302,505
5.75%,
07/21/28
(b)
...........
6,000
5,797,500
5.38%,
12/04/29
(c)
...........
3,042
2,855,678
5.38%,
12/04/29
(b)
...........
1,500
1,408,125
7.63%,
04/17/32
(c)
...........
5,549
5,713,389
7.63%,
04/17/32
(b)
...........
1,560
1,606,215
NWD
Finance
BVI
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.86%),
4.13%
(a)
(b)(o)
.....................
5,000
3,190,650
NWD
MTN
Ltd.,
8.63%
,
02/08/28
(b)
..
5,000
4,662,500
REXLot
Holdings
Ltd.
(b)(d)(e)(f)(p)
6.00%,
04/28/17
............
HKD
1,103
—
4.50%,
04/17/19
............
15,091
—
148,557,628
India
—
1.0%
Adani
Ports
&
Special
Economic
Zone
Ltd.,
4.20%
,
08/04/27
(b)
........
USD
10,000
9,621,875
Adani
Transmission
Step-One
Ltd.,
4.25%
,
05/21/36
(b)
...........
13,590
11,857,275
Axis
Bank
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
4.10%
(a)(b)(o)
...
9,000
8,575,312
Azure
Power
Energy
Ltd.,
3.58%
,
08/19/26
(b)
................
3,294
3,097,762
Azure
Power
Solar
Energy
Pvt
Ltd.,
5.65%
,
12/24/24
(b)
...........
4,000
3,990,120
CA
Magnum
Holdings,
5.38%
,
10/31/26
(b)
................
12,657
12,478,410
Clean
Renewable
Power
Mauritius
Pte.
Ltd.,
4.25%
,
03/25/27
(b)
........
10,896
10,395,346
Continuum
Energy
Aura
Pte
.
Ltd.,
9.50%
,
02/24/27
(b)
...........
13,000
13,641,875
Continuum
Green
Energy
India
Pvt,
7.50%
,
06/26/33
(c)
...........
1,800
1,892,808
Delhi
International
Airport
Ltd.,
6.13%
,
10/31/26
(b)
................
15,000
15,145,312
Diamond
II
Ltd.
7.95%,
07/28/26
(c)
...........
1,306
1,322,325
Security
Par
(000)
Par
(000)
Value
India
(continued)
7.95%,
07/28/26
(b)
...........
USD
25,500
$
25,818,750
GMR
Hyderabad
International
Airport
Ltd.
(b)
4.75%,
02/02/26
............
1,090
1,075,045
4.25%,
10/27/27
............
15,000
14,385,938
Greenko
Dutch
BV,
3.85%
,
03/29/26
(b)
3,604
3,477,474
Greenko
Solar
Mauritius
Ltd.
(b)
5.55%,
01/29/25
............
10,200
10,162,770
5.95%,
07/29/26
............
6,000
5,979,375
Greenko
Wind
Projects
Mauritius
Ltd.,
5.50%
,
04/06/25
(b)
...........
10,000
9,956,250
HDFC
Bank
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.93%),
3.70%
(a)(b)(o)
...
10,000
9,521,700
HPCL-Mittal
Energy
Ltd.,
5.45%
,
10/22/26
(b)
................
5,000
4,964,063
India
Cleantech
Energy,
4.70%
,
08/10/26
(b)
................
12,315
11,902,447
India
Green
Power
Holdings,
4.00%
,
02/22/27
(b)
................
12,346
11,763,130
India
Vehicle
Finance,
5.85%
,
03/25/29
(b)
................
1,700
1,697,875
JSW
Hydro
Energy
Ltd.,
4.13%
,
05/18/31
(b)
................
3,909
3,569,113
Manappuram
Finance
Ltd.,
7.38%
,
05/12/28
(b)
................
12,396
12,674,910
Muthoot
Finance
Ltd.
7.13%,
02/14/28
(b)
...........
7,525
7,731,937
7.13%,
02/14/28
(c)
...........
2,196
2,256,390
Network
i2i
Ltd.
(a)(b)(o)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.27%),
5.65%
...........
2,162
2,157,027
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.39%),
3.98%
...........
10,000
9,693,750
Oil
India
International
Pte.
Ltd.,
4.00%
,
04/21/27
(b)
................
15,000
14,821,875
Periama
Holdings
LLC,
5.95%
,
04/19/26
(b)
................
11,500
11,474,844
Piramal
Capital
&
Housing
Finance
Ltd.,
7.80%
,
01/29/28
(b)
...........
14,138
14,438,432
REC
Ltd.
(b)
3.88%,
07/07/27
............
1,000
979,375
5.63%,
04/11/28
............
8,000
8,217,500
ReNew
Pvt
Ltd.,
5.88%
,
03/05/27
(b)
..
12,000
11,775,600
ReNew
Wind
Energy
AP2,
4.50%
,
07/14/28
(b)
................
9,000
8,429,063
Sammaan
Capital
Ltd.,
9.70%
,
07/03/27
(b)
................
675
671,693
Shriram
Finance
Ltd.
(b)
6.63%,
04/22/27
............
9,155
9,298,734
6.15%,
04/03/28
............
10,000
10,001,500
TML
Holdings
Pte.
Ltd.,
4.35%
,
06/09/26
(b)
................
5,799
5,704,882
Vedanta
Resources
Finance
II
plc
13.88%,
12/09/28
(b)(g)
.........
1,044
1,047,712
10.88%,
09/17/29
(c)
..........
39,028
39,595,857
10.88%,
09/17/29
(b)
..........
15,000
15,218,250
Vedanta
Resources
Ltd.,
13.88%
,
12/09/28
(b)(g)
...............
9,141
9,334,797
Videocon
Industries
Ltd.,
2.84%
,
12/31/20
(b)(d)(e)(f)(g)(p)
...........
735
—
401,816,478
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Indonesia
—
0.3%
Cikarang
Listrindo
Tbk
.
PT,
4.95%
,
09/14/26
(b)
................
USD
10,000
$
9,835,000
Freeport
Indonesia
PT
(b)
4.76%,
04/14/27
............
1,877
1,886,385
5.32%,
04/14/32
............
10,000
10,133,750
Indofood
CBP
Sukses
Makmur
Tbk
.
PT,
3.40%
,
06/09/31
(b)
...........
10,000
9,092,100
Medco
Laurel
Tree
Pte
.
Ltd.,
6.95%
,
11/12/28
(b)
................
18,200
18,174,884
Medco
Maple
Tree
Pte.
Ltd.
8.96%,
04/27/29
(c)
...........
6,306
6,665,316
8.96%,
04/27/29
(b)
...........
10,000
10,575,000
Minejesa
Capital
BV
(b)
4.63%,
08/10/30
............
8,596
8,480,491
5.63%,
08/10/37
............
5,000
4,806,250
Pakuwon
Jati
Tbk
.
PT,
4.88%
,
04/29/28
(b)
................
375
362,929
Pertamina
Geothermal
Energy
PT,
5.15%
,
04/27/28
(b)
...........
850
864,609
PT
Tower
Bersama
Infrastructure
Tbk
.,
4.25%
,
01/21/25
(b)
...........
10,000
9,972,400
Sorik
Marapi
Geothermal
Power
PT,
7.75%
,
08/05/31
(c)
...........
3,346
3,325,087
Star
Energy
Geothermal
Darajat
II,
3.25%
,
04/14/29
(b)
...........
1,240
1,178,903
Star
Energy
Geothermal
Wayang
Windu
Ltd.,
6.75%
,
04/24/33
(b)
...
10,179
10,379,425
105,732,529
Ireland
—
0.1%
(b)
AIB
Group
plc
(a)
(1-Year
EUR
Swap
Annual
+
2.00%),
3.63%,
07/04/26
....
EUR
19,550
21,800,863
(5-Year
EUR
Swap
Annual
+
1.90%),
4.63%,
05/20/35
....
6,950
7,919,466
Bank
of
Ireland
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
6.43%),
6.00%
(o)
..........
7,000
7,852,049
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.10%),
1.88%,
06/05/26
....
7,000
7,715,875
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)
...........
781
878,208
Kerry
Group
Financial
Services
Unltd
Co.,
3.75%
,
09/05/36
.........
9,160
10,364,328
56,530,789
Israel
—
0.1%
Teva
Pharmaceutical
Finance
Netherlands
II
BV
1.88%,
03/31/27
(b)
...........
2,710
2,854,040
3.75%,
05/09/27
............
4,876
5,378,219
7.38%,
09/15/29
............
14,486
18,100,414
4.38%,
05/09/30
............
4,764
5,272,501
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
7.88%
,
09/15/29
USD
1,454
1,604,853
33,210,027
Italy
—
2.1%
A2A
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.26%),
5.00%
(a)(b)(o)
.....
EUR
5,300
6,017,394
Azzurra
Aeroporti
SpA
,
2.63%
,
05/30/27
(b)
................
14,163
15,167,651
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
$
3,636,060
3.50%,
04/23/29
............
34,600
39,656,959
10.50%,
07/23/29
...........
7,108
9,712,391
Banco
BPM
SpA
(b)
3.88%,
09/18/26
............
49,840
56,716,586
(5-Year
EUR
Swap
Annual
+
3.80%),
3.25%,
01/14/31
(a)
...
10,700
11,760,642
(5-Year
EUR
Swap
Annual
+
3.17%),
2.88%,
06/29/31
(a)
...
3,685
4,025,046
(5-Year
EUR
Swap
Annual
+
3.40%),
3.38%,
01/19/32
(a)
...
6,650
7,295,808
Bubbles
Bidco
SpA
(b)
6.50%,
09/30/31
............
11,691
13,021,889
(3-mo.
EURIBOR
+
4.25%),
7.53%,
09/30/31
(a)
..............
11,988
13,311,081
Cedacri
Mergeco
SpA
(a)(b)
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
8.17%,
05/15/28
....
4,281
4,754,673
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
9.04%,
05/15/28
....
4,182
4,665,668
Davide
Campari-Milano
NV,
2.38%
,
01/17/29
(b)(p)
...............
3,100
3,375,211
doValue
SpA
,
3.38%
,
07/31/26
(b)
...
5,415
5,795,930
Duomo
Bidco
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.13%),
7.80%
,
07/15/31
(a)(b)
...............
4,384
4,926,410
Enel
SpA
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
3.56%),
3.50%
...........
9,094
10,086,209
(5-Year
EUR
Swap
Annual
+
2.68%),
2.25%
...........
15,300
16,330,191
Series
6.5Y,
(5-Year
EUR
Swap
Annual
+
1.72%),
1.38%
.....
32,100
32,997,715
Engineering
-
Ingegneria
Informatica
-
SpA
,
11.13%
,
05/15/28
(b)
.......
11,275
12,739,028
Eni
SpA
(a)(b)(o)
Series
NC5.,
(5-Year
EUR
Swap
Annual
+
3.17%),
2.63%
.....
43,100
47,302,691
Series
NC9,
(5-Year
EUR
Swap
Annual
+
2.77%),
2.75%
.....
26,000
26,481,839
Fiber
Bidco
SpA
(b)
10.00%,
06/15/29
...........
2,476
2,722,165
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.35%,
01/15/30
(a)
...
6,326
7,082,104
6.13%,
06/15/31
............
20,643
22,863,862
Fiber
Midco
SpA
,
10.00%
,
(10.00%
Cash
or
10.75%
PIK),
06/15/29
(b)(q)
563
618,974
FIS
Fabbrica
Italiana
Sintetici
SpA
,
5.63%
,
08/01/27
(b)
...........
13,346
14,820,445
Iccrea
Banca
SpA
,
4.00%
,
11/08/27
(b)
33,040
38,042,847
IMA
Industria
Macchine
Automatiche
SpA
(b)
3.75%,
01/15/28
............
7,872
8,519,876
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.44%,
04/15/29
(a)
...
11,317
12,740,500
Infrastrutture
Wireless
Italiane
SpA
(b)
1.63%,
10/21/28
............
13,405
14,078,397
1.75%,
04/19/31
............
6,226
6,332,400
Intesa
Sanpaolo
SpA
(5-Year
EUR
Swap
Annual
+
6.07%),
5.88%
(a)(b)(o)
........
5,555
6,191,278
1.63%,
04/21/25
(b)
...........
6,800
7,502,355
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
5.71%,
01/15/26
(c)
...........
USD
525
$
529,073
0.63%,
02/24/26
(b)
...........
EUR
7,000
7,539,385
(5-Year
EUR
Swap
Annual
+
7.19%),
7.75%
(a)(b)(o)
........
11,100
12,898,083
(3-mo.
EURIBOR
+
0.60%),
4.26%,
04/16/27
(a)(b)
.............
13,240
14,774,185
(5-Year
EUR
Swap
Annual
+
5.85%),
5.50%
(a)(b)(o)
........
5,000
5,537,921
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.26%),
9.13%
(a)(b)(o)
........
1,775
2,240,110
5.15%,
06/10/30
(b)
...........
GBP
15,009
19,119,676
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
4.20%,
06/01/32
(a)(c)
..
USD
2,085
1,858,213
8.51%,
09/20/32
(b)
...........
GBP
821
1,227,038
Intesa
Sanpaolo
Vita
SpA
,
(6-mo.
EURIBOR
+
4.82%),
4.75%
(a)(b)(o)
.
EUR
8,000
8,905,200
Lottomatica
SpA
(b)
5.38%,
06/01/30
............
5,622
6,480,214
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.50%,
12/15/30
(a)
...
6,167
6,917,815
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
6.76%,
06/01/31
(a)
...
4,808
5,392,441
Nexi
SpA
,
0.00%
,
02/24/28
(b)(h)(p)
....
26,200
25,373,927
Optics
Bidco
SpA
2.88%,
01/28/26
(b)
...........
910
999,291
6.88%,
02/15/28
(b)
...........
6,076
7,355,306
7.88%,
07/31/28
(b)
...........
7,871
9,900,043
1.63%,
01/18/29
............
3,983
4,053,338
Series
2034,
6.00%,
09/30/34
(c)
..
USD
4,791
4,850,020
7.20%,
07/18/36
(c)
...........
7,101
7,641,869
7.72%,
06/04/38
(c)
...........
630
696,623
Pachelbel
Bidco
SpA
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
8.07%,
05/17/31
(a)(b)
..
EUR
12,917
14,472,019
Rekeep
SpA
,
7.25%
,
02/01/26
(b)
....
6,526
6,790,486
Rossini
SARL
(b)
6.75%,
12/31/29
............
11,310
13,238,097
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.88%),
7.22%,
12/31/29
(a)
...
10,386
11,659,735
Snam
SpA
(a)(b)
(3-mo.
EURIBOR
+
0.40%),
4.08%,
04/15/26
...............
19,240
21,459,240
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.16%),
4.50%
(o)
..........
3,600
4,049,433
Taurus
Law
130
Securities
SRL,
(Acquired
07/14/23,
cost
$22,430,009),
(3-mo.
EURIBOR
+
3.25%),
6.80%
,
08/22/27
(a)(f)(l)
....
20,682
22,600,779
TeamSystem
SpA
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
7.13%,
07/31/31
(a)(b)
..
7,289
8,148,948
Telecom
Italia
SpA
(b)
2.75%,
04/15/25
............
1,975
2,185,280
3.00%,
09/30/25
............
600
663,654
2.88%,
01/28/26
............
190
210,737
6.88%,
02/15/28
............
3,453
4,165,483
7.88%,
07/31/28
............
3,829
4,815,270
1.63%,
01/18/29
............
1,962
1,997,924
UniCredit
SpA
(a)
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.33%),
7.50%
(b)(o)
.........
17,000
19,491,257
(3-mo.
EURIBOR
+
2.55%),
2.20%,
07/22/27
(b)
..............
13,650
15,001,132
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
(5-Year
USD
Swap
Rate
+
3.70%),
5.86%,
06/19/32
(c)
.........
USD
2,007
$
2,019,534
(5-Year
USD
Swap
Rate
+
4.91%),
7.30%,
04/02/34
(c)
.........
11,739
12,511,929
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.75%),
5.46%,
06/30/35
(c)
...
1,865
1,834,983
UnipolSai
Assicurazioni
SpA
,
4.90%
,
05/23/34
(b)
................
EUR
3,500
3,976,829
816,874,795
Jamaica
—
0.0%
Digicel
Group
Holdings
Ltd.,
Series
2B14,
0.00%
,
12/31/30
(c)(h)
......
USD
2,752
1,031,865
Digicel
Intermediate
Holdings
Ltd.,
10.50%
,
(10.50%
Cash
or
10.50%
PIK),
05/25/27
(q)
.............
4,866
4,870,107
Digicel
Midco
Ltd.,
10.50%
,
(10.50%
Cash
or
10.50%
PIK),
11/25/28
(q)
.
3,277
2,865,471
8,767,443
Japan
—
0.6%
Daiwa
House
Industry
Co.
Ltd.,
0.00%
,
03/30/29
(b)(h)(p)
..............
JPY
10,000
70,621
East
Japan
Railway
Co.,
4.11%
,
02/22/43
(b)
................
EUR
18,567
21,623,951
Kansai
Paint
Co.
Ltd.
(b)(h)(p)
0.00%,
03/08/29
............
JPY
10,000
75,596
0.00%,
03/07/31
............
10,000
75,665
Koei
Tecmo
Holdings
Co.
Ltd.,
0.00%
,
12/20/24
(b)(h)(p)
..............
700,000
4,841,190
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
1,928,608
Nagoya
Railroad
Co.
Ltd.,
0.00%
,
06/16/34
(b)(h)(p)
..............
JPY
20,000
143,851
Nissan
Motor
Co.
Ltd.,
2.65%
,
03/17/26
(b)
................
EUR
3,940
4,332,795
Rakuten
Card
Co.
Ltd.,
Series
6,
0.62%
,
12/17/26
............
JPY
400,000
2,626,379
Rakuten
Group,
Inc.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.58%),
5.13%
(a)(c)(o)
........
USD
2,500
2,382,500
(5-Year
EUR
Swap
Annual
+
4.74%),
4.25%
(a)(b)(o)
........
EUR
14,000
13,339,210
9.75%,
04/15/29
(c)
...........
USD
8,999
9,820,159
9.75%,
04/15/29
(b)
...........
4,300
4,692,375
Rohm
Co.
Ltd.
(b)(h)(p)
0.00%,
12/05/24
............
JPY
1,400,000
9,716,472
0.00%,
04/24/29
............
3,990,000
27,206,123
SoftBank
Group
Corp.
(b)
4.50%,
04/20/25
............
EUR
689
766,961
4.75%,
07/30/25
............
2,888
3,219,233
3.13%,
09/19/25
............
6,981
7,664,050
4.00%,
07/06/26
............
USD
2,879
2,815,921
5.00%,
04/15/28
............
EUR
3,813
4,291,236
5.38%,
01/08/29
............
18,706
21,186,979
3.38%,
07/06/29
............
13,467
14,052,368
4.00%,
09/19/29
............
645
692,206
3.88%,
07/06/32
............
7,787
7,962,221
3.88%,
07/06/32
............
100
102,250
5.75%,
07/08/32
............
28,474
32,174,123
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Japan
(continued)
Toyota
Motor
Finance
Netherlands
BV,
(3-mo.
EURIBOR
+
0.40%),
4.06%
,
04/30/26
(a)(b)
...............
EUR
22,950
$
25,585,215
223,388,258
Jersey,
Channel
Islands
—
0.3%
Aston
Martin
Capital
Holdings
Ltd.
10.00%,
03/31/29
(c)
..........
USD
7,514
7,373,326
10.38%,
03/31/29
(b)
..........
GBP
12,059
16,162,586
TER
Finance
Jersey
Ltd.
(c)(h)
Series
21,
0.00%,
01/02/25
(f)
....
USD
50,000
48,435,000
Series
22,
0.00%,
10/02/25
.....
58,596
55,219,716
127,190,628
Kuwait
—
0.0%
(b)
MEGlobal
BV,
4.25%
,
11/03/26
....
1,920
1,895,808
MEGlobal
Canada
ULC,
5.88%
,
05/18/30
.................
1,500
1,568,445
3,464,253
Luxembourg
—
0.6%
Adler
Financing
SARL
(q)
Series
1L,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
12/31/28
......
EUR
12,543
14,471,438
Series
1.5L,
14.00%,
(14.00%
Cash
or
14.00%
PIK),
12/31/29
(b)
...
8,825
10,196,101
Altice
Financing
SA
2.25%,
01/15/25
(b)
...........
4,861
5,329,857
9.63%,
07/15/27
(c)
...........
USD
3,821
3,721,536
4.25%,
08/15/29
(b)
...........
EUR
4,577
4,088,647
Cidron
Aida
Finco
SARL
(b)
5.00%,
04/01/28
............
4,317
4,667,792
6.25%,
04/01/28
............
GBP
10,108
12,828,060
Ephios
Subco
3
SARL,
7.88%
,
01/31/31
(b)
................
EUR
15,632
18,759,586
Garfunkelux
Holdco
3
SA
(b)
6.75%,
11/01/25
............
7,782
5,834,216
7.75%,
11/01/25
............
GBP
7,650
6,826,968
Herens
Holdco
SARL,
4.75%
,
05/15/28
(c)
................
USD
2,236
1,951,526
INEOS
Finance
plc,
6.38%
,
04/15/29
(b)
EUR
11,664
13,412,506
Intelsat
Jackson
Holdings
SA,
6.50%
,
03/15/30
(c)
................
USD
13,863
13,263,757
Kleopatra
Finco
SARL
(b)
4.25%,
03/01/26
............
EUR
2,422
2,528,759
4.25%,
03/01/26
............
9,368
9,780,933
Kleopatra
Holdings
2
SCA,
6.50%
,
09/01/26
(b)
................
1,751
1,481,686
Monitchem
HoldCo
3
SA,
8.75%
,
05/01/28
(b)
................
7,814
8,952,575
Opus-Chartered
Issuances
SA,
2.50%
,
07/04/25
(a)(b)(f)
..............
4,288
4,792,280
SES
SA
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.19%),
2.88%
(o)
..........
73,435
77,558,624
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.59%),
6.00%,
09/12/54
....
4,050
4,240,390
Summer
BC
Holdco
B
SARL,
5.75%
,
10/31/26
(b)
................
6,306
7,019,524
Titanium
2l
Bondco
SARL,
6.25%
,
(6.25%
Cash
or
6.25%
PIK),
01/14/31
(q)
................
40,098
12,373,900
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Vivion
Investments
SARL,
8.00%
,
(8.00%
Cash
or
8.00%
PIK),
02/28/29
(b)(q)
...............
EUR
3,133
$
3,363,620
247,444,281
Macau
—
0.3%
MGM
China
Holdings
Ltd.
5.25%,
06/18/25
(c)
...........
USD
425
422,610
5.88%,
05/15/26
(c)
...........
327
326,285
5.88%,
05/15/26
(b)
...........
350
349,234
4.75%,
02/01/27
(c)
...........
400
389,250
4.75%,
02/01/27
(b)
...........
13,466
13,104,101
7.13%,
06/26/31
(c)
...........
7,020
7,235,023
7.13%,
06/26/31
(b)
...........
745
767,819
Sands
China
Ltd.
(g)
5.13%,
08/08/25
............
800
797,400
3.80%,
01/08/26
............
3,651
3,584,826
5.40%,
08/08/28
............
5,490
5,531,175
2.85%,
03/08/29
............
4,000
3,630,000
Studio
City
Co.
Ltd.,
7.00%
,
02/15/27
(b)
6,000
6,056,250
Studio
City
Finance
Ltd.
6.00%,
07/15/25
(b)
...........
5,500
5,494,500
6.50%,
01/15/28
(c)
...........
2,354
2,308,391
6.50%,
01/15/28
(b)
...........
5,000
4,903,125
5.00%,
01/15/29
(c)
...........
11,075
10,105,938
5.00%,
01/15/29
(b)
...........
5,000
4,562,500
Wynn
Macau
Ltd.
4.88%,
10/01/24
(c)
...........
747
747,000
4.88%,
10/01/24
(b)
...........
200
200,000
5.50%,
01/15/26
(c)
...........
5,596
5,555,779
5.50%,
01/15/26
(b)
...........
1,700
1,687,781
5.63%,
08/26/28
(c)
...........
4,035
3,919,195
5.63%,
08/26/28
(b)
...........
9,500
9,227,350
4.50%,
03/07/29
(c)(p)
..........
18,648
19,748,232
5.13%,
12/15/29
(c)
...........
2,100
1,971,375
112,625,139
Malaysia
—
0.0%
(b)
Petronas
Capital
Ltd.,
3.50%
,
03/18/25
10,000
9,923,000
TNB
Global
Ventures
Capital
Bhd
,
3.24%
,
10/19/26
............
7,000
6,827,188
TNB
Global
Ventures
Capital
Bhd.,
4.85%
,
11/01/28
............
1,250
1,271,875
18,022,063
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)
................
1,620
1,588,248
Braskem
Idesa
SAPI,
6.99%
,
02/20/32
(c)
................
3,731
2,938,163
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple
,
7.25%
,
01/31/41
(c)
...........
14,107
14,653,646
Food
Service
Project
SA,
5.50%
,
01/21/27
(b)
................
EUR
4,287
4,784,004
Grupo
Posadas
SAB
de
CV,
7.00%
,
12/30/27
(b)(g)
...............
USD
11,058
10,118,141
34,082,202
Netherlands
—
0.9%
ABN
AMRO
Bank
NV
(b)
(5-Year
EUR
Swap
Annual
+
4.67%),
4.38%
(a)(o)
.........
EUR
14,000
15,409,480
4.38%,
10/20/28
............
32,300
37,693,948
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
3.00%,
06/01/32
............
EUR
19,000
$
20,728,503
(5-Year
EUR
Swap
Annual
+
3.90%),
6.38%
(a)(o)
.........
900
1,015,590
Boels
Topholding
BV
(b)
6.25%,
02/15/29
............
3,652
4,220,231
5.75%,
05/15/30
............
8,780
10,044,181
Cooperatieve
Rabobank
UA
(a)(b)
(5-Year
EUR
Swap
Annual
+
4.68%),
4.38%
(o)
..........
5,800
6,294,863
(GUKG1
+
1.05%),
1.88%,
07/12/28
GBP
3,300
4,097,753
IMCD
NV
(b)
2.13%,
03/31/27
............
EUR
6,945
7,523,556
4.88%,
09/18/28
............
22,370
26,233,129
3.63%,
04/30/30
............
22,000
24,545,919
ING
Groep
NV
(5-Year
USD
Swap
Semi
+
4.45%),
6.50%
(a)(o)
...............
USD
800
800,670
3.00%,
02/18/26
(b)
...........
GBP
3,300
4,304,681
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.34%),
5.75%
(a)(o)
.........
USD
17,730
17,588,211
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
(a)(o)
.........
11,690
10,538,556
(5-Year
EUR
Swap
Annual
+
1.35%),
2.00%,
03/22/30
(a)(b)
..
EUR
8,400
9,250,204
(3-mo.
EURIBOR
+
2.15%),
5.25%,
11/14/33
(a)(b)
.............
11,000
13,759,448
(USISSO05
+
4.08%),
7.25%
(a)(b)(o)
USD
6,250
6,453,750
(5-Year
EUR
Swap
Annual
+
1.78%),
4.25%,
08/26/35
(a)(b)
..
EUR
22,500
25,426,347
Koninklijke
KPN
NV,
(5-Year
EUR
Swap
Annual
+
2.34%),
2.00%
(a)(b)(o)
....
6,200
6,833,205
Louis
Dreyfus
Co.
Finance
BV,
2.38%
,
11/27/25
(b)
................
3,992
4,394,112
Nobian
Finance
BV,
3.63%
,
07/15/26
(b)
5,323
5,866,341
Q-Park
Holding
I
BV
(b)
2.00%,
03/01/27
............
2,488
2,672,916
5.13%,
03/01/29
............
3,678
4,210,665
5.13%,
02/15/30
............
7,593
8,621,191
REWE
International
Finance
BV,
4.88%
,
09/13/30
(b)
...........
6,700
7,982,395
Sunrise
FinCo
.
I
BV,
4.88%
,
07/15/31
(c)
USD
4,000
3,784,720
Titan
Holdings
II
BV,
5.13%
,
07/15/29
(b)
EUR
5,233
5,912,491
Trivium
Packaging
Finance
BV
3.75%,
08/15/26
(b)(g)
..........
1,106
1,226,219
5.50%,
08/15/26
(c)(g)
..........
USD
4,128
4,111,918
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.29%,
08/15/26
(a)(b)
..
EUR
1,483
1,654,929
8.50%,
08/15/27
(c)(g)
..........
USD
2,231
2,236,392
UPCB
Finance
VII
Ltd.,
3.63%
,
06/15/29
(b)
................
EUR
4,450
4,805,135
Viterra
Finance
BV
(b)
0.38%,
09/24/25
............
13,300
14,387,708
1.00%,
09/24/28
............
15,131
15,526,702
VZ
Secured
Financing
BV
3.50%,
01/15/32
(b)
...........
1,500
1,539,036
5.00%,
01/15/32
(c)
...........
USD
15,870
14,604,264
VZ
Vendor
Financing
II
BV,
2.88%
,
01/15/29
(b)
................
EUR
5,001
5,142,874
Ziggo
BV
2.88%,
01/15/30
(b)
...........
5,250
5,399,949
4.88%,
01/15/30
(c)
...........
USD
3,547
3,370,424
370,212,606
Security
Par
(000)
Par
(000)
Value
Nigeria
—
0.0%
IHS
Holding
Ltd.,
6.25%
,
11/29/28
(c)
.
USD
10,980
$
10,252,575
Norway
—
0.0%
Var
Energi
ASA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%
,
11/15/83
(a)(b)
...............
EUR
10,387
12,689,612
Panama
—
0.0%
C&W
Senior
Finance
Ltd.,
6.88%
,
09/15/27
(c)
................
USD
6,130
6,101,434
Peru
—
0.0%
(c)
Intercorp
Peru
Ltd.,
3.88%
,
08/15/29
.
1,911
1,779,619
Pluspetrol
Camisea
SA,
6.24%
,
07/03/36
.................
2,716
2,900,172
Volcan
Cia
Minera
SAA,
8.75%
,
01/24/30
.................
1,180
1,017,585
5,697,376
Philippines
—
0.3%
(b)
ACEN
Finance
Ltd.,
4.00%
(o)
......
5,215
3,585,312
Globe
Telecom,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.53%),
4.20%
(a)
(o)
......................
11,000
10,733,910
Manila
Water
Co.,
Inc.,
4.38%
,
07/30/30
2,473
2,389,536
Petron
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.57%),
5.95%
(a)(o)
....
18,017
17,926,915
Rizal
Commercial
Banking
Corp.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.24%),
6.50%
(a)(o)
.........
14,000
13,943,125
5.50%,
01/18/29
............
4,995
5,157,338
Royal
Capital
BV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.40%),
5.00%
(a)(o)
....
8,000
7,984,800
San
Miguel
Global
Power
Holdings
Corp.
(a)(o)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
9.20%),
7.00%
...........
5,650
5,632,372
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.73%),
8.75%
...........
23,680
24,272,000
Security
Bank
Corp.,
5.50%
,
05/14/29
10,000
10,396,875
SMIC
SG
Holdings
Pte.
Ltd.,
5.38%
,
07/24/29
.................
3,871
3,947,220
VLL
International,
Inc.,
9.38%
,
07/29/29
2,060
2,075,450
108,044,853
Portugal
—
0.2%
(b)
Banco
Espirito
Santo
SA
(d)(e)
2.63%,
05/08/17
............
EUR
6,100
1,901,260
4.75%,
01/15/18
............
15,500
4,831,071
4.00%,
01/21/25
............
19,000
5,921,958
EDP
SA
(a)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.05%),
4.75%,
05/29/54
....
4,800
5,404,566
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.40%),
4.63%,
09/16/54
....
8,800
9,820,347
(5-Year
EUR
Swap
Annual
+
1.84%),
1.70%,
07/20/80
....
13,300
14,538,947
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%,
08/02/81
....
25,500
27,353,149
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Portugal
(continued)
Series
NC5.,
(5-Year
EUR
Swap
Annual
+
1.89%),
1.50%,
03/14/82
...............
EUR
18,300
$
19,211,148
88,982,446
Romania
—
0.0%
RCS
&
RDS
SA,
3.25%
,
02/05/28
(b)
..
12,400
13,240,585
Saudi
Arabia
—
0.0%
EIG
Pearl
Holdings
SARL
(c)
3.55%,
08/31/36
............
USD
2,224
1,974,890
4.39%,
11/30/46
............
2,474
2,022,495
3,997,385
Singapore
—
0.2%
(b)
DBS
Bank
Ltd.,
3.21%
,
08/19/26
...
EUR
21,840
24,606,091
DBS
Group
Holdings
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.92%),
3.30%
(a)
(o)
......................
USD
9,332
9,244,512
GLP
Pte.
Ltd.,
3.88%
,
06/04/25
....
2,500
2,384,375
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
7,762,960
Puma
International
Financing
SA,
7.75%
,
04/25/29
............
1,717
1,764,218
ST
Engineering
RHQ
Ltd.,
1.50%
,
04/29/25
.................
10,000
9,815,625
Straits
Trading
Co.
Ltd.,
3.25%
,
02/13/28
(p)
................
SGD
3,000
2,266,485
STT
GDC
Pte.
Ltd.,
(SDSOA6
+
3.98%),
5.70%
(a)(o)
...........
4,250
3,520,696
Trafigura
Group
Pte.
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.92%),
5.88%
(a)
(o)
......................
USD
1,300
1,253,902
United
Overseas
Bank
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.23%),
2.00%
,
10/14/31
(a)
................
8,000
7,576,640
70,195,504
Slovenia
—
0.1%
(b)
Summer
BidCo
BV,
10.00%
,
(10.00%
Cash
or
10.75%
PIK),
02/15/29
(q)
.
EUR
753
830,070
United
Group
BV
3.13%,
02/15/26
............
5,001
5,491,738
4.00%,
11/15/27
............
4,978
5,409,933
4.63%,
08/15/28
............
2,108
2,311,322
(3-mo.
EURIBOR
at
4.25%
Floor
+
4.25%),
7.79%,
02/01/29
(a)
...
2,784
3,091,262
6.75%,
02/15/31
............
562
649,050
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
7.79%,
02/15/31
(a)
...
5,618
6,238,043
24,021,418
South
Africa
—
0.1%
Anglo
American
Capital
plc
(b)
4.50%,
09/15/28
............
3,360
3,904,827
5.00%,
03/15/31
............
20,030
23,968,847
4.13%,
03/15/32
............
9,120
10,411,005
4.75%,
09/21/32
............
10,726
12,753,334
Sasol
Financing
USA
LLC
4.38%,
09/18/26
............
USD
697
675,219
Security
Par
(000)
Par
(000)
Value
South
Africa
(continued)
6.50%,
09/27/28
............
USD
1,530
$
1,516,612
53,229,844
South
Korea
—
0.4%
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
8,673,750
Hyundai
Assan
Otomotiv
Sanayi
ve
Ticaret
A/S,
1.63%
,
07/12/26
(b)
...
1,260
1,196,606
Hyundai
Capital
Services,
Inc.
(b)
5.13%,
02/05/27
............
6,725
6,821,672
5.13%,
02/05/29
............
6,075
6,198,398
Hyundai
Card
Co.
Ltd.,
5.75%
,
04/24/29
(b)
................
8,595
8,930,721
KB
Capital
Co.
Ltd.,
1.50%
,
10/28/25
(b)
7,427
7,157,771
KB
Kookmin
Card
Co.
Ltd.,
4.00%
,
06/09/25
(b)
................
10,000
9,943,750
KEB
Hana
Bank,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.41%),
3.50%
(a)(b)(o)
...
4,000
3,812,500
KODIT
Global
Co.,
Ltd.,
3.62%
,
05/27/25
(b)
................
8,698
8,627,981
Korea
East-West
Power
Co.
Ltd.
(b)
1.75%,
05/06/25
............
8,862
8,712,454
3.60%,
05/06/25
............
5,405
5,371,219
Korea
Western
Power
Co.
Ltd.,
4.13%
,
06/28/25
(b)
................
1,163
1,158,639
Korean
Air
Lines
Co.
Ltd.,
4.75%
,
09/23/25
(b)
................
500
500,525
KT
Corp.,
4.00%
,
08/08/25
(b)
......
7,326
7,284,791
LG
Electronics,
Inc.
(c)
5.63%,
04/24/27
............
4,283
4,391,788
5.63%,
04/24/29
............
1,296
1,348,566
LOTTE
Property
&
Development
Co.
Ltd.,
4.50%
,
08/01/25
(b)
........
1,845
1,839,557
POSCO,
5.75%
,
01/17/28
(c)
.......
1,427
1,477,473
Shinhan
Bank
Co.
Ltd.
(b)
3.88%,
03/24/26
............
10,000
9,865,625
3.75%,
09/20/27
............
10,000
9,759,375
Shinhan
Card
Co.
Ltd.,
2.50%
,
01/27/27
(b)
................
3,445
3,297,511
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
1,172,543
SK
Broadband
Co.
Ltd.,
4.88%
,
06/28/28
(b)
................
570
577,125
SK
Hynix,
Inc.
(b)
5.50%,
01/16/27
............
5,000
5,098,450
5.50%,
01/16/29
............
7,490
7,717,041
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
9,896,200
Woori
Bank,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.66%),
4.25%
(a)(b)(o)
.........
10,000
9,975,000
Woori
Card
Co.
Ltd.,
1.75%
,
03/23/26
(b)
5,476
5,237,684
156,044,715
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Spain
—
1.5%
Abertis
Infraestructuras
Finance
BV,
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
(a)(b)(o)
................
EUR
11,000
$
12,091,592
Amadeus
IT
Group
SA,
3.50%
,
03/21/29
(b)
................
7,000
7,932,891
Banco
Bilbao
Vizcaya
Argentaria
SA
(a)(b)
(3-mo.
EURIBOR
+
0.67%),
4.13%,
05/10/26
...............
6,400
7,158,463
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.54%),
8.38%
(o)
..........
3,000
3,641,837
(5-Year
EUR
Swap
Annual
+
4.27%),
6.88%
(o)
..........
3,800
4,341,007
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.40%),
4.88%,
02/08/36
....
8,200
9,488,087
Banco
de
Credito
Social
Cooperativo
SA
(a)(b)
(1-Year
EUR
Swap
Annual
+
2.15%),
1.75%,
03/09/28
....
4,200
4,489,366
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.27%),
7.50%,
09/14/29
....
4,000
5,068,506
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.70%),
4.13%,
09/03/30
....
2,800
3,157,619
Banco
de
Sabadell
SA
(a)(b)
(1-Year
EUR
Swap
Annual
+
2.40%),
5.25%,
02/07/29
....
2,400
2,843,664
(1-Year
EURIBOR
ICE
Swap
Rate
+
2.40%),
5.50%,
09/08/29
....
3,500
4,209,967
(5-Year
EUR
Swap
Annual
+
2.20%),
2.00%,
01/17/30
....
3,500
3,871,503
(5-Year
EUR
Swap
Annual
+
2.95%),
2.50%,
04/15/31
....
6,300
6,899,237
(5-Year
EUR
Swap
Annual
+
3.15%),
6.00%,
08/16/33
....
3,800
4,525,146
Banco
Santander
SA
(b)
(1-Year
EUR
Swap
Annual
+
1.05%),
3.63%,
09/27/26
(a)
...
32,900
36,809,557
(GUKG1
+
1.80%),
3.13%,
10/06/26
(a)
..............
GBP
11,200
14,678,653
(1-Year
EUR
Swap
Annual
+
1.25%),
4.63%,
10/18/27
(a)
...
EUR
36,700
42,121,691
3.13%,
05/28/29
............
10,300
11,742,221
4.88%,
10/18/31
............
11,200
13,518,957
Bankinter
SA
(a)(b)
(5-Year
EUR
Swap
Annual
+
6.71%),
6.25%
(o)
..........
7,200
8,096,911
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.71%),
7.38%
(o)
..........
1,000
1,167,583
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.35%),
5.00%,
06/25/34
....
4,400
5,032,267
CaixaBank
SA
(a)(b)
(5-Year
EUR
Swap
Annual
+
4.50%),
5.25%
(o)
..........
19,000
20,912,972
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
(o)
..........
7,800
8,725,983
(5-Year
EUR
Swap
Annual
+
1.68%),
2.25%,
04/17/30
....
13,400
14,760,037
Cellnex
Finance
Co.
SA
(b)
3.63%,
01/24/29
............
15,700
17,790,157
2.00%,
02/15/33
............
2,800
2,761,347
Cellnex
Telecom
SA
(b)
1.88%,
06/26/29
............
3,400
3,565,291
2.13%,
08/11/30
(p)
...........
12,600
14,883,406
1.75%,
10/23/30
............
2,700
2,746,608
0.75%,
11/20/31
(p)
...........
19,700
19,304,623
Cirsa
Finance
International
SARL
(b)
10.38%,
11/30/27
...........
257
303,208
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
7.88%,
07/31/28
............
EUR
3,507
$
4,142,340
(3-mo.
EURIBOR
+
4.50%),
8.14%,
07/31/28
(a)
..............
5,988
6,732,464
6.50%,
03/15/29
............
3,078
3,587,688
Deutsche
Bank
SA,
3.63%
,
11/23/26
(b)
39,400
44,818,954
Iberdrola
Finanzas
SA,
(5-Year
EUR
Swap
Annual
+
1.68%),
1.58%
(a)(b)(o)
16,500
17,128,857
Kaixo
Bondco
Telecom
SA,
5.13%
,
09/30/29
(b)
................
1,673
1,859,972
Lorca
Telecom
Bondco
SA
(b)
4.00%,
09/18/27
............
6,173
6,827,704
5.75%,
04/30/29
............
3,299
3,833,017
Natural
Foods,
(6-mo.
EURIBOR
at
0.00%
Floor
+
6.75%),
10.36%
,
10/13/29
(a)(f)
................
21,501
23,933,949
Naturgy
Finance
Iberia
SA,
(5-Year
EUR
Swap
Annual
+
2.44%),
2.37%
(a)(b)(o)
................
6,200
6,663,427
Repsol
Europe
Finance
SARL,
3.63%
,
09/05/34
(b)
................
17,000
18,993,643
Repsol
International
Finance
BV,
(5-
Year
EUR
Swap
Annual
+
2.77%),
2.50%
(a)(b)(o)
................
31,425
33,776,352
Telefonica
Emisiones
SA
(b)
5.38%,
02/02/26
............
GBP
27,294
36,690,463
3.70%,
01/24/32
............
EUR
15,300
17,444,219
Telefonica
Europe
BV
(a)(b)(o)
(8-Year
EUR
Swap
Annual
+
2.97%),
3.88%
...........
24,200
26,818,517
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
...........
15,000
17,833,080
(EUAMDB08
+
3.62%),
6.75%
..
400
490,899
(EUAMDB08
+
3.12%),
5.75%
..
10,200
11,889,023
602,104,925
Sweden
—
0.4%
Balder
Finland
OYJ,
1.00%
,
01/20/29
(b)
4,323
4,269,236
Dometic
Group
AB,
2.00%
,
09/29/28
(b)
1,080
1,072,244
Fastighets
AB
Balder,
1.13%
,
01/29/27
(b)
................
999
1,052,643
Heimstaden
Bostad
AB
(b)
(5-Year
EUR
Swap
Annual
+
3.67%),
3.25%
(a)(o)
.........
3,300
3,361,156
1.13%,
01/21/26
............
800
851,249
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
(a)(o)
.........
10,577
10,085,262
Heimstaden
Bostad
Treasury
BV
(b)
0.63%,
07/24/25
............
800
864,171
1.38%,
03/03/27
............
6,416
6,607,815
1.00%,
04/13/28
............
2,600
2,550,650
Intrum
AB
(b)
3.50%,
07/15/26
............
1,239
1,041,291
(3-mo.
Stockholm
Interbank
Offered
Rates
at
0.00%
Floor
+
3.30%),
6.58%,
09/09/26
(a)
.........
SEK
6,000
434,824
3.00%,
09/15/27
............
EUR
14,938
12,554,317
9.25%,
03/15/28
............
1,440
1,215,955
Skandinaviska
Enskilda
Banken
AB,
(3-mo.
EURIBOR
+
0.38%),
4.02%
,
05/03/27
(a)(b)
...............
18,640
20,783,352
Stena
International
SA
(c)
7.25%,
01/15/31
............
USD
16,795
17,648,724
7.63%,
02/15/31
............
6,700
7,031,139
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Sweden
(continued)
Svenska
Handelsbanken
AB,
(3-mo.
EURIBOR
+
0.45%),
3.92%
,
03/08/27
(a)(b)
...............
EUR
24,700
$
27,574,980
Swedbank
AB,
(GUKG1
+
1.00%),
1.38%
,
12/08/27
(a)(b)
..........
GBP
3,266
4,068,794
Verisure
Holding
AB
(b)
3.88%,
07/15/26
............
EUR
5,079
5,625,420
9.25%,
10/15/27
............
1,230
1,435,922
7.13%,
02/01/28
............
1,800
2,090,509
Volvo
Treasury
AB
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.38%),
3.92%,
05/22/26
(a)
...
11,028
12,293,004
4.75%,
06/15/26
............
GBP
13,460
17,996,319
162,508,976
Switzerland
—
0.9%
Argentum
Netherlands
BV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.76%),
5.52%
(a)
(b)(o)
.....................
USD
13,101
13,135,036
Dufry
One
BV,
4.75%
,
04/18/31
(b)
...
EUR
3,715
4,265,202
Julius
Baer
Group
Ltd.,
(5-Year
EUR
Swap
Annual
+
3.85%),
6.63%
(a)(b)(o)
11,680
13,164,112
Lonza
Finance
International
NV,
3.50%
,
09/04/34
(b)
................
13,490
15,054,385
Novartis
Capital
Corp.,
4.70%
,
09/18/54
USD
13,907
13,609,948
Raiffeisen
Schweiz
Genossenschaft,
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.35%),
3.85%
,
09/03/32
(a)(b)
....
EUR
10,600
12,083,685
UBS
AG
7.95%,
01/09/25
............
USD
10,000
10,077,405
3.70%,
02/21/25
............
23,000
22,892,857
2.95%,
04/09/25
............
8,000
7,920,553
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.35%),
4.05%,
04/12/26
(a)(b)
..
EUR
25,100
27,955,991
UBS
Group
AG
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%
(a)(b)(o)
..............
USD
8,900
8,921,182
(5-Year
USD
Swap
Semi
+
4.59%),
6.88%
(a)(b)(o)
..............
10,529
10,564,904
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.55%),
4.49%,
05/12/26
(a)(c)
..
5,982
5,964,555
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.10%),
3.88%
(a)(b)(o)
........
2,302
2,189,605
(1-day
SOFR
+
2.04%),
2.19%,
06/05/26
(a)(c)
.............
14,516
14,248,764
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.86%),
5.13%
(a)(b)(o)
........
7,974
7,824,886
(1-Year
EUR
Swap
Annual
+
1.60%),
2.13%,
10/13/26
(a)(b)
..
EUR
37,600
41,396,720
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(a)(c)(o)
........
USD
1,833
1,754,023
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(a)(b)(o)
........
2,275
2,176,980
(GUKG1
+
2.23%),
2.25%,
06/09/28
(a)(b)
.............
GBP
7,900
9,832,867
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.75%),
9.25%
(a)(c)(o)
........
USD
700
773,921
(USISSO05
+
3.63%),
6.85%
(a)(c)(o)
12,400
12,547,647
Security
Par
(000)
Par
(000)
Value
Switzerland
(continued)
(1-Year
EUR
Swap
Annual
+
1.95%),
2.88%,
04/02/32
(a)(b)
..
EUR
8,600
$
9,270,484
0.63%,
01/18/33
(b)
...........
15,000
13,307,241
(USISSO01
+
1.86%),
5.38%,
09/06/45
(a)(c)
.............
USD
6,197
6,339,593
UBS
Switzerland
AG
(b)
2.58%,
09/23/27
............
EUR
44,030
49,133,740
3.30%,
03/05/29
............
16,150
18,514,177
VistaJet
Malta
Finance
plc
(c)
9.50%,
06/01/28
............
USD
2,150
2,101,384
6.38%,
02/01/30
............
2,954
2,537,884
359,559,731
Thailand
—
0.2%
Bangkok
Bank
PCL
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.73%),
5.00%
(a)(b)(o)
........
10,000
9,880,000
5.30%,
09/21/28
(c)
...........
4,119
4,229,801
5.50%,
09/21/33
(c)
...........
3,689
3,827,227
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.90%),
3.73%,
09/25/34
(a)(b)
..
8,577
7,942,902
Kasikornbank
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.70%),
3.34%
,
10/02/31
(a)(b)
...............
3,000
2,874,375
Krung
Thai
Bank
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.53%),
4.40%
(a)
(b)(o)
.....................
11,980
11,732,913
Minor
International
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.92%),
2.70%
(a)
(b)(o)
.....................
5,300
5,089,484
TMBThanachart
Bank
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.26%),
4.90%
(a)
(b)(o)
.....................
15,400
15,338,400
60,915,102
Turkey
—
0.0%
(c)
Eregli
Demir
ve
Celik
Fabrikalari
TAS,
8.38%
,
07/23/29
............
2,004
2,059,110
Sisecam
UK
plc,
8.25%
,
05/02/29
...
3,479
3,588,936
Turkish
Airlines
Pass-Through
Trust,
Series
2015-1,
Class
A,
4.20%
,
03/15/27
.................
3,211
3,029,052
8,677,098
Ukraine
—
0.1%
Metinvest
BV,
7.65%
,
10/01/27
(b)
...
4,517
3,071,560
MHP
Lux
SA,
6.25%
,
09/19/29
(b)
....
7,468
5,675,680
NAK
Naftogaz
Ukraine
(d)(e)
7.13%,
07/19/26
(b)
...........
EUR
26,665
22,261,466
7.63%,
11/08/28
(c)
...........
USD
24,448
19,925,120
VF
Ukraine
PAT,
6.20%
,
02/11/25
(b)
..
4,833
4,337,617
55,271,443
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)
................
993
1,072,132
Abu
Dhabi
Developmental
Holding
Co.
PJSC,
5.25%
,
10/02/54
(c)
......
2,743
2,708,712
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Arab
Emirates
(continued)
Adnoc
Murban
Rsc
Ltd.,
5.13%
,
09/11/54
(c)
.................
USD
2,841
$
2,792,703
Alpha
Star
Holding
VIII
Ltd.,
8.38%
,
04/12/27
(b)
................
7,000
7,230,125
DAE
Funding
LLC,
2.63%
,
03/20/25
(b)
3,914
3,865,662
DP
World
Salaam,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.75%),
6.00%
(a)(b)(o)
...
3,726
3,720,411
MAF
Global
Securities
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(a)
(b)(o)
.....................
1,517
1,523,402
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
7,027,512
MDGH
GMTN
RSC
Ltd.,
4.38%
,
11/22/33
(c)
.................
1,797
1,770,607
Shelf
Drilling
Holdings
Ltd.,
9.63%
,
04/15/29
(c)
................
12,797
11,773,240
43,484,506
United
Kingdom
—
3.7%
10x
Future
Technologies
Services
Ltd.,
(Acquired
12/19/23,
cost
$5,115,255),
15.00%
,
06/19/26
(f)(l)(p)
GBP
4,125
6,011,427
Amber
Finco
plc,
6.63%
,
07/15/29
(b)
.
EUR
8,059
9,385,779
Ardonagh
Finco
Ltd.,
6.88%
,
02/15/31
(b)
14,152
15,969,907
Avianca
Midco
2
plc,
9.00%
,
12/01/28
(c)
USD
7,118
7,082,717
Babcock
International
Group
plc
(b)
1.88%,
10/05/26
............
GBP
9,600
12,087,739
1.38%,
09/13/27
............
EUR
2,000
2,111,517
Barclays
plc
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.58%),
7.13%
(a)(o)
...............
GBP
4,642
6,207,090
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.02%),
6.38%
(a)(b)(o)
..............
16,800
22,292,304
3.00%,
05/08/26
(b)
...........
3,266
4,240,148
3.25%,
02/12/27
(b)
...........
3,266
4,202,247
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(a)(o)
.........
USD
1,754
1,569,938
(3-mo.
EURIBOR
+
0.80%),
4.32%,
05/08/28
(a)(b)
.............
EUR
26,700
29,788,988
(USISSO05
+
5.78%),
9.63%
(a)(o)
.
USD
2,250
2,533,306
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.75%),
3.75%,
11/22/30
(a)(b)
........
GBP
5,000
6,535,424
(5-Year
EUR
Swap
Annual
+
1.55%),
1.13%,
03/22/31
(a)(b)
..
EUR
8,900
9,537,899
(1-Year
EUR
Swap
Annual
+
2.55%),
5.26%,
01/29/34
(a)(b)
..
21,000
25,850,936
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.55%),
4.35%,
05/08/35
(a)(b)
..
10,300
11,917,688
BAT
International
Finance
plc
,
4.13%
,
04/12/32
(b)
................
6,830
7,694,573
BCP
V
Modular
Services
Finance
II
plc
(b)
4.75%,
11/30/28
............
2,888
3,126,371
6.13%,
11/30/28
............
GBP
6,198
7,872,841
Bellis
Acquisition
Co.
plc
,
8.13%
,
05/14/30
(b)
................
17,555
23,228,837
Bellis
Finco
plc,
4.00%
,
02/16/27
(b)
..
700
864,973
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
BG
Energy
Capital
plc,
5.13%
,
12/01/25
(b)
................
GBP
5,989
$
8,018,564
British
Telecommunications
plc
(a)
(5-Year
EUR
Swap
Annual
+
2.13%),
1.87%,
08/18/80
(b)
...
EUR
49,015
53,469,827
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.99%),
4.25%,
11/23/81
(c)
...
USD
4,700
4,561,230
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.99%),
4.25%,
11/23/81
(b)
...
21,800
21,156,344
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.49%),
4.88%,
11/23/81
(c)
...
3,600
3,323,328
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%,
12/20/83
(b)
.........
GBP
30,725
44,289,250
CD&R
Firefly
Bidco
plc,
8.63%
,
04/30/29
(b)
................
9,699
13,407,959
Centrica
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.51%),
6.50%
,
05/21/55
(a)(b)
....
7,473
10,243,301
Chanel
Ceres
plc,
0.50%
,
07/31/26
(b)
.
EUR
3,518
3,750,663
Channel
Link
Enterprises
Finance
plc
(a)(b)
Series
A8,
(6-mo.
EURIBOR
+
5.90%),
2.71%,
06/30/50
....
4,400
4,685,098
Series
A5,
(Sterling
Overnight
Index
Average
+
0.28%),
3.04%,
06/30/50
...............
GBP
3,075
3,691,117
CK
Hutchison
Group
Telecom
Finance
SA,
2.63%
,
10/17/34
(b)
........
12,515
12,350,305
CK
Hutchison
International
23
Ltd.,
4.88%
,
04/21/33
(b)
...........
USD
965
973,145
Connect
Finco
SARL
(c)
6.75%,
10/01/26
............
13,418
13,418,000
9.00%,
09/15/29
............
7,947
7,690,591
CPUK
Finance
Ltd.
(b)
3.59%,
08/28/25
............
GBP
806
1,061,093
4.50%,
08/28/27
............
3,205
4,027,829
Deuce
Finco
plc,
5.50%
,
06/15/27
(b)
.
2,070
2,715,942
EC
Finance
plc,
3.00%
,
10/15/26
(b)
..
EUR
3,651
3,946,048
EnQuest
plc,
11.63%
,
11/01/27
(c)
...
USD
4,800
4,868,539
Galaxy
Bidco
Ltd.,
6.50%
,
07/31/26
(b)
GBP
23,362
30,999,572
Gatwick
Airport
Finance
plc,
4.38%
,
04/07/26
(b)
................
5,935
7,760,201
Global
Switch
Finance
BV,
1.38%
,
10/07/30
(b)
................
EUR
17,914
18,298,073
Heathrow
Finance
plc
(b)
5.75%,
03/03/25
(g)
...........
GBP
1,486
1,980,851
3.88%,
03/01/27
(g)
...........
5,212
6,619,774
4.13%,
09/01/29
(g)
...........
1,956
2,392,793
6.63%,
03/01/31
............
9,981
13,355,414
HSBC
Holdings
plc
(a)
(3-mo.
CME
Term
SOFR
+
1.40%),
2.63%,
11/07/25
..........
USD
1,807
1,801,606
(1-day
SOFR
+
1.43%),
3.00%,
03/10/26
...............
24,891
24,658,850
(1-day
SOFR
+
1.54%),
1.65%,
04/18/26
...............
7,393
7,256,332
(3-mo.
EURIBOR
+
1.00%),
4.44%,
09/24/26
(b)
..............
EUR
17,200
19,278,097
(BPISDS01
+
1.32%),
2.26%,
11/13/26
(b)
..............
GBP
35,500
45,963,238
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
(3-mo.
EURIBOR
+
1.45%),
3.02%,
06/15/27
(b)
..............
EUR
21,000
$
23,389,475
(Sterling
Overnight
Index
Average
+
1.31%),
1.75%,
07/24/27
....
GBP
29,675
37,499,579
(5-Year
EUR
Swap
Annual
+
3.84%),
4.75%
(b)(o)
.........
EUR
10,309
11,203,208
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.30%),
6.88%
(o)
..........
USD
25,000
25,752,675
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.30%),
6.21%,
03/21/34
(b)
..............
AUD
4,190
2,970,971
INEOS
Quattro
Finance
2
plc
(b)
2.50%,
01/15/26
............
EUR
100
110,758
8.50%,
03/15/29
............
18,578
21,892,472
Informa
plc,
3.13%
,
07/05/26
(b)
.....
GBP
24,147
31,243,550
Intu
Jersey
2
Ltd.,
2.88%
,
11/01/24
(b)(d)(e)
(p)
......................
3,858
799,583
ITV
plc,
1.38%
,
09/26/26
(b)
........
EUR
603
650,415
Jaguar
Land
Rover
Automotive
plc,
4.50%
,
10/01/27
(c)
...........
USD
550
538,504
Jerrold
Finco
plc,
5.25%
,
01/15/27
(b)
.
GBP
12,790
16,821,722
Lloyds
Banking
Group
plc
2.25%,
10/16/24
(b)
...........
6,659
8,891,123
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.61%),
5.13%
(a)(o)
...............
1,700
2,267,426
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.29%),
4.95%
(a)(b)(o)
........
EUR
12,540
13,941,452
(GUKG1
+
1.30%),
1.88%,
01/15/26
(a)(b)
.............
GBP
35,119
46,469,114
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.00%),
2.44%,
02/05/26
(a)
...
USD
2,965
2,936,577
Market
Bidco
Finco
plc,
5.50%
,
11/04/27
(b)
................
GBP
8,725
10,995,732
Metrocentre
Finance
plc,
8.75%
,
(8.75%
Cash
or
8.75%
PIK),
12/05/24
(q)
................
1,138
764,563
Mitchells
&
Butlers
Finance
plc,
Series
D1,
(Sterling
Overnight
Index
Average
+
2.36%),
7.32%
,
06/15/36
(a)(b)
...............
2,225
2,439,978
Mobico
Group
plc
(b)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(o)
...............
7,246
8,795,317
3.63%,
11/20/28
(g)
...........
408
491,604
4.88%,
09/26/31
............
EUR
11,046
12,111,122
Motability
Operations
Group
plc
(b)
0.13%,
07/20/28
............
6,809
6,856,042
3.63%,
07/24/29
............
21,750
24,837,351
3.50%,
07/17/31
............
14,155
15,990,782
4.25%,
06/17/35
............
15,900
18,600,287
Motion
Finco
SARL,
7.38%
,
06/15/30
(b)
13,237
14,909,374
National
Grid
Electricity
Distribution
South
West
plc,
5.88%
,
03/25/27
(b)
GBP
3,275
4,465,950
Nationwide
Building
Society
(a)(b)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.39%),
5.88%
(o)
................
4,556
6,083,074
(3-mo.
EURIBOR
+
0.93%),
1.50%,
03/08/26
...............
EUR
15,000
16,567,178
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.63%),
5.75%
(o)
................
GBP
5,100
$
6,584,777
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.85%),
7.50%
(o)
................
7,575
10,178,033
NatWest
Group
plc
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.63%),
6.00%
(o)
..........
USD
3,300
3,298,289
(3-mo.
EURIBOR
+
1.08%),
1.75%,
03/02/26
(b)
..............
EUR
27,000
29,853,681
(BPSW1
+
1.49%),
2.88%,
09/19/26
(b)
..............
GBP
13,408
17,534,597
(BPSW1
+
2.01%),
3.13%,
03/28/27
(b)
..............
3,266
4,248,278
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.99%),
5.13%
(o)
................
6,150
7,859,930
(5-Year
EUR
Swap
Annual
+
1.27%),
1.04%,
09/14/32
(b)
...
EUR
11,000
11,393,769
NGG
Finance
plc,
(5-Year
EUR
Swap
Annual
+
2.14%),
1.63%
,
12/05/79
(a)
(b)
......................
45,185
50,046,194
NIE
Finance
plc,
2.50%
,
10/27/25
(b)
.
GBP
4,800
6,238,772
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
4,915,330
Pinewood
Finco
plc
6.00%,
03/27/30
(b)
...........
GBP
20,101
26,948,984
Pinnacle
Bidco
plc,
10.00%
,
10/11/28
(b)
8,709
12,414,879
Premier
Foods
Finance
plc,
3.50%
,
10/15/26
(b)
................
6,048
7,903,941
Rolls-Royce
plc
3.63%,
10/14/25
(c)
...........
USD
9,694
9,524,648
5.75%,
10/15/27
(c)
...........
275
283,524
5.75%,
10/15/27
(b)
...........
GBP
8,700
11,867,002
Santander
UK
Group
Holdings
plc,
3.63%
,
01/14/26
(b)
...........
3,266
4,303,121
SCC
Power
plc
(c)(q)
8.00%,
(8.00%
Cash
or
8.00%
PIK),
12/31/28
...............
USD
21,341
8,739,218
4.00%,
(4.00%
Cash
or
4.00%
PIK),
05/17/32
...............
11,655
1,660,881
SP
Distribution
plc,
5.88%
,
07/17/26
(b)
GBP
4,200
5,716,600
SSE
plc,
8.38%
,
11/20/28
(b)
.......
10,800
16,356,481
Standard
Chartered
plc
(a)(b)
(1-Year
EURIBOR
ICE
Swap
Rate
+
0.88%),
1.63%,
10/03/27
....
EUR
10,400
11,265,230
(SDSOA5
+
3.08%),
5.30%
(o)
...
SGD
8,500
6,825,131
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.57%),
7.88%
(o)
..........
USD
8,000
8,454,000
Stonegate
Pub
Co.
Financing
2019
plc
(b)
(3-mo.
EURIBOR
+
6.63%),
10.17%,
07/31/29
(a)
........
EUR
1,892
2,148,728
10.75%,
07/31/29
...........
GBP
1,825
2,522,281
Synthomer
plc,
3.88%
,
07/01/25
(b)
...
EUR
768
850,727
Tesco
Property
Finance
1
plc,
7.62%
,
07/13/39
(b)
................
GBP
2,767
4,190,700
Tesco
Property
Finance
3
plc,
5.74%
,
04/13/40
(b)
................
6,293
8,480,670
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Tesco
Property
Finance
4
plc,
5.80%
,
10/13/40
(b)
................
GBP
2,993
$
4,040,754
Thames
Water
Kemble
Finance
plc,
4.63%
,
05/19/26
(b)(d)(e)
.........
4,273
177,096
Thames
Water
Utilities
Finance
plc,
4.00%
,
06/19/25
(b)
...........
27,434
28,229,092
TSB
Bank
plc,
3.32%
,
03/05/29
(b)
...
EUR
11,130
12,750,014
Virgin
Media
Finance
plc,
5.00%
,
07/15/30
(c)
................
USD
2,400
2,110,859
Virgin
Media
Secured
Finance
plc
5.25%,
05/15/29
(b)
...........
GBP
400
502,693
5.50%,
05/15/29
(c)
...........
USD
4,906
4,705,336
4.25%,
01/15/30
(b)
...........
GBP
2,425
2,861,157
4.50%,
08/15/30
(c)
...........
USD
200
177,908
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%
,
07/15/28
(b)
.......
GBP
2,460
3,038,447
Virgin
Money
UK
plc,
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.20%),
4.00%
,
03/18/28
(a)(b)
...............
EUR
3,480
3,954,782
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(b)
...........
GBP
9,000
10,769,132
3.25%,
01/31/31
(b)
...........
EUR
7,736
7,962,895
4.25%,
01/31/31
(c)
...........
USD
3,036
2,687,593
4.50%,
07/15/31
(b)
...........
GBP
5,956
6,867,979
4.75%,
07/15/31
(c)
...........
USD
875
778,774
5.63%,
04/15/32
(b)
...........
EUR
1,666
1,873,902
7.75%,
04/15/32
(c)
...........
USD
4,218
4,329,693
Vodafone
Group
plc
5.63%,
02/10/53
............
4,280
4,356,609
(5-Year
EUR
Swap
Annual
+
3.43%),
4.20%,
10/03/78
(a)(b)
..
EUR
2,310
2,590,662
(5-Year
GBP
Swap
+
3.27%),
4.88%,
10/03/78
(a)(b)
........
GBP
1,500
1,986,253
(5-Year
GBP
Swap
+
3.27%),
4.88%,
10/03/78
(a)(b)
........
15,008
19,873,125
(5-Year
USD
Swap
Semi
+
3.05%),
6.25%,
10/03/78
(a)(b)
........
USD
5,297
5,297,000
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%,
08/27/80
(a)(b)
..
EUR
2,845
3,093,439
Series
NC6,
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%,
08/27/80
(a)(b)
.............
3,212
3,492,488
Series
60NC10,
(5-Year
EUR
Swap
Annual
+
3.48%),
3.00%,
08/27/80
(a)(b)
.............
9,005
9,340,134
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.77%),
4.13%,
06/04/81
(a)
...
USD
1,046
948,171
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.84%),
8.00%,
08/30/86
(a)(b)
........
GBP
3,552
5,212,002
Zegona
Finance
plc
6.75%,
07/15/29
(b)
...........
EUR
2,442
2,837,238
8.63%,
07/15/29
(c)
...........
USD
10,079
10,759,333
1,483,625,537
United
States
—
13.8%
Adient
Global
Holdings
Ltd.
(c)
4.88%,
08/15/26
............
250
247,689
8.25%,
04/15/31
............
5,639
5,982,980
ADT
Security
Corp.
(The),
4.13%
,
08/01/29
(c)
................
450
429,814
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
AES
Corp.
(The),
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
7.60%
,
01/15/55
(a)
................
USD
2,663
$
2,801,585
Affinity
Interactive,
6.88%
,
12/15/27
(c)
3,515
3,021,827
Air
Lease
Corp.,
Series
D,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.56%),
6.00%
(a)
(o)
......................
18,000
17,814,208
Albertsons
Cos.,
Inc.
(c)
3.25%,
03/15/26
............
575
556,006
4.63%,
01/15/27
............
588
572,043
5.88%,
02/15/28
............
300
301,339
6.50%,
02/15/28
............
500
509,100
3.50%,
03/15/29
............
3,790
3,533,878
4.88%,
02/15/30
............
435
427,982
Alexander
Funding
Trust
II,
7.47%
,
07/31/28
(c)
................
18,297
19,769,205
Allegiant
Travel
Co.,
7.25%
,
08/15/27
(c)
4,805
4,764,121
Allied
Universal
Holdco
LLC
9.75%,
07/15/27
(c)
...........
3,283
3,290,062
3.63%,
06/01/28
(b)
...........
EUR
12,981
13,600,874
4.63%,
06/01/28
(c)
...........
USD
1,100
1,033,427
4.88%,
06/01/28
(b)
...........
GBP
11,356
13,974,796
7.88%,
02/15/31
(c)
...........
USD
11,950
12,206,770
Allison
Transmission,
Inc.
(c)
4.75%,
10/01/27
............
325
319,771
3.75%,
01/30/31
............
175
159,109
Ambac
Assurance
Corp.,
5.10%
(c)(o)
..
1,407
1,956,307
AMC
Networks,
Inc.
10.25%,
01/15/29
(c)
..........
5,477
5,628,439
4.25%,
02/15/29
............
13,387
9,682,010
4.25%,
02/15/29
(c)(p)
..........
4,356
4,007,520
Amentum
Escrow
Corp.,
7.25%
,
08/01/32
(c)
................
2,221
2,317,909
American
Airlines
Pass-Through
Trust,
Series
2017-2,
Class
A,
3.50%
,
06/15/26
(f)
.................
27,580
26,926,354
American
Airlines,
Inc.
(c)
5.50%,
04/20/26
............
492
490,929
7.25%,
02/15/28
............
642
657,165
5.75%,
04/20/29
............
4,124
4,117,165
8.50%,
05/15/29
............
1,197
1,270,034
American
Axle
&
Manufacturing,
Inc.
6.88%,
07/01/28
............
150
149,753
5.00%,
10/01/29
............
5,798
5,323,316
American
Express
Co.,
(1-day
SOFR
+
1.00%),
4.99%
,
05/01/26
(a)
.....
8,000
8,008,274
American
Tower
Corp.
4.13%,
05/16/27
............
EUR
7,590
8,674,299
0.50%,
01/15/28
............
7,900
8,098,719
4.10%,
05/16/34
............
8,470
9,750,586
American
University
(The),
Series
2019,
3.67%
,
04/01/49
............
USD
4,870
4,039,625
Amgen,
Inc.
5.50%,
12/07/26
(b)
...........
GBP
35,798
48,745,549
5.65%,
03/02/53
............
USD
27,185
28,596,686
Amkor
Technology,
Inc.,
6.63%
,
09/15/27
(c)
................
10,550
10,623,449
Antero
Midstream
Partners
LP
(c)
5.75%,
03/01/27
............
250
250,219
5.38%,
06/15/29
............
475
470,007
6.63%,
02/01/32
............
2,050
2,121,721
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
AP
Grange
Holdings
LLC,
(Acquired
06/21/24,
cost
$14,801,000),
6.50%
,
03/20/45
(f)(l)
................
USD
14,801
$
14,912,008
Archrock
Partners
LP,
6.25%
,
04/01/28
(c)
................
575
577,857
Ardagh
Packaging
Finance
plc
2.13%,
08/15/26
(b)
...........
EUR
12,323
11,857,275
4.13%,
08/15/26
(c)
...........
USD
41,715
37,603,778
4.75%,
07/15/27
(b)
...........
GBP
1,163
992,942
Ares
Capital
Corp.
4.25%,
03/01/25
............
USD
3,469
3,454,073
3.88%,
01/15/26
............
3,695
3,641,179
2.15%,
07/15/26
............
491
466,585
7.00%,
01/15/27
............
6,049
6,296,461
5.88%,
03/01/29
............
13,000
13,312,346
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
............
300
292,037
4.63%,
11/15/29
(c)
...........
500
476,849
5.00%,
02/15/32
(c)
...........
2,050
1,943,974
Ascent
Resources
Utica
Holdings
LLC
(c)
8.25%,
12/31/28
............
375
384,178
5.88%,
06/30/29
............
600
592,738
Ashton
Woods
USA
LLC
(c)
6.63%,
01/15/28
............
12,838
12,953,722
4.63%,
08/01/29
............
1,672
1,605,020
4.63%,
04/01/30
............
4,694
4,497,278
Associated
Banc-Corp.,
(1-day
SOFR
+
3.03%),
6.46%
,
08/29/30
(a)
.....
12,235
12,578,225
AT&T,
Inc.
2.90%,
12/04/26
............
GBP
41,509
53,500,951
5.50%,
03/15/27
(b)
...........
17,800
24,167,336
4.25%,
06/01/43
............
8,200
9,065,428
3.55%,
09/15/55
............
USD
17,395
12,723,305
ATI,
Inc.,
7.25%
,
08/15/30
........
6,246
6,650,972
Avantor
Funding,
Inc.
3.88%,
07/15/28
(b)
...........
EUR
2,774
3,075,094
4.63%,
07/15/28
(c)
...........
USD
575
562,001
3.88%,
11/01/29
(c)
...........
250
236,542
Avis
Budget
Car
Rental
LLC
(c)
5.75%,
07/15/27
............
683
680,070
4.75%,
04/01/28
............
983
924,436
5.38%,
03/01/29
............
4,445
4,154,748
8.00%,
02/15/31
............
3,334
3,409,745
Ball
Corp.
6.88%,
03/15/28
............
2,900
3,003,086
6.00%,
06/15/29
............
250
258,726
2.88%,
08/15/30
............
175
155,753
Bank
of
America
Corp.
(a)
(3-mo.
CME
Term
SOFR
+
1.13%),
2.46%,
10/22/25
..........
8,361
8,346,124
(3-mo.
CME
Term
SOFR
+
1.07%),
3.37%,
01/23/26
..........
6,152
6,117,668
(1-day
SOFR
+
1.33%),
3.38%,
04/02/26
...............
7,908
7,844,802
(1-day
SOFR
+
1.15%),
1.32%,
06/19/26
...............
18,000
17,556,597
Bath
&
Body
Works,
Inc.
7.50%,
06/15/29
............
200
206,697
6.63%,
10/01/30
(c)
...........
2,300
2,344,710
Bausch
+
Lomb
Corp.,
8.38%
,
10/01/28
(c)
................
11,491
12,151,733
Beazer
Homes
USA,
Inc.,
7.25%
,
10/15/29
.................
8,623
8,853,223
Becton
Dickinson
&
Co.,
0.03%
,
08/13/25
.................
EUR
4,400
4,765,569
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Belden,
Inc.
(b)
3.38%,
07/15/27
............
EUR
2,635
$
2,904,406
3.88%,
03/15/28
............
3,371
3,717,981
Berry
Global,
Inc.,
4.88%
,
07/15/26
(c)
USD
8,000
7,987,216
Big
River
Steel
LLC,
6.63%
,
01/31/29
(c)
5,243
5,311,725
Blackstone
Private
Credit
Fund,
4.70%
,
03/24/25
.................
2,182
2,176,545
Block,
Inc.
2.75%,
06/01/26
............
500
484,753
3.50%,
06/01/31
............
275
250,759
Blue
Racer
Midstream
LLC,
7.25%
,
07/15/32
(c)
................
4,997
5,243,852
Boeing
Co.
(The),
7.01%
,
05/01/64
(c)
.
44,752
49,306,779
Booking
Holdings,
Inc.,
4.00%
,
03/01/44
.................
EUR
10,390
11,744,896
Boyd
Gaming
Corp.
4.75%,
12/01/27
............
USD
375
370,756
4.75%,
06/15/31
(c)
...........
5,594
5,341,402
BP
Capital
Markets
BV,
3.36%
,
09/12/31
(b)
................
EUR
22,250
24,840,231
BP
Capital
Markets
plc
(a)(o)
(5-Year
EUR
Swap
Annual
+
3.52%),
3.25%
(b)
..........
78,842
86,727,369
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.15%),
6.45%
...........
USD
36,500
38,395,549
Brand
Industrial
Services,
Inc.,
10.38%
,
08/01/30
(c)
................
6,921
7,411,360
Breeze
Aviation
Group,
Inc.
(Acquired
07/30/21,
cost
$16,053,438)
20.00%,
01/30/28
(f)
(l)
.....................
8,847
9,333,683
Buckeye
Partners
LP
4.35%,
10/15/24
............
1,647
1,644,537
4.13%,
03/01/25
(c)
...........
1,644
1,630,340
3.95%,
12/01/26
............
521
505,869
4.50%,
03/01/28
(c)
...........
400
387,925
Builders
FirstSource
,
Inc.,
6.38%
,
06/15/32
(c)
................
1,025
1,062,537
Burford
Capital
Global
Finance
LLC
(c)
6.25%,
04/15/28
............
666
664,613
9.25%,
07/01/31
............
1,016
1,093,319
Caesars
Entertainment,
Inc.
(c)
8.13%,
07/01/27
............
3,849
3,928,255
4.63%,
10/15/29
............
8,634
8,212,815
6.50%,
02/15/32
............
450
465,486
California
Resources
Corp.,
8.25%
,
06/15/29
(c)
................
4,771
4,862,023
Calpine
Corp.
(c)
5.25%,
06/01/26
............
125
124,509
4.50%,
02/15/28
............
300
292,917
5.13%,
03/15/28
............
9,538
9,405,350
4.63%,
02/01/29
............
750
724,378
5.00%,
02/01/31
............
468
453,133
3.75%,
03/01/31
............
50
46,331
Calumet
Specialty
Products
Partners
LP,
9.75%
,
07/15/28
(c)
.........
9,830
9,661,464
Carnival
Corp.,
7.00%
,
08/15/29
(c)
...
1,225
1,301,562
Carnival
plc,
1.00%
,
10/28/29
.....
EUR
8,000
7,730,337
Carrier
Global
Corp.,
4.50%
,
11/29/32
2,972
3,563,734
Catalent
Pharma
Solutions,
Inc.,
5.00%
,
07/15/27
(c)
................
USD
2,728
2,714,491
CCO
Holdings
LLC
5.13%,
05/01/27
(c)
...........
800
787,373
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
5.38%,
06/01/29
(c)
...........
USD
6,100
$
5,878,528
6.38%,
09/01/29
(c)
...........
6,058
6,065,179
4.75%,
03/01/30
(c)
...........
8,896
8,182,867
4.50%,
08/15/30
(c)
...........
7,165
6,494,911
4.25%,
02/01/31
(c)
...........
6,351
5,599,864
7.38%,
03/01/31
(c)
...........
2,139
2,190,067
4.50%,
05/01/32
............
4,708
4,070,788
4.50%,
06/01/33
(c)
...........
2,583
2,193,572
4.25%,
01/15/34
(c)
...........
5,357
4,394,133
Cedar
Fair
LP
5.38%,
04/15/27
............
2,921
2,912,757
5.25%,
07/15/29
............
8,268
8,123,641
Central
Parent,
Inc.,
7.25%
,
06/15/29
(c)
6,793
6,946,583
Century
Communities,
Inc.,
6.75%
,
06/01/27
.................
1,175
1,186,284
Champions
Financing,
Inc.,
8.75%
,
02/15/29
(c)
................
1,288
1,311,898
Charles
River
Laboratories
International,
Inc.
(c)
3.75%,
03/15/29
............
475
447,108
4.00%,
03/15/31
............
225
207,418
Charter
Communications
Operating
LLC,
4.91%
,
07/23/25
.........
4,261
4,254,030
Chemours
Co.
(The)
4.00%,
05/15/26
............
EUR
7,700
8,519,399
5.38%,
05/15/27
............
USD
639
625,537
5.75%,
11/15/28
(c)
...........
3,568
3,389,292
4.63%,
11/15/29
(c)
...........
12,073
10,811,566
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
2,015,290
5.88%,
02/01/29
(c)
...........
25
25,128
6.75%,
04/15/29
(c)
...........
600
611,246
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
............
2,034
2,026,336
4.75%,
01/15/28
............
427
418,671
5.75%,
04/01/30
............
1,445
1,446,583
6.75%,
05/01/31
............
7,664
7,914,291
Cinemark
USA,
Inc.,
7.00%
,
08/01/32
(c)
3,583
3,740,505
Citigroup
Global
Markets
Holdings,
Inc.,
7.12%
,
06/20/31
(b)(f)
..........
13,000
13,068,640
Citigroup,
Inc.
(1-day
SOFR
+
2.84%),
3.11%,
04/08/26
(a)
..............
6,313
6,250,781
(3-mo.
EURIBOR
+
1.07%),
1.50%,
07/24/26
(a)(b)
.............
EUR
10,500
11,521,730
1.75%,
10/23/26
............
GBP
5,104
6,446,178
(3-mo.
EURIBOR
+
1.05%),
3.75%,
05/14/32
(a)(b)
.............
EUR
26,700
30,348,547
Citizens
Bank
NA,
(1-day
SOFR
+
1.45%),
6.06%
,
10/24/25
(a)
.....
USD
1,750
1,749,969
Civitas
Resources,
Inc.
(c)
5.00%,
10/15/26
............
7,623
7,538,188
8.38%,
07/01/28
............
6,992
7,267,967
Clarios
Global
LP
4.38%,
05/15/26
(b)
...........
EUR
5,382
5,970,903
6.25%,
05/15/26
(c)
...........
USD
830
829,702
6.75%,
05/15/28
(c)
...........
875
901,910
Clean
Harbors,
Inc.
(c)
4.88%,
07/15/27
............
225
221,807
6.38%,
02/01/31
............
225
230,494
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%,
08/15/27
............
1,053
1,035,212
9.00%,
09/15/28
............
2,902
3,085,169
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
7.88%,
04/01/30
............
USD
4,842
$
5,063,260
Cleveland-Cliffs,
Inc.
5.88%,
06/01/27
............
225
225,500
6.75%,
04/15/30
(c)
...........
4,357
4,430,413
7.00%,
03/15/32
(c)
...........
1,639
1,657,014
Cloud
Software
Group,
Inc.
(c)
6.50%,
03/31/29
............
44,641
44,416,296
9.00%,
09/30/29
............
7,371
7,500,805
8.25%,
06/30/32
............
1,563
1,633,802
Clydesdale
Acquisition
Holdings,
Inc.,
8.75%
,
04/15/30
(c)
...........
4,940
5,016,288
CNX
Resources
Corp.
(c)
7.38%,
01/15/31
............
500
522,487
7.25%,
03/01/32
............
233
244,688
Coca-Cola
Co.
(The)
3.38%,
08/15/37
............
EUR
6,440
7,252,710
5.20%,
01/14/55
............
USD
38,530
40,425,545
5.40%,
05/13/64
............
4,980
5,330,078
Comcast
Corp.,
3.55%
,
09/26/36
...
EUR
18,900
21,154,499
CommScope
Technologies
LLC,
6.00%
,
06/15/25
(c)
................
USD
9,688
9,373,140
Comstock
Resources,
Inc.
(c)
6.75%,
03/01/29
............
7,747
7,551,025
5.88%,
01/15/30
............
1,972
1,843,993
Constellium
SE,
5.38%
,
08/15/32
(b)
..
EUR
9,008
10,318,046
Consumers
Energy
Co.,
4.35%
,
04/15/49
.................
USD
4,387
3,960,311
Continuum
Group,
Inc.,
5.00%
,
09/13/27
(c)(f)
................
19,384
19,723,220
Coty,
Inc.
(c)
5.00%,
04/15/26
............
425
423,158
6.63%,
07/15/30
............
375
389,638
CQP
Holdco
LP,
7.50%
,
12/15/33
(c)
..
3,346
3,630,330
Crown
Americas
LLC
4.75%,
02/01/26
............
500
498,241
4.25%,
09/30/26
............
75
73,814
Crown
European
Holdings
SACA
(b)
3.38%,
05/15/25
............
EUR
4,093
4,544,323
5.00%,
05/15/28
............
1,851
2,148,380
4.50%,
01/15/30
............
4,569
5,201,027
CrownRock
LP,
5.00%
,
05/01/29
(c)
..
USD
350
354,124
CRSO
Trust,
7.12%
,
07/10/28
(c)
....
4,399
4,675,494
CSC
Holdings
LLC
(c)
5.50%,
04/15/27
............
15,472
13,606,884
11.25%,
05/15/28
...........
3,579
3,454,869
11.75%,
01/31/29
...........
7,101
6,863,764
6.50%,
02/01/29
............
5,900
4,886,219
4.50%,
11/15/31
............
4,075
2,966,565
CSX
Corp.,
4.90%
,
03/15/55
......
4,258
4,184,223
Dana
Financing
Luxembourg
SARL
(b)
3.00%,
07/15/29
............
EUR
2,132
2,089,397
8.50%,
07/15/31
............
6,292
7,455,554
Dana,
Inc.
5.63%,
06/15/28
............
USD
100
98,047
4.25%,
09/01/30
............
907
814,382
Darling
Ingredients,
Inc.
(c)
5.25%,
04/15/27
............
400
397,881
6.00%,
06/15/30
............
175
176,665
Delta
Air
Lines,
Inc.
7.38%,
01/15/26
............
575
591,540
4.38%,
04/19/28
............
100
99,018
Diamondback
Energy,
Inc.
5.75%,
04/18/54
............
13,285
13,386,912
5.90%,
04/18/64
............
8,400
8,466,714
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
DirecTV
Financing
LLC,
5.88%
,
08/15/27
(c)
................
USD
1,163
$
1,141,871
DISH
DBS
Corp.,
5.88%
,
11/15/24
..
22,532
22,401,554
DISH
Network
Corp.
(p)
0.00%,
12/15/25
(h)
...........
8,645
7,478,451
3.38%,
08/15/26
............
3,464
2,779,360
DT
Midstream,
Inc.
(c)
4.13%,
06/15/29
............
500
478,270
4.38%,
06/15/31
............
225
212,986
Duke
Energy
Corp.
3.10%,
06/15/28
............
EUR
10,000
11,134,305
3.75%,
04/01/31
............
20,409
22,968,566
Eaton
Capital
UnLtd
Co.,
3.80%
,
05/21/36
(b)
................
3,800
4,378,298
Edgewell
Personal
Care
Co.,
4.13%
,
04/01/29
(c)
................
USD
525
496,643
Edison
International
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%,
06/15/53
....
3,100
3,255,018
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.66%),
7.88%,
06/15/54
....
4,305
4,522,075
Eli
Lilly
&
Co.
5.05%,
08/14/54
............
24,063
24,656,446
5.20%,
08/14/64
............
3,480
3,591,652
EMRLD
Borrower
LP,
6.38%
,
12/15/30
(b)
................
EUR
9,045
10,561,191
Encompass
Health
Corp.
4.50%,
02/01/28
............
USD
450
441,685
4.75%,
02/01/30
............
1,410
1,378,165
4.63%,
04/01/31
............
2,542
2,434,093
Encore
Capital
Group,
Inc.
4.88%,
10/15/25
(b)
...........
EUR
7,437
8,282,537
5.38%,
02/15/26
(b)
...........
GBP
2,175
2,886,057
8.50%,
05/15/30
(c)
...........
USD
519
546,988
Energizer
Holdings,
Inc.
(c)
4.75%,
06/15/28
............
5,304
5,146,733
4.38%,
03/31/29
............
5,972
5,655,484
Energy
Transfer
LP
5.63%,
05/01/27
(c)
...........
700
702,418
7.38%,
02/01/31
(c)
...........
350
372,347
5.00%,
05/15/50
............
12,675
11,450,854
EnLink
Midstream
LLC
5.38%,
06/01/29
............
425
435,711
6.50%,
09/01/30
(c)
...........
275
296,502
EnLink
Midstream
Partners
LP
4.15%,
06/01/25
............
425
421,173
4.85%,
07/15/26
............
75
75,068
Entegris
,
Inc.,
4.75%
,
04/15/29
(c)
...
1,500
1,478,175
EQM
Midstream
Partners
LP
(c)
6.00%,
07/01/25
............
300
300,422
7.50%,
06/01/27
............
5,775
5,943,988
6.50%,
07/01/27
............
225
231,773
4.50%,
01/15/29
............
375
366,852
7.50%,
06/01/30
............
5,025
5,518,631
Equinix,
Inc.,
3.40%
,
02/15/52
.....
780
568,262
EquipmentShare.com,
Inc.
(c)
9.00%,
05/15/28
............
12,606
13,164,105
8.63%,
05/15/32
............
5,955
6,247,379
ESC
Investments
&
Realty
Corp.,
Inc.,
6.63%
,
08/15/20
(d)(e)(f)
.........
1,665
—
Exo
Imaging,
Inc.,
Series
C,
(Acquired
08/14/24,
cost
$284,712),
8.00%
,
08/14/25
(f)(l)
................
285
1,140,270
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Fair
Isaac
Corp.
(c)
5.25%,
05/15/26
............
USD
300
$
299,954
4.00%,
06/15/28
............
275
266,086
Ferrellgas
LP
(c)
5.38%,
04/01/26
............
1,197
1,194,219
5.88%,
04/01/29
............
4,362
4,081,915
FirstCash
,
Inc.,
5.63%
,
01/01/30
(c)
..
249
246,717
FirstEnergy
Corp.
Series
B,
3.90%,
07/15/27
(g)
....
575
569,027
Series
B,
2.25%,
09/01/30
......
275
243,393
FirstEnergy
Pennsylvania
Electric
Co.,
4.00%
,
04/15/25
(c)
...........
3,536
3,510,935
FirstEnergy
Transmission
LLC,
4.55%
,
01/15/30
(c)
................
6,131
6,184,893
Fiserv,
Inc.,
2.25%
,
07/01/25
......
GBP
3,800
4,969,962
Five
Point
Operating
Co.
LP,
10.50%
,
01/15/28
(c)(g)
...............
USD
10,911
11,163,745
Florida
Power
&
Light
Co.
3.99%,
03/01/49
............
7,000
5,973,335
5.60%,
06/15/54
............
18,750
20,447,508
FLYR,
Inc.,
7.74%
,
01/20/27
(f)
.....
12,353
11,920,293
Ford
Motor
Co.
3.25%,
02/12/32
............
2,269
1,932,337
6.10%,
08/19/32
............
12,205
12,509,766
5.29%,
12/08/46
............
11,000
9,976,757
Ford
Motor
Credit
Co.
LLC
5.13%,
06/16/25
............
12,600
12,595,238
4.13%,
08/04/25
............
2,912
2,885,119
3.38%,
11/13/25
............
4,207
4,126,675
4.39%,
01/08/26
............
2,218
2,198,695
6.95%,
03/06/26
............
4,552
4,658,757
6.86%,
06/05/26
............
GBP
14,906
20,299,806
6.95%,
06/10/26
............
USD
3,725
3,834,606
2.70%,
08/10/26
............
15,371
14,767,288
5.78%,
04/30/30
............
GBP
7,400
9,841,905
Forestar
Group,
Inc.,
5.00%
,
03/01/28
(c)
USD
5,349
5,210,018
Fortrea
Holdings,
Inc.,
7.50%
,
07/01/30
(c)
................
460
463,020
Freed
Hotels
&
Resorts,
12.00%
,
11/21/28
(a)(f)
................
109,764
111,552,715
Freedom
Mortgage
Corp.
(c)
7.63%,
05/01/26
............
1,209
1,219,792
6.63%,
01/15/27
............
903
905,063
12.00%,
10/01/28
...........
3,467
3,787,288
12.25%,
10/01/30
...........
6,852
7,673,932
Freedom
Mortgage
Holdings
LLC
(c)
9.25%,
02/01/29
............
4,308
4,477,933
9.13%,
05/15/31
............
1,732
1,780,683
FreeWire
Technologies,
Inc.,
6.00%
,
02/20/28
(f)
.................
20,043
2
Frontier
Communications
Holdings
LLC
(c)
5.00%,
05/01/28
............
2,425
2,403,127
6.75%,
05/01/29
............
6,810
6,858,001
8.75%,
05/15/30
............
30,128
32,106,325
8.63%,
03/15/31
............
9,270
9,993,894
Frontier
Florida
LLC,
Series
E,
6.86%
,
02/01/28
.................
19,615
20,326,942
Frontier
North,
Inc.,
Series
G,
6.73%
,
02/15/28
.................
4,850
4,996,148
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(c)
................
2,412
2,415,570
Gen
Digital,
Inc.
(c)
6.75%,
09/30/27
............
9,371
9,628,462
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
7.13%,
09/30/30
............
USD
250
$
262,326
General
Electric
Co.,
4.13%
,
09/19/35
(b)
EUR
4,100
4,832,132
General
Motors
Co.,
5.95%
,
04/01/49
USD
12,550
12,439,517
General
Motors
Financial
Co.,
Inc.
2.90%,
02/26/25
............
2,000
1,983,380
5.15%,
08/15/26
(b)
...........
GBP
6,800
9,077,369
4.50%,
11/22/27
(b)
...........
EUR
6,500
7,525,089
GFL
Environmental,
Inc.
(c)
5.13%,
12/15/26
............
USD
25
24,942
4.00%,
08/01/28
............
1,950
1,872,766
4.75%,
06/15/29
............
2,743
2,675,683
4.38%,
08/15/29
............
2,453
2,351,229
6.75%,
01/15/31
............
400
419,533
Gilead
Sciences,
Inc.,
5.55%
,
10/15/53
26,030
27,941,716
Global
Atlantic
Fin
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.95%
,
10/15/54
(a)(c)
...............
1,070
1,116,900
Global
Payments,
Inc.,
4.88%
,
03/17/31
EUR
16,606
19,701,723
GLP
Capital
LP,
4.00%
,
01/15/31
...
USD
3,678
3,447,855
Go
Daddy
Operating
Co.
LLC
(c)
5.25%,
12/01/27
............
125
124,541
3.50%,
03/01/29
............
350
328,395
Goldman
Sachs
Group,
Inc.
(The)
Series
U,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.92%),
3.65%
(a)(o)
..
4,217
3,997,431
7.25%,
04/10/28
............
GBP
3,332
4,808,618
(3-mo.
CME
Term
SOFR
+
1.56%),
4.22%,
05/01/29
(a)
.........
USD
19,242
19,129,804
3.00%,
02/12/31
(b)
...........
EUR
7,500
8,306,882
Goodyear
Europe
BV,
2.75%
,
08/15/28
(b)
................
7,367
7,421,849
Goodyear
Tire
&
Rubber
Co.
(The)
4.88%,
03/15/27
............
USD
857
837,013
5.00%,
07/15/29
............
4,312
3,965,866
5.25%,
07/15/31
............
895
807,402
5.63%,
04/30/33
............
5,161
4,553,693
GoTo
Group,
Inc.
5.50%,
05/01/28
(c)
...........
18,683
9,848,955
Grand
Canyon
University,
5.13%
,
10/01/28
.................
8,775
8,223,404
Graphic
Packaging
International
LLC,
3.50%
,
03/15/28
(c)
...........
623
593,280
Gray
Television,
Inc.
(c)
7.00%,
05/15/27
............
400
393,161
5.38%,
11/15/31
............
1,037
648,562
H&E
Equipment
Services,
Inc.,
3.88%
,
12/15/28
(c)
................
6,358
5,969,167
Hanesbrands,
Inc.
(c)
4.88%,
05/15/26
............
1,025
1,016,014
9.00%,
02/15/31
............
8,795
9,493,314
HCA,
Inc.
4.63%,
03/15/52
............
32,465
28,177,107
5.95%,
09/15/54
............
16,270
17,091,775
Helios
Software
Holdings,
Inc.
(b)
Series
SEPT,
7.88%,
05/01/29
...
EUR
7,222
8,178,448
7.88%,
05/01/29
............
10,815
12,247,288
Hertz
Corp.
(The),
5.00%
,
12/01/29
(c)(r)
USD
2,075
1,370,802
Hess
Midstream
Operations
LP
(c)
5.63%,
02/15/26
............
525
525,043
5.13%,
06/15/28
............
150
148,402
4.25%,
02/15/30
............
100
95,485
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Hilcorp
Energy
I
LP
(c)
5.75%,
02/01/29
............
USD
475
$
462,100
6.25%,
04/15/32
............
551
536,301
8.38%,
11/01/33
............
4,978
5,366,777
Hilton
Domestic
Operating
Co.,
Inc.
5.75%,
05/01/28
(c)
...........
450
451,974
5.88%,
04/01/29
(c)
...........
1,262
1,293,860
4.88%,
01/15/30
............
17
16,775
4.00%,
05/01/31
(c)
...........
1,575
1,472,716
3.63%,
02/15/32
(c)
...........
150
135,514
Hilton
Grand
Vacations
Borrower
Escrow
LLC
(c)
5.00%,
06/01/29
............
6,261
5,948,289
4.88%,
07/01/31
............
2,849
2,585,896
Hilton
Worldwide
Finance
LLC,
4.88%
,
04/01/27
.................
975
972,105
Hologic,
Inc.,
3.25%
,
02/15/29
(c)
....
625
582,249
Home
Depot,
Inc.
(The),
2.38%
,
03/15/51
.................
16,700
10,483,062
Homes
By
West
Bay
LLC,
11.00%
,
02/06/30
(f)
.................
80,958
82,779,555
Honeywell
International,
Inc.,
3.75%
,
05/17/32
.................
EUR
7,800
8,984,715
Howard
Hughes
Corp.
(The),
5.38%
,
08/01/28
(c)
................
USD
8,796
8,666,767
Hyatt
Hotels
Corp.,
5.38%
,
04/23/25
(g)
5,964
5,973,702
Hyundai
Capital
America
(a)(b)
(1-day
SOFR
+
1.04%),
5.89%,
03/19/27
...............
10,000
10,029,800
(1-day
SOFR
+
1.04%),
5.87%,
06/24/27
...............
10,000
10,026,063
International
Game
Technology
plc
(c)
4.13%,
04/15/26
............
500
493,473
6.25%,
01/15/27
............
300
306,227
IQVIA,
Inc.
(c)
5.00%,
10/15/26
............
225
224,381
5.00%,
05/15/27
............
375
372,716
6.50%,
05/15/30
............
300
313,004
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%
,
07/15/32
(c)
.
475
457,839
Iron
Mountain
UK
plc,
3.88%
,
11/15/25
(b)
................
GBP
6,724
8,866,044
Iron
Mountain,
Inc.
(c)
7.00%,
02/15/29
............
USD
1,950
2,032,509
4.50%,
02/15/31
............
4,150
3,936,677
J.P.
Morgan
Structured
Products
BV,
13.70%
,
03/31/25
(b)
..........
8,037
13,004,117
Jane
Street
Group,
4.50%
,
11/15/29
(c)
1,267
1,219,512
Jazz
Investments
I
Ltd.,
3.13%
,
09/15/30
(c)(p)
...............
6,036
6,286,494
Jazz
Securities
DAC,
4.38%
,
01/15/29
(c)
675
652,803
Jefferies
GmbH,
(ESTRON
at
0.00%
Floor
+
0.80%),
4.24%
,
07/22/26
(a)(b)
EUR
9,000
10,008,098
John
Deere
Capital
Corp.,
3.45%
,
07/16/32
(b)
................
24,300
27,723,890
JP
Morgan
Structured
Products
BV,
10.17%
,
05/21/26
(b)(f)
.........
USD
10,022
10,146,873
JPMorgan
Chase
&
Co.
3.13%,
01/23/25
............
4,150
4,126,601
(1-day
SOFR
+
0.61%),
1.56%,
12/10/25
(a)
..............
2,500
2,481,011
(1-day
SOFR
+
0.92%),
2.60%,
02/24/26
(a)
..............
16,621
16,457,187
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(3-mo.
CME
Term
SOFR
+
1.59%),
2.01%,
03/13/26
(a)
.........
USD
16,610
$
16,388,438
(1-day
SOFR
+
1.85%),
2.08%,
04/22/26
(a)
..............
16,610
16,344,966
(Sterling
Overnight
Index
Average
+
0.68%),
0.99%,
04/28/26
(a)(b)
..
GBP
20,248
26,424,065
Series
KK,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.65%
(a)(o)
..
USD
1,643
1,589,507
(3-mo.
EURIBOR
+
0.61%),
4.06%,
06/06/28
(a)(b)
.............
EUR
16,620
18,573,445
(3-mo.
EURIBOR
+
1.28%),
4.46%,
11/13/31
(a)(b)
.............
7,000
8,330,309
(3-mo.
EURIBOR
+
0.98%),
3.76%,
03/21/34
(a)(b)
.............
10,120
11,568,661
KeyCorp,
(SOFR
Index
+
2.42%),
6.40%
,
03/06/35
(a)
...........
USD
24,795
26,958,571
KLA
Corp.,
4.95%
,
07/15/52
......
4,159
4,132,570
Kohl's
Corp.,
4.63%
,
05/01/31
(g)
....
2,749
2,315,071
Kraft
Heinz
Foods
Co.
(3-mo.
EURIBOR
+
0.50%),
4.07%,
05/09/25
(a)
..............
EUR
27,700
30,890,188
4.13%,
07/01/27
(b)
...........
GBP
1,960
2,590,163
Kroger
Co.
(The)
4.70%,
08/15/26
............
USD
13,185
13,270,354
4.60%,
08/15/27
............
10,185
10,272,563
Kronos
International,
Inc.
(b)
3.75%,
09/15/25
............
EUR
1,305
1,440,095
9.50%,
03/15/29
............
10,124
12,255,412
LABL,
Inc.,
5.88%
,
11/01/28
(c)
.....
USD
11,074
10,371,316
Lamar
Media
Corp.
3.75%,
02/15/28
............
810
776,987
4.88%,
01/15/29
............
5,399
5,333,422
4.00%,
02/15/30
............
175
164,856
Lamb
Weston
Holdings,
Inc.
(c)
4.88%,
05/15/28
............
250
248,381
4.38%,
01/31/32
............
400
371,031
Landsea
Homes
Corp.,
11.00%
,
07/17/28
(f)
.................
78,968
86,272,540
Las
Vegas
Sands
Corp.
2.90%,
06/25/25
............
4,222
4,148,515
3.50%,
08/18/26
............
475
464,974
3.90%,
08/08/29
............
100
95,312
Lessen,
Inc.,
(3-mo.
CME
Term
SOFR
+
8.50%),
13.40%
,
01/05/28
(a)(c)(f)
...
43,058
40,207,878
Level
3
Financing,
Inc.
(c)
4.63%,
09/15/27
............
4,343
3,825,184
10.50%,
04/15/29
...........
4,435
4,834,367
11.00%,
11/15/29
...........
5,007
5,545,907
10.50%,
05/15/30
...........
3,632
3,908,940
10.00%,
10/15/32
...........
20,904
19,966,296
LGI
Homes,
Inc.,
8.75%
,
12/15/28
(c)
.
6,472
6,930,968
Light
&
Wonder
International,
Inc.
(c)
7.00%,
05/15/28
............
569
573,982
7.25%,
11/15/29
............
1,711
1,770,242
7.50%,
09/01/31
............
9,792
10,270,633
Lightning
eMotors
,
Inc.,
7.50%
,
05/15/25
(c)(d)(e)(p)
.............
4,313
43,130
Lions
Gate
Capital
Holdings
1,
Inc.,
5.50%
,
04/15/29
(c)
...........
34,686
31,138,156
Lithia
Motors,
Inc.
(c)
3.88%,
06/01/29
............
3,356
3,131,830
4.38%,
01/15/31
............
3,477
3,235,518
Live
Nation
Entertainment,
Inc.
(c)
6.50%,
05/15/27
............
975
994,493
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.75%,
10/15/27
............
USD
2,746
$
2,707,172
3.75%,
01/15/28
............
150
144,135
Lowe's
Cos.,
Inc.,
5.63%
,
04/15/53
..
13,305
13,848,760
Macy's
Retail
Holdings
LLC
(c)
5.88%,
04/01/29
............
1,705
1,682,831
5.88%,
03/15/30
............
1,851
1,814,829
6.13%,
03/15/32
............
1,224
1,186,349
Massachusetts
Institute
of
Technology,
3.96%
,
07/01/38
............
8,375
8,102,632
Mastercard,
Inc.,
4.55%
,
01/15/35
..
7,004
7,035,953
Match
Group
Holdings
II
LLC
(c)
4.63%,
06/01/28
............
450
437,526
3.63%,
10/01/31
............
1,437
1,286,839
Mauser
Packaging
Solutions
Holding
Co.,
7.88%
,
04/15/27
(c)
........
18,820
19,444,401
Medline
Borrower
LP,
3.88%
,
04/01/29
(c)
................
23,832
22,563,292
Medtronic
Global
Holdings
SCA,
2.63%
,
10/15/25
.................
EUR
4,940
5,477,246
Medtronic,
Inc.,
4.15%
,
10/15/53
...
11,960
13,778,972
Meta
Platforms,
Inc.
5.40%,
08/15/54
............
USD
42,118
44,125,107
5.55%,
08/15/64
............
16,165
17,265,348
MGM
Resorts
International
5.75%,
06/15/25
............
121
121,411
4.63%,
09/01/26
............
75
74,529
5.50%,
04/15/27
............
125
125,432
4.75%,
10/15/28
............
1,450
1,420,991
MicroStrategy,
Inc.
(c)(p)
0.63%,
09/15/28
............
6,293
7,567,332
2.25%,
06/15/32
............
10,000
11,050,000
Midwest
Gaming
Borrower
LLC,
4.88%
,
05/01/29
(c)
................
5,752
5,517,153
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
............
375
364,565
3.88%,
11/15/30
............
175
162,561
3.88%,
05/15/32
............
100
91,452
Molson
Coors
Beverage
Co.,
3.80%
,
06/15/32
.................
EUR
7,930
9,078,963
Morgan
Stanley
(a)
Series
I,
(1-day
SOFR
+
0.75%),
0.86%,
10/21/25
..........
USD
2,565
2,558,245
(1-day
SOFR
+
0.56%),
1.16%,
10/21/25
...............
35,901
35,828,098
(1-day
SOFR
+
0.94%),
2.63%,
02/18/26
...............
12,457
12,338,776
(3-mo.
EURIBOR
+
0.65%),
4.13%,
03/19/27
...............
EUR
42,400
47,350,031
(3-mo.
EURIBOR
+
0.70%),
0.41%,
10/29/27
...............
18,000
19,022,803
MSD
Netherlands
Capital
BV,
3.75%
,
05/30/54
.................
12,910
14,281,294
Murphy
Oil
Corp.,
5.88%
,
12/01/27
..
USD
325
328,966
Murphy
Oil
USA,
Inc.
4.75%,
09/15/29
............
162
157,411
3.75%,
02/15/31
(c)
...........
900
810,964
National
Grid
North
America,
Inc.
(b)
1.05%,
01/20/31
............
EUR
3,871
3,745,817
4.67%,
09/12/33
............
9,440
11,265,079
Nationstar
Mortgage
Holdings,
Inc.
(c)
6.00%,
01/15/27
............
USD
2,068
2,068,238
5.50%,
08/15/28
............
10,923
10,812,979
6.50%,
08/01/29
............
2,690
2,735,267
5.13%,
12/15/30
............
13,191
12,654,126
5.75%,
11/15/31
............
2,581
2,528,272
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
7.13%,
02/01/32
............
USD
3,111
$
3,248,970
NCL
Corp.
Ltd.
(c)
8.38%,
02/01/28
............
625
656,342
8.13%,
01/15/29
............
9,958
10,647,084
NCR
Atleos
Corp.,
9.50%
,
04/01/29
(c)
18,665
20,547,720
NCR
Voyix
Corp.
(c)
5.00%,
10/01/28
............
3,321
3,259,585
5.13%,
04/15/29
............
660
645,836
Neogen
Food
Safety
Corp.,
8.63%
,
07/20/30
(c)
................
2,639
2,920,927
Netflix,
Inc.,
3.63%
,
05/15/27
......
EUR
11,800
13,400,721
New
Generation
Co.,
10.34%
,
09/30/29
(c)
................
USD
11,161
10,993,132
New
York
Life
Global
Funding,
4.35%
,
09/16/25
(b)
................
GBP
3,899
5,186,115
Newell
Brands,
Inc.
5.70%,
04/01/26
(g)
...........
USD
660
661,620
6.38%,
09/15/27
............
2,875
2,907,789
6.63%,
09/15/29
............
1,561
1,580,430
News
Corp.
(c)
3.88%,
05/15/29
............
475
449,266
5.13%,
02/15/32
............
125
122,815
Nexstar
Media,
Inc.
(c)
5.63%,
07/15/27
............
5,325
5,274,556
4.75%,
11/01/28
............
6,279
5,999,242
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
19,704,220
NGL
Energy
Operating
LLC
(c)
8.13%,
02/15/29
............
3,773
3,868,634
8.38%,
02/15/32
............
4,904
5,053,842
NiSource,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
6.95%
,
11/30/54
(a)
................
2,645
2,732,388
Nordstrom,
Inc.
4.38%,
04/01/30
............
588
539,439
4.25%,
08/01/31
............
3,456
3,044,073
Northern
Oil
&
Gas,
Inc.,
8.75%
,
06/15/31
(c)
................
8,096
8,436,145
Novelis
Corp.
(c)
3.25%,
11/15/26
............
350
337,741
3.88%,
08/15/31
............
1,225
1,119,848
NRG
Energy,
Inc.
5.75%,
01/15/28
............
14
14,104
3.38%,
02/15/29
(c)
...........
950
885,576
5.25%,
06/15/29
(c)
...........
13
12,957
3.63%,
02/15/31
(c)
...........
2,750
2,491,849
3.88%,
02/15/32
(c)
...........
50
45,553
NuStar
Logistics
LP
5.75%,
10/01/25
............
375
375,576
5.63%,
04/28/27
............
300
301,368
6.38%,
10/01/30
............
300
311,287
Ohio
Power
Co.,
Series
R,
2.90%
,
10/01/51
.................
3,800
2,497,613
OI
European
Group
BV
(b)
6.25%,
05/15/28
............
EUR
6,349
7,360,728
5.25%,
06/01/29
............
4,255
4,836,914
Olin
Corp.
5.13%,
09/15/27
............
USD
500
497,123
5.00%,
02/01/30
............
200
195,339
Olympus
Water
US
Holding
Corp.
7.13%,
10/01/27
(c)
...........
3,940
4,021,116
4.25%,
10/01/28
(c)
...........
3,755
3,585,618
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
9.63%,
11/15/28
(b)
...........
EUR
12,553
$
14,991,136
9.75%,
11/15/28
(c)
...........
USD
13,707
14,628,919
OPENLANE,
Inc.,
5.13%
,
06/01/25
(c)
.
117
116,433
Oracle
Corp.
2.50%,
04/01/25
............
12,000
11,861,582
4.00%,
07/15/46
............
3,000
2,488,620
5.55%,
02/06/53
............
34,270
35,070,229
5.38%,
09/27/54
............
24,476
24,461,051
Organon
&
Co.
2.88%,
04/30/28
(b)
...........
EUR
10,331
11,033,054
4.13%,
04/30/28
(c)
...........
USD
1,125
1,081,786
5.13%,
04/30/31
(c)
...........
11,547
10,878,676
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
............
294
292,324
4.25%,
01/15/29
............
6,594
6,278,467
4.63%,
03/15/30
............
8,331
7,916,033
Owens-Brockway
Glass
Container,
Inc.,
7.25%
,
05/15/31
(c)
...........
4,805
4,936,330
Pacific
Gas
&
Electric
Co.,
5.55%
,
05/15/29
.................
15,000
15,581,023
Pactiv
Evergreen
Group
Issuer
LLC,
4.38%
,
10/15/28
(c)
...........
6,029
5,774,814
Pactiv
Evergreen
Group
Issuer,
Inc.,
4.00%
,
10/15/27
(c)
...........
4,321
4,154,912
Palomino
Funding
Trust
I,
7.23%
,
05/17/28
(c)
................
4,440
4,760,891
Panther
Escrow
Issuer
LLC,
7.13%
,
06/01/31
(c)
................
11,207
11,755,123
Paramount
Global
7.88%,
07/30/30
............
9,765
10,665,241
5.25%,
04/01/44
............
22,973
18,301,267
4.90%,
08/15/44
............
1,760
1,352,636
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%,
03/30/62
(a)
...
13,247
12,253,295
Park
Intermediate
Holdings
LLC
(c)
5.88%,
10/01/28
............
8,354
8,340,550
4.88%,
05/15/29
............
11,786
11,435,618
PBF
Holding
Co.
LLC,
7.88%
,
09/15/30
(c)
................
3,648
3,757,834
PECO
Energy
Co.
4.38%,
08/15/52
............
4,100
3,688,324
5.25%,
09/15/54
............
3,938
4,069,888
PennyMac
Financial
Services,
Inc.
(c)
5.38%,
10/15/25
............
100
99,829
7.88%,
12/15/29
............
8,882
9,471,037
7.13%,
11/15/30
............
1,606
1,662,912
5.75%,
09/15/31
............
612
599,824
Performance
Food
Group,
Inc.,
4.25%
,
08/01/29
(c)
................
7,946
7,556,214
Permian
Resources
Operating
LLC
(c)
5.38%,
01/15/26
............
32,104
31,994,837
8.00%,
04/15/27
............
9,512
9,793,644
5.88%,
07/01/29
............
2,835
2,832,340
7.00%,
01/15/32
............
3,634
3,780,569
Perrigo
Finance
Unlimited
Co.
5.38%,
09/30/32
............
EUR
6,355
7,197,864
Pfizer
Investment
Enterprises
Pte.
Ltd.,
5.34%
,
05/19/63
............
USD
8,280
8,505,737
PG&E
Corp.
5.00%,
07/01/28
............
450
446,068
5.25%,
07/01/30
............
100
99,319
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.88%),
7.38%,
03/15/55
(a)
...
12,860
13,488,509
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Pilgrim's
Pride
Corp.
4.25%,
04/15/31
............
USD
750
$
712,724
6.25%,
07/01/33
............
12,804
13,584,545
Pioneer,
Inc.,
10.50%
,
11/18/30
(a)(c)(f)
.
32,438
33,491,789
Pitney
Bowes,
Inc.,
6.88%
,
03/15/27
(c)
22,275
22,139,205
Playtika
Holding
Corp.,
4.25%
,
03/15/29
(c)
................
1,312
1,204,096
Post
Holdings,
Inc.
(c)
5.63%,
01/15/28
............
1,152
1,161,782
5.50%,
12/15/29
............
3,548
3,522,258
4.63%,
04/15/30
............
925
885,095
4.50%,
09/15/31
............
5,936
5,545,460
PRA
Group,
Inc.,
8.88%
,
01/31/30
(c)
.
1,592
1,658,171
Prime
Security
Services
Borrower
LLC
(c)
5.75%,
04/15/26
............
450
452,054
3.38%,
08/31/27
............
125
118,772
6.25%,
01/15/28
............
4,603
4,604,238
Prologis
LP,
3.25%
,
09/11/29
(b)
.....
CNY
97,000
13,862,690
Public
Service
Electric
&
Gas
Co.,
5.30%
,
08/01/54
............
USD
23,705
24,833,584
Public
Storage
Operating
Co.,
5.35%
,
08/01/53
.................
8,390
8,673,099
QIAGEN
NV,
2.50%
,
09/10/31
(b)(p)
...
10,200
10,475,435
Qorvo,
Inc.,
1.75%
,
12/15/24
......
2,632
2,611,098
Rand
Parent
LLC,
8.50%
,
02/15/30
(c)
10,917
11,133,626
Resorts
World
Las
Vegas
LLC
4.63%,
04/16/29
(b)
...........
4,000
3,605,000
8.45%,
07/27/30
(b)
...........
5,000
5,277,400
4.63%,
04/06/31
(c)
...........
3,000
2,595,000
Reworld
Holding
Corp.,
4.88%
,
12/01/29
(c)
................
2,452
2,308,166
RHP
Hotel
Properties
LP
4.75%,
10/15/27
............
836
825,801
7.25%,
07/15/28
(c)
...........
250
261,595
4.50%,
02/15/29
(c)
...........
350
338,654
RingCentral,
Inc.,
8.50%
,
08/15/30
(c)
.
19,845
21,231,114
Roche
Holdings,
Inc.,
5.22%
,
03/08/54
(c)
................
12,575
13,212,005
Rocket
Mortgage
LLC
(c)
2.88%,
10/15/26
............
16,542
15,881,597
3.63%,
03/01/29
............
5,455
5,129,206
3.88%,
03/01/31
............
926
852,605
4.00%,
10/15/33
............
100
89,329
Rockies
Express
Pipeline
LLC
(c)
3.60%,
05/15/25
............
375
368,587
4.95%,
07/15/29
............
2,417
2,311,584
RTX
Corp.,
2.15%
,
05/18/30
......
EUR
14,800
15,456,983
Sabre
GLBL,
Inc.
(c)
8.63%,
06/01/27
............
USD
18,644
18,338,688
11.25%,
12/15/27
...........
12,077
12,531,766
SBA
Communications
Corp.
3.88%,
02/15/27
............
450
438,556
3.13%,
02/01/29
............
2,700
2,495,596
SCIL
IV
LLC
(b)
4.38%,
11/01/26
............
EUR
2,376
2,634,688
(3-mo.
EURIBOR
at
4.38%
Floor
+
4.38%),
8.01%,
11/01/26
(a)
...
2,347
2,624,450
9.50%,
07/15/28
............
6,719
8,072,173
Scotts
Miracle-Gro
Co.
(The)
4.50%,
10/15/29
............
USD
3,687
3,545,409
4.00%,
04/01/31
............
2,660
2,436,972
4.38%,
02/01/32
............
1,707
1,581,908
Seagate
HDD
Cayman
4.88%,
06/01/27
............
200
198,944
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
8.25%,
12/15/29
(c)
...........
USD
7,048
$
7,651,003
8.50%,
07/15/31
(c)
...........
5,057
5,518,656
9.63%,
12/01/32
............
14,005
16,261,766
Sealed
Air
Corp.
(c)
4.00%,
12/01/27
............
300
289,872
6.13%,
02/01/28
............
75
76,256
7.25%,
02/15/31
............
470
497,442
SeaWorld
Parks
&
Entertainment,
Inc.,
5.25%
,
08/15/29
(c)
...........
567
553,311
Select
Medical
Corp.,
6.25%
,
08/15/26
(c)
................
8,157
8,206,619
Sensata
Technologies
BV,
4.00%
,
04/15/29
(c)
................
250
238,319
Sensata
Technologies,
Inc.,
3.75%
,
02/15/31
(c)
................
925
846,880
Service
Corp.
International
4.63%,
12/15/27
............
425
419,257
3.38%,
08/15/30
............
150
135,943
4.00%,
05/15/31
............
825
763,403
Service
Properties
Trust
4.95%,
02/15/27
............
1,712
1,620,549
5.50%,
12/15/27
............
1,318
1,254,815
3.95%,
01/15/28
............
3,057
2,644,011
8.38%,
06/15/29
............
22,089
22,064,174
4.95%,
10/01/29
............
5,814
4,617,918
4.38%,
02/15/30
............
6,425
4,863,343
8.88%,
06/15/32
............
23,998
22,923,298
Silgan
Holdings,
Inc.,
3.25%
,
03/15/25
EUR
6,300
6,990,040
Sirius
XM
Radio,
Inc.
(c)
5.00%,
08/01/27
............
USD
1,856
1,825,888
4.00%,
07/15/28
............
7,304
6,890,918
5.50%,
07/01/29
............
898
877,280
4.13%,
07/01/30
............
900
816,190
3.88%,
09/01/31
............
3,787
3,299,497
Sitio
Royalties
Operating
Partnership
LP,
7.88%
,
11/01/28
(c)
.........
5,259
5,501,461
Six
Flags
Entertainment
Corp.
(c)
5.50%,
04/15/27
............
150
149,062
7.25%,
05/15/31
............
8,941
9,260,373
Smyrna
Ready
Mix
Concrete
LLC,
8.88%
,
11/15/31
(c)
...........
1,772
1,911,445
Solventum
Corp.
(c)
5.45%,
02/25/27
............
5,999
6,122,902
5.40%,
03/01/29
............
20,600
21,193,550
5.45%,
03/13/31
............
39,456
40,674,606
5.90%,
04/30/54
............
16,570
17,164,673
Sonder
Corp.,
10.00%
,
12/31/24
(f)
...
5,214
5,181,956
Sonder
Holdings,
Inc.,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
9.00%),
14.35%
,
12/10/27
(a)(f)
....
38,987
36,648,000
Southern
Co.
(The),
(5-Year
EUR
Swap
Annual
+
2.11%),
1.88%
,
09/15/81
(a)
EUR
63,922
65,640,279
Southern
Power
Co.,
1.85%
,
06/20/26
5,500
6,012,405
Southwestern
Energy
Co.
5.38%,
02/01/29
............
USD
350
348,820
5.38%,
03/15/30
............
150
149,545
4.75%,
02/01/32
............
375
358,733
Spectrum
Brands,
Inc.,
3.88%
,
03/15/31
(c)
................
2,738
2,397,100
Spirit
AeroSystems,
Inc.
(c)
9.38%,
11/30/29
............
12,155
13,186,376
9.75%,
11/15/30
............
36,958
41,208,170
Sprint
Spectrum
Co.
LLC
(c)
4.74%,
03/20/25
............
1,788
1,782,826
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
5.15%,
03/20/28
............
USD
1,292
$
1,304,321
Standard
Industries,
Inc.
(c)
5.00%,
02/15/27
............
334
331,177
4.75%,
01/15/28
............
310
303,642
4.38%,
07/15/30
............
2,361
2,234,693
3.38%,
01/15/31
............
1,826
1,626,672
Starwood
Property
Trust,
Inc.
(c)
3.63%,
07/15/26
............
50
48,281
4.38%,
01/15/27
............
550
535,967
7.25%,
04/01/29
............
1,565
1,640,999
State
Street
Corp.,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
6.21%
,
06/15/47
(a)
...........
30,841
26,751,228
Station
Casinos
LLC
(c)
4.50%,
02/15/28
............
2,272
2,193,910
4.63%,
12/01/31
............
1,178
1,092,374
6.63%,
03/15/32
............
6,349
6,490,233
Stem,
Inc.,
0.50%
,
12/01/28
(c)(p)
....
1,234
342,437
STL
Holding
Co.
LLC,
8.75%
,
02/15/29
(c)
................
4,671
4,969,038
Summit
Materials
LLC,
7.25%
,
01/15/31
(c)
................
662
701,256
Sun
Country
Airlines
Pass-Through
Trusts,
Series
2022-1A,
4.84%
,
03/15/31
(f)
.................
6,792
6,689,645
Sun
Country,
Inc.,
Series
2019-1B,
4.70%
,
12/15/25
(f)
...........
2,567
2,519,200
Sunoco
LP
5.88%,
03/15/28
............
3,502
3,519,500
7.00%,
09/15/28
(c)
...........
575
595,914
4.50%,
04/30/30
............
1,631
1,562,821
Talen
Energy
Supply
LLC,
8.63%
,
06/01/30
(c)
................
7,100
7,737,736
Tallgrass
Energy
Partners
LP
(c)
6.00%,
03/01/27
............
50
49,959
5.50%,
01/15/28
............
1,824
1,765,954
7.38%,
02/15/29
............
2,654
2,683,926
6.00%,
12/31/30
............
571
542,455
6.00%,
09/01/31
............
2,126
2,013,478
Talos
Production,
Inc.
(c)
9.00%,
02/01/29
............
5,031
5,180,224
9.38%,
02/01/31
............
507
521,253
Taylor
Morrison
Communities,
Inc.
(c)
5.88%,
06/15/27
............
5,398
5,510,251
5.75%,
01/15/28
............
1,139
1,158,895
TEGNA,
Inc.
4.75%,
03/15/26
(c)
...........
175
172,763
4.63%,
03/15/28
............
3,281
3,130,731
5.00%,
09/15/29
............
2,889
2,751,621
Tempur
Sealy
International,
Inc.
(c)
4.00%,
04/15/29
............
1,446
1,348,529
3.88%,
10/15/31
............
2,304
2,053,710
Tenet
Healthcare
Corp.
4.63%,
06/15/28
............
775
760,625
4.25%,
06/01/29
............
25,200
24,297,167
4.38%,
01/15/30
............
8,752
8,396,953
6.13%,
06/15/30
............
6,609
6,717,004
6.75%,
05/15/31
............
575
599,363
Tenneco,
Inc.,
8.00%
,
11/17/28
(c)
...
16,614
15,416,609
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
7,405,585
T-Mobile
USA,
Inc.
3.70%,
05/08/32
............
EUR
8,100
9,259,312
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
3.40%,
10/15/52
............
USD
22,781
$
16,675,350
5.75%,
01/15/54
............
12,970
13,786,609
5.50%,
01/15/55
............
13,565
14,051,867
TransDigm
,
Inc.
5.50%,
11/15/27
............
5,425
5,406,357
6.75%,
08/15/28
(c)
...........
4,275
4,400,206
4.63%,
01/15/29
............
8,951
8,643,403
4.88%,
05/01/29
............
400
389,450
6.88%,
12/15/30
(c)
...........
475
497,409
Transocean
Titan
Financing
Ltd.,
8.38%
,
02/01/28
(c)
...........
2,888
2,974,672
Transocean,
Inc.
(c)
8.25%,
05/15/29
............
6,349
6,293,940
8.75%,
02/15/30
............
436
454,640
Travel
+
Leisure
Co.
6.63%,
07/31/26
(c)
...........
590
601,142
6.00%,
04/01/27
(g)
...........
668
676,303
4.50%,
12/01/29
(c)
...........
682
646,312
Uber
Technologies,
Inc.
4.80%,
09/15/34
............
14,885
14,864,382
5.35%,
09/15/54
............
3,576
3,546,674
UGI
International
LLC,
2.50%
,
12/01/29
(b)
................
EUR
6,204
6,435,271
UKG,
Inc.,
6.88%
,
02/01/31
(c)
......
USD
6,297
6,506,696
United
Airlines
Pass-Through
Trust,
Series
2013-1,
Class
A,
4.30%
,
08/15/25
.................
1,510
1,494,438
United
Airlines,
Inc.
(c)
4.38%,
04/15/26
............
675
664,165
4.63%,
04/15/29
............
4,845
4,680,556
United
Rentals
North
America,
Inc.
5.50%,
05/15/27
............
525
525,851
4.88%,
01/15/28
............
350
347,409
5.25%,
01/15/30
............
2,600
2,601,947
3.75%,
01/15/32
............
525
479,277
United
Wholesale
Mortgage
LLC
(c)
5.50%,
11/15/25
............
275
274,487
5.75%,
06/15/27
............
228
226,517
5.50%,
04/15/29
............
1,075
1,047,051
UnitedHealth
Group,
Inc.
5.63%,
07/15/54
............
63,982
68,639,988
5.75%,
07/15/64
............
25,000
26,987,663
Uniti
Group
LP,
10.50%
,
02/15/28
(c)
..
20,761
22,160,416
Univision
Communications,
Inc.
(c)
6.63%,
06/01/27
............
898
899,099
8.00%,
08/15/28
............
8,225
8,409,775
4.50%,
05/01/29
............
12,957
11,574,790
7.38%,
06/30/30
............
719
695,847
8.50%,
07/31/31
............
6,108
6,121,644
US
Airways
Pass-Through
Trust,
Series
2012-2,
Class
A,
4.63%
,
06/03/25
425
423,254
US
Bancorp
(a)
(3-mo.
EURIBOR
+
0.80%),
4.35%,
05/21/28
...............
EUR
20,700
22,964,035
(3-mo.
EURIBOR
+
1.20%),
4.01%,
05/21/32
...............
13,000
14,885,630
US
Foods,
Inc.
(c)
6.88%,
09/15/28
............
USD
650
677,480
4.63%,
06/01/30
............
50
48,305
7.25%,
01/15/32
............
1,400
1,481,683
USA
Compression
Partners
LP
6.88%,
09/01/27
............
175
176,479
7.13%,
03/15/29
(c)
...........
14,763
15,205,182
Vantage
Drilling
International
Ltd.,
9.50%
,
02/15/28
(c)
...........
9,053
9,111,582
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Ventas
Realty
LP,
5.00%
,
01/15/35
..
USD
12,000
$
12,018,508
Venture
Global
Calcasieu
Pass
LLC
(c)
6.25%,
01/15/30
............
2,850
2,987,544
3.88%,
11/01/33
............
225
201,794
Venture
Global
LNG,
Inc.
(c)
9.50%,
02/01/29
............
5,432
6,119,173
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.44%),
9.00%
(a)(o)
.........
10,497
10,640,063
7.00%,
01/15/30
............
531
542,479
Veritas
US,
Inc.,
7.50%
,
09/01/25
(c)
..
4,830
4,531,211
Verizon
Communications,
Inc.
1.13%,
11/03/28
............
GBP
3,266
3,823,244
4.81%,
03/15/39
............
USD
20,900
20,577,292
5.50%,
02/23/54
............
21,405
22,439,272
VF
Corp.,
2.40%
,
04/23/25
.......
10,346
10,172,515
Viasat
,
Inc.
(c)
6.50%,
07/15/28
............
9,433
7,402,153
7.50%,
05/30/31
............
4,673
3,217,220
VICI
Properties
LP
3.50%,
02/15/25
(c)
...........
12,437
12,332,462
4.38%,
05/15/25
............
3,068
3,051,035
4.63%,
06/15/25
(c)
...........
2,533
2,517,535
4.50%,
09/01/26
(c)
...........
2,481
2,469,532
4.25%,
12/01/26
(c)
...........
544
538,709
5.75%,
02/01/27
(c)
...........
4,802
4,884,753
3.75%,
02/15/27
(c)
...........
327
318,929
4.75%,
02/15/28
............
4,200
4,216,220
3.88%,
02/15/29
(c)
...........
5,000
4,788,651
4.63%,
12/01/29
(c)
...........
5,361
5,259,092
4.95%,
02/15/30
............
7,775
7,821,020
4.13%,
08/15/30
(c)
...........
5,000
4,748,157
Viking
Cruises
Ltd.
(c)
5.88%,
09/15/27
............
4,229
4,226,045
9.13%,
07/15/31
............
2,641
2,888,063
Vistra
Operations
Co.
LLC
(c)
5.50%,
09/01/26
............
17
16,994
5.00%,
07/31/27
............
6,026
5,996,558
7.75%,
10/15/31
............
7,410
7,977,591
Vital
Energy,
Inc.
9.75%,
10/15/30
............
985
1,052,502
7.88%,
04/15/32
(c)
...........
7,507
7,272,106
Walgreens
Boots
Alliance,
Inc.
3.45%,
06/01/26
............
375
360,754
8.13%,
08/15/29
............
3,973
3,965,380
3.20%,
04/15/30
............
4,799
3,893,355
Wand
NewCo
3,
Inc.,
7.63%
,
01/30/32
(c)
5,060
5,330,700
Warnermedia
Holdings,
Inc.,
6.41%
,
03/15/26
.................
9,938
9,943,872
Washington
Mutual
Bank
(d)(e)(f)
0.00%,
09/21/17
(h)
...........
15,753
2
0.00%,
09/21/17
(a)
...........
25,126
2
Washington
Mutual
Escrow
Bonds
(d)(e)(f)
0.00%,
11/06/09
............
45,161
587,093
0.00%,
09/19/17
(h)
...........
2,631
—
Washington
Mutual,
Inc.,
0.00%
,
10/03/17
(a)(d)(e)(f)
.............
14,745
1
Wayfair
LLC,
7.25%
,
10/31/29
(c)
....
1,898
1,944,425
Weekley
Homes
LLC,
4.88%
,
09/15/28
(c)
................
3,099
3,017,394
Wells
Fargo
&
Co.
2.00%,
07/28/25
(b)
...........
GBP
9,000
11,734,359
(1-day
SOFR
+
1.32%),
3.91%,
04/25/26
(a)
..............
USD
16,089
15,987,036
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(1-day
SOFR
+
2.00%),
2.19%,
04/30/26
(a)
..............
USD
8,304
$
8,168,791
(Sterling
Overnight
Index
Average
+
1.28%),
3.47%,
04/26/28
(a)(b)
..
GBP
11,300
14,596,423
(3-mo.
EURIBOR
+
0.70%),
4.39%,
07/22/28
(a)(b)
.............
EUR
13,100
14,524,695
(1-day
SOFR
+
1.79%),
6.30%,
10/23/29
(a)
..............
USD
33,924
36,297,153
(3-mo.
EURIBOR
+
1.22%),
3.90%,
07/22/32
(a)(b)
.............
EUR
11,500
13,134,825
Western
Digital
Corp.,
4.75%
,
02/15/26
USD
800
795,680
Westlake
Corp.,
3.38%
,
08/15/61
...
5,830
3,851,635
Wildfire
Intermediate
Holdings
LLC,
7.50%
,
10/15/29
(c)
...........
4,119
4,053,312
Williams
Scotsman,
Inc.,
7.38%
,
10/01/31
(c)
................
103
108,867
Willis
North
America,
Inc.,
5.90%
,
03/05/54
.................
4,145
4,348,847
WMG
Acquisition
Corp.,
3.88%
,
07/15/30
(c)
................
550
512,699
WRKCo
,
Inc.,
3.75%
,
03/15/25
.....
4,000
3,976,067
Wynn
Resorts
Finance
LLC
(c)
5.13%,
10/01/29
............
3,138
3,100,322
7.13%,
02/15/31
............
2,590
2,794,345
Xerox
Holdings
Corp.
(c)
5.50%,
08/15/28
............
8,073
6,892,725
8.88%,
11/30/29
............
4,088
3,796,549
XHR
LP
(c)
6.38%,
08/15/25
............
2,317
2,316,755
4.88%,
06/01/29
............
1,125
1,078,300
Yum!
Brands,
Inc.
3.63%,
03/15/31
............
2,150
1,985,382
5.38%,
04/01/32
............
250
249,157
Zayo
Group
Holdings,
Inc.,
4.00%
,
03/01/27
(c)
................
10,618
9,497,196
5,478,696,652
Vietnam
—
0.0%
Mong
Duong
Finance
Holdings
BV,
5.13%
,
05/07/29
(b)
...........
17,215
16,661,695
Zambia
—
0.0%
First
Quantum
Minerals
Ltd.,
9.38%
,
03/01/29
(c)
................
6,298
6,675,880
Total
Corporate
Bonds
—
38.6%
(Cost:
$14,913,762,639)
...........................
15,381,075,669
Fixed
Rate
Loan
Interests
India
—
0.1%
Vedanta
Holdings
Mauritius
II
Ltd.,
1st
Lien
Term
Loan,
18.00%
,
04
/
17
/
26
(f)
34,120
35,826,252
Jersey,
Channel
Islands
—
0.0%
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan,
0.00%
,
 11/09/29
(f)
.......
GBP
161
2,153
Spain
—
0.1%
Findango
Finance
SL,
1st
Lien
Term
Loan,
7.59%
,
 07/21/25
(f)
.......
EUR
30,000
33,521,399
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
—
0.2%
(f)
AMF
MF
Portfolio,
1st
Lien
Term
Loan,
6.67%
,
 11/06/28
............
USD
4,446
$
4,514,419
Aspen
Owner
LLC
,
1st
Lien
Term
Loan,
7.27%
,
 02/09/27
............
58,433
59,155,846
OD
Intermediate
Subi
HoldCo
II
LLC,
1st
Lien
Term
Loan,
10.00%
,
 04/01/26
...........
13,435
13,166,561
76,836,826
Total
Fixed
Rate
Loan
Interests
—
0.4%
(Cost:
$143,060,587)
.............................
146,186,630
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%),
9.04%
,
 07/20/28
(a)(m)
..........
990
988,337
Austria
—
0.0%
Innio
Group
Holding
GmbH,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.41%
,
 11/02/28
(a)
...........
EUR
3,000
3,347,331
Belgium
—
0.0%
(a)(s)
Finco
Utilitas
BV,
Facility
1st
Lien
Term
Loan
B,
09/26/30
............
4,513
5,025,203
QSRP
Finco
BV,
Facility
1st
Lien
Term
Loan
B,
06/19/31
............
4,609
5,135,813
10,161,016
Canada
—
0.0%
(a)
Air
Canada,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.25%
,
 03/21/31
(m)
.....
USD
594
594,757
Garda
World
Security
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
8.54%
-
8.60%
,
 02/01/29
............
3,980
3,975,321
Husky
Injection
Molding
Systems
Ltd.,
1st
Lien
Term
Loan,
(2-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.00%),
10.33%
,
 02/15/29
(m)
....
952
946,065
KDC
US
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
9.36%
,
 08/15/28
(m)
...........
860
859,950
Ontario
Gaming
GTA
LP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.89%
,
 08/01/30
(m)
...........
411
410,209
Westjet
Loyalty
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
9.08%
,
 02/14/31
(m)
947
936,186
7,722,488
Cayman
Islands
—
0.0%
Usavflow
II
Ltd.,
1st
Lien
Term
Loan
B,
0
9
/
10
/
29
(a)(s)
...............
19,977
19,976,764
Security
Par
(000)
Par
(000)
Value
Colombia
—
0.1%
Ecopetrol
SA,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.37%
-
9.98%
,
 09/06/30
(a)(f)
..........
USD
27,200
$
27,980,640
Finland
—
0.0%
(a)
Mehilainen
Yhtiot
Oy,
Facility
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
4.00%
-
7.62%
,
 08/05/31
............
EUR
6,506
7,247,803
Spa
Holdings
3
Oy,
Facility
1st
Lien
Term
Loan
B,
02/04/28
(s)
.......
4,500
4,996,652
12,244,455
France
—
0.2%
(a)
Acropole
Holding
SAS,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.10%
-
7.37%
,
 11/16/28
............
3,000
3,341,320
Athena
Bidco
SAS,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.35%
-
7.72%
,
 04/15/31
............
1,000
1,118,538
Banijay
Group
SAS,
Facility
1st
Lien
Term
Loan
B,
03/01/28
(s)
.......
3,000
3,357,049
Care
Bidco
SaS
,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.85%
-
7.22%
,
 11/06/28
............
3,000
3,285,184
Casper
Bidco
SasU
,
Facility
1st
Lien
Term
Loan
B5,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
7.63%
-
7.63%
,
 03/21/31
............
4,000
4,460,704
Circet
Europe,
Facility
1st
Lien
Term
Loan
B,
10/13/28
(s)
...........
4,500
4,926,824
ELSAN
SAS,
Facility
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.35%),
6.83%
,
 06/16/28
.
2,000
2,208,000
Financiere
Mendel
SaS
,
1st
Lien
Term
Loan
B,
11/08/30
(s)
...........
4,500
5,018,592
Galileo
Global
Education
Finance
SARL,
Facility
1st
Lien
Term
Loan
B,
07/14/28
(s)
................
4,740
5,249,350
Granite
France
Bidco
,
1st
Lien
Term
Loan
B,
10/17/28
(s)
...........
3,000
3,320,682
Holding
Socotec
,
Facility
1st
Lien
Term
Loan
B,
06/02/28
(s)
...........
4,741
5,278,484
HomeVi
SAS,
1st
Lien
Term
Loan
B,
10/31/29
(s)
................
4,000
4,343,600
LSF10
Edilians
Investments
SARL,
Facility
1st
Lien
Term
Loan
B3,
03/03/28
(s)
................
3,000
3,254,461
Obol
France
3
SAS,
1st
Lien
Term
Loan
B,
12/29/28
(s)
...............
2,000
2,133,708
Parts
Europe
SA,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
7.19%
,
 02/03/31
......
4,000
4,459,012
Powder
Bidco
SAS,
Facility
1st
Lien
Term
Loan
B,
07/28/28
(s)
.......
4,000
4,457,320
SAM
Bidco
,
Facility
1st
Lien
Term
Loan
B6,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.85%
-
7.22%
,
 12/13/27
4,000
4,466,893
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
Siaci
Saint
Honore
,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.85%
-
7.22%
,
 11/16/28
............
EUR
1,000
$
1,113,773
Tarkett
SA,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.45%),
7.12%
,
 04/21/28
.....
3,979
4,409,372
Vivalto
Sante
SaS
,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.35%),
6.70%
-
7.07%
,
 07/21/28
............
2,370
2,624,025
ZF
Invest,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.48%),
7.18%
,
 07/12/28
............
4,000
4,409,944
77,236,835
Germany
—
0.2%
(a)
Apleona
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
3.75%
-
7.39%
,
 04/28/28
......
5,673
6,333,953
Athena
Bidco
GmbH,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
7.60%
-
7.92%
,
 04/16/29
............
1,818
2,032,005
Blitz
20-487
GmbH,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.70%),
6.34%
,
 04/28/28
............
3,000
3,326,526
Cheplapharm
Arzneimittel
GmbH,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.69%
,
 02/22/29
............
3,000
3,346,129
CTEC
III
GmbH,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
7.01%
-
7.01%
,
 03/16/29
............
3,000
3,325,424
Ifco
Management
GmbH,
1st
Lien
Term
Loan,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.40%
,
 11/29/29
.
4,000
4,459,101
Minimax
Viking
GmbH,
Facility
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
7.71%
-
8.11%
,
 07/31/28
(m)
.....
USD
994
996,049
Nidda
Healthcare
Holding
GmbH,
1st
Lien
Term
Loan
B1,
08/21/26
(s)
...
EUR
4,000
4,447,301
Nidda
Healthcare
Holding
GmbH,
1st
Lien
Term
Loan
B2,
02/21/30
(s)
...
8,072
8,980,360
Nx
Arzneimittel
,
Facility
1st
Lien
Term
Loan
B1,
12/15/27
(s)
..........
1,414
1,577,932
Nx
Arzneimittel
,
Facility
1st
Lien
Term
Loan
B2,
12/13/27
(s)
..........
586
653,667
Rain
Carbon,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
8.56%
,
 10/31/28
......
3,713
4,086,260
Speedster
Bidco
GmbH,
Facility
1st
Lien
Term
Loan
B,
03/31/27
(s)
....
4,500
5,006,069
Techem
Verwaltungsgsesellschaft
675
mbH,
Facility
1st
Lien
Term
Loan
B5,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.29%
,
 07/16/29
......
4,000
4,457,486
Tele
Columbus
AG,
Facility
1st
Lien
Term
Loan
B,
01/01/29
(s)
.......
4,089
3,414,269
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
TK
Elevator
Midco
GmbH,
Facility
1st
Lien
Term
Loan
B2,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.59%
,
 04/30/30
............
EUR
6,138
$
6,849,238
Wittur
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B,
09/29/28
(s)
.......
4,229
4,102,739
67,394,508
Ireland
—
0.1%
(a)
Broom
Holdings
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B,
08/24/28
(s)
....
4,500
5,015,437
Helios
Software
Holdings,
Inc.,
1st
Lien
Term
Loan,
03/13/28
(s)
........
4,000
4,397,432
Promontoria
Beech
DAC,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.
00
%
,
 05/17/27
(f)
27,006
30,025,891
Virgin
Media
Ireland
Ltd.,
Facility
1st
Lien
Term
Loan
B1,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.58%),
7.01%
,
 07/13/29
............
4,000
4,411,324
43,850,084
Jersey,
Channel
Islands
—
0.1%
(a)(f)
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan,
16.50%
,
 11/10/27
.......
GBP
295
196,871
Vita
Global
FinCo
Ltd.,
1st
Lien
Term
Loan
B
(Sterling
Overnight
Index
Average
at
1.19%
Floor
+
7.00%),
8.19%, 07/06/27
..........
7,194
9,064,984
(6-mo.
SONIA
at
0.00%
Floor
+
7.00%),
10.74%, 07/06/27
....
EUR
11,990
12,579,237
21,841,092
Luxembourg
—
0.3%
Al
Mansart
(Luxembourg)
Bidco
SCS,
1st
Lien
Term
Loan,
09/01/28
(a)(f)(s)
.
14,673
14,673,000
AI
Monet
(Luxembourg)
Parentco
SARL,
1st
Lien
Term
Loan
B,
03/06/31
(a)(s)
...............
4,500
5,020,145
AI
Sirona
Luxembourg
Acquisition
SARL,
Facility
1st
Lien
Term
Loan
B3,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.38%
-
7.59%
,
 09/29/28
(a)
4,000
4,470,321
Allied
Universal
Holdco
LLC,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.13%
-
7.34%
,
 05/12/28
(a)
...........
3,972
4,394,432
Altice
Financing
SA,
1st
Lien
Term
Loan,
10/29/27
(a)(s)
...........
4,368
4,317,552
Altice
Financing
SA,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
8.69%
-
8.69%
,
 10/29/27
(a)
5,771
5,703,707
Chrysaor
Bidco
SARL,
1st
Lien
Term
Loan
B,
05/14/31
(a)(s)
..........
3,672
4,095,146
Cidron
Aida
Finco
SARL,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
7.88%
-
8.09%
,
 06/01/28
(a)
...........
2,000
2,225,944
Claudius
Finance
Parent
SARL,
Facility
1st
Lien
Term
Loan
B2,
07/10/28
(a)(s)
4,500
5,015,987
Cobham
Ultra
SeniorCo
SARL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.31%
,
 08/06/29
(a)
...........
4,000
4,227,209
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Connect
Finco
SARL,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.35%
-
9.75%, 09/13/29
(a)(m)
........
USD
15,486
$
14,491,371
Delta
2
SARL,
1st
Lien
Term
Loan
B,
09/10/31
(a)(m)(s)
..............
600
599,320
Eircom
Finco
SARL,
1st
Lien
Term
Loan
B3,
05/15/29
(a)(s)
.............
EUR
4,500
5,020,997
Ephios
Subco
3
SARL,
Facility
1st
Lien
Term
Loan
B,
12/23/30
(a)(s)
......
1,000
1,113,105
Froneri
International
Ltd.,
1st
Lien
Term
Loan,
09/16/31
(a)(s)
...........
2,000
2,224,207
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B1,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.13%),
5.72%
,
 01/29/27
(a)
...........
3,000
3,335,810
Index
HoldCo
SARL,
Facility
1st
Lien
Term
Loan
A,
0.10%
,
 12/29/28
(a)
..
3,811
763,573
Jazz
Financing
Luxembourg
SARL,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.10%
-
7.50%
,
 05/05/28
(a)(m)
USD
986
984,526
Liberty
Media
Corp.,
1st
Lien
Term
Loan,
08/01/31
(a)(m)(s)
..........
299
299,020
Matador
Bidco
SARL,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
9.20%
-
9.60%
,
 07/16/29
(a)(m)
..........
1,500
1,500,000
Motion
Finco
SARL,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.10%
-
7.47%
,
 11/12/29
(a)
...........
EUR
3,924
4,264,898
Radar
Bidco
SARL,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
7.96%
,
 04/04/31
(a)
.....
4,258
4,742,851
Rainbow
Finco
SARL,
Facility
1st
Lien
Term
Loan
B2,
02/26/29
(a)(s)
.....
6,600
7,328,570
Tackle
SARL,
Facility
1st
Lien
Term
Loan
B,
05/20/28
(a)(s)
..........
4,400
4,880,032
Telenet
International
Finance
SARL,
1st
Lien
Term
Loan
AQ,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
5.69%
,
 04/30/29
(a)
...........
4,000
4,369,782
110,061,505
Netherlands
—
0.2%
Ammega
Group
BV,
Facility
1st
Lien
Term
Loan
B3,
8.10%
,
 01/01/29
..
4,000
4,455,761
Barentz
Midco
BV,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.35%
-
7.72%
,
 03/03/31
(a)
...........
3,000
3,349,535
Bock
Capital
Bidco
BV,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.85%
-
7.22%
,
 06/29/28
(a)
...........
4,000
4,431,717
Boels
Topholding
BV,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
6.56%
,
 05/23/31
(a)
...........
4,417
4,931,705
Flutter
Entertainment
plc,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.60%
-
7.34%
,
 11/25/30
(a)(m)
..........
USD
943
942,536
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
Fugue
Finance
BV,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
7.76%
,
 01/31/28
(a)
.....
EUR
3,000
$
3,355,813
KOUTI
BV,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.43%),
6.93%
,
 08/31/28
(a)
....
3,500
3,891,700
Median
BV,
Facility
1st
Lien
Term
Loan
B1,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.93%),
8.27%
-
8.65%
,
 10/14/27
(a)
2,618
2,888,928
Median
BV,
Facility
1st
Lien
Term
Loan
B2,
(Daily
SONIA
at
0.00%
Floor
+
5.93%),
11.27%
,
 10/14/27
(a)(d)(e)
..
GBP
5,300
6,793,544
Nobian
Finance
BV,
1st
Lien
Term
Loan
B,
07/02/29
(a)(s)
.............
EUR
4,928
5,484,598
Peer
Holding
III
BV,
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.10%
-
7.37%
,
 09/30/28
(a)
3,000
3,345,862
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B4,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.85%
-
8.59%
,
 10/21/30
(a)(m)
....
USD
795
796,500
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B6,
07/01/31
(a)(s)
.....
EUR
1,500
1,669,875
Pegasus
Bidco
BV,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.29%
,
 07/12/29
(a)
....
3,760
4,186,767
Sandy
Bidco
BV,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.60%),
6.82%
,
 08/17/29
(a)
3,000
3,321,718
Sigma
HoldCo
BV,
Facility
1st
Lien
Term
Loan
B9,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
8.15%
-
8.18%
,
 01/03/28
(a)
...........
7,500
8,333,347
Stage
Entertainment
BV,
Facility
1st
Lien
Term
Loan
B2,
06/02/26
(a)(s)
..
4,708
5,222,757
TMF
Sapphire
Bidco
BV,
1st
Lien
Term
Loan
B1,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.46%
,
 05/03/28
(a)
4,000
4,464,355
UPC
Broadband
Holding
BV,
Facility
1st
Lien
Term
Loan
AU,
04/30/29
(a)(s)
.
4,500
5,000,409
WP/AP
Telecom
Holdings
IV
BV,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.90%),
7.25%
-
7.62%
,
 03/30/29
(a)
...........
4,000
4,465,780
Ziggo
BV,
Facility
1st
Lien
Term
Loan
H,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
6.44%
,
 01/31/29
(a)
.....
4,279
4,675,622
86,008,829
Norway
—
0.0%
Sector
Alarm
Holding
AS,
Facility
1st
Lien
Term
Loan
B2,
06/12/29
(a)(s)
..
4,535
5,063,465
Spain
—
0.3%
(a)
Aernnova
Aerospace
SAU,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
4.00%
-
7.71%
,
 02/27/30
............
4,042
4,497,833
Boluda
Towage
SL,
Facility
1st
Lien
Term
Loan
B3,
01/31/30
(s)
......
4,513
5,037,360
Cervantes
Bidco
SL,
1st
Lien
Term
Loan
B,
06/13/31
(s)
...........
4,746
5,297,588
Lorca
Finco
plc,
Facility
1st
Lien
Term
Loan
B3,
03/25/31
(s)
..........
25,716
28,626,147
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
67
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
PAX
HoldCo
Spain
SL,
Facility
1st
Lien
Term
Loan
B2,
(6-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
8.74%
,
 12/31/29
............
EUR
8,528
$
9,468,285
Promontoria
Challenger
I
SA,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
6.66%
,
 12/20/24
(f)
...........
22,995
25,565,944
Sirocco
Lux
SA,
1st
Lien
Term
Loan
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.90%),
7.57%
,
 02/28/26
(f)
......
29,646
32,999,930
111,493,087
Sweden
—
0.0%
(a)
Anticimex
Global
AB,
1st
Lien
Term
Loan
B6,
(1-day
SOFR
at
0.50%
Floor
+
3.40%),
8.73%
,
 11/16/28
(m)
USD
119
119,251
Platea
(BC)
Bidco
AB,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
7.85%
-
8.20%
,
 04/02/31
......
EUR
131
145,919
Platea
(BC)
Bidco
AB,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
7.85%
-
8.22%
,
 04/02/31
............
3,333
3,720,926
Quimper
AB,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.93%),
6.62%
,
 02/16/26
.
3,000
3,325,424
Verisure
Holding
AB
(
publ
),
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
6.35%
-
6.72%
,
 03/27/28
............
3,000
3,340,585
10,652,105
United
Kingdom
—
0.5%
(a)
Bellis
Acquisition
Co.
plc,
Facility
1st
Lien
Term
Loan
B,
05/09/31
(s)
....
4,000
4,360,787
CD&R
Firefly
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B6,
06/21/28
(s)
...
GBP
4,475
5,969,749
City
Football
Group
Ltd.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.97%
,
 07/22/30
(m)
...........
USD
998
990,847
CML
Project
Horizons,
1st
Lien
Term
Loan,
(3-mo.
SONIA
at
0.00%
Floor
+
3.75%),
8.70%
,
 04/12/28
(f)
....
GBP
30,990
41,284,750
Eagle
4
Ltd.,
1st
Lien
Term
Loan
B2,
07/12/28
(s)
................
EUR
4,000
4,446,099
Eagle
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B,
03/20/28
(s)
...........
8,283
9,198,093
Element
Materials
Technology
Group
US
Holdings,
Inc.,
1st
Lien
Term
Loan,
07/06/29
(s)
............
4,000
4,460,392
Entain
Holdings
(Gibraltar)
Ltd.,
Facility
1st
Lien
Term
Loan
B4,
06/30/28
(s)
4,000
4,471,301
Entain
plc,
Facility
1st
Lien
Term
Loan
B3,
(2-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.01%
,
 10/31/29
(m)
...........
USD
812
811,400
HNVR
HoldCo
Ltd.,
1st
Lien
Term
Loan
D2,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
8.09%
,
 09/12/27
.....
EUR
4,667
5,207,116
INEOS
Finance
plc,
1st
Lien
Term
Loan
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.38%
-
7.59%, 02/07/31
3,000
3,342,055
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
 06/23/31
(s)
................
EUR
9,036
$
10,009,164
Ineos
Quattro
Holdings
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
7.88%
-
8.09%
,
 04/03/29
............
11,295
12,562,392
Ineos
US
Finance
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.50%
,
 02/18/30
(m)
...........
USD
965
963,794
Inspired
Finco
Holdings
Ltd.,
Facility
1st
Lien
Term
Loan
B5,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.38%
-
7.59%
,
 02/28/31
......
EUR
4,000
4,459,546
Market
Bidco
Ltd.,
1st
Lien
Term
Loan
B1,
11/04/27
(s)
..............
4,500
4,971,105
Mercia,
1st
Lien
Term
Loan
A1,
(3-mo.
SONIA
at
0.00%
Floor
+
2.40%),
7.63%
,
 04/08/26
(f)
...........
GBP
9,371
12,523,356
Mercia,
1st
Lien
Term
Loan
A2,
(3-mo.
SONIA
at
0.00%
Floor
+
2.40%),
7.58%
,
 04/08/26
(f)
...........
28,574
38,185,079
Mercia,
1st
Lien
Term
Loan
B1,
(3-mo.
SONIA
at
0.00%
Floor
+
0.00%),
7.58%
,
 04/09/25
(f)
...........
1,646
2,199,587
Modulaire
Group
Holdings,
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
12/15/28
(s)
EUR
5,000
5,458,721
Restaurant
Brands
Iberia,
Facility
1st
Lien
Term
Loan
B,
10/19/28
(s)
....
2,500
2,789,832
Rubix
Group
Finco
Ltd.,
1st
Lien
Term
Loan
B,
09/29/28
(s)
...........
4,000
4,456,296
Seashell
Bidco
SL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
8.66%
-
9.36%
,
 10/10/29
(f)
...........
2,270
2,526,878
Synlab
Bond
plc,
Facility
1st
Lien
Term
Loan,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
6.18%
,
 07/01/27
.
3,230
3,577,352
VMED
O2
UK
HoldCo
4
Ltd.,
Facility
1st
Lien
Term
Loan
Z,
10/15/31
(s)
.
4,000
4,427,220
193,652,911
United
States
—
3.0%
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan,
12/21/28
(a)(m)(s)
...
USD
987
987,877
Action
Environmental
Group,
Inc.,
(The),
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.60%
-
9.34%
,
 10/24/30
(a)(m)
570
570,226
ADMI
Corp.,
1st
Lien
Term
Loan,
12/23/27
(a)(m)(s)
..............
496
481,756
AHP
Health
Partners,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.20%
-
7.76%
,
 08/24/28
(a)(m)
....
879
878,450
AI
Aqua
Merger
Sub,
Inc.,
1st
Lien
Term
Loan
B,
07/31/28
(a)(m)(s)
........
1,033
1,031,605
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B
(a)
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.71%
-
9.11%, 02/02/26
..........
8,225
7,997,534
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.71%
-
10.11%, 02/02/26
.........
3,232
3,153,777
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
AlixPartners
LLP,
1st
Lien
Term
Loan
(a)
 02/04/28
(s)
................
EUR
4,346
$
4,838,920
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.46%
-
7.86%, 02/04/28
(m)
.........
USD
615
615,340
Alliant
Holdings
Intermediate
LLC,
1st
Lien
Term
Loan,
09/19/31
(a)(m)(s)
...
995
989,090
Allied
Universal
Holdco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.70%
-
9.10%
,
 05/12/28
(a)
...........
13,246
13,110,680
AllSpring
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.14%
-
8.89%
,
 11/01/28
(a)(m)
..........
987
983,333
Alorica,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.88%),
11.72%
-
12.12%
,
 12/21/27
(a)(f)
.........
21,141
20,798,184
Altar
Bidco
,
Inc.,
2nd
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.60%),
10.40%
,
 02/01/30
(a)
35,591
34,300,748
Alterra
Mountain
Co.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
8.35%
-
8.75%
,
 05/31/30
(a)(m)
..........
161
160,932
Amazon
Holdco,
Inc.,
1st
Lien
Term
Loan
B
 07/30/31
(a)(m)(s)
..............
13,657
13,605,786
Amer
Sports
Co.,
1st
Lien
Term
Loan,
02/17/31
(a)(m)(s)
..............
1,640
1,642,284
American
Airlines,
Inc.,
1st
Lien
Term
Loan,
(2-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.50%),
7.21%
,
 06/04/29
(a)(m)
..........
1,000
991,610
American
Auto
Auction
Group
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
9.75%
-
10.49%
,
 12/30/27
(a)
.....
3,153
3,162,857
American
Axle
&
Manufacturing
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.10%
,
 12/13/29
(a)(m)
..........
975
976,452
AmWINS
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
7.21%
-
7.61%
,
 02/21/28
(a)(m)
..........
1,104
1,102,070
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
9.00%
,
 02/28/28
(a)(m)
..........
549
548,899
AppLovin
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.35%
-
7.75%
,
 10/25/28
(a)(m)
..........
992
991,770
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
9.56%
-
9.74%
,
 06/23/28
(a)(m)
..........
465
465,108
Arsenal
AIC
Parent
LLC,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.10%
-
8.56%, 08/19/30
(a)(m)
........
1,830
1,826,749
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
12/11/28
(a)(m)(s)
..........
USD
997
$
992,379
AssuredPartners
,
Inc.,
1st
Lien
Term
Loan,
02/14/31
(a)(m)(s)
..........
997
996,317
Avaya,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
12.35%
-
12.75%
,
 08/01/28
(a)
..........
92
81,083
AZEK
Group
LLC
(The),
1st
Lien
Term
Loan
B,
09/19/31
(a)(f)(m)(s)
.......
1,035
1,035,000
Bakelite
US
Holdco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.10%
-
8.84%
,
 05/28/29
(a)
...........
15,045
15,068,121
Baldwin
Insurance
Group
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.10%
-
8.50%
,
 05/26/31
(a)(f)
(m)
......................
478
477,695
Bally's
Corp.,
Facility
1st
Lien
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.79%, 10/02/28
(a)(m)
........
30,683
29,187,267
Barnes
Group,
Inc.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
7.35%
-
7.75%
,
 08/30/30
(a)(m)
....
493
492,336
Barracuda
Networks,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.81%
,
 08/15/29
(a)(m)
..........
992
963,098
Bausch
&
Lomb,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.27%, 05/10/27
(a)(m)
........
10,884
10,833,739
BCPE
North
Star
US
HoldCo
2,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.96%
-
11.00%
,
 06/09/28
(a)
..........
9,978
9,425,753
Bleriot
US
Bidco
,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.12%
-
8.59%
,
 10/31/30
(a)(m)
..........
1,202
1,202,373
Boost
Newco
Borrower
LLC,
1st
Lien
Term
Loan
B1
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
7.10%
-
7.75%, 01/31/31
(a)(m)
........
12,813
12,807,594
Boxer
Parent
Co.,
Inc.,
1st
Lien
Term
Loan
(a)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.66%, 07/03/31
....
EUR
9,552
10,612,181
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.96%
-
9.01%, 07/30/31
(m)
.........
USD
1,430
1,426,516
Brand
Industrial
Services,
Inc.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.75%
,
 08/01/30
(a)(m)
..........
1,087
1,055,458
Broadstreet
Partners,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.10%
-
8.50%
,
 06/16/31
(a)(m)
....
1,000
995,630
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
69
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BSREP
II
Houston
Office
1HC
Owner
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.21%),
7.53%
,
 01/09/25
(a)(f)
.....
USD
30,825
$
13,561,811
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.60%
-
8.00%
,
 02/06/30
(a)(m)
....
950
948,856
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B1
 02/06/31
(a)(m)(s)
..............
19,517
19,492,663
Calpine
Construction
Finance
Co.
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.85%
-
7.25%
,
 07/19/30
(a)(m)
1,215
1,206,455
Cambrex
Corp.,
Facility
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.45%
-
8.85%
,
 12/04/26
(a)(m)
..........
995
988,427
Camelot
US
Acquisition
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.60%
-
8.00%
,
 01/31/31
(a)(m)
....
934
931,848
Carnival
Corp.,
1st
Lien
Term
Loan
(a)(m)
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.00%, 08/09/27
351
351,074
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.00%, 10/18/28
232
231,651
Cast
&
Crew
LLC,
Facility
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.60%
-
9.00%
,
 12/29/28
(a)(m)
..........
966
966,871
Catalent
Pharma
Solutions,
Inc.,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.92%
,
 02/22/28
(a)(f)(m)
...
782
782,070
Central
Parent
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.85%
-
8.59%
,
 07/06/29
(a)(m)
..........
997
986,186
Champions
Financing,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.85%
,
 02/06/29
(a)(m)
..........
383
367,680
Charter
Communications
Operating
LLC,
1st
Lien
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
7.08%
,
 02/01/27
(a)
.....
2,010
2,007,300
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.10%
-
8.50%
,
 12/01/27
(a)(m)
....
990
989,645
Chemours
Co.
(The),
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.35%
-
8.75%
,
 08/18/28
(a)(m)
..........
918
916,867
Chemours
Co.
(The),
1st
Lien
Term
Loan
B3,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.38%
-
7.60%
,
 08/18/28
(a)
...........
EUR
8,000
8,903,330
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.46%
-
8.86%, 09/29/28
(a)(m)
........
USD
1,292
1,292,014
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Chobani
LLC,
1st
Lien
Term
Loan
(a)(m)
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.25%),
8.21%
-
8.61%, 10/25/27
..........
USD
495
$
495,711
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.60%
-
9.09%, 10/25/27
..........
508
509,304
Chromalloy
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
9.08%
,
 03/27/31
(a)(m)
1,370
1,299,131
Cincinnati
Bell,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.20%
-
8.60%
,
 11/22/28
(a)(m)
..........
997
993,945
Citadel
Securities
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
7.10%
-
7.50%
,
 07/29/30
(a)(m)
..........
993
991,597
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.10%
-
9.84%
,
 03/21/31
(a)(m)
..........
1,478
1,481,074
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.35%
-
7.72%
,
 03/29/30
(a)
...........
EUR
2,257
2,524,923
Cloud
Software
Group,
Inc.,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.60%
-
9.34%
,
 03/30/29
(a)
.....
USD
11,842
11,784,293
Clue
Opco
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
9.75%
,
 12/19/30
(a)(m)
929
921,068
Clydesdale
Acquisition
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.18%),
8.02%
-
8.42%
,
 04/13/29
(a)
11,974
11,906,364
CML
Terranea
Resort,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.35%),
9.55%
,
 01/01/28
(a)(f)
..........
16,500
16,535,104
Cobham
Ultra
US
Co-Borrower
LLC,
Facility
1st
Lien
Term
Loan
B,
(2-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.24%
,
 08/03/29
(a)(m)
....
1,389
1,327,684
Colorado
Plaza,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
0.00%
,
 11/15/24
(a)(d)
(e)(f)
.....................
15,894
183,464
Conair
Holdings
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.71%
-
9.11%
,
 05/17/28
(a)
...........
2,268
2,070,509
ConnectWise
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.37%
-
9.10%
,
 09/29/28
(a)
...........
18,892
18,845,202
Coral-US
Co-Borrower
LLC,
1st
Lien
Term
Loan
B6,
10/15/29
(a)(m)(s)
....
1,000
993,060
Core
&
Main
LP,
1st
Lien
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
7.11%
,
 02/10/31
(a)(m)
764
764,160
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CoreWeave
Compute
Acquisition
Co.
II
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
9.62%),
14.31%
,
 07/30/28
(a)(f)
.........
USD
60,594
$
60,521,137
CoreWeave
Compute
Acquisition
Co.
IV
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.00%),
6.00%
-
11.28%
,
 05/16/29
(a)(f)
.........
12,500
12,312,565
Cornerstone
Building
Brands
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
,
 04/12/28
(a)
...........
11,999
11,734,347
Cotiviti
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.45%
,
 05/01/31
(a)(f)
(m)
......................
1,296
1,294,374
Covanta
Holding
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.85%
,
 11/30/28
(a)(m)
..........
1,877
1,877,223
Covanta
Holding
Corp.,
1st
Lien
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.85%
,
 11/30/28
(a)(m)
..........
103
102,838
CPM
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.70%
,
 09/28/28
(a)(m)
..........
311
294,175
Cppib
Ovm
Member
US
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.85%
-
8.73%
,
 08/07/31
(a)
...........
11,404
11,399,210
Creative
Artists
Agency
LLC,
1st
Lien
Term
Loan
B2,
(US
Prime
Rate
at
0.00%
Floor
+
2.25%),
8.50%
-
10.25%
,
 11/27/28
(a)(m)
.........
269
268,320
Crocs,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.85%
-
7.59%
,
 02/19/29
(a)(m)
521
522,818
CSC
Holdings
LLC,
1st
Lien
Term
Loan
B5,
04/15/27
(a)(s)
.............
4,257
3,886,349
Cushman
&
Wakefield
US
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.60%
-
9.00%
,
 01/31/30
(a)(m)
998
996,672
Dave
&
Buster's,
Inc.,
1st
Lien
Term
Loan
B,
06/29/29
(a)(m)(s)
........
1,000
995,420
Dayforce,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
7.35%
-
7.75%
,
 02/28/31
(a)(m)
..........
260
259,697
Dealer
Tire
Financial
LLC,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.35%
-
8.75%
,
 07/02/31
(a)(m)
....
1,495
1,496,842
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.75%),
8.35%
-
9.09%
,
 04/09/27
(a)(m)
..........
997
976,012
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(2-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.20%
,
 11/30/29
(a)(m)
1,000
997,500
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Derby
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.70%
,
 11/01/30
(a)(m)
USD
518
$
518,525
Digital
Room
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.60%
,
 12/21/28
(a)
..........
6,156
5,940,685
DirecTV
Financing
LLC,
1st
Lien
Term
Loan
(a)
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
9.96%
-
10.36%, 08/02/27
.........
3,577
3,574,065
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
10.21%
-
10.61%, 08/02/29
(m)
........
883
866,972
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.38%),
9.69%
,
 10/04/29
(a)(m)
..........
276
274,463
Dun
&
Bradstreet
Corp.
(The),
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.61%
,
 01/18/29
(a)(m)
..........
990
988,586
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B1,
08/24/28
(a)(m)(s)
....
796
796,605
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B2,
08/24/28
(a)(m)(s)
....
307
307,380
Eastman
Chemical,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
10.12%
-
10.85%
,
 11/01/28
(a)
..........
4,441
3,727,791
ECL
Entertainment
LLC,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.85%
-
9.25%
,
 08/31/30
(a)
.....
21,973
22,020,806
EIS
Group
Ltd.,
1st
Lien
Term
Loan
(a)(f)
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
11.69%, 07/08/27
28,919
28,484,797
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
11.85%
-
12.25%, 07/10/28
.........
2,892
2,848,480
Elanco
Animal
Health,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
7.05%
,
 08/02/27
(a)(m)
..........
676
674,647
Electron
Bidco
,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.96%
-
8.36%
,
 11/01/28
(a)(m)
..........
990
990,590
Element
Materials
Technology
Group
US
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.35%
-
9.69%
,
 06/22/29
(a)(m)
..........
797
797,405
Ellucian
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.45%
-
8.85%
,
 10/07/29
(a)(m)
..........
992
993,912
Emerald
Technologies
US
AcquisitionCo
.,
Inc.,
1st
Lien
Term
Loan
B,
0.00%
,
 12/29/27
(a)(f)
.....
7,538
6,030,185
EMRLD
Borrower
LP,
1st
Lien
Term
Loan
B,
05/31/30
(a)(m)(s)
........
1,496
1,492,491
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
71
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Ensemble
RCM
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
8.25%
,
 08/01/29
(a)(m)
..........
USD
974
$
974,845
EP
Purchaser
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.37%
-
9.10%
,
 11/06/28
(a)(m)
..........
987
988,931
Fanatics
Commerce
Intermediate
Holdco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.21%
-
8.61%
,
 11/23/28
(a)(m)
..........
1,500
1,489,995
Fertitta
Entertainment
LLC,
1st
Lien
Term
Loan
B
 01/29/29
(a)(m)(s)
..............
29,424
29,327,948
First
Advantage
Holdings
LLC,
1st
Lien
Term
Loan
1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.71%
-
8.11%
,
 01/31/27
(a)(m)
....
1,000
995,000
First
Brands
Group
LLC,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
1.00%
Floor
+
5.00%),
8.64%
,
 03/30/27
(a)(f)
EUR
6,730
7,500,494
Fleet
Midco
I
Ltd.,
1st
Lien
Term
Loan
B2,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.58%
-
7.81%
,
 02/21/31
(a)(f)(m)
.........
USD
437
435,879
Fortrea
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(2-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.49%
,
 07/01/30
(a)(m)
..........
307
306,638
Fortress
Intermediate
3,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.60%
-
9.00%
,
 06/27/31
(a)(m)
..........
1,000
997,500
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
01/29/31
(a)(m)(s)
...
1,485
1,443,369
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.70%
-
9.44%
,
 10/01/27
(a)(m)
....
995
944,673
Galaxy
Universal
LLC,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
11.79%
,
 11/12/26
(a)(f)
..........
27,662
27,385,489
Gemini
HDPE
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.51%
,
 12/31/27
(a)(m)
487
488,717
Genesys
Cloud
Services
Holdings
II
LLC,
1st
Lien
Term
Loan
(a)(m)
 12/01/27
(s)
................
245
245,264
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.71%
-
9.11%, 12/01/27
..........
384
384,120
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
9.34%
,
 09/20/30
(a)(m)
..........
975
967,122
GoGo
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.11%
,
 05/01/28
(a)(m)
..........
1,000
939,580
GoTo
Group,
Inc.,
1st
Lien
Term
Loan
 04/30/28
(a)(s)
...............
23,107
13,201,055
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Green
Plains
Operating
Co.
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
8.00%),
13.21%
,
 07/20/26
(a)(f)
.........
USD
20,894
$
21,182,823
Grifols
Worldwide
Operations
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
7.40%
,
 11/15/27
(a)(m)
..........
683
662,453
Grinding
Media,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.57%
,
 10/12/28
(a)(f)(m)
.........
990
987,321
Gulfside
Supply,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
8.29%
,
 06/17/31
(a)(m)
..........
561
560,114
Hanesbrands,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.60%
-
9.00%
,
 03/08/30
(a)(m)
..........
992
989,962
Helios
Service
Partners
LLC,
1st
Lien
Term
Loan
(a)(f)
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
11.85%, 03/19/27
4,688
4,688,368
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.50%),
12.10%, 03/19/27
891
895,365
Helios
Service
Partners
LLC,
Delayed
Draw
1st
Lien
Term
Loan
(a)(f)
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
11.85%, 03/19/27
7,195
7,195,457
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.50%),
12.10%, 03/19/27
3,994
4,014,471
Helios
Software
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.35%
-
9.09%
,
 07/18/30
(a)(m)
..........
716
711,292
Herschend
Entertainment
Co.
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.85%
-
8.25%
,
 08/28/28
(a)
.....
3,689
3,689,403
Hilton
Domestic
Operating
Co.,
Inc.,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.60%
,
 11/08/30
(a)(m)
....
276
275,843
Hilton
Garden
Inn
Waikiki,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.50%),
8.40%
,
 05/31/29
(a)(f)
..........
29,100
29,013,154
Hilton
Grand
Vacations
Borrower
LLC,
1st
Lien
Term
Loan
(a)
 08/02/28
(s)
................
3,608
3,583,487
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
7.10%
-
7.50%, 01/17/31
(m)
.........
656
649,968
HLP
Hotel
LLC,
1st
Lien
Term
Loan,
(SOFR
30
day
Average
at
1.00%
Floor
+
3.55%),
8.67%
,
 09/09/26
(a)(f)
25,700
25,700,000
HomeServe
USA
Holding
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
7.26%
,
 10/21/30
(a)(m)
..........
1,444
1,440,389
HP
LQ
Investment
LP,
1st
Lien
Term
Loan,
(SOFR
30
day
Average
at
0.00%
Floor
+
3.00%),
8.21%
,
 12/09/26
(a)(f)
..........
24,307
24,254,558
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Hrni
Holdings
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.74%
,
 12/11/28
(a)
USD
31,419
$
31,144,356
Hub
International
Ltd.,
1st
Lien
Term
Loan,
06/20/30
(a)(m)(s)
..........
998
995,904
Hunter
Douglas,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.57%
,
 02/25/29
(a)(m)
..........
1,492
1,477,462
Hydrofarm
Holdings
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
10.73%
-
10.86%
,
 10/25/28
(a)(f)
...
4,353
3,482,799
Icon
Parent,
Inc.,
1st
Lien
Term
Loan
B,
09/12/31
(a)(s)
...............
29,083
28,852,663
Indy
US
Bidco
LLC,
1st
Lien
Term
Loan,
03/06/28
(a)(s)
...............
EUR
4,500
5,000,209
Ineos
Enterprises
Holdings
US
Finco
LLC,
1st
Lien
Term
Loan
B,
07/07/30
(a)(m)(s)
..............
USD
992
993,513
Informatica
LLC,
1st
Lien
Term
Loan
B,
10/27/28
(a)(m)(s)
..............
1,000
998,330
Innio
North
America
Holding,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.48%
-
8.54%
,
 11/02/28
(a)(m)
....
661
660,945
Interface
Security
Systems
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.00%),
12.35%
,
 10/31/24
(a)(f)
.........
17,493
8,396,659
IRB
Holding
Corp.,
1st
Lien
Term
Loan
B,
12/15/27
(a)(m)(s)
............
997
995,997
Iridium
Satellite
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
7.10%
-
7.50%
,
 09/20/30
(a)(m)
..........
1,132
1,110,923
J&J
Ventures
Gaming
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.96%
-
9.36%
,
 04/26/28
(a)
...........
7,849
7,823,639
Jack
Ohio
Finance
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.71%
-
10.11%
,
 10/04/28
(a)
..........
5,994
5,991,143
JFL-Tiger
Acquisition
Co.,
1st
Lien
Term
Loan,
10/17/30
(a)(m)(s)
..........
664
663,998
Jump
Financial
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.37%
-
10.10%
,
 08/07/28
(a)(f)(m)
........
991
978,673
KBR,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.85%
-
7.25%
,
 01/21/31
(a)(m)
306
306,013
Learning
Care
Group
US
No.
2,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.60%
-
9.34%
,
 08/11/28
(a)(m)
....
206
206,827
Level
3
Financing,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
6.56%),
11.41%
,
 04/16/29
(a)
..........
2,870
2,927,162
Light
&
Wonder
International,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.33%
-
7.71%
,
 04/16/29
(a)(m)
992
990,686
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
LSF11
A5
Holdco
LLC,
1st
Lien
Term
Loan,
10/16/28
(a)(m)(s)
..........
USD
997
$
994,769
Lummus
Technology
Holdings
V
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
8.46%
-
8.86%
,
 12/31/29
(a)(m)
990
991,421
M6
ETX
Holdings
II
Midco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.45%
-
9.85%
,
 09/19/29
(a)(m)
..........
987
985,757
Maravai
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.28%
,
 10/19/27
(a)(m)
..........
987
981,761
Maverick
Gaming
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
12.82%, 06/05/28
(a)
........
8,098
6,432,531
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.35%
-
8.75%, 05/04/28
(a)(m)
........
5,131
5,124,650
McAfee
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
7.09%
-
7.14%
,
 03/01/29
(a)
EUR
3,448
3,816,522
McAfee
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
-
8.49%
,
 03/01/29
(a)
...........
USD
16,353
16,276,319
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.35%
,
 11/01/29
(a)
..........
3,210
2,086,500
Medline
Borrower
LP,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.60%
-
8.00%, 10/23/28
(a)(m)
........
42,335
42,330,735
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.10%
-
9.50%
,
 05/03/28
(a)(m)
..........
1,486
1,475,804
Mitchell
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.10%
-
8.50%
,
 06/17/31
(a)(m)
..........
998
982,073
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
9.35%
-
9.75%
,
 03/29/28
(a)(m)
987
989,523
Montage
Hotels
&
Resorts
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
11.32%
,
 02/16/29
(a)(f)
.........
12,063
12,063,277
Motion
Finco
SARL,
Facility
1st
Lien
Term
Loan
B3,
11/13/29
(a)(m)(s)
....
1,496
1,438,270
MPH
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.57%
,
 09/01/28
(a)(m)
..........
496
372,371
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
73
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
10.70%
-
11.44%
,
 01/24/30
(a)
..........
USD
943
$
572,014
Neon
Maple
US
Debt
Mergersub
,
Inc.,
1st
Lien
Term
Loan,
07/18/31
(a)(m)(s)
1,000
988,750
NGL
Energy
Operating
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.60%
-
9.00%
,
 02/03/31
(a)(m)
..........
415
412,322
NGP
XI
Midstream
Holdings
LLC,
1st
Lien
Term
Loan
 07/25/31
(a)(f)(m)(s)
.............
6,399
6,391,001
Oculus
Acquisition
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.75%
,
 11/08/27
(a)(m)
..........
511
511,920
Olaplex
,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.45%
-
8.85%
,
 02/16/29
(a)
...........
12,518
11,881,581
Oldcastle
BuildingEnvelope
,
Inc.,
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.50%
-
9.59%
,
 04/30/29
(a)(m)
....
987
974,382
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B5,
06/23/31
(a)(s)
..
EUR
5,362
5,959,850
OMNIA
Partners
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.53%
,
 07/25/30
(a)(m)
..........
USD
941
942,459
OneDigital
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.10%
-
8.50%
,
 06/13/31
(a)(m)
..........
998
987,944
Organon
&
Co.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.46%
-
7.74%
,
 05/19/31
(a)(m)
..........
617
614,686
Orion
Group
HoldCo
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.00%),
11.60%, 03/19/27
(a)(f)
.......
914
917,524
Orion
Group
HoldCo
LLC,
Delayed
Draw
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
0.00%),
11.60%, 03/19/27
(a)(f)
.......
10,437
10,474,187
Osaic
Holdings,
Inc.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.85%
-
9.25%
,
 08/17/28
(a)(m)
..........
1,400
1,383,453
Ovation
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.84%
,
 04/19/31
(a)(m)
..........
278
278,812
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)
...........
2,062
2,026,110
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.70%
-
9.10%
,
 02/01/28
(a)(m)
..........
701
673,241
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
PetSmart,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.70%
-
9.10%
,
 02/11/28
(a)(m)
..........
USD
1,238
$
1,225,722
Phoenix
Guarantor,
Inc.,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.10%
-
8.50%
,
 02/21/31
(a)(m)
..........
995
991,836
Planet
US
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
8.60%
,
 02/07/31
(a)(m)
..........
959
959,556
Playtika
Holding
Corp.,
Facility
1st
Lien
Term
Loan
B1,
03/13/28
(a)(m)(s)
....
997
989,746
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
06/02/28
(a)(m)(s)
..........
997
979,875
Precision
Medicine
Group
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.70%
-
8.44%
,
 11/18/27
(a)(m)
..........
992
986,386
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
7.45%
,
 10/11/30
(a)(m)
....
353
352,711
Project
Alpha
Intermediate
Holding,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.00%
,
 10/28/30
(a)(m)
....
963
964,691
Project
Montage
Note,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
11.32%
,
 02/16/29
(a)(f)
.........
670
670,182
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.85%
-
8.25%
,
 08/31/28
(a)(m)
..........
997
996,756
Quartz
AcquireCo
LLC,
1st
Lien
Term
Loan
B1
 06/28/30
(a)(m)(s)
..............
9,373
9,355,250
RealPage,
Inc.,
1st
Lien
Term
Loan,
04/24/28
(a)(m)(s)
..............
997
967,506
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.26%
,
 04/27/28
(a)
..........
19,419
14,758,678
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
13.26%
,
 04/27/29
(a)
..........
10,460
7,583,500
Refficiency
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.45%
-
8.85%
,
 12/16/27
(a)(m)
..........
878
880,067
Robertshaw
US
Holding
Corp.,
1st
Lien
Term
Loan,
0.00%
,
 02/28/27
(a)(f)
..
4,760
47,600
Rocket
Software,
Inc.,
1st
Lien
Term
Loan,
11/28/28
(a)(s)
...........
EUR
4,000
4,453,847
Roper
Industrial
Products
Investment
Co.
LLC,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.85%
-
8.74%
,
 11/22/29
(a)(m)
..........
USD
997
998,920
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.76%
,
 03/16/27
(a)
...........
USD
9,000
$
8,991,968
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
8.25%
,
 08/01/27
(a)(m)
..........
601
600,870
Sodalite
Tahoe
Hotel
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.90%),
8.13%
,
 10/25/26
(a)(f)
..........
19,245
18,925,810
Solaris
Energy
Infrastructure
LLC,
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.00%),
10.20%
,
 09/11/29
(a)
..........
43,531
42,660,380
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.10%
-
8.50%
,
 05/30/31
(a)(m)
..........
1,000
996,250
Star
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
9.09%
,
 09/27/30
(a)(m)
995
966,642
Station
Casinos
LLC,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
7.10%
-
7.50%
,
 03/14/31
(a)
.....
7,654
7,616,878
Summer
Bidco
B
LLC,
1st
Lien
Term
Loan,
7.97%
,
 01/31/29
........
EUR
588
656,323
Summer
Bidco
LLC,
Facility
1st
Lien
Term
Loan
B,
01/31/29
(a)(s)
......
2,412
2,690,774
Surgery
Center
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.67%
-
7.99%
,
 12/19/30
(a)(m)
..........
USD
303
303,509
TK
Elevator
Midco
GmbH,
1st
Lien
Term
Loan
C,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.59%
,
 04/30/30
(a)(m)
..........
988
989,212
Topgolf
Callaway
Brands
Corp,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.85%
-
8.25%
,
 03/18/30
(a)(m)
..........
947
932,571
TransDigm
,
Inc.,
1st
Lien
Term
Loan
J
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
7.10%
-
7.84%, 02/28/31
(a)(m)
........
6,209
6,182,861
TransDigm
,
Inc.,
1st
Lien
Term
Loan
L,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
7.25%
-
7.32%
,
 01/19/32
(a)(m)
..........
330
328,624
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan
 03/31/28
(a)(m)(s)
..............
4,581
4,570,896
Truist
Insurance
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.85%
-
8.59%
,
 05/06/31
(a)(m)
..........
1,137
1,134,158
UKG,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.55%
,
 02/10/31
(a)(m)
....
992
992,437
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
UPC
Financing
Partnership,
Facility
1st
Lien
Term
Loan
AX,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.93%),
8.14%
,
 01/31/29
(a)(m)
....
USD
1,000
$
994,030
USI,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.35%
-
8.09%
,
 09/27/30
(a)(m)
1,296
1,291,969
Vaco
Holding
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
9.95%
-
10.49%
,
 01/22/29
(a)
..........
7,587
7,430,992
VC
GB
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.37%
-
9.10%
,
 07/23/28
(a)(m)
..........
990
986,575
Verifone
Systems,
Inc.,
1st
Lien
Term
Loan,
08/20/25
(a)(s)
...........
10,456
9,558,820
Veritas
US,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.00%),
9.96%
-
10.36%
,
 09/02/25
(a)
..........
3,152
2,946,476
Vestis
Corp.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
7.37%
,
 02/24/31
(a)(m)
1,051
1,043,237
Viasat
,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.73%
,
 05/30/30
(a)(m)
....
463
421,042
Virgin
Media
Bristol
LLC,
Facility
1st
Lien
Term
Loan
Q,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.46%
,
 01/31/29
(a)(m)
..........
1,000
955,560
Virtusa
Corp.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.10%
-
8.50%
,
 02/15/29
(a)(m)
..........
987
986,131
VS
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.35%
,
 04/14/31
(a)(m)
992
991,915
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan,
01/30/31
(a)(m)(s)
..........
1,238
1,235,793
Waystar
Technologies,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.60%
-
8.24%, 10/22/29
(a)(m)
........
514
514,059
Wec
US
Holdings
Ltd.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.60%
-
8.00%
,
 01/27/31
(a)(m)
..........
1,351
1,350,203
Whatabrands
LLC,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.60%
-
8.00%
,
 08/03/28
(a)(m)
....
373
372,409
White
Cap
Supply
Holdings
LLC,
Facility
1st
Lien
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
8.10%
-
8.50%
,
 10/19/29
(a)(m)
1,000
992,250
Wilsonart
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.81%
-
9.49%
,
 08/05/31
(a)(m)
..........
1,000
988,330
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
75
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.62%
-
9.35%
,
 12/21/27
(a)
...........
USD
3,183
$
2,119,526
WR
Grace
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.85%
-
8.50%
,
 09/22/28
(a)(m)
..........
992
993,835
Xerox
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.60%
-
9.25%
,
 11/19/29
(a)
...........
5,469
5,440,213
Zayo
Group
Holdings,
Inc.,
1st
Lien
Term
Loan,
03/09/27
(a)(s)
.......
EUR
1,995
2,076,156
Ziggo
Financing
Partnership,
1st
Lien
Term
Loan
I,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
7.71%
,
 04/28/28
(a)(m)
..........
USD
1,000
975,800
1,192,889,582
Total
Floating
Rate
Loan
Interests
—
5.0%
(Cost:
$2,059,956,810)
...........................
2,002,565,034
Foreign
Agency
Obligations
Argentina
—
0.1%
YPF
SA
6.95%,
07/21/27
(b)
...........
5,000
4,850,000
9.50%,
01/17/31
(c)
...........
15,201
16,018,054
20,868,054
Australia
—
0.0%
NBN
Co.
Ltd.,
5.00%
,
08/28/31
(b)
...
AUD
15,000
10,380,413
Chile
—
0.0%
Banco
del
Estado
de
Chile,
2.70%
,
01/09/25
(b)
................
USD
1,242
1,231,915
Empresa
Nacional
del
Petroleo
(c)
6.15%,
05/10/33
............
995
1,056,571
5.95%,
07/30/34
............
1,337
1,404,518
3,693,004
Colombia
—
0.0%
Ecopetrol
SA
8.88%,
01/13/33
............
1,622
1,737,486
8.38%,
01/19/36
............
975
994,500
2,731,986
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
4,946,715
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.59%),
5.13%,
03/14/3024
...
EUR
1,525
1,750,602
6,697,317
Estonia
—
0.0%
Eesti
Energia
A/S,
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.17%),
7.88%
(a)(b)
(o)
......................
12,200
14,089,696
Finland
—
0.0%
Finnair
OYJ,
4.75%
,
05/24/29
(b)
....
5,700
6,365,392
Security
Par
(000)
Par
(000)
Value
France
—
0.4%
Electricite
de
France
SA
(b)
(12-Year
EUR
Swap
Annual
+
3.79%),
5.38%
(a)(o)
.........
EUR
11,000
$
12,275,262
(13-Year
GBP
Swap
Semi
+
4.23%),
6.00%
(a)(o)
...............
GBP
19,400
25,800,610
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
2.88%
(a)(o)
.........
EUR
14,200
15,238,794
(5-Year
EUR
Swap
Annual
+
3.20%),
3.00%
(a)(o)
.........
1,000
1,061,945
(5-Year
EUR
Swap
Annual
+
2.86%),
2.63%
(a)(o)
.........
22,400
23,332,515
(5-Year
EUR
Swap
Annual
+
4.86%),
7.50%
(a)(o)
.........
10,000
12,217,934
(BPISDS15
+
3.32%),
5.88%
(a)(o)
.
GBP
2,800
3,650,192
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.94%),
5.13%
(a)(o)
.........
EUR
3,400
3,801,923
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(a)(o)
.........
9,800
9,939,071
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.28%),
5.63%
(a)(o)
.........
4,000
4,513,044
6.13%,
06/02/34
............
GBP
8,600
11,920,264
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.78%),
7.38%
(a)(o)
...............
7,800
10,652,521
5.50%,
10/17/41
............
20,000
24,915,935
159,320,010
Hong
Kong
—
0.0%
(b)
Airport
Authority,
3.83%
,
07/09/27
...
HKD
25,000
3,256,109
Hong
Kong
Mortgage
Corp.
Ltd.
(The)
4.10%,
02/28/29
............
35,000
4,502,273
4.20%,
02/28/34
............
11,500
1,581,118
9,339,500
Hungary
—
0.0%
(b)
Magyar
Export-Import
Bank
Zrt
.,
6.00%
,
05/16/29
.................
EUR
2,890
3,461,303
MVM
Energetika
Zrt
.,
7.50%
,
06/09/28
USD
1,646
1,750,418
5,211,721
India
—
0.1%
(b)
NTPC
Ltd.,
4.38%
,
11/26/24
......
10,000
9,981,500
Power
Finance
Corp.
Ltd.
4.50%,
06/18/29
............
1,500
1,482,656
3.95%,
04/23/30
............
8,000
7,672,500
19,136,656
Indonesia
—
0.1%
(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
12,415,000
Bank
Tabungan
Negara
Persero
Tbk
.
PT,
4.20%
,
01/23/25
..........
10,000
9,949,900
Pelabuhan
Indonesia
Persero
PT,
4.88%
,
10/01/24
............
10,000
10,000,000
Pertamina
Persero
PT,
3.65%
,
07/30/29
3,097
2,978,927
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
1.88%
,
11/05/31
..................
EUR
8,000
7,600,031
Sarana
Multi
Infrastruktur
Perusahaan
Perseroan
Persero
PT,
2.05%
,
05/11/26
..................
USD
10,000
9,462,500
52,406,358
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
—
0.1%
AIB
Group
plc
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
5.70%),
5.25%
...........
EUR
10,200
$
11,361,180
(5-Year
EUR
Swap
Annual
+
6.63%),
6.25%
...........
12,837
14,427,757
25,788,937
Italy
—
0.1%
(a)(b)
Banca
Monte
dei
Paschi
di
Siena
SpA
,
(3-mo.
EURIBOR
+
3.21%),
6.75%
,
03/02/26
.................
8,755
9,869,281
Poste
Italiane
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.68%),
2.63%
(o)
4,860
4,943,845
14,813,126
Latvia
—
0.0%
Air
Baltic
Corp.
A/S,
14.50%
,
08/14/29
(c)
3,938
4,942,492
Mexico
—
0.2%
Petroleos
Mexicanos
4.25%,
01/15/25
............
USD
617
612,576
3.63%,
11/24/25
(b)
...........
EUR
965
1,050,692
6.50%,
03/13/27
............
USD
65,674
64,327,683
8.75%,
06/02/29
............
2,571
2,607,106
5.95%,
01/28/31
............
2,395
2,066,646
6.70%,
02/16/32
............
2,836
2,535,809
10.00%,
02/07/33
...........
2,588
2,737,845
75,938,357
Morocco
—
0.1%
OCP
SA
4.50%,
10/22/25
(b)
...........
4,882
4,819,755
6.75%,
05/02/34
(c)
...........
13,459
14,424,279
5.13%,
06/23/51
(b)
...........
922
749,402
7.50%,
05/02/54
(c)
...........
2,920
3,166,915
23,160,351
Netherlands
—
0.1%
TenneT
Holding
BV
(b)
(5-Year
EUR
Swap
Annual
+
2.72%),
2.37%
(a)(o)
.........
EUR
17,400
19,047,869
1.00%,
06/13/26
............
11,300
12,190,444
1.38%,
06/05/28
............
3,900
4,128,757
2.00%,
06/05/34
............
1,600
1,609,950
4.75%,
10/28/42
............
4,271
5,226,243
42,203,263
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA,
5.13%
,
08/11/61
(c)
........
USD
1,866
1,481,716
Peru
—
0.0%
Corp.
Financiera
de
Desarrollo
SA,
4.75%
,
07/15/25
(b)
...........
5,568
5,548,345
Philippines
—
0.0%
Development
Bank
of
the
Philippines,
2.38%
,
03/11/31
(b)
...........
10,000
8,721,100
South
Korea
—
0.1%
Korea
Development
Bank
(The),
2.13%
,
10/01/24
.................
10,000
10,000,000
Korea
Electric
Power
Corp.,
3.63%
,
06/14/25
(b)
................
10,000
9,934,375
Korea
Housing
Finance
Corp.,
4.48%
,
04/06/26
(b)
................
AUD
6,300
4,339,607
Korea
Hydro
&
Nuclear
Power
Co.
Ltd.,
3.25%
,
06/15/25
(b)
...........
USD
3,292
3,260,109
Security
Par
(000)
Par
(000)
Value
South
Korea
(continued)
Korea
South-East
Power
Co.
Ltd.,
2.13%
,
02/03/25
(b)
...........
USD
2,786
$
2,760,759
30,294,850
Supranational
—
0.6%
European
Union
(b)
3.25%,
02/04/50
............
EUR
73,566
81,280,732
3.38%,
10/05/54
............
124,480
138,773,729
220,054,461
Thailand
—
0.0%
Export
Import
Bank
of
Thailand,
3.90%
,
06/02/27
(b)
................
USD
6,000
5,918,880
Turkey
—
0.0%
Turkiye
Varlik
Fonu
Yonetimi
A/S,
8.25%
,
02/14/29
(b)
...........
1,160
1,220,538
Venezuela
—
0.0%
Petroleos
de
Venezuela
SA,
9.75%
,
05/17/35
(b)(d)(e)
..............
24,995
2,874,425
Total
Foreign
Agency
Obligations
—
2.0%
(Cost:
$755,682,498)
.............................
773,200,948
Foreign
Government
Obligations
Argentina
—
0.0%
Argentine
Republic
(The)
1.00%,
07/09/29
............
2,544
1,652,328
4.12%,
07/09/35
(g)
...........
4,819
2,313,240
5.00%,
01/09/38
(g)
...........
2,951
1,549,012
3.50%,
07/09/41
(g)
...........
4,778
2,178,540
7,693,120
Bahrain
—
0.0%
Kingdom
of
Bahrain,
5.45%
,
09/16/32
(b)
1,795
1,729,375
Belgium
—
0.1%
Kingdom
of
Belgium,
3.30%
,
06/22/54
(b)
(c)
......................
EUR
23,877
26,003,746
Benin
—
0.0%
Benin
Government
Bond,
7.96%
,
02/13/38
(c)
................
USD
1,037
1,027,602
Brazil
—
0.2%
Federative
Republic
of
Brazil
10.00%,
01/01/25
...........
BRL
103
18,401,129
10.00%,
01/01/27
...........
333
56,920,636
7.13%,
05/13/54
............
USD
4,046
4,194,327
79,516,092
Bulgaria
—
0.0%
Bulgaria
Government
Bond,
5.00%
,
03/05/37
(b)
................
2,456
2,459,070
Cameroon
—
0.0%
Republic
of
Cameroon,
9.50%
,
07/31/31
(b)
................
10,997
10,639,597
Chile
—
0.0%
Republic
of
Chile,
4.34%
,
03/07/42
..
4,800
4,375,200
Colombia
—
0.5%
Republic
of
Colombia
4.50%,
01/28/26
............
3,131
3,096,950
3.88%,
03/22/26
............
EUR
700
777,117
5.75%,
11/03/27
............
COP
237,392,700
51,956,127
6.00%,
04/28/28
............
413,491,800
89,304,958
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
77
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Colombia
(continued)
7.00%,
03/26/31
............
COP
62,990,100
$
13,194,592
8.00%,
04/20/33
............
USD
2,719
2,918,384
8.00%,
11/14/35
............
21,613
23,007,039
8.75%,
11/14/53
............
633
692,901
184,948,068
Costa
Rica
—
0.0%
Republic
of
Costa
Rica
6.13%,
02/19/31
(b)
...........
10,199
10,566,164
6.55%,
04/03/34
(b)
...........
1,487
1,582,168
7.30%,
11/13/54
(c)
...........
1,807
1,996,103
14,144,435
Czech
Republic
—
0.3%
Czech
Republic
2.75%,
07/23/29
............
CZK
858,500
36,800,668
5.00%,
09/30/30
............
927,540
44,305,774
4.50%,
11/11/32
............
442,830
20,723,105
101,829,547
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
6.88%,
01/29/26
(b)
...........
USD
716
729,201
5.95%,
01/25/27
(b)
...........
3,297
3,341,303
4.50%,
01/30/30
(c)
...........
4,291
4,104,599
7.05%,
02/03/31
(c)
...........
4,709
5,074,136
4.88%,
09/23/32
(c)
...........
3,144
2,996,625
4.88%,
09/23/32
(b)
...........
18,004
17,160,063
10.75%,
06/01/36
(c)
..........
DOP
1,164,350
20,545,112
53,951,039
Egypt
—
0.2%
Arab
Republic
of
Egypt
3.88%,
02/16/26
(b)
...........
USD
14,349
13,784,008
4.75%,
04/16/26
(b)
...........
EUR
20,085
21,742,783
5.80%,
09/30/27
(b)
...........
USD
7,125
6,728,672
5.63%,
04/16/30
(b)
...........
EUR
2,023
1,884,561
7.63%,
05/29/32
(b)
...........
USD
30,262
26,781,870
8.50%,
01/31/47
(c)
...........
1,473
1,188,987
7.50%,
02/16/61
(c)
...........
1,725
1,249,556
7.50%,
02/16/61
(b)
...........
1,345
974,291
74,334,728
El
Salvador
—
0.0%
Republic
of
El
Salvador,
7.65%
,
06/15/35
(b)
................
6,136
5,298,436
France
—
0.1%
French
Republic,
3.00%
,
05/25/54
(b)(c)
EUR
24,477
24,585,460
Gabon
—
0.0%
Gabon
Government
Bond,
7.00%
,
11/24/31
(b)
................
USD
7,617
5,855,569
Germany
—
0.4%
Federal
Republic
of
Germany
(b)
0.10%,
04/15/26
............
EUR
58,986
64,582,870
1.70%,
08/15/32
............
83,140
90,651,922
155,234,792
Greece
—
0.1%
Hellenic
Republic,
4.13%
,
06/15/54
(b)(c)
40,468
46,497,294
Guatemala
—
0.1%
Republic
of
Guatemala
4.88%,
02/13/28
(b)
...........
USD
29,863
29,387,058
5.25%,
08/10/29
(c)
...........
247
243,789
7.05%,
10/04/32
(c)
...........
2,884
3,114,720
7.05%,
10/04/32
(b)
...........
1,975
2,133,000
Security
Par
(000)
Par
(000)
Value
Guatemala
(continued)
6.60%,
06/13/36
(c)
...........
USD
4,755
$
4,976,108
4.65%,
10/07/41
(c)
...........
3,085
2,548,017
42,402,692
Hungary
—
0.2%
Hungary
Government
Bond
5.25%,
06/16/29
(c)
...........
4,406
4,468,213
4.00%,
07/25/29
(b)
...........
EUR
42,600
47,965,522
1.63%,
04/28/32
(b)
...........
8,900
8,439,556
5.38%,
09/12/33
(b)
...........
2,495
2,985,677
7.00%,
10/24/35
............
HUF
3,075,630
9,152,240
5.50%,
03/26/36
(c)
...........
USD
1,225
1,232,656
74,243,864
India
—
1.1%
Indian
Railway
Finance
Corp.
Ltd.,
3.25%
,
02/13/30
(b)
...........
638
597,128
Republic
of
India
7.37%,
10/23/28
............
INR
13,274,400
162,207,026
6.54%,
01/17/32
............
5,529,400
65,220,214
7.18%,
08/14/33
............
11,000,000
134,821,825
7.18%,
07/24/37
............
5,303,800
65,310,766
428,156,959
Indonesia
—
0.6%
Bank
Negara
Indonesia
Persero
Tbk
.
PT,
3.75%
,
03/30/26
(b)
........
USD
1,980
1,929,886
Republic
of
Indonesia
7.00%,
05/15/27
............
IDR
291,505,000
19,612,751
4.55%,
01/11/28
............
USD
475
481,351
6.88%,
04/15/29
............
IDR
597,153,000
40,510,895
4.85%,
01/11/33
............
USD
500
510,469
7.00%,
02/15/33
............
IDR
242,985,000
16,637,437
6.63%,
02/15/34
............
1,217,827,000
81,311,140
8.25%,
05/15/36
............
266,289,000
19,901,321
7.13%,
06/15/38
............
646,006,000
44,360,613
5.65%,
01/11/53
............
USD
400
434,250
5.10%,
02/10/54
............
3,000
3,040,312
6.88%,
07/15/54
............
IDR
112,586,000
7,438,261
236,168,686
Ireland
—
0.6%
Republic
of
Ireland,
2.60%
,
10/18/34
(b)
EUR
206,401
232,165,875
Ivory
Coast
—
0.1%
Republic
of
Cote
d'Ivoire
6.38%,
03/03/28
(b)
...........
USD
3,907
3,907,000
5.25%,
03/22/30
(b)
...........
EUR
10,730
11,376,755
5.88%,
10/17/31
(b)
...........
4,498
4,744,084
6.13%,
06/15/33
(b)
...........
USD
11,973
11,269,586
8.25%,
01/30/37
(c)
...........
1,091
1,120,321
32,417,746
Jamaica
—
0.0%
Jamaica
Government
Bond,
6.75%
,
04/28/28
.................
3,408
3,596,496
Japan
—
0.6%
Japan
Government
Bond
1.50%,
09/20/43
............
JPY
19,404,000
131,540,827
1.30%,
12/20/43
............
17,330,050
113,354,021
244,894,848
Jordan
—
0.0%
Hashemite
Kingdom
of
Jordan
(b)
4.95%,
07/07/25
............
USD
1,930
1,904,061
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jordan
(continued)
5.85%,
07/07/30
............
USD
11,277
$
10,572,187
12,476,248
Kenya
—
0.0%
Republic
of
Kenya
9.75%,
02/16/31
(c)
...........
2,326
2,340,537
8.00%,
05/22/32
(b)
...........
12,632
11,685,232
14,025,769
Malaysia
—
0.2%
Federation
of
Malaysia,
4.64%
,
11/07/33
..................
MYR
47,467
12,289,504
Malaysia
Government
Bond
3.89%,
08/15/29
............
89,246
22,009,684
3.83%,
07/05/34
............
126,822
30,985,658
65,284,846
Mexico
—
0.4%
Mex
Bonos
Desarr
Fix
Rt
7.00%,
09/03/26
............
MXN
6,740
32,754,933
8.50%,
03/01/29
............
199
986,337
8.00%,
11/07/47
............
5,625
24,099,011
United
Mexican
States
3.75%,
01/11/28
............
USD
1,858
1,809,227
8.50%,
03/01/29
............
MXN
913
4,519,532
8.50%,
05/31/29
............
4,503
22,308,385
2.66%,
05/24/31
............
USD
3,536
3,033,216
7.50%,
05/26/33
............
MXN
8,313
37,766,443
7.75%,
11/23/34
............
1,563
7,109,138
6.35%,
02/09/35
............
USD
3,174
3,326,352
6.34%,
05/04/53
............
2,237
2,223,718
139,936,292
Mongolia
—
0.0%
State
of
Mongolia
(b)
3.50%,
07/07/27
............
10,586
9,831,748
7.88%,
06/05/29
............
485
512,281
10,344,029
Montenegro
—
0.0%
Republic
of
Montenegro,
2.88%
,
12/16/27
(b)
................
EUR
2,124
2,233,554
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%,
12/15/27
(c)
...........
USD
202
187,040
2.38%,
12/15/27
(b)
...........
283
262,041
5.95%,
03/08/28
(c)
...........
1,557
1,608,584
6.50%,
09/08/33
(c)
...........
1,220
1,322,556
3,380,221
Nigeria
—
0.1%
Federal
Republic
of
Nigeria
8.38%,
03/24/29
(c)
...........
1,640
1,588,750
7.14%,
02/23/30
(b)
...........
18,285
16,599,352
7.88%,
02/16/32
(b)
...........
12,719
11,447,100
7.63%,
11/28/47
(b)
...........
1,624
1,242,867
9.25%,
01/21/49
(b)
...........
921
834,368
31,712,437
North
Macedonia
—
0.0%
Republic
of
North
Macedonia,
6.96%
,
03/13/27
(b)
................
EUR
1,600
1,855,612
Oman
—
0.0%
Oman
Government
Bond
(b)
6.50%,
03/08/47
............
USD
1,917
2,020,638
Security
Par
(000)
Par
(000)
Value
Oman
(continued)
6.75%,
01/17/48
............
USD
3,561
$
3,859,234
5,879,872
Panama
—
0.0%
Republic
of
Panama
7.50%,
03/01/31
............
3,658
3,998,194
6.40%,
02/14/35
............
5,095
5,214,427
8.00%,
03/01/38
............
1,649
1,857,598
11,070,219
Paraguay
—
0.0%
Republic
of
Paraguay
(b)
2.74%,
01/29/33
............
1,937
1,650,082
5.60%,
03/13/48
............
1,577
1,508,400
3,158,482
Peru
—
0.2%
Republic
of
Peru
2.78%,
01/23/31
............
2,793
2,492,752
6.95%,
08/12/31
(c)
...........
PEN
249,604
71,957,308
1.86%,
12/01/32
............
USD
4,761
3,825,166
7.60%,
08/12/39
(c)
...........
PEN
68,297
20,101,365
98,376,591
Philippines
—
0.2%
Republic
of
Philippines
6.25%,
02/28/29
............
PHP
1,261,000
22,926,446
6.25%,
01/25/34
............
2,921,110
53,754,873
2.65%,
12/10/45
............
USD
1,702
1,198,846
77,880,165
Poland
—
0.7%
Republic
of
Poland
5.75%,
04/25/29
............
PLN
429,864
115,188,810
4.75%,
07/25/29
............
185,290
47,522,986
2.75%,
10/25/29
............
151,104
35,560,279
4.88%,
10/04/33
............
USD
798
809,962
5.00%,
10/25/34
............
PLN
145,380
37,015,999
2.05%,
08/25/36
............
94,244
22,053,973
5.50%,
04/04/53
............
USD
2,921
2,995,631
261,147,640
Romania
—
0.0%
Romania
Government
Bond
5.25%,
11/25/27
(c)
...........
789
794,701
2.13%,
03/07/28
(b)
...........
EUR
3,913
4,096,588
2.50%,
02/08/30
(b)
...........
3,019
3,029,245
2.12%,
07/16/31
(b)
...........
3,455
3,228,199
11,148,733
Saudi
Arabia
—
0.0%
Kingdom
of
Saudi
Arabia
4.50%,
04/17/30
(b)
...........
USD
2,741
2,756,418
5.00%,
01/18/53
(c)
...........
2,664
2,467,530
3.45%,
02/02/61
(b)
...........
10,042
6,813,798
12,037,746
Senegal
—
0.0%
Republic
of
Senegal
6.25%,
05/23/33
(b)
...........
2,400
2,066,250
Serbia
—
0.0%
Republic
of
Serbia
6.50%,
09/26/33
(b)
...........
1,937
2,069,258
6.00%,
06/12/34
(c)
...........
2,206
2,271,077
4,340,335
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
79
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Singapore
—
0.1%
Republic
of
Singapore,
3.38%
,
05/01/34
SGD
28,633
$
23,720,332
South
Africa
—
0.5%
Republic
of
South
Africa
8.00%,
01/31/30
............
ZAR
1,202,586
67,150,464
7.00%,
02/28/31
............
1,076,422
55,761,175
5.88%,
04/20/32
............
USD
2,869
2,851,069
8.88%,
02/28/35
............
ZAR
86,900
4,653,105
9.00%,
01/31/40
............
304,742
15,423,237
8.75%,
01/31/44
............
662,077
32,058,279
5.00%,
10/12/46
............
USD
2,130
1,642,762
8.75%,
02/28/48
............
ZAR
487,389
23,572,180
203,112,271
South
Korea
—
0.2%
Republic
of
Korea
3.25%,
03/10/29
............
KRW
6,193,250
4,792,345
3.50%,
06/10/34
............
69,269,280
55,078,448
59,870,793
Spain
—
2.5%
Bonos
y
Obligaciones
del
Estado
0.00%,
05/31/25
............
EUR
106,630
116,445,673
2.80%,
05/31/26
............
122,950
137,766,996
3.50%,
05/31/29
............
242,394
282,364,854
2.55%,
10/31/32
(b)(c)
..........
102,487
112,748,081
3.15%,
04/30/33
(b)(c)
..........
30,606
35,044,977
3.25%,
04/30/34
(b)(c)
..........
83,221
95,455,951
3.45%,
10/31/34
(b)(c)
..........
81,672
94,976,370
3.90%,
07/30/39
(b)(c)
..........
23,720
28,216,811
2.90%,
10/31/46
(b)(c)
..........
45,767
46,239,137
3.45%,
07/30/66
(b)(c)
..........
42,500
44,611,323
993,870,173
Sri
Lanka
—
0.0%
Democratic
Socialist
Republic
of
Sri
Lanka,
6.85%
,
11/03/25
(b)(d)(e)
....
USD
6,500
3,662,360
Thailand
—
0.5%
Kingdom
of
Thailand
2.40%,
03/17/29
............
THB
1,150,569
35,946,454
2.80%,
06/17/34
............
1,909,398
60,823,027
3.39%,
06/17/37
............
1,229,700
41,216,112
3.45%,
06/17/43
............
1,080,563
36,314,842
4.00%,
06/17/55
............
143,309
5,213,504
179,513,939
Trinidad
and
Tobago
—
0.0%
Republic
of
Trinidad
&
Tobago,
6.40%
,
06/26/34
(c)
................
USD
2,543
2,625,775
Turkey
—
0.2%
Republic
of
Turkiye
(The)
37.00%,
02/18/26
...........
TRY
971,526
28,125,177
31.08%,
11/08/28
...........
326,596
9,791,434
26.20%,
10/05/33
...........
1,112,671
32,016,032
69,932,643
Ukraine
—
0.1%
Ukraine
Government
Bond
1.75%,
02/01/29
(c)(g)
..........
USD
735
430,751
0.00%,
02/01/30
(c)(g)
..........
1,196
520,255
0.00%,
02/01/34
(c)(g)
..........
4,469
1,512,831
1.75%,
02/01/34
(c)(g)
..........
6,103
2,703,449
0.00%,
02/01/35
(c)(g)
..........
3,777
1,644,799
1.75%,
02/01/35
(c)(g)
..........
6,875
2,963,276
0.00%,
02/01/36
(c)(g)
..........
3,147
1,355,716
1.75%,
02/01/36
(c)(g)
..........
8,181
3,486,906
Security
Par
(000)
Par
(000)
Value
Ukraine
(continued)
0.00%,
08/01/41
(a)(b)(d)(e)
.......
USD
38,349
$
26,863,475
41,481,458
United
Kingdom
—
0.4%
U.K.
Treasury
Bonds
(b)
3.50%,
01/22/45
............
GBP
33,536
38,821,032
3.75%,
10/22/53
............
37,893
43,937,572
0.50%,
10/22/61
............
203,531
83,051,101
165,809,705
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay
9.75%,
07/20/33
............
UYU
89,353
2,134,025
5.75%,
10/28/34
............
USD
3,321
3,610,042
5.25%,
09/10/60
............
3,400
3,399,874
9,143,941
Uzbekistan
—
0.0%
(c)
Republic
of
Uzbekistan
5.38%,
05/29/27
............
EUR
8,488
9,513,375
7.85%,
10/12/28
............
USD
1,763
1,861,067
Republic
of
Uzbekistan
International
Bond,
5.38%
,
05/29/27
........
EUR
213
238,731
11,613,173
Venezuela
—
0.0%
Bolivarian
Republic
of
Venezuela,
11.95%
,
08/05/31
(b)(d)(e)
........
USD
36,820
5,835,970
Total
Foreign
Government
Obligations
—
11.6%
(Cost:
$4,506,126,369)
...........................
4,632,717,910
Shares
Shares
Grantor
Trust
iShares
Bitcoin
Trust
ETF
(e)(m)(t)
.....
2,140,095
77,321,632
Total
Grantor
Trust
—
0.2%
(Cost:
$74,503,385)
..............................
77,321,632
Investment
Companies
BlackRock
AAA
CLO
ETF
(t)
.......
200,000
10,394,000
Invesco
S&P
500
Equal
Weight
ETF
.
180,106
32,267,791
iShares
0-5
Year
TIPS
Bond
ETF
(t)
..
401,690
40,699,231
iShares
Biotechnology
ETF
(j)(t)
.....
170,100
24,766,560
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
(j)(t)
........
5,219,372
196,509,356
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(j)(t)
........
186,519
21,072,917
iShares
Latin
America
40
ETF
(j)(t)
...
321,640
8,333,693
iShares
MSCI
Brazil
ETF
(t)
........
298,064
8,789,907
iShares
Russell
Mid-Cap
Growth
ETF
(j)(t)
47,883
5,616,197
Janus
Henderson
AAA
CLO
ETF
(j)
..
981,578
49,942,688
SPDR
Blackstone
Senior
Loan
ETF
(j)
457,799
19,117,686
SPDR
S&P
Homebuilders
ETF
.....
55,000
6,850,800
VanEck
JPMorgan
EM
Local
Currency
Bond
ETF
(j)
................
1,780,566
45,226,376
VanEck
Semiconductor
ETF
(j)
......
96,000
23,563,200
Vanguard
Intermediate-Term
Corporate
Bond
ETF
(j)
................
612,000
51,255,000
Total
Investment
Companies
—
1.4%
(Cost:
$517,765,353)
.............................
544,405,402
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
California
-
0.1%
Bay
Area
Toll
Authority
,
Series
2010S-1,
RB,
6.92%, 04/01/40
.........
USD
3,115
$
3,656,299
California
State
Public
Works
Board
,
Series
2009G,
Sub-Series
G-2,
RB,
8.36%, 10/01/34
............
6,820
8,422,543
Central
Unified
School
District
,
Series
2021A,
GO,
3.00%, 08/01/44
....
5,000
4,332,824
City
of
Riverside
,
Series
2010A,
RB,
7.61%, 10/01/40
............
3,805
4,777,428
Contra
Costa
Community
College
District
,
Series
2010B,
GO,
6.50%, 08/01/34
............
3,205
3,513,071
Golden
State
Tobacco
Securitization
Corp.
,
Series
2021B,
RB,
2.75%, 06/01/34
............
4,140
3,623,066
State
of
California
Series
2009,
GO,
7.50%, 04/01/34
2,155
2,593,394
Series
2009,
GO,
7.55%, 04/01/39
4,840
6,096,370
Series
2009,
GO,
7.30%, 10/01/39
3,720
4,486,696
Series
2009,
GO,
7.35%, 11/01/39
2,270
2,751,562
State
of
California
Department
of
Water
Resources
,
Series
BC,
RB,
1.77%, 12/01/34
............
4,600
3,622,082
47,875,335
Colorado
-
0.1%
City
&
County
of
Denver
,
Series
2022A,
GO,
5.00%, 08/01/37
.........
10,000
11,498,727
City
of
Greeley
Series
2022,
RB,
3.00%, 08/01/38
1,275
1,173,369
Series
2022,
RB,
3.00%, 08/01/39
1,340
1,216,809
Series
2022,
RB,
3.00%, 08/01/40
1,380
1,230,405
Colorado
Health
Facilities
Authority
,
Series
2016A,
RB,
4.00%, 11/15/46
8,040
7,719,668
Denver
City
&
County
School
District
No.
1
,
Series
2022A,
GO,
5.00%, 12/01/45
............
5,950
6,563,235
29,402,213
Delaware
-
0.0%
University
of
Delaware
,
Series
2010A,
RB,
5.87%, 11/01/40
.........
7,500
8,052,926
Florida
-
0.0%
Brevard
County
Health
Facilities
Authority
,
Series
2022A,
RB,
5.00%, 04/01/47
............
9,000
9,647,654
County
of
Broward
Airport
System
,
Series
2019C,
RB,
2.91%, 10/01/32
3,100
2,796,403
County
of
Miami-Dade
,
Series
2019E,
RB,
2.53%, 10/01/30
.........
7,590
6,913,063
Florida
Development
Finance
Corp.
,
Series
2024,
RB,
AMT
,
VRDN
,
12.00%, 07/15/28
(c)(u)
.........
7,455
7,924,126
Sumter
Landing
Community
Development
District
,
Series
2016,
RB,
4.17%, 10/01/47
.........
2,555
2,355,935
29,637,181
Georgia
-
0.1%
State
of
Georgia
Series
2022A,
GO,
4.00%, 07/01/40
3,950
4,142,241
Series
2022A,
GO,
4.00%, 07/01/41
7,890
8,227,545
12,369,786
Security
Par
(000)
Par
(000)
Value
Louisiana
-
0.0%
Louisiana
Public
Facilities
Authority
,
Series
2020A,
RB,
3.00%, 05/15/47
USD
8,000
$
6,414,994
Massachusetts
-
0.1%
Commonwealth
of
Massachusetts
Series
2009E,
GO,
5.46%, 12/01/39
805
853,163
Series
2019H,
GO,
2.90%, 09/01/49
1,055
780,436
Massachusetts
Housing
Finance
Agency
Series
2014B,
RB,
AMT,
4.50%, 12/01/39
..........
485
490,972
Series
2015A,
RB,
AMT,
4.35%, 12/01/40
..........
335
335,103
Massachusetts
School
Building
Authority
Series
2019B,
RB,
2.87%, 10/15/31
11,415
10,487,392
Series
2019B,
RB,
2.97%, 10/15/32
9,240
8,419,854
21,366,920
Minnesota
-
0.0%
State
of
Minnesota
,
Series
2021A,
GO,
4.00%, 09/01/38
............
7,785
8,207,074
New
Hampshire
-
0.0%
New
Hampshire
Municipal
Bond
Bank
,
Series
2022A,
RB,
3.00%, 02/15/38
1,530
1,457,075
New
Jersey
-
0.0%
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Series
2021,
RB,
3.00%, 07/01/51
.........
4,965
3,905,309
New
Jersey
Transportation
Trust
Fund
Authority
,
Series
2010C,
RB,
5.75%, 12/15/28
............
3,800
3,900,018
Rutgers
The
State
University
of
New
Jersey
,
Series
2019R,
RB,
3.27%, 05/01/43
............
3,750
3,119,813
10,925,140
New
York
-
0.2%
Empire
State
Development
Corp.
Series
2020E,
RB,
4.00%, 03/15/38
4,755
4,891,586
Series
2021B,
RB,
2.01%, 03/15/30
7,085
6,362,463
Series
2021B,
RB,
2.50%, 03/15/33
9,725
8,469,973
New
York
City
Municipal
Water
Finance
Authority
Series
2010AA-1,
RB,
5.75%, 06/15/41
..........
1,610
1,716,657
Series
2011AA,
RB,
5.44%, 06/15/43
..........
4,775
4,921,999
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2019B,
Sub-Series
B-3,
RB,
3.90%, 08/01/31
............
11,870
11,637,633
State
of
New
York
,
Series
2019B,
GO,
2.80%, 02/15/32
............
11,215
10,334,607
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
,
Series
2014-
189,
RB,
AMT,
3.85%, 10/01/34
..
10
9,976
48,344,894
North
Carolina
-
0.0%
City
of
Charlotte
,
Series
2021A,
RB,
3.00%, 07/01/46
............
12,525
10,469,774
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
81
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ohio
-
0.0%
American
Municipal
Power,
Inc.
,
Series
2010A,
RB,
7.83%, 02/15/41
....
USD
4,015
$
5,081,962
JobsOhio
Beverage
System
,
Series
2013B,
RB,
3.99%, 01/01/29
....
5,315
5,308,978
State
of
Ohio
,
Series
2020C,
GO,
5.00%, 03/01/39
............
4,095
4,583,543
14,974,483
Oregon
-
0.0%
Oregon
School
Boards
Association
Series
2002B,
GO,
5.55%, 06/30/28
5,466
5,589,880
Series
2005A,
GO,
4.76%, 06/30/28
2,110
2,124,550
State
of
Oregon
,
Series
2003,
GO,
5.89%, 06/01/27
............
3,057
3,147,202
10,861,632
Pennsylvania
-
0.0%
Commonwealth
Financing
Authority
,
Series
2016A,
RB,
4.14%, 06/01/38
1,580
1,516,346
Puerto
Rico
-
0.2%
Commonwealth
of
Puerto
Rico
,
Series
2022
,
VRDN
,
0.00%, 11/01/51
(d)(e)(u)
102,508
55,995,158
Puerto
Rico
Electric
Power
Authority
Series
2003NN,
RB,
5.50%, 07/01/20
..........
2,060
875,500
Series
2007TT,
RB,
5.00%, 07/01/18
(d)(e)
........
1,915
813,875
Series
2008WW,
RB,
5.38%, 07/01/24
(d)(e)
........
1,530
650,250
Series
2008WW,
RB,
5.25%, 07/01/33
(d)(e)
........
2,930
1,245,250
Series
2008WW,
RB,
5.50%, 07/01/38
(d)(e)
........
6,160
2,618,000
Series
2010AAA,
RB,
5.25%, 07/01/21
..........
1,710
726,750
Series
2010AAA,
RB,
5.25%, 07/01/26
..........
940
399,500
Series
2010CCC,
RB,
5.25%, 07/01/28
(d)(e)
........
1,635
694,875
Series
2010ZZ,
RB,
5.00%, 07/01/18
1,225
520,625
Series
2010ZZ,
RB,
5.25%, 07/01/23
(d)(e)
........
500
212,500
Series
2010ZZ,
RB,
5.25%, 07/01/26
1,150
488,750
Series
2010ZZ,
RB,
5.25%, 12/31/49
(d)(e)
........
6,255
2,658,375
Series
2013A,
RB,
5.00%, 07/01/42
(d)(e)
........
6,800
2,890,000
Series
2013A,
RB,
5.05%, 07/01/42
(d)(e)
........
1,030
437,750
Series
2013A,
RB,
7.00%, 07/01/43
(d)(e)
........
7,405
3,147,125
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Series
2018A-1,
RB,
4.75%, 07/01/53
............
2,048
2,049,895
76,424,178
Tennessee
-
0.0%
Tennessee
Housing
Development
Agency
Series
2018-3,
RB,
3.85%, 07/01/43
765
732,715
Series
2018-3,
RB,
3.95%, 01/01/49
615
579,897
1,312,612
Security
Par
(000)
Par
(000)
Value
Texas
-
0.1%
Dallas
Fort
Worth
International
Airport
,
Series
2019A,
RB,
3.14%, 11/01/45
USD
2,360
$
1,877,117
Port
of
Beaumont
Navigation
District
,
Series
2024B,
RB,
10.00%, 07/01/26
(c)
..........
17,945
18,483,903
Temple
College
,
Series
2021,
GO,
3.00%, 07/01/46
............
6,035
4,899,862
Texas
A&M
University
,
Series
2017B,
RB,
2.84%, 05/15/27
.........
5,965
5,830,303
University
of
Houston
,
Series
2020A,
RB,
3.00%, 02/15/44
.........
5,530
4,504,520
35,595,705
Utah
-
0.1%
City
of
Salt
Lake
City
,
Series
2021A,
RB,
AMT,
5.00%, 07/01/46
.....
12,445
13,064,280
Virginia
-
0.0%
Tobacco
Settlement
Financing
Corp.
,
Series
2007A-1,
RB,
6.71%, 06/01/46
............
9,465
8,057,176
Virginia
Small
Business
Financing
Authority
,
Series
2017,
RB,
AMT,
5.00%, 12/31/47
............
2,900
2,951,403
11,008,579
Washington
-
0.1%
State
of
Washington
,
Series
2022A,
GO,
5.00%, 08/01/39
.........
10,000
11,178,852
Washington
Health
Care
Facilities
Authority
,
Series
2015A,
RB,
4.00%, 10/01/45
............
15,260
15,252,050
26,430,902
Total
Municipal
Bonds
—
1.1%
(Cost:
$450,225,990)
.............................
425,712,029
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
5.0%
Cayman
Islands
—
0.0%
Prima
Capital
CRE
Securitization
Ltd.,
Series
2016-6A,
Class
C,
4.00%,
08/24/40
(c)
................
17,980
17,142,580
Ireland
—
0.0%
(a)
Dilosk
Rmbs
No.
8
Sts
DAC
Series
8-STS,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.65%),
4.21%,
05/20/62
(b)
...
EUR
1,961
2,179,985
Series
8-STS,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
4.46%,
05/20/62
(b)
...
518
573,350
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
5,894,633
8,647,968
Italy
—
0.0%
Miltonia
Mortgage
Finance
SRL,
Series
1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
4.99%,
04/28/62
(a)(b)
...............
8,612
9,378,499
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Netherlands
—
0.0%
(a)(b)
Domi
BV
Series
2021-1,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.63%),
4.11%,
06/15/53
(b)
...
EUR
1,722
$
1,917,826
Series
2023-1,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.12%),
4.66%,
02/15/55
(b)
...
2,377
2,679,067
Series
2023-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
5.24%,
02/15/55
(b)
...
803
908,593
Dutch
Property
Finance
BV
Series
2021-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
4.79%,
07/28/58
(b)
...
740
823,935
Series
2021-2,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
4.39%,
04/28/59
(b)
...
1,863
2,075,389
Series
2021-2,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
4.49%,
04/28/59
(b)
...
820
908,751
Series
2021-2,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
4.74%,
04/28/59
(b)
...
504
557,352
9,870,913
United
Kingdom
—
1.3%
(a)
Atlas
Funding
plc
Series
2022-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.80%),
6.77%,
02/25/60
(b)
..............
GBP
2,955
3,985,291
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
6.11%,
01/20/61
(b)
..............
4,066
5,468,242
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.86%,
01/20/61
(b)
..............
1,494
2,019,443
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.75%),
7.71%,
01/20/61
(b)
..............
987
1,341,894
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.80%),
8.76%,
01/20/61
(b)
..............
505
690,863
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.85%),
5.81%,
09/20/61
(b)
..............
12,020
16,100,093
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
6.26%,
09/20/61
(b)
..............
1,601
2,140,512
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
6.51%,
09/20/61
(b)
..............
1,103
1,474,061
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.20%),
7.16%,
09/20/61
(b)
..............
365
487,350
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Auburn
15
plc,
Series
15,
Class
A2,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
6.06%,
07/20/45
(b)
................
GBP
3,160
$
4,241,636
Barley
Hill
No.
2
plc,
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.70%),
6.65%,
08/27/58
(b)
.....
520
691,190
Braccan
Mortgage
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.84%),
5.80%,
02/15/67
(b)
..............
8,206
10,976,739
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
6.16%,
01/15/67
(b)
..............
2,883
3,858,601
Brants
Bridge
plc
Series
2022-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
7.36%,
12/12/64
(b)
..............
2,600
3,508,390
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.86%,
06/14/66
(b)
..............
2,031
2,719,556
Canada
Square
Funding
plc
Series
2021-2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.78%),
5.74%,
06/17/58
(b)
..............
1,288
1,722,314
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
6.16%,
06/17/58
(b)
..............
382
511,181
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.56%,
06/17/58
(b)
..............
102
136,672
Series
6,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
6.45%,
01/17/59
(b)
..............
2,813
3,746,959
Series
6,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.85%),
6.85%,
01/17/59
(b)
..............
178
234,078
East
One
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
6.35%,
12/27/55
(b)
..............
1,691
2,271,939
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.65%,
12/27/55
(b)
..............
1,969
2,642,850
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.95%,
12/27/55
(b)
..............
2,438
3,256,143
Edenbrook
Mortgage
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.87%),
5.82%,
03/22/57
(b)
..............
4,631
6,192,012
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
83
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
6.90%,
03/22/57
(b)
..............
GBP
4,411
$
5,904,430
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.55%),
7.50%,
03/22/57
(b)
..............
1,133
1,517,265
Elstree
Funding
No.
4
plc,
Series
4,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.12%),
6.08%,
10/21/55
(b)
...........
1,719
2,310,244
Exmoor
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.88%),
5.83%,
03/25/94
(b)
..............
8,442
11,297,952
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
6.45%,
03/25/94
(b)
..............
967
1,291,005
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.85%,
03/25/94
(b)
..............
454
606,368
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.80%),
7.75%,
03/25/94
(b)
..............
196
261,782
Finsbury
Square
Green
plc
Series
2021-1GRX,
Class
AGRN,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.65%),
5.61%,
12/16/67
(b)
..............
753
1,005,487
Series
2021-1GRX,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
5.96%,
12/16/67
(b)
..............
1,470
1,964,933
Series
2021-1GRX,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
6.21%,
12/16/67
(b)
..............
1,045
1,394,778
Finsbury
Square
plc
Series
2021-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
5.76%,
12/16/71
(b)
..............
961
1,288,397
Series
2021-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
6.21%,
12/16/71
(b)
..............
1,339
1,796,218
Series
2021-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
6.36%,
12/16/71
(b)
..............
371
496,060
Series
2021-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.66%,
12/16/71
(b)
..............
200
265,040
Gemgarto
plc
Series
2021-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
6.26%,
12/16/67
(b)
..............
218
291,629
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.96%,
12/16/73
(b)
..............
GBP
1,294
$
1,747,760
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
7.46%,
12/16/73
(b)
..............
1,236
1,667,374
Series
2023-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.50%),
9.46%,
12/16/73
(b)
..............
873
1,167,065
Great
Hall
Mortgages
No.
1
plc,
Series
2007-2X,
Class
BA,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.42%),
5.38%,
06/18/39
(b)
6,150
8,082,053
Harben
Finance
Series
2017-1RX,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
6.10%,
09/28/55
(b)
..............
741
983,453
Series
2017-1RX,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
6.45%,
09/28/55
(b)
..............
441
580,745
Hops
Hill
NO
4
plc
Series
4,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.88%),
5.92%,
04/21/56
(b)
..............
2,616
3,504,879
Series
4,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
6.34%,
04/21/56
(b)
..............
980
1,309,057
Series
4,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.74%,
04/21/56
(b)
..............
2,900
3,875,143
Series
4,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.30%),
7.34%,
04/21/56
(b)
..............
1,795
2,398,491
Hops
Hill
No.
2
plc,
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.85%),
7.80%,
11/27/54
(b)
................
1,077
1,465,473
Hops
Hill
No.
3
plc
Series
3,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
5.95%,
12/21/55
(b)
..............
6,340
8,518,387
Series
3,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.65%,
12/21/55
(b)
..............
5,514
7,463,981
Series
3,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
7.45%,
12/21/55
(b)
..............
5,089
6,933,416
Hops
Hill
No2
plc,
Series
2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
7.20%,
11/27/54
(b)
................
4,073
5,552,797
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Jupiter
Mortgage
No.
1
plc
Series
1X,
Class
BR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.70%,
07/20/55
(b)
..............
GBP
29,187
$
39,148,926
Series
1X,
Class
CR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
7.25%,
07/20/55
(b)
..............
9,209
12,499,484
Series
1X,
Class
DR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.00%),
8.00%,
07/20/55
(b)
..............
6,280
8,510,014
Lanebrook
Mortgage
Transaction
plc
Series
2021-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.65%),
5.65%,
07/20/58
(b)
..............
1,503
2,007,644
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
5.95%,
07/20/58
(b)
..............
266
354,578
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
6.25%,
07/20/58
(b)
..............
158
211,158
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.65%),
6.65%,
07/20/58
(b)
..............
103
137,525
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
5.76%,
03/15/61
(b)
..............
1,115
1,489,972
London
Wall
Mortgage
Capital
plc
Series
2021-FL1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.75%),
5.73%,
05/15/51
(b)
..............
1,294
1,729,695
Series
2021-FL2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
5.78%,
05/15/52
(b)
..............
736
984,813
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
6.48%,
05/15/57
(b)
..............
10,564
14,123,653
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.98%,
05/15/57
(b)
..............
5,055
6,767,129
Molossus
Btl
plc,
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
5.95%,
04/18/61
(b)
................
2,276
3,042,277
Mortimer
BTL
plc
Series
2021-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.70%),
5.65%,
06/23/53
(b)
..............
1,519
2,029,283
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
6.05%,
06/23/53
(b)
..............
334
445,767
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
6.40%,
06/23/53
(b)
..............
GBP
110
$
146,927
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.95%,
12/22/56
(b)
..............
764
1,034,999
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.00%),
7.95%,
12/22/56
(b)
..............
832
1,132,725
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.05%),
9.00%,
12/22/56
(b)
..............
764
1,047,979
Newgate
Funding
plc,
Series
2006-1,
Class
BB,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.28%),
3.79%,
12/01/50
(b)
................
EUR
949
1,002,635
Paragon
Mortgages
No.
12
plc,
Series
12X,
Class
B1B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.48%),
4.02%,
11/15/38
(b)
................
438
468,072
Parkmore
Point
RMBS
plc,
Series
2022-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
6.50%,
07/25/45
(b)
GBP
9,233
12,392,494
Pierpont
Btl
plc
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
6.05%,
09/21/54
(b)
..............
3,619
4,863,421
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.85%,
09/21/54
(b)
..............
2,246
3,034,115
Pierpont
BTL
plc
Series
2021-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
5.75%,
12/22/53
(b)
..............
2,419
3,233,297
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
6.20%,
12/22/53
(b)
..............
1,728
2,309,157
PMF
plc,
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.98%),
5.94%,
07/16/60
(b)
................
1,598
2,145,227
Polaris
plc
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
6.45%,
10/23/59
(b)
..............
421
564,270
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.95%,
10/23/59
(b)
..............
307
409,555
Series
2022-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.40%),
8.35%,
10/23/59
(b)
..............
538
717,692
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
85
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
6.20%,
02/23/61
(b)
..............
GBP
4,734
$
6,369,318
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.75%),
7.70%,
02/23/61
(b)
..............
2,389
3,274,375
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.65%),
8.60%,
02/23/61
(b)
..............
1,770
2,445,461
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.35%),
9.30%,
02/23/61
(b)
..............
1,093
1,512,171
Series
2023-2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
6.20%,
09/27/59
(b)
..............
5,732
7,709,001
Series
2023-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
7.20%,
09/27/59
(b)
..............
2,321
3,163,251
Series
2023-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
8.15%,
09/27/59
(b)
..............
2,150
2,926,608
Series
2023-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.25%),
9.20%,
09/27/59
(b)
..............
1,337
1,828,885
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.65%,
02/26/61
(b)
..............
1,671
2,249,231
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.70%),
7.65%,
02/26/61
(b)
..............
566
768,386
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.00%),
8.95%,
02/26/61
(b)
..............
356
479,352
Precise
Mortgage
Funding
plc
Series
2020-1B,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
6.41%,
10/16/56
(b)
..............
115
154,062
Series
2020-1B,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.66%,
10/16/56
(b)
..............
100
133,930
Series
2020-1B,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
6.91%,
10/16/56
(b)
..............
100
134,044
RMAC
Securities
No.1
plc
Series
2006-NS1X,
Class
M1C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.25%),
3.71%,
06/12/44
(b)
..
EUR
97
103,380
Series
2007-NS1X,
Class
A2A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.27%),
5.23%,
06/12/44
(b)
..............
GBP
238
310,681
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2007-NS1X,
Class
M1C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.27%),
3.73%,
06/12/44
(b)
..
EUR
1,572
$
1,672,466
Stanlington
No.
2
plc
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
and
9.75%
Cap
+
1.75%),
6.71%,
06/12/45
(b)
...
GBP
534
710,836
Series
2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
and
10.20%
Cap
+
2.20%),
7.16%,
06/12/45
(b)
...
329
433,869
Series
2,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
and
11.30%
Cap
+
3.30%),
8.26%,
06/12/45
(b)
...
450
587,823
Stratton
Mortgage
Funding
plc
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.85%,
06/28/50
(b)
..............
1,674
2,240,723
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
6.30%,
06/28/50
(b)
..............
1,121
1,495,827
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
6.45%,
06/28/50
(b)
..............
2,576
3,421,645
Series
2024-3,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.98%),
5.97%,
06/25/49
(b)
..............
8,060
10,794,033
Series
2024-3,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
6.30%,
06/25/49
(b)
..............
11,150
14,876,612
Series
2024-3,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
6.50%,
06/25/49
(b)
..............
933
1,242,627
Together
Asset-Backed
Securitisation
plc
Series
2021-1ST1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.70%),
5.71%,
07/12/63
(b)
..............
572
765,088
Series
2021-1ST1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
5.96%,
07/12/63
(b)
..............
157
209,869
Series
2021-1ST1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
6.26%,
07/12/63
(b)
..............
107
142,974
Series
2023-1ST2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.23%),
6.19%,
04/20/65
(b)
..............
3,868
5,218,932
Series
2023-1ST2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.15%),
7.11%,
04/20/65
(b)
..............
2,053
2,810,166
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-1ST2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.15%),
8.11%,
04/20/65
(b)
..............
GBP
438
$
606,020
Series
2023-1ST2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.40%),
9.36%,
04/20/65
(b)
..............
278
377,252
Series
2024-1ST1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
5.91%,
08/15/64
(b)
..............
13,063
17,532,382
Series
2024-1ST2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.96%),
5.92%,
10/12/65
(b)
..............
10,372
13,887,036
Series
2024-2ND1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.66%,
08/20/55
(b)
..............
2,576
3,481,443
Series
2024-2ND1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
7.46%,
08/20/55
(b)
..............
817
1,102,467
Series
2024-2ND1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
8.46%,
08/20/55
(b)
..............
1,039
1,422,514
Tower
Bridge
Funding
plc
Series
2021-2,
Class
A,
(Sterling
Overnight
Index
Average
+
0.78%),
5.76%,
11/20/63
(b)
...
533
713,119
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
+
1.10%),
6.08%,
11/20/63
(b)
...
253
338,294
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.50%),
6.48%,
11/20/63
(b)
...
140
187,248
Series
2021-2,
Class
D,
(Sterling
Overnight
Index
Average
+
1.80%),
6.78%,
11/20/63
(b)
...
170
227,160
Series
2022-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
6.21%,
12/20/63
(b)
..............
264
351,746
Series
2023-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.20%),
7.16%,
03/20/65
(b)
..............
755
1,014,444
Series
2023-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
8.16%,
03/20/65
(b)
..............
1,119
1,508,409
Series
2023-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.30%),
9.26%,
03/20/65
(b)
..............
959
1,295,223
Series
2024-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.00%),
8.00%,
01/20/66
(b)
..............
773
1,051,285
Series
2024-1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.00%),
9.00%,
01/20/66
(b)
..............
864
1,180,214
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.88%),
5.86%,
05/20/66
(b)
..............
GBP
7,531
$
10,096,199
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
6.18%,
05/20/66
(b)
..............
1,489
1,993,103
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.58%,
05/20/66
(b)
..............
676
908,644
Series
2024-3X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.79%),
5.75%,
12/20/66
(b)
..............
3,565
4,769,330
Series
2024-3X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
6.06%,
12/20/66
(b)
..............
2,372
3,171,740
Series
2024-3X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
6.36%,
12/20/66
(b)
..............
350
468,004
Series
2024-3X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.86%,
12/20/66
(b)
..............
363
485,384
Trinity
Square
plc,
Series
2021-1X,
Class
AR,
(Sterling
Overnight
Index
Average
+
0.90%),
5.90%,
07/15/59
(b)
................
16,041
21,493,017
Twin
Bridges
plc
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.56%,
03/12/55
(b)
..............
436
585,042
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.10%),
7.06%,
03/12/55
(b)
..............
804
1,072,561
Series
2021-2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.66%),
5.62%,
09/12/55
(b)
..............
2,526
3,369,125
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.86%,
09/12/55
(b)
..............
819
1,094,504
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
6.11%,
09/12/55
(b)
..............
435
578,431
Series
2021-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
6.46%,
09/12/55
(b)
..............
187
247,957
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
6.26%,
12/12/55
(b)
..............
830
1,097,241
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.66%,
12/12/55
(b)
..............
365
478,485
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
87
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2022-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.96%,
06/12/55
(b)
..............
GBP
5,709
$
7,701,357
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
5.91%,
06/14/55
(b)
..............
2,163
2,900,329
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.56%,
06/14/55
(b)
..............
6,190
8,334,652
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
7.46%,
06/14/55
(b)
..............
2,602
3,530,556
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
8.46%,
06/14/55
(b)
..............
1,672
2,272,477
Series
2023-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.05%),
7.03%,
05/15/56
(b)
..............
891
1,212,451
Series
2023-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.05%),
9.03%,
05/15/56
(b)
..............
890
1,228,053
500,894,678
United
States
—
3.7%
Agate
Bay
Mortgage
Trust
(a)(c)
Series
2015-1,
Class
B5,
3.63%,
01/25/45
...............
USD
1,323
884,891
Series
2015-3,
Class
B5,
3.48%,
04/25/45
...............
1,521
1,022,766
Series
2015-4,
Class
B5,
3.50%,
06/25/45
...............
1,061
668,869
Ajax
Mortgage
Loan
Trust
(c)
Series
2022-A,
Class
A1,
3.50%,
10/25/61
(g)
..............
39,865
38,446,550
Series
2022-A,
Class
A2,
3.00%,
10/25/61
(a)
..............
2,705
2,379,069
Series
2022-A,
Class
A3,
3.00%,
10/25/61
(a)
..............
1,443
1,217,951
Series
2022-A,
Class
B,
3.00%,
10/25/61
...............
10,820
8,042,775
Series
2022-A,
Class
C,
3.00%,
10/25/61
...............
5,309
5,012,537
Series
2022-A,
Class
M1,
3.00%,
10/25/61
...............
1,578
1,286,245
Series
2022-A,
Class
M2,
3.00%,
10/25/61
...............
7,078
5,503,138
Series
2022-A,
Class
M3,
3.00%,
10/25/61
...............
451
349,331
Series
2022-B,
Class
A1,
3.50%,
03/27/62
(g)
..............
45,066
43,208,625
Series
2022-B,
Class
A2,
3.00%,
03/27/62
(a)
..............
2,124
1,828,181
Series
2022-B,
Class
A3,
3.00%,
03/27/62
(a)
..............
1,821
1,511,735
Series
2022-B,
Class
B,
3.00%,
03/27/62
...............
10,116
7,183,832
Series
2022-B,
Class
C,
3.00%,
03/27/62
...............
8,627
6,538,856
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-B,
Class
M1,
3.00%,
03/27/62
...............
USD
1,365
$
1,125,242
Series
2022-B,
Class
M2,
3.00%,
03/27/62
...............
6,777
5,402,319
Series
2023-A,
Class
A1,
3.50%,
07/25/62
(g)
..............
53,304
50,633,255
Series
2023-A,
Class
A2,
3.00%,
07/25/62
(a)
..............
2,667
2,339,814
Series
2023-A,
Class
A3,
2.50%,
07/25/62
(a)
..............
1,511
1,265,512
Series
2023-A,
Class
B,
2.50%,
07/25/62
(a)
..............
8,888
6,438,144
Series
2023-A,
Class
C,
2.50%,
07/25/62
(a)
..............
5,961
3,176,716
Series
2023-A,
Class
M1,
2.50%,
07/25/62
(a)
..............
4,578
3,704,951
Series
2023-C,
Class
A1,
3.50%,
05/25/63
(g)
..............
46,137
43,662,037
Series
2023-C,
Class
A2,
3.00%,
05/25/63
(a)
..............
2,968
2,577,029
Series
2023-C,
Class
A3,
2.50%,
05/25/63
(a)
..............
1,583
1,307,558
Series
2023-C,
Class
C,
2.50%,
05/25/63
(a)
..............
13,157
9,290,652
Series
2023-C,
Class
M1,
2.50%,
05/25/63
(a)
..............
1,385
1,100,604
Series
2023-C,
Class
M2,
2.50%,
05/25/63
(a)
..............
8,588
6,093,946
Alternative
Loan
Trust
Series
2005-11CB,
Class
2A1,
5.50%,
06/25/35
..........
175
142,467
Series
2005-11CB,
Class
2A6,
5.50%,
06/25/25
..........
903
736,658
Series
2005-29CB,
Class
A6,
5.50%,
07/25/35
...............
655
385,542
Series
2005-55CW,
Class
2A3,
(1-
mo.
CME
Term
SOFR
at
0.35%
Floor
and
7.50%
Cap
+
0.46%),
5.32%,
11/25/35
(a)
.........
1,173
813,000
Series
2005-59,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.66%
Floor
and
11.00%
Cap
+
0.77%),
5.74%,
11/20/35
(a)
.........
1,263
1,194,078
Series
2005-22T1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
and
5.42%
Cap
+
0.46%),
5.32%,
06/25/35
(a)
..............
6,815
5,751,275
Series
2006-6CB,
Class
2A10,
6.00%,
05/25/36
..........
414
166,187
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
..........
3,577
1,733,864
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
...............
630
294,704
Series
2006-28CB,
Class
A14,
6.25%,
10/25/36
..........
2,124
1,100,491
Series
2006-34,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
and
6.25%
Cap
+
0.81%),
5.67%,
11/25/46
(a)
..............
4,723
1,662,965
Series
2006-45T1,
Class
2A2,
6.00%,
02/25/37
..........
2,403
1,344,702
Series
2006-J7,
Class
2A1,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.82%,
11/20/46
(a)
...
3,220
2,410,189
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2006-OA11,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
5.35%,
09/25/46
(a)
..
USD
2,971
$
2,718,763
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.73%
Floor
and
2.00%
Cap
+
1.73%),
6.85%,
11/25/46
(a)
...
8,759
7,119,039
Series
2006-OA16,
Class
A4C,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
5.65%,
10/25/46
(a)
..............
8,724
6,385,391
Series
2006-OA21,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.30%),
5.27%,
03/20/47
(a)
..
2,835
2,383,318
Series
2006-OC1,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
5.43%,
03/25/36
(a)
..
2,024
1,949,844
Series
2006-OC7,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.61%),
5.47%,
07/25/46
(a)
..
4,933
4,215,799
Series
2006-OC10,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
5.43%,
11/25/36
(a)
..............
4,192
3,557,206
Series
2007-25,
Class
1A3,
6.50%,
11/25/37
...............
20,771
9,644,084
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
...............
700
326,802
Series
2007-9T1,
Class
1A1,
6.00%,
05/25/37
...............
3,709
1,826,578
Series
2007-OA3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.25%,
04/25/47
(a)
..
2,631
2,371,621
Series
2007-OA8,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.33%,
06/25/47
(a)
..
466
358,361
Series
2007-OH2,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
and
10.00%
Cap
+
0.59%),
5.45%,
08/25/47
(a)
.........
513
442,201
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%),
6.06%,
10/25/46
...............
2,405
1,596,316
Series
2006-4,
Class
1A12,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.32%),
5.18%,
10/25/46
...
5,076
2,740,885
American
Home
Mortgage
Investment
Trust,
Series
2007-1,
Class
GA1C,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.30%),
5.16%,
05/25/47
(a)
2,932
1,670,859
Angel
Oak
Mortgage
Trust
(a)(c)
Series
2019-5,
Class
B1,
3.96%,
10/25/49
...............
715
666,141
Series
2021-4,
Class
B1,
3.20%,
01/20/65
...............
3,150
2,314,606
APS
Resecuritization
Trust,
Series
2016-1,
Class
1MZ,
2.14%,
07/31/57
(a)(c)
...............
20,842
8,135,711
Banc
of
America
Alternative
Loan
Trust,
Series
2006-7,
Class
A4,
6.50%,
10/25/36
(g)
................
3,746
1,121,393
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Banc
of
America
Funding
Trust
Series
2007-1,
Class
1A6,
5.75%,
01/25/37
...............
USD
39
$
33,115
Series
2014-R2,
Class
1C,
0.00%,
11/26/36
(a)(c)
.............
8,815
2,947,014
Series
2016-R2,
Class
1A1,
4.70%,
05/01/33
(a)(c)
.............
2,275
2,263,749
Barclays
Mortgage
Loan
Trust
(c)
Series
2022-NQM1,
Class
A1,
4.55%,
07/25/52
(g)
.........
11,650
11,555,336
Series
2023-NQM3,
Class
A1,
6.90%,
10/25/63
(g)
.........
72,534
74,183,295
Series
2023-NQM3,
Class
A2,
7.36%,
10/25/63
(g)
.........
11,532
11,791,530
Series
2023-NQM3,
Class
A3,
7.69%,
10/25/63
(g)
.........
6,964
7,116,045
Series
2023-NQM3,
Class
B1,
8.03%,
10/25/63
(a)
.........
3,856
3,912,228
Series
2023-NQM3,
Class
B2,
8.03%,
10/25/63
(a)
.........
3,244
3,215,848
Series
2023-NQM3,
Class
B3,
8.03%,
10/25/63
(a)
.........
8,876
8,172,695
Series
2023-NQM3,
Class
M1,
8.03%,
10/25/63
(a)
.........
6,427
6,699,221
Series
2023-NQM3,
Class
SA,
0.00%,
10/25/63
(a)
.........
1
1,314
Series
2024-NQM1,
Class
A1,
5.90%,
01/25/64
(g)
.........
11,058
11,164,241
Series
2024-NQM1,
Class
A2,
6.11%,
01/25/64
(g)
.........
7,533
7,588,670
Series
2024-NQM1,
Class
A3,
6.31%,
01/25/64
(g)
.........
5,753
5,803,610
Series
2024-NQM1,
Class
B1,
8.09%,
01/25/64
(a)
.........
2,900
2,941,604
Series
2024-NQM1,
Class
B2,
8.69%,
01/25/64
(a)
.........
2,658
2,688,866
Series
2024-NQM1,
Class
B3,
8.69%,
01/25/64
(a)
.........
5,704
5,185,414
Series
2024-NQM1,
Class
M1,
6.80%,
01/25/64
(a)
.........
4,979
5,059,983
Series
2024-NQM1,
Class
SA,
0.00%,
01/25/64
(a)
.........
13
12,019
Series
2024-NQM3,
Class
A1,
6.04%,
06/25/64
(g)
.........
57,760
58,547,332
Series
2024-NQM3,
Class
A2,
6.30%,
06/25/64
(g)
.........
4,554
4,613,965
Series
2024-NQM3,
Class
A3,
6.50%,
06/25/64
(g)
.........
7,946
8,044,761
Series
2024-NQM3,
Class
B1,
7.50%,
06/25/64
(a)
.........
3,975
4,006,665
Series
2024-NQM3,
Class
B2,
8.07%,
06/25/64
(a)
.........
3,640
3,613,383
Series
2024-NQM3,
Class
B3,
8.07%,
06/25/64
(a)
.........
9,961
8,394,190
Series
2024-NQM3,
Class
M1,
6.41%,
06/25/64
(a)
.........
5,794
5,886,490
Series
2024-NQM3,
Class
SA,
0.00%,
06/25/64
(a)
.........
11
11,204
Barclays
Mortgage
Trust
(c)
  0.00%,
11/25/51
(a)(f)
..........
29
27,970
Series
2021-NPL1,
Class
A,
2.00%,
11/25/51
(g)
..............
34,046
33,466,223
Series
2021-NPL1,
Class
B,
4.62%,
11/25/51
(g)
..............
6,222
6,050,020
Series
2021-NPL1,
Class
C,
0.00%,
11/25/51
...............
12,906
15,155,254
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
89
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-RPL1,
Class
A,
4.25%,
02/25/28
(g)
..............
USD
24,934
$
24,581,979
Series
2022-RPL1,
Class
B,
4.25%,
02/25/28
(g)
..............
4,958
4,735,393
Series
2022-RPL1,
Class
C,
0.00%,
02/25/28
...............
8,424
1,658,194
Series
2022-RPL1,
Class
SA,
0.00%,
02/25/28
..........
104
71,795
BCAP
LLC
Trust,
Series
2011-RR5,
Class
11A5,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
3.93%,
05/28/36
(a)(c)
..........
2,795
2,660,194
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%),
5.29%,
11/25/36
..........
1,831
1,575,244
Series
2007-1,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
and
11.50%
Cap
+
0.43%),
5.29%,
01/25/47
..........
1,550
1,279,077
Bear
Stearns
Asset-Backed
Securities
I
Trust
Series
2005-AC9,
Class
A5,
6.25%,
12/25/35
(g)
..............
2,086
2,012,930
Series
2006-AC1,
Class
1A2,
6.25%,
02/25/36
(g)
..............
2,539
2,611,019
Series
2006-AC2,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
and
7.50%
Cap
+
0.46%),
5.32%,
03/25/36
(a)
..............
5,998
1,586,138
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%),
5.25%,
08/25/36
..........
817
808,405
Series
2007-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
10.50%
Cap
+
0.45%),
5.31%,
03/25/37
..........
89
83,647
Series
2007-AR3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
and
10.50%
Cap
+
0.25%),
5.11%,
03/25/37
..........
1,382
1,268,109
Series
2007-AR4,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
and
10.50%
Cap
+
0.32%),
5.18%,
06/25/37
..........
938
887,963
Cascade
Funding
Mortgage
Trust,
Series
2019-RM3,
Class
C,
4.00%,
06/25/69
(a)(c)
...............
1,134
1,114,395
CFMT
LLC
(a)(c)
Series
2024-HB14,
Class
M2,
3.00%,
06/25/34
..........
547
495,671
Series
2024-HB14,
Class
M3,
3.00%,
06/25/34
..........
1,360
1,197,376
Series
2024-HB15,
Class
M2,
4.00%,
08/25/34
..........
474
445,343
Chase
Mortgage
Finance
Trust,
Series
2007-S6,
Class
1A1,
6.00%,
12/25/37
.................
49,794
21,123,174
CHL
Mortgage
Pass-Through
Trust
Series
2005-22,
Class
2A1,
4.73%,
11/25/35
(a)
..............
1,005
830,676
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.96%
Floor
+
0.96%),
6.08%,
04/25/46
(a)
..............
USD
26,614
$
8,100,257
Series
2006-OA5,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
5.37%,
04/25/46
(a)
..
955
908,755
Series
2007-1,
Class
A2,
6.00%,
03/25/37
...............
774
348,111
Series
2007-9,
Class
A1,
5.75%,
07/25/37
...............
2,445
1,202,285
Series
2007-9,
Class
A11,
5.75%,
07/25/37
...............
1,336
657,036
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
...............
12,952
4,876,037
CHNGE
Mortgage
Trust
(c)
Series
2022-1,
Class
A1,
3.01%,
01/25/67
(a)
..............
3,927
3,718,925
Series
2022-4,
Class
A1,
6.00%,
10/25/57
(g)
..............
1,380
1,373,693
CIM
Trust,
Series
2019-J2,
Class
B4,
3.76%,
10/25/49
(a)(c)
..........
1,539
1,212,449
Citicorp
Mortgage
Securities
Trust
Series
2007-4,
Class
1A14,
6.00%,
05/25/37
...............
1,161
1,053,995
Series
2007-9,
Class
1A1,
6.25%,
12/25/37
...............
2,615
2,421,512
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
...............
3,710
2,991,593
Citigroup
Mortgage
Loan
Trust
Series
2007-6,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
6.50%
Cap
+
0.61%),
5.47%,
05/25/37
(a)
..............
3,464
3,114,965
Series
2014-C,
Class
B2,
4.25%,
02/25/54
(c)
..............
582
569,197
Series
2022-A,
Class
A1,
6.17%,
09/25/62
(c)(g)
.............
11,142
11,141,082
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A6,
Class
1A11,
6.00%,
06/25/37
.................
761
659,908
COLT
Mortgage
Loan
Trust
(a)(c)
Series
2020-2,
Class
M1,
5.25%,
03/25/65
...............
2,734
2,722,644
Series
2022-1,
Class
B2,
4.06%,
12/27/66
...............
623
508,931
Series
2022-3,
Class
B1,
4.22%,
02/25/67
...............
2,500
2,114,399
Series
2022-5,
Class
B1,
4.64%,
03/25/67
...............
4,802
4,509,923
Series
2022-8,
Class
B1,
6.52%,
08/25/67
...............
2,315
2,294,224
Credit
Suisse
Mortgage
Capital
Certificates
(c)
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
...............
21,075
8,452,039
Series
2021-JR1,
Class
A1,
5.47%,
09/27/66
(a)
..............
26,562
26,468,944
Series
2021-JR1,
Class
A2,
3.50%,
09/27/66
(a)
..............
2,752
2,508,792
Series
2021-JR1,
Class
B2,
0.00%,
09/27/66
...............
4,378
3,526,302
Series
2021-JR1,
Class
PT2,
0.00%,
07/26/60
(a)
..............
2,107
909,095
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
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)
......
USD
3,144
$
662,926
CSMC
Mortgage-Backed
Trust,
Series
2006-4,
Class
1A3,
6.00%,
05/25/36
640
353,129
CSMC
Trust
(a)(c)
Series
2014-4R,
Class
16A3,
(1-mo.
CME
Term
SOFR
at
0.20%
Floor
+
0.31%),
4.86%,
02/27/36
...
49
49,165
Series
2014-9R,
Class
9A1,
(1-mo.
CME
Term
SOFR
at
0.12%
Floor
+
0.23%),
5.63%,
08/27/36
...
1,891
1,551,818
Series
2014-SAF1,
Class
B5,
3.86%,
03/25/44
...............
2,835
2,163,240
Series
2015-4R,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
4.04%,
10/27/36
...
4,501
3,150,091
Series
2015-6R,
Class
5A2,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
5.15%,
03/27/36
...
2,912
2,270,311
Series
2021-NQM8,
Class
M1,
3.26%,
10/25/66
..........
1,453
1,137,326
Series
2022-NQM6,
Class
PT,
8.92%,
12/25/67
..........
23,394
23,399,173
Deephaven
Residential
Mortgage
Trust
(a)(c)
Series
2022-2,
Class
M1,
4.30%,
03/25/67
...............
2,349
2,060,225
Series
2022-3,
Class
B1,
5.24%,
07/25/67
...............
3,178
2,981,578
Series
2022-3,
Class
M1,
5.24%,
07/25/67
...............
5,876
5,711,225
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.31%,
08/25/47
(a)
................
2,062
1,804,375
Deutsche
Alt-B
Securities
Mortgage
Loan
Trust
(a)
Series
2006-AB3,
Class
A3,
6.51%,
07/25/36
...............
800
690,415
Series
2006-AB3,
Class
A8,
6.36%,
07/25/36
...............
509
439,037
Ellington
Financial
Mortgage
Trust,
Series
2022-4,
Class
B2,
5.96%,
09/25/67
(a)(c)
...............
4,578
4,040,448
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA12,
Class
2A1,
5.62%,
02/25/36
(a)
...
41
26,440
GCAT
Trust
(c)
Series
2020-NQM2,
Class
B1,
4.85%,
04/25/65
(a)
.........
4,430
4,203,263
Series
2021-NQM3,
Class
B1,
3.47%,
05/25/66
(a)
.........
3,170
2,446,333
Series
2022-NQM4,
Class
A1,
5.27%,
08/25/67
(g)
.........
12,016
11,953,476
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%),
7.12%,
03/25/36
(a)
.....
1,167
1,067,228
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
GS
Mortgage-Backed
Securities
Corp.
Trust
(a)(c)
Series
2019-PJ2,
Class
B4,
4.37%,
11/25/49
...............
USD
2,506
$
2,243,403
Series
2020-PJ2,
Class
B4,
3.55%,
07/25/50
...............
1,880
1,563,973
GS
Mortgage-Backed
Securities
Trust,
Series
2023-CCM1,
Class
B1,
7.49%,
08/25/53
(a)(c)
..........
2,130
2,128,840
GSMPS
Mortgage
Loan
Trust
(a)(c)
Series
2005-RP1,
Class
1AF,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
5.32%,
01/25/35
...
2,496
2,119,284
Series
2005-RP2,
Class
1AF,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
5.32%,
03/25/35
...
3,569
3,261,149
Series
2006-RP1,
Class
1AF1,
(1-
mo.
CME
Term
SOFR
at
0.35%
Floor
and
9.15%
Cap
+
0.46%),
5.32%,
01/25/36
..........
2,343
1,865,261
GSR
Mortgage
Loan
Trust
Series
2005-AR1,
Class
2A1,
6.22%,
01/25/35
(a)
..............
278
269,256
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
...............
82
128,125
Series
2007-OA2,
Class
2A1,
3.04%,
06/25/47
(a)
.........
1,395
864,747
HarborView
Mortgage
Loan
Trust
(a)
Series
2006-12,
Class
1A1A,
(1-mo.
CME
Term
SOFR
at
0.41%
Floor
+
0.52%),
5.49%,
12/19/36
...
10,431
8,012,401
Series
2007-3,
Class
1A1A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.51%),
5.48%,
05/19/37
...
2,962
2,321,545
Series
2007-4,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
and
10.00%
Cap
+
0.61%),
5.33%,
07/19/47
..........
993
894,414
HIG
RCP
LLC,
Series
2023-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
7.37%,
09/19/38
(a)(c)
6,512
6,524,235
Homeward
Opportunities
Fund
I
Trust,
Series
2020-2,
Class
B1,
5.45%,
05/25/65
(a)(c)
...............
6,360
6,325,239
Homeward
Opportunities
Fund
Trust
(c)
Series
2022-1,
Class
A1,
5.08%,
07/25/67
(g)
..............
12,133
12,088,143
Series
2022-1,
Class
M1,
5.06%,
07/25/67
(a)
..............
6,241
6,091,681
Impac
Secured
Assets
Trust,
Series
2006-3,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.31%,
11/25/36
(a)
...........
1,472
1,300,981
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2006-AR15,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
5.21%,
07/25/36
...
558
535,287
Series
2006-AR35,
Class
2A1A,
(1-
mo.
CME
Term
SOFR
at
0.34%
Floor
and
10.50%
Cap
+
0.45%),
5.31%,
01/25/37
..........
1,073
947,015
Series
2007-AR19,
Class
3A1,
4.02%,
09/25/37
..........
4,793
3,144,579
Series
2007-FLX5,
Class
2A2,
(1-
mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
5.45%,
08/25/37
1,368
1,230,867
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
91
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
J.P.
Morgan
Alternative
Loan
Trust,
Series
2007-A2,
Class
2A1,
4.84%,
05/25/37
(a)
................
USD
719
$
639,436
J.P.
Morgan
Madison
Avenue
Securities
Trust,
Series
2014-CH1,
Class
M2,
(SOFR
30
day
Average
at
4.25%
Floor
+
4.36%),
9.64%,
11/25/24
(a)(c)
973
1,017,675
J.P.
Morgan
Mortgage
Trust
(a)
Series
2007-A1,
Class
4A1,
7.20%,
07/25/35
...............
3
3,062
Series
2021-4,
Class
B3,
2.90%,
08/25/51
(c)
..............
6,445
5,191,439
Series
2021-INV5,
Class
A5A,
2.50%,
12/25/51
(c)
.........
17,752
14,761,968
Series
2021-INV5,
Class
B4,
3.19%,
12/25/51
(c)
..............
2,482
2,010,858
Series
2021-INV5,
Class
B5,
3.19%,
12/25/51
(c)
..............
869
658,234
Series
2021-INV5,
Class
B6,
2.85%,
12/25/51
(c)
..............
2,969
1,486,521
Series
2021-INV7,
Class
A5A,
2.50%,
02/25/52
(c)
.........
8,136
6,765,812
Series
2021-INV7,
Class
B1,
3.27%,
02/25/52
(c)
..............
7,345
6,285,899
Series
2021-INV7,
Class
B2,
3.27%,
02/25/52
(c)
..............
1,724
1,459,602
Series
2021-INV7,
Class
B3,
3.27%,
02/25/52
(c)
..............
2,398
2,006,985
Series
2021-INV7,
Class
B4,
3.27%,
02/25/52
(c)
..............
1,274
1,034,524
Series
2021-INV7,
Class
B5,
3.27%,
02/25/52
(c)
..............
525
397,860
Series
2021-INV7,
Class
B6,
3.27%,
02/25/52
(c)
..............
1,717
845,707
Legacy
Mortgage
Asset
Trust,
Series
2021-GS2,
Class
A1,
4.75%,
04/25/61
(c)(g)
...............
28,578
28,781,282
Lehman
XS
Trust,
Series
2007-16N,
Class
AF2,
(1-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.01%),
6.87%,
09/25/47
(a)
................
2,728
3,547,620
MASTR
Resecuritization
Trust,
Series
2008-3,
Class
A1,
4.75%,
08/25/37
(a)
(c)
......................
1,331
430,483
MCM
Trust
(f)
Series
2018-NPL2,  3.00%,
08/25/28
(c)
..............
23,716
22,838,342
Series
2021-VFN1,  3.00%,
08/28/28
28,890
18,836,532
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
5.39%,
04/25/37
(a)
2,552
2,088,587
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-AF2,
Class
AV1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.27%),
5.29%,
09/25/37
(a)
.....
1,333
731,666
MFA
Trust
(c)
Series
2020-NQM1,
Class
A3,
3.30%,
08/25/49
(a)
.........
177
166,012
Series
2021-NQM1,
Class
B1,
3.51%,
04/25/65
(a)
.........
6,050
4,937,356
Series
2022-NQM1,
Class
M1,
4.25%,
12/25/66
(a)
.........
4,096
3,666,674
Series
2022-NQM3,
Class
A1,
5.57%,
09/25/67
(g)
.........
9,211
9,193,122
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-RTL1,
Class
A1,
7.09%,
02/25/29
(g)
..............
USD
10,556
$
10,699,222
Morgan
Stanley
Resecuritization
Trust,
Series
2013-R7,
Class
1B,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
10.50%
Cap
+
0.27%),
5.71%,
12/26/46
(a)(c)
...............
1,171
1,096,030
Morgan
Stanley
Residential
Mortgage
Loan
Trust
(a)(c)
Series
2014-1A,
Class
B3,
6.95%,
06/25/44
...............
777
776,895
Series
2023-NQM1,
Class
B1,
7.50%,
09/25/68
..........
2,584
2,601,902
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
(1-mo.
LIBOR
USD
at
0.34%
Floor
and
9.00%
Cap
+
0.34%),
5.66%,
04/16/36
(a)(c)
...............
4,976
4,811,790
NACC
Reperforming
Loan
REMIC
Trust
(c)
Series
2004-R1,
Class
A1,
6.50%,
03/25/34
...............
2,859
2,559,731
Series
2004-R1,
Class
A2,
7.50%,
03/25/34
...............
656
607,310
New
Residential
Mortgage
Loan
Trust
(a)
(c)
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
...............
1,651
1,619,040
Series
2020-RPL1,
Class
B3,
3.86%,
11/25/59
...............
10,258
7,640,411
NLT
Trust,
Series
2021-INV2,
Class
B1,
3.32%,
08/25/56
(a)(c)
..........
1,895
1,428,137
NMLT
Trust,
Series
2021-INV1,
Class
B1,
3.61%,
05/25/56
(a)(c)
.......
2,642
1,995,617
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust
Series
2001-R1A,
Class
A,
7.00%,
02/19/30
(a)(c)
.............
624
612,617
Series
2005-AP1,
Class
2A4,
6.05%,
02/25/35
(g)
..............
546
543,865
Series
2006-AF1,
Class
1A4,
7.13%,
05/25/36
(g)
..............
1,520
275,836
Series
2007-2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.84%
Floor
+
0.95%),
5.81%,
06/25/37
(a)
..
661
532,041
OBX
Trust,
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
(c)(g)
.......
8,022
7,983,759
PRET
LLC
(c)(g)
Series
2024-NPL2,
Class
A1,
7.02%,
02/25/54
...............
19,067
19,216,903
Series
2024-RN2,
Class
A1,
7.12%,
04/25/54
...............
4,205
4,242,586
PRKCM
Trust
(a)(c)
Series
2021-AFC2,
Class
A1,
2.07%,
11/25/56
...............
3,116
2,749,679
Series
2022-AFC1,
Class
A1A,
4.10%,
04/25/57
..........
1,638
1,607,387
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
...............
11,927
11,913,596
PRPM
LLC
(c)(g)
Series
2020-4,
Class
A1,
5.61%,
10/25/25
...............
8,325
8,325,457
Series
2021-4,
Class
A1,
4.87%,
04/25/26
...............
5,069
5,061,347
Series
2022-1,
Class
A1,
3.72%,
02/25/27
...............
1,471
1,458,573
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
PRPM
Trust,
Series
2022-NQM1,
Class
B1,
5.43%,
08/25/67
(a)(c)
.......
USD
964
$
921,174
RALI
Trust
(a)
Series
2006-QA10,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.33%,
12/25/36
...
3,308
2,832,356
Series
2007-QH9,
Class
A1,
6.50%,
11/25/37
...............
536
444,811
Series
2007-QO2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
5.12%,
02/25/47
...
450
154,159
RCKT
Mortgage
Trust,
Series
2020-1,
Class
B4,
3.47%,
02/25/50
(a)(c)
...
1,597
1,379,489
RCO
VI
Mortgage
LLC,
Series
2022-1,
Class
A1,
3.00%,
01/25/27
(c)(g)
...
2,907
2,880,600
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.55%),
7.41%,
10/25/39
(a)(c)
16,092
16,157,005
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%),
5.33%,
03/25/35
...............
382
362,478
Series
2005-R2,
Class
1AF1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
9.50%
Cap
+
0.45%),
5.31%,
06/25/35
...............
828
781,693
Series
2005-R3,
Class
AF,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
and
9.50%
Cap
+
0.51%),
5.37%,
09/25/35
...............
1,373
1,141,347
Residential
Mortgage
Loan
Trust
(a)(c)
Series
2019-2,
Class
B2,
6.04%,
05/25/59
...............
4,847
4,805,326
Series
2019-3,
Class
B2,
5.66%,
09/25/59
...............
5,659
5,538,404
Series
2020-1,
Class
B2,
4.66%,
01/26/60
...............
2,129
1,995,908
RFMSI
Trust,
Series
2006-SA2,
Class
2A1,
5.69%,
08/25/36
(a)
........
7,229
5,153,881
RMF
Buyout
Issuance
Trust,
Series
2021-HB1,
Class
M6,
6.00%,
11/25/31
(a)(c)
...............
4,433
3,831,045
Saluda
Grade
Alternative
Mortgage
Trust
(c)(g)
Series
2024-RTL4,
Class
A1,
7.50%,
02/25/30
...............
18,613
18,839,529
Series
2024-RTL5,
Class
A1,
7.76%,
04/25/30
...............
10,861
11,031,583
Seasoned
Loans
Structured
Transaction
Trust
(a)(c)
Series
2020-2,
Class
M1,
4.75%,
09/25/60
...............
15,342
15,150,288
Series
2020-3,
Class
M1,
4.75%,
04/26/60
...............
1,137
1,123,389
Sequoia
Mortgage
Trust,
Series
2007-3,
Class
2AA1,
4.66%,
07/20/37
(a)
..
1,445
1,100,430
SG
Residential
Mortgage
Trust
(c)
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(g)
..............
2,535
2,536,219
Series
2022-2,
Class
B1,
5.28%,
08/25/62
(a)
..............
4,811
4,519,483
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-SH1,
Class
A3,
4.10%,
07/25/57
(c)(g)
...............
1,802
1,660,812
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
STARM
Mortgage
Loan
Trust,
Series
2007-2,
Class
3A3,
5.84%,
04/25/37
(a)
................
USD
364
$
210,828
Starwood
Mortgage
Residential
Trust,
Series
2020-3,
Class
B1,
4.75%,
04/25/65
(a)(c)
...............
4,942
4,612,943
Structured
Adjustable
Rate
Mortgage
Loan
Trust
(a)
Series
2005-11,
Class
1A1,
5.12%,
05/25/35
...............
639
519,008
Series
2006-3,
Class
4A,
4.14%,
04/25/36
...............
1,318
702,695
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%),
5.43%,
02/25/36
..........
771
674,965
Series
2006-AR4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
and
10.50%
Cap
+
0.49%),
5.35%,
06/25/36
..........
3,828
3,303,502
Series
2006-AR5,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
and
10.50%
Cap
+
0.53%),
5.39%,
05/25/46
..........
867
577,161
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
(c)
Series
2006-RF3,
Class
1A2,
6.00%,
10/25/36
...............
1,897
1,074,152
Series
2006-RF4,
Class
2A1,
6.00%,
10/25/36
...............
2,261
1,219,016
Thornburg
Mortgage
Securities
Trust,
Series
2006-3,
Class
A1,
(1M
Sofr
FWD
at
0.09%
Floor
+
0.20%),
4.29%,
06/25/46
(a)
...........
2,650
1,621,173
TRK
Trust
(a)(c)
Series
2021-INV1,
Class
B1,
3.29%,
07/25/56
...............
1,876
1,501,110
Series
2021-INV2,
Class
B1,
4.10%,
11/25/56
...............
6,120
5,100,639
TVC
DSCR,
Series
2021-1,
Class
A,
2.38%,
02/01/51
(c)(f)
..........
31,905
29,279,018
TVC
Holding,
Series
2021-1,  2.38%,
02/01/51
(f)
.................
12,832
11,091,626
TVC
Mortgage
Trust,
Series
2023-
RTL1,
Class
A1,
8.25%,
11/25/27
(c)(g)
6,749
6,847,354
Verus
Securitization
Trust
(a)(c)
Series
2019-4,
Class
B1,
3.86%,
11/25/59
...............
1,400
1,331,848
Series
2019-INV2,
Class
M1,
3.50%,
07/25/59
...............
1,415
1,381,070
Series
2020-5,
Class
M1,
2.60%,
05/25/65
...............
3,834
3,462,222
Series
2021-3,
Class
B1,
3.20%,
06/25/66
...............
3,316
2,484,365
Series
2021-6,
Class
B1,
4.05%,
10/25/66
...............
540
452,843
Series
2021-6,
Class
M1,
2.94%,
10/25/66
...............
1,567
1,262,314
Series
2022-1,
Class
B1,
4.01%,
01/25/67
...............
2,802
2,203,459
Series
2022-3,
Class
B1,
4.07%,
02/25/67
...............
2,034
1,640,847
Series
2022-4,
Class
B1,
4.78%,
04/25/67
...............
1,178
1,099,166
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
93
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-7,
Class
B1,
6.50%,
09/25/69
...............
USD
1,199
$
1,196,807
Visio
Trust
(a)(c)
Series
2019-2,
Class
B1,
3.91%,
11/25/54
...............
1,825
1,472,105
Series
2020-1,
Class
M1,
4.45%,
08/25/55
...............
1,900
1,801,290
Series
2022-1,
Class
B1,
5.95%,
08/25/57
...............
4,722
4,336,308
Vista
Point
Securitization
Trust,
Series
2020-2,
Class
B1,
4.90%,
04/25/65
(a)
(c)
......................
1,160
1,145,712
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%),
6.11%,
06/25/46
...............
265
240,021
Series
2007-HY3,
Class
4A1,
5.19%,
03/25/37
...............
54
49,717
Series
2007-OA5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.75%
Floor
+
0.75%),
5.87%,
06/25/47
...............
6,619
5,491,658
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%),
5.92%,
06/25/47
(a)
....
1,920
1,553,158
Washington
Mutual
Mortgage
Pass-
Through
Certificates
WMALT
(a)
Series
2006-AR10,
Class
A2A,
(1-
mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.31%,
12/25/36
1,211
973,075
Series
2007-OA3,
Class
5A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.25%
Floor
+
1.25%),
6.37%,
04/25/47
...............
1,800
1,541,903
Series
2007-OC2,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.62%
Floor
+
0.73%),
5.59%,
06/25/37
...
1,665
1,520,435
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)
..............
628
437,108
Series
2005-9,
Class
5A9,
5.50%,
11/25/35
...............
255
203,440
Series
2006-1,
Class
4CB,
6.50%,
02/25/36
...............
1,863
1,466,877
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
...............
2,409
2,225,160
Series
2006-4,
Class
3A1,
7.00%,
05/25/36
(g)
..............
2,746
2,391,269
Series
2006-4,
Class
3A5,
6.85%,
05/25/36
(g)
..............
730
635,708
Series
2007-OA1,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.72%
Floor
+
0.72%),
5.84%,
12/25/46
(a)
..............
5,171
4,084,440
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Western
Alliance
Bank
(a)(c)
Series
2021-CL2,
Class
M1,
(SOFR
30
day
Average
at
0.00%
Floor
+
3.15%),
8.43%,
07/25/59
....
USD
11,707
$
12,120,064
Series
2021-CL2,
Class
M2,
(SOFR
30
day
Average
at
0.00%
Floor
+
3.70%),
8.98%,
07/25/59
....
15,988
16,583,549
WinWater
Mortgage
Loan
Trust,
Series
2014-3,
Class
B5,
3.98%,
11/20/44
(a)
(c)
......................
1,651
1,292,311
1,458,950,723
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%),
7.37%,
08/19/35
.
5,634
5,653,260
RIAL
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.35%,
01/19/37
.................
20,703
20,690,060
26,343,320
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%),
9.32%,
12/15/34
(a)(c)
...............
2,119
2,006,017
Ireland
—
0.2%
(a)
Agora
Securities
DAC,
Series
2021-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
1.20%
Floor
+
1.20%),
6.20%,
07/22/31
(b)
...........
GBP
1,160
1,544,254
Frost
CMBS
DAC,
Series
2021-1X,
Class
GBA,
(Sterling
Overnight
Index
Average
at
1.35%
Floor
+
1.35%),
6.33%,
11/20/33
(b)
......
1,807
2,400,188
Haus
European
Loan
Conduit
No
39
DAC
Series
39X,
Class
A1,
(3-mo.
EURIBOR
at
0.65%
Floor
+
0.65%),
4.29%,
07/28/51
(b)
...
EUR
1,499
1,568,881
Series
39X,
Class
B,
(3-mo.
EURIBOR
at
1.10%
Floor
+
1.10%),
4.74%,
07/28/51
(b)
...
1,039
1,059,286
Last
Mile
Logistics
CMBS
UK
DAC
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
3.50%
Floor
+
3.50%),
8.48%,
08/17/33
(b)
..............
GBP
8,848
11,781,200
Series
2023-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
4.50%
Floor
+
4.50%),
9.48%,
08/17/33
(b)
..............
7,642
10,155,895
Last
Mile
Logistics
Pan
Euro
Finance
DAC
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
0.75%
Floor
+
0.75%),
4.30%,
08/17/33
(b)
...
EUR
1,844
2,042,396
Series
1X,
Class
B,
(3-mo.
EURIBOR
at
1.05%
Floor
+
1.05%),
4.60%,
08/17/33
(b)
...
1,125
1,237,103
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
1.40%
Floor
+
1.40%),
4.95%,
08/17/33
(b)
...
EUR
1,331
$
1,460,142
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
5.45%,
08/17/33
(b)
...
1,031
1,136,295
Last
Mile
Securities
PE
DAC
Series
2021-1X,
Class
A1,
(3-mo.
EURIBOR
at
0.90%
Floor
+
0.90%),
4.45%,
08/17/31
(b)
...
3,245
3,600,161
Series
2021-1X,
Class
B,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
4.75%,
08/17/31
(b)
...
939
1,037,342
Series
2021-1X,
Class
C,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
5.15%,
08/17/31
(b)
...
1,061
1,170,379
Stark
Financing
DAC,
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.10%),
8.08%,
08/17/33
(b)
...........
GBP
13,404
17,864,261
Taurus
UK
DAC
Series
2021-UK1X,
Class
B,
(Sterling
Overnight
Index
Average
at
1.30%
Floor
+
1.30%),
6.28%,
05/17/31
(b)
..............
880
1,165,459
Series
2021-UK1X,
Class
C,
(Sterling
Overnight
Index
Average
at
1.65%
Floor
+
1.65%),
6.63%,
05/17/31
(b)
..............
536
709,615
Series
2021-UK1X,
Class
D,
(Sterling
Overnight
Index
Average
at
2.60%
Floor
+
2.60%),
7.58%,
05/17/31
(b)
..............
547
723,344
Series
2021-UK4X,
Class
C,
(Sterling
Overnight
Index
Average
at
1.75%
Floor
+
1.75%),
6.73%,
08/17/31
(b)
..............
319
426,232
Series
2021-UK4X,
Class
D,
(Sterling
Overnight
Index
Average
at
2.10%
Floor
+
2.10%),
7.08%,
08/17/31
(b)
..............
1,567
2,074,372
UK
Logistics
DAC,
Series
2024-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
1.65%
Floor
+
1.65%),
6.63%,
05/17/34
(b)
...........
564
756,294
Vita
Scientia
DAC,
Series
2022-1X,
Class
B,
(3-mo.
EURIBOR
at
1.80%
Floor
+
1.80%),
5.34%,
02/27/33
(b)
EUR
2,700
2,931,897
66,844,996
Italy
—
0.0%
(b)
Cassia
SRL
(a)
Series
2022-1X,
Class
A,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
6.04%,
05/22/34
(b)
...
12,859
14,270,476
Series
2022-1X,
Class
B,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
7.04%,
05/22/34
(b)
...
6,145
6,739,341
21,009,817
Switzerland
—
0.0%
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2005-C2,
Class
AMFX,
4.88%,
04/15/37
...
USD
6
5,772
Security
Par
(000)
Par
(000)
Value
United
Kingdom
—
0.0%
(a)
Canary
Wharf
Finance
II
plc
Series
II,
Class
C2,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.49%),
6.49%,
10/22/37
(b)
..............
GBP
2,100
$
2,206,587
Series
II,
Class
D2,
(Sterling
Overnight
Index
Average
at
1.26%
Floor
+
2.22%),
7.22%,
10/22/37
(b)
..............
3,893
4,038,631
Sage
AR
Funding
plc,
Series
1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.15%),
7.13%,
11/17/30
(b)
................
535
712,866
6,958,084
United
States
—
4.8%
1211
Avenue
of
the
Americas
Trust
(a)(c)
Series
2015-1211,
Class
C,
4.28%,
08/10/35
...............
USD
1,100
1,064,664
Series
2015-1211,
Class
D,
4.28%,
08/10/35
...............
1,235
1,176,093
Series
2015-1211,
Class
E,
4.28%,
08/10/35
...............
2,360
2,190,084
245
Park
Avenue
Trust
(a)(c)
Series
2017-245P,
Class
D,
3.78%,
06/05/37
...............
1,100
990,772
Series
2017-245P,
Class
E,
3.78%,
06/05/37
...............
5,691
4,996,032
280
Park
Avenue
Mortgage
Trust
(a)(c)
Series
2017-280P,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.38%),
6.50%,
09/15/34
...
1,978
1,899,124
Series
2017-280P,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.84%),
6.95%,
09/15/34
...
3,660
3,422,100
Series
2017-280P,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.42%),
7.54%,
09/15/34
...
17,397
16,093,203
3650R
Commercial
Mortgage
Trust,
Series
2022-PF2,
Class
A5,
5.47%,
11/15/55
(a)
................
2,100
2,182,986
Alen
Mortgage
Trust
(a)(c)
Series
2021-ACEN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
6.36%,
04/15/34
...
2,178
1,971,090
Series
2021-ACEN,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.21%),
8.31%,
04/15/34
...
4,827
2,427,981
Arbor
Multifamily
Mortgage
Securities
Trust
(c)
Series
2020-MF1,
Class
E,
1.75%,
05/15/53
...............
1,165
885,418
Series
2021-MF3,
Class
A5,
2.57%,
10/15/54
...............
3,605
3,191,504
AREIT
LLC,
Series
2022-CRE7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.24%
Floor
+
2.24%),
7.32%,
06/17/39
(a)(c)
5,830
5,846,151
ARES
Commercial
Mortgage
Trust,
Series
2024-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
6.79%,
07/15/41
(a)(c)
....
17,640
17,662,050
ARES1,
Series
2024-IND2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.29%,
10/15/34
(a)(c)
25,460
25,396,350
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
95
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Ashford
Hospitality
Trust
(a)(c)
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.27%),
7.37%,
04/15/35
...
USD
3,816
$
3,748,035
Series
2018-ASHF,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.23%
Floor
+
3.27%),
8.37%,
04/15/35
...
61
59,839
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.25%),
7.34%,
12/15/36
(a)(c)
....
8,386
7,882,840
BAMLL
Commercial
Mortgage
Securities
Trust
(a)(c)
Series
2015-200P,
Class
F,
3.72%,
04/14/33
...............
3,391
3,255,977
Series
2017-SCH,
Class
AF,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.05%),
6.14%,
11/15/33
...
250
249,632
Series
2017-SCH,
Class
BF,
(1-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.45%),
6.54%,
11/15/33
...
6,440
6,431,343
Series
2017-SCH,
Class
CL,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.55%),
6.64%,
11/15/32
...
2,560
2,554,551
Series
2017-SCH,
Class
DL,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.05%),
7.14%,
11/15/32
...
5,070
5,059,448
BAMLL
Trust,
Series
2024-BHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
7.45%,
08/15/39
(a)(c)
11,500
11,539,643
BANK5
Trust,
Series
2024-5YR6,
Class
A3,
6.23%,
05/15/57
.........
14,360
15,285,643
Bayview
Commercial
Asset
Trust
(a)(c)
Series
2005-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
and
10.80%
Cap
+
0.59%),
5.45%,
11/25/35
..........
2,496
2,425,326
Series
2005-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.56%),
5.42%,
01/25/36
...
4,472
4,292,602
Series
2005-4A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.70%),
5.55%,
01/25/36
...
105
100,970
Series
2005-4A,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.79%),
5.64%,
01/25/36
...
280
267,926
Series
2006-1A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.65%),
5.51%,
04/25/36
...
418
396,747
Series
2006-2A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.53%),
5.39%,
07/25/36
...
742
721,379
Series
2006-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.49%),
5.34%,
10/25/36
...
489
475,396
Series
2006-3A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.56%),
5.42%,
10/25/36
...
530
516,420
Series
2006-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.46%),
5.31%,
12/25/36
...
1,644
1,586,156
Series
2007-1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.52%),
5.37%,
03/25/37
...
1,125
1,074,787
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2007-2A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.52%),
5.37%,
07/25/37
...
USD
1,634
$
1,536,758
Series
2007-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
5.64%,
09/25/37
...
5,233
5,001,127
Series
2007-5A,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.61%),
6.47%,
10/25/37
...
6,230
3,634,584
Series
2007-6A,
Class
A4A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.61%),
6.47%,
12/25/37
...
7,677
6,773,902
Series
2008-2,
Class
A4A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
and
3.75%
Cap
+
2.61%),
7.47%,
04/25/38
...............
1,918
1,906,966
BBCMS
Mortgage
Trust
(a)(c)
Series
2018-CHRS,
Class
E,
4.41%,
08/05/38
...............
1,720
1,402,441
Series
2018-TALL,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.87%
Floor
+
0.92%),
6.02%,
03/15/37
...
2,229
2,106,405
Series
2018-TALL,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.17%),
6.27%,
03/15/37
...
2,134
1,952,610
Series
2023-5C23,
Class
D,
7.70%,
12/15/56
...............
1,148
1,147,714
BB-UBS
Trust,
Series
2012-SHOW,
Class
E,
4.16%,
11/05/36
(a)(c)
....
2,313
2,299,352
BDS
LLC,
Series
2022-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.14%
Floor
+
2.14%),
7.10%,
08/19/38
(a)(c)
6,880
6,897,135
BFLD
Mortgage
Trust,
Series
2024-
VICT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
6.99%,
07/15/41
(a)(c)
..........
8,290
8,290,000
BFLD
Trust,
Series
2020-EYP,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
8.91%,
10/15/35
(a)(c)
6,517
343,494
BHMS,
Series
2018-ATLS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.55%),
6.64%,
07/15/35
(a)(c)
14,468
14,463,287
BLP
Commercial
Mortgage
Trust,
Series
2023-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
6.79%,
03/15/40
(a)(c)
....
7,455
7,436,399
BMO
Mortgage
Trust
Series
2024-5C5,
Class
A3,
5.86%,
02/15/57
...............
2,878
3,030,578
Series
2024-5C6,
Class
A3,
5.32%,
09/15/57
...............
1,110
1,142,758
BMP,
Series
2024-MF23,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.39%
Floor
+
3.39%),
8.49%,
06/15/41
(a)(c)
5,092
5,015,608
BPR
Mortgage
Trust,
Series
2023-
STON,
Class
A,
7.50%,
12/05/39
(c)
2,082
2,195,565
BPR
Trust
(a)(c)
Series
2021-TY,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
8.81%,
09/15/38
...
5,768
5,688,690
Series
2022-SSP,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
8.10%,
05/15/39
...
2,870
2,873,588
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BSST
Mortgage
Trust
(a)(c)
Series
2021-SSCP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
0.86%),
5.96%,
04/15/36
...
USD
6,447
$
6,386,969
Series
2021-SSCP,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.21%),
6.31%,
04/15/36
...
6,584
6,461,144
Series
2021-SSCP,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.46%),
6.56%,
04/15/36
...
8,102
7,950,679
Series
2021-SSCP,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.71%),
6.81%,
04/15/36
...
7,613
7,429,063
Series
2021-SSCP,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.21%),
7.31%,
04/15/36
...
6,452
6,233,808
Series
2021-SSCP,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.01%),
8.11%,
04/15/36
...
6,200
5,997,884
Series
2021-SSCP,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.80%
Floor
+
3.91%),
9.01%,
04/15/36
...
6,988
6,687,906
Series
2021-SSCP,
Class
H,
(1-mo.
CME
Term
SOFR
at
4.90%
Floor
+
5.02%),
10.11%,
04/15/36
..
4,913
4,694,133
BWAY
Mortgage
Trust
(c)
Series
2013-1515,
Class
A2,
3.45%,
03/10/33
...............
3,024
2,942,660
Series
2013-1515,
Class
D,
3.63%,
03/10/33
...............
9,570
8,445,775
Series
2013-1515,
Class
E,
3.72%,
03/10/33
...............
650
563,892
Series
2013-1515,
Class
F,
4.06%,
03/10/33
(a)
..............
601
512,368
BX
Commercial
Mortgage
Trust
(c)
Series
2020-VIV3,
Class
B,
3.66%,
03/09/44
(a)
..............
8,380
7,726,015
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
...............
2,733
2,477,604
Series
2020-VKNG,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.04%),
6.14%,
10/15/37
(a)
..
1,007
1,004,279
Series
2020-VKNG,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
7.96%,
10/15/37
(a)
..
5,369
5,292,177
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
6.12%,
02/15/33
(a)
..
25,114
24,800,375
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
7.36%,
02/15/33
(a)
..
15,394
15,260,165
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
9.46%,
02/15/33
(a)
..
10,302
10,290,115
Series
2021-SOAR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.91%),
8.01%,
06/15/38
(a)
..
6,687
6,588,137
Series
2021-VINO,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.92%
Floor
+
2.92%),
8.01%,
05/15/38
(a)
..
1,557
1,537,788
Series
2021-VIV5,
Class
A,
2.84%,
03/09/44
(a)
..............
2,328
2,089,160
Series
2022-CSMO,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.24%,
06/15/27
(a)
..
7,520
7,552,900
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-VLT3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.94%
Floor
+
1.94%),
7.04%,
11/15/28
(a)
..
USD
3,410
$
3,392,954
Series
2023-XL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
6.86%,
12/09/40
(a)
..
8,697
8,724,288
Series
2023-XL3,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.59%
Floor
+
3.59%),
8.69%,
12/09/40
(a)
..
11,596
11,606,501
Series
2024-AIR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
6.59%,
10/15/41
(a)
..
9,685
9,685,000
Series
2024-AIRC,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
6.79%,
08/15/39
(a)
..
15,520
15,539,400
Series
2024-KING,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
6.64%,
05/15/34
(a)
..
8,530
8,527,334
Series
2024-MDHS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
6.74%,
05/15/41
(a)
..
23,842
23,871,675
Series
2024-MF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.54%,
02/15/39
(a)
..
2,603
2,600,796
Series
2024-MF,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.74%
Floor
+
3.74%),
8.83%,
02/15/39
(a)
..
6,365
6,347,352
Series
2024-PALM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
6.64%,
06/15/37
(a)
..
30,326
30,316,523
Series
2024-XL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.54%,
02/15/39
(a)
..
6,075
6,075,059
Series
2024-XL4,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.24%,
02/15/39
(a)
..
17,889
17,911,222
Series
2024-XL4,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.19%
Floor
+
4.19%),
9.28%,
02/15/39
(a)
..
9,662
9,448,608
Series
2024-XL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
6.49%,
03/15/41
(a)
..
379
379,095
BX
Trust
(a)(c)
Series
2021-ARIA,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.01%),
6.11%,
10/15/36
...
820
815,388
Series
2021-LBA,
Class
AJV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.01%,
02/15/36
...
6,553
6,522,112
Series
2021-LBA,
Class
AV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.01%,
02/15/36
...
4,118
4,083,395
Series
2021-LBA,
Class
FJV,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.51%),
7.61%,
02/15/36
...
11,223
10,838,305
Series
2021-LBA,
Class
FV,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.51%),
7.61%,
02/15/36
...
7,117
6,873,307
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.21%,
02/15/36
...
2,185
2,071,577
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.21%,
02/15/36
...
7,383
7,000,173
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
97
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.46%,
01/15/34
...
USD
2,016
$
1,983,240
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.21%,
01/15/34
...
3,122
3,064,982
Series
2021-MFM1,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.90%
Floor
+
4.01%),
9.11%,
01/15/34
...
70
68,258
Series
2021-VIEW,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
8.81%,
06/15/36
...
6,905
6,558,242
Series
2021-VIEW,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.93%
Floor
+
4.04%),
9.14%,
06/15/36
...
2,240
2,045,113
Series
2022-GPA,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.17%
Floor
+
2.17%),
7.26%,
08/15/39
...
44,215
44,215,141
Series
2022-GPA,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.66%
Floor
+
2.66%),
7.76%,
08/15/41
...
1,173
1,172,854
Series
2022-GPA,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.06%
Floor
+
4.06%),
9.16%,
08/15/43
...
6,710
6,691,425
Series
2022-LBA6,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
6.10%,
01/15/39
...
3,419
3,397,631
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
5.95%,
01/15/39
...
3,580
3,550,913
Series
2022-VAMF,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
6.38%,
01/15/39
...
1,449
1,435,416
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
7.79%,
05/15/38
...
18,097
18,164,864
Series
2023-DELC,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.39%
Floor
+
4.39%),
9.48%,
05/15/38
...
907
914,936
Series
2024-CNYN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.54%,
04/15/41
...
10,648
10,638,208
Series
2024-CNYN,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
7.79%,
04/15/41
...
4,105
4,106,281
Series
2024-CNYN,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.69%
Floor
+
3.69%),
8.79%,
04/15/41
...
6,706
6,650,345
Series
2024-PAT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
7.19%,
03/15/41
...
7,020
7,041,938
Series
2024-PAT,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
9.54%,
03/15/41
...
15,026
14,971,310
Series
2024-PAT,
Class
D,
(1-mo.
CME
Term
SOFR
at
5.39%
Floor
+
5.39%),
10.49%,
03/15/41
..
7,203
7,197,411
Series
2024-VLT4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
6.59%,
07/15/29
...
36,010
36,010,000
Series
2024-VLT4,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.89%
Floor
+
2.89%),
7.99%,
07/15/29
...
6,070
6,054,825
Series
2024-VLT4,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.94%
Floor
+
3.94%),
9.03%,
07/15/29
...
15,610
15,453,870
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BXP
Trust
(a)(c)
Series
2017-CC,
Class
D,
3.67%,
08/13/37
...............
USD
1,930
$
1,658,581
Series
2017-CC,
Class
E,
3.67%,
08/13/37
...............
3,820
3,066,432
Series
2017-GM,
Class
D,
3.54%,
06/13/39
...............
1,520
1,416,940
Series
2017-GM,
Class
E,
3.54%,
06/13/39
...............
3,300
3,019,147
Series
2021-601L,
Class
D,
2.87%,
01/15/44
...............
3,999
2,935,695
Cali,
Series
2024-SUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
6.99%,
07/15/41
(a)(c)
....
6,660
6,664,163
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.45%),
7.54%,
12/15/37
(a)(c)
....
9,282
9,270,672
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(a)
.....
1,143
1,066,184
CENT
Trust,
Series
2023-CITY,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.62%
Floor
+
2.62%),
7.72%,
09/15/38
(a)(c)
18,476
18,510,846
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
C,
5.00%,
05/10/58
(a)
................
6,142
5,886,628
CFK
Trust
(a)(c)
Series
2019-FAX,
Class
D,
4.79%,
01/15/39
...............
6,897
6,320,336
Series
2019-FAX,
Class
E,
4.79%,
01/15/39
...............
6,152
5,443,494
Citigroup
Commercial
Mortgage
Trust
Series
2015-P1,
Class
D,
3.23%,
09/15/48
(c)
..............
2,062
1,755,678
Series
2016-GC37,
Class
C,
5.08%,
04/10/49
(a)
..............
2,110
1,776,357
Series
2020-420K,
Class
E,
3.42%,
11/10/42
(a)(c)
.............
2,660
2,216,577
COAST
Commercial
Mortgage
Trust
(a)(c)
Series
2023-2HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
7.69%,
08/15/36
...
5,172
5,165,965
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
9.54%,
08/15/36
...
8,751
8,690,857
Commercial
Mortgage
Trust
Series
2013-300P,
Class
D,
4.54%,
08/10/30
(a)(c)
.............
750
627,062
Series
2015-LC19,
Class
B,
3.83%,
02/10/48
(a)
..............
942
910,213
Series
2015-LC23,
Class
A4,
3.77%,
10/10/48
...............
2,008
1,981,358
Series
2016-667M,
Class
D,
3.28%,
10/10/36
(a)(c)
.............
2,010
1,617,551
Series
2024-WCL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
6.92%,
06/15/41
(a)(c)
.
16,380
16,313,456
Series
2024-WCL1,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
7.67%,
06/15/41
(a)(c)
.
4,908
4,881,926
Series
2024-WCL1,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.49%
Floor
+
4.49%),
9.57%,
06/15/41
(a)(c)
.
6,488
6,456,111
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CONE
Trust
(a)(c)
Series
2024-DFW1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
6.74%,
08/15/41
...
USD
6,550
$
6,550,000
Series
2024-DFW1,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
8.98%,
08/15/41
...
6,477
6,466,179
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2020-NET,
Class
D,
3.83%,
08/15/37
(a)(c)
........
560
535,902
CSAIL
Commercial
Mortgage
Trust,
Series
2018-CX12,
Class
C,
4.88%,
08/15/51
(a)
................
1,586
1,446,836
CSMC
Trust
(c)
Series
2017-PFHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.00%),
6.09%,
12/15/30
(a)
..
2,310
2,226,708
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
...............
2,190
1,818,464
Series
2020-FACT,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.86%
Floor
+
5.23%),
10.32%,
10/15/37
(a)
.
4,184
3,838,906
Series
2020-FACT,
Class
F,
(1-mo.
CME
Term
SOFR
at
6.16%
Floor
+
6.52%),
11.62%,
10/15/37
(a)
.
300
268,429
Series
2021-BHAR,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
6.36%,
11/15/38
(a)
..
1,337
1,324,883
Series
2021-BHAR,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
6.71%,
11/15/38
(a)
..
2,356
2,333,176
Series
2022-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.59%
Floor
+
3.44%),
8.54%,
02/15/25
(a)(f)
.
23,200
22,639,885
DBGS,
Series
2024-SBL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.88%
Floor
+
1.88%),
6.98%,
08/15/34
(a)(c)
1,600
1,597,344
DBGS
Mortgage
Trust,
Series
2018-
BIOD,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.60%),
6.69%,
05/15/35
(a)(c)
..........
113
111,234
DBSG
Mortgage
Trust,
Series
2024-
ALTA,
Class
A,
6.14%,
06/10/37
(a)(c)
4,998
5,096,373
DBUBS
Mortgage
Trust
(a)(c)
Series
2017-BRBK,
Class
D,
3.65%,
10/10/34
...............
3,760
3,689,370
Series
2017-BRBK,
Class
E,
3.65%,
10/10/34
...............
8,126
7,932,702
Series
2017-BRBK,
Class
F,
3.65%,
10/10/34
...............
2,070
2,010,416
DBWF
Mortgage
Trust,
Series
2024-
LCRS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
6.84%,
04/15/37
(a)(c)
..........
1,428
1,415,059
DC
Trust
(a)(c)
Series
2024-HLTN,
Class
A,
5.93%,
04/13/40
...............
1,570
1,600,954
Series
2024-HLTN,
Class
F,
10.66%,
04/13/40
...............
4,127
4,246,685
DK
Trust
(a)(c)
Series
2024-SPBX,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
6.60%,
03/15/34
...
9,090
9,084,319
Series
2024-SPBX,
Class
E,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
4.00%),
9.10%,
03/15/34
...
26,040
26,059,657
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
ELM
Trust
(a)(c)
Series
2024-ELM,
Class
A10,
5.99%,
06/10/39
..........
USD
9,410
$
9,622,767
Series
2024-ELM,
Class
A15,
5.99%,
06/10/39
..........
9,410
9,622,767
Series
2024-ELM,
Class
E10,
8.05%,
06/10/39
..........
12,317
12,567,169
ELP
Commercial
Mortgage
Trust,
Series
2021-ELP,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.12%
Floor
+
3.23%),
8.33%,
11/15/38
(a)(c)
....
4,922
4,789,310
EQT
Trust,
Series
2024-EXTR,
Class
A,
5.33%,
07/05/41
(a)(c)
..........
3,348
3,427,544
Extended
Stay
America
Trust
(a)(c)
Series
2021-ESH,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.46%,
07/15/38
...
8,733
8,749,912
Series
2021-ESH,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.96%),
8.06%,
07/15/38
...
11,299
11,299,219
Series
2021-ESH,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
8.91%,
07/15/38
...
28,867
28,848,830
Fashion
Show
Mall
LLC,
Series
2024-
SHOW,
Class
A,
1.00%,
10/10/29
(a)(c)
6,305
6,288,178
GCT
Commercial
Mortgage
Trust,
Series
2021-GCT,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.46%),
7.56%,
02/15/38
(a)(c)
....
770
45,811
Grace
Trust,
Series
2020-GRCE,
Class
E,
2.77%,
12/10/40
(a)(c)
........
2,546
1,990,426
Great
Wolf
Trust
(a)(c)
Series
2024-WLF2,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.69%),
6.79%,
05/15/41
..........
36,228
36,228,000
Series
2024-WOLF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
6.64%,
03/15/39
...
5,531
5,518,901
GS
Mortgage
Securities
Corp.
II,
Series
2005-ROCK,
Class
A,
5.37%,
05/03/32
(c)
................
7,340
7,265,233
GS
Mortgage
Securities
Corp.
Trust
Series
2015-GC32,
Class
C,
4.55%,
07/10/48
(a)
..............
1,786
1,725,354
Series
2017-375H,
Class
A,
3.59%,
09/10/37
(a)(c)
.............
1,460
1,378,645
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
(c)
..............
5,185
4,431,430
Series
2017-SLP,
Class
C,
3.92%,
10/10/32
(c)
..............
587
582,132
Series
2021-DM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.89%
Floor
+
1.00%),
6.10%,
11/15/36
(a)(c)
.
7,136
7,075,790
Series
2021-ROSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.51%,
05/15/26
(a)(c)
.
2,320
2,142,044
Series
2022-AGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.69%),
7.79%,
11/15/27
(a)(c)
.
18,336
18,364,280
Series
2022-ECI,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.19%),
7.29%,
08/15/39
(a)(c)
.
11,620
11,623,631
Series
2023-FUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
7.19%,
03/15/28
(a)(c)
.
11,230
11,251,056
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
99
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-SHIP,
Class
E,
7.68%,
09/10/38
(a)(c)
.............
USD
31,848
$
32,174,448
Series
2024-RVR,
Class
E,
7.72%,
08/10/29
(a)(c)
.............
3,613
3,609,952
Series
2024-RVR,
Class
HRR,
9.21%,
08/10/29
(a)(c)(f)
.......
12,450
12,450,000
GS
Mortgage
Securities
Trust
(a)
Series
2014-GC20,
Class
B,
4.53%,
04/10/47
...............
85
81,680
Series
2015-590M,
Class
E,
3.93%,
10/10/35
(c)
..............
2,540
2,198,479
Series
2019-GSA1,
Class
C,
3.93%,
11/10/52
...............
570
491,334
Harvest
Commercial
Capital
Loan
Trust,
Series
2020-1,
Class
M4,
5.96%,
04/25/52
(a)(c)
...............
1,181
1,097,292
HIH
Trust
(a)(c)
Series
2024-61P,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
6.79%,
10/15/41
...
13,190
13,155,915
Series
2024-61P,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.64%
Floor
+
3.64%),
8.59%,
10/15/41
...
4,970
4,957,286
HILT
Commercial
Mortgage
Trust
(a)(c)
Series
2024-ORL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
6.64%,
05/15/37
...
10,515
10,495,284
Series
2024-ORL,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.19%
Floor
+
3.19%),
8.29%,
05/15/37
...
11,854
11,691,008
HIT
Trust,
Series
2022-HI32,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.39%
Floor
+
2.39%),
7.49%,
07/09/25
(a)(c)
2,607
2,613,501
HLTN
Commercial
Mortgage
Trust,
Series
2024-DPLO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
6.74%,
06/15/41
(a)(c)
....
6,118
6,106,529
HONO
Mortgage
Trust,
Series
2021-
LULU,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
6.36%,
10/15/36
(a)(c)
..........
6,099
5,910,903
HTL
Commercial
Mortgage
Trust
(a)(c)
Series
2024-T53,
Class
A,
6.07%,
05/10/39
...............
3,390
3,464,657
Series
2024-T53,
Class
E,
10.60%,
05/10/39
...............
9,477
9,818,794
Hudson
Yards
Mortgage
Trust,
Series
2019-55HY,
Class
F,
3.04%,
12/10/41
(a)(c)
...............
6,663
5,010,132
ILPT
Commercial
Mortgage
Trust,
Series
2022-LPF2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.34%,
10/15/39
(a)(c)
....
19,679
19,660,551
Independence
Plaza
Trust
(c)
Series
2018-INDP,
Class
B,
3.91%,
07/10/35
...............
1,220
1,184,816
Series
2018-INDP,
Class
C,
4.16%,
07/10/35
...............
2,655
2,570,137
INTOWN
Mortgage
Trust,
Series
2022-
STAY,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.49%
Floor
+
2.49%),
7.59%,
08/15/39
(a)(c)
..........
12,733
12,764,833
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(c)
Series
2016-NINE,
Class
B,
2.95%,
09/06/38
(a)
..............
6,933
6,546,028
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2018-AON,
Class
A,
4.13%,
07/05/31
...............
USD
4,834
$
4,423,112
Series
2018-PHH,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.41%
Floor
+
1.26%),
6.35%,
06/15/35
(a)
..
1,745
1,521,297
Series
2019-MFP,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.16%
Floor
+
2.21%),
7.30%,
07/15/36
(a)
..
5,580
5,445,155
Series
2020-609M,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.77%
Floor
+
3.13%),
8.23%,
10/15/33
(a)
..
2,500
1,986,750
Series
2021-MHC,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
1.16%),
6.26%,
04/15/38
(a)
..
991
989,029
Series
2021-MHC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.81%),
7.91%,
04/15/38
(a)
..
13,815
13,745,925
Series
2021-MHC,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.31%),
8.41%,
04/15/38
(a)
..
5,050
5,002,656
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.54%),
8.64%,
04/15/37
(a)
..
11,124
9,492,102
Series
2022-NXSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.18%
Floor
+
2.18%),
7.28%,
09/15/39
(a)
..
20,660
20,660,380
Series
2022-OPO,
Class
D,
3.56%,
01/05/39
(a)
..............
6,152
4,706,279
Series
2024-OMNI,
Class
A,
5.80%,
10/05/39
(a)
..............
4,640
4,753,886
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.29%,
12/15/48
(a)(c)
...
2,084
1,844,194
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR5,
Class
A3,
3.12%,
06/13/52
.....
2,890
2,715,523
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2018-C8,
Class
AS,
4.42%,
06/15/51
.....
379
362,606
JW
Commercial
Mortgage
Trust
(a)(c)
Series
2024-MRCO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
6.70%,
06/15/39
...
7,310
7,296,314
Series
2024-MRCO,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.19%
Floor
+
3.19%),
8.27%,
06/15/39
...
4,203
4,204,597
KSL
Commercial
Mortgage
Trust
(a)(c)
Series
2023-HT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.29%
Floor
+
2.29%),
7.39%,
12/15/36
...
12,353
12,383,883
Series
2023-HT,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.29%
Floor
+
4.29%),
9.38%,
12/15/36
...
36,405
36,496,012
LBA
Trust
(a)(c)
Series
2024-7IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.54%,
10/15/41
...
6,410
6,405,994
Series
2024-7IND,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.64%
Floor
+
2.64%),
7.74%,
10/15/41
...
1,628
1,628,000
Series
2024-BOLT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
6.69%,
06/15/26
...
25,070
25,070,000
Series
2024-BOLT,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
9.53%,
06/15/26
...
2,039
2,033,254
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
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%),
5.42%,
09/25/36
...
USD
1,998
$
1,896,947
Series
2007-3A,
Class
M2,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.11%),
6.97%,
10/25/37
...
5,850
4,971,580
LEX
Mortgage
Trust,
Series
2024-BBG,
Class
HRR,
7.93%,
10/13/33
(a)(c)
..
20,050
20,050,000
LUX
Trust,
Series
2023-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
7.79%,
08/15/40
(a)(c)
4,400
4,419,511
LUXE
Trust,
Series
2021-TRIP,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
7.96%,
10/15/38
(a)(c)
1,216
1,214,653
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
D,
2.41%,
09/10/39
(a)(c)
...............
118
105,553
MCR
Mortgage
Trust
(c)
Series
2024-HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
6.86%,
02/15/37
(a)
..
614
610,519
Series
2024-HTL,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.65%
Floor
+
4.65%),
9.75%,
02/15/37
(a)
..
4,922
4,914,628
Series
2024-TWA,
Class
A,
5.92%,
06/12/39
...............
7,000
7,162,418
Series
2024-TWA,
Class
E,
8.73%,
06/12/39
...............
5,891
6,005,348
MFT
Trust,
Series
2020-ABC,
Class
C,
3.59%,
02/10/42
(a)(c)
..........
3,925
2,241,301
MHC
Commercial
Mortgage
Trust
(a)(c)
Series
2021-MHC,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.92%),
6.01%,
04/15/38
...
3,481
3,466,107
Series
2021-MHC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.22%),
7.31%,
04/15/38
...
7,128
7,087,841
Series
2021-MHC,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.72%),
7.81%,
04/15/38
...
909
902,951
MHP
Commercial
Mortgage
Trust
(a)(c)
Series
2021-STOR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
7.96%,
07/15/38
...
7,927
7,862,593
Series
2021-STOR,
Class
J,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
4.06%),
9.16%,
07/15/38
...
3,438
3,398,605
MIRA
Trust,
Series
2023-MILE,
Class
A,
6.75%,
06/10/38
(c)
...........
6,775
7,162,054
Morgan
Stanley
Capital
I
Trust
(c)
Series
2017-ASHF,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.65%),
9.74%,
11/15/34
(a)
..
2,673
2,649,893
Series
2017-ASHF,
Class
G,
(1-mo.
CME
Term
SOFR
at
6.90%
Floor
+
7.20%),
12.29%,
11/15/34
(a)
.
2,925
2,903,578
Series
2018-MP,
Class
E,
4.42%,
07/11/40
(a)
..............
7,057
4,478,157
Series
2019-H6,
Class
D,
3.00%,
06/15/52
...............
1,190
905,226
Series
2019-H7,
Class
D,
3.00%,
07/15/52
...............
750
590,413
Series
2024-NSTB,
Class
A,
3.90%,
07/20/32
(a)
..............
6,350
6,160,230
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
MSWF
Commercial
Mortgage
Trust,
Series
2023-2,
Class
A5,
6.01%,
12/15/56
(a)
................
USD
1,976
$
2,176,826
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-LVL,
Class
D,
4.44%,
08/15/38
(c)
...........
3,140
2,745,572
NJ
Trust,
Series
2023-GSP,
Class
A,
6.70%,
01/06/29
(a)(c)
..........
4,750
5,037,584
NYC
Trust
(a)(c)
Series
2024-3ELV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.99%
Floor
+
1.99%),
7.09%,
08/15/29
...
1,656
1,663,274
Series
2024-3ELV,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.84%
Floor
+
3.84%),
8.93%,
08/15/29
...
4,401
4,423,005
Olympic
Tower
Mortgage
Trust,
Series
2017-OT,
Class
E,
4.08%,
05/10/39
(a)
(c)
......................
7,856
5,676,787
One
Bryant
Park
Trust,
Series
2019-
OBP,
Class
A,
2.52%,
09/15/54
(c)
.
4,638
4,126,131
One
Market
Plaza
Trust,
Series
2017-
1MKT,
Class
D,
4.15%,
02/10/32
(c)
3,310
2,826,852
One
New
York
Plaza
Trust
(a)(c)
Series
2020-1NYP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.06%),
6.16%,
01/15/36
...
3,402
3,248,910
Series
2020-1NYP,
Class
AJ,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.36%),
6.46%,
01/15/36
...
4,673
4,357,573
Series
2020-1NYP,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
6.71%,
01/15/36
...
3,892
3,619,560
Series
2020-1NYP,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
7.96%,
01/15/36
...
1,660
1,406,850
OPEN
Trust,
Series
2023-AIR,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.09%
Floor
+
3.09%),
8.19%,
10/15/28
(a)(c)
8,234
8,311,391
PGA
Trust,
Series
2024-RSR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
6.99%,
06/15/39
(a)(c)
4,965
4,944,830
PKHL
Commercial
Mortgage
Trust
(a)(c)
Series
2021-MF,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.46%),
8.56%,
07/15/38
...
1,617
1,052,734
Series
2021-MF,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.46%),
9.56%,
07/15/38
...
3,533
919,758
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.47%
Floor
+
2.47%),
7.32%,
06/25/37
(a)(c)
....
2,108
2,113,836
SG
Commercial
Mortgage
Securities
Trust
(a)(c)
Series
2019-PREZ,
Class
D,
3.59%,
09/15/39
...............
4,690
3,940,234
Series
2019-PREZ,
Class
E,
3.59%,
09/15/39
...............
3,356
2,746,953
SHER
Trust,
Series
2024-DAL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
6.74%,
04/15/37
(a)(c)
5,335
5,301,656
SHR
Trust
(a)(c)
Series
2024-LXRY,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
7.05%,
10/15/41
...
37,154
37,154,000
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
101
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-LXRY,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.60%),
8.70%,
10/15/41
...
USD
14,995
$
14,995,000
Series
2024-LXRY,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.45%
Floor
+
4.45%),
9.55%,
10/15/41
...
10,089
10,089,000
STWD
Trust,
Series
2021-FLWR,
Class
E,
(1-mo.
CME
Term
SOFR
at
1.92%
Floor
+
2.04%),
7.14%,
07/15/36
(a)(c)
3,122
3,090,780
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.28%,
05/15/37
(a)(c)
...............
23,880
23,939,700
THPT
Mortgage
Trust,
Series
2023-
THL,
Class
A,
7.23%,
12/10/34
(a)(c)
4,829
5,012,389
TPGI
Trust,
Series
2021-DGWD,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.46%),
7.56%,
06/15/26
(a)(c)
1,231
1,223,194
TYSN
Mortgage
Trust,
Series
2023-
CRNR,
Class
A,
6.80%,
12/10/33
(a)(c)
4,360
4,610,376
Velocity
Commercial
Capital
Loan
Trust
(c)
Series
2017-2,
Class
M3,
4.24%,
11/25/47
(a)
..............
546
495,412
Series
2017-2,
Class
M4,
5.00%,
11/25/47
(a)
..............
329
294,527
Series
2018-1,
Class
M2,
4.26%,
04/25/48
...............
291
266,790
Series
2020-1,
Class
M1,
2.80%,
02/25/50
(a)
..............
884
767,904
Series
2020-1,
Class
M2,
2.98%,
02/25/50
(a)
..............
1,057
915,723
Series
2020-1,
Class
M3,
3.19%,
02/25/50
(a)
..............
468
401,135
Series
2020-1,
Class
M4,
3.54%,
02/25/50
(a)
..............
722
602,205
Series
2020-1,
Class
M5,
4.29%,
02/25/50
(a)
..............
824
655,238
Series
2021-4,
Class
M4,
4.48%,
12/26/51
(a)
..............
1,970
1,538,461
Series
2022-1,
Class
M4,
5.20%,
02/25/52
(a)
..............
1,324
1,038,494
Series
2022-4,
Class
M2,
6.97%,
08/25/52
(a)
..............
1,987
1,984,912
Series
2022-4,
Class
M3,
7.53%,
08/25/52
(a)
..............
1,690
1,642,193
Series
2022-4,
Class
M4,
7.53%,
08/25/52
(a)
..............
2,317
2,180,414
Series
2023-2,
Class
A,
6.22%,
05/25/53
(a)
..............
6,301
6,359,095
Series
2024-1,
Class
M2,
7.23%,
01/25/54
(a)
..............
1,252
1,277,691
Series
2024-1,
Class
M3,
8.44%,
01/25/54
(a)
..............
1,452
1,496,881
Wells
Fargo
Commercial
Mortgage
Trust
(c)
Series
2018-1745,
Class
A,
3.87%,
06/15/36
(a)
..............
2,708
2,441,587
Series
2019-C49,
Class
D,
3.00%,
03/15/52
...............
988
812,655
Series
2021-FCMT,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
8.71%,
05/15/31
(a)
..
750
729,997
Series
2024-1CHI,
Class
A,
5.48%,
07/15/35
(a)
..............
5,640
5,680,210
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-BPRC,
Class
B,
6.22%,
07/15/43
...............
USD
8,942
$
9,233,138
Series
2024-BPRC,
Class
C,
6.43%,
07/15/43
...............
5,427
5,533,393
Series
2024-BPRC,
Class
D,
7.08%,
07/15/43
...............
2,300
2,354,246
Series
2024-BPRC,
Class
HRR,
9.56%,
07/15/43
..........
8,400
8,499,794
WFRBS
Commercial
Mortgage
Trust,
Series
2014-C24,
Class
B,
4.20%,
11/15/47
(a)
................
1,770
1,711,452
WMRK
Commercial
Mortgage
Trust
(a)(c)
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
7.89%,
11/15/27
...
14,598
14,643,619
Series
2022-WMRK,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.44%
Floor
+
3.44%),
8.53%,
11/15/27
...
4,950
4,963,922
1,913,842,081
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
..........
113,433
1,647,103
Series
2024-NQM1,
Class
XS,
2.45%,
01/25/64
..........
85,120
4,355,655
Series
2024-NQM3,
Class
XS,
0.00%,
06/25/64
..........
93,629
4,133,258
IndyMac
IMSC
Mortgage
Loan
Trust,
Series
2007-HOA1,
Class
AXPP,
0.00%,
07/25/47
............
11,826
9,542
J.P.
Morgan
Mortgage
Trust
(c)
Series
2021-INV5,
Class
A2X,
0.50%,
12/25/51
..........
97,304
2,746,753
Series
2021-INV5,
Class
A5X,
0.50%,
12/25/51
..........
10,588
298,896
Series
2021-INV5,
Class
AX1,
0.19%,
12/25/51
..........
190,593
1,956,784
Series
2021-INV7,
Class
A2X,
0.50%,
02/25/52
..........
59,775
1,703,166
Series
2021-INV7,
Class
A3X,
0.50%,
02/25/52
..........
35,129
678,387
Series
2021-INV7,
Class
A4X,
0.50%,
02/25/52
..........
15,746
704,328
Series
2021-INV7,
Class
A5X,
0.50%,
02/25/52
..........
6,509
185,459
Series
2021-INV7,
Class
AX1,
0.27%,
02/25/52
..........
117,158
1,726,834
Reperforming
Loan
REMIC
Trust,
Series
2005-R3,
Class
AS,
0.63%,
09/25/35
(c)
................
1,113
52,856
Voyager
OPTONE
Delaware
Trust,
Series
2009-1,
Class
SAA7,
7.92%,
02/25/38
(c)
................
30,874
6,947,300
27,146,321
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
109,007
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2016-SS1,
Class
XA,
0.70%,
12/15/35
(a)(c)
...
19,140
76,698
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
102
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BANK,
Series
2019-BN20,
Class
XB,
0.47%,
09/15/62
(a)
...........
USD
86,048
$
1,407,091
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2017-BNK3,
Class
XB,
0.73%,
02/15/50
(a)
................
31,555
393,447
BBCMS
Mortgage
Trust,
Series
2020-
C7,
Class
XB,
1.10%,
04/15/53
(a)
.
2,706
133,270
BBCMS
Trust
(a)(c)
Series
2015-SRCH,
Class
XA,
1.03%,
08/10/35
..........
64,612
1,231,502
Series
2015-SRCH,
Class
XB,
0.30%,
08/10/35
..........
42,790
226,531
Benchmark
Mortgage
Trust
(a)
Series
2019-B9,
Class
XA,
1.18%,
03/15/52
...............
31,211
1,129,630
Series
2020-B17,
Class
XB,
0.65%,
03/15/53
...............
13,340
282,320
Series
2021-B23,
Class
XA,
1.37%,
02/15/54
...............
47,666
2,625,697
BMO
Mortgage
Trust,
Series
2023-C5,
Class
XA,
0.95%,
06/15/56
(a)
....
28,236
1,404,894
BX
Trust,
Series
2022-GPA,
Class
XCP,
0.00%,
08/15/39
(a)(c)
..........
242,391
7,102
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.85%,
05/10/58
(a)
................
18,700
174,340
Commercial
Mortgage
Trust
(a)
Series
2015-CR25,
Class
XA,
0.93%,
08/10/48
..........
13,464
52,267
Series
2018-COR3,
Class
XD,
1.75%,
05/10/51
(c)
.........
8,680
459,518
CSAIL
Commercial
Mortgage
Trust
(a)
Series
2017-CX10,
Class
XB,
0.32%,
11/15/50
..........
32,800
258,080
Series
2019-C16,
Class
XA,
1.70%,
06/15/52
...............
67,508
3,805,534
Series
2019-C17,
Class
XA,
1.46%,
09/15/52
...............
26,280
1,322,079
Series
2019-C17,
Class
XB,
0.67%,
09/15/52
...............
41,829
964,796
CSMC
OA
LLC,
Series
2014-USA,
Class
X2,
0.19%,
09/15/37
(a)(c)
...
598,765
201,371
DBGS
Mortgage
Trust,
Series
2019-
1735,
Class
X,
0.43%,
04/10/37
(a)(c)
52,590
656,626
DBJPM
Mortgage
Trust,
Series
2017-
C6,
Class
XD,
1.00%,
06/10/50
(a)(c)
15,440
348,418
ELM
Trust
(a)(c)
Series
2024-ELM,
Class
XP10,
0.24%,
06/10/39
..........
98,981
373,267
Series
2024-ELM,
Class
XP15,
1.61%,
06/10/39
..........
90,365
2,259,008
GS
Mortgage
Securities
Corp.
II,
Series
2005-ROCK,
Class
X1,
0.39%,
05/03/32
(a)(c)
...............
24,000
19,858
GS
Mortgage
Securities
Trust
(a)
Series
2019-GSA1,
Class
XA,
0.93%,
11/10/52
..........
15,609
523,398
Series
2020-GSA2,
Class
XA,
1.82%,
12/12/53
(c)
.........
31,609
2,405,476
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(a)(c)
...............
37,589
443,456
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
JPMBB
Commercial
Mortgage
Securities
Trust
(a)
Series
2014-C22,
Class
XA,
0.54%,
09/15/47
...............
USD
752
$
8
Series
2015-C27,
Class
XD,
0.50%,
02/15/48
(c)
..............
31,775
251,620
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(a)(c)
...
14,670
190,660
Ladder
Capital
Commercial
Mortgage
Mortgage
Trust,
Series
2013-GCP,
Class
XA,
1.31%,
02/15/36
(a)(c)
...
5,759
182,872
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
0.99%,
03/10/50
(a)(c)
...............
6,589
95,989
MCR
Mortgage
Trust,
Series
2024-
TWA,
Class
XA,
0.92%,
06/12/39
(c)
32,439
605,659
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
(a)(c)
Series
2014-C19,
Class
XD,
1.40%,
12/15/47
...............
51,913
37,476
Series
2014-C19,
Class
XF,
1.40%,
12/15/47
...............
13,486
152,629
Series
2015-C21,
Class
XB,
0.40%,
03/15/48
...............
15,696
7,511
Series
2015-C26,
Class
XD,
1.45%,
10/15/48
...............
18,660
210,497
Morgan
Stanley
Capital
I
Trust
(a)
Series
2017-H1,
Class
XD,
2.30%,
06/15/50
(c)
..............
8,870
438,877
Series
2019-H6,
Class
XB,
0.86%,
06/15/52
...............
53,695
1,550,026
Series
2019-L2,
Class
XA,
1.17%,
03/15/52
...............
21,424
777,180
MSWF
Commercial
Mortgage
Trust,
Series
2023-2,
Class
XA,
1.14%,
12/15/56
(a)
................
107,395
6,888,961
Olympic
Tower
Mortgage
Trust,
Series
2017-OT,
Class
XA,
0.51%,
05/10/39
(a)(c)
...............
99,000
852,024
One
Market
Plaza
Trust
(a)(c)
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
..........
126,326
395,022
Series
2017-1MKT,
Class
XNCP,
0.22%,
02/10/32
..........
25,265
66,220
UBS
Commercial
Mortgage
Trust
(a)
Series
2019-C17,
Class
XA,
1.58%,
10/15/52
...............
65,161
3,693,461
Series
2019-C18,
Class
XA,
1.13%,
12/15/52
...............
68,415
2,442,559
Wells
Fargo
Commercial
Mortgage
Trust
(a)
Series
2016-BNK1,
Class
XD,
1.38%,
08/15/49
(c)
.........
9,764
186,291
Series
2019-C50,
Class
XA,
1.57%,
05/15/52
...............
47,954
2,249,551
Series
2021-C59,
Class
XA,
1.64%,
04/15/54
...............
37,430
2,608,913
Series
2024-BPRC,
Class
X,
0.31%,
07/15/43
(c)
..............
67,308
665,521
47,844,208
Total
Non-Agency
Mortgage-Backed
Securities
—
10.3%
(Cost:
$4,206,146,153)
...........................
4,116,885,977
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
103
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Preferred
Securities
Capital
Trusts
—
0.1%
Spain
—
0.0%
Banco
Bilbao
Vizcaya
Argentaria
SA
,
(5-Year
EUR
Swap
Annual
+
6.46%),
6.00%
(a)(b)(o)
................
EUR
10,000
$
11,229,680
United
States
—
0.1%
(a)(o)
AT&T,
Inc.,
Series
B
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.14%),
2.88%
.
35,800
39,461,189
Citigroup,
Inc.,
Series
Y
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15%
USD
1,643
1,577,529
41,038,718
Total
Capital
Trusts
—
0.1%  
(Cost:
$49,665,575)
..............................
52,268,398
Shares
Shares
Preferred
Stocks
—
1.1%
Brazil
—
0.0%
Neon
Payments
Ltd.
(e)(f)
..........
28,089
11,459,188
China
—
0.1%
ByteDance
Ltd.,
Series
E-1,
(Acquired
11/11/20,
cost
$32,477,349)
(e)(f)(l)
..
296,396
50,399,176
Germany
—
0.0%
Volocopter
GmbH,
(Acquired
03/03/21,
cost
$11,751,352)
(e)(f)(l)
.........
2,211
60,077
Israel
—
0.1%
(e)(f)(l)
Deep
Instinct
Ltd.,
Series
D-2,
(Acquired
03/19/21,
cost
$8,210,225)
...............
1,350,837
6,038,241
Deep
Instinct
Ltd.,
Series
D-4,
(Acquired
09/20/22,
cost
$11,103,299)
..............
1,574,860
8,094,781
14,133,022
Sweden
—
0.0%
Volta
Greentech
AB,
Series
C,
(Acquired
02/22/22,
cost
$5,952,131)
(e)(f)(l)
............
50,461
1
United
Kingdom
—
0.0%
10x
Future
Technologies
Services
Ltd.,
Series
D,
(Acquired
05/13/21,
cost
$16,122,168)
(e)(f)(l)
............
425,677
8,923,627
United
States
—
0.9%
(f)
Breeze
Aviation
Group,
Inc.,
Series
B,
(Acquired
07/30/21,
cost
$7,738,156)
(e)(l)
.............
14,327
2,574,132
Bright
Machinery
Manufacturing
Group,
Inc.,
Series
C-1
(e)
............
4,079,305
9,871,918
Bright
Machines,
Inc.,
Series
C
(e)
...
1,958,349
6,658,387
Cap
Hill
Brands
(Preference),
Class
E
(e)
13,277,076
2,788,186
Caresyntax
,
Inc.,
Series
C-2
(e)
.....
52,356
5,142,930
Caresyntax
,
Inc.,
Series
C-3
(e)
.....
6,774
565,968
Clarify
Health
Solutions,
Inc.
(e)
.....
1,542,267
9,037,685
Coreweave
,
Inc.,
10.00%
(e)
.......
20,264,000
24,924,720
Davidson
Homes,
Inc.
(e)
.........
77,385
72,464,862
Dream
Finders
Homes,
Inc.
(Preference),
9.00%
..........
58,891
57,860,407
Security
Shares
Shares
Value
United
States
(continued)
Exo
Imaging,
Inc.,
Series
C,
(Acquired
06/24/21,
cost
$5,879,165)
(e)(l)
...
1,003,613
$
1,977,118
GM
Cruise
Holdings
LLC,
Series
G,
Class
G,
(Acquired
03/25/21,
cost
$7,513,940)
(e)(l)
.............
285,159
2,198,576
HNG
Hospitality
offshore
LP,
(Acquired
02/16/24,
cost
$26,198,000)
(e)(l)
..
26,198,000
26,198,000
Insightful
Corp.,
Series
D
(e)
.......
12,737,258
4,129,419
JumpCloud
,
Inc.,
Series
E-1,
(Acquired
10/30/20,
cost
$8,237,574)
(e)(l)
...
4,516,957
9,124,253
JumpCloud
,
Inc.,
Series
F,
(Acquired
09/03/21,
cost
$1,779,219)
(e)(l)
...
297,096
600,134
Lessen
Holdings,
Inc.,
Series
B
(e)
...
2,002,830
8,692,282
Loadsmart
,
Inc.,
Series
C,
(Acquired
10/05/20,
cost
$7,500,000)
(e)(l)
...
877,193
6,052,632
Loadsmart
,
Inc.,
Series
D,
(Acquired
01/27/22,
cost
$2,351,580)
(e)(l)
...
117,579
1,222,821
MNTN
Digital,
Series
D,
(Acquired
11/05/21,
cost
$6,262,132)
(e)(l)
...
272,678
4,024,727
Mythic
AI,
Inc.,
Series
C,
(Acquired
01/26/21,
cost
$4,357,643)
(e)(l)
...
6,343
—
Noodle
Partners,
Inc.,
Series
C,
(Acquired
08/26/21,
cost
$7,700,677)
(e)(l)
.............
862,850
2,019,069
PsiQuantum
Corp.,
Series
D,
(Acquired
05/21/21,
cost
$3,512,029)
(e)(l)
...
133,913
3,930,347
RapidSOS
,
Inc.,
Series
C-1
(e)
......
10,953,097
10,624,504
Relativity
Space,
Inc.,
Series
E,
(Acquired
05/27/21,
cost
$5,860,925)
(e)(l)
.............
256,663
5,469,489
SCI
PH
Parent,
Inc.,
(Acquired
02/10/23,
cost
$7,993,000),
12.50%, 
(e)(l)
...............
7,993
8,021,855
Snorkel
AI,
Inc.,
Series
C,
(Acquired
06/30/21,
cost
$2,440,004)
(e)(l)
...
162,454
1,044,579
Ursa
Major
Technologies,
Inc.,
Series
C,
(Acquired
09/13/21,
cost
$7,831,305)
(e)(l)
.............
1,312,920
3,965,018
Ursa
Major
Technologies,
Inc.,
Series
D,
(Acquired
10/14/22,
cost
$1,066,003)
(e)(l)
.............
160,843
505,047
Verge
Genomics,
Series
B,
(Acquired
11/05/21,
cost
$7,544,038)
(e)(l)
...
1,416,243
9,191,417
Verge
Genomics,
Series
C,
(Acquired
09/06/23,
cost
$1,205,410)
(e)(l)
...
167,623
1,211,914
Versa
Networks,
Inc.,
Series
E,
(Acquired
10/14/22,
cost
$27,065,882),
12.00%, 
(e)(l)
......
9,274,836
44,704,709
Zero
Mass
Water,
Inc.,
Series
C-1,
(Acquired
05/07/20,
cost
$6,249,999)
(e)(l)
.............
396,483
3,853,815
Zero
Mass
Water,
Inc.,
Series
D,
(Acquired
07/05/22,
cost
$1,171,040)
(e)(l)
.............
28,589
497,163
Zero
Mass
Water,
Inc.,
Series
D-2,
(Acquired
05/16/24,
cost
$0)
(e)(l)
..
20,316
136,117
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
104
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Zero
Mass
Water,
Inc.,
Series
D-3,
(Acquired
05/15/24,
cost
$1,080,540)
(e)(l)
.............
29,677
$
458,806
351,743,006
Total
Preferred
Stocks
—
1.1%  
(Cost:
$512,813,176)
.............................
436,718,097
Total
Preferred
Securities
—
1.2%
(Cost:
$562,478,751)
.............................
488,986,495
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
—
2.4%
Ajax
Magnethermic
Corp.,
0.00%, 06/27/61
(c)(f)(h)
.........
USD
83
80,650
Barclays
Mortgage
Loan
Trust,
0.00%, 02/25/28
(c)(f)(h)
.........
11
10,662
Federal
Home
Loan
Mortgage
Corp.
Seasoned
Credit
Risk
Transfer
Trust
Variable
Rate
Notes,
Series
2018-1,
Class
BX,
3.81%, 05/25/57
(a)
....
1,378
582,020
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%),
13.34%, 05/25/25
(a)
..........
1,533
1,592,463
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)
(SOFR
30
day
Average
+
1.10%),
6.36%
,
 09/25/54
-
11/25/54
.
53,731
53,709,237
Series
413,
Class
F26,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
6.48%
,
 05/25/54
........
69,279
69,687,676
Series
5330,
Class
FA,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
6.33%
,
 08/25/53
........
50,363
50,368,707
Series
5386,
Class
FD,
(SOFR
30
day
Average
at
1.25%
Floor
and
7.00%
Cap
+
1.25%),
6.53%
,
 03/25/54
..
25,972
26,151,625
Series
5424,
Class
FA,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
6.48%
,
 06/25/54
........
63,135
63,507,378
Series
5425,
Class
FK,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
6.48%
,
 06/25/54
........
47,822
48,100,951
Series
5448,
Class
CF,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
6.28%
,
 09/25/54
........
82,720
82,832,506
Series
5458,
Class
DF,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
6.44%
,
 10/25/54
........
10,907
10,900,183
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
5458,
Class
FB,
(SOFR
30
day
Average
at
1.15%
Floor
and
6.50%
Cap
+
1.15%),
6.49%
,
 10/25/54
........
USD
104,345
$
104,312,280
Series
5467,
Class
FC,
(SOFR
30
day
Average
at
1.06%
Floor
and
6.50%
Cap
+
1.06%),
6.39%
,
 10/25/54
..
97,580
97,264,221
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%),
6.33%
,
 06/25/54
..
64,047
64,190,755
Series
2024-38,
Class
FE,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
6.33%
,
 06/25/54
..
76,814
76,984,153
Series
2024-51,
Class
BF,
(SOFR
30
day
Average
at
1.15%
Floor
and
7.00%
Cap
+
1.15%),
6.43%
,
 08/25/54
..
25,801
25,929,200
Series
2024-65,
Class
FT,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
6.33%
,
 09/25/54
..
31,813
31,878,578
Series
2024-75,
Class
FC,
(SOFR
30
day
Average
at
0.95%
Floor
and
7.00%
Cap
+
0.95%),
6.12%
,
 10/25/54
..
57,894
57,812,587
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2024-125,
Class
HF,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
6.35%
,
 08/20/54
..
44,173
44,205,747
Series
2024-51,
Class
TF,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
6.35%
,
 03/20/54
..
12,953
12,976,345
Series
2024-96,
Class
FL,
(SOFR
30
day
Average
at
1.15%
Floor
and
6.50%
Cap
+
1.15%),
6.50%
,
 06/20/54
..
16,073
16,133,954
939,211,878
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ48,
Class
A2,
5.03%, 10/25/31
............
4,457
4,624,185
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)(c)
Series
2017-KGX1,
Class
BFX,
3.71%
,
 10/25/27
........
2,876
2,667,097
Series
2018-K80,
Class
B,
4.38%
,
 08/25/50
........
2,888
2,828,991
Series
2018-W5FX,
Class
CFX,
3.79%
,
 04/25/28
........
10,630
9,615,093
Series
2019-K99,
Class
C,
3.76%
,
 10/25/52
........
1,000
937,367
Government
National
Mortgage
Association,
Series
2023-119,
Class
AD,
2.25%, 04/16/65
.........
2,857
2,364,216
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
105
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2023-118,
Class
BA,
3.75%
,
 05/16/65
........
USD
2,633
$
2,571,035
Series
2023-50,
Class
AC,
3.25%
,
 09/16/63
........
2,225
2,048,053
27,656,037
Interest
Only
Collateralized
Mortgage
Obligations
—
0.3%
Federal
Home
Loan
Mortgage
Corp.
Series
5081,
Class
AI,
3.50%
,
 03/25/51
........
14,868
2,787,700
Series
5112,
Class
KI,
3.50%
,
 06/25/51
........
29,754
5,602,015
Series
5127,
Class
AI,
3.00%
,
 06/25/51
........
12,221
2,065,139
Series
5185,
Class
DI,
3.00%
,
 11/25/49
........
24,013
4,094,223
Federal
Home
Loan
Mortgage
Corp.
Seasoned
Credit
Risk
Transfer
Trust
Variable
Rate
Notes,
Series
2017-3,
Class
BIO,
0.76%, 07/25/56
(a)(c)
..
7,065
822,699
Federal
National
Mortgage
Association
Series
2020-32,
Class
PI,
4.00%
,
 05/25/50
........
22,915
4,838,692
Series
2020-85,
Class
IP,
3.00%
,
 12/25/50
........
18,428
3,007,572
Series
2021-50,
4.00%
,
 08/25/51
49,227
9,631,552
Series
427,
Class
C71,
3.00%
,
 10/25/49
........
33,701
5,588,356
Series
437,
Class
C11,
3.00%
,
 07/25/52
........
61,877
10,622,007
Government
National
Mortgage
Association
Series
2020-146,
Class
DI,
2.50%
,
 10/20/50
........
21,496
2,840,316
Series
2020-149,
Class
IA,
2.50%
,
 10/20/50
........
18,036
2,393,438
Series
2020-175,
Class
DI,
2.50%
,
 11/20/50
........
7,406
1,029,397
Series
2020-185,
Class
MI,
2.50%
,
 12/20/50
........
27,082
3,911,195
Series
2021-140,
Class
JI,
3.00%
,
 08/20/51
........
30,891
4,960,900
Series
2021-67,
Class
QI,
3.00%
,
 04/20/51
........
22,812
3,663,570
Series
2021-76,
Class
JI,
3.00%
,
 08/20/50
........
23,439
3,758,480
Series
2021-78,
Class
IP,
3.00%
,
 05/20/51
........
9,181
1,480,243
Series
2021-83,
Class
PI,
3.00%
,
 05/20/51
........
13,125
2,091,632
Series
2021-96,
Class
MI,
3.00%
,
 06/20/51
........
40,908
6,571,033
Series
2022-78,
Class
D,
3.00%
,
 08/20/51
........
77,222
12,505,248
Series
2022-85,
Class
IK,
3.00%
,
 05/20/51
........
5,863
935,101
95,200,508
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.,
Series
2019-KW08,
Class
X2A,
0.10%, 01/25/29
(c)
...........
USD
270,599
$
854,336
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
550,132
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2009-80,
1.56%
,
 09/16/51
1,891
268,443
Series
2013-30,
0.52%
,
 09/16/53
7,129
102,403
Series
2016-36,
0.66%
,
 08/16/57
1,594
45,313
Series
2016-96,
0.77%
,
 12/16/57
8,428
319,242
2,139,869
Mortgage-Backed
Securities
—
29.3%
Federal
National
Mortgage
Association,
5.81%, 06/01/31
............
10,626
11,198,406
Uniform
Mortgage-Backed
Securities
6.00%
,
 03/01/38
-
03/01/54
...
103,373
107,354,374
4.50%
,
 09/01/43
-
11/01/44
...
97
97,696
4.00%
,
 09/01/44
-
05/01/51
...
166,351
161,884,697
3.50%
,
 09/01/46
-
03/01/48
...
94,439
88,166,106
5.00%
,
 10/01/52
..........
1
837
6.50%
,
 08/01/53
-
09/01/54
(v)
..
341,824
353,847,581
3.00%
,
 10/25/54
(w)
.........
52,350
46,980,243
3.50%
,
 10/25/54
(w)
.........
7,958,940
7,411,106,034
4.00%
,
 10/25/54
(w)
.........
177,654
170,597,711
4.50%
,
 10/25/54
(w)
.........
1,580,787
1,553,956,631
5.50%
,
 10/25/54
(w)
.........
683,874
691,792,905
6.00%
,
 10/25/54
-
11/25/54
(w)
..
1,011,866
1,034,147,220
6.50%
,
 10/25/54
(w)
.........
37,700
38,864,669
11,669,995,110
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)
..........
3,991
586,988
Total
U.S.
Government
Sponsored
Agency
Securities
—
32.0%  
(Cost:
$12,785,469,762)
...........................
12,734,790,390
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
1.88%, 02/15/51
(x)
...........
64,421
40,363,720
2.88%, 05/15/52
(x)
...........
201,565
157,858,072
3.00%, 08/15/52
(k)(x)
..........
186,365
149,769,029
3.63%, 02/15/53
(x)
...........
3,000
2,727,891
4.25%, 02/15/54
-
08/15/54
(x)
....
11,854
12,096,269
4.63%, 05/15/54
(x)
...........
34,040
36,922,762
U.S.
Treasury
Inflation
Linked
Bonds
,
2.13%, 02/15/54
(x)
...........
34,071
35,422,966
U.S.
Treasury
Inflation
Linked
Notes
,
2.13%, 04/15/29
(x)(y)
..........
146,319
150,375,595
U.S.
Treasury
Notes
4.50%, 03/31/26
(x)
...........
20,000
20,210,938
2.38%, 05/15/29
(x)
...........
1,000
949,062
4.00%, 02/15/34
(k)(x)(y)
.........
90,000
91,546,875
3.88%, 08/15/34
(x)
...........
4,373
4,403,748
Total
U.S.
Treasury
Obligations
—
1.8%
(Cost:
$734,731,114)
.............................
702,646,927
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
106
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Warrants
Brazil
—
0.0%
Lavoro
Ltd.
(Issued/Exercisable
12/27/22,
1
Share
for
1
Warrant,
Expires
12/27/27,
Strike
Price
USD
11.50)
(e)
..................
147,996
$
42,179
Germany
—
0.0%
Tonies
SE
(Issued/Exercisable
04/30/21,
1
Share
for
1
Warrant,
Expires
04/30/26,
Strike
Price
EUR
11.50)
(e)
..................
196,295
21,851
Israel
—
0.0%
(e)
Deep
Instinct
Ltd.,
(Acquired
09/20/22,
cost
$0)
(Issued/Exercisable
09/20/22,
1
Share
for
1
Warrant,
Expires
09/20/32)
(f)(l)
..........
111,033
12,214
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
131
12,345
Japan
—
0.0%
(e)(f)
Daiwa
House
Industry
Co.
Ltd.
(Issued/
Exercisable
02/06/24,
1
Share
for
1
Warrant,
Expires
03/30/29)
.....
11,000,000
375,370
Daiwa
House
Industry
Co.
Ltd.
(Issued/
Exercisable
01/29/24,
1
Share
for
1
Warrant,
Expires
03/15/29)
(b)
....
14,000,000
594,190
JAFCO
Group
Co.
Ltd.
(Issued/
Exercisable
09/28/23,
1
Share
for
1
Warrant,
Expires
09/13/28)
(b)
....
9,000,000
1,313,726
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
417,128
Nagoya
Railroad
Co.
Ltd.
(Issued/
Exercisable
06/05/24,
1
Share
for
1
Warrant,
Expires
06/06/34)
(b)
....
15,000,000
999,226
Nagoya
Railroad
Co.,
Ltd.
(Issued/
Exercisable
06/05/24,
1
Share
for
1
Warrant,
Expires
06/06/33)
(b)
....
11,000,000
567,637
Sanrio
Co.
Ltd.
(Issued/Exercisable
12/14/23,
1
Share
for
1
Warrant,
Expires
11/28/28)
(b)
..........
10,000,000
5,082,050
Taiyo
Yuden
Co.
Ltd.
(Issued/
Exercisable
03/06/24,
1
Share
for
1
Warrant,
Expires
10/22/30)
(b)
....
8,000,000
559,959
Taiyo
Yuden
Co.
Ltd.
(Issued/
Exercisable
03/06/24,
1
Share
for
1
Warrant,
Expires
10/22/30)
(b)
....
2,000,000
153,248
10,062,534
Luxembourg
—
0.0%
HomeToGo
SE
(Issued/Exercisable
02/17/21,
1
Share
for
1
Warrant,
Expires
12/31/25,
Strike
Price
EUR
11.50)
(e)
..................
109,138
121
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)
(e)(f)(l)
..........
512,859
809,087
Security
Shares
Shares
Value
United
States
—
0.1%
(e)
Aurora
Innovation,
Inc.
(Issued/
Exercisable
05/04/21,
1
Share
for
1
Warrant,
Expires
11/03/26,
Strike
Price
USD
11.50)
............
45,680
$
37,869
Crown
PropTech
Acquisitions
(Issued/
Exercisable
01/25/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
(f)
...........
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)
(f)
...........
333,560
12,842
Davidson
Homes,
Inc.
(Issued/
Exercisable
05/16/24,
1
Share
for
1
Warrant,
Expires
05/16/34,
Strike
Price
USD
8.47)
(f)
...........
537,085
5,902,564
EVgo
,
Inc.
(Issued/Exercisable
11/10/20,
1
Share
for
1
Warrant,
Expires
09/15/25,
Strike
Price
USD
11.50)
...................
213,790
68,926
FLYR,
Inc.
(Issued/Exercisable
05/10/22,
1
Share
for
1
Warrant,
Expires
05/10/32,
Strike
Price
USD
3.95)
(f)
...................
64,041
313,801
HawkEye
360,
Inc.
(Issued/Exercisable
07/07/23,
1
Share
for
1
Warrant,
Expires
07/07/33,
Strike
Price
USD
0.01)
(f)
...................
515,422
2,881,209
HawkEye
360,
Inc.
(Issued/Exercisable
07/07/23,
1
Share
for
1
Warrant,
Expires
07/07/33,
Strike
Price
USD
11.17)
(f)
..................
81,813
244,621
HawkEye
360,
Inc.
(Issued/Exercisable
07/07/23,
1
Share
for
1
Warrant,
Expires
07/07/33,
Strike
Price
USD
0.01)
(f)
...................
204,533
1,143,339
Hippo
Holdings,
Inc.
(Issued/
Exercisable
01/04/21,
1
Share
for
1
Warrant,
Expires
08/02/26,
Strike
Price
USD
11.50)
............
7,405
147
Insight
M,
Inc.
(Issued/Exercisable
01/31/24,
1
Share
for
1
Warrant,
,
Strike
Price
USD
0.34)
(f)
.......
13,198,015
1,611,478
Latch,
Inc.
(Issued/Exercisable
12/29/20,
1
Share
for
1
Warrant,
Expires
06/04/26,
Strike
Price
USD
11.50)
(f)
..................
164,855
—
Lightning
eMotors
,
Inc.
(Issued/
Exercisable
05/06/21,
1
Share
for
1
Warrant,
Expires
12/15/25,
Strike
Price
USD
11.50)
............
375,043
37
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)
(l)
............
3,551
8,616,253
Offerpad
Solutions,
Inc.
(Issued/
Exercisable
10/13/20,
1
Share
for
1
Warrant,
Expires
09/01/26,
Strike
Price
USD
11.50)
............
369,311
1,108
Palladyne
AI
Corp.
(Issued/Exercisable
12/21/20,
1
Share
for
1
Warrant,
Expires
09/24/26,
Strike
Price
USD
11.50)
...................
505,097
15,153
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
107
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Palladyne
AI
Corp.
(Issued/Exercisable
01/15/21,
1
Share
for
1
Warrant,
Expires
06/15/27,
Strike
Price
USD
11.50)
...................
128,364
$
3,851
RapidSOS
,
Inc.
(Issued/Exercisable
12/13/23,
1
Share
for
1
Warrant,
Expires
12/13/33,
Strike
Price
USD
0.01)
(f)
...................
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)
(f)
...........
104,124
488,342
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)
(f)(l)
...........
1,143,143
4,664,023
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)
(l)
..................
299,148
5,415
31,841,180
Total
Warrants
—
0.1%
(Cost:
$8,432,429)
..............................
42,789,297
Total
Long-Term
Investments
—
123.3%
(Cost:
$48,910,208,488)
...........................
49,095,079,297
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Borrowed
Bond
Agreements
—
0.6%
(z)
Barclays
Bank
plc,
2.75%, 10/22/24
(Purchased
on
09/26/24
to
be
repurchased
at
USD
1,785,588,
collateralized
by
CommScope
LLC,
8.25%,
due
at
03/01/27,
par
and
fair
value
of
USD
1,975,000
and
$1,779,342,
respectively)
......
USD
1,785
1,784,906
Barclays
Bank
plc,
4.55%, 10/22/24
(Purchased
on
09/26/24
to
be
repurchased
at
USD
960,982,
collateralized
by
CommScope
LLC,
6.00%,
due
at
03/01/26,
par
and
fair
value
of
USD
985,000
and
$957,913,
respectively)
........
960
960,375
Barclays
Bank
plc,
4.60%, 10/22/24
(Purchased
on
09/26/24
to
be
repurchased
at
USD
1,560,944,
collateralized
by
Medline
Borrower
LP,
5.25%,
due
at
10/01/29,
par
and
fair
value
of
USD
1,558,000
and
$1,528,683,
respectively)
......
1,560
1,559,948
Barclays
Bank
plc,
4.65%, 10/22/24
(Purchased
on
09/26/24
to
be
repurchased
at
USD
3,357,845,
collateralized
by
Park
River
Holdings,
Inc.,
5.63%,
due
at
02/01/29,
par
and
fair
value
of
USD
3,983,000
and
$3,419,195,
respectively)
...............
3,356
3,355,678
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc,
0.15%, Open
(Purchased
on
08/27/24
to
be
repurchased
at
USD
2,361,747,
collateralized
by
Webuild
SpA
,
7.00%,
due
at
09/27/28,
par
and
fair
value
of
EUR
1,860,000
and
$2,254,336,
respectively)
(aa)
.....
EUR
2,122
$
2,361,855
Barclays
Bank
plc,
1.75%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
3,533,382,
collateralized
by
INEOS
Quattro
Finance
1
plc,
3.75%,
due
at
07/15/26,
par
and
fair
value
of
EUR
3,249,000
and
$3,610,404,
respectively)
(aa)
.............
3,168
3,526,823
Barclays
Bank
plc,
2.00%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
3,471,295,
collateralized
by
Motion
Bondco
DAC,
4.50%,
due
at
11/15/27,
par
and
fair
value
of
EUR
3,250,000
and
$3,321,842,
respectively)
(aa)
.....
3,104
3,455,410
Barclays
Capital,
Inc.,
2.50%, 10/22/24
(Purchased
on
09/27/24
to
be
repurchased
at
USD
4,858,537,
collateralized
by
CrownRock
LP,
5.00%,
due
at
05/01/29,
par
and
fair
value
of
USD
4,710,000
and
$4,765,493,
respectively)
......
USD
4,857
4,857,187
Barclays
Capital,
Inc.,
3.25%, 10/22/24
(Purchased
on
09/26/24
to
be
repurchased
at
USD
8,232,304,
collateralized
by
Great
Lakes
Dredge
&
Dock
Corp.,
5.25%,
due
at
06/01/29,
par
and
fair
value
of
USD
8,696,000
and
$8,083,404,
respectively)
...............
8,229
8,228,590
Barclays
Capital,
Inc.,
3.35%, 10/22/24
(Purchased
on
09/26/24
to
be
repurchased
at
USD
1,791,627,
collateralized
by
Clear
Channel
Outdoor
Holdings,
Inc.,
7.75%,
due
at
04/15/28,
par
and
fair
value
of
USD
1,923,000
and
$1,720,717,
respectively)
...............
1,791
1,790,794
Barclays
Capital,
Inc.,
4.65%, 10/22/24
(Purchased
on
09/26/24
to
be
repurchased
at
USD
7,640,509,
collateralized
by
Valaris
Ltd.,
8.38%,
due
at
04/30/30,
par
and
fair
value
of
USD
7,119,000
and
$7,332,598,
respectively)
...............
7,636
7,635,578
BNP
Paribas
SA,
0.30%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
3,278,105,
collateralized
by
Webuild
SpA
,
3.63%,
due
at
01/28/27,
par
and
fair
value
of
EUR
2,970,000
and
$3,287,966,
respectively)
(aa)
.....
EUR
2,942
3,274,648
BNP
Paribas
SA,
2.75%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
2,200,974,
collateralized
by
Next
Group
plc,
3.63%,
due
at
05/18/28,
par
and
fair
value
of
GBP
1,700,000
and
$2,193,844,
respectively)
(aa)
.....
GBP
1,637
2,188,403
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
108
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
BNP
Paribas
SA,
3.00%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
2,634,360,
collateralized
by
Banco
de
Sabadell
SA,
5.13%,
due
at
06/27/34,
par
and
fair
value
of
EUR
2,300,000
and
$2,665,489,
respectively)
(aa)
.....
EUR
2,351
$
2,616,877
BNP
Paribas
SA,
3.40%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
37,973,570,
collateralized
by
Bonos
y
Obligaciones
del
Estado,
0.50%,
due
at
10/31/31,
par
and
fair
value
of
EUR
40,000,000
and
$38,535,116,
respectively)
(aa)
.............
33,859
37,690,368
BNP
Paribas
SA,
3.42%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
37,972,448,
collateralized
by
Bonos
y
Obligaciones
del
Estado,
0.70%,
due
at
04/30/32,
par
and
fair
value
of
EUR
40,000,000
and
$38,617,400,
respectively)
(aa)
.............
33,857
37,687,697
BNP
Paribas
SA,
3.50%, Open
(Purchased
on
05/10/24
to
be
repurchased
at
USD
8,002,198,
collateralized
by
PHH
Mortgage
Corp.,
7.88%,
due
at
03/15/26,
par
and
fair
value
of
USD
7,985,000
and
$8,025,676,
respectively)
(aa)
.....
USD
7,845
7,845,263
BNP
Paribas
SA,
4.00%, Open
(Purchased
on
09/11/24
to
be
repurchased
at
USD
5,161,444,
collateralized
by
CrownRock
LP,
5.00%,
due
at
05/01/29,
par
and
fair
value
of
USD
5,000,000
and
$5,058,910,
respectively)
(aa)
.....
5,150
5,150,000
BofA
Securities,
Inc.,
1.70%, 10/10/24
(Purchased
on
09/20/24
to
be
repurchased
at
USD
5,704,743,
collateralized
by
GN
Bondco
LLC,
9.50%,
due
at
10/15/31,
par
and
fair
value
of
USD
5,225,000
and
$5,499,788,
respectively)
......
5,702
5,701,781
BofA
Securities,
Inc.,
4.65%, 10/10/24
(Purchased
on
09/20/24
to
be
repurchased
at
USD
18,786,505,
collateralized
by
Boeing
Co.
(The),
6.86%,
due
at
05/01/54,
par
and
fair
value
of
USD
16,420,000
and
$18,022,758,
respectively)
.....
18,760
18,759,850
Goldman
Sachs
&
Co.
LLC,
4.60%, Open
(Purchased
on
06/12/24
to
be
repurchased
at
USD
8,063,745,
collateralized
by
PBF
Holding
Co.
LLC,
6.00%,
due
at
02/15/28,
par
and
fair
value
of
USD
7,980,000
and
$7,877,160,
respectively)
(aa)
.............
7,940
7,940,100
Goldman
Sachs
International,
3.10%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
2,958,374,
collateralized
by
Verisure
Midholding
AB,
5.25%,
due
at
02/15/29,
par
and
fair
value
of
EUR
2,615,000
and
$2,889,056,
respectively)
(aa)
.............
EUR
2,639
2,938,133
Security
Par
(000)
Par
(000)
Value
J.P.
Morgan
Securities
plc,
0.15%, Open
(Purchased
on
08/27/24
to
be
repurchased
at
USD
1,142,138,
collateralized
by
Webuild
SpA
,
7.00%,
due
at
09/27/28,
par
and
fair
value
of
EUR
900,000
and
$1,090,809,
respectively)
(aa)
.....
EUR
1,027
$
1,142,833
J.P.
Morgan
Securities
plc,
2.15%, Open
(Purchased
on
08/28/24
to
be
repurchased
at
USD
3,639,256,
collateralized
by
CTEC
II
GmbH,
5.25%,
due
at
02/15/30,
par
and
fair
value
of
EUR
3,500,000
and
$3,614,654,
respectively)
(aa)
.....
3,263
3,631,836
J.P.
Morgan
Securities
plc,
3.12%, Open
(Purchased
on
09/17/24
to
be
repurchased
at
USD
3,868,872,
collateralized
by
Grifols
SA,
2.25%,
due
at
11/15/27,
par
and
fair
value
of
EUR
3,600,000
and
$3,844,161,
respectively)
(aa)
.....
3,472
3,864,518
J.P.
Morgan
Securities
plc,
3.12%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
1,374,790,
collateralized
by
Banco
de
Sabadell
SA,
5.13%,
due
at
06/27/34,
par
and
fair
value
of
EUR
1,200,000
and
$1,390,690,
respectively)
(aa)
.............
1,227
1,365,328
J.P.
Morgan
Securities
plc,
3.15%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
2,844,936,
collateralized
by
Erste
Group
Bank
AG,
0.88%,
due
at
11/15/32,
par
and
fair
value
of
EUR
2,800,000
and
$2,871,230,
respectively)
(aa)
.............
2,538
2,825,179
J.P.
Morgan
Securities
plc,
3.20%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
2,845,230,
collateralized
by
Erste
Group
Bank
AG,
0.88%,
due
at
11/15/32,
par
and
fair
value
of
EUR
2,800,000
and
$2,871,230,
respectively)
(aa)
.............
2,538
2,825,179
J.P.
Morgan
Securities
plc,
3.20%, Open
(Purchased
on
08/06/24
to
be
repurchased
at
USD
2,240,390,
collateralized
by
Wizz
Air
Finance
Co.
BV,
1.00%,
due
at
01/19/26,
par
and
fair
value
of
EUR
2,100,000
and
$2,229,396,
respectively)
(aa)
.............
2,002
2,229,056
J.P.
Morgan
Securities
plc,
3.20%, Open
(Purchased
on
08/06/24
to
be
repurchased
at
USD
2,239,122,
collateralized
by
Wizz
Air
Finance
Co.
BV,
1.00%,
due
at
01/19/26,
par
and
fair
value
of
EUR
2,100,000
and
$2,229,395,
respectively)
(aa)
.............
2,001
2,227,794
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
109
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
J.P.
Morgan
Securities
plc,
3.20%, Open
(Purchased
on
08/07/24
to
be
repurchased
at
USD
1,305,153,
collateralized
by
Wizz
Air
Finance
Co.
BV,
1.00%,
due
at
01/19/26,
par
and
fair
value
of
EUR
1,225,000
and
$1,300,480,
respectively)
(aa)
.............
EUR
1,167
$
1,298,674
J.P.
Morgan
Securities
plc,
3.20%, Open
(Purchased
on
08/27/24
to
be
repurchased
at
USD
1,674,908,
collateralized
by
Wizz
Air
Finance
Co.
BV,
1.00%,
due
at
01/19/26,
par
and
fair
value
of
EUR
1,575,000
and
$1,672,046,
respectively)
(aa)
.............
1,500
1,669,618
Nomura
Securities
International,
Inc.,
4.00%, Open
(Purchased
on
07/30/24
to
be
repurchased
at
USD
6,391,945,
collateralized
by
Clear
Channel
Outdoor
Holdings,
Inc.,
7.75%,
due
at
04/15/28,
par
and
fair
value
of
USD
7,000,000
and
$6,263,663,
respectively)
(aa)
.....
USD
6,344
6,343,750
RBC
Capital
Markets
LLC,
4.25%, Open
(Purchased
on
08/05/24
to
be
repurchased
at
USD
55,467,
collateralized
by
Viasat
,
Inc.,
5.63%,
due
at
09/15/25,
par
and
fair
value
of
USD
55,000
and
$54,233,
respectively)
(aa)
.............
55
55,069
RBC
Capital
Markets
LLC,
4.65%, Open
(Purchased
on
08/05/24
to
be
repurchased
at
USD
1,912,828,
collateralized
by
Valaris
Ltd.,
8.38%,
due
at
04/30/30,
par
and
fair
value
of
USD
1,800,000
and
$1,854,008,
respectively)
(aa)
.....
1,898
1,897,913
RBC
Capital
Markets
LLC,
4.65%, Open
(Purchased
on
08/05/24
to
be
repurchased
at
USD
3,979,529,
collateralized
by
Cargo
Aircraft
Management,
Inc.,
4.75%,
due
at
02/01/28,
par
and
fair
value
of
USD
4,240,000
and
$4,064,346,
respectively)
(aa)
.............
3,949
3,948,500
RBC
Capital
Markets
LLC,
4.65%, Open
(Purchased
on
09/09/24
to
be
repurchased
at
USD
6,944,376,
collateralized
by
Intel
Corp.,
5.20%,
due
at
02/10/33,
par
and
fair
value
of
USD
6,915,000
and
$7,005,911,
respectively)
(aa)
.....
6,924
6,923,644
RBC
Capital
Markets
LLC,
4.65%, Open
(Purchased
on
08/05/24
to
be
repurchased
at
USD
9,437,065,
collateralized
by
Weatherford
International
Ltd.,
8.63%,
due
at
04/30/30,
par
and
fair
value
of
USD
8,907,000
and
$9,281,286,
respectively)
(aa)
.....
9,363
9,363,484
RBC
Europe
Ltd.,
3.15%, Open
(Purchased
on
07/17/24
to
be
repurchased
at
USD
2,958,680,
collateralized
by
Verisure
Midholding
AB,
5.25%,
due
at
02/15/29,
par
and
fair
value
of
EUR
2,615,000
and
$2,889,055,
respectively)
(aa)
.....
EUR
2,639
2,938,133
Security
Par
(000)
Par
(000)
Value
RBC
Europe
Ltd.,
4.98%, Open
(Purchased
on
07/04/24
to
be
repurchased
at
USD
27,951,772,
collateralized
by
U.K.
Treasury
Inflation
Linked
Bonds,
0.13%,
due
at
03/22/46,
par
and
fair
value
of
GBP
18,086,000
and
$28,383,002,
respectively)
(aa)
.............
GBP
20,656
$
27,615,825
Total
Borrowed
Bond
Agreements
—
0.6%
(Cost:
$250,282,656)
.............................
253,476,597
Commercial
Paper
—
0.3%
(ab)
FMC
Corp.,
6.04%
,
10/02/24
(c)
.....
USD
83,800
83,774,181
HSBC
USA,
Inc.
(c)
6.52%,
10/11/24
............
21,297
21,265,384
6.29%,
11/27/24
............
20,632
20,470,784
Total
Commercial
Paper
—
0.3%
(Cost:
$125,485,765)
.............................
125,510,349
Foreign
Government
Obligations
—
0.3%
Egypt
—
0.1%
Arab
Republic
of
Egypt
Treasury
Bills
(ab)
25.18%,
10/01/24
...........
EGP
154,125
3,189,730
36.01%,
12/10/24
...........
887,200
17,399,999
24.90%,
02/18/25
...........
942,175
17,593,438
34.28%,
03/18/25
...........
1,232,550
22,499,909
60,683,076
Mexico
—
0.2%
United
Mexican
States
Treasury
Bills,
12.07%
,
11/28/24
(ab)
..........
MXN
125,000
62,379,380
Total
Foreign
Government
Obligations
—
0.3%
(Cost:
$125,359,825)
.............................
123,062,456
Shares
Shares
Money
Market
Funds
—
3.9%
(t)(ac)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.05%
(ad)
......
220,782,694
220,959,320
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.83%
(m)
.....
1,329,859,070
1,329,859,070
Total
Money
Market
Funds
—
3.9%
(Cost:
$1,550,759,775)
...........................
1,550,818,390
Total
Short-Term
Securities
—
5.1%
(Cost:
$2,051,888,021)
...........................
2,052,867,792
Total
Options
Purchased
—
0.4%
(Cost:
$126,664,000
)
.............................
129,128,485
Total
Investments
Before
Options
Written,
Borrowed
Bonds,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
128.8%
(Cost:
$51,088,760,509)
...........................
51,277,075,574
Total
Options
Written
—
(0.6)%
(Premiums
Received
—
$(248,291,083))
...............
(226,942,972)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
110
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
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)
$
(5,742,460)
Germany
—
(0.0)%
CTEC
II
GmbH,
5.25%
,
 02/15/30
...
(3,500)
(3,614,654)
Italy
—
(0.0)%
Webuild
SpA
:
3.63%
,
 01/28/27
............
(2,970)
(3,287,966)
7.00%
,
 09/27/28
............
(2,760)
(3,345,145)
(6,633,111)
Spain
—
(0.0)%
Banco
de
Sabadell
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.40%),
5.13%
,
 06/27/34
(a)
...........
(3,500)
(4,056,179)
Grifols
SA,
2.25%
,
 11/15/27
.......
(3,600)
(3,844,161)
(7,900,340)
Sweden
—
(0.0)%
Verisure
Midholding
AB,
5.25%
,
 02/15/29
............
(5,230)
(5,778,111)
Switzerland
—
(0.0)%
Wizz
Air
Finance
Co.
BV,
1.00%
,
 01/19/26
............
(7,000)
(7,431,317)
United
Kingdom
—
(0.1)%
INEOS
Quattro
Finance
1
plc,
3.75%
,
 07/15/26
............
(3,249)
(3,610,404)
Motion
Bondco
DAC,
4.50%
,
 11/15/27
(3,250)
(3,321,842)
Next
Group
plc,
3.63%
,
 05/18/28
...
GBP
(1,700)
(2,193,844)
(9,126,090)
United
States
—
(0.3)%
Boeing
Co.
(The),
6.86%
,
 05/01/54
(c)
.
USD
(16,420)
(18,022,758)
Cargo
Aircraft
Management,
Inc.,
4.75%
,
 02/01/28
(c)
...........
(4,240)
(4,064,346)
Clear
Channel
Outdoor
Holdings,
Inc.,
7.75%
,
 04/15/28
(c)
...........
(8,923)
(7,984,380)
CommScope
LLC
(c)
:
6.00%
,
 03/01/26
............
(985)
(957,913)
8.25%
,
 03/01/27
............
(1,975)
(1,779,342)
CrownRock
LP,
5.00%
,
 05/01/29
...
(9,710)
(9,824,403)
GN
Bondco
LLC,
9.50%
,
 10/15/31
(c)
.
(5,225)
(5,499,788)
Great
Lakes
Dredge
&
Dock
Corp.,
5.25%
,
 06/01/29
(c)
...........
(8,696)
(8,083,404)
Intel
Corp.,
5.20%
,
 02/10/33
......
(6,915)
(7,005,911)
Medline
Borrower
LP,
5.25%
,
 10/01/29
(c)
(1,558)
(1,528,683)
Park
River
Holdings,
Inc.,
5.63%
,
 02/01/29
(c)
...........
(3,983)
(3,419,195)
PBF
Holding
Co.
LLC,
6.00%
,
 02/15/28
(7,980)
(7,877,160)
PHH
Mortgage
Corp.,
7.88%
,
 03/15/26
(c)
...........
(7,985)
(8,025,676)
Valaris
Ltd.,
8.38%
,
 04/30/30
(c)
.....
(8,919)
(9,186,606)
Viasat
,
Inc.,
5.63%
,
 09/15/25
(c)
.....
(55)
(54,233)
Weatherford
International
Ltd.,
8.63%
,
 04/30/30
(c)
...........
(8,907)
(9,281,286)
(102,595,084)
Foreign
Government
Obligations
—
(0.3)%
Spain
—
(0.2)%
Bonos
y
Obligaciones
del
Estado
(c)
:
0.50%
,
 10/31/31
............
EUR
(40,000)
(38,535,116)
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
0.70%
,
 04/30/32
............
EUR
(40,000)
$
(38,617,400)
(77,152,516)
United
Kingdom
—
(0.1)%
U.K.
Treasury
Inflation
Linked
Bonds,
0.13%
,
 03/22/46
............
GBP
(27,186)
(28,383,002)
Total
Borrowed
Bonds
—
(0.7)%
(Proceeds:
$(276,519,494))
........................
(254,356,685)
TBA
Sale
Commitments
Uniform
Mortgage-Backed
Securities
(w)
4.00%
,
 10/25/54
-
11/25/54
.....
USD
(355,307)
(341,341,153)
4.50%
,
 10/25/54
-
11/25/54
.....
(2,058,127)
(2,023,563,719)
5.50%
,
 10/25/54
............
(683,874)
(691,792,905)
6.00%
,
 10/25/54
............
(233,500)
(238,643,750)
6.50%
,
 10/25/54
-
11/25/54
.....
(393,676)
(405,671,004)
Total
TBA
Sale
Commitments
—
(9.3)%
(Proceeds:
$(3,714,829,732))
.......................
(3,701,012,531)
Shares
Shares
Investments
Sold
Short
Investment
Companies
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(t)
................
(1,608,000)
(129,122,400)
Total
Investment
Companies
—
(0.3)%
(Proceeds:
$(127,375,354))
........................
(129,122,400)
Total
Investments
Sold
Short
—
(0.3)%
(Proceeds:
$(127,375,354)
)
........................
(129,122,400)
Total
Investments
Net
of
Options
Written,
Borrowed
Bonds,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
117.9%
(Cost:
$46,721,744,846)
...........................
46,965,640,986
Liabilities
in
Excess
of
Other
Assets
—
(17.9)%
...........
(7,129,990,194)
Net
Assets
—
100.0%
..............................
$
39,835,650,792
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
111
(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)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(e)
Non-income
producing
security.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(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)
Rounds
to
less
than
1,000.
(j)
All
or
a
portion
of
this
security
is
on
loan.
(k)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(l)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$378,175,225,
representing
0.95%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$367,362,321.
(m)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
(n)
Investment
does
not
issue
shares.
(o)
Perpetual
security
with
no
stated
maturity
date.
(p)
Convertible
security.
(q)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(r)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
reverse
repurchase
agreements.
(s)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(t)
Affiliate
of
the
Fund.
(u)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(v)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(w)
Represents
or
includes
a
TBA
transaction.
(x)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(y)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
borrowed
bonds.
(z)
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
(aa)
The
amount
to
be
repurchased
assumes
the
maturity
will
be
the
day
after
the
period
end.
(ab)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(ac)
Annualized
7-day
yield
as
of
period
end.
(ad)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
112
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
September
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
09/30/24
Shares
Held
at
09/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
220,882,899
(a)
$
—
$
17,806
$
58,615
$
220,959,320
220,782,694
$
630,460
(b)
$
—
BlackRock
Liquid
Environmentally
Aware
Fund,
Class
Direct
(c)
.....
394,464,458
—
(394,347,381)
39,657
(156,734)
—
—
5,190,859
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
1,717,704,758
—
(387,845,688)
(a)
—
—
1,329,859,070
1,329,859,070
69,841,925
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(c)
........
206,038,791
—
(206,049,737)
(a)
112,082
(101,136)
—
—
—
—
BlackRock
AAA
CLO
ETF
...
—
10,366,500
—
—
27,500
10,394,000
200,000
82,075
—
iShares
0-5
Year
TIPS
Bond
ETF
................
39,602,617
—
—
—
1,096,614
40,699,231
401,690
803,311
—
iShares
20+
Year
Treasury
Bond
ETF
(c)
..........
10,184,640
—
(10,194,481)
(708,429)
718,270
—
—
220,397
—
iShares
Biotechnology
ETF
..
—
24,338,654
—
—
427,906
24,766,560
170,100
34,101
—
iShares
Bitcoin
Trust
ETF
...
—
74,503,385
—
—
2,818,247
77,321,632
2,140,095
—
—
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
....
—
193,773,399
—
—
2,735,957
196,509,356
5,219,372
273,788
—
iShares
China
Large-Cap
ETF
(c)
—
6,176,652
(5,988,143)
(188,509)
—
—
—
1,596
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
147,927,632
120,911,925
(244,272,143)
3,051,932
(6,546,429)
21,072,917
186,519
1,785,378
—
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
—
(5,265,151)
(95,952)
(1,883,311)
8,333,693
321,640
354,859
—
iShares
MSCI
Brazil
ETF
...
17,367,219
—
(5,604,619)
(453,448)
(2,519,245)
8,789,907
298,064
454,228
—
iShares
Russell
2000
ETF
(c)
..
—
1,567,764
(1,459,090)
—
(108,674)
—
—
—
—
iShares
Russell
Mid-Cap
Growth
ETF
..........
10,003,716
—
(5,069,214)
503,469
178,226
5,616,197
47,883
29,295
—
iShares
U.S.
Real
Estate
ETF
(c)
—
5,705,382
(6,138,429)
433,047
—
—
—
—
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
....
—
91,366,629
(219,339,397)
597,414
(1,747,046)
(129,122,400)
(1,608,000)
837,750
—
$
9,089,117
$
(11,718,401)
$
1,815,199,483
$
81,586,530
$
—
—
—
(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
......
(2.50)
%
09/26/24
10/22/24  
$
1,195,719
$
1,195,304
Corporate
Bonds
Up
to
30
Days
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
113
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
CBOE
Volatility
Index
.......................................................
135
10/16/24
$
2,544
$
(19,866)
CME
Bitcoin
(a)
............................................................
37
10/25/24
11,793
(23,970)
CBOE
Volatility
Index
.......................................................
85
11/20/24
1,538
(93,835)
Euro-Bobl
...............................................................
11,730
12/06/24
1,567,523
8,038,077
Euro-Schatz
.............................................................
121
12/06/24
14,436
4,942
OSE
Nikkei
225
Index
.......................................................
71
12/12/24
18,912
1,153,328
Australia
10-Year
Bond
......................................................
3,406
12/16/24
274,083
(2,812,773)
Australia
3-Year
Bond
.......................................................
281
12/16/24
20,822
(5,891)
ECX
Emission
(a)
...........................................................
108
12/16/24
7,882
(362,939)
Korea
3-Year
Bond
.........................................................
1,926
12/17/24
156,634
25,762
U.S.
Treasury
Long
Bond
.....................................................
870
12/19/24
108,179
(296,991)
EURO
STOXX
Banks
.......................................................
2,490
12/20/24
20,086
155,897
MSCI
Emerging
Markets
Index
.................................................
208
12/20/24
12,196
697,763
Long
Gilt
................................................................
1,564
12/27/24
205,816
(1,735,373)
U.S.
Treasury
5-Year
Note
....................................................
118,885
12/31/24
13,071,777
(7,159,267)
3-mo.
SONIA
Index
.........................................................
590
03/18/25
188,346
437,303
CBOE
Volatility
Index
.......................................................
10
03/18/25
190
(4,280)
CBOE
Volatility
Index
.......................................................
20
05/21/25
384
(2,487)
3-mo.
SONIA
Index
.........................................................
368
09/16/25
118,430
(57,481)
3-mo.
EURIBOR
..........................................................
3,969
12/15/25
1,084,531
285,819
3-mo.
SONIA
Index
.........................................................
6,112
03/17/26
1,972,381
(1,545,067)
3-mo.
SONIA
Index
.........................................................
170
03/16/27
54,871
(31,579)
(3,352,908)
Short
Contracts
Euro-BTP
...............................................................
1,739
12/06/24
235,138
(3,819,116)
Euro-Bund
..............................................................
4,024
12/06/24
604,349
(679,294)
Euro-Buxl
...............................................................
1,468
12/06/24
222,696
162,678
Euro-OAT
...............................................................
1,433
12/06/24
202,328
151,960
TOPIX
Index
.............................................................
219
12/12/24
40,695
(
1,716,377)
Japan
10-Year
Bond
........................................................
133
12/13/24
133,856
(114,987)
Korea
10-Year
Bond
........................................................
602
12/17/24
54,036
(46,379)
CBOE
Volatility
Index
.......................................................
32
12/18/24
576
3,330
U.S.
Treasury
10-Year
Note
...................................................
37,978
12/19/24
4,343,734
14,060,753
U.S.
Treasury
10-Year
Ultra
Note
...............................................
13,311
12/19/24
1,576,730
3,030,139
U.S.
Treasury
Ultra
Bond
.....................................................
9,798
12/19/24
1,305,890
5,492,942
EURO
STOXX
50
Index
.....................................................
1,068
12/20/24
59,894
(1,929,051)
FTSE
100
Index
...........................................................
30
12/20/24
3,332
(962)
Nasdaq-100
E-Mini
Index
.....................................................
150
12/20/24
60,784
(992,846)
Russell
2000
E-Mini
Index
....................................................
377
12/20/24
42,397
(386,996)
S&P
500
E-Mini
Index
.......................................................
491
12/20/24
142,740
(
2,228,575)
U.S.
Treasury
2-Year
Note
....................................................
65,771
12/31/24
13,698,352
(19,014,591)
CBOE
Volatility
Index
.......................................................
10
01/22/25
186
(3,917)
CBOE
Volatility
Index
.......................................................
10
02/19/25
189
4,395
3-mo.
SOFR
.............................................................
5,559
03/18/25
1,333,604
(1,465,893)
3-mo.
SOFR
.............................................................
6,589
03/17/26
1,597,997
2,135,766
(7,357,021)
$
(10,709,929)
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
114
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
2,744,456
USD
2,959,027
Commonwealth
Bank
of
Australia
10/01/24
$
95,964
EUR
4,784,594
USD
5,254,469
Goldman
Sachs
International
10/01/24
71,502
BRL
51,515,532
EUR
8,407,542
Citibank
NA
10/02/24
97,527
BRL
110,843,001
USD
19,798,000
Bank
of
America
NA
10/02/24
548,752
BRL
109,209,336
USD
19,688,000
Barclays
Bank
plc
10/02/24
358,870
BRL
132,970,383
USD
23,707,000
BNP
Paribas
SA
10/02/24
701,536
BRL
44,124,350
USD
7,820,000
Citibank
NA
10/02/24
279,629
BRL
197,900,529
USD
35,606,000
Goldman
Sachs
International
10/02/24
721,355
BRL
155,609,650
USD
27,504,000
HSBC
Bank
plc
10/02/24
1,060,284
BRL
401,744,600
USD
69,816,444
JPMorgan
Chase
Bank
NA
10/02/24
3,929,283
BRL
153,427,237
USD
27,789,000
Toronto
Dominion
Bank
10/02/24
374,672
USD
29,492,000
BRL
160,077,274
Bank
of
America
NA
10/02/24
107,622
USD
11,964,000
BRL
65,028,767
Barclays
Bank
plc
10/02/24
27,079
USD
17,946,000
BRL
97,473,699
Citibank
NA
10/02/24
53,367
USD
7,758,000
BRL
42,017,018
Goldman
Sachs
International
10/02/24
45,201
USD
55,073,152
BRL
286,931,123
JPMorgan
Chase
Bank
NA
10/02/24
2,403,012
USD
36,328,787
BRL
184,681,024
Morgan
Stanley
&
Co.
International
plc
10/02/24
2,428,054
TRY
276,254,160
USD
7,840,000
Barclays
Bank
plc
10/07/24
198,113
CNY
67,490,000
USD
9,372,201
BNP
Paribas
SA
10/16/24
271,254
CNY
465,190,000
USD
64,248,325
JPMorgan
Chase
Bank
NA
10/16/24
2,221,359
THB
540,900,000
USD
15,264,569
Deutsche
Bank
AG
10/16/24
1,562,270
EUR
3,102,309
USD
3,401,588
Barclays
Bank
plc
10/17/24
54,013
EUR
12,553,281
USD
13,753,872
Deutsche
Bank
AG
10/17/24
228,980
EUR
2,843,323
USD
3,113,299
State
Street
Bank
and
Trust
Co.
10/17/24
53,821
USD
2,797,495
EUR
2,509,897
Morgan
Stanley
&
Co.
International
plc
10/17/24
1,770
USD
332,709
EUR
297,870
Morgan
Stanley
&
Co.
International
plc
10/18/24
902
TRY
214,345,781
USD
6,081,594
Barclays
Bank
plc
10/23/24
43,409
TRY
284,796,068
USD
7,596,000
BNP
Paribas
SA
10/23/24
542,144
TRY
282,863,775
USD
7,545,046
Citibank
NA
10/23/24
537,882
TRY
561,191,694
USD
15,411,850
Goldman
Sachs
International
10/23/24
624,393
TRY
632,320,784
USD
17,057,480
UBS
AG
10/23/24
1,011,301
USD
3,173,493
COP
13,343,429,000
Morgan
Stanley
&
Co.
International
plc
10/23/24
10,420
USD
17,194,539
COP
71,967,741,148
Societe
Generale
SA
10/23/24
134,514
AUD
5,790,000
USD
3,985,604
BNP
Paribas
SA
10/24/24
18,823
AUD
1,223,373
USD
836,331
JPMorgan
Chase
Bank
NA
10/24/24
9,767
AUD
5,732,237
USD
3,880,163
Societe
Generale
SA
10/24/24
84,315
BRL
475,686,939
USD
86,389,579
Citibank
NA
10/24/24
692,921
BRL
186,169,863
USD
33,804,048
Goldman
Sachs
International
10/24/24
277,479
CLP
7,200,639,800
USD
7,765,000
Barclays
Bank
plc
10/24/24
240,448
CLP
3,987,666,266
USD
4,293,353
Deutsche
Bank
AG
10/24/24
140,011
CLP
11,562,633,972
USD
12,495,957
Morgan
Stanley
&
Co.
International
plc
10/24/24
359,021
CNY
218,181,837
USD
30,896,267
Bank
of
America
NA
10/24/24
303,168
CNY
111,551,202
USD
15,880,531
Citibank
NA
10/24/24
71,001
CNY
46,430,742
USD
6,597,584
UBS
AG
10/24/24
41,891
EUR
5,308,977
USD
5,913,612
Toronto
Dominion
Bank
10/24/24
1,936
GBP
907,564
USD
1,207,981
JPMorgan
Chase
Bank
NA
10/24/24
5,374
GBP
4,283,094
USD
5,658,136
Morgan
Stanley
&
Co.
International
plc
10/24/24
68,085
IDR
415,004,236,640
USD
26,990,390
Citibank
NA
10/24/24
297,799
INR
596,337,769
USD
7,108,399
Goldman
Sachs
International
10/24/24
967
JPY
1,132,431,278
USD
7,901,162
Bank
of
America
NA
10/24/24
4,445
KRW
4,769,617,076
USD
3,592,066
BNP
Paribas
SA
10/24/24
27,906
KRW
10,477,285,666
USD
7,902,018
Citibank
NA
10/24/24
49,875
MYR
265,377,231
USD
62,733,337
Barclays
Bank
plc
10/24/24
1,582,917
NOK
41,925,492
USD
3,970,000
JPMorgan
Chase
Bank
NA
10/24/24
3,866
NOK
80,701,400
USD
7,615,000
Morgan
Stanley
&
Co.
International
plc
10/24/24
34,203
PEN
83,432,047
USD
22,175,541
BNP
Paribas
SA
10/24/24
323,020
RON
6,804,477
USD
1,520,399
HSBC
Bank
plc
10/24/24
1,468
SGD
10,238,361
USD
7,916,738
Barclays
Bank
plc
10/24/24
58,898
SGD
2,173,829
USD
1,685,831
Toronto
Dominion
Bank
10/24/24
7,572
THB
257,747,717
USD
7,945,000
Citibank
NA
10/24/24
78,144
THB
1,326,765,618
USD
39,802,173
HSBC
Bank
plc
10/24/24
1,497,248
THB
280,323,499
USD
8,519,746
Societe
Generale
SA
10/24/24
206,134
TWD
349,844,938
USD
11,044,131
Citibank
NA
10/24/24
24,628
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
115
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
TWD
74,861,135
USD
2,339,681
HSBC
Bank
plc
10/24/24
$
28,854
USD
7,922,268
BRL
43,144,672
Citibank
NA
10/24/24
23,910
USD
302,961
HUF
107,517,345
Barclays
Bank
plc
10/24/24
1,992
USD
7,940,266
IDR
120,675,765,655
Citibank
NA
10/24/24
5,352
USD
31,579,000
JPY
4,502,340,240
Deutsche
Bank
AG
10/24/24
147,749
USD
53,710,639
MXN
944,679,528
Bank
of
America
NA
10/24/24
5,905,235
USD
25,617,743
MXN
498,949,475
Goldman
Sachs
International
10/24/24
368,460
USD
363,870
PLN
1,394,248
Natwest
Markets
plc
10/24/24
1,815
USD
80,116,080
PLN
307,419,515
Societe
Generale
SA
10/24/24
286,038
USD
7,945,000
ZAR
137,404,405
UBS
AG
10/24/24
7,882
ZAR
200,937,722
USD
11,540,849
Morgan
Stanley
&
Co.
International
plc
10/24/24
66,250
ZAR
270,030,953
USD
15,348,237
UBS
AG
10/24/24
250,008
AUD
8,191,923
EUR
5,004,000
Morgan
Stanley
&
Co.
International
plc
10/25/24
89,730
AUD
23,241,000
USD
15,871,088
Bank
of
America
NA
10/25/24
202,924
AUD
11,612,000
USD
7,993,352
BNP
Paribas
SA
10/25/24
37,775
CLP
10,552,088,070
USD
11,379,000
Barclays
Bank
plc
10/25/24
352,389
CNY
83,940,836
USD
11,951,000
Citibank
NA
10/25/24
53,478
GBP
35,159,000
USD
46,661,534
Barclays
Bank
plc
10/25/24
343,756
IDR
814,039,200,000
USD
53,520,000
Barclays
Bank
plc
10/25/24
5,520
KRW
4,652,200,000
USD
3,500,000
Barclays
Bank
plc
10/25/24
31,001
NOK
84,399,206
USD
7,992,000
JPMorgan
Chase
Bank
NA
10/25/24
7,791
PEN
41,912,293
USD
11,165,000
Barclays
Bank
plc
10/25/24
137,009
SGD
15,413,234
USD
11,941,000
JPMorgan
Chase
Bank
NA
10/25/24
66,545
THB
441,449,199
USD
13,321,500
Bank
of
America
NA
10/25/24
420,929
THB
512,103,900
USD
15,835,000
Morgan
Stanley
&
Co.
International
plc
10/25/24
106,929
THB
518,672,310
USD
15,847,000
Nomura
International
plc
10/25/24
299,405
TRY
280,430,921
USD
7,949,849
Barclays
Bank
plc
10/25/24
44,994
TWD
222,777,126
USD
7,029,000
HSBC
Bank
plc
10/25/24
20,656
USD
7,924,000
COP
33,051,004,000
Citibank
NA
10/25/24
91,474
USD
27,711,000
COP
116,372,344,500
Deutsche
Bank
AG
10/25/24
132,733
USD
7,986,000
COP
33,425,403,000
Societe
Generale
SA
10/25/24
64,748
USD
11,956,393
EUR
10,688,000
Goldman
Sachs
International
10/25/24
46,677
USD
75,248,354
EUR
67,445,263
Morgan
Stanley
&
Co.
International
plc
10/25/24
93,607
USD
11,979,239
GBP
8,945,000
Goldman
Sachs
International
10/25/24
20,357
USD
26,760,000
IDR
406,723,902,000
Citibank
NA
10/25/24
16,683
USD
31,944,000
MXN
627,501,042
Goldman
Sachs
International
10/25/24
194,677
USD
31,870,000
PLN
122,355,304
Barclays
Bank
plc
10/25/24
97,810
USD
7,875,596
PLN
30,221,486
BNP
Paribas
SA
10/25/24
27,936
USD
173,241,071
PLN
666,075,536
UBS
AG
10/25/24
280,211
USD
11,988,000
ZAR
207,343,249
UBS
AG
10/25/24
12,006
ZAR
278,043,627
EUR
14,200,000
Nomura
International
plc
10/25/24
236,433
ZAR
272,846,652
USD
15,756,000
Bank
of
America
NA
10/25/24
3,422
ZAR
275,019,931
USD
15,847,000
HSBC
Bank
plc
10/25/24
37,949
ZAR
61,886,199
USD
3,526,896
Nomura
International
plc
10/25/24
47,605
TRY
421,670,232
USD
11,367,000
Barclays
Bank
plc
10/28/24
612,580
TRY
707,889,525
USD
18,991,000
Citibank
NA
10/28/24
1,120,022
USD
118,313,757
MXN
2,319,925,119
State
Street
Bank
and
Trust
Co.
10/28/24
992,560
HKD
1,142,514,750
USD
146,900,000
UBS
AG
11/01/24
129,439
USD
11,979,000
BRL
65,220,264
Bank
of
America
NA
11/04/24
54,894
HKD
1,143,102,350
USD
146,900,000
HSBC
Bank
plc
11/05/24
216,034
TRY
719,405,395
USD
19,776,000
UBS
AG
11/12/24
324,933
TRY
958,443,376
USD
26,276,000
Barclays
Bank
plc
11/18/24
328,043
KRW
152,458,890,000
USD
114,415,677
Citibank
NA
11/20/24
1,454,909
TRY
859,758,000
USD
23,658,267
UBS
AG
11/20/24
153,928
TWD
1,473,900,000
USD
46,074,550
Bank
of
America
NA
11/20/24
748,828
USD
70,750,371
COP
297,052,509,530
Citibank
NA
11/20/24
582,410
USD
15,622,936
COP
65,061,718,887
JPMorgan
Chase
Bank
NA
11/20/24
254,447
USD
39,143,701
CZK
877,544,237
Bank
of
America
NA
11/20/24
361,356
USD
8,427,693
CZK
189,939,317
BNP
Paribas
SA
11/20/24
33,481
USD
8,021,954
HUF
2,833,268,265
HSBC
Bank
plc
11/20/24
98,779
USD
1,753,005
HUF
623,079,590
Nomura
International
plc
11/20/24
10,576
USD
15,373,183
IDR
233,933,723,510
HSBC
Bank
plc
11/20/24
1,866
USD
31,988,724
IDR
486,052,673,877
Morgan
Stanley
&
Co.
International
plc
11/20/24
51,175
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
116
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
42,029,057
MXN
821,300,311
BNP
Paribas
SA
11/20/24
$
642,473
USD
15,281,661
MXN
299,168,978
Goldman
Sachs
International
11/20/24
206,077
USD
38,519,858
PLN
147,839,909
Barclays
Bank
plc
11/20/24
156,918
USD
14,063,950
PLN
54,113,536
Morgan
Stanley
&
Co.
International
plc
11/20/24
22,043
USD
12,772,577
BRL
69,867,547
BNP
Paribas
SA
11/21/24
22,838
USD
24,078,735
COP
101,549,659,000
Deutsche
Bank
AG
11/27/24
111,188
USD
56,961,626
CZK
1,282,263,160
Barclays
Bank
plc
11/27/24
286,341
TRY
344,685,936
USD
8,608,882
Barclays
Bank
plc
12/04/24
792,045
TRY
800,450,064
USD
20,585,696
Goldman
Sachs
International
12/04/24
1,245,689
TRY
648,692,000
USD
15,166,064
BNP
Paribas
SA
12/06/24
2,489,055
TRY
609,454,000
USD
14,673,264
UBS
AG
12/06/24
1,913,935
AUD
54,284,844
EUR
33,622,000
JPMorgan
Chase
Bank
NA
12/18/24
14,099
AUD
23,659,734
NZD
25,705,000
Barclays
Bank
plc
12/18/24
37,739
AUD
8,240,000
NZD
8,962,129
Citibank
NA
12/18/24
6,902
AUD
3,069,077
USD
2,100,000
HSBC
Bank
plc
12/18/24
23,500
AUD
54,333,804
USD
37,040,645
JPMorgan
Chase
Bank
NA
12/18/24
553,005
BRL
140,460,749
EUR
22,708,995
Citibank
NA
12/18/24
188,775
BRL
37,794,631
USD
6,729,238
Citibank
NA
12/18/24
145,092
BRL
199,295,895
USD
34,890,127
JPMorgan
Chase
Bank
NA
12/18/24
1,359,089
CAD
2,720,927
CHF
1,681,125
BNP
Paribas
SA
12/18/24
12,198
CAD
2,543,807
EUR
1,682,529
BNP
Paribas
SA
12/18/24
5,820
CAD
17,069,863
USD
12,600,000
BNP
Paribas
SA
12/18/24
47,015
CAD
7,559,578
USD
5,590,000
Goldman
Sachs
International
12/18/24
10,871
CAD
20,539,490
USD
15,150,000
JPMorgan
Chase
Bank
NA
12/18/24
67,652
CHF
3,362,791
CAD
5,407,286
BNP
Paribas
SA
12/18/24
1,861
CHF
8,832,789
USD
10,500,000
BNP
Paribas
SA
12/18/24
27,783
CHF
3,527,848
USD
4,200,000
JPMorgan
Chase
Bank
NA
12/18/24
4,835
CNY
272,600,000
USD
38,563,857
BNP
Paribas
SA
12/18/24
587,755
CNY
139,470,000
USD
20,008,040
JPMorgan
Chase
Bank
NA
12/18/24
23,051
EUR
24,039,066
USD
26,808,354
JPMorgan
Chase
Bank
NA
12/18/24
36,062
GBP
8,600,469
EUR
10,210,000
HSBC
Bank
plc
12/18/24
94,868
GBP
4,288,052
EUR
5,100,000
JPMorgan
Chase
Bank
NA
12/18/24
36,734
GBP
2,117,571
JPY
397,500,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
12/18/24
35,020
GBP
2,145,272
JPY
397,500,000
Deutsche
Bank
AG
12/18/24
72,049
GBP
2,101,953
SEK
28,130,291
JPMorgan
Chase
Bank
NA
12/18/24
29,085
GBP
8,360,000
USD
11,138,212
HSBC
Bank
plc
12/18/24
36,722
GBP
13,901,123
USD
18,450,000
JPMorgan
Chase
Bank
NA
12/18/24
131,832
GBP
5,108,757
USD
6,750,000
Morgan
Stanley
&
Co.
International
plc
12/18/24
78,950
INR
1,233,491,000
USD
14,631,534
Royal
Bank
of
Canada
12/18/24
32,462
JPY
3,599,563,692
USD
25,222,625
BNP
Paribas
SA
12/18/24
92,653
JPY
8,484,023,990
USD
59,570,579
Citibank
NA
12/18/24
96,493
MXN
113,400,000
USD
5,633,937
JPMorgan
Chase
Bank
NA
12/18/24
55,958
MXN
452,036,435
USD
22,504,873
Morgan
Stanley
&
Co.
International
plc
12/18/24
176,253
NOK
1,052,790,000
SEK
1,005,235,041
Barclays
Bank
plc
12/18/24
438,698
NOK
568,800,000
SEK
541,484,214
HSBC
Bank
plc
12/18/24
397,436
NOK
627,725,000
SEK
599,223,900
JPMorgan
Chase
Bank
NA
12/18/24
276,055
NOK
52,100,000
SEK
49,895,962
Morgan
Stanley
&
Co.
International
plc
12/18/24
6,948
NZD
18,030,933
AUD
16,480,000
Barclays
Bank
plc
12/18/24
53,974
NZD
19,363,715
USD
12,204,172
BNP
Paribas
SA
12/18/24
99,167
NZD
2,941,887
USD
1,850,000
Citibank
NA
12/18/24
19,220
NZD
48,809,275
USD
30,667,957
JPMorgan
Chase
Bank
NA
12/18/24
344,534
SEK
58,700,000
EUR
5,145,760
Morgan
Stanley
&
Co.
International
plc
12/18/24
56,115
SEK
28,837,731
NOK
29,800,000
BNP
Paribas
SA
12/18/24
25,521
SEK
29,087,228
NOK
30,100,000
Citibank
NA
12/18/24
21,744
SEK
53,231,358
NOK
54,900,000
Deutsche
Bank
AG
12/18/24
57,310
SEK
52,550,810
NOK
54,700,000
JPMorgan
Chase
Bank
NA
12/18/24
8,999
SEK
56,922,381
NOK
58,800,000
JPMorgan
Chase
Bank
NA
12/18/24
52,441
SEK
104,449,896
NOK
107,800,000
UBS
AG
12/18/24
105,256
SEK
85,286,040
USD
8,400,000
Barclays
Bank
plc
12/18/24
30,364
SEK
85,132,349
USD
8,400,000
Goldman
Sachs
International
12/18/24
15,172
SEK
213,308,923
USD
21,029,000
HSBC
Bank
plc
12/18/24
56,184
SEK
18,733,208
USD
1,850,000
JPMorgan
Chase
Bank
NA
12/18/24
1,742
USD
8,400,000
AUD
12,098,436
JPMorgan
Chase
Bank
NA
12/18/24
29,072
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
117
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
5,600,000
AUD
8,074,016
Morgan
Stanley
&
Co.
International
plc
12/18/24
$
13,575
USD
8,400,000
CAD
11,288,039
HSBC
Bank
plc
12/18/24
36,722
USD
7,450,000
CAD
10,012,001
JPMorgan
Chase
Bank
NA
12/18/24
32,135
USD
33,593,171
CAD
45,248,221
Morgan
Stanley
&
Co.
International
plc
12/18/24
68,887
USD
4,200,000
CAD
5,665,808
Royal
Bank
of
Canada
12/18/24
2,218
USD
3,350,000
CHF
2,797,581
JPMorgan
Chase
Bank
NA
12/18/24
15,569
USD
8,400,000
CHF
7,038,984
JPMorgan
Chase
Bank
NA
12/18/24
10,249
USD
4,200,000
CHF
3,504,141
Morgan
Stanley
&
Co.
International
plc
12/18/24
23,421
USD
29,160,601
EUR
26,041,696
Barclays
Bank
plc
12/18/24
79,849
USD
30,510,646
EUR
27,204,984
BNP
Paribas
SA
12/18/24
130,851
USD
94,641,000
EUR
84,636,000
Commonwealth
Bank
of
Australia
12/18/24
128,011
USD
180,739,902
EUR
161,257,000
Deutsche
Bank
AG
12/18/24
664,269
USD
7,100,000
EUR
6,347,435
HSBC
Bank
plc
12/18/24
11,822
USD
50,482,104
EUR
45,015,217
JPMorgan
Chase
Bank
NA
12/18/24
213,626
USD
99,356,287
EUR
88,712,000
Natwest
Markets
plc
12/18/24
291,629
USD
2,217,685
EUR
1,980,000
Royal
Bank
of
Canada
12/18/24
6,620
USD
4,200,000
GBP
3,141,281
BNP
Paribas
SA
12/18/24
1,004
USD
5,658,268
GBP
4,216,000
Deutsche
Bank
AG
12/18/24
22,680
USD
35,323,391
GBP
26,406,000
HSBC
Bank
plc
12/18/24
26,107
USD
1,700,000
GBP
1,267,606
JPMorgan
Chase
Bank
NA
12/18/24
5,572
USD
5,084,160
GBP
3,802,000
Natwest
Markets
plc
12/18/24
1,971
USD
18,304,571
GBP
13,672,000
State
Street
Bank
and
Trust
Co.
12/18/24
29,009
USD
3,750,000
GBP
2,801,851
Toronto
Dominion
Bank
12/18/24
4,725
USD
1,076,582
HKD
8,355,000
Commonwealth
Bank
of
Australia
12/18/24
705
USD
14,422,325
JPY
2,030,000,000
Citibank
NA
12/18/24
145,591
USD
535,112
JPY
75,753,000
Goldman
Sachs
International
12/18/24
2,351
USD
22,126,553
JPY
3,130,000,000
HSBC
Bank
plc
12/18/24
113,657
USD
18,505,457
JPY
2,621,364,973
JPMorgan
Chase
Bank
NA
12/18/24
69,727
USD
12,877,740
JPY
1,794,650,275
JPMorgan
Chase
Bank
NA
12/18/24
256,191
USD
107,687,152
JPY
15,120,924,763
Morgan
Stanley
&
Co.
International
plc
12/18/24
1,343,593
USD
290,979,305
JPY
40,698,531,373
Royal
Bank
of
Canada
12/18/24
4,751,661
USD
38,744,072
MXN
770,270,895
Citibank
NA
12/18/24
95,392
USD
2,905,151
MXN
57,200,000
State
Street
Bank
and
Trust
Co.
12/18/24
35,116
USD
8,407,542
NOK
88,406,145
JPMorgan
Chase
Bank
NA
12/18/24
26,657
USD
2,800,000
NOK
29,352,252
Morgan
Stanley
&
Co.
International
plc
12/18/24
17,412
USD
3,750,000
NOK
39,089,441
Toronto
Dominion
Bank
12/18/24
44,329
USD
6,700,000
NZD
10,528,822
JPMorgan
Chase
Bank
NA
12/18/24
10,186
USD
7,000,000
NZD
10,995,536
Morgan
Stanley
&
Co.
International
plc
12/18/24
13,644
USD
4,200,000
SEK
42,419,110
BNP
Paribas
SA
12/18/24
6,951
USD
1,400,000
SEK
14,058,069
Morgan
Stanley
&
Co.
International
plc
12/18/24
10,386
USD
1,850,000
SEK
18,655,322
Toronto
Dominion
Bank
12/18/24
5,957
USD
4,204,002
ZAR
73,069,759
HSBC
Bank
plc
12/18/24
2,753
ZAR
382,174,987
USD
21,174,109
Goldman
Sachs
International
12/18/24
799,582
ZAR
192,336,174
USD
10,935,600
HSBC
Bank
plc
12/18/24
123,040
ZAR
102,493,490
USD
5,888,400
JPMorgan
Chase
Bank
NA
12/18/24
4,608
CNY
248,466,540
USD
35,546,000
Morgan
Stanley
&
Co.
International
plc
01/27/25
235,629
USD
41,602,167
HKD
322,491,678
Citibank
NA
02/04/25
54,707
HKD
804,026,372
USD
103,550,263
HSBC
Bank
plc
05/16/25
160,151
KRW
152,458,890,000
USD
112,934,184
Standard
Chartered
Bank
05/20/25
3,831,945
HKD
648,583,982
USD
83,550,263
HSBC
Bank
plc
05/29/25
122,522
USD
38,412,822
HKD
297,200,000
HSBC
Bank
plc
08/07/25
41,845
73,816,094
USD
11,041,185
EUR
10,252,033
JPMorgan
Chase
Bank
NA
10/01/24
(370,865)
USD
12,334,610
EUR
11,453,227
Natwest
Markets
plc
10/01/24
(414,549)
BRL
64,986,075
USD
11,979,000
Bank
of
America
NA
10/02/24
(49,915)
BRL
69,867,547
USD
12,843,535
BNP
Paribas
SA
10/02/24
(18,389)
USD
7,924,000
BRL
43,705,614
Barclays
Bank
plc
10/02/24
(98,765)
USD
43,463,000
BRL
243,053,470
BNP
Paribas
SA
10/02/24
(1,152,796)
USD
11,941,000
BRL
65,962,084
Citibank
NA
10/02/24
(167,245)
USD
43,403,000
BRL
237,261,016
Goldman
Sachs
International
10/02/24
(149,512)
USD
14,049,088
TRY
497,464,150
Barclays
Bank
plc
10/07/24
(425,528)
USD
11,646,439
TRY
405,048,707
HSBC
Bank
plc
10/07/24
(139,183)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
118
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
55,540,895
CNY
399,900,000
Citibank
NA
10/16/24
$
(1,599,685)
USD
18,583,035
CNY
132,780,000
Royal
Bank
of
Canada
10/16/24
(389,524)
USD
101,917,492
COP
435,442,481,669
Morgan
Stanley
&
Co.
International
plc
10/16/24
(1,407,784)
USD
15,011,240
THB
540,900,000
Goldman
Sachs
International
10/16/24
(1,815,599)
USD
16,709,155
EUR
15,248,024
Deutsche
Bank
AG
10/17/24
(275,316)
USD
18,297,376
EUR
16,703,005
Toronto
Dominion
Bank
10/17/24
(307,770)
USD
14,189,383
EUR
12,950,100
UBS
AG
10/17/24
(235,475)
COP
427,639,359,000
USD
102,801,450
BNP
Paribas
SA
10/23/24
(1,429,111)
USD
107,873,139
COP
460,397,161,940
Morgan
Stanley
&
Co.
International
plc
10/23/24
(1,264,468)
USD
15,422,975
TRY
556,058,398
Barclays
Bank
plc
10/23/24
(466,582)
USD
18,421,760
TRY
690,631,800
Citibank
NA
10/23/24
(1,313,277)
USD
11,724,356
TRY
424,714,796
UBS
AG
10/23/24
(412,013)
CNY
27,716,158
USD
3,970,000
JPMorgan
Chase
Bank
NA
10/24/24
(6,662)
COP
80,469,201,611
USD
19,093,280
BNP
Paribas
SA
10/24/24
(20,711)
COP
15,094,722,294
USD
3,623,748
Deutsche
Bank
AG
10/24/24
(46,042)
CZK
95,727,182
USD
4,246,087
BNP
Paribas
SA
10/24/24
(17,651)
CZK
453,495,169
USD
20,246,152
UBS
AG
10/24/24
(214,484)
EUR
1,028,634
GBP
860,486
Goldman
Sachs
International
10/24/24
(4,255)
EUR
4,845,197
GBP
4,085,412
Standard
Chartered
Bank
10/24/24
(63,154)
EUR
17,836,000
USD
19,924,694
HSBC
Bank
plc
10/24/24
(50,862)
HUF
1,879,492,449
USD
5,293,823
BNP
Paribas
SA
10/24/24
(32,627)
IDR
210,408,493,612
USD
13,837,202
Citibank
NA
10/24/24
(2,002)
INR
126,539,019
USD
1,512,521
JPMorgan
Chase
Bank
NA
10/24/24
(3,960)
JPY
4,498,886,445
USD
31,579,000
Bank
of
America
NA
10/24/24
(171,860)
JPY
238,742,314
USD
1,670,075
HSBC
Bank
plc
10/24/24
(3,393)
KRW
5,176,500,055
USD
3,965,512
Morgan
Stanley
&
Co.
International
plc
10/24/24
(36,730)
MXN
717,274,785
USD
37,695,501
Goldman
Sachs
International
10/24/24
(1,397,889)
MXN
230,540,813
USD
11,836,263
HSBC
Bank
plc
10/24/24
(169,771)
MXN
274,771,819
USD
14,439,400
UBS
AG
10/24/24
(534,602)
NOK
17,049,597
USD
1,622,809
Goldman
Sachs
International
10/24/24
(6,780)
PLN
6,404,427
EUR
1,495,231
Goldman
Sachs
International
10/24/24
(2,979)
PLN
30,146,602
EUR
7,042,000
State
Street
Bank
and
Trust
Co.
10/24/24
(18,171)
PLN
20,902,929
USD
5,435,622
BNP
Paribas
SA
10/24/24
(7,594)
RON
31,718,190
USD
7,107,982
UBS
AG
10/24/24
(13,995)
USD
7,945,000
CLP
7,168,376,250
Goldman
Sachs
International
10/24/24
(24,578)
USD
9,571,237
JPY
1,374,752,183
Barclays
Bank
plc
10/24/24
(26,034)
USD
5,329,531
SEK
54,426,603
Bank
of
America
NA
10/24/24
(35,757)
USD
1,146,207
SEK
11,702,307
Goldman
Sachs
International
10/24/24
(7,388)
USD
13,383,812
TWD
424,467,598
HSBC
Bank
plc
10/24/24
(45,936)
USD
13,010,303
ZAR
229,161,792
State
Street
Bank
and
Trust
Co.
10/24/24
(227,149)
AUD
17,298,000
USD
11,982,844
Bank
of
America
NA
10/25/24
(19,148)
AUD
11,539,000
USD
7,990,395
Barclays
Bank
plc
10/25/24
(9,756)
CHF
10,068,144
USD
11,982,000
JPMorgan
Chase
Bank
NA
10/25/24
(51,877)
CNY
55,773,842
USD
7,992,000
Goldman
Sachs
International
10/25/24
(15,717)
COP
70,081,414,200
GBP
12,598,000
Deutsche
Bank
AG
10/25/24
(234,601)
COP
33,325,936,000
USD
7,988,000
Bank
of
America
NA
10/25/24
(90,320)
COP
33,545,752,020
USD
7,986,000
Barclays
Bank
plc
10/25/24
(36,227)
COP
32,807,974,920
USD
7,924,000
JPMorgan
Chase
Bank
NA
10/25/24
(149,068)
EUR
26,423,000
GBP
22,211,033
Morgan
Stanley
&
Co.
International
plc
10/25/24
(251,362)
EUR
4,253,000
USD
4,744,966
BNP
Paribas
SA
10/25/24
(5,817)
EUR
21,542,000
USD
24,078,226
Commonwealth
Bank
of
Australia
10/25/24
(73,819)
EUR
10,688,000
USD
11,997,047
Goldman
Sachs
International
10/25/24
(87,331)
HUF
9,418,962,159
USD
26,602,000
Barclays
Bank
plc
10/25/24
(236,931)
IDR
301,891,342,000
USD
19,969,000
HSBC
Bank
plc
10/25/24
(118,739)
JPY
2,848,501,456
USD
19,919,000
Bank
of
America
NA
10/25/24
(30,182)
KRW
10,438,718,400
USD
7,988,000
Barclays
Bank
plc
10/25/24
(65,054)
KRW
10,426,736,400
USD
7,988,000
Morgan
Stanley
&
Co.
International
plc
10/25/24
(74,149)
MXN
1,663,055,334
USD
85,440,000
Goldman
Sachs
International
10/25/24
(1,295,310)
MXN
307,686,986
USD
15,847,000
JPMorgan
Chase
Bank
NA
10/25/24
(279,132)
MXN
232,384,405
USD
11,964,000
State
Street
Bank
and
Trust
Co.
10/25/24
(206,175)
NOK
79,878,013
USD
7,615,000
State
Street
Bank
and
Trust
Co.
10/25/24
(43,751)
PLN
21,359,785
EUR
4,988,000
State
Street
Bank
and
Trust
Co.
10/25/24
(11,636)
PLN
85,618,348
USD
22,307,000
Barclays
Bank
plc
10/25/24
(74,352)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
119
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
PLN
60,708,366
USD
15,935,000
HSBC
Bank
plc
10/25/24
$
(170,765)
PLN
61,113,912
USD
15,935,000
UBS
AG
10/25/24
(65,456)
SGD
10,214,008
USD
7,988,000
Bank
of
America
NA
10/25/24
(30,866)
USD
31,958,683
AUD
46,496,000
Bank
of
America
NA
10/25/24
(199,024)
USD
1,443,123
AUD
2,117,500
Natwest
Markets
plc
10/25/24
(21,389)
USD
3,960,000
CHF
3,345,513
Morgan
Stanley
&
Co.
International
plc
10/25/24
(4,225)
USD
11,988,000
CLP
10,783,206,000
Barclays
Bank
plc
10/25/24
(337)
USD
7,992,000
CLP
7,210,861,920
Goldman
Sachs
International
10/25/24
(24,748)
USD
11,157,000
CNY
78,675,203
UBS
AG
10/25/24
(94,433)
USD
19,919,000
JPY
2,862,155,731
BNP
Paribas
SA
10/25/24
(65,155)
USD
27,826,000
MXN
550,189,585
HSBC
Bank
plc
10/25/24
(11,638)
USD
14,745,000
SEK
149,724,323
Deutsche
Bank
AG
10/25/24
(15,386)
USD
31,682,000
THB
1,049,881,284
Bank
of
America
NA
10/25/24
(1,001,079)
USD
7,059,099
TRY
250,225,300
Barclays
Bank
plc
10/25/24
(74,608)
USD
6,229,246
TRY
220,038,125
Goldman
Sachs
International
10/25/24
(43,851)
USD
7,051,224
TRY
250,225,300
HSBC
Bank
plc
10/25/24
(82,483)
USD
7,029,000
TWD
222,910,677
HSBC
Bank
plc
10/25/24
(24,882)
USD
15,952,000
ZAR
279,823,125
HSBC
Bank
plc
10/25/24
(210,378)
USD
15,651,000
ZAR
274,339,790
Morgan
Stanley
&
Co.
International
plc
10/25/24
(194,665)
ZAR
205,242,542
USD
11,982,000
UBS
AG
10/25/24
(127,341)
USD
45,047,326
TRY
1,589,976,919
UBS
AG
10/28/24
(123,650)
USD
146,900,000
HKD
1,143,102,350
UBS
AG
11/01/24
(205,057)
BRL
117,144,938
USD
21,516,000
Bank
of
America
NA
11/04/24
(98,597)
BRL
108,545,945
USD
19,980,000
Goldman
Sachs
International
11/04/24
(134,736)
USD
146,900,000
HKD
1,142,439,831
UBS
AG
11/05/24
(130,769)
HUF
8,953,551,899
USD
25,346,183
BNP
Paribas
SA
11/20/24
(307,763)
MXN
945,091,501
USD
48,363,923
BNP
Paribas
SA
11/20/24
(739,311)
PLN
309,195,950
USD
80,561,360
Barclays
Bank
plc
11/20/24
(328,183)
USD
111,889,863
KRW
152,458,890,000
Standard
Chartered
Bank
11/20/24
(3,980,723)
USD
12,233,472
MYR
51,286,383
Barclays
Bank
plc
11/20/24
(204,068)
USD
35,817,539
PEN
134,492,645
Barclays
Bank
plc
11/20/24
(440,755)
USD
6,312,190
THB
207,323,895
Goldman
Sachs
International
11/20/24
(152,437)
USD
29,009,413
THB
954,409,678
HSBC
Bank
plc
11/20/24
(750,315)
USD
23,678,404
TWD
749,090,000
Morgan
Stanley
&
Co.
International
plc
11/20/24
(118,953)
USD
2,887,150
UYU
121,483,506
Citibank
NA
11/20/24
(35,234)
USD
18,706,321
ZAR
325,642,720
State
Street
Bank
and
Trust
Co.
11/20/24
(61,619)
USD
31,982,038
ZAR
562,672,793
UBS
AG
11/20/24
(446,782)
USD
105,530,819
BRL
580,408,952
Deutsche
Bank
AG
11/21/24
(384,772)
USD
13,805,978
BRL
77,372,844
JPMorgan
Chase
Bank
NA
11/21/24
(313,361)
USD
28,888,396
TRY
1,145,136,000
UBS
AG
12/04/24
(2,343,925)
USD
31,996,063
TRY
1,258,146,000
Barclays
Bank
plc
12/06/24
(2,246,255)
USD
50,805,831
PEN
193,763,278
Goldman
Sachs
International
12/11/24
(1,425,457)
AUD
8,240,000
NZD
8,996,619
Deutsche
Bank
AG
12/18/24
(15,012)
AUD
31,672,726
NZD
34,575,579
JPMorgan
Chase
Bank
NA
12/18/24
(54,257)
AUD
3,800,000
USD
2,635,002
HSBC
Bank
plc
12/18/24
(5,776)
CAD
2,694,802
CHF
1,681,666
JPMorgan
Chase
Bank
NA
12/18/24
(7,803)
CAD
2,820,525
USD
2,100,000
BNP
Paribas
SA
12/18/24
(10,281)
CAD
28,236,096
USD
20,993,171
Citibank
NA
12/18/24
(73,123)
CAD
13,606,370
USD
10,100,000
JPMorgan
Chase
Bank
NA
12/18/24
(19,077)
CAD
5,652,751
USD
4,200,000
Morgan
Stanley
&
Co.
International
plc
12/18/24
(11,892)
CAD
10,019,602
USD
7,450,000
Toronto
Dominion
Bank
12/18/24
(26,504)
CHF
5,604,778
USD
6,700,000
JPMorgan
Chase
Bank
NA
12/18/24
(19,676)
CHF
3,506,345
USD
4,200,000
Morgan
Stanley
&
Co.
International
plc
12/18/24
(20,795)
CHF
4,693,186
USD
5,600,000
Toronto
Dominion
Bank
12/18/24
(6,201)
CHF
7,032,522
USD
8,400,000
UBS
AG
12/18/24
(17,951)
CNY
133,120,000
USD
19,124,629
JPMorgan
Chase
Bank
NA
12/18/24
(5,544)
CNY
3,479,306
USD
500,000
State
Street
Bank
and
Trust
Co.
12/18/24
(292)
EUR
33,622,000
AUD
54,296,215
JPMorgan
Chase
Bank
NA
12/18/24
(21,967)
EUR
12,618,329
BRL
78,332,694
Barclays
Bank
plc
12/18/24
(156,769)
EUR
29,438,843
BRL
182,338,086
Citibank
NA
12/18/24
(290,476)
EUR
1,682,529
CAD
2,536,516
Toronto
Dominion
Bank
12/18/24
(418)
EUR
2,000,000
GBP
1,696,275
Canadian
Imperial
Bank
of
Commerce
12/18/24
(34,036)
EUR
10,200,000
GBP
8,634,064
HSBC
Bank
plc
12/18/24
(150,943)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
120
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
5,110,000
GBP
4,329,050
Morgan
Stanley
&
Co.
International
plc
12/18/24
$
(80,369)
EUR
5,167,315
SEK
58,700,000
Deutsche
Bank
AG
12/18/24
(32,045)
EUR
3,747,721
USD
4,200,000
BNP
Paribas
SA
12/18/24
(14,921)
EUR
9,900,000
USD
11,098,583
HSBC
Bank
plc
12/18/24
(43,257)
EUR
52,997,454
USD
59,266,545
JPMorgan
Chase
Bank
NA
12/18/24
(84,307)
EUR
4,994,381
USD
5,600,000
Morgan
Stanley
&
Co.
International
plc
12/18/24
(22,776)
EUR
3,352,222
USD
3,750,000
Toronto
Dominion
Bank
12/18/24
(6,575)
GBP
18,079,780
USD
24,226,626
Morgan
Stanley
&
Co.
International
plc
12/18/24
(59,121)
JPY
397,500,000
GBP
2,178,730
Barclays
Bank
plc
12/18/24
(116,773)
JPY
397,500,000
GBP
2,177,311
Morgan
Stanley
&
Co.
International
plc
12/18/24
(114,876)
JPY
1,535,000,000
USD
11,094,167
Barclays
Bank
plc
12/18/24
(298,705)
JPY
2,594,853,685
USD
18,505,457
BNP
Paribas
SA
12/18/24
(256,178)
JPY
1,973,000,000
USD
14,219,994
Citibank
NA
12/18/24
(344,134)
JPY
2,601,000,000
USD
18,677,831
JPMorgan
Chase
Bank
NA
12/18/24
(385,326)
JPY
2,042,350,623
USD
14,644,039
JPMorgan
Chase
Bank
NA
12/18/24
(280,445)
JPY
395,987,359
USD
2,800,000
Morgan
Stanley
&
Co.
International
plc
12/18/24
(15,071)
JPY
12,856,620,703
USD
90,856,627
State
Street
Bank
and
Trust
Co.
12/18/24
(437,634)
MXN
789,766,893
USD
39,713,720
Morgan
Stanley
&
Co.
International
plc
12/18/24
(86,820)
NOK
29,800,000
SEK
28,770,869
BNP
Paribas
SA
12/18/24
(18,912)
NOK
83,300,000
SEK
80,342,498
Goldman
Sachs
International
12/18/24
(44,880)
NOK
53,800,000
SEK
52,105,585
JPMorgan
Chase
Bank
NA
12/18/24
(50,309)
NOK
58,100,000
SEK
56,110,810
Morgan
Stanley
&
Co.
International
plc
12/18/24
(38,579)
NOK
30,200,000
SEK
29,231,969
UBS
AG
12/18/24
(26,571)
NOK
211,580,759
USD
20,166,998
JPMorgan
Chase
Bank
NA
12/18/24
(109,184)
NOK
51,552,057
USD
4,900,000
Morgan
Stanley
&
Co.
International
plc
12/18/24
(12,875)
SEK
28,148,718
GBP
2,101,953
JPMorgan
Chase
Bank
NA
12/18/24
(27,264)
SEK
100,560,683
NOK
105,125,000
Goldman
Sachs
International
12/18/24
(25,596)
SEK
51,002,212
USD
5,050,000
JPMorgan
Chase
Bank
NA
12/18/24
(8,528)
SEK
14,097,180
USD
1,400,000
State
Street
Bank
and
Trust
Co.
12/18/24
(6,520)
USD
719,627
AUD
1,059,000
Barclays
Bank
plc
12/18/24
(13,097)
USD
60,856,283
AUD
89,493,390
BNP
Paribas
SA
12/18/24
(1,064,343)
USD
27,120,656
AUD
40,086,000
Deutsche
Bank
AG
12/18/24
(614,914)
USD
43,039,925
AUD
64,023,690
JPMorgan
Chase
Bank
NA
12/18/24
(1,258,172)
USD
78,707,049
AUD
116,769,000
Morgan
Stanley
&
Co.
International
plc
12/18/24
(2,085,617)
USD
2,111,800
AUD
3,121,000
Natwest
Markets
plc
12/18/24
(47,625)
USD
5,600,000
AUD
8,146,995
Toronto
Dominion
Bank
12/18/24
(36,919)
USD
4,944,511
BRL
28,292,000
Bank
of
America
NA
12/18/24
(201,419)
USD
6,729,238
BRL
37,311,875
Citibank
NA
12/18/24
(57,285)
USD
5,590,000
CAD
7,564,970
Barclays
Bank
plc
12/18/24
(14,866)
USD
15,150,000
CAD
20,483,314
JPMorgan
Chase
Bank
NA
12/18/24
(26,031)
USD
1,115,962
CAD
1,508,000
Natwest
Markets
plc
12/18/24
(1,311)
USD
3,119,142
CAD
4,229,000
Toronto
Dominion
Bank
12/18/24
(14,113)
USD
5,600,000
CHF
4,713,751
JPMorgan
Chase
Bank
NA
12/18/24
(18,311)
USD
4,200,000
CHF
3,535,224
UBS
AG
12/18/24
(13,626)
USD
72,665,942
CNY
513,088,840
Bank
of
America
NA
12/18/24
(1,025,384)
USD
500,000
CNY
3,496,451
Bank
of
Montreal
12/18/24
(2,170)
USD
2,739,058
CNY
19,312,000
Barclays
Bank
plc
12/18/24
(34,588)
USD
28,474,508
CNY
200,629,272
HSBC
Bank
plc
12/18/24
(340,457)
USD
75,629,081
CNY
545,190,000
JPMorgan
Chase
Bank
NA
12/18/24
(2,672,707)
USD
556,744
EUR
500,000
ANZ
Banking
Group
Ltd.
12/18/24
(1,606)
USD
8,403,691,075
EUR
7,527,976,612
BNP
Paribas
SA
12/18/24
(2,797,646)
USD
464,983,971
EUR
416,424,000
Commonwealth
Bank
of
Australia
12/18/24
(36,557)
USD
872,937
EUR
785,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
12/18/24
(3,672)
USD
272,319,913
EUR
244,340,000
Deutsche
Bank
AG
12/18/24
(534,475)
USD
44,320,923
EUR
39,850,000
HSBC
Bank
plc
12/18/24
(179,557)
USD
105,066,002
EUR
94,731,964
Morgan
Stanley
&
Co.
International
plc
12/18/24
(721,147)
USD
110,208,004
EUR
99,310,000
Natwest
Markets
plc
12/18/24
(691,437)
USD
252,369,398
EUR
228,088,303
Royal
Bank
of
Canada
12/18/24
(2,336,726)
USD
55,291,564
EUR
49,673,800
Societe
Generale
SA
12/18/24
(179,150)
USD
21,827,402
EUR
19,563,000
Wells
Fargo
Bank
NA
12/18/24
(18,593)
USD
2,254,026,379
GBP
1,715,311,909
Barclays
Bank
plc
12/18/24
(38,855,979)
USD
16,800,000
GBP
12,652,746
BNP
Paribas
SA
12/18/24
(113,110)
USD
2,214,487
GBP
1,670,000
Goldman
Sachs
International
12/18/24
(17,826)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
121
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
8,918,312
GBP
6,730,204
HSBC
Bank
plc
12/18/24
$
(78,050)
USD
19,724,223
GBP
14,863,506
JPMorgan
Chase
Bank
NA
12/18/24
(144,041)
USD
44,399,946
GBP
33,987,255
Morgan
Stanley
&
Co.
International
plc
12/18/24
(1,031,312)
USD
3,523,930
GBP
2,649,000
Natwest
Markets
plc
12/18/24
(17,027)
USD
6,198,184
GBP
4,664,000
Nomura
International
plc
12/18/24
(36,253)
USD
18,509,261
GBP
14,094,000
Royal
Bank
of
Canada
12/18/24
(330,394)
USD
699,218
GBP
525,000
Toronto
Dominion
Bank
12/18/24
(2,557)
USD
59,905,809
GBP
45,157,000
UBS
AG
12/18/24
(456,209)
USD
1,604,584
HKD
12,465,000
UBS
AG
12/18/24
(539)
USD
78,462,217
IDR
1,216,046,665,868
BNP
Paribas
SA
12/18/24
(1,361,518)
USD
24,259,248
IDR
376,566,631,701
Citibank
NA
12/18/24
(459,339)
USD
377,323
IDR
5,836,054,841
Goldman
Sachs
International
12/18/24
(5,767)
USD
54,462,223
IDR
841,740,887,000
Standard
Chartered
Bank
12/18/24
(791,332)
USD
18,269,044
INR
1,540,000,000
Bank
of
America
NA
12/18/24
(38,795)
USD
169,248,741
INR
14,266,314,876
BNP
Paribas
SA
12/18/24
(352,163)
USD
48,209,256
INR
4,063,076,096
Goldman
Sachs
International
12/18/24
(93,434)
USD
13,000,000
INR
1,094,975,700
JPMorgan
Chase
Bank
NA
12/18/24
(17,298)
USD
2,677,757
JPY
385,000,000
HSBC
Bank
plc
12/18/24
(29,899)
USD
56,179,313
KRW
74,644,329,000
Barclays
Bank
plc
12/18/24
(642,638)
USD
2,817,540
MXN
56,200,000
Citibank
NA
12/18/24
(2,320)
USD
30,269,095
MYR
130,459,800
Goldman
Sachs
International
12/18/24
(1,493,846)
USD
20,179,865
MYR
86,973,200
Royal
Bank
of
Canada
12/18/24
(995,429)
USD
8,409,456
NOK
89,696,180
Morgan
Stanley
&
Co.
International
plc
12/18/24
(93,724)
USD
25,442,549
NZD
40,297,965
BNP
Paribas
SA
12/18/24
(162,017)
USD
4,200,000
NZD
6,699,462
Citibank
NA
12/18/24
(56,712)
USD
14,723,103
NZD
23,737,713
Goldman
Sachs
International
12/18/24
(359,391)
USD
3,350,000
NZD
5,377,235
HSBC
Bank
plc
12/18/24
(66,593)
USD
20,286,385
NZD
32,369,701
JPMorgan
Chase
Bank
NA
12/18/24
(280,711)
USD
1,850,000
NZD
2,926,451
Toronto
Dominion
Bank
12/18/24
(9,412)
USD
43,522,238
PHP
2,461,139,062
Citibank
NA
12/18/24
(312,391)
USD
537,939
PHP
30,303,000
Royal
Bank
of
Canada
12/18/24
(1,779)
USD
29,439,689
PHP
1,658,426,000
Standard
Chartered
Bank
12/18/24
(98,052)
USD
33,629,000
SEK
342,088,727
JPMorgan
Chase
Bank
NA
12/18/24
(185,824)
USD
6,597,586
SGD
8,500,000
Bank
of
America
NA
12/18/24
(41,669)
USD
35,030,650
SGD
45,380,000
HSBC
Bank
plc
12/18/24
(415,162)
USD
1,564,544
SGD
2,022,000
State
Street
Bank
and
Trust
Co.
12/18/24
(14,818)
USD
75,269,678
THB
2,533,615,000
BNP
Paribas
SA
12/18/24
(3,878,570)
USD
60,410,721
THB
2,021,826,000
Citibank
NA
12/18/24
(2,749,619)
USD
33,648,000
ZAR
600,118,809
JPMorgan
Chase
Bank
NA
12/18/24
(856,678)
ZAR
102,237,345
USD
5,888,400
BNP
Paribas
SA
12/18/24
(10,119)
ZAR
116,903,246
USD
6,729,600
JPMorgan
Chase
Bank
NA
12/18/24
(8,083)
USD
79,039,092
ZAR
1,397,322,839
Deutsche
Bank
AG
12/20/24
(1,287,792)
USD
35,546,000
CNY
249,070,822
Morgan
Stanley
&
Co.
International
plc
01/27/25
(322,651)
COP
173,517,400,148
USD
43,619,256
Citibank
NA
02/21/25
(3,127,409)
COP
216,233,070,000
USD
52,129,477
HSBC
Bank
plc
02/24/25
(1,690,302)
USD
106,187,173
HKD
825,000,000
HSBC
Bank
plc
03/19/25
(155,799)
USD
83,550,263
HKD
648,007,485
Deutsche
Bank
AG
05/16/25
(35,458)
USD
20,000,000
HKD
155,110,000
JPMorgan
Chase
Bank
NA
05/16/25
(7,456)
USD
115,535,045
KRW
152,458,890,000
Citibank
NA
05/20/25
(1,231,084)
USD
83,550,263
HKD
647,815,319
Bank
of
America
NA
05/29/25
(23,358)
USD
83,709,532
HKD
649,000,000
Citibank
NA
07/25/25
(70,232)
USD
153,458,492
HKD
1,188,800,000
HSBC
Bank
plc
08/07/25
(25,416)
(123,978,473)
$
(50,162,379)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
122
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
EUR
Currency
...............
One-Touch
Bank
of
America
NA
10/11/24
CHF
0.97
CHF
0.97
EUR
790
$
4,850
USD
Currency
...............
One-Touch
HSBC
Bank
plc
10/18/24
PLN
4.25
PLN
4.25
USD
1,941
10,446
USD
Currency
...............
One-Touch
Barclays
Bank
plc
10/18/24
CNH
7.30
CNH
7.30
USD
1,965
32,384
USD
Currency
...............
One-Touch
Morgan
Stanley
&
Co.
International
plc
10/18/24
CNH
7.35
CNH
7.35
USD
3,910
40,057
USD
Currency
...............
One-Touch
Barclays
Bank
plc
10/23/24
CNH
7.50
CNH
7.50
USD
5,454
6,419
USD
Currency
...............
Up
and
Out
Morgan
Stanley
&
Co.
International
plc
10/24/24
JPY
158.00
JPY
163.00
USD
105,131
1,008
USD
Currency
...............
Up
and
Out
HSBC
Bank
plc
11/01/24
MXN
20.50
MXN
21.75
USD
41,556
78,709
USD
Currency
...............
One-Touch
Bank
of
America
NA
11/06/24
CNH
7.50
CNH
7.50
USD
5,835
32,614
USD
Currency
...............
One
Touch
HSBC
Bank
plc
11/27/24
SGD
1.32
SGD
1.32
USD
5,983
472,678
USD
Currency
...............
Up
and
Out
HSBC
Bank
plc
11/27/24
CNH
7.20
CNH
7.40
USD
5,000
2,701
USD
Currency
...............
One-Touch
HSBC
Bank
plc
12/09/24
CNH
7.65
CNH
7.65
USD
3,797
24,118
CNH
Currency
..............
One-Touch
JPMorgan
Chase
Bank
NA
01/23/25
INR
12.50
INR
12.50
CNH
13,231
321,536
USD
Currency
...............
One-Touch
HSBC
Bank
plc
03/31/25
CNH
7.35
CNH
7.35
USD
4,150
349,438
AUD
Currency
...............
One-Touch
JPMorgan
Chase
Bank
NA
04/15/25
NZD
1.20
NZD
1.20
AUD
4,250
37,080
USD
Currency
...............
Up
and
Out
BNP
Paribas
SA
07/07/25
CNH
7.20
CNH
7.60
USD
169,980
186,505
1,600,543
Put
EUR
Currency
...............
Down
and
Out
HSBC
Bank
plc
10/03/24
USD
1.10
USD
1.08
EUR
84,051
3,287
EUR
Currency
...............
Down
and
Out
Goldman
Sachs
International
10/07/24
USD
1.07
USD
1.01
EUR
81,597
428
USD
Currency
...............
Down
and
Out
UBS
AG
10/30/24
TRY
35.50
TRY
34.00
USD
33,890
444,159
EUR
Currency
...............
One-Touch
HSBC
Bank
plc
11/04/24
USD
1.06
USD
1.06
EUR
2,144
26,138
EUR
Currency
...............
One-Touch
HSBC
Bank
plc
11/04/24
USD
1.06
USD
1.06
EUR
3,550
43,288
EUR
Currency
...............
One-Touch
Bank
of
America
NA
11/12/24
USD
1.05
USD
1.05
EUR
2,283
24,928
EUR
Currency
...............
One-Touch
Bank
of
America
NA
11/19/24
USD
1.05
USD
1.05
EUR
526
8,984
EUR
Currency
...............
One-Touch
Bank
of
America
NA
11/19/24
USD
1.05
USD
1.05
EUR
1,757
29,990
USD
Currency
...............
One-Touch
UBS
AG
11/21/24
TRY
35.00
TRY
35.00
USD
1,839
470,945
EUR
Currency
...............
One-Touch
Barclays
Bank
plc
12/09/24
USD
1.04
USD
1.04
EUR
3,709
69,643
USD
Currency
...............
One-Touch
UBS
AG
12/12/24
TRY
35.25
TRY
35.25
USD
2,352
437,412
USD
Currency
...............
Down
and
Out
Credit
Agricole
Corporate
&
Investment
Bank
12/16/24
JPY
135.00
JPY
130.00
USD
105,143
61,108
USD
Currency
...............
One-Touch
Bank
of
America
NA
12/17/24
TRY
29.25
TRY
29.25
USD
5,744
62
EUR
Currency
...............
One-Touch
HSBC
Bank
plc
12/30/24
USD
0.99
USD
0.99
EUR
8,500
29,228
CNH
Currency
..............
One-Touch
Standard
Chartered
Bank
01/23/25
INR
11.50
INR
11.50
CNH
26,461
196,887
USD
Currency
...............
One-Touch
JPMorgan
Chase
Bank
NA
02/05/25
TRY
30.60
TRY
30.60
USD
4,210
764
CNH
Currency
..............
One-Touch
JPMorgan
Chase
Bank
NA
06/12/25
INR
11.50
INR
11.50
CNH
20,158
218,239
CNH
Currency
..............
One-Touch
Bank
of
America
NA
07/31/25
INR
11.60
INR
11.60
CNH
8,500
120,670
2,186,160
$
3,786,703
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
CBOE
Volatility
Index
.........................
2,077
10/16/24
USD
25.00
USD
3,475
$
112,158
ConocoPhillips
.............................
2,261
10/18/24
USD
115.00
USD
23,804
46,351
Informatica,
Inc.
............................
832
10/18/24
USD
30.00
USD
2,103
10,400
Sabre
Corp.
...............................
1,882
10/18/24
USD
4.50
USD
691
4,705
Shell
plc
..................................
2,200
10/18/24
EUR
32.00
EUR
6,504
4,898
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
....
1,235
10/18/24
USD
150.00
USD
16,243
16,055
Western
Digital
Corp.
.........................
1,869
10/18/24
USD
75.00
USD
12,763
69,153
U.S.
Treasury
10-Year
Note
.....................
187
10/25/24
USD
116.50
USD
18,700
17,531
U.S.
Treasury
30-Year
Bond
....................
124
10/25/24
USD
126.50
USD
12,400
58,125
U.S.
Treasury
5-Year
Note
.....................
249
10/25/24
USD
111.25
USD
24,900
23,344
Boston
Scientific
Corp.
........................
1,800
11/15/24
USD
85.00
USD
15,084
477,000
DR
Horton,
Inc.
.............................
1,000
11/15/24
USD
200.00
USD
19,077
630,000
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
123
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Fifth
Third
Bancorp
..........................
1,500
11/15/24
USD
43.00
USD
6,426
$
300,000
Freeport-McMoRan,
Inc.
.......................
4,800
11/15/24
USD
55.00
USD
23,962
492,000
Hewlett
Packard
Enterprise
Co.
..................
1,868
11/15/24
USD
22.00
USD
3,822
98,070
Home
Depot,
Inc.
(The)
.......................
225
11/15/24
USD
390.00
USD
9,117
548,438
JPMorgan
Chase
&
Co.
.......................
900
11/15/24
USD
215.00
USD
18,977
531,000
Trane
Technologies
plc
........................
600
11/15/24
USD
400.00
USD
23,324
738,000
Uniti
Group,
Inc.
............................
1,300
11/15/24
USD
7.00
USD
733
22,750
Uniti
Group,
Inc.
............................
1,482
11/15/24
USD
6.00
USD
836
66,690
Walmart,
Inc.
..............................
3,770
11/15/24
USD
80.00
USD
30,443
1,140,425
Western
Digital
Corp.
.........................
956
11/15/24
USD
82.50
USD
6,529
67,398
TOPIX
Index
...............................
442
12/13/24
JPY
2,650.00
JPY
11,695,055
3,213,707
Bank
of
America
Corp.
........................
1,125
12/20/24
USD
41.00
USD
4,464
162,000
Capital
One
Financial
Corp.
.....................
600
12/20/24
USD
155.00
USD
8,984
441,000
Carrier
Global
Corp.
..........................
3,800
12/20/24
USD
85.00
USD
30,586
1,064,000
Costco
Wholesale
Corp.
.......................
270
12/20/24
USD
940.00
USD
23,936
575,100
Home
Depot,
Inc.
(The)
.......................
400
12/20/24
USD
400.00
USD
16,208
860,000
iShares
China
Large-Cap
ETF
...................
14,929
12/20/24
USD
34.00
USD
47,444
1,918,377
Meta
Platforms,
Inc.
..........................
190
12/20/24
USD
600.00
USD
10,876
562,400
NVIDIA
Corp.
..............................
750
12/20/24
USD
130.00
USD
9,108
675,000
Paramount
Global
...........................
1,248
12/20/24
USD
15.00
USD
1,325
2,496
S&P
500
Index
.............................
97
12/20/24
USD
5,800.00
USD
55,896
1,553,455
S&P
500
Index
.............................
97
12/20/24
USD
5,600.00
USD
55,896
2,924,550
Fifth
Third
Bancorp
..........................
2,000
01/17/25
USD
45.00
USD
8,568
365,000
Paramount
Global
...........................
1,482
01/17/25
USD
15.00
USD
1,574
5,187
Sabre
Corp.
...............................
2,494
01/17/25
USD
5.00
USD
915
44,892
Uniti
Group,
Inc.
............................
1,974
01/17/25
USD
6.00
USD
1,113
128,310
19,969,965
Put
S&P
500
Index
.............................
48
10/04/24
USD
5,300.00
USD
27,660
1,920
3-mo.
SOFR
...............................
10,564
10/11/24
USD
96.88
USD
2,641,000
1,584,600
Consumer
Staples
Select
Sector
SPDR
Fund
.........
5,000
10/18/24
USD
81.00
USD
41,500
107,500
EURO
STOXX
50
Index
.......................
485
10/18/24
EUR
4,700.00
EUR
24,252
48,319
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
2,500
10/18/24
USD
77.00
USD
20,075
12,500
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
26,096
10/18/24
USD
78.00
USD
209,551
182,672
iShares
Russell
2000
ETF
......................
50
10/18/24
USD
214.00
USD
1,104
8,775
iShares
Russell
2000
ETF
......................
650
10/18/24
USD
210.00
USD
14,358
66,625
SPDR
S&P
500
ETF
Trust
......................
400
10/18/24
USD
555.00
USD
22,950
82,800
SPDR
S&P
500
ETF
Trust
......................
2,050
10/18/24
USD
550.00
USD
117,621
325,950
SPDR
S&P
500
ETF
Trust
......................
4,000
10/31/24
USD
540.00
USD
229,504
764,000
3-mo.
SOFR
...............................
4,204
11/15/24
USD
95.31
USD
1,051,000
52,550
American
Airlines
Group,
Inc.
....................
1,246
11/15/24
USD
9.00
USD
1,401
16,821
American
Airlines
Group,
Inc.
....................
1,954
11/15/24
USD
8.00
USD
2,196
10,747
Intel
Corp.
................................
1,249
12/20/24
USD
17.00
USD
2,930
38,719
S&P
500
Index
.............................
49
12/20/24
USD
4,500.00
USD
28,236
63,945
S&P
500
Index
.............................
49
12/20/24
USD
5,100.00
USD
28,236
166,355
3-mo.
SOFR
...............................
4,198
01/10/25
USD
96.00
USD
1,049,500
550,988
3-mo.
SOFR
...............................
8,499
06/13/25
USD
95.50
USD
2,124,750
690,544
3-mo.
SOFR
...............................
8,491
09/12/25
USD
95.75
USD
2,122,750
1,645,131
6,421,461
$
26,391,426
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
10/09/24
MXN
18.30
USD
37,961
$
2,718,071
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
10/18/24
MXN
18.30
USD
37,041
2,711,997
USD
Currency
...........
Bank
of
America
NA
—
10/22/24
CAD
1.37
USD
19,919
27,995
USD
Currency
...........
Standard
Chartered
Bank
—
10/29/24
CNH
7.05
USD
47,810
202,291
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
124
OTC
Options
Purchased
(continued)
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
USD
Currency
...........
Barclays
Bank
plc
—
10/31/24
JPY
155.00
USD
126,174
$
24,131
USD
Currency
...........
UBS
AG
—
10/31/24
JPY
150.00
USD
84,116
118,933
USD
Currency
...........
Bank
of
America
NA
—
11/01/24
CHF
0.87
USD
24,170
12,669
USD
Currency
...........
HSBC
Bank
plc
—
11/01/24
HKD
7.78
USD
253,100
177,217
USD
Currency
...........
Deutsche
Bank
AG
—
11/12/24
BRL
5.75
USD
46,003
269,175
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
11/12/24
ZAR
19.00
USD
30,465
36,708
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
11/12/24
COP
4,200.00
USD
53,696
1,199,670
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
11/14/24
INR
85.00
USD
126,750
91,640
USD
Currency
...........
HSBC
Bank
plc
—
11/20/24
ZAR
17.75
USD
58,856
644,781
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
11/29/24
INR
84.25
USD
127,960
384,478
USD
Currency
...........
UBS
AG
—
08/22/25
HKD
7.50
USD
210,200
6,729,651
USD
Currency
...........
UBS
AG
—
08/27/25
HKD
7.50
USD
210,100
6,725,435
USD
Currency
...........
Bank
of
America
NA
—
03/06/26
CNH
7.75
USD
153,169
724,497
22,799,339
Put
EUR
Currency
...........
HSBC
Bank
plc
—
10/04/24
USD
1.07
EUR
99,360
2
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
10/11/24
BRL
5.56
USD
19,839
449,418
USD
Currency
...........
Bank
of
America
NA
—
10/16/24
KRW
1,300.00
USD
126,017
421,948
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
10/17/24
JPY
140.00
USD
25,000
86,201
S&P
500
Index
..........
UBS
AG
9,889
10/18/24
USD
5,400.00
USD
56,985
210,091
CHF
Currency
...........
Credit
Agricole
Corporate
&
Investment
Bank
—
10/29/24
JPY
170.50
CHF
20,000
318,209
USD
Currency
...........
BNP
Paribas
SA
—
10/31/24
JPY
145.00
USD
21,029
456,709
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
10/31/24
CNH
7.10
USD
100,000
1,836,068
EUR
Currency
...........
Goldman
Sachs
International
—
11/01/24
BRL
6.10
EUR
63,092
1,136,506
NZD
Currency
...........
JPMorgan
Chase
Bank
NA
—
11/08/24
USD
0.62
NZD
75,689
236,993
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
11/12/24
USD
1.06
EUR
28,095
9,029
USD
Currency
...........
BNP
Paribas
SA
—
11/14/24
INR
83.25
USD
127,370
106,097
S&P
500
Index
..........
UBS
AG
3,080
11/15/24
USD
5,450.00
USD
17,748
263,702
USD
Currency
...........
BNP
Paribas
SA
—
11/18/24
JPY
137.00
USD
84,991
456,862
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
11/19/24
USD
1.06
EUR
28,095
14,541
EUR
Currency
...........
Bank
of
America
NA
—
11/21/24
USD
1.10
EUR
27,010
142,761
USD
Currency
...........
Goldman
Sachs
International
—
12/06/24
TRY
42.50
USD
22,110
3,496,348
9,641,485
$
32,440,824
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
217,053
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
455,841
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
324,586
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
396,393
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
125
OTC
Structured
Options
(continued)
Description
Counterparty
Units
Expiration
Date
Notional
Amount  (000)
Value
Asset
Swapped
Convertible
Option
Transaction.
Call
on
Kansai
Paint
Co.
Ltd.
convertible
corporate
bond.
Exercise
price
or
rate
is
1-day
TONAR
plus
55.00
Nomura
International
plc
1,170,000,000
03/08/29
JPY
1,170,000
$
1,245,872
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
225,084
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
12/13/30
JPY
500,000
611,890
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
979,780
$
4,456,500
OTC
Dual
Binary
Options
Purchased
Description
(a)
Counterparty
Units
Expiration
Date
Notional
Amount
(000)
Value
Put
Payout
at
expiry
if
USDCNHC
>=
7.35
and
difference
of
US
30-Year
swap
and
US
5-Year
swap
>=
0.23
.......................
Citibank
NA
2,992,000
01/17/25
USD
21,991
$
20,783
(a)
Option
only
pays
if
both
terms
are
met
on
the
expiration
date.
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1.00
%
Markit
CDX
North
American
Investment
Grade
Index
Series
42.V1
Quarterly
JPMorgan
Chase
Bank
NA
10/16/24
USD
55.00
USD
195,150
$
35,331
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1.00
Markit
CDX
North
American
Investment
Grade
Index
Series
42.V1
Quarterly
Bank
of
America
NA
10/16/24
USD
57.50
USD
749,845
104,460
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1.00
iTraxx
Europe
Main
Index
Series
42.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/18/24
EUR
60.00
EUR
117,795
364,343
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1.00
Markit
CDX
North
American
Investment
Grade
Index
Series
43.V1
Quarterly
Goldman
Sachs
International
11/20/24
USD
62.50
USD
145,225
110,175
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1.00
iTraxx
Europe
Main
Index
Series
41.V1
Quarterly
BNP
Paribas
SA
10/16/24
EUR
70.00
EUR
176,346
25,364
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1.00
iTraxx
Europe
Main
Index
Series
42.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/18/24
EUR
82.50
EUR
117,795
101,384
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
10/16/24
USD
101.50
USD
37,435
9,814
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
Quarterly
Bank
of
America
NA
10/16/24
USD
106.50
USD
37,345
63,487
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
126
OTC
Credit
Default
Swaptions
Purchased
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
%
Markit
CDX
North
American
High
Yield
Index
Series
42.V1
Quarterly
Goldman
Sachs
International
10/16/24
USD
106.50
USD
35,000
$
32,110
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
iTraxx
Europe
Crossover
Index
Series
41.V1
Quarterly
Bank
of
America
NA
10/16/24
EUR
300.00
EUR
58,857
97,679
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
iTraxx
Europe
Crossover
Index
Series
41.V1
Quarterly
Goldman
Sachs
International
10/16/24
EUR
300.00
EUR
17,660
29,309
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
iTraxx
Europe
Crossover
Index
Series
41.V1
Quarterly
Citibank
NA
10/16/24
EUR
325.00
EUR
228,297
205,853
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
iTraxx
Europe
Crossover
Index
Series
42.V1
Quarterly
Goldman
Sachs
International
10/16/24
EUR
350.00
EUR
37,310
49,198
$
1,228,507
(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
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.66%
Annual
Nomura
International
plc
10/08/24
3.66
%
USD
250,246
$
4,817,481
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.66%
Annual
Nomura
International
plc
10/08/24
3.66
USD
168,525
4,996,106
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.75%
Annual
Citibank
NA
10/23/24
3.75
USD
391,124
14,889,721
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
9,316,957
5-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.05%
Annual
JPMorgan
Chase
Bank
NA
12/17/24
2.05
EUR
253,121
1,235,761
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
10,807,884
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.00%
Annual
Goldman
Sachs
International
01/23/25
3.00
USD
499,290
4,672,170
5-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
Annual
3.65%
Annual
Morgan
Stanley
&
Co.
International
plc
07/11/25
3.65
GBP
97,349
2,609,113
53,345,193
Put
10-Year
Interest
Rate
Swap
(a)
3.38%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
10/07/24
3.38
USD
140,367
268,612
10-Year
Interest
Rate
Swap
(a)
4.43%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
10/17/24
4.43
USD
101,759
3
10-Year
Interest
Rate
Swap
(a)
4.00%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
10/25/24
4.00
USD
32,678
1,189
2-Year
Interest
Rate
Swap
(a)
.
1.00%
Annual
1-day
TONAR
Annual
Deutsche
Bank
AG
11/18/24
1.00
JPY
99,859,946
1,256
1-Year
Interest
Rate
Swap
(a)
.
4.20%
At
Termination
1-day
SONIA
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/05/24
4.20
GBP
501,302
592,494
30-Year
Interest
Rate
Swap
(a)
3.48%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
09/23/25
3.48
USD
141,560
6,594,995
7,458,549
$
60,803,742
(a)
Forward
settling
swaption.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
127
OTC
Barrier
Options
Written
Description
Type
of
Option
Counterparty
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
CNH
Currency
..............
One-Touch
Standard
Chartered
Bank
01/23/25
INR
12.50
INR
12.50
CNH
13,231
$
(321,538)
CNH
Currency
..............
One-Touch
JPMorgan
Chase
Bank
NA
06/12/25
INR
12.00
INR
12.00
CNH
8,450
(881,867)
CNH
Currency
..............
One-Touch
Bank
of
America
NA
07/31/25
INR
12.10
INR
12.10
CNH
8,500
(845,372)
(2,048,777)
Put
USD
Currency
...............
Down
and
In
BNP
Paribas
SA
11/18/24
JPY
132.00
JPY
128.00
USD
127,486
(197,803)
CNH
Currency
..............
One-Touch
JPMorgan
Chase
Bank
NA
01/23/25
INR
11.50
INR
11.50
CNH
9,261
(68,911)
USD
Currency
...............
One-Touch
Goldman
Sachs
International
05/23/25
CNH
7.10
CNH
7.10
USD
2,535
(1,851,605)
(2,118,319)
$
(4,167,096)
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
CBOE
Volatility
Index
..........................
2,077
10/16/24
USD
40.00
USD
3,475
$
(50,886)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
240
10/18/24
USD
79.00
USD
1,927
(82,800)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
32,954
10/18/24
USD
80.00
USD
264,621
(988,620)
Western
Digital
Corp.
..........................
830
10/18/24
USD
82.50
USD
5,668
(6,640)
U.S.
Treasury
30-Year
Bond
.....................
124
10/25/24
USD
130.00
USD
12,400
(11,625)
Walmart,
Inc.
...............................
3,770
11/15/24
USD
85.00
USD
30,443
(348,725)
Amazon.com,
Inc.
............................
851
12/20/24
USD
215.00
USD
15,857
(222,111)
iShares
China
Large-Cap
ETF
....................
14,929
12/20/24
USD
38.00
USD
47,444
(724,056)
S&P
500
Index
..............................
194
12/20/24
USD
5,700.00
USD
111,792
(4,397,980)
(6,833,443)
Put
S&P
500
Index
..............................
48
10/04/24
USD
5,100.00
USD
27,660
(1,680)
3-mo.
SOFR
................................
10,564
10/11/24
USD
96.63
USD
2,641,000
(264,100)
ConocoPhillips
..............................
2,261
10/18/24
USD
100.00
USD
23,804
(153,748)
EURO
STOXX
50
Index
........................
485
10/18/24
EUR
4,400.00
EUR
24,252
(
15,926)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
22,296
10/18/24
USD
76.00
USD
179,037
(111,480)
iShares
Russell
2000
ETF
.......................
50
10/18/24
USD
204.00
USD
1,104
(2,375)
iShares
Russell
2000
ETF
.......................
650
10/18/24
USD
190.00
USD
14,358
(8,775)
Shell
plc
...................................
2,200
10/18/24
EUR
30.00
EUR
6,504
(108,977)
SPDR
S&P
500
ETF
Trust
.......................
400
10/18/24
USD
510.00
USD
22,950
(15,400)
SPDR
S&P
500
ETF
Trust
.......................
4,000
10/31/24
USD
520.00
USD
229,504
(404,000)
Boston
Scientific
Corp.
.........................
1,800
11/15/24
USD
72.50
USD
15,084
(63,000)
DR
Horton,
Inc.
..............................
1,000
11/15/24
USD
170.00
USD
19,077
(285,000)
Fifth
Third
Bancorp
...........................
1,500
11/15/24
USD
37.00
USD
6,426
(60,000)
Home
Depot,
Inc.
(The)
........................
225
11/15/24
USD
350.00
USD
9,117
(39,825)
JPMorgan
Chase
&
Co.
........................
900
11/15/24
USD
185.00
USD
18,977
(117,900)
Trane
Technologies
plc
.........................
600
11/15/24
USD
350.00
USD
23,324
(252,000)
TOPIX
Index
................................
442
12/13/24
JPY
2,100.00
JPY
11,695,055
(359,812)
Bank
of
America
Corp.
.........................
1,125
12/20/24
USD
36.00
USD
4,464
(75,937)
Capital
One
Financial
Corp.
......................
600
12/20/24
USD
130.00
USD
8,984
(162,000)
Carrier
Global
Corp.
...........................
1,900
12/20/24
USD
67.50
USD
15,293
(133,000)
Costco
Wholesale
Corp.
........................
270
12/20/24
USD
820.00
USD
23,936
(372,600)
Home
Depot,
Inc.
(The)
........................
400
12/20/24
USD
345.00
USD
16,208
(85,800)
iShares
China
Large-Cap
ETF
....................
14,929
12/20/24
USD
28.00
USD
47,444
(880,811)
Meta
Platforms,
Inc.
...........................
190
12/20/24
USD
470.00
USD
10,876
(132,050)
NVIDIA
Corp.
...............................
750
12/20/24
USD
100.00
USD
9,108
(256,875)
S&P
500
Index
..............................
49
12/20/24
USD
4,800.00
USD
28,236
(98,245)
3-mo.
SOFR
................................
6,694
01/10/25
USD
95.75
USD
1,673,500
(418,375)
Fifth
Third
Bancorp
...........................
2,000
01/17/25
USD
37.00
USD
8,568
(150,000)
3-mo.
SOFR
................................
16,998
06/13/25
USD
95.00
USD
4,249,500
(743,662)
3-mo.
SOFR
................................
8,491
09/12/25
USD
95.00
USD
2,122,750
(530,687)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
128
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
3-mo.
SOFR
................................
8,491
09/12/25
USD
95.25
USD
2,122,750
$
(742,962)
(7,047,002)
$
(13,880,445)
OTC
Currency
Options
Written
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EUR
Currency
.............................
Barclays
Bank
plc
10/01/24
BRL
6.15
EUR
42,061
$
(5,064)
USD
Currency
.............................
HSBC
Bank
plc
10/03/24
ZAR
17.25
USD
25,224
(140,830)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
10/03/24
JPY
142.75
USD
29,419
(254,563)
USD
Currency
.............................
HSBC
Bank
plc
10/04/24
BRL
5.95
USD
7,718
(5)
USD
Currency
.............................
HSBC
Bank
plc
10/04/24
BRL
5.95
USD
11,671
(8)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
10/09/24
MXN
19.10
USD
22,727
(733,857)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
10/09/24
MXN
19.10
USD
34,215
(1,104,805)
USD
Currency
.............................
Bank
of
America
NA
10/17/24
KRW
1,380.00
USD
19,423
(4,482)
USD
Currency
.............................
Barclays
Bank
plc
10/31/24
JPY
150.00
USD
63,087
(89,200)
USD
Currency
.............................
BNP
Paribas
SA
10/31/24
JPY
150.00
USD
21,029
(29,733)
USD
Currency
.............................
UBS
AG
10/31/24
JPY
155.00
USD
126,174
(24,131)
USD
Currency
.............................
HSBC
Bank
plc
11/01/24
HKD
7.84
USD
253,100
(20,345)
NZD
Currency
.............................
JPMorgan
Chase
Bank
NA
11/08/24
USD
0.63
NZD
21,025
(241,163)
USD
Currency
.............................
Deutsche
Bank
AG
11/12/24
BRL
6.00
USD
11,480
(23,091)
USD
Currency
.............................
Deutsche
Bank
AG
11/12/24
BRL
6.00
USD
11,521
(23,172)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
11/12/24
COP
4,500.00
USD
11,480
(49,340)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
11/12/24
ZAR
20.00
USD
15,232
(4,445)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
11/12/24
COP
4,500.00
USD
19,201
(82,522)
USD
Currency
.............................
Goldman
Sachs
International
11/14/24
INR
85.00
USD
126,750
(91,641)
USD
Currency
.............................
HSBC
Bank
plc
11/20/24
ZAR
18.40
USD
84,080
(351,022)
USD
Currency
.............................
Bank
of
America
NA
11/22/24
CAD
1.40
USD
19,919
(9,848)
USD
Currency
.............................
JPMorgan
Chase
Bank
NA
11/29/24
INR
85.00
USD
127,960
(157,710)
USD
Currency
.............................
Bank
of
America
NA
12/30/24
ZAR
17.60
USD
7,931
(170,754)
USD
Currency
.............................
Bank
of
America
NA
12/30/24
ZAR
17.60
USD
11,982
(257,971)
USD
Currency
.............................
HSBC
Bank
plc
03/31/25
CNH
7.35
USD
83,000
(246,905)
USD
Currency
.............................
Goldman
Sachs
International
05/23/25
CNH
7.35
USD
101,402
(414,824)
USD
Currency
.............................
UBS
AG
08/22/25
HKD
7.70
USD
210,200
(1,802,371)
USD
Currency
.............................
UBS
AG
08/27/25
HKD
7.75
USD
210,100
(797,166)
–
(7,130,968)
–
Put
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
10/03/24
JPY
144.50
USD
29,428
(250,642)
EUR
Currency
.............................
HSBC
Bank
plc
10/04/24
USD
1.05
EUR
99,360
—
USD
Currency
.............................
Standard
Chartered
Bank
10/16/24
KRW
1,300.00
USD
126,017
(421,948)
USD
Currency
.............................
Morgan
Stanley
&
Co.
International
plc
10/18/24
MXN
17.00
USD
18,521
(63)
CHF
Currency
.............................
Credit
Agricole
Corporate
&
Investment
Bank
10/29/24
JPY
168.50
CHF
30,000
(284,676)
USD
Currency
.............................
Bank
of
America
NA
10/31/24
CNH
7.10
USD
100,000
(1,836,068)
USD
Currency
.............................
UBS
AG
10/31/24
JPY
145.00
USD
21,029
(
456,709)
EUR
Currency
.............................
HSBC
Bank
plc
11/01/24
BRL
6.10
EUR
33,651
(606,178)
EUR
Currency
.............................
JPMorgan
Chase
Bank
NA
11/01/24
BRL
6.10
EUR
29,440
(530,328)
NZD
Currency
.............................
JPMorgan
Chase
Bank
NA
11/08/24
USD
0.62
NZD
12,618
(
39,509)
NZD
Currency
.............................
JPMorgan
Chase
Bank
NA
11/08/24
USD
0.60
NZD
126,149
(87,254)
USD
Currency
.............................
Barclays
Bank
plc
11/14/24
INR
83.25
USD
127,370
(106,097)
EUR
Currency
.............................
Bank
of
America
NA
11/21/24
USD
1.08
EUR
27,010
(
48,336)
USD
Currency
.............................
JPMorgan
Chase
Bank
NA
11/29/24
INR
83.60
USD
127,960
(249,597)
USD
Currency
.............................
Goldman
Sachs
International
12/06/24
TRY
40.50
USD
33,164
(3,535,904)
–
(8,453,309)
–
$
(
15,584,277)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
129
OTC
Credit
Default
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Call
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
1.00
%
Markit
CDX
North
American
Investment
Grade
Index
Series
42.V1
Quarterly
JPMorgan
Chase
Bank
NA
10/16/24
BBB+
USD
45.00
USD
195,150
$
(41,671)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
1.00
iTraxx
Europe
Main
Index
Series
42.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/18/24
A-
EUR
55.00
EUR
117,795
(114,430)
(156,101)
Put
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
Investment
Grade
Index
Series
42.V1
1.00
%
Quarterly
Deutsche
Bank
AG
11/20/24
BBB+
USD
62.50
USD
252,385
(
113,591)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Main
Index
Series
42.V1
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/18/24
A-
EUR
67.50
EUR
117,795
(221,025)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Main
Index
Series
42.V1
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/18/24
A-
EUR
75.00
EUR
117,795
(144,716)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
Investment
Grade
Index
Series
43.V1
1.00
Quarterly
Goldman
Sachs
International
11/20/24
BBB+
USD
80.00
USD
145,225
(43,348)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Main
Index
Series
41.V1
1.00
Quarterly
BNP
Paribas
SA
10/16/24
NR
EUR
90.00
EUR
176,346
(14,573)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
5.00
Quarterly
Bank
of
America
NA
10/16/24
B+
USD
104.00
USD
37,345
(13,071)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Crossover
Index
Series
41.V1
5.00
Quarterly
Bank
of
America
NA
10/16/24
NR
EUR
350.00
EUR
117,714
(71,422)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Crossover
Index
Series
41.V1
5.00
Quarterly
Goldman
Sachs
International
10/16/24
BB-
EUR
350.00
EUR
17,660
(10,715)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Crossover
Index
Series
41.V1
5.00
Quarterly
Citibank
NA
10/16/24
BB-
EUR
400.00
EUR
228,297
(83,243)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Crossover
Index
Series
42.V1
5.00
Quarterly
Goldman
Sachs
International
10/16/24
BB-
EUR
425.00
EUR
37,310
(17,686)
(733,390)
$
(889,491)
(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
5-Year
Interest
Rate
Swap
(a)
.
3.16%
Annual
1-day
SOFR
Annual
Nomura
International
plc
10/08/24
3.16
%
USD
250,246
$
(317,296)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
130
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)
3.16%
Annual
1-day
SOFR
Annual
Nomura
International
plc
10/08/24
3.16
%
USD
168,525
$
(121,946)
10-Year
Interest
Rate
Swap
(a)
3.15%
Annual
1-day
SOFR
Annual
Citibank
NA
10/23/24
3.15
USD
391,124
(1,118,355)
2-Year
Interest
Rate
Swap
(a)
.
3.30%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/24/24
3.30
USD
800,722
(1,130,972)
2-Year
Interest
Rate
Swap
(a)
.
2.53%
Annual
6-mo.
EURIBOR
Semi-Annual
Barclays
Bank
plc
10/25/24
2.53
EUR
266,724
(1,752,802)
5-Year
Interest
Rate
Swap
(a)
.
3.30%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
10/25/24
3.30
USD
297,426
(2,018,100)
5-Year
Interest
Rate
Swap
(a)
.
2.80%
Annual
1-day
SOFR
Annual
Citibank
NA
11/06/24
2.80
USD
244,598
(227,769)
2-Year
Interest
Rate
Swap
(a)
.
3.05%
Annual
1-day
SOFR
Annual
Citibank
NA
11/06/24
3.05
USD
489,195
(442,110)
5-Year
Interest
Rate
Swap
(a)
.
2.65%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
11/25/24
2.65
USD
468,914
(517,078)
5-Year
Interest
Rate
Swap
(a)
.
2.90%
Annual
1-day
SOFR
Annual
Nomura
International
plc
12/03/24
2.90
USD
250,854
(837,930)
5-Year
Interest
Rate
Swap
(a)
.
2.90%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
12/04/24
2.90
USD
129,248
(440,459)
2-Year
Interest
Rate
Swap
(a)
.
3.50%
Annual
1-day
SONIA
Annual
Morgan
Stanley
&
Co.
International
plc
12/10/24
3.50
GBP
110,510
(274,876)
5-Year
Interest
Rate
Swap
(a)
.
3.20%
Annual
1-day
SONIA
Annual
JPMorgan
Chase
Bank
NA
12/16/24
3.20
GBP
27,205
(102,837)
2-Year
Interest
Rate
Swap
(a)
.
2.60%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
12/17/24
2.60
USD
506,241
(417,684)
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
(
4,730,244)
2-Year
Interest
Rate
Swap
(a)
.
3.60%
Annual
1-day
SONIA
Annual
Barclays
Bank
plc
12/18/24
3.60
GBP
55,660
(206,783)
5-Year
Interest
Rate
Swap
(a)
.
3.00%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
01/16/25
3.00
USD
249,406
(1,889,376)
2-Year
Interest
Rate
Swap
(a)
.
3.20%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
01/16/25
3.20
USD
498,812
(2,406,102)
5-Year
Interest
Rate
Swap
(a)
.
3.00%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
01/16/25
3.00
USD
242,414
(1,836,408)
2-Year
Interest
Rate
Swap
(a)
.
3.20%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
01/16/25
3.20
USD
466,179
(2,248,694)
10-Year
Interest
Rate
Swap
(a)
2.25%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
01/23/25
2.25
USD
499,290
(496,796)
5-Year
Interest
Rate
Swap
(a)
.
3.15%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
01/24/25
3.15
USD
299,909
(3,278,447)
1-Year
Interest
Rate
Swap
(a)
.
3.15%
At
Termination
1-day
SOFR
At
Termination
Goldman
Sachs
International
02/10/25
3.15
USD
1,413,182
(2,885,974)
5-Year
Interest
Rate
Swap
(a)
.
3.23%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
02/14/25
3.23
USD
299,521
(4,113,095)
5-Year
Interest
Rate
Swap
(a)
.
2.70%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
02/20/25
2.70
USD
509,871
(2,492,144)
10-Year
Interest
Rate
Swap
(a)
2.75%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
03/25/25
2.75
USD
240,187
(1,765,734)
5-Year
Interest
Rate
Swap
(a)
.
2.91%
Annual
1-day
SONIA
Annual
Morgan
Stanley
&
Co.
International
plc
07/11/25
2.91
GBP
97,349
(888,939)
5-Year
Interest
Rate
Swap
(a)
.
3.31%
Annual
1-day
SONIA
Annual
Morgan
Stanley
&
Co.
International
plc
07/11/25
3.31
GBP
97,349
(1,636,816)
2-Year
Interest
Rate
Swap
(a)
.
2.42%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
09/16/25
2.42
USD
2,900,430
(10,922,519)
10-Year
Interest
Rate
Swap
(a)
3.98%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
05/11/26
3.98
USD
38,250
(2,810,511)
10-Year
Interest
Rate
Swap
(a)
3.28%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
08/05/26
3.28
USD
40,586
(1,581,069)
10-Year
Interest
Rate
Swap
(a)
3.29%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
08/21/26
3.29
USD
75,493
(
2,990,586)
10-Year
Interest
Rate
Swap
(a)
3.32%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
08/24/26
3.32
USD
75,361
(3,086,110)
10-Year
Interest
Rate
Swap
(a)
3.38%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
08/31/26
3.38
USD
65,652
(2,875,537)
10-Year
Interest
Rate
Swap
(a)
3.22%
Annual
1-day
SOFR
Annual
Citibank
NA
09/09/26
3.22
USD
167,337
(6,172,663)
10-Year
Interest
Rate
Swap
(a)
3.17%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
09/10/26
3.17
USD
334,492
(
11,777,362)
10-Year
Interest
Rate
Swap
(a)
3.19%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
09/11/26
3.19
USD
151,278
(5,433,450)
10-Year
Interest
Rate
Swap
(a)
3.28%
Annual
1-day
SOFR
Annual
Barclays
Bank
plc
09/21/26
3.28
USD
192,579
(7,671,125)
10-Year
Interest
Rate
Swap
(a)
3.34%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
09/28/26
3.34
USD
131,718
(5,592,692)
(101,509,390)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
131
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Put
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Bank
of
America
NA
10/07/24
3.55
%
USD
140,367
$
(17,014)
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
—
3-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
Bank
of
America
NA
10/25/24
4.00
USD
95,700
(917)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.90%
Annual
Deutsche
Bank
AG
11/07/24
3.90
USD
356,034
(47,692)
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
(16)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
4.33%
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/05/24
4.33
GBP
501,302
(332,841)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
4.50%
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/05/24
4.50
GBP
501,302
(137,045)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
Annual
3.74%
Annual
JPMorgan
Chase
Bank
NA
12/16/24
3.74
GBP
214,830
(1,303,636)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
Annual
3.78%
Annual
JPMorgan
Chase
Bank
NA
12/16/24
3.78
GBP
18,402
(
97,129)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
Annual
4.10%
Annual
Morgan
Stanley
&
Co.
International
plc
12/16/24
4.10
GBP
109,840
(165,207)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
Annual
4.00%
Annual
Morgan
Stanley
&
Co.
International
plc
12/19/24
4.00
GBP
222,490
(519,649)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.67%
Annual
Deutsche
Bank
AG
12/23/24
3.67
USD
372,165
(1,858,880)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.45%
Annual
Goldman
Sachs
International
01/02/25
4.45
USD
124,797
(25,458)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
Deutsche
Bank
AG
01/17/25
4.00
USD
219,262
(
249,619)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.30%
Annual
Deutsche
Bank
AG
01/17/25
4.30
USD
499,170
(88,987)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.23%
Annual
Goldman
Sachs
International
02/14/25
3.23
USD
299,521
(3,020,857)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.90%
Annual
Deutsche
Bank
AG
02/20/25
3.90
USD
254,935
(557,284)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.75%
Annual
Deutsche
Bank
AG
03/24/25
3.75
USD
121,173
(1,050,439)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.75%
Annual
JPMorgan
Chase
Bank
NA
03/25/25
3.75
USD
240,187
(2,092,987)
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
(232,920)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.40%
Annual
Goldman
Sachs
International
06/20/25
4.40
USD
253,437
(484,222)
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
(465,449)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.42%
Annual
Goldman
Sachs
International
09/16/25
3.42
USD
2,900,430
(14,341,718)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.44%
Annual
Goldman
Sachs
International
09/23/25
3.44
USD
1,484,660
(7,214,779)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.98%
Annual
Bank
of
America
NA
05/11/26
3.98
USD
38,250
(757,852)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.28%
Annual
Deutsche
Bank
AG
08/05/26
3.28
USD
40,586
(
1,737,007)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.29%
Annual
Deutsche
Bank
AG
08/21/26
3.29
USD
75,493
(3,239,309)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.32%
Annual
Bank
of
America
NA
08/24/26
3.32
USD
75,361
(
3,154,714)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.38%
Annual
Bank
of
America
NA
08/31/26
3.38
USD
65,652
(2,611,396)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.22%
Annual
Citibank
NA
09/09/26
3.22
USD
167,337
(
7,765,623)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.17%
Annual
Bank
of
America
NA
09/10/26
3.17
USD
334,492
(16,126,037)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.19%
Annual
Bank
of
America
NA
09/11/26
3.19
USD
151,278
(7,183,409)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.28%
Annual
Barclays
Bank
plc
09/21/26
3.28
USD
192,579
(8,490,837)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.34%
Annual
Bank
of
America
NA
09/28/26
3.34
USD
131,718
(5,541,344)
(90,912,273)
$
(192,421,663)
(a)
Forward
settling
swaption.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
132
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
$
(1,282,624)
$
—
$
(1,282,624)
Markit
CDX
North
American
High
Yield
Index
Series
39.V4
.....................
5.00
Quarterly
12/20/27
USD
43,862
(3,278,582)
—
(3,278,582)
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
................
1.00
Quarterly
12/20/27
USD
58,347
(1,211,564)
—
(1,211,564)
iTraxx
Europe
Crossover
Index
Series
40.V1
.
5.00
Quarterly
12/20/28
EUR
131,196
(11,520,683)
—
(
11,520,683)
iTraxx
Europe
Main
Index
Series
40.V1
.....
1.00
Quarterly
12/20/28
EUR
3,575
(82,120)
—
(82,120)
Markit
CDX
North
American
High
Yield
Index
Series
42.V1
.....................
5.00
Quarterly
06/20/29
USD
256,461
(20,276,268)
(
19,822,511)
(453,757)
Markit
CDX
North
American
Investment
Grade
Index
Series
42.V1
................
1.00
Quarterly
06/20/29
USD
202,394
(4,647,681)
(4,390,440)
(257,241)
iTraxx
Europe
Crossover
Index
Series
42.V1
.
5.00
Quarterly
12/20/29
EUR
32,292
(3,029,071)
(2,975,157)
(53,914)
iTraxx
Europe
Main
Index
Series
42.V1
.....
1.00
Quarterly
12/20/29
EUR
800,791
(18,162,915)
(18,319,602)
156,687
iTraxx
Europe
Senior
Financials
Index
Series
42.V1
.........................
1.00
Quarterly
12/20/29
EUR
123,968
(2,247,070)
(2,309,591)
62,521
iTraxx
Europe
Subordinated
Financials
Index
Series
42.V1
.....................
1.00
Quarterly
12/20/29
EUR
21,978
236,822
199,756
37,066
Lennar
Corp.
.......................
5.00
Quarterly
12/20/29
USD
121,312
(24,977,762)
(24,494,867)
(482,895)
Markit
CDX
North
American
Investment
Grade
Index
Series
43.V1
................
1.00
Quarterly
12/20/29
USD
1,203,571
(27,276,362)
(27,268,918)
(7,444)
PulteGroup,
Inc.
....................
5.00
Quarterly
12/20/29
USD
66,471
(13,635,383)
(13,419,584)
(
215,799)
$
(131,391,263)
$
(112,800,914)
$
(18,590,349)
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
$
5,279,791
$
—
$
5,279,791
iTraxx
Europe
Crossover
Index
Series
41.V1
..
5.00
Quarterly
06/20/29
BB-
EUR
95,707
9,962,139
9,346,494
615,645
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
...........
5.00
Quarterly
12/20/29
B+
USD
247,000
18,401,362
17,898,109
503,253
$
33,643,292
$
27,244,603
$
6,398,689
(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)
3.51%
Annual
1-day
SOFR
Annual
N/A
10/20/24
USD
262,263
$
5,104,635
$
336
$
5,104,299
3.50%
Annual
1-day
SOFR
Annual
N/A
10/25/24
USD
521,289
10,132,819
3,279
10,129,540
3.48%
Annual
1-day
SOFR
Annual
N/A
11/26/24
USD
426,986
8,070,167
6,513
8,063,654
3.46%
Annual
1-day
SOFR
Annual
N/A
12/06/24
USD
560,589
10,583,346
23,737
10,559,609
1-day
SOFR
At
Termination
4.59%
At
Termination
N/A
12/14/24
USD
1,865,764
(13,624,650)
(155)
(13,624,495)
28-day
MXIBTIIE
Monthly
9.80%
Monthly
N/A
02/04/25
MXN
996,835
(146,323)
—
(
146,323)
28-day
MXIBTIIE
Monthly
9.90%
Monthly
N/A
02/05/25
MXN
3,745,186
(471,444)
—
(471,444)
28-day
MXIBTIIE
Monthly
9.92%
Monthly
N/A
02/05/25
MXN
1,804,542
(220,170)
—
(220,170)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
133
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
Annual
2.60%
Annual
N/A
02/17/25
USD
988,820
$
(24,413,569)
$
—
$
(24,413,569)
1-day
SOFR
Annual
2.70%
Annual
N/A
02/17/25
USD
988,820
(23,431,127)
—
(23,431,127)
2.00%
Annual
1-day
SOFR
Annual
N/A
02/17/25
USD
278,159
8,525,833
—
8,525,833
1-day
SOFR
Annual
4.03%
Annual
N/A
03/10/25
USD
1,999,163
(19,206,255)
—
(19,206,255)
4.68%
Annual
3-mo.
PRIBOR
Quarterly
N/A
03/20/25
CZK
2,552,060
(3,003,716)
—
(3,003,716)
2.79%
Annual
1-day
SOFR
Annual
N/A
04/26/25
USD
455,000
8,957,442
—
8,957,442
2.80%
Annual
1-day
SOFR
Annual
N/A
05/11/25
USD
145,000
2,703,783
—
2,703,783
2.60%
Annual
1-day
SOFR
Annual
N/A
05/16/25
USD
150,000
3,068,653
—
3,068,653
10.47%
Monthly
28-day
MXIBTIIE
Monthly
N/A
08/06/25
MXN
839,589
(188,651)
—
(188,651)
1-day
SOFR
Annual
4.10%
Annual
N/A
08/11/25
USD
1,000,596
(571,029)
—
(571,029)
9.71%
Monthly
28-day
MXIBTIIE
Monthly
N/A
09/22/25
MXN
148,640
4,594
—
4,594
4.19%
Annual
1-day
SOFR
Annual
N/A
09/28/25
USD
292,000
2,836,515
—
2,836,515
1-day
SOFR
Annual
4.25%
Annual
N/A
10/17/25
USD
1,489,926
(10,950,497)
—
(10,950,497)
1-day
SOFR
Annual
4.05%
Annual
N/A
10/18/25
USD
765,005
(8,578,196)
—
(8,578,196)
1-day
SOFR
Annual
4.25%
Annual
N/A
10/19/25
USD
685,759
(4,936,143)
—
(4,936,143)
4.51%
Annual
1-day
SOFR
Annual
N/A
11/07/25
USD
800,000
707,379
—
707,379
4.45%
Annual
1-day
SOFR
Annual
N/A
11/08/25
USD
400,000
755,560
—
755,560
0.31%
Annual
1-day
TONAR
Annual
N/A
11/16/25
JPY
15,637,960
(151,268)
—
(151,268)
0.30%
Annual
1-day
TONAR
Annual
N/A
11/16/25
JPY
3,979,540
(34,062)
—
(34,062)
0.25%
Annual
1-day
TONAR
Annual
N/A
11/22/25
JPY
26,887,250
(3,344)
—
(3,344)
1-day
SOFR
Annual
3.88%
Annual
N/A
12/12/25
USD
265,000
(
2,907,116)
—
(2,907,116)
1-day
SOFR
Annual
3.75%
Annual
N/A
12/15/25
USD
251,214
(3,337,187)
—
(3,337,187)
1-day
SOFR
Annual
3.93%
Annual
N/A
12/15/25
USD
270,000
(2,627,079)
—
(2,627,079)
0.23%
Annual
1-day
TONAR
Annual
N/A
12/15/25
JPY
46,359,000
195,792
—
195,792
1-day
SOFR
Annual
3.78%
Annual
N/A
12/19/25
USD
589,000
(7,389,490)
—
(7,389,490)
1-day
SOFR
Annual
3.81%
Annual
N/A
12/19/25
USD
613,023
(
7,303,055)
—
(7,303,055)
5.14%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/20/25
PLN
200,829
(1,044,919)
—
(1,044,919)
1-day
SOFR
Annual
3.70%
Annual
N/A
01/20/26
USD
472,000
(5,600,232)
—
(5,600,232)
4.33%
Annual
1-day
SOFR
Annual
N/A
02/22/26
USD
511,600
(1,344,099)
—
(1,344,099)
4.47%
Annual
1-day
SOFR
Annual
N/A
03/02/26
USD
272,000
(1,631,620)
—
(1,631,620)
4.46%
Annual
1-day
SOFR
Annual
N/A
03/02/26
USD
272,500
(
1,561,136)
—
(1,561,136)
0.28%
Annual
1-day
TONAR
Annual
N/A
03/09/26
JPY
55,971,540
348,416
—
348,416
0.29%
Annual
1-day
TONAR
Annual
N/A
03/11/26
JPY
56,730,000
343,294
—
343,294
3.72%
Annual
1-day
SOFR
Annual
N/A
03/17/26
USD
270,000
2,083,459
—
2,083,459
8.02%
Quarterly
3-mo.
JIBAR
Quarterly
03/26/25
(a)
03/26/26
ZAR
608,658
(344,771)
—
(344,771)
4.75%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
831,684
(12,169,037)
—
(12,169,037)
4.75%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
831,684
(12,277,483)
—
(12,277,483)
4.73%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
415,842
(5,979,771)
—
(5,979,771)
4.87%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
1,049,201
(17,677,455)
—
(17,677,455)
1-day
SOFR
Annual
4.40%
Annual
N/A
04/08/26
USD
856,095
6,007,871
—
6,007,871
1-day
SOFR
Annual
4.45%
Annual
N/A
04/09/26
USD
313,413
2,525,239
—
2,525,239
1-day
SOFR
Annual
4.05%
Annual
N/A
04/18/26
USD
496,227
450,281
—
450,281
1-day
SOFR
Annual
4.30%
Annual
N/A
04/24/26
USD
597,999
3,662,138
—
3,662,138
8.15%
Quarterly
3-mo.
JIBAR
Quarterly
05/07/25
(a)
05/07/26
ZAR
2,065,652
(1,374,340)
—
(1,374,340)
1-day
SOFR
Annual
4.50%
Annual
N/A
05/08/26
USD
496,014
5,427,626
—
5,427,626
3.15%
Annual
1-day
SOFR
Annual
N/A
05/27/26
USD
533,651
7,456,972
298,280
7,158,692
7.97%
Quarterly
3-mo.
JIBAR
Quarterly
06/06/25
(a)
06/06/26
ZAR
815,915
(458,449)
—
(458,449)
28-day
MXIBTIIE
Monthly
10.76%
Monthly
N/A
06/11/26
MXN
488,455
634,223
—
634,223
0.29%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
6,403,900
101,454
—
101,454
0.32%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
6,403,910
87,527
—
87,527
0.32%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
6,402,940
89,061
—
89,061
0.36%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
9,413,272
102,660
—
102,660
0.33%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
9,797,488
129,174
—
129,174
0.33%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
19,207,870
254,570
—
254,570
0.27%
At
Termination
1-day
TONAR
At
Termination
07/07/25
(a)
07/07/26
JPY
28,384,620
501,621
—
501,621
1-day
SOFR
Annual
4.35%
Annual
N/A
07/22/26
USD
224,700
2,913,025
—
2,913,025
0.44%
At
Termination
1-day
TONAR
At
Termination
08/07/25
(a)
08/07/26
JPY
16,338,000
111,078
—
111,078
0.47%
At
Termination
1-day
TONAR
At
Termination
08/08/25
(a)
08/08/26
JPY
15,272,000
74,470
—
74,470
0.49%
At
Termination
1-day
TONAR
At
Termination
08/13/25
(a)
08/13/26
JPY
17,231,000
60,140
—
60,140
0.40%
Annual
1-day
TONAR
Annual
N/A
08/14/26
JPY
28,618,000
146,774
—
146,774
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
134
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.41%
Annual
1-day
TONAR
Annual
N/A
08/14/26
JPY
35,725,000
$
128,849
$
—
$
128,849
6-mo.
EURIBOR
Semi-Annual
2.70%
Annual
N/A
08/23/26
EUR
51,340
313,272
10,352
302,920
2.34%
Annual
3-mo.
STIBOR
Quarterly
N/A
08/23/26
SEK
582,700
(158,083)
(18,753)
(139,330)
6-mo.
EURIBOR
Semi-Annual
2.67%
Annual
N/A
09/02/26
EUR
51,510
310,294
20,327
289,967
2.27%
Annual
3-mo.
STIBOR
Quarterly
N/A
09/02/26
SEK
581,940
(117,516)
(26,340)
(91,176)
1-day
SONIA
At
Termination
3.40%
At
Termination
09/11/25
(a)
09/11/26
GBP
91,690
(117,072)
97,742
(214,814)
1-day
ESTR
At
Termination
1.76%
At
Termination
09/16/25
(a)
09/16/26
EUR
398,910
182,486
(286,070)
468,556
1-day
TONAR
At
Termination
0.55%
At
Termination
09/17/25
(a)
09/17/26
JPY
86,091,000
(13,840)
—
(13,840)
1.98%
Quarterly
1-day
THOR
Quarterly
09/17/25
(a)
09/17/26
THB
7,979,050
(219,682)
—
(219,682)
1.91%
Quarterly
1-day
THOR
Quarterly
09/17/25
(a)
09/17/26
THB
6,364,020
(37,246)
—
(37,246)
6.92%
Quarterly
3-mo.
JIBAR
Quarterly
09/23/25
(a)
09/23/26
ZAR
329,706
(7,106)
—
(7,106)
1-day
ESTR
At
Termination
1.76%
At
Termination
09/30/25
(a)
09/30/26
EUR
100,250
44,089
33,838
10,251
0.64%
At
Termination
1-day
TONAR
At
Termination
10/08/25
(a)
10/08/26
JPY
13,315,000
(68,793)
—
(68,793)
0.65%
At
Termination
1-day
TONAR
At
Termination
10/08/25
(a)
10/08/26
JPY
13,315,000
(83,939)
—
(83,939)
1-day
SOFR
At
Termination
4.17%
At
Termination
10/23/25
(a)
10/23/26
USD
397,482
4,346,818
—
4,346,818
1-day
SOFR
At
Termination
4.21%
At
Termination
10/27/25
(a)
10/27/26
USD
794,377
9,012,577
—
9,012,577
1-day
TONAR
Annual
0.48%
Annual
12/18/24
(a)
12/18/26
JPY
28,052,500
(56,261)
—
(56,261)
1-day
TONAR
Annual
0.48%
Annual
12/18/24
(a)
12/18/26
JPY
28,052,500
(67,109)
—
(67,109)
1-day
SOFR
Annual
4.03%
Annual
N/A
03/07/27
USD
464,406
3,356,784
—
3,356,784
1-day
SOFR
Annual
3.47%
Annual
03/10/25
(a)
03/10/27
USD
200,466
1,289,948
—
1,289,948
1-day
SONIA
At
Termination
3.45%
At
Termination
03/16/26
(a)
03/16/27
GBP
41,120
(6,746)
13,605
(20,351)
3.12%
Annual
1-day
SOFR
Annual
03/19/25
(a)
03/19/27
USD
29,318
105
—
105
2.53%
Semi-Annual
1-day
SORA
Semi-Annual
03/19/25
(a)
03/19/27
SGD
20,195
(102,128)
—
(102,128)
2.13%
Semi-Annual
1-day
SORA
Semi-Annual
03/19/25
(a)
03/19/27
SGD
18,072
14,892
—
14,892
1.59%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
03/19/25
(a)
03/19/27
CNY
208,630
13,472
—
13,472
3.34%
Semi-Annual
3-mo.
BBR
Quarterly
03/19/25
(a)
03/19/27
NZD
22,836
(31,770)
—
(31,770)
3.44%
Quarterly
3-mo.
BBR
Quarterly
03/19/25
(a)
03/19/27
AUD
21,828
(11,718)
—
(11,718)
3.61%
Semi-Annual
3-mo.
BBR
Quarterly
03/19/25
(a)
03/19/27
NZD
863
(3,958)
—
(3,958)
2.76%
Quarterly
3-mo.
CD_KSDA
Quarterly
03/19/25
(a)
03/19/27
KRW
39,328,274
(45,398)
—
(45,398)
2.87%
Quarterly
3-mo.
HIBOR
Quarterly
03/19/25
(a)
03/19/27
HKD
114,327
811
—
811
1.68%
Quarterly
3-mo.
TWCPBA
Quarterly
03/19/25
(a)
03/19/27
TWD
470,447
5,515
—
5,515
1-day
MIBOR
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/27
INR
22,824,195
1,742,967
—
1,742,967
1-day
SOFR
Annual
4.10%
Annual
05/30/25
(a)
05/30/27
USD
590,948
11,467,902
—
11,467,902
1-day
SOFR
Annual
4.15%
Annual
05/30/25
(a)
05/30/27
USD
590,948
12,022,955
—
12,022,955
0.77%
At
Termination
1-day
TONAR
At
Termination
07/27/26
(a)
07/27/27
JPY
29,527,748
(274,395)
—
(274,395)
0.77%
At
Termination
1-day
TONAR
At
Termination
07/27/26
(a)
07/27/27
JPY
29,527,748
(269,332)
—
(269,332)
0.64%
At
Termination
1-day
TONAR
At
Termination
09/16/26
(a)
09/16/27
JPY
86,577,000
37,347
—
37,347
0.67%
Annual
1-day
TONAR
Annual
09/22/25
(a)
09/22/27
JPY
6,007,000
(60,526)
—
(60,526)
0.71%
Annual
1-day
TONAR
Annual
09/29/25
(a)
09/29/27
JPY
21,524,000
(308,627)
—
(308,627)
1-day
SOFR
Annual
3.98%
Annual
N/A
10/06/27
USD
482,431
2,022,234
—
2,022,234
1-day
SONIA
At
Termination
4.11%
At
Termination
10/13/26
(a)
10/13/27
GBP
98,050
786,548
(11,230)
797,778
1-day
SONIA
At
Termination
4.39%
At
Termination
10/20/26
(a)
10/20/27
GBP
29,700
337,745
(68)
337,813
1-day
SONIA
At
Termination
4.40%
At
Termination
10/20/26
(a)
10/20/27
GBP
29,710
340,699
39
340,660
1-day
SOFR
Annual
3.30%
Annual
10/23/25
(a)
10/23/27
USD
143,045
707,773
—
707,773
1-day
SOFR
Annual
4.20%
Annual
10/23/25
(a)
10/23/27
USD
206,848
4,495,053
—
4,495,053
1-day
SOFR
Annual
3.92%
Annual
11/03/25
(a)
11/03/27
USD
98,149
1,622,208
—
1,622,208
1-day
SOFR
Annual
3.95%
Annual
11/03/25
(a)
11/03/27
USD
98,149
1,676,959
—
1,676,959
1-day
SOFR
Annual
3.99%
Annual
11/03/25
(a)
11/03/27
USD
196,299
3,481,669
—
3,481,669
1-day
SOFR
Annual
4.07%
Annual
11/03/25
(a)
11/03/27
USD
400,330
7,734,697
—
7,734,697
1-day
SOFR
Annual
3.86%
Annual
11/10/25
(a)
11/10/27
USD
405,709
6,263,080
—
6,263,080
1-day
SOFR
Annual
3.91%
Annual
11/10/25
(a)
11/10/27
USD
410,897
6,669,165
—
6,669,165
1-day
SONIA
At
Termination
3.86%
At
Termination
11/27/26
(a)
11/27/27
GBP
112,750
570,893
13,167
557,726
1-day
SONIA
At
Termination
3.70%
At
Termination
12/01/26
(a)
12/01/27
GBP
120,710
384,753
14,642
370,111
1-day
SOFR
Annual
3.48%
Annual
01/23/26
(a)
01/23/28
USD
540,713
4,435,744
—
4,435,744
1-day
SONIA
At
Termination
3.18%
At
Termination
01/26/27
(a)
01/26/28
GBP
101,220
(305,865)
2,991
(
308,856)
1-day
SOFR
Annual
4.00%
Annual
01/26/26
(a)
01/26/28
USD
494,279
8,746,429
—
8,746,429
3.45%
Annual
1-day
SOFR
Annual
01/26/26
(a)
01/26/28
USD
494,279
(3,726,904)
—
(3,726,904)
1-day
SONIA
At
Termination
3.33%
At
Termination
02/02/27
(a)
02/02/28
GBP
323,570
(381,584)
(37,360)
(344,224)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
135
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SONIA
At
Termination
3.32%
At
Termination
02/05/27
(a)
02/05/28
GBP
166,200
$
(215,938)
$
(248,749)
$
32,811
1-day
SOFR
Annual
3.87%
Annual
02/05/26
(a)
02/05/28
USD
500,675
7,696,958
—
7,696,958
3.27%
Annual
1-day
SOFR
Annual
02/05/26
(a)
02/05/28
USD
500,675
(2,140,888)
—
(2,140,888)
1-day
SONIA
At
Termination
3.18%
At
Termination
02/10/27
(a)
02/10/28
GBP
694,015
(2,044,828)
—
(2,044,828)
4.64%
Annual
1-day
SONIA
Annual
N/A
05/26/28
GBP
48,910
(1,950,862)
—
(1,950,862)
1-day
SONIA
Annual
4.86%
Annual
N/A
06/20/28
GBP
124,190
6,475,500
—
6,475,500
0.82%
Annual
1-day
TONAR
Annual
08/04/26
(a)
08/04/28
JPY
150,099,000
(3,211,595)
—
(3,211,595)
0.81%
Annual
1-day
TONAR
Annual
08/04/26
(a)
08/04/28
JPY
8,586,000
(171,957)
—
(
171,957)
0.83%
Annual
1-day
TONAR
Annual
08/04/26
(a)
08/04/28
JPY
21,464,000
(479,823)
—
(479,823)
0.62%
Annual
1-day
TONAR
Annual
08/10/26
(a)
08/10/28
JPY
10,444,000
64,090
—
64,090
0.58%
Annual
1-day
TONAR
Annual
08/12/26
(a)
08/12/28
JPY
2,050,000
23,325
—
23,325
0.60%
Annual
1-day
TONAR
Annual
08/12/26
(a)
08/12/28
JPY
29,482,910
284,876
—
284,876
28-day
MXIBTIIE
Monthly
9.13%
Monthly
N/A
08/15/28
MXN
537,505
450,523
—
450,523
1-day
ESTR
Annual
2.06%
Annual
08/25/26
(a)
08/25/28
EUR
177,830
539,074
—
539,074
1-day
ESTR
Annual
2.10%
Annual
08/31/26
(a)
08/31/28
EUR
186,660
719,697
(102,939)
822,636
4.25%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
195,737
(6,832,820)
—
(6,832,820)
4.29%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
495,162
(18,059,639)
—
(18,059,639)
4.26%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
981,388
(34,852,992)
—
(34,852,992)
4.29%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
782,949
(28,604,209)
—
(28,604,209)
1-day
ESTR
Annual
2.10%
Annual
09/01/26
(a)
09/01/28
EUR
190,560
731,756
—
731,756
0.67%
Annual
1-day
TONAR
Annual
09/01/26
(a)
09/01/28
JPY
2,040,000
(838)
—
(838)
3-mo.
BBR
Quarterly
3.27%
Quarterly
09/14/26
(a)
09/14/28
AUD
71,160
(185,053)
—
(185,053)
3-mo.
BBR
Quarterly
3.30%
Quarterly
09/14/26
(a)
09/14/28
AUD
71,160
(
159,772)
—
(159,772)
1-day
ESTR
Annual
1.98%
Annual
09/15/26
(a)
09/15/28
EUR
107,540
123,667
90,871
32,796
1-day
ESTR
Annual
1.96%
Annual
09/18/26
(a)
09/18/28
EUR
193,275
130,790
—
130,790
1-day
ESTR
Annual
1.96%
Annual
09/18/26
(a)
09/18/28
EUR
193,275
136,899
—
136,899
1-day
ESTR
Annual
1.97%
Annual
09/18/26
(a)
09/18/28
EUR
135,520
118,832
—
118,832
3.16%
Annual
1-day
SOFR
Annual
N/A
09/19/28
USD
17,900
78,691
—
78,691
1-day
SOFR
Annual
4.40%
Annual
N/A
10/31/28
USD
250,232
8,363,471
—
8,363,471
1-day
SONIA
Annual
4.12%
Annual
N/A
11/17/28
GBP
121,376
1,155,227
—
1,155,227
1-day
SONIA
Annual
4.12%
Annual
N/A
11/21/28
GBP
120,683
1,187,935
—
1,187,935
1-day
SONIA
At
Termination
3.47%
At
Termination
12/06/27
(a)
12/06/28
GBP
67,940
37,423
(17,400)
54,823
1-day
SONIA
Annual
3.68%
Annual
N/A
12/14/28
GBP
122,882
(
1,965,080)
(4,885)
(1,960,195)
1-day
SOFR
Annual
3.25%
Annual
12/15/26
(a)
12/15/28
USD
419,055
1,197,095
—
1,197,095
0.67%
Annual
1-day
TONAR
Annual
12/16/26
(a)
12/16/28
JPY
28,102,000
89,753
—
89,753
1-day
SOFR
Annual
3.21%
Annual
02/04/27
(a)
02/04/29
USD
185,030
373,168
—
373,168
1-day
SOFR
Annual
3.35%
Annual
02/04/27
(a)
02/04/29
USD
24,530
109,738
—
109,738
1-day
SOFR
Annual
3.37%
Annual
02/04/27
(a)
02/04/29
USD
397,310
1,909,231
—
1,909,231
1-day
SONIA
At
Termination
3.31%
At
Termination
02/07/28
(a)
02/07/29
GBP
84,960
(108,327)
(108,859)
532
2.92%
Annual
1-day
SOFR
Annual
N/A
02/16/29
USD
180,919
5,337,573
388,755
4,948,818
6-mo.
EURIBOR
Semi-Annual
3.00%
Annual
N/A
03/05/29
EUR
300,382
15,779,348
—
15,779,348
0.50%
Annual
1-day
TONAR
Annual
N/A
03/05/29
JPY
27,688,578
268,911
—
268,911
0.50%
Annual
1-day
TONAR
Annual
N/A
03/11/29
JPY
27,688,578
271,051
—
271,051
1-day
MIBOR
Semi-Annual
6.26%
Semi-Annual
N/A
03/20/29
INR
6,525,000
710,760
—
710,760
1-day
MIBOR
Semi-Annual
6.30%
Semi-Annual
N/A
03/20/29
INR
7,975,000
1,008,409
—
1,008,409
1-day
SOFR
Annual
3.79%
Annual
N/A
03/29/29
USD
732,656
10,140,822
—
10,140,822
1-day
SOFR
Annual
4.00%
Annual
N/A
04/08/29
USD
414,291
10,054,479
—
10,054,479
1-day
SOFR
Annual
4.05%
Annual
N/A
04/09/29
USD
313,413
8,349,874
—
8,349,874
1-day
SOFR
Annual
4.00%
Annual
N/A
04/18/29
USD
496,227
12,332,559
—
12,332,559
1-day
SOFR
Annual
4.00%
Annual
N/A
04/24/29
USD
249,166
6,281,288
—
6,281,288
6-mo.
EURIBOR
Semi-Annual
2.90%
Annual
N/A
04/30/29
EUR
349,347
9,901,042
—
9,901,042
1-day
SOFR
Annual
4.00%
Annual
N/A
05/06/29
USD
501,757
13,016,603
—
13,016,603
6-mo.
EURIBOR
Semi-Annual
2.87%
Annual
N/A
06/11/29
EUR
248,990
7,163,896
—
7,163,896
3.88%
Annual
1-day
SONIA
Annual
N/A
07/16/29
GBP
24,595
(261,087)
(75,866)
(185,221)
3.87%
Annual
1-day
SONIA
Annual
N/A
07/17/29
GBP
27,670
(287,899)
(2,031)
(285,868)
6-mo.
EURIBOR
Semi-Annual
2.76%
Annual
N/A
07/18/29
EUR
29,410
724,087
73,270
650,817
3.93%
Annual
1-day
SONIA
Annual
N/A
07/23/29
GBP
18,870
(268,352)
(2,718)
(265,634)
28-day
MXIBTIIE
Monthly
9.41%
Monthly
N/A
07/24/29
MXN
539,539
909,742
—
909,742
6-mo.
EURIBOR
Semi-Annual
2.69%
Annual
N/A
07/29/29
EUR
59,420
1,263,249
—
1,263,249
3.57%
Annual
1-day
SOFR
Annual
N/A
08/05/29
USD
10,553
(119,438)
—
(119,438)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
136
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3.54%
Annual
1-day
SONIA
Annual
N/A
09/10/29
GBP
23,960
$
150,510
$
—
$
150,510
6-mo.
EURIBOR
Semi-Annual
2.34%
Annual
N/A
09/12/29
EUR
26,980
143,783
—
143,783
28-day
MXIBTIIE
Monthly
8.50%
Monthly
N/A
09/13/29
MXN
3,987,600
(756,385)
—
(756,385)
3.61%
Annual
1-day
SONIA
Annual
N/A
09/26/29
GBP
22,640
26,697
16,446
10,251
1-day
SONIA
Annual
3.40%
Annual
09/27/27
(a)
09/27/29
GBP
24,430
(12,320)
—
(12,320)
6-mo.
EURIBOR
Semi-Annual
2.29%
Annual
N/A
09/30/29
EUR
28,520
103,390
45,825
57,565
1-day
ESTR
Annual
2.07%
Annual
12/10/24
(a)
10/11/29
EUR
22,480
106,754
—
106,754
1-day
ESTR
Annual
2.07%
Annual
12/10/24
(a)
10/11/29
EUR
55,860
269,363
—
269,363
0.61%
Annual
1-day
TONAR
Annual
12/18/24
(a)
12/18/29
JPY
36,288,000
285,348
—
285,348
7.46%
Quarterly
3-mo.
JIBAR
Quarterly
12/18/24
(a)
12/18/29
ZAR
339,643
388
—
388
1-week
CNREPOFIX_
CFXS
Quarterly
1.70%
Quarterly
03/19/25
(a)
03/19/30
CNY
265,247
(237,440)
—
(237,440)
0.65%
Annual
1-day
TONAR
Annual
03/19/25
(a)
03/19/30
JPY
4,268,989
12,929
—
12,929
3.73%
Semi-Annual
3-mo.
BBR
Quarterly
03/19/25
(a)
03/19/30
NZD
1,630
(11,760)
—
(11,760)
3.51%
Semi-Annual
3-mo.
BBR
Quarterly
03/19/25
(a)
03/19/30
NZD
45,718
(51,371)
—
(51,371)
1.72%
Quarterly
3-mo.
TWCPBA
Quarterly
03/19/25
(a)
03/19/30
TWD
470,521
25,104
—
25,104
3.73%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/19/25
(a)
03/19/30
AUD
23,571
(3,585)
—
(3,585)
3.98%
Annual
1-day
SOFR
Annual
N/A
07/02/31
USD
6,800
(270,078)
—
(270,078)
0.02%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
157,050
25,616,061
—
25,616,061
1-day
SOFR
Annual
3.79%
Annual
N/A
10/14/31
USD
197,460
3,323,858
—
3,323,858
1-day
SOFR
Annual
3.79%
Annual
N/A
11/19/31
USD
251,205
4,636,211
—
4,636,211
1-day
SOFR
Annual
3.78%
Annual
N/A
01/28/32
USD
467,125
10,299,038
—
10,299,038
2.38%
Annual
1-day
SOFR
Annual
N/A
04/08/32
USD
43,962
3,247,229
—
3,247,229
2.60%
Annual
1-day
SOFR
Annual
N/A
05/26/32
USD
53,426
2,941,013
—
2,941,013
1-day
SOFR
Annual
3.47%
Annual
N/A
10/04/32
USD
223,490
(1,441,397)
—
(1,441,397)
1-day
SOFR
Annual
3.42%
Annual
N/A
10/05/32
USD
103,240
(1,091,906)
—
(1,091,906)
1-day
SOFR
Annual
3.05%
Annual
N/A
10/28/32
USD
249,920
(9,647,504)
—
(9,647,504)
1-day
SOFR
Annual
2.88%
Annual
N/A
11/02/32
USD
250,132
(
13,022,512)
—
(13,022,512)
1-day
SOFR
Annual
2.92%
Annual
N/A
11/04/32
USD
249,476
(12,120,570)
—
(12,120,570)
1-day
SOFR
Annual
2.90%
Annual
N/A
11/15/32
USD
400,986
(19,909,801)
—
(19,909,801)
1-day
SOFR
Annual
3.20%
Annual
N/A
11/28/32
USD
239,768
(5,967,185)
—
(5,967,185)
1-day
ESTR
Annual
2.34%
Annual
01/19/28
(a)
01/19/33
EUR
150,420
753,837
—
753,837
1-day
SOFR
Annual
3.14%
Annual
05/12/28
(a)
05/12/33
USD
279,328
(1,794,091)
—
(1,794,091)
1-day
SOFR
Annual
3.75%
Annual
N/A
08/09/33
USD
251,131
8,224,014
—
8,224,014
3.24%
Annual
1-day
SOFR
Annual
N/A
08/09/33
USD
122,861
869,494
—
869,494
1-day
SOFR
Annual
3.93%
Annual
N/A
10/04/33
USD
249,492
8,486,438
—
8,486,438
1-day
SOFR
Annual
3.50%
Annual
N/A
10/17/33
USD
343,829
(1,044,726)
—
(1,044,726)
4.40%
Annual
1-day
SOFR
Annual
N/A
11/01/33
USD
245,780
(18,840,898)
—
(18,840,898)
1-day
SOFR
Annual
4.00%
Annual
N/A
01/12/34
USD
193,843
8,784,175
—
8,784,175
1-day
SOFR
Annual
4.00%
Annual
N/A
01/17/34
USD
55,662
2,536,756
—
2,536,756
1-day
MIBOR
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/34
INR
4,198,022
896,366
—
896,366
1-day
MIBOR
Semi-Annual
6.35%
Semi-Annual
N/A
03/20/34
INR
4,198,022
931,648
—
931,648
1-day
SONIA
Annual
3.52%
Annual
08/21/29
(a)
08/21/34
GBP
78,000
(394,487)
(8,979)
(385,508)
1-day
SONIA
Annual
3.53%
Annual
08/22/29
(a)
08/22/34
GBP
38,780
(193,061)
(47,032)
(146,029)
1-day
SONIA
Annual
3.58%
Annual
08/22/29
(a)
08/22/34
GBP
38,780
(
91,604)
—
(91,604)
1-day
SONIA
Annual
3.53%
Annual
08/28/29
(a)
08/28/34
GBP
75,950
(355,928)
(322,748)
(33,180)
1-day
SONIA
Annual
3.62%
Annual
08/29/29
(a)
08/29/34
GBP
80,140
(28,061)
(29,525)
1,464
1-day
ESTR
Annual
2.28%
Annual
N/A
09/12/34
EUR
19,980
114,565
—
114,565
1-day
ESTR
Annual
2.30%
Annual
N/A
09/15/34
EUR
17,100
140,924
—
140,924
1-day
ESTR
Annual
2.31%
Annual
N/A
09/15/34
EUR
5,690
53,336
—
53,336
1-day
SONIA
Annual
3.44%
Annual
09/17/29
(a)
09/17/34
GBP
72,060
(703,547)
—
(703,547)
1-day
SONIA
Annual
3.42%
Annual
09/18/29
(a)
09/18/34
GBP
33,180
(354,548)
(66,719)
(287,829)
6-mo.
BBR
Semi-Annual
4.48%
Semi-Annual
09/19/29
(a)
09/19/34
AUD
160,290
277,641
—
277,641
3.40%
Annual
1-day
SOFR
Annual
09/19/29
(a)
09/19/34
USD
102,050
(49,707)
—
(49,707)
1-day
ESTR
Annual
2.43%
Annual
09/21/29
(a)
09/21/34
EUR
60,370
54,592
(96,128)
150,720
1-day
SONIA
Annual
3.60%
Annual
09/24/29
(a)
09/24/34
GBP
22,100
(41,856)
(66,107)
24,251
2.45%
Annual
1-day
ESTR
Annual
09/26/29
(a)
09/26/34
EUR
24,120
(48,916)
(
23,169)
(25,747)
1-day
ESTR
Annual
2.45%
Annual
09/27/29
(a)
09/27/34
EUR
24,020
41,726
—
41,726
1-day
ESTR
Annual
2.23%
Annual
10/01/24
(a)
10/01/34
EUR
11,330
17,229
—
17,229
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
137
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
0.89%
Annual
12/18/24
(a)
12/18/34
JPY
3,503,000
$
(54,791)
$
—
$
(54,791)
1-day
TONAR
Annual
0.89%
Annual
12/18/24
(a)
12/18/34
JPY
3,503,000
(47,768)
—
(47,768)
0.93%
Annual
1-day
TONAR
Annual
03/19/25
(a)
03/19/35
JPY
4,425,427
22,342
—
22,342
1.07%
Annual
1-day
TONAR
Annual
03/19/25
(a)
03/19/35
JPY
1,960,231
(169,053)
—
(169,053)
3.85%
Semi-Annual
3-mo.
BBR
Quarterly
03/19/25
(a)
03/19/35
NZD
71,098
81,054
—
81,054
1.91%
Quarterly
3-mo.
TWCPBA
Quarterly
03/19/25
(a)
03/19/35
TWD
84,664
1,917
—
1,917
4.05%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/19/25
(a)
03/19/35
AUD
16,586
10,436
—
10,436
3.46%
Annual
1-day
SOFR
Annual
12/15/26
(a)
12/15/36
USD
95,777
(827,761)
—
(827,761)
4.02%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
66,600
(4,667,502)
—
(4,667,502)
4.09%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
133,200
(10,400,740)
—
(
10,400,740)
4.08%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
133,200
(10,254,937)
—
(10,254,937)
4.09%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
167,354
(13,154,030)
—
(13,154,030)
2.93%
Annual
1-day
SOFR
Annual
N/A
11/26/41
USD
32,045
2,753,279
(39,500)
2,792,779
1-day
TONAR
Annual
1.97%
Annual
08/02/34
(a)
08/02/44
JPY
2,049,000
(18,499)
—
(18,499)
1-day
TONAR
Annual
1.99%
Annual
08/02/34
(a)
08/02/44
JPY
35,827,000
109,441
—
109,441
1-day
TONAR
Annual
2.01%
Annual
08/02/34
(a)
08/02/44
JPY
5,123,000
62,812
—
62,812
1-day
TONAR
Annual
1.84%
Annual
08/08/34
(a)
08/08/44
JPY
2,330,000
(196,765)
—
(196,765)
1-day
TONAR
Annual
1.97%
Annual
08/09/34
(a)
08/09/44
JPY
6,607,420
(64,658)
—
(64,658)
6-mo.
EURIBOR
Semi-Annual
2.46%
Annual
N/A
09/12/44
EUR
15,970
61,812
—
61,812
6-mo.
EURIBOR
Semi-Annual
2.43%
Annual
N/A
09/13/44
EUR
16,020
(12,501)
31,944
(44,445)
2.81%
Annual
1-day
SOFR
Annual
N/A
01/25/51
USD
62,463
7,070,399
(832,377)
7,902,776
2.81%
Annual
1-day
SOFR
Annual
N/A
01/28/51
USD
111,429
12,579,622
(1,491,396)
14,071,018
2.80%
Annual
1-day
SOFR
Annual
N/A
02/01/51
USD
65,177
7,461,412
(756,427)
8,217,839
2.80%
Annual
1-day
SOFR
Annual
N/A
02/04/51
USD
37,194
4,246,853
(433,804)
4,680,657
2.80%
Annual
1-day
SOFR
Annual
N/A
02/05/51
USD
38,392
4,383,558
(447,745)
4,831,303
2.80%
Annual
1-day
SOFR
Annual
N/A
02/22/51
USD
15,576
1,758,872
(766,254)
2,525,126
2.80%
Annual
1-day
SOFR
Annual
N/A
05/27/51
USD
62,621
6,627,712
(
3,152,986)
9,780,698
2.80%
Annual
1-day
SOFR
Annual
N/A
06/07/51
USD
19,517
2,051,320
(984,494)
3,035,814
2.79%
Annual
1-day
SOFR
Annual
N/A
01/21/52
USD
153,727
17,989,195
(7,916,016)
25,905,211
1-day
SOFR
Annual
4.00%
Annual
N/A
11/03/53
USD
99,173
11,178,605
—
11,178,605
3.65%
Annual
1-day
SOFR
Annual
N/A
11/03/53
USD
99,173
(4,436,461)
—
(4,436,461)
3.35%
Annual
1-day
SOFR
Annual
02/06/34
(a)
02/06/54
USD
11,390
(
37,351)
—
(37,351)
3.36%
Annual
1-day
SOFR
Annual
02/06/34
(a)
02/06/54
USD
65,260
(258,848)
—
(258,848)
3.28%
Annual
1-day
SOFR
Annual
02/06/34
(a)
02/06/54
USD
29,960
144,674
—
144,674
2.49%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/19/54
EUR
11,797
(716,584)
—
(716,584)
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/20/54
EUR
11,797
(761,620)
—
(761,620)
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/01/54
EUR
5,948
(394,462)
—
(394,462)
1-day
TONAR
Annual
1.45%
Annual
N/A
03/06/54
JPY
5,655,040
(1,054,152)
—
(1,054,152)
1-day
TONAR
Annual
1.45%
Annual
N/A
03/11/54
JPY
5,655,040
(1,044,669)
—
(1,044,669)
2.46%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/22/54
EUR
2,498
(135,554)
—
(135,554)
2.54%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
04/22/54
EUR
9,667
(534,293)
(19,778)
(514,515)
6-mo.
EURIBOR
Semi-Annual
1.88%
Annual
07/13/44
(a)
07/13/54
EUR
23,440
63,498
35,924
27,574
1-day
SONIA
Annual
3.89%
Annual
N/A
07/16/54
GBP
5,580
104,649
49,481
55,168
1-day
SONIA
Annual
3.86%
Annual
N/A
07/17/54
GBP
7,030
89,728
5,883
83,845
2.49%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
07/18/54
EUR
5,500
(265,874)
(38,327)
(227,547)
1-day
SONIA
Annual
3.93%
Annual
N/A
07/23/54
GBP
5,010
151,108
4,767
146,341
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
07/29/54
EUR
12,010
(635,253)
—
(635,253)
1-day
SONIA
Annual
3.67%
Annual
N/A
09/10/54
GBP
5,500
(168,764)
—
(168,764)
2.28%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/12/54
EUR
5,370
3,514
—
3,514
6-mo.
EURIBOR
Semi-Annual
1.75%
Annual
09/13/44
(a)
09/13/54
EUR
20,680
(95,735)
—
(95,735)
1-day
SONIA
Annual
3.78%
Annual
N/A
09/26/54
GBP
5,920
(15,553)
(26,227)
10,674
3.80%
Annual
1-day
SONIA
Annual
N/A
09/26/54
GBP
2,350
(3,849)
—
(3,849)
2.33%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/30/54
EUR
6,080
(80,253)
(39,589)
(40,664)
2.29%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
10/05/54
EUR
40,070
(176,755)
—
(
176,755)
2.28%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
10/05/54
EUR
40,320
(17,331)
—
(17,331)
2.28%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
10/05/54
EUR
28,630
34,805
—
34,805
2.11%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/12/64
EUR
9,230
57,977
—
57,977
1.34%
Annual
6-mo.
EURIBOR
Semi-Annual
07/14/54
(a)
07/14/74
EUR
15,065
(17,398)
(22,846)
5,448
1.93%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/13/74
EUR
7,780
181,593
(
11,709)
193,302
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
138
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)
1.20%
Annual
6-mo.
EURIBOR
Semi-Annual
09/14/54
(a)
09/14/74
EUR
12,150
$
145,772
$
—
$
145,772
$
45,474,425
$
(17,301,291)
$
62,775,716
(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)
1.78%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
08/15/25
EUR
105,056
$
(289,506)
$
35,989
$
(325,495)
1.93%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
08/15/29
EUR
10,601
(93,362)
(5,550)
(87,812)
1.95%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
08/15/29
EUR
9,982
(96,332)
(1,196)
(95,136)
1.82%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/29
EUR
31,560
(80,962)
4,198
(85,160)
1.84%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/29
EUR
11,376
(39,949)
—
(39,949)
3.68%
At
Termination
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
09/15/29
GBP
21,435
39,743
39,743
—
3.68%
At
Termination
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
09/15/29
GBP
25,720
51,784
51,784
—
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
1.69%
At
Termination
09/15/29
EUR
26,620
(87,709)
(87,709)
—
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
1.82%
At
Termination
09/15/29
EUR
21,115
51,884
—
51,884
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
1.86%
At
Termination
09/15/29
EUR
52,830
257,001
34,681
222,320
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.69%
At
Termination
09/15/29
GBP
34,174
(36,436)
—
(36,436)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
1.78%
At
Termination
09/30/29
EUR
21,130
6,837
—
6,837
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.69%
At
Termination
08/15/32
EUR
30,405
1,226,602
—
1,226,602
2.56%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
06/07/34
USD
2,167
(37,160)
(209)
(36,951)
1.89%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/34
EUR
26,620
91,179
91,179
—
1.92%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/34
EUR
10,680
19,784
—
19,784
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
139
Centrally
Cleared
Inflation
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1.94%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/34
EUR
18,720
$
—
$
—
$
—
1.95%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/34
EUR
18,755
(29,822)
—
(29,822)
1.95%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/34
EUR
21,395
(32,204)
—
(32,204)
1.96%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/34
EUR
13,415
(35,567)
6,870
(42,437)
1.97%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/34
EUR
16,020
(63,235)
—
(63,235)
1.98%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/34
EUR
53,580
(241,682)
(83,302)
(158,380)
3.45%
At
Termination
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
09/15/34
GBP
8,740
34,793
28,116
6,677
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
1.99%
At
Termination
09/15/34
EUR
13,415
64,105
—
64,105
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
2.00%
At
Termination
09/15/34
EUR
13,415
85,531
(3,062)
88,593
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.46%
At
Termination
09/15/34
GBP
26,270
(
81,175)
(81,175)
—
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.46%
At
Termination
09/15/34
GBP
21,430
(45,501)
(45,501)
—
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.30%
At
Termination
09/15/44
GBP
8,740
(51,084)
(56,746)
5,662
$
587,557
$
(71,890)
$
659,447
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
$
(10,060)
$
(2,558)
$
(7,502)
Avis
Budget
Car
Rental
LLC
..
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
1,500
(15,531)
5,523
(21,054)
Avis
Budget
Car
Rental
LLC
..
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
2,960
(30,755)
10,899
(41,654)
Boeing
Co.
(The)
..........
1.00
Quarterly
BNP
Paribas
SA
12/20/24
USD
4,760
(7,100)
(4,166)
(2,934)
Boeing
Co.
(The)
..........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/24
USD
11,875
(17,714)
(6,160)
(11,554)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
17,930
(33,738)
19,506
(53,244)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
12,810
(24,104)
14,206
(38,310)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
12,810
(24,104)
14,206
(38,310)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
7,752
(14,586)
8,433
(
23,019)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
12,807
(24,098)
13,933
(38,031)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/24
USD
12,809
(24,102)
14,205
(
38,307)
Ally
Financial,
Inc.
.........
5.00
Quarterly
Citibank
NA
06/20/25
USD
1,320
(44,598)
(20,435)
(24,163)
Ally
Financial,
Inc.
.........
5.00
Quarterly
Citibank
NA
06/20/25
USD
880
(29,732)
(13,626)
(16,106)
Ardagh
Packaging
Finance
plc
.
5.00
Quarterly
Deutsche
Bank
AG
06/20/25
EUR
1,763
399,166
423,631
(24,465)
Ardagh
Packaging
Finance
plc
.
5.00
Quarterly
Deutsche
Bank
AG
06/20/25
EUR
2,934
664,295
659,641
4,654
Ardagh
Packaging
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
EUR
2,650
599,994
354,507
245,487
Avis
Budget
Car
Rental
LLC
..
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
USD
4,370
(128,697)
78,049
(
206,746)
Macy's
Retail
Holdings
LLC
...
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,000
(2,416)
34,886
(37,302)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
06/20/25
USD
1,625
(2,265)
102,291
(104,556)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
140
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Simon
Property
Group
LP
....
1.00
%
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,010
$
(6,518)
$
11,906
$
(18,424)
Simon
Property
Group
LP
....
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,190
(7,679)
18,428
(
26,107)
Southwest
Airlines
Co.
......
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
3,750
(21,923)
32,088
(54,011)
Southwest
Airlines
Co.
......
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
2,825
(16,515)
13,202
(29,717)
Southwest
Airlines
Co.
......
1.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
2,825
(16,515)
12,280
(28,795)
Boparan
Finance
plc
.......
5.00
Quarterly
Goldman
Sachs
International
12/20/25
EUR
2,651
(
108,766)
65,177
(173,943)
Grifols
SA
...............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
EUR
1,800
(69,983)
(21,651)
(48,332)
Grifols
SA
...............
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/25
EUR
2,768
(
107,619)
(8,443)
(99,176)
Community
Health
Systems,
Inc.
5.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
1,235
7,490
99,148
(91,658)
Community
Health
Systems,
Inc.
5.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
830
5,034
51,399
(46,365)
BorgWarner,
Inc.
..........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
3,000
(53,439)
26,809
(80,248)
INEOS
Group
Holdings
SA
...
5.00
Quarterly
BNP
Paribas
SA
12/20/27
EUR
1,202
(184,733)
(82,776)
(101,957)
Intesa
Sanpaolo
SpA
.......
1.00
Quarterly
BNP
Paribas
SA
12/20/27
EUR
5,600
(30,827)
287,898
(318,725)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Bank
of
America
NA
12/20/27
USD
1,620
75,621
278,823
(203,202)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
1,030
48,080
172,506
(124,426)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
980
45,746
177,800
(132,054)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
650
30,342
114,584
(84,242)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
1,215
56,715
291,094
(234,379)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
1,030
48,080
172,603
(124,523)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
2,760
128,835
626,553
(497,718)
Simon
Property
Group
LP
....
1.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
7,485
(145,964)
75,121
(221,085)
Simon
Property
Group
LP
....
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
4,700
(
91,654)
47,260
(138,914)
UniCredit
SpA
............
1.00
Quarterly
Goldman
Sachs
International
12/20/27
EUR
16
(84)
812
(896)
UniCredit
SpA
............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
EUR
5,349
(28,043)
248,083
(
276,126)
Xerox
Corp.
.............
1.00
Quarterly
Citibank
NA
12/20/27
USD
1,050
64,950
78,933
(13,983)
Xerox
Corp.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
1,750
108,251
132,025
(23,774)
Caterpillar,
Inc.
...........
1.00
Quarterly
Citibank
NA
06/20/28
USD
11,800
(319,800)
(222,290)
(97,510)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
17,900
(164,610)
1,113,813
(1,278,423)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,916
(36,012)
166,880
(202,892)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,496
(32,150)
141,228
(173,378)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
10,488
(96,449)
423,683
(520,132)
Paramount
Global
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
5,785
(1,412)
190,934
(192,346)
Paramount
Global
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
5,500
(1,342)
181,527
(182,869)
UBS
Group
AG
...........
1.00
Quarterly
BNP
Paribas
SA
06/20/28
EUR
4,131
(90,221)
139,007
(229,228)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
1,536
(33,546)
63,431
(96,977)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,623
(79,126)
161,439
(240,565)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
29,800
(650,831)
792,965
(1,443,796)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,487
(76,156)
138,288
(214,444)
Boeing
Co.
(The)
..........
1.00
Quarterly
Deutsche
Bank
AG
12/20/28
USD
17,500
159,841
(72,336)
232,177
eG
Global
Finance
plc
......
5.00
Quarterly
Deutsche
Bank
AG
12/20/28
EUR
3,996
(167,601)
136,519
(304,120)
Gap,
Inc.
(The)
...........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/28
USD
1,985
39,286
260,792
(221,506)
Xerox
Corp.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
USD
410
50,485
41,991
8,494
Xerox
Corp.
.............
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/28
USD
810
99,740
82,956
16,784
Boeing
Co.
(The)
..........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
17,500
255,472
198,321
57,151
DXC
Technology
Co.
.......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
4,175
(670,895)
(499,807)
(171,088)
DXC
Technology
Co.
.......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
2,090
(335,849)
(221,138)
(114,711)
Novafives
SAS
...........
5.00
Quarterly
Goldman
Sachs
International
06/20/29
EUR
2,855
(548,187)
(250,090)
(298,097)
Novafives
SAS
...........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
EUR
3,007
(577,373)
(203,966)
(373,407)
Picard
Bondco
SA
.........
5.00
Quarterly
Deutsche
Bank
AG
06/20/29
EUR
2,715
(303,912)
(226,921)
(76,991)
Xerox
Corp.
.............
1.00
Quarterly
Bank
of
America
NA
06/20/29
USD
790
120,368
89,393
30,975
Kroger
Co.
(The)
..........
1.00
Quarterly
Bank
of
America
NA
09/20/29
USD
2,100
(61,897)
(56,058)
(5,839)
ArcelorMittal
SA
...........
5.00
Quarterly
Goldman
Sachs
International
12/20/29
EUR
16,800
(3,284,539)
(2,969,155)
(315,384)
AT&T,
Inc.
...............
1.00
Quarterly
BNP
Paribas
SA
12/20/29
USD
35,730
(
658,044)
(573,472)
(84,572)
Commerzbank
AG
.........
1.00
Quarterly
Citibank
NA
12/20/29
EUR
9,060
261,024
308,979
(47,955)
Deutsche
Bank
AG
.........
1.00
Quarterly
BNP
Paribas
SA
12/20/29
EUR
28,860
63,496
156,184
(92,688)
DR
Horton,
Inc.
...........
1.00
Quarterly
Barclays
Bank
plc
12/20/29
USD
97,176
(2,433,303)
(2,163,458)
(269,845)
eG
Global
Finance
plc
......
5.00
Quarterly
Deutsche
Bank
AG
12/20/29
EUR
3,040
(67,203)
(63,132)
(4,071)
ELO
SACA
..............
1
.00
Quarterly
Bank
of
America
NA
12/20/29
EUR
5,836
1,049,716
1,024,431
25,285
Exelon
Corp.
.............
1.00
Quarterly
Bank
of
America
NA
12/20/29
USD
84,050
(2,659,785)
(2,391,909)
(267,876)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/29
USD
97,769
2,349,297
3,103,608
(754,311)
Federative
Republic
of
Brazil
..
1.00
Quarterly
Barclays
Bank
plc
12/20/29
USD
58,683
1,410,082
1,862,830
(452,748)
Grifols
SA
...............
5.00
Quarterly
BNP
Paribas
SA
12/20/29
EUR
4,878
(261,367)
(147,250)
(114,117)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
141
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)
HSBC
Holdings
plc
........
1.00
%
Quarterly
BNP
Paribas
SA
12/20/29
EUR
25,410
$
(624,466)
$
(577,437)
$
(47,029)
Intel
Corp.
..............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
USD
40,072
(615,574)
(509,519)
(106,055)
Intel
Corp.
..............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
USD
8,357
(128,378)
(106,260)
(22,118)
Ladbrokes
Group
Finance
plc
.
1.00
Quarterly
Goldman
Sachs
International
12/20/29
EUR
6,255
156,189
164,147
(7,958)
Lincoln
National
Corp.
......
1.00
Quarterly
Bank
of
America
NA
12/20/29
USD
51,443
1,109,632
1,264,237
(
154,605)
Lincoln
National
Corp.
......
1.00
Quarterly
Bank
of
America
NA
12/20/29
USD
99,220
2,140,188
1,815,385
324,803
Lincoln
National
Corp.
......
1.00
Quarterly
Bank
of
America
NA
12/20/29
USD
17,140
369,712
381,231
(
11,519)
Occidental
Petroleum
Corp.
...
1.00
Quarterly
Citibank
NA
12/20/29
USD
16,037
12,444
14,921
(2,477)
Republic
of
Colombia
.......
1.00
Quarterly
Barclays
Bank
plc
12/20/29
USD
36,106
1,644,951
1,827,149
(182,198)
Republic
of
Panama
........
1.00
Quarterly
Citibank
NA
12/20/29
USD
11,805
330,903
384,697
(53,794)
Republic
of
Turkiye
(The)
....
1.00
Quarterly
Goldman
Sachs
International
12/20/29
USD
3,448
255,695
286,455
(30,760)
Republic
of
Turkiye
(The)
....
1.00
Quarterly
Goldman
Sachs
International
12/20/29
USD
38,161
2,829,700
3,170,107
(340,407)
Southwest
Airlines
Co.
......
1.00
Quarterly
Citibank
NA
12/20/29
USD
12,900
(46,583)
(18,063)
(
28,520)
Stena
AB
...............
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/29
EUR
6,618
(962,551)
(904,594)
(57,957)
Telecom
Italia
SpA
.........
1.00
Quarterly
Goldman
Sachs
International
12/20/29
EUR
5,817
266,582
298,215
(
31,633)
Toll
Brothers
Finance
Corp.
...
1.00
Quarterly
Bank
of
America
NA
12/20/29
USD
151,169
(2,006,063)
(2,066,264)
60,201
UniCredit
SpA
............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
EUR
8,540
204,847
234,762
(
29,915)
United
Group
BV
..........
5.00
Quarterly
Deutsche
Bank
AG
12/20/29
EUR
5,868
(461,257)
(414,229)
(47,028)
Verisure
Midholding
AB
......
5.00
Quarterly
Deutsche
Bank
AG
12/20/29
EUR
3,051
(237,275)
(227,843)
(9,432)
Volkswagen
International
Finance
NV
...........
1.00
Quarterly
Citibank
NA
12/20/29
EUR
5,110
38,168
—
38,168
Volvo
Car
AB
............
5.00
Quarterly
Barclays
Bank
plc
12/20/29
EUR
11,431
(1,563,912)
(1,578,988)
15,076
Ziggo
Bond
Co.
BV
........
5.00
Quarterly
BNP
Paribas
SA
12/20/29
EUR
5,894
(448,920)
(396,182)
(52,738)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
6,941
949
84,804
(83,855)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
8,082
1,105
82,417
(81,312)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
14
2
153
(151)
CMBX.NA.9.BBB-
.........
3.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
USD
4,870
771,083
146,035
625,048
CMBX.NA.9.BBB-
.........
3.00
Monthly
Goldman
Sachs
International
09/17/58
USD
1,456
230,533
101,907
128,626
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,674
265,050
82,064
182,986
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,421
224,992
69,661
155,331
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
19
(1)
(9,010)
9,009
$
–
$
–
$
–
$
(3,036,321)
$
8,946,808
$
(11,983,129)
$
–
$
–
$
–
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
GmbH
5.00
%
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
NR
EUR
1,117
$
(52)
$
(21,925)
$
21,873
Bank
of
America
Corp.
..
1.00
Quarterly
Deutsche
Bank
AG
12/20/24
A-
USD
74,356
154,823
63,884
90,939
Goldman
Sachs
Group,
Inc.
(The)
............
1.00
Quarterly
Deutsche
Bank
AG
12/20/24
BBB+
USD
74,356
149,253
79,936
69,317
Morgan
Stanley
.......
1.00
Quarterly
Deutsche
Bank
AG
12/20/24
A-
USD
74,356
152,594
84,758
67,836
Verizon
Communications,
Inc.
.............
1.00
Quarterly
Deutsche
Bank
AG
12/20/24
BBB+
USD
103,066
222,268
62,196
160,072
AXA
SA
............
1.00
Quarterly
BNP
Paribas
SA
06/20/25
A+
EUR
13,000
95,091
77,513
17,578
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
2,850
101,832
74,573
27,259
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
2,200
78,608
59,200
19,408
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
1,033
36,921
27,930
8,991
Sprint
Communications
LLC
5.00
Quarterly
Barclays
Bank
plc
06/20/25
NR
USD
2,400
85,754
56,608
29,146
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
B-
EUR
3,790
127,586
120,493
7,093
CCO
Holdings
LLC
....
5.00
Quarterly
BNP
Paribas
SA
12/20/25
BB-
USD
1,868
100,604
84,836
15,768
CCO
Holdings
LLC
....
5.00
Quarterly
BNP
Paribas
SA
12/20/25
BB-
USD
3,114
167,673
141,326
26,347
CCO
Holdings
LLC
....
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB-
USD
1,868
100,604
85,555
15,049
CCO
Holdings
LLC
....
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB-
USD
3,000
161,553
130,196
31,357
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
142
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)
Virgin
Media
Finance
plc
.
5.00
%
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
B-
EUR
980
$
52,816
$
42,595
$
10,221
Vistra
Operations
Co.
LLC
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB
USD
4,408
242,746
95,116
147,630
ADLER
Real
Estate
GmbH
5.00
Quarterly
Goldman
Sachs
International
06/20/26
CCC-
EUR
806
(5,639)
(22,446)
16,807
CMA
CGM
SA
........
5.00
Quarterly
Goldman
Sachs
International
06/20/26
NR
EUR
310
23,865
11,519
12,346
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/26
NR
EUR
410
31,563
36,209
(4,646)
CMA
CGM
SA
........
5.00
Quarterly
Barclays
Bank
plc
06/20/27
NR
EUR
110
11,950
1,901
10,049
CMA
CGM
SA
........
5.00
Quarterly
Barclays
Bank
plc
06/20/27
NR
EUR
3,940
426,210
47,280
378,930
CMA
CGM
SA
........
5.00
Quarterly
Goldman
Sachs
International
06/20/27
NR
EUR
1,474
159,481
(28,767)
188,248
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
612
66,219
12,468
53,751
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
575
62,246
11,720
50,526
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
163
17,609
3,246
14,363
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
2,104
227,600
126,631
100,969
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
NR
EUR
4,295
464,601
593,537
(128,936)
ADLER
Real
Estate
GmbH
5.00
Quarterly
Bank
of
America
NA
12/20/27
NR
EUR
631
2,304
(90,761)
93,065
ADLER
Real
Estate
GmbH
5.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
1,065
3,892
(148,362)
152,254
ADLER
Real
Estate
GmbH
5.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
3,750
13,701
(522,220)
535,921
ADLER
Real
Estate
GmbH
5.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
1,309
4,783
(182,290)
187,073
ADLER
Real
Estate
GmbH
5.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
379
1,385
(52,783)
54,168
ADLER
Real
Estate
GmbH
5.00
Quarterly
Citibank
NA
12/20/27
NR
EUR
1,088
3,976
(155,989)
159,965
ADLER
Real
Estate
GmbH
5.00
Quarterly
Citibank
NA
12/20/27
NR
EUR
309
1,129
(44,316)
45,445
ADLER
Real
Estate
GmbH
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
NR
EUR
647
2,364
(92,343)
94,707
ADLER
Real
Estate
GmbH
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
469
1,714
(66,847)
68,561
ADLER
Real
Estate
GmbH
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
225
822
(32,072)
32,894
CMA
CGM
SA
........
5.00
Quarterly
BNP
Paribas
SA
12/20/27
NR
EUR
285
34,115
(6,371)
40,486
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
3,100
371,078
(52,423)
423,501
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
958
114,675
155,875
(41,200)
Boparan
Finance
plc
...
5.00
Quarterly
Goldman
Sachs
International
12/20/28
NR
EUR
5,589
299,557
(377,109)
676,666
ADLER
Real
Estate
GmbH
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
CCC-
EUR
806
8,677
(18,428)
27,105
AT&T,
Inc.
...........
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
6,878
131,500
91,866
39,634
AT&T,
Inc.
...........
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
19,412
371,136
266,799
104,337
AT&T,
Inc.
...........
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
3,625
69,306
55,014
14,292
AT&T,
Inc.
...........
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
3,625
69,306
55,174
14,132
AT&T,
Inc.
...........
1.00
Quarterly
Deutsche
Bank
AG
06/20/29
BBB
USD
5,236
100,106
71,964
28,142
Broadcom,
Inc.
.......
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
19,573
481,517
410,445
71,072
Broadcom,
Inc.
.......
1.00
Quarterly
Citibank
NA
06/20/29
BBB
USD
10,926
268,791
229,694
39,097
Broadcom,
Inc.
.......
1.00
Quarterly
Citibank
NA
06/20/29
BBB
USD
10,925
268,767
229,673
39,094
Energy
Transfer
LP
....
1.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB
USD
41,240
576,241
671,099
(94,858)
Ford
Motor
Co.
.......
5.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
4,108
587,597
599,188
(11,591)
Ford
Motor
Co.
.......
5.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
9,730
1,391,754
1,411,624
(19,870)
Ford
Motor
Co.
.......
5.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
6,162
881,364
883,861
(2,497)
Ford
Motor
Co.
.......
5.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
3,697
528,809
524,149
4,660
Ford
Motor
Co.
.......
5.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
8,640
1,235,843
1,260,874
(25,031)
Ford
Motor
Co.
.......
5.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
3,697
528,809
527,523
1,286
Ford
Motor
Co.
.......
5.00
Quarterly
Deutsche
Bank
AG
06/20/29
BBB-
USD
3,484
498,321
503,824
(5,503)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
143
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)
Forvia
SE
...........
5.00
%
Quarterly
Deutsche
Bank
AG
06/20/29
BB
EUR
2,935
$
235,134
$
324,347
$
(89,213)
Freeport-McMoRan,
Inc.
.
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
4,098
41,709
35,732
5,977
Freeport-McMoRan,
Inc.
.
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
19,413
197,582
177,076
20,506
Freeport-McMoRan,
Inc.
.
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
4,062
41,342
39,179
2,163
Freeport-McMoRan,
Inc.
.
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
6,146
62,553
64,628
(2,075)
Freeport-McMoRan,
Inc.
.
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
6,146
62,553
45,776
16,777
Freeport-McMoRan,
Inc.
.
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB-
USD
4,399
44,772
29,516
15,256
Freeport-McMoRan,
Inc.
.
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB-
USD
6,502
66,176
62,713
3,463
Goldman
Sachs
Group,
Inc.
(The)
............
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB+
USD
7,090
136,606
145,644
(
9,038)
Goldman
Sachs
Group,
Inc.
(The)
............
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB+
USD
3,506
67,552
65,785
1,767
Goldman
Sachs
Group,
Inc.
(The)
............
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB+
USD
7,019
135,238
134,856
382
Goldman
Sachs
Group,
Inc.
(The)
............
1.00
Quarterly
Bank
of
America
NA
06/20/29
BBB+
USD
1,424
27,437
25,672
1,765
Intrum
AB
...........
5.00
Quarterly
Goldman
Sachs
International
06/20/29
CC
EUR
526
(129,175)
(
121,967)
(7,208)
Intrum
AB
...........
5.00
Quarterly
Goldman
Sachs
International
06/20/29
CC
EUR
789
(193,762)
(212,056)
18,294
Kinder
Morgan,
Inc.
....
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB
USD
11,738
182,675
216,128
(33,453)
Kinder
Morgan,
Inc.
....
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB
USD
8,433
131,240
148,908
(17,668)
Morgan
Stanley
.......
1.00
Quarterly
Bank
of
America
NA
06/20/29
A-
USD
7,075
141,680
148,551
(
6,871)
Morgan
Stanley
.......
1.00
Quarterly
Bank
of
America
NA
06/20/29
A-
USD
2,194
43,936
43,268
668
Morgan
Stanley
.......
1.00
Quarterly
Bank
of
America
NA
06/20/29
A-
USD
3,621
72,512
72,562
(50)
Morgan
Stanley
.......
1.00
Quarterly
Bank
of
America
NA
06/20/29
A-
USD
7,242
145,024
145,310
(286)
Teck
Resources
Ltd.
....
5.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
28,419
5,283,074
4,535,390
747,684
Verizon
Communications,
Inc.
.............
1.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
82,029
1,712,533
1,471,530
241,003
Verizon
Communications,
Inc.
.............
1.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
13,227
276,142
252,553
23,589
Verizon
Communications,
Inc.
.............
1.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
14,182
296,080
276,329
19,751
Verizon
Communications,
Inc.
.............
1.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
28,390
592,703
498,567
94,136
Verizon
Communications,
Inc.
.............
1.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
71,764
1,498,229
1,366,252
131,977
Verizon
Communications,
Inc.
.............
1.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
21,677
452,554
413,871
38,683
Virgin
Media
Finance
plc
.
5.00
Quarterly
Bank
of
America
NA
06/20/29
B-
EUR
5,975
358,175
194,328
163,847
Virgin
Media
Finance
plc
.
5.00
Quarterly
Barclays
Bank
plc
06/20/29
B-
EUR
2,057
122,714
103,242
19,472
Vistra
Operations
Co.
LLC
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BB
USD
1,975
340,002
276,587
63,415
Vistra
Operations
Co.
LLC
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BB
USD
1,335
229,824
204,510
25,314
Williams
Cos.,
Inc.
(The)
.
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB
USD
8,381
131,296
130,108
1,188
Williams
Cos.,
Inc.
(The)
.
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB
USD
21,396
335,189
366,556
(31,367)
Williams
Cos.,
Inc.
(The)
.
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB
USD
11,737
183,871
206,117
(22,246)
CCO
Holdings
LLC
....
5.00
Quarterly
Bank
of
America
NA
12/20/29
BB-
USD
1,480
160,229
161,602
(1,373)
CCO
Holdings
LLC
....
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/29
BB-
USD
3,460
374,589
361,198
13,391
Devon
Energy
Corp.
....
1.00
Quarterly
Citibank
NA
12/20/29
BBB
USD
8,365
27,299
27,299
—
Eutelsat
SA
..........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
B+
EUR
2,950
(130,662)
(158,650)
27,988
Optics
Bidco
SpA
......
5.00
Quarterly
Bank
of
America
NA
12/20/29
BB+
EUR
2,947
504,891
503,930
961
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
144
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)
Oracle
Corp.
.........
1.00
%
Quarterly
Barclays
Bank
plc
12/20/29
BBB
USD
8,300
$
257,773
$
257,773
$
—
Pitney
Bowes,
Inc.
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/29
B
USD
1,975
(248,965)
(241,178)
(7,787)
Sirius
XM
Radio,
Inc.
...
5.00
Quarterly
Barclays
Bank
plc
12/20/29
BB+
USD
1,480
188,238
186,230
2,008
Vistra
Operations
Co.
LLC
5.00
Quarterly
Barclays
Bank
plc
12/20/29
BB
USD
1,975
362,337
327,283
35,054
Vistra
Operations
Co.
LLC
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB
USD
1,335
244,922
224,819
20,103
Vistra
Operations
Co.
LLC
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB
USD
1,335
244,922
223,736
21,186
Vistra
Operations
Co.
LLC
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB
USD
1,975
362,337
334,598
27,739
Vistra
Operations
Co.
LLC
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB
USD
1,975
362,337
334,598
27,739
CMBX.NA.9.BBB-
.....
3.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
BBB-
USD
1,578
(249,913)
(3,403)
(246,510)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Goldman
Sachs
International
09/17/58
BBB-
USD
774
(122,487)
(75,543)
(46,944)
CMBX.NA.9.BBB-
.....
3.00
Monthly
JPMorgan
Securities
LLC
09/17/58
BBB-
USD
1,674
(
265,050)
—
(265,050)
CMBX.NA.9.BBB-
.....
3.00
Monthly
JPMorgan
Securities
LLC
09/17/58
BBB-
USD
1,360
(215,334)
(274,509)
59,175
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
BBB-
USD
2,400
(380,000)
2,242
(382,242)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
BBB-
USD
1,635
(258,876)
(386,779)
127,903
CMBX.NA.10.BBB-
....
3.00
Monthly
JPMorgan
Securities
LLC
11/17/59
BBB-
USD
270
(46,612)
—
(46,612)
$
26,866,863
$
21,857,234
$
5,009,629
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
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
$
1,448,193
$
—
$
1,448,193
1-day
BZDIOVER
At
Termination
10.98%
At
Termination
Barclays
Bank
plc
N/A
01/02/25
BRL
1,321,099
92,397
—
92,397
1-day
BZDIOVER
At
Termination
11.02%
At
Termination
Barclays
Bank
plc
N/A
01/02/25
BRL
283,788
6,824
—
6,824
1-day
BZDIOVER
At
Termination
13.15%
At
Termination
Bank
of
America
NA
N/A
01/02/25
BRL
27,073
127,669
—
127,669
1-day
BZDIOVER
At
Termination
13.25%
At
Termination
Citibank
NA
N/A
01/02/25
BRL
154,749
785,362
—
785,362
1-day
BZDIOVER
At
Termination
13.35%
At
Termination
Bank
of
America
NA
N/A
01/02/25
BRL
562,555
3,075,003
—
3,075,003
10.02%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
N/A
03/21/25
COP
46,576,678
26,737
—
26,737
9.81%
At
Termination
1-day
IBR
At
Termination
JPMorgan
Chase
Bank
NA
N/A
05/10/25
COP
104,072,084
(31,897)
—
(31,897)
9.81%
At
Termination
1-day
IBR
At
Termination
JPMorgan
Chase
Bank
NA
N/A
05/10/25
COP
187,358,434
(
57,424)
—
(57,424)
9.73%
At
Termination
1-day
IBR
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
05/10/25
COP
69,620,765
(8,562)
—
(8,562)
9.73%
At
Termination
1-day
IBR
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
05/10/25
COP
125,336,566
(15,414)
—
(15,414)
1-day
BZDIOVER
At
Termination
10.81%
At
Termination
BNP
Paribas
SA
N/A
07/01/25
BRL
355,740
(435,100)
—
(435,100)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
145
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
10.98%
At
Termination
BNP
Paribas
SA
N/A
07/01/25
BRL
224,458
$
(209,501)
$
—
$
(209,501)
1-day
BZDIOVER
At
Termination
10.98%
At
Termination
BNP
Paribas
SA
N/A
07/01/25
BRL
223,369
(208,484)
—
(
208,484)
1-day
BZDIOVER
At
Termination
11.83%
At
Termination
Barclays
Bank
plc
N/A
07/01/25
BRL
48,884
(2,081)
—
(2,081)
8.62%
At
Termination
1-day
IBR
At
Termination
JPMorgan
Chase
Bank
NA
11/05/24
(a)
11/05/25
COP
368,616,006
(
645,248)
—
(645,248)
1-day
BZDIOVER
At
Termination
10.14%
At
Termination
Goldman
Sachs
International
N/A
01/02/26
BRL
99,060
(725,746)
—
(725,746)
1-day
BZDIOVER
At
Termination
11.53%
At
Termination
BNP
Paribas
SA
N/A
01/02/26
BRL
168,666
(226,783)
—
(226,783)
1-day
BZDIOVER
At
Termination
12.16%
At
Termination
Barclays
Bank
plc
N/A
01/02/26
BRL
39,525
(8,686)
—
(8,686)
7.25%
Quarterly
1-day
IBR
Quarterly
Barclays
Bank
plc
N/A
09/25/26
COP
15,484,512
1,322
—
1,322
1-day
BZDIOVER
At
Termination
10.06%
At
Termination
JPMorgan
Chase
Bank
NA
N/A
01/04/27
BRL
268,512
(3,247,859)
—
(3,247,859)
10.97%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
N/A
01/04/27
BRL
390,651
1,912,550
—
1,912,550
11.49%
At
Termination
1-day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
145,950
426,848
—
426,848
11.57%
At
Termination
1-day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
257,208
591,800
—
591,800
12.21%
At
Termination
1-day
BZDIOVER
At
Termination
Citibank
NA
N/A
01/04/27
BRL
25,788
9,997
—
9,997
1-day
BZDIOVER
At
Termination
10.00%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
276,479
(3,446,239)
—
(3,446,239)
1-day
BZDIOVER
At
Termination
10.03%
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
01/04/27
BRL
268,801
(
3,309,227)
—
(3,309,227)
1-day
BZDIOVER
At
Termination
10.05%
At
Termination
Barclays
Bank
plc
N/A
01/04/27
BRL
25,249
(235,592)
—
(235,592)
1-day
BZDIOVER
At
Termination
10.07%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
241,046
(3,014,066)
—
(3,014,066)
1-day
BZDIOVER
At
Termination
10.14%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
256,421
(3,105,312)
—
(3,105,312)
1-day
BZDIOVER
At
Termination
10.16%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
1,830
(21,926)
—
(21,926)
1-day
BZDIOVER
At
Termination
10.32%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
4,687
(37,439)
—
(37,439)
1-day
BZDIOVER
At
Termination
9.79%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
398,851
(4,438,922)
—
(4,438,922)
1-day
BZDIOVER
At
Termination
9.94%
At
Termination
Barclays
Bank
plc
N/A
01/04/27
BRL
82,900
(834,561)
—
(834,561)
1-day
BZDIOVER
At
Termination
9.99%
At
Termination
Citibank
NA
N/A
01/04/27
BRL
269,132
(3,379,468)
—
(3,379,468)
4.34%
Semi-Annual
1-day
CLICP
Semi-Annual
Goldman
Sachs
International
N/A
09/13/27
CLP
39,670,774
(15,364)
—
(15,364)
4.34%
Semi-Annual
1-day
CLICP
Semi-Annual
Goldman
Sachs
International
N/A
09/13/27
CLP
13,479,729
(5,220)
—
(5,220)
4.28%
Semi-Annual
1-day
CLICP
Semi-Annual
Barclays
Bank
plc
N/A
09/25/27
CLP
2,866,882
3,015
—
3,015
3.30%
Quarterly
3-mo.
KLIBOR
Quarterly
Goldman
Sachs
International
03/19/25
(a)
03/19/28
MYR
64,016
35,210
—
35,210
$
(
19,123,194)
$
—
$
(19,123,194)
(a)
Forward
swap.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
146
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
Goldman
Sachs
Systematic
Skew
US
Series
10
Excess
Return
Strategy
Quarterly
Goldman
Sachs
International
12/06/24
USD
19,218
$
12,091
$
—
$
12,091
0.00%
...........
At
Termination
Citi
Equity
US
1W
Volatility
Carry
Index
At
Termination
Citibank
NA
12/20/24
USD
17,583
57,259
—
57,259
0.00%
...........
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
12/20/24
USD
4,925
6,264
—
6,264
0.00%
...........
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
12/20/24
USD
4,872
6,196
—
6,196
0.00%
...........
Quarterly
Goldman
Sachs
Systematic
Skew
US
Series
I1D
Excess
Return
Index
Quarterly
Goldman
Sachs
International
12/20/24
USD
1,972
214
—
214
0.00%
...........
Quarterly
Goldman
Sachs
Systematic
Skew
US
Series
I1D
Excess
Return
Index
Quarterly
Goldman
Sachs
International
12/20/24
USD
2,066
224
—
224
0.00%
...........
Quarterly
Goldman
Sachs
TY
Weekly
Volatility
Carry
Index
Quarterly
Goldman
Sachs
International
12/20/24
USD
3,074
3,731
—
3,731
0.00%
...........
Quarterly
J.P.
Morgan
EM
FX
Volatility
Carry
Index
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
990
1,182
—
1,182
0.00%
...........
Quarterly
J.P.
Morgan
UST
10Y
Short
Variance
Index
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
1,997
811
—
811
0.00%
...........
Quarterly
J.P.
Morgan
UST
10Y
Short
Variance
Index
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
2,998
1,218
—
1,218
1-day
SOFR
.......
Quarterly
Goldman
Sachs
Systematic
Skew
US
Series
I1D
Excess
Return
Index
Quarterly
Goldman
Sachs
International
12/20/24
USD
1,975
(1,378)
—
(1,378)
1-day
SOFR
.......
Quarterly
Goldman
Sachs
Systematic
Skew
US
Series
I1D
Excess
Return
Index
Quarterly
Goldman
Sachs
International
12/20/24
USD
2,949
(2,058)
—
(2,058)
1-day
SOFR
.......
Quarterly
J.P.
Morgan
EM
FX
Volatility
Carry
Index
Quarterly
JPMorgan
Chase
Bank
NA
12/20/24
USD
990
384
—
384
1-day
SOFR
minus
0.30%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Bank
of
America
NA
12/20/24
USD
3,395
(104,516)
—
(104,516)
1-day
SOFR
minus
0.30%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
JPMorgan
Chase
Bank
NA
12/20/24
USD
585
(18,001)
—
(18,001)
1-day
SOFR
plus
0.40%
At
Termination
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
12/20/24
USD
1,265
(83,901)
—
(83,901)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
147
(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)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
Quarterly
1-day
SOFR
minus
0.60%
At
Termination
Goldman
Sachs
International
12/20/24
USD
685
$
378,854
$
—
$
378,854
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
Quarterly
1-day
SOFR
minus
0.60%
At
Termination
JPMorgan
Chase
Bank
NA
12/20/24
USD
1,828
1,011,533
—
1,011,533
$
1,270,107
$
—
$
1,270,107
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)
01/12/27
$
(64,649,046)
$
(1,195,177)
(c)
$
(65,702,227)
0.4
%
Monthly
Citibank
NA
(d)
02/24/28
(64,929,074)
(763,233)
(e)
(65,614,537)
0.4
Monthly
JPMorgan
Chase
Bank
NA
(f)
04/30/25
(83,105,366)
(1,756,243)
(g)
(84,944,926)
0.9
Monthly
Merrill
Lynch
International
&
Co.
(h)
03/15/28
(141,039,013)
(1,518,781)
(i)
(142,994,970)
1.1
$
(5,233,434)
$
(359,256,660)
(b)
(d)
(f)
Range:
15-155
basis
points
0-75
basis
points
15-900
basis
points
Benchmarks:
Bank
of
Canada
Overnight
Rate
Target
(CABROVER)
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
CAD
-
1D
Overnight
Bank
of
Canada
Repo
Rate
(CORRA)
CAD
-
Overnight
Interbank
Rate
Overnight
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
DKK
-
Denmark
Short-Term
Rate
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
NOK
-
Norwegian
Overnight
Weighted
Average
(NOWA)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
SEK
-
1D
Overnight
Stockholm
Interbank
Offer
Rate
(STIBOR)
SEK
-
TN
Stockholm
Interbank
Offer
Rate
(STIBOR)
HKD
-
Overnight
Index
Average
(HONIA)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
MXN
-
28D
Mexican
Interbank
Rate
(TIIE)
SEK
-
TN
Stockholm
Interbank
Offer
Rate
(STIBOR)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
ZAR
-
1D
Rand
Overnight
Interest
Rate
Fixing
(RAONON)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
148
(h)
Range:
0-2,500
basis
points
Benchmarks:
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
Bank
of
Canada
Overnight
Rate
Target
(CABROVER)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
DKK
-
1W
Copenhagen
Interbank
Swap
Rate
(CIBOR)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
HKD
-
Overnight
Index
Average
(HONIA)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
MXN
-
28D
Mexican
Interbank
Rate
(TIIE)
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
$(141,996)
of
net
dividends
and
financing
fees.
(d)
CitiBank
NA
(e)
Amount
includes
$(77,770)
of
net
dividends
and
financing
fees.
(f)
JPMChase
(g)
Amount
includes
$83,317
of
net
dividends
and
financing
fees.
(h)
Merill
Lynch
(i)
Amount
includes
$437,176
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
January
12,
2027:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Canada
Canadian
National
Railway
Co.
10,100
$
1,182,696
(1.8)
%
Fairfax
Financial
Holdings
Ltd.
2,200
2,777,828
(4.2)
3,960,524
France
Carrefour
SA
............
64,200
1,094,703
(1.7)
Edenred
SE
.............
39,200
1,484,724
(2.3)
2,579,427
Germany
Northern
Data
AG
.........
111,387
3,175,733
(4.8)
Rheinmetall
AG
..........
1,400
761,077
(1.2)
3,936,810
Japan
Daikin
Industries
Ltd.
.......
19,600
2,751,076
(4.2)
Hakuhodo
DY
Holdings,
Inc.
..
121,200
993,147
(1.5)
Mitsubishi
Logistics
Corp.
....
31,600
1,158,009
(1.8)
Mitsubishi
UFJ
Financial
Group,
Inc.
.................
90,800
932,389
(1.4)
Shimamura
Co.
Ltd.
.......
18,200
994,189
(1.5)
Sompo
Holdings,
Inc.
......
77,500
1,746,912
(2.7)
Yamazaki
Baking
Co.
Ltd.
....
41,100
814,373
(1.2)
9,390,095
Norway
Telenor
ASA
.............
220,000
2,814,379
(4.3)
Sweden
Sandvik
AB
.............
63,900
1,429,899
(2.2)
Shares
Value
%
of
Basket
Value
Switzerland
Adecco
Group
AG
(Registered)
20,500
$
699,139
(1.1)
%
Geberit
AG
(Registered)
.....
1,600
1,044,490
(1.6)
1,743,629
United
Kingdom
National
Grid
plc
..........
61,100
844,586
(1.3)
Spirax
Group
plc
..........
7,600
766,118
(1.2)
1,610,704
United
States
AMC
Networks,
Inc.,
Class
A
..
179,997
1,564,174
(2.4)
Amgen,
Inc.
.............
2,700
869,967
(1.3)
Bristol-Myers
Squibb
Co.
....
34,400
1,779,856
(2.7)
Devon
Energy
Corp.
.......
57,500
2,249,400
(3.4)
DuPont
de
Nemours,
Inc.
....
28,800
2,566,368
(3.9)
Honeywell
International,
Inc.
..
14,400
2,976,624
(4.5)
Johnson
&
Johnson
........
12,800
2,074,368
(3.2)
Netflix,
Inc.
..............
2,700
1,915,029
(2.9)
Procter
&
Gamble
Co.
(The)
..
6,800
1,177,760
(1.8)
Rockwell
Automation,
Inc.
....
6,700
1,798,682
(2.7)
Skyworks
Solutions,
Inc.
....
7,700
760,529
(1.2)
TJX
Cos.,
Inc.
(The)
.......
21,200
2,491,848
(3.8)
22,224,605
Total
Reference
Entity
—
Long
............
49,690,072
Reference
Entity
—
Short
Common
Stocks
Finland
Valmet
OYJ
.............
(31,700)
(1,016,823)
1.5
France
Bollore
SE
..............
(184,700)
(1,232,891)
1.9
Capgemini
SE
...........
(
6,600)
(1,424,944)
2.2
Pernod
Ricard
SA
.........
(15,200)
(2,299,645)
3.5
Remy
Cointreau
SA
........
(18,500)
(1,441,127)
2.2
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
149
Shares
Value
%
of
Basket
Value
France
(continued)
SOITEC
...............
(16,400)
$
(1,642,604)
2.5
%
Teleperformance
SE
.......
(8,900)
(920,709)
1.4
(8,961,920)
Germany
thyssenkrupp
AG
.........
(382,500)
(1,481,949)
2.3
Italy
Telecom
Italia
SpA
........
(631,600)
(175,604)
0.3
Japan
Aeon
Co.
Ltd.
............
(94,000)
(2,553,069)
3.9
DMG
Mori
Co.
Ltd.
........
(61,800)
(1,318,208)
2.0
Hitachi
Construction
Machinery
Co.
Ltd.
..............
(55,400)
(1,357,859)
2.1
Invincible
Investment
Corp.
...
(2,000)
(866,195)
1.3
Japan
Metropolitan
Fund
Invest
(1,600)
(1,074,115)
1.6
Japan
Real
Estate
Investment
Corp.
...............
(100)
(397,560)
0.6
Kobe
Bussan
Co.
Ltd.
......
(49,300)
(1,537,580)
2.3
Mitsui
Chemicals,
Inc.
......
(33,400)
(892,183)
1.4
Nippon
Express
Holdings,
Inc.
.
(35,200)
(1,853,871)
2.8
Nissan
Motor
Co.
Ltd.
......
(576,300)
(1,637,058)
2.5
Orient
Corp.
.............
(234,500)
(1,538,441)
2.3
OSG
Corp.
..............
(151,300)
(2,139,011)
3.3
Otsuka
Holdings
Co.
Ltd.
....
(32,100)
(1,823,252)
2.8
Recruit
Holdings
Co.
Ltd.
....
(28,800)
(1,749,669)
2.7
Sankyu,
Inc.
.............
(16,500)
(557,250)
0.8
Sharp
Corp.
.............
(54,700)
(363,790)
0.6
Shinko
Electric
Industries
Co.
Ltd.
................
(36,500)
(1,395,898)
2.1
SoftBank
Group
Corp.
......
(16,600)
(984,649)
1.5
Tokyo
Gas
Co.
Ltd.
........
(40,100)
(934,054)
1.4
Zenkoku
Hosho
Co.
Ltd.
.....
(38,900)
(1,535,350)
2.3
(26,509,062)
Luxembourg
RTL
Group
SA
...........
(44,900)
(1,524,539)
2.3
Netherlands
Aegon
Ltd.
..............
(134,600)
(864,553)
1.3
South
Korea
Delivery
Hero
SE
.........
(23,100)
(934,846)
1.4
Sweden
Beijer
Ref
AB,
Class
B
......
(75,800)
(1,247,946)
1.9
Lifco
AB,
Class
B
.........
(81,200)
(2,674,217)
4.1
Swedish
Orphan
Biovitrum
AB
.
(34,300)
(1,104,398)
1.7
(5,026,561)
Switzerland
Bachem
Holding
AG
.......
(10,000)
(843,014)
1.3
Clariant
AG
(Registered)
....
(131,900)
(1,999,090)
3.1
DSM-Firmenich
AG
........
(9,600)
(1,324,870)
2.0
Swatch
Group
AG
(The)
.....
(7,700)
(1,651,086)
2.5
(
5,818,060)
Taiwan
First
Financial
Holding
Co.
Ltd.
(1,035,150)
(895,772)
1.4
Formosa
Plastics
Corp.
.....
(174,000)
(293,308)
0.4
Powerchip
Semiconductor
Manufacturing
Corp.
.....
(436,000)
(296,363)
0.5
(1,485,443)
Shares
Value
%
of
Basket
Value
United
Kingdom
Ashtead
Group
plc
........
(19,800)
$
(1,534,120)
2.3
%
Coca-Cola
Europacific
Partners
plc
.................
(33,700)
(2,653,875)
4.0
Entain
plc
..............
(127,427)
(1,301,941)
2.0
Howden
Joinery
Group
plc
...
(121,500)
(1,476,504)
2.3
Unilever
plc
.............
(31,000)
(2,009,832)
3.1
(8,976,272)
United
States
American
Electric
Power
Co.,
Inc.
.................
(11,500)
(1,179,900)
1.8
Bio-Rad
Laboratories,
Inc.,
Class
A
..................
(2,000)
(669,160)
1.0
Charter
Communications,
Inc.,
Class
A
..............
(5,900)
(1,912,072)
2.9
Chubb
Ltd.
..............
(9,200)
(2,653,188)
4.0
Corning,
Inc.
............
(21,000)
(948,150)
1.5
Corteva,
Inc.
............
(30,600)
(1,798,974)
2.7
Deere
&
Co.
.............
(3,000)
(1,251,990)
1.9
Edison
International
........
(25,700)
(2,238,213)
3.4
Emerson
Electric
Co.
.......
(15,800)
(1,728,046)
2.6
EQT
Corp.
..............
(52,900)
(
1,938,256)
3.0
Everest
Group
Ltd.
........
(2,900)
(1,136,307)
1.7
Exxon
Mobil
Corp.
.........
(24,100)
(2,825,002)
4.3
Fortive
Corp.
............
(11,300)
(891,909)
1.4
General
Dynamics
Corp.
....
(6,100)
(1,843,420)
2.8
Hershey
Co.
(The)
........
(7,400)
(1,419,172)
2.2
KKR
&
Co.,
Inc.
..........
(9,500)
(1,240,510)
1.9
Lamb
Weston
Holdings,
Inc.
..
(26,300)
(1,702,662)
2.6
Lowe's
Cos.,
Inc.
.........
(6,500)
(1,760,525)
2.7
McDonald's
Corp.
.........
(3,800)
(1,157,138)
1.8
Mondelez
International,
Inc.,
Class
A
..............
(15,400)
(1,134,518)
1.7
Newmont
Corp.
..........
(23,800)
(1,272,110)
1.9
Parker-Hannifin
Corp.
......
(4,700)
(2,969,554)
4.5
Paycom
Software,
Inc.
......
(4,200)
(699,594)
1.1
Pentair
plc
..............
(21,000)
(2,053,590)
3.1
PTC,
Inc.
...............
(9,600)
(1,734,336)
2.6
Public
Service
Enterprise
Group,
Inc.
.................
(14,000)
(1,248,940)
1.9
Sherwin-Williams
Co.
(The)
..
(3,200)
(1,221,344)
1.9
Smurfit
WestRock
plc
......
(53,400)
(2,652,186)
4.0
Southwest
Airlines
Co.
......
(52,200)
(1,546,686)
2.4
Starbucks
Corp.
..........
(14,200)
(1,384,358)
2.1
Synopsys,
Inc.
...........
(1,600)
(810,224)
1.2
Teradyne,
Inc.
...........
(9,200)
(1,232,156)
1.9
Tractor
Supply
Co.
........
(3,300)
(960,069)
1.5
Vulcan
Materials
Co.
.......
(5,600)
(1,402,408)
2.1
(52,616,667)
Total
Reference
Entity
—
Short
............
(115,392,299)
Net
Value
of
Reference
Entity
—
Barclays
Bank
plc
................................
$
(65,702,227)
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
Brazil
Pluxee
NV
..............
56,700
1,194,304
(1.8)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
150
Shares
Value
%
of
Basket
Value
Canada
Alimentation
Couche-Tard,
Inc.
26,700
$
1,476,106
(2.3)
%
Canadian
Natural
Resources
Ltd.
................
47,400
1,573,984
(2.4)
Thomson
Reuters
Corp.
.....
5,700
972,260
(1.5)
4,022,350
Chile
Antofagasta
plc
...........
44,700
1,204,882
(1.8)
Finland
Sampo
OYJ,
Class
A
.......
21,400
998,104
(1.5)
France
Bureau
Veritas
SA
.........
36,400
1,207,628
(1.8)
Kering
SA
..............
2,900
834,772
(1.3)
L'Oreal
SA
..............
4,100
1,839,001
(2.8)
3,881,401
Germany
Fresenius
Medical
Care
AG
..
22,100
939,067
(1.4)
Japan
Ebara
Corp.
.............
80,700
1,322,744
(2.0)
Isetan
Mitsukoshi
Holdings
Ltd.
40,700
638,928
(1.0)
Japan
Post
Holdings
Co.
Ltd.
.
132,400
1,269,603
(1.9)
Kokusai
Electric
Corp.
......
26,500
597,538
(0.9)
Yamaha
Motor
Co.
Ltd.
.....
198,600
1,788,613
(2.7)
5,617,426
Netherlands
Koninklijke
KPN
NV
........
571,000
2,332,127
(3.5)
Sweden
Volvo
AB,
Class
B
.........
87,100
2,303,986
(3.5)
Switzerland
Julius
Baer
Group
Ltd.
......
17,900
1,079,441
(1.6)
United
Kingdom
Imperial
Brands
plc
........
52,700
1,532,994
(2.3)
International
Consolidated
Airlines
Group
SA
.......
267,700
735,353
(1.1)
Intertek
Group
plc
.........
30,400
2,101,778
(3.2)
Marks
&
Spencer
Group
plc
..
231,100
1,153,294
(1.8)
Rolls-Royce
Holdings
plc
....
134,000
948,384
(1.5)
Sage
Group
plc
(The)
......
87,800
1,206,042
(1.8)
Schroders
plc
............
173,600
813,447
(1.2)
UNITE
Group
plc
(The)
.....
148,900
1,875,272
(2.9)
10,366,564
United
States
Datadog,
Inc.,
Class
A
......
12,900
1,484,274
(2.3)
Dell
Technologies,
Inc.,
Class
C
9,200
1,090,568
(1.7)
Equinix,
Inc.
.............
1,200
1,065,156
(1.6)
Equity
Residential
.........
25,700
1,913,622
(2.9)
Etsy,
Inc.
...............
21,300
1,182,789
(1.8)
Expeditors
International
of
Washington,
Inc.
........
21,000
2,759,400
(4.2)
GoDaddy,
Inc.,
Class
A
.....
7,500
1,175,850
(1.8)
Lululemon
Athletica,
Inc.
....
2,800
759,780
(1.2)
PNC
Financial
Services
Group,
Inc.
(The)
............
7,800
1,441,830
(2.2)
Tenaris
SA
..............
54,500
865,019
(1.3)
Ventas,
Inc.
.............
20,800
1,333,904
(2.0)
Zoetis,
Inc.
..............
6,500
1,269,970
(1.9)
16,342,162
Total
Reference
Entity
—
Long
............
50,281,814
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Short
Common
Stocks
Australia
National
Storage
REIT
......
(1,559,588)
$
(2,734,067)
4.2
%
Belgium
D'ieteren
Group
..........
(4,100)
(
868,186)
1.3
UCB
SA
...............
(6,200)
(1,119,206)
1.7
(1,987,392)
Brazil
NU
Holdings
Ltd.,
Class
A
....
(89,500)
(1,221,675)
1.8
Canada
Brookfield
Asset
Management
Ltd.,
Class
A
..........
(36,200)
(
1,711,433)
2.6
Canadian
Pacific
Kansas
City
Ltd.
................
(30,700)
(2,625,656)
4.0
Constellation
Software,
Inc.
..
(100)
(325,336)
0.5
Manulife
Financial
Corp.
.....
(81,300)
(2,402,722)
3.7
Rogers
Communications,
Inc.,
Class
B
..............
(39,600)
(1,592,257)
2.4
Royal
Bank
of
Canada
......
(13,000)
(1,622,537)
2.5
Saputo,
Inc.
.............
(15,300)
(330,221)
0.5
(10,610,162)
Finland
Wartsila
OYJ
Abp
.........
(39,200)
(877,166)
1.3
France
Renault
SA
.............
(26,100)
(1,134,642)
1.8
SEB
SA
................
(8,700)
(993,067)
1.5
Wendel
SE
.............
(19,400)
(1,985,001)
3.0
Worldline
SA
............
(82,900)
(
604,060)
0.9
(4,716,770)
Germany
Deutsche
Lufthansa
AG
(Registered)
...........
(192,600)
(1,410,677)
2.2
Deutsche
Post
AG
.........
(40,400)
(1,802,111)
2.7
SAP
SE
................
(5,300)
(1,212,283)
1.8
(4,425,071)
Italy
DiaSorin
SpA
............
(20,500)
(2,396,993)
3.6
Nexi
SpA
...............
(201,700)
(1,370,393)
2.1
(3,767,386)
Japan
Advantest
Corp.
..........
(17,500)
(823,047)
1.3
Anritsu
Corp.
............
(122,100)
(930,506)
1.4
Brother
Industries
Ltd.
......
(47,800)
(937,474)
1.4
Calbee,
Inc.
.............
(67,700)
(1,648,787)
2.5
Daiichikosho
Co.
Ltd.
.......
(102,800)
(1,252,736)
1.9
Descente
Ltd.
............
(19,000)
(575,928)
0.9
Kaneka
Corp.
............
(24,000)
(656,828)
1.0
Koito
Manufacturing
Co.
Ltd.
..
(47,800)
(665,038)
1.0
MatsukiyoCocokara
&
Co.
...
(118,800)
(1,957,271)
3.0
Mercari,
Inc.
.............
(41,100)
(717,391)
1.1
Mitsubishi
Heavy
Industries
Ltd.
(48,400)
(723,289)
1.1
MonotaRO
Co.
Ltd.
........
(34,800)
(580,290)
0.9
Nomura
Real
Estate
Holdings,
Inc.
.................
(48,600)
(1,309,435)
2.0
Nomura
Real
Estate
Master
Fund,
Inc.
............
(1,300)
(1,297,018)
2.0
Obic
Co.
Ltd.
............
(28,000)
(982,359)
1.5
Relo
Group,
Inc.
..........
(70,800)
(930,750)
1.4
Sanken
Electric
Co.
Ltd.
.....
(28,100)
(1,322,437)
2.0
SBI
Holdings,
Inc.
.........
(65,900)
(1,525,093)
2.3
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
151
Shares
Value
%
of
Basket
Value
Japan
(continued)
SG
Holdings
Co.
Ltd.
.......
(74,700)
$
(801,185)
1.2
%
SUMCO
Corp.
...........
(177,200)
(1,916,585)
2.9
Yakult
Honsha
Co.
Ltd.
.....
(55,500)
(1,285,312)
2.0
(
22,838,759)
Sweden
Husqvarna
AB,
Class
B
.....
(227,500)
(1,593,571)
2.4
Swedbank
AB,
Class
A
......
(37,900)
(804,453)
1.2
Telefonaktiebolaget
LM
Ericsson,
Class
B
..............
(238,300)
(1,800,703)
2.8
(
4,198,727)
Switzerland
Cie
Financiere
Richemont
SA
.
(7,600)
(1,206,913)
1.8
United
Kingdom
Beazley
plc
.............
(165,300)
(1,688,073)
2.6
Halma
plc
..............
(44,800)
(1,566,453)
2.4
HSBC
Holdings
plc
........
(
142,300)
(1,276,577)
1.9
Rentokil
Initial
plc
.........
(373,800)
(1,827,834)
2.8
WPP
plc
...............
(212,800)
(2,179,803)
3.3
(8,538,740)
United
States
Air
Products
&
Chemicals,
Inc.
(4,600)
(
1,369,604)
2.1
Albemarle
Corp.
..........
(10,700)
(1,013,397)
1.6
APA
Corp.
..............
(91,900)
(2,247,874)
3.4
Bio-Techne
Corp.
.........
(9,200)
(735,356)
1.1
Blackstone,
Inc.
..........
(15,700)
(2,404,141)
3.7
Brown-Forman
Corp.,
Class
B
.
(30,100)
(1,480,920)
2.3
CDW
Corp.
.............
(6,600)
(1,493,580)
2.3
Charles
River
Laboratories
International,
Inc.
.......
(6,800)
(1,339,396)
2.0
Constellation
Brands,
Inc.,
Class
A
..................
(8,300)
(
2,138,827)
3.3
Enphase
Energy,
Inc.
.......
(6,400)
(723,328)
1.1
Federal
Realty
Investment
Trust
(15,500)
(1,782,035)
2.7
FedEx
Corp.
............
(9,900)
(2,709,432)
4.1
First
Solar,
Inc.
...........
(5,100)
(1,272,144)
1.9
Fiserv,
Inc.
..............
(19,300)
(3,467,245)
5.3
FMC
Corp.
..............
(12,400)
(817,656)
1.3
GE
HealthCare
Technologies,
Inc.
.................
(32,900)
(3,087,665)
4.7
Gen
Digital,
Inc.
..........
(39,100)
(1,072,513)
1.6
Haleon
plc
..............
(469,400)
(
2,456,136)
3.7
Henry
Schein,
Inc.
.........
(20,300)
(1,479,870)
2.3
Martin
Marietta
Materials,
Inc.
.
(3,300)
(1,776,225)
2.7
Norfolk
Southern
Corp.
.....
(9,700)
(2,410,450)
3.7
Paychex,
Inc.
............
(8,500)
(1,140,615)
1.7
Ralph
Lauren
Corp.
........
(6,200)
(1,201,994)
1.8
Revvity,
Inc.
.............
(8,800)
(1,124,200)
1.7
Solventum
Corp.
..........
(13,100)
(913,332)
1.4
STERIS
plc
.............
(4,500)
(1,091,430)
1.7
Super
Micro
Computer,
Inc.
..
(1,800)
(749,520)
1.1
Tapestry,
Inc.
............
(48,800)
(2,292,624)
3.5
Walgreens
Boots
Alliance,
Inc.
(170,500)
(1,527,680)
2.3
WW
Grainger,
Inc.
.........
(1,400)
(1,454,334)
2.2
(48,773,523)
Total
Reference
Entity
—
Short
............
(115,896,351)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
(65,614,537)
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
Val
ue
Reference
Entity
—
Long
Common
Stocks
Australia
Macquarie
Group
Ltd.
......
6,400
$
1,024,075
(1.2)
%
Metcash
Ltd.
............
533,000
1,317,544
(1.5)
Transurban
Group
.........
243,800
2,202,754
(2.6)
4,544,373
Belgium
Warehouses
De
Pauw
CVA
..
37,900
1,011,354
(1.2)
Brazil
Ambev
SA
..............
584,300
1,408,275
(1.7)
SLC
Agricola
SA
..........
234,900
787,786
(0.9)
Transmissora
Alianca
de
Energia
Eletrica
SA
...........
247,800
1,561,117
(1.8)
3,757,178
Canada
Barrick
Gold
Corp.
........
60,800
1,209,302
(1.4)
China
BeiGene
Ltd.
............
80,400
1,413,050
(1.6)
Budweiser
Brewing
Co.
APAC
Ltd.
................
931,500
1,229,228
(1.4)
CSPC
Pharmaceutical
Group
Ltd.
................
1,690,000
1,294,230
(1.5)
Geely
Automobile
Holdings
Ltd.
1,255,000
1,925,169
(2.3)
Great
Wall
Motor
Co.
Ltd.,
Class
H
..................
1,052,500
1,933,091
(2.3)
Haidilao
International
Holding
Ltd.
................
852,000
2,039,049
(2.4)
NetEase,
Inc.
............
54,400
1,016,177
(1.2)
Tencent
Holdings
Ltd.
......
17,000
945,283
(1.1)
Weichai
Power
Co.
Ltd.,
Class
H
1,337,000
2,443,688
(2.9)
Xiaomi
Corp.,
Class
B
......
297,600
838,248
(1.0)
15,077,213
Denmark
Novo
Nordisk
A/S,
Class
B
...
15,100
1,791,034
(2.1)
France
Dassault
Systemes
SE
.....
27,100
1,076,433
(1.3)
Eiffage
SA
..............
13,700
1,322,950
(1.5)
Orange
SA
..............
192,700
2,206,975
(2.6)
4,606,358
Hong
Kong
AIA
Group
Ltd.
...........
209,200
1,826,914
(2.1)
Japan
Astellas
Pharma,
Inc.
.......
62,600
723,491
(0.9)
Credit
Saison
Co.
Ltd.
......
33,000
828,100
(1.0)
Daiichi
Sankyo
Co.
Ltd.
.....
44,300
1,463,333
(1.7)
Goldwin,
Inc.
............
19,000
1,100,769
(1.3)
Hitachi
Ltd.
.............
45,900
1,217,146
(1.4)
Japan
Aviation
Electronics
Industry
Ltd.
...........
67,500
1,205,037
(1.4)
Kamigumi
Co.
Ltd.
........
95,800
2,191,132
(2.6)
Kawasaki
Kisen
Kaisha
Ltd.
..
44,200
689,056
(0.8)
Mabuchi
Motor
Co.
Ltd.
.....
90,900
1,411,225
(1.7)
Mitsubishi
Chemical
Group
Corp.
...............
289,200
1,860,259
(2.2)
Mitsubishi
Electric
Corp.
.....
88,000
1,427,443
(1.7)
Mitsui
Mining
&
Smelting
Co.
Ltd.
................
43,200
1,478,635
(1.7)
Morinaga
Milk
Industry
Co.
Ltd.
49,700
1,214,292
(1.4)
MS&AD
Insurance
Group
Holdings,
Inc.
..........
43,400
1,020,082
(1.2)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
152
Shares
Value
%
of
Basket
Value
Japan
(continued)
NIDEC
Corp.
............
65,600
$
1,381,083
(1.6)
%
Nihon
M&A
Center
Holdings,
Inc.
.................
110,900
506,540
(0.6)
NSK
Ltd.
...............
148,000
748,551
(0.9)
Panasonic
Holdings
Corp.
...
125,700
1,104,244
(1.3)
Rakus
Co.
Ltd.
...........
45,300
705,583
(0.8)
SHO-BOND
Holdings
Co.
Ltd.
.
49,200
1,950,810
(2.3)
24,226,811
Mexico
Wal-Mart
de
Mexico
SAB
de
CV
265,900
802,291
(1.0)
Netherlands
Koninklijke
Vopak
NV
......
29,400
1,364,446
(1.6)
Wolters
Kluwer
NV
........
11,300
1,905,991
(2.2)
3,270,437
Peru
Credicorp
Ltd.
...........
8,600
1,556,342
(1.8)
South
Africa
Discovery
Ltd.
...........
97,300
968,901
(1.1)
South
Korea
BNK
Financial
Group,
Inc.
...
140,200
966,826
(1.2)
Doosan
Enerbility
Co.
Ltd.
...
63,300
866,275
(1.0)
1,833,101
Spain
Banco
Bilbao
Vizcaya
Argentaria
SA
.................
139,900
1,511,238
(1.8)
Bankinter
SA
............
211,300
1,865,344
(2.2)
Repsol
SA
..............
63,800
841,476
(1.0)
4,218,058
Sweden
Evolution
AB
............
11,500
1,131,061
(1.3)
SKF
AB,
Class
B
..........
39,000
776,836
(0.9)
1,907,897
Switzerland
Banque
Cantonale
Vaudoise
(Registered)
...........
11,700
1,208,422
(1.4)
SGS
SA
(Registered)
.......
9,200
1,027,285
(1.2)
2,235,707
Taiwan
Acer,
Inc.
...............
605,000
778,714
(0.9)
Advantech
Co.
Ltd.
........
64,000
648,468
(0.8)
Quanta
Computer,
Inc.
......
156,000
1,300,140
(1.5)
Realtek
Semiconductor
Corp.
.
99,000
1,469,415
(1.7)
4,196,737
United
Kingdom
British
American
Tobacco
plc
.
35,800
1,305,200
(1.5)
J
Sainsbury
plc
...........
314,900
1,246,168
(1.5)
NatWest
Group
plc
........
217,500
1,006,885
(1.2)
3,558,253
United
States
Altria
Group,
Inc.
..........
49,100
2,506,064
(2.9)
AMC
Networks,
Inc.,
Class
A
..
105,705
918,577
(1.1)
Biogen,
Inc.
.............
6,800
1,318,112
(1.6)
Dexcom,
Inc.
............
29,200
1,957,568
(2.3)
DoorDash,
Inc.,
Class
A
.....
5,700
813,561
(1.0)
Eagle
Bancorp,
Inc.
........
65,550
1,480,119
(1.7)
Elevance
Health,
Inc.
.......
2,200
1,144,000
(1.3)
Eversource
Energy
........
22,700
1,544,735
(1.8)
Gilead
Sciences,
Inc.
.......
15,000
1,257,600
(1.5)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Healthpeak
Properties,
Inc.
...
112,800
$
2,579,736
(3.0)
%
Hormel
Foods
Corp.
.......
24,300
770,310
(0.9)
Humana,
Inc.
............
4,600
1,457,004
(1.7)
Huntington
Ingalls
Industries,
Inc.
.................
3,700
978,206
(1.2)
Informatica,
Inc.,
Class
A
....
115,648
2,923,581
(3.4)
Kimberly-Clark
Corp.
.......
20,800
2,959,424
(3.5)
Labcorp
Holdings,
Inc.
......
6,400
1,430,272
(1.7)
Lam
Research
Corp.
.......
2,200
1,795,376
(2.1)
McKesson
Corp.
..........
2,300
1,137,166
(1.3)
New
York
Community
Bancorp,
Inc.
.................
1,231,944
13,834,731
(16.3)
Royal
Caribbean
Cruises
Ltd.
.
5,100
904,536
(1.1)
Seagate
Technology
Holdings
plc
.................
7,800
854,334
(1.0)
ServiceNow,
Inc.
..........
900
804,951
(0.9)
Snowflake,
Inc.,
Class
A
.....
11,600
1,332,376
(1.6)
Synchrony
Financial
.......
32,200
1,606,136
(1.9)
T.
Rowe
Price
Group,
Inc.
....
37,200
4,052,196
(4.8)
Trane
Technologies
plc
.....
3,800
1,477,174
(1.7)
Western
Digital
Corp.
.......
41,000
2,799,890
(3.3)
Workday,
Inc.,
Class
A
......
11,100
2,712,951
(3.2)
59,350,686
Preferred
Securities
Brazil
Gerdau
SA
(Preference)
.....
397,800
1,397,634
(1.6)
Germany
Henkel
AG
&
Co.
KGaA
(Preference)
..........
20,900
1,964,596
(2.3)
Total
Reference
Entity
—
Long
............
145,311,177
Reference
Entity
—
Short
Investment
Companies
United
States
Invesco
Preferred
ETF
......
(
1,000,000)
(12,350,000)
14.5
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(432,931)
(48,912,544)
57.6
iShares
Preferred
&
Income
Securities
ETF
.........
(500,000)
(16,615,000)
19.6
Vanguard
Intermediate-Term
Corporate
Bond
ETF
.....
(612,000)
(51,255,000)
60.3
(129,132,544)
Common
Stocks
Australia
BlueScope
Steel
Ltd.
.......
(95,300)
(1,454,747)
1.7
CAR
Group
Ltd.
..........
(56,300)
(1,456,278)
1.7
Dexus
.................
(589,700)
(3,076,860)
3.6
Lynas
Rare
Earths
Ltd.
.....
(450,500)
(2,471,684)
2.9
Mineral
Resources
Ltd.
.....
(74,600)
(2,659,754)
3.1
NEXTDC
Ltd.
............
(81,700)
(985,253)
1.2
Orica
Ltd.
..............
(139,000)
(1,775,579)
2.1
Perpetual
Ltd.
............
(85,400)
(1,094,479)
1.3
Pro
Medicus
Ltd.
..........
(10,600)
(1,304,697)
1.5
SEEK
Ltd.
..............
(182,500)
(3,124,066)
3.7
Seven
Group
Holdings
Ltd.
...
(37,600)
(1,110,422)
1.3
Treasury
Wine
Estates
Ltd.
...
(213,400)
(1,761,713)
2.1
WiseTech
Global
Ltd.
.......
(23,700)
(2,244,305)
2.6
(24,519,837)
Belgium
Lotus
Bakeries
NV
........
(100)
(1,341,913)
1.6
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
153
Shares
Value
%
of
Basket
Value
Brazil
Atacadao
SA
............
(273,700)
$
(465,235)
0.5
%
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
.............
(32,000)
(530,191)
0.6
PRIO
SA
...............
(122,400)
(975,345)
1
.2
WEG
SA
...............
(145,000)
(1,453,806)
1.7
(3,424,577)
China
Agricultural
Bank
of
China
Ltd.,
Class
H
..............
(1,843,000)
(859,892)
1.0
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
..............
(878,000)
(2,560,201)
3.0
Bank
of
China
Ltd.,
Class
H
..
(4,643,000)
(2,168,280)
2.6
Bank
of
Communications
Co.
Ltd.,
Class
H
..........
(2,587,000)
(1,967,721)
2.3
China
Everbright
Bank
Co.
Ltd.,
Class
H
..............
(2,259,000)
(764,296)
0.9
China
Resources
Power
Holdings
Co.
Ltd.
.......
(512,000)
(1,380,233)
1.6
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
..........
(1,041,647)
(1,541,916)
1.8
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H
.......
(3,211,000)
(1,897,797)
2.2
(13,140,336)
Denmark
Coloplast
A/S,
Class
B
......
(21,100)
(2,750,291)
3.2
France
Alstom
SA
..............
(88,720)
(1,843,322)
2.2
Hong
Kong
Hang
Seng
Bank
Ltd.
......
(131,900)
(1,641,122)
1.9
Henderson
Land
Development
Co.
Ltd.
..............
(308,000)
(975,358)
1.1
Sino
Land
Co.
Ltd.
........
(674,000)
(736,068)
0.9
(3,352,548)
Italy
Davide
Campari-Milano
NV
..
(175,431)
(1,487,053)
1.7
Telecom
Italia
SpA
........
(3,889,300)
(1,081,342)
1.3
(2,568,395)
Japan
McDonald's
Holdings
Co.
Japan
Ltd.
................
(18,300)
(871,949)
1.0
OKUMA
Corp.
...........
(33,600)
(722,031)
0.9
Sharp
Corp.
.............
(146,600)
(974,984)
1.1
Shinko
Electric
Industries
Co.
Ltd.
................
(22,700)
(868,134)
1.0
(3,437,098)
Luxembourg
RTL
Group
SA
...........
(1,300)
(44,140)
0.1
Mexico
Alfa
SAB
de
CV,
Class
A
....
(3,534,300)
(
2,897,085)
3.4
Grupo
Bimbo
SAB
de
CV
....
(264,300)
(908,875)
1.1
(3,805,960)
Poland
ORLEN
SA
.............
(179,700)
(2,608,319)
3.1
Singapore
SATS
Ltd.
..............
(688,431)
(1,933,846)
2.3
Seatrium
Ltd.
............
(450,920)
(624,619)
0.7
(2,558,465)
Shares
Value
%
of
Basket
Value
South
Africa
Growthpoint
Properties
Ltd.
..
(2,302,800)
$
(1,869,963)
2.2
%
Impala
Platinum
Holdings
Ltd.
.
(185,000)
(1,036,876)
1.2
Northam
Platinum
Holdings
Ltd.
(128,900)
(813,500)
0.9
(3,720,339)
Spain
Grifols
SA,
Class
A
........
(121,700)
(1,383,100)
1.7
Sweden
Securitas
AB,
Class
B
......
(56,900)
(722,337)
0.8
Switzerland
Baloise
Holding
AG
(Registered)
(7,000)
(1,431,456)
1.7
Swiss
Life
Holding
AG
(Registered)
...........
(4,200)
(3,514,386)
4.1
(4,945,842)
Taiwan
China
Steel
Corp.
.........
(832,647)
(
607,269)
0.7
E.Sun
Financial
Holding
Co.
Ltd.
(1,234,916)
(1,092,305)
1.3
First
Financial
Holding
Co.
Ltd.
(2,880,010)
(2,492,230)
2.9
Formosa
Plastics
Corp.
.....
(1,301,395)
(2,193,735)
2.6
Nan
Ya
Plastics
Corp.
......
(925,195)
(1,341,181)
1.6
Powerchip
Semiconductor
Manufacturing
Corp.
.....
(711,000)
(483,289)
0.5
Yuanta
Financial
Holding
Co.
Ltd.
................
(1,375,082)
(1,374,667)
1.6
(
9,584,676)
United
Kingdom
Diageo
plc
..............
(85,700)
(2,993,493)
3.5
United
States
Atlantic
Union
Bankshares
Corp.
(30,170)
(1,136,504)
1.3
Community
Financial
System,
Inc.
.................
(28,734)
(1,668,583)
2.0
CVB
Financial
Corp.
.......
(72,435)
(1,290,792)
1.5
GE
HealthCare
Technologies,
Inc.
.................
(6,900)
(647,565)
0.8
Independent
Bank
Group,
Inc.
.
(34,553)
(1,992,326)
2.3
Provident
Financial
Services,
Inc.
.................
(100,014)
(1,856,260)
2.2
ServisFirst
Bancshares,
Inc.
..
(24,576)
(1,977,139)
2.3
Xylem,
Inc.
..............
(13,400)
(1,809,402)
2.1
(12,378,571)
Total
Reference
Entity
—
Short
............
(230,256,103)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(84,944,926)
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
ALS
Ltd.
...............
80,300
796,053
(0.5)
BHP
Group
Ltd.
..........
46,500
1,443,647
(1.0)
Coles
Group
Ltd.
.........
167,600
2,089,386
(1.5)
Magellan
Financial
Group
Ltd.
.
138,900
958,185
(0.7)
Medibank
Pvt
Ltd.
.........
854,200
2,155,107
(1.5)
Steadfast
Group
Ltd.
.......
900,700
3,525,569
(2.5)
Woolworths
Group
Ltd.
.....
67,700
1,555,696
(1.1)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
154
Shares
Value
%
of
Basket
Value
Australia
(continued)
Worley
Ltd.
.............
101,500
$
1,034,406
(0.7)
%
13,558,049
Belgium
Liberty
Global
Ltd.,
Class
A
...
121,654
2,568,116
(1.8)
Brazil
B3
SA
-
Brasil
Bolsa
Balcao
..
993,800
1,959,251
(1.4)
Magazine
Luiza
SA
........
391,000
693,331
(0.5)
Ultrapar
Participacoes
SA
....
456,800
1,784,368
(1.2)
4,436,950
Canada
Franco-Nevada
Corp.
......
20,000
2,484,084
(1.7)
Power
Corp.
of
Canada
.....
68,200
2,151,216
(1.5)
4,635,300
China
China
Tower
Corp.
Ltd.,
Class
H
5,242,000
688,779
(0.5)
Kuaishou
Technology
.......
140,900
968,162
(0.7)
Lenovo
Group
Ltd.
........
572,000
766,787
(0.5)
Nongfu
Spring
Co.
Ltd.,
Class
H
582,400
2,508,432
(1.7)
PDD
Holdings,
Inc.,
ADR
....
12,300
1,658,163
(1.2)
6,590,323
Denmark
Carlsberg
A/S,
Class
B
.....
19,200
2,286,271
(1.6)
Vestas
Wind
Systems
A/S
...
56,100
1,234,407
(0.9)
3,520,678
Finland
Elisa
OYJ
..............
16,800
890,644
(0.6)
France
Bouygues
SA
............
44,700
1,496,162
(1.0)
Eurazeo
SE
.............
28,700
2,360,937
(1.7)
3,857,099
Germany
Evonik
Industries
AG
.......
184,200
4,312,008
(3.0)
RWE
AG
...............
53,500
1,949,156
(1.4)
6,261,164
Hong
Kong
Hongkong
Land
Holdings
Ltd.
.
232,800
855,397
(0.6)
New
World
Development
Co.
Ltd.
................
946,000
1,158,643
(0.8)
Yue
Yuen
Industrial
Holdings
Ltd.
................
389,000
737,466
(0.5)
2,751,506
Italy
Mediobanca
Banca
di
Credito
Finanziario
SpA
........
161,900
2,766,287
(1.9)
Japan
Alfresa
Holdings
Corp.
......
96,100
1,520,108
(1.1)
Asahi
Intecc
Co.
Ltd.
.......
47,600
837,441
(0.6)
Azbil
Corp.
..............
70,800
575,452
(0.4)
COMSYS
Holdings
Corp.
....
51,400
1,122,082
(0.8)
Dai-ichi
Life
Holdings,
Inc.
...
55,000
1,427,105
(1.0)
DIC
Corp.
..............
78,300
1,774,892
(1.2)
Electric
Power
Development
Co.
Ltd.
................
65,200
1,090,349
(0.8)
Ito
En
Ltd.
..............
58,300
1,387,537
(1.0)
Kuraray
Co.
Ltd.
..........
52,400
778,622
(0.5)
Mitsubishi
Materials
Corp.
...
79,300
1,432,975
(1.0)
Mitsui
&
Co.
Ltd.
..........
57,900
1,294,878
(0.9)
Morinaga
&
Co.
Ltd.
.......
116,300
2,329,616
(1.6)
Shares
Value
%
of
Basket
Value
Japan
(continued)
Nexon
Co.
Ltd.
...........
36,200
$
719,363
(0.5)
%
NH
Foods
Ltd.
...........
24,200
897,221
(0.6)
Nippon
Paint
Holdings
Co.
Ltd.
230,500
1,755,472
(1.2)
Odakyu
Electric
Railway
Co.
Ltd.
115,600
1,289,381
(0.9)
Ship
Healthcare
Holdings,
Inc.
81,000
1,323,557
(0.9)
Sumitomo
Rubber
Industries
Ltd.
................
123,200
1,355,533
(0.9)
Tokyo
Electron
Ltd.
........
4,800
856,011
(0.6)
Toyota
Tsusho
Corp.
.......
80,100
1,464,525
(1.0)
Trend
Micro,
Inc.
..........
14,400
855,005
(0.6)
26,087,125
Macau
MGM
China
Holdings
Ltd.
....
624,400
983,885
(0.7)
Mexico
Cemex
SAB
de
CV
........
2,084,200
1,275,501
(0.9)
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
.........
243,600
1,733,779
(1.2)
3,009,280
Netherlands
Koninklijke
Ahold
Delhaize
NV
.
54,000
1,865,216
(1.3)
Poland
Powszechny
Zaklad
Ubezpieczen
SA
.................
122,000
1,333,704
(0.9)
Singapore
City
Developments
Ltd.
.....
644,000
2,697,904
(1.9)
UOL
Group
Ltd.
..........
465,000
2,009,476
(1.4)
4,707,380
South
Africa
Nedbank
Group
Ltd.
.......
72,300
1,248,742
(0.9)
Spain
CaixaBank
SA
...........
214,200
1,278,334
(0.9)
Sweden
Telia
Co.
AB
.............
601,600
1,945,336
(1.4)
Switzerland
ABB
Ltd.
(Registered)
......
31,500
1,827,492
(1.3)
Belimo
Holding
AG
(Registered)
1,900
1,356,429
(0.9)
Kuehne
+
Nagel
International
AG
(Registered)
...........
5,900
1,611,990
(1.1)
Swiss
Prime
Site
AG
(Registered)
...........
8,900
997,456
(0.7)
5,793,367
Taiwan
ASMedia
Technology,
Inc.
...
18,000
914,824
(0.6)
Chicony
Electronics
Co.
Ltd.
..
213,000
1,098,237
(0.8)
China
Airlines
Ltd.
.........
1,438,000
975,719
(0.7)
Compal
Electronics,
Inc.
.....
1,080,000
1,133,297
(0.8)
eMemory
Technology,
Inc.
...
8,000
658,429
(0.5)
Evergreen
Marine
Corp.
Taiwan
Ltd.
................
206,000
1,309,198
(0.9)
Genius
Electronic
Optical
Co.
Ltd.
................
98,000
1,498,147
(1.0)
Global
Unichip
Corp.
.......
24,000
823,876
(0.6)
MediaTek,
Inc.
...........
27,000
995,100
(0.7)
U-Ming
Marine
Transport
Corp.
674,000
1,188,236
(0.8)
Wan
Hai
Lines
Ltd.
........
444,000
1,370,819
(1.0)
11,965,882
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
155
Shares
Value
%
of
Basket
Value
United
Kingdom
Admiral
Group
plc
.........
26,900
$
1,002,697
(0.7)
%
British
Land
Co.
plc
(The)
....
236,200
1,376,280
(1.0)
EnQuest
plc
.............
4,891,224
676,166
(0.5)
Johnson
Matthey
plc
.......
78,200
1,594,741
(1.1)
Standard
Chartered
plc
.....
124,900
1,324,687
(0.9)
Synthomer
plc
...........
588,203
1,748,466
(1.2)
7,723,037
United
States
Adobe,
Inc.
.............
3,200
1,656,896
(1.2)
Atlassian
Corp.,
Class
A
.....
5,500
873,455
(0.6)
Block,
Inc.,
Class
A
........
17,000
1,141,210
(0.8)
Booking
Holdings,
Inc.
......
300
1,263,636
(0.9)
Carnival
Corp.
...........
59,700
1,103,256
(0.8)
CME
Group,
Inc.
..........
5,000
1,103,250
(0.8)
ConocoPhillips
...........
15,500
1,631,840
(1.1)
Deckers
Outdoor
Corp.
.....
16,800
2,678,760
(1.9)
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
..............
15,900
1,585,071
(1.1)
Fortinet,
Inc.
.............
11,400
884,070
(0.6)
Franklin
Resources,
Inc.
.....
51,400
1,035,710
(0.7)
Holcim
AG
..............
10,400
1,018,502
(0.7)
Lockheed
Martin
Corp.
......
4,300
2,513,608
(1.7)
MSCI,
Inc.
..............
4,000
2,331,720
(1.6)
NetApp,
Inc.
.............
16,500
2,037,915
(1.4)
Salesforce,
Inc.
...........
5,800
1,587,518
(1.1)
Southwest
Airlines
Co.
......
10,000
296,300
(0.2)
State
Street
Corp.
.........
22,100
1,955,187
(1.4)
Verizon
Communications,
Inc.
.
28,800
1,293,408
(0.9)
Walt
Disney
Co.
(The)
......
22,400
2,154,656
(1.5)
Waystar
Holding
Corp.
......
85,000
2,370,650
(1.7)
32,516,618
Preferred
Securities
Brazil
Bradespar
SA
(Preference)
...
497,100
1,850,540
(1.3)
Cia
Energetica
de
Minas
Gerais
(Preference)
..........
560,950
1,179,007
(0.8)
3,029,547
Total
Reference
Entity
—
Long
............
155,323,569
Reference
Entity
—
Short
Investment
Companies
United
States
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(244,788)
(27,656,148)
19.3
iShares
Preferred
&
Income
Securities
ETF
.........
(815,000)
(27,082,450)
18.9
SPDR
Bloomberg
High
Yield
Bond
ETF
............
(9,541)
(933,014)
0.7
Vanguard
Short-Term
Corporate
Bond
ETF
............
(1,800,000)
(142,956,000)
100.0
(198,627,612)
Common
Stocks
Brazil
Atacadao
SA
............
(62,400)
(106,067)
0.1
Centrais
Eletricas
Brasileiras
SA
(165,000)
(1,190,319)
0.8
Cosan
SA
..............
(1,077,800)
(2,591,769)
1.8
Hypera
SA
..............
(151,900)
(733,331)
0.5
Localiza
Rent
a
Car
SA
.....
(308,404)
(2,335,236)
1.6
Sendas
Distribuidora
SA
....
(376,900)
(519,580)
0.4
(7,476,302)
Shares
Value
%
of
Basket
Value
Canada
Constellation
Software,
Inc.
..
(500)
$
(1,626,677)
1.1
%
Saputo,
Inc.
.............
(83,400)
(1,800,027)
1.3
(3,426,704)
China
ANTA
Sports
Products
Ltd.
...
(73,600)
(871,265)
0.6
Bank
of
Communications
Co.
Ltd.,
Class
H
..........
(48,000)
(36,510)
0.0
China
Everbright
Bank
Co.
Ltd.,
Class
H
..............
(3,025,000)
(1,023,460)
0.7
China
Resources
Power
Holdings
Co.
Ltd.
.......
(30,000)
(80,873)
0.1
CRRC
Corp.
Ltd.,
Class
H
...
(1,356,000)
(882,591)
0.6
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
.......
(5,496,000)
(2,139,414)
1.5
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
......
(1,053,500)
(6,615,485)
4.6
Trip.com
Group
Ltd.,
ADR
...
(69,800)
(4,148,214)
2.9
Wharf
Holdings
Ltd.
(The)
....
(718,000)
(2,038,753)
1.4
Xinyi
Glass
Holdings
Ltd.
....
(1,114,000)
(1,305,457)
0.9
Zijin
Mining
Group
Co.
Ltd.,
Class
H
..............
(488,000)
(
1,089,532)
0.8
(20,231,554)
Denmark
DSV
A/S
...............
(7,200)
(1,481,832)
1.0
Novonesis
(Novozymes)
B,
Class
B
..................
(21,200)
(1,526,303)
1.1
(3,008,135)
Germany
LEG
Immobilien
SE
........
(41,001)
(4,292,545)
3.0
Hong
Kong
Sun
Hung
Kai
Properties
Ltd.
.
(115,500)
(1,251,426)
0.9
Japan
Anritsu
Corp.
............
(16,600)
(126,506)
0.1
Daiwa
House
Industry
Co.
Ltd.
(135,000)
(4,249,258)
3.0
INFRONEER
Holdings,
Inc.
..
(36,200)
(297,433)
0.2
Invincible
Investment
Corp.
...
(1,100)
(476,407)
0.3
JAFCO
Group
Co.
Ltd.
......
(52,000)
(735,821)
0.5
Kansai
Paint
Co.
Ltd.
.......
(268,200)
(4,790,600)
3.3
Kobayashi
Pharmaceutical
Co.
Ltd.
................
(17,200)
(684,083)
0.5
Kobe
Bussan
Co.
Ltd.
......
(7,600)
(237,031)
0.2
Kobe
Steel
Ltd.
...........
(209,000)
(2,504,783)
1.8
Nagoya
Railroad
Co.,
Ltd.
...
(520,100)
(6,313,801)
4.4
Obara
Group,
Inc.
.........
(77,000)
(2,177,138)
1.5
OSG
Corp.
..............
(93,800)
(1,326,102)
0.9
Rakuten
Group,
Inc.
.......
(269,400)
(1,738,279)
1.2
Relo
Group,
Inc.
..........
(4,100)
(53,899)
0.0
Rohm
Co.
Ltd.
...........
(130,100)
(1,465,664)
1.0
Sanrio
Co.
Ltd.
...........
(136,000)
(3,919,543)
2.7
Sapporo
Holdings
Ltd.
......
(23,300)
(1,285,614)
0.9
Seven
&
i
Holdings
Co.
Ltd.
..
(101,900)
(1,534,375)
1.1
Taiyo
Yuden
Co.
Ltd.
.......
(98,600)
(2,030,524)
1.4
(35,946,861)
Macau
Wynn
Macau
Ltd.
.........
(1,904,000)
(1,637,573)
1.2
Mexico
Grupo
Bimbo
SAB
de
CV
....
(30,200)
(103,852)
0.1
Singapore
Jardine
Cycle
&
Carriage
Ltd.
.
(45,000)
(965,371)
0.7
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
156
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
that
the
Fund
has
the
ability
to
access
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
—
Inputs
that
are
unobservable
and
significant
to the
entire
fair
value
measurement
for
the asset
or
liability (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
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/
or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
Shares
Value
%
of
Basket
Value
Spain
Telefonica
SA
............
(387,100)
$
(1,893,727)
1.3
%
Switzerland
Tecan
Group
AG
(Registered)
.
(6,300)
(2,070,307)
1.4
United
States
Arthur
J
Gallagher
&
Co.
....
(6,700)
(1,885,179)
1.3
Brandywine
Realty
Trust
....
(12,500)
(68,000)
0.1
Celanese
Corp.
..........
(12,500)
(
1,699,500)
1.2
Shares
Value
%
of
Basket
Value
United
States
(continued)
Jazz
Pharmaceuticals
plc
....
(18,480)
$
(2,058,857)
1.4
%
MicroStrategy,
Inc.,
Class
A
..
(38,200)
(6,440,520)
4.5
QIAGEN
NV
.............
(80,190)
(3,624,906)
2.5
T-Mobile
US,
Inc.
.........
(7,800)
(1,609,608)
1.1
(17,386,570)
Total
Reference
Entity
—
Short
............
(298,318,539)
Net
Value
of
Reference
Entity
—
Merrill
Lynch
International
&
Co.
.....................
$
(142,994,970)
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
0.05
1-day
ESTR
.........................................
Euro
Short-Term
Rate
3.41
1-day
IBR
...........................................
Colombian
Reference
Banking
Indicator
10.08
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
6.76
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5.16
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
4.95
1-day
SORA
.........................................
Singapore
Overnight
Rate
Average
3.88
1-day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
2.48
1-day
TONAR
........................................
Tokyo
Overnight
Average
Rate
0.23
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
2.40
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
10.74
3-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4.43
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3.53
3-mo.
HIBOR
........................................
Hong
Kong
Interbank
Offered
Rate
4.18
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
8.05
3-mo.
KLIBOR
........................................
Kuala
Lumpur
Interbank
Offered
Rate
3.55
3-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
4.20
3-mo.
STIBOR
.......................................
Stockholm
Interbank
Offered
Rate
3.08
3-mo.
TWCPBA
.......................................
Taiwan
Secondary
Markets
Bills
Rate
1.66
6-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4.62
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3.11
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
5.75
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
157
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Consolidated
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
Australia
.............................................
$
—
$
2,132,766
$
—
$
2,132,766
Bermuda
.............................................
—
36,189,109
—
36,189,109
Canada
.............................................
—
17,550,747
—
17,550,747
Cayman
Islands
........................................
—
2,606,771,911
1
2,606,771,912
France
..............................................
—
39,167,634
—
39,167,634
Germany
............................................
—
4,565,824
—
4,565,824
Ireland
..............................................
—
461,995,554
—
461,995,554
Italy
................................................
—
117,427,601
—
117,427,601
Jersey,
Channel
Islands
...................................
—
90,543,870
—
90,543,870
Luxembourg
..........................................
—
33,718,621
—
33,718,621
Netherlands
...........................................
—
30,209,144
—
30,209,144
Portugal
.............................................
—
6,429,788
—
6,429,788
Spain
...............................................
—
30,461,267
—
30,461,267
Switzerland
...........................................
—
473,281
—
473,281
United
Kingdom
........................................
—
221,124,833
—
221,124,833
United
States
..........................................
—
2,407,745,654
67,312,012
2,475,057,666
Common
Stocks
Belgium
.............................................
—
1,767,235
—
1,767,235
Cambodia
............................................
—
705,272
—
705,272
Canada
.............................................
17,993,832
—
—
17,993,832
Chile
...............................................
—
1,066,900
—
1,066,900
Czech
Republic
........................................
326,451
726,717
—
1,053,168
Denmark
.............................................
—
94,889
—
94,889
France
..............................................
75,545
10,090,498
—
10,166,043
Georgia
.............................................
329,584
—
—
329,584
Germany
............................................
—
27,363,733
—
27,363,733
Greece
..............................................
504,515
2,237,426
—
2,741,941
Hungary
.............................................
—
1,326,946
—
1,326,946
India
...............................................
2,893,400
21,649,970
—
24,543,370
Indonesia
............................................
2,744,718
3,494,800
—
6,239,518
Italy
................................................
—
15,926,350
—
15,926,350
Japan
...............................................
—
6,778,383
—
6,778,383
Kazakhstan
...........................................
1,444,008
—
—
1,444,008
Malaysia
.............................................
—
1,696,454
—
1,696,454
Netherlands
...........................................
—
6,792,846
—
6,792,846
Philippines
...........................................
1,186,341
2,745,363
—
3,931,704
Poland
..............................................
—
2,349,542
—
2,349,542
Singapore
............................................
591,607
—
—
591,607
Sweden
.............................................
—
1,604,061
—
1,604,061
Thailand
.............................................
2,079,767
785,267
—
2,865,034
Turkey
..............................................
1,020,974
992,199
—
2,013,173
United
Kingdom
........................................
10,547,810
3,460,858
55
14,008,723
United
States
..........................................
459,972,915
10,030,646
198,107,767
668,111,328
Zambia
..............................................
594,628
—
—
594,628
Corporate
Bonds
Argentina
............................................
—
4,636,677
—
4,636,677
Australia
.............................................
—
229,130,392
38,483,914
267,614,306
Austria
..............................................
—
57,154,431
—
57,154,431
Belgium
.............................................
—
77,827,467
—
77,827,467
Brazil
...............................................
—
107,910,844
—
107,910,844
Canada
.............................................
—
282,459,499
—
282,459,499
Cayman
Islands
........................................
—
14,893,050
—
14,893,050
Chile
...............................................
—
43,132,147
—
43,132,147
China
...............................................
—
132,490,058
—
132,490,058
Colombia
............................................
—
57,986,444
—
57,986,444
Costa
Rica
...........................................
—
1,195,178
—
1,195,178
Cyprus
..............................................
—
7,896,213
—
7,896,213
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
158
Level
1
Level
2
Level
3
Total
Czech
Republic
........................................
$
—
$
20,709,109
$
—
$
20,709,109
Denmark
.............................................
—
107,509,633
—
107,509,633
Finland
..............................................
—
62,519,083
—
62,519,083
France
..............................................
—
1,126,496,400
16,740,143
1,143,236,543
Germany
............................................
—
1,401,104,370
21,910,188
1,423,014,558
Ghana
..............................................
—
1,418,914
—
1,418,914
Greece
..............................................
—
27,314,079
—
27,314,079
Guatemala
...........................................
—
1,559,025
—
1,559,025
Hong
Kong
...........................................
—
148,557,628
—
148,557,628
India
...............................................
—
401,816,478
—
401,816,478
Indonesia
............................................
—
105,732,529
—
105,732,529
Ireland
..............................................
—
56,530,789
—
56,530,789
Israel
...............................................
—
33,210,027
—
33,210,027
Italy
................................................
—
794,274,016
22,600,779
816,874,795
Jamaica
.............................................
—
8,767,443
—
8,767,443
Japan
...............................................
—
223,388,258
—
223,388,258
Jersey,
Channel
Islands
...................................
—
78,755,628
48,435,000
127,190,628
Kuwait
..............................................
—
3,464,253
—
3,464,253
Luxembourg
..........................................
—
242,652,001
4,792,280
247,444,281
Macau
..............................................
—
112,625,139
—
112,625,139
Malaysia
.............................................
—
18,022,063
—
18,022,063
Mexico
..............................................
—
34,082,202
—
34,082,202
Netherlands
...........................................
—
370,212,606
—
370,212,606
Nigeria
..............................................
—
10,252,575
—
10,252,575
Norway
..............................................
—
12,689,612
—
12,689,612
Panama
.............................................
—
6,101,434
—
6,101,434
Peru
................................................
—
5,697,376
—
5,697,376
Philippines
...........................................
—
108,044,853
—
108,044,853
Portugal
.............................................
—
88,982,446
—
88,982,446
Romania
.............................................
—
13,240,585
—
13,240,585
Saudi
Arabia
..........................................
—
3,997,385
—
3,997,385
Singapore
............................................
—
70,195,504
—
70,195,504
Slovenia
.............................................
—
24,021,418
—
24,021,418
South
Africa
...........................................
—
53,229,844
—
53,229,844
South
Korea
..........................................
—
156,044,715
—
156,044,715
Spain
...............................................
—
578,170,976
23,933,949
602,104,925
Sweden
.............................................
—
162,508,976
—
162,508,976
Switzerland
...........................................
—
359,559,731
—
359,559,731
Thailand
.............................................
—
60,915,102
—
60,915,102
Turkey
..............................................
—
8,677,098
—
8,677,098
Ukraine
.............................................
—
55,271,443
—
55,271,443
United
Arab
Emirates
....................................
—
43,484,506
—
43,484,506
United
Kingdom
........................................
—
1,477,614,110
6,011,427
1,483,625,537
United
States
..........................................
—
4,965,594,930
513,101,722
5,478,696,652
Vietnam
.............................................
—
16,661,695
—
16,661,695
Zambia
..............................................
—
6,675,880
—
6,675,880
Fixed
Rate
Loan
Interests
..................................
—
—
146,186,630
146,186,630
Floating
Rate
Loan
Interests
Australia
.............................................
—
988,337
—
988,337
Austria
..............................................
—
3,347,331
—
3,347,331
Belgium
.............................................
—
10,161,016
—
10,161,016
Canada
.............................................
—
7,722,488
—
7,722,488
Cayman
Islands
........................................
—
19,976,764
—
19,976,764
Colombia
............................................
—
—
27,980,640
27,980,640
Finland
..............................................
—
12,244,455
—
12,244,455
France
..............................................
—
77,236,835
—
77,236,835
Germany
............................................
—
67,394,508
—
67,394,508
Ireland
..............................................
—
13,824,193
30,025,891
43,850,084
Jersey,
Channel
Islands
...................................
—
—
21,841,092
21,841,092
Luxembourg
..........................................
—
95,388,505
14,673,000
110,061,505
Netherlands
...........................................
—
86,008,829
—
86,008,829
Norway
..............................................
—
5,063,465
—
5,063,465
Spain
...............................................
—
52,927,213
58,565,874
111,493,087
Sweden
.............................................
—
10,652,105
—
10,652,105
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
159
Level
1
Level
2
Level
3
Total
United
Kingdom
........................................
$
—
$
96,933,261
$
96,719,650
$
193,652,911
United
States
..........................................
—
809,520,019
383,369,563
1,192,889,582
Foreign
Agency
Obligations
.................................
—
773,200,948
—
773,200,948
Foreign
Government
Obligations
..............................
—
4,632,717,910
—
4,632,717,910
Grantor
Trust
...........................................
77,321,632
—
—
77,321,632
Investment
Companies
....................................
544,405,402
—
—
544,405,402
Municipal
Bonds
.........................................
—
425,712,029
—
425,712,029
Non-Agency
Mortgage-Backed
Securities
Bermuda
.............................................
—
26,343,320
—
26,343,320
Cayman
Islands
........................................
—
19,148,597
—
19,148,597
Ireland
..............................................
—
75,492,964
—
75,492,964
Italy
................................................
—
30,388,316
—
30,388,316
Netherlands
...........................................
—
9,870,913
—
9,870,913
Switzerland
...........................................
—
5,772
—
5,772
United
Kingdom
........................................
—
507,852,762
—
507,852,762
United
States
..........................................
—
3,330,619,960
117,163,373
3,447,783,333
Preferred
Securities
Brazil
...............................................
—
—
11,459,188
11,459,188
China
...............................................
—
—
50,399,176
50,399,176
Germany
............................................
—
—
60,077
60,077
Israel
...............................................
—
—
14,133,022
14,133,022
Spain
...............................................
—
11,229,680
—
11,229,680
Sweden
.............................................
—
—
1
1
United
Kingdom
........................................
—
—
8,923,627
8,923,627
United
States
..........................................
—
41,038,718
351,743,006
392,781,724
U.S.
Government
Sponsored
Agency
Securities
....................
—
12,734,699,078
91,312
12,734,790,390
U.S.
Treasury
Obligations
...................................
—
702,646,927
—
702,646,927
Warrants
..............................................
187,485
8,625,556
33,976,256
42,789,297
Short-Term
Securities
Borrowed
Bond
Agreements
.................................
—
253,476,597
—
253,476,597
Commercial
Paper
.......................................
—
125,510,349
—
125,510,349
Foreign
Government
Obligations
..............................
—
123,062,456
—
123,062,456
Money
Market
Funds
......................................
1,550,818,390
—
—
1,550,818,390
Options
Purchased
Credit
contracts
..........................................
—
1,228,507
—
1,228,507
Equity
contracts
..........................................
21,768,613
473,793
—
22,242,406
Foreign
currency
exchange
contracts
...........................
—
35,753,734
—
35,753,734
Interest
rate
contracts
......................................
4,622,813
65,260,242
—
69,883,055
Other
contracts
..........................................
—
20,783
—
20,783
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
17,132
252,135
269,267
Unfunded
commitments
(b)
........................................
—
—
3,640,499
3,640,499
Liabilities
Investments
Borrowed
Bonds
.........................................
—
(254,356,685)
—
(254,356,685)
TBA
Sale
Commitments
....................................
—
(3,701,012,531)
—
(
3,701,012,531)
Investment
Sold
Short
Investment
Companies
....................................
(129,122,400)
—
—
(129,122,400)
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
(430)
(4,169)
(4,599)
$
2,572,308,030
$
42,263,676,947
$
2,332,629,080
$
47,168,614,057
Investments
Valued
at
NAV
(c)
......................................
27,875,068
$
47,196,489,125
Derivative
Financial
Instruments
(d)
Assets
Credit
contracts
...........................................
$
—
$
15,374,972
$
—
$
15,374,972
Equity
contracts
...........................................
705,488
2,789,186
—
3,494,674
Foreign
currency
exchange
contracts
............................
—
73,816,094
—
73,816,094
Interest
rate
contracts
.......................................
33,826,141
512,863,029
—
546,689,170
Other
contracts
...........................................
—
1,692,464
—
1,692,464
Liabilities
Commodity
contracts
.......................................
(386,909)
—
—
(386,909)
Credit
contracts
...........................................
—
(35,429,623)
—
(35,429,623)
Equity
contracts
...........................................
(14,901,836)
(9,089,678)
—
(23,991,514)
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
160
Level
1
Level
2
Level
3
Total
Foreign
currency
exchange
contracts
............................
$
—
$
(143,729,846)
$
—
$
(143,729,846)
Interest
rate
contracts
.......................................
(41,496,093)
(661,632,170)
—
(
703,128,263)
Other
contracts
...........................................
—
(1,033,017)
—
(1,033,017)
$
(22,253,209)
$
(244,378,589)
$
—
$
(266,631,798)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Unfunded
commitments
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(c)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(d)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
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
reporting
purposes.
As
of
period
end,
reverse
repurchase
agreements
of
$1,195,304
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
.............................................
—
—
—
—
—
—
Transfers
out
of
Level
3
............................................
(37,876,170)
—
—
—
—
—
Other
(a)
.......................................................
5,614,989
16,854,730
(5,614,989)
—
—
(16,854,730)
Accrued
discounts/premiums
.........................................
(2,320,284)
—
4,254,877
116,021
43,396
—
Net
realized
gain
(loss)
............................................
(14,644,503)
(1,255,613)
(1,391,910)
69,915
571,280
—
Net
change
in
unrealized
appreciation
(depreciation)
(b)
........................
15,054,235
9,500,459
6,517,508
4,073,836
(116,753)
—
Purchases
.....................................................
—
96,187,418
234,510,068
153,171,618
767,569,212
—
Sales
........................................................
(29,492,316)
(318,194)
(82,880,766)
(99,399,738)
(862,434,681)
—
Closing
balance,
as
of
September
30,
2024
...............................
$
67,312,013
$
198,107,822
$
696,009,402
$
146,186,630
$
633,175,710
$
—
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
30,
2024
(b)
...................................................
$
2,490,389
$
7,926,840
$
11,134,230
$
4,037,269
$
(36,045,438)
$
—
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
16,897,993
Transfers
out
of
Level
3
................................
(2,527,170)
—
—
—
—
(40,407)
(40,443,747)
Accrued
discounts/premiums
.............................
1,017,998
—
—
—
—
—
3,112,008
Net
realized
gain
(loss)
................................
174,708
69,803
—
—
—
(469,650)
(16,875,970)
Net
change
in
unrealized
appreciation
(depreciation)
(b)
............
2,973,855
(16,878,379)
(3,556,694)
(1,839,349)
(2,824)
20,243,929
35,969,823
Purchases
.........................................
12,478,885
161,158,298
—
—
94,136
3,149,302
1,428,318,937
Sales
............................................
(37,513,409)
(22,323,286)
—
—
—
(145,337)
(1,134,507,727)
Closing
balance,
as
of
September
30,
2024
...................
$
117,163,373
$
436,718,097
$
3,640,499
$
247,966
$
91,312
$
33,976,256
$
2,332,629,080
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
30,
2024
(b)
..........................
$
2,973,855
$
(33,061,250)
$
(3,556,694)
$
(1,839,349)
$
(2,824)
$
20,882,080
$
(25,060,892)
(a)
Certain
Level
3
investments
were
re-classified
between
Asset-Backed
Securities,
Common
Stocks,
Corporate
Bonds
and
Investment
Companies.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
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)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
161
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
$345,839,851.
A
significant
change
in
the
third-party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
investments.
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
(b)
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
$25,413,062
as
of
September
30,
2024.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Asset-Backed
Securities
........................
$
41,825,741
Income
Discount
Rate
10%
—
Common
Stocks
.............................
149,555,680
Market
Revenue
Multiple
2.10x
-
16.50x
7.73x
Volatility
39%
-
80%
53%
Time
to
Exit
3.0
-
5.6
years
3.0
years
EBIDTA
Multiple
14.94x
—
Income
Discount
Rate
10%
-
12%
10%
Corporate
Bonds
.............................
629,126,379
Income
Discount
Rate
3%
-
30%
11%
Market
Revenue
Multiple
4.00x
-
6.07x
5.06x
Time
to
Exit
1.0
year
—
Volatility
50%
-
95%
57%
Fixed
Rate
Loan
Interests
........................
76,836,826
Income
Discount
Rate
7%
-
12%
8%
Floating
Rate
Loan
Interests
......................
606,172,901
Income
Discount
Rate
6%
-
14%
9%
Estimated
Recovery
Value
1%
-
44%
43%
Market
EBITDA
Multiple
15.00x
—
Non-Agency
Mortgage-Backed
Securities
..............
22,639,885
Income
Discount
Rate
7%
—
Preferred
Stocks
(b)
............................
436,718,097
Market
Revenue
Multiple
0.26x
-
16.50x
6.72x
Volatility
33%
-
95%
65%
Time
to
Exit
0.3
-
5.0
years
2.5
years
Gross
Profit
Multiple
17.00x
—
EBIDTA
Multiple
7.00x
-
12.38x
11.86x
EBIDTAR
Multiple
11.50x
—
Market
Adjustment
Multiple
1.00x
-
1.30x
1.23x
Income
Discount
Rate
10%
-
14%
12%
Warrants
..................................
23,913,720
Market
Revenue
Multiple
3.25x
-
10.25x
7.78x
Volatility
39%
-
80%
63%
Time
to
Exit
0.3
-
9.3
years
3.5
years
Income
Discount
Rate
12%
-
16%
16%
$
1,986,789,229
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Strategic
Income
Opportunities
Portfolio
162
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
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
CMBS
Commercial
Mortgage-Backed
Securities
CMT
Constant
Maturity
Treasury
CNREPOFIX_CFXS
China
Fixing
Repo
Rates
CSMC
Credit
Suisse
Mortgage
Capital
CWABS
Countrywide
Asset-Backed
Certificates
DAC
Designated
Activity
Company
EM
Emerging
Markets
ESTR
Euro
Short-Term
Rate
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GO
General
Obligation
Bonds
GUKG1
UK
Government
Bond
1
Year
Note
Generic
Bid
Yield
HIBOR
Hong
Kong
Interbank
Offered
Rate
IBR
Colombian
Reference
Banking
Indicator
JIBAR
Johannesburg
Interbank
Average
Rate
JSC
Joint
Stock
Company
KLIBOR
Kuala
Lumpur
Interbank
Offered
Rate
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
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
STIBOR
Stockholm
Interbank
Offered
Rate
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
TWCPBA
Taiwan
Secondary
Markets
Bills
Rate
VRDN
Variable
Rate
Demand
Notes
WIBOR
Warsaw
Interbank
Offered
Rate