NPORT-EX 2 Strategic_Income_Opp_P.htm
Consolidated
Schedule
of
Investments
(unaudited)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Australia
—
0.0%
(a)(b)
Liberty,
Series
2024-1A,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.20%),
5.30%,
05/25/32
............
AUD
2,400
$
1,503,612
Panorama
Auto
Trust
Series
2025-1,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.97%),
5.08%,
03/15/33
....
11,785
7,358,335
Series
2025-1,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.35%),
5.46%,
03/15/33
....
8,483
5,286,821
Series
2025-1,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.55%),
5.66%,
03/15/33
....
1,724
1,074,451
Series
2025-1,
Class
E,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
3.40%),
7.51%,
03/15/33
....
500
310,769
15,533,988
Bermuda
—
0.1%
(a)(c)
AREIT
LLC,
Series
2023-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.11%
Floor
+
2.11%),
6.43%,
08/17/41
.
USD
5,640
5,611,333
OHA
Credit
Funding
11
Ltd.,
Series
2022-11A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.40%
Floor
+
5.40%),
9.69%,
07/19/37
.......
250
250,031
OHA
Credit
Funding
13
Ltd.,
Series
2022-13A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.40%
Floor
+
5.40%),
9.69%,
07/20/37
.......
7,675
7,653,396
Rad
CLO
25
Ltd.,
Series
2024-25A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.46%
Floor
+
1.46%),
5.75%,
07/20/37
.................
3,000
3,005,258
RR
21
Ltd.,
Series
2022-21A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.70%,
07/15/39
.................
8,000
8,006,715
RR
24
Ltd.
Series
2022-24A,
Class
A1A2,
(3-
mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.65%,
01/15/37
2,000
2,001,047
Series
2022-24A,
Class
SUB,
0.00%,
01/15/37
..........
9,750
6,597,825
RR
33
Ltd.,
Series
2024-33A,
Class
A1B,
(3-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.58%),
6.15%,
10/15/39
.................
2,000
2,003,316
RR
37
Ltd.,
Series
2025-37A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
5.49%,
04/15/38
.................
2,390
2,384,553
Symphony
CLO
38
Ltd.
Series
2023-38A,
Class
C1,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
7.20%,
04/24/36
...
2,500
2,501,622
Series
2023-38A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.00%),
10.30%,
04/24/36
..
7,500
7,503,581
Security
Par
(000)
Par
(000)
Value
Bermuda
(continued)
Symphony
CLO
40
Ltd.
Series
2023-40A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.73%,
01/05/38
...
USD
2,100
$
2,100,041
Series
2023-40A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
7.07%,
01/05/38
...
1,840
1,836,046
Trinitas
CLO
XXIV
Ltd.,
Series
2024-
24A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.34%
Floor
+
7.34%),
11.64%,
04/25/37
...........
5,000
5,097,688
56,552,452
Canada
—
0.0%
Fairstone
Financial
Issuance
Trust
I
(c)
Series
2020-1A,
Class
A,
2.51%,
10/20/39
...............
CAD
471
327,054
Series
2020-1A,
Class
B,
3.74%,
10/20/39
...............
18,261
12,570,466
Series
2020-1A,
Class
C,
5.16%,
10/20/39
...............
2,125
1,444,418
Series
2020-1A,
Class
D,
6.87%,
10/20/39
...............
150
102,221
14,444,159
Cayman
Islands
—
5.3%
522
Funding
CLO
Ltd.,
Series
2020-6A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.49%,
10/23/34
(a)(c)
..........
USD
8,470
8,451,275
720
East
CLO
VII
Ltd.,
Series
2025-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.06%),
5.36%,
04/20/37
(a)(c)
...............
14,750
14,750,000
AB
BSL
CLO
2
Ltd.,
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
6.66%,
04/15/34
(a)(c)
...............
2,000
1,993,886
AB
BSL
CLO
3
Ltd.,
Series
2021-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.57%,
04/20/38
(a)(c)
...............
3,000
2,991,017
ABPCI
Direct
Lending
Fund
CLO
IV
Ltd.,
Series
2017-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.79%),
6.09%,
10/27/33
(a)(c)
3,000
3,005,410
ABPCI
DIRECT
LENDING
FUND
CLO
V
Ltd.,
Series
2019-5A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
6.49%,
01/20/36
(a)(c)
6,250
6,233,835
ACAS
CLO
Ltd.
(a)(c)
Series
2015-1A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
0.89%
Floor
+
1.15%),
5.44%,
10/18/28
...
48
47,922
Series
2015-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.86%),
6.15%,
10/18/28
...
500
498,030
Series
2015-1A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.46%),
6.75%,
10/18/28
...
3,690
3,691,659
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
5.71%,
07/20/34
(a)(c)
...............
1,000
1,001,991
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
AGL
CLO
34
Ltd.,
Series
2024-34A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.74%,
01/22/38
(a)(c)
...............
USD
4,000
$
4,000,591
AGL
CLO
35
Ltd.,
Series
2024-35A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.15%
Floor
+
5.15%),
9.66%,
01/21/38
(a)(c)
...............
600
600,193
AGL
CLO
37
Ltd.,
Series
2024-37A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
5.54%,
04/22/38
(a)(c)
...............
4,000
3,985,638
AGL
Core
CLO
36
Ltd.
(a)(c)
Series
2024-36A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.53%,
01/23/38
...
2,500
2,487,489
Series
2024-36A,
Class
X,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
0.95%),
5.20%,
01/23/38
...
1,320
1,317,103
AGL
Core
CLO
8
Ltd.,
Series
2020-8A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.08%,
01/20/38
(a)(c)
...............
4,000
3,988,090
AIMCO
CLO,
Series
2018-BA,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.30%),
10.61%,
04/16/37
(a)(c)
...............
1,000
1,004,454
AIMCO
CLO
10
Ltd.,
Series
2019-10A,
Class
SUB,
0.00%,
07/22/32
(a)(c)
..
2,250
1,280,475
AIMCO
CLO
14
Ltd.,
Series
2021-14A,
Class
SUB,
0.00%,
04/20/34
(a)(c)
..
20,000
13,110,000
AIMCO
CLO
23
Ltd.,
Series
2025-23A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.13%),
5.39%,
04/20/38
(a)(c)
...............
1,330
1,319,360
ALM
VII
Ltd.,
Series
2012-7A,
Class
SUB,
0.00%,
10/15/2116
(a)(c)(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%),
5.80%,
11/02/30
(a)(c)
...............
10
9,516
AMMC
CLO
XII
Ltd.,
Series
2013-12A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
6.06%,
11/10/30
(a)(c)
...............
359
358,729
Anchorage
Capital
CLO
11
Ltd.
(a)(c)
Series
2019-11A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
3.75%),
8.04%,
07/22/37
...
2,500
2,503,262
Series
2019-11A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
7.33%
Floor
+
7.33%),
11.62%,
07/22/37
..
2,500
2,511,528
Anchorage
Capital
CLO
17
Ltd.,
Series
2021-17A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
5.55%,
02/15/38
(a)(c)
....
7,000
6,975,500
Anchorage
Capital
CLO
7
Ltd.
(a)(c)
Series
2015-7A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.56%
Floor
+
1.56%),
5.86%,
04/28/37
...
22,000
22,037,884
Series
2015-7A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
6.35%,
04/28/37
...
5,000
4,995,553
Series
2015-7A,
Class
DR3,
(3-mo.
CME
Term
SOFR
at
3.80%
Floor
+
3.80%),
8.10%,
04/28/37
...
8,860
8,876,212
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Anchorage
Capital
CLO
8
Ltd.,
Series
2016-8A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.86%),
8.16%,
10/27/34
(a)(c)
....
USD
2,000
$
1,996,751
Anchorage
Capital
CLO
9
Ltd.,
Series
2016-9X,
Class
SUB,
0.00%,
01/15/29
(a)(b)
...............
7,500
2,019,000
Anchorage
Credit
Funding
10
Ltd.,
Series
2020-10A,
Class
AV,
3.62%,
04/25/38
(c)
................
23,350
22,336,113
Anchorage
Credit
Funding
12
Ltd.,
Series
2020-12A,
Class
A1,
3.18%,
10/25/38
(c)
................
20,000
18,829,222
Anchorage
Credit
Funding
13
Ltd.,
Series
2021-13A,
Class
A1,
2.88%,
07/27/39
(c)
................
25,970
23,931,700
Anchorage
Credit
Funding
14
Ltd.,
Series
2021-14A,
Class
A,
3.00%,
01/21/40
(c)
................
20,750
19,063,006
Anchorage
Credit
Funding
2
Ltd.,
Series
2015-2A,
Class
ARV,
3.93%,
04/25/38
(c)
................
12,160
11,711,909
Anchorage
Credit
Funding
3
Ltd.
(c)
Series
2016-3A,
Class
A1R,
2.87%,
01/28/39
...............
22,000
20,495,886
Series
2016-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
6.66%,
01/28/39
(a)
..
4,045
4,053,029
Series
2016-3A,
Class
SUBR,
0.00%,
01/28/39
(a)
.........
7,500
4,726,500
Anchorage
Credit
Funding
4
Ltd.,
Series
2016-4A,
Class
AR,
2.72%,
04/27/39
(c)
................
14,250
13,127,503
Anchorage
Credit
Funding
8
Ltd.,
Series
2019-8A,
Class
A,
4.43%,
07/25/37
(c)
................
8,367
8,210,932
Anchorage
Credit
Funding
9
Ltd.,
Series
2019-9A,
Class
AV,
3.79%,
10/25/37
(c)
................
6,050
5,996,482
Anchorage
Credit
Funding
Ltd.,
Series
2021-14A,
Class
SUB,
0.00%,
01/21/40
(a)(c)
...............
10,000
7,454,000
Antares
CLO
Ltd.
(a)(c)
Series
2018-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.09%,
07/20/36
...
3,600
3,588,543
Series
2019-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
6.24%,
01/23/36
...
16,470
16,433,948
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.79%),
6.09%,
07/25/33
...
3,475
3,480,256
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.27%),
5.56%,
04/20/31
(a)(c)
..........
2,025
2,022,975
Apidos
CLO
XX
(a)(c)
Series
2015-20A,
Class
A1RA,
(3-
mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.67%,
07/16/31
720
720,816
Series
2015-20A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.96%),
10.27%,
07/16/31
..
1,500
1,497,269
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Apidos
CLO
XXII
(a)(c)
Series
2015-22A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.32%),
5.61%,
04/20/31
...
USD
452
$
451,539
Series
2015-22A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
6.50%,
04/20/31
...
3,250
3,250,000
Series
2015-22A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
7.50%,
04/20/31
...
800
800,000
Apidos
CLO
XXV,
Series
2016-25A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
5.47%,
01/20/37
(a)(c)
..........
6,210
6,182,055
Apidos
CLO
XXVIII,
Series
2017-28A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.76%),
10.05%,
01/20/31
(a)(c)
...............
270
268,484
Apidos
CLO
XXXI,
Series
2019-31A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
6.11%,
04/15/31
(a)(c)
...............
250
250,141
Apidos
CLO
XXXVI,
Series
2021-36A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.15%,
07/20/34
(a)(c)
...............
1,320
1,318,997
Apidos
CLO
XXXVII,
Series
2021-37A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.56%),
10.85%,
10/22/34
(a)(c)
...............
850
851,910
Apidos
Loan
Fund
Ltd.,
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
10.05%,
04/25/35
(a)(c)
...............
1,010
1,010,317
AREIT
Ltd.
(a)(c)
Series
2024-CRE9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
6.01%,
05/17/41
...
27,500
27,469,346
Series
2025-CRE10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.71%,
12/17/29
...
3,710
3,706,773
Ares
Loan
Funding
I
Ltd.
(a)(c)
Series
2021-ALFA,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.96%),
11.26%,
10/15/34
..
10,850
10,877,750
Series
2021-ALFA,
Class
SUB,
0.00%,
10/15/34
..........
14,000
7,400,400
Ares
LXXI
CLO
Ltd.,
Series
2024-71A,
Class
F,
(3-mo.
CME
Term
SOFR
at
6.74%
Floor
+
6.74%),
11.03%,
04/20/37
(a)(c)
...............
5,000
4,444,239
Ares
XLVII
CLO
Ltd.,
Series
2018-47A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.92%
Floor
+
1.18%),
5.48%,
04/15/30
(a)(c)
...............
448
448,202
Assurant
CLO
II
Ltd.,
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
5.59%,
04/20/31
(a)(c)
...............
303
303,175
Assurant
CLO
IV
Ltd.
(a)(c)
Series
2019-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.66%),
6.95%,
04/20/30
...
500
499,984
Series
2019-4A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.65%
Floor
+
3.91%),
8.20%,
04/20/30
...
3,500
3,499,772
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Atrium
XV,
Series
15A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
7.61%,
07/16/37
(a)(c)
USD
1,450
$
1,448,565
Bain
Capital
Credit
CLO
Ltd.,
Series
2024-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.65%,
01/21/38
(a)(c)
....
1,330
1,328,934
Ballyrock
CLO
14
Ltd.
(a)(c)
Series
2020-14A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
6.29%,
07/20/37
...
250
250,289
Series
2020-14A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.85%
Floor
+
5.85%),
10.14%,
07/20/37
..
250
247,007
Ballyrock
CLO
Ltd.,
Series
2020-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.41%),
10.70%,
10/20/31
(a)(c)
...............
1,340
1,340,139
Barings
CLO
Ltd.
(a)(c)
Series
2015-IA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
5.54%,
01/20/31
...
1,379
1,378,346
Series
2015-IA,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
5.95%,
01/20/31
...
250
249,833
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.21%),
5.51%,
04/15/31
...
981
981,111
Battalion
CLO
IX
Ltd.,
Series
2015-9A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
7.81%,
07/15/31
(a)(c)
...............
450
448,284
Battalion
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
6.10%,
07/18/30
(a)(c)
..........
11,000
10,990,100
BBAM
US
CLO
I
Ltd.,
Series
2022-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.52%,
03/30/38
(a)(c)
...............
4,500
4,490,604
Bean
Creek
CLO
Ltd.
(a)(c)
Series
2015-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.57%,
04/20/31
...
1,469
1,468,287
Series
2015-1A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.01%
Floor
+
6.01%),
10.30%,
04/20/31
..
1,000
1,000,048
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.53%),
5.82%,
07/20/37
(a)(c)
....
8,550
8,570,275
Benefit
Street
Partners
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
5.65%,
01/20/31
(a)(c)
....
1,218
1,216,968
Benefit
Street
Partners
CLO
X
Ltd.,
Series
2016-10A,
Class
A2AR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
6.10%,
04/20/34
(a)(c)
750
747,265
Benefit
Street
Partners
CLO
XVI
Ltd.,
Series
2018-16A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.64%,
01/17/38
(a)(c)
6,000
6,006,000
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Benefit
Street
Partners
CLO
XX
Ltd.,
Series
2020-20A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
7.01%),
11.31%,
07/15/34
(a)(c)
....
USD
1,000
$
1,001,689
Benefit
Street
Partners
CLO
XXIII
Ltd.,
Series
2021-23A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.81%
Floor
+
7.07%),
11.37%,
04/25/34
(a)(c)
....
1,250
1,251,522
Bethpage
Park
CLO
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
5.69%,
01/15/35
(a)(c)
..........
8,000
8,001,571
Betony
CLO
2
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.63%,
04/30/31
(a)(c)
...............
14,523
14,533,000
Birch
Grove
CLO
12
Ltd.,
Series
2025-
12A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
0.00%,
04/22/38
(a)(c)
..........
8,000
7,916,000
BlueMountain
CLO
Ltd.
(a)(c)
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.44%),
5.73%,
10/22/30
...
461
460,233
Series
2013-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.86%),
6.15%,
10/22/30
...
4,000
3,994,000
Series
2015-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
5.55%,
04/20/31
...
1,144
1,142,976
Series
2016-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.52%,
11/15/30
...
2,855
2,850,760
Series
2016-3A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.02%,
11/15/30
...
7,400
7,395,650
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
6.25%,
07/30/30
...
273
272,346
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.11%
Floor
+
1.37%),
5.69%,
08/15/31
...
667
666,223
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
6.28%,
08/15/31
...
2,750
2,746,947
Series
2018-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
5.49%,
10/25/30
...
9,645
9,644,910
Series
2018-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.90%,
10/25/30
...
9,000
8,998,225
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.64%,
07/15/31
(a)(c)
....
810
810,445
BlueMountain
CLO
XXIX
Ltd.,
Series
2020-29A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
7.71%,
07/25/34
(a)(c)
....
250
249,656
BlueMountain
CLO
XXVI
Ltd.,
Series
2019-26A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.76%),
8.05%,
10/20/34
(a)(c)
....
1,330
1,327,835
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
BlueMountain
CLO
XXVIII
Ltd.
(a)(c)
Series
2021-28A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.52%),
5.82%,
04/15/34
...
USD
560
$
560,141
Series
2021-28A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
7.46%,
04/15/34
...
2,000
1,993,476
BlueMountain
CLO
XXX
Ltd.,
Series
2020-30A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.70%),
11.00%,
04/15/35
(a)(c)
....
250
244,938
BlueMountain
CLO
XXXIII
Ltd.,
Series
2021-33A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.76%),
8.08%,
11/20/34
(a)(c)
....
1,510
1,507,439
BlueMountain
Fuji
US
CLO
II
Ltd.,
Series
2017-2A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
5.55%,
10/20/30
(a)(c)
....
1,692
1,691,653
Bryant
Park
Funding
Ltd.
(a)(c)
Series
2023-19A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.49%,
04/15/38
...
2,000
1,997,129
Series
2023-19A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
3.95%
Floor
+
3.95%),
8.24%,
04/15/38
...
1,500
1,496,109
Series
2023-20A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.63%
Floor
+
8.63%),
12.93%,
07/15/36
..
1,250
1,258,423
Series
2024-25A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.65%,
01/18/38
...
5,000
5,003,895
BXMT
Ltd.,
Series
2025-FL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.96%,
10/18/42
(a)(c)(f)
3,805
3,795,488
Canyon
CLO
Ltd.,
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
5.63%,
07/15/31
(a)(c)
...............
1,947
1,948,039
Carbone
CLO
Ltd.
(a)(c)
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.40%),
5.69%,
01/20/31
...
1,816
1,816,814
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.86%),
7.15%,
01/20/31
...
3,000
2,998,934
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(c)
Series
2014-2RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.31%),
5.63%,
05/15/31
...
3,173
3,170,210
Series
2014-3RA,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.31%),
5.61%,
07/27/31
...
10,807
10,800,181
Series
2014-5A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
5.70%,
07/15/31
...
2,094
2,095,142
Series
2015-1A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
5.53%,
07/20/31
...
1,537
1,537,424
Carlyle
US
CLO
Ltd.
(a)(c)
Series
2017-3A,
Class
FR2,
(3-mo.
CME
Term
SOFR
at
9.00%
Floor
+
9.00%),
13.29%,
10/21/37
..
5,000
4,600,552
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
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
A1,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
5.74%,
01/15/30
...
USD
541
$
541,100
Series
2018-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.45%,
10/15/31
...
2,281
2,280,253
Series
2019-1A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.63%,
04/20/31
...
792
792,509
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.15%),
7.46%,
07/16/31
(a)(c)
...............
1,705
1,704,514
CarVal
CLO
VC
Ltd.
(a)(c)
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
7.81%,
10/15/34
...
500
499,032
Series
2021-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
7.01%),
11.31%,
10/15/34
..
250
250,561
Cayuga
Park
CLO
Ltd.,
Series
2020-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.68%,
07/17/34
(a)(c)
...............
1,710
1,711,990
CBAM
Ltd.
(a)(c)
Series
2018-7A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.15%,
07/20/31
...
1,000
999,508
Series
2019-10A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
5.67%,
04/20/32
...
2,866
2,869,588
Cedar
Funding
V
CLO
Ltd.
(a)(c)
Series
2016-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.66%,
07/17/31
...
3,508
3,507,591
Series
2016-5A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.36%),
6.66%,
07/17/31
...
2,000
1,997,889
Cedar
Funding
VII
CLO
Ltd.
(a)(c)
Series
2018-7A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
7.04%,
01/20/31
...
6,750
6,734,631
Series
2018-7A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.55%
Floor
+
4.81%),
9.10%,
01/20/31
...
2,963
2,945,254
Series
2018-7A,
Class
F,
(3-mo.
CME
Term
SOFR
at
6.90%
Floor
+
7.16%),
11.45%,
01/20/31
..
2,000
1,860,816
Series
2018-7A,
Class
SUB,
0.00%,
01/20/31
...............
1,750
323,448
Cedar
Funding
XI
CLO
Ltd.
(a)(c)
Series
2019-11A,
Class
A1R2,
(3-
mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.06%),
5.37%,
05/29/32
7,351
7,342,784
Series
2019-11A,
Class
A2R2,
(3-
mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.61%,
05/29/32
1,000
999,013
Cedar
Funding
XIV
CLO
Ltd.
(a)(c)
Series
2021-14A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.68%,
10/15/37
...
30,050
30,097,128
Series
2021-14A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
7.40%,
10/15/37
...
8,750
8,673,733
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2021-14A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
7.39%
Floor
+
7.39%),
11.69%,
10/15/37
..
USD
9,650
$
9,829,488
CIFC
Funding
2014-V
Ltd.,
Series
2014-5A,
Class
ER3,
(3-mo.
CME
Term
SOFR
at
7.50%
Floor
+
7.50%),
11.80%,
07/17/37
(a)(c)
....
1,000
1,000,572
CIFC
Funding
2018-II
Ltd.
(a)(c)
Series
2018-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.66%,
10/20/37
...
14,110
14,129,868
Series
2018-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
6.04%,
10/20/37
...
500
500,715
CIFC
Funding
2018-III
Ltd.,
Series
2018-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.65%,
07/18/31
(a)(c)
..........
5,853
5,847,863
CIFC
Funding
2021-IV
Ltd.,
Series
2021-4A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.94%,
07/23/37
(a)(c)
....
500
499,509
CIFC
Funding
Ltd.
(a)(c)
Series
2013-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.01%),
6.32%,
07/16/30
...
1,250
1,252,074
Series
2013-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.81%),
8.12%,
07/16/30
...
500
500,254
Series
2013-2A,
Class
A1L2,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
5.55%,
10/18/30
...
15,712
15,716,662
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.65%,
01/18/31
...
307
306,955
Series
2014-2RA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.66%,
10/24/37
...
3,500
3,501,762
Series
2015-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.11%
Floor
+
1.37%),
5.66%,
01/22/31
...
18,765
18,774,195
Series
2015-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
6.00%,
01/22/31
...
400
399,752
Series
2017-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
5.50%,
04/20/30
...
5,708
5,706,571
Series
2017-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.70%),
10.99%,
04/20/37
..
1,500
1,494,612
Series
2017-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.71%,
07/17/37
...
18,250
18,265,917
Series
2017-5A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
7.35%,
07/17/37
...
1,400
1,386,265
Series
2019-3A,
Class
D1R2,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
7.06%,
01/16/38
...
2,275
2,275,027
Series
2020-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.73%,
01/15/40
...
8,000
7,996,355
Series
2024-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
5.77%,
07/21/37
...
5,500
5,513,752
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2025-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.13%),
5.41%,
04/15/38
...
USD
12,250
$
12,198,522
Creeksource
Dunes
Creek
CLO
Ltd.
(a)(c)
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.74%,
01/15/38
...
5,000
5,004,961
Series
2024-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
6.08%,
01/15/38
...
2,000
1,994,561
Crown
City
CLO
III,
Series
2021-1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
5.72%,
07/20/34
(a)(c)
...............
250
249,585
Crown
Point
CLO
9
Ltd.,
Series
2020-
9A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
4.01%),
8.30%,
07/14/34
(a)(c)
..........
1,000
998,350
Diameter
Capital
CLO
2
Ltd.
(a)(c)
Series
2021-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.69%,
10/15/37
...
14,750
14,735,403
Series
2021-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.15%),
10.45%,
10/15/37
..
1,500
1,492,755
Diameter
Capital
CLO
9
Ltd.,
Series
2025-9A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
5.49%,
04/20/38
(a)(c)
..........
1,500
1,493,921
Diameter
Credit
Funding
I
Ltd.,
Series
2019-1A,
Class
A,
4.60%,
07/25/37
(c)
8,750
8,625,430
Dryden
37
Senior
Loan
Fund,
Series
2015-37A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
5.66%,
01/15/31
(a)(c)
....
806
806,298
Dryden
41
Senior
Loan
Fund,
Series
2015-41A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
5.53%,
04/15/31
(a)(c)
....
3,334
3,333,390
Dryden
43
Senior
Loan
Fund,
Series
2016-43A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.07%),
5.36%,
04/20/34
(a)(c)
....
3,900
3,891,825
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.15%,
07/18/30
(a)(c)
....
1,000
1,000,250
Dryden
50
Senior
Loan
Fund
(a)(c)
Series
2017-50A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
5.56%,
07/15/30
...
3,487
3,487,361
Series
2017-50A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
6.21%,
07/15/30
...
250
250,065
Dryden
55
CLO
Ltd.,
Series
2018-55A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.28%),
5.58%,
04/15/31
(a)(c)
...............
1,437
1,437,612
Dryden
65
CLO
Ltd.,
Series
2018-65A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.15%,
07/18/30
(a)(c)
...............
700
700,345
Dryden
77
CLO
Ltd.,
Series
2020-77A,
Class
XR,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
5.58%,
05/20/34
(a)(c)
...............
78
78,113
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.16%),
5.46%,
04/15/29
(a)(c)
....
USD
1,288
$
1,287,571
Eaton
Vance
CLO
Ltd.,
Series
2013-1A,
Class
A23R,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
6.11%,
01/15/34
(a)(c)
..........
3,000
2,993,729
Elmwood
CLO
14
Ltd.,
Series
2022-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.35%
Floor
+
6.35%),
10.64%,
04/20/35
(a)(c)
...............
4,900
4,903,186
Elmwood
CLO
16
Ltd.
(a)(c)
Series
2022-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
6.75%),
11.04%,
04/20/37
..
2,690
2,689,243
Series
2022-3A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.00%),
12.29%,
04/20/37
..
2,090
1,965,430
Elmwood
CLO
17
Ltd.,
Series
2022-4A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.40%),
8.70%,
07/17/37
(a)(c)
...............
3,000
3,020,976
Elmwood
CLO
18
Ltd.,
Series
2022-5A,
Class
SUB,
0.00%,
07/17/37
(a)(c)
..
6,000
3,297,876
Elmwood
CLO
20
Ltd.,
Series
2022-7A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.00%),
12.30%,
01/17/37
(a)(c)
...............
3,500
3,301,560
Elmwood
CLO
28
Ltd.,
Series
2024-4A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.25%
Floor
+
7.25%),
11.55%,
04/17/37
(a)(c)
...............
2,000
1,951,166
Elmwood
CLO
38
Ltd.,
Series
2025-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.43%,
04/22/38
(a)(c)
...............
3,500
3,487,349
Elmwood
CLO
I
Ltd.,
Series
2019-1A,
Class
SUB,
0.00%,
04/20/37
(a)(c)
..
7,500
4,503,247
Elmwood
CLO
II
Ltd.
(a)(c)
Series
2019-2A,
Class
D1RR,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
7.34%,
10/20/37
...
3,000
2,971,847
Series
2019-2A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
10.04%,
10/20/37
..
11,250
11,253,573
Series
2019-2A,
Class
FRR,
(3-mo.
CME
Term
SOFR
at
7.82%
Floor
+
7.82%),
12.11%,
10/20/37
..
8,500
7,994,039
Series
2019-2A,
Class
SUB,
0.00%,
04/20/34
...............
9,750
5,599,396
Elmwood
CLO
III
Ltd.
(a)(c)
Series
2019-3A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
5.95%
Floor
+
5.95%),
10.24%,
07/18/37
..
500
497,477
Series
2019-3A,
Class
FRR,
(3-mo.
CME
Term
SOFR
at
7.91%
Floor
+
7.91%),
12.20%,
07/18/37
..
3,450
3,242,945
Series
2019-3A,
Class
SUB,
0.00%,
07/18/37
...............
5,540
3,240,346
Elmwood
CLO
VI
Ltd.,
Series
2020-3A,
Class
SUB,
0.00%,
10/20/34
(a)(c)
..
2,500
1,434,010
Elmwood
CLO
VII
Ltd.,
Series
2020-4A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.91%,
10/17/37
(a)(c)
..........
2,750
2,751,388
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Elmwood
CLO
VIII
Ltd.
(a)(c)
Series
2021-1A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.00%),
12.29%,
04/20/37
..
USD
10,250
$
9,545,711
Series
2021-1A,
Class
SUB,
0.00%,
01/20/34
...............
10,500
4,458,657
Elmwood
CLO
X
Ltd.,
Series
2021-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.85%
Floor
+
5.85%),
10.14%,
04/20/34
(a)(c)
...............
4,000
3,873,834
Flatiron
CLO
18
Ltd.,
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
5.51%,
04/17/31
(a)(c)
...............
3,246
3,243,866
Flatiron
CLO
19
Ltd.
(a)(c)
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.66%,
11/16/34
...
22,723
22,737,747
Series
2019-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
7.58%,
11/16/34
...
800
800,072
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
SUB,
0.00%,
07/19/34
(a)(c)
..
5,000
3,312,500
Flatiron
CLO
25
Ltd.
(a)(c)
Series
2024-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.62%,
10/17/37
...
1,150
1,150,436
Series
2024-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.12%,
10/17/37
...
310
310,190
Flatiron
CLO
28
Ltd.,
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
10.05%,
07/15/36
(a)(c)
...............
2,000
2,002,797
Galaxy
31
CLO
Ltd.,
Series
2023-31A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.43%
Floor
+
8.43%),
12.73%,
04/15/36
(a)(c)
...............
650
649,438
Galaxy
XV
CLO
Ltd.
(a)(c)
Series
2013-15A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
5.53%,
10/15/30
...
2,079
2,078,710
Series
2013-15A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.26%),
7.56%,
10/15/30
...
1,040
1,040,556
Galaxy
XVIII
CLO
Ltd.,
Series
2018-
28A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
5.66%,
07/15/31
(a)(c)
..........
3,143
3,140,807
Galaxy
XX
CLO
Ltd.,
Series
2015-20A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
5.55%,
04/20/31
(a)(c)
...............
8,481
8,473,818
Galaxy
XXVI
CLO
Ltd.,
Series
2018-
26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
5.50%,
11/22/31
(a)(c)
..........
1,309
1,307,907
Galaxy
XXVII
CLO
Ltd.,
Series
2018-
27A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.28%),
5.60%,
05/16/31
(a)(c)
..........
58
58,299
Galaxy
XXVIII
CLO
Ltd.,
Series
2018-
28A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.56%),
5.86%,
07/15/31
(a)(c)
..........
162
162,017
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Generate
CLO
17
Ltd.,
Series
2024-
17A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.69%,
10/22/37
(a)(c)
..........
USD
4,500
$
4,507,935
Generate
CLO
9
Ltd.,
Series
9A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.64%,
01/20/38
(a)(c)
...............
4,000
4,004,531
GoldenTree
Loan
Management
US
CLO
11
Ltd.,
Series
2021-11A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
4.90%
Floor
+
4.90%),
9.19%,
10/20/34
(a)(c)
...............
5,765
5,674,024
GoldenTree
Loan
Management
US
CLO
22
Ltd.,
Series
2024-22A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
9.86%,
10/20/37
(a)(c)
...............
2,750
2,750,280
GoldenTree
Loan
Management
US
CLO
24
Ltd.,
Series
2025-24A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
0.00%,
10/20/38
(a)(c)
...............
3,000
2,976,000
GoldenTree
Loan
Management
US
CLO
5
Ltd.,
Series
2019-5A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.85%
Floor
+
5.11%),
9.40%,
10/20/32
(a)(c)
4,500
4,483,187
GoldenTree
Loan
Management
US
CLO
7
Ltd.,
Series
2020-7A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.10%),
5.39%,
04/20/34
(a)(c)
...............
8,120
8,106,413
Golub
Capital
Partners
CLO
43B
Ltd.,
Series
2019-43A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.63%,
10/20/37
(a)(c)
....
8,650
8,653,981
Golub
Capital
Partners
CLO
44M
Ltd.,
Series
2019-44A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
6.12%,
10/21/38
(a)(c)
....
15,200
15,162,000
Golub
Capital
Partners
CLO
54M
L.P,
Series
2021-54A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.79%),
6.09%,
08/05/33
(a)(c)
....
9,500
9,500,469
Golub
Capital
Partners
CLO
55B
Ltd.,
Series
2021-55A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.56%
Floor
+
6.82%),
11.11%,
07/20/34
(a)(c)
....
2,690
2,668,773
Golub
Capital
Partners
CLO
56M
Ltd.,
Series
2021-56A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.79%),
6.09%,
10/25/33
(a)(c)
....
6,250
6,261,188
Golub
Capital
Partners
CLO
57M
Ltd.
(c)
Series
2021-57A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
6.05%,
10/25/34
(a)
..
300
300,527
Series
2021-57A,
Class
B2,
3.30%,
10/25/34
...............
1,000
928,078
Golub
Capital
Partners
CLO
Ltd.,
Series
2019-41A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
6.30%,
01/20/34
(a)(c)
....
2,000
1,997,990
Gracie
Point
International
Funding
(a)(c)
Series
2023-1A,
Class
A,
(SOFR90A
at
0.00%
Floor
+
1.95%),
6.37%,
09/01/26
...............
4,626
4,638,436
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2023-1A,
Class
D,
(SOFR90A
at
0.00%
Floor
+
4.50%),
8.92%,
09/01/26
...............
USD
1,512
$
1,519,800
Great
Lakes
CLO
VII
Ltd.,
Series
2024-7A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
6.29%,
04/20/37
(a)(c)
..........
16,000
15,975,242
Great
Lakes
CLO
VIII
Ltd.,
Series
2024-8A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.10%,
07/15/37
(a)(c)
..........
6,500
6,492,073
GT
Loan
Financing
I
Ltd.,
Series
2013-
1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.36%),
6.66%,
07/28/31
(a)(c)
..........
500
500,643
Harriman
Park
CLO
Ltd.,
Series
2020-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.67%,
04/20/34
(a)(c)
..........
3,990
3,994,448
HPS
Loan
Management
Ltd.,
Series
11A-17,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
5.58%,
05/06/30
(a)(c)
..........
2,253
2,251,272
Invesco
CLO
Ltd.,
Series
2021-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.16%,
07/15/34
(a)(c)
...............
5,600
5,586,126
IVY
Hill
Middle
Market
Credit
Fund
XII
Ltd.,
Series
12A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.70%,
04/20/37
(a)(c)
....
15,500
15,469,837
Ivy
Hill
Middle
Market
Credit
Fund
XX
Ltd.,
Series
20A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
6.69%,
04/20/35
(a)(c)
....
2,000
2,002,878
Ivy
Hill
Middle
Market
Credit
Fund
XXI
Ltd.,
Series
21A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.45%),
6.74%,
07/18/35
(a)(c)
....
19,750
19,788,522
Kings
Park
CLO
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.68%,
01/21/35
(a)(c)
...............
2,000
2,001,389
KKR
CLO
10
Ltd.,
Series
10,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.96%),
6.26%,
09/15/29
(a)(c)
1,602
1,593,072
KKR
Financial
CLO
Ltd.,
Series
2013-
1A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.75%,
04/15/29
(a)(c)
..........
1,000
1,000,554
Lake
George
Park
CLO
Ltd.,
Series
2025-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.60%
Floor
+
4.60%),
0.00%,
04/15/38
(a)(c)(f)
.........
2,100
2,100,000
LCM
26
Ltd.,
Series
26A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
7.05%,
01/20/31
(a)(c)
400
399,879
LCM
36
Ltd.,
Series
36A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.07%),
5.39%,
01/15/34
(a)(c)
19,750
19,714,989
LCM
XIV
LP,
Series
14A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.30%),
5.59%,
07/20/31
(a)(c)
240
239,851
LCM
XVIII
LP,
Series
18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.28%),
5.57%,
04/20/31
(a)(c)
2,865
2,864,165
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
LCM
XXIV
Ltd.,
Series
24A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
5.53%,
03/20/30
(a)(c)
USD
447
$
446,355
Lewey
Park
CLO
Ltd.
(c)
Series
2024-1A,
Class
B2,
4.98%,
10/21/37
...............
2,750
2,537,148
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.55%
Floor
+
5.55%),
9.96%,
10/21/37
(a)
..
2,620
2,630,536
LoanCore
Issuer
Ltd.,
Series
2022-
CRE7,
Class
A,
(SOFR
30
day
Average
at
1.55%
Floor
+
1.55%),
5.90%,
01/17/37
(a)(c)
..........
1,604
1,598,277
Loanpal
Solar
Loan
Ltd.
(c)
Series
2020-2GF,
Class
A,
2.75%,
07/20/47
...............
3,160
2,596,786
Series
2021-1GS,
Class
A,
2.29%,
01/20/48
...............
7,430
6,017,687
Madison
Park
Funding
LXIII
Ltd.,
Series
2023-63A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.57%
Floor
+
8.57%),
12.86%,
04/21/35
(a)(c)
....
2,250
2,242,875
Madison
Park
Funding
LXXI
Ltd.,
Series
2025-71A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
5.41%,
04/23/38
(a)(c)
....
17,500
17,500,712
Madison
Park
Funding
XL
Ltd.
(a)(c)
Series
9A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
5.56%,
05/28/30
....
1,169
1,169,334
Series
9A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
6.07%,
05/28/30
....
325
324,871
Madison
Park
Funding
XLII
Ltd.,
Series
13A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.44%,
11/21/30
(a)(c)
..........
—
(g)
1
Madison
Park
Funding
XLV
Ltd.,
Series
2020-45A,
Class
SUB,
0.00%,
07/15/34
(a)(c)
...............
2,000
1,153,403
Madison
Park
Funding
XLVIII
Ltd.,
Series
2021-48A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.51%
Floor
+
6.51%),
10.80%,
04/19/33
(a)(c)
....
500
500,028
Madison
Park
Funding
XVIII
Ltd.,
Series
2015-18A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.21%),
7.50%,
10/21/30
(a)(c)
....
2,750
2,745,774
Madison
Park
Funding
XXI
Ltd.,
Series
2016-21A,
Class
AARR,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.64%,
10/15/32
(a)(c)
....
1,231
1,232,069
Madison
Park
Funding
XXIII
Ltd.
(a)(c)
Series
2017-23A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
6.11%,
07/27/31
...
2,000
2,000,337
Series
2017-23A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
6.56%,
07/27/31
...
3,000
3,001,029
Madison
Park
Funding
XXIV
Ltd.,
Series
2016-24A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.84%,
10/20/29
(a)(c)
....
7,250
7,246,269
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Madison
Park
Funding
XXVII
Ltd.
(a)(c)
Series
2018-27A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.52%,
04/20/38
...
USD
1,900
$
1,895,906
Series
2018-27A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.85%),
7.17%,
04/20/38
...
3,125
3,121,094
Madison
Park
Funding
XXX
Ltd.,
Series
2018-30A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.67%,
07/16/37
(a)(c)
....
25,800
25,816,068
Madison
Park
Funding
XXXIV
Ltd.,
Series
2019-34A,
Class
D1RR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.35%),
7.66%,
10/16/37
(a)(c)
1,500
1,503,431
Madison
Park
Funding
XXXV
Ltd.,
Series
2019-35A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
7.55%,
04/20/32
(a)(c)
....
1,500
1,501,095
Madison
Park
Funding
XXXVII
Ltd.,
Series
2019-37A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.53%),
5.83%,
04/15/37
(a)(c)
....
1,500
1,503,147
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.16%
Floor
+
2.16%),
6.46%,
07/17/34
(a)(c)
....
250
249,173
Maranon
Loan
Funding
Ltd.,
Series
2020-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
6.51%,
01/15/34
(a)(c)
..........
1,905
1,905,083
Marble
Point
CLO
XXIII
Ltd.,
Series
2021-4A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.65%
Floor
+
3.91%),
8.20%,
01/22/35
(a)(c)
....
500
499,382
MidOcean
Credit
CLO
VII,
Series
2017-
7A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.16%,
07/15/29
(a)(c)
..........
53
52,679
MidOcean
Credit
CLO
XVII
Ltd.,
Series
2024-17A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.74%,
01/20/38
(a)(c)
....
1,820
1,823,121
Milos
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
5.62%,
10/20/30
(a)(c)
...............
110
109,986
Myers
Park
CLO
Ltd.
(a)(c)
Series
2018-1A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.15%,
10/20/30
...
250
250,130
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
6.60%,
10/20/30
...
1,000
1,000,869
Neuberger
Berman
CLO
XIV
Ltd.,
Series
2013-14A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
5.59%,
01/28/30
(a)(c)
....
949
948,906
Neuberger
Berman
CLO
XX
Ltd.
(a)(c)
Series
2015-20A,
Class
A1R3,
(3-
mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.47%,
04/15/39
689
686,465
Series
2015-20A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.82%,
04/15/39
...
750
743,699
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Neuberger
Berman
Loan
Advisers
CLO
32
Ltd.
(a)(c)
Series
2019-32A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
5.54%,
01/20/32
...
USD
16,658
$
16,648,379
Series
2019-32A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.10%
Floor
+
6.36%),
10.65%,
01/20/32
..
825
826,079
Neuberger
Berman
Loan
Advisers
CLO
36
Ltd.
(a)(c)
Series
2020-36A,
Class
A1R2,
(3-
mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.59%,
04/20/33
2,000
1,999,948
Series
2020-36A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.50%),
6.79%,
04/20/33
...
6,700
6,698,325
Neuberger
Berman
Loan
Advisers
CLO
46
Ltd.,
Series
2021-46A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.80%,
01/20/37
(a)(c)
1,250
1,241,377
New
Mountain
CLO
1
Ltd.,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.55%,
01/15/38
(a)(c)
4,500
4,484,250
New
Mountain
CLO
2
Ltd.,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.72%,
01/15/38
(a)(c)
11,000
10,987,851
Oak
Hill
Credit
Partners
X-R
Ltd.
(a)(c)
Series
2014-10RA,
Class
AR2,
(3-
mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.13%),
5.45%,
04/20/38
6,000
5,971,540
Series
2014-10RA,
Class
D2R2,
(3-
mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.60%),
7.92%,
04/20/38
1,500
1,493,766
Oaktree
CLO
Ltd.
(a)(c)
Series
2020-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
5.51%,
01/15/38
...
2,500
2,490,813
Series
2024-26A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.45%),
7.74%,
04/20/37
...
3,000
3,013,492
Series
2024-27A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
6.35%,
10/22/37
...
960
960,287
Series
2024-27A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
7.78%,
10/22/37
...
900
894,855
OCP
CLO
Ltd.
(c)
Series
2014-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.64%,
04/26/31
(a)
..
712
711,754
Series
2014-5A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
7.46%,
04/26/31
(a)
..
1,430
1,428,286
Series
2014-7A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.38%),
5.67%,
07/20/29
(a)
..
17
16,646
Series
2014-7A,
Class
A2RR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.91%),
6.20%,
07/20/29
(a)
..
1,600
1,595,628
Series
2014-7A,
Class
B1RR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.51%),
6.80%,
07/20/29
(a)
..
500
500,219
Series
2014-7A,
Class
B2RR,
5.11%,
07/20/29
..........
3,830
3,808,651
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2016-12A,
Class
BAR3,
(3-mo.
CME
Term
SOFR
at
1.68%
Floor
+
1.68%),
5.97%,
10/18/37
(a)
..............
USD
6,750
$
6,733,971
Series
2016-12A,
Class
E2R3,
(3-mo.
CME
Term
SOFR
at
7.34%
Floor
+
7.34%),
11.63%,
10/18/37
(a)
..............
2,250
2,102,306
Series
2016-12A,
Class
XR3,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.49%,
10/18/37
(a)
..
950
948,808
Series
2017-13A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.90%,
11/26/37
(a)
..
25,800
25,774,964
Series
2017-14A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.79%,
07/20/37
(a)
..
6,250
6,293,839
Series
2019-16A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
5.55%,
04/10/33
(a)
..
446
445,685
Series
2019-16A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.41%
Floor
+
3.41%),
7.70%,
04/10/33
(a)
..
2,200
2,199,520
Series
2020-8RA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.55%,
10/17/36
(a)
..
2,645
2,645,228
Series
2020-18A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.66%,
07/20/37
(a)
..............
1,000
1,000,594
Series
2020-18A,
Class
D1R2,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
7.39%,
07/20/37
(a)
..............
2,750
2,728,128
Series
2020-18A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.25%),
10.54%,
07/20/37
(a)
.
3,650
3,655,088
Series
2021-21A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
5.51%,
01/20/38
(a)
..
2,000
1,995,540
Series
2021-23A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
4.85%
Floor
+
4.85%),
9.13%,
01/17/37
(a)
..
750
744,520
Series
2022-25A,
Class
PREF,
0.00%,
(a)
...............
12,500
7,957,512
Octagon
57
Ltd.,
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
6.61%,
10/15/34
(a)(c)
2,750
2,744,848
Octagon
61
Ltd.,
Series
2023-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
7.29%,
04/20/36
(a)(c)
4,105
4,119,767
Octagon
63
Ltd.,
Series
2024-2A,
Class
F,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
10.79%,
07/20/37
(a)(c)
5,670
5,023,121
Octagon
Investment
Partners
18-R
Ltd.,
Series
2018-18A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.22%),
5.53%,
04/16/31
(a)(c)
....
3,937
3,936,336
Octagon
Investment
Partners
35
Ltd.,
Series
2018-1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
5.61%,
01/20/31
(a)(c)
....
1,272
1,270,743
Octagon
Investment
Partners
37
Ltd.,
Series
2018-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.84%),
6.14%,
07/25/30
(a)(c)
....
1,000
999,619
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Octagon
Investment
Partners
XV
Ltd.
(a)
(c)
Series
2013-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
5.52%,
07/19/30
...
USD
3,498
$
3,494,792
Series
2013-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.61%),
5.90%,
07/19/30
...
1,000
999,427
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
5.58%,
07/17/30
(a)(c)
....
1,344
1,343,613
Octagon
Loan
Funding
Ltd.,
Series
2014-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
6.28%,
11/18/31
(a)(c)
....
250
250,053
OHA
Credit
Funding
4
Ltd.,
Series
2019-4A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
5.58%,
01/22/38
(a)(c)
....
500
500,065
OHA
Credit
Funding
5
Ltd.
(a)(c)
Series
2020-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.64%,
10/18/37
...
34,220
34,257,419
Series
2020-5A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.40%
Floor
+
5.40%),
9.69%,
10/18/37
...
1,000
1,000,491
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.62%,
10/20/37
(a)(c)
....
500
500,382
OHA
Credit
Funding
9
Ltd.,
Series
2021-9A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.64%,
10/19/37
(a)(c)
....
2,750
2,753,058
OHA
Credit
Partners
XVII
Ltd.,
Series
2024-17A,
Class
B2,
5.51%,
01/18/38
(c)
................
6,000
5,809,565
OHA
Loan
Funding
Ltd.,
Series
2013-
2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.30%),
5.63%,
05/23/31
(a)(c)
..........
8,699
8,702,554
Orchard
Park
CLO
Ltd.,
Series
2024-
1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.60%
Floor
+
5.60%),
10.25%,
10/20/37
(a)(c)
.........
1,000
1,004,624
Orion
CLO
Ltd.,
Series
2024-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.87%,
10/20/37
(a)(c)
1,010
1,010,370
OZLM
VI
Ltd.,
Series
2014-6A,
Class
SUB,
0.00%,
04/17/31
(a)(c)(d)(e)
....
3,200
16,339
OZLM
XIX
Ltd.,
Series
2017-19A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.65%,
01/15/35
(a)(c)
...............
9,750
9,756,723
OZLM
XVIII
Ltd.,
Series
2018-18A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
5.58%,
04/15/31
(a)(c)
...............
3,131
3,130,157
OZLM
XX
Ltd.,
Series
2018-20A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
6.20%,
04/20/31
(a)(c)
...............
250
249,941
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
OZLM
XXIV
Ltd.,
Series
2019-24A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.71%,
07/20/32
(a)(c)
..........
USD
3,490
$
3,487,261
Palmer
Square
CLO
Ltd.
(a)(c)
Series
2019-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.73%,
11/14/34
...
1,050
1,049,685
Series
2020-3A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
8.60%
Floor
+
8.60%),
12.92%,
11/15/36
..
3,150
3,037,760
Series
2021-1A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.47%,
04/20/38
...
5,000
4,980,036
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.71%,
01/15/35
...
250
250,511
Series
2021-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.31%
Floor
+
6.31%),
10.61%,
10/15/34
..
1,000
1,000,467
Series
2022-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.35%
Floor
+
6.35%),
10.64%,
04/20/35
..
3,500
3,502,276
Series
2022-3A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
7.24%,
07/20/37
...
880
874,003
Series
2025-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.81%,
04/20/38
...
1,000
992,696
Palmer
Square
Loan
Funding
Ltd.
(a)(c)
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.06%),
5.35%,
07/20/29
...
1,083
1,081,924
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.76%
Floor
+
2.76%),
7.05%,
07/20/29
...
5,250
5,252,191
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.26%
Floor
+
5.26%),
9.55%,
07/20/29
...
4,875
4,874,164
Series
2021-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.06%),
5.36%,
10/15/29
...
490
489,766
Series
2021-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.01%
Floor
+
2.01%),
6.31%,
10/15/29
...
500
499,191
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.86%
Floor
+
2.86%),
7.16%,
10/15/29
...
2,000
1,998,390
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.26%
Floor
+
5.26%),
9.56%,
10/15/29
...
10,000
10,000,002
Series
2022-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.57%,
10/15/30
...
3,950
3,950,469
Series
2022-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.20%,
10/15/30
...
25,000
25,017,900
Series
2022-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
6.50%,
10/15/30
...
10,500
10,485,629
Series
2022-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
7.40%,
10/15/30
...
8,395
8,392,785
Series
2022-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.20%
Floor
+
6.20%),
10.50%,
10/15/30
..
11,750
11,808,976
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2022-3A,
Class
A1BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.70%,
04/15/31
...
USD
6,000
$
6,004,219
Series
2022-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.90%
Floor
+
5.90%),
10.20%,
04/15/31
..
5,000
5,000,004
Series
2023-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.35%),
8.65%,
01/25/32
...
5,325
5,346,790
Series
2024-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.90%
Floor
+
4.90%),
9.20%,
10/15/32
...
1,750
1,745,672
Series
2024-2A,
Class
A1N,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
5.45%,
01/15/33
...
7,750
7,739,012
Series
2024-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.90%,
01/15/33
...
9,750
9,722,415
Series
2024-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.15%,
01/15/33
...
3,000
2,981,259
Series
2024-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
9.15%,
01/15/33
...
3,500
3,485,908
Series
2024-3A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.95%,
08/08/32
...
2,000
1,997,575
Series
2024-3A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.20%,
08/08/32
...
1,000
997,906
Series
2024-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
7.25%,
08/08/32
...
2,000
2,000,706
Park
Blue
CLO
2025-VII
Ltd.,
Series
2025-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
0.00%,
04/25/38
(a)(c)
....
2,750
2,750,000
Park
Blue
CLO
Ltd.
(a)(c)
Series
2022-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.71%,
07/20/37
...
9,750
9,735,457
Series
2023-3A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.16%
Floor
+
7.16%),
11.45%,
04/20/36
..
1,000
969,540
Series
2024-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.64%,
01/25/38
...
1,000
998,088
Pikes
Peak
CLO
10,
Series
2022-10A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.75%,
01/22/38
(a)(c)
...............
3,000
3,001,500
Pikes
Peak
CLO
5,
Series
2020-5A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.90%
Floor
+
6.90%),
11.19%,
10/20/37
(a)(c)
...............
2,000
2,006,297
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
4.60%
Floor
+
4.60%),
8.92%,
05/18/34
(a)(c)
...............
250
248,234
Point
Au
Roche
Park
CLO
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.63%,
07/20/34
(a)(c)
..........
1,000
1,000,376
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Post
CLO
VI
Ltd.,
Series
2024-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.88%,
01/20/38
(a)(c)
...............
USD
13,800
$
13,817,244
Race
Point
IX
CLO
Ltd.,
Series
2015-
9A,
Class
A1A2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.50%,
10/15/30
(a)(c)
..........
1,359
1,358,435
Race
Point
X
CLO
Ltd.,
Series
2016-
10A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.66%,
07/25/31
(a)(c)
..........
457
456,490
Rad
CLO
10
Ltd.,
Series
2021-10A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
5.72%,
04/23/34
(a)(c)
...............
5,000
5,006,734
Rad
CLO
15
Ltd.,
Series
2021-15A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
5.64%,
01/20/34
(a)(c)
...............
2,750
2,747,697
Rad
CLO
27
Ltd.,
Series
2024-27A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.61%,
01/15/38
(a)(c)
...............
20,750
20,746,261
Rad
CLO
5
Ltd.,
Series
2019-5A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
7.71%,
07/24/32
(a)(c)
...............
250
250,071
Rad
CLO
6
Ltd.,
Series
2019-6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.68%,
10/20/37
(a)(c)
...............
6,000
6,007,776
Rad
CLO
7
Ltd.
(a)(c)
Series
2020-7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.65%,
04/17/36
...
250
250,039
Series
2020-7A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
6.90%,
04/17/36
...
500
500,985
Series
2020-7A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
4.15%
Floor
+
4.15%),
8.45%,
04/17/36
...
500
499,106
Recette
CLO
Ltd.,
Series
2015-1A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.51%),
7.80%,
04/20/34
(a)(c)
..........
1,000
995,776
Reese
Park
CLO
Ltd.,
Series
2020-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.62%,
01/15/38
(a)(c)
...............
1,500
1,501,500
Regatta
31
Funding
Ltd.,
Series
2025-
1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
5.40%,
03/25/38
(a)(c)
..........
6,000
5,983,942
Regatta
VI
Funding
Ltd.,
Series
2016-
1A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
7.65%,
04/20/34
(a)(c)
..........
3,000
2,995,193
Regatta
VII
Funding
Ltd.
(a)(c)
Series
2016-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.72%,
06/20/34
...
1,300
1,302,307
Series
2016-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.17%,
06/20/34
...
250
250,413
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Regatta
VIII
Funding
Ltd.,
Series
2017-
1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
6.35%,
04/17/37
(a)(c)
..........
USD
6,500
$
6,511,518
Regatta
XIV
Funding
Ltd.,
Series
2018-
3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.10%),
5.40%,
10/25/31
(a)(c)
..........
2,673
2,670,428
Regatta
XIX
Funding
Ltd.,
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.14%,
04/20/35
(a)(c)
..........
2,500
2,507,076
Regatta
XXIV
Funding
Ltd.,
Series
2021-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.64%,
01/20/38
(a)(c)
....
2,000
2,000,035
Regatta
XXV
Funding
Ltd.,
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.41%
Floor
+
8.41%),
12.71%,
07/15/36
(a)(c)
.........
1,000
1,008,485
Rockford
Tower
CLO
Ltd.
(a)(c)
Series
2017-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
6.46%,
10/15/29
...
1,250
1,250,089
Series
2017-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
3.11%),
7.41%,
10/15/29
...
5,360
5,360,041
Series
2017-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.45%),
5.74%,
10/20/30
...
4,655
4,651,091
Series
2017-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.91%),
7.20%,
10/20/30
...
430
429,771
Series
2017-3A,
Class
SUB,
0.00%,
10/20/30
...............
1,750
235,366
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.98%),
6.30%,
05/20/31
...
250
250,176
Series
2018-1A,
Class
SUB,
0.00%,
05/20/31
...............
1,750
243,665
Series
2018-2A,
Class
SUB,
0.00%,
10/20/31
...............
1,750
244,805
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
6.55%,
07/20/34
...
250
249,834
Rockford
Tower
Credit
Funding
I
Ltd.,
Series
2022-1A,
Class
SUB,
0.00%,
04/20/40
(a)(c)
...............
5,000
3,494,000
Romark
CLO
II
Ltd.,
Series
2018-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
5.44%,
07/25/31
(a)(c)
...............
10,792
10,788,386
Romark
CLO
IV
Ltd.,
Series
2021-4A,
Class
C1,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.46%),
7.75%,
07/10/34
(a)(c)
...............
3,500
3,493,637
Romark
CLO
Ltd.,
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.41%),
6.70%,
10/23/30
(a)(c)
...............
2,150
2,149,622
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.29%),
5.58%,
04/20/31
(a)(c)
...............
10,077
10,075,431
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
RR
16
Ltd.
(a)(c)
Series
2021-16A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
6.21%,
07/15/36
...
USD
3,750
$
3,753,861
Series
2021-16A,
Class
SUB,
0.00%,
07/15/2121
........
4,000
2,000,000
RR
17
Ltd.,
Series
2021-17A,
Class
SUB,
0.00%,
07/15/34
(a)(c)
......
475
190,368
RR
18
Ltd.,
Series
2021-18A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.16%,
10/15/34
(a)(c)
1,750
1,752,108
RR
29
Ltd.,
Series
2024-29RA,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.69%,
07/15/39
(a)(c)
...............
1,000
1,001,441
RR
32
Ltd.
(a)(c)
Series
2024-32RA,
Class
A1R,
(3-
mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.66%,
10/15/39
5,325
5,331,564
Series
2024-32RA,
Class
A2R,
(3-
mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.00%,
10/15/39
4,500
4,490,242
RRX
7
Ltd.,
Series
2022-7A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
6.85%),
11.15%,
07/15/35
(a)(c)
250
249,625
Sandstone
Peak
II
Ltd.
(a)(c)
Series
2023-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
6.49%,
07/20/36
...
8,000
8,000,000
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.79%
Floor
+
8.79%),
13.08%,
07/20/36
..
3,000
3,030,298
Sandstone
Peak
III
Ltd.,
Series
2024-
1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.08%
Floor
+
7.08%),
11.38%,
04/25/37
(a)(c)
.........
1,000
1,019,893
Sandstone
Peak
Ltd.
(a)(c)
Series
2021-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.58%,
10/15/34
...
9,730
9,726,672
Series
2021-1A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.83%),
6.13%,
10/15/34
...
4,750
4,737,213
Series
2021-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.80%
Floor
+
7.06%),
11.36%,
10/15/34
..
2,172
2,188,231
Signal
Peak
CLO
11
Ltd.,
Series
2024-
11A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.74%,
07/18/37
(a)(c)
..........
2,000
2,004,307
Signal
Peak
CLO
14
Ltd.,
Series
2024-
14A,
Class
SUB,
0.00%,
01/22/38
(a)
(c)
......................
6,000
4,725,000
Signal
Peak
CLO
7
Ltd.,
Series
2019-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.71%,
10/20/37
(a)(c)
..........
6,500
6,506,519
Signal
Peak
CLO
8
Ltd.,
Series
2020-
8A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.68%,
10/20/37
(a)(c)
..........
2,000
2,003,529
Silver
Point
CLO
7
Ltd.,
Series
2024-
7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.64%,
01/15/38
(a)(c)
..........
10,500
10,506,938
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Sixth
Street
CLO
XIII
Ltd.,
Series
2019-
13A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.76%,
01/21/38
(a)(c)
..........
USD
3,000
$
2,985,586
Sixth
Street
CLO
XIV
Ltd.,
Series
2019-
14A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.47%,
01/20/38
(a)(c)
..........
1,000
996,500
Sixth
Street
CLO
XIX
Ltd.,
Series
2021-
19A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.90%
Floor
+
6.16%),
10.45%,
07/20/34
(a)(c)
.........
6,000
6,003,167
Sixth
Street
CLO
XVI
Ltd.,
Series
2020-
16A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
7.42%
Floor
+
7.42%),
11.71%,
01/20/37
(a)(c)
.........
6,500
6,569,765
Sixth
Street
CLO
XVII
Ltd.,
Series
2021-17A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
3.85%
Floor
+
3.85%),
8.16%,
04/17/38
(a)(c)
....
1,500
1,498,780
Sixth
Street
CLO
XVIII
Ltd.,
Series
2021-18A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.76%),
11.05%,
04/20/34
(a)(c)
....
4,000
3,978,339
Sixth
Street
CLO
XXV
Ltd.,
Series
2024-25A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
5.78%,
07/24/37
(a)(c)
....
3,000
3,007,411
Sound
Point
CLO
II
Ltd.,
Series
2013-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.63%,
01/26/31
(a)(c)
..........
189
188,640
Sound
Point
CLO
XV
Ltd.,
Series
2017-
1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
6.60%,
01/23/29
(a)(c)
..........
751
751,078
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.76%
Floor
+
3.76%),
8.06%,
04/25/34
(a)(c)
..........
345
344,029
Sound
Point
CLO
XXXII
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.71%,
10/25/34
(a)(c)
..........
19,750
19,677,198
Sounds
Point
CLO
IV-R
Ltd.,
Series
2013-3RA,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.70%,
04/18/31
(a)(c)
....
2,161
2,159,525
Steele
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.51%),
5.81%,
10/15/30
(a)(c)
...............
83
82,604
Strata
CLO
I
Ltd.,
Series
2018-1A,
Class
USUB,
0.00%,
01/15/2118
(a)(c)
7,680
328,320
Stratus
CLO
Ltd.,
Series
2021-1A,
Class
SUB,
0.00%,
12/29/29
(a)(c)
..
2,820
2,933
Symphony
CLO
46
Ltd.
(c)
Series
2024-46A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
6.03%,
01/20/38
(a)
..
2,850
2,849,778
Series
2024-46A,
Class
B2,
5.57%,
01/20/38
...............
4,670
4,615,252
Symphony
CLO
XVI
Ltd.,
Series
2015-
16A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.50%,
10/15/31
(a)(c)
..........
1,584
1,582,773
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Symphony
CLO
XXIV
Ltd.,
Series
2020-
24A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.49%,
01/23/32
(a)(c)
..........
USD
948
$
947,072
Symphony
CLO
XXV
Ltd.,
Series
2021-
25A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
5.53%,
04/19/34
(a)(c)
..........
12,140
12,127,956
Symphony
CLO
XXVI
Ltd.,
Series
2021-
26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.63%,
04/20/33
(a)(c)
..........
1,481
1,479,671
TCI-Flatiron
CLO
Ltd.
(a)(c)
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.96%
Floor
+
1.22%),
5.54%,
11/18/30
...
3,782
3,778,143
Series
2018-1A,
Class
ANR,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
5.62%,
01/29/32
...
103
103,385
TCI-Symphony
CLO
Ltd.,
Series
2016-
1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
5.57%,
10/13/32
(a)(c)
..........
10,996
10,999,383
TCW
CLO
Ltd.
(a)(c)
Series
2019-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.59%,
01/20/38
...
5,000
4,996,617
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.97%
Floor
+
7.97%),
12.27%,
04/28/36
..
1,750
1,753,120
TIAA
CLO
III
Ltd.
(a)(c)
Series
2017-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.41%),
5.72%,
01/16/31
...
68
68,386
Series
2017-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.76%),
6.07%,
01/16/31
...
750
748,071
TICP
CLO
XII
Ltd.
(a)(c)
Series
2018-12A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
5.73%,
07/15/34
...
1,000
1,002,243
Series
2018-12A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
6.21%,
07/15/34
...
925
923,026
Series
2018-12A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.51%),
10.81%,
07/15/34
..
250
249,616
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
5.72%,
07/21/34
(a)(c)
...............
1,000
1,000,664
Trestles
CLO
VII
Ltd.,
Series
2024-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
6.20%,
10/25/37
(a)(c)
...............
9,000
9,006,171
Triaxx
Prime
CDO
Ltd.
(a)(c)
Series
2006-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.45%),
0.96%,
03/03/39
(d)(e)
.
52,840
5,284
Series
2006-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.65%),
5.50%,
03/03/39
...
12,800
1,216
Trimaran
CAVU
Ltd.
(a)(c)
Series
2019-1A,
Class
D1AR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
7.27%,
01/20/37
...
2,300
2,276,110
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2019-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
4.72%
Floor
+
4.98%),
9.27%,
11/26/32
...
USD
575
$
577,186
Series
2021-1A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.75%
Floor
+
4.75%),
9.04%,
07/23/37
...
3,375
3,398,734
Series
2021-1A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
7.00%
Floor
+
7.00%),
11.29%,
07/23/37
..
8,500
8,458,004
Series
2021-2A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
7.81%,
10/25/34
...
1,550
1,548,094
Series
2022-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.69%,
10/22/37
...
39,410
39,478,860
Series
2022-1A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
7.59%,
10/22/37
...
2,000
1,982,334
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.94%
Floor
+
8.94%),
13.23%,
07/20/36
..
3,000
3,013,128
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.64%,
01/25/38
...
34,750
34,804,630
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.25%),
10.51%,
01/25/38
..
2,000
1,993,217
Trinitas
CLO
IV
Ltd.,
Series
2016-4A,
Class
A2L2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
5.95%,
10/18/31
(a)(c)
..........
900
899,884
Trinitas
CLO
X
Ltd.
(a)(c)
Series
2019-10A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
6.35%,
01/15/35
...
4,000
3,986,492
Series
2019-10A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.50%),
6.80%,
01/15/35
...
1,500
1,498,763
Trinitas
CLO
XIV
Ltd.
(a)(c)
Series
2020-14A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.64%,
01/25/34
...
7,000
6,993,000
Series
2020-14A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
6.70%,
01/25/34
...
625
623,155
Trinitas
CLO
XVIII
Ltd.,
Series
2021-
18A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.86%),
8.15%,
01/20/35
(a)(c)
..........
3,000
2,996,130
Trinitas
CLO
XXX
Ltd.,
Series
2024-
30A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.90%
Floor
+
6.90%),
11.57%,
10/23/37
(a)(c)
.........
1,500
1,506,672
Trinitas
CLO
XXXI
Ltd.,
Series
2024-
31A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.73%,
01/22/38
(a)(c)
..........
1,020
1,021,247
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.16%),
7.45%,
04/20/31
(a)(c)
...............
2,000
1,997,716
Voya
CLO
Ltd.
(a)(c)
Series
2013-1A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.47%),
5.77%,
10/15/30
...
1,010
1,009,667
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
5.53%,
04/25/31
...
USD
844
$
843,481
Series
2013-3A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.70%,
10/18/31
...
700
700,993
Series
2014-1A,
Class
AAR2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.25%),
5.54%,
04/18/31
...
14,950
14,936,791
Series
2014-2A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
5.58%,
04/17/30
...
2,141
2,139,068
Series
2014-4A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.35%),
6.64%,
07/14/31
...
1,200
1,203,598
Series
2016-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
5.62%,
01/20/31
...
1,877
1,877,620
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
7.20%,
01/20/31
...
1,085
1,084,974
Series
2017-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.24%),
5.54%,
06/07/30
...
150
150,007
Series
2017-2A,
Class
A2AR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
6.21%,
06/07/30
...
750
750,616
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.21%),
5.50%,
04/19/31
...
279
279,416
Series
2018-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.50%,
10/15/31
...
203
202,425
Series
2019-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.82%,
10/15/37
...
22,750
22,764,287
Series
2019-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.49%,
07/20/32
...
4,579
4,573,895
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
6.21%,
10/17/32
...
1,300
1,298,393
Warwick
Capital
CLO
5
Ltd.,
Series
2024-5A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.68%,
01/20/38
(a)(c)
....
1,500
1,500,857
Whitebox
CLO
I
Ltd.
(a)(c)
Series
2019-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.62%,
07/24/36
...
5,000
4,997,500
Series
2019-1A,
Class
D1RR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
7.40%,
07/24/36
...
9,280
9,274,360
Series
2019-1A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
10.05%,
07/24/36
..
6,630
6,637,066
Series
2019-1A,
Class
SUB,
0.00%,
07/24/36
...............
4,300
2,994,090
Whitebox
CLO
II
Ltd.
(a)(c)
Series
2020-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.68%,
10/24/37
...
15,000
15,007,586
Series
2020-2A,
Class
D1R2,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
7.20%,
10/24/37
...
3,079
3,079,393
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2020-2A,
Class
SUB,
0.00%,
10/24/34
...............
USD
4,734
$
2,798,705
Whitebox
CLO
III
Ltd.
(a)(c)
Series
2021-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.57%,
10/15/35
...
14,600
14,571,181
Series
2021-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.85%),
7.15%,
10/15/35
...
5,250
5,228,148
Series
2021-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
9.95%,
10/15/35
...
6,970
6,979,561
Whitebox
CLO
IV
Ltd.,
Series
2023-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.01%
Floor
+
8.01%),
12.30%,
04/20/36
(a)(c)
...............
7,000
6,989,553
2,180,770,226
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%),
3.69%,
10/21/38
............
EUR
4,000
4,360,057
FCT
Noria
Series
2021-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
3.07%,
10/25/49
....
363
390,915
Series
2021-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.47%,
10/25/49
....
251
271,083
Series
2021-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.87%,
10/25/49
....
502
542,347
FCT
Pixel,
Series
2021-1,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.75%),
4.27%,
02/25/38
.......
61
65,768
Noria
DE
Series
2024-DE1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
3.32%,
02/25/43
....
3,200
3,461,655
Series
2024-DE1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.62%,
02/25/43
....
2,000
2,156,114
Series
2024-DE1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
4.02%,
02/25/43
....
1,400
1,507,836
Series
2024-DE1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.55%),
5.92%,
02/25/43
....
1,500
1,636,129
Series
2024-DE1,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.87%,
02/25/43
....
800
865,938
Quarz
International,
Inc.,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.79%),
3.29%,
06/15/41
............
18,872
20,456,909
35,714,751
Germany
—
0.0%
(a)(b)
FCT
Autonoria
DE
Series
2023-DE,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.52%,
01/26/43
....
205
222,402
Series
2023-DE,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
4.47%,
01/26/43
....
819
895,734
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Series
2023-DE,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.05%),
5.42%,
01/26/43
....
EUR
256
$
281,601
Series
2023-DE,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
7.87%,
01/26/43
....
205
227,446
Series
2023-DE,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
7.50%),
9.87%,
01/26/43
....
51
58,143
Red
&
Black
Auto
Germany
10
UG
Series
10,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.57%,
09/15/32
....
970
1,052,276
Series
10,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
4.47%,
09/15/32
....
529
579,194
Red
&
Black
Auto
Germany
8
UG
Series
8,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.75%),
3.12%,
09/15/30
...............
152
164,528
Series
8,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
3.32%,
09/15/30
...............
122
131,433
Series
8,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
3.72%,
09/15/30
...............
30
32,853
3,645,610
Ireland
—
1.0%
(a)
AB
Carval
Euro
CLO
II-C
DAC,
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
6.31%,
02/15/37
(b)
................
3,200
3,460,156
Anchorage
Capital
Europe
CLO
2
DAC
(c)
Series
2A,
Class
B1R,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
4.39%,
04/15/34
....
2,563
2,763,333
Series
2A,
Class
DR,
(3-mo.
EURIBOR
at
3.55%
Floor
+
3.55%),
6.33%,
04/15/34
....
2,110
2,280,565
Anchorage
Capital
Europe
CLO
DAC,
Series
4A,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.87%,
04/25/34
(c)
...........
590
638,423
Aqueduct
European
CLO
DAC
Series
2020-5A,
Class
CR,
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
4.74%,
04/20/34
(c)
...
1,250
1,340,987
Series
2022-7X,
Class
AR,
(3-mo.
EURIBOR
at
1.28%
Floor
+
1.28%),
3.78%,
08/15/37
(b)
...
5,114
5,540,857
Arbour
CLO
DAC
  (3-mo.
EURIBOR
at
0.00%
Floor
+
3.80%),
6.36%,
05/15/38
(b)
...
1,200
1,302,417
Series
11A,
Class
B1R,
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
4.56%,
05/15/38
(c)
...
2,000
2,163,244
Series
11A,
Class
CR,
(3-mo.
EURIBOR
at
2.65%
Floor
+
2.65%),
5.21%,
05/15/38
(c)
...
2,000
2,170,419
Arbour
CLO
VI
DAC,
Series
6X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.76%,
11/15/37
(b)
1,790
1,930,318
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Arcano
Euro
CLO
I
DAC,
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.26%
Floor
+
1.26%),
0.00%,
04/25/39
(b)
EUR
6,840
$
7,396,092
Ares
European
CLO
X
DAC,
Series
10A,
Class
DR,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
5.59%,
10/15/31
(c)
................
2,000
2,158,111
Ares
European
CLO
XII
DAC,
Series
12A,
Class
B1R,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
4.44%,
04/20/32
(c)
................
862
929,569
Arini
European
CLO
I
DAC
(b)
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
4.69%,
07/15/36
....
5,000
5,418,039
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
6.04%
Floor
+
6.04%),
8.83%,
07/15/36
....
1,000
1,093,898
Arini
European
CLO
II
DAC
Series
2A,
Class
D,
(3-mo.
EURIBOR
at
4.20%
Floor
+
4.20%),
6.99%,
04/15/38
(c)
...
8,648
9,418,213
Series
2X,
Class
A,
(3-mo.
EURIBOR
at
1.55%
Floor
+
1.55%),
4.34%,
04/15/38
(b)
...
5,750
6,238,928
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
4.20%
Floor
+
4.20%),
6.99%,
04/15/38
(b)
...
1,500
1,633,594
Arini
European
CLO
III
DAC,
Series
3A,
Class
E,
(3-mo.
EURIBOR
at
6.10%
Floor
+
6.10%),
9.58%,
10/15/37
(c)
900
986,381
Arini
European
CLO
IV
DAC,
Series
4X,
Class
D,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
6.27%,
01/15/38
(b)
2,480
2,688,246
Arini
European
CLO
V
DAC
(b)
Series
5X,
Class
A,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.57%,
01/15/39
....
8,510
9,201,863
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
5.17%,
01/15/39
....
1,470
1,589,511
Aurium
CLO
IV
DAC,
Series
4X,
Class
AR,
(3-mo.
EURIBOR
at
0.73%
Floor
+
0.73%),
3.49%,
01/16/31
(b)
2,089
2,254,394
Aurium
CLO
VIII
DAC
(b)
Series
8X,
Class
A,
(3-mo.
EURIBOR
at
0.85%
Floor
+
0.85%),
3.24%,
06/23/34
....
5,000
5,390,314
Series
8X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.39%,
06/23/34
....
750
806,330
Aurium
CLO
XI
DAC,
Series
11A,
Class
D,
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
7.49%,
01/18/38
(c)
....
2,825
3,062,196
Aurium
CLO
XIII
DAC,
Series
13X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
5.17%,
04/15/38
(b)(f)
1,020
1,083,923
Avoca
CLO
XIV
DAC
(b)
Series
14X,
Class
ER,
(3-mo.
EURIBOR
at
4.70%
Floor
+
4.70%),
7.49%,
01/12/31
....
2,240
2,426,267
Series
14X,
Class
FR,
(3-mo.
EURIBOR
at
6.35%
Floor
+
6.35%),
9.14%,
01/12/31
....
1,100
1,192,066
Series
14X,
Class
SUB,
0.00%,
01/12/31
(d)(e)
.............
4,510
2,743,123
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Avoca
CLO
XV
DAC
(b)
Series
15X,
Class
B2R,
(3-mo.
EURIBOR
at
1.05%
Floor
+
1.05%),
3.84%,
04/15/31
....
EUR
150
$
161,662
Series
15X,
Class
ER,
(3-mo.
EURIBOR
at
4.13%
Floor
+
4.13%),
6.91%,
04/15/31
....
1,305
1,405,396
Series
15X,
Class
FR,
(3-mo.
EURIBOR
at
5.84%
Floor
+
5.84%),
8.62%,
04/15/31
....
1,760
1,892,211
Series
15X,
Class
M1,
0.00%,
04/15/31
...............
3,100
1,731,994
Avoca
CLO
XVIII
DAC
Series
18A,
Class
CR,
(3-mo.
EURIBOR
at
2.25%
Floor
+
2.25%),
4.91%,
01/15/38
(c)
...
250
269,967
Series
18X,
Class
BR,
(3-mo.
EURIBOR
at
1.95%
Floor
+
1.95%),
4.61%,
01/15/38
(b)
...
5,800
6,278,736
Series
18X,
Class
DR,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
5.70%,
01/15/38
(b)
...
1,100
1,187,338
Avoca
CLO
XXII
DAC
Series
22A,
Class
D,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
5.69%,
04/15/35
(c)
...
970
1,043,573
Series
22X,
Class
B1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
4.08%,
04/15/35
(b)
...
710
760,283
Avoca
CLO
XXIII
DAC,
Series
23A,
Class
D,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
5.83%,
04/15/34
(c)
750
811,675
Avoca
CLO
Xxx
DAC,
Series
30A,
Class
SUB,
0.00%,
07/15/37
(c)
...
4,550
4,023,186
Avoca
Static
CLO
I
DAC,
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
5.74%,
01/15/35
(b)
................
900
966,564
BBAM
European
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.87%
Floor
+
0.87%),
3.57%,
07/22/34
(b)
................
5,000
5,384,853
Bilbao
CLO
I
DAC,
Series
1X,
Class
A2A,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
4.04%,
07/20/31
(b)
4,300
4,652,079
Cabinteely
Park
CLO
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.35%
Floor
+
3.35%),
5.91%,
08/15/34
(b)
1,500
1,622,321
Cairn
CLO
XVI
DAC
Series
2023-16A,
Class
C,
(3-mo.
EURIBOR
at
3.85%
Floor
+
3.85%),
6.64%,
01/15/37
(c)
...
1,520
1,668,009
Series
2023-16A,
Class
D,
(3-mo.
EURIBOR
at
5.20%
Floor
+
5.20%),
7.99%,
01/15/37
(c)
...
939
1,033,652
Series
2023-16X,
Class
D,
(3-mo.
EURIBOR
at
5.20%
Floor
+
5.20%),
7.99%,
01/15/37
(b)
...
617
679,195
Capital
Four
CLO
VIII
DAC,
Series
8X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
6.31%,
10/25/37
(b)
2,600
2,813,542
Carlyle
Euro
CLO
DAC
(c)
Series
2021-2A,
Class
B,
(3-mo.
EURIBOR
at
2.25%
Floor
+
2.25%),
5.03%,
10/15/35
....
250
269,714
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2022-5A,
Class
BR,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.67%,
04/25/37
....
EUR
1,020
$
1,108,585
CIFC
European
Funding
CLO
I
DAC,
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.99%,
07/15/32
(b)
...........
450
484,742
CIFC
European
Funding
CLO
II
DAC,
Series
2X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
4.39%,
04/15/33
(b)
...........
400
430,804
CIFC
European
Funding
CLO
III
DAC
Series
3A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
5.29%,
01/15/34
(c)
...
500
540,417
Series
3X,
Class
B1,
(3-mo.
EURIBOR
at
1.50%
Floor
+
1.50%),
4.29%,
01/15/34
(b)
...
4,500
4,834,629
Citizen
Irish
Auto
Receivables
Trust,
Series
2023-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.87%,
12/15/32
(b)
...........
1,000
1,086,984
Contego
CLO
V
DAC,
Series
5X,
Class
DR,
(3-mo.
EURIBOR
+
3.10%),
5.58%,
10/15/37
(b)
...........
1,470
1,586,297
Contego
CLO
VII
DAC
(b)
Series
7X,
Class
AR,
(3-mo.
EURIBOR
at
1.33%
Floor
+
1.33%),
4.01%,
01/23/38
....
5,570
6,022,726
Series
7X,
Class
DR,
(3-mo.
EURIBOR
at
3.45%
Floor
+
3.45%),
6.13%,
01/23/38
....
1,870
2,020,563
Contego
CLO
XI
DAC
Series
11A,
Class
AR,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
4.06%,
11/20/38
(c)
...
2,500
2,701,640
Series
11X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.93%,
11/20/38
(b)
...
1,330
1,434,801
Cumulus
Static
CLO
DAC
Series
2024-1A,
Class
D,
(3-mo.
EURIBOR
at
3.70%
Floor
+
3.70%),
6.26%,
11/15/33
(c)
...
974
1,052,015
Series
2024-1X,
Class
D,
(3-mo.
EURIBOR
at
3.70%
Floor
+
3.70%),
6.26%,
11/15/33
(b)
...
499
538,969
CVC
Cordatus
Loan
Fund
IV
DAC,
Series
4X,
Class
BR1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.83%,
02/22/34
(b)
...........
1,120
1,202,591
CVC
Cordatus
Loan
Fund
XIX
DAC,
Series
19A,
Class
D,
(3-mo.
EURIBOR
at
3.80%
Floor
+
3.80%),
6.19%,
12/23/33
(c)
...........
400
432,472
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.65%,
12/15/34
(b)
...........
755
812,698
CVC
Cordatus
Loan
Fund
XXIII
DAC,
Series
23X,
Class
ER,
(3-mo.
EURIBOR
at
6.85%
Floor
+
6.85%),
9.52%,
04/25/36
(b)(c)
..........
470
503,443
CVC
Cordatus
Loan
Fund
XXIV
DAC,
Series
24A,
Class
ER,
(3-mo.
EURIBOR
at
6.50%
Floor
+
6.50%),
9.17%,
10/23/34
(c)
...........
1,350
1,459,234
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
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
XXIX
DAC,
Series
29A,
Class
D,
(3-mo.
EURIBOR
at
5.40%
Floor
+
5.40%),
7.96%,
02/15/37
(c)
...........
EUR
1,000
$
1,088,029
CVC
Cordatus
Loan
Fund
XXVII
DAC,
Series
27X,
Class
D2,
(3-mo.
EURIBOR
at
6.58%
Floor
+
6.58%),
9.37%,
04/15/35
(b)
...........
1,300
1,415,418
CVC
Cordatus
Loan
Fund
XXX
DAC
Series
30A,
Class
A,
(3-mo.
EURIBOR
at
1.48%
Floor
+
1.48%),
4.04%,
05/15/37
(c)
...
750
813,576
Series
30A,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
6.56%,
05/15/37
(c)
...
4,233
4,587,809
Series
30X,
Class
A,
(3-mo.
EURIBOR
at
1.48%
Floor
+
1.48%),
4.04%,
05/15/37
(b)
...
5,750
6,237,412
Series
30X,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
6.56%,
05/15/37
(b)
...
1,500
1,625,730
Dryden
46
Euro
CLO
DAC,
Series
2016-46A,
Class
CRR,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
5.29%,
04/15/34
(c)
...........
250
269,993
Euro-Galaxy
III
CLO
DAC
(c)
Series
2013-3A,
Class
CRRR,
(3-
mo.
EURIBOR
at
2.35%
Floor
+
2.35%),
5.02%,
04/24/34
....
700
753,610
Series
2013-3A,
Class
DRRR,
(3-
mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.92%,
04/24/34
....
1,380
1,485,535
Fernhill
Park
CLO
DAC,
Series
1A,
Class
D,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
6.54%,
04/15/37
(c)
533
584,793
Fidelity
Grand
Harbour
CLO
DAC
Series
2023-1X,
Class
AR,
(3-mo.
EURIBOR
at
1.23%
Floor
+
1.23%),
3.79%,
02/15/38
(b)
...
7,940
8,668,280
Series
2023-1X,
Class
DR,
(3-mo.
EURIBOR
at
2.70%
Floor
+
2.70%),
5.26%,
02/15/38
(b)
...
1,950
2,068,767
Series
2023-2A,
Class
D,
(3-mo.
EURIBOR
at
4.10%
Floor
+
4.10%),
6.89%,
04/15/38
(c)
...
1,980
2,155,170
Finance
Ireland
Auto
Receivables
No.
1
DAC,
Series
1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.77%,
09/12/33
(b)
...........
450
492,638
Fortuna
Consumer
Loan
ABS
DAC
(b)
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
3.72%,
02/18/34
....
6,755
7,338,676
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.67%,
02/18/34
....
4,597
5,030,662
Series
2024-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.67%,
10/18/34
....
1,700
1,849,421
Series
2024-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
4.02%,
10/18/34
....
2,300
2,502,158
Series
2024-2,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.10%),
6.47%,
10/18/34
....
5,800
6,363,092
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2025-1,
Class
A,
0.00%,
04/18/35
...............
EUR
11,900
$
12,867,470
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
0.00%,
04/18/35
....
2,200
2,378,860
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
0.00%,
04/18/35
....
2,200
2,378,860
Glenbrook
Park
CLO
DAC,
Series
1A,
Class
E,
(3-mo.
EURIBOR
at
7.58%
Floor
+
7.58%),
10.32%,
07/21/36
(c)
3,800
4,118,784
Harvest
CLO
XXIII
DAC,
Series
23X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.74%,
10/20/32
(b)
1,360
1,471,539
Harvest
CLO
XXX
DAC,
Series
30A,
Class
B1,
(3-mo.
EURIBOR
at
2.60%
Floor
+
2.60%),
5.27%,
07/27/36
(c)
................
2,000
2,175,198
Harvest
CLO
XXXII
DAC
Series
32A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
5.17%,
07/25/37
(c)
...
2,222
2,408,275
Series
32X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
6.27%,
07/25/37
(b)
...
1,543
1,673,399
Henley
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.95%
Floor
+
0.95%),
3.62%,
07/25/34
(b)
3,800
4,116,290
Henley
CLO
IV
DAC
Series
4A,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.67%,
04/25/34
(c)
...
500
537,558
Series
4X,
Class
B1,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
4.02%,
04/25/34
(b)
...
450
483,914
Series
4X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.67%,
04/25/34
(b)
...
1,000
1,075,117
Henley
CLO
X
DAC
Series
10A,
Class
SUB,
0.00%,
07/20/37
(c)
..............
4,000
3,793,633
Series
10X,
Class
D,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
6.49%,
07/20/37
(b)
...
726
788,421
Henley
CLO
Xi
DAC
(b)(f)
Series
11X,
Class
A,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.56%,
04/25/39
....
6,200
6,704,060
Series
11X,
Class
D,
(3-mo.
EURIBOR
at
2.60%
Floor
+
2.60%),
4.96%,
04/25/39
....
2,150
2,270,162
Henley
CLO
XII
DAC,
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.88%,
01/15/38
(b)
1,320
1,420,595
Holland
Park
CLO
DAC,
Series
1X,
Class
A1RR,
(3-mo.
EURIBOR
at
0.92%
Floor
+
0.92%),
3.47%,
11/14/32
(b)
................
481
520,678
Invesco
Euro
CLO
IV
DAC,
Series
4A,
Class
B1,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
4.48%,
04/15/33
(c)
................
625
672,747
Invesco
Euro
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
3.80%
Floor
+
3.80%),
6.59%,
01/15/34
(b)
450
482,151
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Jubilee
CLO
DAC,
Series
2024-29X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
6.21%,
01/15/39
(b)
EUR
2,230
$
2,409,848
LT
Autorahoitus
IV
DAC,
Series
4,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.05%),
4.42%,
07/18/33
(b)
5,800
6,414,412
LT
Autorahoitus
V
DAC,
Series
5,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
3.27%,
05/18/35
(b)
....
1,800
1,943,047
LT
Rahoitus
DAC,
Series
6,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
3.47%,
07/18/36
(b)
.....
300
323,711
Madison
Park
Euro
Funding
X
DAC
(b)
Series
10X,
Class
A1,
(3-mo.
EURIBOR
at
0.74%
Floor
+
0.74%),
3.41%,
10/25/30
....
2,667
2,875,244
Series
10X,
Class
B1,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.87%,
10/25/30
....
1,850
1,972,386
Madison
Park
Euro
Funding
XI
DAC,
Series
11X,
Class
C,
(3-mo.
EURIBOR
at
1.85%
Floor
+
1.85%),
4.41%,
02/15/31
(b)
...........
1,350
1,461,050
Madison
Park
Euro
Funding
XVI
DAC,
Series
16A,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.99%,
05/25/34
(c)
...........
1,250
1,346,899
Man
GLG
Euro
CLO
VI
DAC,
Series
6A,
Class
DR,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
6.28%,
10/15/32
(c)
................
950
1,027,634
Neuberger
Berman
Loan
Advisers
Euro
CLO
6
DAC,
Series
2024-6X,
Class
D,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
6.54%,
07/15/37
(b)
....
882
962,427
Northwoods
Capital
19
Euro
DAC,
Series
2019-19A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
5.02%,
11/25/33
(c)
...........
500
538,307
OAK
Hill
European
Credit
Partners
V
DAC,
Series
2016-5A,
Class
BR,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
4.64%,
01/21/35
(c)
.....
425
457,356
OCP
Euro
CLO,
Series
2022-6A,
Class
DR,
(3-mo.
EURIBOR
at
4.80%
Floor
+
4.80%),
7.54%,
07/20/36
(c)
3,370
3,668,921
OCP
Euro
CLO
DAC
(c)
Series
2019-3A,
Class
CR,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
5.04%,
04/20/33
....
250
271,012
Series
2019-3A,
Class
DR,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
6.04%,
04/20/33
....
250
270,655
Palmer
Square
European
CLO
DAC
(b)
Series
2022-2X,
Class
DR,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
6.78%,
01/15/38
....
1,119
1,212,897
Series
2024-2X,
Class
A,
(3-mo.
EURIBOR
at
1.34%
Floor
+
1.34%),
4.84%,
10/15/37
....
5,200
5,627,800
Palmer
Square
European
Loan
Funding
DAC
(b)
Series
2024-2X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.71%,
05/15/34
....
3,250
3,514,572
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2024-3X,
Class
D,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
5.74%,
05/15/34
....
EUR
1,320
$
1,423,742
Penta
CLO
16
DAC,
Series
2024-16A,
Class
D,
(3-mo.
EURIBOR
at
3.95%
Floor
+
3.95%),
6.69%,
10/18/36
(c)
1,650
1,789,797
Penta
CLO
6
DAC,
Series
2019-6A,
Class
CR,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
4.97%,
07/25/34
(c)
................
500
538,103
Penta
CLO
DAC,
Series
2024-17X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.81%,
08/15/38
(b)
1,640
1,771,748
Prodigy
Finance
DAC
(c)
Series
2021-1A,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.68%,
07/25/51
...
USD
2,496
2,500,893
Series
2021-1A,
Class
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.61%),
6.93%,
07/25/51
...
254
257,421
Series
2021-1A,
Class
C,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.86%),
8.18%,
07/25/51
...
146
149,741
Series
2021-1A,
Class
D,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.01%),
10.33%,
07/25/51
..
96
98,901
Providus
CLO
II
DAC,
Series
2X,
Class
DRR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.99%,
10/15/38
(b)
EUR
1,349
1,454,156
Providus
CLO
IX
DAC,
Series
9A,
Class
B,
(3-mo.
EURIBOR
at
2.45%
Floor
+
2.45%),
5.19%,
07/18/36
(c)
....
5,200
5,635,732
Providus
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.95%
Floor
+
2.95%),
5.51%,
02/15/35
(b)
....
1,000
1,072,456
Providus
CLO
VI
DAC,
Series
6X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.72%,
05/20/34
(b)
....
1,000
1,078,591
Rockfield
Park
CLO
DAC,
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.76%,
07/16/34
(b)
2,000
2,162,259
Rockford
Tower
Europe
CLO
DAC
(b)
Series
2025-1X,
Class
A,
(3-mo.
EURIBOR
at
1.22%
Floor
+
1.22%),
0.00%,
10/25/27
....
6,840
7,396,092
Series
2025-1X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
0.00%,
10/25/27
....
1,870
2,014,448
RRE
18
Loan
Management
DAC
Series
18A,
Class
SUB,
(3-mo.
EURIBOR
+
0.00%),
0.00%,
04/15/39
(c)
..............
5,000
4,865,850
Series
18X,
Class
A1,
(3-mo.
EURIBOR
at
1.47%
Floor
+
1.47%),
4.25%,
04/15/39
(b)
...
5,750
6,247,492
RRE
19
Loan
Management
DAC,
Series
19X,
Class
A1,
(3-mo.
EURIBOR
at
1.41%
Floor
+
1.41%),
4.20%,
07/15/37
(b)
...........
2,865
3,117,377
RRE
22
Loan
Management
DAC,
Series
22A,
Class
SUB,
0.00%,
01/15/38
(c)
................
4,500
4,281,948
RRE
9
Loan
Management
DAC,
Series
9A,
Class
A2,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
4.48%,
10/15/36
(c)
................
1,720
1,860,213
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
SCF
Rahoituspalvelut
XIII
DAC
(b)
Series
13,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
3.37%,
06/25/34
....
EUR
800
$
863,662
Series
13,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.77%,
06/25/34
....
400
432,477
Sona
Fios
CLO
III
DAC
(b)
Series
3X,
Class
A,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
4.48%,
04/20/37
....
6,700
7,242,821
Series
3X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
6.41%,
04/20/37
....
2,830
3,042,155
Sound
Point
Euro
CLO
III
Funding
DAC,
Series
3X,
Class
C,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
5.09%,
04/15/33
(b)
...........
750
810,201
Sound
Point
Euro
CLO
IV
Funding
DAC
(c)
Series
4A,
Class
BR,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
0.00%,
04/15/39
....
1,750
1,892,275
Series
4A,
Class
CR,
(3-mo.
EURIBOR
at
2.20%
Floor
+
2.20%),
0.00%,
04/15/39
....
2,600
2,811,380
Sound
Point
Euro
CLO
X
Funding
DAC,
Series
10A,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
6.74%,
04/20/38
(c)
...........
1,863
2,034,333
St
Paul's
CLO
XII
DAC,
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.99%,
04/15/33
(b)
1,880
2,029,877
St.
Paul's
CLO
XII
DAC,
Series
12X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
4.39%,
04/15/33
(b)
................
1,350
1,449,786
Sutton
Park
CLO
DAC
(b)
Series
1X,
Class
A2A,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
4.26%,
11/15/31
.....
345
373,511
Series
1X,
Class
BE,
(3-mo.
EURIBOR
at
2.35%
Floor
+
2.35%),
4.91%,
11/15/31
.....
500
541,654
Texas
Debt
Capital
Euro
CLO
DAC
Series
2024-1A,
Class
A,
(3-mo.
EURIBOR
at
1.45%
Floor
+
1.45%),
4.21%,
07/16/38
(c)
...
2,000
2,169,766
Series
2024-1A,
Class
B,
(3-mo.
EURIBOR
at
2.10%
Floor
+
2.10%),
4.86%,
07/16/38
(c)
...
2,000
2,163,238
Series
2024-1A,
Class
C,
(3-mo.
EURIBOR
at
2.55%
Floor
+
2.55%),
5.31%,
07/16/38
(c)
...
1,500
1,629,935
Series
2024-1X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
6.36%,
07/16/38
(b)
...
1,243
1,349,485
Series
2025-1X,
Class
A,
(3-mo.
EURIBOR
at
1.18%
Floor
+
1.18%),
0.00%,
04/16/39
(b)
...
9,070
9,807,391
Tikehau
CLO
VI
DAC,
Series
6X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
6.38%,
01/15/35
(b)
....
1,000
1,072,570
Tikehau
CLO
XII
DAC,
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
6.62%,
10/20/38
(b)
5,073
5,476,195
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Toro
European
CLO
2
DAC,
Series
2A,
Class
CRR,
(3-mo.
EURIBOR
at
2.45%
Floor
+
2.45%),
5.12%,
07/25/34
(c)
................
EUR
320
$
345,689
Victory
Street
CLO
I
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.45%
Floor
+
3.45%),
6.23%,
01/15/38
(b)
1,960
2,122,789
Voya
Euro
CLO
II
DAC
(c)
Series
2A,
Class
B1R,
(3-mo.
EURIBOR
at
1.67%
Floor
+
1.67%),
4.46%,
07/15/35
....
250
270,122
Series
2A,
Class
CR,
(3-mo.
EURIBOR
at
2.15%
Floor
+
2.15%),
4.93%,
07/15/35
....
250
269,685
Voya
Euro
CLO
III
DAC,
Series
3X,
Class
B1,
(3-mo.
EURIBOR
at
1.65%
Floor
+
1.65%),
4.43%,
04/15/33
(b)
................
439
473,479
Voya
Euro
CLO
IV
DAC,
Series
4X,
Class
DR,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.88%,
10/15/34
(b)
................
900
970,697
Voya
Euro
CLO
VIII
DAC,
Series
8A,
Class
A,
(3-mo.
EURIBOR
at
1.28%
Floor
+
1.28%),
4.07%,
01/15/39
(c)
3,000
3,248,761
406,788,889
Italy
—
0.3%
(a)(b)
Asset-Backed
European
Securitisation
Transaction
Twenty-Five
SRL
Series
25,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.62%,
11/15/39
.....
2,588
2,812,018
Series
25,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.97%,
11/15/39
.....
673
728,581
Series
25,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.87%,
11/15/39
.....
324
350,305
Series
25,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.37%,
11/15/39
.....
921
997,965
Auto
ABS
Italian
Stella
Loans
SRL
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.73%),
3.09%,
12/29/36
....
13,298
14,406,925
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.56%,
12/29/36
....
5,756
6,243,009
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
4.06%,
12/29/36
....
1,322
1,435,673
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.66%,
12/29/36
....
1,217
1,322,620
AutoFlorence
2
SRL
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.75%),
3.12%,
12/24/44
...............
249
268,282
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.52%,
12/24/44
...............
115
123,755
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.35%),
4.72%,
12/24/44
...............
61
66,937
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
AutoFlorence
3
SRL
Series
3,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
3.32%,
12/25/46
...............
EUR
5,864
$
6,370,469
Series
3,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.35%),
4.72%,
12/25/46
...............
484
531,955
Series
3,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.35%),
5.72%,
12/25/46
...............
630
696,052
Series
3,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
5.35%),
7.72%,
12/25/46
...............
440
489,813
Brignole
Co.
Series
2024,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.78%),
3.15%,
02/24/42
....
10,900
11,809,405
Series
2024,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.57%,
02/24/42
....
1,340
1,450,392
Series
2024,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
4.37%,
02/24/42
....
480
521,865
Series
2024,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.37%,
02/24/42
....
546
595,032
Golden
Bar
Securitisation
SRL
Series
2023-2,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
5.29%,
09/22/43
....
2,424
2,674,229
Series
2023-2,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.60%),
5.99%,
09/22/43
....
2,965
3,282,517
Series
2023-2,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.70%),
8.09%,
09/22/43
....
2,495
2,775,253
Series
2024-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.89%,
09/22/43
....
5,139
5,604,369
Italian
Stella
Loans
SRL
Series
2024-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.75%,
05/27/39
....
1,048
1,134,766
Series
2024-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.15%),
4.50%,
05/27/39
....
449
487,013
Quarzo
SRL
Series
2023-1,
Class
A2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
3.45%,
12/15/39
....
2,679
2,908,446
Series
2024-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
4.10%,
06/15/41
....
4,997
5,420,059
Series
2024-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.80%,
06/15/41
....
883
964,809
Series
2024-1,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.70%),
6.20%,
06/15/41
....
774
843,926
Red
&
Black
Auto
Italy
SRL
Series
1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.85%),
5.21%,
12/28/31
...............
166
180,040
Series
2,
Class
A1,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
3.36%,
07/28/34
....
1,610
1,750,579
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.80%),
4.16%,
07/28/34
...............
EUR
797
$
868,300
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.80%),
5.16%,
07/28/34
...............
868
953,181
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.80%),
6.16%,
07/28/34
...............
304
336,308
Series
3,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.81%),
3.17%,
07/28/36
...............
7,040
7,636,195
Series
3,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.46%,
07/28/36
...............
1,266
1,371,916
Series
3,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.86%,
07/28/36
...............
635
688,789
Sunrise
SPV
50
SRL,
Series
2023-2,
Class
A1,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
3.35%,
07/27/48
.................
2,216
2,406,094
Youni
Italy
SRL
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.88%),
3.25%,
04/25/34
....
8,297
8,994,689
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
4.07%,
04/25/34
....
1,433
1,560,570
104,063,101
Jersey,
Channel
Islands
—
0.3%
AGL
CLO
25
Ltd.,
Series
2023-25A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.66%
Floor
+
8.66%),
12.95%,
07/21/36
(a)(c)
...............
USD
250
252,424
AGL
CLO
26
Ltd.,
Series
2023-26A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.99%,
10/21/36
(a)(c)
...............
5,000
5,006,411
AIMCO
CLO
22
Ltd.,
Series
2024-22A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
10.79%,
04/19/37
(a)(c)
...............
1,500
1,518,079
Ares
Loan
Funding
IV
Ltd.,
Series
2023-ALF4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.68%
Floor
+
4.68%),
8.98%,
10/15/36
(a)(c)
....
500
503,495
Ares
LXVIII
CLO
Ltd.,
Series
2023-68A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.55%
Floor
+
8.55%),
12.85%,
04/25/35
(a)(c)
...............
2,000
2,004,331
Bain
Capital
Credit
CLO
Ltd.,
Series
2023-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.90%
Floor
+
4.90%),
9.21%,
04/16/36
(a)(c)
..........
2,090
2,097,166
Ballyrock
CLO
23
Ltd.,
Series
2023-
23A,
Class
C,
(3-mo.
CME
Term
SOFR
at
5.20%
Floor
+
5.20%),
9.50%,
04/25/36
(a)(c)
..........
1,000
1,004,910
Benefit
Street
Partners
CLO
XXX
Ltd.,
Series
2023-30A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.60%
Floor
+
5.60%),
9.90%,
04/25/36
(a)(c)
....
1,835
1,844,653
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
Blueberry
Park
CLO
Ltd.,
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.35%
Floor
+
5.35%),
9.64%,
10/20/37
(a)(c)
..........
USD
2,000
$
2,000,919
CarVal
CLO
VIII-C
Ltd.,
Series
2022-
2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.71%,
10/22/37
(a)(c)
..........
15,750
15,757,918
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%),
10.29%,
04/20/37
..
825
830,348
Series
2024-19A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.75%
Floor
+
7.75%),
12.04%,
04/20/37
..
2,360
2,276,171
GoldenTree
Loan
Management
US
CLO
21
Ltd.,
Series
2024-21A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.83%
Floor
+
7.83%),
12.12%,
07/20/37
(a)(c)
...............
1,750
1,661,700
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
...
5,530
5,533,591
Series
2024-76A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.67%
Floor
+
1.67%),
6.41%,
10/25/37
...
310
308,129
Series
2024-76A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.64%,
10/25/37
...
310
309,755
Series
2024-76A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
7.64%,
10/25/37
...
310
310,457
Hamlin
Park
CLO
Ltd.,
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.90%,
10/20/37
(a)(c)
...............
9,750
9,758,410
Madison
Park
Funding
LXI
Ltd.,
Series
2023-61A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
6.69%,
01/20/37
(a)(c)
....
5,000
5,028,741
OCP
Aegis
CLO
Ltd.,
Series
2024-39A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
5.72%,
01/16/37
(a)(c)
...............
4,410
4,405,657
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
3,434,338
Series
2024-37A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.93%,
10/15/37
(a)
..
4,820
4,819,439
Series
2024-37A,
Class
B2,
4.94%,
10/15/37
...............
2,970
2,719,492
Series
2024-37A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.50%),
10.07%,
10/15/37
(a)
.
1,860
1,861,132
Series
2024-38A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.68%,
01/21/38
(a)
..
7,400
7,400,706
Orion
CLO
Ltd.,
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.90%
Floor
+
7.90%),
12.20%,
10/25/36
(a)(c)
1,000
1,013,454
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
Pikes
Peak
CLO
12
Ltd.,
Series
2023-
12A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
5.54%,
04/20/38
(a)(c)
..........
USD
770
$
768,075
Pikes
Peak
CLO
15
Ltd.,
Series
2023-
15A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.45%
Floor
+
4.45%),
8.74%,
10/20/36
(a)(c)
..........
4,500
4,534,199
Pikes
Peak
CLO
16
Ltd.,
Series
2024-
16A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.10%,
07/25/37
(a)(c)
..........
5,000
4,981,742
Regatta
XXVII
Funding
Ltd.,
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
10.80%,
04/26/37
(a)(c)
.........
1,250
1,265,295
Valley
Stream
Park
CLO
Ltd.
(a)(c)
Series
2022-1A,
Class
E1RR,
(3-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
9.54%,
01/20/37
...
10,685
10,606,771
Series
2022-1A,
Class
E2RR,
(3-mo.
CME
Term
SOFR
at
7.10%
Floor
+
7.10%),
11.39%,
01/20/37
..
695
700,331
Vantage
Data
Centers
Jersey
Borrower
Spv
Ltd.,
Series
2024-1X,
6.17%,
05/28/39
(b)
................
GBP
12,433
16,262,286
Verdelite
Static
CLO
Ltd.
(a)(c)
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.13%),
5.42%,
07/20/32
...
USD
6,249
6,245,841
Series
2024-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.94%,
07/20/32
...
2,000
2,000,986
Warwick
Capital
CLO
1
Ltd.,
Series
2023-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
6.39%,
10/20/36
(a)(c)
..........
2,000
2,001,870
Wellington
Management
CLO
4
Ltd.,
Series
2025-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.43%,
04/18/38
(a)(c)(f)
....
2,400
2,400,000
Wildwood
Park
CLO
Ltd.
(a)(c)
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.78%,
10/20/37
...
6,750
6,728,898
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
10.17%,
10/20/37
..
1,600
1,612,773
143,770,893
Luxembourg
—
0.1%
(a)(b)
Asset-Backed
European
Securitisation
Transaction
Twenty-Three
SARL
Series
23,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.69%,
03/21/34
....
EUR
2,900
3,157,557
Series
23,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.99%,
03/21/34
....
1,200
1,308,889
Series
23,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
4.29%,
03/21/34
....
600
653,698
Series
23,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.40%),
4.79%,
03/21/34
....
500
546,283
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Auto1
Car
Funding
SARL
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
3.07%,
12/15/33
....
EUR
3,223
$
3,490,759
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.87%,
12/15/33
....
300
326,401
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.87%,
12/15/33
....
300
334,197
Compartment
BL
Consumer
Credit,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
3.27%,
09/25/41
............
1,236
1,339,299
FACT
SA,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
3.41%,
09/22/31
.......
2,400
2,601,364
Golden
Ray
SA-Compartment
1
Series
1,
Class
A2,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
3.15%,
12/27/57
....
3,149
3,411,979
Series
1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.85%,
12/27/57
...............
500
540,508
Series
1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
4.35%,
12/27/57
...............
300
320,654
Pony
SA
Compartment
German
Auto
Loans
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
3.24%,
01/14/33
....
1,200
1,295,494
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.59%,
01/14/33
....
600
650,002
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
4.04%,
01/14/33
....
400
432,482
SC
Germany
SA
Compartment
Consumer
Series
2020-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.75%),
4.14%,
11/14/34
.....
666
723,343
Series
2020-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.89%,
11/14/34
.....
273
297,640
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
3.39%,
01/14/38
....
1,900
2,056,194
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.69%,
01/14/38
....
11,200
12,110,572
Series
2024-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.49%,
05/14/38
....
3,000
3,263,899
Series
2024-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.79%,
05/14/38
....
2,300
2,495,160
Series
2024-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
4.09%,
05/14/38
....
1,600
1,733,829
SC
Germany
SA
Compartment
Leasing
Series
2023-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
4.39%,
12/14/32
....
952
1,035,032
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Series
2023-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.39%,
12/14/32
....
EUR
865
$
944,694
TREVA
Equipment
Finance
SA-
Compartment,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
3.26%,
01/20/35
.....
2,430
2,627,173
47,697,102
Netherlands
—
0.1%
(a)(b)
Aurorus
BV
Series
2023-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.69%,
08/13/49
....
3,863
4,192,844
Series
2023-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
4.49%,
08/13/49
....
767
835,760
Series
2023-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.20%),
5.59%,
08/13/49
....
1,113
1,220,968
Hill
FL
Series
2024-1FL,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.48%,
02/18/32
....
772
836,767
Series
2024-1FL,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.05%),
4.43%,
02/18/32
....
869
947,186
Series
2024-1FL,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.20%),
5.58%,
02/18/32
....
193
212,347
Hill
FL
BV
Series
2024-2FL,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.72%),
3.10%,
10/18/32
....
4,300
4,664,989
Series
2024-2FL,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.95%),
4.33%,
10/18/32
....
500
541,615
Mila
BV
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.69%),
3.08%,
09/16/41
....
6,580
7,128,017
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
3.34%,
09/16/41
....
361
389,870
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.45%),
3.84%,
09/16/41
....
268
289,681
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
4.39%,
09/16/41
....
188
203,822
OZLME
IV
DAC,
Series
4X,
Class
B,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
4.02%,
07/27/32
.......
2,890
3,126,265
24,590,131
Portugal
—
0.0%
(a)(b)
GAMMA
Sociedade
de
Titularizacao
de
Creditos,
Series
2,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
3.42%,
02/25/34
............
5,300
5,756,559
TAGUS
-
Sociedade
de
Titularizacao
de
Creditos
SA,
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.85%),
5.22%,
09/23/38
.......
400
421,655
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Portugal
(continued)
TAGUS-Sociedade
de
Titularizacao
de
Creditos
SA
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.80%),
4.15%,
10/27/42
...............
EUR
1,600
$
1,731,199
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.60%),
4.95%,
10/27/42
...............
700
757,392
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.35%,
10/27/42
...............
1,400
1,529,547
10,196,352
Singapore
—
0.0%
Bayfront
Infrastructure
Capital
Pte.
Ltd.
(a)(b)
Series
2025-1,
Class
A1,
(1-day
SOFR
at
0.00%
Floor
+
1.30%),
5.62%,
04/11/45
..........
USD
3,357
3,357,000
Series
2025-1,
Class
A1SU,
(1-day
SOFR
at
0.00%
Floor
+
1.29%),
5.61%,
04/11/45
..........
4,020
4,020,000
7,377,000
Spain
—
0.1%
(b)
Auto
ABS
Spanish
Loans
FT
(a)
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
3.21%,
09/28/38
....
EUR
10,365
11,256,826
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.66%,
09/28/38
....
3,804
4,126,047
Autonoria
Spain
(a)
Series
2021-SP,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
3.17%,
01/31/39
....
386
417,867
Series
2021-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
3.42%,
01/31/39
....
624
672,933
Series
2021-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.55%),
3.92%,
01/31/39
....
268
289,154
Series
2021-SP,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.65%),
5.02%,
01/31/39
....
149
160,290
Series
2021-SP,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.90%),
6.27%,
01/31/39
....
59
63,517
Series
2022-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.80%),
5.17%,
01/27/40
....
818
903,188
Series
2022-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.20%),
6.57%,
01/28/40
....
205
228,543
Series
2022-SP,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
7.00%),
9.37%,
01/29/40
....
1,176
1,335,330
Autonoria
Spain
2023
FT,
Series
2023-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
4.37%,
09/30/41
(a)
................
1,255
1,372,841
Autonoria
Spain
FT
(a)
Series
2023-SP,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
3.07%,
09/30/41
....
4,134
4,473,870
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
Series
2023-SP,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.52%,
09/30/41
....
EUR
369
$
400,247
Series
2023-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
5.27%,
09/30/41
....
443
489,417
FT
Santander
Consumer
Spain
Auto
Series
2020-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
3.41%,
03/21/33
(a)
...
155
167,793
Series
2020-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.95%),
4.41%,
03/21/33
(a)
...
47
50,451
Series
2020-1,
Class
D,
3.50%,
03/21/33
...............
78
83,226
FTA
Consumo
Santander
(a)
Series
7,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
4.19%,
07/20/38
...............
4,000
4,336,065
Series
7,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
4.53%,
07/20/38
...............
3,300
3,567,708
34,395,313
Switzerland
—
0.0%
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2004-CF2,
Class
1B,
6.00%,
01/25/43
(c)(h)
...
USD
602
453,937
United
Kingdom
—
0.7%
Asimi
Funding
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
+
1.00%),
5.46%,
09/16/31
....
GBP
1,636
2,114,180
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.35%),
5.81%,
09/16/31
....
1,786
2,306,166
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.95%),
6.41%,
09/16/31
....
1,654
2,139,776
Cardiff
Auto
Receivables
Securitisation
plc
(a)(b)
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.86%,
08/20/31
...............
2,918
3,779,326
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.36%,
08/20/31
...............
5,216
6,753,184
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.60%),
7.06%,
08/20/31
...............
3,951
5,120,955
Delamare
Cards
MTN
Issuer
plc,
Series
2023-1,
Class
A1,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
5.26%,
04/19/31
(a)(b)
3,454
4,471,435
Dowson
plc
(a)(b)
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
6.71%,
01/20/29
...............
1,228
1,588,427
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.70%),
7.16%,
01/20/29
...............
725
936,819
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2022-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.70%),
8.16%,
08/20/29
...............
GBP
1,202
$
1,555,868
Series
2022-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.25%),
9.71%,
08/20/29
...............
989
1,280,716
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.71%,
08/20/31
...............
3,281
4,230,255
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.06%,
08/20/31
...............
2,490
3,199,935
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.35%),
6.81%,
08/20/31
...............
631
810,854
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.95%),
8.41%,
08/20/31
...............
1,212
1,558,155
Series
2024-1,
Class
F,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
6.95%),
11.41%,
08/20/31
...............
1,476
1,897,816
Greene
King
Finance
plc
Series
A6,  4.06%,
03/15/35
(b)
...
2,954
3,554,729
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
6.38%,
12/15/34
(a)
..............
2,472
2,794,657
Series
B2,  (Sterling
Overnight
Index
Average
+
2.20%),
6.66%,
03/15/36
(a)(b)
.............
100
106,959
Hermitage
2024
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.36%,
04/21/33
...............
5,719
7,401,421
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.71%,
04/21/33
...............
1,708
2,204,334
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.06%,
04/21/33
...............
1,783
2,301,573
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.90%),
8.36%,
04/21/33
...............
1,118
1,442,694
Hermitage
plc
(a)(b)
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.45%),
6.91%,
09/21/33
...............
891
1,155,708
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.35%),
6.81%,
04/21/33
...............
743
965,367
London
Cards
No.
1
plc,
Series
1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.75%),
8.21%,
05/15/33
(a)(b)
...............
1,425
1,901,945
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
London
Cards
No.
2
plc
(a)(b)
Series
2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.86%,
03/28/34
...............
GBP
1,383
$
1,804,620
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.96%,
03/28/34
...............
1,708
2,227,037
Series
2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.45%),
7.91%,
03/28/34
...............
1,784
2,332,373
Series
2,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.50%),
9.96%,
03/28/34
...............
2,066
2,763,662
NewDay
Funding
(a)(b)
Series
2024-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.18%),
5.64%,
03/15/32
...............
1,910
2,488,996
Series
2024-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.65%),
6.11%,
03/15/32
...............
3,309
4,308,387
Series
2024-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
6.86%,
03/15/32
...............
3,128
4,100,762
Newday
Funding
Master
Issuer
plc
(a)(b)
Series
2022-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.00%),
9.46%,
07/15/30
...............
3,271
4,273,948
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.70%),
7.16%,
11/15/31
...............
4,377
5,770,140
Series
2023-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.70%),
8.16%,
11/15/31
...............
5,555
7,428,327
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.86%,
07/15/32
...............
1,949
2,520,450
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.36%,
07/15/32
...............
2,323
3,020,384
Series
2024-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.65%),
7.11%,
07/15/32
...............
4,901
6,392,244
Series
2024-3X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.76%,
11/15/32
...............
2,090
2,702,948
Series
2024-3X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.06%,
11/15/32
...............
3,087
3,992,326
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2025-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
0.00%,
04/15/33
...............
GBP
4,581
$
5,917,507
Newday
Funding
Master
Issuer
plc-
(a)(b)
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.36%,
07/15/32
...............
9,773
12,671,766
Series
2025-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.85%),
0.00%,
04/15/33
...............
6,990
9,029,332
Series
2025-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
0.00%,
04/15/33
...............
2,829
3,654,361
PCL
Funding
IX
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.36%,
07/16/29
...............
22,145
28,662,844
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.76%,
07/16/29
...............
2,320
3,003,408
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.15%),
6.61%,
07/16/29
...............
150
194,254
PCL
Funding
VIII
plc
(a)(b)
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.18%),
5.64%,
05/15/28
...............
6,070
7,880,809
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.96%,
05/15/28
...............
1,125
1,469,871
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
7.96%,
05/15/28
...............
712
933,617
Satus
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.36%,
01/17/31
...............
6,428
8,311,128
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.71%,
01/17/31
...............
3,139
4,047,918
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.05%),
6.51%,
01/17/31
...............
3,161
4,097,329
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.30%),
7.76%,
01/17/31
...............
568
733,774
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.30%),
9.76%,
01/17/31
...............
549
710,703
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Tower
Bridge
Funding
plc
(a)(b)
Series
2022-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.72%),
5.18%,
12/20/63
...............
GBP
1,979
$
2,558,305
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.20%),
6.70%,
10/20/64
...............
1,469
1,905,562
Series
2023-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.15%),
7.65%,
10/20/64
...............
993
1,290,594
Series
2023-1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.30%),
8.80%,
10/20/64
...............
1,116
1,453,610
Trafford
Centre
Finance
Ltd.
(The),
Series
B2,
(Sterling
Overnight
Index
Average
+
0.94%),
5.44%,
07/28/35
(a)(b)
...............
3,400
3,306,399
Unique
Pub
Finance
Co.
plc
(The)
Series
N,  6.46%,
03/30/32
(b)
....
12,339
16,555,762
Zilch
Finance
3
Ltd.,
(1-day
SONIA
+
4.00%),
8.46%,
10/26/27
(a)(f)
.....
22,295
28,909,005
270,997,716
United
States
—
6.5%
510
Loan
Acquisition
Trust,
Series
2020-1,
Class
A,
8.11%,
09/25/60
(c)(h)
USD
6,108
6,206,526
522
Funding
CLO
Ltd.
(a)(c)
Series
2018-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
5.59%,
10/20/31
...
105
105,305
Series
2018-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
6.60%,
10/20/31
...
750
749,346
AccessLex
Institute,
Series
2007-A,
Class
A3,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.56%),
4.88%,
05/25/36
(a)
................
1,182
1,167,983
ACE
Securities
Corp.,
Series
2005-
AG1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.69%
Floor
+
0.80%),
5.12%,
08/25/35
(a)
...........
1,028
844,595
ACE
Securities
Corp.
Home
Equity
Loan
Trust
(a)
Series
2007-HE4,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.26%
Floor
+
0.37%),
4.69%,
05/25/37
...
6,923
1,097,013
Series
2007-HE4,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
5.03%,
05/25/37
...
342
54,803
ACE
Securities
Manufactured
Housing
Loan
Trust,
Series
2003-MH1,
Class
B2,
0.00%,
08/15/30
(c)
........
1,452
1,350,636
ACREC
LLC,
Series
2023-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.23%),
6.55%,
02/19/38
(a)(c)
8,151
8,169,977
Affirm
Asset
Securitization
Trust,
Series
2024-A,
Class
A,
5.61%,
02/15/29
(c)
7,128
7,175,677
Affirm
Master
Trust
(c)
Series
2025-1A,
Class
A,
4.99%,
02/15/33
...............
30,491
30,649,980
Series
2025-1A,
Class
B,
5.13%,
02/15/33
...............
2,389
2,401,115
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Ajax
Mortgage
Loan
Trust
(c)
Series
2017-D,
Class
B,
0.00%,
12/25/57
(a)
..............
USD
4
$
1,283
Series
2020-C,  0.00%,
09/25/60
(f)(i)
174
173,837
Series
2020-C,
Class
C,
0.00%,
09/27/60
...............
119
107,176
Series
2020-D,  0.00%,
06/25/60
(f)(i)
260
259,934
Series
2021-C,
Class
A,
5.11%,
01/25/61
(h)
..............
13,333
13,324,620
Series
2021-C,
Class
B,
6.72%,
01/25/61
(h)
..............
6,127
6,059,386
Series
2021-C,
Class
C,
0.00%,
01/25/61
...............
14,797
16,949,832
Series
2021-D,
Class
A,
5.00%,
03/25/60
(h)
..............
28,337
28,232,413
Series
2021-D,
Class
B,
4.00%,
03/25/60
(a)
..............
10,947
11,356,209
Series
2021-D,
Class
C,
0.00%,
03/25/60
(a)
..............
15,892
18,519,467
Series
2021-E,
Class
A1,
1.74%,
12/25/60
(a)
..............
37,833
32,991,074
Series
2021-E,
Class
A2,
2.69%,
12/25/60
(a)
..............
8,637
6,558,827
Series
2021-E,
Class
B1,
3.73%,
12/25/60
(a)
..............
5,214
3,352,364
Series
2021-E,
Class
B3,
3.81%,
12/25/60
(a)
..............
16,904
5,719,025
Series
2021-E,
Class
M1,
2.94%,
12/25/60
(a)
..............
8,544
6,149,981
Series
2021-E,
Class
SA,
0.00%,
12/25/60
(a)
..............
80
37,580
Series
2021-E,
Class
XS,
0.00%,
12/25/60
(a)
..............
162,352
5,975,181
Series
2021-F,
Class
A,
4.88%,
06/25/61
(h)
..............
76,986
76,903,340
Series
2021-F,
Class
B,
3.75%,
06/25/61
(h)
..............
24,071
23,701,872
Series
2021-F,
Class
C,
0.00%,
06/25/61
...............
36,321
33,657,507
Series
2021-G,
Class
A,
4.88%,
06/25/61
(a)
..............
56,180
55,384,324
Series
2021-G,
Class
B,
3.75%,
06/25/61
(a)
..............
15,013
15,617,881
Series
2021-G,
Class
C,
0.00%,
06/25/61
...............
26,796
26,203,479
Series
2023-B,
Class
A,
4.25%,
10/25/62
(h)
..............
24,789
24,201,433
Series
2023-B,
Class
B,
4.25%,
10/25/62
(h)
..............
3,314
3,173,382
Series
2023-B,
Class
C,
0.00%,
10/25/62
...............
7,556
4,292,437
Series
2023-B,
Class
SA,
0.00%,
10/25/62
(i)
...............
877
802,656
American
Homes
4
Rent
Trust,
Series
2015-SFR1,
Class
XS,
0.00%,
04/17/52
(a)(c)
...............
21,570
216
AMSR
Trust
(c)
Series
2020-SFR4,
Class
E2,
2.46%,
11/17/37
..........
4,080
4,006,297
Series
2020-SFR4,
Class
F,
2.86%,
11/17/37
...............
4,520
4,445,052
Series
2020-SFR4,
Class
G2,
4.87%,
11/17/37
..........
4,542
4,506,612
Series
2021-SFR1,
Class
F,
3.60%,
06/17/38
...............
5,128
4,703,317
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-SFR2,
Class
F1,
3.28%,
08/17/38
...............
USD
6,744
$
6,460,189
Series
2023-SFR2,
Class
F2,
3.95%,
06/17/40
...............
5,000
4,354,158
Apidos
CLO
XVIII-R,
Series
2018-18A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.70%,
01/22/38
(a)(c)
..........
26,200
26,202,361
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
07/17/46
(c)
.....
522
477,002
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL1,
Class
A,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
5.80%,
01/15/37
(a)(c)
363
362,890
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
4.91%,
05/25/35
(a)
.....
4,850
3,912,008
Argent
Securities
Trust
(a)
Series
2006-M1,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.73%,
07/25/36
...
6,828
1,820,544
Series
2006-W2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.58%
Floor
+
0.69%),
5.01%,
03/25/36
...
1,823
1,000,854
Arm
Master
Trust
LLC,
Series
2021-T1,
Class
A,
2.43%,
11/15/27
(c)
.....
387
385,639
Avoca
CLO
XXVIII
DAC,
Series
28A,
Class
B1R,
(3-mo.
EURIBOR
at
1.85%
Floor
+
1.85%),
5.03%,
10/15/37
(a)(c)
...............
EUR
3,400
3,678,134
BankAmerica
Manufactured
Housing
Contract
Trust
(a)
Series
1997-2,
Class
B1,
7.07%,
10/10/27
...............
USD
4,500
536,972
Series
1998-2,
Class
B1,
7.22%,
12/10/25
...............
8,475
892,328
Bankers
Healthcare
Group
Securitization
Trust,
Series
2020-A,
Class
C,
5.17%,
09/17/31
(c)
.....
750
748,016
Bayview
Financial
Revolving
Asset
Trust
(a)(c)
Series
2004-B,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
5.44%,
05/28/39
...
16,620
13,636,316
Series
2004-B,
Class
A2,
(1-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.41%),
5.74%,
05/28/39
...
436
201,414
Series
2005-A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
5.44%,
02/28/40
...
8,202
7,381,817
Series
2005-E,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
5.44%,
12/28/40
...
367
366,893
BCMSC
Trust
(a)
Series
2000-A,
Class
A2,
7.58%,
06/15/30
...............
7,777
583,072
Series
2000-A,
Class
A3,
7.83%,
06/15/30
...............
7,219
558,858
Series
2000-A,
Class
A4,
8.29%,
06/15/30
...............
5,207
426,759
BDS
LLC,
Series
2024-FL13,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.58%),
5.89%,
09/19/39
(a)(c)
5,300
5,294,531
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2004-HE7,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.73%
Floor
+
1.84%),
6.16%,
08/25/34
...
USD
13
$
12,835
Series
2006-HE1,
Class
1M4,
(1-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
5.45%,
12/25/35
...
6,273
6,085,288
Series
2006-HE7,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.77%,
09/25/36
...
1,602
1,561,504
Series
2006-HE8,
Class
1A3,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.95%,
10/25/36
...
1,439
1,397,443
Series
2007-HE2,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.75%,
03/25/37
...
2,574
2,354,371
Series
2007-HE2,
Class
22A,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.71%,
03/25/37
...
1,596
1,496,544
Series
2007-HE2,
Class
23A,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.71%,
03/25/37
...
1,746
1,667,518
Series
2007-HE3,
Class
1A3,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.36%),
4.68%,
04/25/37
...
116
115,082
Series
2007-HE3,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
4.78%,
04/25/37
...
21,820
20,609,350
BHG
Securitization
Trust
(c)
Series
2021-A,
Class
A,
1.42%,
11/17/33
...............
1,185
1,161,768
Series
2021-A,
Class
B,
2.79%,
11/17/33
...............
1,995
1,922,878
Series
2021-B,
Class
C,
2.24%,
10/17/34
...............
1,600
1,504,910
Series
2022-C,
Class
B,
5.93%,
10/17/35
...............
3,084
3,088,517
BRAVO
Residential
Funding
Trust,
Series
2024-CES2,
Class
A1A,
5.55%,
09/25/54
(c)(h)
..........
9,063
9,070,988
Brex
Commercial
Charge
Card
Master
Trust,
Series
2024-1,
Class
A1,
6.05%,
07/15/27
(c)
...........
6,223
6,287,696
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2013-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
5.53%,
08/14/30
(a)(c)
17
17,136
Carrington
Mortgage
Loan
Trust
(a)
Series
2006-NC1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.63%
Floor
+
0.74%),
5.06%,
01/25/36
...
1,620
1,411,478
Series
2006-NC4,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
12.50%
Cap
+
0.27%),
4.59%,
10/25/36
..........
695
682,754
Cascade
MH
Asset
Trust,
Series
2019-
MH1,
Class
A,
4.00%,
11/25/44
(a)(c)
14,147
13,369,639
C-BASS
Trust,
Series
2006-CB7,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.75%,
10/25/36
(a)
................
1,032
681,774
C-BASS
TRUST,
Series
2006-CB9,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
4.89%,
11/25/36
(a)
................
625
280,393
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CIT
Mortgage
Loan
Trust
(a)(c)
Series
2007-1,
Class
1M2,
(1-mo.
CME
Term
SOFR
at
2.63%
Floor
+
2.74%),
7.06%,
10/25/37
...
USD
3,538
$
3,439,806
Series
2007-1,
Class
2M2,
(1-mo.
CME
Term
SOFR
at
2.63%
Floor
+
2.74%),
7.06%,
10/25/37
...
1,803
1,698,953
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(1-
mo.
CME
Term
SOFR
at
0.20%
Floor
+
0.31%),
4.63%,
05/25/37
11,302
7,338,966
Series
2007-AHL2,
Class
A3C,
(1-
mo.
CME
Term
SOFR
at
0.27%
Floor
+
0.38%),
4.70%,
05/25/37
5,134
3,333,004
Series
2007-AHL3,
Class
A3B,
(1-
mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.28%),
4.60%,
07/25/45
5,377
3,716,616
Series
2007-AMC1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.75%,
12/25/36
(c)
..
6,377
3,471,839
Coinstar
Funding
LLC,
Series
2017-1A,
Class
A2,
5.22%,
04/25/47
(c)
....
2,768
2,537,271
College
Ave
Student
Loans
Trust,
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.75%
Floor
+
1.75%),
6.09%,
06/25/54
(a)(c)
....
15,724
16,022,223
College
Avenue
Student
Loans
LLC
(c)
Series
2021-A,
Class
B,
2.32%,
07/25/51
...............
4,195
3,821,854
Series
2021-A,
Class
C,
2.92%,
07/25/51
...............
802
741,468
Series
2021-B,
Class
B,
2.42%,
06/25/52
...............
1,327
1,205,097
Series
2021-B,
Class
C,
2.72%,
06/25/52
...............
602
555,256
Series
2021-B,
Class
D,
3.78%,
06/25/52
...............
144
135,611
Concord
Music
Royalties
LLC,
Series
2024-1A,
Class
A,
5.64%,
10/20/74
(c)
10,367
10,306,130
Conseco
Finance
Corp.
(a)
Series
1996-10,
Class
B1,
7.24%,
11/15/28
...............
1,260
1,282,712
Series
1997-3,
Class
M1,
7.53%,
03/15/28
...............
1,261
1,283,784
Series
1997-6,
Class
M1,
7.21%,
01/15/29
...............
878
896,203
Series
1998-4,
Class
M1,
6.83%,
04/01/30
...............
409
415,655
Series
1998-6,
Class
M1,
6.63%,
06/01/30
...............
1,120
1,133,899
Series
1999-5,
Class
A5,
7.86%,
03/01/30
...............
2,448
739,037
Series
1999-5,
Class
A6,
7.50%,
03/01/30
...............
2,627
757,581
Conseco
Finance
Securitizations
Corp.
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(a)
..............
4,152
603,601
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(a)
..............
5,128
748,043
Series
2000-5,
Class
A6,
7.96%,
05/01/31
...............
6,271
1,306,299
Series
2000-5,
Class
A7,
8.20%,
05/01/31
...............
11,418
2,450,227
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Cook
Park
CLO
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.86%),
7.16%,
04/17/30
(a)(c)
...............
USD
1,430
$
1,434,287
Credit-Based
Asset
Servicing
&
Securitization
LLC
Series
2006-CB2,
Class
AF4,
2.99%,
12/25/36
(h)
..............
955
795,496
Series
2006-MH1,
Class
B1,
6.75%,
10/25/36
(c)(h)
.............
897
890,356
Series
2006-MH1,
Class
B2,
6.75%,
10/25/36
(c)(h)
.............
5,709
4,599,887
Series
2006-SL1,
Class
A2,
6.06%,
09/25/36
(c)(h)
.............
11,537
383,241
Series
2007-CB6,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.77%,
07/25/37
(a)(c)
.
1,270
830,339
CSMC
Trust,
Series
2017-2,
Class
CERT,
0.00%,
02/01/47
(c)
......
1,644
1,443,224
CWABS
Asset-Backed
Certificates
Trust
(a)
Series
2005-16,
Class
1AF,
4.53%,
04/25/36
...............
5,032
4,426,898
Series
2006-18,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.56%),
4.88%,
03/25/37
...
12,905
13,184,063
Series
2006-22,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
4.78%,
05/25/47
...
1,568
1,366,755
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%),
5.93%,
06/25/47
(a)(c)
..........
2,704
2,144,400
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%),
4.70%,
03/15/34
(a)
...........
139
138,463
CWHEQ
Home
Equity
Loan
Trust
Series
2006-S3,
Class
A4,
5.42%,
01/25/29
(h)
..............
99
228,391
Series
2006-S5,
Class
A5,
6.16%,
06/25/35
...............
186
286,687
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%),
4.61%,
05/15/35
..........
182
179,966
Series
2006-C,
Class
2A,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
and
16.00%
Cap
+
0.29%),
4.61%,
05/15/36
..........
980
968,565
Series
2006-H,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
and
16.00%
Cap
+
0.26%),
4.58%,
11/15/36
..........
549
536,179
Series
2006-I,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
4.57%,
01/15/37
...
403
383,757
Diameter
Capital
CLO
1
Ltd.
(a)(c)
Series
2021-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.69%,
10/15/37
...
14,750
14,771,712
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.15%),
10.45%,
10/15/37
..
USD
5,000
$
5,017,826
Series
2021-1A,
Class
SUB,
0.00%,
10/15/37
...............
6,050
4,707,136
Diameter
Capital
CLO
3
Ltd.,
Series
2022-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.62%,
01/15/38
(a)(c)
....
27,750
27,694,808
Eaton
Vance
CLO
Ltd.,
Series
2014-
1RA,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.05%,
07/15/30
(a)(c)
..........
1,750
1,750,778
EDvestinU
Private
Education
Loan
Issue
No.
3
LLC,
Series
2021-A,
Class
B,
3.50%,
11/25/50
(c)
.....
1,660
1,401,293
EDvestinU
Private
Education
Loan
Issue
No.
4
LLC,
Series
2022-A,
Class
A,
5.25%,
11/25/40
(c)
.....
5,181
5,177,235
ELFI
Graduate
Loan
Program
LLC,
Series
2020-A,
Class
B,
2.98%,
08/25/45
(a)(c)
...............
1,539
1,367,626
Elmwood
CLO
15
Ltd.,
Series
2022-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.25%
Floor
+
7.25%),
11.54%,
04/22/35
(a)(c)
...............
1,800
1,806,189
Enterprise
Fleet
Financing
LLC,
Series
2024-4,
Class
A4,
4.70%,
06/20/31
(c)
3,040
3,052,685
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2004-FFH3,
Class
M3,
(1-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.16%),
5.48%,
10/25/34
...
2,818
2,539,949
Series
2006-FF13,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
4.67%,
10/25/36
...
4,304
2,779,310
Series
2006-FF13,
Class
A2C,
(1-
mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.75%,
10/25/36
2,524
1,652,074
Series
2006-FF16,
Class
2A4,
(1-
mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.85%,
12/25/36
4,785
1,933,916
FirstKey
Homes
Trust
(c)
Series
2020-SFR1,
Class
G,
4.78%,
08/17/37
...............
6,572
6,523,176
Series
2021-SFR1,
Class
F1,
3.24%,
08/17/38
...............
8,036
7,755,482
Series
2022-SFR1,
Class
E2,
5.00%,
05/19/39
..........
5,000
4,905,185
Series
2022-SFR2,
Class
E1,
4.50%,
07/17/39
..........
4,977
4,846,210
Series
2022-SFR3,
Class
E2,
3.50%,
07/17/38
..........
8,285
7,982,030
FNA
8
LLC,
Series
2025-1,
Class
A,
5.62%,
03/15/45
(a)(c)
..........
18,854
18,854,000
Foundation
Finance
Trust
(c)
Series
2021-2A,
Class
A,
2.19%,
01/15/42
...............
4,534
4,245,439
Series
2023-1A,
Class
A,
5.67%,
12/15/43
...............
5,622
5,696,000
Series
2024-1A,
Class
B,
5.95%,
12/15/49
...............
1,718
1,760,032
Series
2024-2A,
Class
B,
4.93%,
03/15/50
...............
3,092
3,070,767
Series
2025-1A,
Class
A,
4.95%,
04/15/50
...............
20,668
20,724,481
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-1A,
Class
D,
6.09%,
04/15/50
...............
USD
16,235
$
16,289,202
Fremont
Home
Loan
Trust
(a)
Series
2006-3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.71%,
02/25/37
...
4,671
3,424,475
Series
2006-3,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.77%,
02/25/37
...
5,179
1,623,149
FS
Rialto
Issuer
LLC
(a)(c)
Series
2024-FL9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
5.95%,
10/19/39
...
9,190
9,181,002
Series
2025-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.70%,
08/19/42
...
3,240
3,211,451
GAM
Resecuritization
Trust,
Series
2018-B,
Class
A1,
(US
Prime
Rate
at
0.00%
Floor
-
2.00%),
5.50%,
08/27/51
(a)(c)
...............
4,441
4,427,943
GoldenTree
Loan
Management
US
CLO
10
Ltd.,
Series
2021-10A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.00%),
12.29%,
10/20/37
(a)(c)
...............
4,450
4,193,479
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%),
10.19%,
07/20/37
..
2,300
2,293,921
Series
2022-14A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.40%
Floor
+
8.40%),
12.69%,
07/20/37
..
2,670
2,611,369
GoldenTree
Loan
Management
US
CLO
15
Ltd.,
Series
2022-15A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
7.50%
Floor
+
7.50%),
11.79%,
10/20/36
(a)(c)
...............
2,500
2,430,752
Goldman
Home
Improvement
Trust
Issuer
Trust
(c)
Series
2021-GRN2,
Class
B,
1.97%,
06/25/51
...............
3,513
3,399,313
Series
2022-GRN2,
Class
A,
6.80%,
10/25/52
...............
3,065
3,140,824
Golub
Capital
Partners
CLO
69M,
Series
2023-69A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.65%,
11/09/36
(a)(c)
....
2,500
2,497,331
Golub
Capital
Partners
CLO
71
M,
Series
2024-71A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
6.25%,
02/09/37
(a)(c)
....
28,580
28,547,885
Golub
Capital
Partners
CLO
78M,
Series
2025-78A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.69%,
04/21/39
(a)(c)
....
2,500
2,488,129
GoodLeap
Home
Improvement
Solutions
Trust
(c)
Series
2024-1A,
Class
A,
5.35%,
10/20/46
...............
27,271
27,617,682
Series
2025-1A,
Class
A,
5.38%,
02/20/49
...............
28,489
28,863,875
Series
2025-1A,
Class
B,
6.27%,
02/20/49
...............
1,069
1,081,171
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Goodleap
Sustainable
Home
Solutions
Trust,
Series
2023-3C,
Class
A,
6.50%,
07/20/55
(c)
...........
USD
4,012
$
3,930,447
GoodLeap
Sustainable
Home
Solutions
Trust
(c)
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
...............
9,599
7,472,904
Series
2022-3CS,
Class
A,
4.95%,
07/20/49
...............
2,519
2,293,812
Series
2023-1GS,
Class
A,
5.52%,
02/22/55
...............
3,306
3,117,990
Gracie
Point
International
Funding
LLC,
Series
2024-1A,
Class
A,
(SOFR90A
at
1.70%
Floor
+
1.70%),
6.12%,
03/01/28
(a)(c)
...............
14,644
14,669,703
GreenPoint
Manufactured
Housing,
Series
1999-5,
Class
M2,
9.23%,
12/15/29
(a)
................
2,117
2,106,290
GreenSky
Home
Improvement
Issuer
Trust
(c)
Series
2024-2,
Class
A4,
5.15%,
10/27/59
...............
6,368
6,384,038
Series
2024-2,
Class
D,
6.43%,
10/27/59
...............
2,938
2,972,812
GreenSky
Home
Improvement
Trust
(c)
Series
2024-1,
Class
A4,
5.67%,
06/25/59
...............
18,459
18,690,691
Series
2024-1,
Class
B,
5.87%,
06/25/59
...............
2,127
2,155,373
Greenwood
Park
CLO
Ltd.
(a)(c)
Series
2018-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.27%),
5.57%,
04/15/31
...
3,735
3,735,414
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.76%),
7.06%,
04/15/31
...
925
925,000
GSAA
Home
Equity
Trust
(a)
Series
2005-14,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
5.13%,
12/25/35
...
5,333
2,387,436
Series
2006-4,
Class
1A1,
4.25%,
03/25/36
...............
3,509
2,366,939
Series
2006-18,
Class
AF2A,
5.63%,
11/25/36
...............
207
59,357
Series
2006-18,
Class
AF3A,
5.77%,
11/25/36
...............
2,045
591,840
Series
2007-2,
Class
AF3,
5.92%,
03/25/37
...............
1,413
261,812
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.83%,
01/25/47
...
2,727
1,355,159
Series
2007-HS1,
Class
M6,
(1-mo.
CME
Term
SOFR
at
3.38%
Floor
+
3.49%),
7.81%,
02/25/47
...
3,414
3,344,118
Home
Efficiency,
0.00%,
12/31/54
(a)(c)(f)
27,005
27,536,620
Home
Equity
Asset
Trust
(a)
Series
2006-3,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
5.03%,
07/25/36
...
4,008
3,795,546
Series
2007-1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.73%,
05/25/37
...
4,469
4,037,180
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Home
Equity
Mortgage
Loan
Asset-
Backed
Trust,
Series
2004-A,
Class
M2,
(1-mo.
CME
Term
SOFR
at
2.03%
Floor
+
2.14%),
3.94%,
07/25/34
(a)
................
USD
739
$
717,021
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(h)
................
6,856
659,485
Huntington
Bank
Auto
Credit-Linked
Notes
(a)(c)
Series
2024-1,
Class
B2,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.40%),
5.74%,
05/20/32
....
9,737
9,750,817
Series
2024-2,
Class
B2,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.35%),
5.69%,
10/20/32
....
15,047
15,072,934
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%),
4.71%,
12/25/36
(a)(c)
...............
47
46,072
J.P.
Morgan
Mortgage
Acquisition
Trust
Series
2006-CW1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.41%
Floor
+
0.52%),
4.84%,
05/25/36
(a)
..
1,535
1,511,636
Series
2007-CH1,
Class
MF1,
4.50%,
11/25/36
(h)
.........
11,339
11,569,382
KeyCorp
Student
Loan
Trust
(a)
Series
2004-A,
Class
2D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.25%),
6.10%,
07/28/42
...
4,407
4,228,392
Series
2005-A,
Class
2C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.56%),
5.86%,
12/27/38
...
7,478
7,313,337
Legacy
Mortgage
Asset
Trust
(c)
Series
2019-SL2,
Class
A,
3.38%,
02/25/59
(a)
..............
5,493
5,263,749
Series
2019-SL2,
Class
B,
0.00%,
02/25/59
...............
4,669
915,599
Series
2019-SL2,
Class
M,
4.25%,
02/25/59
(a)
..............
5,275
4,815,009
Lehman
ABS
Manufactured
Housing
Contract
Trust
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
..............
3,327
3,358,610
Series
2002-A,
Class
C,
0.00%,
06/15/33
...............
443
434,582
Lehman
ABS
Mortgage
Loan
Trust,
Series
2007-1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.09%
Floor
+
0.20%),
4.52%,
06/25/37
(a)(c)
....
858
566,334
Lending
Funding
Trust
(c)
Series
2020-2A,
Class
B,
3.54%,
04/21/31
...............
3,340
3,221,844
Series
2020-2A,
Class
D,
6.77%,
04/21/31
...............
400
389,758
Lendmark
Funding
Trust
(c)
Series
2021-2A,
Class
C,
3.09%,
04/20/32
...............
5,450
5,020,640
Series
2021-2A,
Class
D,
4.46%,
04/20/32
...............
1,420
1,265,000
Series
2022-1A,
Class
A,
5.12%,
07/20/32
...............
19,321
19,321,062
Series
2023-1A,
Class
A,
5.59%,
05/20/33
...............
13,585
13,615,750
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-1A,
Class
D,
8.69%,
05/20/33
...............
USD
10,982
$
11,265,152
Series
2024-1A,
Class
B,
5.88%,
06/21/32
...............
3,993
4,089,174
Series
2024-1A,
Class
C,
6.40%,
06/21/32
...............
2,283
2,343,689
Series
2024-1A,
Class
D,
7.21%,
06/21/32
...............
1,790
1,851,626
Series
2024-2A,
Class
B,
4.86%,
02/21/34
...............
2,556
2,523,981
Series
2024-2A,
Class
C,
5.25%,
02/21/34
...............
788
782,999
Series
2024-2A,
Class
D,
5.69%,
02/21/34
...............
2,776
2,777,371
Loanpal
Solar
Loan
Ltd.,
Series
2020-
3GS,
Class
A,
2.47%,
12/20/47
(c)
.
15,914
12,730,758
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2006-2,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.79%,
03/25/46
...
—
(g)
2
Series
2006-5,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.73%,
06/25/36
...
7,868
3,666,042
Series
2006-7,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.75%,
08/25/36
...
17,702
6,983,971
Long
Point
Park
CLO
Ltd.,
Series
2017-
1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.64%),
5.94%,
01/17/30
(a)(c)
..........
3,750
3,750,938
Lyra
Music
Assets
Delaware
LP,
Series
2024-2A,
Class
A2,
5.76%,
12/22/64
(c)
................
16,446
16,604,335
Mariner
Finance
issuance
Trust
(c)
Series
2024-BA,
Class
A,
4.91%,
11/20/38
...............
19,703
19,825,460
Series
2024-BA,
Class
E,
8.80%,
11/20/38
...............
19,480
20,131,548
Mariner
Finance
Issuance
Trust
(c)
Series
2020-AA,
Class
C,
4.10%,
08/21/34
...............
752
751,587
Series
2020-AA,
Class
D,
5.75%,
08/21/34
...............
3,350
3,350,327
Series
2021-AA,
Class
C,
2.96%,
03/20/36
...............
1,190
1,127,485
Series
2021-AA,
Class
D,
3.83%,
03/20/36
...............
1,180
1,121,730
Series
2021-AA,
Class
E,
5.40%,
03/20/36
...............
5,040
4,800,722
Series
2021-BA,
Class
D,
3.42%,
11/20/36
...............
1,130
1,062,891
Series
2021-BA,
Class
E,
4.68%,
11/20/36
...............
2,520
2,314,740
Series
2023-AA,
Class
D,
8.85%,
10/22/35
...............
12,900
13,330,959
Series
2024-AA,
Class
A,
5.13%,
09/22/36
...............
11,386
11,524,136
Series
2024-AA,
Class
D,
6.77%,
09/22/36
...............
603
618,791
Series
2024-AA,
Class
E,
9.02%,
09/22/36
...............
2,472
2,559,819
Series
2024-BA,
Class
D,
6.36%,
11/20/38
...............
2,969
3,039,821
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
MASTR
Asset-Backed
Securities
Trust
(a)
Series
2006-AM2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.95%,
06/25/36
(c)
..
USD
2,854
$
2,640,521
Series
2007-HE1,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.56%
Floor
+
0.67%),
4.99%,
05/25/37
...
5,000
4,214,254
MASTR
Specialized
Loan
Trust,
Series
2006-3,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.95%,
06/25/46
(a)(c)
..........
606
591,227
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2007-2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
4.91%,
05/25/37
...
2,042
1,401,958
Series
2007-H1,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
7.93%,
10/25/37
...
3,382
3,173,886
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2006-OPT1,
Class
M1,
(1-
mo.
CME
Term
SOFR
at
0.39%
Floor
+
0.50%),
4.82%,
08/25/37
1,126
998,409
Series
2006-RM3,
Class
A2B,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
4.61%,
06/25/37
...
2,704
567,929
MF1
LLC,
Series
2023-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.07%
Floor
+
2.07%),
6.38%,
10/19/38
(a)(c)
4,192
4,195,804
MF1
Multifamily
Housing
Mortgage
Loan
Trust
(a)(c)
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.64%
Floor
+
2.64%),
6.95%,
09/17/37
...
4,358
4,355,328
Series
2024-FL14,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
6.05%,
03/19/39
...
3,340
3,344,366
Mill
City
Solar
Loan
Ltd.
(c)
Series
2019-1A,
Class
A,
4.34%,
03/20/43
...............
8,272
7,450,720
Series
2019-2GS,
Class
A,
3.69%,
07/20/43
...............
14,200
12,754,499
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
(a)
Series
2005-HE5,
Class
M4,
(1-mo.
CME
Term
SOFR
at
0.87%
Floor
+
0.98%),
5.30%,
09/25/35
...
7,681
6,355,521
Series
2007-SEA1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
3.80%
Floor
+
3.91%),
8.23%,
02/25/47
(c)
..............
648
607,018
Morgan
Stanley
Home
Equity
Loan
Trust,
Series
2006-3,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.75%,
04/25/36
(a)
2,159
1,499,457
Morgan
Stanley
Mortgage
Loan
Trust
Series
2006-12XS,
Class
A4,
6.51%,
10/25/36
(h)
..............
3,521
784,454
Series
2006-12XS,
Class
A6A,
6.23%,
10/25/36
(h)
.........
1,355
372,578
Series
2006-16AX,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.61%),
4.93%,
11/25/36
(a)
..............
1,899
545,733
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Mosaic
Solar
Loan
Trust
(c)
Series
2018-2GS,
Class
A,
4.20%,
02/22/44
...............
USD
7,271
$
6,683,121
Series
2018-2GS,
Class
C,
5.97%,
02/22/44
...............
1,729
1,515,940
Series
2019-1A,
Class
A,
4.37%,
12/21/43
...............
10,665
9,934,126
Series
2023-1A,
Class
A,
5.32%,
06/20/53
...............
2,588
2,511,843
Nationstar
Home
Equity
Loan
Trust,
Series
2007-B,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.62%
Floor
+
0.73%),
5.05%,
04/25/37
(a)
.....
5,455
5,193,375
Navient
Private
Education
Loan
Trust
(c)
Series
2014-AA,
Class
B,
3.50%,
08/15/44
...............
14,970
14,640,964
Series
2015-AA,
Class
B,
3.50%,
12/15/44
...............
10,722
10,358,301
Navient
Private
Education
Refi
Loan
Trust
(c)
Series
2019-CA,
Class
A2,
3.13%,
02/15/68
...............
89
86,852
Series
2020-FA,
Class
B,
2.69%,
07/15/69
...............
4,310
3,627,559
Series
2021-DA,
Class
A,
(US
Prime
Rate
at
0.00%
Floor
-
1.99%),
5.51%,
04/15/60
(a)
.........
4,898
4,910,299
Series
2021-DA,
Class
B,
2.61%,
04/15/60
...............
1,625
1,442,977
Series
2021-DA,
Class
C,
3.48%,
04/15/60
...............
4,231
3,946,564
Series
2023-A,
Class
A,
5.51%,
10/15/71
...............
14,841
15,096,390
Series
2024-A,
Class
A,
5.66%,
10/15/72
...............
27,772
28,258,354
Nelnet
Student
Loan
Trust
(c)
Series
2021-A,
Class
B1,
2.85%,
04/20/62
...............
4,023
3,528,123
Series
2021-A,
Class
B2,
2.85%,
04/20/62
...............
41,500
36,226,761
Series
2021-A,
Class
C,
3.75%,
04/20/62
...............
3,133
2,711,771
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
4,268
3,833,695
Series
2021-BA,
Class
B,
2.68%,
04/20/62
...............
24,341
21,289,242
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
1,556
1,350,581
Series
2021-BA,
Class
D,
4.75%,
04/20/62
...............
2,780
2,464,341
Series
2021-CA,
Class
B,
2.53%,
04/20/62
...............
23,450
20,151,839
Series
2021-CA,
Class
C,
3.36%,
04/20/62
...............
1,230
1,054,613
Series
2021-CA,
Class
D,
4.44%,
04/20/62
...............
1,880
1,640,937
Series
2021-DA,
Class
B,
2.90%,
04/20/62
...............
16,396
14,380,948
Series
2021-DA,
Class
C,
3.50%,
04/20/62
...............
2,110
1,807,729
Series
2021-DA,
Class
D,
4.38%,
04/20/62
...............
651
558,451
Series
2023-PL1A,
Class
A1A,
(SOFR
30
day
Average
at
0.00%
Floor
+
2.25%),
6.59%,
11/25/53
(a)
..............
6,264
6,367,917
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-AA,
Class
A1B,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.10%),
5.43%,
03/15/57
(a)
...
USD
31,031
$
30,838,908
New
Century
Home
Equity
Loan
Trust,
Series
2005-C,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
5.11%,
12/25/35
(a)
......
3,948
3,350,471
New
Residential
Mortgage
Loan
Trust
(c)
Series
2022-SFR1,
Class
F,
4.44%,
02/17/39
...............
1,341
1,281,113
Series
2022-SFR2,
Class
F,
4.00%,
09/04/39
...............
6,607
6,116,362
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2006-
S5,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.83%,
10/25/36
(a)(c)
..........
71
87,050
NYMT
Trust,
Series
2024-RR1,
Class
A,
7.37%,
05/25/64
(c)(h)
..........
13,667
13,569,675
Oakwood
Mortgage
Investors,
Inc.
(a)
Series
2001-D,
Class
A2,
5.26%,
01/15/19
...............
1,424
522,806
Series
2001-D,
Class
A4,
6.93%,
09/15/31
...............
1,165
514,544
OneMain
Direct
Auto
Receivables
Trust,
Series
2025-1A,
Class
D,
6.10%,
07/14/37
(c)
................
3,016
3,092,348
OneMain
Financial
Issuance
Trust
(c)
Series
2019-2A,
Class
D,
4.05%,
10/14/36
...............
10,070
9,567,896
Series
2020-2A,
Class
D,
3.45%,
09/14/35
...............
10,930
10,398,360
Series
2021-1A,
Class
C,
2.22%,
06/16/36
...............
800
739,379
Series
2022-2A,
Class
B,
5.24%,
10/14/34
...............
8,724
8,747,795
Series
2023-1A,
Class
D,
7.49%,
06/14/38
...............
12,005
12,872,438
Series
2023-2A,
Class
D,
7.52%,
09/15/36
...............
25,921
27,187,428
Series
2024-1A,
Class
A,
5.79%,
05/14/41
...............
33,293
34,658,905
Option
One
Mortgage
Loan
Trust
Series
2005-4,
Class
M3,
(1-mo.
CME
Term
SOFR
at
0.74%
Floor
+
0.85%),
5.17%,
11/25/35
(a)
..
6,618
5,632,054
Series
2007-CP1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
+
0.32%),
4.64%,
03/25/37
(a)
..
6,755
5,781,010
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(h)
.........
13,538
11,527,562
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(h)
.........
11,231
9,627,754
Series
2007-FXD1,
Class
3A4,
5.86%,
01/25/37
(h)
.........
584
567,831
Origen
Manufactured
Housing
Contract
Trust
(a)
Series
2001-A,
Class
M1,
7.82%,
03/15/32
...............
2,124
2,121,267
Series
2007-B,
Class
A1,
(1M
Sofr
FWD
at
1.20%
Floor
and
18.00%
Cap
+
1.20%),
6.16%,
10/15/37
(c)
527
522,762
Owl
Rock
CLO
VII
LLC,
Series
2022-
7A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.72%,
04/20/38
(a)(c)(f)
.........
8,000
8,000,000
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Owl
Rock
CLO
XI
LLC,
Series
2023-
11A,
Class
A1F,
6.10%,
05/15/35
(c)
USD
5,000
$
4,970,929
Owl
Rock
CLO
XII
LLC,
Series
2023-
12A,
Class
A1B,
6.37%,
07/20/34
(c)
9,000
8,957,042
Owl
Rock
CLO
XVIII
LLC,
Series
2024-
18A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.00%,
07/24/36
(a)(c)
..........
3,975
3,974,826
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(h)
................
4,173
3,810,761
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(c)
................
416
411,161
Pagaya
AI
Technology
in
Housing
Trust,
Series
2023-1,
Class
F,
3.60%,
10/25/40
(c)
................
6,577
5,323,123
Palmer
Square
Loan
Funding
Ltd.
(a)(c)
Series
2023-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.75%,
01/25/32
...
1,012
1,011,604
Series
2025-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
6.55%,
02/15/33
...
2,000
2,000,000
Series
2025-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.10%
Floor
+
4.10%),
8.40%,
02/15/33
...
4,000
4,000,000
Pennantpark
CLO
IX
LLC,
Series
2024-
9A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.98%
Floor
+
1.98%),
6.27%,
04/20/37
(a)(c)
..........
9,000
9,015,701
PennantPark
CLO
VI
LLC,
Series
2023-6A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.68%
Floor
+
2.68%),
6.97%,
04/22/35
(a)(c)
..........
8,500
8,508,940
PennantPark
CLO
VII
LLC,
Series
2023-7A,
Class
A1B,
6.55%,
07/20/35
(c)
................
7,000
6,932,322
Pennantpark
CLO
VIII
LLC,
Series
2024-8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.30%),
6.59%,
04/18/36
(a)(c)
....
13,000
12,984,893
PFS
Financing
Corp.,
5.54%,
10/16/28
(c)
(f)
.......................
25,000
25,092,500
PPM
CLO
6-R
Ltd.
(a)(c)
Series
2022-6RA,
Class
C1R,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.45%),
7.74%,
01/20/37
...
2,110
2,117,736
Series
2022-6RA,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
9.94%,
01/20/37
...
1,690
1,701,831
PRET
LLC
(c)
Series
2021-RN4,
Class
A1,
5.49%,
10/25/51
(a)
..............
8,710
8,700,637
Series
2024-NPL4,
Class
A1,
7.00%,
07/25/54
(h)
..............
12,859
12,863,274
Series
2024-NPL5,
Class
A1,
5.96%,
09/25/54
(h)
..............
10,119
10,109,682
Progress
Residential
Trust
(c)
Series
2021-SFR10,
Class
E2,
3.67%,
12/17/40
..........
1,521
1,408,242
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
...............
6,139
5,816,690
Series
2021-SFR2,
Class
F,
3.40%,
04/19/38
...............
10,966
10,909,559
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-SFR3,
Class
F,
3.44%,
05/17/26
...............
USD
12,190
$
11,926,739
Series
2021-SFR4,
Class
F,
3.41%,
05/17/38
...............
15,230
14,704,605
Series
2021-SFR5,
Class
F,
3.16%,
07/17/38
...............
3,192
3,067,147
Series
2021-SFR6,
Class
F,
3.42%,
07/17/38
...............
6,423
6,247,395
Series
2021-SFR9,
Class
F,
4.05%,
11/17/40
...............
2,637
2,512,390
Series
2022-SFR1,
Class
F,
4.88%,
02/17/41
...............
5,383
5,155,680
Series
2022-SFR1,
Class
G,
5.52%,
02/17/41
...............
5,383
5,237,232
Series
2022-SFR3,
Class
E1,
5.20%,
04/17/39
..........
4,500
4,418,302
Series
2022-SFR5,
Class
E1,
6.62%,
06/17/39
..........
4,054
4,102,498
Series
2023-SFR2,
Class
E1,
4.75%,
10/17/40
..........
2,773
2,616,564
Series
2024-SFR2,
Class
E1,
3.40%,
04/17/41
(a)
.........
3,875
3,495,523
Series
2024-SFR2,
Class
E2,
3.65%,
04/17/41
(a)
.........
1,988
1,778,206
RAMP
Series
Trust,
Series
2004-RS7,
Class
A2A,
(1M
Sofr
FWD
at
0.62%
Floor
and
14.00%
Cap
+
0.62%),
5.05%,
07/25/34
(a)
...........
1,970
1,551,607
RASC
Trust,
Series
2006-EMX9,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
and
14.00%
Cap
+
0.35%),
4.91%,
11/25/36
(a)
......
2,500
2,032,459
RCO
VII
Mortgage
LLC,
Series
2024-1,
Class
A1,
7.02%,
01/25/29
(c)(h)
...
9,905
9,932,198
Ready
Capital
Mortgage
Financing
LLC,
Series
2023-FL11,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.37%),
6.69%,
10/25/39
(a)(c)
....
5,505
5,485,965
Redwood
Funding
Trust,
Series
2023-1,
Class
A,
7.50%,
07/25/59
(c)(h)
....
796
798,200
Regional
Management
Issuance
Trust
(c)
Series
2021-1,
Class
A,
1.68%,
03/17/31
...............
309
307,149
Series
2021-1,
Class
C,
3.04%,
03/17/31
...............
2,500
2,453,124
Series
2021-2,
Class
A,
1.90%,
08/15/33
...............
2,361
2,226,379
Series
2021-2,
Class
B,
2.35%,
08/15/33
...............
560
512,281
Series
2021-2,
Class
C,
3.23%,
08/15/33
...............
1,339
1,232,055
Series
2021-3,
Class
A,
3.88%,
10/17/33
(f)
..............
43,330
41,163,500
Series
2022-1,
Class
A,
3.07%,
03/15/32
...............
8,857
8,757,848
Series
2022-1,
Class
B,
3.71%,
03/15/32
...............
1,698
1,658,074
Series
2022-1,
Class
C,
4.46%,
03/15/32
...............
1,117
1,087,846
Series
2022-1,
Class
D,
6.72%,
03/15/32
...............
3,555
3,509,423
Series
2024-1,
Class
D,
7.46%,
07/15/36
...............
2,239
2,321,809
Series
2024-2,
Class
A,
5.11%,
12/15/33
...............
3,687
3,702,878
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-2,
Class
D,
6.33%,
12/15/33
...............
USD
538
$
538,167
Republic
Finance
Issuance
Trust
(c)
Series
2021-A,
Class
A,
2.30%,
12/22/31
...............
16,489
16,321,697
Series
2021-A,
Class
B,
2.80%,
12/22/31
...............
5,960
5,795,579
Series
2021-A,
Class
C,
3.53%,
12/22/31
...............
4,340
4,199,829
Series
2021-A,
Class
D,
5.23%,
12/22/31
...............
2,860
2,748,986
Series
2024-A,
Class
B,
6.47%,
08/20/32
...............
1,393
1,424,382
Series
2024-A,
Class
C,
7.28%,
08/20/32
...............
685
701,636
Series
2024-A,
Class
D,
9.49%,
08/20/32
...............
2,799
2,847,121
Series
2024-B,
Class
A,
5.42%,
11/20/37
...............
20,532
20,766,223
Series
2024-B,
Class
B,
5.86%,
11/20/37
...............
7,249
7,338,044
Saxon
Asset
Securities
Trust
Series
2004-2,
Class
MF5,
3.65%,
08/25/35
(h)
..............
829
621,829
Series
2007-1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.29%
Floor
+
0.40%),
4.72%,
01/25/47
(a)
..
6,012
5,854,411
Securitized
Asset-Backed
Receivables
LLC
Trust
(a)
Series
2006-OP1,
Class
M6,
(1-mo.
CME
Term
SOFR
at
1.01%
Floor
+
1.12%),
5.44%,
10/25/35
...
570
447,173
Series
2007-BR1,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.22%
Floor
+
0.33%),
4.65%,
02/25/37
...
641
268,376
Series
2007-BR1,
Class
A2B,
(1-mo.
CME
Term
SOFR
at
0.54%
Floor
+
0.65%),
4.97%,
02/25/37
...
6,828
2,859,207
Series
2007-NC2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.44%
Floor
+
0.55%),
4.87%,
01/25/37
...
1,092
790,614
Service
Experts
Issuer
LLC
(c)
Series
2021-1A,
Class
A,
2.67%,
02/02/32
...............
5,321
5,162,091
Series
2024-1A,
Class
A,
6.39%,
11/20/35
...............
7,275
7,384,113
Sesac
Finance
LLC
(c)
Series
2019-1,
Class
A2,
5.22%,
07/25/49
...............
33,679
33,335,539
Series
2024-1,
Class
A2,
6.42%,
01/25/54
...............
2,410
2,434,113
SG
Mortgage
Securities
Trust
(a)
Series
2006-FRE2,
Class
A2C,
(1-
mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.75%,
07/25/36
2,302
473,191
Series
2006-OPT2,
Class
A3D,
(1-
mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.85%,
10/25/36
4,623
3,466,660
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.86%),
9.18%,
10/15/41
(a)(c)
....
16,503
17,353,578
SMB
Private
Education
Loan
Trust
(c)
Series
2015-B,
Class
B,
3.50%,
12/17/40
...............
3,379
3,353,389
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2015-C,
Class
B,
3.50%,
09/15/43
...............
USD
1,814
$
1,800,180
Series
2020-A,
Class
B,
3.00%,
08/15/45
...............
5,930
5,449,930
Series
2020-PTA,
Class
C,
3.20%,
09/15/54
...............
4,455
3,933,094
Series
2021-A,
Class
C,
2.99%,
01/15/53
...............
13,431
11,594,773
Series
2021-C,
Class
C,
3.00%,
01/15/53
...............
770
684,882
Series
2024-A,
Class
A1A,
5.24%,
03/15/56
...............
5,948
6,005,237
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
5.80%,
03/15/56
(a)
...
57,659
57,911,395
Series
2024-A,
Class
B,
5.88%,
03/15/56
...............
7,329
7,495,972
Series
2024-C,
Class
A1B,
(SOFR
30
day
Average
at
1.10%
Floor
+
1.10%),
5.45%,
06/17/52
(a)
...
7,430
7,430,250
SoFi
Consumer
Loan
Program
Trust
(c)
Series
2025-1,
Class
A,
4.80%,
02/27/34
...............
59,959
59,989,885
Series
2025-1,
Class
B,
5.12%,
02/27/34
...............
3,660
3,687,490
SoFi
Personal
Loan
Trust
(c)
  0.00%,
10/15/30
(i)
...........
351
16,319,065
Series
2023-1A,
Class
A,
6.00%,
11/12/30
...............
11,691
11,834,770
Series
2024-1A,
Class
A,
6.06%,
02/12/31
...............
13,378
13,479,461
SoFi
Professional
Loan
Program
LLC,
Series
2018-A,
Class
B,
3.61%,
02/25/42
(c)
................
1,014
974,235
SoFi
Professional
Loan
Program
Trust
(c)
Series
2018-B,
Class
BFX,
3.83%,
08/25/47
...............
538
518,073
Series
2018-D,
Class
BFX,
4.14%,
02/25/48
...............
273
262,410
Series
2020-A,
Class
BFX,
3.12%,
05/15/46
...............
789
669,507
Soundview
Home
Loan
Trust
(a)
Series
2004-WMC1,
Class
M2,
(1-
mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
5.23%,
01/25/35
93
77,745
Series
2005-OPT3,
Class
M4,
(1-
mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
5.45%,
11/25/35
69
54,369
Series
2007-NS1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.53%
Floor
+
0.64%),
4.96%,
01/25/37
...
1,081
1,031,181
Splitrock
Services,
Inc.,
0.00%,
02/12/31
(c)
................
304
8,915,004
SpringCastle
America
Funding
LLC
(c)
Series
2020-AA,
Class
A,
1.97%,
09/25/37
...............
5,130
4,782,638
Series
2020-AA,
Class
B,
2.66%,
09/25/37
...............
19,740
15,727,037
STAR
Trust,
Series
2021-SFR1,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.51%
Floor
+
2.51%),
6.83%,
04/17/38
(a)(c)
1,870
1,845,458
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2007-
GEL2,
Class
M1,
(1-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.16%),
5.48%,
05/25/37
(a)(c)
..........
4,002
3,140,628
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Subway
Funding
LLC,
Series
2024-1A,
Class
A2II,
6.27%,
07/30/54
(c)
...
USD
11,146
$
11,309,009
Sunrun
Xanadu
Issuer
LLC,
Series
2019-1A,
Class
A,
3.98%,
06/30/54
(c)
7,737
7,194,473
Terwin
Mortgage
Trust
TMTS,
Series
2005-10HE,
Class
M5,
(1-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
5.45%,
06/25/36
(a)
.....
711
633,443
Tricon
American
Homes
Trust,
Series
2020-SFR1,
Class
F,
4.88%,
07/17/38
(c)
................
7,772
7,725,673
Upstart
Pass-Through
Trust,
Series
2020-ST6,
Class
A,
3.00%,
01/20/27
(c)
................
54
53,801
VOLT
CVI
LLC,
Series
2021-NP12,
Class
A1,
5.73%,
12/26/51
(c)(h)
...
13,337
13,322,695
Washington
Mutual
Asset-Backed
CertificatesTrust
(a)
Series
2006-HE4,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.79%,
09/25/36
...
12,003
3,030,005
Series
2006-HE5,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.42%),
4.64%,
10/25/36
...
3,451
2,594,532
Woodmont
Trust,
Series
2022-9A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.00%,
10/25/36
(a)(c)
...............
16,900
16,870,270
Yale
Mortgage
Loan
Trust,
Series
2007-
1,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.83%,
06/25/37
(a)(c)
...............
5,315
1,657,458
2,692,940,998
Total
Asset-Backed
Securities
—
14.6%
(Cost:
$6,234,248,783)
...........................
6,049,932,618
Shares
Shares
Common
Stocks
Australia
—
0.0%
BHP
Group
Ltd.
...............
20,156
489,048
Fortescue
Ltd.
................
47,662
461,322
IREN
Ltd.
(e)(j)
.................
632,994
3,854,933
4,805,303
Belgium
—
0.0%
Azelis
Group
NV
..............
80,658
1,417,277
Brazil
—
0.0%
MercadoLibre,
Inc.
(e)
............
501
977,386
Cambodia
—
0.0%
NagaCorp
Ltd.
(e)
..............
1,336,000
585,722
Canada
—
0.1%
Algoma
Steel
Group,
Inc.
........
1,251,408
6,782,632
Cameco
Corp.
................
269,000
11,072,040
Intact
Financial
Corp.
...........
2,689
549,385
Lionsgate
Studios
Corp.
(e)
........
340,953
2,546,919
Manulife
Financial
Corp.
.........
17,461
544,075
21,495,051
Chile
—
0.0%
Wom
New
Holdco
(e)(f)
...........
82,839
2,402,331
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
China
—
0.0%
Alibaba
Group
Holding
Ltd.
.......
6,029
$
99,756
Alibaba
Group
Holding
Ltd.
,
ADR
...
75,535
9,987,993
Baidu,
Inc.
,
ADR,
Class
A
(e)
.......
16,409
1,510,120
BYD
Co.
Ltd.
,
Class
H
..........
124,470
6,302,728
PDD
Holdings,
Inc.
,
ADR
(e)
.......
820
97,047
Tencent
Holdings
Ltd.
...........
1,550
99,039
Trip.com
Group
Ltd.
,
ADR
........
691
43,934
18,140,617
Colombia
—
0.0%
Bancolombia
SA
,
ADR
..........
16,137
648,707
Czech
Republic
—
0.0%
Komercni
Banka
A/S
...........
18,553
899,452
Moneta
Money
Bank
A/S
(b)(c)
......
95,931
608,442
1,507,894
Finland
—
0.0%
Kone
OYJ
,
Class
B
............
8,663
477,987
France
—
0.0%
Arkema
SA
..................
100,754
7,714,851
Casino
Guichard
Perrachon
SA
(e)
...
22,622
14,816
Danone
SA
..................
6,819
521,553
LVMH
Moet
Hennessy
Louis
Vuitton
SE
6,060
3,752,829
Orange
SA
..................
40,671
526,858
Publicis
Groupe
SA
............
4,917
463,912
12,994,819
Georgia
—
0.0%
Lion
Finance
Group
plc
..........
6,037
425,787
Germany
—
0.1%
adidas
AG
..................
1,910
450,494
ADLER
Group
SA
(e)(f)
...........
5,755,512
62
BASF
SE
...................
87,323
4,377,402
Covestro
AG
(e)
................
134,578
8,643,840
Evonik
Industries
AG
...........
421,768
9,143,507
Gerresheimer
AG
..............
99,082
7,545,974
Infineon
Technologies
AG
........
13,217
440,588
LANXESS
AG
................
151,305
4,602,543
Rheinmetall
AG
...............
36
51,513
Siemens
AG
(Registered)
........
2,119
489,375
TUI
AG
(e)
...................
465,966
3,214,412
38,959,710
Greece
—
0.0%
Athens
International
Airport
SA
.....
101,089
995,296
OPAP
SA
,
Class
R
.............
25,559
507,752
1,503,048
Hungary
—
0.0%
OTP
Bank
Nyrt.
...............
23,425
1,576,079
India
—
0.0%
Axis
Bank
Ltd.
................
15,276
195,952
Eicher
Motors
Ltd.
.............
3,578
223,209
GAIL
India
Ltd.
...............
120,501
256,737
Hindustan
Petroleum
Corp.
Ltd.
....
27,400
114,694
ICICI
Bank
Ltd.
...............
10,740
168,812
JSW
Energy
Ltd.
..............
18,168
113,879
ReNew
Energy
Global
plc
,
Class
A
(e)
.
536,000
3,157,040
Tata
Consultancy
Services
Ltd.
....
8,551
359,711
Zomato
Ltd.
(e)
................
370,000
869,164
5,459,198
Indonesia
—
0.0%
Astra
International
Tbk.
PT
.......
2,515,200
744,373
Bank
Central
Asia
Tbk.
PT
........
1,123,100
576,470
Security
Shares
Shares
Value
Indonesia
(continued)
Bank
Mandiri
Persero
Tbk.
PT
(e)
....
2,349,600
$
729,404
Bank
Syariah
Indonesia
Tbk.
PT
....
1,645,000
230,532
Ciputra
Development
Tbk.
PT
.....
8,160,500
366,925
Mitra
Adiperkasa
Tbk.
PT
........
4,787,500
389,159
Telkom
Indonesia
Persero
Tbk.
PT
..
7,349,500
1,067,366
4,104,229
Italy
—
0.1%
Intesa
Sanpaolo
SpA
...........
810,076
4,174,865
Prysmian
SpA
................
180,274
9,923,543
UniCredit
SpA
................
101,247
5,683,212
Wizz
Air
Holdings
plc
(b)(c)(e)
........
61,467
1,186,109
20,967,729
Japan
—
0.1%
ANA
Holdings,
Inc.
.............
55,800
1,029,998
Aoyama
Trading
Co.
Ltd.
.........
76,100
1,036,236
Doutor
Nichires
Holdings
Co.
Ltd.
...
66,900
1,085,306
Food
&
Life
Cos.
Ltd.
...........
40,000
1,195,705
Hiday
Hidaka
Corp.
............
56,900
1,049,012
Marui
Group
Co.
Ltd.
...........
61,500
1,118,254
Rakuten
Group,
Inc.
(e)
...........
1,200,300
6,886,080
Round
One
Corp.
.............
154,200
1,014,076
Ryohin
Keikaku
Co.
Ltd.
.........
46,300
1,264,846
Saizeriya
Co.
Ltd.
.............
36,400
1,044,899
Sankyo
Co.
Ltd.
...............
75,000
1,095,979
USS
Co.
Ltd.
.................
115,100
1,069,863
18,890,254
Kazakhstan
—
0.0%
(b)
Halyk
Savings
Bank
of
Kazakhstan
JSC
,
GDR
................
29,137
716,187
Kaspi.KZ
JSC
,
ADR
............
18,594
1,726,453
2,442,640
Malaysia
—
0.0%
CIMB
Group
Holdings
Bhd.
.......
251,100
397,849
Frontken
Corp.
Bhd.
............
1,362,500
1,151,207
1,549,056
Philippines
—
0.0%
Ayala
Land,
Inc.
...............
1,894,900
763,806
Bloomberry
Resorts
Corp.
........
5,160,500
263,323
DigiPlus
Interactive
Corp.
........
1,257,800
793,560
International
Container
Terminal
Services,
Inc.
..............
85,880
532,764
Metropolitan
Bank
&
Trust
Co.
.....
398,420
509,080
2,862,533
Poland
—
0.0%
LPP
SA
....................
482
2,199,331
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
.................
44,949
877,652
Powszechny
Zaklad
Ubezpieczen
SA
94,367
1,371,039
4,448,022
Republic
of
Turkiye
—
0.0%
Akbank
TAS
.................
516,835
711,631
Eldorado
Gold
Corp.
(e)
..........
67,624
1,137,436
Turkiye
Is
Bankasi
A/S
,
Class
C
....
3,982,757
1,286,498
3,135,565
Romania
—
0.0%
Banca
Transilvania
SA
..........
117,228
730,294
Singapore
—
0.0%
Sea
Ltd.
,
ADR,
Class
A
(e)
.........
10,400
1,357,096
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
South
Korea
—
0.0%
Coupang,
Inc.
,
Class
A
(e)
.........
36,937
$
810,029
NAVER
Corp.
................
3,443
449,944
SK
Hynix,
Inc.
................
4,117
548,821
1,808,794
Spain
—
0.0%
CaixaBank
SA
................
865,000
6,738,122
Sweden
—
0.0%
Sandvik
AB
..................
22,518
473,587
Switzerland
—
0.0%
TE
Connectivity
plc
............
3,790
535,603
Thailand
—
0.0%
CP
ALL
PCL
.................
850,800
1,244,599
True
Corp.
PCL
,
NVDR
(e)
.........
1,471,400
509,560
1,754,159
United
Kingdom
—
0.1%
Flutter
Entertainment
plc
(e)
........
21,250
4,707,937
Genius
Sports
Ltd.
(e)
............
1,345,384
13,467,294
Mobico
Group
plc
(e)
............
2,543,814
1,910,793
NEW
Look
Retailers
(e)(f)
..........
4,100,922
53
Next
plc
....................
3,869
557,427
SSE
plc
....................
103,770
2,137,493
Unilever
plc
..................
8,643
515,703
23,296,700
United
States
—
1.9%
Adobe,
Inc.
(e)
.................
3,781
1,450,127
AES
Corp.
(The)
..............
237,701
2,952,246
Alaska
Air
Group,
Inc.
(e)
..........
66,415
3,268,946
Alphabet,
Inc.
,
Class
C
..........
66,513
10,391,326
Altice
USA,
Inc.
,
Class
A
(e)(j)
.......
2,018,059
5,368,037
Amazon.com,
Inc.
(e)
............
56,000
10,654,560
AMC
Networks,
Inc.
,
Class
A
(e)
.....
197,308
1,357,479
Amentum
Holdings,
Inc.
(e)
........
628,962
11,447,108
American
Express
Co.
..........
2,029
545,902
Analog
Devices,
Inc.
............
2,672
538,862
Apollo
Global
Management,
Inc.
....
55,545
7,606,332
Applied
Materials,
Inc.
..........
21,501
3,120,225
Autodesk,
Inc.
(e)
...............
2,059
539,046
Avaya,
Inc.
(e)
.................
2,491
14,530
Bank
of
America
Corp.
..........
160,026
6,677,885
Boston
Scientific
Corp.
(e)
.........
48,834
4,926,374
Boyd
Gaming
Corp.
............
109,581
7,213,717
Broadcom,
Inc.
...............
79,176
13,256,438
Caesars
Entertainment,
Inc.
(e)
.....
278,230
6,955,750
Capital
One
Financial
Corp.
.......
49,968
8,959,262
Carlson
Travel,
Inc.
(e)
...........
17,611
66,041
Carnival
Corp.
(e)
...............
27,109
529,439
Carrier
Global
Corp.
............
41,671
2,641,941
Citigroup,
Inc.
................
220,803
15,674,805
Comerica,
Inc.
................
25,531
1,507,861
CommScope
Holding
Co.,
Inc.
(e)
....
1,450,873
7,704,136
Coreweave,
Inc.
,
Class
A
(e)(j)
......
115,124
4,268,798
Coreweave,
Inc.
,
Class
A
(f)
........
228,000
8,454,240
Costco
Wholesale
Corp.
.........
2,254
2,131,788
Crowdstrike
Holdings,
Inc.
,
Class
A
(e)
.
45,760
16,134,061
Crown
PropTech
Acquisitions
(e)(f)
....
345,971
309,875
Crown
PropTech
Acquisitions
,
Class
A
(e)
133,068
1,466,409
Cummins,
Inc.
................
1,715
537,550
CyberArk
Software
Ltd.
(e)
.........
30,010
10,143,380
Davidson
Kempner
Merchant
Co.-Invest
Fund
LP,
(Acquired
03/31/23,
cost
$0)
(e)(k)(l)
..................
—
(m)
31,366,442
Security
Shares
Shares
Value
United
States
(continued)
Deckers
Outdoor
Corp.
(e)
.........
12,358
$
1,381,748
Dell
Technologies,
Inc.
,
Class
C
....
182,212
16,608,624
Delta
Air
Lines,
Inc.
............
142,476
6,211,954
DF
Residential
I
LP
(e)
...........
36,425,214
36,425,214
DF
Residential
III
LP
(e)(f)
..........
16,941,406
17,280,234
Diamondback
Energy,
Inc.
........
3,419
546,630
DiamondRock
Hospitality
Co.
......
412,567
3,185,017
Discover
Financial
Services
.......
43,202
7,374,581
DR
Horton,
Inc.
...............
34,800
4,424,124
DraftKings,
Inc.
,
Class
A
(e)
........
263,452
8,749,241
Eli
Lilly
&
Co.
(n)
...............
20,816
17,192,143
EOG
Resources,
Inc.
...........
47,226
6,056,262
EPAM
Systems,
Inc.
(e)
...........
6,307
1,064,874
Epic
Games,
Inc.,
(Acquired
10/17/24,
cost
$22,098,625)
(e)(f)(k)
........
45,487
29,275,888
Exelon
Corp.
.................
12,048
555,172
Experian
plc
.................
10,304
477,439
Fanatics
Holdings,
Inc.
,
Class
A
,
(Acquired
12/15/21,
cost
$27,387,008)
(e)(f)(k)
...........
403,700
24,230,074
Farmers
Business
Network,
Inc.
(e)(f)
..
217,669
441,868
First
Citizens
BancShares,
Inc.
,
Class
A
4,673
8,664,303
First
Horizon
Corp.
.............
141,967
2,756,999
Flagstar
Financial,
Inc.
..........
2,220,820
25,805,932
Flowco
Holdings,
Inc.
,
Class
A
(e)
....
616,648
15,817,021
Formentera
Partners
Fund
II
LP
(f)(l)
..
—
(m)
23,558,880
Fox
Corp.
,
Class
A
.............
9,842
557,057
Freeport-McMoRan,
Inc.
.........
54,528
2,064,430
FreeWire
Technologies,
Inc.
(e)(f)
.....
328
—
GE
Aerospace
................
2,695
539,404
Golden
Entertainment,
Inc.
.......
79,939
2,109,590
Home
Depot,
Inc.
(The)
.........
10,488
3,843,747
Informatica,
Inc.
,
Class
A
(e)
.......
20,709
361,372
Intuit,
Inc.
...................
899
551,977
Intuitive
Surgical,
Inc.
(e)
..........
1,095
542,321
JPMorgan
Chase
&
Co.
.........
34,268
8,405,940
Kinder
Morgan,
Inc.
............
584,554
16,677,326
Lam
Research
Corp.
...........
48,766
3,545,288
Landsea
Homes
Corp.
(e)
.........
690,755
4,434,647
Latch,
Inc.
(e)
.................
715,325
128,759
Lions
Gate
Entertainment
Corp.
,
Class
A
(e)
.....................
670,264
5,931,837
Lions
Gate
Entertainment
Corp.
,
Class
B
(e)
.....................
222,033
1,758,501
Lumen
Technologies,
Inc.
(e)
.......
1,753,500
6,873,720
Marvell
Technology,
Inc.
.........
107,100
6,594,147
Melange
Secondaries
Partners
(e)(f)(l)
..
4,010,099
4,010,099
Meta
Platforms,
Inc.
,
Class
A
......
47,070
27,129,265
Micron
Technology,
Inc.
..........
76,158
6,617,369
Morgan
Stanley
...............
4,671
544,966
MSCI,
Inc.
..................
965
545,708
Netflix,
Inc.
(e)
.................
14,341
13,373,413
New
Look
Builders,
Inc.
(e)(f)
.......
8,689,610
87
Newmont
Corp.
...............
11,203
540,881
Northern
Trust
Corp.
............
5,545
547,014
Novartis
AG
(Registered)
........
4,509
500,814
NRG
Energy,
Inc.
..............
55,952
5,341,178
NVIDIA
Corp.
................
91,602
9,927,825
Opendoor
Technologies,
Inc.
,
Class
A
(e)
1,367,000
1,394,340
Palladyne
AI
Corp.
(e)
............
853,789
5,020,281
Palladyne
AI
Corp.
(e)(j)
...........
73,917
434,632
Palo
Alto
Networks,
Inc.
(e)
........
47,249
8,062,569
Paramount
Global
,
Class
B
.......
192,484
2,302,109
Playstudios,
Inc.
,
Class
A
(e)
.......
1,145,983
1,455,398
QUALCOMM,
Inc.
.............
3,527
541,782
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
RTX
Corp.
..................
4,089
$
541,629
S&P
Global,
Inc.
..............
1,072
544,683
Schneider
Electric
SE
...........
2,007
463,307
Screaming
Eagle
Acquistion
Corp.,
(Acquired
05/14/24,
cost
$2,541,250)
(e)(k)
.............
250,000
1,867,500
Service
Properties
Trust
.........
768,304
2,005,273
Snorkel
AI,
Inc.,
(Acquired
06/30/21,
cost
$609,993)
(e)(f)(k)
..........
40,613
363,893
Solaris
Energy
Infrastructure,
Inc.
,
Class
A
..................
1,411,908
30,723,118
Sonder
Holdings,
Inc.
,
Class
A
(e)
....
164,240
328,480
SOURCE
Global
PBC
(e)(f)
.........
99,230
7,938
Southwest
Airlines
Co.
..........
16,036
538,489
Space
Exploration
Technologies
Corp.
,
Class
A
,
(Acquired
08/21/23,
cost
$7,985,223)
(e)(f)(k)
............
98,583
18,237,855
Space
Exploration
Technologies
Corp.
,
Class
C
,
(Acquired
08/21/23,
cost
$8,570,448)
(e)(f)(k)
............
105,808
19,574,480
Toll
Brothers,
Inc.
..............
36,255
3,828,165
Trane
Technologies
plc
..........
19,853
6,688,873
Tyson
Foods,
Inc.
,
Class
A
.......
8,636
551,063
Uber
Technologies,
Inc.
(e)
........
310,638
22,633,085
United
Airlines
Holdings,
Inc.
(e)
.....
19,354
1,336,394
United
States
Steel
Corp.
........
775,327
32,765,319
Venture
Global,
Inc.
,
Class
A
......
42,707
439,882
VeriSign,
Inc.
(e)
...............
2,147
545,059
Viper
Energy,
Inc.
,
Class
A
.......
120,230
5,428,385
Vistra
Corp.
.................
63,900
7,504,416
Walmart,
Inc.
.................
84,378
7,407,545
Walt
Disney
Co.
(The)
..........
38,498
3,799,753
Warner
Bros
Discovery,
Inc.
(e)
.....
534,399
5,734,101
Womchi
2024
Escrow
(e)(f)
.........
28,356,000
284
Womchi
2028
Escrow
(e)(f)
.........
13,329,000
133
Wynn
Resorts
Ltd.
.............
24,154
2,016,859
797,350,894
Total
Common
Stocks
—
2.4%
(Cost:
$1,072,727,520)
...........................
1,005,822,193
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Angola
—
0.0%
Azule
Energy
Finance
plc
8.13%,
01/23/30
(c)
...........
USD
10,038
10,021,939
8.13%,
01/23/30
(b)
...........
475
474,240
10,496,179
Argentina
—
0.0%
Vista
Energy
Argentina
SAU,
7.63%
,
12/10/35
(c)
................
13,627
13,259,071
Australia
—
0.7%
Ampol
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.50%),
6.61%
,
12/11/54
(a)(b)
..........
AUD
10,070
6,369,634
AngloGold
Ashanti
Holdings
plc,
3.75%
,
10/01/30
.................
USD
1,940
1,782,976
ANZ
Holdings
New
Zealand
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.95%),
7.28%
(a)(b)(o)
.
AUD
11,170
7,225,744
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
Aurizon
Network
Pty.
Ltd.,
6.10%
,
09/12/31
(b)
................
AUD
2,590
$
1,655,600
AusNet
Services
Holdings
Pty.
Ltd.
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
2.25%),
6.45%,
02/12/55
(a)(b)
..
10,000
6,293,427
Australia
&
New
Zealand
Banking
Group
Ltd.,
(SDSOA5
+
1.12%),
3.75%
,
11/15/34
(a)(b)
..........
SGD
17,750
13,211,269
Bank
of
Queensland
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.83%),
6.12%
,
01/29/35
(a)
.
AUD
5,590
3,497,662
CIMIC
Finance
USA
Pty.
Ltd.,
7.00%
,
03/25/34
(b)
................
USD
7,500
7,980,181
Commonwealth
Bank
of
Australia,
(1-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.32%),
5.93%
,
03/14/46
(a)(c)
..........
22,465
22,236,514
Glencore
Capital
Finance
DAC,
1.13%
,
03/10/28
(b)
................
EUR
4,802
4,930,706
Glencore
Finance
Europe
Ltd.,
3.13%
,
03/26/26
(b)
................
GBP
3,425
4,353,135
Glencore
Funding
LLC
(c)
6.13%,
10/06/28
............
USD
700
728,516
6.14%,
04/01/55
............
12,375
12,451,448
Insurance
Australia
Group
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.68%),
5.80%
,
06/15/37
(a)(b)
..........
AUD
7,770
4,795,513
Macquarie
Bank
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.85%),
6.00%
,
02/20/35
(a)(b)
...............
8,270
5,191,642
Macquarie
Group
Ltd.,
(1-day
SOFR
+
1.53%),
2.87%
,
01/14/33
(a)(b)
....
USD
10,000
8,604,122
Mineral
Resources
Ltd.
8.13%,
05/01/27
(c)
...........
1,486
1,471,548
8.13%,
05/01/27
(b)
...........
4,500
4,456,234
8.00%,
11/01/27
(c)
...........
178
175,859
9.25%,
10/01/28
(c)
...........
1,609
1,608,828
8.50%,
05/01/30
(c)
...........
6,180
5,977,294
National
Australia
Bank
Ltd.
(a)(b)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.70%),
3.35%,
01/12/37
....
14,000
12,276,317
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.00%),
6.34%,
06/06/39
...............
AUD
4,520
2,942,633
NSW
Electricity
Networks
Finance
Pty.
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.05%),
6.16%
,
03/11/55
(a)(b)
..........
18,410
11,493,250
NSW
Ports
Finance
Co.
Pty.
Ltd.,
5.43%
,
09/19/34
(b)
...........
14,890
9,156,641
Oceana
Australian
Fixed
Income
Trust
(f)
12.00%,
07/31/25
...........
11,002
6,908,973
12.50%,
07/31/26
...........
16,502
10,608,239
12.50%,
07/31/27
...........
27,503
18,023,890
10.50%,
07/31/28
...........
23,159
14,598,245
Origin
Energy
Finance
Ltd.,
1.00%
,
09/17/29
(b)
................
EUR
17,682
17,158,053
Pacific
National
Finance
Pty.
Ltd.,
(ADSWAP5
+
3.85%),
7.75%
,
12/11/54
(a)(b)
...............
AUD
9,580
5,889,328
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
Qantas
Airways
Ltd.,
5.90%
,
09/19/34
(b)
AUD
14,670
$
9,095,600
Qube
Treasury
Pty.
Ltd.,
5.90%
,
12/11/34
(b)
................
15,000
9,291,488
Rio
Tinto
Finance
USA
plc,
5.75%
,
03/14/55
.................
USD
12,087
12,107,040
Scentre
Group
Trust
1
5.90%,
11/27/34
............
AUD
4,600
2,914,234
(ADSWAP5
+
2.30%),
5.88%,
09/10/54
(a)(b)
.............
3,620
2,283,355
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.30%),
6.41%,
09/10/54
(a)(b)
.............
8,750
5,547,153
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.00%),
6.13%,
03/31/55
(a)(b)
.............
7,200
4,470,217
279,762,508
Austria
—
0.0%
AT&S
Austria
Technologie
&
Systemtechnik
AG,
(5-Year
EUR
Swap
Annual
+
9.94%),
5.00%
(a)(b)(o)
EUR
6,200
5,672,305
Lenzing
AG
(5-Year
EUR
Swap
Annual
+
11.21%),
5.75%
(a)(b)(o)
.......
8,000
8,555,030
14,227,335
Belgium
—
0.1%
Anheuser-Busch
InBev
SA,
4.00%
,
09/24/25
(b)
................
GBP
3,266
4,201,111
Azelis
Finance
NV,
5.75%
,
03/15/28
(b)
EUR
3,242
3,575,686
KBC
Group
NV
(a)(b)
(GUKG1
+
0.92%),
1.25%,
09/21/27
GBP
3,300
4,035,258
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
8.00%
(o)
..........
EUR
3,400
4,003,916
Ontex
Group
NV,
5.25%
,
04/15/30
(b)
.
1,678
1,828,973
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%
,
03/01/28
(c)
......
USD
16,000
15,520,000
33,164,944
Brazil
—
0.3%
3R
Lux
SARL
9.75%,
02/05/31
(c)
...........
4,703
4,900,009
9.75%,
02/05/31
(b)
...........
200
208,378
Ambipar
Lux
SARL,
10.88%
,
02/05/33
(c)
5,575
5,690,681
Azul
Secured
Finance
LLP
11.93%,
08/28/28
...........
7,966
6,940,102
8.25%,
01/24/29
(a)(f)
..........
2,840
3,166,641
Braskem
Netherlands
Finance
BV,
8.00%
,
10/15/34
(c)
...........
3,925
3,746,216
CSN
Inova
Ventures,
6.75%
,
01/28/28
(b)
330
314,827
CSN
Resources
SA,
5.88%
,
04/08/32
(c)
1,235
1,001,437
Embraer
Netherlands
Finance
BV
7.00%,
07/28/30
(b)
...........
301
320,493
5.98%,
02/11/35
............
1,000
1,014,500
Gol
Finance
SA,
(1-mo.
CME
Term
SOFR
+
10.50%),
14.82%
,
04/29/25
(a)(c)
...............
7,570
7,797,206
LD
Celulose
International
GmbH
7.95%,
01/26/32
(c)
...........
2,085
2,146,507
7.95%,
01/26/32
(b)
...........
200
205,900
MC
Brazil
Downstream
Trading
SARL
7.25%,
06/30/31
(c)
...........
6,877
5,622,132
7.25%,
06/30/31
(b)
...........
2,654
2,169,826
Petrorio
Luxembourg
Holding
SARL,
6.13%
,
06/09/26
(b)
...........
330
331,815
Security
Par
(000)
Par
(000)
Value
Brazil
(continued)
Pluxee
NV,
3.50%
,
09/04/28
(b)
.....
EUR
18,000
$
19,672,632
Raizen
Fuels
Finance
SA
6.45%,
03/05/34
(c)
...........
USD
2,290
2,314,045
6.70%,
02/25/37
(b)
...........
390
389,435
6.95%,
03/05/54
(c)
...........
825
804,482
Samarco
Mineracao
SA
(p)
9.00%,
(9.00%
Cash
or
9.00%
PIK),
06/30/31
(c)
..............
13,647
13,230,565
9.00%,
(9.00%
Cash
or
9.00%
PIK),
06/30/31
(b)
..............
25,271
24,500,259
St.
Marys
Cement,
Inc.,
5.75%
,
04/02/34
(b)
................
200
198,300
Suzano
Austria
GmbH
6.00%,
01/15/29
............
684
695,559
5.00%,
01/15/30
............
3,269
3,178,874
Trident
Energy
Finance
plc,
12.50%
,
11/30/29
(b)
................
2,165
2,224,559
Vale
Overseas
Ltd.,
6.40%
,
06/28/54
2,121
2,090,245
114,875,625
Canada
—
1.1%
1011778
BC
ULC
(c)
4.38%,
01/15/28
............
4,281
4,116,960
4.00%,
10/15/30
............
8,614
7,795,799
Air
Canada
Pass-Through
Trust,
Series
2020-1,
Class
C,
10.50%
,
07/15/26
(c)
15,068
16,047,420
Bank
of
Nova
Scotia
(The),
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.02%),
8.00%
,
01/27/84
(a)
................
11,856
12,245,256
Bombardier,
Inc.
(c)
7.50%,
02/01/29
............
5,274
5,409,458
7.25%,
07/01/31
............
7,289
7,313,793
Brookfield
Finance,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.08%),
6.30%
,
01/15/55
(a)
................
33,426
31,849,409
Brookfield
Residential
Properties,
Inc.
(c)
6.25%,
09/15/27
............
3,134
3,093,680
5.00%,
06/15/29
............
3,991
3,598,460
4.88%,
02/15/30
............
290
253,481
Enbridge,
Inc.,
Series
20-A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
5.75%
,
07/15/80
(a)
................
5,388
5,210,007
Garda
World
Security
Corp.
(c)
4.63%,
02/15/27
............
102
99,281
7.75%,
02/15/28
............
370
379,193
goeasy
Ltd.,
9.25%
,
12/01/28
(c)
....
200
209,959
HR
Ottawa
LP,
11.00%
,
03/31/31
(c)
..
99,478
106,350,311
Husky
Injection
Molding
Systems
Ltd.,
9.00%
,
02/15/29
(c)
...........
3,643
3,649,765
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
............
4,672
4,538,717
4.63%,
03/01/30
............
7,171
6,600,732
NOVA
Chemicals
Corp.
(c)
5.25%,
06/01/27
............
1,996
1,986,135
4.25%,
05/15/29
............
206
196,866
Open
Text
Corp.,
3.88%
,
12/01/29
(c)
.
594
540,338
Open
Text
Holdings,
Inc.,
4.13%
,
12/01/31
(c)
................
351
309,971
Parkland
Corp.
(c)
5.88%,
07/15/27
............
377
375,667
4.50%,
10/01/29
............
572
539,408
4.63%,
05/01/30
............
721
676,649
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Canada
(continued)
Resort
Communities
LoanCo.
LP,
12.00%
,
11/21/28
(a)(c)(f)
........
USD
110,861
$
111,138,357
Rogers
Communications,
Inc.
3.70%,
11/15/49
............
10,466
7,314,743
Series
NC5,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
7.00%,
04/15/55
(a)
..............
13,745
13,798,183
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.62%),
7.13%,
04/15/55
(a)
...
8,272
8,243,933
South
Bow
Canadian
Infrastructure
Holdings
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.67%),
7.50%
,
03/01/55
(a)(c)
...............
827
836,695
Toronto-Dominion
Bank
(The)
(b)
2.88%,
04/05/27
............
GBP
3,266
4,048,393
2.78%,
09/03/27
............
EUR
31,520
34,341,331
3.19%,
02/16/29
............
41,620
45,884,968
Wrangler
Holdco
Corp.,
6.63%
,
04/01/32
(c)
................
USD
6,217
6,329,814
455,323,132
Cayman
Islands
—
0.0%
Emirates
Reit
Sukuk
III
Ltd.,
7.50%
,
12/12/28
(b)(h)
...............
2,500
2,487,500
Chile
—
0.2%
AES
Andes
SA
6.30%,
03/15/29
(c)
...........
1,487
1,517,722
6.30%,
03/15/29
(b)
...........
773
788,970
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.84%),
8.15%,
06/10/55
(a)(c)
..
12,700
13,119,100
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
1,179,722
Cencosud
SA,
4.38%
,
07/17/27
(b)
...
224
220,192
Chile
Newco,
5.00%
,
01/31/32
(b)(c)(f)
..
43,832
43,832,169
Empresa
Nacional
de
Telecomunicaciones
SA,
4.75%
,
08/01/26
(b)
................
804
804,804
Latam
Airlines
Group
SA,
7.88%
,
04/15/30
(c)
................
5,090
5,055,642
WOM
Mobile
SA
(c)
12.50%,
01/31/31
(b)(f)
.........
10,282
10,281,635
12.50%,
(12.50%
Cash
or
12.50%
PIK),
04/01/31
(a)(p)
.........
14,730
14,769,217
91,569,173
China
—
0.5%
Alibaba
Group
Holding
Ltd.,
0.50%
,
06/01/31
(c)(q)
...............
8,135
11,616,780
Anllian
Capital
2
Ltd.,
0.00%
,
12/05/29
(b)
(i)(q)
......................
EUR
23,400
26,896,472
Bocom
Leasing
Management
Hong
Kong
Co.
Ltd.,
(SOFR
Index
+
0.77%),
5.09%
,
03/07/30
(a)(b)
....
USD
7,255
7,245,569
Central
Plaza
Development
Ltd.,
6.80%
,
04/07/29
(b)
...........
3,480
3,467,385
CFAMC
IV
Co.
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.98%),
4.25%
(a)
(b)(o)
.....................
800
794,800
Security
Par
(000)
Par
(000)
Value
China
(continued)
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
7,971,147
China
Hongqiao
Group
Ltd.,
1.50%
,
03/26/30
(b)(q)
...............
1,600
1,699,600
Country
Garden
Holdings
Co.
Ltd.
(b)
8.00%,
01/27/24
(d)(e)
..........
1,000
95,000
3.13%,
10/22/25
(d)(e)
..........
2,000
190,000
2.70%,
07/12/26
(d)(e)
..........
1,000
95,000
5.13%,
01/14/27
............
1,000
95,000
European
TopSoho
SARL,
Series
SMCP,
4.00%
,
10/14/24
(b)(d)(e)(q)
...
EUR
13,600
6,617,556
Fantasia
Holdings
Group
Co.
Ltd.
(b)(d)(e)
6.95%,
12/17/21
............
USD
3,180
79,500
11.88%,
06/01/24
...........
3,142
78,550
7.95%,
07/05/24
............
5,938
148,450
9.88%,
10/19/24
............
3,695
92,375
11.75%,
04/17/25
...........
10,550
263,750
Far
East
Horizon
Ltd.
(b)
6.63%,
04/16/27
............
7,185
7,303,984
5.88%,
03/05/28
............
20,000
19,840,000
6.00%,
10/01/28
............
9,910
9,801,398
Fortune
Star
BVI
Ltd.,
3.95%
,
10/02/26
(b)
................
EUR
15,800
16,325,303
GLP
China
Holdings
Ltd.,
2.95%
,
03/29/26
(b)
................
USD
2,346
2,193,510
Haidilao
International
Holding
Ltd.,
2.15%
,
01/14/26
(b)
...........
5,000
4,868,750
iQIYI,
Inc.,
6.50%
,
03/15/28
(b)(q)
....
7,000
6,965,783
JD.com,
Inc.,
0.25%
,
06/01/29
(c)(q)
...
4,950
5,707,522
KWG
Group
Holdings
Ltd.
(b)
5.88%,
11/10/24
............
2,000
145,000
6.00%,
08/14/26
(d)(e)
..........
1,000
72,500
Meituan,
0.00%
,
04/27/28
(b)(i)(q)
.....
6,000
5,812,800
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)(q)
.......
USD
26,300
31,691,500
Prosus
NV
(b)
3.26%,
01/19/27
............
200
193,875
3.06%,
07/13/31
............
1,123
965,254
Qifu
Technology,
Inc.,
0.50%
,
04/01/30
(c)
(q)
......................
10,032
10,162,416
Sunac
China
Holdings
Ltd.
(b)(d)(e)(p)
7.00%,
(7.00%
Cash
or
7.00%
PIK),
09/30/29
...............
3,636
403,535
7.25%,
(7.25%
Cash
or
7.25%
PIK),
09/30/30
...............
1,364
151,171
Trip.com
Group
Ltd.,
0.75%
,
06/15/29
(c)
(q)
......................
5,013
5,927,872
Vnet
Group,
Inc.,
2.50%
,
04/01/30
(b)(q)
8,333
7,887,546
Zhongsheng
Group
Holdings
Ltd.,
0.00%
,
05/21/25
(b)(i)(q)
.........
HKD
22,000
3,289,490
207,156,143
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Colombia
—
0.2%
ABRA
Global
Finance,
14.00%
,
(14.00%
Cash
or
14.00%
PIK),
10/22/29
(c)(p)
...............
USD
25,376
$
23,664,740
AI
Candelaria
-spain-
SA,
7.50%
,
12/15/28
(b)
................
457
453,447
Bancolombia
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.32%),
8.63%
,
12/24/34
(a)
................
11,796
12,471,321
Colombia
Telecomunicaciones
SA
ESP
4.95%,
07/17/30
(c)
...........
10,000
8,953,200
4.95%,
07/17/30
(b)
...........
200
179,064
Gran
Tierra
Energy,
Inc.
9.50%,
10/15/29
(c)
...........
16,965
15,014,025
9.50%,
10/15/29
(b)
...........
389
344,265
Promigas
SA
ESP
3.75%,
10/16/29
(b)
...........
875
809,375
3.75%,
10/16/29
(c)
...........
1,831
1,693,675
SierraCol
Energy
Andina
LLC,
6.00%
,
06/15/28
(b)
................
2,226
2,071,538
65,654,650
Costa
Rica
—
0.0%
Liberty
Costa
Rica
Senior
Secured
Finance
10.88%,
01/15/31
(c)
..........
1,089
1,164,032
10.88%,
01/15/31
(b)
..........
319
340,979
1,505,011
Cyprus
—
0.0%
ASG
Finance
DAC,
9.75%
,
05/15/29
(c)
2,830
2,839,254
Czech
Republic
—
0.1%
Allwyn
Entertainment
Financing
UK
plc
7.25%,
04/30/30
(b)
...........
EUR
15,715
17,799,780
EP
Infrastructure
A/S,
1.82%
,
03/02/31
(b)
................
36,800
34,441,827
52,241,607
Denmark
—
0.2%
Carlsberg
Breweries
A/S,
3.25%
,
02/28/32
(b)
................
12,897
13,722,328
Danske
Bank
A/S
(a)(b)
(3-mo.
EURIBOR
+
0.65%),
3.43%,
04/10/27
...............
22,680
24,570,970
(GUKG1
+
1.65%),
2.25%,
01/14/28
GBP
20,485
25,218,867
(1-Year
EUR
Swap
Annual
+
1.35%),
4.50%,
11/09/28
.....
EUR
4,292
4,833,167
(1-Year
EURIBOR
ICE
Swap
Rate
+
0.88%),
0.75%,
06/09/29
....
10,000
10,059,637
(5-Year
EUR
Swap
Annual
+
1.40%),
1.00%,
05/15/31
....
1,910
2,023,192
SGL
Group
ApS
(a)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.75%),
7.43%,
04/22/30
....
11,104
12,149,756
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.78%,
02/24/31
(b)(c)
..
1,989
2,151,136
94,729,053
Finland
—
0.1%
Ahlstrom
Holding
3
Oy
3.63%,
02/04/28
(b)
...........
2,318
2,443,792
4.88%,
02/04/28
(c)
...........
USD
6,789
6,395,754
4.88%,
02/04/28
(b)
...........
3,800
3,579,889
Citycon
Treasury
BV
(b)
2.38%,
01/15/27
............
EUR
909
953,977
1.63%,
03/12/28
............
5,000
4,971,514
Security
Par
(000)
Par
(000)
Value
Finland
(continued)
5.00%,
03/11/30
............
EUR
875
$
948,989
19,293,915
France
—
2.2%
Altice
France
SA
5.88%,
02/01/27
(b)
...........
2,412
2,324,038
8.13%,
02/01/27
(c)
...........
USD
2,550
2,280,105
5.50%,
01/15/28
(c)
...........
1,000
798,966
4.13%,
01/15/29
(b)
...........
EUR
2,936
2,534,094
5.13%,
07/15/29
(c)
...........
USD
1,250
979,166
4.25%,
10/15/29
(b)
...........
EUR
1,139
983,741
Arkema
SA,
(5-Year
EUR
Swap
Annual
+
1.57%),
1.50%
(a)(b)(o)
.........
2,300
2,439,737
Atos
SE
(b)(h)
9.00%,
12/18/29
............
7,000
8,122,044
5.00%,
12/18/30
............
6,470
5,698,768
1.00%,
12/18/32
............
6,487
2,661,152
Banijay
Entertainment
SAS,
7.00%
,
05/01/29
(b)
................
8,856
9,997,719
Banque
Federative
du
Credit
Mutuel
SA
(b)
4.88%,
09/25/25
............
GBP
21,000
27,096,422
5.00%,
01/19/26
............
300
387,904
1.88%,
11/04/26
............
EUR
4,700
5,011,062
(3-mo.
EURIBOR
+
0.64%),
3.10%,
03/05/27
(a)
..............
17,200
18,679,969
4.75%,
11/10/31
............
10,700
12,242,018
3.63%,
09/14/32
............
3,700
4,024,355
Bertrand
Franchise
Finance
SAS
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.49%,
07/18/30
(a)
...
11,488
12,453,526
6.50%,
07/18/30
............
1,332
1,476,061
BNP
Paribas
SA
3.38%,
01/23/26
(b)
...........
GBP
3,266
4,170,845
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.63%
(a)(c)(o)
........
USD
1,754
1,682,654
(3-mo.
EURIBOR
+
0.70%),
0.25%,
04/13/27
(a)(b)
.............
EUR
28,100
29,585,873
(3-mo.
EURIBOR
+
0.80%),
0.38%,
10/14/27
(a)(b)
.............
600
625,484
1.88%,
12/14/27
(b)
...........
GBP
3,300
3,925,180
4.40%,
08/14/28
(c)
...........
USD
1,100
1,086,525
(3-mo.
EURIBOR
+
0.95%),
0.50%,
09/01/28
(a)(b)
.............
EUR
4,600
4,685,986
(3-mo.
EURIBOR
+
0.83%),
0.88%,
07/11/30
(a)(b)
.............
28,400
27,638,396
(3-mo.
EURIBOR
+
1.20%),
3.58%,
01/15/31
(a)(b)
.............
1,100
1,191,025
(3-mo.
EURIBOR
+
1.60%),
4.04%,
01/10/32
(a)(b)
.............
9,000
9,916,797
(5-Year
EUR
Swap
Annual
+
1.20%),
1.13%,
01/15/32
(a)(b)
..
15,100
15,697,090
Series
TMO,
(BFRTMO
at
0.00%
Floor
-
0.25%),
2.82%
(a)(o)
....
1,983
2,043,713
BPCE
SA
(b)
(3-mo.
EURIBOR
+
0.39%),
2.88%,
03/06/26
(a)
..............
7,200
7,793,198
3.88%,
01/11/29
............
12,700
14,028,858
(5-year
SONIA
Mid-Swaps
Rate
+
1.83%),
2.50%,
11/30/32
(a)
...
GBP
8,000
9,523,236
(3-mo.
EURIBOR
+
1.47%),
4.00%,
01/20/34
(a)
..............
EUR
9,800
10,586,959
Series
NC5.,
(5-Year
EUR
Swap
Annual
+
1.75%),
1.50%,
01/13/42
(a)
..............
15,800
16,540,226
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
Credit
Agricole
SA
2.63%,
03/17/27
(b)
...........
EUR
14,953
$
16,099,380
(GUKG1
+
2.60%),
5.75%,
11/29/27
(a)(b)
.............
GBP
26,600
34,680,825
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.44%),
7.25%
(a)(b)(o)
........
EUR
12,400
14,212,607
(1-day
SOFR
+
1.69%),
5.34%,
01/10/30
(a)(c)
.............
USD
300
304,389
(5-Year
EUR
Swap
Annual
+
1.90%),
1.63%,
06/05/30
(a)(b)
..
EUR
21,500
23,182,995
(1-day
SOFR
+
2.67%),
6.25%,
01/10/35
(a)(c)
.............
USD
250
255,563
(1-day
SOFR
+
2.67%),
6.25%,
01/10/35
(a)(b)
.............
500
511,125
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.64%),
5.88%
(a)(b)(o)
........
EUR
2,200
2,291,865
Danone
SA,
(5-Year
EUR
Swap
Annual
+
1.27%),
1.00%
(a)(b)(o)
.........
2,900
2,999,239
Elior
Group
SA
(b)
3.75%,
07/15/26
............
2,308
2,485,658
5.63%,
03/15/30
............
6,734
7,245,067
ELO
SACA
(b)
2.88%,
01/29/26
............
900
951,371
3.25%,
07/23/27
............
600
615,692
Engie
SA
(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.37%),
5.13%
(a)(o)
.........
4,700
5,206,876
1.25%,
10/24/41
............
2,500
1,729,972
Eutelsat
SA,
1.50%
,
10/13/28
(b)
....
6,400
5,409,770
Forvia
SE
(b)
7.25%,
06/15/26
............
314
346,250
2.75%,
02/15/27
............
8,652
9,053,453
3.75%,
06/15/28
............
5,085
5,297,416
5.63%,
06/15/30
............
1,870
1,976,535
5.50%,
06/15/31
............
7,818
8,160,306
Goldstory
SAS
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.61%,
02/01/30
(a)
...
3,859
4,200,060
6.75%,
02/01/30
............
7,438
8,283,990
Holding
d'Infrastructures
des
Metiers
de
l'Environnement,
0.63%
,
09/16/28
(b)
19,748
18,977,080
Iliad
Holding
SASU
5.63%,
10/15/28
(b)
...........
300
329,967
7.00%,
10/15/28
(c)
...........
USD
4,120
4,169,990
5.38%,
04/15/30
(b)
...........
EUR
9,212
10,005,959
6.88%,
04/15/31
(b)
...........
3,891
4,428,055
8.50%,
04/15/31
(c)
...........
USD
7,236
7,588,842
7.00%,
04/15/32
(c)
...........
200
200,264
Iliad
SA
(b)
5.38%,
06/14/27
............
EUR
2,200
2,450,878
5.38%,
02/15/29
............
13,600
15,304,642
5.63%,
02/15/30
............
7,100
8,073,498
Kapla
Holding
SAS
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.00%,
07/31/30
(a)
...
2,880
3,120,419
5.00%,
04/30/31
............
2,819
3,040,183
Kering
SA,
5.13%
,
11/23/26
(b)
......
GBP
18,900
24,526,990
La
Financiere
Atalian,
8.50%
,
(8.50%
Cash
or
5.00%
PIK),
06/30/28
(b)(p)
.
EUR
10,145
4,452,803
Lion/Polaris
Lux
4
SA
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.63%),
6.30%,
07/01/29
(a)(b)
..
9,448
10,190,582
Loxam
SAS
(b)
4.50%,
02/15/27
............
921
1,001,982
4.50%,
04/15/27
............
500
537,595
Security
Par
(000)
Par
(000)
Value
France
(continued)
6.38%,
05/15/28
............
EUR
2,073
$
2,312,157
6.38%,
05/31/29
............
6,298
7,099,454
Lune
Holdings
SARL,
5.63%
,
11/15/28
(b)
................
7,245
5,836,344
Nova
Alexandre
III
SAS
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.25%),
8.03%,
07/15/29
(a)(b)
..
5,718
6,283,963
Opal
Bidco
SAS,
5.50%
,
03/31/32
(b)
.
5,745
6,212,069
OVH
Groupe
SAS,
4.75%
,
02/05/31
(b)
2,494
2,673,166
Paprec
Holding
SA
(b)
6.50%,
11/17/27
............
1,951
2,201,347
7.25%,
11/17/29
............
6,741
7,650,798
Picard
Bondco
SA,
5.50%
,
07/01/27
(b)(h)
3,466
3,716,544
RCI
Banque
SA
(b)
4.13%,
12/01/25
............
6,343
6,900,524
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.75%),
5.50%,
10/09/34
(a)
...
16,600
18,678,369
Sabena
technics
SAS,
(Acquired
10/28/22,
cost
$14,829,127),
(3-
mo.
EURIBOR
+
5.00%),
8.72%
,
09/30/29
(a)(f)(k)
..............
15,039
16,261,165
Seche
Environnement
SACA,
4.50%
,
03/25/30
(b)
................
932
1,006,723
Societe
Generale
SA
(a)
(3-mo.
EURIBOR
+
0.50%),
3.24%,
01/19/26
(b)
..............
4,800
5,202,178
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.39%),
9.38%
(c)(o)
.........
USD
1,664
1,754,365
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.45%),
10.00%
(b)(o)
........
3,000
3,244,119
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.79%),
8.13%
(c)(o)
.........
8,814
8,780,149
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.51%),
5.38%
(c)(o)
.........
13,648
11,961,967
(5-Year
EUR
Swap
Annual
+
1.55%),
1.00%,
11/24/30
.....
EUR
5,000
5,331,160
(5-Year
EUR
Swap
Annual
+
1.60%),
1.13%,
06/30/31
(b)
...
500
527,526
Tereos
Finance
Groupe
I
SA
(b)
7.25%,
04/15/28
............
2,000
2,232,884
5.88%,
04/30/30
............
2,894
3,201,932
5.75%,
04/30/31
............
1,302
1,415,948
TotalEnergies
Capital
International
SA,
1.66%
,
07/22/26
(b)
...........
GBP
3,300
4,103,569
TotalEnergies
SE
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
3.35%),
3.37%
...........
EUR
52,538
56,809,340
Series
NC7,
(5-Year
EUR
Swap
Annual
+
1.99%),
1.63%
.....
64,599
66,009,099
Veolia
Environnement
SA
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
2.71%),
2.25%
...........
6,400
6,825,788
(5-Year
EUR
Swap
Annual
+
2.08%),
2.00%
...........
22,900
23,527,396
Worldline
SA
(b)
0.00%,
07/30/25
(i)(q)
..........
1,547
1,965,734
0.00%,
07/30/26
(i)(q)
..........
21,721
22,851,030
4.13%,
09/12/28
............
40,500
43,579,643
5.25%,
11/27/29
............
8,900
9,819,403
920,788,878
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
—
2.8%
ADLER
Real
Estate
GmbH,
3.00%
,
04/27/26
(b)
................
EUR
7,500
$
7,927,281
alstria
office
REIT-AG,
5.50%
,
03/20/31
(b)
................
900
946,506
Aroundtown
Finance
SARL
(a)(b)(o)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.49%),
8.63%
.................
GBP
9,036
11,523,432
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
7.88%
...........
USD
6,250
5,864,063
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.51%),
7.13%
...........
EUR
17,114
18,492,303
Aroundtown
SA
(b)
(5-Year
EUR
Swap
Annual
+
2.42%),
1.63%
(a)(o)
.........
700
688,543
0.38%,
04/15/27
............
3,000
3,047,047
1.45%,
07/09/28
............
3,900
3,926,640
Bayer
AG
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.27%),
5.50%,
09/13/54
....
16,000
17,298,309
(5-Year
EUR
Swap
Annual
+
3.11%),
3.13%,
11/12/79
.....
8,200
8,498,977
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%,
03/25/82
....
13,800
14,815,427
(5-Year
EUR
Swap
Annual
+
4.46%),
5.38%,
03/25/82
....
1,900
2,021,085
Series
NC5,
(5-Year
EUR
Swap
Annual
+
3.43%),
6.63%,
09/25/83
...............
32,200
36,340,619
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%,
09/25/83
....
10,400
11,879,543
Bertelsmann
SE
&
Co.
KGaA
(a)(b)
(5-Year
EUR
Swap
Annual
+
3.21%),
3.50%,
04/23/75
....
7,900
8,478,588
(5-Year
EUR
Swap
Annual
+
3.21%),
3.50%,
04/23/75
....
17,300
18,567,033
BRANICKS
Group
AG,
2.25%
,
09/22/26
(b)
................
4,200
2,736,230
Commerzbank
AG
(a)(b)
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(o)
..........
11,200
12,201,389
(3-mo.
EURIBOR
+
0.70%),
3.25%,
03/12/27
...............
17,200
18,659,883
(5-Year
EUR
Swap
Annual
+
4.39%),
4.25%
(o)
..........
4,000
4,152,192
(5-Year
EUR
Swap
Annual
+
6.74%),
6.50%
(o)
..........
3,800
4,252,753
(5-Year
EUR
Swap
Annual
+
6.74%),
6.50%
(o)
..........
5,800
6,491,044
(3-mo.
EURIBOR
+
2.10%),
4.63%,
01/17/31
...............
15,800
17,830,366
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.13%),
7.88%
(o)
..........
2,400
2,821,557
(3-mo.
EURIBOR
+
1.25%),
4.00%,
07/16/32
...............
19,400
21,168,322
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%,
02/28/33
..........
GBP
7,600
10,499,269
Daimler
Truck
Finance
North
America
LLC,
2.00%
,
12/14/26
(c)
.......
USD
1,100
1,053,331
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
5.00%
,
12/31/27
(b)(h)
..
EUR
5,130
5,241,980
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Deutsche
Bahn
Finance
GmbH
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
1.26%),
0.95%
...........
EUR
75,800
$
81,790,419
(5-Year
EUR
Swap
Annual
+
1.26%),
0.95%
...........
39,800
42,945,365
Series
CB,
(5-Year
EUR
Swap
Annual
+
1.89%),
1.60%
.....
23,900
23,095,176
Deutsche
Bank
AG
(a)(b)(o)
Series
USTR,
(USISOA05
at
0.00%
Floor
+
4.36%),
4.79%
......
USD
6,600
6,593,334
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.55%),
4.50%
...........
EUR
1,200
1,244,074
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.75%),
4.63%
...........
7,000
7,123,356
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.26%),
8.13%
...........
4,200
4,779,887
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.60%),
7.13%
...........
7,800
8,307,628
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.11%),
7.38%
...........
3,400
3,717,824
Deutsche
Lufthansa
AG
(b)
Series
LHA,
2.00%,
11/17/25
(q)
...
5,900
6,442,168
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.86%),
5.25%,
01/15/55
(a)
...
2,700
2,908,562
Deutsche
Telekom
AG
(b)
3.63%,
02/03/45
............
13,760
13,757,728
1.75%,
12/09/49
............
7,482
5,260,668
Deutsche
Telekom
International
Finance
BV,
4.88%
,
03/06/42
(c)
..
USD
150
137,218
Dynamo
Newco
II
GmbH,
6.25%
,
10/15/31
(b)
................
EUR
3,000
3,284,449
E.ON
SE,
3.88%
,
09/05/38
(b)
......
415
438,068
EnBW
Energie
Baden-Wuerttemberg
AG,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.73%),
1.63%
,
08/05/79
(a)(b)
14,800
15,261,330
EnBW
International
Finance
BV,
3.75%
,
11/20/35
(b)
................
17,901
19,110,080
Envalior
Deutschland
Gmbh,
(6-mo.
EURIBOR
at
0.00%
Floor
+
9.50%),
13.41%
,
(13.41%
Cash
or
1
3
.
41
%
PIK),
04/01/31
(a)(f)(p)
...........
23,110
23,301,938
Eurogrid
GmbH
(b)
3.60%,
02/01/29
............
5,000
5,507,142
Series
FEB,
3.73%,
10/18/35
....
18,200
19,319,522
Fressnapf
Holding
SE,
5.25%
,
10/31/31
(b)
................
6,830
7,376,047
Gruenenthal
GmbH
(b)
4.13%,
05/15/28
............
3,348
3,551,720
6.75%,
05/15/30
............
2,833
3,182,578
4.63%,
11/15/31
............
1,616
1,688,526
HT
Troplast
GmbH,
9.38%
,
07/15/28
(b)
9,078
10,223,211
IHO
Verwaltungs
GmbH
(b)
8.75%,
(8.75%
Cash
or
9.50%
PIK),
05/15/28
(a)(p)
.............
2,618
2,954,693
7.00%,
11/15/31
............
10,496
11,631,526
Mahle
GmbH
(b)
2.38%,
05/14/28
............
6,500
6,305,574
6.50%,
05/02/31
............
8,158
8,707,010
Mercedes-Benz
International
Finance
BV,
(3-mo.
EURIBOR
+
0.19%),
2.98%
,
04/09/26
(a)(b)
..........
29,200
31,539,955
Mercer
International,
Inc.,
5.13%
,
02/01/29
.................
USD
4,789
4,104,099
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Merck
KGaA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.00%),
1.63%
,
09/09/80
(a)(b)
...............
EUR
21,300
$
22,490,445
Nidda
Healthcare
Holding
GmbH
(b)
7.00%,
02/21/30
............
11,958
13,484,244
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.31%,
10/23/30
(a)
...
9,727
10,576,442
PCF
GmbH
(b)
4.75%,
04/15/29
............
8,061
7,443,264
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
7.54%,
04/15/29
(a)
...
5,120
4,704,426
PrestigeBidCo
GmbH
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.54%,
07/01/29
(a)(b)
..
7,804
8,464,354
ProGroup
AG
(b)
5.13%,
04/15/29
............
4,678
4,992,563
5.38%,
04/15/31
............
8,094
8,507,475
Schaeffler
AG
(b)
4.50%,
08/14/26
............
6,900
7,526,403
4.25%,
04/01/28
............
2,600
2,804,351
5.38%,
04/01/31
............
1,700
1,828,440
Siemens
Financieringsmaatschappij
NV,
2.15%
,
03/11/31
(c)
........
USD
250
218,806
TAG
Immobilien
AG,
0.63%
,
03/11/31
(b)
(q)
......................
EUR
1,700
1,823,578
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%
,
07/30/26
(b)
.......
7,115
7,693,826
Techem
Verwaltungsgesellschaft
675
mbH,
5.38%
,
07/15/29
(b)
.......
6,011
6,591,925
Tele
Columbus
AG,
10.00%
,
(10.00%
Cash
or
10.00%
PIK),
01/01/29
(a)(b)(p)
10,538
9,289,175
TK
Elevator
Holdco
GmbH,
6.63%
,
07/15/28
(b)
................
4,151
4,495,028
TK
Elevator
Midco
GmbH
4.38%,
07/15/27
(b)
...........
6,229
6,693,321
TK
Elevator
US
Newco,
Inc.,
5.25%
,
07/15/27
(c)
................
USD
11,520
11,304,107
Traton
Finance
Luxembourg
SA
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
3.70%,
01/21/26
(a)
...
EUR
10,000
10,857,441
3.75%,
03/27/30
............
7,500
8,200,782
TUI
Cruises
GmbH
(b)
6.50%,
05/15/26
............
207
223,951
5.00%,
05/15/30
............
8,879
9,648,867
Volkswagen
Bank
GmbH,
4.38%
,
05/03/28
(b)
................
600
672,738
Volkswagen
Financial
Services
AG,
(3-mo.
EURIBOR
+
0.78%),
3.29%
,
06/10/27
(a)(b)
...............
16,410
17,795,059
Volkswagen
Financial
Services
NV
(b)
4.25%,
10/09/25
............
GBP
1,400
1,796,851
1.13%,
07/05/26
............
1,200
1,471,200
5.50%,
12/07/26
............
26,400
34,128,629
6.50%,
09/18/27
............
17,000
22,447,972
Volkswagen
Group
of
America
Finance
LLC,
4.35%
,
06/08/27
(c)
.......
USD
400
395,301
Volkswagen
International
Finance
NV
(a)(b)
(5-Year
EUR
Swap
Annual
+
3.75%),
3.50%
(o)
..........
EUR
22,900
24,742,877
(12-Year
EUR
Swap
Annual
+
2.97%),
4.63%
(o)
..........
14,700
15,934,848
(3-mo.
EURIBOR
+
0.65%),
3.02%,
03/27/26
...............
13,400
14,514,052
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
(10-Year
EUR
Swap
Annual
+
3.37%),
3.88%
(o)
..........
EUR
10,400
$
11,049,533
(5-Year
EUR
Swap
Annual
+
2.92%),
3.75%
(o)
..........
1,200
1,263,499
(10-Year
EUR
Swap
Annual
+
3.98%),
4.63%
(o)
..........
16,200
17,342,905
Wintershall
Dea
Finance
2
BV,
Series
NC5,
(5-Year
EUR
Swap
Annual
+
2.92%),
2.50%
(a)(b)(o)
..........
54,200
57,209,282
Wintershall
Dea
Finance
BV
(b)
1.33%,
09/25/28
............
22,800
22,924,666
3.83%,
10/03/29
............
17,054
18,462,158
4.36%,
10/03/32
............
29,043
31,051,966
ZF
Europe
Finance
BV
(b)
2.00%,
02/23/26
............
1,300
1,373,682
2.50%,
10/23/27
............
1,900
1,915,650
ZF
Finance
GmbH
(b)
3.00%,
09/21/25
............
7,900
8,478,254
5.75%,
08/03/26
............
5,100
5,598,491
2.00%,
05/06/27
............
1,800
1,834,425
2.75%,
05/25/27
............
3,100
3,189,322
2.25%,
05/03/28
............
1,900
1,864,432
3.75%,
09/21/28
............
5,200
5,263,016
ZF
North
America
Capital,
Inc.
(c)
7.13%,
04/14/30
............
USD
484
465,928
6.75%,
04/23/30
............
235
223,304
6.88%,
04/23/32
............
440
408,201
1,156,696,042
Ghana
—
0.0%
Kosmos
Energy
Ltd.,
7.50%
,
03/01/28
(b)
1,468
1,372,580
Greece
—
0.1%
Danaos
Corp.,
8.50%
,
03/01/28
(c)
...
6,825
6,937,817
Eurobank
Ergasias
Services
&
Holdings
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.00%),
4.25%
,
04/30/35
(a)(b)
EUR
2,100
2,233,665
Eurobank
SA
(a)(b)
(1-Year
EUR
Swap
Annual
+
2.83%),
5.88%,
11/28/29
.....
12,261
14,342,839
(1-Year
EUR
Swap
Annual
+
1.80%),
4.00%,
09/24/30
....
6,382
7,017,081
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.17%),
4.88%,
04/30/31
....
3,750
4,289,539
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.70%),
4.00%,
02/07/36
....
4,225
4,408,792
National
Bank
of
Greece
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.15%),
5.88%
,
06/28/35
(a)(b)
..........
11,496
13,114,533
52,344,266
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)
.........
USD
10,000
9,750,000
5.40%,
09/30/54
............
18,000
16,875,720
CAS
Capital
No.
1
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.64%),
4.00%
(a)
(b)(o)
.....................
6,133
5,903,013
Celestial
Dynasty
Ltd.
6.38%,
08/22/28
(b)
...........
8,800
8,527,728
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hong
Kong
(continued)
CLP
Power
Hong
Kong
Financing
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.85%),
5.18%
,
07/19/27
(a)(b)
....
AUD
7,570
$
4,737,825
Elect
Global
Investments
Ltd.,
4.85%
(b)
(o)
......................
USD
4,026
2,769,888
Estate
Sky
Ltd.,
5.45%
,
07/21/25
(b)
..
9,310
9,030,700
FWD
Group
Holdings
Ltd.
(b)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
6.68%
(a)(o)
.........
3,000
2,892,210
8.40%,
04/05/29
............
28,117
29,258,550
Link
CB
Ltd.,
4.50%
,
12/12/27
(b)(q)
...
HKD
40,000
5,200,465
Melco
Resorts
Finance
Ltd.
4.88%,
06/06/25
(b)
...........
USD
5,800
5,778,540
5.25%,
04/26/26
(b)
...........
2,900
2,867,520
5.63%,
07/17/27
(b)
...........
8,200
8,036,000
5.75%,
07/21/28
(b)
...........
18,000
17,325,000
5.38%,
12/04/29
(b)
...........
2,749
2,529,052
5.38%,
12/04/29
(c)
...........
392
360,636
7.63%,
04/17/32
(c)
...........
5,549
5,541,093
Peak
RE
Bvi
Holding
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.01%),
5.35%
(a)
(b)(o)
.....................
5,000
4,956,250
REXLot
Holdings
Ltd.
(b)(d)(e)(f)(q)
6.00%,
04/28/17
............
HKD
1,103
—
4.50%,
04/17/19
............
15,091
—
142,340,190
India
—
1.2%
Acropolis
Trade
&
Investments
Ltd.,
11.04%
,
04/02/28
...........
USD
66,320
66,320,000
Adani
Ports
&
Special
Economic
Zone
Ltd.,
4.20%
,
08/04/27
(b)
........
13,500
12,671,859
Adani
Transmission
Step-One
Ltd.
(b)
4.00%,
08/03/26
............
5,000
4,800,000
4.25%,
05/21/36
............
9,425
7,752,063
Axis
Bank
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
4.10%
(a)(b)(o)
...
9,000
8,685,000
Biocon
Biologics
Global
plc,
6.67%
,
10/09/29
(b)
................
7,500
7,079,625
CA
Magnum
Holdings,
5.38%
,
10/31/26
(b)
................
12,657
12,431,705
Clean
Renewable
Power
Mauritius
Pte.
Ltd.,
4.25%
,
03/25/27
(b)
........
14,498
13,936,251
Continuum
Energy
Aura
Pte.
Ltd.,
9.50%
,
02/24/27
(b)
...........
17,000
17,616,250
Continuum
Green
Energy
India
Pvt
7.50%,
06/26/33
(c)
...........
1,759
1,810,063
7.50%,
06/26/33
(b)
...........
5,656
5,820,356
Delhi
International
Airport
Ltd.,
6.13%
,
10/31/26
(b)
................
15,000
15,000,000
Diamond
II
Ltd.
7.95%,
07/28/26
(c)
...........
1,306
1,316,611
7.95%,
07/28/26
(b)
...........
27,232
27,453,260
GMR
Hyderabad
International
Airport
Ltd.
(b)
4.75%,
02/02/26
............
1,090
1,077,124
4.25%,
10/27/27
............
15,000
14,287,500
Greenko
Dutch
BV,
3.85%
,
03/29/26
(b)
5,386
5,217,794
Greenko
Wind
Projects
Mauritius
Ltd.
5.50%,
04/06/25
(b)
...........
10,000
9,992,000
7.25%,
09/27/28
(c)
...........
495
486,957
Security
Par
(000)
Par
(000)
Value
India
(continued)
7.25%,
09/27/28
(b)
...........
USD
7,915
$
7,786,381
HDFC
Bank
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.93%),
3.70%
(a)(b)(o)
...
10,000
9,612,500
HPCL-Mittal
Energy
Ltd.,
5.45%
,
10/22/26
(b)
................
5,000
4,925,000
India
Clean
Energy
Holdings,
4.50%
,
04/18/27
(b)
................
5,000
4,742,750
India
Cleantech
Energy,
4.70%
,
08/10/26
(b)
................
14,220
13,875,165
India
Green
Power
Holdings,
4.00%
,
02/22/27
(b)
................
11,463
10,887,923
India
Vehicle
Finance,
5.85%
,
03/25/29
(b)
................
1,700
1,678,869
IRB
Infrastructure
Developers
Ltd.,
7.11%
,
03/11/32
(b)
...........
15,000
15,093,750
JSW
Hydro
Energy
Ltd.,
4.13%
,
05/18/31
(b)
................
3,793
3,395,081
Muthoot
Finance
Ltd.,
6.38%
,
04/23/29
(b)
................
10,000
9,840,000
Network
i2i
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.39%),
3.98%
(a)(b)(o)
...
10,000
9,813,000
Periama
Holdings
LLC,
5.95%
,
04/19/26
(b)
................
11,500
11,479,875
Piramal
Finance
Ltd.,
7.80%
,
01/29/28
(b)
................
18,968
18,825,740
ReNew
Pvt
Ltd.,
5.88%
,
03/05/27
(b)
..
12,000
11,800,440
ReNew
Wind
Energy
AP2,
4.50%
,
07/14/28
(b)
................
9,000
8,370,000
Sammaan
Capital
Ltd.,
9.70%
,
07/03/27
(b)
................
3,000
3,021,720
Shriram
Finance
Ltd.,
6.15%
,
04/03/28
(b)
................
5,000
4,951,250
Tata
Capital
Ltd.,
5.39%
,
07/21/28
(b)
.
10,000
10,086,338
TML
Holdings
Pte.
Ltd.,
4.35%
,
06/09/26
(b)
................
5,799
5,709,869
UPL
Corp.
Ltd.,
4.50%
,
03/08/28
(b)
..
5,000
4,650,000
Varanasi
Aurangabad
Nh-2
Tollway
Pvt
Ltd.
5.90%,
02/28/34
(c)
...........
540
545,724
5.90%,
02/28/34
(b)
...........
2,805
2,834,733
Vedanta
Resources
Finance
II
plc
10.88%,
09/17/29
(b)
..........
22,515
23,190,450
10.88%,
09/17/29
(c)
..........
29,669
30,559,070
9.48%,
07/24/30
(c)
...........
8,371
8,297,084
9.48%,
07/24/30
(b)
...........
5,350
5,302,760
11.25%,
12/03/31
(c)
..........
8,963
9,478,372
9.85%,
04/24/33
(c)
...........
5,482
5,480,355
489,988,617
Indonesia
—
0.3%
Cikarang
Listrindo
Tbk.
PT,
4.95%
,
09/14/26
(b)
................
10,000
9,980,000
Freeport
Indonesia
PT
(b)
4.76%,
04/14/27
............
2,312
2,296,972
5.32%,
04/14/32
............
10,000
9,812,600
6.20%,
04/14/52
............
18,000
17,505,000
Indofood
CBP
Sukses
Makmur
Tbk.
PT,
4.75%
,
06/09/51
(b)
...........
8,191
6,501,606
Medco
Bell
Pte.
Ltd.,
6.38%
,
01/30/27
(b)
4,235
4,201,120
Medco
Laurel
Tree
Pte.
Ltd.,
6.95%
,
11/12/28
(b)
................
15,120
14,873,544
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Indonesia
(continued)
Medco
Maple
Tree
Pte.
Ltd.
8.96%,
04/27/29
(c)
...........
USD
6,306
$
6,485,721
8.96%,
04/27/29
(b)
...........
18,000
18,513,000
Minejesa
Capital
BV
(b)
4.63%,
08/10/30
............
5,463
5,301,500
5.63%,
08/10/37
............
18,000
16,897,500
Star
Energy
Geothermal
Darajat
II
(b)
3.25%,
04/14/29
............
1,099
1,041,283
4.85%,
10/14/38
............
2,031
1,868,114
Star
Energy
Geothermal
Wayang
Windu
Ltd.,
6.75%
,
04/24/33
(b)
...
9,685
9,709,213
124,987,173
Ireland
—
0.1%
AIB
Group
plc,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.71%),
6.00%
(a)(b)(o)
.
EUR
4,525
4,770,561
Cedacri
SpA
(a)(b)
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
7.18%,
05/15/28
....
4,281
4,634,832
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
8.06%,
05/15/28
....
4,182
4,544,606
Fidelity
Grand
Harbour
CLO
DAC,
Series
2023-2X,
Class
D,
(3-mo.
EURIBOR
at
4.10%
Floor
+
4.10%),
6.89%
,
04/15/38
(a)(b)
..........
781
851,045
GGAM
Finance
Ltd.
(c)
8.00%,
02/15/27
............
USD
99
101,427
8.00%,
06/15/28
............
1,296
1,358,996
ION
Trading
Technologies
SARL
(c)
5.75%,
05/15/28
............
329
306,125
9.50%,
05/30/29
............
2,387
2,396,037
Virgin
Media
O2
Vendor
Financing
Notes
V
DAC,
7.88%
,
03/15/32
(b)
.
GBP
16,673
20,969,343
39,932,972
Israel
—
0.1%
Teva
Pharmaceutical
Finance
Netherlands
II
BV
1.88%,
03/31/27
(b)
...........
EUR
1,484
1,543,111
3.75%,
05/09/27
............
4,876
5,238,201
7.38%,
09/15/29
............
3,000
3,612,893
7.38%,
09/15/29
............
7,536
9,075,589
4.38%,
05/09/30
............
4,764
5,113,606
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/01/26
............
USD
1,145
1,106,757
5.13%,
05/09/29
............
555
541,125
7.88%,
09/15/29
............
1,454
1,563,631
27,794,913
Italy
—
1.7%
A2A
SpA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.26%),
5.00%
(a)(b)(o)
.....
EUR
3,300
3,621,311
Azzurra
Aeroporti
SpA,
2.63%
,
05/30/27
(b)
................
5,699
6,017,824
Banca
Monte
dei
Paschi
di
Siena
SpA,
3.50%
,
04/23/29
(b)
...........
34,600
38,425,488
Banco
BPM
SpA,
3.88%
,
09/18/26
(b)
.
49,840
55,050,347
Bubbles
Bidco
SpA
(b)
6.50%,
09/30/31
............
7,461
8,067,825
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.60%,
09/30/31
(a)
...
11,024
11,916,418
Duomo
Bidco
SpA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.13%),
6.91%
,
07/15/31
(a)(b)
...............
4,384
4,767,918
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Enel
Finance
International
NV,
2.88%
,
04/11/29
(b)
................
GBP
17,830
$
21,249,878
Enel
SpA
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
2.68%),
2.25%
...........
EUR
15,300
16,150,228
Series
6.5Y,
(5-Year
EUR
Swap
Annual
+
1.72%),
1.38%
.....
32,100
32,701,008
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.01%),
4.25%
...........
10,300
10,992,337
Engineering
-
Ingegneria
Informatica
-
SpA
(b)
11.13%,
05/15/28
...........
11,275
12,862,199
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.75%),
8.11%,
02/15/30
(a)
...
935
1,015,473
Eni
SpA
Series
NC6,
(5-Year
EUR
Swap
Annual
+
2.20%),
2.00%
(a)(b)(o)
.
6,400
6,678,109
(5-Year
EUR
Swap
Annual
+
2.08%),
4.50%
(a)(b)(o)
........
5,450
5,834,154
(5-Year
EUR
Swap
Annual
+
2.40%),
4.88%
(a)(b)(o)
........
4,225
4,479,178
5.70%,
10/01/40
(c)
...........
USD
200
193,138
Fedrigoni
SpA
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.36%,
01/15/30
(a)
...
EUR
6,326
6,815,764
6.13%,
06/15/31
............
20,643
21,776,325
Fiber
Midco
SpA
10.00%,
(10.00%
Cash
or
10.75%
PIK),
06/15/29
(b)(p)
.........
4,223
4,497,835
Fibercop
SpA
2.88%,
01/28/26
(b)
...........
910
973,996
6.88%,
02/15/28
(b)
...........
3,318
3,804,095
7.88%,
07/31/28
(b)
...........
7,871
9,339,875
1.63%,
01/18/29
............
3,983
3,881,541
Series
2034,
6.00%,
09/30/34
(c)
..
USD
4,791
4,363,503
7.20%,
07/18/36
(c)
...........
7,101
6,837,980
7.72%,
06/04/38
(c)
...........
630
630,831
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%
,
08/01/27
(b)
...........
EUR
11,346
12,269,657
Iccrea
Banca
SpA,
4.00%
,
11/08/27
(b)
33,040
36,895,826
IMA
Industria
Macchine
Automatiche
SpA
(b)
3.75%,
01/15/28
............
7,872
8,384,313
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.54%,
04/15/29
(a)
...
11,317
12,232,667
Infrastrutture
Wireless
Italiane
SpA
(b)
1.63%,
10/21/28
............
5,590
5,777,846
1.75%,
04/19/31
............
3,313
3,300,255
Intesa
Sanpaolo
SpA
(5-Year
EUR
Swap
Annual
+
5.85%),
5.50%
(a)(b)(o)
........
5,000
5,419,984
0.75%,
03/16/28
(b)
...........
6,800
6,928,728
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.26%),
9.13%
(a)(b)(o)
........
2,875
3,557,502
5.15%,
06/10/30
(b)
...........
GBP
15,009
18,710,599
8.51%,
09/20/32
(b)
...........
1,037
1,507,631
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.75%),
4.95%,
06/01/42
(a)(c)
..
USD
25,138
20,213,148
Irca
SpA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.25%
,
12/15/29
(a)(b)
EUR
9,107
9,847,399
Itelyum
Regeneration
Spa,
5.75%
,
04/15/30
(b)
................
1,385
1,486,369
Lottomatica
Group
SpA
(b)
5.38%,
06/01/30
............
3,691
4,098,408
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.49%,
12/15/30
(a)
...
EUR
6,167
$
6,692,221
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.74%,
06/01/31
(a)
...
2,714
2,956,740
Midnights
SPV
SRL,
(3-mo.
EURIBOR
+
3.15%),
6.73%
,
08/22/26
(a)(b)(f)
..
16,475
17,785,080
Nexi
SpA,
0.00%
,
02/24/28
(b)(i)(q)
....
27,100
26,455,940
Pachelbel
Bidco
SpA
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.86%,
05/17/31
(a)(b)
..
12,917
14,061,849
Rossini
SARL
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.88%),
6.23%,
12/31/29
(a)
...
10,386
11,286,534
6.75%,
12/31/29
............
11,310
12,766,072
Snam
SpA
(b)
(3-mo.
EURIBOR
+
0.40%),
3.18%,
04/15/26
(a)
..............
21,023
22,762,085
0.88%,
10/25/26
............
8,077
8,507,581
Taurus
Law
130
Securities
SRL,
(Acquired
07/14/23,
cost
$15,989,318),
(3-mo.
EURIBOR
+
3.25%),
5.77%
,
08/22/27
(a)(b)(f)(k)
..
14,557
15,571,884
TeamSystem
SpA
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.29%,
07/31/31
(a)(b)
..
7,289
7,891,448
Telecom
Italia
SpA
(b)
6.88%,
02/15/28
............
3,453
4,018,381
7.88%,
07/31/28
............
3,829
4,620,746
UniCredit
SpA
(a)(b)
(3-mo.
EURIBOR
+
2.55%),
2.20%,
07/22/27
...............
12,640
13,563,430
(3-mo.
EURIBOR
+
0.98%),
3.30%,
07/16/29
...............
35,676
38,637,487
(3-mo.
EURIBOR
+
1.40%),
3.80%,
01/16/33
...............
18,686
20,092,916
Unipol
Assicurazioni
SpA,
4.90%
,
05/23/34
(b)
................
3,500
3,885,041
685,130,345
Jamaica
—
0.0%
Digicel
Group
Holdings
Ltd.,
Series
2B14,
0.00%
,
12/31/30
(c)(f)(i)
.....
USD
2,510
150,619
Digicel
Intermediate
Holdings
Ltd.,
10.94%
,
(10.94%
Cash
or
10.50%
PIK),
05/25/27
(p)
.............
4,903
4,842,105
Digicel
Midco
Ltd.,
10.50%
,
(10.50%
Cash
or
10.50%
PIK),
11/25/28
(p)
.
3,449
3,006,055
7,998,779
Japan
—
0.6%
ANA
Holdings,
Inc.,
0.00%
,
12/10/31
(b)(i)
(q)
......................
JPY
3,000,000
21,601,440
Dai-ichi
Life
Insurance
Co.
Ltd.
(The),
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.52%),
6.20%
(a)(c)(o)
..........
USD
26,385
26,468,007
Daiwa
House
Industry
Co.
Ltd.,
0.00%
,
03/30/29
(b)(i)(q)
..............
JPY
10,000
69,505
Kansai
Paint
Co.
Ltd.
(b)(i)(q)
0.00%,
03/08/29
............
10,000
67,904
0.00%,
03/07/31
............
10,000
67,838
Marubeni
Corp.,
5.38%
,
04/01/35
(b)
..
USD
4,225
4,238,043
Security
Par
(000)
Par
(000)
Value
Japan
(continued)
Meiji
Yasuda
Life
Insurance
Co.,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.91%),
6.10%
,
06/11/55
(a)(c)
..........
USD
21,252
$
21,177,274
Mitsubishi
UFJ
Financial
Group,
Inc.,
3.68%
,
02/22/27
............
3,300
3,259,438
Nagoya
Railroad
Co.
Ltd.,
0.00%
,
06/16/34
(b)(i)(q)
..............
JPY
20,000
137,809
Rakuten
Card
Co.
Ltd.,
Series
6,
0.62%
,
12/17/26
............
400,000
2,567,259
Rakuten
Group,
Inc.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.58%),
5.13%
(a)(c)(o)
........
USD
2,500
2,430,407
(5-Year
EUR
Swap
Annual
+
4.49%),
4.25%
(a)(b)(o)
........
EUR
21,357
21,707,724
9.75%,
04/15/29
(b)
...........
USD
4,300
4,668,589
9.75%,
04/15/29
(c)
...........
3,399
3,690,357
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.25%),
8.13%
(a)(c)(o)
........
8,420
8,314,448
Rohm
Co.
Ltd.,
0.00%
,
04/24/29
(b)(i)(q)
.
JPY
660,000
4,213,281
SoftBank
Group
Corp.
(b)
4.75%,
07/30/25
............
EUR
2,888
3,124,181
3.13%,
09/19/25
............
6,981
7,510,631
4.00%,
07/06/26
............
USD
2,879
2,814,307
(USISOA05
+
4.85%),
6.88%
(a)(o)
.
10,000
9,900,000
5.00%,
04/15/28
............
EUR
3,813
4,169,381
5.38%,
01/08/29
............
8,531
9,405,990
3.38%,
07/06/29
............
11,167
11,472,643
4.00%,
09/19/29
............
645
673,342
3.88%,
07/06/32
............
100
100,020
3.88%,
07/06/32
............
6,087
6,088,233
5.75%,
07/08/32
............
26,426
29,145,922
Sumitomo
Mitsui
Financial
Group,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.90%),
6.45%
(a)(o)
...........
USD
23,559
23,083,695
Toyota
Motor
Finance
Netherlands
BV
(3-mo.
EURIBOR
+
0.40%),
3.02%,
04/30/26
(a)(b)
.............
EUR
25,920
28,068,440
260,236,108
Jersey,
Channel
Islands
—
0.2%
Aston
Martin
Capital
Holdings
Ltd.
10.00%,
03/31/29
(c)
..........
USD
7,514
6,793,978
10.38%,
03/31/29
(b)
..........
GBP
18,181
21,860,124
TER
Finance
Jersey
Ltd.,
Series
22,
0.00%
,
10/02/25
(c)(i)
..........
USD
58,596
56,486,081
85,140,183
Kazakhstan
—
0.0%
Kaspi.KZ
JSC,
6.25%
,
03/26/30
(c)
...
490
484,145
Kuwait
—
0.0%
(b)
EQUATE
Petrochemical
Co.
KSC
5.00%,
05/18/25
............
538
537,586
4.25%,
11/03/26
............
1,920
1,898,457
MEGlobal
Canada
ULC,
5.88%
,
05/18/30
.................
1,500
1,556,250
NBK
Tier
1
Ltd.,
(6-Year
USD
Constant
Maturity
+
2.88%),
3.63%
(a)(o)
....
4,000
3,865,000
7,857,293
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Luxembourg
—
0.7%
ADLER
Financing
SARL
8.25%,
12/31/28
............
EUR
19,530
$
21,313,979
10.00%,
12/31/29
...........
3,827
4,261,038
Cidron
Aida
Finco
SARL,
6.25%
,
04/01/28
(b)
................
GBP
9,308
12,083,727
Ephios
Subco
3
SARL,
7.88%
,
01/31/31
(b)
................
EUR
12,916
14,878,558
Garfunkelux
Holdco
3
SA
(b)
6.75%,
11/01/25
............
7,782
5,816,191
7.75%,
11/01/25
............
GBP
7,650
6,769,093
Herens
Holdco
SARL,
4.75%
,
05/15/28
(c)
................
USD
3,005
2,703,204
INEOS
Finance
plc
(b)
6.38%,
04/15/29
............
EUR
9,786
10,832,915
5.63%,
08/15/30
............
2,415
2,605,887
Intelsat
Jackson
Holdings
SA,
6.50%
,
03/15/30
(c)
................
USD
1,980
1,881,080
Kleopatra
Finco
SARL
(b)
4.25%,
03/01/26
............
EUR
4,414
4,414,894
4.25%,
03/01/26
............
1,422
1,422,288
Kleopatra
Holdings
2
SCA,
6.50%
,
09/01/26
(b)
................
1,751
1,521,785
Mitsubishi
UFJ
Investor
Services
&
Banking
Luxembourg
SA,
Series
PRX,
(3-mo.
EURIBOR
+
4.50%),
7.02%
,
12/15/50
(a)(q)
..........
4,500
2,843,461
Monitchem
HoldCo
3
SA,
8.75%
,
05/01/28
(b)
................
5,203
5,640,789
Petroleos
Mexicanos,
7.50%
,
03/20/26
(c)
................
USD
89,906
89,456,470
Prologis
International
Funding
II
SA,
3.13%
,
06/01/31
(b)
...........
EUR
5,000
5,264,633
SES
SA
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.19%),
2.88%
(o)
..........
49,472
51,113,587
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.59%),
6.00%,
09/12/54
....
2,690
2,676,001
Summer
BC
Holdco
B
SARL
(b)
5.88%,
02/15/30
............
4,299
4,572,316
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.79%,
02/15/30
(a)
...
6,002
6,497,606
Titanium
2l
Bondco
SARL,
6.25%
,
(6.25%
Cash
or
6.25%
PIK),
01/14/31
(p)
................
38,898
11,382,656
Vivion
Investments
SARL
(b)(p)
8.25%,
(8.25%
Cash
or
7.90%
PIK),
08/31/28
...............
2,930
3,107,239
8.00%,
(8.00%
Cash
or
7.90%
PIK),
02/28/29
...............
3,161
3,312,054
276,371,451
Macau
—
0.3%
MGM
China
Holdings
Ltd.
5.88%,
05/15/26
(b)
...........
USD
350
349,377
5.88%,
05/15/26
(c)
...........
327
326,418
4.75%,
02/01/27
(b)
...........
13,466
13,163,015
7.13%,
06/26/31
(c)
...........
3,117
3,183,236
7.13%,
06/26/31
(b)
...........
745
760,831
Sands
China
Ltd.
(h)
5.13%,
08/08/25
............
800
799,104
3.80%,
01/08/26
............
3,651
3,605,362
5.40%,
08/08/28
............
5,490
5,483,138
2.85%,
03/08/29
............
4,000
3,616,920
4.38%,
06/18/30
............
18,000
16,998,840
Studio
City
Co.
Ltd.,
7.00%
,
02/15/27
(b)
6,000
6,034,800
Security
Par
(000)
Par
(000)
Value
Macau
(continued)
Studio
City
Finance
Ltd.
6.00%,
07/15/25
(b)
...........
USD
5,500
$
5,489,000
6.50%,
01/15/28
(b)
...........
5,000
4,853,150
5.00%,
01/15/29
(c)
...........
3,100
2,790,620
5.00%,
01/15/29
(b)
...........
9,866
8,881,373
Wynn
Macau
Ltd.
5.50%,
01/15/26
(c)
...........
2,896
2,878,190
5.50%,
01/15/26
(b)
...........
1,700
1,689,545
5.63%,
08/26/28
(b)
...........
18,000
17,302,500
4.50%,
03/07/29
(c)(q)
..........
21,000
21,147,000
119,352,419
Mexico
—
0.1%
Banco
Mercantil
del
Norte
SA
(a)(c)(o)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
...........
1,620
1,564,289
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.07%),
8.38%
...........
2,717
2,685,700
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple,
7.25%
,
01/31/41
(c)
...........
8,710
8,613,827
Food
Service
Project
SA,
5.50%
,
01/21/27
(b)
................
EUR
4,105
4,418,762
Grupo
Aeromexico
SAB
de
CV,
8.25%
,
11/15/29
(b)
................
USD
495
474,581
Grupo
Posadas
SAB
de
CV,
7.00%
,
12/30/27
(b)(h)
...............
11,694
10,973,372
Industrias
Penoles
SAB
de
CV,
4.15%
,
09/12/29
(b)
................
323
308,155
Trust
Fibra
Uno
(b)
4.87%,
01/15/30
............
229
213,686
7.70%,
01/23/32
............
380
392,112
29,644,484
Netherlands
—
0.7%
ABN
AMRO
Bank
NV,
4.38%
,
10/20/28
(b)
................
EUR
31,900
36,028,774
Boels
Topholding
BV
(b)
6.25%,
02/15/29
............
3,652
4,077,247
5.75%,
05/15/30
............
8,780
9,708,564
Cooperatieve
Rabobank
UA
(a)(b)
(5-Year
EUR
Swap
Annual
+
4.68%),
4.38%
(o)
..........
5,800
6,195,341
(GUKG1
+
1.05%),
1.88%,
07/12/28
GBP
3,300
3,992,660
IMCD
NV
(b)
2.13%,
03/31/27
............
EUR
6,945
7,384,894
4.88%,
09/18/28
............
22,370
25,350,899
3.63%,
04/30/30
............
20,447
22,040,802
ING
Groep
NV
(5-Year
USD
Swap
Semi
+
4.45%),
6.50%
(a)(o)
...............
USD
800
799,481
3.00%,
02/18/26
(b)
...........
GBP
3,300
4,192,882
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
(a)(o)
.........
USD
7,330
6,718,344
(3-mo.
EURIBOR
+
0.70%),
0.38%,
09/29/28
(a)(b)
.............
EUR
15,000
15,204,257
(3-mo.
EURIBOR
+
1.72%),
3.88%,
08/12/29
(a)(b)
.............
17,800
19,660,280
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.80%),
6.25%,
05/20/33
(a)(b)
........
GBP
10,600
13,917,190
(USISSO05
+
4.08%),
7.25%
(a)(b)(o)
USD
6,250
6,328,125
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
Louis
Dreyfus
Co.
Finance
BV,
2.38%
,
11/27/25
(b)
................
EUR
3,992
$
4,308,460
NN
Group
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.45%),
5.75%
(a)(b)(o)
.
2,850
2,988,317
Nobian
Finance
BV,
3.63%
,
07/15/26
(b)
3,323
3,575,194
Q-Park
Holding
I
BV
(b)
2.00%,
03/01/27
............
2,488
2,602,840
5.13%,
03/01/29
............
3,678
4,043,839
5.13%,
02/15/30
............
763
836,211
5.13%,
02/15/30
............
6,830
7,485,350
REWE
International
Finance
BV,
4.88%
,
09/13/30
(b)
...........
13,500
15,474,644
Sunrise
FinCo.
I
BV,
4.88%
,
07/15/31
(c)
USD
4,000
3,637,460
Sunrise
HoldCo
IV
BV,
5.50%
,
01/15/28
(c)
................
4,087
4,019,696
Trivium
Packaging
Finance
BV
3.75%,
08/15/26
(b)(h)
..........
EUR
1,106
1,181,017
5.50%,
08/15/26
(c)(h)
..........
USD
7,728
7,608,322
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
6.31%,
08/15/26
(a)(b)
..
EUR
1,483
1,603,728
8.50%,
08/15/27
(c)(h)
..........
USD
2,231
2,219,546
Viterra
Finance
BV
(b)
0.38%,
09/24/25
............
EUR
13,300
14,219,860
1.00%,
09/24/28
............
13,866
13,992,188
VZ
Secured
Financing
BV
3.50%,
01/15/32
(b)
...........
1,500
1,439,481
5.00%,
01/15/32
(c)
...........
USD
6,070
5,274,368
VZ
Vendor
Financing
II
BV,
2.88%
,
01/15/29
(b)
................
EUR
5,001
4,830,592
Ziggo
Bond
Co.
BV
5.13%,
02/28/30
(c)
...........
USD
400
348,536
6.13%,
11/15/32
(b)
...........
EUR
5,378
5,505,570
Ziggo
BV
2.88%,
01/15/30
(b)
...........
5,250
5,152,514
4.88%,
01/15/30
(c)
...........
USD
1,117
1,023,214
294,970,687
Nigeria
—
0.0%
IHS
Holding
Ltd.
(c)
6.25%,
11/29/28
............
10,980
10,581,975
7.88%,
05/29/30
............
2,275
2,252,250
12,834,225
Norway
—
0.0%
Var
Energi
ASA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%
,
11/15/83
(a)(b)
...............
EUR
10,387
12,244,766
Oman
—
0.0%
EDO
Sukuk
Ltd.,
5.66%
,
07/03/31
(b)
.
USD
4,000
4,023,660
Panama
—
0.0%
AES
Panama
Generation
Holdings
SRL,
4.38%
,
05/31/30
(b)
.......
412
368,269
Peru
—
0.0%
Pluspetrol
Camisea
SA,
6.24%
,
07/03/36
(c)
................
2,716
2,781,184
Volcan
Cia
Minera
SAA
8.75%,
01/24/30
(c)
...........
3,804
3,739,636
8.75%,
01/24/30
(b)
...........
648
637,036
7,157,856
Security
Par
(000)
Par
(000)
Value
Philippines
—
0.3%
(b)
ACEN
Finance
Ltd.,
4.00%
(o)
......
USD
14,059
$
9,307,058
Globe
Telecom,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.53%),
4.20%
(a)
(o)
......................
11,000
10,777,470
Manila
Water
Co.,
Inc.,
4.38%
,
07/30/30
2,473
2,366,735
Petron
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.57%),
5.95%
(a)(o)
..........
18,017
17,882,774
Rizal
Commercial
Banking
Corp.,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.24%),
6.50%
(a)(o)
.................
18,000
17,983,125
San
Miguel
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
10.24%),
5.50%
(a)(o)
...
18,111
17,997,806
San
Miguel
Global
Power
Holdings
Corp.
(a)(o)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.73%),
8.75%
...........
11,000
11,253,000
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.40%),
8.13%
...........
10,450
10,476,125
SMIC
SG
Holdings
Pte.
Ltd.,
5.38%
,
07/24/29
.................
3,871
3,885,516
VLL
International,
Inc.
7.25%,
07/20/27
............
1,212
1,148,382
9.38%,
07/29/29
............
5,611
5,342,065
108,420,056
Poland
—
0.0%
ORLEN
SA,
6.00%
,
01/30/35
(c)
.....
1,983
2,027,617
Portugal
—
0.3%
(b)
Banco
Espirito
Santo
SA
(d)(e)
2.63%,
05/08/17
............
EUR
6,100
1,385,145
4.75%,
01/15/18
............
15,500
3,519,632
4.00%,
01/21/25
............
19,000
4,314,387
EDP
SA
(a)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.05%),
4.75%,
05/29/54
....
4,800
5,255,248
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.40%),
4.63%,
09/16/54
....
7,000
7,606,946
(5-Year
EUR
Swap
Annual
+
1.84%),
1.70%,
07/20/80
....
33,700
36,202,805
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%,
08/02/81
....
40,800
43,262,581
Series
NC5.,
(5-Year
EUR
Swap
Annual
+
1.89%),
1.50%,
03/14/82
...............
18,300
19,045,748
120,592,492
Qatar
—
0.0%
(b)
ABQ
Finance
Ltd.,
4.95%
,
03/25/30
.
USD
8,325
8,291,200
QNB
Finance
Ltd.,
2.63%
,
05/12/25
.
617
615,149
8,906,349
Republic
of
Turkiye
—
0.0%
Eregli
Demir
ve
Celik
Fabrikalari
TAS
8.38%,
07/23/29
(c)
...........
2,004
2,023,414
8.38%,
07/23/29
(b)
...........
273
275,645
Sisecam
UK
plc,
8.25%
,
05/02/29
(b)
.
778
783,130
Turk
Telekomunikasyon
A/S,
7.38%
,
05/20/29
(b)
................
416
418,600
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Republic
of
Turkiye
(continued)
Turkish
Airlines
Pass-Through
Trust,
Series
2015-1,
Class
A,
4.20%
,
03/15/27
(c)
................
USD
2,381
$
2,314,706
TVF
Varlik
Kiralama
A/S,
6.95%
,
01/23/30
(b)
................
492
488,925
6,304,420
Saudi
Arabia
—
0.2%
Al
Rajhi
Bank,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.89%),
6.38%
(a)(b)(o)
...
2,000
2,029,600
Al
Rajhi
Sukuk
Ltd.,
(6-Year
USD
Constant
Maturity
+
1.59%),
6.25%
(a)
(b)(o)
.....................
20,538
20,775,419
EIG
Pearl
Holdings
SARL,
3.55%
,
08/31/36
(b)
................
4,963
4,359,872
Ma'aden
Sukuk
Ltd.
(c)
5.25%,
02/13/30
............
3,361
3,399,853
5.50%,
02/13/35
............
2,704
2,737,800
NCB
Tier
1
Sukuk
Ltd.,
(6-Year
USD
Constant
Maturity
+
2.89%),
3.50%
(a)
(b)(o)
.....................
4,000
3,872,000
Riyad
T1
Sukuk
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.91%),
5.50%
(a)
(b)(o)
.....................
15,000
14,681,250
Saudi
Electricity
Sukuk
Programme
Co.
(b)
4.94%,
02/13/29
............
280
280,709
5.23%,
02/18/30
............
10,607
10,719,699
5.49%,
02/18/35
............
10,000
10,120,000
5.68%,
04/11/53
............
559
550,615
SNB
Funding
Ltd.,
(1-day
SOFR
at
0.00%
Floor
+
1.20%),
5.52%
,
03/17/30
(a)(b)
...............
10,000
10,006,300
83,533,117
Singapore
—
0.2%
Continuum
Energy
Pte.
Ltd.,
12.85%
,
(12.85%
Cash
or
7.85%
PIK),
09/11/27
(c)(f)(p)
...............
7,287
7,450,870
DBS
Bank
Ltd.,
3.21%
,
08/19/26
(b)
..
EUR
21,840
23,860,722
GLP
Pte.
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.74%),
4.50%
(a)(b)(o)
...
USD
10,000
6,500,000
Oversea-Chinese
Banking
Corp.
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.58%),
1.83%
,
09/10/30
(a)(b)
....
8,000
7,892,800
Puma
International
Financing
SA,
7.75%
,
04/25/29
(b)
...........
20,000
20,175,000
ST
Engineering
RHQ
Ltd.,
1.50%
,
04/29/25
(b)
................
10,000
9,969,700
Straits
Trading
Co.
Ltd.,
3.25%
,
02/13/28
(b)(q)
...............
SGD
6,000
4,376,465
Trafigura
Group
Pte.
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.92%),
5.88%
(a)
(b)(o)
.....................
USD
1,300
1,281,540
81,507,097
Slovenia
—
0.0%
United
Group
BV
(b)
4.63%,
08/15/28
............
EUR
2,108
2,239,719
(3-mo.
EURIBOR
at
4.25%
Floor
+
4.25%),
6.81%,
02/01/29
(a)
...
2,784
3,006,727
Security
Par
(000)
Par
(000)
Value
Slovenia
(continued)
6.75%,
02/15/31
............
EUR
562
$
616,806
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.81%,
02/15/31
(a)
...
4,140
4,470,986
6.50%,
10/31/31
............
3,496
3,803,133
14,137,371
South
Africa
—
0.2%
Anglo
American
Capital
plc
(b)
4.50%,
09/15/28
............
1,837
2,087,632
3.75%,
06/15/29
............
11,300
12,486,890
5.00%,
03/15/31
............
19,187
22,192,479
4.13%,
03/15/32
............
6,795
7,487,035
4.75%,
09/21/32
............
9,563
10,856,358
Liquid
Telecommunications
Financing
plc,
5.50%
,
09/04/26
(b)
........
USD
326
282,398
Sappi
Papier
Holding
GmbH,
4.50%
,
03/15/32
(b)
................
EUR
1,735
1,857,295
Sasol
Financing
USA
LLC
4.38%,
09/18/26
............
USD
697
673,197
6.50%,
09/27/28
............
1,530
1,466,092
Stillwater
Mining
Co.
(b)
4.00%,
11/16/26
............
297
284,006
4.50%,
11/16/29
............
284
236,609
Transnet
SOC
Ltd.,
8.25%
,
02/06/28
(b)
914
927,079
60,837,070
South
Korea
—
0.3%
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
8,709,570
Hyundai
Card
Co.
Ltd.,
5.75%
,
04/24/29
(b)
................
962
984,213
KB
Capital
Co.
Ltd.,
1.50%
,
10/28/25
(b)
7,427
7,289,155
KB
Kookmin
Card
Co.
Ltd.,
4.00%
,
06/09/25
(b)
................
10,000
9,983,300
KODIT
Global
Co.
Ltd.,
3.62%
,
05/27/25
(b)
................
8,698
8,681,039
Korea
East-West
Power
Co.
Ltd.
(b)
1.75%,
05/06/25
............
8,862
8,827,793
3.60%,
05/06/25
............
5,405
5,395,487
Korea
Western
Power
Co.
Ltd.,
4.13%
,
06/28/25
(b)
................
1,163
1,161,170
Korean
Air
Lines
Co.
Ltd.,
4.75%
,
09/23/25
(b)
................
500
499,635
KT
Corp.,
4.00%
,
08/08/25
(b)
......
7,326
7,305,194
LG
Electronics,
Inc.
5.63%,
04/24/27
(c)
...........
4,283
4,355,640
5.63%,
04/24/27
(b)
...........
469
476,954
5.63%,
04/24/29
(c)
...........
1,296
1,329,605
LG
Energy
Solution
Ltd.
(b)
5.38%,
04/02/30
............
10,000
9,970,100
(1-day
SOFR
+
1.70%),
6.08%,
04/02/30
(a)
..............
10,000
9,965,900
LOTTE
Property
&
Development
Co.
Ltd.,
4.50%
,
08/01/25
(b)
........
1,845
1,841,568
NongHyup
Bank,
(1-day
SOFR
+
0.80%),
5.15%
,
07/22/27
(a)(b)
....
4,840
4,844,211
POSCO,
5.75%
,
01/17/28
(c)
.......
1,427
1,461,191
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
1,191,565
SK
Battery
America,
Inc.,
2.13%
,
01/26/26
(b)
................
472
455,999
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
South
Korea
(continued)
SK
Hynix,
Inc.,
6.25%
,
01/17/26
(b)
...
USD
383
$
387,699
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
9,962,100
105,079,088
Spain
—
1.2%
Abanca
Corp.
Bancaria
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.45%),
4.63%
,
12/11/36
(a)(b)
..........
EUR
2,600
2,799,415
Arena
Luxembourg
Finance
SARL,
(3-mo.
EURIBOR
+
2.50%),
4.84%
,
05/01/30
(a)(b)
...............
9,128
9,875,193
Banco
Bilbao
Vizcaya
Argentaria
SA
(a)(o)
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.54%),
8.38%
(b)
..........
3,000
3,568,290
(5-Year
EUR
Swap
Annual
+
4.27%),
6.88%
(b)
..........
3,800
4,263,025
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.25%),
7.75%
...........
USD
11,311
11,071,787
Banco
de
Sabadell
SA
(a)(b)
(5-Year
EUR
Swap
Annual
+
5.17%),
5.00%
(o)
..........
EUR
10,800
11,575,857
(5-Year
EUR
Swap
Annual
+
6.83%),
9.38%
(o)
..........
5,000
6,055,659
(5-Year
EUR
Swap
Annual
+
2.95%),
2.50%,
04/15/31
....
2,400
2,572,345
Banco
Santander
SA
(1-Year
EUR
Swap
Annual
+
1.05%),
3.63%,
09/27/26
(a)(b)
..
32,900
35,725,892
(GUKG1
+
1.80%),
3.13%,
10/06/26
(a)(b)
.............
GBP
11,200
14,312,912
(1-Year
EUR
Swap
Annual
+
0.95%),
3.50%,
01/09/28
(a)(b)
..
EUR
3,800
4,164,329
3.13%,
05/28/29
(b)
...........
10,300
11,353,132
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.30%),
9.63%
(a)(o)
.........
USD
6,600
7,581,301
Bankinter
SA
(a)(b)
(5-Year
EUR
Swap
Annual
+
6.71%),
6.25%
(o)
..........
EUR
4,000
4,398,945
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.71%),
7.38%
(o)
..........
1,000
1,134,846
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.35%),
5.00%,
06/25/34
....
4,400
4,927,713
CaixaBank
SA
(a)(b)
(5-Year
EUR
Swap
Annual
+
4.50%),
5.25%
(o)
..........
3,600
3,916,694
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
(o)
..........
7,800
8,640,599
(5-Year
EUR
Swap
Annual
+
1.63%),
1.25%,
06/18/31
....
2,700
2,867,689
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.94%),
6.25%
(o)
..........
3,600
3,882,948
Cellnex
Finance
Co.
SA,
2.00%
,
02/15/33
(b)
................
2,800
2,659,479
Cellnex
Telecom
SA
(b)(q)
2.13%,
08/11/30
............
1,600
1,826,980
0.75%,
11/20/31
............
23,300
22,084,981
Cirsa
Finance
International
SARL
(b)
10.38%,
11/30/27
...........
257
293,350
(3-mo.
EURIBOR
+
4.50%),
7.11%,
07/31/28
(a)
..............
5,988
6,549,285
7.88%,
07/31/28
............
3,507
3,967,948
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
6.50%,
03/15/29
............
EUR
5,268
$
5,914,456
Deutsche
Bank
SA,
3.63%
,
11/23/26
(b)
39,400
43,445,741
Grifols
SA,
7.13%
,
05/01/30
(b)
.....
10,616
11,868,451
Iberdrola
Finanzas
SA
(b)
(5-Year
EUR
Swap
Annual
+
1.68%),
1.58%
(a)(o)
.........
16,500
16,977,407
Series
IBE,
1.50%,
03/27/30
(q)
...
3,200
3,467,080
Iberdrola
International
BV
(a)(b)(o)
Series
NC5,
(5-Year
EUR
Swap
Annual
+
2.32%),
1.87%
.....
13,400
14,272,079
Series
NC6,
(5-Year
EUR
Swap
Annual
+
1.83%),
1.45%
.....
19,600
20,458,384
Kaixo
Bondco
Telecom
SA,
5.13%
,
09/30/29
(b)
................
1,673
1,817,959
Lorca
Telecom
Bondco
SA
(b)
4.00%,
09/18/27
............
6,173
6,662,016
5.75%,
04/30/29
............
1,299
1,461,504
Natra
SA,
(6-mo.
EURIBOR
at
0.00%
Floor
+
6.75%),
9.66%
,
10/13/29
(a)(f)
21,501
23,249,139
Naturgy
Finance
Iberia
SA,
(5-Year
EUR
Swap
Annual
+
2.44%),
2.37%
(a)(b)(o)
................
3,200
3,377,704
Repsol
Europe
Finance
SARL
3.63%,
09/05/34
(b)
...........
11,300
11,987,806
Repsol
International
Finance
BV,
(5-
Year
EUR
Swap
Annual
+
2.77%),
2.50%
(a)(b)(o)
................
44,795
47,356,692
Telefonica
Emisiones
SA
(b)
5.38%,
02/02/26
............
GBP
26,723
34,628,931
3.72%,
01/23/34
............
EUR
700
743,045
4.06%,
01/24/36
............
8,100
8,723,023
Telefonica
Europe
BV
(a)(b)(o)
(8-Year
EUR
Swap
Annual
+
2.97%),
3.88%
...........
18,600
20,162,461
(8-Year
EUR
Swap
Annual
+
3.07%),
2.88%
...........
11,800
12,474,679
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
...........
9,900
11,347,162
(EUAMDB08
+
3.62%),
6.75%
..
400
475,238
(EUAMDB08
+
3.12%),
5.75%
..
10,200
11,445,173
504,386,724
Sweden
—
0.4%
Balder
Finland
OYJ,
1.00%
,
01/20/29
(b)
4,323
4,249,575
Fastighets
AB
Balder,
1.13%
,
01/29/27
(b)
................
999
1,042,616
Heimstaden
Bostad
AB,
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
(a)(b)(o)
13,277
13,190,507
Heimstaden
Bostad
Treasury
BV
(b)
0.63%,
07/24/25
............
800
855,043
1.38%,
03/03/27
............
5,916
6,141,860
1.00%,
04/13/28
............
2,600
2,580,031
Intrum
AB
(b)(d)(e)
(3-mo.
Stockholm
Interbank
Offered
Rates
at
0.00%
Floor
+
3.30%),
5.65%,
09/09/26
(a)
.........
SEK
6,000
453,650
3.00%,
09/15/27
............
EUR
13,840
11,822,501
9.25%,
03/15/28
............
1,440
1,280,692
Skandinaviska
Enskilda
Banken
AB,
(3-mo.
EURIBOR
+
0.38%),
2.99%
,
05/03/27
(a)(b)
...............
18,640
20,187,855
Stena
International
SA
7.25%,
01/15/31
(c)
...........
USD
16,795
16,787,237
7.25%,
01/15/31
(b)
...........
18,016
18,007,673
7.63%,
02/15/31
(c)
...........
6,700
6,803,663
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Sweden
(continued)
Svenska
Handelsbanken
AB,
(3-mo.
EURIBOR
+
0.45%),
2.96%
,
03/08/27
(a)(b)
...............
EUR
24,700
$
26,785,937
Swedbank
AB,
(GUKG1
+
1.00%),
1.38%
,
12/08/27
(a)(b)
..........
GBP
3,266
3,981,663
Verisure
Holding
AB
(b)
3.88%,
07/15/26
............
EUR
5,079
5,471,328
9.25%,
10/15/27
............
984
1,113,794
140,755,625
Switzerland
—
0.6%
Argentum
Netherlands
BV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.76%),
5.52%
(a)
(b)(o)
.....................
USD
13,101
13,123,927
Julius
Baer
Group
Ltd.,
(5-Year
EUR
Swap
Annual
+
3.85%),
6.63%
(a)(b)(o)
EUR
4,522
5,000,936
Swisscom
Finance
BV,
3.88%
,
05/29/44
(b)
................
8,617
8,953,655
UBS
AG
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.35%),
3.14%,
04/12/26
(a)(b)
..
5,407
5,850,331
(1-day
SOFR
+
0.72%),
4.86%,
01/10/28
(a)
..............
USD
1,618
1,625,404
7.50%,
02/15/28
............
700
753,811
UBS
Group
AG
(a)
(5-Year
USD
Swap
Semi
+
4.59%),
6.88%
(b)(o)
...............
10,529
10,544,794
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.10%),
3.88%
(b)(o)
.........
2,302
2,230,965
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.86%),
5.13%
(b)(o)
.........
7,974
7,856,280
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(c)(o)
.........
1,833
1,778,043
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(b)(o)
.........
2,275
2,206,791
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.05%),
1.00%,
06/24/27
(b)
...
EUR
2,306
2,438,878
(1-Year
EURIBOR
ICE
Swap
Rate
+
0.77%),
0.65%,
01/14/28
(b)
...
749
778,421
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
4.75%,
05/12/28
(c)
...
USD
200
200,112
(1-Year
EUR
Swap
Annual
+
0.77%),
0.25%,
11/05/28
(b)
...
EUR
22,000
22,153,324
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.75%),
9.25%
(c)(o)
.........
USD
700
760,228
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.95%),
7.75%,
03/01/29
(b)
...
EUR
10,300
12,538,879
(USISSO05
+
3.63%),
6.85%
(c)(o)
.
USD
12,400
12,327,999
(USISSO05
+
3.08%),
7.00%
(c)(o)
.
20,607
20,294,413
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(b)(o)
.........
2,900
2,483,271
(1-Year
EUR
Swap
Annual
+
1.95%),
2.88%,
04/02/32
(b)
...
EUR
14,979
15,499,133
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.76%),
9.25%
(c)(o)
.........
USD
10,525
12,011,151
(USISSO05
+
3.18%),
7.13%
(c)(o)
.
16,439
16,169,673
Security
Par
(000)
Par
(000)
Value
Switzerland
(continued)
UBS
Switzerland
AG
(b)
2.58%,
09/23/27
............
EUR
44,030
$
47,712,380
3.30%,
03/05/29
............
16,150
17,826,051
VistaJet
Malta
Finance
plc
(c)
9.50%,
06/01/28
............
USD
2,150
2,127,859
6.38%,
02/01/30
............
2,954
2,587,797
247,834,506
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
9,930,000
5.30%,
09/21/28
(c)
...........
4,119
4,178,932
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.90%),
3.73%,
09/25/34
(a)(b)
..
14,577
13,461,422
Kasikornbank
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.70%),
3.34%
,
10/02/31
(a)(b)
...............
10,000
9,680,100
Krung
Thai
Bank
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.53%),
4.40%
(a)
(b)(o)
.....................
11,980
11,752,380
Minor
International
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.92%),
2.70%
(a)
(b)(o)
.....................
5,300
5,140,205
Muangthai
Capital
PCL,
6.88%
,
09/30/28
(b)
................
7,700
7,757,750
61,900,789
Ukraine
—
0.1%
NAK
Naftogaz
Ukraine
(p)
7.13%,
(7.13%
Cash
or
7.13%
PIK),
07/19/26
(b)
..............
EUR
35,622
33,510,892
7.63%,
(7.63%
Cash
or
7.63%
PIK),
11/08/28
(c)
..............
USD
7,091
5,637,020
7.63%,
(7.63%
Cash
or
7.63%
PIK),
11/08/28
(b)
..............
815
647,891
VF
Ukraine
PAT
(h)
9.62%,
02/11/27
(b)
...........
2,526
2,469,173
9.62%,
02/11/27
(c)
...........
12,839
12,549,733
54,814,709
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
1,057,545
Aldar
Properties
PJSC
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.04%),
6.62%,
04/15/55
(a)(b)
..
9,675
9,808,031
Alpha
Star
Holding
IX
Ltd.,
7.00%
,
08/26/28
(b)
................
6,070
6,161,050
Alpha
Star
Holding
VIII
Ltd.,
8.38%
,
04/12/27
(b)
................
7,000
7,269,063
DP
World
Salaam,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.75%),
6.00%
(a)(b)(o)
...
7,726
7,733,243
Emirates
NBD
Bank
PJSC
(a)(b)(o)
(6-Year
USD
Constant
Maturity
+
3.16%),
4.25%
...........
4,000
3,850,000
(6-Year
USD
Constant
Maturity
+
1.84%),
6.25%
...........
4,328
4,414,560
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Arab
Emirates
(continued)
Five
Holdings
Bvi
Ltd.,
9.38%
,
10/03/28
(b)
................
USD
2,500
$
2,631,250
MAF
Global
Securities
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(a)
(b)(o)
.....................
1,517
1,518,745
Magellan
Capital
Holdings
plc,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.23%),
8.38%
,
07/08/29
(a)(b)
..........
7,623
7,864,420
MDGH
GMTN
RSC
Ltd.,
4.38%
,
11/22/33
(c)
.................
1,797
1,710,636
54,018,543
United
Kingdom
—
3.3%
10x
Future
Technologies
Services
Ltd.,
(Acquired
12/19/23,
cost
$5,143,868),
15.00%
,
(15.00%
Cash
or
15.00%
PIK),
06/19/26
(f)(k)(p)
...
GBP
4,125
5,728,261
Amber
Finco
plc,
6.63%
,
07/15/29
(b)
.
EUR
3,344
3,758,152
Ardonagh
Finco
Ltd.
6.88%,
02/15/31
(b)
...........
28,621
31,566,845
Ashtead
Capital,
Inc.,
4.25%
,
11/01/29
(c)
USD
900
866,474
B&M
European
Value
Retail
SA,
6.50%
,
11/27/31
(b)
................
GBP
1,671
2,105,281
Babcock
International
Group
plc
(b)
1.88%,
10/05/26
............
9,600
11,853,057
1.38%,
09/13/27
............
EUR
2,000
2,085,179
Barclays
Bank
plc,
6.28%
(a)(o)
......
USD
6,260
6,664,396
Barclays
plc
3.00%,
05/08/26
(b)
...........
GBP
3,266
4,132,571
3.25%,
02/12/27
(b)
...........
3,266
4,082,987
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.96%),
8.88%
(a)(b)(o)
..............
6,450
8,675,640
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(a)(o)
.........
USD
1,754
1,580,437
(3-mo.
EURIBOR
+
0.80%),
3.34%,
05/08/28
(a)(b)
.............
EUR
27,143
29,452,098
4.84%,
05/09/28
............
USD
200
199,300
(BPSWS5
+
5.64%),
9.25%
(a)(o)
..
GBP
7,000
9,573,672
(USISSO05
+
5.78%),
9.63%
(a)(o)
.
USD
14,573
15,984,410
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.75%),
3.75%,
11/22/30
(a)(b)
........
GBP
10,200
13,000,045
(5-Year
EUR
Swap
Annual
+
1.55%),
1.13%,
03/22/31
(a)(b)
..
EUR
9,322
9,856,206
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.75%),
8.41%,
11/14/32
(a)(b)
........
GBP
6,860
9,415,420
(USISSO05
+
3.69%),
7.63%
(a)(o)
.
USD
1,298
1,269,374
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.55%),
4.35%,
05/08/35
(a)(b)
..
EUR
21,100
23,071,979
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.10%),
4.97%,
05/31/36
(a)(b)
..
8,650
9,637,958
BAT
Capital
Corp.,
5.65%
,
03/16/52
.
USD
15,384
14,161,731
BCP
V
Modular
Services
Finance
II
plc
(b)
4.75%,
11/30/28
............
EUR
2,888
3,021,429
6.13%,
11/30/28
............
GBP
6,198
7,604,832
BCP
V
Modular
Services
Finance
plc,
6.75%
,
11/30/29
(b)
...........
EUR
1,235
1,220,227
Bellis
Acquisition
Co.
plc,
8.13%
,
05/14/30
(b)
................
GBP
16,978
20,477,153
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Bellis
Finco
plc,
4.00%
,
02/16/27
(b)
..
GBP
700
$
854,529
Belron
UK
Finance
plc,
4.63%
,
10/15/29
(b)
................
EUR
6,679
7,276,168
Bracken
MidCo1
plc,
6.75%
,
(6.75%
Cash
or
7.50%
PIK),
11/01/27
(b)(p)
.
GBP
6,861
8,730,554
British
Telecommunications
plc
(a)
(5-Year
EUR
Swap
Annual
+
2.13%),
1.87%,
08/18/80
(b)
...
EUR
36,715
39,381,298
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.99%),
4.25%,
11/23/81
(c)
...
USD
1,200
1,164,677
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.99%),
4.25%,
11/23/81
(b)
...
25,562
24,809,565
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.49%),
4.88%,
11/23/81
(c)
...
3,600
3,291,978
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%,
12/20/83
(b)
.........
GBP
21,425
29,475,220
California
Buyer
Ltd.,
5.63%
,
02/15/32
(b)
EUR
9,099
9,960,673
CD&R
Firefly
Bidco
plc,
8.63%
,
04/30/29
(b)
................
GBP
18,819
24,795,632
Centrica
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.51%),
6.50%
,
05/21/55
(a)(b)
....
7,473
9,720,328
Channel
Link
Enterprises
Finance
plc
(a)(b)
Series
A8,
(6-mo.
EURIBOR
+
5.90%),
2.71%,
06/30/50
....
EUR
4,400
4,618,014
Series
A5,
(Sterling
Overnight
Index
Average
+
0.28%),
3.04%,
06/30/50
...............
GBP
3,075
3,566,052
CK
Hutchison
Group
Telecom
Finance
SA,
2.63%
,
10/17/34
(b)
........
14,238
13,237,615
Connect
Finco
SARL,
9.00%
,
09/15/29
(c)
................
USD
9,547
8,704,276
ContourGlobal
Power
Holdings
SA,
5.00%
,
02/28/30
(b)
...........
EUR
4,630
4,962,613
Deuce
Finco
plc,
5.50%
,
06/15/27
(b)
.
GBP
2,070
2,623,760
Direct
Line
Insurance
Group
plc,
(BPSWS5
+
3.39%),
4.75%
(a)(b)(o)
.
10,383
12,684,117
EC
Finance
plc,
3.00%
,
10/15/26
(b)
..
EUR
3,651
3,839,064
Edge
Finco
plc,
8.13%
,
08/15/31
(b)
..
GBP
17,759
23,398,992
EnQuest
plc,
11.63%
,
11/01/27
(c)
...
USD
2,800
2,880,282
Gatwick
Airport
Finance
plc,
4.38%
,
04/07/26
(b)
................
GBP
5,935
7,532,372
Global
Auto
Holdings
Ltd.
(c)
8.38%,
01/15/29
............
USD
1,572
1,418,010
11.50%,
08/15/29
...........
371
362,541
8.75%,
01/15/32
............
1,427
1,202,083
Global
Switch
Finance
BV,
1.38%
,
10/07/30
(b)
................
EUR
16,296
16,482,786
Heathrow
Finance
plc
(b)
3.88%,
03/01/27
(h)
...........
GBP
5,212
6,429,798
4.13%,
09/01/29
(h)
...........
1,956
2,300,601
6.63%,
03/01/31
............
11,724
15,000,270
Heathrow
Funding
Ltd.,
6.00%
,
03/05/32
(b)
................
2,936
3,768,118
Howden
UK
Refinance
plc,
7.25%
,
02/15/31
(c)
................
USD
2,693
2,717,873
HSBC
Holdings
plc
(3-mo.
EURIBOR
+
1.00%),
3.39%,
09/24/26
(a)(b)
.............
EUR
17,200
18,662,301
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
(BPISDS01
+
1.32%),
2.26%,
11/13/26
(a)(b)
.............
GBP
35,500
$
45,052,241
2.50%,
03/15/27
(b)
...........
EUR
5,075
5,479,202
(3-mo.
EURIBOR
+
1.45%),
3.02%,
06/15/27
(a)(b)
.............
13,671
14,808,617
(Sterling
Overnight
Index
Average
+
1.31%),
1.75%,
07/24/27
(a)
...
GBP
29,284
36,220,917
(5-Year
EUR
Swap
Annual
+
3.84%),
4.75%
(a)(b)(o)
........
EUR
3,109
3,273,700
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.30%),
6.88%
(a)(o)
.........
USD
17,000
17,008,228
(1-day
SOFR
at
0.00%
Floor
+
1.29%),
5.61%,
11/19/30
(a)
...
15,000
15,129,912
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.65%),
4.60%
(a)(o)
.........
18,217
16,106,987
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.64%),
6.95%
(a)(o)
.........
1,000
995,708
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.87%),
5.98%,
03/11/35
(a)(b)
.............
AUD
9,050
5,611,237
(1-day
SOFR
+
1.90%),
5.87%,
11/18/35
(a)
..............
USD
1,200
1,195,709
INEOS
Quattro
Finance
2
plc
(b)
8.50%,
03/15/29
............
EUR
13,015
14,752,288
6.75%,
04/15/30
............
5,824
6,286,332
Informa
plc
(b)
3.13%,
07/05/26
............
GBP
24,147
30,449,520
3.63%,
10/23/34
............
EUR
9,753
10,323,537
Intu
Jersey
2
Ltd.,
2.88%
,
11/01/24
(b)(d)(e)
(q)
......................
GBP
3,730
746,897
ITV
plc,
1.38%
,
09/26/26
(b)
........
EUR
603
641,206
Jerrold
Finco
plc,
5.25%
,
01/15/27
(b)
.
GBP
12,790
16,323,225
Lloyds
Banking
Group
plc
(a)(o)
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.29%),
4.95%
(b)
..........
EUR
6,340
6,861,817
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.44%),
7.50%
.................
GBP
1,700
2,141,076
Market
Bidco
Finco
plc
(b)
4.75%,
11/04/27
............
EUR
4,130
4,326,437
5.50%,
11/04/27
............
GBP
8,725
10,763,345
Metrocentre
Finance
plc,
8.75%
,
(8.75%
Cash
or
8.75%
PIK),
12/05/25
(p)
................
1,169
789,011
Mitchells
&
Butlers
Finance
plc,
Series
D1,
(Sterling
Overnight
Index
Average
+
2.36%),
6.83%
,
06/15/36
(a)(b)
...............
2,225
2,451,206
Mobico
Group
plc
(b)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(o)
...............
6,838
8,435,502
3.62%,
11/20/28
(h)
...........
408
486,851
4.88%,
09/26/31
............
EUR
11,046
11,725,344
Motability
Operations
Group
plc
(b)
3.63%,
07/24/29
............
22,975
25,352,891
3.63%,
01/22/33
............
8,340
8,931,523
Motion
Finco
SARL,
7.38%
,
06/15/30
(b)
6,277
6,708,757
Nationwide
Building
Society
(b)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.63%),
5.75%
(a)(o)
...............
GBP
5,100
6,403,200
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
3.00%,
03/03/30
............
EUR
11,500
$
12,328,009
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.85%),
7.50%
(a)(o)
...............
GBP
7,975
10,224,444
(3-mo.
EURIBOR
+
1.15%),
3.83%,
07/24/32
(a)
..............
EUR
22,100
24,130,344
10.25%,
12/31/79
(a)
..........
GBP
2,500
4,222,408
NatWest
Group
plc
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.63%),
6.00%
(o)
..........
USD
3,300
3,294,709
(BPSW1
+
1.49%),
2.88%,
09/19/26
(b)
..............
GBP
13,408
17,122,927
(BPSW1
+
2.01%),
3.13%,
03/28/27
(b)
..............
3,266
4,138,317
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.99%),
4.50%
(o)
................
5,300
6,247,226
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.55%),
3.62%,
08/14/30
(b)
.........
12,000
15,447,987
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.29%),
7.50%
(o)
................
6,475
8,138,954
(5-Year
EUR
Swap
Annual
+
1.27%),
1.04%,
09/14/32
(b)
...
EUR
10,491
10,743,655
NIE
Finance
plc,
2.50%
,
10/27/25
(b)
.
GBP
4,800
6,111,362
Pinewood
Finco
plc
6.00%,
03/27/30
(b)
...........
21,124
26,899,507
Pinnacle
Bidco
plc,
10.00%
,
10/11/28
(b)
8,709
11,889,405
Premier
Foods
Finance
plc,
3.50%
,
10/15/26
(b)
................
6,048
7,685,551
Rolls-Royce
plc,
5.75%
,
10/15/27
(b)
..
8,700
11,420,779
Santander
UK
Group
Holdings
plc,
3.63%
,
01/14/26
(b)
...........
3,266
4,175,325
SCC
Power
plc
(c)(p)
8.00%,
(8.00%
Cash
or
8.00%
PIK),
12/31/28
...............
USD
12,113
7,722,123
4.00%,
(4.00%
Cash
or
4.00%
PIK),
05/17/32
...............
11,655
2,919,770
SP
Distribution
plc,
5.88%
,
07/17/26
(b)
GBP
2,566
3,355,569
Standard
Chartered
plc
(a)(b)
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.00%),
0.90%,
07/02/27
....
EUR
12,059
12,749,831
(1-Year
EURIBOR
ICE
Swap
Rate
+
0.88%),
1.63%,
10/03/27
....
13,737
14,596,253
(1-Year
EUR
Swap
Annual
+
0.90%),
0.85%,
01/27/28
....
397
414,143
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.57%),
7.88%
(o)
..........
USD
8,000
8,223,920
Stonegate
Pub
Co.
Financing
plc
(b)
(3-mo.
EURIBOR
+
6.63%),
9.18%,
07/31/29
(a)
..............
EUR
2,328
2,575,438
10.75%,
07/31/29
...........
GBP
6,637
8,851,978
Swiss
RE
Subordinated
Finance
plc,
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.35%),
3.89%
,
03/26/33
(a)(b)
....
EUR
12,730
13,729,793
Synthomer
plc,
3.88%
,
07/01/25
(b)
...
768
822,562
Tesco
Property
Finance
1
plc,
7.62%
,
07/13/39
(b)
................
GBP
2,716
3,888,762
Tesco
Property
Finance
3
plc,
5.74%
,
04/13/40
(b)
................
6,214
7,869,479
Tesco
Property
Finance
4
plc,
5.80%
,
10/13/40
(b)
................
2,956
3,755,607
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Thames
Water
Kemble
Finance
plc,
4.63%
,
05/19/26
(b)(d)(e)
.........
GBP
4,273
$
110,393
Thames
Water
Utilities
Finance
plc,
4.00%
,
06/19/25
(b)
...........
27,434
27,702,189
TSB
Bank
plc,
3.32%
,
03/05/29
(b)
...
EUR
11,130
12,317,857
Virgin
Media
Secured
Finance
plc
5.25%,
05/15/29
(b)
...........
GBP
400
480,918
5.50%,
05/15/29
(c)
...........
USD
2,612
2,473,929
4.25%,
01/15/30
(b)
...........
GBP
2,425
2,725,270
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%
,
07/15/28
(b)
.......
2,460
2,945,161
Virgin
Money
UK
plc
(a)(b)
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.20%),
4.00%,
03/18/28
....
EUR
3,955
4,362,683
(1-Year
EUR
Swap
Annual
+
1.75%),
4.63%,
10/29/28
....
11,200
12,594,886
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(b)
...........
GBP
14,172
16,482,420
3.25%,
01/31/31
(b)
...........
EUR
7,736
7,674,829
4.25%,
01/31/31
(c)
...........
USD
2,398
2,068,571
4.50%,
07/15/31
(b)
...........
GBP
11,259
12,394,965
4.75%,
07/15/31
(c)
...........
USD
5,936
5,155,182
5.63%,
04/15/32
(b)
...........
EUR
770
827,189
Vodafone
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
3.43%),
4.20%,
10/03/78
(b)
...
1,177
1,288,599
(5-Year
GBP
Swap
+
3.27%),
4.88%,
10/03/78
(b)
.........
GBP
15,008
19,309,038
Series
60NC10,
(5-Year
EUR
Swap
Annual
+
3.48%),
3.00%,
08/27/80
(b)
..............
EUR
9,005
9,067,826
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
3.25%,
06/04/81
....
USD
6,285
6,071,637
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.84%),
8.00%,
08/30/86
(b)
.........
GBP
1,552
2,141,122
Zegona
Finance
plc,
6.75%
,
07/15/29
(b)
EUR
13,027
14,860,830
1,341,431,328
United
States
—
11.8%
AbbVie,
Inc.,
5.60%
,
03/15/55
.....
USD
12,478
12,628,332
Acrisure
LLC
(c)
4.25%,
02/15/29
............
3,112
2,911,792
7.50%,
11/06/30
............
2,259
2,298,216
Adient
Global
Holdings
Ltd.
(c)
8.25%,
04/15/31
............
2,777
2,690,821
7.50%,
02/15/33
............
736
689,119
AES
Corp.
(The),
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
7.60%
,
01/15/55
(a)
................
133
134,212
Aethon
United
BR
LP,
7.50%
,
10/01/29
(c)
................
1,411
1,435,193
Affinity
Interactive,
6.88%
,
12/15/27
(c)
3,515
2,663,723
AG
Issuer
LLC,
6.25%
,
03/01/28
(c)
..
706
694,321
AG
TTMT
Escrow
Issuer
LLC,
8.63%
,
09/30/27
(c)
................
475
487,081
Albertsons
Cos.,
Inc.
(c)
3.25%,
03/15/26
............
575
561,922
6.50%,
02/15/28
............
702
711,838
4.88%,
02/15/30
............
1,094
1,045,162
Alexander
Funding
Trust
II,
7.47%
,
07/31/28
(c)
................
18,297
19,475,730
Allegiant
Travel
Co.,
7.25%
,
08/15/27
(c)
4,805
4,655,171
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Allegion
US
Holding
Co.,
Inc.,
3.55%
,
10/01/27
.................
USD
100
$
97,273
Alliant
Holdings
Intermediate
LLC
(c)
4.25%,
10/15/27
............
133
128,358
6.75%,
04/15/28
............
8,200
8,232,065
7.00%,
01/15/31
............
820
822,508
6.50%,
10/01/31
............
1,277
1,253,610
Allied
Universal
Holdco
LLC
9.75%,
07/15/27
(c)
...........
3,283
3,293,459
3.63%,
06/01/28
(b)
...........
EUR
8,190
8,366,650
4.63%,
06/01/28
(c)
...........
USD
1,800
1,698,801
4.88%,
06/01/28
(b)
...........
GBP
9,856
11,967,599
7.88%,
02/15/31
(c)
...........
USD
8,439
8,546,597
Ally
Financial,
Inc.
(a)
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70%
(o)
...
34,411
32,024,384
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
6.65%,
01/17/40
....
5,985
5,791,316
Alpha
Generation
LLC,
6.75%
,
10/15/32
(c)
................
2,598
2,599,688
Altria
Group,
Inc.,
6.20%
,
02/14/59
..
300
300,530
Amazon.com,
Inc.
2.50%,
06/03/50
............
15,910
9,624,477
3.10%,
05/12/51
............
30,918
21,001,443
3.95%,
04/13/52
............
8,710
6,940,984
Ambac
Assurance
Corp.,
5.10%
(c)(o)
..
1,407
1,935,196
AMC
Networks,
Inc.
10.25%,
01/15/29
(c)
..........
11,486
11,902,368
4.25%,
02/15/29
(c)(q)
..........
4,356
3,835,458
4.25%,
02/15/29
............
10,878
8,160,203
Amentum
Holdings,
Inc.,
7.25%
,
08/01/32
(c)
................
3,874
3,810,691
American
Airlines
Pass-Through
Trust
Series
2017-2,Class
A,
3.50%,
06/15/26
(f)
..............
25,925
25,406,696
Series
2019-1,Class
AA,
3.15%,
02/15/32
...............
221
202,258
American
Airlines,
Inc.
(c)
5.50%,
04/20/26
............
14
13,712
7.25%,
02/15/28
............
55
54,722
American
Axle
&
Manufacturing,
Inc.,
5.00%
,
10/01/29
............
5,105
4,394,144
American
Tower
Corp.
4.13%,
05/16/27
............
EUR
4,332
4,799,891
0.50%,
01/15/28
............
7,900
7,994,284
AmeriGas
Partners
LP
5.88%,
08/20/26
............
USD
366
363,125
5.75%,
05/20/27
............
140
134,533
9.38%,
06/01/28
(c)
...........
4,016
3,973,431
Amgen,
Inc.
5.50%,
12/07/26
(b)
...........
GBP
3,278
4,277,742
5.65%,
03/02/53
............
USD
55,911
54,844,685
Amkor
Technology,
Inc.,
6.63%
,
09/15/27
(c)
................
10,550
10,575,045
Andiron
Financing
LLC,
(1M
Sofr
FWD
+
3.00%),
7.31%
,
01/21/30
(a)(f)
...
1,712
1,711,580
Antero
Midstream
Partners
LP
(c)
5.75%,
03/01/27
............
734
731,844
5.38%,
06/15/29
............
56
54,738
6.63%,
02/01/32
............
617
627,296
AP
Grange
Holdings
LLC,
(Acquired
06/21/24,
cost
$15,244,565),
6.50%
,
03/20/45
(f)(k)
................
15,245
15,282,676
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Apple,
Inc.
2.65%,
05/11/50
............
USD
24,900
$
15,682,412
2.65%,
02/08/51
............
6,254
3,914,461
AppLovin
Corp.,
5.95%
,
12/01/54
...
28,976
28,458,190
Aramark
Services,
Inc.,
5.00%
,
02/01/28
(c)
................
1,900
1,865,389
Archrock
Partners
LP,
6.63%
,
09/01/32
(c)
................
355
356,394
Arcosa,
Inc.
(c)
4.38%,
04/15/29
............
12
11,246
6.88%,
08/15/32
............
1,881
1,906,984
Ardagh
Packaging
Finance
plc
2.13%,
08/15/26
(b)
...........
EUR
14,815
14,814,636
4.13%,
08/15/26
(c)
...........
USD
41,715
38,313,559
Ares
Capital
Corp.
7.00%,
01/15/27
............
6,049
6,233,956
5.88%,
03/01/29
............
13,000
13,198,059
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
............
114
109,756
4.75%,
03/01/30
............
460
430,266
Ascent
Resources
Utica
Holdings
LLC,
8.25%
,
12/31/28
(c)
...........
375
382,396
Ashton
Woods
USA
LLC
(c)
6.63%,
01/15/28
............
12,838
12,736,014
4.63%,
08/01/29
............
1,672
1,513,245
4.63%,
04/01/30
............
4,694
4,244,364
Associated
Banc-Corp.,
(1-day
SOFR
+
3.03%),
6.46%
,
08/29/30
(a)
.....
12,235
12,380,228
AT&T
Reign
II
Multi-Property
Lease-
Backed
Pass-Through
Trust,
6.09%
,
12/15/44
(c)
................
27,075
27,591,902
AT&T,
Inc.
2.90%,
12/04/26
............
GBP
41,509
51,964,614
5.50%,
03/15/27
(b)
...........
17,950
23,446,977
3.50%,
09/15/53
............
USD
10,062
6,861,179
ATI,
Inc.,
7.25%
,
08/15/30
........
5,679
5,853,574
Avantor
Funding,
Inc.,
3.88%
,
11/01/29
(c)
.................
131
120,942
Avis
Budget
Car
Rental
LLC
(c)
5.75%,
07/15/27
............
683
658,867
4.75%,
04/01/28
............
239
218,905
5.38%,
03/01/29
............
3,758
3,389,268
8.00%,
02/15/31
............
1,634
1,595,061
Axalta
Coating
Systems
Dutch
Holding
B
BV,
7.25%
,
02/15/31
(c)
.......
1,008
1,039,583
Bank
of
America
Corp.
(a)
(3-mo.
EURIBOR
+
1.10%),
3.49%,
03/10/34
(b)
..............
EUR
20,728
21,918,976
(1-day
SOFR
+
1.70%),
5.74%,
02/12/36
...............
USD
73,706
73,565,181
(1-day
SOFR
+
1.93%),
2.68%,
06/19/41
...............
5,174
3,670,013
(3-mo.
CME
Term
SOFR
+
1.45%),
3.95%,
01/23/49
..........
7,674
5,979,311
(3-mo.
CME
Term
SOFR
+
3.41%),
4.08%,
03/20/51
..........
20,104
15,797,169
Bank
of
New
York
Mellon
Corp.
(The),
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.30%),
6.30%
(a)(o)
...........
1,000
1,024,923
Bath
&
Body
Works,
Inc.,
7.50%
,
06/15/29
.................
1,105
1,126,693
Bausch
+
Lomb
Corp.,
8.38%
,
10/01/28
(c)
................
12,491
12,959,413
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BCPE
Ulysses
Intermediate,
Inc.,
7.75%
,
(7.75%
Cash
or
8.50%
PIK),
04/01/27
(c)(p)
...............
USD
503
$
472,927
Beazer
Homes
USA,
Inc.,
7.25%
,
10/15/29
.................
8,623
8,479,273
Becton
Dickinson
&
Co.
0.03%,
08/13/25
............
EUR
4,400
4,709,933
3.70%,
06/06/27
............
USD
700
687,719
Belden,
Inc.
(b)
3.38%,
07/15/27
............
EUR
1,635
1,750,670
3.88%,
03/15/28
............
3,371
3,615,800
BG
Energy
Capital
plc,
5.13%
,
12/01/25
(b)
................
GBP
5,989
7,745,969
Blue
Racer
Midstream
LLC
(c)
7.00%,
07/15/29
............
USD
200
204,396
7.25%,
07/15/32
............
5,976
6,182,208
Boeing
Co.
(The)
6.86%,
05/01/54
............
8,280
8,993,700
7.01%,
05/01/64
............
18,774
20,343,342
Booking
Holdings,
Inc.
4.00%,
03/01/44
............
EUR
14,570
14,979,024
Boost
Newco
Borrower
LLC,
7.50%
,
01/15/31
(c)
................
USD
1,467
1,527,053
Boyd
Gaming
Corp.,
4.75%
,
06/15/31
(c)
5,132
4,733,146
BP
Capital
Markets
America,
Inc.,
2.94%
,
06/04/51
............
7,674
4,841,924
BP
Capital
Markets
plc,
(5-Year
EUR
Swap
Annual
+
3.52%),
3.25%
(a)(b)(o)
EUR
78,404
84,363,849
Brand
Industrial
Services,
Inc.,
10.38%
,
08/01/30
(c)
................
USD
3,298
3,146,299
Breeze
Aviation
Group,
Inc.
(Acquired
01/26/24,
cost
$9,151,977)
20.00%,
(20.00%
Cash
or
20.00%
PIK),
01/30/28
(f)
(k)(p)
...................
9,762
9,298,063
Bristol-Myers
Squibb
Co.
4.25%,
10/26/49
............
3,285
2,687,475
5.65%,
02/22/64
............
2,847
2,789,444
Broadcom,
Inc.,
3.75%
,
02/15/51
(c)
..
5,738
4,291,370
Buckeye
Partners
LP,
3.95%
,
12/01/26
870
847,873
Builders
FirstSource,
Inc.,
6.38%
,
03/01/34
(c)
................
466
462,416
Caesars
Entertainment,
Inc.
(c)
8.13%,
07/01/27
............
1,078
1,085,591
4.63%,
10/15/29
............
5,520
5,073,607
6.00%,
10/15/32
............
3,745
3,497,341
California
Resources
Corp.,
8.25%
,
06/15/29
(c)
................
4,771
4,848,624
Calpine
Corp.
(c)
5.13%,
03/15/28
............
10,647
10,475,567
4.63%,
02/01/29
............
650
623,915
5.00%,
02/01/31
............
2,418
2,308,519
Camelot
Return
Merger
Sub,
Inc.,
8.75%
,
08/01/28
(c)
...........
958
789,153
Capital
One
Financial
Corp.,
(1-day
SOFR
+
2.04%),
6.18%
,
01/30/36
(a)
14,290
14,257,062
Cardinal
Health,
Inc.
4.70%,
11/15/26
............
3,000
3,012,361
5.00%,
11/15/29
............
1,800
1,814,709
Carlisle
Cos.,
Inc.,
3.75%
,
12/01/27
.
700
684,309
CCO
Holdings
LLC
5.50%,
05/01/26
(c)
...........
1,600
1,597,205
5.13%,
05/01/27
(c)
...........
800
787,951
6.38%,
09/01/29
(c)
...........
100
99,701
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.75%,
03/01/30
(c)
...........
USD
2,273
$
2,108,075
4.50%,
08/15/30
(c)
...........
4,030
3,668,538
4.25%,
02/01/31
(c)
...........
4,546
4,028,337
4.75%,
02/01/32
(c)
...........
3,095
2,748,034
4.50%,
05/01/32
............
102
88,542
4.50%,
06/01/33
(c)
...........
2,309
1,969,214
4.25%,
01/15/34
(c)
...........
16,131
13,267,747
Central
Parent,
Inc.,
7.25%
,
06/15/29
(c)
3,455
2,989,887
Century
Communities,
Inc.,
6.75%
,
06/01/27
.................
1,175
1,174,527
Charles
River
Laboratories
International,
Inc.
(c)
4.25%,
05/01/28
............
306
291,877
3.75%,
03/15/29
............
240
220,918
Charter
Communications
Operating
LLC
3.75%,
02/15/28
............
1,200
1,163,107
3.70%,
04/01/51
............
50,818
32,046,959
3.90%,
06/01/52
............
29,196
18,878,940
5.25%,
04/01/53
............
28,666
23,165,028
3.95%,
06/30/62
............
4,486
2,756,143
Chemours
Co.
(The)
(c)
4.63%,
11/15/29
............
3,309
2,824,415
8.00%,
01/15/33
............
1,817
1,699,045
Chesapeake
Energy
Corp.,
6.13%
,
02/15/21
(d)(e)(f)
..............
27,853
3
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
............
3,534
3,505,994
4.75%,
01/15/28
............
1,877
1,823,500
5.75%,
04/01/30
............
3,674
3,593,651
6.75%,
05/01/31
............
3,964
3,995,228
Cinemark
USA,
Inc.
(c)
5.25%,
07/15/28
............
347
336,768
7.00%,
08/01/32
............
3,143
3,172,654
Cintas
Corp.
No.
2,
3.70%
,
04/01/27
.
300
295,966
Citigroup
Global
Markets
Holdings,
Inc.
(b)
Series
MU0C,
0.00%,
03/02/28
(f)(i)
.
HKD
23,000
2,955,954
Series
1234,
0.00%,
10/10/28
(c)(i)(q)
USD
6,000
6,180,000
Series
gtmn,
7.12%,
06/20/31
(f)
..
13,000
13,310,180
6.20%,
12/20/31
(f)
...........
13,000
13,000,000
Citigroup,
Inc.
(3-mo.
EURIBOR
+
1.07%),
1.50%,
07/24/26
(a)(b)
.............
EUR
10,500
11,308,894
1.75%,
10/23/26
............
GBP
5,104
6,285,056
Series
EE,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.57%),
6.75%
(a)(o)
..
USD
13,235
13,087,112
Series
FF,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.73%),
6.95%
(a)(o)
..
68,211
68,014,402
(1-day
SOFR
+
1.15%),
2.67%,
01/29/31
(a)
..............
3,900
3,518,653
(1-day
SOFR
+
1.83%),
6.02%,
01/24/36
(a)
..............
33,925
34,249,015
4.65%,
07/23/48
............
5,499
4,685,024
(1-day
SOFR
+
1.75%),
5.61%,
03/04/56
(a)
..............
7,139
6,973,272
Civitas
Resources,
Inc.
(c)
5.00%,
10/15/26
............
8,626
8,499,921
8.38%,
07/01/28
............
6,992
7,215,652
8.63%,
11/01/30
............
6,029
6,219,949
Clarios
Global
LP
4.38%,
05/15/26
(b)
...........
EUR
5,382
5,809,605
6.25%,
05/15/26
(c)
...........
USD
1,249
1,248,539
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
6.75%,
05/15/28
(c)
...........
USD
3,140
$
3,184,231
6.75%,
02/15/30
(c)
...........
820
827,814
Clean
Harbors,
Inc.,
4.88%
,
07/15/27
(c)
49
48,306
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
9.00%,
09/15/28
............
2,291
2,353,004
7.88%,
04/01/30
............
4,175
4,093,355
Cleveland-Cliffs,
Inc.
(c)
7.00%,
03/15/32
............
3,091
2,966,025
7.38%,
05/01/33
............
1,644
1,577,475
Cloud
Software
Group,
Inc.
(c)
6.50%,
03/31/29
............
24,867
24,172,355
9.00%,
09/30/29
............
6,231
6,214,736
8.25%,
06/30/32
............
4,730
4,809,133
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
............
3,472
3,491,172
6.88%,
01/15/30
............
800
806,068
8.75%,
04/15/30
............
4,940
5,009,878
CMS
Energy
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.96%),
6.50%
,
06/01/55
(a)
................
9,408
9,167,903
CNX
Resources
Corp.,
6.00%
,
01/15/29
(c)
................
252
248,818
Coca-Cola
Co.
(The)
2.60%,
06/01/50
............
3,285
2,023,243
3.00%,
03/05/51
............
4,041
2,694,672
2.50%,
03/15/51
............
14,019
8,380,091
5.20%,
01/14/55
............
19,265
18,563,816
5.40%,
05/13/64
............
3,069
2,999,305
Coinbase
Global,
Inc.,
0.25%
,
04/01/30
(q)
................
10,000
9,245,000
Comcast
Corp.
2.35%,
01/15/27
............
100
96,636
3.55%,
09/26/36
............
EUR
4,270
4,473,123
2.94%,
11/01/56
............
USD
50,879
29,893,958
CommScope
LLC,
9.50%
,
12/15/31
(c)
4,665
4,804,950
Comstock
Resources,
Inc.
6.75%,
03/01/29
(c)
...........
4,824
4,697,139
Concentrix
Corp.,
6.65%
,
08/02/26
..
909
927,373
Consolidated
Communications,
Inc.
(c)
5.00%,
10/01/28
............
2,082
1,951,678
6.50%,
10/01/28
............
4,835
4,661,958
Constellium
SE,
5.38%
,
08/15/32
(b)
..
EUR
2,973
3,160,585
Consumers
Energy
Co.,
4.20%
,
09/01/52
.................
USD
4,140
3,364,178
Core
Scientific,
Inc.,
0.00%
,
06/15/31
(c)(i)
(q)
......................
2,123
1,779,339
Cornerstone
Building
Brands,
Inc.,
9.50%
,
08/15/29
(c)
...........
2,400
1,996,536
Crescent
Energy
Finance
LLC,
7.38%
,
01/15/33
(c)
................
7,205
6,947,200
Crown
Americas
LLC
4.75%,
02/01/26
............
187
185,556
4.25%,
09/30/26
............
197
193,157
Crown
Castle,
Inc.,
3.80%
,
02/15/28
.
1,200
1,167,733
CRSO
Trust,
7.12%
,
07/10/28
(c)
....
4,399
4,604,630
CSC
Holdings
LLC
(c)
5.50%,
04/15/27
............
15,472
14,324,249
11.25%,
05/15/28
...........
3,579
3,460,036
11.75%,
01/31/29
...........
7,101
6,886,852
6.50%,
02/01/29
............
5,900
4,882,250
4.50%,
11/15/31
............
4,075
2,954,901
CVR
Energy,
Inc.
(c)
5.75%,
02/15/28
............
900
838,866
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
8.50%,
01/15/29
............
USD
3,400
$
3,264,344
CVS
Health
Corp.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.52%),
6.75%,
12/10/54
....
8,065
8,029,473
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
7.00%,
03/10/55
....
33,170
33,431,689
Dana
Financing
Luxembourg
SARL
8.50%,
07/15/31
(b)
...........
EUR
6,292
7,326,004
Deere
&
Co.,
5.70%
,
01/19/55
.....
USD
3,894
4,055,711
Diamondback
Energy,
Inc.,
5.75%
,
04/18/54
.................
28,654
27,013,852
Diebold
Nixdorf,
Inc.,
7.75%
,
03/31/30
(c)
1,760
1,824,355
Digital
Realty
Trust
LP,
1.88%
,
11/15/29
(c)(q)
...............
7,021
6,952,896
DISH
Network
Corp.
(q)
0.00%,
12/15/25
(i)
...........
11,915
10,842,650
3.38%,
08/15/26
............
3,464
2,875,120
Duke
Energy
Corp.
4.30%,
03/15/28
............
1,400
1,391,218
3.10%,
06/15/28
............
EUR
8,834
9,566,217
Duke
Energy
Progress
LLC,
2.90%
,
08/15/51
.................
USD
1,655
1,041,185
EchoStar
Corp.,
10.75%
,
11/30/29
..
218
229,066
Edison
International,
6.25%
,
03/15/30
3,790
3,838,465
Elevance
Health,
Inc.
4.50%,
10/30/26
............
2,595
2,595,565
3.13%,
05/15/50
............
10,751
6,993,837
Eli
Lilly
&
Co.
5.05%,
08/14/54
............
4,095
3,869,214
5.50%,
02/12/55
............
3,069
3,107,373
1.38%,
09/14/61
............
EUR
11,715
6,300,425
5.60%,
02/12/65
............
USD
11,341
11,445,010
EMRLD
Borrower
LP,
6.38%
,
12/15/30
(b)
................
EUR
9,045
10,063,989
Encino
Acquisition
Partners
Holdings
LLC,
8.50%
,
05/01/28
(c)
.......
USD
3,369
3,425,084
Encompass
Health
Corp.
4.75%,
02/01/30
............
104
100,056
4.63%,
04/01/31
............
907
850,051
Endo
Finance
Holdings,
Inc.,
8.50%
,
04/15/31
(c)
................
4,593
4,788,322
Energizer
Holdings,
Inc.,
4.75%
,
06/15/28
(c)
................
3,862
3,697,417
Energy
Transfer
LP
4.00%,
10/01/27
............
800
787,880
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13%
(a)(o)
..
30,527
30,889,406
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.02%),
8.00%,
05/15/54
(a)
...
5,796
6,099,409
Enterprise
Products
Operating
LLC
(a)
Series
E,
(3-mo.
CME
Term
SOFR
+
3.29%),
5.25%,
08/16/77
....
3,178
3,128,972
(3-mo.
CME
Term
SOFR
+
2.83%),
5.38%,
02/15/78
..........
2,016
1,971,970
EQT
Corp.
(c)
7.50%,
06/01/27
(b)
...........
5,525
5,641,656
7.50%,
06/01/30
............
2,750
2,968,446
Equinix
Asia
Financing
Corp.
Pte.
Ltd.,
3.50%
,
03/15/30
(b)
...........
SGD
6,500
4,846,638
Equinix,
Inc.
3.00%,
07/15/50
............
USD
6,402
4,040,490
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
3.40%,
02/15/52
............
USD
780
$
529,197
EquipmentShare.com,
Inc.
(c)
9.00%,
05/15/28
............
1,856
1,922,862
8.63%,
05/15/32
............
3,516
3,624,187
ESC
Investments
&
Realty
Corp.,
Inc.,
6.63%
,
08/15/26
(d)(e)(f)
.........
1,665
—
Exo
Imaging,
Inc.,
(Acquired
08/14/24,
cost
$284,712),
8.00%
,
08/14/25
(f)(k)
285
395,834
Expand
Energy
Corp.,
5.38%
,
06/15/26
(d)(e)(f)
..............
4,795
—
Ferrellgas
LP,
5.38%
,
04/01/26
(c)
...
1,597
1,580,866
Fertitta
Entertainment
LLC,
4.63%
,
01/15/29
(c)
................
3,200
2,947,219
First
Citizens
BancShares,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.97%),
6.25%
,
03/12/40
(a)
...........
30,107
29,542,270
FirstCash,
Inc.,
6.88%
,
03/01/32
(c)
..
190
192,366
Fiserv,
Inc.,
2.25%
,
07/01/25
......
GBP
3,800
4,874,918
Five
Point
Operating
Co.
LP,
10.50%
,
01/15/28
(c)(h)
...............
USD
9,356
9,529,291
Florida
Power
&
Light
Co.
3.99%,
03/01/49
............
7,000
5,558,264
5.70%,
03/15/55
............
11,407
11,646,187
5.80%,
03/15/65
............
2,506
2,564,242
FLYR,
Inc.,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
9.35%
,
05/10/27
(a)(f)
................
12,353
12,090,759
Focus
Financial
Partners
LLC,
6.75%
,
09/15/31
(c)
................
2,621
2,584,768
Ford
Motor
Credit
Co.
LLC
3.38%,
11/13/25
............
5,000
4,940,312
5.78%,
04/30/30
............
GBP
790
1,000,650
6.05%,
11/05/31
............
USD
800
783,771
Forestar
Group,
Inc.,
5.00%
,
03/01/28
(c)
5,349
5,233,989
Fortress
Transportation
&
Infrastructure
Investors
LLC
(c)
7.00%,
05/01/31
............
85
86,362
7.00%,
06/15/32
............
999
1,013,041
Foundry
JV
Holdco
LLC
(c)
5.88%,
01/25/34
............
22,874
22,928,371
6.25%,
01/25/35
............
6,827
7,090,159
6.10%,
01/25/36
............
10,966
11,226,912
6.20%,
01/25/37
............
23,950
24,683,841
Freedom
Mortgage
Corp.
(c)
7.63%,
05/01/26
............
1,209
1,205,710
12.00%,
10/01/28
...........
2,407
2,585,409
12.25%,
10/01/30
...........
3,651
4,022,789
Freedom
Mortgage
Holdings
LLC,
8.38%
,
04/01/32
(c)
...........
868
848,123
Frontier
Communications
Holdings
LLC
5.88%,
10/15/27
(c)
...........
1,262
1,260,578
5.00%,
05/01/28
(c)
...........
9,146
9,023,782
6.75%,
05/01/29
(c)
...........
8,200
8,241,231
5.88%,
11/01/29
............
1,385
1,385,133
6.00%,
01/15/30
(c)
...........
1,320
1,322,920
8.75%,
05/15/30
(c)
...........
30,128
31,737,799
8.63%,
03/15/31
(c)
...........
9,270
9,874,125
Frontier
Florida
LLC,
Series
E,
6.86%
,
02/01/28
.................
21,280
21,705,600
Frontier
North,
Inc.,
Series
G,
6.73%
,
02/15/28
.................
4,850
4,928,806
Full
House
Resorts,
Inc.,
8.25%
,
02/15/28
(c)
................
2,412
2,383,617
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Gap,
Inc.
(The),
3.88%
,
10/01/31
(c)
..
USD
1,095
$
944,540
Gen
Digital,
Inc.,
6.75%
,
09/30/27
(c)
.
3,797
3,843,658
General
Electric
Co.,
4.13%
,
09/19/35
(b)
EUR
4,610
5,168,233
General
Motors
Co.,
5.95%
,
04/01/49
USD
5,376
4,925,006
General
Motors
Financial
Co.,
Inc.
(b)
5.15%,
08/15/26
............
GBP
6,800
8,788,415
4.50%,
11/22/27
............
EUR
2,697
3,025,378
GFL
Environmental,
Inc.
(c)
4.00%,
08/01/28
............
USD
741
704,237
4.38%,
08/15/29
............
1,422
1,341,296
Gilead
Sciences,
Inc.,
5.55%
,
10/15/53
7,446
7,410,716
Global
Partners
LP,
8.25%
,
01/15/32
(c)
3,191
3,280,226
GLP
Capital
LP,
4.00%
,
01/15/31
...
3,678
3,428,725
Goldman
Sachs
Finance
Corp.
International
Ltd.
(i)(q)
Series
700,
0.00%,
03/15/27
(b)
...
4,000
5,640,000
Series
1MTN,
0.00%,
05/10/27
(b)
.
3,000
4,104,132
Series
1MTN,
0.00%,
02/28/28
(f)
..
2,900
2,884,340
Series
700H,
0.00%,
03/13/28
(b)
..
20,700
20,493,000
Series
1MTN,
0.00%,
04/04/28
(b)
.
4,000
4,006,049
Goldman
Sachs
Group,
Inc.
(The)
7.25%,
04/10/28
............
GBP
3,332
4,572,537
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.46%),
6.85%
(a)(o)
.........
USD
1,000
1,012,497
(1-day
SOFR
+
1.14%),
4.69%,
10/23/30
(a)
..............
9,234
9,177,242
(1-day
SOFR
+
1.70%),
5.73%,
01/28/56
(a)
..............
42,045
41,876,705
Goodyear
Europe
BV,
2.75%
,
08/15/28
(b)
................
EUR
1,977
1,990,227
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%,
05/31/26
............
USD
2,000
1,983,916
5.00%,
07/15/29
............
606
562,117
5.25%,
04/30/31
............
882
795,610
5.63%,
04/30/33
............
2,104
1,879,362
GoTo
Group,
Inc.
5.50%,
05/01/28
(c)
...........
12,681
8,415,827
Grand
Canyon
University,
5.13%
,
10/01/28
.................
8,775
8,295,519
Graphic
Packaging
International
LLC
(c)
3.50%,
03/15/28
............
523
492,134
3.75%,
02/01/30
............
675
616,762
6.38%,
07/15/32
............
417
417,951
Gray
Media,
Inc.,
10.50%
,
07/15/29
(c)
3,291
3,428,729
GS
Finance
Corp.,
(10-Year
USD
Constant
Maturity
at
0.00%
Floor
and
5.00%
Cap
+
0.00%),
8.75%
,
02/14/30
(a)
................
96,020
98,226,540
Hanesbrands,
Inc.,
9.00%
,
02/15/31
(c)
8,552
9,011,383
HCA,
Inc.
3.50%,
07/15/51
............
10,986
7,244,466
4.63%,
03/15/52
............
40,161
31,972,751
Helios
Software
Holdings,
Inc.
7.88%,
05/01/29
(b)
...........
EUR
18,037
19,793,619
Hilcorp
Energy
I
LP
(c)
6.25%,
11/01/28
............
USD
69
68,935
6.00%,
04/15/30
............
2
1,902
8.38%,
11/01/33
............
771
790,102
6.88%,
05/15/34
............
1,477
1,389,091
7.25%,
02/15/35
............
1,637
1,563,330
Hilton
Domestic
Operating
Co.,
Inc.
(c)
5.75%,
05/01/28
............
800
799,866
3.63%,
02/15/32
............
544
476,812
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
6.13%,
04/01/32
............
USD
1,714
$
1,720,522
5.88%,
03/15/33
............
1,069
1,058,457
Hilton
Grand
Vacations
Borrower
LLC
(c)
5.00%,
06/01/29
............
1,057
990,598
4.88%,
07/01/31
............
2,601
2,283,533
Hilton
Worldwide
Finance
LLC,
4.88%
,
04/01/27
.................
340
337,174
Hologic,
Inc.
(c)
4.63%,
02/01/28
............
100
97,907
3.25%,
02/15/29
............
100
92,247
Home
Depot,
Inc.
(The)
4.88%,
06/25/27
............
900
912,655
3.90%,
06/15/47
............
3,285
2,604,489
3.35%,
04/15/50
............
8,100
5,703,596
2.75%,
09/15/51
............
3,285
2,025,957
3.50%,
09/15/56
............
9,220
6,452,809
Homes
By
West
Bay
LLC,
11.00%
,
02/06/30
(f)
.................
80,958
80,958,000
Honeywell
International,
Inc.,
2.25%
,
02/22/28
.................
EUR
14,900
15,922,931
Howard
Hughes
Corp.
(The),
5.38%
,
08/01/28
(c)
................
USD
7,523
7,299,493
Howard
Midstream
Energy
Partners
LLC,
8.88%
,
07/15/28
(c)
.......
88
91,756
HUB
International
Ltd.,
7.25%
,
06/15/30
(c)
................
8,617
8,875,562
Hyundai
Capital
America
(a)(b)
(1-day
SOFR
+
1.04%),
5.39%,
03/19/27
...............
10,000
10,004,404
(1-day
SOFR
+
1.04%),
5.40%,
06/24/27
...............
10,000
10,015,821
(1-day
SOFR
at
0.00%
Floor
+
1.35%),
5.69%,
03/27/30
....
12,000
11,953,440
Intel
Corp.,
4.90%
,
08/05/52
......
12,500
10,245,840
IQVIA,
Inc.
(c)
5.00%,
05/15/27
............
2,681
2,642,897
6.50%,
05/15/30
............
300
305,331
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%
,
07/15/32
(c)
.
1,838
1,697,034
Iron
Mountain
UK
plc,
3.88%
,
11/15/25
(b)
................
GBP
3,868
4,927,395
Iron
Mountain,
Inc.
(c)
5.25%,
03/15/28
............
USD
934
912,743
7.00%,
02/15/29
............
951
972,611
4.88%,
09/15/29
............
143
136,496
4.50%,
02/15/31
............
1,850
1,695,871
6.25%,
01/15/33
............
1,553
1,538,032
ITT
Holdings
LLC,
6.50%
,
08/01/29
(c)
2,785
2,569,250
J.P.
Morgan
Structured
Products
BV
(b)(f)
10.00%,
05/21/26
...........
14,634
14,909,017
13.00%,
02/03/28
...........
18,008
18,283,631
Jackson
National
Life
Global
Funding,
4.60%
,
10/01/29
(c)
...........
1,000
988,999
Jefferies
Finance
LLC,
5.00%
,
08/15/28
(c)
................
1,517
1,426,200
Jefferies
GmbH
(a)(b)
(ESTR3MA
at
0.00%
Floor
+
0.80%),
3.90%,
07/22/26
....
EUR
9,000
9,724,401
(ESTR12MA
+
1.45%),
3.37%,
02/06/28
...............
11,500
12,474,742
JetBlue
Airways
Corp.,
9.88%
,
09/20/31
(c)
................
USD
3,740
3,691,722
Johnson
&
Johnson
1.65%,
05/20/35
............
EUR
1,571
1,457,247
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
3.35%,
02/26/37
............
EUR
5,024
$
5,317,202
JP
Morgan
Structured
Products
BV,
10.00%
,
05/21/26
(b)(f)
.........
USD
10,022
10,210,009
JPMorgan
Chase
&
Co.
(Sterling
Overnight
Index
Average
+
0.68%),
0.99%,
04/28/26
(a)(b)
..
GBP
19,206
24,728,373
3.63%,
12/01/27
............
USD
1,000
980,839
Series
OO,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.15%),
6.50%
(a)(o)
..
1,000
1,023,443
(1-day
SOFR
+
1.46%),
5.29%,
07/22/35
(a)
..............
1,900
1,907,595
(1-day
SOFR
+
2.44%),
3.11%,
04/22/51
(a)
..............
11,216
7,467,716
KeHE
Distributors
LLC,
9.00%
,
02/15/29
(c)
................
3,034
3,120,789
KeyCorp,
(SOFR
Index
+
2.42%),
6.40%
,
03/06/35
(a)
...........
24,795
26,193,942
Kraft
Heinz
Foods
Co.,
4.13%
,
07/01/27
(b)
................
GBP
1,960
2,499,888
Kronos
International,
Inc.
(b)
3.75%,
09/15/25
............
EUR
1,305
1,398,084
9.50%,
03/15/29
............
10,990
12,832,003
LABL,
Inc.
(c)
5.88%,
11/01/28
............
USD
2,846
2,239,685
8.63%,
10/01/31
............
1,612
1,200,940
Lamar
Media
Corp.
3.75%,
02/15/28
............
643
611,846
4.88%,
01/15/29
............
3,084
2,998,733
Lamb
Weston
Holdings,
Inc.,
4.38%
,
01/31/32
(c)
................
630
575,478
Landsea
Homes
Corp.,
11.00%
,
07/17/28
(f)
.................
78,968
82,624,218
LCM
Investments
Holdings
II
LLC
(c)
4.88%,
05/01/29
............
2,121
1,990,339
8.25%,
08/01/31
............
933
968,348
Lessen
LLC,
(3-mo.
CME
Term
SOFR
+
8.50%),
13.40%
,
01/05/28
(a)(c)(f)
...
43,290
40,315,876
Level
3
Financing,
Inc.
(c)
10.50%,
04/15/29
...........
5,035
5,538,500
10.50%,
05/15/30
...........
5,462
5,852,498
10.00%,
10/15/32
...........
12,273
12,222,446
LGI
Homes,
Inc.
(c)
8.75%,
12/15/28
............
6,472
6,744,976
7.00%,
11/15/32
............
9,350
8,842,295
LifePoint
Health,
Inc.,
8.38%
,
02/15/32
(c)
................
3,928
3,954,942
Light
&
Wonder
International,
Inc.
(c)
7.00%,
05/15/28
............
569
568,763
7.25%,
11/15/29
............
1,961
1,987,850
7.50%,
09/01/31
............
5,912
6,056,123
Lions
Gate
Capital
Holdings
1,
Inc.,
5.50%
,
04/15/29
(c)
...........
34,686
32,181,477
Lions
Gate
Capital
Holdings
LLC,
5.50%
,
04/15/29
(c)
...........
2,437
1,975,566
Lithia
Motors,
Inc.,
4.63%
,
12/15/27
(c)
205
198,564
Live
Nation
Entertainment,
Inc.,
4.75%
,
10/15/27
(c)
................
5,597
5,456,163
Lowe's
Cos.,
Inc.
3.00%,
10/15/50
............
12,400
7,753,315
3.50%,
04/01/51
............
4,043
2,784,506
4.25%,
04/01/52
............
9,224
7,214,992
5.63%,
04/15/53
............
23,275
22,467,624
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Macy's
Retail
Holdings
LLC,
5.88%
,
04/01/29
(c)
................
USD
990
$
960,392
Magnera
Corp.
(c)
4.75%,
11/15/29
............
3,912
3,467,660
7.25%,
11/15/31
............
907
882,157
Manufacturers
&
Traders
Trust
Co.,
4.70%
,
01/27/28
............
800
801,179
Mars,
Inc.
(c)
4.55%,
04/20/28
............
1,500
1,505,057
4.65%,
04/20/31
............
100
99,540
5.70%,
05/01/55
............
25,893
25,871,111
5.80%,
05/01/65
............
2,927
2,934,069
Massachusetts
Institute
of
Technology,
3.96%
,
07/01/38
............
8,375
7,678,171
Matador
Resources
Co.,
6.88%
,
04/15/28
(c)
................
368
372,652
Match
Group
Holdings
II
LLC
(c)
5.00%,
12/15/27
............
70
68,616
4.13%,
08/01/30
............
334
299,335
Mauser
Packaging
Solutions
Holding
Co.,
7.88%
,
04/15/27
(c)
........
10,246
10,041,080
McGraw-Hill
Education,
Inc.
(c)
5.75%,
08/01/28
............
1,485
1,449,998
7.38%,
09/01/31
............
1,996
2,007,020
Medline
Borrower
LP
(c)
3.88%,
04/01/29
............
4,700
4,393,247
6.25%,
04/01/29
............
512
518,517
5.25%,
10/01/29
............
3,947
3,787,436
Medtronic
Global
Holdings
SCA
1.75%,
07/02/49
............
EUR
12,960
8,868,537
1.63%,
10/15/50
............
21,527
13,992,474
Merck
&
Co.,
Inc.,
5.15%
,
05/17/63
..
USD
3,069
2,857,534
Meta
Platforms,
Inc.
3.85%,
08/15/32
............
2,977
2,815,720
4.45%,
08/15/52
............
8,410
7,160,034
5.60%,
05/15/53
............
24,988
25,191,154
5.40%,
08/15/54
............
54,193
53,098,613
5.75%,
05/15/63
............
3,069
3,116,409
5.55%,
08/15/64
............
2,851
2,805,098
MetLife,
Inc.,
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.08%),
6.35%
,
03/15/55
(a)
................
15,010
15,039,420
MGM
Resorts
International
4.63%,
09/01/26
............
100
98,853
6.50%,
04/15/32
............
1,311
1,285,553
Microsoft
Corp.
2.53%,
06/01/50
............
20,726
12,983,355
2.50%,
09/15/50
............
9,405
5,842,708
Midwest
Gaming
Borrower
LLC,
4.88%
,
05/01/29
(c)
................
5,183
4,864,349
Molina
Healthcare,
Inc.
(c)
3.88%,
05/15/32
............
850
745,731
6.25%,
01/15/33
............
229
225,379
Morgan
Stanley
1.38%,
10/27/26
............
EUR
2,093
2,222,809
(3-mo.
EURIBOR
+
0.65%),
3.11%,
03/19/27
(a)
..............
23,200
25,153,654
(1-day
SOFR
+
1.10%),
4.65%,
10/18/30
(a)
..............
USD
19,665
19,506,516
(1-day
SOFR
+
4.84%),
5.60%,
03/24/51
(a)
..............
4,976
4,903,888
(1-day
SOFR
+
1.43%),
2.80%,
01/25/52
(a)
..............
12,014
7,436,685
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(1-day
SOFR
+
1.71%),
5.52%,
11/19/55
(a)
..............
USD
17,748
$
17,337,998
Morgan
Stanley
Bank
NA,
(1-day
SOFR
+
0.68%),
4.45%
,
10/15/27
(a)
....
250
249,686
Morgan
Stanley
Finance
LLC,
Series
0001,
0.00%
,
03/21/28
(b)(i)(q)
.....
3,500
3,442,939
Motorola
Solutions,
Inc.,
4.60%
,
02/23/28
.................
1,800
1,806,059
MPLX
LP
4.25%,
12/01/27
............
1,200
1,189,416
4.70%,
04/15/48
............
9,200
7,528,580
MSD
Netherlands
Capital
BV,
3.75%
,
05/30/54
.................
EUR
18,568
18,324,324
National
Grid
North
America,
Inc.
(b)
1.05%,
01/20/31
............
3,423
3,239,369
4.67%,
09/12/33
............
11,242
12,839,298
3.72%,
11/25/34
............
999
1,057,098
Nationstar
Mortgage
Holdings,
Inc.
(c)
6.00%,
01/15/27
............
USD
2,667
2,665,597
5.50%,
08/15/28
............
1,255
1,244,733
5.13%,
12/15/30
............
4,581
4,569,257
7.13%,
02/01/32
............
402
417,584
NCL
Corp.
Ltd.
(c)
7.75%,
02/15/29
............
967
1,007,823
6.75%,
02/01/32
............
7,523
7,431,240
NCL
Finance
Ltd.,
6.13%
,
03/15/28
(c)
600
598,080
NCR
Atleos
Corp.,
9.50%
,
04/01/29
(c)
12,840
13,922,476
NCR
Voyix
Corp.
(c)
5.00%,
10/01/28
............
2,603
2,504,660
5.13%,
04/15/29
............
360
342,869
Neogen
Food
Safety
Corp.,
8.63%
,
07/20/30
(c)
................
2,639
2,778,595
Nestle
Finance
International
Ltd.,
3.13%
,
10/28/36
(b)
...........
EUR
19,913
20,566,112
Netflix,
Inc.,
3.63%
,
05/15/27
......
12,263
13,537,977
New
Generation
Gas
Gathering
LLC,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
5.75%),
10.34%
,
09/30/29
(a)
(c)(f)
......................
USD
24,553
24,184,891
New
York
Life
Global
Funding,
4.35%
,
09/16/25
(b)
................
GBP
3,899
5,023,569
Newell
Brands,
Inc.
6.38%,
05/15/30
............
USD
193
187,757
6.63%,
05/15/32
............
966
938,418
Nexstar
Media,
Inc.
(c)
5.63%,
07/15/27
............
3,664
3,609,505
4.75%,
11/01/28
............
1,691
1,583,575
NGL
Energy
Operating
LLC
(c)
8.13%,
02/15/29
............
380
382,655
8.38%,
02/15/32
............
3,694
3,701,922
Northern
Oil
&
Gas,
Inc.,
8.75%
,
06/15/31
(c)
................
2,797
2,852,817
Novelis
Corp.
(c)
3.25%,
11/15/26
............
1,351
1,306,067
4.75%,
01/30/30
............
441
409,160
NRG
Energy,
Inc.
(c)
3.38%,
02/15/29
............
950
872,250
3.63%,
02/15/31
............
2,524
2,235,399
6.25%,
11/01/34
............
1,538
1,514,022
Nuveen
LLC,
4.00%
,
11/01/28
(c)
....
1,400
1,375,424
NVIDIA
Corp.,
3.70%
,
04/01/60
....
3,328
2,492,948
Ohio
Power
Co.,
Series
R,
2.90%
,
10/01/51
.................
3,800
2,356,699
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
OI
European
Group
BV
(b)
6.25%,
05/15/28
............
EUR
2,349
$
2,606,648
5.25%,
06/01/29
............
2,255
2,452,962
Olympus
Water
US
Holding
Corp.
7.13%,
10/01/27
(c)
...........
USD
3,940
3,938,445
4.25%,
10/01/28
(c)
...........
3,355
3,100,243
9.63%,
11/15/28
(b)
...........
EUR
12,553
14,133,604
9.75%,
11/15/28
(c)
...........
USD
11,730
12,178,262
5.38%,
10/01/29
(b)
...........
EUR
2,234
2,216,739
OneMain
Finance
Corp.,
7.13%
,
11/15/31
..................
USD
1,825
1,835,848
ONEOK,
Inc.,
4.00%
,
07/13/27
.....
100
98,776
OPENLANE,
Inc.,
5.13%
,
06/01/25
(c)
.
117
116,371
Oracle
Corp.
4.30%,
07/08/34
............
200
186,023
4.00%,
07/15/46
............
3,000
2,294,285
3.60%,
04/01/50
............
24,057
16,714,051
5.55%,
02/06/53
............
30,875
28,857,584
5.50%,
09/27/64
............
7,677
6,959,370
Organon
&
Co.
2.88%,
04/30/28
(b)
...........
EUR
4,000
4,114,061
5.13%,
04/30/31
(c)
...........
USD
8,395
7,319,641
7.88%,
05/15/34
(c)
...........
1,015
985,238
OT
Midco,
Inc.,
10.00%
,
02/15/30
(c)
..
12,708
10,941,055
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
............
1,540
1,513,588
4.25%,
01/15/29
............
3,499
3,244,878
4.63%,
03/15/30
............
1,174
1,073,330
Owens-Brockway
Glass
Container,
Inc.
(c)
6.63%,
05/13/27
............
300
298,357
7.25%,
05/15/31
............
4,205
4,105,131
Pacific
Gas
&
Electric
Co.
5.55%,
05/15/29
............
11,425
11,580,953
4.95%,
07/01/50
............
6,467
5,400,158
5.25%,
03/01/52
............
2,772
2,391,227
5.90%,
10/01/54
............
15,926
15,083,866
Packaging
Corp.
of
America,
3.40%
,
12/15/27
.................
100
97,155
Pactiv
Evergreen
Group
Issuer
LLC,
4.38%
,
10/15/28
(c)
...........
307
313,717
Palomino
Funding
Trust
I,
7.23%
,
05/17/28
(c)
................
4,440
4,675,446
Panther
Escrow
Issuer
LLC,
7.13%
,
06/01/31
(c)
................
5,967
6,079,963
Paramount
Global
7.88%,
07/30/30
............
9,765
10,727,442
6.25%,
02/28/57
(a)
...........
386
368,964
Park
Intermediate
Holdings
LLC
(c)
5.88%,
10/01/28
............
1,624
1,584,845
4.88%,
05/15/29
............
12,862
12,004,412
PBF
Holding
Co.
LLC
(c)
9.88%,
03/15/30
............
1,033
977,059
7.88%,
09/15/30
............
1,155
1,011,531
PennyMac
Financial
Services,
Inc.,
7.88%
,
12/15/29
(c)
...........
387
402,597
Penske
Truck
Leasing
Co.
LP,
5.25%
,
07/01/29
(c)
................
2,100
2,125,677
Performance
Food
Group,
Inc.
(c)
5.50%,
10/15/27
............
1,427
1,413,365
4.25%,
08/01/29
............
6,439
6,021,350
Permian
Resources
Operating
LLC
(c)
5.38%,
01/15/26
............
14,007
13,945,578
8.00%,
04/15/27
............
9,512
9,691,754
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Perrigo
Finance
Unlimited
Co.,
5.38%
,
09/30/32
.................
EUR
1,840
$
2,018,415
PetSmart,
Inc.,
4.75%
,
02/15/28
(c)
...
USD
2,200
2,057,521
Pfizer
Investment
Enterprises
Pte.
Ltd.
5.11%,
05/19/43
............
1,393
1,328,476
5.30%,
05/19/53
............
3,069
2,913,934
5.34%,
05/19/63
............
11,349
10,566,306
Pfizer,
Inc.,
3.90%
,
03/15/39
......
3,040
2,623,369
PG&E
Corp.
5.25%,
07/01/30
............
100
95,999
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.88%),
7.38%,
03/15/55
(a)
...
7,553
7,423,482
Pike
Corp.
(c)
5.50%,
09/01/28
............
400
387,004
8.63%,
01/31/31
............
400
421,522
Pilgrim's
Pride
Corp.,
6.25%
,
07/01/33
11,954
12,374,028
Pioneer
Midco
LLC,
10.50%
,
11/18/30
(a)
(c)(f)
......................
35,382
35,870,263
Pitney
Bowes,
Inc.,
6.88%
,
03/15/27
(c)
15,410
15,390,662
PNC
Financial
Services
Group,
Inc.
(The),
(1-day
SOFR
+
1.39%),
5.58%
,
01/29/36
(a)
...........
11,975
12,187,794
Post
Holdings,
Inc.
(c)
5.50%,
12/15/29
............
3,031
2,946,106
4.63%,
04/15/30
............
519
484,675
4.50%,
09/15/31
............
344
311,558
6.38%,
03/01/33
............
1,481
1,456,290
6.25%,
10/15/34
............
3,030
2,983,225
Premier
Entertainment
Sub
LLC
(c)
5.63%,
09/01/29
............
836
614,460
5.88%,
09/01/31
............
733
485,613
Prestige
Brands,
Inc.
(c)
5.13%,
01/15/28
............
1,886
1,853,759
3.75%,
04/01/31
............
3,767
3,378,542
Prime
Security
Services
Borrower
LLC,
6.25%
,
01/15/28
(c)
...........
5,106
5,110,008
Prologis
LP,
3.25%
,
09/11/29
(b)
.....
CNY
97,000
13,499,266
Public
Service
Electric
&
Gas
Co.
5.30%,
08/01/54
............
USD
23,705
22,817,362
Series
Q,
5.50%,
03/01/55
.....
1,852
1,825,602
Quikrete
Holdings,
Inc.,
6.75%
,
03/01/33
(c)
................
7,758
7,722,701
Resorts
World
Las
Vegas
LLC,
4.63%
,
04/16/29
(b)
................
6,000
5,338,200
Reworld
Holding
Corp.
4.88%,
12/01/29
(c)
...........
4,693
4,365,021
5.00%,
09/01/30
............
13
12,042
RingCentral,
Inc.,
8.50%
,
08/15/30
(c)
.
19,845
20,860,468
Riot
Platforms,
Inc.,
0.75%
,
01/15/30
(c)(q)
8,734
6,732,764
RLJ
Lodging
Trust
LP,
3.75%
,
07/01/26
(c)
................
327
319,704
Rockies
Express
Pipeline
LLC,
3.60%
,
05/15/25
(c)
................
375
373,509
RR
Donnelley
&
Sons
Co.
(c)
9.50%,
08/01/29
............
2,316
2,294,001
10.88%,
08/01/29
...........
1,592
1,550,408
RTX
Corp.,
2.15%
,
05/18/30
......
EUR
8,700
8,866,691
Ryan
Specialty
LLC,
5.88%
,
08/01/32
(c)
USD
847
836,568
Sabre
GLBL,
Inc.
(c)
8.63%,
06/01/27
............
10,160
10,054,163
10.75%,
11/15/29
...........
21,892
22,051,304
SBA
Communications
Corp.
3.88%,
02/15/27
............
2,695
2,620,803
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
3.13%,
02/01/29
............
USD
2,680
$
2,445,923
SCIH
Salt
Holdings,
Inc.,
4.88%
,
05/01/28
(c)
................
4,141
3,938,744
SCIL
IV
LLC
(b)
4.38%,
11/01/26
............
EUR
2,376
2,553,774
(3-mo.
EURIBOR
at
4.38%
Floor
+
4.38%),
6.98%,
11/01/26
(a)
...
2,347
2,525,122
9.50%,
07/15/28
............
6,719
7,619,073
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
............
USD
2,495
2,188,597
4.38%,
02/01/32
............
1,158
1,017,475
Seagate
HDD
Cayman
8.25%,
12/15/29
(c)
...........
9,442
10,039,302
8.50%,
07/15/31
(c)
...........
5,561
5,906,123
9.63%,
12/01/32
............
11,980
13,473,990
Sealed
Air
Corp.
(c)
6.13%,
02/01/28
............
204
204,294
5.00%,
04/15/29
............
460
446,761
7.25%,
02/15/31
............
736
761,871
Select
Medical
Corp.,
6.25%
,
12/01/32
(c)
................
10,607
10,334,812
Sempra
Infrastructure
Partners
LP,
3.25%
,
01/15/32
(c)
...........
200
168,989
Sensata
Technologies
BV,
5.88%
,
09/01/30
(c)
................
224
216,149
Sensata
Technologies,
Inc.
(c)
3.75%,
02/15/31
............
52
45,403
6.63%,
07/15/32
............
774
766,185
Service
Corp.
International
3.38%,
08/15/30
............
150
133,678
4.00%,
05/15/31
............
464
420,254
5.75%,
10/15/32
............
818
803,878
Service
Properties
Trust
5.50%,
12/15/27
............
3,567
3,440,677
8.38%,
06/15/29
............
22,589
22,579,034
8.63%,
11/15/31
(c)
...........
5,230
5,517,201
8.88%,
06/15/32
............
25,357
25,093,670
Sinclair
Television
Group,
Inc.
(c)
4.38%,
12/31/32
............
2,061
1,277,787
8.13%,
02/15/33
............
1,469
1,449,587
Sirius
XM
Radio
LLC
(c)
3.13%,
09/01/26
............
610
590,976
5.00%,
08/01/27
............
1,946
1,901,318
4.13%,
07/01/30
............
1,517
1,347,463
3.88%,
09/01/31
............
4,021
3,446,304
Sitio
Royalties
Operating
Partnership
LP,
7.88%
,
11/01/28
(c)
.........
5,259
5,413,157
Six
Flags
Entertainment
Corp.
5.38%,
04/15/27
............
3,442
3,398,383
5.50%,
04/15/27
(c)
...........
1,566
1,549,767
5.25%,
07/15/29
............
4,495
4,253,559
7.25%,
05/15/31
(c)
...........
3,757
3,771,479
SM
Energy
Co.
6.75%,
09/15/26
............
112
111,949
6.75%,
08/01/29
(c)
...........
2,575
2,536,647
7.00%,
08/01/32
(c)
...........
291
285,592
Snap,
Inc.,
6.88%
,
03/01/33
(c)
.....
1,894
1,893,857
Solventum
Corp.
5.40%,
03/01/29
............
12,600
12,853,404
5.90%,
04/30/54
............
28,300
27,991,261
Sonder
Corp.,
10.00%
,
12/10/27
(f)
...
4,700
4,465,124
Sonder
Holdings,
Inc.,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
9.00%),
13.
36
%
,
(13.36%
Cash
or
13.59%
PIK),
12/10/27
(a)(f)
(p)
.....
36,831
34,989,838
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Southern
California
Edison
Co.
Series
E,
5.45%,
06/01/52
......
USD
2,604
$
2,339,667
5.90%,
03/01/55
............
27,030
26,028,271
Spectrum
Brands,
Inc.,
3.88%
,
03/15/31
(c)
................
2,723
2,319,405
Spirit
AeroSystems,
Inc.
(c)
9.38%,
11/30/29
............
12,155
12,966,673
9.75%,
11/15/30
............
30,275
33,418,870
Spirit
Airlines
Pass-Through
Trust
Series
2015-1,Class
A,
4.10%,
04/01/28
(d)(e)
.............
363
338,336
Series
2017-1,Class
AA,
3.38%,
02/15/30
...............
4,064
3,669,355
Series
2017-1A,Class
A,
3.65%,
08/15/31
(d)(e)
.............
10,665
9,480,976
Sprint
Spectrum
Co.
LLC,
5.15%
,
03/20/28
(c)
................
1,107
1,109,592
SS&C
Technologies,
Inc.
(c)
5.50%,
09/30/27
............
5,355
5,314,495
6.50%,
06/01/32
............
3,702
3,742,021
Stagwell
Global
LLC,
5.63%
,
08/15/29
(c)
2,559
2,436,958
Standard
Building
Solutions,
Inc.,
6.50%
,
08/15/32
(c)
...........
357
356,894
Standard
Industries,
Inc.
(c)
4.38%,
07/15/30
............
1,789
1,650,816
3.38%,
01/15/31
............
21
18,259
Star
Parent,
Inc.,
9.00%
,
10/01/30
(c)
.
4,371
4,308,299
Starwood
Property
Trust,
Inc.,
3.63%
,
07/15/26
(c)
................
723
700,537
State
Street
Corp.,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
5.56%
,
06/15/47
(a)
...........
30,841
27,912,821
Station
Casinos
LLC
(c)
4.50%,
02/15/28
............
202
193,478
6.63%,
03/15/32
............
3,423
3,394,955
Stellantis
NV,
3.38%
,
11/19/28
(b)
....
EUR
22,600
24,510,032
Stem,
Inc.,
0.50%
,
12/01/28
(c)(q)
....
USD
1,234
320,837
STL
Holding
Co.
LLC,
8.75%
,
02/15/29
(c)
................
4,671
4,793,983
Suburban
Propane
Partners
LP,
5.00%
,
06/01/31
(c)
................
1,332
1,202,560
Sun
Country
Airlines
Pass-Through
Trusts,
Series
2022-1A,
4.84%
,
03/15/31
(f)
.................
6,324
6,181,573
Sun
Country,
Inc.,
Series
2019-1B,
4.70%
,
12/15/25
(f)
...........
1,874
1,851,048
Synchrony
Financial
5.15%,
03/19/29
............
19,294
19,204,328
7.25%,
02/02/33
............
18,669
19,217,867
Synopsys,
Inc.,
5.70%
,
04/01/55
...
7,010
6,960,319
Talen
Energy
Supply
LLC,
8.63%
,
06/01/30
(c)
................
7,935
8,416,670
Tallgrass
Energy
Partners
LP
(c)
6.00%,
03/01/27
............
450
447,599
5.50%,
01/15/28
............
1,735
1,688,647
7.38%,
02/15/29
............
2,689
2,702,394
6.00%,
09/01/31
............
538
508,602
Talos
Production,
Inc.
(c)
9.00%,
02/01/29
............
1,091
1,121,047
9.38%,
02/01/31
............
2,449
2,491,762
TEGNA,
Inc.
4.75%,
03/15/26
(c)
...........
111
109,631
5.00%,
09/15/29
............
1,203
1,116,635
Teleflex,
Inc.,
4.63%
,
11/15/27
.....
100
97,718
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Tenet
Healthcare
Corp.
6.13%,
10/01/28
............
USD
4,906
$
4,883,554
4.25%,
06/01/29
............
10,624
10,008,816
Tenneco,
Inc.,
8.00%
,
11/17/28
(c)
...
14,666
13,987,613
Texas
Capital
Bancshares,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.15%),
4.00%
,
05/06/31
(a)
...........
15,257
14,845,728
Thermo
Fisher
Scientific
Finance
I
BV,
2.00%
,
10/18/51
............
EUR
3,231
2,252,026
T-Mobile
USA,
Inc.
2.05%,
02/15/28
............
USD
200
186,797
3.80%,
02/11/45
............
EUR
14,710
14,630,888
3.40%,
10/15/52
............
USD
24,120
16,300,724
5.75%,
01/15/54
............
12,970
12,833,624
Toyota
Motor
Credit
Corp.,
5.40%
,
11/20/26
..................
900
915,822
TransDigm,
Inc.
5.50%,
11/15/27
............
6,983
6,904,081
4.63%,
01/15/29
............
8,502
8,072,414
4.88%,
05/01/29
............
701
665,840
Transocean
Titan
Financing
Ltd.,
8.38%
,
02/01/28
(c)
...........
2,613
2,669,262
Transocean,
Inc.,
8.25%
,
05/15/29
(c)
.
6,349
6,205,988
Tronox,
Inc.,
4.63%
,
03/15/29
(c)
....
4,628
3,958,004
Twilio,
Inc.,
3.88%
,
03/15/31
......
472
425,188
UKG,
Inc.,
6.88%
,
02/01/31
(c)
......
6,737
6,834,276
Union
Pacific
Corp.
5.60%,
12/01/54
............
3,069
3,082,348
5.15%,
01/20/63
............
3,069
2,815,558
United
Airlines
Pass-Through
Trust,
Series
2019-2,
Class
A,
2.90%
,
05/01/28
.................
1,801
1,681,032
United
Rentals
North
America,
Inc.
5.50%,
05/15/27
............
170
169,391
5.25%,
01/15/30
............
214
210,068
3.75%,
01/15/32
............
1,538
1,358,463
6.13%,
03/15/34
(c)
...........
827
827,517
United
Wholesale
Mortgage
LLC
(c)
5.50%,
11/15/25
............
275
274,247
5.50%,
04/15/29
............
1,100
1,060,530
UnitedHealth
Group,
Inc.,
2.95%
,
10/15/27
.................
600
580,662
Uniti
Group
LP,
10.50%
,
02/15/28
(c)
..
19,867
21,104,555
Univision
Communications,
Inc.
(c)
6.63%,
06/01/27
............
3,355
3,327,249
8.00%,
08/15/28
............
4,315
4,328,478
4.50%,
05/01/29
............
5,972
5,276,434
7.38%,
06/30/30
............
540
515,898
8.50%,
07/31/31
............
2,550
2,491,706
US
Bancorp
(3-mo.
EURIBOR
+
0.80%),
3.33%,
05/21/28
(a)
..............
EUR
22,392
24,221,695
USA
Compression
Partners
LP
6.88%,
09/01/27
............
USD
175
175,133
7.13%,
03/15/29
(c)
...........
9,304
9,462,810
UWM
Holdings
LLC,
6.63%
,
02/01/30
(c)
5,849
5,801,225
Vantage
Drilling
International
Ltd.,
9.50%
,
02/15/28
(c)
...........
547
547,000
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
............
604
559,126
6.25%,
01/15/30
............
648
657,689
4.13%,
08/15/31
............
599
544,251
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Venture
Global
LNG,
Inc.
(c)
9.50%,
02/01/29
............
USD
4,066
$
4,360,017
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.44%),
9.00%
(a)(o)
.........
6,997
6,640,075
7.00%,
01/15/30
............
7,613
7,500,236
8.38%,
06/01/31
............
1,001
1,015,296
9.88%,
02/01/32
............
1,691
1,795,986
Verizon
Communications,
Inc.,
1.13%
,
11/03/28
..................
GBP
3,266
3,698,734
Viasat,
Inc.,
5.63%
,
04/15/27
(c)
.....
USD
67
64,290
VICI
Properties
LP
5.75%,
02/01/27
(c)
...........
4,150
4,203,842
3.88%,
02/15/29
(c)
...........
5,000
4,773,631
4.63%,
12/01/29
(c)
...........
9,644
9,355,780
4.95%,
02/15/30
............
7,775
7,707,850
4.13%,
08/15/30
(c)
...........
5,000
4,706,698
5.13%,
11/15/31
............
8,544
8,425,765
5.63%,
04/01/35
............
23,390
23,257,671
Viking
Cruises
Ltd.
(c)
5.88%,
09/15/27
............
4,411
4,388,680
9.13%,
07/15/31
............
4,041
4,316,317
Vistra
Operations
Co.
LLC
(c)
5.50%,
09/01/26
............
442
441,710
5.63%,
02/15/27
............
1,222
1,217,454
5.00%,
07/31/27
............
1,321
1,300,591
4.38%,
05/01/29
............
138
131,038
7.75%,
10/15/31
............
1,398
1,464,055
6.88%,
04/15/32
............
1,830
1,865,165
Vital
Energy,
Inc.
9.75%,
10/15/30
............
1,707
1,736,207
7.88%,
04/15/32
(c)
...........
1,326
1,234,398
Wand
NewCo
3,
Inc.,
7.63%
,
01/30/32
(c)
1,830
1,872,726
Washington
Mutual
Bank
(d)(e)(f)
0.00%,
09/21/17
(a)
...........
25,126
2
0.00%,
09/21/17
(i)
...........
15,753
2
Washington
Mutual
Escrow
Bonds
(d)(e)(f)
0.00%,
11/06/09
............
45,161
587,093
0.00%,
09/19/17
(i)
...........
2,631
—
Washington
Mutual,
Inc.,
0.00%
,
10/03/17
(a)(d)(e)(f)
.............
14,745
1
Weekley
Homes
LLC,
4.88%
,
09/15/28
(c)
................
3,281
3,102,368
Wells
Fargo
&
Co.
2.00%,
07/28/25
(b)
...........
GBP
9,000
11,499,820
(Sterling
Overnight
Index
Average
+
1.28%),
3.47%,
04/26/28
(a)(b)
..
11,300
14,151,354
(3-mo.
CME
Term
SOFR
+
4.50%),
5.01%,
04/04/51
(a)
.........
USD
18,443
16,600,426
Western
Digital
Corp.,
4.75%
,
02/15/26
800
795,393
Wildfire
Intermediate
Holdings
LLC,
7.50%
,
10/15/29
(c)
...........
4,119
4,004,378
Williams
Cos.,
Inc.
(The),
6.00%
,
03/15/55
.................
7,334
7,389,685
Williams
Scotsman,
Inc.,
7.38%
,
10/01/31
(c)
................
150
154,472
Wolfspeed,
Inc.,
1.75%
,
05/01/26
(q)
..
4,125
2,598,750
WR
Grace
Holdings
LLC,
4.88%
,
06/15/27
(c)
................
560
540,853
WRKCo,
Inc.,
3.90%
,
06/01/28
.....
100
97,625
Wynn
Resorts
Finance
LLC,
5.13%
,
10/01/29
(c)
................
331
317,645
Xerox
Corp.
(c)
10.25%,
10/15/30
...........
3,671
3,634,290
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
13.50%,
04/15/31
...........
USD
4,090
$
3,900,838
Xerox
Holdings
Corp.
(c)
5.50%,
08/15/28
............
943
662,124
8.88%,
11/30/29
............
1,054
707,579
XHR
LP,
4.88%
,
06/01/29
(c)
.......
1,125
1,053,787
Yum!
Brands,
Inc.,
5.38%
,
04/01/32
.
350
341,190
Zayo
Group
Holdings,
Inc.,
4.00%
,
03/01/27
(c)
................
1,916
1,745,167
4,893,457,069
Uzbekistan
—
0.0%
Navoi
Mining
&
Metallurgical
Combinat
6.70%,
10/17/28
(b)
...........
1,033
1,038,681
6.70%,
10/17/28
(c)
...........
5,171
5,199,441
6.95%,
10/17/31
(c)
...........
6,536
6,492,143
12,730,265
Vietnam
—
0.0%
Mong
Duong
Finance
Holdings
BV,
5.13%
,
05/07/29
(b)
...........
15,565
15,058,803
Zambia
—
0.0%
First
Quantum
Minerals
Ltd.,
9.38%
,
03/01/29
(c)
................
7,298
7,681,145
Total
Corporate
Bonds
—
34.2%
(Cost:
$14,049,432,453)
...........................
14,144,059,584
Fixed
Rate
Loan
Interests
France
—
0.0%
Atos
SE,
1st
Lien
Term
Loan,
5.06%
,
 12/13/29
............
EUR
7,500
8,190,847
India
—
0.1%
Vedanta
Holdings
Mauritius
II
Ltd.,
1st
Lien
Term
Loan,
18.00%
,
 04/17/26
(f)
USD
26,366
27,420,266
Jersey,
Channel
Islands
—
0.0%
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan,
6.05%
,
 11/09/29
(f)
.......
GBP
161
2,080
Spain
—
0.1%
Findango
Finance
SL,
1st
Lien
Term
Loan,
7.59%
,
 01/01/38
(f)
.......
EUR
45,000
48,658,500
United
States
—
0.1%
Amf
Mf
Portfolio,
1st
Lien
Term
Loan,
6.67%
,
 11/06/28
(f)
...........
USD
4,182
4,257,030
Aspen
Owner
LLC,
1st
Lien
Term
Loan,
7.27%
,
 04/07/25
(f)
...........
58,433
58,909,199
Twitter,
Inc.,
1st
Lien
Term
Loan
B3,
9.50%
,
 02/14/30
............
4,239
4,345,738
67,511,967
Total
Fixed
Rate
Loan
Interests
—
0.3%
(Cost:
$149,686,005)
.............................
151,783,660
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Floating
Rate
Loan
Interests
Australia
—
0.1%
(a)
GEAR
M
Illawarra
Met
Coal
Pty.
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
13.25%
,
 12/01/32
(f)
.....
USD
25,000
$
24,750,000
Voyage
Australia
Pty.
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.05%
,
 07/20/28
(l)
...........
982
983,416
25,733,416
Austria
—
0.0%
Innio
Group
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
6.01%
,
 11/02/28
(a)
...........
EUR
3,000
3,233,098
Belgium
—
0.0%
(a)
Finco
Utilitas
BV,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.88%
,
 09/26/30
.
4,513
4,881,956
QSRP
Finco
BV,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
5.25%),
7.92%
,
 06/19/31
.
4,609
5,003,117
United
Petfood
Finance
BV,
1st
Lien
Term
Loan
B,
02/26/32
(r)
.......
3,416
3,659,782
13,544,855
Canada
—
0.1%
Air
Canada,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.32%
,
 03/21/31
(a)(l)
.....
USD
1,087
1,072,038
Clarios
Global
LP,
1st
Lien
Term
Loan
(a)
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.61%, 01/28/32
....
EUR
5,650
6,058,088
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07%, 01/28/32
USD
14,743
14,503,426
Clarios
Global
LP,
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.36%
,
 07/16/31
(a)
....
EUR
4,000
4,275,849
Garda
World
Security
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 02/01/29
(a)
...........
USD
5,566
5,539,696
GFL
Environmental
Services,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.82%, 03/03/32
(a)
.........
7,901
7,814,089
Husky
Injection
Molding
Systems
Ltd.,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.78%
,
 02/15/29
(a)(l)
.....
947
941,522
KDC/ONE
Development
Corp.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.32%
,
 08/15/28
(a)(l)
..........
860
859,013
Ontario
Gaming
GTA
LP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.55%
,
 08/01/30
(a)(l)
..........
409
401,997
Security
Par
(000)
Par
(000)
Value
Canada
(continued)
WestJet
Loyalty
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.58%
,
 02/14/31
(a)(l)
USD
942
$
905,488
42,371,206
Cayman
Islands
—
0.1%
Usavflow
II
Ltd.,
1st
Lien
Term
Loan
B,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.50%),
10.82%
,
 08/16/29
(a)(f)
16,109
16,189,545
Finland
—
0.0%
(a)
Mehilainen
Yhtiot
Oy,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.90%),
6.26%
,
 08/05/31
.
EUR
6,506
7,023,471
Spa
Holdings
3
Oy,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.86%
,
 02/04/28
............
4,500
4,849,647
11,873,118
France
—
0.2%
(a)
Acropole
Holding
SAS,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.22%
,
 11/16/28
.
3,000
3,237,834
Athena
Bidco
SAS,
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.86%
,
 04/15/31
.....
2,000
2,158,102
Atos
SE,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
+
4.60%),
7.06%
,
 12/17/30
............
12,375
10,047,070
Banijay
Entertainment
SAS,
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.96%
,
 03/01/28
............
3,000
3,228,913
Banijay
Entertainment
SAS,
Facility
1st
Lien
Term
Loan
B4,
01/27/32
(r)
...
932
1,002,528
Care
Bidco
SAS,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.11%
,
 11/06/28
.
3,000
3,229,043
Casper
Bidco
SASU,
Facility
1st
Lien
Term
Loan
B6,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.67%
,
 03/21/31
............
4,000
4,301,887
Circet
Europe,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.61%
,
 10/13/28
.
4,500
4,830,378
ELSAN
SAS,
Facility
1st
Lien
Term
Loan
B5,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.35%),
6.01%
,
 06/16/28
.
4,000
4,286,835
Financiere
Mendel
SAS,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.36%
,
 11/08/30
.
4,500
4,832,616
Galileo
Glob
Ed
Operations,
1st
Lien
Term
Loan
B4,
07/31/31
(r)
......
4,740
5,057,175
Granite
France
Bidco,
1st
Lien
Term
Loan
B,
10/17/28
(r)
...........
2,454
2,643,577
Hestiafloor
2
SASU,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.11%
,
 02/27/30
............
4,353
4,704,858
Holding
Socotec,
Facility
1st
Lien
Term
Loan
B4,
06/02/28
(r)
..........
4,741
5,113,817
HomeVi
SAS,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.61%
,
 10/31/29
......
4,000
4,305,391
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
67
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
Inovie
Group
SAS,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.36%
,
 03/03/28
.....
EUR
2,000
$
2,065,889
LSF10
Edilians
Investments
SARL,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.03%),
5.81%
,
 03/03/28
......
3,000
3,197,934
Obol
France
3
SAS,
Facility
1st
Lien
Term
Loan
B3,
(6-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
8.06%
,
 12/29/28
............
2,000
2,052,675
Parts
Europe
SA,
Facility
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.95%
,
 02/03/31
.
4,000
4,317,761
Ramsay
Generale
De
Sante
SA,
Facility
1st
Lien
Term
Loan
B5,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.93%
,
 08/13/31
............
3,000
3,226,870
SAM
Bidco,
Facility
1st
Lien
Term
Loan
B6,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.86%
,
 12/13/27
.....
4,000
4,322,259
SIACI
St.
Honore
SAS,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.86%
,
 11/16/28
............
1,000
1,079,278
Tarkett
SA,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.45%),
5.81%
,
 04/21/28
.....
3,979
4,280,498
Trevise
Holdings
1
SAS,
Facility
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.95%),
6.63%
,
 07/09/29
............
3,000
3,247,955
Vivalto
Sante
SAS,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.60%),
5.96%
,
 07/21/28
............
2,370
2,550,508
ZF
Invest,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.48%),
6.24%
,
 07/12/28
............
4,000
4,290,944
97,612,595
Germany
—
0.2%
(a)
Aenova
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B1,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
0.00%
,
 08/22/31
............
1,000
1,072,520
Apleona
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.36%
,
 04/28/28
............
5,673
6,134,504
Athena
Bidco
GmbH,
Facility
1st
Lien
Term
Loan
B2,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.13%
,
 04/16/29
............
1,818
1,969,991
AVIV
Group
GmbH,
1st
Lien
Term
Loan
B,
01/29/32
(r)
...............
2,866
3,095,393
Blitz
20-487
GmbH,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.70%),
5.31%
,
 04/28/28
............
3,000
3,232,254
CTEC
III
GmbH,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.00%
,
 03/16/29
.
3,000
3,230,730
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
IFCO
Management
GmbH,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.09%
,
 11/29/29
............
EUR
4,000
$
4,317,544
Kleopatra
Finco
SARL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.73%),
7.11%
,
 02/12/26
............
6,373
6,272,912
Minimax
Viking
GmbH,
Facility
1st
Lien
Term
Loan
B,
02/20/32
(r)
.......
1,000
1,079,948
Mosel
Bidco
SE,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.11%
,
 09/16/30
.......
3,000
3,236,699
Nidda
Healthcare
Holding
GmbH,
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.54%
,
 02/21/30
............
12,072
13,028,738
Nx
Arzneimittel,
Facility
1st
Lien
Term
Loan
B1,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.36%
,
 12/15/27
.
1,414
1,525,321
Nx
Arzneimittel,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.36%
,
 12/13/27
.
586
631,873
Rain
Carbon,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.43%
,
 10/31/28
......
3,713
3,984,396
Schoen
Klinik
SE,
Facility
1st
Lien
Term
Loan
B2,
01/13/31
(r)
..........
1,778
1,906,298
Speedster
Bidco
GmbH,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.13%
,
 12/10/31
.
4,500
4,860,984
Speedster
Bidco
GmbH,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.90%
,
 11/13/31
(l)
...........
USD
905
902,738
Techem
Verwaltungsgsesellschaft
675
mbH,
Facility
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.03%
,
 07/16/29
......
EUR
4,000
4,322,378
Tele
Columbus
AG,
Facility
1st
Lien
Term
Loan
B,
01/01/29
(r)
.......
7,428
6,341,810
TK
Elevator
Midco
GmbH,
Facility
1st
Lien
Term
Loan
B2,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.60%
,
 04/30/30
............
10,138
10,900,267
Wittur
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
8.18%
,
 09/29/28
............
4,359
4,190,668
86,237,966
Ireland
—
0.1%
(a)
Applegreen
Ltd.,
Facility
1st
Lien
Term
Loan
B,
01/26/32
(r)
...........
2,278
2,474,192
Broom
Holdings
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.15%),
5.75%
,
 08/24/28
............
4,500
4,836,460
ION
Corporate
Solutions
Finance
SARL,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.43%
,
 03/13/28
............
3,376
3,606,075
ION
Trading
Finance
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.93%
,
 03/31/28
.
3,000
3,179,541
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Promontoria
Beech
DAC,
1st
Lien
Term
Loan,
(EURIBOR1M
at
0.00%
Floor
+
3.75%),
6.05%
,
 01/01/28
(f)
....
EUR
15,564
$
16,829,231
Virgin
Media
Ireland
Ltd.,
Facility
1st
Lien
Term
Loan
B1,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.58%),
5.94%
,
 07/13/29
............
4,000
4,284,673
35,210,172
Jersey,
Channel
Islands
—
0.1%
(a)(f)
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan,
16.50%
,
 11/10/27
.......
GBP
319
144,286
Vita
Global
FinCo
Ltd.,
1st
Lien
Term
Loan
B
(6-mo.
EURIBOR
at
0.00%
Floor
+
7.00%),
9.66%, 04/23/27
....
EUR
11,750
10,926,724
(Daily
SONIA
at
1.19%
Floor
+
7.00%),
12.45%, 07/06/27
....
GBP
7,194
8,050,397
19,121,407
Luxembourg
—
0.3%
AI
Monet
Luxembourg
ParentCo
SARL,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.74%
,
 03/06/31
(a)
...........
EUR
4,500
4,852,809
AI
Sirona
Luxembourg
Acquisition
SARL,
Facility
1st
Lien
Term
Loan
B3,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.86%
,
 09/29/28
(a)
....
4,000
4,315,079
Al
Mansart
(Luxembourg)
Bidco
SCS,
1st
Lien
Term
Loan
A,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.75%),
10.50%
,
 01/01/30
(a)(f)
....
USD
14,356
14,607,403
Albea
Beauty
Holdings
SARL,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.36%
,
 12/31/27
(a)
...........
EUR
3,000
3,242,148
Altice
Financing
SA,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.79%
,
 10/29/27
(a)
4,346
3,771,446
Altice
Financing
SA,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.79%
,
 10/29/27
(a)
....
5,741
4,982,088
Atlas
Luxco
4
SARL,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.11%
,
 05/12/28
(a)
3,951
4,248,957
Chrysaor
Bidco
SARL,
Delayed
Draw
1st
Lien
Term
Loan,
10/31/31
(a)(r)
..
172
186,700
Chrysaor
Bidco
SARL,
Facility
1st
Lien
Term
Loan
B,
10/31/31
(a)(r)
......
3,672
3,977,338
Cidron
Aida
Finco
SARL,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.75%
,
 10/27/31
(a)
...........
4,000
4,302,666
Claudius
Finance
Parent
SARL,
1st
Lien
Term
Loan
B4,
07/05/28
(a)(r)
..
4,500
4,837,287
Cobham
Ultra
SeniorCo
SARL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.34%
,
 08/06/29
(a)
...........
4,000
4,285,538
Connect
Finco
SARL,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.82%, 09/13/29
(a)
.........
USD
15,409
13,501,912
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Delta
2
(Lux)
SARL,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.30%
,
 09/30/31
(a)(l)
USD
598
$
596,373
Eircom
Finco
SARL,
Facility
1st
Lien
Term
Loan
B5,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
5.21%
,
 05/15/29
(a)
...........
EUR
4,500
4,838,017
Ephios
Subco
3
SARL,
Facility
1st
Lien
Term
Loan
B,
04/18/31
(a)(f)(r)
.....
1,000
1,078,326
Froneri
International
Ltd.,
1st
Lien
Term
Loan,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
5.10%
,
 09/30/31
(a)
5,000
5,375,521
Genesys
Cloud
Services,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.82%
,
 01/30/32
(a)(l)
..........
USD
627
620,004
Index
HoldCo
SARL,
Facility
1st
Lien
Term
Loan
A,
0.10%
,
 12/29/28
(a)
..
EUR
3,811
1,147,931
Jazz
Financing
Lux
SARL,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.57%
,
 05/05/28
(a)(l)
..........
USD
706
705,734
Liberty
Media
Corp.,
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
0.00%
,
 08/01/31
(a)(l)
..........
299
298,305
Matador
Bidco
SARL,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.67%
,
 07/16/29
(a)(l)
..........
1,500
1,495,320
Matterhorn
Telecom
SA,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
5.14%
,
 01/26/32
(a)
...........
EUR
5,923
6,399,661
Motion
Finco
SARL,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.11%
,
 11/12/29
(a)
...........
3,924
4,177,876
Radar
Bidco
SARL,
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.48%
,
 04/04/31
(a)
....
4,258
4,604,246
Rainbow
Finco
SARL,
Facility
1st
Lien
Term
Loan
B2,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.71%
,
 02/26/29
(a)
...........
6,600
7,071,138
Seine
Holdco
SAS,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.29%
,
 01/11/31
(a)
...........
4,000
4,314,993
Summer
BC
Bidco
B
LLC,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
7.42%
,
 01/31/29
(a)
588
633,263
Summer
BC
Holdco
B
SARL,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.96%
,
 01/31/29
(a)
...........
2,412
2,596,234
Tackle
SARL,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.78%
,
 05/22/28
(a)
4,400
4,708,145
Telenet
International
Finance
SARL,
1st
Lien
Term
Loan
AQ,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
4.62%
,
 04/30/29
(a)
...........
4,000
4,226,585
125,999,043
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
69
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Netherlands
—
0.2%
Ammega
Group
BV,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.75%),
7.11%
,
 01/01/29
(a)
...........
EUR
4,000
$
4,319,794
Barentz
International
BV,
Facility
1st
Lien
Term
Loan
B3,
7.65%
,
 03/03/31
(l)
...........
USD
500
496,460
Bock
Capital
Bidco
BV,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.86%
,
 06/29/28
(a)
EUR
4,000
4,298,860
Boels
Topholding
BV,
Facility
1st
Lien
Term
Loan
B3,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
5.20%
,
 05/23/31
(a)
...........
4,417
4,756,302
Flutter
Financing
BV,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
6.05%
,
 12/02/30
(a)(l)
..........
USD
938
931,924
Fugue
Finance
BV,
1st
Lien
Term
Loan,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.95%
,
 01/09/32
(a)
.....
EUR
4,000
4,293,756
Median
BV,
1st
Lien
Term
Loan,
10.74%
,
 10/14/27
(a)
..........
GBP
5,300
6,624,866
Median
BV,
Facility
1st
Lien
Term
Loan
B1,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.93%),
7.28%
,
 10/14/27
(a)
....
EUR
3,618
3,888,788
Nobian
Finance
BV,
1st
Lien
Term
Loan
B
(a)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.54%, 07/01/29
....
5,928
6,375,260
 07/31/30
(r)
................
7,263
7,792,787
Odido
Holding
BV,
Facility
1st
Lien
Term
Loan
B2,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.15%),
5.83%
,
 03/30/29
(a)
4,000
4,291,896
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.83%
,
 10/28/30
(a)(l)
..........
USD
791
789,531
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B6,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
6.97%
,
 07/01/31
(a)
...........
EUR
1,500
1,614,181
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B7,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.61%
,
 11/26/31
(a)
...........
3,000
3,235,790
Pegasus
Bidco
BV,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.02%
,
 07/12/29
(a)
....
3,760
4,068,599
Sandy
Bidco
BV,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.85%),
6.26%
,
 08/17/29
(a)
3,000
3,190,278
Sigma
HoldCo
BV,
Facility
1st
Lien
Term
Loan
B13,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.50%
-
6.56%
,
 01/03/28
(a)
...........
10,500
11,304,489
Stage
Entertainment
BV,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.54%
,
 06/01/29
(a)
...........
4,708
5,099,487
TMF
Sapphire
Bidco
BV,
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.99%
,
 05/03/28
(a)
4,000
4,305,737
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
UPC
Broadband
Holding
BV,
Facility
1st
Lien
Term
Loan
AU,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.87%
,
 04/30/29
(a)
...........
EUR
4,500
$
4,817,678
Ziggo
BV,
Facility
1st
Lien
Term
Loan
H,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.37%
,
 01/31/29
(a)
.....
4,279
4,449,673
90,946,136
New
Zealand
—
0.0%
FNZ
NZ
Finco
Ltd.,
1st
Lien
Term
Loan,
(Daily
SONIA
at
0.00%
Floor
+
6.00%),
6.00%
,
 11/05/31
(a)(f)
.....
GBP
13,000
16,037,076
Norway
—
0.0%
Sector
Alarm
Holding
A/S,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.00%
,
 06/14/29
(a)
...........
EUR
4,535
4,895,737
Spain
—
0.2%
(a)
Aernnova
Aerospace
SAU,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.76%
,
 02/27/30
............
4,042
4,360,047
Boluda
Towage
SL,
Facility
1st
Lien
Term
Loan
B3,
01/31/30
(r)
......
4,513
4,887,129
Cervantes
Bidco
SL,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.46%
,
 10/30/31
.
4,746
5,140,366
PAX
HoldCo
Spain
SL,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.52%
,
 12/31/29
............
8,528
9,184,371
Promontoria
Challenger
I
SA,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
5.65%
,
 07/21/25
(f)
......
16,974
18,262,243
Sirocco
Lux
SA,
1st
Lien
Term
Loan
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.90%),
6.60%
,
 03/01/26
(f)
26,609
28,771,995
70,606,151
Sweden
—
0.0%
(a)
Eleda
Management
AB,
Delayed
Draw
1st
Lien
Term
Loan,
04/02/31
(r)
...
667
720,867
Eleda
Management
AB,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.36%
,
 04/03/31
............
3,333
3,604,333
Quimper
AB,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.43%
,
 03/29/30
.
4,000
4,329,914
Verisure
Holding
AB,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.36%
,
 03/27/28
............
3,000
3,228,492
11,883,606
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
—
0.8%
(a)
Acuris
Finance
US,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.03%
,
 02/16/28
.
EUR
3,000
$
3,207,439
Bellis
Acquisition
Co.
plc,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
7.09%
,
 05/12/31
............
1,500
1,544,405
Belron
Finance
US
LLC,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.53%
,
 10/16/31
.
13,677
14,751,435
Cabot
Securitisation
UK
Ltd.,
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
+
3.20%),
7.66%
,
 11/30/31
(f)
GBP
35,000
45,211,250
CD&R
Firefly
Bidco
plc,
1st
Lien
Term
Loan
(r)
 04/30/29
.................
EUR
1,000
1,073,331
 04/30/29
.................
GBP
6,300
8,092,777
CD&R
Firefly
Bidco
plc,
1st
Lien
Term
Loan
B4,
06/21/28
(r)
..........
EUR
3,000
3,227,680
CD&R
Firefly
Bidco
plc,
Facility
1st
Lien
Term
Loan
B8,
(Daily
SONIA
at
0.00%
Floor
+
5.25%),
5.25%
,
 04/30/29
............
GBP
4,475
5,762,893
City
Football
Group
Ltd.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.94%
,
 07/22/30
(l)
...........
USD
993
978,029
Eagle
4
Ltd.,
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.11%
,
 07/12/28
.......
EUR
5,500
5,951,372
Eagle
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.86%
,
 03/20/28
.
8,283
8,893,982
Edge
Finco
plc,
Facility
1st
Lien
Term
Loan
B1,
08/22/31
(r)
..........
7,922
8,529,630
Element
Materials
Technology
Group
US
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.11%
,
 07/06/29
.
4,000
4,328,790
Elvis
UK
Holdco
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.43%),
6.13%
,
 10/16/28
............
3,500
3,776,148
Entain
Holdings
(Gibraltar)
Ltd.,
Facility
1st
Lien
Term
Loan
B4,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.62%
,
 06/30/28
............
4,000
4,322,735
Entain
plc,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.05%
,
 10/31/29
(l)
...........
USD
808
807,923
Hyperion
Refinance
SARL,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%
,
 02/18/31
(l)
...........
997
989,314
INEOS
Finance
plc,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.05%
,
 06/23/31
.
EUR
9,036
9,606,508
INEOS
Finance
plc,
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.80%
,
 02/07/31
.....
3,000
3,177,011
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
INEOS
Quattro
Holdings
UK
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.86%
,
 04/03/29
............
EUR
11,295
$
11,901,523
Ineos
US
Finance
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.57%
,
 02/18/30
(l)
...........
USD
960
920,568
Inspired
Finco
Holdings
Ltd.,
1st
Lien
Term
Loan
B6,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.61%
,
 02/28/31
............
EUR
4,000
4,293,237
Leased
&
Tenented
Pubs
1
Ltd.,
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
0.00%
,
 10/01/31
(f)
...........
GBP
4,054
5,249,846
Lernen
Bidco
Ltd.,
1st
Lien
Term
Loan
B2,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.78%
,
 04/24/29
.....
EUR
4,000
4,326,844
Magnavale
Holdings
Ltd.,
Facility
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.28%
,
 06/05/26
(f)
...........
GBP
30,990
40,038,231
Market
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
7.06%
,
 11/04/30
.
EUR
8,650
9,328,739
Masorange
Holdco
Ltd.,
Facility
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
5.22%
,
 03/25/31
............
29,473
31,517,498
Mercia,
1st
Lien
Term
Loan
A1,
(3-mo.
SONIA
at
0.00%
Floor
+
2.40%),
7.10%
,
 04/09/25
(f)
...........
GBP
9,371
12,105,369
Mercia,
1st
Lien
Term
Loan
A2,
(3-mo.
SONIA
at
0.00%
Floor
+
2.40%),
7.10%
,
 04/09/25
(f)
...........
28,574
36,910,591
Mercia,
1st
Lien
Term
Loan
B-1,
(3-mo.
SONIA
at
0.00%
Floor
+
2.40%),
7.10%
,
 04/09/25
(f)
...........
1,646
2,126,172
Modulaire
Group
Holdings
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.18%),
6.53%
,
 12/15/28
............
EUR
5,000
5,394,822
OCS
Group
Holding
Ltd.,
Facility
1st
Lien
Term
Loan
B1,
(Daily
SONIA
at
0.00%
Floor
+
5.75%),
5.75%
,
 11/27/31
............
GBP
2,286
2,939,668
Platform
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B3,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
7.16%
,
 09/29/28
............
EUR
3,000
3,238,840
Rubix
Group
Finco
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.54%
,
 09/29/28
.
4,000
4,321,870
Seashell
Bidco
SL,
Delayed
Draw
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
7.88%
,
 10/10/29
(f)
...........
9,119
9,860,193
Synlab
Bond
plc,
Facility
1st
Lien
Term
Loan,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
5.07%
,
 07/01/27
.
3,230
3,454,076
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
71
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
VMED
O2
UK
HoldCo
4
Ltd.,
Facility
1st
Lien
Term
Loan
Z,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.43%),
5.79%
,
 10/15/31
............
EUR
4,000
$
4,274,119
Zegona
Holdco
Ltd.,
Facility
1st
Lien
Term
Loan
B,
07/16/29
(r)
.......
3,461
3,714,750
330,149,608
United
States
—
3.8%
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.57%
,
 12/21/28
(a)(l)
.....
USD
983
971,295
Action
Environmental
Group,
Inc.
(The),
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.08%
,
 10/24/30
(a)(f)(l)
....
569
568,082
ADMI
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.38%),
7.81%
,
 12/23/27
(a)(l)
.....
494
487,527
AG
Group
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.57%
,
 12/29/28
(a)(l)
..........
997
977,129
AHP
Health
Partners,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.07%
,
 08/24/28
(a)(l)
..........
879
877,518
AI
Aqua
Merger
Sub,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.31%
,
 07/31/28
(a)(l)
..........
1,330
1,316,175
Air
Control
Concepts
Holdings
LP,
1st
Lien
Term
Loan,
07/23/31
(a)(l)(r)
...
1,000
984,580
AlixPartners
LLP,
1st
Lien
Term
Loan
(a)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.36%, 02/04/28
....
EUR
4,324
4,661,712
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.94%, 02/04/28
(l)
USD
612
611,165
Alliant
Holdings
Intermediate
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07%
,
 09/19/31
(a)(l)
..........
990
983,283
Allied
Universal
Holdco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.17%
,
 05/12/28
(a)
...........
13,178
13,155,636
AllSpring
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.31%
,
 11/01/30
(a)(l)
..........
987
985,495
Alorica,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.88%),
11.20%
,
 12/21/27
(a)(f)
20,912
20,677,946
Altafiber
Virginia
LLC,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.07%
,
 11/22/28
(a)(l)
..........
995
993,201
Altar
Bidco,
Inc.,
2nd
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.60%),
9.75%
,
 02/01/30
(a)
35,591
33,611,352
Alterra
Mountain
Co.,
1st
Lien
Term
Loan
B7,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 05/31/30
(a)(l)
..........
459
458,872
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Amentum
Holdings,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.57%, 09/29/31
(a)
.........
USD
35,624
$
34,376,887
American
Airlines,
Inc.,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.51%
,
 06/04/29
(a)(l)
..........
990
974,408
American
Auto
Auction
Group
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
8.80%
,
 12/30/27
(a)
...........
3,137
3,129,380
American
Axle
&
Manufacturing,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%;
6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%
at
0.50%
Floor
+
3.00%),
7.32%
-
7.45%
,
 12/13/29
(a)(f)
(l)
.......................
975
962,437
American
Residential
Services
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.54%
,
 02/02/32
(a)(l)
..........
1,000
995,000
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.29%
,
 12/29/31
(a)(l)
..........
547
541,045
Anticimex
Global
AB,
1st
Lien
Term
Loan
B6,
(1-day
SOFR
at
0.50%
Floor
+
3.40%),
7.74%
,
 11/16/28
(a)(l)
119
118,713
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
8.80%
,
 06/23/28
(a)(l)
..........
462
459,283
Aretec
Group,
Inc.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.82%
,
 08/09/30
(a)(l)
..........
499
494,097
Arsenal
AIC
Parent
LLC,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07%, 08/19/30
(a)
.........
2,819
2,794,094
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.42%
,
 11/24/27
(a)(l)
..........
997
967,494
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%
,
 12/11/28
(a)(l)
..........
995
981,899
ASP
Dream
Acquisition
Co.
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
8.67%
,
 12/15/28
(a)(f)(l)
.........
500
482,500
AssuredPartners,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.82%
,
 02/14/31
(a)(l)
..........
992
993,116
AthenaHealth
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%
,
 02/15/29
(a)(l)
..........
500
492,970
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Autokiniton
US
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.44%
,
 04/06/28
(a)(l)
..........
USD
1,496
$
1,465,360
Avaya,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
11.82%
,
 08/01/28
(a)
.....
92
72,403
AZEK
Group
LLC
(The),
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.32%
,
 09/26/31
(a)(f)(l)
.........
1,032
1,032,412
B&G
Foods,
Inc.,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.82%
,
 10/10/29
(a)(l)
..........
997
978,043
Baldwin
Insurance
Group
Holdings
LLC
(The),
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 05/27/31
(a)(l)
.....
476
474,711
Bally's
Corp.,
Facility
1st
Lien
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.80%, 10/02/28
(a)
.........
30,526
27,091,574
Barracuda
Networks,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.79%
,
 08/15/29
(a)(l)
..........
987
851,610
Bausch
+
Lomb
Corp.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.67%, 05/10/27
(a)
.........
31,407
31,275,271
BCPE
Empire
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
4.32%
,
 12/11/28
(a)(l)
...
500
492,290
Belron
Finance
2019
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.05%
,
 10/16/31
(a)
...........
10,871
10,837,451
Bleriot
US
Bidco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.05%
,
 10/31/30
(a)(l)
..........
1,196
1,185,835
Boost
Newco
Borrower
LLC,
1st
Lien
Term
Loan
B2
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.30%, 01/31/31
(a)
.........
12,781
12,681,123
Boxer
Parent
Co.,
Inc.,
1st
Lien
Term
Loan
(a)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.11%, 07/30/31
.....
EUR
9,552
10,269,808
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.29%, 07/30/31
(l)
USD
1,430
1,403,759
Brand
Industrial
Services,
Inc.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.79%
,
 08/01/30
(a)(l)
..........
1,082
1,020,897
Broadstreet
Partners,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 06/16/31
(a)(l)
..........
993
983,022
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BSREP
II
Houston
Office
1HC
Owner
LLC,
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
0.00%
,
 05/09/25
(a)(f)
.....
USD
30,825
$
13,561,811
CACI
International,
Inc.,
1st
Lien
Term
Loan
B,
10/30/31
(a)(l)(r)
.........
998
991,894
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.56%
,
 02/06/30
(a)(l)
..........
824
817,940
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B1
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.56%, 02/06/31
(a)
.........
19,419
19,258,777
Calpine
Construction
Finance
Co.
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.32%
,
 07/19/30
(a)(l)
.....
1,215
1,210,756
Camelot
US
Acquisition
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07%
,
 01/31/31
(a)(l)
..........
870
858,123
Carnival
Corp.,
1st
Lien
Term
Loan
(a)(l)
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.00%),
6.32%, 08/09/27
351
349,564
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.00%),
6.32%, 10/18/28
232
230,998
Cast
&
Crew
LLC,
Facility
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.07%
,
 12/29/28
(a)(l)
..........
961
924,481
Cengage
Learning,
Inc.,
1st
Lien
Term
Loan,
03/24/31
(a)(l)(r)
..........
499
494,147
Central
Parent
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.55%
,
 07/06/29
(a)(l)
..........
1,490
1,275,067
Champions
Financing,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.07%
,
 02/06/29
(a)(l)
..........
380
341,005
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.67%
,
 11/03/28
(a)(l)
499
493,620
Charter
Communications
Operating
LLC,
1st
Lien
Term
Loan
B5,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56%
,
 12/15/31
(a)
.....
2,005
1,996,668
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.31%
,
 11/29/30
(a)(l)
..........
1,254
1,251,862
Chelsea
24th
Street
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.57%
,
 10/17/31
(a)(f)
..........
18,600
18,611,108
Chemours
Co.
(The),
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%
,
 08/18/28
(a)(l)
..........
913
909,287
Chemours
Co.
(The),
1st
Lien
Term
Loan
B3,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.80%
,
 08/18/28
(a)
EUR
8,000
8,599,968
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
73
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.30%
-
7.31%
,
 09/29/28
(a)(l)
..........
USD
1,286
$
1,283,015
Chobani
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.82%
,
 10/25/27
(a)(l)
998
997,107
Chromalloy
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.06%
,
 03/27/31
(a)(l)
1,366
1,360,148
Citadel
Securities
LP,
Facility
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.32%
,
 10/31/31
(a)(l)
..........
990
988,415
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.08%
,
 03/21/31
(a)(l)
..........
1,998
1,976,460
Cloud
Software
Group,
Inc.,
Facility
1st
Lien
Term
Loan
B
(a)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.43%, 03/30/29
....
EUR
3,240
3,500,978
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.83%, 03/30/29
USD
8,775
8,685,400
Clover
Holdings
2
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.29%
,
 12/09/31
(a)(f)(l)
.........
995
982,562
Clover
Holdings
SPV
III
LLC,
1st
Lien
Term
Loan,
15.00%
,
 12/09/27
(a)
..
2,623
2,665,255
Clue
Opco
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
8.79%
,
 12/19/30
(a)(l)
929
900,214
Clydesdale
Acquisition
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.18%),
7.50%
,
 04/13/29
(a)
.....
17,651
17,560,926
CML
Terranea
Resort,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.35%),
8.67%
,
 01/01/27
(a)(f)
..........
16,500
16,500,000
CNT
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.80%
,
 11/08/32
(a)(l)
..........
510
506,184
Cobham
Ultra
SeniorCo
SARL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.43%
,
 08/03/29
(a)(l)
.....
1,382
1,375,771
ConnectWise
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.06%
,
 09/29/28
(a)
18,817
18,781,375
Coral-US
Co-Borrower
LLC,
1st
Lien
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.43%
,
 10/15/29
(a)(l)
..........
1,000
983,750
Core
&
Main
LP,
1st
Lien
Term
Loan
E,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.27%
,
 02/10/31
(a)(l)
760
756,533
CoreWeave
Compute
Acquisition
Co.
II
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
9.62%),
13.91%
-
13.95%
,
 07/31/28
(a)(f)
.........
52,621
52,226,318
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CoreWeave
Compute
Acquisition
Co.
III
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.00%),
10.29%
-
10.33%
,
 05/16/29
(a)(f)
.........
USD
73,445
$
72,989,641
Cornerstone
Building
Brands,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.67%
,
 04/12/28
(a)
...........
11,937
9,989,101
Cotiviti,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07%
,
 05/01/31
(a)(f)(l)
1,290
1,260,500
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.82%
,
 10/02/28
(a)(l)
..........
335
330,241
CPM
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.82%
,
 09/28/28
(a)(l)
..........
309
303,342
CPPIB
OVM
Member
US
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.05%
,
 08/20/31
(a)
...........
11,375
11,290,174
Creative
Artists
Agency
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07%
,
 10/01/31
(a)(l)
..........
268
266,931
Crocs,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.55%
,
 02/19/29
(a)(l)
.....
424
424,949
CSC
Holdings
LLC,
1st
Lien
Term
Loan
B5,
(US
Prime
Rate
at
0.00%
Floor
+
1.50%),
9.00%
,
 04/15/27
(a)
....
4,235
3,973,360
CTP-02
Propco
LLC,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
7.57%
,
 12/06/29
(a)
...........
26,100
26,100,000
Cushman
&
Wakefield
US
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.57%
,
 01/31/30
(a)(l)
.....
973
970,069
CVR
CHC
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.30%
,
 12/30/27
(a)
15,022
15,022,350
Dave
&
Buster's,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.56%
,
 06/29/29
(a)(l)
..........
774
688,494
Dayforce,
Inc.,
1st
Lien
Term
Loan
B,
03/01/31
(a)(f)(l)(r)
..............
259
257,751
DCert
Buyer,
Inc.,
1st
Lien
Term
Loan,
10/16/26
(a)(l)(r)
...............
499
484,226
Dealer
Tire
Financial
LLC,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%
,
 07/02/31
(a)(f)(l)
.........
1,488
1,478,211
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.75%),
8.08%
,
 04/09/27
(a)(l)
..........
992
939,373
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07%
,
 11/30/29
(a)(l)
995
982,934
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
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
+
3.00%),
7.31%
,
 11/01/30
(a)(l)
USD
516
$
511,412
Dessert
Holdings,
1st
Lien
Term
Loan,
06/09/28
(a)(r)
...............
2,426
2,362,601
Digital
Room
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
9.67%
,
 12/21/28
(a)(f)
..........
6,125
6,067,193
DirecTV
Financing
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
9.55%
,
 08/02/27
(a)
...........
1,116
1,116,493
DirecTV
Financing
LLC,
1st
Lien
Term
Loan
B,
02/17/31
(a)(r)
..........
17,201
16,373,297
DIRECTV
Financing
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
9.80%
,
 08/02/29
(a)(l)
..........
840
826,445
Discovery
Energy
Holding
Corp.,
1st
Lien
Term
Loan,
05/01/31
(a)(l)(r)
...
500
491,405
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.04%
,
 10/04/29
(a)(l)
..........
275
272,219
DK
Crown
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.07%
,
 03/04/32
(a)(l)
..........
275
273,111
Dun
&
Bradstreet
Corp.
(The),
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.57%
,
 01/18/29
(a)(l)
..........
985
982,161
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.32%
,
 10/31/31
(a)(l)
..........
1,047
1,043,368
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.32%
,
 10/31/31
(a)(l)
..........
399
397,950
E2open
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.94%
,
 02/04/28
(a)(l)
997
994,510
Eastman
Chemical,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
9.81%
,
 11/01/28
(a)
4,418
2,665,723
ECL
Entertainment
LLC,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.82%
,
 08/30/30
(a)
...........
21,863
21,801,113
EIS
Group
Ltd.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
11.32%
,
 07/10/28
(a)(f)
28,919
27,799,427
EIS
Group
Ltd.,
Revolving
Loan
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
11.32%
,
 07/10/28
(a)(f)
.........
2,892
2,779,943
Elanco
Animal
Health,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.17%
,
 08/02/27
(a)(l)
..........
671
669,181
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Element
Materials
Technology
Group
US
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.05%
,
 06/22/29
(a)(l)
..........
USD
985
$
981,499
Ellucian
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%
,
 10/09/29
(a)(l)
..........
806
803,696
Emerald
Technologies
US
AcquisitionCo,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
10.57%
,
 12/29/27
(a)(f)
.........
7,388
5,467,101
EMRLD
Borrower
LP,
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.93%
,
 05/31/30
(a)(l)
..........
1,489
1,472,794
Engineered
Machinery
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.11%
,
 05/19/28
(a)
...........
EUR
3,979
4,298,430
Ensemble
RCM
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.29%
,
 08/01/29
(a)(l)
..........
USD
969
967,533
EP
Purchaser
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.09%
,
 11/06/28
(a)(l)
982
973,379
Examworks
Bidco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07%
,
 11/01/28
(a)(l)
..........
990
987,314
Fanatics
Commerce
Intermediate
Holdco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.69%
,
 11/23/28
(a)(f)(l)
1,125
1,122,188
Fertitta
Entertainment
LLC,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.82%, 01/29/29
(a)
.........
30,148
29,651,920
First
Advantage
Holdings
LLC,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.57%
,
 10/31/31
(a)(l)
..........
998
990,647
First
Brands
Group
LLC,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
1.00%
Floor
+
5.00%),
7.61%
,
 03/30/27
(a)
EUR
8,686
8,798,998
Fleet
Midco
I
Ltd.,
1st
Lien
Term
Loan
B2,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.06%
,
 02/21/31
(a)(f)(l)
.........
USD
932
928,791
Focus
Financial
Partners
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
7.07%
,
 09/15/31
(a)(l)
..........
1,187
1,174,889
Fortrea
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.07%
,
 07/01/30
(a)(l)
..........
307
286,657
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
75
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Fortress
Intermediate
3,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.07%
,
 06/27/31
(a)(l)
..........
USD
994
$
990,718
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.32%
,
 01/29/31
(a)(l)
..........
1,477
1,339,237
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.40%
,
 10/01/27
(a)(l)
..........
990
926,157
Galaxy
Universal
LLC,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
10.94%
,
 11/12/26
(a)(f)
27,520
27,519,889
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.55%
,
 09/27/30
(a)(l)
..........
967
948,922
Go
Daddy
Operating
Co.
LLC,
1st
Lien
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.07%
,
 11/09/29
(a)(l)
..........
991
985,535
GOAT
Holdco
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 01/27/32
(a)
12,791
12,695,067
Gogo
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.19%
,
 05/01/28
(a)(l)
..........
997
931,483
GoTo
Group,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.19%, 04/30/28
(a)
.........
8,527
6,395,675
Grant
Thornton
Advisors
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.06%
,
 06/02/31
(a)(l)
..........
979
972,957
Grant
Thornton
Advisors
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
0.00%
,
 06/02/31
(a)(l)
..........
21
21,103
Grifols
Worldwide
Operations
USA,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.46%
,
 11/15/27
(a)(l)
.....
683
675,272
Grinding
Media,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.82%
,
 10/12/28
(a)(f)(l)
.........
987
976,214
Guardian
US
Holdco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.80%
,
 01/31/30
(a)(l)
..........
997
981,056
Gulfside
Supply,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.30%
,
 06/17/31
(a)(l)
..........
992
982,481
Hanesbrands,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.07%
,
 03/08/32
(a)(l)
1,126
1,122,708
Helios
Software
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.80%
,
 07/18/30
(a)(l)
..........
716
715,251
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Herschend
Entertainment
Co.
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%
,
 08/28/28
(a)
...........
USD
3,670
$
3,670,386
Hilcorp
Energy
I
LP,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.32%, 02/06/30
(a)
.........
10,828
10,800,930
Hilton
Domestic
Operating
Co.,
Inc.,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.07%
,
 11/08/30
(a)(l)
.....
276
275,608
Hilton
Garden
Inn,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.61%
,
 01/01/38
(a)(f)
29,100
29,305,775
Hilton
Grand
Vacations
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.32%
,
 01/17/31
(a)(l)
.....
652
646,550
HLP
Hotel
LLC,
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.55%),
7.87%
,
 09/09/26
(a)(f)
25,700
25,700,000
HomeServe
USA
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.32%
,
 10/21/30
(a)(l)
..........
1,440
1,425,190
HP
LQ
Investment
LP,
1st
Lien
Term
Loan
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
7.13%, 12/09/25
(a)(f)
........
31,650
31,650,000
Hrni
Holdings
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.67%
,
 12/11/28
(a)
30,406
30,228,484
HUB
International
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.79%
,
 06/20/30
(a)(l)
..........
993
987,590
Hunter
Douglas,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.55%
,
 01/16/32
(a)(l)
..........
1,353
1,289,284
Hydrofarm
Holdings
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.94%
,
 10/25/28
(a)(f)
..........
4,320
3,456,008
Icon
Parent,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%, 11/13/31
(a)
.........
30,083
29,831,506
Indy
US
Bidco
LLC,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.86%
,
 03/06/28
(a)
.....
EUR
4,489
4,815,244
INEOS
Enterprises
Holdings
US
Finco
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.16%
,
 07/07/30
(a)(f)(l)
....
USD
988
986,266
Informatica
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.57%
,
 10/27/28
(a)(l)
992
991,087
Innio
North
America
Holding,
Inc.,
Facility
1st
Lien
Term
Loan
B,
11/02/28
(a)(l)(r)
...............
657
656,525
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Interface
Security
Systems
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.00%),
11.42%
,
 04/30/25
(a)(f)
.........
USD
18,654
$
9,373,454
IRB
Holding
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.82%
,
 12/15/27
(a)(l)
995
988,115
Iridium
Satellite
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
6.57%
,
 09/20/30
(a)(l)
..........
1,124
1,103,605
J&J
Ventures
Gaming
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.82%
,
 04/26/30
(a)
...........
7,829
7,702,008
Jack
Ohio
Finance
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.32%, 01/28/32
(a)
.........
6,009
5,987,968
Janus
International
Group
LLC,
1st
Lien
Term
Loan
B,
08/05/30
(a)(l)(r)
.....
997
992,320
JFL-Tiger
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.30%
,
 10/17/30
(a)(l)
..........
659
658,178
Jump
Financial
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.55%
,
 02/26/32
(a)(l)
..........
986
990,355
Kaman
Corp.,
1st
Lien
Term
Loan
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.03%
-
7.07%, 02/26/32
(a)
.........
17,824
17,571,465
Kaman
Corp.,
Delayed
Draw
1st
Lien
Term
Loan
at
0.00%
Floor
+
0.00%),
0.00%, 02/26/32
(a)
.........
1,682
1,657,685
KBR,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.32%
,
 01/17/31
(a)(l)
.....
305
303,777
Learning
Care
Group
US
No.
2,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.30%
-
8.32%
,
 08/11/28
(a)(l)
.....
1,003
993,849
Legence
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
7.57%
,
 12/15/28
(a)(l)
..........
874
864,976
Life
Time,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.80%, 10/22/31
(a)
.........
8,913
8,885,925
Light
&
Wonder
International,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.57%
,
 04/16/29
(a)(l)
.....
987
983,639
LSF
12
Crown
US
Commercial
Bidco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.57%
,
 12/02/31
(a)(l)
.....
500
489,790
Lummus
Technology
Holdings
V
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 12/31/29
(a)(l)
.....
985
981,540
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
M6
ETX
Holdings
II
Midco
LLC,
1st
Lien
Term
Loan,
(US
Prime
Rate
at
0.50%
Floor
+
3.50%),
11.00%
,
 09/19/29
(a)(l)
..........
USD
982
$
980,786
Maravai
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.29%
,
 10/19/27
(a)(f)(l)
.........
559
539,697
Maverick
Gaming
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
11.81%, 06/05/28
(a)
........
8,424
6,002,650
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.31%, 05/04/28
(a)
.........
5,118
5,080,483
McAfee
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
6.11%
,
 03/01/29
(a)
.....
EUR
3,430
3,614,369
McAfee
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 03/01/29
(a)
USD
24,774
23,602,988
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.00%),
11.39%
,
 11/01/29
(a)(f)
..........
3,210
1,605,000
Medline
Borrower
LP,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.57%, 10/23/28
(a)
.........
42,018
41,921,501
MH
Sub
I
LLC,
1st
Lien
Term
Loan
(a)(l)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.57%, 05/03/28
883
834,789
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.57%, 12/31/31
597
546,510
Mitchell
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.57%
,
 06/17/31
(a)(l)
..........
995
982,184
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
03/29/28
(a)(l)(r)
.
982
975,333
Montage
Hotels
&
Resorts
LLC,
Revolving
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
0.00%),
10.49%
,
 02/16/29
(a)(f)
.........
5,215
5,169,720
Montage
Hotels
&
Resorts
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.00%),
10.49%
,
 02/16/29
(a)(f)
.........
12,228
12,122,098
Motion
Finco
SARL,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.80%
,
 11/13/29
(a)(l)
..........
1,489
1,427,366
MPH
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan
(a)(l)
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.04%, 12/31/30
53
52,674
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.60%),
9.15%, 12/31/30
442
361,935
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.43%
,
 01/24/29
(a)
2,987
1,525,899
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
77
(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%),
10.40%
,
 01/24/30
(a)
USD
943
$
207,064
Neon
Maple
US
Debt
Mergersub,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 11/17/31
(a)(l)
.....
1,000
992,220
Neptune
Bidco
US,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.79%
,
 04/11/29
(a)
EUR
1,995
2,022,292
NGL
Energy
Operating
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.07%
,
 02/03/31
(a)(l)
..........
USD
413
410,250
NGP
XI
Midstream
Holdings
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.80%, 07/25/31
(a)(f)
........
6,383
6,351,087
Northwind
Midstream,
1st
Lien
Term
Loan,
02/01/32
(a)(r)
...........
85,909
84,190,820
Olaplex,
Inc.,
1st
Lien
Term
Loan,
02/16/29
(a)(r)
...............
2,606
2,306,645
Oldcastle
BuildingEnvelope,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.55%
,
 04/30/29
(a)(l)
..........
982
916,412
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.11%
,
 06/23/31
(a)
...........
EUR
5,362
5,787,816
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B6,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.34%
,
 06/23/31
(a)
.....
USD
7,411
7,283,278
OMNIA
Partners
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.05%
,
 07/25/30
(a)(l)
..........
938
930,827
OneDigital
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%
,
 07/02/31
(a)(l)
..........
993
985,076
Organon
&
Co.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.57%
,
 05/19/31
(a)(f)(l)
617
607,745
Organon
&
Co.,
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
5.11%
,
 12/22/31
(a)
.....
EUR
2,888
3,098,704
Osaic
Holdings,
Inc.,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.82%
,
 08/17/28
(a)(l)
..........
USD
1,396
1,384,742
Pai
HoldCo,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.30%
,
 10/28/27
(a)
11,241
9,411,159
Park
River
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
7.82%
,
 12/28/27
(a)
...........
2,051
1,876,963
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.17%
,
 02/01/28
(a)(l)
462
410,618
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
PetSmart
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.17%
,
 02/11/28
(a)(l)
USD
1,231
$
1,209,429
Phoenix
Guarantor,
Inc.,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.82%
,
 02/21/31
(a)(l)
..........
990
985,303
Pitney
Bowes,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.07%
,
 03/19/32
(a)
11,730
11,593,111
Planet
US
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 02/07/31
(a)(l)
..........
954
950,416
Playtika
Holding
Corp.,
Facility
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.19%
,
 03/13/28
(a)(l)
..........
992
981,462
Polaris
Newco
LLC,
1st
Lien
Term
Loan
(a)
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
6.11%, 06/02/28
.....
EUR
4,979
5,031,957
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.30%, 06/02/28
(l)
USD
992
948,012
Precision
Medicine
Group
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.43%
,
 11/18/27
(a)(l)
..........
990
979,068
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.32%
,
 10/15/30
(a)(l)
.....
1,350
1,343,095
Primo
Brands
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.56%
,
 03/31/28
(a)(l)
..........
497
494,986
Project
Alpha
Intermediate
Holding,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.58%
,
 10/28/30
(a)(l)
.....
958
955,546
Project
Alpha
Intermediate
Holding,
Inc.,
1st
Lien
Term
Loan
B,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.42%
,
 10/28/30
(a)
.....
7,997
7,973,649
Proofpoint,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%, 08/31/28
(a)
.........
7,483
7,452,709
Quartz
AcquireCo
LLC,
1st
Lien
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.55%
,
 06/28/30
(a)(f)(l)
.........
1,551
1,539,203
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B3
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.57%, 02/10/32
(a)
.........
10,385
10,257,784
Raven
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.57%
,
 11/19/31
(a)(l)
..........
440
434,121
Raven
Acquisition
Holdings
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
0.00%
,
 11/19/31
(a)(l)
35
34,121
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
RealPage,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.59%
,
 04/24/28
(a)(l)
USD
992
$
978,029
Redstone
Holdco
2
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.30%
,
 04/27/28
(a)
...........
20,009
10,601,487
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
12.30%
,
 04/27/29
(a)
..........
10,460
3,857,125
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.81%
,
 11/30/28
(a)(l)
..........
1,872
1,866,876
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.81%
,
 11/30/28
(a)(l)
..........
103
102,527
Robertshaw
US
Holding
Corp.,
1st
Lien
Term
Loan,
0.00%
,
 02/26/27
(a)(f)
..
4,760
47,600
Rocket
Software,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.80%
,
 11/28/28
(a)
EUR
4,000
4,323,383
Roper
Industrial
Products
Investment
Co.
LLC,
1st
Lien
Term
Loan
D,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.05%
,
 11/22/29
(a)(l)
USD
995
989,139
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B1
(a)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.94%, 12/17/27
1,782
1,708,202
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
10.42%, 11/15/29
4,468
4,356,331
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B2
(a)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.94%, 12/17/27
2,817
2,701,269
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
9.42%, 06/30/28
7,221
6,935,266
Savor
Acquisition,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.57%
,
 02/19/32
(a)(l)
..........
870
868,974
Savor
Acquisition,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
0.00%
,
 02/19/32
(a)(l)
..........
82
81,979
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.29%
,
 01/31/29
(a)(l)
..........
499
493,987
Sheraton
San
Diego,
1st
Lien
Term
Loan,
04/07/30
(a)(r)
...........
15,100
15,039,600
Signia
Aerospace
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%, 12/11/31
(a)
.........
14,252
14,144,984
Signia
Aerospace
LLC,
Delayed
Draw
1st
Lien
Term
Loan
at
0.50%
Floor
+
0.00%),
0.00%, 12/11/31
(a)
.........
1,188
1,178,749
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Skopima
Consilio
Parent
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.07%
,
 05/12/28
(a)(l)
..........
USD
499
$
494,620
Sodalite
Tahoe
Hotel
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.90%),
7.33%
,
 12/09/25
(a)(f)
..........
19,245
19,327,292
Solaris
Energy
Infrastructure
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.00%),
10.32%
,
 09/11/29
(a)(f)
.........
43,531
43,531,000
Solina
Group
Services
SAS,
Facility
1st
Lien
Term
Loan
8,
07/31/28
(a)(r)
...
EUR
4,000
4,317,112
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.55%
,
 05/30/31
(a)(l)
..........
USD
995
991,269
Star
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.30%
,
 09/27/30
(a)(l)
990
944,420
Station
Casinos
LLC,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.32%
,
 03/14/31
(a)
...........
7,615
7,567,713
Stonepeak
Nile
Parent
LLC,
1st
Lien
Term
Loan
B,
02/04/32
(a)(l)(r)
.....
1,465
1,458,129
Summit
Acquisition,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.07%
,
 10/16/31
(a)(f)(l)
.........
390
389,512
Sunrise
Financing
Partnership,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.79%
,
 02/16/32
(a)(l)
.....
913
902,494
Surgery
Center
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07%
,
 12/19/30
(a)(l)
..........
302
301,347
Tecta
America
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 02/18/32
(a)(l)
..........
480
475,920
TK
Elevator
Midco
GmbH,
1st
Lien
Term
Loan
C,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.74%
,
 04/30/30
(a)(l)
..........
983
979,300
Topgolf
Callaway
Brands
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 03/18/30
(a)(l)
..........
942
888,953
TransDigm,
Inc.,
1st
Lien
Term
Loan
J
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.80%, 02/28/31
(a)
.........
6,178
6,139,452
TransDigm,
Inc.,
1st
Lien
Term
Loan
L
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.80%, 01/19/32
(a)
.........
14,049
13,966,368
Tronox
Finance
LLC,
1st
Lien
Term
Loan
B2,
04/04/29
(a)(l)(r)
........
1,000
971,000
Truist
Insurance
Holdings
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.05%
,
 05/06/31
(a)(l)
..........
523
518,733
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
79
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Twitter,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.50%),
10.98%
,
 10/26/29
(a)
USD
4,945
$
4,912,561
UKG,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.30%
,
 02/10/31
(a)(l)
.....
987
984,845
USI,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.55%
,
 09/27/30
(a)(l)
.....
1,290
1,276,376
Vaco
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.60%
Floor
+
5.00%),
9.45%
,
 01/22/29
(a)
7,548
6,958,072
VC
GB
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.06%
,
 07/23/28
(a)(l)
..........
985
951,626
Verde
Purchaser
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.30%
,
 11/30/30
(a)(l)
..........
494
490,466
VeriFone
Systems,
Inc.,
1st
Lien
Term
Loan,
08/20/25
(a)(r)
...........
17,238
15,487,825
Veritas
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
12.50%),
16.93%
,
 06/30/31
(a)
4,073
4,072,739
Vertiv
Group
Corp.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
1.75%),
6.07%
,
 03/02/27
(a)(l)
..........
1,001
998,322
Vestis
Corp.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.58%
,
 02/24/31
(a)(l)
1,051
1,045,865
Viasat,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.94%
,
 05/30/30
(a)(l)
.....
461
418,598
Virgin
Media
Bristol
LLC,
Facility
1st
Lien
Term
Loan
Q,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.68%
,
 01/31/29
(a)(l)
..........
1,000
979,200
Virtusa
Corp.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
7.57%
,
 02/15/29
(a)(l)
982
979,644
VS
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.07%
,
 04/14/31
(a)(l)
990
988,613
Wand
NewCo
3,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.82%, 01/30/31
(a)
.........
11,951
11,759,649
Waystar
Technologies,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.57%
,
 10/22/29
(a)(l)
..........
131
130,645
WEC
US
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.57%
,
 01/27/31
(a)(l)
..........
1,344
1,330,803
WEX,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.07%
,
 04/03/28
(a)(l)
965
959,118
Whatabrands
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.82%
,
 08/03/28
(a)(l)
373
371,274
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
White
Cap
Supply
Holdings
LLC,
Facility
1st
Lien
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.57%
,
 10/19/29
(a)(l)
.....
USD
1,995
$
1,930,881
Wilsonart
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.55%
,
 08/05/31
(a)(l)
995
944,315
Windsor
Holdings
III
LLC,
1st
Lien
Term
Loan
B,
5.12%
,
 08/01/30
......
EUR
3,000
3,202,183
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.31%
,
 12/21/27
(a)
...........
USD
3,167
1,627,731
WR
Grace
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.55%
,
 09/22/28
(a)(l)
..........
987
976,138
Xerox
Corp.,
1st
Lien
Term
Loan,
11/19/29
(a)(r)
................
3,768
3,582,698
Zayo
Group
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.61%
,
 03/09/27
(a)
...........
EUR
1,984
1,971,025
Zelis
Payments
Buyer,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.57%
,
 11/26/31
(a)(l)
..........
USD
983
979,158
Ziggo
Financing
Partnership,
1st
Lien
Term
Loan
I,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.93%
,
 04/28/28
(a)(l)
..........
1,000
973,520
1,563,324,892
Total
Floating
Rate
Loan
Interests
—
6.2%
(Cost:
$2,650,691,324)
...........................
2,564,969,627
Foreign
Agency
Obligations
Argentina
—
0.0%
YPF
SA,
9.50%
,
01/17/31
(c)
.......
10,203
10,639,178
Australia
—
0.2%
Queensland
Treasury
Corp.,
5.00%
,
07/21/37
(b)(c)
...............
AUD
52,500
31,568,547
Treasury
Corp.
of
Victoria
5.50%,
09/15/39
............
55,420
34,495,865
5.00%,
11/20/40
............
11,708
6,845,707
72,910,119
Chile
—
0.0%
Corp.
Nacional
del
Cobre
de
Chile,
3.15%
,
01/14/30
(b)
...........
USD
1,257
1,143,587
Empresa
Nacional
del
Petroleo,
5.95%
,
07/30/34
(c)
................
1,337
1,344,019
2,487,606
Colombia
—
0.0%
Ecopetrol
SA
7.75%,
02/01/32
............
9,534
9,333,786
8.88%,
01/13/33
............
3,694
3,803,897
13,137,683
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
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
$
4,682,368
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.59%),
5.13%,
03/14/3024
...
EUR
1,525
1,659,483
6,341,851
Estonia
—
0.1%
Eesti
Energia
A/S,
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.17%),
7.88%
(a)(b)
(o)
......................
12,200
13,885,884
France
—
0.4%
Electricite
de
France
SA
(b)
(13-Year
GBP
Swap
Semi
+
4.23%),
6.00%
(a)(o)
...............
GBP
15,400
19,847,693
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
2.88%
(a)(o)
.........
EUR
25,600
27,165,716
(5-Year
EUR
Swap
Annual
+
3.20%),
3.00%
(a)(o)
.........
1,000
1,050,325
(5-Year
EUR
Swap
Annual
+
2.86%),
2.63%
(a)(o)
.........
22,400
23,175,979
(5-Year
EUR
Swap
Annual
+
4.86%),
7.50%
(a)(o)
.........
12,400
14,696,855
(BPISDS15
+
3.32%),
5.88%
(a)(o)
.
GBP
2,800
3,508,393
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.94%),
5.13%
(a)(o)
.........
EUR
2,800
3,050,347
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(a)(o)
.........
8,800
8,759,629
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.28%),
5.63%
(a)(o)
.........
3,200
3,507,772
6.13%,
06/02/34
............
GBP
7,450
9,665,977
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.78%),
7.38%
(a)(o)
...............
7,500
9,741,410
5.50%,
10/17/41
............
20,400
23,133,947
147,304,043
Hong
Kong
—
0.1%
MTR
Corp.
Ltd.,
5.25%
,
04/01/55
(b)
..
USD
22,500
22,092,750
Hungary
—
0.0%
(b)
Magyar
Export-Import
Bank
Zrt.,
6.00%
,
05/16/29
.................
EUR
3,666
4,254,055
MFB
Magyar
Fejlesztesi
Bank
Zrt.,
6.50%
,
06/29/28
............
USD
1,143
1,177,290
MVM
Energetika
Zrt.
7.50%,
06/09/28
............
3,896
4,100,540
6.50%,
03/13/31
............
350
358,400
9,890,285
India
—
0.0%
Power
Finance
Corp.
Ltd.,
1.84%
,
09/21/28
(b)
................
EUR
834
842,384
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)
...........
USD
18,000
17,010,000
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
1.88%,
11/05/31
............
EUR
12,000
11,106,303
4.00%,
06/30/50
............
USD
6,000
4,140,000
Security
Par
(000)
Par
(000)
Value
Indonesia
(continued)
Sarana
Multi
Infrastruktur
Perusahaan
Perseroan
Persero
PT,
2.05%
,
05/11/26
..................
USD
10,834
$
10,387,097
42,643,400
Italy
—
0.0%
Poste
Italiane
SpA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.68%),
2.63%
(a)(b)
(o)
......................
EUR
4,860
4,907,702
Kazakhstan
—
0.0%
Development
Bank
of
Kazakhstan
JSC
13.00%,
04/15/27
(b)
..........
KZT
100,000
188,723
13.49%,
05/23/28
(c)
..........
5,082,500
9,321,796
9,510,519
Mexico
—
0.2%
Petroleos
Mexicanos
6.88%,
10/16/25
............
USD
1,450
1,447,825
3.63%,
11/24/25
(b)
...........
EUR
965
1,033,020
3.75%,
04/16/26
(b)
...........
5,789
6,124,688
6.50%,
03/13/27
............
USD
60,535
58,955,037
2.75%,
04/21/27
(b)
...........
EUR
422
422,797
4.75%,
02/26/29
(b)
...........
8,200
8,112,994
8.75%,
06/02/29
............
USD
4,471
4,448,303
5.95%,
01/28/31
............
2,395
2,028,445
6.70%,
02/16/32
............
2,836
2,488,306
10.00%,
02/07/33
...........
2,588
2,688,544
6.95%,
01/28/60
............
396
268,449
88,018,408
Mongolia
—
0.1%
City
of
Ulaanbaatar
Mongolia
7.75%,
08/21/27
(b)
...........
17,135
17,199,256
Morocco
—
0.1%
OCP
SA
4.50%,
10/22/25
(b)
...........
4,882
4,857,590
6.75%,
05/02/34
(c)
...........
10,000
10,262,500
5.13%,
06/23/51
(b)
...........
922
701,494
7.50%,
05/02/54
(c)
...........
2,920
2,974,750
18,796,334
Netherlands
—
0.1%
(b)
de
Volksbank
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.33%),
7.00%
(a)(o)
EUR
5,500
6,185,036
TenneT
Holding
BV
(5-Year
EUR
Swap
Annual
+
2.72%),
2.37%
(a)(o)
.........
17,400
18,674,019
1.00%,
06/13/26
............
11,300
11,983,920
1.38%,
06/05/28
............
3,900
4,056,906
2.00%,
06/05/34
............
1,600
1,576,639
4.75%,
10/28/42
............
4,271
4,923,922
47,400,442
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA,
5.13%
,
08/11/61
(c)
........
USD
1,866
1,315,530
Peru
—
0.0%
Corp.
Financiera
de
Desarrollo
SA
(b)
4.75%,
07/15/25
............
5,568
5,548,512
2.40%,
09/28/27
............
1,804
1,683,718
Fondo
MIVIVIENDA
SA,
4.63%
,
04/12/27
(b)
................
789
784,167
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
81
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Peru
(continued)
Petroleos
del
Peru
SA,
4.75%
,
06/19/32
(c)
................
USD
2,802
$
2,096,597
10,112,994
Philippines
—
0.0%
Development
Bank
of
the
Philippines,
2.38%
,
03/11/31
(b)
...........
10,000
8,725,000
Republic
of
Turkiye
—
0.0%
Turkiye
Varlik
Fonu
Yonetimi
A/S,
8.25%
,
02/14/29
(b)
...........
1,160
1,190,299
South
Korea
—
0.1%
Korea
Development
Bank
(The),
(1-day
SOFR
+
0.76%),
5.10%
,
02/03/30
(a)
10,000
10,026,000
Korea
Electric
Power
Corp.,
3.63%
,
06/14/25
(b)
................
10,000
9,974,500
Korea
Housing
Finance
Corp.
(b)
4.48%,
04/06/26
............
AUD
6,300
3,922,108
(1-day
SOFR
+
0.83%),
5.17%,
11/05/29
(a)
..............
USD
10,000
10,012,300
(1-day
SOFR
+
0.90%),
5.25%,
01/21/30
(a)
..............
10,000
10,052,000
Korea
Hydro
&
Nuclear
Power
Co.
Ltd.,
3.25%
,
06/15/25
(b)
...........
3,292
3,281,005
47,267,913
United
Arab
Emirates
—
0.0%
RAK
Capital,
5.00%
,
03/12/35
(b)
....
9,100
9,188,179
Venezuela
—
0.0%
Petroleos
de
Venezuela
SA
(b)(d)(e)
6.00%,
11/15/26
............
9,227
1,277,912
9.75%,
05/17/35
............
10,410
1,629,212
2,907,124
Total
Foreign
Agency
Obligations
—
1.5%
(Cost:
$606,940,815)
.............................
608,714,883
Foreign
Government
Obligations
Angola
—
0.1%
Republic
of
Angola
(b)
9.50%,
11/12/25
............
451
450,436
8.25%,
05/09/28
............
2,412
2,240,899
8.00%,
11/26/29
............
8,845
7,816,769
8.75%,
04/14/32
............
7,224
6,176,520
9.38%,
05/08/48
............
3,542
2,796,409
9.13%,
11/26/49
............
5,000
3,840,000
23,321,033
Argentina
—
0.0%
Argentine
Republic
(The)
1.00%,
07/09/29
............
1,877
1,455,665
4.12%,
07/09/35
(h)
...........
3,855
2,405,739
5.00%,
01/09/38
(h)
...........
2,360
1,553,143
3.50%,
07/09/41
(h)
...........
3,822
2,212,938
7,627,485
Armenia
—
0.0%
Republic
of
Armenia,
6.75%
,
03/12/35
(c)
1,883
1,811,505
Bahrain
—
0.0%
Kingdom
of
Bahrain
(b)
7.00%,
01/26/26
............
847
854,954
5.45%,
09/16/32
............
1,795
1,667,667
2,522,621
Security
Par
(000)
Par
(000)
Value
Belgium
—
0.1%
Kingdom
of
Belgium,
3.30%
,
06/22/54
(b)
(c)
......................
EUR
23,877
$
22,888,289
Benin
—
0.0%
Benin
Government
Bond
4.95%,
01/22/35
(b)
...........
4,220
3,751,723
7.96%,
02/13/38
(c)
...........
USD
1,037
968,299
4,720,022
Bolivia,
Plurinational
State
of
—
0.0%
Plurinational
State
of
Bolivia,
4.50%
,
03/20/28
(b)
................
400
261,850
Brazil
—
0.1%
Federative
Republic
of
Brazil
10.00%,
01/01/27
...........
BRL
299
48,798,325
7.13%,
05/13/54
............
USD
4,046
3,872,022
52,670,347
Bulgaria
—
0.0%
Bulgaria
Government
Bond,
5.00%
,
03/05/37
(b)
................
2,456
2,373,871
Cameroon
—
0.0%
Republic
of
Cameroon,
9.50%
,
07/31/31
(b)
................
10,997
10,306,278
Chile
—
0.1%
Republic
of
Chile
3.13%,
01/21/26
............
259
255,503
2.75%,
01/31/27
............
694
671,098
3.75%,
01/14/32
............
EUR
15,189
16,391,018
4.34%,
03/07/42
............
USD
4,800
4,125,600
21,443,219
China
—
0.0%
People's
Republic
of
China,
2.11%
,
08/25/34
.................
CNY
61,160
8,600,099
Colombia
—
0.5%
Republic
of
Colombia
4.50%,
01/28/26
............
USD
3,131
3,113,780
5.75%,
11/03/27
............
COP
224,837,800
48,689,319
6.00%,
04/28/28
............
387,802,200
82,270,030
7.75%,
09/18/30
............
294,895,500
60,400,867
8.00%,
04/20/33
............
USD
3,108
3,208,233
7.50%,
02/02/34
............
586
581,898
8.00%,
11/14/35
............
21,613
21,764,291
7.75%,
11/07/36
............
2,128
2,083,312
8.75%,
11/14/53
............
633
631,734
222,743,464
Costa
Rica
—
0.0%
Republic
of
Costa
Rica
4.38%,
04/30/25
(b)
...........
538
537,327
6.13%,
02/19/31
(b)
...........
10,199
10,326,488
6.55%,
04/03/34
(b)
...........
1,487
1,523,431
7.30%,
11/13/54
(c)
...........
1,807
1,866,744
14,253,990
Czech
Republic
—
0.3%
Czech
Republic
2.75%,
07/23/29
............
CZK
858,500
35,738,042
5.00%,
09/30/30
............
874,780
40,003,949
4.50%,
11/11/32
............
254,670
11,315,142
4.20%,
12/04/36
(b)
...........
382,440
16,277,070
103,334,203
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
5.95%,
01/25/27
(b)
...........
USD
4,104
$
4,124,520
4.50%,
01/30/30
(c)
...........
4,291
4,014,230
4.50%,
01/30/30
(b)
...........
391
365,781
7.05%,
02/03/31
(c)
...........
4,709
4,869,106
4.88%,
09/23/32
(c)
...........
3,144
2,863,775
4.88%,
09/23/32
(b)
...........
18,004
16,399,304
10.75%,
06/01/36
(c)
..........
DOP
1,124,350
18,414,798
6.95%,
03/15/37
(c)
...........
USD
2,163
2,184,630
53,236,144
Ecuador
—
0.0%
Republic
of
Ecuador
(b)(h)
5.50%,
07/31/35
............
5,892
2,893,026
5.00%,
07/31/40
............
7,583
3,374,416
6,267,442
Egypt
—
0.2%
Arab
Republic
of
Egypt
4.75%,
04/16/26
(b)
...........
EUR
33,300
35,320,901
7.50%,
01/31/27
(b)
...........
USD
625
616,019
25.32%,
08/13/27
...........
EGP
11,545
237,425
5.80%,
09/30/27
(b)
...........
USD
2,095
1,955,808
24.46%,
10/01/27
...........
EGP
279,177
5,667,453
6.59%,
02/21/28
(b)
...........
USD
252
237,039
7.60%,
03/01/29
(b)
...........
222
210,739
8.63%,
02/04/30
(b)
...........
380
367,293
5.63%,
04/16/30
(b)
...........
EUR
2,023
1,850,468
7.63%,
05/29/32
(b)
...........
USD
30,262
26,044,990
9.45%,
02/04/33
(c)
...........
2,072
1,951,306
8.50%,
01/31/47
(b)
...........
396
299,115
8.50%,
01/31/47
(c)
...........
1,473
1,112,616
7.90%,
02/21/48
(b)
...........
3,352
2,384,093
8.88%,
05/29/50
(b)
...........
200
154,428
7.50%,
02/16/61
(b)
...........
1,345
893,174
7.50%,
02/16/61
(c)
...........
16,074
10,674,261
Egypt
Government
Bond,
21.38%
,
02/04/28
.................
EGP
458,218
8,936,141
98,913,269
El
Salvador
—
0.0%
Republic
of
El
Salvador
(b)
8.63%,
02/28/29
............
USD
898
917,756
9.25%,
04/17/30
............
7,420
7,709,825
7.65%,
06/15/35
............
1,516
1,404,195
10,031,776
Ethiopia
—
0.0%
Federal
Democratic
Republic
of
Ethiopia,
6.63%
,
12/11/24
(b)(d)(e)
...
564
482,220
France
—
0.1%
(b)(c)
Agence
France
Locale,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
7.00%
(a)(o)
.................
EUR
10,100
11,889,351
French
Republic,
3.00%
,
05/25/54
..
24,477
21,717,534
33,606,885
Gabon
—
0.0%
Gabon
Government
Bond
(b)
9.50%,
02/18/29
............
USD
11,932
10,850,722
7.00%,
11/24/31
............
5,154
4,004,040
14,854,762
Germany
—
0.4%
Federal
Republic
of
Germany
(b)
0.10%,
04/15/26
............
EUR
59,033
63,646,343
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
1.70%,
08/15/32
............
EUR
83,140
$
85,016,582
148,662,925
Ghana
—
0.0%
Republic
of
Ghana
0.00%,
07/03/26
(b)(i)
..........
USD
41
38,751
5.00%,
07/03/29
(b)(h)
..........
3,016
2,621,447
0.00%,
01/03/30
(b)(i)
..........
70
54,167
5.00%,
07/03/35
(c)(h)
..........
8,394
5,921,838
5.00%,
07/03/35
(b)(h)
..........
601
424,005
9,060,208
Greece
—
0.0%
Hellenic
Republic,
4.13%
,
06/15/54
(b)(c)
EUR
13,268
13,941,839
Guatemala
—
0.0%
Republic
of
Guatemala
4.88%,
02/13/28
(b)
...........
USD
5,973
5,843,087
5.25%,
08/10/29
(c)
...........
247
243,048
7.05%,
10/04/32
(c)
...........
2,884
3,034,509
6.60%,
06/13/36
(c)
...........
4,755
4,788,285
13,908,929
Hong
Kong
—
0.1%
Hong
Kong
Government
Bond,
2.02%
,
03/07/34
.................
HKD
179,900
20,749,378
Hungary
—
0.3%
Hungary
Government
Bond
5.00%,
02/22/27
(b)
...........
EUR
1,887
2,114,103
5.25%,
06/16/29
(c)
...........
USD
4,406
4,378,462
4.00%,
07/25/29
(b)
...........
EUR
42,600
46,795,788
5.38%,
09/12/33
(b)
...........
2,495
2,809,966
4.50%,
06/16/34
(b)
...........
41,800
44,113,580
5.50%,
06/16/34
(b)
...........
USD
362
349,783
7.00%,
10/24/35
............
HUF
2,768,120
7,286,846
5.50%,
03/26/36
(c)
...........
USD
1,225
1,170,564
109,019,092
India
—
0.3%
Republic
of
India
7.30%,
06/19/53
............
INR
1,539,220
18,839,901
7.09%,
08/05/54
............
9,615,770
114,785,108
133,625,009
Indonesia
—
0.4%
Bank
Negara
Indonesia
Persero
Tbk.
PT,
3.75%
,
03/30/26
(b)
........
USD
1,980
1,932,480
Republic
of
Indonesia
7.00%,
05/15/27
............
IDR
262,359,000
15,944,281
6.50%,
07/15/30
............
990,855,000
59,064,023
3.88%,
01/15/33
............
EUR
4,118
4,391,567
7.00%,
02/15/33
............
IDR
123,679,000
7,449,867
6.63%,
02/15/34
............
272,131,000
16,026,886
6.75%,
07/15/35
............
452,751,000
26,788,352
8.25%,
05/15/36
............
118,048,000
7,663,140
7.13%,
06/15/38
............
373,709,000
22,495,637
6.88%,
07/15/54
............
171,041,000
9,994,306
171,750,539
Ireland
—
0.9%
Republic
of
Ireland
(b)
2.60%,
10/18/34
............
EUR
299,631
313,434,190
3.15%,
10/18/55
............
65,274
66,220,296
379,654,486
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
83
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Italy
—
0.1%
Buoni
Poliennali
del
Tesoro,
3.00%
,
10/01/29
(b)
................
EUR
25,200
$
27,416,885
Ivory
Coast
—
0.2%
Republic
of
Cote
d'Ivoire
6.38%,
03/03/28
(b)
...........
USD
5,330
5,338,368
5.25%,
03/22/30
(b)
...........
EUR
18,615
19,178,591
5.88%,
10/17/31
(b)
...........
4,498
4,553,627
7.63%,
01/30/33
(b)
...........
USD
5,809
5,640,365
6.13%,
06/15/33
(b)
...........
12,432
11,052,794
8.08%,
04/01/36
(c)
...........
9,387
8,964,585
8.25%,
01/30/37
(c)
...........
1,091
1,044,803
6.63%,
03/22/48
(b)
...........
EUR
6,553
5,501,427
61,274,560
Jamaica
—
0.0%
Jamaica
Government
Bond,
6.75%
,
04/28/28
.................
USD
3,408
3,481,911
Japan
—
0.6%
Japan
Government
Bond
1.50%,
09/20/43
............
JPY
19,404,000
116,703,436
1.30%,
12/20/43
............
15,176,550
87,903,379
2.30%,
12/20/54
............
5,729,400
36,748,530
241,355,345
Jordan
—
0.1%
Hashemite
Kingdom
of
Jordan
(b)
4.95%,
07/07/25
............
USD
1,930
1,919,153
7.75%,
01/15/28
............
8,961
9,078,658
7.50%,
01/13/29
............
1,296
1,292,760
5.85%,
07/07/30
............
11,277
10,403,033
22,693,604
Kenya
—
0.1%
Republic
of
Kenya
7.25%,
02/28/28
(b)
...........
10,390
9,974,400
9.75%,
02/16/31
(b)
...........
651
634,725
9.75%,
02/16/31
(c)
...........
2,326
2,267,850
8.00%,
05/22/32
(b)
...........
12,863
11,512,385
24,389,360
Lebanon
—
0.0%
Lebanese
Republic
(b)(d)(e)
6.10%,
10/04/22
............
987
152,985
6.00%,
01/27/23
............
726
112,530
6.65%,
04/22/24
............
660
102,300
6.20%,
02/26/25
............
2,051
317,905
6.60%,
11/27/26
............
3,409
528,395
6.85%,
03/23/27
............
7,525
1,166,375
6.65%,
11/03/28
............
16,575
2,569,125
7.00%,
03/23/32
............
991
153,605
5,103,220
Malaysia
—
0.4%
Malaysia
Government
Bond
3.89%,
08/15/29
............
MYR
134,896
30,763,736
4.64%,
11/07/33
............
102,922
24,652,341
3.83%,
07/05/34
............
252,481
57,101,672
4.05%,
04/18/39
............
170,000
38,822,062
4.28%,
03/23/54
............
110,100
25,272,261
176,612,072
Mexico
—
0.4%
United
Mexican
States
7.00%,
09/03/26
............
MXN
6,066
29,060,178
3.75%,
01/11/28
............
USD
1,858
1,801,331
5.40%,
02/09/28
............
703
710,118
Security
Par
(000)
Par
(000)
Value
Mexico
(continued)
8.50%,
03/01/29
............
MXN
5,163
$
24,952,313
5.00%,
05/07/29
............
USD
210
208,320
8.50%,
05/31/29
............
MXN
965
4,655,632
6.00%,
05/13/30
............
USD
272
277,984
7.50%,
05/26/33
............
MXN
7,482
32,900,269
6.35%,
02/09/35
............
USD
3,174
3,178,761
7.75%,
11/13/42
............
MXN
2,151
8,623,307
8.00%,
11/07/47
............
2,391
9,643,289
6.34%,
05/04/53
............
USD
2,237
2,035,670
7.38%,
05/13/55
............
25,172
25,801,300
143,848,472
Mongolia
—
0.0%
State
of
Mongolia
(b)
3.50%,
07/07/27
............
10,586
9,770,878
7.88%,
06/05/29
............
277
283,233
10,054,111
Montenegro
—
0.0%
Republic
of
Montenegro,
2.88%
,
12/16/27
(b)
................
EUR
2,124
2,209,407
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%,
12/15/27
(c)
...........
USD
202
186,598
2.38%,
12/15/27
(b)
...........
283
261,421
5.95%,
03/08/28
(c)
...........
1,557
1,578,735
6.50%,
09/08/33
(c)
...........
1,220
1,267,275
4.75%,
04/02/35
(c)
...........
EUR
3,795
4,064,550
7,358,579
Mozambique
—
0.0%
Republic
of
Mozambique,
9.00%
,
09/15/31
(c)(h)
...............
USD
1,951
1,585,344
Namibia
—
0.0%
Republic
of
Namibia,
5.25%
,
10/29/25
(b)
510
504,900
Nigeria
—
0.1%
Federal
Republic
of
Nigeria
7.63%,
11/21/25
(b)
...........
991
992,388
6.13%,
09/28/28
(b)
...........
1,395
1,272,393
8.38%,
03/24/29
(b)
...........
1,411
1,363,379
8.38%,
03/24/29
(c)
...........
1,640
1,584,650
7.14%,
02/23/30
(b)
...........
9,486
8,546,933
9.63%,
06/09/31
(c)
...........
4,728
4,652,423
9.63%,
06/09/31
(b)
...........
370
364,086
7.88%,
02/16/32
(b)
...........
12,719
11,289,130
10.38%,
12/09/34
(c)
..........
8,209
8,231,575
7.63%,
11/28/47
(b)
...........
1,624
1,220,306
9.25%,
01/21/49
(b)
...........
921
819,418
40,336,681
North
Macedonia
—
0.0%
Republic
of
North
Macedonia,
6.96%
,
03/13/27
(b)
................
EUR
1,600
1,802,830
Oman
—
0.0%
Oman
Government
Bond,
6.75%
,
01/17/48
(b)
................
USD
3,561
3,681,184
Pakistan
—
0.0%
(b)
Islamic
Republic
of
Pakistan
8.25%,
09/30/25
............
416
413,920
6.00%,
04/08/26
............
638
604,824
6.88%,
12/05/27
............
2,268
2,063,880
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Pakistan
(continued)
Pakistan
Global
Sukuk
Programme
Co.
Ltd.
(The),
7.95%
,
01/31/29
.....
USD
8,750
$
8,141,875
11,224,499
Panama
—
0.0%
Republic
of
Panama
7.13%,
01/29/26
............
624
635,232
7.50%,
03/01/31
............
3,658
3,793,346
6.40%,
02/14/35
............
5,095
4,788,663
8.00%,
03/01/38
............
1,649
1,710,838
10,928,079
Paraguay
—
0.0%
Republic
of
Paraguay
(b)
2.74%,
01/29/33
............
1,937
1,598,684
5.60%,
03/13/48
............
1,577
1,388,154
2,986,838
Peru
—
0.0%
Republic
of
Peru
2.78%,
01/23/31
............
2,793
2,455,745
1.86%,
12/01/32
............
2,380
1,855,210
4,310,955
Philippines
—
0.2%
Republic
of
Philippines
4.63%,
07/17/28
............
200
200,250
6.25%,
02/28/29
............
PHP
2,335,635
41,061,626
6.25%,
01/25/34
............
2,362,260
41,192,118
82,453,994
Poland
—
0.6%
Republic
of
Poland
5.75%,
04/25/29
............
PLN
415,155
108,751,872
4.75%,
07/25/29
............
216,567
54,801,869
2.75%,
10/25/29
............
151,104
35,141,853
4.88%,
02/12/30
............
USD
995
1,002,413
4.88%,
10/04/33
............
798
783,476
5.00%,
10/25/34
............
PLN
42,642
10,432,311
2.00%,
08/25/36
............
42,696
9,693,735
5.50%,
04/04/53
............
USD
2,921
2,739,942
223,347,471
Qatar
—
0.0%
State
of
Qatar,
3.25%
,
06/02/26
(b)
...
619
612,785
Republic
of
Turkiye
—
0.1%
Republic
of
Turkiye
(The)
31.08%,
11/08/28
...........
TRY
139,045
3,303,113
30.00%,
09/12/29
...........
673,270
15,722,201
9.13%,
07/13/30
............
USD
590
641,879
7.13%,
02/12/32
............
4,196
4,124,668
9.38%,
01/19/33
............
733
811,182
26.20%,
10/05/33
...........
TRY
580,053
13,068,790
7.63%,
05/15/34
............
USD
200
200,946
37,872,779
Romania
—
0.1%
Romania
Government
Bond
5.00%,
09/27/26
(b)
...........
EUR
660
730,982
5.25%,
11/25/27
(c)
...........
USD
789
785,844
5.25%,
11/25/27
(b)
...........
942
938,232
6.63%,
02/17/28
(b)
...........
132
135,124
2.13%,
03/07/28
(b)
...........
EUR
3,913
4,005,735
5.88%,
01/30/29
(b)
...........
USD
5,106
5,072,224
6.63%,
09/27/29
(b)
...........
EUR
7,225
8,346,565
2.12%,
07/16/31
(b)
...........
3,455
3,040,997
3.63%,
03/27/32
(b)
...........
USD
312
260,676
Security
Par
(000)
Par
(000)
Value
Romania
(continued)
5.88%,
07/11/32
(c)
...........
EUR
4,238
$
4,548,180
6.25%,
09/10/34
(c)
...........
4,000
4,286,273
2.75%,
04/14/41
(b)
...........
628
408,439
32,559,271
Saudi
Arabia
—
0.0%
Kingdom
of
Saudi
Arabia
4.00%,
04/17/25
(b)
...........
USD
210
209,727
2.90%,
10/22/25
(b)
...........
1,356
1,343,118
5.13%,
01/13/28
(c)
...........
583
589,209
4.75%,
01/18/28
(b)
...........
1,285
1,289,626
4.50%,
04/17/30
(b)
...........
2,741
2,699,666
5.00%,
01/18/53
(c)
...........
2,664
2,273,671
5.00%,
01/18/53
(b)
...........
577
492,458
3.45%,
02/02/61
(b)
...........
10,042
6,208,165
15,105,640
Senegal
—
0.0%
Republic
of
Senegal
(b)
4.75%,
03/13/28
............
EUR
1,744
1,637,693
6.25%,
05/23/33
............
USD
3,795
2,817,787
6.75%,
03/13/48
............
5,374
3,484,717
7,940,197
Serbia
—
0.0%
Republic
of
Serbia
6.50%,
09/26/33
(b)
...........
1,937
1,991,488
6.00%,
06/12/34
(c)
...........
2,206
2,182,572
4,174,060
Singapore
—
0.2%
Republic
of
Singapore,
2.75%
,
03/01/35
SGD
109,151
81,601,452
South
Africa
—
0.8%
Republic
of
South
Africa
5.88%,
09/16/25
............
USD
411
411,205
3.75%,
07/24/26
............
EUR
491
531,117
8.00%,
01/31/30
............
ZAR
3,531,533
184,421,497
7.00%,
02/28/31
............
1,668,333
80,727,635
8.88%,
02/28/35
............
137,400
6,703,168
7.10%,
11/19/36
(c)
...........
USD
2,624
2,545,936
8.50%,
01/31/37
............
ZAR
344,300
15,581,886
9.00%,
01/31/40
............
274,273
12,355,525
8.75%,
01/31/44
............
242,550
10,347,301
5.00%,
10/12/46
............
USD
2,130
1,453,725
5.75%,
09/30/49
............
3,780
2,774,520
7.30%,
04/20/52
............
8,910
7,847,482
7.95%,
11/19/54
(b)
...........
3,365
3,159,735
7.95%,
11/19/54
(c)
...........
3,363
3,157,857
332,018,589
South
Korea
—
0.1%
Republic
of
Korea,
3.00%
,
12/10/34
.
KRW
44,193,640
30,557,064
Spain
—
2.8%
Bonos
y
Obligaciones
del
Estado
3.50%,
05/31/29
............
EUR
110,640
124,105,016
2.70%,
01/31/30
............
267,125
289,309,032
3.15%,
04/30/33
(b)(c)
..........
30,606
33,183,854
3.25%,
04/30/34
(b)(c)
..........
83,221
89,948,353
3.45%,
10/31/34
(b)(c)
..........
297,972
325,547,974
3.15%,
04/30/35
(b)(c)
..........
180,530
191,821,884
3.90%,
07/30/39
(b)(c)
..........
23,720
26,164,790
2.90%,
10/31/46
(b)(c)
..........
45,767
42,181,668
3.45%,
07/30/66
(b)(c)
..........
42,500
39,664,113
1,161,926,684
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
85
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Sri
Lanka
—
0.1%
Sri
Lanka
Government
Bond
4.00%,
04/15/28
(b)
...........
USD
19,019
$
17,839,353
4.00%,
04/15/28
(c)
...........
577
541,017
3.10%,
01/15/30
(b)(h)
..........
350
308,350
3.10%,
01/15/30
(c)(h)
..........
498
438,334
3.35%,
03/15/33
(c)(h)
..........
976
761,217
3.60%,
06/15/35
(b)(h)
..........
10,000
6,750,000
3.60%,
06/15/35
(c)(h)
..........
659
444,804
3.60%,
05/15/36
(b)(h)
..........
1,700
1,322,600
3.60%,
05/15/36
(c)(h)
..........
457
355,809
3.60%,
02/15/38
(b)(h)
..........
2,500
1,960,000
3.60%,
02/15/38
(c)(h)
..........
915
717,412
31,438,896
Thailand
—
0.2%
Kingdom
of
Thailand
2.80%,
06/17/34
............
THB
2,125,608
66,897,912
4.00%,
06/17/55
............
280,487
10,443,955
77,341,867
Trinidad
and
Tobago
—
0.0%
Republic
of
Trinidad
&
Tobago
4.50%,
08/04/26
(b)
...........
USD
447
438,954
6.40%,
06/26/34
(c)
...........
3,824
3,741,784
4,180,738
Tunisia
—
0.0%
Tunisian
Republic,
6.38%
,
07/15/26
(b)
EUR
1,293
1,343,510
Ukraine
—
0.1%
Ukraine
Government
Bond
1.75%,
02/01/29
(c)(h)
..........
USD
8,578
5,533,000
1.75%,
02/01/29
(b)(h)
..........
510
328,950
0.00%,
02/01/30
(b)(h)
..........
58
29,580
0.00%,
02/01/30
(c)(h)
..........
1,118
569,965
0.00%,
02/01/34
(b)(h)
..........
548
215,090
0.00%,
02/01/34
(c)(h)
..........
4,176
1,639,159
1.75%,
02/01/34
(b)(h)
..........
7,530
3,990,900
1.75%,
02/01/34
(c)(h)
..........
5,385
2,853,972
0.00%,
02/01/35
(c)(h)
..........
3,529
1,941,052
0.00%,
02/01/35
(b)(h)
..........
807
443,850
1.75%,
02/01/35
(b)(h)
..........
303
157,560
1.75%,
02/01/35
(c)(h)
..........
6,445
3,351,250
0.00%,
02/01/36
(b)(h)
..........
834
456,615
0.00%,
02/01/36
(c)(h)
..........
2,116
1,158,285
1.75%,
02/01/36
(c)(h)
..........
7,894
4,045,821
1.75%,
02/01/36
(b)(h)
..........
7,454
3,820,175
0.00%,
08/01/41
(a)(b)(d)(e)
.......
7,492
5,394,240
35,929,464
United
Arab
Emirates
—
0.0%
United
Arab
Emirates
Government
Bond
(b)
2.50%,
04/16/25
............
1,630
1,626,903
4.88%,
04/30/29
............
386
393,238
3.90%,
09/09/50
............
2,995
2,163,887
4,184,028
United
Kingdom
—
0.3%
U.K.
Treasury
Bonds
(b)
3.50%,
01/22/45
............
GBP
33,536
34,243,606
3.75%,
10/22/53
............
37,893
37,942,448
0.50%,
10/22/61
............
152,687
54,261,138
126,447,192
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay
9.75%,
07/20/33
............
UYU
80,419
1,930,673
Security
Par
(000)
Par
(000)
Value
Uruguay
(continued)
5.75%,
10/28/34
............
USD
3,321
$
3,463,316
5.25%,
09/10/60
............
3,400
3,100,685
8,494,674
Uzbekistan
—
0.1%
Republic
of
Uzbekistan
5.38%,
05/29/27
(c)
...........
EUR
8,701
9,508,402
5.38%,
05/29/27
(b)
...........
7,545
8,245,133
16.63%,
05/29/27
(b)
..........
UZS
2,540,000
201,464
7.85%,
10/12/28
(b)
...........
USD
1,329
1,385,894
7.85%,
10/12/28
(c)
...........
1,763
1,838,474
21,179,367
Venezuela
—
0.0%
Bolivarian
Republic
of
Venezuela,
11.95%
,
08/05/31
(b)(d)(e)
........
11,813
2,380,360
Zambia
—
0.0%
Republic
of
Zambia
(b)
5.75%,
06/30/33
(h)
...........
1,524
1,326,055
0.50%,
12/31/53
............
4,288
2,596,920
3,922,975
Total
Foreign
Government
Obligations
—
11.7%
(Cost:
$4,946,263,012)
...........................
4,846,815,072
Shares
Shares
Grantor
Trust
iShares
Bitcoin
Trust
ETF
(e)(l)(s)
.....
2,123,592
99,405,341
Total
Grantor
Trust
—
0.2%
(Cost:
$78,579,288)
..............................
99,405,341
Investment
Companies
Health
Care
Select
Sector
SPDR
Fund
70,020
10,223,620
iShares
0-5
Year
TIPS
Bond
ETF
(s)
..
401,690
41,562,864
iShares
AAA
CLO
Active
ETF
(s)
.....
300,000
15,534,000
iShares
High
Yield
Muni
Active
ETF
(s)
396,000
19,613,880
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(j)(s)
...............
2,656,000
209,531,840
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(j)(s)
.......
341,788
37,148,938
iShares
MSCI
Brazil
ETF
(j)(s)
.......
298,064
7,704,955
SPDR
S&P
Regional
Banking
ETF
..
152,001
8,641,257
VanEck
JPMorgan
EM
Local
Currency
Bond
ETF
.................
1,780,566
42,484,305
VanEck
Semiconductor
ETF
(j)
......
56,000
11,842,320
Vanguard
Intermediate-Term
Corporate
Bond
ETF
(j)
................
1,573,283
128,631,618
Vanguard
Long-Term
Corporate
Bond
ETF
.....................
570,850
43,333,223
Total
Investment
Companies
—
1.4%
(Cost:
$566,318,794)
.............................
576,252,820
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
Arizona
-
0.0%
Maricopa
County
Industrial
Development
Authority
,
Series
2024,
RB,
7.38%, 10/01/29
(c)
........
USD
8,225
$
8,486,835
California
-
0.1%
Bay
Area
Toll
Authority
,
Series
2010S-1,
RB,
6.92%, 04/01/40
.........
3,115
3,527,951
California
State
Public
Works
Board
,
Series
2009G,
Sub-Series
G-2,
RB,
8.36%, 10/01/34
............
6,820
8,117,635
Central
Unified
School
District
,
Series
2021A,
GO,
3.00%, 08/01/44
....
5,000
4,006,123
City
of
Riverside
,
Series
2010A,
RB,
7.61%, 10/01/40
............
3,805
4,573,325
Contra
Costa
Community
College
District
,
Series
2010B,
GO,
6.50%, 08/01/34
............
3,205
3,485,678
Golden
State
Tobacco
Securitization
Corp.
,
Series
2021B,
RB,
2.75%, 06/01/34
............
4,140
3,586,563
State
of
California
Series
2009,
GO,
7.50%, 04/01/34
2,155
2,493,589
Series
2009,
GO,
7.55%, 04/01/39
4,840
5,855,954
Series
2009,
GO,
7.30%, 10/01/39
3,720
4,287,036
Series
2009,
GO,
7.35%, 11/01/39
2,270
2,638,544
State
of
California
Department
of
Water
Resources
,
Series
BC,
RB,
1.77%, 12/01/34
............
4,600
3,551,484
46,123,882
Colorado
-
0.0%
City
&
County
of
Denver
,
Series
2022A,
GO,
5.00%, 08/01/37
.........
10,000
10,985,430
City
of
Greeley
Series
2022,
RB,
3.00%, 08/01/38
1,275
1,098,060
Series
2022,
RB,
3.00%, 08/01/39
1,340
1,130,650
Series
2022,
RB,
3.00%, 08/01/40
1,380
1,138,967
Colorado
Health
Facilities
Authority
,
Series
2016A,
RB,
4.00%, 11/15/46
6,035
5,356,465
Denver
City
&
County
School
District
No.
1
,
Series
2022A,
GO,
5.00%, 12/01/45
............
5,950
6,265,158
25,974,730
Delaware
-
0.0%
University
of
Delaware
,
Series
2010A,
RB,
5.87%, 11/01/40
.........
7,500
7,675,923
Florida
-
0.0%
Brevard
County
Health
Facilities
Authority
,
Series
2022A,
RB,
5.00%, 04/01/47
............
9,000
9,191,055
County
of
Broward
Airport
System
,
Series
2019C,
RB,
2.91%, 10/01/32
3,100
2,742,003
County
of
Miami-Dade
,
Series
2019E,
RB,
2.53%, 10/01/30
.........
7,590
6,866,470
Sumter
Landing
Community
Development
District
,
Series
2016,
RB,
4.17%, 10/01/47
.........
2,555
2,274,557
21,074,085
Georgia
-
0.1%
State
of
Georgia
Series
2022A,
GO,
4.00%, 07/01/40
3,950
3,964,162
Series
2022A,
GO,
4.00%, 07/01/41
7,890
7,843,200
11,807,362
Security
Par
(000)
Par
(000)
Value
Louisiana
-
0.0%
Louisiana
Public
Facilities
Authority
,
Series
2020A,
RB,
3.00%, 05/15/47
USD
8,000
$
5,868,546
Massachusetts
-
0.1%
Commonwealth
of
Massachusetts
Series
2009E,
GO,
5.46%, 12/01/39
805
824,859
Series
2019H,
GO,
2.90%, 09/01/49
1,055
726,122
Massachusetts
Housing
Finance
Agency
Series
2014B,
RB,
AMT,
4.50%, 12/01/39
..........
385
385,083
Series
2015A,
RB,
AMT,
4.35%, 12/01/40
..........
335
327,045
Massachusetts
School
Building
Authority
Series
2019B,
RB,
2.87%, 10/15/31
11,415
10,390,981
Series
2019B,
RB,
2.97%, 10/15/32
9,240
8,308,991
20,963,081
Minnesota
-
0.0%
State
of
Minnesota
,
Series
2021A,
GO,
4.00%, 09/01/38
............
7,785
7,852,189
New
Hampshire
-
0.0%
New
Hampshire
Municipal
Bond
Bank
,
Series
2022A,
RB,
3.00%, 02/15/38
1,530
1,366,304
New
Jersey
-
0.0%
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Series
2021,
RB,
3.00%, 07/01/51
.........
4,965
3,605,822
Rutgers
The
State
University
of
New
Jersey
,
Series
2019R,
RB,
3.27%, 05/01/43
............
3,750
3,027,893
6,633,715
New
York
-
0.2%
Empire
State
Development
Corp.
Series
2020E,
RB,
4.00%, 03/15/38
2,745
2,748,319
Series
2021B,
RB,
2.01%, 03/15/30
7,085
6,333,433
Series
2021B,
RB,
2.50%, 03/15/33
9,725
8,321,846
New
York
City
Municipal
Water
Finance
Authority
Series
2010AA-1,
RB,
5.75%, 06/15/41
..........
1,610
1,644,599
Series
2011AA,
RB,
5.44%, 06/15/43
..........
4,775
4,719,250
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2019B,
Sub-Series
B-3,
RB,
3.90%, 08/01/31
............
11,870
11,415,039
State
of
New
York
,
Series
2019B,
GO,
2.80%, 02/15/32
............
11,215
10,218,593
45,401,079
North
Carolina
-
0.0%
City
of
Charlotte
,
Series
2021A,
RB,
3.00%, 07/01/46
............
12,525
9,296,534
Ohio
-
0.0%
American
Municipal
Power,
Inc.
,
Series
2010A,
RB,
7.83%, 02/15/41
....
4,015
4,824,609
JobsOhio
Beverage
System
,
Series
2013B,
RB,
3.99%, 01/01/29
....
4,340
4,313,063
State
of
Ohio
,
Series
2020C,
GO,
5.00%, 03/01/39
............
4,095
4,403,665
13,541,337
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
87
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oregon
-
0.0%
Oregon
School
Boards
Association
Series
2002B,
GO,
5.55%, 06/30/28
USD
5,466
$
5,555,974
Series
2005A,
GO,
4.76%, 06/30/28
2,110
2,118,930
State
of
Oregon
,
Series
2003,
GO,
5.89%, 06/01/27
............
3,057
3,112,446
10,787,350
Pennsylvania
-
0.0%
Commonwealth
Financing
Authority
,
Series
2016A,
RB,
4.14%, 06/01/38
1,580
1,454,998
Puerto
Rico
-
0.2%
Commonwealth
of
Puerto
Rico
,
Series
2022
,
VRDN
,
0.00%, 11/01/51
(d)(e)(t)
97,729
52,285,057
Puerto
Rico
Electric
Power
Authority
Series
2003NN,
RB,
5.50%, 07/01/20
(d)(e)
........
2,060
993,950
Series
2007TT,
RB,
5.00%, 07/01/24
(d)(e)
........
1,915
923,988
Series
2008WW,
RB,
5.38%, 07/01/24
(d)(e)
........
1,530
738,225
Series
2008WW,
RB,
5.25%, 07/01/33
(d)(e)
........
2,930
1,413,725
Series
2008WW,
RB,
5.50%, 07/01/38
(d)(e)
........
6,160
2,972,200
Series
2010AAA,
RB,
5.25%, 07/01/21
(d)(e)
........
1,710
825,075
Series
2010AAA,
RB,
5.25%, 07/01/26
..........
940
453,550
Series
2010CCC,
RB,
5.25%, 07/01/28
(d)(e)
........
1,635
788,887
Series
2010ZZ,
RB,
5.00%, 07/01/18
(d)(e)
........
1,225
591,063
Series
2010ZZ,
RB,
5.25%, 07/01/18
(d)(e)
........
6,255
3,018,037
Series
2010ZZ,
RB,
5.25%, 07/01/25
(d)(e)
........
500
241,250
Series
2010ZZ,
RB,
5.25%, 07/01/26
1,150
554,875
Series
2013A,
RB,
5.00%, 07/01/42
(d)(e)
........
6,800
3,281,000
Series
2013A,
RB,
5.05%, 07/01/42
(d)(e)
........
1,030
496,975
Series
2013A,
RB,
7.00%, 07/01/43
(d)(e)
........
7,405
3,572,912
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Series
2018A-1,
RB,
4.75%, 07/01/53
............
2,048
1,986,600
75,137,369
Tennessee
-
0.0%
Tennessee
Housing
Development
Agency
Series
2018-3,
RB,
3.85%, 07/01/43
765
689,000
Series
2018-3,
RB,
3.95%, 01/01/49
615
534,117
1,223,117
Texas
-
0.1%
Dallas
Fort
Worth
International
Airport
,
Series
2019A,
RB,
3.14%, 11/01/45
2,360
1,771,111
Port
of
Beaumont
Navigation
District
,
Series
2024B,
RB,
10.00%, 07/01/26
(c)
..........
17,945
18,438,672
Temple
College
,
Series
2021,
GO,
3.00%, 07/01/46
............
6,035
4,664,504
Texas
A&M
University
,
Series
2017B,
RB,
2.84%, 05/15/27
.........
5,965
5,806,110
Security
Par
(000)
Par
(000)
Value
Texas
(continued)
University
of
Houston
,
Series
2020A,
RB,
3.00%, 02/15/44
.........
USD
5,530
$
4,263,286
34,943,683
Utah
-
0.1%
City
of
Salt
Lake
City
,
Series
2021A,
RB,
AMT,
5.00%, 07/01/46
.....
12,445
12,626,138
Virginia
-
0.0%
Tobacco
Settlement
Financing
Corp.
,
Series
2007A-1,
RB,
6.71%, 06/01/46
............
9,465
8,065,134
Virginia
Small
Business
Financing
Authority
,
Series
2017,
RB,
AMT,
5.00%, 12/31/47
............
2,900
2,897,287
10,962,421
Washington
-
0.1%
State
of
Washington
,
Series
2022A,
GO,
5.00%, 08/01/39
.........
10,000
10,673,565
Washington
Health
Care
Facilities
Authority
,
Series
2015A,
RB,
4.00%, 10/01/45
............
15,260
14,025,049
24,698,614
Total
Municipal
Bonds
—
1.0%
(Cost:
$438,858,397)
.............................
403,899,292
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
5.4%
Australia
—
0.0%
SAPPHIRE
XXXII
TRUST,
Series
2025-1,
Class
A1L,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.10%),
5.20%,
06/14/66
(a)(b)
...............
AUD
21,110
13,172,776
Cayman
Islands
—
0.0%
Prima
Capital
CRE
Securitization
Ltd.,
Series
2016-6A,
Class
C,
4.00%,
08/24/40
(c)
................
USD
7,537
7,277,186
Ireland
—
0.0%
(a)
Dilosk
Rmbs
No.
8
Sts
DAC
Series
8-STS,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.65%),
3.17%,
05/20/62
(b)
...
EUR
1,885
2,040,854
Series
8-STS,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
3.42%,
05/20/62
(b)
...
518
556,672
Dilosk
Rmbs
No.
9
Dac,
Series
9,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.68%),
3.35%,
01/25/63
(b)
....
4,862
5,263,122
7,860,648
Italy
—
0.0%
Miltonia
Mortgage
Finance
SRL,
Series
1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.94%,
04/28/62
(a)(b)
...............
8,612
9,283,074
Netherlands
—
0.1%
(a)(b)
Domi
BV
Series
2021-1,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.63%),
3.13%,
06/15/53
(b)
...
1,585
1,714,905
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
Series
2023-1,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.12%),
3.68%,
02/15/55
(b)
...
EUR
2,260
$
2,470,359
Series
2023-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
4.26%,
02/15/55
(b)
...
803
882,958
Dutch
Property
Finance
BV
Series
2021-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.74%,
07/28/58
(b)
...
740
800,869
Series
2021-2,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
3.34%,
04/28/59
(b)
...
1,689
1,828,611
Series
2021-2,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
3.44%,
04/28/59
(b)
...
820
884,695
Series
2021-2,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
3.69%,
04/28/59
(b)
...
504
543,385
Jubilee
Place
BV
Series
7,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.72%),
3.24%,
09/18/62
(b)
..............
4,984
5,389,199
Series
7,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
3.57%,
09/18/62
(b)
..............
1,030
1,113,924
Series
7,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.92%,
09/18/62
(b)
..............
163
176,530
Series
7,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
4.42%,
09/18/62
(b)
..............
111
120,174
15,925,609
United
Kingdom
—
1.2%
(a)
Atlas
Funding
plc
Series
2022-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.80%),
6.27%,
02/25/60
(b)
..............
GBP
2,955
3,844,164
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
5.61%,
01/20/61
(b)
..............
3,840
4,989,248
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.36%,
01/20/61
(b)
..............
1,494
1,955,656
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.75%),
7.21%,
01/20/61
(b)
..............
987
1,301,896
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.80%),
8.26%,
01/20/61
(b)
..............
505
668,883
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.85%),
5.31%,
09/20/61
(b)
..............
11,024
14,280,913
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.76%,
09/20/61
(b)
..............
1,601
2,068,919
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
6.01%,
09/20/61
(b)
..............
GBP
1,103
$
1,422,956
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.20%),
6.66%,
09/20/61
(b)
..............
365
473,481
Auburn
15
plc,
Series
15,
Class
A2,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
5.56%,
07/20/45
(b)
................
2,827
3,658,384
Barley
Hill
No.
2
plc,
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.70%),
6.16%,
08/27/58
(b)
.....
520
672,353
Braccan
Mortgage
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.84%),
5.32%,
02/15/67
(b)
..............
8,199
10,620,737
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.68%,
02/15/67
(b)
..............
2,883
3,726,597
Brants
Bridge
plc
Series
2022-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
6.87%,
12/12/64
(b)
..............
2,600
3,379,773
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.37%,
06/14/66
(b)
..............
1,153
1,492,888
Canada
Square
Funding
plc
Series
2021-2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.78%),
5.24%,
06/17/58
(b)
..............
1,235
1,596,381
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.66%,
06/17/58
(b)
..............
382
494,154
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.06%,
06/17/58
(b)
..............
102
131,961
Series
6,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.95%,
01/17/59
(b)
..............
2,813
3,626,323
Series
6,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.85%),
6.35%,
01/17/59
(b)
..............
178
228,002
Citadel
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.02%),
5.48%,
04/28/60
(b)
..............
9,247
11,986,697
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.91%,
04/28/60
(b)
..............
929
1,200,975
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
89
(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
+
1.75%),
6.21%,
04/28/60
(b)
..............
GBP
973
$
1,257,852
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.45%),
6.91%,
04/28/60
(b)
..............
1,062
1,371,757
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.75%),
8.21%,
04/28/60
(b)
..............
929
1,200,289
East
One
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.86%,
12/27/55
(b)
..............
1,409
1,832,214
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.16%,
12/27/55
(b)
..............
1,969
2,553,124
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.46%,
12/27/55
(b)
..............
2,438
3,160,772
Edenbrook
Mortgage
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.87%),
5.33%,
03/22/57
(b)
..............
4,603
5,960,675
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
6.41%,
03/22/57
(b)
..............
4,410
5,713,670
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.55%),
7.01%,
03/22/57
(b)
..............
1,133
1,474,058
Elstree
Funding
No.
4
plc,
Series
4,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.12%),
5.58%,
10/21/55
(b)
...........
1,455
1,890,099
Exmoor
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.88%),
5.34%,
03/25/94
(b)
..............
8,197
10,613,774
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.96%,
03/25/94
(b)
..............
967
1,260,883
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.36%,
03/25/94
(b)
..............
454
593,068
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.80%),
7.26%,
03/25/94
(b)
..............
196
252,940
Finsbury
Square
Green
plc
Series
2021-1GRX,
Class
AGRN,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.65%),
5.11%,
12/16/67
(b)
..............
590
762,320
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2021-1GRX,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
5.46%,
12/16/67
(b)
..............
GBP
1,470
$
1,900,946
Series
2021-1GRX,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.71%,
12/16/67
(b)
..............
1,045
1,350,196
Finsbury
Square
plc
Series
2021-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
5.26%,
12/16/71
(b)
..............
879
1,136,232
Series
2021-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.71%,
12/16/71
(b)
..............
1,339
1,737,746
Series
2021-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.86%,
12/16/71
(b)
..............
371
479,520
Series
2021-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.16%,
12/16/71
(b)
..............
200
256,993
Gemgarto
plc
Series
2021-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.76%,
12/16/67
(b)
..............
218
282,084
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.46%,
12/16/73
(b)
..............
1,294
1,685,251
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.96%,
12/16/73
(b)
..............
1,236
1,608,182
Series
2023-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.50%),
8.96%,
12/16/73
(b)
..............
873
1,133,556
Great
Hall
Mortgages
No.
1
plc,
Series
2007-2X,
Class
BA,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.42%),
4.88%,
06/18/39
(b)
6,150
7,848,463
Harben
Finance
Series
2017-1RX,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
5.61%,
09/28/55
(b)
..............
741
951,859
Series
2017-1RX,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.96%,
09/28/55
(b)
..............
441
564,113
Hops
Hill
NO
4
plc
Series
4,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.88%),
5.34%,
04/21/56
(b)
..............
2,486
3,222,651
Series
4,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.76%,
04/21/56
(b)
..............
980
1,270,713
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
4,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.16%,
04/21/56
(b)
..............
GBP
2,900
$
3,765,090
Series
4,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.30%),
6.76%,
04/21/56
(b)
..............
1,795
2,334,373
Hops
Hill
No.
2
plc,
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.85%),
7.31%,
11/27/54
(b)
................
1,077
1,413,172
Hops
Hill
No.
3
plc
Series
3,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
5.46%,
12/21/55
(b)
..............
6,131
7,971,380
Series
3,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.16%,
12/21/55
(b)
..............
5,514
7,234,420
Series
3,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.96%,
12/21/55
(b)
..............
5,089
6,732,185
Hops
Hill
No2
plc,
Series
2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
6.71%,
11/27/54
(b)
................
4,073
5,352,108
Jupiter
Mortgage
No.
1
plc
Series
1X,
Class
BR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.20%,
07/20/55
(b)
..............
29,187
37,837,583
Series
1X,
Class
CR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
6.75%,
07/20/55
(b)
..............
9,209
12,066,834
Series
1X,
Class
DR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.00%),
7.50%,
07/20/55
(b)
..............
6,280
8,194,699
Lanebrook
Mortgage
Transaction
plc
Series
2021-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.65%),
5.15%,
07/20/58
(b)
..............
1,463
1,889,169
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
5.45%,
07/20/58
(b)
..............
266
343,428
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.75%,
07/20/58
(b)
..............
158
204,099
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.65%),
6.15%,
07/20/58
(b)
..............
103
133,151
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
5.26%,
03/15/61
(b)
..............
1,096
1,419,215
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
London
Wall
Mortgage
Capital
plc
Series
2021-FL1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.75%),
5.23%,
05/15/51
(b)
..............
GBP
1,174
$
1,517,368
Series
2021-FL2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
5.28%,
05/15/52
(b)
..............
699
903,139
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.98%,
05/15/57
(b)
..............
9,093
11,744,054
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.48%,
05/15/57
(b)
..............
4,351
5,624,088
Molossus
Btl
plc,
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
5.45%,
04/18/61
(b)
................
2,224
2,877,200
Mortimer
2024-Mix
plc
Series
2024-MIX,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
5.61%,
09/22/67
(b)
..............
2,390
3,093,627
Series
2024-MIX,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
6.01%,
09/22/67
(b)
..............
821
1,062,040
Series
2024-MIX,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.10%),
6.56%,
09/22/67
(b)
..............
198
256,105
Mortimer
BTL
plc
Series
2021-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.70%),
5.16%,
06/23/53
(b)
..............
1,446
1,868,432
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
5.56%,
06/23/53
(b)
..............
334
431,314
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.91%,
06/23/53
(b)
..............
110
142,354
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.46%,
12/22/56
(b)
..............
764
998,050
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.00%),
7.46%,
12/22/56
(b)
..............
832
1,097,537
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.05%),
8.51%,
12/22/56
(b)
..............
764
1,018,025
Newgate
Funding
plc,
Series
2006-1,
Class
BB,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.28%),
2.77%,
12/01/50
(b)
................
EUR
949
982,786
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
91
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Paragon
Mortgages
No.
12
plc,
Series
12X,
Class
B1B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.48%),
3.00%,
11/15/38
(b)
................
EUR
392
$
408,673
Parkmore
Point
RMBS
plc,
Series
2022-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.99%,
07/25/45
(b)
GBP
8,642
11,185,604
Pierpont
Btl
plc
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
5.56%,
09/21/54
(b)
..............
3,475
4,512,517
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.36%,
09/21/54
(b)
..............
2,246
2,928,348
Pierpont
BTL
plc
Series
2021-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
5.26%,
12/22/53
(b)
..............
2,318
2,997,767
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.71%,
12/22/53
(b)
..............
1,728
2,235,334
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.20%),
6.66%,
09/21/61
(b)
..............
138
178,594
PMF
plc,
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.98%),
5.44%,
07/16/60
(b)
................
1,584
2,056,390
Polaris
plc
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.96%,
10/23/59
(b)
..............
421
545,116
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.46%,
10/23/59
(b)
..............
307
396,286
Series
2022-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.40%),
7.86%,
10/23/59
(b)
..............
538
694,442
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.71%,
02/23/61
(b)
..............
3,528
4,585,360
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.75%),
7.21%,
02/23/61
(b)
..............
2,389
3,149,704
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.65%),
8.11%,
02/23/61
(b)
..............
1,770
2,347,099
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.35%),
8.81%,
02/23/61
(b)
..............
1,093
1,451,144
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.71%,
09/27/59
(b)
..............
GBP
3,904
$
5,079,321
Series
2023-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
6.71%,
09/27/59
(b)
..............
2,321
3,047,259
Series
2023-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
7.66%,
09/27/59
(b)
..............
2,150
2,865,124
Series
2023-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.25%),
8.71%,
09/27/59
(b)
..............
1,337
1,767,034
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.16%,
02/26/61
(b)
..............
1,671
2,171,522
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.70%),
7.16%,
02/26/61
(b)
..............
566
741,073
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.00%),
8.46%,
02/26/61
(b)
..............
356
462,905
Series
2025-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.82%),
5.28%,
02/26/68
(b)
..............
7,263
9,402,761
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.05%),
5.51%,
02/26/68
(b)
..............
1,631
2,106,008
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.86%,
02/26/68
(b)
..............
1,566
2,021,367
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.80%),
6.26%,
02/26/68
(b)
..............
529
682,828
Precise
Mortgage
Funding
plc
Series
2020-1B,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.18%),
6.64%,
10/16/56
(b)
..............
115
148,497
Series
2020-1B,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.55%),
7.01%,
10/16/56
(b)
..............
100
129,184
Series
2020-1B,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.93%),
7.39%,
10/16/56
(b)
..............
100
129,528
RMAC
Securities
No.1
plc
Series
2006-NS1X,
Class
M1C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.25%),
2.80%,
06/12/44
(b)
..
EUR
89
93,382
Series
2007-NS1X,
Class
A2A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.27%),
4.74%,
06/12/44
(b)
..............
GBP
221
279,852
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2007-NS1X,
Class
M1C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.27%),
2.82%,
06/12/44
(b)
..
EUR
1,458
$
1,513,585
Stanlington
No.
2
plc
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
and
9.75%
Cap
+
1.75%),
6.22%,
06/12/45
(b)
...
GBP
534
689,027
Series
2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
and
10.20%
Cap
+
2.20%),
6.67%,
06/12/45
(b)
...
329
423,363
Series
2,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
and
11.30%
Cap
+
3.30%),
7.77%,
06/12/45
(b)
...
450
577,447
Stratton
Mortgage
Funding
plc
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.36%,
06/28/50
(b)
..............
1,512
1,955,012
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.81%,
06/28/50
(b)
..............
1,121
1,448,330
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.96%,
06/28/50
(b)
..............
2,576
3,315,908
Series
2024-3,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.98%),
5.44%,
06/25/49
(b)
..............
7,431
9,608,450
Series
2024-3,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.81%,
06/25/49
(b)
..............
11,150
14,402,869
Series
2024-3,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.96%,
06/25/49
(b)
..............
933
1,202,974
Together
Asset-Backed
Securitisation
plc
Series
2021-1ST1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.70%),
5.20%,
07/12/63
(b)
..............
473
610,942
Series
2021-1ST1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
5.45%,
07/12/63
(b)
..............
157
202,869
Series
2021-1ST1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.75%,
07/12/63
(b)
..............
107
138,225
Series
2023-1ST2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.23%),
5.69%,
04/20/65
(b)
..............
3,330
4,334,387
Series
2023-1ST2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.15%),
6.61%,
04/20/65
(b)
..............
2,053
2,707,235
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-1ST2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.15%),
7.61%,
04/20/65
(b)
..............
GBP
438
$
583,199
Series
2023-1ST2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.40%),
8.86%,
04/20/65
(b)
..............
278
363,834
Series
2024-1ST1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
5.41%,
08/15/64
(b)
..............
10,428
13,536,335
Series
2024-1ST2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.96%),
5.43%,
10/12/65
(b)
..............
8,914
11,570,566
Series
2024-2ND1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.16%,
08/20/55
(b)
..............
2,576
3,360,378
Series
2024-2ND1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.96%,
08/20/55
(b)
..............
817
1,064,084
Series
2024-2ND1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
7.96%,
08/20/55
(b)
..............
1,039
1,370,843
Series
2025-2ND1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.93%),
5.40%,
09/12/56
(b)
..............
3,782
4,903,287
Series
2025-2ND1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.67%,
09/12/56
(b)
..............
1,672
2,160,674
Series
2025-2ND1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.97%,
09/12/56
(b)
..............
1,030
1,331,213
Series
2025-2ND1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
6.42%,
09/12/56
(b)
..............
429
554,919
Series
2025-CRE1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.96%,
01/15/57
(b)
..............
2,698
3,486,382
Series
2025-CRE1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.80%),
6.26%,
01/15/57
(b)
..............
1,047
1,352,941
Series
2025-CRE1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
6.86%,
01/15/57
(b)
..............
227
293,330
Tower
Bridge
Funding
plc
Series
2021-2,
Class
A,
(Sterling
Overnight
Index
Average
+
0.78%),
5.26%,
11/20/63
(b)
...
455
587,864
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
+
1.10%),
5.58%,
11/20/63
(b)
...
253
327,284
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.50%),
5.98%,
11/20/63
(b)
...
140
180,996
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
93
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2021-2,
Class
D,
(Sterling
Overnight
Index
Average
+
1.80%),
6.28%,
11/20/63
(b)
...
GBP
170
$
219,780
Series
2022-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.71%,
12/20/63
(b)
..............
264
340,469
Series
2024-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.00%),
7.50%,
01/20/66
(b)
..............
773
1,012,693
Series
2024-1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.00%),
8.50%,
01/20/66
(b)
..............
864
1,133,592
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.88%),
5.36%,
05/20/66
(b)
..............
7,209
9,338,343
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.68%,
05/20/66
(b)
..............
1,489
1,926,066
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.08%,
05/20/66
(b)
..............
676
877,867
Series
2024-3X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.79%),
5.25%,
12/20/66
(b)
..............
3,564
4,609,605
Series
2024-3X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
5.56%,
12/20/66
(b)
..............
2,371
3,069,425
Series
2024-3X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.86%,
12/20/66
(b)
..............
350
452,570
Series
2024-3X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
6.36%,
12/20/66
(b)
..............
363
470,467
Trinity
Square
plc,
Series
2021-1X,
Class
AR,
(Sterling
Overnight
Index
Average
+
0.90%),
5.40%,
07/15/59
(b)
................
14,365
18,595,167
Twin
Bridges
plc
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.07%,
03/12/55
(b)
..............
436
564,939
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.10%),
6.57%,
03/12/55
(b)
..............
804
1,042,493
Series
2021-2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.66%),
5.13%,
09/12/55
(b)
..............
2,469
3,187,487
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
5.37%,
09/12/55
(b)
..............
819
1,057,143
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
5.62%,
09/12/55
(b)
..............
GBP
435
$
559,811
Series
2021-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.97%,
09/12/55
(b)
..............
187
240,609
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.77%,
12/12/55
(b)
..............
830
1,064,414
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.17%,
12/12/55
(b)
..............
365
467,265
Series
2022-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.47%,
06/12/55
(b)
..............
5,709
7,420,264
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
5.42%,
06/14/55
(b)
..............
1,492
1,931,373
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
6.07%,
06/14/55
(b)
..............
6,190
8,053,263
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.97%,
06/14/55
(b)
..............
2,602
3,406,862
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
7.97%,
06/14/55
(b)
..............
1,672
2,196,089
Series
2023-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.05%),
6.53%,
05/15/56
(b)
..............
891
1,171,924
Series
2023-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.05%),
8.53%,
05/15/56
(b)
..............
890
1,190,345
Winchester
1
plc
Series
1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.70%,
10/21/56
(b)
..............
1,624
2,102,795
Series
1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
6.05%,
10/21/56
(b)
..............
886
1,145,775
509,462,036
United
States
—
4.1%
A&D
Mortgage
Trust
(c)
Series
2024-NQM5,
Class
A1,
5.70%,
11/25/69
..........
USD
4,730
4,741,802
Series
2024-NQM5,
Class
M1,
6.52%,
11/25/69
(a)
.........
4,138
4,164,696
ACRA
Trust,
Series
2024-NQM1,
Class
A1,
5.61%,
10/25/64
(c)(h)
.......
8,002
7,986,987
Agate
Bay
Mortgage
Trust
(a)(c)
Series
2015-1,
Class
B5,
3.63%,
01/25/45
...............
1,323
869,459
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2015-3,
Class
B5,
3.46%,
04/25/45
...............
USD
1,521
$
1,004,510
Series
2015-4,
Class
B5,
3.49%,
06/25/45
...............
1,061
655,592
Ajax
Mortgage
Loan
Trust
(c)
  0.00%,
06/27/61
(a)(f)
.........
83
80,650
Series
2022-A,
Class
A1,
3.50%,
10/25/61
(h)
..............
27,407
26,371,987
Series
2022-A,
Class
A2,
3.00%,
10/25/61
(a)
..............
2,705
2,417,370
Series
2022-A,
Class
A3,
3.00%,
10/25/61
(a)
..............
1,443
1,284,716
Series
2022-A,
Class
B,
3.00%,
10/25/61
...............
10,820
8,177,339
Series
2022-A,
Class
C,
3.00%,
10/25/61
...............
5,309
5,512,389
Series
2022-A,
Class
M1,
3.00%,
10/25/61
...............
1,578
1,399,491
Series
2022-A,
Class
M2,
3.00%,
10/25/61
...............
7,078
5,569,496
Series
2022-A,
Class
M3,
3.00%,
10/25/61
...............
451
353,693
Series
2022-B,
Class
A1,
3.50%,
03/27/62
(h)
..............
40,936
39,247,828
Series
2022-B,
Class
A2,
3.00%,
03/27/62
(a)
..............
2,124
1,893,876
Series
2022-B,
Class
A3,
3.00%,
03/27/62
(a)
..............
1,821
1,617,355
Series
2022-B,
Class
B,
3.00%,
03/27/62
...............
10,116
7,712,683
Series
2022-B,
Class
C,
3.00%,
03/27/62
...............
9,384
7,262,946
Series
2022-B,
Class
M1,
3.00%,
03/27/62
...............
1,365
1,208,330
Series
2022-B,
Class
M2,
3.00%,
03/27/62
...............
6,777
5,775,811
Series
2023-A,
Class
A1,
3.50%,
07/25/62
(h)
..............
49,235
46,501,019
Series
2023-A,
Class
A2,
3.00%,
07/25/62
(a)
..............
2,667
2,329,757
Series
2023-A,
Class
A3,
2.50%,
07/25/62
(a)
..............
1,511
1,282,392
Series
2023-A,
Class
B,
2.50%,
07/25/62
(a)
..............
8,888
6,510,164
Series
2023-A,
Class
C,
2.50%,
07/25/62
(a)
..............
6,504
3,474,524
Series
2023-A,
Class
M1,
2.50%,
07/25/62
(a)
..............
4,578
3,867,864
Series
2023-C,
Class
A1,
3.50%,
05/25/63
(h)
..............
43,407
40,850,894
Series
2023-C,
Class
A2,
3.00%,
05/25/63
(a)
..............
2,968
2,575,582
Series
2023-C,
Class
A3,
2.50%,
05/25/63
(a)
..............
1,583
1,324,705
Series
2023-C,
Class
C,
2.50%,
05/25/63
(a)
..............
13,629
9,874,706
Series
2023-C,
Class
M1,
2.50%,
05/25/63
(a)
..............
1,385
1,153,790
Series
2023-C,
Class
M2,
2.50%,
05/25/63
(a)
..............
8,588
6,690,468
Alternative
Loan
Trust
Series
2005-11CB,
Class
2A1,
5.50%,
06/25/35
..........
165
132,383
Series
2005-11CB,
Class
2A6,
5.50%,
06/25/25
..........
853
684,516
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2005-29CB,
Class
A6,
5.50%,
07/25/35
...............
USD
618
$
366,392
Series
2005-55CW,
Class
2A3,
(1-
mo.
CME
Term
SOFR
at
0.35%
Floor
and
7.50%
Cap
+
0.46%),
4.78%,
11/25/35
(a)
.........
1,141
838,565
Series
2005-59,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.66%
Floor
and
11.00%
Cap
+
0.77%),
5.09%,
11/20/35
(a)
.........
1,189
1,157,133
Series
2005-22T1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
and
5.42%
Cap
+
0.46%),
4.78%,
06/25/35
(a)
..............
6,697
5,842,194
Series
2006-6CB,
Class
2A10,
6.00%,
05/25/36
..........
414
158,414
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
..........
3,541
1,626,338
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
...............
630
287,527
Series
2006-28CB,
Class
A14,
6.25%,
10/25/36
..........
2,122
1,028,954
Series
2006-34,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
and
6.25%
Cap
+
0.81%),
5.13%,
11/25/46
(a)
..............
4,736
1,673,868
Series
2006-45T1,
Class
2A2,
6.00%,
02/25/37
..........
2,430
1,309,742
Series
2006-J7,
Class
2A1,
(1M
Sofr
FWD
at
1.50%
Floor
+
1.50%),
6.46%,
11/20/46
(a)
.........
3,134
2,710,920
Series
2006-OA11,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
4.81%,
09/25/46
(a)
..
2,844
2,632,566
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%),
6.37%,
11/25/46
(a)
...
8,669
7,136,829
Series
2006-OA16,
Class
A4C,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
5.11%,
10/25/46
(a)
..............
8,025
5,899,386
Series
2006-OA21,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.30%),
4.62%,
03/20/47
(a)
..
2,715
2,316,593
Series
2006-OC1,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
4.89%,
03/25/36
(a)
..
1,945
1,906,829
Series
2006-OC7,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.61%),
4.93%,
07/25/46
(a)
..
4,808
4,146,581
Series
2006-OC10,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
4.89%,
11/25/36
(a)
..............
4,106
3,514,362
Series
2007-25,
Class
1A3,
6.50%,
11/25/37
...............
20,771
9,431,598
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
...............
700
312,146
Series
2007-9T1,
Class
1A1,
6.00%,
05/25/37
...............
3,709
1,798,676
Series
2007-OA3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.71%,
04/25/47
(a)
..
2,543
2,326,569
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
95
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2007-OA8,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.79%,
06/25/47
(a)
..
USD
463
$
361,942
Series
2007-OH2,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
and
10.00%
Cap
+
0.59%),
4.91%,
08/25/47
(a)
.........
503
441,074
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%),
5.58%,
10/25/46
...............
2,372
1,551,751
Series
2006-4,
Class
1A12,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.32%),
4.64%,
10/25/46
...
5,005
2,561,556
Angel
Oak
Mortgage
Trust
(c)
Series
2019-5,
Class
B1,
3.96%,
10/25/49
(a)
..............
715
657,672
Series
2021-4,
Class
B1,
3.20%,
01/20/65
(a)
..............
3,150
2,222,267
Series
2024-10,
Class
A1,
5.35%,
10/25/69
(h)
..............
12,333
12,291,185
APS
Resecuritization
Trust,
Series
2016-1,
Class
1MZ,
2.79%,
07/31/57
(a)(c)
...............
20,815
7,795,853
Banc
of
America
Alternative
Loan
Trust,
Series
2006-7,
Class
A4,
6.50%,
10/25/36
(h)
................
3,688
1,032,838
Banc
of
America
Funding
Corp.,
Series
2015-R3,
Class
1A2,
2.75%,
03/27/36
(a)(c)
...............
1,809
1,528,914
Banc
of
America
Funding
Trust
Series
2007-1,
Class
1A6,
5.75%,
01/25/37
...............
39
32,513
Series
2014-R2,
Class
1C,
0.00%,
11/26/36
(a)(c)
.............
8,668
3,000,735
Series
2016-R2,
Class
1A1,
4.70%,
05/01/33
(a)(c)
.............
1,411
1,407,838
Barclays
Mortgage
Loan
Trust
(c)
  0.00%,
02/27/28
(a)(f)
.........
11
10,662
Series
2022-NQM1,
Class
A1,
4.55%,
07/25/52
(h)
.........
10,892
10,813,843
Series
2023-NQM3,
Class
A1,
6.90%,
10/25/63
(h)
.........
63,192
64,180,195
Series
2023-NQM3,
Class
A2,
7.36%,
10/25/63
(h)
.........
10,047
10,207,744
Series
2023-NQM3,
Class
A3,
7.69%,
10/25/63
(h)
.........
6,067
6,171,658
Series
2023-NQM3,
Class
B1,
7.99%,
10/25/63
(a)
.........
3,856
3,882,467
Series
2023-NQM3,
Class
B2,
7.99%,
10/25/63
(a)
.........
3,244
3,212,257
Series
2023-NQM3,
Class
B3,
7.99%,
10/25/63
(a)
.........
8,876
8,331,801
Series
2023-NQM3,
Class
M1,
7.99%,
10/25/63
(a)
.........
6,427
6,586,030
Series
2023-NQM3,
Class
SA,
0.00%,
10/25/63
(a)
.........
1
1,295
Series
2024-NQM1,
Class
A1,
5.90%,
01/25/64
(h)
.........
9,412
9,450,074
Series
2024-NQM1,
Class
A2,
6.11%,
01/25/64
(h)
.........
6,412
6,429,647
Series
2024-NQM1,
Class
A3,
6.31%,
01/25/64
(h)
.........
4,897
4,916,146
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-NQM1,
Class
B1,
8.09%,
01/25/64
(a)
.........
USD
2,900
$
2,928,290
Series
2024-NQM1,
Class
B2,
8.69%,
01/25/64
(a)
.........
2,658
2,664,743
Series
2024-NQM1,
Class
B3,
8.69%,
01/25/64
(a)
.........
5,704
5,393,517
Series
2024-NQM1,
Class
M1,
6.80%,
01/25/64
(a)
.........
4,979
5,010,070
Series
2024-NQM1,
Class
SA,
0.00%,
01/25/64
(a)
.........
13
11,974
Series
2024-NQM3,
Class
A1,
6.04%,
06/25/64
(h)
.........
54,007
54,469,166
Series
2024-NQM3,
Class
A2,
6.30%,
06/25/64
(h)
.........
4,258
4,292,991
Series
2024-NQM3,
Class
A3,
6.50%,
06/25/64
(h)
.........
7,430
7,485,671
Series
2024-NQM3,
Class
B1,
7.50%,
06/25/64
(a)
.........
3,975
4,004,072
Series
2024-NQM3,
Class
B2,
8.04%,
06/25/64
(a)
.........
3,640
3,606,230
Series
2024-NQM3,
Class
B3,
8.04%,
06/25/64
(a)
.........
9,961
9,151,411
Series
2024-NQM3,
Class
M1,
6.41%,
06/25/64
(a)
.........
5,794
5,816,243
Series
2024-NQM3,
Class
SA,
0.00%,
06/25/64
(a)
.........
8
8,132
Series
2024-NQM4,
Class
A1,
4.79%,
12/26/64
(h)
.........
81,574
80,699,729
Series
2024-NQM4,
Class
A2,
5.10%,
12/26/64
(h)
.........
7,673
7,609,005
Series
2024-NQM4,
Class
A3,
5.25%,
12/26/64
(h)
.........
8,595
8,531,737
Series
2024-NQM4,
Class
B1,
6.96%,
12/26/64
(a)
.........
3,489
3,483,509
Series
2024-NQM4,
Class
B2,
7.59%,
12/26/64
(a)
.........
2,662
2,635,833
Series
2024-NQM4,
Class
B3,
7.59%,
12/26/64
(a)
.........
6,092
5,864,795
Series
2024-NQM4,
Class
M1,
6.31%,
12/26/64
(a)
.........
5,737
5,763,278
Series
2024-NQM4,
Class
SA,
0.00%,
12/26/64
(a)
.........
114,565
5,216,282
Series
2025-NQM1,
Class
A1,
5.66%,
01/25/65
(h)
.........
56,950
57,192,116
Series
2025-NQM1,
Class
A2,
5.87%,
01/25/65
(h)
.........
7,236
7,266,449
Series
2025-NQM1,
Class
A3,
5.97%,
01/25/65
(h)
.........
6,891
6,920,179
Series
2025-NQM1,
Class
B1,
6.94%,
01/25/65
(a)
.........
3,998
4,002,127
Series
2025-NQM1,
Class
B2,
7.83%,
01/25/65
(a)
.........
3,476
3,438,468
Series
2025-NQM1,
Class
B3,
7.83%,
01/25/65
(a)
.........
7,706
7,117,335
Series
2025-NQM1,
Class
M1,
6.49%,
01/25/65
(a)
.........
6,431
6,497,590
Series
2025-NQM1,
Class
SA,
0.00%,
01/25/65
(a)
.........
16
14,802
Barclays
Mortgage
Trust
(c)
  0.00%,
11/25/51
(a)(f)
..........
29
27,970
Series
2021-NPL1,
Class
A,
2.00%,
11/25/51
(h)
..............
29,099
28,935,889
Series
2021-NPL1,
Class
B,
4.62%,
11/25/51
(h)
..............
6,222
6,235,149
Series
2021-NPL1,
Class
C,
0.00%,
11/25/51
...............
12,876
16,398,039
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
96
(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
(h)
..............
USD
22,921
$
22,658,437
Series
2022-RPL1,
Class
B,
4.25%,
02/25/28
(h)
..............
4,958
4,774,197
Series
2022-RPL1,
Class
C,
0.00%,
02/25/28
...............
8,378
1,842,331
Series
2022-RPL1,
Class
SA,
0.00%,
02/25/28
..........
64
50,384
BCAP
LLC
Trust,
Series
2011-RR5,
Class
11A5,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
4.46%,
05/28/36
(a)(c)
..........
2,293
2,202,643
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%),
4.75%,
11/25/36
..........
1,796
1,545,755
Series
2007-1,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
and
11.50%
Cap
+
0.43%),
4.75%,
01/25/47
..........
1,476
1,245,768
Bear
Stearns
Asset-Backed
Securities
I
Trust
Series
2005-AC9,
Class
A5,
6.25%,
12/25/35
(h)
..............
2,052
1,975,362
Series
2006-AC1,
Class
1A2,
6.25%,
02/25/36
(h)
..............
2,498
2,546,213
Series
2006-AC2,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
and
7.50%
Cap
+
0.46%),
4.78%,
03/25/36
(a)
..............
5,837
1,527,869
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%),
4.71%,
08/25/36
..........
702
692,797
Series
2007-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
10.50%
Cap
+
0.45%),
4.77%,
03/25/37
..........
87
82,252
Series
2007-AR3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
and
10.50%
Cap
+
0.25%),
4.57%,
03/25/37
..........
1,337
1,245,421
Series
2007-AR4,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
and
10.50%
Cap
+
0.32%),
4.64%,
06/25/37
..........
894
854,436
BRAVO,
Series
2024-NQM6,
Class
B2,
8.08%,
08/01/64
(a)(c)
..........
500
498,892
BRAVO
Residential
Funding
Trust
(c)
Series
2023-NQM6,
Class
B1,
8.00%,
09/25/63
(a)
.........
1,500
1,512,120
Series
2024-NQM1,
Class
B1,
8.04%,
12/01/63
..........
565
572,672
Series
2024-NQM3,
Class
B1,
8.10%,
03/25/64
(a)
.........
845
859,086
CAFL
Issuer
LLC,
Series
2024-RTL1,
Class
A1,
6.75%,
11/28/31
(c)(h)
...
3,230
3,274,044
CFMT
LLC
(c)
Series
2024-HB14,
Class
M2,
3.00%,
06/25/34
(a)
.........
547
512,223
Series
2024-HB14,
Class
M3,
3.00%,
06/25/34
(a)
.........
1,360
1,255,956
Series
2024-HB15,
Class
M2,
4.00%,
08/25/34
(a)
.........
474
450,584
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-R1,
Class
A1,
4.00%,
10/25/54
(h)
..............
USD
7,326
$
7,151,981
Series
2024-R1,
Class
A2,
4.00%,
10/25/54
(h)
..............
947
898,529
Chase
Mortgage
Finance
Trust,
Series
2007-S6,
Class
1A1,
6.00%,
12/25/37
.................
49,550
20,065,322
CHL
Mortgage
Pass-Through
Trust
Series
2005-22,
Class
2A1,
5.14%,
11/25/35
(a)
..............
923
757,427
Series
2006-17,
Class
A6,
6.00%,
12/25/36
...............
1,199
533,053
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.96%
Floor
+
0.96%),
5.60%,
04/25/46
(a)
..............
26,614
7,277,937
Series
2006-OA5,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.83%,
04/25/46
(a)
..
906
866,883
Series
2007-1,
Class
A2,
6.00%,
03/25/37
...............
770
346,475
Series
2007-9,
Class
A1,
5.75%,
07/25/37
...............
2,446
1,149,860
Series
2007-9,
Class
A11,
5.75%,
07/25/37
...............
1,337
628,386
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
...............
12,958
4,678,832
CHNGE
Mortgage
Trust
(c)
Series
2022-1,
Class
A1,
3.01%,
01/25/67
(a)
..............
3,666
3,445,471
Series
2022-4,
Class
A1,
6.00%,
10/25/57
(h)
..............
1,195
1,194,944
CIM
Trust,
Series
2019-J2,
Class
B4,
3.76%,
10/25/49
(a)(c)
..........
1,509
1,239,111
Citicorp
Mortgage
Securities
Trust
Series
2007-4,
Class
1A14,
6.00%,
05/25/37
...............
1,132
1,027,831
Series
2007-9,
Class
1A1,
6.25%,
12/25/37
...............
2,372
2,205,030
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
...............
3,390
2,799,091
Citigroup
Mortgage
Loan
Trust
Series
2007-6,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
6.50%
Cap
+
0.61%),
4.93%,
05/25/37
(a)
..............
3,342
3,073,510
Series
2014-C,
Class
B2,
4.25%,
02/25/54
(a)(c)
.............
582
567,615
Series
2022-A,
Class
A1,
6.17%,
09/25/62
(c)(h)
.............
10,573
10,577,401
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A6,
Class
1A11,
6.00%,
06/25/37
.................
725
628,539
COLT
Mortgage
Loan
Trust
(c)
Series
2020-2,
Class
M1,
5.25%,
03/25/65
(a)
..............
2,734
2,721,540
Series
2021-HX1,
Class
B2,
3.86%,
10/25/66
(a)
..............
1,000
780,633
Series
2022-1,
Class
B2,
4.16%,
12/27/66
(a)
..............
623
514,357
Series
2022-3,
Class
B1,
4.21%,
02/25/67
(a)
..............
2,500
2,165,747
Series
2022-5,
Class
B1,
4.67%,
03/25/67
(a)
..............
4,802
4,495,364
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
97
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-8,
Class
B1,
6.50%,
08/25/67
(a)
..............
USD
2,315
$
2,301,655
Series
2024-6,
Class
A1,
5.39%,
11/25/69
(h)
..............
17,685
17,656,843
Credit
Suisse
Mortgage
Capital
Certificates
(c)
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
...............
21,075
8,303,354
Series
2021-JR1,
Class
PT2,
0.00%,
07/26/60
(a)
..............
1,925
721,694
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%),
5.78%,
11/25/35
(a)
......
3,144
659,686
CSMC
Mortgage-Backed
Trust,
Series
2006-4,
Class
1A3,
6.00%,
05/25/36
637
342,825
CSMC
Trust
(c)
Series
2014-4R,
Class
16A3,
(1-mo.
CME
Term
SOFR
at
0.20%
Floor
+
0.31%),
4.67%,
02/27/36
(a)
..
18
18,370
Series
2014-9R,
Class
9A1,
(1-mo.
CME
Term
SOFR
at
0.12%
Floor
+
0.23%),
4.67%,
08/27/36
(a)
..
1,814
1,464,698
Series
2014-SAF1,
Class
B5,
3.84%,
03/25/44
(a)
..............
2,836
2,135,917
Series
2015-4R,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
4.28%,
10/27/36
(a)
..
4,415
3,025,111
Series
2015-6R,
Class
5A2,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
4.61%,
03/27/36
(a)
..
2,781
2,137,624
Series
2020-NQM1,
Class
A3,
2.72%,
05/25/65
(h)
.........
586
555,057
Series
2021-NQM8,
Class
M1,
3.26%,
10/25/66
(a)
.........
1,453
1,097,548
Series
2022-NQM6,
Class
PT,
8.68%,
12/25/67
(a)
.........
21,481
21,708,855
Deephaven
Residential
Mortgage
Trust
(c)
Series
2022-2,
Class
M1,
4.31%,
03/25/67
(a)
..............
2,349
2,121,530
Series
2022-3,
Class
B1,
5.29%,
07/25/67
(a)
..............
3,178
2,929,601
Series
2022-3,
Class
M1,
5.29%,
07/25/67
(a)
..............
5,876
5,616,759
Series
2024-1,
Class
A1,
5.74%,
07/25/69
(h)
..............
4,886
4,896,168
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.77%,
08/25/47
(a)
................
2,003
1,799,996
Deutsche
Alt-B
Securities
Mortgage
Loan
Trust
(a)
Series
2006-AB3,
Class
A3,
6.51%,
07/25/36
...............
763
657,515
Series
2006-AB3,
Class
A8,
6.36%,
07/25/36
...............
485
418,117
Ellington
Financial
Mortgage
Trust,
Series
2022-4,
Class
B2,
5.94%,
09/25/67
(a)(c)
...............
4,578
3,876,407
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2005-AA12,
Class
2A1,
5.04%,
02/25/36
(a)
...
38
23,484
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Gaea
Mortgage
Loan
Trust,
Series
2025-A,
Class
A,
6.75%,
02/25/30
(a)
(c)(f)
......................
USD
4,840
$
4,742,570
GCAT
Trust
(c)
Series
2020-NQM2,
Class
B1,
4.85%,
04/25/65
(a)
.........
4,430
4,125,656
Series
2021-NQM3,
Class
B1,
3.47%,
05/25/66
(a)
.........
3,170
2,361,145
Series
2022-NQM4,
Class
A1,
5.27%,
08/25/67
(h)
.........
11,421
11,367,143
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%),
6.64%,
03/25/36
(a)
.....
1,154
1,071,755
GS
Mortgage-Backed
Securities
Corp.
Trust
(a)(c)
Series
2019-PJ2,
Class
B4,
4.37%,
11/25/49
...............
2,471
2,195,873
Series
2020-PJ2,
Class
B4,
3.53%,
07/25/50
...............
1,854
1,558,665
GS
Mortgage-Backed
Securities
Trust,
Series
2023-CCM1,
Class
B1,
7.40%,
08/25/53
(a)(c)
..........
2,130
2,127,337
GSMPS
Mortgage
Loan
Trust
(a)(c)
Series
2005-RP1,
Class
1AF,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
4.78%,
01/25/35
...
2,366
2,056,702
Series
2005-RP2,
Class
1AF,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
4.78%,
03/25/35
...
3,412
3,179,189
Series
2006-RP1,
Class
1AF1,
(1-
mo.
CME
Term
SOFR
at
0.35%
Floor
and
9.15%
Cap
+
0.46%),
4.78%,
01/25/36
..........
2,246
1,808,794
GSR
Mortgage
Loan
Trust
Series
2005-AR1,
Class
2A1,
6.94%,
01/25/35
(a)
..............
253
246,326
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
...............
61
108,869
Series
2007-OA2,
Class
2A1,
2.92%,
06/25/47
(a)
.........
1,327
788,513
HarborView
Mortgage
Loan
Trust
(a)
Series
2006-12,
Class
1A1A,
(1-mo.
CME
Term
SOFR
at
0.41%
Floor
+
0.52%),
4.84%,
12/19/36
...
10,222
8,021,017
Series
2007-3,
Class
1A1A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.51%),
4.83%,
05/19/37
...
2,866
2,279,376
Series
2007-4,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
and
10.00%
Cap
+
0.61%),
4.68%,
07/19/47
..........
965
901,685
HIG
RCP
LLC,
Series
2023-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
6.59%,
09/19/38
(a)(c)
668
668,550
Homeward
Opportunities
Fund
I
Trust,
Series
2020-2,
Class
B1,
5.45%,
05/25/65
(a)(c)
...............
9,901
9,996,590
Homeward
Opportunities
Fund
Trust
(c)
Series
2022-1,
Class
A1,
5.08%,
07/25/67
(h)
..............
11,291
11,223,673
Series
2022-1,
Class
M1,
5.03%,
07/25/67
(a)
..............
6,241
6,068,379
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Impac
Secured
Assets
Trust,
Series
2006-3,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.77%,
11/25/36
(a)
...........
USD
3,248
$
2,953,832
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2006-AR15,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
4.67%,
07/25/36
...
540
524,365
Series
2006-AR35,
Class
2A1A,
(1-
mo.
CME
Term
SOFR
at
0.34%
Floor
and
10.50%
Cap
+
0.45%),
4.77%,
01/25/37
..........
1,017
908,433
Series
2007-AR19,
Class
3A1,
4.03%,
09/25/37
..........
4,787
3,112,435
Series
2007-FLX5,
Class
2A2,
(1-
mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
4.91%,
08/25/37
1,335
1,215,434
J.P.
Morgan
Alternative
Loan
Trust,
Series
2007-A2,
Class
2A1,
4.89%,
05/25/37
(a)
................
678
600,237
J.P.
Morgan
Mortgage
Trust
(a)
Series
2007-A1,
Class
4A1,
7.19%,
07/25/35
...............
3
2,934
Series
2021-4,
Class
B3,
2.90%,
08/25/51
(c)
..............
6,356
5,118,001
Series
2021-4,
Class
B4,
2.90%,
08/25/51
(c)
..............
573
449,661
Series
2021-4,
Class
B5,
2.90%,
08/25/51
(c)
..............
429
314,485
Series
2021-4,
Class
B6,
2.90%,
08/25/51
(c)
..............
1,243
517,225
Series
2021-INV5,
Class
A5A,
2.50%,
12/25/51
(c)
.........
17,026
13,815,064
Series
2021-INV5,
Class
B4,
3.19%,
12/25/51
(c)
..............
2,450
2,011,163
Series
2021-INV5,
Class
B5,
3.19%,
12/25/51
(c)
..............
857
654,445
Series
2021-INV5,
Class
B6,
3.08%,
12/25/51
(c)
..............
2,931
1,432,704
Series
2021-INV7,
Class
A5A,
2.50%,
02/25/52
(c)
.........
7,819
6,344,206
Series
2021-INV7,
Class
B1,
3.27%,
02/25/52
(c)
..............
7,244
6,179,125
Series
2021-INV7,
Class
B2,
3.27%,
02/25/52
(c)
..............
1,700
1,434,440
Series
2021-INV7,
Class
B3,
3.27%,
02/25/52
(c)
..............
2,365
1,974,626
Series
2021-INV7,
Class
B4,
3.27%,
02/25/52
(c)
..............
1,257
1,019,065
Series
2021-INV7,
Class
B5,
3.27%,
02/25/52
(c)
..............
517
394,812
Series
2021-INV7,
Class
B6,
3.14%,
02/25/52
(c)
..............
1,693
811,847
Series
2024-VIS1,
Class
B2,
8.08%,
07/25/64
(c)
..............
1,000
991,713
Series
2024-VIS2,
Class
B1,
7.73%,
11/25/64
(c)
..............
3,191
3,231,475
Legacy
Mortgage
Asset
Trust,
Series
2021-GS2,
Class
A1,
4.75%,
04/25/61
(c)(h)
...............
26,983
26,952,857
Lehman
XS
Trust,
Series
2007-16N,
Class
AF2,
(1-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.01%),
6.33%,
09/25/47
(a)
................
2,595
3,471,211
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
MASTR
Resecuritization
Trust,
Series
2008-3,
Class
A1,
3.89%,
08/25/37
(a)
(c)
......................
USD
1,318
$
428,218
MCM
Trust
(f)
Series
2018-NPL2,  3.00%,
08/25/28
23,967
23,030,277
Series
2021-VFN1,  0.00%,
09/25/31
31,525
20,074,370
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.85%,
04/25/37
(a)
2,416
2,015,336
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-AF2,
Class
AV1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.75%,
09/25/37
(a)
.....
1,273
675,926
MFA
Trust
(c)
Series
2020-NQM1,
Class
A3,
3.30%,
08/25/49
(a)
.........
163
153,025
Series
2021-NQM1,
Class
B1,
3.51%,
04/25/65
(a)
.........
6,050
4,902,577
Series
2022-NQM1,
Class
M1,
4.26%,
12/25/66
(a)
.........
4,096
3,551,719
Series
2022-NQM3,
Class
A1,
5.57%,
09/25/67
(h)
.........
8,228
8,197,811
Series
2024-NPL1,
Class
A1,
6.33%,
09/25/54
(h)
..............
25,928
25,964,226
Series
2024-RTL1,
Class
A1,
7.09%,
02/25/29
(h)
..............
10,556
10,638,836
Morgan
Stanley
Resecuritization
Trust,
Series
2013-R7,
Class
1B,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
10.50%
Cap
+
0.27%),
4.75%,
12/26/46
(a)(c)
...............
1,128
1,042,009
Morgan
Stanley
Residential
Mortgage
Loan
Trust
(a)(c)
Series
2014-1A,
Class
B3,
5.89%,
06/25/44
...............
777
778,018
Series
2023-NQM1,
Class
B1,
7.42%,
09/25/68
..........
2,584
2,587,140
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
5.30%,
04/16/36
(a)(c)
...............
4,430
4,323,718
NACC
Reperforming
Loan
REMIC
Trust
(c)
Series
2004-R1,
Class
A1,
6.50%,
03/25/34
...............
2,714
2,435,260
Series
2004-R1,
Class
A2,
7.50%,
03/25/34
...............
623
577,118
New
Residential
Mortgage
Loan
Trust
(a)
(c)
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
...............
1,520
1,482,800
Series
2020-RPL1,
Class
B3,
3.85%,
11/25/59
...............
10,258
7,774,651
Series
2024-NQM3,
Class
B1,
7.17%,
11/25/64
..........
1,596
1,575,403
NLT
Trust,
Series
2021-INV2,
Class
B1,
3.32%,
08/25/56
(a)(c)
..........
1,895
1,380,188
NMLT
Trust,
Series
2021-INV1,
Class
B1,
3.61%,
05/25/56
(a)(c)
.......
2,642
1,930,276
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust
Series
2001-R1A,
Class
A,
7.00%,
02/19/30
(a)(c)
.............
582
573,795
Series
2005-AP1,
Class
2A4,
6.05%,
02/25/35
(h)
..............
518
516,838
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
99
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2006-AF1,
Class
1A4,
7.13%,
05/25/36
(h)
..............
USD
1,508
$
278,686
Series
2007-2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.84%
Floor
+
0.95%),
5.27%,
06/25/37
(a)
..
612
507,735
NYMT
Loan
Trust,
Series
2024-INV1,
Class
A1,
5.38%,
06/25/69
(a)(c)
...
6,248
6,224,146
OBX
Trust,
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
(c)(h)
.......
7,548
7,505,458
PRET
LLC,
Series
2024-RN2,
Class
A1,
7.12%,
04/25/54
(c)(h)
..........
4,085
4,103,346
PRKCM
Trust
(a)(c)
Series
2021-AFC2,
Class
A1,
2.07%,
11/25/56
...............
2,933
2,555,072
Series
2022-AFC1,
Class
A1A,
4.10%,
04/25/57
..........
1,520
1,497,474
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
...............
10,946
10,904,208
Series
2023-AFC1,
Class
B1,
7.39%,
02/25/58
..........
4,567
4,578,543
PRPM
LLC
(c)(h)
Series
2020-4,
Class
A1,
6.61%,
10/25/25
...............
7,942
7,941,495
Series
2021-4,
Class
A1,
4.87%,
04/25/26
...............
4,651
4,651,333
Series
2022-1,
Class
A1,
6.72%,
02/25/27
...............
1,369
1,369,239
PRPM
Trust
(a)(c)
Series
2022-NQM1,
Class
B1,
5.42%,
08/25/67
..........
964
944,213
Series
2024-NQM1,
Class
B1,
7.50%,
12/25/68
..........
2,066
2,078,258
Rain
City
Mortgage
Trust,
Series
2024-
RTL1,
Class
A1,
6.53%,
11/25/29
(a)(c)
6,457
6,535,769
RALI
Trust
(a)
Series
2006-QA10,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.79%,
12/25/36
...
3,120
2,725,674
Series
2007-QH9,
Class
A1,
6.19%,
11/25/37
...............
527
449,822
Series
2007-QO2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
4.58%,
02/25/47
...
443
134,445
RCKT
Mortgage
Trust
(c)
Series
2020-1,
Class
B4,
3.47%,
02/25/50
(a)
..............
1,575
1,408,851
Series
2024-CES8,
Class
A1A,
5.49%,
11/25/44
(h)
.........
3,968
3,967,529
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.55%),
6.87%,
10/25/39
(a)(c)
....
11,648
11,700,377
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%),
4.79%,
03/25/35
...............
343
329,721
Series
2005-R2,
Class
1AF1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
9.50%
Cap
+
0.45%),
4.77%,
06/25/35
...............
742
710,792
Series
2005-R3,
Class
AF,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
and
9.50%
Cap
+
0.51%),
4.83%,
09/25/35
...............
1,196
988,434
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Residential
Mortgage
Loan
Trust
(a)(c)
Series
2019-2,
Class
B2,
6.04%,
05/25/59
...............
USD
4,847
$
4,783,079
Series
2019-3,
Class
B2,
5.66%,
09/25/59
...............
5,659
5,519,230
Series
2020-1,
Class
B2,
4.66%,
01/26/60
...............
2,129
1,949,987
RFMSI
Trust
(a)
Series
2006-SA2,
Class
2A1,
5.70%,
08/25/36
...............
7,095
5,066,616
Series
2006-SA4,
Class
2A1,
5.69%,
11/25/36
...............
409
338,740
RMF
Buyout
Issuance
Trust,
Series
2021-HB1,
Class
M6,
6.00%,
11/25/31
(a)(c)
...............
4,567
3,888,325
Saluda
Grade
Alternative
Mortgage
Trust
(c)(h)
Series
2024-RTL4,
Class
A1,
7.50%,
02/25/30
...............
18,613
18,683,826
Series
2024-RTL5,
Class
A1,
7.76%,
04/25/30
...............
10,861
10,943,585
Seasoned
Loans
Structured
Transaction
Trust
(a)(c)
Series
2020-2,
Class
M1,
4.75%,
09/25/60
...............
12,437
12,302,230
Series
2020-3,
Class
M1,
4.75%,
04/26/60
...............
884
872,762
Sequoia
Mortgage
Trust,
Series
2007-3,
Class
2AA1,
4.79%,
07/20/37
(a)
..
1,357
1,079,845
SG
Residential
Mortgage
Trust
(c)
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(h)
..............
2,429
2,421,984
Series
2022-2,
Class
B1,
5.30%,
08/25/62
(a)
..............
4,811
4,682,428
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-SH1,
Class
A3,
4.10%,
07/25/57
(c)(h)
...............
1,735
1,577,850
STARM
Mortgage
Loan
Trust,
Series
2007-2,
Class
3A3,
6.24%,
04/25/37
(a)
................
275
133,785
Starwood
Mortgage
Residential
Trust,
Series
2020-3,
Class
B1,
4.75%,
04/25/65
(a)(c)
...............
4,942
4,530,378
Structured
Adjustable
Rate
Mortgage
Loan
Trust
(a)
Series
2005-11,
Class
1A1,
4.97%,
05/25/35
...............
609
497,670
Series
2006-3,
Class
4A,
4.12%,
04/25/36
...............
1,310
691,996
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%),
4.89%,
02/25/36
..........
745
683,669
Series
2006-AR4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
and
10.50%
Cap
+
0.49%),
4.81%,
06/25/36
..........
3,759
3,256,589
Series
2006-AR5,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
and
10.50%
Cap
+
0.53%),
4.85%,
05/25/46
..........
862
606,158
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
(c)
Series
2006-RF3,
Class
1A2,
6.00%,
10/25/36
...............
USD
1,897
$
1,043,596
Series
2006-RF4,
Class
2A1,
6.00%,
10/25/36
...............
2,241
1,154,851
Thornburg
Mortgage
Securities
Trust,
Series
2006-3,
Class
A1,
(1M
Sofr
FWD
at
0.09%
Floor
+
0.20%),
4.41%,
06/25/46
(a)
...........
2,651
1,612,646
Toorak
Mortgage
Trust,
Series
2024-2,
Class
A1,
6.33%,
10/25/31
(c)(h)
...
1,634
1,635,773
TRK
Trust
(a)(c)
Series
2021-INV1,
Class
B1,
3.29%,
07/25/56
...............
1,876
1,462,553
Series
2021-INV2,
Class
B1,
4.10%,
11/25/56
...............
6,120
4,931,878
TVC
DSCR,
Series
2021-1,
Class
A,
2.38%,
02/01/51
(c)(f)
..........
27,979
25,671,209
TVC
DSCR
Trust,
Series
2021-
1,  0.00%,
02/01/51
(f)
.........
12,832
11,053,389
TVC
Mortgage
Trust,
Series
2023-
RTL1,
Class
A1,
8.25%,
11/25/27
(c)(h)
6,749
6,761,444
Verus
Securitization
Trust
(a)(c)
Series
2019-INV3,
Class
B1,
3.73%,
11/25/59
...............
1,600
1,537,173
Series
2020-5,
Class
B1,
3.71%,
05/25/65
...............
800
747,200
Series
2020-5,
Class
M1,
2.60%,
05/25/65
...............
3,834
3,591,675
Series
2021-3,
Class
B1,
3.20%,
06/25/66
...............
3,316
2,424,720
Series
2021-6,
Class
B1,
4.05%,
10/25/66
...............
540
425,730
Series
2021-6,
Class
M1,
2.94%,
10/25/66
...............
1,567
1,169,966
Series
2022-1,
Class
B1,
4.01%,
01/25/67
...............
2,802
2,097,175
Series
2022-3,
Class
B1,
4.06%,
02/25/67
...............
2,034
1,599,356
Series
2022-4,
Class
B1,
4.76%,
04/25/67
...............
1,178
1,061,844
Series
2022-INV1,
Class
B1,
5.81%,
08/25/67
...............
840
825,686
Series
2023-2,
Class
B1,
7.49%,
03/25/68
...............
4,333
4,331,733
Series
2024-7,
Class
B1,
6.50%,
09/25/69
...............
1,643
1,622,754
Visio
Trust
(a)(c)
Series
2019-2,
Class
B1,
3.91%,
11/25/54
...............
1,825
1,486,864
Series
2020-1,
Class
M1,
4.45%,
08/25/55
...............
1,900
1,787,711
Series
2022-1,
Class
B1,
6.01%,
08/25/57
...............
4,722
4,228,706
Vista
Point
Securitization
Trust
(a)(c)
Series
2020-2,
Class
B1,
4.90%,
04/25/65
...............
1,160
1,125,901
Series
2020-2,
Class
B2,
5.16%,
04/25/65
...............
1,100
1,047,314
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Washington
Mutual
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%),
5.63%,
06/25/46
...............
USD
246
$
224,978
Series
2007-HY3,
Class
4A1,
5.16%,
03/25/37
...............
50
45,870
Series
2007-OA5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.75%
Floor
+
0.75%),
5.39%,
06/25/47
...............
6,242
5,169,356
Series
2007-OA5,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.25%
Floor
+
0.80%),
5.43%,
06/25/47
...............
1,854
1,536,972
Washington
Mutual
Mortgage
Pass-
Through
Certificates
WMALT
(a)
Series
2006-AR10,
Class
A2A,
(1-
mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.77%,
12/25/36
1,158
936,168
Series
2007-OA3,
Class
5A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.25%
Floor
+
1.25%),
5.89%,
04/25/47
...............
1,695
1,455,038
Series
2007-OC2,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.62%
Floor
+
0.73%),
5.05%,
06/25/37
...
1,591
1,456,683
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%),
4.98%,
11/25/35
(a)
..............
587
432,850
Series
2005-9,
Class
5A9,
5.50%,
11/25/35
...............
239
190,961
Series
2006-1,
Class
4CB,
6.50%,
02/25/36
...............
1,824
1,437,217
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
...............
2,350
2,182,428
Series
2006-4,
Class
3A1,
7.00%,
05/25/36
(h)
..............
2,655
2,310,377
Series
2006-4,
Class
3A5,
6.85%,
05/25/36
(h)
..............
706
614,206
Series
2007-OA1,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.72%
Floor
+
0.72%),
5.36%,
12/25/46
(a)
..............
5,101
4,095,495
Western
Alliance
Bank
(a)(c)
Series
2021-CL2,
Class
M1,
(SOFR
30
day
Average
at
0.00%
Floor
+
3.15%),
7.49%,
07/25/59
....
11,322
11,749,349
Series
2021-CL2,
Class
M2,
(SOFR
30
day
Average
at
0.00%
Floor
+
3.70%),
8.04%,
07/25/59
....
15,463
16,074,628
WinWater
Mortgage
Loan
Trust,
Series
2014-3,
Class
B5,
3.98%,
11/20/44
(a)
(c)
......................
1,651
1,270,447
1,673,362,184
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
101
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
—
5.8%
Bermuda
—
0.1%
(a)(c)
PFP
Ltd.,
Series
2022-9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
6.59%,
08/19/35
.
USD
4,927
$
4,932,750
RIAL
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
6.57%,
01/19/37
.................
20,703
20,579,868
25,512,618
Ireland
—
0.3%
(a)
Frost
CMBS
DAC,
Series
2021-1X,
Class
GBA,
(Sterling
Overnight
Index
Average
at
1.35%
Floor
+
1.35%),
5.83%,
11/20/33
(b)
......
GBP
1,788
2,296,774
Haus
European
Loan
Conduit
No
39
DAC,
Series
39X,
Class
A1,
(3-mo.
EURIBOR
at
0.65%
Floor
+
0.65%),
3.26%,
07/28/51
(b)
...........
EUR
685
693,279
Last
Mile
Logistics
CMBS
UK
DAC
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
3.50%
Floor
+
3.50%),
7.98%,
08/17/33
(b)
..............
GBP
8,848
11,451,909
Series
2023-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
4.50%
Floor
+
4.50%),
8.98%,
08/17/33
(b)
..............
7,642
9,890,882
Last
Mile
Logistics
Pan
Euro
Finance
DAC
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
0.75%
Floor
+
0.75%),
3.31%,
08/17/33
(b)
...
EUR
1,844
1,984,241
Series
1X,
Class
B,
(3-mo.
EURIBOR
at
1.05%
Floor
+
1.05%),
3.61%,
08/17/33
(b)
...
1,125
1,209,202
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
1.40%
Floor
+
1.40%),
3.96%,
08/17/33
(b)
...
1,331
1,428,038
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
4.46%,
08/17/33
(b)
...
1,031
1,109,323
Series
1X,
Class
E,
(3-mo.
EURIBOR
at
2.70%
Floor
+
2.70%),
5.26%,
08/17/33
(b)
...
13,537
14,478,714
Last
Mile
Securities
PE
DAC
Series
2021-1X,
Class
A1,
(3-mo.
EURIBOR
at
0.90%
Floor
+
0.90%),
3.46%,
08/17/31
(b)
...
3,245
3,502,145
Series
2021-1X,
Class
B,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.76%,
08/17/31
(b)
...
939
1,013,252
Series
2021-1X,
Class
C,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
4.16%,
08/17/31
(b)
...
1,061
1,144,895
Stark
Financing
DAC,
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.10%),
7.58%,
08/17/33
(b)
...........
GBP
13,404
17,334,356
Taurus
UK
DAC
Series
2021-UK1X,
Class
B,
(Sterling
Overnight
Index
Average
at
1.30%
Floor
+
1.30%),
5.78%,
05/17/31
(b)
..............
880
1,133,449
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2021-UK1X,
Class
C,
(Sterling
Overnight
Index
Average
at
1.65%
Floor
+
1.65%),
6.13%,
05/17/31
(b)
..............
GBP
536
$
690,814
Series
2021-UK1X,
Class
D,
(Sterling
Overnight
Index
Average
at
2.60%
Floor
+
2.60%),
7.08%,
05/17/31
(b)
..............
547
705,221
Series
2021-UK4X,
Class
C,
(Sterling
Overnight
Index
Average
at
1.75%
Floor
+
1.75%),
6.23%,
08/17/31
(b)
..............
319
412,524
Series
2021-UK4X,
Class
D,
(Sterling
Overnight
Index
Average
at
2.10%
Floor
+
2.10%),
6.58%,
08/17/31
(b)
..............
1,567
2,011,772
Series
2025-UK2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.96%,
02/18/35
(b)
..............
7,392
9,552,159
Series
2025-UK2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
6.46%,
02/18/35
(b)
..............
5,979
7,726,208
Series
2025-UK2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.96%,
02/18/35
(b)
..............
7,393
9,553,374
Series
2025-UK2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
7.66%,
02/18/35
(b)
..............
15,911
20,560,351
Thunder
Logistics
DAC
Series
2024-1X,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
4.06%,
11/17/36
(b)
...
EUR
5,641
6,093,374
Series
2024-1X,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.05%),
4.61%,
11/17/36
(b)
...
1,448
1,569,885
Series
2024-1X,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.55%),
5.11%,
11/17/36
(b)
....
1,020
1,105,493
Series
2024-1X,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.30%),
5.86%,
11/17/36
(b)
...
2,453
2,661,918
UK
Logistics
DAC,
Series
2024-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
1.65%
Floor
+
1.65%),
6.13%,
05/17/34
(b)
...........
GBP
564
730,012
Vita
Scientia
DAC,
Series
2022-1X,
Class
B,
(3-mo.
EURIBOR
at
1.80%
Floor
+
1.80%),
4.33%,
02/27/33
(b)
EUR
2,700
2,895,158
134,938,722
Italy
—
0.0%
(b)
Cassia
SRL
(a)
Series
2022-1X,
Class
A,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
5.03%,
05/22/34
(b)
...
12,599
13,622,988
Series
2022-1X,
Class
B,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
6.03%,
05/22/34
(b)
...
6,091
6,569,919
20,192,907
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
102
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
—
0.1%
(a)
Canary
Wharf
Finance
II
plc,
Series
II,
Class
C2,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.49%),
5.99%,
10/22/37
(b)
...........
GBP
2,100
$
2,188,103
Sage
AR
Funding
plc,
Series
1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.15%),
6.63%,
11/17/30
(b)
................
535
689,024
UK
Logistics
DAC
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.88%,
02/17/35
(b)
..............
6,332
8,214,115
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
6.23%,
02/17/35
(b)
..............
3,664
4,756,263
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.10%),
6.63%,
02/17/35
(b)
..............
1,755
2,279,476
Series
2024-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.10%),
7.63%,
02/17/35
(b)
..............
4,049
5,264,978
23,391,959
United
States
—
5.3%
1211
Avenue
of
the
Americas
Trust
(a)(c)
Series
2015-1211,
Class
C,
4.14%,
08/10/35
...............
USD
1,100
1,034,000
Series
2015-1211,
Class
D,
4.14%,
08/10/35
...............
1,235
1,160,900
Series
2015-1211,
Class
E,
4.14%,
08/10/35
...............
2,360
2,183,000
2023-MIC
Trust,
Series
2023-MIC,
Class
A,
8.44%,
12/05/38
(a)(c)
....
6,126
6,662,556
245
Park
Avenue
Trust
(a)(c)
Series
2017-245P,
Class
D,
3.66%,
06/05/37
...............
1,100
1,025,629
Series
2017-245P,
Class
E,
3.66%,
06/05/37
...............
5,691
5,252,898
280
Park
Avenue
Mortgage
Trust
(a)(c)
Series
2017-280P,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.38%),
5.70%,
09/15/34
...
1,978
1,923,605
Series
2017-280P,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.84%),
6.16%,
09/15/34
...
3,660
3,531,900
Series
2017-280P,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.42%),
6.74%,
09/15/34
...
17,397
16,750,663
3650R
Commercial
Mortgage
Trust,
Series
2022-PF2,
Class
A5,
5.29%,
11/15/55
(a)
................
2,100
2,138,505
Alen
Mortgage
Trust
(a)(c)
Series
2021-ACEN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
5.58%,
04/15/34
...
2,178
2,058,210
Series
2021-ACEN,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.21%),
7.53%,
04/15/34
...
1,507
999,895
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Arbor
Multifamily
Mortgage
Securities
Trust
(c)
Series
2020-MF1,
Class
E,
1.75%,
05/15/53
...............
USD
1,165
$
894,363
Series
2021-MF3,
Class
A5,
2.57%,
10/15/54
...............
1,605
1,397,936
AREIT
LLC,
Series
2022-CRE7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.24%
Floor
+
2.24%),
6.56%,
06/17/39
(a)(c)
5,385
5,383,495
ARES
Commercial
Mortgage
Trust,
Series
2024-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
6.01%,
07/15/41
(a)(c)
....
17,640
17,595,900
ARES1,
Series
2024-IND2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.76%,
10/15/34
(a)(c)
25,460
25,396,350
Ashford
Hospitality
Trust
(a)(c)
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.27%),
6.59%,
04/15/35
...
3,816
3,777,840
Series
2018-ASHF,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.23%
Floor
+
3.27%),
7.59%,
04/15/35
...
61
60,930
Atrium
Hotel
Portfolio
Trust
(a)(c)
Series
2017-ATRM,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.25%),
6.57%,
12/15/36
...
8,386
7,937,346
Series
2024-ATRM,
Class
A,
5.05%,
11/10/29
...............
28,130
28,102,610
Series
2024-ATRM,
Class
E,
8.60%,
11/10/29
...............
6,325
6,563,878
BAHA
Trust
(a)(c)
Series
2024-MAR,
Class
A,
5.57%,
12/10/41
...............
54,860
55,635,435
Series
2024-MAR,
Class
B,
6.39%,
12/10/41
...............
1,980
2,050,975
Series
2024-MAR,
Class
C,
7.01%,
12/10/41
...............
4,861
5,022,353
BAMLL
Trust
(a)(c)
Series
2024-BHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.67%,
08/15/39
...
11,500
11,514,886
Series
2025-ASHF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.17%,
02/15/42
...
22,354
22,271,243
Series
2025-ASHF,
Class
E,
(1-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
9.57%,
02/15/42
...
9,115
9,089,888
BANK5
Series
2024-5YR10,
Class
A3,
5.30%,
10/15/57
..........
3,474
3,529,994
Series
2024-5YR11,
Class
A3,
5.89%,
11/15/57
..........
4,920
5,120,340
BANK5
Trust,
Series
2024-5YR6,
Class
A3,
6.23%,
05/15/57
.........
8,120
8,503,483
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%),
4.91%,
11/25/35
..........
2,340
2,254,253
Series
2005-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.56%),
4.88%,
01/25/36
...
4,078
3,907,188
Series
2005-4A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.70%),
5.02%,
01/25/36
...
96
91,665
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
103
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2005-4A,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.79%),
5.11%,
01/25/36
...
USD
256
$
245,356
Series
2006-1A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.65%),
4.97%,
04/25/36
...
374
352,869
Series
2006-2A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.53%),
4.85%,
07/25/36
...
695
670,473
Series
2006-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.49%),
4.81%,
10/25/36
...
435
418,787
Series
2006-3A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.56%),
4.88%,
10/25/36
...
472
455,042
Series
2006-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.46%),
4.78%,
12/25/36
...
1,535
1,479,605
Series
2007-1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.52%),
4.84%,
03/25/37
...
1,064
1,006,643
Series
2007-2A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.52%),
4.84%,
07/25/37
...
1,532
1,430,615
Series
2007-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
5.11%,
09/25/37
...
4,894
4,764,083
Series
2007-5A,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.36%),
6.68%,
10/25/37
...
5,967
3,399,870
Series
2007-6A,
Class
A4A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.61%),
5.93%,
12/25/37
...
6,903
6,060,503
Series
2008-2,
Class
A4A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
and
3.75%
Cap
+
2.61%),
6.93%,
04/25/38
...............
1,659
1,654,355
BBCMS
Mortgage
Trust
(a)(c)
Series
2018-CHRS,
Class
E,
4.27%,
08/05/38
...............
1,720
1,417,508
Series
2018-TALL,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.87%
Floor
+
0.92%),
5.24%,
03/15/37
...
7,234
6,854,884
Series
2018-TALL,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.17%),
5.49%,
03/15/37
...
2,134
1,953,155
Series
2023-5C23,
Class
D,
7.45%,
12/15/56
...............
1,148
1,162,576
BDS
LLC,
Series
2022-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.14%
Floor
+
2.14%),
6.45%,
08/19/38
(a)(c)
4,512
4,507,709
BFLD
Commercial
Mortgage
Trust
(a)(c)
Series
2024-UNIV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.81%,
11/15/41
...
7,260
7,250,925
Series
2024-UNIV,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.64%
Floor
+
3.64%),
7.96%,
11/15/41
...
4,509
4,512,152
BFLD
Mortgage
Trust,
Series
2024-
VICT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
6.21%,
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%),
8.13%,
10/15/35
(a)(c)
6,517
97,168
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BHMS,
Series
2018-ATLS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.55%),
5.87%,
07/15/35
(a)(c)
USD
14,468
$
14,455,879
BLP
Commercial
Mortgage
Trust
(a)(c)
Series
2023-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
6.01%,
03/15/40
...
7,455
7,410,812
Series
2024-IND2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.66%,
03/15/41
...
2,559
2,554,190
BMP,
Series
2024-MF23,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.39%
Floor
+
3.39%),
7.71%,
06/15/41
(a)(c)
5,092
5,028,325
BOCA
Commercial
Mortgage
Trust,
Series
2024-BOCA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.92%
Floor
+
1.92%),
6.24%,
08/15/41
(a)(c)
....
2,803
2,815,118
BPR
Commercial
Mortgage
Trust
(a)(c)
Series
2024-PARK,
Class
A,
4.87%,
11/05/39
...............
3,700
3,707,003
Series
2024-PARK,
Class
D,
6.53%,
11/05/39
...............
620
637,925
BPR
Mortgage
Trust,
Series
2023-
STON,
Class
A,
7.50%,
12/05/39
(c)
2,082
2,171,789
BPR
Trust
(a)(c)
Series
2021-TY,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
8.03%,
09/15/38
...
5,768
5,739,340
Series
2022-SSP,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
7.32%,
05/15/39
...
2,870
2,873,577
Series
2024-PMDW,
Class
A,
5.36%,
11/05/41
...............
1,220
1,228,275
BWAY
Mortgage
Trust
(c)
Series
2013-1515,
Class
A2,
3.45%,
03/10/33
...............
3,023
2,857,693
Series
2013-1515,
Class
D,
3.63%,
03/10/33
...............
9,570
8,619,352
Series
2013-1515,
Class
E,
3.72%,
03/10/33
...............
650
574,744
Series
2013-1515,
Class
F,
3.93%,
03/10/33
(a)
..............
601
528,131
BX
Commercial
Mortgage
Trust
(c)
Series
2020-VIV3,
Class
B,
3.54%,
03/09/44
(a)
..............
8,380
7,720,692
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
...............
2,733
2,471,619
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
5.34%,
02/15/33
(a)
..
25,114
24,910,605
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
6.58%,
02/15/33
(a)
..
15,394
15,307,476
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
8.68%,
02/15/33
(a)
..
10,302
10,294,846
Series
2021-SOAR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.91%),
7.23%,
06/15/38
(a)
..
6,687
6,553,594
Series
2021-VINO,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.92%
Floor
+
2.92%),
7.24%,
05/15/38
(a)
..
1,512
1,504,440
Series
2021-VIV5,
Class
A,
2.84%,
03/09/44
(a)
..............
2,328
2,073,774
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
104
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-CSMO,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
7.46%,
06/15/27
(a)
..
USD
7,520
$
7,527,050
Series
2023-VLT3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.94%
Floor
+
1.94%),
6.26%,
11/15/28
(a)
..
3,410
3,414,226
Series
2023-XL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
6.08%,
12/09/40
(a)
..
8,039
8,039,347
Series
2023-XL3,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.59%
Floor
+
3.59%),
7.91%,
12/09/40
(a)
..
10,719
10,705,254
Series
2024-AIR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.81%,
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%),
6.01%,
08/15/39
(a)
..
16,916
16,916,000
Series
2024-BRBK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.88%
Floor
+
2.88%),
7.20%,
10/15/41
(a)
..
34,140
34,182,641
Series
2024-BRBK,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.93%
Floor
+
3.93%),
8.24%,
10/15/41
(a)
..
8,326
8,336,397
Series
2024-BRBK,
Class
D,
(1-mo.
CME
Term
SOFR
at
5.97%
Floor
+
5.97%),
10.29%,
10/15/41
(a)
.
1,863
1,865,326
Series
2024-GPA3,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.96%,
12/15/39
(a)
..
3,307
3,299,049
Series
2024-KING,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.86%,
05/15/34
(a)
..
8,419
8,398,115
Series
2024-MDHS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.96%,
05/15/41
(a)
..
20,079
20,066,476
Series
2024-MF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.76%,
02/15/39
(a)
..
2,056
2,054,905
Series
2024-MF,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.74%
Floor
+
3.74%),
8.06%,
02/15/39
(a)
..
6,365
6,357,448
Series
2024-PALM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.86%,
06/15/37
(a)
..
27,249
27,147,046
Series
2024-PURE,
Class
A,
(CAONREPO
at
1.90%
Floor
+
1.90%),
4.66%,
11/15/41
(a)
...
CAD
2,655
1,817,721
Series
2024-XL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.76%,
02/15/39
(a)
..
USD
5,317
5,320,224
Series
2024-XL4,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
7.46%,
02/15/39
(a)
..
16,256
16,215,246
Series
2024-XL4,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.19%
Floor
+
4.19%),
8.51%,
02/15/39
(a)
..
9,662
9,470,689
Series
2024-XL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.71%,
03/15/41
(a)
..
355
355,062
BX
Trust
(a)(c)
Series
2021-ARIA,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.01%),
5.33%,
10/15/36
...
820
817,950
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-LBA,
Class
AJV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
5.23%,
02/15/36
...
USD
6,553
$
6,544,921
Series
2021-LBA,
Class
AV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
5.23%,
02/15/36
...
4,118
4,100,339
Series
2021-LBA,
Class
FJV,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.51%),
6.83%,
02/15/36
...
11,223
10,942,425
Series
2021-LBA,
Class
FV,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.51%),
6.83%,
02/15/36
...
7,117
6,939,356
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
7.43%,
02/15/36
...
2,185
2,130,246
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
7.43%,
02/15/36
...
7,383
7,198,425
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
6.68%,
01/15/34
...
2,016
1,997,282
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
7.43%,
01/15/34
...
3,122
3,088,988
Series
2021-MFM1,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.90%
Floor
+
4.01%),
8.33%,
01/15/34
...
70
68,965
Series
2021-VIEW,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
8.03%,
06/15/36
...
6,905
6,811,194
Series
2021-VIEW,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.93%
Floor
+
4.04%),
8.36%,
06/15/36
...
2,240
2,120,615
Series
2022-LBA6,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
5.32%,
01/15/39
...
3,419
3,410,452
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
5.17%,
01/15/39
...
3,580
3,559,862
Series
2022-VAMF,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.60%,
01/15/39
...
1,449
1,437,227
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
7.01%,
05/15/38
...
18,097
18,108,311
Series
2023-DELC,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.39%
Floor
+
4.39%),
8.71%,
05/15/38
...
907
907,000
Series
2024-CNYN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.76%,
04/15/41
...
9,100
9,117,559
Series
2024-CNYN,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
7.01%,
04/15/41
...
3,508
3,499,155
Series
2024-CNYN,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.69%
Floor
+
3.69%),
8.01%,
04/15/41
...
5,731
5,676,459
Series
2024-PAT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
6.41%,
03/15/41
...
7,020
7,011,229
Series
2024-PAT,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.76%,
03/15/41
...
15,026
14,981,950
Series
2024-PAT,
Class
D,
(1-mo.
CME
Term
SOFR
at
5.39%
Floor
+
5.39%),
9.71%,
03/15/41
...
7,203
7,159,253
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
105
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-VLT4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.81%,
07/15/29
...
USD
32,158
$
31,997,210
Series
2024-VLT4,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.89%
Floor
+
2.89%),
7.21%,
07/15/29
...
6,070
5,978,916
Series
2024-VLT4,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.94%
Floor
+
3.94%),
8.26%,
07/15/29
...
15,610
15,336,717
Series
2025-ROIC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.94%
Floor
+
2.94%),
7.26%,
03/15/30
...
22,242
22,103,259
BXP
Trust
(a)(c)
Series
2017-CC,
Class
D,
3.55%,
08/13/37
...............
1,930
1,723,896
Series
2017-CC,
Class
E,
3.55%,
08/13/37
...............
3,820
3,236,025
Series
2017-GM,
Class
D,
3.42%,
06/13/39
...............
1,520
1,435,611
Series
2017-GM,
Class
E,
3.42%,
06/13/39
...............
3,300
3,069,099
Series
2021-601L,
Class
D,
2.78%,
01/15/44
...............
3,999
3,062,623
Cali,
Series
2024-SUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
6.21%,
07/15/41
(a)(c)
....
6,660
6,660,000
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.45%),
6.77%,
12/15/37
(a)(c)
....
9,282
9,264,871
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(a)
.....
1,143
1,067,976
CENT
Trust,
Series
2023-CITY,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.62%
Floor
+
2.62%),
6.94%,
09/15/38
(a)(c)
18,476
18,510,717
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
C,
4.85%,
05/10/58
(a)
................
3,412
3,324,158
CFK
Trust
(a)(c)
Series
2019-FAX,
Class
D,
4.64%,
01/15/39
...............
6,897
6,363,120
Series
2019-FAX,
Class
E,
4.64%,
01/15/39
...............
6,152
5,500,673
CFSP
Mortgage
Trust,
Series
2024-
AHP1,
Class
A,
6.50%,
04/15/37
.
17,092
16,465,593
Citigroup
Commercial
Mortgage
Trust
(c)
Series
2015-P1,
Class
D,
3.23%,
09/15/48
...............
2,062
1,890,210
Series
2020-420K,
Class
E,
3.31%,
11/10/42
(a)
..............
2,660
2,215,942
COAST
Commercial
Mortgage
Trust
(a)(c)
Series
2023-2HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
6.91%,
08/15/36
...
5,172
5,161,317
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.76%,
08/15/36
...
8,751
8,684,370
Commercial
Mortgage
Trust
Series
2013-300P,
Class
D,
4.39%,
08/10/30
(a)(c)
.............
750
721,857
Series
2015-LC19,
Class
B,
3.83%,
02/10/48
(a)
..............
942
923,519
Series
2015-LC23,
Class
A4,
3.77%,
10/10/48
...............
2,008
1,991,532
Series
2016-667M,
Class
D,
3.18%,
10/10/36
(a)(c)
.............
2,010
1,411,799
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-CBM,
Class
A2,
5.87%,
12/10/41
(a)(c)
.............
USD
1,640
$
1,673,570
Series
2024-WCL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
6.16%,
06/15/41
(a)(c)
.
16,380
16,328,667
Series
2024-WCL1,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
6.91%,
06/15/41
(a)(c)
.
5,615
5,534,255
Series
2024-WCL1,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.49%
Floor
+
4.49%),
8.81%,
06/15/41
(a)(c)
.
6,488
6,489,459
CONE
Trust
(a)(c)
Series
2024-DFW1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.96%,
08/15/41
...
6,550
6,500,862
Series
2024-DFW1,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
8.21%,
08/15/41
...
6,477
6,449,510
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2020-NET,
Class
D,
3.72%,
08/15/37
(a)(c)
........
560
546,120
CSAIL
Commercial
Mortgage
Trust,
Series
2018-CX12,
Class
C,
4.72%,
08/15/51
(a)
................
1,586
1,459,799
CSMC
Trust
(c)
Series
2017-PFHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.00%),
5.32%,
12/15/30
(a)
..
2,310
2,294,404
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
...............
2,190
1,953,978
Series
2020-FACT,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.86%
Floor
+
5.48%),
9.80%,
10/15/37
(a)
..
4,184
3,839,291
Series
2020-FACT,
Class
F,
(1-mo.
CME
Term
SOFR
at
6.16%
Floor
+
6.77%),
11.09%,
10/15/37
(a)
.
300
249,887
Series
2021-BHAR,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
5.58%,
11/15/38
(a)
..
1,337
1,331,914
Series
2021-BHAR,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
5.93%,
11/15/38
(a)
..
2,356
2,342,465
Series
2022-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.59%
Floor
+
3.44%),
7.76%,
02/15/27
(a)(f)
.
23,200
22,898,671
CSTL
Commercial
Mortgage
Trust,
Series
2024-GATE,
Class
A,
4.76%,
11/10/41
(a)(c)
...............
32,830
32,214,398
DBGS,
Series
2024-SBL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.88%
Floor
+
1.88%),
6.20%,
08/15/34
(a)(c)
1,600
1,601,000
DBGS
Mortgage
Trust,
Series
2018-
BIOD,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.60%),
5.92%,
05/15/35
(a)(c)
..........
113
110,672
DBSG
Mortgage
Trust,
Series
2024-
ALTA,
Class
A,
5.95%,
06/10/37
(a)(c)
4,998
5,071,466
DBWF
Mortgage
Trust,
Series
2024-
LCRS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
6.06%,
04/15/37
(a)(c)
..........
1,428
1,424,876
DC
Trust
(a)(c)
Series
2024-HLTN,
Class
A,
5.73%,
04/13/40
...............
1,570
1,590,673
Series
2024-HLTN,
Class
F,
10.31%,
04/13/40
...............
4,127
4,248,753
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
106
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
DK
Trust
(a)(c)
Series
2024-SPBX,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.82%,
03/15/34
...
USD
9,090
$
9,084,318
Series
2024-SPBX,
Class
E,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
4.00%),
8.32%,
03/15/34
...
26,040
26,075,594
ELM
Trust
(a)(c)
Series
2024-ELM,
Class
A10,
5.41%,
06/10/39
..........
9,410
9,530,648
Series
2024-ELM,
Class
A15,
5.41%,
06/10/39
..........
9,410
9,530,647
Series
2024-ELM,
Class
E10,
7.27%,
06/10/39
..........
12,317
12,431,406
ELP
Commercial
Mortgage
Trust,
Series
2021-ELP,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.12%
Floor
+
3.23%),
7.55%,
11/15/38
(a)(c)
....
4,922
4,896,148
EQT
Trust,
Series
2024-EXTR,
Class
A,
5.33%,
07/05/41
(a)(c)
..........
3,348
3,365,875
Extended
Stay
America
Trust
(a)(c)
Series
2021-ESH,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
6.68%,
07/15/38
...
5,834
5,827,096
Series
2021-ESH,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.96%),
7.28%,
07/15/38
...
10,000
9,980,956
Series
2021-ESH,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
8.13%,
07/15/38
...
28,061
28,043,166
Fashion
Show
Mall
LLC,
Series
2024-
SHOW,
Class
A,
4.76%,
10/10/41
(a)(c)
1,004
1,004,580
Fontainebleau
Miami
Beach
Mortgage
Trust
(a)(c)
Series
2024-FBLU,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.25%),
8.57%,
12/15/39
...
901
901,000
Series
2024-FBLU,
Class
G,
(1-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
9.97%,
12/15/39
...
6,969
6,965,909
Grace
Trust,
Series
2020-GRCE,
Class
E,
2.68%,
12/10/40
(a)(c)
........
2,546
2,086,012
Great
Wolf
Trust
(a)(c)
Series
2024-WLF2,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.69%),
6.01%,
05/15/41
..........
36,228
36,216,679
Series
2024-WOLF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.86%,
03/15/39
...
5,531
5,534,466
GS
Mortgage
Securities
Corp.
Trust
Series
2015-GC32,
Class
C,
4.45%,
07/10/48
(a)
..............
1,786
1,731,911
Series
2017-375H,
Class
A,
3.48%,
09/10/37
(a)(c)
.............
1,460
1,388,882
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
(c)
..............
5,185
4,490,587
Series
2021-DM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.89%
Floor
+
1.00%),
5.32%,
11/15/36
(a)(c)
.
7,136
7,066,736
Series
2021-ROSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.73%,
05/15/26
(a)(c)
.
2,320
2,217,206
Series
2022-ECI,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.19%),
6.51%,
08/15/39
(a)(c)
.
11,620
11,620,000
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-FUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
6.41%,
03/15/28
(a)(c)
.
USD
11,230
$
11,230,000
Series
2023-SHIP,
Class
E,
7.43%,
09/10/38
(a)(c)
.............
34,583
34,947,145
Series
2024-RVR,
Class
E,
6.97%,
08/10/41
(a)(c)
.............
3,613
3,595,322
Series
2024-RVR,
Class
HRR,
8.32%,
08/10/41
(a)(c)
........
12,450
12,489,105
Series
2025-800D,
Class
A,
(1-mo.
CME
Term
SOFR
+
2.15%),
6.97%,
11/18/29
(a)(c)
........
18,355
18,355,000
Series
2025-800D,
Class
C,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.02%,
11/18/29
(a)(c)
........
12,276
12,276,000
GS
Mortgage
Securities
Trust
(a)
Series
2015-590M,
Class
E,
3.81%,
10/10/35
(c)
..............
2,540
2,304,217
Series
2019-GSA1,
Class
C,
3.80%,
11/10/52
...............
570
511,611
Harvest
Commercial
Capital
Loan
Trust,
Series
2020-1,
Class
M4,
5.96%,
04/25/52
(a)(c)
...............
1,181
1,179,574
HIH
Trust
(a)(c)
Series
2024-61P,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
6.16%,
10/15/41
...
13,190
13,247,742
Series
2024-61P,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.64%
Floor
+
3.64%),
7.96%,
10/15/41
...
4,970
4,980,878
HILT
Commercial
Mortgage
Trust
(a)(c)
Series
2024-ORL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.86%,
05/15/37
...
10,515
10,508,427
Series
2024-ORL,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.19%
Floor
+
3.19%),
7.51%,
05/15/37
...
11,854
11,794,730
HIT
Trust,
Series
2022-HI32,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.39%
Floor
+
2.39%),
6.71%,
07/15/39
(a)(c)
2,524
2,525,672
HLTN
Commercial
Mortgage
Trust,
Series
2024-DPLO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.96%,
06/15/41
(a)(c)
....
6,118
6,118,000
HONO
Mortgage
Trust,
Series
2021-
LULU,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
5.58%,
10/15/36
(a)(c)
..........
6,099
5,992,268
Houston
Galleria
Mall
Trust,
Series
2025-HGLR,
Class
A,
5.46%,
02/05/45
(a)(c)
...............
830
840,719
HTL
Commercial
Mortgage
Trust
(a)(c)
Series
2024-T53,
Class
A,
5.88%,
05/10/39
...............
3,390
3,413,128
Series
2024-T53,
Class
E,
10.26%,
05/10/39
...............
9,477
9,797,794
Hudson
Yards
Mortgage
Trust
(a)(c)
Series
2019-55HY,
Class
F,
2.94%,
12/10/41
...............
6,663
5,580,191
Series
2025-SPRL,
Class
A,
5.47%,
01/13/40
...............
1,700
1,729,537
ILPT
Commercial
Mortgage
Trust,
Series
2022-LPF2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
6.56%,
10/15/39
(a)(c)
....
19,679
19,694,747
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
107
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Independence
Plaza
Trust
(c)
Series
2018-INDP,
Class
B,
3.91%,
07/10/35
...............
USD
1,220
$
1,201,684
Series
2018-INDP,
Class
C,
4.16%,
07/10/35
...............
1,335
1,311,621
INV
Mortgage
Trust,
Series
2024-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
6.06%,
11/15/41
(a)(c)
...............
9,520
9,496,200
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(c)
Series
2016-NINE,
Class
B,
2.85%,
09/06/38
(a)
..............
6,933
6,676,063
Series
2018-AON,
Class
A,
4.13%,
07/05/31
...............
4,834
4,483,536
Series
2018-PHH,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.41%
Floor
+
1.26%),
5.58%,
06/15/35
(a)
..
1,745
1,526,251
Series
2019-MFP,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.16%
Floor
+
2.21%),
6.53%,
07/15/36
(a)
..
5,580
5,352,931
Series
2020-609M,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.77%
Floor
+
3.13%),
7.45%,
10/15/33
(a)
..
3,024
2,996,537
Series
2021-MHC,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
1.16%),
5.48%,
04/15/38
(a)
..
991
989,338
Series
2021-MHC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.81%),
7.13%,
04/15/38
(a)
..
12,867
12,826,791
Series
2021-MHC,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.31%),
7.63%,
04/15/38
(a)
..
5,050
5,031,063
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.54%),
7.86%,
04/15/37
(a)
..
11,124
10,413,222
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
(a)
..............
6,152
5,172,477
Series
2024-IGLG,
Class
A,
5.17%,
11/09/39
(a)
..............
15,900
15,969,318
Series
2024-IGLG,
Class
D,
6.48%,
11/09/39
(a)
..............
4,440
4,433,528
Series
2024-IGLG,
Class
E,
7.25%,
11/09/39
(a)
..............
13,516
13,492,538
Series
2024-IGLG,
Class
F,
8.22%,
11/09/39
(a)
..............
11,578
11,583,870
Series
2024-IGLG,
Class
HRR,
9.65%,
11/09/39
(a)
.........
14,700
14,720,108
Series
2024-OMNI,
Class
A,
5.80%,
10/05/39
(a)
..............
4,640
4,707,278
Series
2025-BHR5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.99%,
03/15/40
(a)
..
21,959
21,794,308
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.13%,
12/15/48
(a)(c)
...
2,084
1,895,492
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR5,
Class
A3,
3.12%,
06/13/52
.....
2,890
2,721,413
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2018-C8,
Class
AS,
4.42%,
06/15/51
.....
379
368,454
JW
Commercial
Mortgage
Trust
(a)(c)
Series
2024-MRCO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.94%,
06/15/39
...
7,310
7,305,430
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-MRCO,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.19%
Floor
+
3.19%),
7.51%,
06/15/39
...
USD
4,203
$
4,215,327
KSL
Commercial
Mortgage
Trust,
Series
2024-HT2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.86%,
12/15/39
(a)(c)
....
9,740
9,727,813
LBA
Trust
(a)(c)
Series
2024-7IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.76%,
10/15/41
...
6,410
6,397,981
Series
2024-7IND,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.64%
Floor
+
2.64%),
6.96%,
10/15/41
...
1,628
1,623,928
Series
2024-BOLT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
5.91%,
06/15/39
...
25,070
25,007,325
Series
2024-BOLT,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.76%,
06/15/39
...
2,039
2,027,007
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%),
4.88%,
09/25/36
...
1,925
1,828,597
Series
2007-3A,
Class
M2,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.11%),
6.43%,
10/25/37
...
5,850
4,995,798
LEX
Mortgage
Trust,
Series
2024-BBG,
Class
HRR,
7.93%,
10/13/33
(a)(c)
..
20,050
20,143,842
LoanCore
LLC,
Series
2025-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.70%,
08/17/42
(a)(c)
...............
3,560
3,550,699
LUX
Trust,
Series
2023-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
7.01%,
08/15/40
(a)(c)
4,400
4,441,563
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
D,
2.33%,
09/10/39
(a)(c)
...............
118
107,926
MCR
Mortgage
Trust
(c)
Series
2024-HF1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.79%),
6.11%,
12/15/41
(a)
..
6,110
6,125,287
Series
2024-HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
6.08%,
02/15/37
(a)
..
573
573,026
Series
2024-HTL,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.65%
Floor
+
4.65%),
8.97%,
02/15/37
(a)
..
4,594
4,633,575
Series
2024-TWA,
Class
A,
5.92%,
06/12/39
...............
7,000
7,079,265
Series
2024-TWA,
Class
E,
8.73%,
06/12/39
...............
5,891
5,989,141
MFT
Trust,
Series
2020-ABC,
Class
C,
3.48%,
02/10/42
(a)(c)
..........
3,925
2,501,966
MHC
Commercial
Mortgage
Trust
(a)(c)
Series
2021-MHC,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.92%),
5.23%,
04/15/38
...
1,265
1,261,387
Series
2021-MHC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.22%),
6.53%,
04/15/38
...
6,798
6,780,606
Series
2021-MHC,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.72%),
7.03%,
04/15/38
...
867
864,354
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
108
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
MHP
Commercial
Mortgage
Trust
(a)(c)
Series
2021-STOR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
7.18%,
07/15/38
...
USD
7,927
$
7,847,730
Series
2021-STOR,
Class
J,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
4.06%),
8.38%,
07/15/38
...
3,438
3,395,279
MIRA
Trust,
Series
2023-MILE,
Class
A,
6.75%,
06/10/38
(c)
...........
6,775
7,077,519
Morgan
Stanley
Capital
I
Trust
(c)
Series
2017-ASHF,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.65%),
8.97%,
11/15/34
(a)
..
2,673
2,548,241
Series
2017-ASHF,
Class
G,
(1-mo.
CME
Term
SOFR
at
6.90%
Floor
+
7.20%),
11.52%,
11/15/34
(a)
.
2,925
2,779,704
Series
2018-MP,
Class
E,
4.28%,
07/11/40
(a)
..............
7,057
4,751,575
Series
2019-H6,
Class
D,
3.00%,
06/15/52
...............
1,190
926,928
Series
2019-H7,
Class
D,
3.00%,
07/15/52
...............
750
612,190
Series
2024-NSTB,
Class
A,
3.90%,
09/24/57
(a)
..............
6,236
6,024,659
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-LVL,
Class
D,
4.44%,
08/15/38
(c)
...........
3,140
2,807,811
NJ
Trust,
Series
2023-GSP,
Class
A,
6.48%,
01/06/29
(a)(c)
..........
4,750
4,978,532
NY
Commercial
Mortgage
Trust,
Series
2025-299P,
Class
B,
5.53%,
02/10/47
(a)(c)
...............
1,856
1,891,982
NYC
Trust
(a)(c)
Series
2024-3ELV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.99%
Floor
+
1.99%),
6.31%,
08/15/29
...
1,220
1,223,890
Series
2024-3ELV,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.84%
Floor
+
3.84%),
8.16%,
08/15/29
...
4,401
4,397,345
Olympic
Tower
Mortgage
Trust,
Series
2017-OT,
Class
E,
3.95%,
05/10/39
(a)
(c)
......................
7,856
5,987,250
One
Bryant
Park
Trust,
Series
2019-
OBP,
Class
A,
2.52%,
09/15/54
(c)
.
4,638
4,140,860
One
Market
Plaza
Trust,
Series
2017-
1MKT,
Class
D,
4.15%,
02/10/32
(c)
3,310
2,874,590
One
New
York
Plaza
Trust
(a)(c)
Series
2020-1NYP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.06%),
5.38%,
01/15/36
...
3,402
3,259,260
Series
2020-1NYP,
Class
AJ,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.36%),
5.68%,
01/15/36
...
4,673
4,419,237
Series
2020-1NYP,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
5.93%,
01/15/36
...
3,892
3,622,269
Series
2020-1NYP,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
7.18%,
01/15/36
...
1,660
1,511,755
OPEN
Trust,
Series
2023-AIR,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.09%
Floor
+
3.09%),
7.41%,
11/15/40
(a)(c)
3,951
3,962,961
ORL
Trust,
Series
2024-GLKS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.81%,
12/15/39
(a)(c)
8,070
8,064,956
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
PGA
Trust,
Series
2024-RSR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
6.21%,
06/15/39
(a)(c)
USD
4,965
$
4,952,583
PKHL
Commercial
Mortgage
Trust
(a)(c)
Series
2021-MF,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.46%),
7.78%,
07/15/38
...
1,617
945,095
Series
2021-MF,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.46%),
8.78%,
07/15/38
...
3,533
1,036,432
PRM5
Trust,
Series
2025-PRM5,
Class
D,
5.25%,
03/10/33
(a)(c)
........
3,600
3,543,683
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.47%
Floor
+
2.47%),
6.79%,
06/25/37
(a)(c)
....
1,556
1,555,782
ROCK
Trust
(c)
Series
2024-CNTR,
Class
A,
5.39%,
11/13/41
...............
2,552
2,571,471
Series
2024-CNTR,
Class
E,
8.82%,
11/13/41
...............
7,678
8,092,050
SCG
Commercial
Mortgage
Trust
(a)(c)
Series
2025-DLFN,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
6.46%,
03/15/35
...
1,150
1,142,805
Series
2025-DLFN,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
7.26%,
03/15/35
...
8,474
8,466,825
Series
2025-DLFN,
Class
HRR,
(1-
mo.
CME
Term
SOFR
at
4.95%
Floor
+
4.95%),
9.26%,
03/15/35
22,850
22,850,000
SELF
Commercial
Mortgage
Trust
(a)(c)
Series
2024-STRG,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.86%,
11/15/34
...
6,510
6,515,995
Series
2024-STRG,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.19%
Floor
+
4.19%),
8.51%,
11/15/34
...
6,569
6,545,408
Series
2024-STRG,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.19%
Floor
+
5.19%),
9.51%,
11/15/34
...
5,690
5,669,674
SG
Commercial
Mortgage
Securities
Trust
(a)(c)
Series
2019-PREZ,
Class
D,
3.48%,
09/15/39
...............
4,690
4,019,355
Series
2019-PREZ,
Class
E,
3.48%,
09/15/39
...............
3,356
2,794,376
SHER
Trust,
Series
2024-DAL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.96%,
04/15/37
(a)(c)
5,335
5,323,327
SHR
Trust
(a)(c)
Series
2024-LXRY,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
6.27%,
10/15/41
...
38,145
38,144,985
Series
2024-LXRY,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.60%),
7.92%,
10/15/41
...
14,995
14,994,991
Series
2024-LXRY,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.45%
Floor
+
4.45%),
8.77%,
10/15/41
...
10,089
10,088,993
SLG
Office
Trust,
Series
2021-OVA,
Class
A,
2.59%,
07/15/41
(c)
.....
1,171
1,005,861
STWD
Trust,
Series
2021-FLWR,
Class
E,
(1-mo.
CME
Term
SOFR
at
1.92%
Floor
+
2.04%),
6.36%,
07/15/36
(a)(c)
2,498
2,478,868
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
109
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
TCO
Commercial
Mortgage
Trust,
Series
2024-DPM,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.74%
Floor
+
2.74%),
7.06%,
12/15/39
(a)(c)
....
USD
1,101
$
1,099,218
THPT
Mortgage
Trust,
Series
2023-
THL,
Class
A,
6.99%,
12/10/34
(a)(c)
4,302
4,385,772
TTAN
MHC
(a)(c)
Series
2021-MHC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.51%),
6.83%,
03/15/38
...
1,453
1,448,952
Series
2021-MHC,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.01%),
7.33%,
03/15/38
...
7,375
7,352,089
TYSN
Mortgage
Trust,
Series
2023-
CRNR,
Class
A,
6.58%,
12/10/33
(a)(c)
4,360
4,575,691
VEGAS
(a)(c)
Series
2024-GCS,
Class
C,
6.22%,
07/10/36
...............
23,080
22,542,919
Series
2024-GCS,
Class
D,
6.22%,
07/10/36
...............
32,540
30,430,621
VEGAS
Trust,
Series
2024-TI,
Class
A,
5.52%,
11/10/39
(c)
...........
4,830
4,862,521
Velocity
Commercial
Capital
Loan
Trust
(c)
Series
2017-2,
Class
M3,
4.24%,
11/25/47
(a)
..............
546
502,263
Series
2017-2,
Class
M4,
5.00%,
11/25/47
(a)
..............
329
297,812
Series
2018-1,
Class
M2,
4.26%,
04/25/48
...............
291
271,499
Series
2020-1,
Class
M1,
2.80%,
02/25/50
(a)
..............
810
595,829
Series
2020-1,
Class
M2,
2.98%,
02/25/50
(a)
..............
993
730,384
Series
2020-1,
Class
M3,
3.19%,
02/25/50
(a)
..............
441
321,824
Series
2020-1,
Class
M4,
3.54%,
02/25/50
(a)
..............
680
486,678
Series
2020-1,
Class
M5,
4.29%,
02/25/50
(a)
..............
779
555,618
Series
2021-4,
Class
M4,
4.48%,
12/26/51
(a)
..............
1,957
1,651,270
Series
2022-1,
Class
M4,
5.20%,
02/25/52
(a)
..............
1,243
966,346
Series
2022-4,
Class
M2,
6.97%,
08/25/52
(a)
..............
1,872
1,885,359
Series
2022-4,
Class
M3,
7.53%,
08/25/52
(a)
..............
1,572
1,590,485
Series
2022-4,
Class
M4,
7.53%,
08/25/52
(a)
..............
2,143
2,035,731
Series
2023-2,
Class
A,
6.22%,
05/25/53
(a)
..............
5,317
5,324,194
Series
2024-1,
Class
M2,
7.23%,
01/25/54
(a)
..............
1,203
1,204,299
Series
2024-1,
Class
M3,
8.44%,
01/25/54
(a)
..............
1,239
1,264,280
Series
2024-5,
Class
A,
5.49%,
10/25/54
(a)
..............
8,995
8,921,255
Series
2024-5,
Class
M2,
5.96%,
10/25/54
(a)
..............
3,085
3,021,839
Series
2024-5,
Class
M3,
6.76%,
10/25/54
(a)
..............
5,070
5,016,487
Series
2024-5,
Class
M4,
9.53%,
10/25/54
(a)
..............
2,782
2,753,488
Series
2024-6,
Class
M2,
6.55%,
12/25/54
(a)
..............
843
835,790
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-6,
Class
M3,
6.92%,
12/25/54
(a)
..............
USD
1,543
$
1,533,712
Series
2024-6,
Class
M4,
9.67%,
12/25/54
(a)
..............
976
973,349
Series
2025-1,
Class
M3,
7.33%,
02/25/55
(a)
..............
3,895
3,909,330
Series
2025-1,
Class
M4,
10.15%,
02/25/55
(a)
..............
1,347
1,353,851
Wells
Fargo
Commercial
Mortgage
Trust
Series
2018-1745,
Class
A,
3.75%,
06/15/36
(a)(c)
.............
1,022
936,152
Series
2019-C49,
Class
D,
3.00%,
03/15/52
(c)
..............
988
830,500
Series
2021-FCMT,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
7.93%,
05/15/31
(a)(c)
.
750
741,655
Series
2024-1CHI,
Class
A,
4.95%,
07/15/35
(a)(c)
.............
5,640
5,663,214
Series
2024-5C2,
Class
A3,
5.92%,
11/15/57
(a)
..............
3,460
3,602,895
Series
2024-BPRC,
Class
B,
6.22%,
07/15/43
(c)
..............
8,942
9,187,228
Series
2024-BPRC,
Class
C,
6.43%,
07/15/43
(c)
..............
5,427
5,457,546
Series
2024-BPRC,
Class
D,
7.08%,
07/15/43
(c)
..............
2,300
2,311,701
Series
2024-BPRC,
Class
HRR,
9.56%,
07/15/43
(c)
.........
8,400
8,394,790
Series
2025-5C3,
Class
A3,
6.10%,
01/15/58
...............
1,990
2,086,209
WEST
Trust
(a)(c)
Series
2025-ROSE,
Class
A,
5.45%,
04/10/30
...............
4,758
4,779,008
Series
2025-ROSE,
Class
HRR,
9.29%,
04/10/30
..........
14,000
13,999,083
WMRK
Commercial
Mortgage
Trust
(a)(c)
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
7.11%,
11/15/27
...
14,598
14,570,629
Series
2022-WMRK,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.44%
Floor
+
3.44%),
7.76%,
11/15/27
...
4,950
4,940,719
2,217,400,333
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
..........
101,709
1,371,767
Series
2024-NQM1,
Class
XS,
2.45%,
01/25/64
..........
74,865
4,430,932
Series
2024-NQM3,
Class
XS,
0.00%,
06/25/64
..........
89,065
3,250,891
Series
2024-NQM4,
Class
XS,
0.00%,
12/26/64
..........
11
10,387
Series
2025-NQM1,
Class
XS,
0.00%,
01/25/65
..........
115,044
5,172,726
CSMC
Trust
(c)
Series
2020-NQM1,
Class
AIOS,
0.43%,
05/25/65
..........
3,607
47,705
Series
2020-NQM1,
Class
XS,
2.11%,
05/25/65
..........
3,605
183,160
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
110
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
IndyMac
IMSC
Mortgage
Loan
Trust,
Series
2007-HOA1,
Class
AXPP,
0.00%,
07/25/47
............
USD
11,216
$
11,148
J.P.
Morgan
Mortgage
Trust
(c)
Series
2021-INV5,
Class
A2X,
0.50%,
12/25/51
..........
93,326
2,652,301
Series
2021-INV5,
Class
A5X,
0.50%,
12/25/51
..........
13,557
385,292
Series
2021-INV5,
Class
AX1,
0.19%,
12/25/51
..........
182,802
1,982,542
Series
2021-INV7,
Class
A2X,
0.50%,
02/25/52
..........
57,443
1,614,586
Series
2021-INV7,
Class
A3X,
0.50%,
02/25/52
..........
33,145
615,162
Series
2021-INV7,
Class
A4X,
0.50%,
02/25/52
..........
15,746
676,720
Series
2021-INV7,
Class
A5X,
0.50%,
02/25/52
..........
6,255
175,813
Series
2021-INV7,
Class
AX1,
0.27%,
02/25/52
..........
112,589
1,767,532
Reperforming
Loan
REMIC
Trust,
Series
2005-R3,
Class
AS,
1.56%,
09/25/35
(c)
................
984
36,707
Voyager
OPTONE
Delaware
Trust,
Series
2009-1,
Class
SAA7,
3.13%,
02/25/38
(c)
................
30,374
6,664,614
31,049,985
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
United
States
—
0.1%
245
Park
Avenue
Trust,
Series
2017-
245P,
Class
XA,
0.15%,
06/05/37
(a)(c)
25,000
88,265
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2016-SS1,
Class
XA,
0.56%,
12/15/35
(a)(c)
...
19,140
21,017
BANK,
Series
2019-BN20,
Class
XB,
0.36%,
09/15/62
(a)
...........
86,048
1,293,990
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2017-BNK3,
Class
XB,
0.58%,
02/15/50
(a)
................
31,555
303,073
BBCMS
Mortgage
Trust,
Series
2020-
C7,
Class
XB,
0.98%,
04/15/53
(a)
.
2,706
120,858
BBCMS
Trust
(a)(c)
Series
2015-SRCH,
Class
XA,
0.85%,
08/10/35
..........
63,372
970,084
Series
2015-SRCH,
Class
XB,
0.20%,
08/10/35
..........
42,790
184,252
Benchmark
Mortgage
Trust
(a)
Series
2019-B9,
Class
XA,
1.01%,
03/15/52
...............
30,617
981,350
Series
2020-B17,
Class
XB,
0.51%,
03/15/53
...............
13,340
257,597
Series
2021-B23,
Class
XA,
1.26%,
02/15/54
...............
47,525
2,489,072
BMO
Mortgage
Trust,
Series
2023-C5,
Class
XA,
0.72%,
06/15/56
(a)
....
28,151
1,342,633
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.70%,
05/10/58
(a)
................
18,700
109,077
Commercial
Mortgage
Trust
(a)
Series
2015-CR25,
Class
XA,
0.78%,
08/10/48
..........
12,942
1,715
Series
2018-COR3,
Class
XD,
1.75%,
05/10/51
(c)
.........
8,680
397,235
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CSAIL
Commercial
Mortgage
Trust
(a)
Series
2017-CX10,
Class
XB,
0.23%,
11/15/50
..........
USD
32,800
$
216,847
Series
2019-C16,
Class
XA,
1.54%,
06/15/52
...............
67,117
3,484,223
Series
2019-C17,
Class
XA,
1.32%,
09/15/52
...............
26,057
1,148,963
Series
2019-C17,
Class
XB,
0.53%,
09/15/52
...............
41,829
857,113
CSMC
OA
LLC,
Series
2014-USA,
Class
X2,
0.04%,
09/15/37
(a)(c)
...
598,765
8,814
DBGS
Mortgage
Trust,
Series
2019-
1735,
Class
X,
0.29%,
04/10/37
(a)(c)
52,590
584,550
DBJPM
Mortgage
Trust,
Series
2017-
C6,
Class
XD,
1.00%,
06/10/50
(a)(c)
15,440
285,880
ELM
Trust
(a)(c)
Series
2024-ELM,
Class
XP10,
0.22%,
06/10/39
..........
98,981
264,428
Series
2024-ELM,
Class
XP15,
1.46%,
06/10/39
..........
90,365
1,602,207
GS
Mortgage
Securities
Trust
(a)
Series
2019-GSA1,
Class
XA,
0.80%,
11/10/52
..........
15,557
471,445
Series
2020-GSA2,
Class
XA,
1.69%,
12/12/53
(c)
.........
30,375
2,147,821
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(c)
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
...............
37,589
315,732
Series
2024-IGLG,
Class
X,
0.01%,
11/09/39
...............
218,000
42,532
JPMBB
Commercial
Mortgage
Securities
Trust
(a)
Series
2014-C22,
Class
XA,
0.40%,
09/15/47
...............
488
5
Series
2015-C27,
Class
XD,
0.50%,
02/15/48
(c)
..............
31,775
237,700
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(a)(c)
...
14,670
141,778
Ladder
Capital
Commercial
Mortgage
Mortgage
Trust,
Series
2013-GCP,
Class
XA,
1.14%,
02/15/36
(a)(c)
...
5,678
153,723
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
0.84%,
03/10/50
(a)(c)
...............
6,499
74,545
MCR
Mortgage
Trust,
Series
2024-
TWA,
Class
XA,
0.92%,
06/12/39
(c)
32,439
470,878
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
(a)(c)
Series
2014-C19,
Class
XD,
1.19%,
12/15/47
...............
51,913
519
Series
2014-C19,
Class
XF,
1.19%,
12/15/47
...............
13,486
153,493
Series
2015-C21,
Class
XB,
0.28%,
03/15/48
...............
15,696
157
Series
2015-C26,
Class
XD,
1.30%,
10/15/48
...............
18,660
86,278
Morgan
Stanley
Capital
I
Trust
(a)
Series
2017-H1,
Class
XD,
2.14%,
06/15/50
(c)
..............
8,870
364,053
Series
2019-H6,
Class
XB,
0.71%,
06/15/52
...............
53,695
1,386,326
Series
2019-L2,
Class
XA,
1.00%,
03/15/52
...............
20,695
665,224
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
111
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
MSWF
Commercial
Mortgage
Trust,
Series
2023-2,
Class
XA,
0.91%,
12/15/56
(a)
................
USD
107,342
$
6,484,985
Olympic
Tower
Mortgage
Trust,
Series
2017-OT,
Class
XA,
0.38%,
05/10/39
(a)(c)
...............
99,000
660,112
One
Market
Plaza
Trust
(a)(c)
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
..........
126,326
394,137
Series
2017-1MKT,
Class
XNCP,
0.09%,
02/10/32
..........
25,265
66,094
UBS
Commercial
Mortgage
Trust
(a)
Series
2019-C17,
Class
XA,
1.44%,
10/15/52
...............
64,526
3,311,441
Series
2019-C18,
Class
XA,
0.99%,
12/15/52
...............
66,532
2,195,339
Wells
Fargo
Commercial
Mortgage
Trust
(a)
Series
2016-BNK1,
Class
XD,
1.24%,
08/15/49
(c)
.........
9,764
133,963
Series
2019-C50,
Class
XA,
1.39%,
05/15/52
...............
47,505
2,026,054
Series
2021-C59,
Class
XA,
1.50%,
04/15/54
...............
37,251
2,399,751
Series
2024-BPRC,
Class
X,
0.09%,
07/15/43
(c)
..............
67,308
626,167
42,023,495
Total
Non-Agency
Mortgage-Backed
Securities
—
11.4%
(Cost:
$4,821,745,803)
...........................
4,730,853,532
Preferred
Securities
Capital
Trusts
—
0.2%
Spain
—
0.0%
Banco
Bilbao
Vizcaya
Argentaria
SA
,
(5-Year
EUR
Swap
Annual
+
6.46%),
6.00%
(a)(b)(o)
................
EUR
4,600
5,037,169
United
States
—
0.2%
Boeing
Co.
(The),
6.00%, 10/15/27
(q)
.
USD
81
4,819,307
Edison
International,
Series
A
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
(a)(o)
.................
39,905
38,191,303
PG&E
Corp.,
Series
A,
6.00%, 12/01/27
(q)
...........
304
13,600,960
56,611,570
Total
Capital
Trusts
—
0.2%  
(Cost:
$59,496,555)
..............................
61,648,739
Shares
Shares
Preferred
Stocks
—
1.3%
Brazil
—
0.0%
Neon
Payments
Ltd.
(e)(f)
..........
28,089
11,459,188
China
—
0.2%
ByteDance
Ltd.,
Series
E-1,
(Acquired
11/11/20,
cost
$32,477,349)
(e)(f)(k)
..
296,396
64,116,383
Security
Shares
Shares
Value
Germany
—
0.0%
Caresyntax,
Inc.,
Series
C-2
(e)(f)
....
52,356
$
137,173
Caresyntax,
Inc.,
Series
C-3
(e)(f)
....
6,774
17,748
Draegerwerk
AG
&
Co.
KGaA
.....
929
63,859
Volocopter
GmbH,
(Acquired
03/03/21,
cost
$11,751,352)
(e)(f)(k)
........
2,211
—
218,780
Israel
—
0.0%
(e)(f)(k)
Deep
Instinct
Ltd.,
Series
D-2,
(Acquired
03/19/21,
cost
$8,210,225)
...............
1,350,837
108,067
Deep
Instinct
Ltd.,
Series
D-4,
(Acquired
09/20/22,
cost
$11,103,299)
..............
1,574,860
141,737
249,804
Sweden
—
0.0%
Volta
Greentech
AB,
Series
C,
(Acquired
02/22/22,
cost
$5,952,131)
(e)(f)(k)
............
50,461
1
United
Kingdom
—
0.0%
10x
Future
Technologies
Services
Ltd.,
Series
D,
(Acquired
12/19/23,
cost
$16,122,168)
(e)(f)(k)
...........
425,677
6,631,411
United
States
—
1.1%
Aiven
OY,
Series
D
(e)(f)
...........
169,258
8,010,981
Anduril
Industries,
Inc.,
Series
F
(e)(f)
..
688,766
29,059,038
Breeze
Aviation
Group,
Inc.,
Series
B,
(Acquired
07/30/21,
cost
$7,738,156)
(e)(f)(k)
............
14,327
1,952,197
Bright
Machines,
Inc.,
Series
C
(e)(f)
...
1,958,349
5,718,379
Bright
Machines,
Inc.,
Series
C-1
(e)(f)
.
4,079,305
7,587,508
Cap
Hill
Brands,
Class
E
(e)(f)
.......
13,277,076
1,062,166
Clarify
Health
Solutions,
Inc.
(e)(f)
....
1,542,267
11,027,209
Coreweave,
Inc.,
10.00%
(f)
........
20,264,000
23,911,520
Crescent
Midstream
Operating
LLC
(l)
.
11,350,000
11,619,744
Davidson
Homes,
Inc.,
12.00%
(f)
....
77,385
77,781,211
Dream
Finders
Homes,
Inc.
(Preference),
9.00%
(f)(o)
........
58,891
58,154,863
Exo
Imaging,
Inc.,
(Acquired
06/24/21,
cost
$5,879,165)
(e)(f)(k)
.........
1,003,613
4,617
FLYR,
Inc.
(e)(f)
................
4,503,497
28,957,486
GM
Cruise
Holdings
LLC,
Series
G,
Class
G,
(Acquired
03/25/21,
cost
$7,513,940)
(e)(f)(k)
............
285,159
285,159
HawkEye
360,
Inc.,
Series
D1
(e)(f)
...
1,684,066
20,899,259
HNG
Hospitality
offshore
LP,
(Acquired
02/16/24,
cost
$26,198,000)
(e)(f)(k)
.
26,198,000
23,054,240
Insightful
Corp.,
Series
D
(e)(f)
.......
12,737,258
2,741,058
JumpCloud,
Inc.,
Series
E-1,
(Acquired
10/30/20,
cost
$8,237,574)
(e)(f)(k)
..
4,516,957
10,343,831
JumpCloud,
Inc.,
Series
F,
(Acquired
09/03/21,
cost
$1,779,219)
(e)(f)(k)
..
297,096
680,350
Lessen
Holdings,
Inc.,
Series
BX
(e)(f)
.
2,002,830
5,908,349
Loadsmart,
Inc.,
Series
C,
(Acquired
10/05/20,
cost
$7,500,000)
(e)(f)(k)
..
877,193
5,368,421
Loadsmart,
Inc.,
Series
D,
(Acquired
01/27/22,
cost
$2,351,580)
(e)(f)(k)
..
117,579
1,108,770
MNTN
Digital,
Series
D,
(Acquired
11/05/21,
cost
$6,262,132)
(e)(f)(k)
..
272,678
3,902,022
Mythic
AI,
Inc.,
Series
C,
(Acquired
01/26/21,
cost
$4,357,643)
(e)(f)(k)
..
6,343
—
Noodle,
Inc.,
Series
C,
(Acquired
08/26/21,
cost
$7,700,677)
(e)(f)(k)
..
862,850
1,251,133
PsiQuantum
Corp.,
Series
D,
(Acquired
05/21/21,
cost
$3,512,029)
(e)(f)(k)
..
133,913
5,009,685
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
112
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
RapidSOS,
Inc.,
Series
C-1
(e)(f)
.....
10,953,097
$
10,076,849
Relativity
Space,
Inc.,
Series
E,
(Acquired
05/27/21,
cost
$5,860,925)
(e)(f)(k)
............
256,663
2,567
SCI
PH
Parent,
Inc.,
(Acquired
02/10/23,
cost
$7,993,000),
12.50%, 
(f)(k)
...............
7,993
7,915,468
Snorkel
AI,
Inc.,
Series
C,
(Acquired
06/30/21,
cost
$2,440,004)
(e)(f)(k)
..
162,454
1,455,588
Ursa
Major
Technologies,
Inc.,
Series
C,
(Acquired
09/13/21,
cost
$7,831,305)
(e)(f)(k)
............
1,312,920
2,993,457
Ursa
Major
Technologies,
Inc.,
Series
D,
(Acquired
10/14/22,
cost
$1,066,003)
(e)(f)(k)
............
160,843
384,415
Verge
Genomics,
Series
B,
(Acquired
11/05/21,
cost
$7,544,038)
(e)(f)(k)
..
1,416,243
9,177,254
Verge
Genomics,
Series
C,
(Acquired
09/06/23,
cost
$1,205,410)
(e)(f)(k)
..
167,623
1,208,562
Veritas
Newco
(e)
...............
77,944
1,792,715
Veritas
Newco,
Series
G-1
(e)
......
53,806
1,237,544
Versa
Networks,
Inc.,
Series
E,
(Acquired
10/14/22,
cost
$27,065,882),
12.00%, 
(f)(k)
......
9,274,836
49,063,882
XAI
Corp.,
Series
C,
(Acquired
11/27/24,
cost
$29,446,598)
(e)(f)(k)
.
1,360,120
29,446,598
460,154,095
Total
Preferred
Stocks
—
1.3%  
(Cost:
$627,243,867)
.............................
542,829,662
Total
Preferred
Securities
—
1.5%
(Cost:
$686,740,422)
.............................
604,478,401
Par
(000)
Pa
r
(
000)
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
0.1%
Federal
National
Mortgage
Association,
Series
T,
8.25%
(o)
............
USD
1,475
16,313,500
Tennessee
Valley
Authority,
5.25%, 02/01/55
............
33,500
33,240,413
49,553,913
Collateralized
Mortgage
Obligations
—
4.5%
(a)
Federal
Home
Loan
Mortgage
Corp.
Seasoned
Credit
Risk
Transfer
Trust
Variable
Rate
Notes,
Series
2018-1,
Class
BX,
3.90%, 05/25/57
.....
1,373
561,038
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%),
12.40%, 05/25/25
...........
1,530
1,543,408
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
Series
413,
Class
F26,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
5.54%
,
 05/25/54
........
53,760
54,080,458
Series
5330,
Class
FA,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
5.39%
,
 08/25/53
........
46,775
46,838,079
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
5386,
Class
FD,
(SOFR
30
day
Average
at
1.25%
Floor
and
7.00%
Cap
+
1.25%),
5.59%
,
 03/25/54
..
USD
22,642
$
22,808,201
Series
5424,
Class
FA,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
5.54%
,
 06/25/54
........
51,304
51,616,330
Series
5425,
Class
FK,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
5.54%
,
 06/25/54
........
43,003
43,256,698
Series
5448,
Class
CF,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
5.34%
,
 09/25/54
........
74,186
74,178,725
Series
5458,
Class
DF,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
5.44%
,
 10/25/54
........
48,457
48,224,901
Series
5458,
Class
FB,
(SOFR
30
day
Average
at
1.15%
Floor
and
6.50%
Cap
+
1.15%),
5.49%
,
 10/25/54
........
94,967
94,702,965
Series
5467,
Class
FC,
(SOFR
30
day
Average
at
1.06%
Floor
and
6.50%
Cap
+
1.06%),
5.40%
,
 10/25/54
..
90,090
89,541,876
Series
5469,
Class
F,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
5.44%
,
 09/25/54
........
20,426
20,318,935
Series
5470,
Class
AF,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
5.44%
,
 11/25/54
........
29,951
29,879,155
Series
5478,
Class
FH,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.79%
,
 04/25/54
..
54,713
54,997,179
Series
5480,
Class
FA,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.79%
,
 03/25/54
........
52,611
52,811,708
Series
5505,
Class
FB,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.84%
,
 02/25/55
........
33,266
33,496,615
Series
5505,
Class
JF,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.79%
,
 02/25/55
........
79,388
79,792,243
Series
5511,
Class
QF,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.69%
,
 03/25/55
........
122,799
123,278,621
Series
5515,
Class
FM,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.69%
,
 03/25/55
..
18,942
19,017,211
Federal
National
Mortgage
Association
Variable
Rate
Notes
(SOFR
30
day
Average
+
1.30%),
5.64%
,
 06/25/54
........
61,260
61,968,239
(SOFR
30
day
Average
+
1.25%),
5.60%
,
 05/25/55
........
41,562
41,926,443
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
113
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2024-30,
Class
FC,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
5.39%
,
 06/25/54
..
USD
56,995
$
57,068,963
Series
2024-38,
Class
FE,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
5.39%
,
 06/25/54
..
64,966
65,047,682
Series
2024-51,
Class
BF,
(SOFR
30
day
Average
at
1.15%
Floor
and
7.00%
Cap
+
1.15%),
5.49%
,
 08/25/54
..
24,814
24,923,406
Series
2024-65,
Class
FT,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
5.39%
,
 09/25/54
..
30,722
30,740,558
Series
2024-75,
Class
FC,
(SOFR
30
day
Average
at
0.95%
Floor
and
7.00%
Cap
+
0.95%),
5.29%
,
 10/25/54
..
54,569
54,429,730
Series
2024-91,
Class
FA,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
5.54%
,
 12/25/54
..
67,658
68,051,150
Series
2024-94,
Class
FB,
(SOFR
30
day
Average
at
1.42%
Floor
and
6.50%
Cap
+
1.42%),
5.76%
,
 12/25/54
..
83,025
83,363,867
Series
2025-12,
Class
GF,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.69%
,
 03/25/55
..
39,486
39,646,959
Series
2025-13,
Class
FB,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
5.64%
,
 03/25/55
..
133,771
134,035,978
Series
2025-2,
Class
FG,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.79%
,
 02/25/55
..
90,436
90,896,112
Series
2025-21,
Class
FB,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
5.64%
,
 07/25/53
..
32,560
32,644,906
Series
2025-9,
Class
FG,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.69%
,
 03/25/55
..
40,567
40,733,657
Government
National
Mortgage
Association
Variable
Rate
Notes
Series
2024-125,
Class
HF,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
5.34%
,
 08/20/54
..
42,051
41,989,992
Series
2024-51,
Class
TF,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
5.34%
,
 03/20/54
..
9,922
9,928,059
Series
2024-96,
Class
FL,
(SOFR
30
day
Average
at
1.15%
Floor
and
6.50%
Cap
+
1.15%),
5.49%
,
 06/20/54
..
14,654
14,644,318
1,832,984,365
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ48,
Class
A2,
5.03%, 10/25/31
............
USD
4,457
$
4,538,444
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)(c)
Series
2017-KGX1,
Class
BFX,
3.59%
,
 10/25/27
........
2,876
2,677,553
Series
2018-K80,
Class
B,
4.24%
,
 08/25/50
........
2,888
2,808,198
Series
2018-W5FX,
Class
CFX,
3.42%
,
 04/25/28
........
10,630
9,686,965
Series
2019-K99,
Class
C,
3.65%
,
 10/25/52
........
1,000
932,470
Federal
National
Mortgage
Association
Variable
Rate
Notes,
Series
2024-
P015,
Class
A1,
4.02%, 11/25/32
(a)
4,176
4,067,728
Government
National
Mortgage
Association,
Series
2023-119,
Class
AD,
2.25%, 04/16/65
.........
2,842
2,295,991
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2023-118,
Class
BA,
3.75%
,
 05/16/65
........
2,617
2,397,330
Series
2023-50,
Class
AC,
3.25%
,
 09/16/63
........
2,208
2,003,667
31,408,346
Interest
Only
Collateralized
Mortgage
Obligations
—
0.2%
Federal
Home
Loan
Mortgage
Corp.,
Series
5112,
Class
KI,
3.50%, 06/25/51
............
28,459
5,282,246
Federal
Home
Loan
Mortgage
Corp.
Seasoned
Credit
Risk
Transfer
Trust
Variable
Rate
Notes,
Series
2017-3,
Class
BIO,
0.75%, 07/25/56
(a)(c)
..
6,902
795,282
Federal
National
Mortgage
Association
Series
2020-32,
Class
PI,
4.00%
,
 05/25/50
........
21,599
4,641,169
Series
2020-85,
Class
IP,
3.00%
,
 12/25/50
........
17,598
2,802,692
Government
National
Mortgage
Association
Series
2020-146,
Class
DI,
2.50%
,
 10/20/50
........
20,756
2,967,323
Series
2020-149,
Class
IA,
2.50%
,
 10/20/50
........
17,394
2,518,248
Series
2020-175,
Class
DI,
2.50%
,
 11/20/50
........
7,233
1,057,108
Series
2020-185,
Class
MI,
2.50%
,
 12/20/50
........
25,851
3,656,242
Series
2021-140,
Class
JI,
3.00%
,
 08/20/51
........
29,475
5,046,793
Series
2021-67,
Class
QI,
3.00%
,
 04/20/51
........
21,775
3,731,393
Series
2021-76,
Class
JI,
3.00%
,
 08/20/50
........
22,373
3,833,895
Series
2021-78,
Class
IP,
3.00%
,
 05/20/51
........
8,755
1,476,415
Series
2021-83,
Class
PI,
3.00%
,
 05/20/51
........
12,516
2,126,544
Series
2021-96,
Class
MI,
3.00%
,
 06/20/51
........
39,048
6,691,411
Series
2022-78,
Class
D,
3.00%
,
 08/20/51
........
74,365
12,574,282
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
114
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interest
Only
Collateralized
Mortgage
Obligations
(continued)
Series
2022-85,
Class
IK,
3.00%
,
 05/20/51
........
USD
5,597
$
961,447
60,162,490
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.,
Series
2019-KW08,
Class
X2A,
0.10%, 01/25/29
(c)
...........
269,005
746,570
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-
Through
Certificates
Variable
Rate
Notes,
Series
KL06,
Class
XFX,
1.36%, 12/25/29
(a)
...........
11,555
479,729
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2009-80,
1.56%
,
 09/16/51
1,877
229,169
Series
2013-30,
0.53%
,
 09/16/53
6,433
93,234
Series
2016-36,
0.66%
,
 08/16/57
1,569
44,336
Series
2016-96,
0.77%
,
 12/16/57
8,291
315,093
1,908,131
Mortgage-Backed
Securities
—
42.1%
Federal
National
Mortgage
Association,
5.81%, 06/01/31
............
10,626
11,133,057
Government
National
Mortgage
Association
(u)
4.50%
,
 04/15/55
..........
414,754
397,904,619
5.50%
,
 04/15/55
..........
405,721
406,554,826
Uniform
Mortgage-Backed
Securities
6.00%
,
 03/01/38
(v)
.........
1
810
4.50%
,
 09/01/43
-
11/01/44
(v)
..
95
92,559
4.00%
,
 09/01/44
-
01/01/46
(v)
..
76
71,863
5.00%
,
 10/01/52
..........
1
753
3.00%
,
 04/25/55
(u)
.........
23,811
20,633,735
3.50%
,
 04/25/55
(u)
.........
4,966,759
4,479,031,316
4.00%
,
 04/25/55
(u)
.........
239
222,679
4.50%
,
 04/25/55
-
05/25/55
(u)
..
2,615,264
2,500,957,673
5.50%
,
 04/25/55
(u)
.........
2,837,921
2,834,148,552
6.00%
,
 04/25/55
-
06/25/55
(u)
..
3,401,508
3,453,570,199
6.50%
,
 04/25/55
-
06/25/55
(u)
..
3,242,957
3,342,380,138
17,446,702,779
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)(i)
..........
3,972
575,250
Total
U.S.
Government
Sponsored
Agency
Securities
—
46.9%  
(Cost:
$19,399,663,776)
...........................
19,423,295,274
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
3.00%, 08/15/52
(n)(w)
..........
186,365
138,776,407
3.63%, 02/15/53
............
3,000
2,526,680
4.63%, 05/15/54
-
02/15/55
(v)(w)
...
145,611
146,550,880
4.25%, 08/15/54
............
4,273
4,033,689
4.50%, 11/15/54
(v)(w)
..........
150,000
147,796,875
U.S.
Treasury
Inflation
Linked
Bonds
2.13%, 02/15/54
(w)
...........
34,410
33,013,997
U.S.
Treasury
Inflation
Linked
Notes
2.13%, 04/15/29
(w)
...........
61,612
63,434,430
U.S.
Treasury
Notes
4.13%, 02/28/27
............
46,893
47,070,379
4.25%, 02/15/28
............
150,000
151,476,563
2.38%, 05/15/29
(w)
...........
1,000
941,484
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
4.00%, 02/28/30
............
USD
220,000
$
220,498,437
4.63%, 02/15/35
(w)
...........
174,061
179,826,357
Total
U.S.
Treasury
Obligations
—
2.7%
(Cost:
$1,137,584,140)
...........................
1,135,946,178
Shares
Shares
Warrants
Brazil
—
0.0%
Lavoro
Ltd.
(Issued/Exercisable
12/27/22,
1
Share
for
1
Warrant,
Expires
12/27/27,
Strike
Price
USD
11.50)
(e)
..................
147,996
11,396
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
10,613
Israel
—
0.0%
Deep
Instinct
Ltd.,
(Acquired
09/20/22,
cost
$0)
(Issued/Exercisable
09/20/22,
1
Share
for
1
Warrant,
Expires
09/20/32)
(e)(f)(k)
........
111,033
1,110
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
603,320
Daiwa
House
Industry
Co.
Ltd.
(Issued/
Exercisable
01/29/24,
1
Share
for
1
Warrant,
Expires
03/15/29)
(b)
....
14,000,000
970,731
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
95,460
Nagoya
Railroad
Co.
Ltd.
(Issued/
Exercisable
06/05/24,
1
Share
for
1
Warrant,
Expires
06/06/34)
(b)
....
15,000,000
929,337
Nagoya
Railroad
Co.,
Ltd.
(Issued/
Exercisable
06/05/24,
1
Share
for
1
Warrant,
Expires
06/06/33)
(b)
....
11,000,000
538,214
Sanrio
Co.
Ltd.
(Issued/Exercisable
12/14/23,
1
Share
for
1
Warrant,
Expires
11/28/28)
(b)
..........
10,000,000
11,744,123
Taiyo
Yuden
Co.
Ltd.
(Issued/
Exercisable
03/06/24,
1
Share
for
1
Warrant,
Expires
10/22/30)
(b)
....
8,000,000
440,029
Taiyo
Yuden
Co.
Ltd.
(Issued/
Exercisable
03/06/24,
1
Share
for
1
Warrant,
Expires
10/22/30)
(b)
....
2,000,000
100,820
15,422,034
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
118
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
115
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
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)(k)
.........
512,859
$
463,740
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
64,409
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
86,526
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
3,125,835
EVgo,
Inc.
(Issued/Exercisable
11/10/20,
1
Share
for
1
Warrant,
Expires
07/01/26,
Strike
Price
USD
11.50)
...................
213,790
43,015
Flagstar
Financial,
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)
(k)
...........
3,551
8,043,796
FLYR,
Inc.
(Issued/Exercisable
05/10/22,
1
Share
for
1
Warrant,
Expires
05/10/32,
Strike
Price
USD
3.95)
(f)
...................
64,041
309,318
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
1,587,176
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
367,340
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
3,999,675
Hippo
Holdings,
Inc.
(Issued/
Exercisable
01/04/21,
1
Share
for
1
Warrant,
Expires
08/02/26,
Strike
Price
USD
11.50)
............
7,405
93
Insight
M,
Inc.
(Issued/Exercisable
01/31/24,
1
Share
for
1
Warrant,
,
Strike
Price
USD
0.34)
(f)
.......
13,198,015
679,698
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)
(f)
...........
375,043
—
Offerpad
Solutions,
Inc.
(Issued/
Exercisable
10/13/20,
1
Share
for
1
Warrant,
Expires
09/01/26,
Strike
Price
USD
11.50)
............
369,311
7,312
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
$
35,942
Palladyne
AI
Corp.
(Issued/Exercisable
12/21/20,
1
Share
for
1
Warrant,
Expires
09/24/26,
Strike
Price
USD
11.50)
...................
505,097
141,427
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
5,526,544
Sonder
Corp.
(Issued/Exercisable
12/30/24,
1
Share
for
1
Warrant,
Expires
12/30/29,
Strike
Price
USD
0.01)
(f)
...................
103,459
223,471
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)(k)
..........
1,143,143
4,961,241
Volato
Group,
Inc.,
(Acquired
12/03/23,
cost
$299,148)
(Issued/Exercisable
12/04/23,
1
Share
for
1
Warrant,
Expires
12/03/28,
Strike
Price
USD
11.50)
(k)
..................
299,148
10,500
29,213,320
Total
Warrants
—
0.1%
(Cost:
$7,744,647)
..............................
45,122,331
Total
Long-Term
Investments
—
136.1%
(Cost:
$56,847,225,179)
...........................
56,391,350,806
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Borrowed
Bond
Agreements
—
0.6%
(x)
Barclays
Bank
plc,
1.80%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
2,440,967,
collateralized
by
Ford
Motor
Co.,
5.29%,
due
at
12/08/46,
par
and
fair
value
of
USD
2,900,000
and
$2,335,333,
respectively)
......
USD
2,440
2,439,625
Barclays
Bank
plc,
3.65%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
171,441,
collateralized
by
JPMorgan
Chase
&
Co.,
1.95%,
due
at
02/04/32,
par
and
fair
value
of
USD
200,000
and
$170,139,
respectively)
........
171
171,250
Barclays
Bank
plc,
3.90%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
99,118,
collateralized
by
Wells
Fargo
&
Co.,
3.58%,
due
at
05/22/28,
par
and
fair
value
of
USD
100,000
and
$97,907,
respectively)
...............
99
99,000
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
116
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc,
4.05%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
387,980,
collateralized
by
Walt
Disney
Co.
(The),
4.63%,
due
at
03/23/40,
par
and
fair
value
of
USD
400,000
and
$376,208,
respectively)
........
USD
388
$
387,500
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
1,772,817,
collateralized
by
SMBC
Aviation
Capital
Finance
DAC,
2.30%,
due
at
06/15/28,
par
and
fair
value
of
USD
1,900,000
and
$1,759,455,
respectively)
...............
1,771
1,770,572
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
2,000,033,
collateralized
by
Mosaic
Co.
(The),
4.05%,
due
at
11/15/27,
par
and
fair
value
of
USD
2,000,000
and
$1,972,454,
respectively)
......
1,998
1,997,500
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
307,139,
collateralized
by
Targa
Resources
Corp.,
5.20%,
due
at
07/01/27,
par
and
fair
value
of
USD
300,000
and
$303,551,
respectively)
........
307
306,750
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
90,114,
collateralized
by
Bank
of
America
Corp.,
2.50%,
due
at
02/13/31,
par
and
fair
value
of
USD
100,000
and
$89,770,
respectively)
........
90
90,000
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
86,485,
collateralized
by
Bank
of
America
Corp.,
1.92%,
due
at
10/24/31,
par
and
fair
value
of
USD
100,000
and
$85,568,
respectively)
........
86
86,375
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
87,351,
collateralized
by
AstraZeneca
plc,
4.38%,
due
at
08/17/48,
par
and
fair
value
of
USD
100,000
and
$85,960,
respectively)
...............
87
87,240
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
1,198,518,
collateralized
by
CDW
LLC,
5.55%,
due
at
08/22/34,
par
and
fair
value
of
USD
1,200,000
and
$1,185,983,
respectively)
...............
1,197
1,197,000
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
1,736,524,
collateralized
by
MGM
Resorts
International,
6.13%,
due
at
09/15/29,
par
and
fair
value
of
USD
1,730,000
and
$1,712,856,
respectively)
...............
1,734
1,734,325
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
97,999,
collateralized
by
Aviation
Capital
Group
LLC,
3.50%,
due
at
11/01/27,
par
and
fair
value
of
USD
100,000
and
$96,600,
respectively)
.....
USD
98
$
97,875
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
3,240,291,
collateralized
by
Park
River
Holdings,
Inc.,
5.63%,
due
at
02/01/29,
par
and
fair
value
of
USD
3,983,000
and
$3,125,493,
respectively)
...............
3,236
3,236,188
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
531,799,
collateralized
by
Union
Pacific
Corp.,
3.95%,
due
at
08/15/59,
par
and
fair
value
of
USD
700,000
and
$521,163,
respectively)
........
531
531,125
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
374,699,
collateralized
by
Telefonica
Emisiones
SA,
5.52%,
due
at
03/01/49,
par
and
fair
value
of
USD
400,000
and
$365,715,
respectively)
374
374,224
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
1,140,569,
collateralized
by
JPMorgan
Chase
&
Co.,
2.55%,
due
at
11/08/32,
par
and
fair
value
of
USD
1,300,000
and
$1,124,320,
respectively)
......
1,139
1,139,125
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
305,637,
collateralized
by
Charter
Communications
Operating
LLC,
5.05%,
due
at
03/30/29,
par
and
fair
value
of
USD
300,000
and
$298,614,
respectively)
........
305
305,250
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
434,226,
collateralized
by
AerCap
Ireland
Capital
DAC,
6.15%,
due
at
09/30/30,
par
and
fair
value
of
USD
400,000
and
$422,137,
respectively)
434
433,676
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
188,989,
collateralized
by
Bank
of
America
Corp.,
3.19%,
due
at
07/23/30,
par
and
fair
value
of
USD
200,000
and
$187,570,
respectively)
........
189
188,750
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
101,253,
collateralized
by
Bank
of
Nova
Scotia
(The),
4.85%,
due
at
02/01/30,
par
and
fair
value
of
USD
100,000
and
$100,577,
respectively)
101
101,125
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
117
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
386,489,
collateralized
by
Bank
of
Nova
Scotia
(The),
1.35%,
due
at
06/24/26,
par
and
fair
value
of
USD
400,000
and
$385,209,
respectively)
USD
386
$
386,000
Barclays
Bank
plc,
1.60%, Open
(Purchased
on
03/06/25
to
be
repurchased
at
USD
3,251,743,
collateralized
by
Webuild
SpA,
3.63%,
due
at
01/28/27,
par
and
fair
value
of
EUR
2,970,000
and
$3,213,307,
respectively)
(y)
.....
EUR
3,005
3,249,067
Barclays
Capital,
Inc.,
2.75%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
7,887,372,
collateralized
by
Great
Lakes
Dredge
&
Dock
Corp.,
5.25%,
due
at
06/01/29,
par
and
fair
value
of
USD
8,696,000
and
$7,874,455,
respectively)
...............
USD
7,881
7,880,750
Barclays
Capital,
Inc.,
3.95%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
296,983,
collateralized
by
Ford
Motor
Credit
Co.
LLC,
5.11%,
due
at
05/03/29,
par
and
fair
value
of
USD
300,000
and
$289,195,
respectively)
.....
297
296,625
Barclays
Capital,
Inc.,
4.15%, 05/09/25
(Purchased
on
03/21/25
to
be
repurchased
at
USD
4,662,292,
collateralized
by
Valaris
Ltd.,
8.38%,
due
at
04/30/30,
par
and
fair
value
of
USD
4,462,000
and
$4,467,123,
respectively)
...............
4,656
4,656,387
BNP
Paribas
SA,
2.44%, Open
(Purchased
on
10/31/24
to
be
repurchased
at
USD
37,325,111,
collateralized
by
Bonos
y
Obligaciones
del
Estado,
0.50%,
due
at
10/31/31,
par
and
fair
value
of
EUR
40,000,000
and
$37,093,088,
respectively)
(y)
..............
EUR
34,105
36,877,520
BNP
Paribas
SA,
2.45%, Open
(Purchased
on
10/31/24
to
be
repurchased
at
USD
37,542,925,
collateralized
by
Bonos
y
Obligaciones
del
Estado,
0.70%,
due
at
04/30/32,
par
and
fair
value
of
EUR
40,000,000
and
$37,044,906,
respectively)
(y)
..............
34,302
37,091,185
BNP
Paribas
SA,
4.15%, Open
(Purchased
on
01/30/25
to
be
repurchased
at
USD
2,186,285,
collateralized
by
Next
Group
plc,
3.63%,
due
at
05/18/28,
par
and
fair
value
of
GBP
1,700,000
and
$2,117,638,
respectively)
(y)
.....
GBP
1,683
2,174,389
BNP
Paribas
SA,
4.22%, Open
(Purchased
on
02/20/25
to
be
repurchased
at
USD
510,884,
collateralized
by
Lowe's
Cos.,
Inc.,
1.70%,
due
at
10/15/30,
par
and
fair
value
of
USD
600,000
and
$511,854,
respectively)
(y)
..............
USD
509
508,500
Security
Par
(000)
Par
(000)
Value
BofA
Securities,
Inc.,
4.10%, 04/11/25
(Purchased
on
03/14/25
to
be
repurchased
at
USD
99,579,
collateralized
by
Xerox
Holdings
Corp.,
5.00%,
due
at
08/15/25,
par
and
fair
value
of
USD
100,000
and
$98,882,
respectively)
........
USD
99
$
99,375
BofA
Securities,
Inc.,
4.10%, 04/11/25
(Purchased
on
03/14/25
to
be
repurchased
at
USD
404,828,
collateralized
by
Oncor
Electric
Delivery
Co.,
4.65%,
due
at
11/01/29,
par
and
fair
value
of
USD
400,000
and
$–,
respectively)
...
404
404,000
BofA
Securities,
Inc.,
4.12%, 04/11/25
(Purchased
on
03/14/25
to
be
repurchased
at
USD
192,897,
collateralized
by
Prologis
LP,
2.13%,
due
at
04/15/27,
par
and
fair
value
of
USD
200,000
and
$191,326,
respectively)
...............
193
192,500
BofA
Securities,
Inc.,
4.12%, 04/11/25
(Purchased
on
03/14/25
to
be
repurchased
at
USD
3,798,308,
collateralized
by
Metropolitan
Life
Global
Funding
I,
5.05%,
due
at
01/08/34,
par
and
fair
value
of
USD
3,800,000
and
$3,791,324,
respectively)
...............
3,791
3,790,500
BofA
Securities,
Inc.,
4.15%, 04/11/25
(Purchased
on
03/14/25
to
be
repurchased
at
USD
4,916,430,
collateralized
by
Oracle
Corp.,
4.90%,
due
at
02/06/33,
par
and
fair
value
of
USD
5,000,000
and
$4,916,352,
respectively)
......
4,906
4,906,250
BofA
Securities,
Inc.,
4.15%, 04/11/25
(Purchased
on
03/14/25
to
be
repurchased
at
USD
92,441,
collateralized
by
QUALCOMM,
Inc.,
4.80%,
due
at
05/20/45,
par
and
fair
value
of
USD
100,000
and
$91,618,
respectively)
...............
92
92,250
BofA
Securities,
Inc.,
4.16%, 04/11/25
(Purchased
on
03/14/25
to
be
repurchased
at
USD
838,741,
collateralized
by
JPMorgan
Chase
&
Co.,
3.33%,
due
at
04/22/52,
par
and
fair
value
of
USD
1,200,000
and
$833,574,
respectively)
........
837
837,000
BofA
Securities,
Inc.,
4.17%, 04/11/25
(Purchased
on
03/14/25
to
be
repurchased
at
USD
6,845,243,
collateralized
by
JPMorgan
Chase
&
Co.,
4.95%,
due
at
10/22/35,
par
and
fair
value
of
USD
6,900,000
and
$6,752,434,
respectively)
......
6,831
6,831,000
BofA
Securities,
Inc.,
4.18%, 04/11/25
(Purchased
on
03/14/25
to
be
repurchased
at
USD
8,246,462,
collateralized
by
Warnermedia
Holdings,
Inc.,
5.05%,
due
at
03/15/42,
par
and
fair
value
of
USD
9,885,000
and
$7,906,061,
respectively)
...............
8,229
8,229,263
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
118
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
BofA
Securities,
Inc.,
4.18%, 04/11/25
(Purchased
on
03/14/25
to
be
repurchased
at
USD
197,161,
collateralized
by
Goldman
Sachs
Group,
Inc.
(The),
5.02%,
due
at
10/23/35,
par
and
fair
value
of
USD
200,000
and
$194,471,
respectively)
USD
197
$
196,750
BofA
Securities,
Inc.,
4.18%, 04/11/25
(Purchased
on
03/14/25
to
be
repurchased
at
USD
1,207,017,
collateralized
by
Wells
Fargo
&
Co.,
6.49%,
due
at
10/23/34,
par
and
fair
value
of
USD
1,100,000
and
$1,186,665,
respectively)
......
1,205
1,204,500
Deutsche
Bank
AG,
0.85%, Open
(Purchased
on
03/25/25
to
be
repurchased
at
USD
2,264,818,
collateralized
by
Webuild
SpA,
7.00%,
due
at
09/27/28,
par
and
fair
value
of
EUR
1,860,000
and
$2,192,264,
respectively)
(y)
.....
EUR
2,094
2,264,551
Goldman
Sachs
&
Co.
LLC,
4.10%, Open
(Purchased
on
02/11/25
to
be
repurchased
at
USD
8,114,809,
collateralized
by
PBF
Holding
Co.
LLC,
6.00%,
due
at
02/15/28,
par
and
fair
value
of
USD
7,980,000
and
$7,421,723,
respectively)
(y)
..............
USD
8,070
8,069,775
Goldman
Sachs
International,
2.10%, Open
(Purchased
on
01/30/25
to
be
repurchased
at
USD
2,921,508,
collateralized
by
Verisure
Midholding
AB,
5.25%,
due
at
02/15/29,
par
and
fair
value
of
EUR
2,615,000
and
$2,829,183,
respectively)
(y)
..............
EUR
2,692
2,910,391
J.P.
Morgan
Securities
LLC,
4.10%, 04/22/25
(Purchased
on
03/18/25
to
be
repurchased
at
USD
97,029,
collateralized
by
Americold
Realty
Operating
Partnership
LP,
5.41%,
due
at
09/12/34,
par
and
fair
value
of
USD
100,000
and
$97,640,
respectively)
...............
USD
97
96,875
J.P.
Morgan
Securities
LLC,
4.17%, 04/22/25
(Purchased
on
03/18/25
to
be
repurchased
at
USD
300,111,
collateralized
by
Bank
of
America
Corp.,
5.02%,
due
at
07/22/33,
par
and
fair
value
of
USD
300,000
and
$298,742,
respectively)
300
299,625
J.P.
Morgan
Securities
LLC,
4.17%, 04/22/25
(Purchased
on
03/18/25
to
be
repurchased
at
USD
97,283,
collateralized
by
Mondelez
International,
Inc.,
4.75%,
due
at
08/28/34,
par
and
fair
value
of
USD
100,000
and
$97,809,
respectively)
97
97,125
J.P.
Morgan
Securities
LLC,
4.17%, 04/22/25
(Purchased
on
03/18/25
to
be
repurchased
at
USD
1,002,874,
collateralized
by
United
Parcel
Service,
Inc.,
5.50%,
due
at
05/22/54,
par
and
fair
value
of
USD
1,000,000
and
$977,506,
respectively)
...............
1,001
1,001,250
Security
Par
(000)
Par
(000)
Value
J.P.
Morgan
Securities
LLC,
4.17%, 04/22/25
(Purchased
on
03/18/25
to
be
repurchased
at
USD
1,271,183,
collateralized
by
Toronto-
Dominion
Bank
(The),
3.63%,
due
at
09/15/31,
par
and
fair
value
of
USD
1,300,000
and
$1,273,743,
respectively)
...............
USD
1,269
$
1,269,125
J.P.
Morgan
Securities
LLC,
3.85%, Open
(Purchased
on
02/20/25
to
be
repurchased
at
USD
10,154,240,
collateralized
by
Deutsche
Bank
AG,
6.12%,
due
at
07/14/26,
par
and
fair
value
of
USD
10,000,000
and
$10,032,530,
respectively)
(y)
..............
10,109
10,109,100
J.P.
Morgan
Securities
LLC,
4.15%, Open
(Purchased
on
03/28/25
to
be
repurchased
at
USD
48,382,
collateralized
by
Paramount
Global,
6.38%,
due
at
03/30/62,
par
and
fair
value
of
USD
48,000
and
$46,832,
respectively)
(y)
.......
48
48,360
J.P.
Morgan
Securities
plc,
0.90%, Open
(Purchased
on
01/30/25
to
be
repurchased
at
USD
1,085,757,
collateralized
by
Webuild
SpA,
7.00%,
due
at
09/27/28,
par
and
fair
value
of
EUR
900,000
and
$1,060,773,
respectively)
(y)
.....
EUR
1,005
1,086,632
J.P.
Morgan
Securities
plc,
1.45%, Open
(Purchased
on
01/30/25
to
be
repurchased
at
USD
3,635,253,
collateralized
by
CTEC
II
GmbH,
5.25%,
due
at
02/15/30,
par
and
fair
value
of
EUR
3,500,000
and
$3,454,204,
respectively)
(y)
.....
3,353
3,625,334
J.P.
Morgan
Securities
plc,
2.15%, Open
(Purchased
on
01/30/25
to
be
repurchased
at
USD
2,838,609,
collateralized
by
Erste
Group
Bank
AG,
0.88%,
due
at
11/15/32,
par
and
fair
value
of
EUR
2,800,000
and
$2,847,768,
respectively)
(y)
..............
2,615
2,827,574
J.P.
Morgan
Securities
plc,
2.20%, Open
(Purchased
on
01/09/25
to
be
repurchased
at
USD
2,731,240,
collateralized
by
Banco
Santander
SA,
3.63%,
due
at
12/31/79,
par
and
fair
value
of
EUR
2,800,000
and
$2,721,849,
respectively)
(y)
..............
2,512
2,716,762
J.P.
Morgan
Securities
plc,
2.20%, Open
(Purchased
on
01/30/25
to
be
repurchased
at
USD
2,838,845,
collateralized
by
Erste
Group
Bank
AG,
0.88%,
due
at
11/15/32,
par
and
fair
value
of
EUR
2,800,000
and
$2,847,768,
respectively)
(y)
..............
2,615
2,827,573
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
119
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Nomura
Securities
International,
Inc.,
3.75%, Open
(Purchased
on
01/27/25
to
be
repurchased
at
USD
202,340,
collateralized
by
National
Fuel
Gas
Co.,
4.75%,
due
at
09/01/28,
par
and
fair
value
of
USD
200,000
and
$199,433,
respectively)
(y)
..............
USD
201
$
201,000
Nomura
Securities
International,
Inc.,
3.75%, Open
(Purchased
on
01/27/25
to
be
repurchased
at
USD
200,643,
collateralized
by
Mizuho
Financial
Group,
Inc.,
3.48%,
due
at
04/12/26,
par
and
fair
value
of
USD
200,000
and
$197,951,
respectively)
(y)
..............
199
199,314
Nomura
Securities
International,
Inc.,
4.05%, Open
(Purchased
on
01/27/25
to
be
repurchased
at
USD
536,964,
collateralized
by
Sammons
Financial
Group,
Inc.,
6.88%,
due
at
04/15/34,
par
and
fair
value
of
USD
500,000
and
$532,994,
respectively)
(y)
..............
533
533,125
Nomura
Securities
International,
Inc.,
4.10%, Open
(Purchased
on
01/27/25
to
be
repurchased
at
USD
593,293,
collateralized
by
New
York
Life
Insurance
Co.,
3.75%,
due
at
05/15/50,
par
and
fair
value
of
USD
800,000
and
$589,417,
respectively)
(y)
..............
589
589,000
Nomura
Securities
International,
Inc.,
4.15%, Open
(Purchased
on
01/27/25
to
be
repurchased
at
USD
2,433,825,
collateralized
by
Warnermedia
Holdings,
Inc.,
5.39%,
due
at
03/15/62,
par
and
fair
value
of
USD
3,200,000
and
$2,316,459,
respectively)
(y)
..............
2,416
2,416,000
Nomura
Securities
International,
Inc.,
4.15%, Open
(Purchased
on
01/27/25
to
be
repurchased
at
USD
447,654,
collateralized
by
NetApp,
Inc.,
2.70%,
due
at
06/22/30,
par
and
fair
value
of
USD
500,000
and
$447,330,
respectively)
(y)
......
444
444,375
Nomura
Securities
International,
Inc.,
4.20%, Open
(Purchased
on
01/27/25
to
be
repurchased
at
USD
103,769,
collateralized
by
Motorola
Solutions,
Inc.,
5.60%,
due
at
06/01/32,
par
and
fair
value
of
USD
100,000
and
$103,357,
respectively)
(y)
..............
103
103,000
RBC
Capital
Markets
LLC,
3.70%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
423,384,
collateralized
by
Celanese
US
Holdings
LLC,
6.95%,
due
at
11/15/33,
par
and
fair
value
of
USD
400,000
and
$418,028,
respectively)
(y)
..............
417
417,000
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
3.75%, Open
(Purchased
on
08/05/24
to
be
repurchased
at
USD
56,558,
collateralized
by
Viasat,
Inc.,
5.63%,
due
at
09/15/25,
par
and
fair
value
of
USD
55,000
and
$54,543,
respectively)
(y)
..............
USD
55
$
55,069
RBC
Capital
Markets
LLC,
4.00%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
2,459,850,
collateralized
by
SMBC
Aviation
Capital
Finance
DAC,
5.45%,
due
at
05/03/28,
par
and
fair
value
of
USD
2,400,000
and
$2,443,217,
respectively)
(y)
.....
2,423
2,423,232
RBC
Capital
Markets
LLC,
4.00%, Open
(Purchased
on
03/14/25
to
be
repurchased
at
USD
1,218,952,
collateralized
by
McAfee
Corp.,
7.38%,
due
at
02/15/30,
par
and
fair
value
of
USD
1,335,000
and
$1,181,577,
respectively)
(y)
.....
1,217
1,216,519
RBC
Capital
Markets
LLC,
4.00%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
102,907,
collateralized
by
Northwestern
Mutual
Global
Funding,
4.71%,
due
at
01/10/29,
par
and
fair
value
of
USD
100,000
and
$100,592,
respectively)
(y)
....
101
101,375
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
308,129,
collateralized
by
Essential
Utilities,
Inc.,
4.80%,
due
at
08/15/27,
par
and
fair
value
of
USD
300,000
and
$301,144,
respectively)
(y)
......
303
303,375
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
231,573,
collateralized
by
Morgan
Stanley,
3.22%,
due
at
04/22/42,
par
and
fair
value
of
USD
300,000
and
$224,665,
respectively)
(y)
......
228
228,000
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
165,639,
collateralized
by
Elevance
Health,
Inc.,
6.10%,
due
at
10/15/52,
par
and
fair
value
of
USD
157,000
and
$160,497,
respectively)
(y)
....
163
163,084
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
414,076,
collateralized
by
Cooperatieve
Rabobank
UA,
4.80%,
due
at
01/09/29,
par
and
fair
value
of
USD
400,000
and
$405,135,
respectively)
(y)
..............
408
407,688
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
770,893,
collateralized
by
Marsh
&
McLennan
Cos.,
Inc.,
4.75%,
due
at
03/15/39,
par
and
fair
value
of
USD
800,000
and
$759,629,
respectively)
(y)
..............
759
759,000
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
120
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
751,595,
collateralized
by
Arch
Capital
Group
US,
Inc.,
5.14%,
due
at
11/01/43,
par
and
fair
value
of
USD
800,000
and
$744,449,
respectively)
(y)
..............
USD
740
$
740,000
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
2,309,759,
collateralized
by
Blackstone
Private
Credit
Fund,
4.95%,
due
at
09/26/27,
par
and
fair
value
of
USD
2,300,000
and
$2,278,070,
respectively)
(y)
..
2,274
2,274,125
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
844,402,
collateralized
by
Boeing
Co.
(The),
5.81%,
due
at
05/01/50,
par
and
fair
value
of
USD
900,000
and
$856,783,
respectively)
(y)
....
831
831,375
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
1,559,806,
collateralized
by
AerCap
Ireland
Capital
DAC,
3.40%,
due
at
10/29/33,
par
and
fair
value
of
USD
1,800,000
and
$1,553,442,
respectively)
(y)
..............
1,536
1,535,742
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
604,069,
collateralized
by
Alexandria
Real
Estate
Equities,
Inc.,
4.50%,
due
at
07/30/29,
par
and
fair
value
of
USD
600,000
and
$591,638,
respectively)
(y)
..............
595
594,750
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
135,333,
collateralized
by
O'Reilly
Automotive,
Inc.,
1.75%,
due
at
03/15/31,
par
and
fair
value
of
USD
162,000
and
$136,284,
respectively)
(y)
..............
133
133,245
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
146,561,
collateralized
by
Bell
Telephone
Co.
of
Canada
or
Bell
Canada,
5.10%,
due
at
05/11/33,
par
and
fair
value
of
USD
148,000
and
$146,075,
respectively)
(y)
......
144
144,300
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
155,207,
collateralized
by
Met
Tower
Global
Funding,
5.25%,
due
at
04/12/29,
par
and
fair
value
of
USD
150,000
and
$153,573,
respectively)
(y)
..............
153
152,812
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
961,709,
collateralized
by
UBS
Group
AG,
5.96%,
due
at
01/12/34,
par
and
fair
value
of
USD
900,000
and
$936,273,
respectively)
(y)
....
USD
947
$
946,872
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
12/11/24
to
be
repurchased
at
USD
1,868,091,
collateralized
by
Valaris
Ltd.,
8.38%,
due
at
04/30/30,
par
and
fair
value
of
USD
1,800,000
and
$1,802,066,
respectively)
(y)
.....
1,844
1,844,376
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
292,275,
collateralized
by
Nationwide
Building
Society,
3.96%,
due
at
07/18/30,
par
and
fair
value
of
USD
300,000
and
$288,514,
respectively)
(y)
..............
288
287,766
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
295,941,
collateralized
by
Penske
Truck
Leasing
Co.
LP,
3.40%,
due
at
11/15/26,
par
and
fair
value
of
USD
300,000
and
$293,789,
respectively)
(y)
..............
291
291,375
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
02/14/25
to
be
repurchased
at
USD
8,377,522,
collateralized
by
Deutsche
Bank
AG,
4.50%,
due
at
04/01/25,
par
and
fair
value
of
USD
8,200,000
and
$8,200,000,
respectively)
(y)
..............
8,333
8,333,332
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
03/28/25
to
be
repurchased
at
USD
9,356,662,
collateralized
by
Weatherford
International
Ltd.,
8.63%,
due
at
04/30/30,
par
and
fair
value
of
USD
8,907,000
and
$9,043,954,
respectively)
(y)
.....
9,352
9,352,350
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
612,449,
collateralized
by
American
Express
Co.,
4.99%,
due
at
05/26/33,
par
and
fair
value
of
USD
600,000
and
$591,383,
respectively)
(y)
..............
603
603,000
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
485,617,
collateralized
by
Duke
Energy
Progress
LLC,
3.45%,
due
at
03/15/29,
par
and
fair
value
of
USD
500,000
and
$481,660,
respectively)
(y)
..............
478
478,125
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
121
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
287,561,
collateralized
by
Continental
Resources,
Inc.,
2.27%,
due
at
11/15/26,
par
and
fair
value
of
USD
300,000
and
$287,616,
respectively)
(y)
..............
USD
283
$
283,125
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
03/14/25
to
be
repurchased
at
USD
1,932,095,
collateralized
by
Sirius
XM
Radio
LLC,
5.50%,
due
at
07/01/29,
par
and
fair
value
of
USD
1,975,000
and
$1,906,904,
respectively)
(y)
..............
1,928
1,928,094
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
220,400,
collateralized
by
Home
Depot,
Inc.
(The),
5.88%,
due
at
12/16/36,
par
and
fair
value
of
USD
200,000
and
$213,838,
respectively)
(y)
..............
217
217,000
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
2,174,738,
collateralized
by
Pfizer
Investment
Enterprises
Pte.
Ltd.,
4.45%,
due
at
05/19/26,
par
and
fair
value
of
USD
2,100,000
and
$2,103,379,
respectively)
(y)
.....
2,141
2,141,186
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
892,393,
collateralized
by
Cigna
Group
(The),
3.40%,
due
at
03/01/27,
par
and
fair
value
of
USD
900,000
and
$882,526,
respectively)
(y)
..............
879
878,625
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
87,982,
collateralized
by
National
Health
Investors,
Inc.,
3.00%,
due
at
02/01/31,
par
and
fair
value
of
USD
100,000
and
$86,619,
respectively)
(y)
87
86,625
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
186,121,
collateralized
by
JPMorgan
Chase
&
Co.,
2.07%,
due
at
06/01/29,
par
and
fair
value
of
USD
200,000
and
$185,175,
respectively)
(y)
..............
183
183,250
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
293,275,
collateralized
by
KKR
Group
Finance
Co.
VI
LLC,
3.75%,
due
at
07/01/29,
par
and
fair
value
of
USD
300,000
and
$289,522,
respectively)
(y)
..............
289
288,750
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
704,748,
collateralized
by
Canadian
Imperial
Bank
of
Commerce,
4.63%,
due
at
09/11/30,
par
and
fair
value
of
USD
700,000
and
$693,868,
respectively)
(y)
..............
USD
694
$
693,875
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
213,798,
collateralized
by
Morgan
Stanley,
6.41%,
due
at
11/01/29,
par
and
fair
value
of
USD
200,000
and
$211,096,
respectively)
(y)
.......
211
210,500
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
475,460,
collateralized
by
CSX
Corp.,
4.75%,
due
at
05/30/42,
par
and
fair
value
of
USD
500,000
and
$458,865,
respectively)
(y)
......
468
468,125
RBC
Capital
Markets
LLC,
4.15%, Open
(Purchased
on
11/18/24
to
be
repurchased
at
USD
1,222,993,
collateralized
by
Dominion
Energy,
Inc.,
3.38%,
due
at
04/01/30,
par
and
fair
value
of
USD
1,300,000
and
$1,214,883,
respectively)
(y)
..............
1,204
1,204,125
RBC
Europe
Ltd.,
2.15%, Open
(Purchased
on
01/30/25
to
be
repurchased
at
USD
2,921,750,
collateralized
by
Verisure
Midholding
AB,
5.25%,
due
at
02/15/29,
par
and
fair
value
of
EUR
2,615,000
and
$2,829,183,
respectively)
(y)
.....
EUR
2,692
2,910,391
RBC
Europe
Ltd.,
4.48%, Open
(Purchased
on
10/31/24
to
be
repurchased
at
USD
27,277,468,
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
$24,121,086,
respectively)
(y)
..............
GBP
20,719
26,763,483
Total
Borrowed
Bond
Agreements
—
0.6%
(Cost:
$252,862,319)
.............................
253,289,193
Foreign
Government
Obligations
—
0.1%
Brazil
—
0.0%
Letras
do
Tesouro
Nacional
Treasury
Bills,
15.00%
,
01/01/26
(z)
.......
BRL
50
7,914,798
Egypt
—
0.0%
Arab
Republic
of
Egypt
Treasury
Bills
(z)
28.40%,
05/06/25
...........
EGP
13,850
264,368
26.29%,
07/29/25
...........
18,775
340,777
26.06%,
11/18/25
...........
435,625
7,387,923
25.66%,
12/16/25
...........
796,975
13,192,560
21,185,628
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
122
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Nigeria
—
0.1%
Federal
Republic
of
Nigeria
Treasury
Bills,
28.27%
,
12/11/25
(z)
.......
NGN
46,164,652
$
26,291,331
Total
Foreign
Government
Obligations
—
0.1%
(Cost:
$54,137,590)
..............................
55,391,757
Shares
Shares
Money
Market
Funds
—
4.9%
(s)(aa)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.50%
(ab)
......
397,309,921
397,508,576
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.22%
......
1,605,689,820
1,605,689,820
Total
Money
Market
Funds
—
4.9%
(Cost:
$2,003,178,555)
...........................
2,003,198,396
Total
Short-Term
Securities
—
5.6%
(Cost:
$2,310,178,464)
...........................
2,311,879,346
Total
Options
Purchased
—
0.4%
(Cost:
$188,252,362
)
.............................
168,735,084
Total
Investments
Before
Options
Written,
Borrowed
Bonds,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
142.1%
(Cost:
$59,345,656,005)
...........................
58,871,965,236
Total
Options
Written
—
(0.2)%
(Premiums
Received
—
$(79,759,667))
................
(98,186,382)
Par
(000)
Pa
r
(
000)
Borrowed
Bonds
Corporate
Bond
—
(0.0)%
United
States
—
(0.0)%
Oncor
Electric
Delivery
Co.
LLC,
4.65%
,
 11/01/29
(c)
...........
USD
(400)
(400,397)
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)
(5,695,536)
Canada
—
(0.0)%
Bank
of
Nova
Scotia
(The):
1.35%
,
 06/24/26
............
USD
(400)
(385,209)
4.85%
,
 02/01/30
............
(100)
(100,577)
Bell
Telephone
Co.
of
Canada
or
Bell
Canada,
5.10%
,
 05/11/33
......
(148)
(146,075)
Canadian
Imperial
Bank
of
Commerce,
(1-day
SOFR
+
1.34%),
4.63%
,
 09/11/30
(a)
...........
(700)
(693,868)
Toronto-Dominion
Bank
(The),
(5-
Year
USD
Swap
Semi
+
2.21%),
3.63%
,
 09/15/31
(a)
...........
(1,300)
(1,273,743)
(2,599,472)
Germany
—
(0.1)%
CTEC
II
GmbH,
5.25%
,
 02/15/30
...
EUR
(3,500)
(3,454,204)
Deutsche
Bank
AG:
4.50%
,
 04/01/25
............
USD
(8,200)
(8,200,000)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
(1-day
SOFR
+
3.19%),
6.12%
,
 07/14/26
(a)
.........
USD
(10,000)
$
(10,032,530)
(21,686,734)
Ireland
—
(0.0)%
AerCap
Ireland
Capital
DAC:
3.40%
,
 10/29/33
............
(1,800)
(1,553,442)
6.15%
,
 09/30/30
............
(400)
(422,137)
SMBC
Aviation
Capital
Finance
DAC
(c)
:
2.30%
,
 06/15/28
............
(1,900)
(1,759,455)
5.45%
,
 05/03/28
............
(2,400)
(2,443,217)
(6,178,251)
Italy
—
(0.0)%
Webuild
SpA:
3.63%
,
 01/28/27
............
EUR
(2,970)
(3,213,307)
7.00%
,
 09/27/28
............
(2,760)
(3,253,037)
(6,466,344)
Japan
—
(0.0)%
Mizuho
Financial
Group,
Inc.,
3.48%
,
 04/12/26
(c)
...........
USD
(200)
(197,951)
Netherlands
—
(0.0)%
Cooperatieve
Rabobank
UA,
4.80%
,
 01/09/29
............
(400)
(405,135)
Spain
—
(0.0)%
Banco
Santander
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.76%),
3.63%
(a)(o)
.................
EUR
(2,800)
(2,721,849)
Telefonica
Emisiones
SA,
5.52%
,
 03/01/49
............
USD
(400)
(365,715)
(3,087,564)
Sweden
—
(0.0)%
Verisure
Midholding
AB,
5.25%
,
 02/15/29
............
EUR
(5,230)
(5,658,366)
Switzerland
—
(0.0)%
UBS
Group
AG,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.20%),
5.96%
,
 01/12/34
(a)
(c)
......................
USD
(900)
(936,273)
United
Kingdom
—
(0.0)%
AstraZeneca
plc,
4.38%
,
 08/17/48
..
(100)
(85,960)
Nationwide
Building
Society,
3.96%
,
 07/18/30
(a)(c)
..........
(300)
(288,514)
Next
Group
plc,
3.63%
,
 05/18/28
...
GBP
(1,700)
(2,117,638)
(2,492,112)
United
States
—
(0.3)%
Alexandria
Real
Estate
Equities,
Inc.,
4.50%
,
 07/30/29
............
USD
(600)
(591,638)
American
Express
Co.,
(1-day
SOFR
+
2.26%),
4.99%
,
 05/26/33
(a)
.....
(600)
(591,383)
Americold
Realty
Operating
Partnership
LP,
5.41%
,
 09/12/34
..........
(100)
(97,640)
Arch
Capital
Group
US,
Inc.,
5.14%
,
 11/01/43
............
(800)
(744,449)
Aviation
Capital
Group
LLC,
3.50%
,
 11/01/27
(c)
...........
(100)
(96,600)
Bank
of
America
Corp.
(a)
:
(1-day
SOFR
+
1.37%),
1.92%
,
 10/24/31
..........
(100)
(85,568)
(3-mo.
CME
Term
SOFR
+
1.25%),
2.50%
,
 02/13/31
..........
(100)
(89,770)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
123
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(3-mo.
CME
Term
SOFR
+
1.44%),
3.19%
,
 07/23/30
..........
USD
(200)
$
(187,570)
(1-day
SOFR
+
2.16%),
5.02%
,
 07/22/33
..........
(300)
(298,742)
Blackstone
Private
Credit
Fund,
4.95%
,
 09/26/27
(c)
...........
(2,300)
(2,278,070)
Boeing
Co.
(The),
5.81%
,
 05/01/50
..
(900)
(856,783)
CDW
LLC,
5.55%
,
 08/22/34
.......
(1,200)
(1,185,983)
Celanese
US
Holdings
LLC,
6.95%
,
 11/15/33
(h)
...........
(400)
(418,028)
Charter
Communications
Operating
LLC,
5.05%
,
 03/30/29
.........
(300)
(298,614)
Cigna
Group
(The),
3.40%
,
 03/01/27
.
(900)
(882,526)
Continental
Resources,
Inc.,
2.27%
,
 11/15/26
(c)
...........
(300)
(287,616)
CSX
Corp.,
4.75%
,
 05/30/42
......
(500)
(458,865)
Dominion
Energy,
Inc.,
Series
C,
3.38%
,
 04/01/30
............
(1,300)
(1,214,883)
Duke
Energy
Progress
LLC,
3.45%
,
 03/15/29
............
(500)
(481,660)
Elevance
Health,
Inc.,
6.10%
,
 10/15/52
(157)
(160,497)
Essential
Utilities,
Inc.,
4.80%
,
 08/15/27
(300)
(301,144)
Ford
Motor
Co.,
5.29%
,
 12/08/46
...
(2,900)
(2,335,333)
Ford
Motor
Credit
Co.
LLC,
5.11%
,
 05/03/29
............
(300)
(289,195)
Goldman
Sachs
Group,
Inc.
(The),
(1-day
SOFR
+
1.42%),
5.02%
,
 10/23/35
(a)
...........
(200)
(194,471)
Great
Lakes
Dredge
&
Dock
Corp.,
5.25%
,
 06/01/29
(c)
...........
(8,696)
(7,874,455)
Home
Depot,
Inc.
(The),
5.88%
,
 12/16/36
............
(200)
(213,838)
JPMorgan
Chase
&
Co.
(a)
:
(1-day
SOFR
+
1.07%),
1.95%
,
 02/04/32
..........
(200)
(170,139)
(1-day
SOFR
+
1.02%),
2.07%
,
 06/01/29
..........
(200)
(185,175)
(1-day
SOFR
+
1.18%),
2.55%
,
 11/08/32
..........
(1,300)
(1,124,320)
(1-day
SOFR
+
1.58%),
3.33%
,
 04/22/52
..........
(1,200)
(833,574)
(1-day
SOFR
+
1.34%),
4.95%
,
 10/22/35
..........
(6,900)
(6,752,434)
KKR
Group
Finance
Co.
VI
LLC,
3.75%
,
 07/01/29
(c)
...........
(300)
(289,522)
Lowe's
Cos.,
Inc.,
1.70%
,
 10/15/30
..
(600)
(511,854)
Marsh
&
McLennan
Cos.,
Inc.,
4.75%
,
 03/15/39
............
(800)
(759,629)
McAfee
Corp.,
7.38%
,
 02/15/30
(c)
...
(1,335)
(1,181,577)
Met
Tower
Global
Funding,
5.25%
,
 04/12/29
(c)
...........
(150)
(153,573)
Metropolitan
Life
Global
Funding
I,
5.05%
,
 01/08/34
(c)
...........
(3,800)
(3,791,324)
MGM
Resorts
International,
6.13%
,
 09/15/29
............
(1,730)
(1,712,856)
Mondelez
International,
Inc.,
4.75%
,
 08/28/34
............
(100)
(97,809)
Morgan
Stanley
(a)
:
(1-day
SOFR
+
1.49%),
3.22%
,
 04/22/42
..........
(300)
(224,665)
(1-day
SOFR
+
1.83%),
6.41%
,
 11/01/29
..........
(200)
(211,096)
Mosaic
Co.
(The),
4.05%
,
 11/15/27
..
(2,000)
(1,972,454)
Motorola
Solutions,
Inc.,
5.60%
,
 06/01/32
............
(100)
(103,357)
National
Fuel
Gas
Co.,
4.75%
,
 09/01/28
(200)
(199,433)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
National
Health
Investors,
Inc.,
3.00%
,
 02/01/31
............
USD
(100)
$
(86,619)
NetApp,
Inc.,
2.70%
,
 06/22/30
.....
(500)
(447,330)
New
York
Life
Insurance
Co.,
3.75%
,
 05/15/50
(c)
...........
(800)
(589,417)
Northwestern
Mutual
Global
Funding,
4.71%
,
 01/10/29
(c)
...........
(100)
(100,592)
Oracle
Corp.,
4.90%
,
 02/06/33
.....
(5,000)
(4,916,352)
O'Reilly
Automotive,
Inc.,
1.75%
,
 03/15/31
............
(162)
(136,284)
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%
,
 03/30/62
(a)
...........
(48)
(46,832)
Park
River
Holdings,
Inc.,
5.63%
,
 02/01/29
(c)
...........
(3,983)
(3,125,493)
PBF
Holding
Co.
LLC,
6.00%
,
 02/15/28
(7,980)
(7,421,723)
Penske
Truck
Leasing
Co.
LP,
3.40%
,
 11/15/26
(c)
...........
(300)
(293,789)
Pfizer
Investment
Enterprises
Pte.
Ltd.,
4.45%
,
 05/19/26
............
(2,100)
(2,103,379)
Prologis
LP,
2.13%
,
 04/15/27
......
(200)
(191,326)
QUALCOMM,
Inc.,
4.80%
,
 05/20/45
.
(100)
(91,618)
Sammons
Financial
Group,
Inc.,
6.88%
,
 04/15/34
(c)
...........
(500)
(532,994)
Sirius
XM
Radio
LLC,
5.50%
,
 07/01/29
(c)
...........
(1,975)
(1,906,904)
Targa
Resources
Corp.,
5.20%
,
 07/01/27
............
(300)
(303,551)
Union
Pacific
Corp.,
3.95%
,
 08/15/59
(700)
(521,163)
United
Parcel
Service,
Inc.,
5.50%
,
 05/22/54
............
(1,000)
(977,506)
Valaris
Ltd.,
8.38%
,
 04/30/30
(c)
.....
(6,262)
(6,269,189)
Viasat,
Inc.,
5.63%
,
 09/15/25
(c)
.....
(55)
(54,543)
Walt
Disney
Co.
(The),
4.63%
,
 03/23/40
(400)
(376,208)
Warnermedia
Holdings,
Inc.:
5.05%
,
 03/15/42
............
(9,885)
(7,906,061)
5.39%
,
 03/15/62
............
(3,200)
(2,316,459)
Weatherford
International
Ltd.,
8.63%
,
 04/30/30
(c)
...........
(8,907)
(9,043,954)
Wells
Fargo
&
Co.
(a)
:
(3-mo.
CME
Term
SOFR
+
1.57%),
3.58%
,
 05/22/28
..........
(100)
(97,907)
(1-day
SOFR
+
2.06%),
6.49%
,
 10/23/34
..........
(1,100)
(1,186,665)
Xerox
Holdings
Corp.,
5.00%
,
 08/15/25
(c)
...........
(100)
(98,882)
(93,932,852)
Foreign
Government
Obligations
—
(0.2)%
Spain
—
(0.2)%
Bonos
y
Obligaciones
del
Estado
(c)
:
0.50%
,
 10/31/31
............
EUR
(40,000)
(37,093,088)
0.70%
,
 04/30/32
............
(40,000)
(37,044,906)
(74,137,994)
United
Kingdom
—
(0.0)%
U.K.
Treasury
Inflation
Linked
Bonds,
0.13%
,
 03/22/46
............
GBP
(27,481)
(24,121,087)
Total
Borrowed
Bonds
—
(0.6)%
(Proceeds:
$(282,464,003))
........................
(247,996,068)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
124
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
Uniform
Mortgage-Backed
Securities
(u)
3.00%
,
 04/25/55
............
USD
(7,949)
$
(6,888,310)
4.00%
,
 04/25/55
............
(239)
(222,679)
4.50%
,
 04/25/55
-
06/25/55
.....
(3,679,626)
(3,517,987,702)
6.50%
,
 04/25/55
-
06/25/55
.....
(5,368,814)
(5,530,406,763)
6.00%
,
 06/25/55
............
(542,500)
(549,841,652)
Total
TBA
Sale
Commitments
—
(23.2)%
(Proceeds:
$(9,576,430,051))
.......................
(9,605,347,106)
Investments
Sold
Short
Corporate
Bonds
United
States
—
(0.0)%
AthenaHealth
Group,
Inc.,
6.50%
,
02/15/30
(c)
................
(1,335)
(1,252,246)
McAfee
Corp.,
7.38%
,
02/15/30
(c)
...
(1,335)
(1,181,577)
Security
Par
(000)
Par
(000)
Value
United
States
—
(0.0)%
(continued)
PG&E
Corp.,
5.25%
,
07/01/30
.....
USD
(100)
$
(95,999)
(2,529,822)
Total
Corporate
Bonds
—
(0.0)%
(Proceeds:
$(2,518,642))
..........................
(2,529,822)
U.S.
Treasury
Obligations
U.S.
Treasury
Notes
3.88%, 03/15/28
(240,000)
(239,962,500)
Total
U.S.
Treasury
Obligations
—
(0.6)%
(Proceeds:
$(240,236,719))
........................
(239,962,500)
Total
Investments
Sold
Short
—
(0.6)%
(Proceeds:
$(242,755,361)
)
........................
(242,492,322)
Total
Investments
Net
of
Options
Written,
Borrowed
Bonds,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
117.5%
(Cost:
$49,164,246,923)
...........................
48,677,943,358
Liabilities
in
Excess
of
Other
Assets
—
(17.5)%
...........
(7,254,720,416)
Net
Assets
—
100.0%
..............................
$
41,423,222,942
(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)
Rounds
to
less
than
1,000.
(h)
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.
(i)
Zero-coupon
bond.
(j)
All
or
a
portion
of
this
security
is
on
loan.
(k)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$426,540,217,
representing
1.03%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$395,235,066.
(l)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
(m)
Investment
does
not
issue
shares.
(n)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(o)
Perpetual
security
with
no
stated
maturity
date.
(p)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(q)
Convertible
security.
(r)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(s)
Affiliate
of
the
Fund.
(t)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(u)
Represents
or
includes
a
TBA
transaction.
(v)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(w)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(x)
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
(y)
The
amount
to
be
repurchased
assumes
the
maturity
will
be
the
day
after
the
period
end.
(z)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(aa)
Annualized
7-day
yield
as
of
period
end.
(ab)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
125
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
March
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/25
Shares
Held
at
03/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
274,663,970
$
122,833,885
(a)
$
—
$
8,636
$
2,085
$
397,508,576
397,309,921
$
923,895
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
580,142,900
1,025,546,920
(a)
—
—
—
1,605,689,820
1,605,689,820
10,396,483
—
iShares
0-5
Year
TIPS
Bond
ETF
................
40,410,014
—
—
—
1,152,850
41,562,864
401,690
58,127
—
iShares
AAA
CLO
Active
ETF
.
15,531,000
—
—
—
3,000
15,534,000
300,000
138,991
—
iShares
Biotechnology
ETF
(c)
.
22,488,921
—
(22,585,771)
(1,752,883)
1,849,733
—
—
20,611
—
iShares
Bitcoin
Trust
ETF
...
89,715,136
40,852,767
(16,920,376)
(2,697,968)
(11,544,218)
99,405,341
2,123,592
—
—
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
(c)
...
66,611,864
—
(67,678,233)
571,632
494,737
—
—
387,995
—
iShares
High
Yield
Muni
Active
ETF
................
—
20,029,680
—
—
(415,800)
19,613,880
396,000
46,661
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
....
49,797,483
524,544,812
(360,573,539)
(3,388,493)
(848,423)
209,531,840
2,656,000
2,213,987
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
19,956,430
222,343,639
(205,466,640)
(590,203)
905,712
37,148,938
341,788
251,786
—
iShares
Latin
America
40
ETF
(c)
6,725,492
—
(7,774,691)
(266,952)
1,316,151
—
—
—
—
iShares
MSCI
Brazil
ETF
...
6,709,421
—
—
—
995,534
7,704,955
298,064
—
—
iShares
Russell
Mid-Cap
Growth
ETF
(c)
.........
6,069,171
—
(5,760,607)
1,194,862
(1,503,426)
—
—
4,739
—
$
(6,921,369)
$
(7,592,065)
$
2,433,700,214
$
14,443,275
$
—
—
—
(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
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
126
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bobl
...............................................................
7,645
06/06/25
$
973,716
$
271,245
Euro-BTP
...............................................................
336
06/06/25
42,697
104,331
Euro-Schatz
.............................................................
5,131
06/06/25
593,402
859,830
OSE
Nikkei
225
Index
.......................................................
94
06/12/25
22,598
(
310,678
)
Japan
10-Year
Bond
........................................................
5
06/13/25
4,614
12,373
Australia
10-Year
Bond
......................................................
2,376
06/16/25
167,259
872,169
CBOE
Volatility
Index
.......................................................
25
06/18/25
510
(
17,687
)
EURO
STOXX
50
Index
.....................................................
3,045
06/20/25
30,104
(
1,003,858
)
U.S.
Treasury
5-Year
Note
....................................................
57,542
06/30/25
6,230,270
44,905,033
CBOE
Volatility
Index
.......................................................
20
08/20/25
411
14,803
CBOE
Volatility
Index
.......................................................
15
10/22/25
309
(
6,598
)
CBOE
Volatility
Index
.......................................................
15
11/19/25
308
6,705
ECX
Emission
(a)
...........................................................
52
12/15/25
3,822
(
184,441
)
3-mo.
SONIA
Index
.........................................................
765
03/17/26
237,326
138,964
3-mo.
EURIBOR
..........................................................
405
06/15/26
107,314
139,485
3-mo.
SOFR
.............................................................
826
09/15/26
199,427
214,034
46,015,710
Short
Contracts
CBOE
Volatility
Index
.......................................................
60
04/16/25
1,251
(
9,854
)
CME
Bitcoin
(a)
............................................................
10
04/25/25
4,136
(
21,870
)
CBOE
Volatility
Index
.......................................................
5
05/21/25
102
4,301
CME
Bitcoin
(a)
............................................................
46
05/30/25
19,157
417,063
Euro-BTP
...............................................................
2,232
06/06/25
259,423
(
621,188
)
Euro-Bund
..............................................................
4,587
06/06/25
638,987
(
3,294,285
)
Euro-Buxl
...............................................................
1,537
06/06/25
198,205
9,096,158
Euro-OAT
...............................................................
1,387
06/06/25
184,006
2,753,323
Australia
3-Year
Bond
.......................................................
613
06/16/25
40,794
(
52,388
)
Korea
10-Year
Bond
........................................................
506
06/17/25
40,995
25,360
Korea
3-Year
Bond
.........................................................
563
06/17/25
40,899
26,088
U.S.
Treasury
10-Year
Note
...................................................
17,982
06/18/25
2,003,588
(
8,391,653
)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
16,923
06/18/25
1,936,361
(
28,334,717
)
U.S.
Treasury
Long
Bond
.....................................................
3,593
06/18/25
422,963
(
1,582,701
)
U.S.
Treasury
Ultra
Bond
.....................................................
5,759
06/18/25
707,817
(
7,944,000
)
Canada
10-Year
Bond
.......................................................
1,768
06/19/25
152,529
(
855,890
)
EURO
STOXX
50
Index
.....................................................
802
06/20/25
45,250
1,493,262
Nasdaq-100
E-Mini
Index
.....................................................
375
06/20/25
145,796
2,429,281
Russell
2000
E-Mini
Index
....................................................
300
06/20/25
30,407
508,023
S&P
500
E-Mini
Index
.......................................................
611
06/20/25
172,707
2,024,489
Long
Gilt
................................................................
1,039
06/26/25
123,060
(
77,072
)
U.S.
Treasury
2-Year
Note
....................................................
35,289
06/30/25
7,313,370
(
7,509,911
)
CBOE
Volatility
Index
.......................................................
10
07/16/25
206
(
8,748
)
3-mo.
SOFR
.............................................................
2,486
03/17/26
599,064
(
1,938,091
)
(
41,865,020
)
$
4,150,690
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
83,007,000
HKD
643,312,551
UBS
AG
04/01/25
$
334,420
BRL
304,954,790
USD
52,188,905
Barclays
Bank
plc
04/02/25
1,251,463
BRL
338,869,020
USD
58,706,741
Citibank
NA
04/02/25
676,767
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
127
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
BRL
165,667,880
USD
28,872,060
Morgan
Stanley
&
Co.
International
plc
04/02/25
$
159,629
BRL
73,575,264
USD
12,815,758
State
Street
Bank
and
Trust
Co.
04/02/25
77,593
USD
20,762,445
BRL
117,777,876
Goldman
Sachs
International
04/02/25
123,015
TRY
306,852,397
USD
7,935,154
Citibank
NA
04/07/25
91,364
USD
17,361,570
IDR
283,826,943,361
Bank
of
America
NA
04/08/25
313,788
TRY
159,885,000
USD
4,125,000
UBS
AG
04/11/25
33,681
PLN
119,652,720
USD
30,315,351
Morgan
Stanley
&
Co.
International
plc
04/14/25
565,581
EUR
2,707,268
USD
2,924,691
UBS
AG
04/16/25
4,863
INR
4,542,816,365
USD
52,038,317
Citibank
NA
04/16/25
1,051,702
INR
1,048,414,500
USD
12,030,000
JPMorgan
Chase
Bank
NA
04/16/25
222,387
USD
368,360
EUR
337,926
Deutsche
Bank
AG
04/16/25
2,688
TRY
774,404,953
USD
19,631,684
HSBC
Bank
plc
04/21/25
242,650
TRY
372,888,164
USD
9,444,476
JPMorgan
Chase
Bank
NA
04/21/25
125,328
AUD
33,118,111
USD
20,653,782
Deutsche
Bank
AG
04/24/25
43,756
BRL
521,400,868
USD
90,561,548
Deutsche
Bank
AG
04/24/25
436,528
COP
68,755,096,760
GBP
12,598,000
Morgan
Stanley
&
Co.
International
plc
04/24/25
119,802
CZK
1,218,883,916
USD
52,798,497
Goldman
Sachs
International
04/24/25
30,176
CZK
1,230,616,009
USD
53,285,000
HSBC
Bank
plc
04/24/25
52,163
EUR
26,423,000
GBP
22,132,485
Bank
of
America
NA
04/24/25
16,772
EUR
19,177,171
USD
20,644,896
Barclays
Bank
plc
04/24/25
115,901
EUR
57,229,400
USD
61,853,787
HSBC
Bank
plc
04/24/25
101,542
EUR
28,044,317
USD
30,306,969
Nomura
International
plc
04/24/25
53,211
INR
1,327,530,695
USD
15,376,418
HSBC
Bank
plc
04/24/25
126,857
JPY
888,112,201
USD
5,918,034
Bank
of
America
NA
04/24/25
17,714
RON
35,826,511
USD
7,765,543
Goldman
Sachs
International
04/24/25
11,775
THB
1,471,034,480
USD
43,307,116
Barclays
Bank
plc
04/24/25
119,841
THB
1,267,105,722
USD
37,326,000
Standard
Chartered
Bank
04/24/25
80,701
USD
10,630,092
CLP
9,933,076,867
Bank
of
America
NA
04/24/25
169,916
USD
5,963,527
CLP
5,569,039,689
BNP
Paribas
SA
04/24/25
98,966
USD
35,262,500
COP
147,784,784,875
HSBC
Bank
plc
04/24/25
27,947
USD
91,984,767
EUR
84,854,291
UBS
AG
04/24/25
123,320
USD
20,700,667
MXN
421,693,287
Goldman
Sachs
International
04/24/25
156,464
USD
130,764
PHP
7,492,123
HSBC
Bank
plc
04/24/25
20
USD
14,126,333
SGD
18,911,415
BNP
Paribas
SA
04/24/25
33,280
USD
8,250,000
SGD
11,038,269
State
Street
Bank
and
Trust
Co.
04/24/25
24,126
TRY
494,423,895
USD
12,425,833
Barclays
Bank
plc
04/30/25
108,903
BRL
27,267,390
USD
4,696,521
Barclays
Bank
plc
05/05/25
52,709
BRL
4,211,456
USD
726,758
Deutsche
Bank
AG
05/05/25
6,762
BRL
271,714,928
USD
47,131,000
Goldman
Sachs
International
05/05/25
194,275
CLP
132,266,600
USD
139,138
Citibank
NA
05/07/25
136
USD
2,106
AUD
3,344
Toronto
Dominion
Bank
05/07/25
16
USD
264,142
CNY
1,912,200
Bank
of
America
NA
05/07/25
268
USD
548,867
COP
2,271,029,400
Bank
of
America
NA
05/07/25
8,378
USD
6,360,613
EUR
5,846,593
Deutsche
Bank
AG
05/07/25
26,602
USD
330,022
MXN
6,780,500
UBS
AG
05/07/25
277
USD
12,855,612
TRY
498,953,939
Barclays
Bank
plc
05/07/25
315,829
USD
62,129,820
TRY
2,409,864,198
HSBC
Bank
plc
05/07/25
1,564,763
USD
37,232,015
TRY
1,443,448,692
UBS
AG
05/07/25
955,052
USD
109,092
TWD
3,569,700
Bank
of
America
NA
05/07/25
1,490
ZAR
5,783,467
USD
312,070
State
Street
Bank
and
Trust
Co.
05/07/25
2,486
USD
440,718
EUR
401,465
Deutsche
Bank
AG
05/14/25
5,605
USD
18,617,980
ZAR
338,974,478
HSBC
Bank
plc
05/14/25
192,393
USD
15,120,046
ZAR
277,010,203
Nomura
International
plc
05/14/25
62,642
USD
83,550,263
HKD
648,007,485
Deutsche
Bank
AG
05/16/25
174,392
USD
20,000,000
HKD
155,110,000
JPMorgan
Chase
Bank
NA
05/16/25
42,775
THB
1,796,157,889
USD
53,006,875
Barclays
Bank
plc
05/20/25
120,123
USD
8,746,129
CNY
63,094,793
Bank
of
America
NA
05/20/25
32,199
USD
95,459,503
COP
395,951,701,443
Morgan
Stanley
&
Co.
International
plc
05/20/25
1,403,552
USD
35,483,442
CZK
816,409,169
Toronto
Dominion
Bank
05/20/25
78,225
USD
3,728,715
EUR
3,422,582
Deutsche
Bank
AG
05/20/25
17,970
USD
7,703,358
HUF
2,841,869,721
State
Street
Bank
and
Trust
Co.
05/20/25
93,550
USD
26,579,496
IDR
436,408,744,601
JPMorgan
Chase
Bank
NA
05/20/25
443,849
USD
115,535,045
KRW
152,458,890,000
Citibank
NA
05/20/25
11,841,961
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
128
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
70,512,441
MXN
1,428,307,059
Barclays
Bank
plc
05/20/25
$
1,175,183
USD
12,619,086
MXN
255,171,203
JPMorgan
Chase
Bank
NA
05/20/25
231,784
USD
47,213,944
MYR
208,685,634
Goldman
Sachs
International
05/20/25
56,534
USD
72,685,379
PLN
280,645,518
State
Street
Bank
and
Trust
Co.
05/20/25
353,943
USD
53,444,673
THB
1,796,157,889
BNP
Paribas
SA
05/20/25
317,674
USD
8,283,262
ZAR
151,929,372
Credit
Agricole
Corporate
&
Investment
Bank
SA
05/20/25
29,014
USD
113,125,651
ZAR
2,082,179,424
Morgan
Stanley
&
Co.
International
plc
05/20/25
1,871
USD
20,512,732
KRW
29,605,000,000
HSBC
Bank
plc
05/21/25
376,181
EGP
624,950,130
USD
11,793,411
Societe
Generale
SA
05/27/25
225,240
TRY
170,737,442
USD
4,148,140
Barclays
Bank
plc
05/27/25
39,889
TRY
740,095,683
USD
17,970,030
State
Street
Bank
and
Trust
Co.
05/27/25
183,824
USD
17,084,629
IDR
283,826,943,361
Bank
of
America
NA
05/28/25
93,613
USD
83,550,263
HKD
647,815,319
Bank
of
America
NA
05/29/25
174,950
TRY
231,428,415
USD
5,627,713
Barclays
Bank
plc
06/02/25
7,985
USD
12,583,119
MXN
255,171,203
Morgan
Stanley
&
Co.
International
plc
06/06/25
223,931
AUD
13,180,000
NZD
14,444,358
Deutsche
Bank
AG
06/18/25
24,246
BRL
119,696,571
USD
20,206,250
Barclays
Bank
plc
06/18/25
426,757
CAD
8,301,200
JPY
858,966,670
Citibank
NA
06/18/25
14,005
CAD
8,301,200
JPY
852,757,372
JPMorgan
Chase
Bank
NA
06/18/25
55,765
CAD
5,960,000
USD
4,156,289
Morgan
Stanley
&
Co.
International
plc
06/18/25
1,380
CHF
3,640,000
JPY
616,862,755
Deutsche
Bank
AG
06/18/25
3,878
EUR
9,557,075
SEK
103,400,000
UBS
AG
06/18/25
45,056
EUR
11,501,625
USD
12,461,859
Barclays
Bank
plc
06/18/25
29,324
EUR
38,000,000
USD
41,166,733
BNP
Paribas
SA
06/18/25
102,648
EUR
1,991,621
USD
2,162,289
JPMorgan
Chase
Bank
NA
06/18/25
684
GBP
33,206,063
AUD
67,796,933
JPMorgan
Chase
Bank
NA
06/18/25
500,681
INR
1,795,888,000
USD
20,450,252
Royal
Bank
of
Canada
06/18/25
441,213
JPY
3,457,914,667
CAD
33,204,800
Citibank
NA
06/18/25
92,260
JPY
2,602,203,506
CAD
24,897,614
Deutsche
Bank
AG
06/18/25
132,336
JPY
2,611,116,054
CAD
24,893,462
JPMorgan
Chase
Bank
NA
06/18/25
195,172
JPY
620,656,691
CHF
3,640,000
Barclays
Bank
plc
06/18/25
21,637
JPY
1,237,390,044
CHF
7,280,000
Deutsche
Bank
AG
06/18/25
16,889
JPY
2,482,040,880
USD
16,601,203
Goldman
Sachs
International
06/18/25
91,458
JPY
13,552,839,114
USD
90,968,990
JPMorgan
Chase
Bank
NA
06/18/25
178,962
NOK
89,800,000
SEK
83,850,301
Barclays
Bank
plc
06/18/25
154,977
NOK
87,900,000
SEK
83,491,375
BNP
Paribas
SA
06/18/25
10,258
NOK
223,300,000
SEK
210,024,971
Goldman
Sachs
International
06/18/25
233,485
NOK
262,900,000
SEK
249,672,418
JPMorgan
Chase
Bank
NA
06/18/25
34,861
PHP
966,582,152
USD
16,824,755
Bank
of
America
NA
06/18/25
25,812
PHP
42,800,000
USD
744,815
BNP
Paribas
SA
06/18/25
1,324
SEK
127,547,510
EUR
11,621,641
UBS
AG
06/18/25
126,164
SEK
250,065,382
NOK
262,800,000
JPMorgan
Chase
Bank
NA
06/18/25
13,920
SEK
83,062,705
USD
8,297,800
JPMorgan
Chase
Bank
NA
06/18/25
3,872
USD
104,831,611
AUD
167,078,304
ANZ
Banking
Group
Ltd.
06/18/25
365,656
USD
40,172,136
AUD
63,631,432
Deutsche
Bank
AG
06/18/25
386,490
USD
20,053,052
AUD
31,870,985
HSBC
Bank
plc
06/18/25
125,672
USD
20,975,872
AUD
33,204,734
JPMorgan
Chase
Bank
NA
06/18/25
214,563
USD
222,268,756
AUD
350,087,000
Natwest
Markets
plc
06/18/25
3,376,345
USD
19,722,210
AUD
31,176,000
State
Street
Bank
and
Trust
Co.
06/18/25
229,370
USD
32,082,263
CAD
45,863,126
Citibank
NA
06/18/25
88,351
USD
4,169,523
CAD
5,930,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/18/25
32,782
USD
8,290,000
CAD
11,811,754
Deutsche
Bank
AG
06/18/25
50,174
USD
8,310,000
CAD
11,852,019
Toronto
Dominion
Bank
06/18/25
42,084
USD
21,184,292
CHF
18,420,000
HSBC
Bank
plc
06/18/25
170,752
USD
71,346,379
CNY
513,088,840
Bank
of
America
NA
06/18/25
352,466
USD
2,699,891
CNY
19,312,000
Citibank
NA
06/18/25
27,772
USD
14,677,467
CNY
105,566,184
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/18/25
70,725
USD
20,202,061
CNY
145,377,821
HSBC
Bank
plc
06/18/25
86,752
USD
4,390,895
DKK
29,779,000
Natwest
Markets
plc
06/18/25
52,885
USD
585,907,819
EUR
535,266,236
Barclays
Bank
plc
06/18/25
4,589,221
USD
30,968,553
EUR
28,470,000
BNP
Paribas
SA
06/18/25
49,097
USD
8,938,435
EUR
8,200,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/18/25
32,937
USD
298,675,359
EUR
273,855,258
Deutsche
Bank
AG
06/18/25
1,258,590
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
129
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
8,263,399
EUR
7,550,000
Goldman
Sachs
International
06/18/25
$
63,824
USD
4,651,083
EUR
4,248,509
JPMorgan
Chase
Bank
NA
06/18/25
37,048
USD
4,598,790
EUR
4,200,000
Morgan
Stanley
&
Co.
International
plc
06/18/25
37,437
USD
41,658,961
EUR
38,150,000
Royal
Bank
of
Canada
06/18/25
226,674
USD
491,911,304
EUR
448,183,885
Standard
Chartered
Bank
06/18/25
5,167,306
USD
4,916,839,930
EUR
4,484,502,498
State
Street
Bank
and
Trust
Co.
06/18/25
46,507,130
USD
3,057,552,288
EUR
2,785,757,617
Toronto
Dominion
Bank
06/18/25
32,118,207
USD
32,366,750
GBP
24,900,009
Barclays
Bank
plc
06/18/25
204,502
USD
2,103,856
GBP
1,624,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/18/25
6,207
USD
8,320,266
GBP
6,430,000
Deutsche
Bank
AG
06/18/25
14,917
USD
2,456,172,500
GBP
1,894,710,000
State
Street
Bank
and
Trust
Co.
06/18/25
8,858,835
USD
62,958,136
GBP
48,551,723
UBS
AG
06/18/25
246,008
USD
20,588,055
HKD
159,658,000
Royal
Bank
of
Canada
06/18/25
33,308
USD
19,220,458
IDR
317,031,851,309
Bank
of
America
NA
06/18/25
261,002
USD
30,424,829
IDR
502,070,530,000
Barclays
Bank
plc
06/18/25
399,505
USD
377,323
IDR
6,230,912,041
BNP
Paribas
SA
06/18/25
4,696
USD
44,596,910
IDR
744,277,829,333
Goldman
Sachs
International
06/18/25
86,863
USD
78,868,100
IDR
1,309,817,038,471
HSBC
Bank
plc
06/18/25
537,112
USD
19,831,988
IDR
327,496,327,118
Royal
Bank
of
Canada
06/18/25
246,725
USD
20,650,000
IDR
344,813,700,000
Standard
Chartered
Bank
06/18/25
29,106
USD
2,736,350
ILS
10,001,000
Deutsche
Bank
AG
06/18/25
41,723
USD
20,650,000
INR
1,774,867,500
Citibank
NA
06/18/25
3,066
USD
117,976,954
JPY
17,154,734,011
Bank
of
America
NA
06/18/25
2,604,901
USD
4,355,739
JPY
634,000,000
Barclays
Bank
plc
06/18/25
91,850
USD
11,741,042
JPY
1,727,125,000
Deutsche
Bank
AG
06/18/25
125,475
USD
105,341,646
JPY
15,499,784,680
JPMorgan
Chase
Bank
NA
06/18/25
1,099,751
USD
147,511,028
JPY
21,677,463,906
Natwest
Markets
plc
06/18/25
1,721,911
USD
8,259,525
JPY
1,212,190,000
Societe
Generale
SA
06/18/25
107,090
USD
1,842,103
JPY
273,250,000
Toronto
Dominion
Bank
06/18/25
4,394
USD
21,969,526
JPY
3,224,000,000
UBS
AG
06/18/25
286,911
USD
81,879,808
KRW
118,590,619,542
Citibank
NA
06/18/25
1,096,945
USD
90,663,210
MXN
1,861,526,633
Citibank
NA
06/18/25
636,463
USD
20,650,000
MXN
425,324,147
Goldman
Sachs
International
06/18/25
80,566
USD
57,843,299
MXN
1,182,537,125
HSBC
Bank
plc
06/18/25
653,695
USD
13,221,325
MYR
58,164,575
Barclays
Bank
plc
06/18/25
63,055
USD
39,249,031
MYR
173,100,000
Goldman
Sachs
International
06/18/25
89,516
USD
24,793,482
MYR
109,550,000
Morgan
Stanley
&
Co.
International
plc
06/18/25
10,554
USD
72,315,155
MYR
319,040,000
Royal
Bank
of
Canada
06/18/25
140,392
USD
426,010
NZD
747,810
Barclays
Bank
plc
06/18/25
624
USD
462,479
NZD
794,000
HSBC
Bank
plc
06/18/25
10,818
USD
13,221,325
PLN
51,018,541
UBS
AG
06/18/25
87,309
USD
20,744,500
SEK
206,358,011
JPMorgan
Chase
Bank
NA
06/18/25
120,124
USD
16,821,156
SGD
22,290,000
Citibank
NA
06/18/25
163,300
USD
87,748,110
SGD
116,313,244
Societe
Generale
SA
06/18/25
824,410
USD
116,578,339
THB
3,929,564,363
Bank
of
America
NA
06/18/25
107,887
USD
18,141,271
THB
610,363,060
HSBC
Bank
plc
06/18/25
50,395
USD
13,221,325
TRY
523,050,636
Citibank
NA
06/18/25
705,812
USD
10,790,004
ZAR
196,532,704
JPMorgan
Chase
Bank
NA
06/18/25
137,970
USD
83,709,532
HKD
649,000,000
Citibank
NA
07/25/25
110,387
HKD
1,486,000,000
USD
191,387,560
BNP
Paribas
SA
08/07/25
64,316
USD
191,871,314
HKD
1,486,000,000
HSBC
Bank
plc
08/07/25
419,437
USD
87,740,000
HKD
680,467,570
HSBC
Bank
plc
08/15/25
60,163
NGN
8,027,949,600
USD
4,865,424
Morgan
Stanley
&
Co.
International
plc
09/04/25
53,365
USD
119,666,072
HKD
926,000,000
Royal
Bank
of
Canada
12/17/25
170,911
USD
200,251,930
HKD
1,550,000,000
BNP
Paribas
SA
01/14/26
167,934
150,258,035
HKD
644,922,887
USD
83,007,000
HSBC
Bank
plc
04/01/25
(
127,474
)
BRL
94,492,130
USD
16,569,718
Citibank
NA
04/02/25
(
10,889
)
USD
29,650,455
BRL
172,617,130
Barclays
Bank
plc
04/02/25
(
599,022
)
USD
20,687,220
BRL
119,323,885
Citibank
NA
04/02/25
(
223,133
)
USD
730,780
BRL
4,211,456
Deutsche
Bank
AG
04/02/25
(
7,237
)
USD
76,151,568
BRL
439,561,283
Goldman
Sachs
International
04/02/25
(
877,282
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
130
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
19,716,402
BRL
121,876,993
JPMorgan
Chase
Bank
NA
04/02/25
$
(
1,641,359
)
IDR
283,826,943,361
USD
17,128,965
Bank
of
America
NA
04/08/25
(
81,183
)
PLN
43,379,318
USD
11,233,313
Deutsche
Bank
AG
04/14/25
(
37,631
)
USD
102,044,004
COP
430,350,177,473
Citibank
NA
04/14/25
(
694,785
)
USD
187,360,571
PLN
753,469,599
HSBC
Bank
plc
04/14/25
(
7,100,894
)
TWD
1,360,900,000
USD
41,668,708
Morgan
Stanley
&
Co.
International
plc
04/16/25
(
713,597
)
USD
4,137,487
EUR
4,000,000
Barclays
Bank
plc
04/16/25
(
190,943
)
USD
19,075,453
EUR
18,600,769
Deutsche
Bank
AG
04/16/25
(
1,052,576
)
USD
4,252,358
EUR
4,106,305
Natwest
Markets
plc
04/16/25
(
191,105
)
USD
18,764,506
EUR
17,865,717
Toronto
Dominion
Bank
04/16/25
(
568,120
)
USD
2,231,583
EUR
2,145,701
UBS
AG
04/16/25
(
90,297
)
USD
15,277,000
INR
1,314,127,540
Bank
of
America
NA
04/16/25
(
80,666
)
USD
3,189,232
INR
278,181,080
Barclays
Bank
plc
04/16/25
(
61,755
)
AUD
8,619,890
EUR
5,004,000
Westpac
Banking
Corp.
04/24/25
(
30,126
)
AUD
9,136,110
USD
5,731,730
Commonwealth
Bank
of
Australia
04/24/25
(
22,015
)
AUD
15,221,000
USD
9,577,997
Westpac
Banking
Corp.
04/24/25
(
65,461
)
CAD
51,672,533
USD
36,140,598
Natwest
Markets
plc
04/24/25
(
194,624
)
CHF
11,058,996
USD
12,585,000
Bank
of
America
NA
04/24/25
(
51,795
)
CHF
6,616,629
USD
7,514,160
BNP
Paribas
SA
04/24/25
(
15,508
)
CLP
33,930,139,942
USD
36,383,868
Citibank
NA
04/24/25
(
653,225
)
CNY
933,900,653
USD
128,841,322
BNP
Paribas
SA
04/24/25
(
86,997
)
COP
34,325,008,200
USD
8,260,000
BNP
Paribas
SA
04/24/25
(
76,300
)
COP
39,994,995,011
USD
9,543,090
HSBC
Bank
plc
04/24/25
(
7,563
)
COP
102,406,507,500
USD
24,825,820
Societe
Generale
SA
04/24/25
(
410,266
)
COP
51,977,345,100
USD
12,486,000
Toronto
Dominion
Bank
04/24/25
(
93,665
)
EUR
15,307,799
NOK
174,937,940
Goldman
Sachs
International
04/24/25
(
56,256
)
EUR
3,825,865
USD
4,143,990
Goldman
Sachs
International
04/24/25
(
2,190
)
GBP
34,863,000
USD
45,112,269
Credit
Agricole
Corporate
&
Investment
Bank
SA
04/24/25
(
80,246
)
HUF
10,409,873,349
USD
28,200,500
Natwest
Markets
plc
04/24/25
(
287,934
)
HUF
11,236,964,669
USD
30,341,270
Nomura
International
plc
04/24/25
(
210,979
)
IDR
1,298,478,161,304
USD
78,581,346
Standard
Chartered
Bank
04/24/25
(
718,103
)
JPY
505,314,038
USD
3,383,400
Wells
Fargo
Bank
NA
04/24/25
(
6,105
)
MXN
423,402,767
USD
20,763,647
Goldman
Sachs
International
04/24/25
(
136,160
)
MXN
1,558,758,207
USD
77,173,835
HSBC
Bank
plc
04/24/25
(
1,233,699
)
MXN
1,595,266,066
USD
78,995,268
JPMorgan
Chase
Bank
NA
04/24/25
(
1,276,529
)
MYR
446,478,067
USD
101,095,477
Barclays
Bank
plc
04/24/25
(
280,672
)
PEN
7,295,590
USD
2,007,906
Goldman
Sachs
International
04/24/25
(
23,268
)
PLN
32,117,901
EUR
7,683,508
Barclays
Bank
plc
04/24/25
(
31,848
)
PLN
20,898,516
EUR
4,988,000
Nomura
International
plc
04/24/25
(
8,258
)
PLN
27,457,740
USD
7,103,000
Nomura
International
plc
04/24/25
(
19,129
)
PLN
80,445,450
USD
20,799,417
State
Street
Bank
and
Trust
Co.
04/24/25
(
45,154
)
SGD
13,600,118
USD
10,166,133
BNP
Paribas
SA
04/24/25
(
31,134
)
SGD
16,322,153
USD
12,210,200
JPMorgan
Chase
Bank
NA
04/24/25
(
46,701
)
USD
16,571,293
CLP
15,842,156,108
Deutsche
Bank
AG
04/24/25
(
111,527
)
USD
16,571,293
COP
69,616,001,893
Deutsche
Bank
AG
04/24/25
(
26,414
)
USD
73,061,901
CZK
1,687,363,143
HSBC
Bank
plc
04/24/25
(
71,524
)
USD
20,729,818
EUR
19,175,171
Goldman
Sachs
International
04/24/25
(
28,814
)
USD
1,623,000
INR
140,122,516
HSBC
Bank
plc
04/24/25
(
13,390
)
USD
20,015,000
THB
678,218,282
Barclays
Bank
plc
04/24/25
(
6,935
)
USD
33,116,787
ZAR
609,381,998
Citibank
NA
04/24/25
(
61,782
)
ZAR
279,165,340
EUR
14,200,000
Wells
Fargo
Bank
NA
04/24/25
(
173,110
)
ZAR
1,212,589,526
USD
66,447,219
Bank
of
America
NA
04/24/25
(
426,259
)
ZAR
243,400,365
USD
13,387,300
Citibank
NA
04/24/25
(
135,061
)
USD
8,319,464
BRL
48,301,728
Barclays
Bank
plc
05/05/25
(
93,370
)
USD
33,153,126
BRL
192,385,512
Citibank
NA
05/05/25
(
355,145
)
JPY
66,844,000
USD
457,898
BNP
Paribas
SA
05/07/25
(
10,480
)
JPY
107,105,311
USD
720,821
State
Street
Bank
and
Trust
Co.
05/07/25
(
3,916
)
TRY
1,837,539,130
USD
47,422,528
Barclays
Bank
plc
05/07/25
(
1,241,230
)
TRY
122,217,711
USD
3,159,487
BNP
Paribas
SA
05/07/25
(
87,894
)
USD
481,794
COP
2,027,920,464
JPMorgan
Chase
Bank
NA
05/07/25
(
837
)
USD
7,436,407
EUR
7,071,592
Deutsche
Bank
AG
05/07/25
(
224,729
)
USD
15,619
GBP
12,322
Deutsche
Bank
AG
05/07/25
(
297
)
USD
192,698
HUF
73,383,700
Morgan
Stanley
&
Co.
International
plc
05/07/25
(
3,930
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
131
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
7,761,361
USD
8,469,415
JPMorgan
Chase
Bank
NA
05/14/25
$
(
57,549
)
USD
49,555,420
EUR
47,437,439
Deutsche
Bank
AG
05/14/25
(
1,857,902
)
USD
129,792,286
ZAR
2,422,482,287
Bank
of
America
NA
05/14/25
(
1,886,235
)
HKD
804,026,372
USD
103,550,263
HSBC
Bank
plc
05/16/25
(
100,226
)
IDR
19,747,119,318
USD
1,202,699
JPMorgan
Chase
Bank
NA
05/20/25
(
20,084
)
KRW
152,458,890,000
USD
112,934,184
Standard
Chartered
Bank
05/20/25
(
9,241,099
)
USD
100,030,777
BRL
588,020,919
Goldman
Sachs
International
05/20/25
(
2,021,825
)
USD
16,435,541
INR
1,435,812,154
HSBC
Bank
plc
05/20/25
(
298,690
)
USD
24,782,406
MYR
109,699,321
Credit
Agricole
Corporate
&
Investment
Bank
SA
05/20/25
(
6,727
)
USD
2,614,831
UYU
112,463,880
Citibank
NA
05/20/25
(
53,668
)
CNY
297,250,000
USD
41,124,517
BNP
Paribas
SA
05/21/25
(
69,151
)
KRW
90,000,000
USD
61,540
Barclays
Bank
plc
05/21/25
(
324
)
KRW
29,515,000,000
USD
20,603,839
Citibank
NA
05/21/25
(
528,503
)
USD
391,141
EGP
20,652,910
Citibank
NA
05/27/25
(
6,043
)
HKD
648,583,982
USD
83,550,263
HSBC
Bank
plc
05/29/25
(
76,022
)
USD
12,231,763
MXN
259,927,418
Bank
of
America
NA
06/06/25
(
357,792
)
AUD
67,922,437
GBP
33,206,063
JPMorgan
Chase
Bank
NA
06/18/25
(
422,209
)
AUD
26,380,000
NZD
29,032,510
Deutsche
Bank
AG
06/18/25
(
20,800
)
AUD
25,689,235
USD
16,123,378
HSBC
Bank
plc
06/18/25
(
61,146
)
AUD
33,204,734
USD
20,895,490
JPMorgan
Chase
Bank
NA
06/18/25
(
134,181
)
CAD
12,450,004
JPY
1,299,502,533
Citibank
NA
06/18/25
(
54,577
)
CAD
8,297,754
JPY
865,505,528
HSBC
Bank
plc
06/18/25
(
32,375
)
CAD
45,645,718
JPY
4,771,101,612
JPMorgan
Chase
Bank
NA
06/18/25
(
245,208
)
CAD
23,648,581
USD
16,600,000
Goldman
Sachs
International
06/18/25
(
102,856
)
CAD
5,900,000
USD
4,118,306
JPMorgan
Chase
Bank
NA
06/18/25
(
2,492
)
CHF
3,790,000
USD
4,353,570
Barclays
Bank
plc
06/18/25
(
29,937
)
CHF
7,240,000
USD
8,292,724
BNP
Paribas
SA
06/18/25
(
33,330
)
CNY
148,661,145
USD
20,650,556
BNP
Paribas
SA
06/18/25
(
80,948
)
CNY
392,969,000
USD
54,666,312
Goldman
Sachs
International
06/18/25
(
292,869
)
EUR
11,621,641
SEK
127,144,012
JPMorgan
Chase
Bank
NA
06/18/25
(
85,837
)
EUR
9,180,000
USD
10,085,898
Deutsche
Bank
AG
06/18/25
(
116,084
)
EUR
28,800,000
USD
31,562,496
Goldman
Sachs
International
06/18/25
(
284,649
)
EUR
28,520,000
USD
31,220,068
HSBC
Bank
plc
06/18/25
(
246,311
)
EUR
209,006,368
USD
229,359,191
JPMorgan
Chase
Bank
NA
06/18/25
(
2,370,674
)
GBP
24,900,009
USD
32,243,268
JPMorgan
Chase
Bank
NA
06/18/25
(
81,020
)
IDR
167,120,530,000
USD
10,137,733
Bank
of
America
NA
06/18/25
(
143,424
)
IDR
334,950,000,000
USD
20,355,515
Citibank
NA
06/18/25
(
324,500
)
IDR
341,802,136,270
USD
20,740,421
Goldman
Sachs
International
06/18/25
(
299,628
)
IDR
92,446,667,702
USD
5,589,279
Societe
Generale
SA
06/18/25
(
60,691
)
JPY
15,352,151,226
USD
104,379,783
BNP
Paribas
SA
06/18/25
(
1,130,779
)
JPY
2,438,500,000
USD
16,530,186
Deutsche
Bank
AG
06/18/25
(
130,354
)
JPY
2,438,500,000
USD
16,493,179
Goldman
Sachs
International
06/18/25
(
93,347
)
JPY
2,463,308,299
USD
16,602,367
JPMorgan
Chase
Bank
NA
06/18/25
(
35,690
)
JPY
24,530,172,659
USD
166,314,712
Morgan
Stanley
&
Co.
International
plc
06/18/25
(
1,340,053
)
JPY
1,235,032,969
USD
8,350,000
Nomura
International
plc
06/18/25
(
43,938
)
JPY
9,193,251,485
USD
62,261,406
State
Street
Bank
and
Trust
Co.
06/18/25
(
433,324
)
JPY
4,162,612,040
USD
28,423,635
UBS
AG
06/18/25
(
428,499
)
KRW
73,100,623,323
USD
50,672,829
JPMorgan
Chase
Bank
NA
06/18/25
(
877,342
)
MXN
181,450,337
USD
8,949,511
Citibank
NA
06/18/25
(
174,249
)
MXN
360,107,503
USD
17,592,814
Deutsche
Bank
AG
06/18/25
(
177,373
)
MYR
143,200,000
USD
32,467,238
Goldman
Sachs
International
06/18/25
(
71,845
)
NOK
87,900,000
SEK
83,973,507
BNP
Paribas
SA
06/18/25
(
37,929
)
NZD
43,201,894
AUD
39,560,000
Morgan
Stanley
&
Co.
International
plc
06/18/25
(
159,860
)
NZD
652,100
USD
374,709
BNP
Paribas
SA
06/18/25
(
3,767
)
PHP
2,563,666,758
USD
44,708,620
Citibank
NA
06/18/25
(
15,845
)
SEK
84,121,905
NOK
88,500,000
BNP
Paribas
SA
06/18/25
(
4,269
)
SEK
84,157,866
NOK
89,800,000
Citibank
NA
06/18/25
(
124,238
)
SEK
42,648,519
NOK
45,300,000
Deutsche
Bank
AG
06/18/25
(
43,211
)
SEK
84,917,172
NOK
89,600,000
JPMorgan
Chase
Bank
NA
06/18/25
(
29,339
)
SEK
124,514,040
USD
12,446,700
JPMorgan
Chase
Bank
NA
06/18/25
(
2,190
)
SGD
6,468,725
USD
4,873,865
Bank
of
America
NA
06/18/25
(
39,630
)
THB
1,494,860,000
USD
44,676,031
Bank
of
America
NA
06/18/25
(
369,079
)
USD
4,755,019
BRL
28,292,000
Bank
of
America
NA
06/18/25
(
121,888
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
132
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
39,663,976
BRL
234,966,280
Citibank
NA
06/18/25
$
(
838,947
)
USD
50,305,830
BRL
298,074,116
HSBC
Bank
plc
06/18/25
(
1,075,470
)
USD
20,650,000
CZK
476,043,934
Citibank
NA
06/18/25
(
8,792
)
USD
20,609,272
EUR
19,030,000
Deutsche
Bank
AG
06/18/25
(
58,000
)
USD
34,131,711
EUR
31,472,778
JPMorgan
Chase
Bank
NA
06/18/25
(
48,870
)
USD
16,521,237
GBP
12,820,000
Goldman
Sachs
International
06/18/25
(
37,794
)
USD
1,000,179
GBP
776,000
Natwest
Markets
plc
06/18/25
(
2,146
)
USD
49,583,728
INR
4,290,480,000
Bank
of
America
NA
06/18/25
(
327,186
)
USD
55,889,759
INR
4,900,322,758
Citibank
NA
06/18/25
(
1,115,422
)
USD
34,703,671
INR
3,047,900,000
HSBC
Bank
plc
06/18/25
(
752,379
)
USD
47,337,251
INR
4,152,092,297
JPMorgan
Chase
Bank
NA
06/18/25
(
963,806
)
USD
16,680,000
JPY
2,489,583,408
Deutsche
Bank
AG
06/18/25
(
63,387
)
USD
16,601,203
JPY
2,469,046,786
JPMorgan
Chase
Bank
NA
06/18/25
(
4,067
)
USD
144,383,071
PHP
8,294,229,910
Bank
of
America
NA
06/18/25
(
211,442
)
USD
527,649
PHP
30,303,000
Royal
Bank
of
Canada
06/18/25
(
628
)
USD
4,087,339
ZAR
75,523,567
Citibank
NA
06/18/25
(
6,023
)
USD
39,663,976
ZAR
732,334,234
JPMorgan
Chase
Bank
NA
06/18/25
(
28,395
)
ZAR
197,722,345
USD
10,790,004
JPMorgan
Chase
Bank
NA
06/18/25
(
73,492
)
TRY
5,302,700
USD
127,346
Citibank
NA
06/23/25
(
1,166
)
HKD
649,000,000
USD
83,702,514
BNP
Paribas
SA
07/25/25
(
103,369
)
USD
12,425,833
TRY
545,369,810
Barclays
Bank
plc
07/31/25
(
63,756
)
NGN
15,508,382,592
USD
9,765,984
Citibank
NA
09/04/25
(
263,874
)
USD
4,125,000
TRY
191,544,375
UBS
AG
09/26/25
(
13,244
)
USD
143,110,738
HKD
1,108,500,000
BNP
Paribas
SA
02/11/26
(
31,277
)
(
57,717,058
)
$
92,540,977
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
USD
Currency
...............
Up
and
Out
Nomura
International
plc
04/22/25
CAD
1.47
CAD
1.55
USD
66,387
$
69,373
EUR
Currency
...............
Down
and
In
Morgan
Stanley
&
Co.
International
plc
04/24/25
USD
1.08
USD
1.07
EUR
91,260
120,082
USD
Currency
...............
One-Touch
Standard
Chartered
Bank
04/30/25
INR
88.00
INR
88.00
USD
2,911
76,090
USD
Currency
...............
One-Touch
HSBC
Bank
plc
04/30/25
CNH
7.63
CNH
7.63
USD
5,703
13,634
USD
Currency
...............
One-Touch
HSBC
Bank
plc
05/16/25
CAD
1.48
CAD
1.48
USD
1,865
199,599
EUR
Currency
...............
Up
and
Out
Nomura
International
plc
06/09/25
USD
1.09
USD
1.12
EUR
83,193
118,914
AUD
Currency
...............
One-Touch
UBS
AG
06/16/25
USD
0.67
USD
0.67
AUD
5,920
253,291
USD
Currency
...............
Up
and
Out
HSBC
Bank
plc
07/02/25
CNH
7.35
CNH
7.74
USD
53,418
122,908
USD
Currency
...............
Up
and
Out
BNP
Paribas
SA
07/07/25
CNH
7.20
CNH
7.60
USD
169,980
1,022,736
USD
Currency
...............
One-Touch
UBS
AG
07/18/25
CAD
1.53
CAD
1.53
USD
3,314
186,234
USD
Currency
...............
One-Touch
Standard
Chartered
Bank
08/29/25
TWD
34.60
TWD
34.60
USD
4,445
391,245
2,574,106
Put
USD
Currency
...............
One-Touch
HSBC
Bank
plc
04/01/25
JPY
145.00
JPY
145.00
USD
1,685
5
USD
Currency
...............
One-Touch
Bank
of
America
NA
04/04/25
TRY
36.75
TRY
36.75
USD
1,021
133
USD
Currency
...............
One-Touch
Bank
of
America
NA
04/08/25
CLP
950.00
CLP
950.00
USD
800
416,766
USD
Currency
...............
One-Touch
Bank
of
America
NA
04/08/25
CLP
950.00
CLP
950.00
USD
2,014
1,049,509
EUR
Currency
...............
One-Touch
HSBC
Bank
plc
04/16/25
USD
1.02
USD
1.02
EUR
5,272
17,282
EUR
Currency
...............
One-Touch
Barclays
Bank
plc
04/24/25
USD
1.01
USD
1.01
EUR
1,012
3,324
GBP
Currency
...............
Down
and
Out
Nomura
International
plc
04/24/25
USD
1.22
USD
1.18
GBP
124,733
5,977
CNH
Currency
..............
One-Touch
JPMorgan
Chase
Bank
NA
04/30/25
JPY
19.00
JPY
19.00
CNH
13,057
23,899
CNH
Currency
..............
One-Touch
JPMorgan
Chase
Bank
NA
04/30/25
JPY
19.00
JPY
19.00
CNH
29,172
53,396
EUR
Currency
...............
One-Touch
BNP
Paribas
SA
04/30/25
USD
1.01
USD
1.01
EUR
1,949
6,805
EUR
Currency
...............
Down
and
Out
Deutsche
Bank
AG
05/02/25
USD
1.05
USD
1.01
EUR
83,186
31,610
USD
Currency
...............
Down
and
Out
UBS
AG
05/19/25
JPY
147.00
JPY
142.50
USD
32,172
67,583
USD
Currency
...............
One-Touch
BNP
Paribas
SA
05/23/25
CNH
7.10
CNH
7.10
USD
2,535
306,424
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
133
OTC
Barrier
Options
Purchased
(continued)
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
USD
Currency
...............
Down
and
Out
UBS
AG
06/05/25
JPY
150.00
JPY
142.00
USD
63,631
$
536,673
EUR
Currency
...............
One-Touch
Bank
of
America
NA
06/06/25
CZK
24.50
CZK
24.50
EUR
5,789
538,007
CNH
Currency
..............
One-Touch
JPMorgan
Chase
Bank
NA
06/12/25
INR
11.50
INR
11.50
CNH
20,158
179,719
USD
Currency
...............
Down
and
Out
UBS
AG
06/17/25
MXN
19.90
MXN
19.45
USD
37,281
40,238
GBP
Currency
...............
Down
and
Out
Nomura
International
plc
06/20/25
JPY
187.00
JPY
181.00
GBP
83,013
75,024
EUR
Currency
...............
One-Touch
HSBC
Bank
plc
07/24/25
USD
1.00
USD
1.00
EUR
2,256
67,023
CNH
Currency
..............
One-Touch
Bank
of
America
NA
07/31/25
INR
11.60
INR
11.60
CNH
8,500
157,296
EUR
Currency
...............
Down
and
Out
Bank
of
America
NA
08/05/25
USD
1.03
USD
0.96
EUR
166,458
208,424
USD
Currency
...............
Down
and
Out
UBS
AG
08/07/25
JPY
144.00
JPY
136.00
USD
66,616
282,580
USD
Currency
...............
Down
and
Out
UBS
AG
08/07/25
JPY
144.00
JPY
136.00
USD
83,193
352,897
4,420,594
$
6,994,700
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
CBOE
Volatility
Index
.........................
1,229
04/16/25
USD
30.00
USD
2,738
$
68,824
Alaska
Air
Group,
Inc.
.........................
648
04/17/25
USD
77.50
USD
3,189
21,060
Alphabet,
Inc.
..............................
1,260
04/17/25
USD
220.00
USD
19,685
1,890
Delta
Air
Lines,
Inc.
..........................
648
04/17/25
USD
77.50
USD
2,825
1,944
Duke
Energy
Corp.
..........................
765
04/17/25
USD
115.00
USD
9,331
527,850
Eli
Lilly
&
Co.
..............................
76
04/17/25
USD
930.00
USD
6,277
9,006
KraneShares
CSI
China
Internet
ETF
..............
15,000
04/17/25
USD
38.00
USD
52,365
465,000
Sabre
Corp.
...............................
2,049
04/17/25
USD
4.50
USD
576
17,417
Sabre
Corp.
...............................
2,479
04/17/25
USD
7.00
USD
697
13,635
Uber
Technologies,
Inc.
.......................
1,071
04/17/25
USD
72.50
USD
7,803
312,197
Walmart,
Inc.
..............................
3,922
04/17/25
USD
110.00
USD
34,431
7,844
Warner
Bros
Discovery,
Inc.
....................
1,639
04/17/25
USD
12.00
USD
1,759
10,654
Williams
Cos.,
Inc.
(The)
.......................
1,721
04/17/25
USD
65.00
USD
10,285
17,210
Invesco
QQQ
Trust,
Series
1
....................
1,050
04/25/25
USD
500.00
USD
49,237
152,250
Invesco
QQQ
Trust,
Series
1
....................
2,100
04/25/25
USD
507.00
USD
98,473
157,500
U.S.
Treasury
5-Year
Note
.....................
207
04/25/25
USD
109.00
USD
20,700
46,899
Citigroup,
Inc.
..............................
612
05/16/25
USD
75.00
USD
4,345
101,592
EURO
STOXX
50
Index
.......................
712
05/16/25
EUR
6,000.00
EUR
37,369
6,159
EURO
STOXX
50
Index
.......................
712
05/16/25
EUR
5,600.00
EUR
37,369
90,847
EURO
STOXX
Bank
Index
.....................
5,053
05/16/25
EUR
200.00
EUR
47,055
546,381
KraneShares
CSI
China
Internet
ETF
..............
11,957
05/16/25
USD
41.00
USD
41,742
400,560
Lam
Research
Corp.
.........................
526
05/16/25
USD
85.00
USD
3,824
54,704
Marvell
Technology,
Inc.
.......................
900
05/16/25
USD
140.00
USD
5,541
4,500
Union
Pacific
Corp.
..........................
382
05/16/25
USD
260.00
USD
9,024
41,065
U.S.
Treasury
30-Year
Bond
....................
206
05/23/25
USD
126.00
USD
20,600
45,063
Sabre
Corp.
...............................
1,233
06/20/25
USD
5.50
USD
346
11,714
Sabre
Corp.
...............................
2,061
06/20/25
USD
6.00
USD
579
7,214
STOXX
Europe
600
Auto
&
Parts
.................
106
06/20/25
EUR
580.00
EUR
2,794
29,228
STOXX
Europe
600
Auto
&
Parts
.................
195
06/20/25
EUR
560.00
EUR
5,140
89,086
Warner
Bros
Discovery,
Inc.
....................
1,639
06/20/25
USD
14.00
USD
1,759
23,766
Warner
Bros
Discovery,
Inc.
....................
2,471
06/20/25
USD
15.00
USD
2,651
19,768
Informatica,
Inc.
............................
665
07/18/25
USD
25.00
USD
1,160
16,625
Informatica,
Inc.
............................
824
11/21/25
USD
35.00
USD
1,438
41,200
3,360,652
Put
EURO
STOXX
50
Index
.......................
440
04/04/25
EUR
5,350.00
EUR
23,093
554,036
SPDR
S&P
500
ETF
Trust
......................
864
04/04/25
USD
535.00
USD
48,331
79,488
SPDR
S&P
500
ETF
Trust
......................
1,999
04/04/25
USD
555.00
USD
111,822
1,004,498
Wolfspeed,
Inc.
.............................
286
04/04/25
USD
2.00
USD
88
715
3-mo.
SOFR
...............................
4,104
04/11/25
USD
95.69
USD
1,026,000
25,650
WTI
Crude
Oil
(a)
.............................
936
04/16/25
USD
65.00
USD
936
318,240
EURO
STOXX
50
Index
.......................
715
04/17/25
EUR
4,700.00
EUR
37,526
49,480
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
134
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
EURO
STOXX
50
Index
.......................
715
04/17/25
EUR
5,300.00
EUR
37,526
$
903,788
EURO
STOXX
50
Index
.......................
2,251
04/17/25
EUR
175.00
EUR
20,962
237,316
FedEx
Corp.
...............................
658
04/17/25
USD
210.00
USD
16,041
18,424
Ford
Motor
Co.
.............................
2,463
04/17/25
USD
8.85
USD
2,470
13,547
Forward
Air
Corp.
...........................
1,024
04/17/25
USD
15.00
USD
2,057
28,160
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
1,750
04/17/25
USD
78.00
USD
13,806
70,875
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
2,000
04/17/25
USD
77.00
USD
15,778
31,000
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
2,500
04/17/25
USD
78.50
USD
19,723
168,750
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
..
49,920
04/17/25
USD
108.00
USD
542,580
2,670,720
iShares
MSCI
Hong
Kong
ETF
...................
10,000
04/17/25
USD
17.00
USD
17,510
125,000
iShares
Russell
2000
ETF
......................
700
04/17/25
USD
185.00
USD
13,964
54,600
iShares
Russell
2000
ETF
......................
750
04/17/25
USD
190.00
USD
14,962
114,750
Southwest
Airlines
Co.
........................
1,843
04/17/25
USD
25.00
USD
6,189
23,959
SPDR
S&P
500
ETF
Trust
......................
719
04/17/25
USD
525.00
USD
40,220
142,003
United
Parcel
Service,
Inc.
.....................
2,232
04/17/25
USD
100.00
USD
24,550
44,640
Wolfspeed,
Inc.
.............................
412
04/17/25
USD
2.00
USD
126
6,386
U.S.
Treasury
10-Year
Note
.....................
1,000
04/25/25
USD
109.00
USD
100,000
93,750
U.S.
Treasury
30-Year
Bond
....................
200
04/25/25
USD
115.00
USD
20,000
96,875
American
Airlines
Group,
Inc.
....................
1,228
05/16/25
USD
9.00
USD
1,296
33,770
CommScope
Holding
Co.,
Inc.
...................
536
05/16/25
USD
4.00
USD
285
5,360
iShares
Russell
2000
ETF
......................
650
05/16/25
USD
185.00
USD
12,967
141,700
SPDR
S&P
500
ETF
Trust
......................
6,200
05/16/25
USD
555.00
USD
346,822
7,672,500
Southwest
Airlines
Co.
........................
1,229
06/20/25
USD
22.50
USD
4,127
23,351
WTI
Crude
Oil
(a)
.............................
200
07/17/25
USD
68.00
USD
200
836,000
15,589,331
$
18,949,983
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........
Barclays
Bank
plc
—
04/02/25
BRL
6.15
USD
1,217
$
–
USD
Currency
...........
Barclays
Bank
plc
—
04/02/25
BRL
6.00
USD
39,044
43
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/02/25
BRL
6.15
USD
30,500
–
EUR
Currency
...........
BNP
Paribas
SA
—
04/03/25
USD
1.07
EUR
53,762
651,847
USD
Currency
...........
Bank
of
America
NA
—
04/03/25
CAD
1.48
USD
149,766
1,070
EUR
Currency
...........
BNP
Paribas
SA
—
04/07/25
USD
1.10
EUR
126,104
134,881
AUD
Currency
...........
Bank
of
America
NA
—
04/08/25
USD
0.64
AUD
50,781
22,440
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/08/25
JPY
162.00
USD
15,480
2
USD
Currency
...........
Citibank
NA
—
04/14/25
MXN
21.00
USD
58,026
234,320
AUD
Currency
...........
JPMorgan
Chase
Bank
NA
—
04/15/25
AUD
1.20
AUD
4,250
–
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
04/15/25
USD
1.06
EUR
149,025
3,491,495
USD
Currency
...........
Citibank
NA
—
04/15/25
MXN
20.40
USD
20,721
301,318
EUR
Currency
...........
BNP
Paribas
SA
—
04/16/25
USD
1.07
EUR
269,911
4,218,230
EUR
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/16/25
USD
1.10
EUR
29,056
74,227
EUR
Currency
...........
UBS
AG
—
04/16/25
SEK
11.25
EUR
124,518
13,493
Intuit,
Inc.
..............
Citibank
NA
25
04/17/25
USD
610.00
USD
15
267,809
USD
Currency
...........
UBS
AG
—
04/17/25
USD
1.47
USD
54,783
86,322
FTSE
China
A50
Index
.....
BNP
Paribas
SA
40,311,755
04/29/25
USD
14,194.28
USD
37,875
124,268
USD
Currency
...........
Standard
Chartered
Bank
—
04/29/25
THB
34.30
USD
37,326
199,619
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
04/30/25
CNH
7.35
USD
54,518
60,597
EUR
Currency
...........
BNP
Paribas
SA
—
05/05/25
USD
1.08
EUR
56,815
708,373
EUR
Currency
...........
Barclays
Bank
plc
—
05/08/25
NOK
11.80
EUR
17,235
19,394
EUR
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
05/16/25
USD
1.12
EUR
79,760
207,728
MDAX
................
Goldman
Sachs
International
1,765
05/21/25
EUR
29,122.72
EUR
48,349
436,923
USD
Currency
...........
BNP
Paribas
SA
—
05/23/25
CNH
7.35
USD
101,402
221,422
MDAX
................
Goldman
Sachs
International
1,079
06/05/25
EUR
31,857.00
EUR
29,557
27,371
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
07/23/25
KRW
1,460.00
USD
120,000
2,497,657
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
135
OTC
Options
Purchased
(continued)
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
USD
Currency
...........
UBS
AG
—
08/22/25
HKD
7.50
USD
210,200
$
7,022,924
USD
Currency
...........
UBS
AG
—
08/27/25
HKD
7.50
USD
210,100
7,016,597
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
10/10/25
HKD
7.50
USD
419,340
13,848,716
USD
Currency
...........
UBS
AG
—
10/16/25
HKD
7.50
USD
424,290
14,011,192
55,900,278
Put
CAD
Currency
...........
HSBC
Bank
plc
—
04/01/25
JPY
104.00
CAD
49,807
62,603
EUR
Currency
...........
Goldman
Sachs
International
—
04/03/25
USD
1.00
EUR
164,745
–
USD
Currency
...........
HSBC
Bank
plc
—
04/03/25
SGD
1.33
USD
60,547
4,079
EUR
Currency
...........
Deutsche
Bank
AG
—
04/08/25
USD
1.00
EUR
157,221
145
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/08/25
JPY
156.00
USD
15,480
636,614
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/10/25
BRL
5.75
USD
41,586
466,429
USD
Currency
...........
Bank
of
America
NA
—
04/15/25
ZAR
18.18
USD
37,325
245,897
USD
Currency
...........
Deutsche
Bank
AG
—
04/15/25
MXN
19.90
USD
20,721
31,962
EUR
Currency
...........
Bank
of
America
NA
—
04/16/25
USD
1.08
EUR
60,671
405,279
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
04/16/25
USD
1.09
EUR
62,264
772,487
IFSC
NIFTY
50
Index
......
Citibank
NA
2,500
04/24/25
USD
23,000.00
USD
58,798
247,475
USD
Currency
...........
Standard
Chartered
Bank
—
04/29/25
KRW
1,460.00
USD
33,169
194,702
S&P
500
Index
..........
BNP
Paribas
SA
5,000
04/30/25
5,435.95
28,059
164,509
EUR
Currency
...........
Bank
of
America
NA
—
05/01/25
USD
1.03
EUR
115,960
26,691
EUR
Currency
...........
Goldman
Sachs
International
—
05/08/25
NOK
11.55
EUR
34,469
640,576
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
05/08/25
USD
1.01
EUR
21,917
4,274
EUR
Currency
...........
UBS
AG
—
05/08/25
USD
1.04
EUR
43,834
47,741
CAD
Currency
...........
JPMorgan
Chase
Bank
NA
—
05/19/25
JPY
100.00
CAD
62,259
250,709
USD
Currency
...........
Goldman
Sachs
International
—
05/29/25
TRY
40.00
USD
10,352
222,132
S&P
500
Index
..........
BNP
Paribas
SA
2,200
05/30/25
USD
5,435.95
USD
12,346
140,362
Saipem
SpA
............
Bank
of
America
NA
603,000
06/20/25
EUR
2.00
EUR
1,291
258,462
USD
Currency
...........
Bank
of
America
NA
—
06/24/25
JPY
145.00
USD
249,717
2,744,972
IFSC
NIFTY
50
Index
......
Goldman
Sachs
International
1,000
06/30/25
USD
22,892.75
USD
23,519
270,628
EUR
Currency
...........
Barclays
Bank
plc
—
07/15/25
USD
1.02
EUR
91,867
172,348
EUR
Currency
...........
UBS
AG
—
07/15/25
USD
1.06
EUR
61,245
378,110
CHF
Currency
...........
JPMorgan
Chase
Bank
NA
—
11/14/25
JPY
161.50
CHF
35,780
467,688
8,856,874
$
64,757,152
OTC
Structured
Options
Description
Counterparty
Units
Expiration
Date
Notional
Amount  
(000)
Value
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
$
261,162
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
124,704
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
183,062
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
740,077
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
229,744
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
136
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
65.00
Nomura
International
plc
750,000,000
03/07/31
JPY
750,000
$
695,921
$
2,234,670
OTC
Dual
Binary
Options
Purchased
Description
(a)
Counterparty
Units
Expiration
Date
Notional
Amount
(000)
Value
Put
Payout
at
expiry
if
S&P
500
<
5,585
and
10-Year
SOFR
<
3.59
.......................
Barclays
Bank
plc
5,100,000
05/16/25
USD
28,483,500
$
407,490
Payout
at
expiry
if
EURUSD
WM10AMNY
<=
1.02
and
USDJPY
WM10AMNY
<=
148.00
.......
UBS
AG
4,211,592
07/15/25
USD
623,316
85,150
$
492,640
(a)
Option
only
pays
if
both
terms
are
met
on
the
expiration
date.
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Call
Bought
Protection
on
5-Year
Credit
Default
Swap
......
iTraxx
Europe
Crossover
Index
Series
42.V2
5
.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/16/25
EUR
300.00
EUR
59,085
$
103,885
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5
.00
%
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
Quarterly
BNP
Paribas
SA
04/16/25
USD
104.00
USD
36,945
111,456
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5
.00
Markit
CDX
North
American
High
Yield
Index
Series
44.V1
Quarterly
Goldman
Sachs
International
04/16/25
USD
104.00
USD
47,555
209,242
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5
.00
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/16/25
USD
104.00
USD
38,925
117,429
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5
.00
iTraxx
Europe
Crossover
Index
Series
42.V2
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/16/25
EUR
300.00
EUR
87,965
1,034,565
1,472,692
$
1,576,577
(a)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
2-Year
Interest
Rate
Swap
(a)
.
3-mo.
CD_KSDA
Quarterly
2.59%
Quarterly
Goldman
Sachs
International
04/07/25
2
.59
%
KRW
311,229,210
$
171,334
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
137
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.30%
Annual
Citibank
NA
04/22/25
3
.30
%
USD
100,514
$
32,230
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.30%
Annual
Goldman
Sachs
International
04/23/25
3
.30
USD
80,688
29,967
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.30%
Annual
Deutsche
Bank
AG
04/25/25
3
.30
USD
80,835
39,189
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
4.00%
At
Termination
Goldman
Sachs
International
01/21/26
4
.00
GBP
437,067
2,018,118
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
4.00%
At
Termination
Morgan
Stanley
&
Co.
International
plc
02/02/26
4
.00
GBP
865,256
4,117,365
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
3.80%
At
Termination
Morgan
Stanley
&
Co.
International
plc
02/05/26
3
.80
GBP
859,754
3,131,831
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
EURIBOR
Quarterly
1.96%
Annual
Goldman
Sachs
International
02/13/26
1
.96
EUR
783,295
1,923,284
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
EURIBOR
Quarterly
1.94%
Annual
Goldman
Sachs
International
02/18/26
1
.94
EUR
387,341
930,061
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.34%
Annual
Deutsche
Bank
AG
01/13/27
4
.34
USD
171,939
11,222,259
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.35%
Annual
Deutsche
Bank
AG
01/13/27
4
.35
USD
171,939
11,314,325
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.00%
Annual
BNP
Paribas
SA
03/29/27
4
.00
USD
101,477
5,017,376
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.93%
Annual
Morgan
Stanley
&
Co.
International
plc
03/29/27
3
.93
USD
210,356
9,757,639
49,704,978
Put
2-Year
Interest
Rate
Swap
(a)
.
3.75%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
06/13/25
3
.75
USD
349,737
867,492
10-Year
Interest
Rate
Swap
(a)
2.95%
Annual
6-mo.
EURIBOR
Semi-Annual
Citibank
NA
06/27/25
2
.95
EUR
249,527
1,351,997
1-Year
Interest
Rate
Swap
(a)
.
3.90%
At
Termination
1-day
SONIA
At
Termination
Morgan
Stanley
&
Co.
International
plc
08/26/25
3
.90
GBP
432,709
1,338,468
10-Year
Interest
Rate
Swap
(a)
4.35%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
01/13/27
4
.35
USD
171,939
4,236,731
10-Year
Interest
Rate
Swap
(a)
4.34%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
01/13/27
4
.34
USD
171,939
4,278,436
10-Year
Interest
Rate
Swap
(a)
4.00%
Annual
1-day
SOFR
Annual
BNP
Paribas
SA
03/29/27
4
.00
USD
101,477
3,728,588
10-Year
Interest
Rate
Swap
(a)
3.93%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
03/29/27
3
.93
USD
210,356
8,222,672
24,024,384
$
73,729,362
(a)
Forward
settling
swaption.
OTC
Barrier
Options
Written
Description
Type
of
Option
Counterparty
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
CNH
Currency
..............
One-Touch
JPMorgan
Chase
Bank
NA
06/12/25
INR
12.00
INR
12.00
CNH
8,450
$
(
367,195
)
CNH
Currency
..............
One-Touch
Bank
of
America
NA
07/31/25
INR
12.10
INR
12.10
CNH
8,500
(
383,169
)
(
750,364
)
Put
USD
Currency
...............
One-Touch
JPMorgan
Chase
Bank
NA
04/01/25
JPY
145.00
JPY
145.00
USD
1,685
(
5
)
USD
Currency
...............
One-Touch
Bank
of
America
NA
04/08/25
CLP
950.00
CLP
950.00
USD
1,407
(
733,145
)
USD
Currency
...............
One-Touch
Bank
of
America
NA
04/08/25
CLP
950.00
CLP
950.00
USD
1,407
(
733,130
)
USD
Currency
...............
One-Touch
Goldman
Sachs
International
05/23/25
CNH
7.10
CNH
7.10
USD
2,535
(
306,424
)
EUR
Currency
...............
One-Touch
Bank
of
America
NA
06/06/25
CZK
24.50
CZK
24.50
EUR
193
(
17,890
)
(
1,790,594
)
$
(
2,540,958
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
138
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
CBOE
Volatility
Index
..........................
1,229
04/16/25
USD
50.00
USD
2,738
$
(
19,049
)
Alphabet,
Inc.
...............................
1,260
04/17/25
USD
240.00
USD
19,685
(
2,520
)
KraneShares
CSI
China
Internet
ETF
...............
15,000
04/17/25
USD
42.00
USD
52,365
(
225,000
)
Walmart,
Inc.
...............................
3,922
04/17/25
USD
120.00
USD
34,431
(
3,922
)
U.S.
Treasury
10-Year
Note
......................
186
04/25/25
USD
111.50
USD
18,600
(
119,156
)
EURO
STOXX
50
Index
........................
7,579
05/16/25
EUR
215.00
EUR
70,577
(
133,172
)
KraneShares
CSI
China
Internet
ETF
...............
11,957
05/16/25
USD
48.00
USD
41,742
(
298,925
)
United
States
Steel
Corp.
.......................
2,358
05/16/25
USD
45.00
USD
9,965
(
795,825
)
(
1,597,569
)
Put
SPDR
S&P
500
ETF
Trust
.......................
864
04/04/25
USD
510.00
USD
48,331
(
17,712
)
WTI
Crude
Oil
(a)
..............................
290
04/16/25
USD
60.00
USD
290
(
20,300
)
Alaska
Air
Group,
Inc.
..........................
468
04/17/25
USD
60.00
USD
2,303
(
507,780
)
Alphabet,
Inc.
...............................
47
04/17/25
USD
185.00
USD
734
(
137,592
)
Delta
Air
Lines,
Inc.
...........................
88
04/17/25
USD
60.00
USD
384
(
144,320
)
Eli
Lilly
&
Co.
...............................
76
04/17/25
USD
810.00
USD
6,277
(
134,710
)
EURO
STOXX
50
Index
........................
1,430
04/17/25
EUR
5,000.00
EUR
75,052
(
378,833
)
EURO
STOXX
Bank
Index
......................
2,251
04/17/25
EUR
155.00
EUR
20,962
(
45,638
)
FedEx
Corp.
................................
658
04/17/25
USD
170.00
USD
16,041
(
13,818
)
Forward
Air
Corp.
............................
1,024
04/17/25
USD
10.00
USD
2,057
(
25,600
)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
1,750
04/17/25
USD
75.00
USD
13,806
(
9,625
)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
2,500
04/17/25
USD
76.00
USD
19,723
(
87,500
)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
...
49,920
04/17/25
USD
106.00
USD
542,580
(
23,462,400
)
iShares
Russell
2000
ETF
.......................
700
04/17/25
USD
150.00
USD
13,964
(
4,200
)
iShares
Russell
2000
ETF
.......................
750
04/17/25
USD
170.00
USD
14,962
(
12,750
)
SPDR
S&P
500
ETF
Trust
.......................
719
04/17/25
USD
475.00
USD
40,220
(
32,714
)
Williams
Cos.,
Inc.
(The)
........................
1,721
04/17/25
USD
55.00
USD
10,285
(
38,722
)
Invesco
QQQ
Trust,
Series
1
.....................
350
04/25/25
USD
460.00
USD
16,412
(
293,825
)
Invesco
QQQ
Trust,
Series
1
.....................
700
04/25/25
USD
470.00
USD
32,824
(
851,900
)
U.S.
Treasury
30-Year
Bond
.....................
308
04/25/25
USD
113.00
USD
30,800
(
48,125
)
Bank
of
America
Corp.
.........................
3,442
05/16/25
USD
38.00
USD
14,363
(
203,078
)
Citigroup,
Inc.
...............................
2,218
05/16/25
USD
65.00
USD
15,746
(
303,866
)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
2,000
05/16/25
USD
73.00
USD
15,778
(
68,000
)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
30,472
05/16/25
USD
77.00
USD
240,394
(
7,694,180
)
JPMorgan
Chase
&
Co.
........................
535
05/16/25
USD
230.00
USD
13,124
(
239,412
)
Lam
Research
Corp.
..........................
526
05/16/25
USD
72.00
USD
3,824
(
223,550
)
SPDR
S&P
500
ETF
Trust
.......................
6,200
05/16/25
USD
525.00
USD
346,822
(
3,211,600
)
Union
Pacific
Corp.
...........................
382
05/16/25
USD
225.00
USD
9,024
(
145,160
)
(
38,356,910
)
$
(
39,954,479
)
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
..............
Barclays
Bank
plc
—
04/02/25
BRL
6.15
USD
61,000
$
(
1
)
EUR
Currency
..............
Goldman
Sachs
International
—
04/07/25
USD
1.10
EUR
126,104
(
134,882
)
AUD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/08/25
USD
0.64
AUD
50,781
(
22,440
)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/08/25
JPY
160.00
USD
15,480
(
12
)
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
04/16/25
USD
1.10
EUR
29,056
(
74,227
)
EUR
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/16/25
USD
1.08
EUR
29,042
(
267,747
)
EUR
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/16/25
USD
1.07
EUR
269,911
(
4,218,230
)
FTSE
China
A50
Index
........
BNP
Paribas
SA
44,225,531
04/29/25
USD
15,572.37
USD
37,875
(
17,848
)
USD
Currency
..............
Standard
Chartered
Bank
—
04/29/25
KRW
1,500.00
USD
33,169
(
112,443
)
EUR
Currency
..............
BNP
Paribas
SA
—
05/05/25
USD
1.10
EUR
113,629
(
558,780
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
139
OTC
Options
Written
(continued)
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
EUR
Currency
..............
Goldman
Sachs
International
—
05/08/25
NOK
12.00
EUR
34,469
$
(
12,781
)
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
05/16/25
USD
1.12
EUR
319,039
(
830,914
)
MDAX
...................
Goldman
Sachs
International
1,765
05/21/25
EUR
33,283.11
EUR
48,349
(
4,919
)
USD
Currency
..............
Bank
of
America
NA
—
05/23/25
CLP
950.00
USD
33,187
(
677,578
)
USD
Currency
..............
Goldman
Sachs
International
—
05/23/25
CNH
7.35
USD
101,402
(
221,424
)
AUD
Currency
..............
Bank
of
America
NA
—
05/28/25
USD
0.64
AUD
50,781
(
217,014
)
USD
Currency
..............
Citibank
NA
—
05/29/25
MXN
22.00
USD
29,013
(
154,813
)
USD
Currency
..............
Goldman
Sachs
International
—
05/29/25
TRY
48.00
USD
5,176
(
72,246
)
MDAX
...................
Goldman
Sachs
International
1,079
06/05/25
EUR
36,408.00
EUR
29,557
(
552
)
USD
Currency
..............
Bank
of
America
NA
—
06/24/25
JPY
155.00
USD
249,717
(
1,182,704
)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
07/23/25
KRW
1,526.00
USD
120,000
(
829,930
)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
07/23/25
KRW
1,500.00
USD
120,000
(
1,288,195
)
USD
Currency
..............
UBS
AG
—
08/22/25
HKD
7.70
USD
210,200
(
1,793,441
)
USD
Currency
..............
UBS
AG
—
08/27/25
HKD
7.75
USD
210,100
(
589,627
)
USD
Currency
..............
JPMorgan
Chase
Bank
NA
—
10/10/25
HKD
7.75
USD
419,340
(
1,161,543
)
USD
Currency
..............
UBS
AG
—
10/16/25
HKD
7.75
USD
424,290
(
1,184,581
)
(
15,628,872
)
Put
CAD
Currency
..............
JPMorgan
Chase
Bank
NA
—
04/01/25
JPY
104.00
CAD
49,807
(
62,603
)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/01/25
MXN
20.25
USD
19,610
(
6,583
)
EUR
Currency
..............
Bank
of
America
NA
—
04/03/25
USD
1.01
EUR
149,766
–
EUR
Currency
..............
Nomura
International
plc
—
04/03/25
USD
1.00
EUR
164,745
–
USD
Currency
..............
Bank
of
America
NA
—
04/04/25
TRY
37.00
USD
10,208
(
19
)
EUR
Currency
..............
Deutsche
Bank
AG
—
04/08/25
USD
1.00
EUR
157,221
(
145
)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/08/25
JPY
152.00
USD
30,960
(
498,768
)
USD
Currency
..............
Barclays
Bank
plc
—
04/10/25
BRL
5.75
USD
41,586
(
514,644
)
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
04/15/25
USD
1.03
EUR
149,025
(
7,299
)
USD
Currency
..............
Citibank
NA
—
04/15/25
MXN
19.90
USD
20,721
(
31,962
)
USD
Currency
..............
Goldman
Sachs
International
—
04/15/25
ZAR
18.40
USD
20,687
(
252,719
)
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
04/16/25
USD
1.08
EUR
103,773
(
481,000
)
EUR
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/16/25
USD
1.09
EUR
20,744
(
257,365
)
IFSC
NIFTY
50
Index
.........
Citibank
NA
2,500
04/24/25
USD
22,000.00
USD
58,798
(
59,193
)
S&P
500
Index
.............
BNP
Paribas
SA
5,000
04/30/25
5,149.85
28,059
(
54,360
)
EUR
Currency
..............
Bank
of
America
NA
—
05/01/25
USD
1.01
EUR
115,960
(
7,610
)
EUR
Currency
..............
UBS
AG
—
05/08/25
USD
1.01
EUR
43,834
(
8,549
)
USD
Currency
..............
Goldman
Sachs
International
—
05/16/25
TRY
39.50
USD
20,762
(
348,718
)
CAD
Currency
..............
HSBC
Bank
plc
—
05/19/25
JPY
100.00
CAD
16,602
(
66,856
)
CAD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
05/19/25
JPY
100.00
CAD
45,656
(
185,760
)
USD
Currency
..............
UBS
AG
—
05/28/25
MXN
20.10
USD
20,701
(
184,632
)
USD
Currency
..............
Citibank
NA
—
05/29/25
CLP
930.00
USD
40,048
(
490,362
)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
05/29/25
BRL
5.75
USD
41,586
(
749,213
)
S&P
500
Index
.............
BNP
Paribas
SA
2,200
05/30/25
USD
5,149.85
12,346
(
65,460
)
USD
Currency
..............
Bank
of
America
NA
—
06/24/25
JPY
140.00
USD
249,717
(
1,124,079
)
IFSC
NIFTY
50
Index
.........
Goldman
Sachs
International
1,000
06/30/25
USD
20,768.68
USD
23,519
(
55,421
)
EUR
Currency
..............
UBS
AG
—
07/15/25
USD
1.02
EUR
91,867
(
167,902
)
CHF
Currency
..............
JPMorgan
Chase
Bank
NA
—
11/14/25
JPY
157.00
CHF
35,780
(
281,547
)
(
5,962,769
)
$
(
21,591,641
)
OTC
Credit
Default
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Call
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
5
.00
%
iTraxx
Europe
Crossover
Index
Series
42.V2
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/16/25
BB-
EUR
287.50
EUR
43,983
$
(
36,150
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
140
OTC
Credit
Default
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Put
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
5
.00
%
Quarterly
BNP
Paribas
SA
04/16/25
B+
USD
99.00
USD
36,945
$
(
24,228
)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/16/25
B+
USD
99.00
USD
38,925
(
25,526
)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
5
.00
Quarterly
BNP
Paribas
SA
04/16/25
B+
USD
99.50
USD
36,865
(
26,513
)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
44.V1
5
.00
Quarterly
Goldman
Sachs
International
04/16/25
NR
USD
100.00
USD
47,555
(
9,511
)
(
85,778
)
$
(
121,928
)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
2.68%
Quarterly
3-mo.
CD_KSDA
Quarterly
Goldman
Sachs
International
04/07/25
2
.68
%
KRW
68,055,450
$
(
283,122
)
30-Year
Interest
Rate
Swap
(a)
2.70%
Annual
1-day
SOFR
Annual
Citibank
NA
04/22/25
2
.70
USD
100,514
(
118
)
30-Year
Interest
Rate
Swap
(a)
2.70%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
04/23/25
2
.70
USD
80,688
(
137
)
30-Year
Interest
Rate
Swap
(a)
2.70%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
04/25/25
2
.70
USD
80,835
(
266
)
2-Year
Interest
Rate
Swap
(a)
.
3.70%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
05/27/25
3
.70
USD
169,382
(
603,529
)
5-Year
Interest
Rate
Swap
(a)
.
3.70%
Annual
6-mo.
PRIBOR
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
06/26/25
3
.70
CZK
1,027,851
(
524,986
)
1-Year
Interest
Rate
Swap
(a)
.
3.50%
At
Termination
1-day
SONIA
At
Termination
Goldman
Sachs
International
01/21/26
3
.50
GBP
437,067
(
967,002
)
1-Year
Interest
Rate
Swap
(a)
.
3.23%
At
Termination
1-day
SONIA
At
Termination
Morgan
Stanley
&
Co.
International
plc
02/02/26
3
.23
GBP
865,256
(
1,337,231
)
1-Year
Interest
Rate
Swap
(a)
.
3.65%
At
Termination
1-day
SONIA
At
Termination
Morgan
Stanley
&
Co.
International
plc
02/02/26
3
.65
GBP
865,256
(
2,514,994
)
1-Year
Interest
Rate
Swap
(a)
.
3.10%
At
Termination
1-day
SONIA
At
Termination
Morgan
Stanley
&
Co.
International
plc
02/05/26
3
.10
GBP
859,754
(
1,114,206
)
1-Year
Interest
Rate
Swap
(a)
.
3.40%
At
Termination
1-day
SONIA
At
Termination
Morgan
Stanley
&
Co.
International
plc
02/05/26
3
.40
GBP
859,754
(
1,746,247
)
1-Year
Interest
Rate
Swap
(a)
.
1.40%
Annual
3-mo.
EURIBOR
Quarterly
Goldman
Sachs
International
02/13/26
1
.40
EUR
1,566,589
(
1,249,031
)
1-Year
Interest
Rate
Swap
(a)
.
1.40%
Annual
3-mo.
EURIBOR
Quarterly
Goldman
Sachs
International
02/18/26
1
.40
EUR
774,685
(
633,076
)
(
10,973,945
)
Put
5-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
Annual
4.10%
Annual
JPMorgan
Chase
Bank
NA
04/22/25
4
.10
GBP
247,417
(
595,639
)
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.15%
Annual
Citibank
NA
04/22/25
4
.15
USD
34,979
(
31,197
)
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.15%
Annual
Goldman
Sachs
International
04/23/25
4
.15
USD
20,172
(
20,010
)
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.15%
Annual
Deutsche
Bank
AG
04/25/25
4
.15
USD
20,209
(
24,220
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
141
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.05%
Annual
Goldman
Sachs
International
06/04/25
4
.05
%
USD
299,511
$
(
1,541,563
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.25%
Annual
JPMorgan
Chase
Bank
NA
06/09/25
4
.25
USD
302,242
(
773,202
)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
JPMorgan
Chase
Bank
NA
06/13/25
4
.00
USD
699,473
(
659,286
)
5-Year
Interest
Rate
Swap
(a)
.
6-mo.
EURIBOR
Semi-Annual
2.74%
Annual
Citibank
NA
06/27/25
2
.74
EUR
499,053
(
1,215,564
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.80%
Annual
Goldman
Sachs
International
07/24/25
4
.80
USD
370,982
(
361,031
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
4.10%
At
Termination
Morgan
Stanley
&
Co.
International
plc
08/26/25
4
.10
GBP
432,709
(
788,380
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
4.27%
At
Termination
Morgan
Stanley
&
Co.
International
plc
08/26/25
4
.27
GBP
432,709
(
465,030
)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.42%
Annual
Goldman
Sachs
International
09/16/25
3
.42
USD
2,181,200
(
15,295,924
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
4.65%
At
Termination
Goldman
Sachs
International
01/21/26
4
.65
GBP
437,067
(
473,390
)
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
EURIBOR
Quarterly
2.70%
Annual
Goldman
Sachs
International
02/13/26
2
.70
EUR
783,295
(
540,546
)
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
EURIBOR
Quarterly
2.80%
Annual
Goldman
Sachs
International
02/18/26
2
.80
EUR
387,341
(
218,449
)
(
23,003,431
)
$
(
33,977,376
)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
39.V4
.....................
5
.00
%
Quarterly
12/20/27
USD
43,862
$
(
2,575,126
)
$
—
$
(
2,575,126
)
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
................
1
.00
Quarterly
12/20/27
USD
58,347
(
979,622
)
—
(
979,622
)
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
.....................
5
.00
Quarterly
12/20/29
USD
111,018
(
6,109,915
)
(
6,628,978
)
519,063
iTraxx
Asia
ex-Japan
Investment
Grade
Index
Series
43.V1
.....................
1
.00
Quarterly
06/20/30
USD
1,490
(
14,886
)
(
16,510
)
1,624
iTraxx
Europe
Crossover
Index
Series
43.V1
.
5
.00
Quarterly
06/20/30
EUR
74,563
(
6,172,300
)
(
6,582,932
)
410,632
iTraxx
Europe
Main
Index
Series
43.V1
.....
1
.00
Quarterly
06/20/30
EUR
629,368
(
12,217,959
)
(
13,993,213
)
1,775,254
iTraxx
Europe
Senior
Financials
Index
Series
43.V1
.........................
1
.00
Quarterly
06/20/30
EUR
123,968
(
2,040,907
)
(
2,374,383
)
333,476
Kingdom
of
Saudi
Arabia
...............
1
.00
Quarterly
06/20/30
USD
15,000
(
204,880
)
(
224,443
)
19,563
Lennar
Corp.
.......................
5
.00
Quarterly
06/20/30
USD
83,676
(
14,973,770
)
(
15,146,811
)
173,041
Markit
CDX
North
American
Emerging
Markets
Index
Series
43.V1
................
1
.00
Quarterly
06/20/30
USD
3,640
137,600
130,739
6,861
Markit
CDX
North
American
Investment
Grade
Index
Series
44.V1
................
1
.00
Quarterly
06/20/30
USD
1,923,340
(
35,348,644
)
(
37,429,978
)
2,081,334
PulteGroup,
Inc.
....................
5
.00
Quarterly
06/20/30
USD
45,609
(
8,312,263
)
(
8,590,720
)
278,457
Republic
of
Colombia
.................
1
.00
Quarterly
06/20/30
USD
33,691
1,907,266
1,827,739
79,527
Republic
of
Indonesia
.................
1
.00
Quarterly
06/20/30
USD
37,000
(
88,493
)
(
131,785
)
43,292
$
(
86,993,899
)
$
(
89,161,275
)
$
2,167,376
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
142
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
41.V2
...........
5
.00
%
Quarterly
12/20/28
BB-
USD
67,169
$
4,046,455
$
—
$
4,046,455
iTraxx
Europe
Crossover
Index
Series
42.V2
..
5
.00
Quarterly
12/20/29
BB-
EUR
165,689
13,411,883
14,261,040
(
849,157
)
iTraxx
Europe
Main
Index
Series
42.V1
.......
1
.00
Quarterly
12/20/29
A-
EUR
67,850
1,325,575
1,480,597
(
155,022
)
Ford
Motor
Co.
.......
5
.00
Quarterly
06/20/30
BBB-
USD
21,616
2,817,967
2,817,967
—
General
Motors
Co.
....
5
.00
Quarterly
06/20/30
BBB
USD
21,616
3,318,470
3,318,470
—
Markit
CDX
North
American
High
Yield
Index
Series
44.V1
...........
5
.00
Quarterly
06/20/30
B+
USD
247,000
13,069,276
14,032,221
(
962,945
)
$
37,989,626
$
35,910,295
$
2,079,331
(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)
2.79%
Annual
1-day
SOFR
Annual
N/A
04/26/25
USD
455,000
$
9,961,059
$
—
$
9,961,059
2.80%
Annual
1-day
SOFR
Annual
N/A
05/11/25
USD
145,000
3,066,835
—
3,066,835
2.60%
Annual
1-day
SOFR
Annual
N/A
05/16/25
USD
150,000
3,463,762
—
3,463,762
4.29%
At
Termination
1-day
EFFR
At
Termination
05/07/25
(a)
06/18/25
USD
1,118,831
(
19,132
)
—
(
19,132
)
1-day
SOFR
Annual
4.10%
Annual
N/A
08/11/25
USD
1,000,596
(
4,952,767
)
—
(
4,952,767
)
4.19%
Annual
1-day
SOFR
Annual
N/A
09/28/25
USD
292,000
654,364
—
654,364
28-day
MXIBTIIE
Monthly
10.14%
Monthly
N/A
10/17/25
MXN
131,091
49,793
—
49,793
1-day
SOFR
Annual
4.25%
Annual
N/A
10/17/25
USD
1,489,926
(
1,745,678
)
—
(
1,745,678
)
1-day
SOFR
Annual
4.05%
Annual
N/A
10/18/25
USD
765,005
(
2,387,294
)
—
(
2,387,294
)
1-day
SOFR
Annual
4.25%
Annual
N/A
10/19/25
USD
685,759
(
729,442
)
—
(
729,442
)
4.51%
Annual
1-day
SOFR
Annual
N/A
11/07/25
USD
800,000
(
1,593,421
)
—
(
1,593,421
)
4.45%
Annual
1-day
SOFR
Annual
N/A
11/08/25
USD
400,000
(
593,072
)
—
(
593,072
)
1-day
SOFR
Annual
3.88%
Annual
N/A
12/12/25
USD
265,000
(
877,859
)
—
(
877,859
)
1-day
SOFR
Annual
3.75%
Annual
N/A
12/15/25
USD
251,214
(
1,119,617
)
—
(
1,119,617
)
1-day
SOFR
Annual
3.93%
Annual
N/A
12/15/25
USD
270,000
(
726,350
)
—
(
726,350
)
1-day
SOFR
Annual
3.78%
Annual
N/A
12/19/25
USD
589,000
(
2,441,081
)
—
(
2,441,081
)
1-day
SOFR
Annual
3.81%
Annual
N/A
12/19/25
USD
613,023
(
2,347,352
)
—
(
2,347,352
)
5.14%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/20/25
PLN
200,829
287,379
—
287,379
9.31%
Monthly
1-day
MXIBTIIE
Monthly
N/A
01/09/26
MXN
1,221,771
(
466,829
)
—
(
466,829
)
1-day
SOFR
Annual
3.70%
Annual
N/A
01/20/26
USD
472,000
(
2,012,356
)
—
(
2,012,356
)
4.33%
Annual
1-day
SOFR
Annual
N/A
02/22/26
USD
511,600
(
1,333,227
)
—
(
1,333,227
)
1-day
MXIBTIIE
Monthly
8.47%
Monthly
N/A
02/25/26
MXN
3,522,766
414,135
—
414,135
4.46%
Annual
1-day
SOFR
Annual
N/A
03/02/26
USD
272,500
(
1,092,820
)
—
(
1,092,820
)
4.47%
Annual
1-day
SOFR
Annual
N/A
03/02/26
USD
272,000
(
1,127,419
)
—
(
1,127,419
)
0.28%
Annual
1-day
TONAR
Annual
N/A
03/09/26
JPY
55,971,540
1,430,974
—
1,430,974
0.29%
Annual
1-day
TONAR
Annual
N/A
03/11/26
JPY
56,730,000
1,453,045
—
1,453,045
3.72%
Annual
1-day
SOFR
Annual
N/A
03/17/26
USD
270,000
780,672
—
780,672
8.02%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/26/26
ZAR
547,803
(
175,827
)
—
(
175,827
)
4.73%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
415,842
(
2,416,848
)
—
(
2,416,848
)
4.87%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
1,049,201
(
8,702,697
)
—
(
8,702,697
)
4.75%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
831,684
(
5,031,004
)
—
(
5,031,004
)
4.75%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
831,684
(
5,157,247
)
—
(
5,157,247
)
1-day
SOFR
Annual
4.40%
Annual
N/A
04/08/26
USD
856,095
(
1,560,060
)
—
(
1,560,060
)
1-day
SOFR
Annual
4.45%
Annual
N/A
04/09/26
USD
313,413
(
243,909
)
—
(
243,909
)
1-day
SOFR
Annual
4.05%
Annual
N/A
04/18/26
USD
496,227
(
4,079,320
)
—
(
4,079,320
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
143
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
Annual
4.30%
Annual
N/A
04/24/26
USD
597,999
$
(
1,775,803
)
$
—
$
(
1,775,803
)
8.15%
Quarterly
3-mo.
JIBAR
Quarterly
05/07/25
(a)
05/07/26
ZAR
1,977,119
(
768,697
)
—
(
768,697
)
1-day
SOFR
Annual
4.50%
Annual
N/A
05/08/26
USD
496,014
858,080
—
858,080
3.15%
Annual
1-day
SOFR
Annual
N/A
05/27/26
USD
533,651
12,741,265
208,250
12,533,015
7.97%
Quarterly
3-mo.
JIBAR
Quarterly
06/06/25
(a)
06/06/26
ZAR
815,915
(
249,035
)
—
(
249,035
)
1-day
SOFR
Annual
4.35%
Annual
N/A
07/22/26
USD
224,700
623,835
—
623,835
0.41%
Annual
1-day
TONAR
Annual
N/A
08/14/26
JPY
35,725,000
989,300
—
989,300
0.40%
Annual
1-day
TONAR
Annual
N/A
08/14/26
JPY
28,618,000
834,203
—
834,203
5.16%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/19/26
PLN
225,509
(
63,197
)
—
(
63,197
)
5.24%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/19/26
PLN
144,973
(
67,345
)
—
(
67,345
)
6.92%
Quarterly
3-mo.
JIBAR
Quarterly
09/23/25
(a)
09/23/26
ZAR
296,741
63,292
—
63,292
1-day
SOFR
At
Termination
4.17%
At
Termination
10/23/25
(a)
10/23/26
USD
397,482
2,234,710
—
2,234,710
1-day
SOFR
At
Termination
4.21%
At
Termination
10/27/25
(a)
10/27/26
USD
794,377
4,825,941
—
4,825,941
1-day
SOFR
Annual
4.00%
Annual
N/A
10/28/26
USD
800,722
587,385
—
587,385
0.59%
At
Termination
1-day
TONAR
At
Termination
10/28/25
(a)
10/28/26
JPY
42,890,000
877,120
—
877,120
0.61%
At
Termination
1-day
TONAR
At
Termination
11/04/25
(a)
11/04/26
JPY
22,081,000
441,770
—
441,770
1-day
MXIBTIIE
Monthly
9.26%
Monthly
N/A
11/18/26
MXN
387,435
379,470
—
379,470
1.98%
Annual
1-day
ESTR
Annual
N/A
12/10/26
EUR
229,350
(
17,004
)
—
(
17,004
)
2.02%
Annual
1-day
ESTR
Annual
N/A
12/10/26
EUR
228,830
(
202,685
)
—
(
202,685
)
1-day
SOFR
Annual
4.07%
Annual
N/A
01/14/27
USD
795,890
3,659,680
—
3,659,680
3.99%
At
Termination
1-day
SONIA
At
Termination
01/28/26
(a)
01/28/27
GBP
173,440
(
179,797
)
30,409
(
210,206
)
1.84%
At
Termination
1-day
ESTR
At
Termination
03/03/26
(a)
03/03/27
EUR
82,175
52,971
(
12,419
)
65,390
1-day
SOFR
Annual
4.03%
Annual
N/A
03/07/27
USD
464,406
2,407,175
—
2,407,175
1-day
SOFR
Annual
3.47%
Annual
N/A
03/10/27
USD
200,466
(
1,100,911
)
—
(
1,100,911
)
2.12%
At
Termination
1-day
ESTR
At
Termination
03/10/26
(a)
03/10/27
EUR
236,783
(
544,954
)
174,403
(
719,357
)
2.05%
Annual
1-day
ESTR
Annual
06/10/25
(a)
03/11/27
EUR
222,130
(
561,369
)
(
50,408
)
(
510,961
)
1-day
SONIA
At
Termination
3.45%
At
Termination
03/16/26
(a)
03/16/27
GBP
41,120
(
218,888
)
13,605
(
232,493
)
3-mo.
BUBOR
Quarterly
6.39%
At
Termination
03/18/26
(a)
03/18/27
HUF
867,507
(
935
)
—
(
935
)
0.94%
At
Termination
1-day
TONAR
At
Termination
03/18/26
(a)
03/18/27
JPY
94,134,000
353,153
—
353,153
6-mo.
BUBOR
Semi-Annual
6.50%
Annual
N/A
03/19/27
HUF
33,450,792
(
163,048
)
—
(
163,048
)
7.25%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/19/27
ZAR
346,137
44,259
—
44,259
5.14%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
03/19/27
PLN
342,425
(
380,606
)
—
(
380,606
)
5.13%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
03/19/27
PLN
205,455
(
215,533
)
—
(
215,533
)
1-day
MIBOR
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/27
INR
11,412,098
1,188,394
—
1,188,394
3.88%
Annual
1-day
SOFR
Annual
N/A
03/20/27
USD
22,337
(
60,190
)
2,652
(
62,842
)
3.83%
Annual
1-day
SOFR
Annual
N/A
03/25/27
USD
24,555
(
41,902
)
1,191
(
43,093
)
6-mo.
NIBOR
Semi-Annual
4.49%
Annual
N/A
03/28/27
NOK
450,880
82,372
41,830
40,542
2.27%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/28/27
EUR
38,850
(
53,191
)
(
3,044
)
(
50,147
)
1-day
SOFR
Annual
4.10%
Annual
05/30/25
(a)
05/30/27
USD
590,948
5,014,878
—
5,014,878
1-day
SOFR
Annual
4.15%
Annual
05/30/25
(a)
05/30/27
USD
590,948
5,576,075
—
5,576,075
1-week
CNREPOFIX_
CFXS
Quarterly
1.57%
Quarterly
06/18/25
(a)
06/18/27
CNY
2,300,000
(
16,053
)
—
(
16,053
)
3.59%
Annual
1-day
SOFR
Annual
09/17/25
(a)
09/17/27
USD
41,304
(
31,368
)
—
(
31,368
)
1.45%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/17/25
(a)
09/17/27
CNY
83,254
21,289
—
21,289
1.59%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/17/25
(a)
09/17/27
CNY
218,440
(
23,592
)
—
(
23,592
)
3.45%
Semi-Annual
3-mo.
BBR
Quarterly
09/17/25
(a)
09/17/27
NZD
9,624
(
6,594
)
—
(
6,594
)
3.47%
Semi-Annual
3-mo.
BBR
Quarterly
09/17/25
(a)
09/17/27
NZD
26,590
(
23,222
)
—
(
23,222
)
2.45%
Quarterly
3-mo.
CD_KSDA
Quarterly
09/17/25
(a)
09/17/27
KRW
60,275,573
44,376
—
44,376
1-day
SOFR
Annual
3.98%
Annual
N/A
10/06/27
USD
482,431
2,063,410
—
2,063,410
1-day
SONIA
At
Termination
4.11%
At
Termination
10/13/26
(a)
10/13/27
GBP
98,050
251,477
(
11,230
)
262,707
1-day
SONIA
At
Termination
0
At
Termination
10/20/26
(a)
10/20/27
GBP
29,710
175,951
39
175,912
1-day
SONIA
At
Termination
4.39%
At
Termination
10/20/26
(a)
10/20/27
GBP
29,700
173,116
(
68
)
173,184
1-day
SOFR
Annual
3.30%
Annual
10/23/25
(a)
10/23/27
USD
143,045
(
604,663
)
—
(
604,663
)
1-day
SOFR
Annual
4.20%
Annual
10/23/25
(a)
10/23/27
USD
206,848
2,629,542
—
2,629,542
4.06%
Annual
1-day
SOFR
Annual
10/27/25
(a)
10/27/27
USD
560,300
(
5,710,668
)
(
172,330
)
(
5,538,338
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
144
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
Annual
3.92%
Annual
11/03/25
(a)
11/03/27
USD
98,149
$
745,195
$
—
$
745,195
1-day
SOFR
Annual
3.95%
Annual
11/03/25
(a)
11/03/27
USD
98,149
800,450
—
800,450
1-day
SOFR
Annual
3.99%
Annual
11/03/25
(a)
11/03/27
USD
196,299
1,729,828
—
1,729,828
1-day
SOFR
Annual
4.07%
Annual
11/03/25
(a)
11/03/27
USD
400,330
4,167,853
—
4,167,853
1-day
SOFR
Annual
3.86%
Annual
11/10/25
(a)
11/10/27
USD
405,709
2,661,049
—
2,661,049
1-day
SOFR
Annual
3.91%
Annual
11/10/25
(a)
11/10/27
USD
410,897
3,024,044
—
3,024,044
1-day
SONIA
At
Termination
3.70%
At
Termination
12/01/26
(a)
12/01/27
GBP
120,710
(
270,485
)
14,642
(
285,127
)
1-day
SOFR
Annual
3.48%
Annual
01/23/26
(a)
01/23/28
USD
540,713
(
103,404
)
—
(
103,404
)
1-day
SONIA
At
Termination
3.18%
At
Termination
01/26/27
(a)
01/26/28
GBP
101,220
(
850,545
)
2,991
(
853,536
)
1-day
SOFR
Annual
4.00%
Annual
01/26/26
(a)
01/26/28
USD
494,279
4,650,167
—
4,650,167
3.45%
Annual
1-day
SOFR
Annual
01/26/26
(a)
01/26/28
USD
494,279
410,769
—
410,769
1-day
SONIA
At
Termination
3.32%
At
Termination
02/05/27
(a)
02/05/28
GBP
166,200
(
1,125,291
)
(
248,749
)
(
876,542
)
1-day
SOFR
Annual
3.87%
Annual
02/05/26
(a)
02/05/28
USD
500,675
3,556,301
—
3,556,301
3.27%
Annual
1-day
SOFR
Annual
02/05/26
(a)
02/05/28
USD
500,675
2,044,813
—
2,044,813
1.04%
At
Termination
1-day
TONAR
At
Termination
02/09/27
(a)
02/09/28
JPY
32,558,000
162,464
—
162,464
1-day
SONIA
At
Termination
3.18%
At
Termination
02/10/27
(a)
02/10/28
GBP
347,008
(
2,899,199
)
—
(
2,899,199
)
1.08%
At
Termination
1-day
TONAR
At
Termination
02/24/27
(a)
02/24/28
JPY
31,289,000
65,449
—
65,449
1-day
MXIBTIIE
Monthly
8.08%
Monthly
N/A
03/07/28
MXN
996,108
192,312
—
192,312
1-day
TONAR
Annual
0.78%
Annual
N/A
03/19/28
JPY
30,721,000
(
901,904
)
—
(
901,904
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.58%
Quarterly
N/A
03/19/28
CNY
505,469
(
24,203
)
—
(
24,203
)
4.64%
Annual
1-day
SONIA
Annual
N/A
05/26/28
GBP
24,450
(
511,161
)
—
(
511,161
)
1-day
SONIA
Annual
4.86%
Annual
N/A
06/20/28
GBP
124,190
4,039,172
—
4,039,172
0.82%
Annual
1-day
TONAR
Annual
08/04/26
(a)
08/04/28
JPY
150,099,000
5,462,773
—
5,462,773
0.81%
Annual
1-day
TONAR
Annual
08/04/26
(a)
08/04/28
JPY
8,586,000
323,649
—
323,649
0.60%
Annual
1-day
TONAR
Annual
08/12/26
(a)
08/12/28
JPY
23,290,095
1,538,932
—
1,538,932
4.29%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
495,162
(
8,971,357
)
—
(
8,971,357
)
4.26%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
981,388
(
16,830,545
)
—
(
16,830,545
)
4.29%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
782,949
(
14,234,360
)
—
(
14,234,360
)
4.25%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
195,737
(
3,237,006
)
—
(
3,237,006
)
3.16%
Annual
1-day
SOFR
Annual
N/A
09/19/28
USD
17,900
418,729
—
418,729
1-day
SOFR
Annual
4.40%
Annual
N/A
10/31/28
USD
250,232
6,174,693
—
6,174,693
1-day
SONIA
Annual
4.12%
Annual
N/A
11/17/28
GBP
121,376
363,410
—
363,410
1-day
SONIA
Annual
4.12%
Annual
N/A
11/21/28
GBP
120,683
376,870
—
376,870
1-day
SONIA
At
Termination
3.47%
At
Termination
12/06/27
(a)
12/06/28
GBP
67,940
(
363,837
)
(
17,400
)
(
346,437
)
1-day
SOFR
Annual
3.25%
Annual
12/15/26
(a)
12/15/28
USD
419,055
(
2,099,171
)
—
(
2,099,171
)
1-day
SONIA
At
Termination
3.31%
At
Termination
02/07/28
(a)
02/07/29
GBP
84,960
(
611,558
)
(
108,859
)
(
502,699
)
2.92%
Annual
1-day
SOFR
Annual
N/A
02/16/29
USD
180,919
5,029,073
344,508
4,684,565
1.08%
Annual
1-day
TONAR
Annual
03/02/27
(a)
03/02/29
JPY
22,210,300
176,494
—
176,494
1.11%
Annual
1-day
TONAR
Annual
03/02/27
(a)
03/02/29
JPY
9,518,700
38,748
—
38,748
6-mo.
EURIBOR
Semi-Annual
3.00%
Annual
N/A
03/05/29
EUR
300,382
8,340,627
—
8,340,627
0.50%
Annual
1-day
TONAR
Annual
N/A
03/05/29
JPY
27,688,578
3,488,401
—
3,488,401
0.50%
Annual
1-day
TONAR
Annual
N/A
03/11/29
JPY
27,688,578
3,494,641
—
3,494,641
3.80%
Annual
1-day
SOFR
Annual
N/A
03/19/29
USD
13,200
(
70,621
)
—
(
70,621
)
1.13%
Annual
1-day
TONAR
Annual
03/19/27
(a)
03/19/29
JPY
6,129,000
11,481
—
11,481
1-day
MIBOR
Semi-Annual
6.26%
Semi-Annual
N/A
03/20/29
INR
3,262,500
514,089
—
514,089
1-day
MIBOR
Semi-Annual
6.30%
Semi-Annual
N/A
03/20/29
INR
3,987,500
690,203
—
690,203
1-day
ESTR
Annual
2.37%
Annual
03/23/27
(a)
03/23/29
EUR
81,320
149,350
40,009
109,341
1.18%
Annual
1-day
TONAR
Annual
03/25/27
(a)
03/25/29
JPY
6,301,000
(
30,007
)
—
(
30,007
)
1-day
SOFR
Annual
3.79%
Annual
N/A
03/29/29
USD
732,656
(
5,317,384
)
—
(
5,317,384
)
1-day
ESTR
Annual
2.35%
Annual
03/31/27
(a)
03/31/29
EUR
82,010
111,407
16,185
95,222
1-day
SOFR
Annual
4.00%
Annual
N/A
04/08/29
USD
414,291
1,308,376
—
1,308,376
1-day
SOFR
Annual
4.05%
Annual
N/A
04/09/29
USD
313,413
1,741,791
—
1,741,791
1-day
SOFR
Annual
4.00%
Annual
N/A
04/18/29
USD
496,227
1,810,808
—
1,810,808
1-day
SOFR
Annual
4.00%
Annual
N/A
04/24/29
USD
249,166
982,866
—
982,866
6-mo.
EURIBOR
Semi-Annual
2.90%
Annual
N/A
04/30/29
EUR
349,347
13,579,516
—
13,579,516
1-day
SOFR
Annual
4.00%
Annual
N/A
05/06/29
USD
501,757
2,278,150
—
2,278,150
6-mo.
EURIBOR
Semi-Annual
2.87%
Annual
N/A
06/11/29
EUR
248,990
9,509,464
—
9,509,464
3.57%
Annual
1-day
SOFR
Annual
N/A
08/05/29
USD
10,553
118,043
—
118,043
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
145
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3.65%
Annual
1-day
SOFR
Annual
06/02/25
(a)
08/31/29
USD
21,310
$
(
32,311
)
$
(
15,800
)
$
(
16,511
)
3.83%
Annual
1-day
SOFR
Annual
06/02/25
(a)
08/31/29
USD
106,990
(
912,792
)
—
(
912,792
)
1-day
SOFR
Annual
3.66%
Annual
N/A
10/10/29
USD
250,246
(
960,478
)
—
(
960,478
)
3-mo.
BBR
Quarterly
4.17%
Quarterly
11/01/27
(a)
11/01/29
AUD
225,780
686,465
—
686,465
1-day
MXIBTIIE
Monthly
9.04%
Monthly
N/A
11/14/29
MXN
8,492,353
16,562,723
—
16,562,723
0.77%
Annual
1-day
TONAR
Annual
N/A
11/18/29
JPY
61,997,581
4,085,975
—
4,085,975
8.97%
Monthly
1-day
MXIBTIIE
Monthly
N/A
12/14/29
MXN
507,178
(
928,845
)
—
(
928,845
)
1-day
MIBOR
Semi-Annual
6.12%
Semi-Annual
N/A
12/18/29
INR
4,000,000
346,506
—
346,506
1-day
MIBOR
Semi-Annual
6.12%
Semi-Annual
N/A
12/18/29
INR
4,000,000
360,592
—
360,592
1-day
SONIA
Annual
4.00%
Annual
N/A
01/16/30
GBP
299,226
(
404,410
)
—
(
404,410
)
1-day
SONIA
Annual
4.00%
Annual
N/A
01/20/30
GBP
242,415
(
303,159
)
—
(
303,159
)
6-mo.
EURIBOR
Semi-Annual
2.42%
Annual
N/A
01/31/30
EUR
7,328
1,188
1,981
(
793
)
6-mo.
EURIBOR
Semi-Annual
2.43%
Annual
N/A
02/03/30
EUR
14,772
14,040
35,860
(
21,820
)
8.65%
Monthly
1-day
MXIBTIIE
Monthly
N/A
02/07/30
MXN
195,975
(
238,106
)
—
(
238,106
)
1-day
SOFR
Annual
3.23%
Annual
N/A
02/19/30
USD
299,521
(
6,083,147
)
—
(
6,083,147
)
1-day
MIBOR
Semi-Annual
6.06%
Semi-Annual
N/A
02/21/30
INR
10,188,858
738,211
—
738,211
1-day
SOFR
Annual
3.90%
Annual
N/A
02/24/30
USD
127,468
1,352,419
—
1,352,419
6-mo.
PRIBOR
Semi-Annual
3.46%
Annual
N/A
03/19/30
CZK
386,761
(
78,879
)
—
(
78,879
)
6-mo.
PRIBOR
Semi-Annual
3.69%
Annual
N/A
03/19/30
CZK
455,372
118,782
—
118,782
6-mo.
WIBOR
Semi-Annual
4.88%
Annual
N/A
03/19/30
PLN
101,717
268,886
—
268,886
6-mo.
WIBOR
Semi-Annual
4.91%
Annual
N/A
03/19/30
PLN
88,842
256,868
—
256,868
6-mo.
WIBOR
Semi-Annual
4.94%
Annual
N/A
03/19/30
PLN
169,528
556,999
—
556,999
1-day
MIBOR
Semi-Annual
6.00%
Semi-Annual
N/A
03/19/30
INR
4,248,404
205,161
—
205,161
6-mo.
BUBOR
Semi-Annual
6.55%
Annual
N/A
03/19/30
HUF
7,054,651
(
144,238
)
—
(
144,238
)
0.87%
Annual
1-day
TONAR
Annual
N/A
03/19/30
JPY
37,297,000
2,086,825
—
2,086,825
7.94%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/19/30
ZAR
1,643,689
(
717,657
)
—
(
717,657
)
3-mo.
STIBOR
Quarterly
2.77%
Annual
N/A
03/27/30
SEK
355,870
209,959
—
209,959
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/27/30
EUR
16,150
(
80,400
)
—
(
80,400
)
2.50%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/27/30
EUR
16,150
(
76,299
)
—
(
76,299
)
6-mo.
PRIBOR
Semi-Annual
3.56%
Annual
06/18/25
(a)
06/18/30
CZK
422,254
—
—
—
6-mo.
PRIBOR
Semi-Annual
3.66%
Annual
06/18/25
(a)
06/18/30
CZK
255,758
51,323
30,407
20,916
6-mo.
PRIBOR
Semi-Annual
3.66%
Annual
06/18/25
(a)
06/18/30
CZK
155,383
31,180
18,473
12,707
1-day
SOFR
Annual
3.73%
Annual
06/18/25
(a)
06/18/30
USD
92,220
445,240
—
445,240
3.39%
Quarterly
3-mo.
HIBOR
Quarterly
06/18/25
(a)
06/18/30
HKD
720,520
(
605,932
)
—
(
605,932
)
1.06%
Annual
1-day
TONAR
Annual
09/17/25
(a)
09/17/30
JPY
1,502,651
22,649
—
22,649
1.12%
Annual
1-day
TONAR
Annual
09/17/25
(a)
09/17/30
JPY
4,618,220
(
13,028
)
—
(
13,028
)
1.64%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/17/25
(a)
09/17/30
CNY
452,085
(
175,980
)
—
(
175,980
)
3.78%
Semi-Annual
3-mo.
BBR
Quarterly
09/17/25
(a)
09/17/30
NZD
34,993
(
41,616
)
—
(
41,616
)
4.05%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/17/25
(a)
09/17/30
AUD
48,075
(
103,619
)
—
(
103,619
)
3.98%
Annual
1-day
SOFR
Annual
N/A
07/02/31
USD
6,800
(
66,527
)
—
(
66,527
)
0.02%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
157,050
25,151,942
—
25,151,942
1-day
SOFR
Annual
3.79%
Annual
N/A
10/14/31
USD
197,460
482,200
—
482,200
1-day
SOFR
Annual
3.79%
Annual
N/A
11/19/31
USD
251,205
783,595
—
783,595
4.11%
Annual
1-day
SOFR
Annual
N/A
11/30/31
USD
98,240
(
2,408,137
)
(
37,724
)
(
2,370,413
)
4.10%
Annual
1-day
SOFR
Annual
N/A
11/30/31
USD
111,490
(
2,679,199
)
—
(
2,679,199
)
3.81%
Annual
1-day
SOFR
Annual
06/02/25
(a)
12/31/31
USD
14,300
(
115,859
)
4,705
(
120,564
)
1-day
SOFR
Annual
3.78%
Annual
N/A
01/28/32
USD
467,125
1,942,832
—
1,942,832
2.38%
Annual
1-day
SOFR
Annual
N/A
04/08/32
USD
43,962
4,717,318
—
4,717,318
2.60%
Annual
1-day
SOFR
Annual
N/A
05/26/32
USD
53,426
4,745,396
—
4,745,396
1-day
SOFR
Annual
3.47%
Annual
N/A
10/04/32
USD
223,490
(
4,719,373
)
—
(
4,719,373
)
1-day
SOFR
Annual
3.42%
Annual
N/A
10/05/32
USD
103,240
(
2,544,843
)
—
(
2,544,843
)
1-day
SOFR
Annual
3.05%
Annual
N/A
10/28/32
USD
249,920
(
12,445,533
)
—
(
12,445,533
)
1-day
SOFR
Annual
2.88%
Annual
N/A
11/02/32
USD
250,132
(
15,362,112
)
—
(
15,362,112
)
1-day
SOFR
Annual
2.92%
Annual
N/A
11/04/32
USD
249,476
(
14,634,198
)
—
(
14,634,198
)
1-day
SOFR
Annual
2.90%
Annual
N/A
11/15/32
USD
400,986
(
23,946,702
)
—
(
23,946,702
)
1-day
SOFR
Annual
3.20%
Annual
N/A
11/28/32
USD
239,768
(
9,198,560
)
—
(
9,198,560
)
1-day
ESTR
Annual
2.34%
Annual
01/19/28
(a)
01/19/33
EUR
150,420
(
1,932,727
)
—
(
1,932,727
)
1-day
SOFR
Annual
3.14%
Annual
05/12/28
(a)
05/12/33
USD
279,328
(
7,216,416
)
—
(
7,216,416
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
146
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
Annual
3.75%
Annual
N/A
08/09/33
USD
251,131
$
(
1,266,535
)
$
—
$
(
1,266,535
)
3.24%
Annual
1-day
SOFR
Annual
N/A
08/09/33
USD
122,861
5,512,798
—
5,512,798
1-day
SOFR
Annual
3.93%
Annual
N/A
10/04/33
USD
249,492
2,790,498
—
2,790,498
1-day
SOFR
Annual
3.50%
Annual
N/A
10/17/33
USD
343,829
(
7,494,379
)
—
(
7,494,379
)
4.40%
Annual
1-day
SOFR
Annual
N/A
11/01/33
USD
245,780
(
11,883,564
)
—
(
11,883,564
)
1-day
SOFR
Annual
4.00%
Annual
N/A
01/12/34
USD
193,843
3,629,643
—
3,629,643
1-day
SOFR
Annual
4.00%
Annual
N/A
01/17/34
USD
55,662
1,044,572
—
1,044,572
1-day
ESTR
Annual
2.50%
Annual
06/10/25
(a)
02/15/34
EUR
19,700
100,169
57,575
42,594
1-day
ESTR
Annual
2.57%
Annual
06/10/25
(a)
02/15/34
EUR
29,450
318,609
119,586
199,023
1-day
MIBOR
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/34
INR
2,099,011
589,340
—
589,340
1-day
MIBOR
Semi-Annual
6.35%
Semi-Annual
N/A
03/20/34
INR
2,099,011
606,005
—
606,005
3.38%
Annual
1-day
SOFR
Annual
N/A
10/09/34
USD
140,367
5,012,047
—
5,012,047
3.62%
Annual
1-day
SOFR
Annual
10/09/29
(a)
10/09/34
USD
510,800
4,949,586
—
4,949,586
1-day
SOFR
Annual
3.66%
Annual
N/A
10/10/34
USD
168,525
(
2,013,759
)
—
(
2,013,759
)
6-mo.
BBR
Semi-Annual
4.64%
Semi-Annual
12/19/29
(a)
12/19/34
AUD
169,960
(
289,330
)
—
(
289,330
)
1-day
SOFR
Annual
3.67%
Annual
N/A
12/26/34
USD
310,210
(
2,889,116
)
—
(
2,889,116
)
9.45%
Monthly
1-day
MXIBTIIE
Monthly
N/A
01/03/35
MXN
681,312
(
2,464,230
)
—
(
2,464,230
)
1-day
SOFR
Annual
3.70%
Annual
N/A
01/06/35
USD
242,395
(
1,608,330
)
—
(
1,608,330
)
1-day
TONAR
Annual
1.13%
Annual
N/A
03/19/35
JPY
9,635,000
(
1,078,487
)
—
(
1,078,487
)
1-day
SOFR
Annual
3.97%
Annual
03/19/30
(a)
03/19/35
USD
20,160
50,282
(
9,725
)
60,007
6.07%
Semi-Annual
1-day
MIBOR
Semi-Annual
N/A
03/19/35
INR
1,674,046
(
104,220
)
—
(
104,220
)
1-day
SOFR
Annual
3.97%
Annual
03/21/30
(a)
03/21/35
USD
11,990
29,850
(
4,623
)
34,473
1-day
SOFR
Annual
3.75%
Annual
N/A
03/27/35
USD
240,187
(
338,541
)
—
(
338,541
)
1-day
SOFR
Annual
4.00%
Annual
03/28/30
(a)
03/28/35
USD
9,940
36,112
(
15,018
)
51,130
6-mo.
BBR
Semi-Annual
4.36%
Semi-Annual
N/A
03/31/35
AUD
16,100
36,191
—
36,191
6-mo.
BBR
Semi-Annual
4.28%
Semi-Annual
04/01/25
(a)
04/01/35
AUD
16,090
—
—
—
1-day
ESTR
Annual
2.49%
Annual
04/02/25
(a)
04/02/35
EUR
8,640
30,593
30,593
—
1.30%
Annual
1-day
TONAR
Annual
09/17/25
(a)
09/17/35
JPY
2,280,535
104,935
—
104,935
1.39%
Annual
1-day
TONAR
Annual
09/17/25
(a)
09/17/35
JPY
6,931,964
(
75,324
)
—
(
75,324
)
4.20%
Semi-Annual
3-mo.
BBR
Quarterly
09/17/25
(a)
09/17/35
NZD
9,816
(
13,596
)
—
(
13,596
)
4.23%
Semi-Annual
3-mo.
BBR
Quarterly
09/17/25
(a)
09/17/35
NZD
26,450
(
80,705
)
—
(
80,705
)
4.42%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/17/25
(a)
09/17/35
AUD
20,491
(
74,676
)
—
(
74,676
)
4.42%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/17/25
(a)
09/17/35
AUD
63,181
(
231,847
)
—
(
231,847
)
3.46%
Annual
1-day
SOFR
Annual
12/15/26
(a)
12/15/36
USD
95,777
2,651,275
—
2,651,275
1-day
SONIA
Annual
4.29%
Annual
06/30/25
(a)
01/29/38
GBP
33,006
100,855
—
100,855
1-day
SONIA
Annual
4.34%
Annual
06/30/25
(a)
01/29/38
GBP
19,780
180,764
—
180,764
4.09%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
133,200
(
2,772,981
)
—
(
2,772,981
)
4.08%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
133,200
(
2,628,911
)
—
(
2,628,911
)
4.09%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
167,354
(
3,569,420
)
—
(
3,569,420
)
4.02%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
66,600
(
859,960
)
—
(
859,960
)
2.93%
Annual
1-day
SOFR
Annual
N/A
11/26/41
USD
32,045
3,951,016
(
38,354
)
3,989,370
1-day
TONAR
Annual
1.97%
Annual
08/02/34
(a)
08/02/44
JPY
2,049,000
(
372,946
)
—
(
372,946
)
1-day
TONAR
Annual
1.99%
Annual
08/02/34
(a)
08/02/44
JPY
35,827,000
(
6,125,673
)
—
(
6,125,673
)
1-day
TONAR
Annual
1.97%
Annual
08/09/34
(a)
08/09/44
JPY
5,126,760
(
936,384
)
—
(
936,384
)
6-mo.
EURIBOR
Semi-Annual
2.46%
Annual
N/A
09/12/44
EUR
15,970
(
590,333
)
—
(
590,333
)
6-mo.
EURIBOR
Semi-Annual
2.43%
Annual
N/A
09/13/44
EUR
16,020
(
665,852
)
31,177
(
697,029
)
6-mo.
EURIBOR
Semi-Annual
2.41%
Annual
N/A
10/07/44
EUR
57,780
(
3,601,869
)
(
298,043
)
(
3,303,826
)
6-mo.
EURIBOR
Semi-Annual
2.36%
Annual
N/A
01/06/45
EUR
10,330
(
689,938
)
50,204
(
740,142
)
6-mo.
EURIBOR
Semi-Annual
2.30%
Annual
N/A
02/10/45
EUR
14,140
(
1,082,378
)
(
10,410
)
(
1,071,968
)
6-mo.
EURIBOR
Semi-Annual
2.46%
Annual
N/A
02/21/45
EUR
18,600
(
944,281
)
(
76,598
)
(
867,683
)
1-day
TONAR
Annual
2.26%
Annual
02/28/35
(a)
02/28/45
JPY
3,773,679
(
192,814
)
—
(
192,814
)
1-day
TONAR
Annual
2.26%
Annual
02/28/35
(a)
02/28/45
JPY
1,695,421
(
81,355
)
—
(
81,355
)
1-day
TONAR
Annual
2.27%
Annual
02/28/35
(a)
02/28/45
JPY
2,343,900
(
103,361
)
—
(
103,361
)
6-mo.
EURIBOR
Semi-Annual
2.46%
Annual
N/A
03/06/45
EUR
42,630
(
2,121,600
)
14,119
(
2,135,719
)
1-day
TONAR
Annual
2.41%
Annual
03/20/35
(a)
03/20/45
JPY
1,770,000
48,980
—
48,980
1-day
TONAR
Annual
2.43%
Annual
03/25/35
(a)
03/25/45
JPY
1,573,000
56,517
—
56,517
6-mo.
EURIBOR
Semi-Annual
2.75%
Annual
N/A
03/25/45
EUR
26,260
(
50,821
)
(
105,507
)
54,686
6-mo.
EURIBOR
Semi-Annual
2.75%
Annual
N/A
03/26/45
EUR
102,990
(
253,359
)
(
466,348
)
212,989
2.81%
Annual
1-day
SOFR
Annual
N/A
01/25/51
USD
62,463
10,802,843
(
816,616
)
11,619,459
2.81%
Annual
1-day
SOFR
Annual
N/A
01/28/51
USD
111,429
19,269,739
(
1,463,166
)
20,732,905
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
147
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2.80%
Annual
1-day
SOFR
Annual
N/A
02/01/51
USD
65,177
$
11,361,275
$
(
742,115
)
$
12,103,390
2.80%
Annual
1-day
SOFR
Annual
N/A
02/04/51
USD
37,194
6,482,986
(
425,598
)
6,908,584
2.80%
Annual
1-day
SOFR
Annual
N/A
02/05/51
USD
38,392
6,689,843
(
439,277
)
7,129,120
2.80%
Annual
1-day
SOFR
Annual
N/A
02/22/51
USD
15,576
2,702,240
(
751,867
)
3,454,107
2.80%
Annual
1-day
SOFR
Annual
N/A
05/27/51
USD
62,621
11,937,266
(
3,094,320
)
15,031,586
2.80%
Annual
1-day
SOFR
Annual
N/A
06/07/51
USD
19,517
3,706,706
(
966,198
)
4,672,904
2.79%
Annual
1-day
SOFR
Annual
N/A
01/21/52
USD
153,727
27,411,214
(
7,772,280
)
35,183,494
1-day
SOFR
Annual
4.00%
Annual
N/A
11/03/53
USD
99,173
2,924,719
—
2,924,719
3.65%
Annual
1-day
SOFR
Annual
N/A
11/03/53
USD
99,173
3,215,661
—
3,215,661
2.49%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/19/54
EUR
11,797
391,355
—
391,355
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/20/54
EUR
11,797
351,163
—
351,163
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/01/54
EUR
5,948
167,793
—
167,793
1-day
TONAR
Annual
1.45%
Annual
N/A
03/06/54
JPY
5,655,040
(
4,233,849
)
—
(
4,233,849
)
1-day
TONAR
Annual
1.45%
Annual
N/A
03/11/54
JPY
5,655,040
(
4,224,369
)
—
(
4,224,369
)
2.46%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/22/54
EUR
2,498
100,894
—
100,894
2.54%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
04/22/54
EUR
9,667
94,985
(
19,446
)
114,431
1-day
ESTR
Annual
2.20%
Annual
N/A
08/15/54
EUR
18,230
(
1,411,427
)
—
(
1,411,427
)
1-day
ESTR
Annual
2.26%
Annual
N/A
08/15/54
EUR
18,370
(
1,171,661
)
—
(
1,171,661
)
1-day
ESTR
Annual
2.63%
Annual
06/10/25
(a)
08/15/54
EUR
18,720
348,671
282,302
66,369
6-mo.
EURIBOR
Semi-Annual
2.19%
Annual
N/A
02/13/55
EUR
3,558
(
350,401
)
(
2,139
)
(
348,262
)
3.99%
Annual
1-day
SOFR
Annual
N/A
02/19/55
USD
11,558
(
391,290
)
—
(
391,290
)
1-day
ESTR
Annual
2.28%
Annual
N/A
03/07/55
EUR
18,160
(
1,084,287
)
(
946,606
)
(
137,681
)
2.33%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/07/55
EUR
18,050
1,204,743
962,934
241,809
1-day
ESTR
Annual
2.54%
Annual
N/A
03/20/55
EUR
18,500
(
858
)
7,434
(
8,292
)
2.62%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/20/55
EUR
18,900
41,401
(
9,103
)
50,504
6-mo.
EURIBOR
Semi-Annual
2.64%
Annual
N/A
03/27/55
EUR
3,620
7,213
(
15,791
)
23,004
2.64%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/27/55
EUR
3,620
(
7,191
)
22,829
(
30,020
)
2.11%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/12/64
EUR
9,230
958,649
—
958,649
2.17%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/21/65
EUR
5,560
564,565
42,629
521,936
1.93%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/13/74
EUR
7,780
1,184,812
(
11,597
)
1,196,409
1.96%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
10/07/74
EUR
26,770
4,261,742
251,340
4,010,402
1.85%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
01/06/75
EUR
4,980
938,104
(
26,736
)
964,840
1.80%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/10/75
EUR
6,670
1,347,166
40,879
1,306,287
1.95%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/13/75
EUR
2,426
382,358
1,352
381,006
1.95%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/14/75
EUR
12,130
1,919,584
122,865
1,796,719
2.06%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/21/75
EUR
6,250
779,958
56,758
723,200
2.11%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/06/75
EUR
23,500
2,569,370
11,010
2,558,360
2.42%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/25/75
EUR
13,980
205,508
165,235
40,273
2.42%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/26/75
EUR
46,680
630,888
496,509
134,379
$
83,987,076
$
(
15,456,042
)
$
99,443,118
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2.15%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
02/15/26
EUR
79,450
$
(
100,830
)
$
—
$
(
100,830
)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
4.78%
At
Termination
02/15/26
GBP
61,590
395,073
—
395,073
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
148
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)
1.98%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
01/15/30
EUR
39,720
$
(
77,347
)
$
—
$
(
77,347
)
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
1.67%
At
Termination
01/15/30
EUR
39,720
(
21,929
)
—
(
21,929
)
2.54%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
01/24/30
USD
52,630
330,633
—
330,633
2.54%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
01/29/30
USD
61,410
404,520
—
404,520
1.86%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
02/15/30
EUR
38,756
190,332
—
190,332
1.93%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
02/15/30
EUR
40,630
61,328
—
61,328
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
1.56%
At
Termination
02/15/30
EUR
38,930
(
320,534
)
—
(
320,534
)
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
1.60%
At
Termination
02/15/30
EUR
40,630
(
261,027
)
—
(
261,027
)
2.46%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
03/13/30
USD
102,620
845,364
—
845,364
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.49%
At
Termination
03/14/30
USD
44,650
(
290,814
)
—
(
290,814
)
1.97%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
03/15/30
EUR
43,704
(
62,928
)
4,851
(
67,779
)
2.00%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
03/15/30
EUR
39,180
(
111,862
)
—
(
111,862
)
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
1.76%
At
Termination
03/15/30
EUR
43,900
22,805
16,213
6,592
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.45%
At
Termination
03/19/30
USD
19,330
(
157,964
)
316
(
158,280
)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.44%
At
Termination
03/21/30
USD
9,720
(
79,825
)
(
3,910
)
(
75,915
)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.52%
At
Termination
03/28/30
USD
9,540
(
39,461
)
(
12,886
)
(
26,575
)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.69%
At
Termination
08/15/32
EUR
30,405
905,930
—
905,930
2.06%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
10/15/34
EUR
27,230
(
175,596
)
(
176,572
)
976
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
2.08%
At
Termination
10/15/34
EUR
27,060
482,446
251,543
230,903
1.97%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
01/15/35
EUR
29,080
177,871
106,611
71,260
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
1.95%
At
Termination
01/15/35
EUR
29,080
(
85,703
)
(
45,974
)
(
39,729
)
2.46%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
03/14/35
USD
44,650
293,704
—
293,704
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.09%
At
Termination
03/15/35
EUR
36,490
210,233
—
210,233
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
149
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)
2.43%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
03/19/35
USD
19,330
$
168,481
$
2,322
$
166,159
2.43%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
03/21/35
USD
9,720
77,549
(
3,127
)
80,676
2.48%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
03/28/35
USD
9,540
34,817
10,718
24,099
2.53%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/02/35
USD
14,520
—
—
—
1.96%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
04/15/35
EUR
8,160
26,196
26,196
—
2.39%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
03/03/55
USD
12,280
(
25,591
)
—
(
25,591
)
$
2,815,871
$
176,301
$
2,639,570
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)
Ally
Financial,
Inc.
.........
5
.00
%
Quarterly
Citibank
NA
06/20/25
USD
880
$
(
10,448
)
$
(
4,160
)
$
(
6,288
)
Ally
Financial,
Inc.
.........
5
.00
Quarterly
Citibank
NA
06/20/25
USD
1,320
(
15,673
)
(
6,239
)
(
9,434
)
Ardagh
Packaging
Finance
plc
.
5
.00
Quarterly
Deutsche
Bank
AG
06/20/25
EUR
2,934
283,714
208,166
75,548
Ardagh
Packaging
Finance
plc
.
5
.00
Quarterly
Deutsche
Bank
AG
06/20/25
EUR
1,763
170,480
142,258
28,222
Ardagh
Packaging
Finance
plc
.
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
EUR
2,650
256,251
108,461
147,790
Avis
Budget
Car
Rental
LLC
..
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
USD
4,370
(
42,254
)
23,832
(
66,086
)
Macy's
Retail
Holdings
LLC
...
1
.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,000
(
949
)
10,653
(
11,602
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
06/20/25
USD
1,625
(
883
)
31,234
(
32,117
)
Simon
Property
Group
LP
....
1
.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,190
(
2,673
)
5,627
(
8,300
)
Simon
Property
Group
LP
....
1
.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
1,010
(
2,269
)
3,635
(
5,904
)
Southwest
Airlines
Co.
......
1
.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
2,825
(
5,332
)
4,032
(
9,364
)
Southwest
Airlines
Co.
......
1
.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
2,825
(
5,332
)
3,750
(
9,082
)
Southwest
Airlines
Co.
......
1
.00
Quarterly
Goldman
Sachs
International
06/20/25
USD
3,750
(
7,077
)
9,798
(
16,875
)
Boparan
Finance
plc
.......
5
.00
Quarterly
Goldman
Sachs
International
12/20/25
EUR
2,651
(
84,920
)
38,597
(
123,517
)
Community
Health
Systems,
Inc.
5
.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
1,235
95,158
70,368
24,790
Community
Health
Systems,
Inc.
5
.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
830
63,953
36,479
27,474
BorgWarner,
Inc.
..........
1
.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
3,000
(
40,491
)
22,657
(
63,148
)
INEOS
Group
Holdings
SA
...
5
.00
Quarterly
BNP
Paribas
SA
12/20/27
EUR
1,202
(
165,572
)
(
70,056
)
(
95,516
)
Intesa
Sanpaolo
SpA
.......
1
.00
Quarterly
BNP
Paribas
SA
12/20/27
EUR
5,600
(
68,462
)
242,730
(
311,192
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Bank
of
America
NA
12/20/27
USD
1,620
26,402
235,635
(
209,233
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
1,030
16,787
145,786
(
128,999
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
1,215
19,802
246,005
(
226,203
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
980
15,972
150,260
(
134,288
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
650
10,593
96,836
(
86,243
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
1,030
16,787
145,868
(
129,081
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
2,760
44,981
529,504
(
484,523
)
Simon
Property
Group
LP
....
1
.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
7,485
(
128,132
)
63,485
(
191,617
)
Simon
Property
Group
LP
....
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
4,700
(
80,457
)
39,939
(
120,396
)
UniCredit
SpA
............
1
.00
Quarterly
Goldman
Sachs
International
12/20/27
EUR
16
(
160
)
684
(
844
)
UniCredit
SpA
............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
EUR
5,349
(
53,513
)
209,973
(
263,486
)
Xerox
Corp.
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
1,750
302,030
111,575
190,455
Caterpillar,
Inc.
...........
1
.00
Quarterly
Citibank
NA
06/20/28
USD
11,800
(
284,433
)
(
192,499
)
(
91,934
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
10,488
(
144,038
)
368,984
(
513,022
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,496
(
48,013
)
122,995
(
171,008
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,916
(
53,781
)
145,190
(
198,971
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
17,900
(
245,831
)
967,983
(
1,213,814
)
Paramount
Global
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
USD
5,785
(
73,366
)
165,345
(
238,711
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
150
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
UBS
Group
AG
...........
1
.00
%
Quarterly
BNP
Paribas
SA
06/20/28
EUR
4,131
$
(
90,696
)
$
121,061
$
(
211,757
)
UBS
Group
AG
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
1,536
(
33,723
)
55,120
(
88,843
)
UBS
Group
AG
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,487
(
76,557
)
120,168
(
196,725
)
UBS
Group
AG
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
29,800
(
654,259
)
689,545
(
1,343,804
)
UBS
Group
AG
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,623
(
79,543
)
140,161
(
219,704
)
Boeing
Co.
(The)
..........
1
.00
Quarterly
Deutsche
Bank
AG
12/20/28
USD
17,500
(
173,225
)
(
63,793
)
(
109,432
)
eG
Global
Finance
plc
......
5
.00
Quarterly
Deutsche
Bank
AG
12/20/28
EUR
3,996
(
455,144
)
120,260
(
575,404
)
Gap,
Inc.
(The)
...........
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/28
USD
1,985
16,000
229,991
(
213,991
)
Xerox
Corp.
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
USD
410
125,764
37,032
88,732
Boeing
Co.
(The)
..........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
17,500
(
163,758
)
177,373
(
341,131
)
DXC
Technology
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
2,090
(
314,009
)
(
197,779
)
(
116,230
)
DXC
Technology
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
4,175
(
627,267
)
(
447,013
)
(
180,254
)
Novafives
SAS
...........
5
.00
Quarterly
Goldman
Sachs
International
06/20/29
EUR
2,855
(
510,064
)
(
224,334
)
(
285,730
)
Novafives
SAS
...........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
EUR
3,007
(
537,219
)
(
182,475
)
(
354,744
)
Picard
Bondco
SA
.........
5
.00
Quarterly
Deutsche
Bank
AG
06/20/29
EUR
2,715
(
245,151
)
(
203,607
)
(
41,544
)
Best
Buy
Co.,
Inc.
.........
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
USD
10,199
(
1,936,780
)
(
1,968,271
)
31,491
Deutsche
Bank
AG
.........
1
.00
Quarterly
BNP
Paribas
SA
12/20/29
EUR
9,749
(
59,555
)
(
60,093
)
538
eG
Global
Finance
plc
......
5
.00
Quarterly
Deutsche
Bank
AG
12/20/29
EUR
3,040
(
342,612
)
(
57,418
)
(
285,194
)
Honda
Motor
Co.
Ltd.
.......
1
.00
Quarterly
Barclays
Bank
plc
12/20/29
JPY
592,003
(
70,659
)
(
109,893
)
39,234
Intesa
Sanpaolo
SpA
.......
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
EUR
9,872
54,321
—
54,321
Lincoln
National
Corp.
......
1
.00
Quarterly
Bank
of
America
NA
12/20/29
USD
5,160
51,392
103,810
(
52,418
)
Lincoln
National
Corp.
......
1
.00
Quarterly
Bank
of
America
NA
12/20/29
USD
15,403
153,410
342,391
(
188,981
)
Ally
Financial,
Inc.
.........
5
.00
Quarterly
Goldman
Sachs
International
06/20/30
USD
6,140
(
901,580
)
(
935,877
)
34,297
ArcelorMittal
SA
...........
5
.00
Quarterly
Goldman
Sachs
International
06/20/30
EUR
15,320
(
2,880,961
)
(
2,913,329
)
32,368
BNP
Paribas
SA
..........
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
EUR
13,770
91,517
37,817
53,700
Commerzbank
AG
.........
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
EUR
8,340
183,613
142,694
40,919
Deutsche
Bank
AG
.........
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
EUR
26,500
(
63,156
)
(
137,969
)
74,813
Exelon
Corp.
.............
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
84,050
(
2,447,034
)
(
2,455,816
)
8,782
Federative
Republic
of
Brazil
..
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
USD
91,071
3,560,228
3,923,784
(
363,556
)
Grifols
SA
...............
5
.00
Quarterly
Goldman
Sachs
International
06/20/30
EUR
6,685
(
25,339
)
(
129,273
)
103,934
Hapag-Lloyd
AG
..........
5
.00
Quarterly
Bank
of
America
NA
06/20/30
EUR
2,960
(
418,631
)
(
448,632
)
30,001
HSBC
Holdings
plc
........
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
EUR
13,760
(
26,033
)
(
61,454
)
35,421
HSBC
Holdings
plc
........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/30
EUR
23,230
(
526,787
)
(
552,476
)
25,689
Intel
Corp.
..............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/30
USD
48,429
(
360,462
)
(
226,265
)
(
134,197
)
International
Game
Technology
plc
.................
5
.00
Quarterly
Bank
of
America
NA
06/20/30
EUR
9,581
(
1,646,779
)
(
1,625,793
)
(
20,986
)
Kingdom
of
Saudi
Arabia
.....
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
USD
1,891
(
25,829
)
(
27,920
)
2,091
Ladbrokes
Group
Finance
plc
.
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
EUR
6,255
176,226
189,270
(
13,044
)
Lincoln
National
Corp.
......
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
99,220
1,541,759
1,139,589
402,170
Nissan
Motor
Co.
Ltd.
.......
1
.00
Quarterly
Barclays
Bank
plc
06/20/30
JPY
136,364
47,952
37,229
10,723
Nissan
Motor
Co.
Ltd.
.......
1
.00
Quarterly
Barclays
Bank
plc
06/20/30
JPY
136,527
48,010
42,204
5,806
Nissan
Motor
Co.
Ltd.
.......
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
JPY
227,273
79,920
68,300
11,620
Nissan
Motor
Co.
Ltd.
.......
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/30
JPY
91,018
33,045
33,045
–
Republic
of
Korea
.........
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
USD
3,458
(
102,515
)
(
111,447
)
8,932
Republic
of
Turkiye
(The)
....
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
USD
41,436
3,899,716
3,263,068
636,648
Societe
Generale
SA
.......
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
EUR
17,430
(
128,770
)
(
193,308
)
64,538
Southwest
Airlines
Co.
......
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
USD
12,900
118,241
82,533
35,708
Stellantis
NV
.............
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/30
EUR
11,840
(
1,983,586
)
(
2,026,332
)
42,746
Stena
AB
...............
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
EUR
6,618
(
817,960
)
(
838,788
)
20,828
Telecom
Italia
SpA
.........
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
EUR
2,909
114,435
120,570
(
6,135
)
thyssenkrupp
AG
..........
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
EUR
8,886
57,846
34,771
23,075
Toll
Brothers
Finance
Corp.
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
34,497
264,069
89,971
174,098
Toll
Brothers
Finance
Corp.
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
94,090
740,773
295,691
445,082
United
Group
BV
..........
5
.00
Quarterly
Goldman
Sachs
International
06/20/30
EUR
2,931
(
206,108
)
(
219,416
)
13,308
United
Mexican
States
......
1
.00
Quarterly
Barclays
Bank
plc
06/20/30
USD
2,059
33,746
33,144
602
United
Mexican
States
......
1
.00
Quarterly
Barclays
Bank
plc
06/20/30
USD
44,965
736,955
723,805
13,150
Verisure
Midholding
AB
......
5
.00
Quarterly
Bank
of
America
NA
06/20/30
EUR
3,051
(
309,361
)
(
309,191
)
(
170
)
Volvo
Car
AB
............
5
.00
Quarterly
Barclays
Bank
plc
06/20/30
EUR
11,431
(
1,317,168
)
(
1,573,938
)
256,770
CMBX.NA.9.AAA
..........
0
.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
7,995
(
3,347
)
81,207
(
84,554
)
CMBX.NA.9.AAA
..........
0
.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
6,867
(
2,875
)
83,560
(
86,435
)
CMBX.NA.9.AAA
..........
0
.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
14
(
6
)
150
(
156
)
CMBX.NA.9.BBB-
.........
3
.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
USD
4,870
865,034
143,893
721,141
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
151
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)
CMBX.NA.9.BBB-
.........
3
.00
%
Monthly
Goldman
Sachs
International
09/17/58
USD
1,456
$
258,622
$
100,412
$
158,210
CMBX.NA.9.BBB-
.........
3
.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,674
297,344
80,860
216,484
CMBX.NA.9.BBB-
.........
3
.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,421
252,405
68,639
183,766
CMBX.NA.6.AAA
..........
0
.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
19
(
2
)
(
8,893
)
8,891
$
–
$
–
$
–
$
(
7,003,316
)
$
(
922,305
)
$
(
6,081,011
)
$
–
$
–
$
–
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)
AXA
SA
............
1
.00
%
Quarterly
BNP
Paribas
SA
06/20/25
A+
EUR
13,000
$
32,136
$
24,339
$
7,797
Sprint
Communications
LLC
5
.00
Quarterly
Barclays
Bank
plc
06/20/25
BBB-
USD
2,400
29,430
17,285
12,145
Sprint
Communications
LLC
5
.00
Quarterly
Barclays
Bank
plc
06/20/25
BBB-
USD
2,200
26,978
18,076
8,902
Sprint
Communications
LLC
5
.00
Quarterly
Barclays
Bank
plc
06/20/25
BBB-
USD
1,033
12,671
8,528
4,143
Sprint
Communications
LLC
5
.00
Quarterly
Barclays
Bank
plc
06/20/25
BBB-
USD
2,850
34,948
22,770
12,178
Virgin
Media
Finance
plc
.
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
B-
EUR
3,790
41,506
67,795
(
26,289
)
CCO
Holdings
LLC
....
5
.00
Quarterly
BNP
Paribas
SA
12/20/25
BB-
USD
1,868
63,145
50,138
13,007
CCO
Holdings
LLC
....
5
.00
Quarterly
BNP
Paribas
SA
12/20/25
BB-
USD
3,114
105,242
83,524
21,718
CCO
Holdings
LLC
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB-
USD
1,868
63,146
50,564
12,582
CCO
Holdings
LLC
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB-
USD
3,000
101,402
76,947
24,455
Virgin
Media
Finance
plc
.
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
B-
EUR
980
30,163
31,374
(
1,211
)
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB+
USD
4,408
145,730
56,215
89,515
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Goldman
Sachs
International
06/20/26
CCC+
EUR
806
10,636
(
15,995
)
26,631
CMA
CGM
SA
........
5
.00
Quarterly
Goldman
Sachs
International
06/20/26
BB+
EUR
310
17,396
8,946
8,450
CMA
CGM
SA
........
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/26
BB+
EUR
410
23,009
25,707
(
2,698
)
CMA
CGM
SA
........
5
.00
Quarterly
Barclays
Bank
plc
06/20/27
BB+
EUR
3,940
360,127
38,730
321,397
CMA
CGM
SA
........
5
.00
Quarterly
Barclays
Bank
plc
06/20/27
BB+
EUR
110
10,096
1,561
8,535
CMA
CGM
SA
........
5
.00
Quarterly
Goldman
Sachs
International
06/20/27
BB+
EUR
1,474
134,754
(
23,295
)
158,049
CMA
CGM
SA
........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB+
EUR
2,104
192,311
104,274
88,037
CMA
CGM
SA
........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB+
EUR
612
55,951
10,278
45,673
CMA
CGM
SA
........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB+
EUR
163
14,877
2,672
12,205
CMA
CGM
SA
........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB+
EUR
575
52,594
9,663
42,931
CMA
CGM
SA
........
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
BB+
EUR
4,295
392,565
485,085
(
92,520
)
PacifiCorp
..........
0
.13
Monthly
JPMorgan
Chase
Bank
NA
09/29/27
A
USD
49,883
(
30,806
)
(
6,266
)
(
24,540
)
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Bank
of
America
NA
12/20/27
CCC+
EUR
631
35,971
(
74,690
)
110,661
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
379
21,622
(
43,012
)
64,634
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
1,065
60,774
(
120,898
)
181,672
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
3,750
213,919
(
425,548
)
639,467
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
1,309
74,672
(
148,545
)
223,217
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Citibank
NA
12/20/27
CCC+
EUR
309
17,635
(
36,113
)
53,748
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Citibank
NA
12/20/27
CCC+
EUR
1,088
62,073
(
127,113
)
189,186
ADLER
Real
Estate
GmbH
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
647
36,905
(
76,027
)
112,932
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
152
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
ADLER
Real
Estate
GmbH
5
.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
CCC+
EUR
225
$
12,838
$
(
26,393
)
$
39,231
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
CCC+
EUR
469
26,758
(
55,011
)
81,769
CMA
CGM
SA
........
5
.00
Quarterly
BNP
Paribas
SA
12/20/27
BB+
EUR
285
28,676
(
5,251
)
33,927
CMA
CGM
SA
........
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
BB+
EUR
958
96,391
131,850
(
35,459
)
CMA
CGM
SA
........
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
BB+
EUR
3,100
311,912
(
43,212
)
355,124
Boparan
Finance
plc
...
5
.00
Quarterly
Goldman
Sachs
International
12/20/28
NR
EUR
5,589
31,479
(
332,948
)
364,427
ADLER
Real
Estate
GmbH
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
CCC+
EUR
806
80,873
(
16,505
)
97,378
AT&T,
Inc.
...........
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
3,625
59,194
49,202
9,992
AT&T,
Inc.
...........
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
6,878
112,313
82,162
30,151
AT&T,
Inc.
...........
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
3,625
59,194
49,346
9,848
AT&T,
Inc.
...........
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB
USD
19,412
316,984
238,617
78,367
AT&T,
Inc.
...........
1
.00
Quarterly
Deutsche
Bank
AG
06/20/29
BBB
USD
5,236
85,500
64,362
21,138
Energy
Transfer
LP
....
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB
USD
41,240
729,434
600,211
129,223
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
4,108
517,721
535,896
(
18,175
)
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
9,730
1,226,248
1,262,514
(
36,266
)
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
8,640
1,088,878
1,127,688
(
38,810
)
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
3,697
465,924
471,801
(
5,877
)
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
3,697
465,924
468,783
(
2,859
)
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
6,162
776,554
790,499
(
13,945
)
Ford
Motor
Co.
.......
5
.00
Quarterly
Deutsche
Bank
AG
06/20/29
BBB-
USD
3,484
439,061
450,605
(
11,544
)
Forvia
SE
...........
5
.00
Quarterly
Deutsche
Bank
AG
06/20/29
BB-
EUR
2,935
200,884
290,509
(
89,625
)
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
6,146
79,882
40,941
38,941
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
4,098
53,263
31,958
21,305
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
19,413
252,317
158,372
93,945
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
6,146
79,882
57,802
22,080
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
4,062
52,795
35,040
17,755
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB-
USD
6,502
84,509
56,089
28,420
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB-
USD
4,399
57,175
26,399
30,776
Kinder
Morgan,
Inc.
....
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB
USD
11,738
193,927
193,298
629
Kinder
Morgan,
Inc.
....
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB
USD
8,433
139,324
133,178
6,146
Teck
Resources
Ltd.
....
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
28,419
4,835,516
4,056,318
779,198
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
13,227
216,028
225,876
(
9,848
)
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
82,029
1,339,728
1,316,093
23,635
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
14,182
231,626
247,141
(
15,515
)
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
28,390
463,676
445,903
17,773
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
21,677
354,037
370,154
(
16,117
)
Verizon
Communications,
Inc.
.............
1
.00
Quarterly
Barclays
Bank
plc
06/20/29
BBB+
USD
71,764
1,172,077
1,221,935
(
49,858
)
Virgin
Media
Finance
plc
.
5
.00
Quarterly
Bank
of
America
NA
06/20/29
B-
EUR
1,173
58,181
34,106
24,075
Williams
Cos.,
Inc.
(The)
.
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB+
USD
11,737
237,649
184,345
53,304
Williams
Cos.,
Inc.
(The)
.
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB+
USD
8,381
169,697
116,365
53,332
Williams
Cos.,
Inc.
(The)
.
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
BBB+
USD
21,396
433,223
327,837
105,386
Altice
France
SA
......
5
.00
Quarterly
Deutsche
Bank
AG
12/20/29
CC
EUR
4,687
(
969,171
)
(
851,272
)
(
117,899
)
Amkor
Technology,
Inc.
..
5
.00
Quarterly
Bank
of
America
NA
12/20/29
BB
USD
2,095
324,710
346,070
(
21,360
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
153
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CCO
Holdings
LLC
....
5
.00
%
Quarterly
Bank
of
America
NA
12/20/29
BB-
USD
1,480
$
192,114
$
149,956
$
42,158
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/29
BB-
USD
1,480
192,114
146,248
45,866
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/29
BB-
USD
1,480
192,114
187,703
4,411
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/29
BB-
USD
1,480
192,114
151,585
40,529
Comcast
Cable
Communications
LLC
.
1
.00
Quarterly
BNP
Paribas
SA
12/20/29
A-
USD
10,199
218,815
203,465
15,350
Eutelsat
SA
..........
5
.00
Quarterly
Deutsche
Bank
AG
12/20/29
B
EUR
2,968
(
308,663
)
(
371,593
)
62,930
Eutelsat
SA
..........
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
B
EUR
2,950
(
306,791
)
(
144,273
)
(
162,518
)
Ford
Motor
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB-
USD
7,336
946,974
1,005,856
(
58,882
)
Ford
Motor
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB-
USD
29,343
3,787,765
4,069,325
(
281,560
)
Ford
Motor
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB-
USD
14,671
1,893,818
2,127,684
(
233,866
)
Ford
Motor
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB-
USD
7,336
946,974
1,070,361
(
123,387
)
Ford
Motor
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB-
USD
10,729
1,384,962
1,577,855
(
192,893
)
Ford
Motor
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB-
USD
7,336
946,974
1,070,822
(
123,848
)
Forvia
SE
...........
5
.00
Quarterly
Goldman
Sachs
International
12/20/29
BB-
EUR
1,468
81,828
100,269
(
18,441
)
General
Motors
Co.
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB
USD
7,336
1,106,706
1,200,789
(
94,083
)
General
Motors
Co.
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB
USD
11,003
1,659,908
1,831,384
(
171,476
)
General
Motors
Co.
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB
USD
7,336
1,106,706
1,202,332
(
95,626
)
General
Motors
Co.
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB
USD
7,336
1,106,706
1,211,119
(
104,413
)
General
Motors
Co.
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB
USD
18,339
2,766,614
3,012,064
(
245,450
)
General
Motors
Co.
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB
USD
15,224
2,296,686
2,537,507
(
240,821
)
General
Motors
Co.
....
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BBB
USD
7,336
1,106,706
1,202,332
(
95,626
)
Hannover
Rueck
SE
....
1
.00
Quarterly
BNP
Paribas
SA
12/20/29
A
EUR
4,874
32,671
29,181
3,490
iTraxx
Europe
Crossover
Index
Series
42.V2
20-
35%
............
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
9,573
1,099,151
1,096,115
3,036
iTraxx
Europe
Crossover
Index
Series
42.V2
20-
35%
............
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
34,844
4,000,877
4,664,987
(
664,110
)
iTraxx
Europe
Crossover
Index
Series
42.V2
35-
100%
...........
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
41,931
8,275,642
8,352,329
(
76,687
)
MGM
Resorts
International
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB-
USD
1,980
233,049
281,085
(
48,036
)
Muenchener
Rueckversicherungs-
Gesellschaft
AG
....
1
.00
Quarterly
BNP
Paribas
SA
12/20/29
A+
EUR
4,874
33,117
30,308
2,809
Nissan
Motor
Co.
Ltd.
...
1
.00
Quarterly
Goldman
Sachs
International
12/20/29
NR
JPY
335,251
(
100,797
)
(
49,812
)
(
50,985
)
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Goldman
Sachs
International
12/20/29
B+
USD
500
(
32,764
)
(
35,040
)
2,276
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Goldman
Sachs
International
12/20/29
B+
USD
1,250
(
81,911
)
(
113,513
)
31,602
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/29
B+
USD
1,975
(
129,420
)
(
218,149
)
88,729
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
154
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)
Pitney
Bowes,
Inc.
.....
1
.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/29
B+
USD
1,480
$
(
96,983
)
$
(
127,095
)
$
30,112
SES
SA
............
1
.00
Quarterly
Bank
of
America
NA
12/20/29
NR
EUR
785
(
51,702
)
(
51,670
)
(
32
)
SES
SA
............
1
.00
Quarterly
Bank
of
America
NA
12/20/29
NR
EUR
1,194
(
78,640
)
(
91,525
)
12,885
SES
SA
............
1
.00
Quarterly
Barclays
Bank
plc
12/20/29
NR
EUR
6,435
(
423,828
)
(
423,134
)
(
694
)
SES
SA
............
1
.00
Quarterly
Barclays
Bank
plc
12/20/29
NR
EUR
1,017
(
66,983
)
(
70,563
)
3,580
SES
SA
............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
NR
EUR
17,865
(
1,176,643
)
(
1,378,422
)
201,779
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Bank
of
America
NA
12/20/29
BB+
USD
2,470
295,639
274,469
21,170
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Bank
of
America
NA
12/20/29
BB+
USD
1,480
177,144
181,235
(
4,091
)
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Barclays
Bank
plc
12/20/29
BB+
USD
1,480
177,144
168,447
8,697
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB+
USD
1,975
236,392
241,456
(
5,064
)
Swedbank
AB
........
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
NR
EUR
9,872
(
85,794
)
(
28,167
)
(
57,627
)
Tenet
Healthcare
Corp.
..
5
.00
Quarterly
Citibank
NA
12/20/29
B-
USD
1,480
211,068
222,565
(
11,497
)
Tenet
Healthcare
Corp.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/29
B-
USD
1,485
211,781
235,106
(
23,325
)
Tenet
Healthcare
Corp.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/29
B-
USD
1,480
211,068
224,659
(
13,591
)
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Barclays
Bank
plc
12/20/29
BB+
USD
1,975
315,196
296,031
19,165
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB+
USD
1,975
315,196
302,648
12,548
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB+
USD
1,975
315,196
302,648
12,548
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB+
USD
1,335
213,057
203,351
9,706
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB+
USD
1,335
213,057
202,372
10,685
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB+
USD
1,250
199,491
200,344
(
853
)
Barclays
plc
.........
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
BBB+
EUR
17,400
218,611
247,546
(
28,935
)
Boeing
Co.
(The)
......
1
.00
Quarterly
Bank
of
America
NA
06/20/30
BBB-
USD
32,205
131,165
—
131,165
Capital
One
Financial
Corp.
1
.00
Quarterly
Barclays
Bank
plc
06/20/30
BBB
USD
21,616
69,790
69,790
—
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
220
29,210
30,243
(
1,033
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,570
208,455
201,409
7,046
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
15,560
2,065,962
1,996,127
69,835
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,520
201,816
190,319
11,497
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,500
199,161
194,423
4,738
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
160
21,244
20,738
506
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,520
201,816
192,943
8,873
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,520
201,816
191,453
10,363
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
2,100
278,825
288,685
(
9,860
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
BB-
USD
3,460
459,398
469,583
(
10,185
)
Danske
Bank
A/S
......
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
BBB+
EUR
13,790
(
205,924
)
(
148,556
)
(
57,368
)
MGM
Resorts
International
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/30
BB-
USD
1,335
159,024
171,970
(
12,946
)
Republic
of
Chile
......
1
.00
Quarterly
Bank
of
America
NA
06/20/30
A
USD
2,018
38,160
37,059
1,101
Sands
China
Ltd.
......
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
BBB-
USD
11,667
(
373,393
)
(
349,298
)
(
24,095
)
Sands
China
Ltd.
......
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
BBB-
USD
8,333
(
266,709
)
(
249,432
)
(
17,277
)
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB+
USD
1,335
160,947
168,933
(
7,986
)
Svenska
Handelsbanken
AB
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/30
NR
EUR
13,770
(
132,124
)
(
81,596
)
(
50,528
)
Tenet
Healthcare
Corp.
..
5
.00
Quarterly
Goldman
Sachs
International
06/20/30
B-
USD
1,480
215,585
225,586
(
10,001
)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
06/20/30
BB
USD
2,290
(
21,922
)
(
21,922
)
—
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
155
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)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
%
Quarterly
Bank
of
America
NA
06/20/30
BB
USD
11,670
$
(
126,577
)
$
(
58,621
)
$
(
67,956
)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
06/20/30
BB
USD
12,826
(
117,815
)
(
116,613
)
(
1,202
)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
BB
USD
4,060
(
37,294
)
(
18,474
)
(
18,820
)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/30
BB
USD
2,800
(
25,720
)
(
17,903
)
(
7,817
)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
BB
USD
2,960
(
27,189
)
13,104
(
40,293
)
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/30
BB+
USD
3,310
557,231
575,111
(
17,880
)
CMBX.NA.9.BBB-
.....
3
.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
BBB-
USD
1,578
(
280,363
)
(
3,353
)
(
277,010
)
CMBX.NA.9.BBB-
.....
3
.00
Monthly
Goldman
Sachs
International
09/17/58
BBB-
USD
774
(
137,411
)
(
74,434
)
(
62,977
)
CMBX.NA.9.BBB-
.....
3
.00
Monthly
JPMorgan
Securities
LLC
09/17/58
BBB-
USD
1,674
(
297,344
)
—
(
297,344
)
CMBX.NA.9.BBB-
.....
3
.00
Monthly
JPMorgan
Securities
LLC
09/17/58
BBB-
USD
1,360
(
241,570
)
(
270,481
)
28,911
CMBX.NA.9.BBB-
.....
3
.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
BBB-
USD
1,635
(
290,417
)
(
381,104
)
90,687
CMBX.NA.9.BBB-
.....
3
.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
BBB-
USD
2,400
(
426,300
)
2,209
(
428,509
)
CMBX.NA.10.BBB-
....
3
.00
Monthly
JPMorgan
Securities
LLC
11/17/59
BBB-
USD
270
(
52,262
)
—
(
52,262
)
$
57,745,866
$
56,966,122
$
779,744
(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)
9.81%
At
Termination
1-day
IBR
At
Termination
JPMorgan
Chase
Bank
NA
N/A
05/10/25
COP
187,358,434
$
139,019
$
—
$
139,019
9.81%
At
Termination
1-day
IBR
At
Termination
JPMorgan
Chase
Bank
NA
N/A
05/10/25
COP
93,666,595
69,500
—
69,500
9.73%
At
Termination
1-day
IBR
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
05/10/25
COP
125,336,566
117,100
—
117,100
9.73%
At
Termination
1-day
IBR
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
05/10/25
COP
62,659,839
58,542
—
58,542
1-day
BZDIOVER
At
Termination
10.81%
At
Termination
BNP
Paribas
SA
N/A
07/01/25
BRL
355,740
(
830,663
)
—
(
830,663
)
1-day
BZDIOVER
At
Termination
10.98%
At
Termination
BNP
Paribas
SA
N/A
07/01/25
BRL
224,458
(
459,909
)
—
(
459,909
)
1-day
BZDIOVER
At
Termination
10.98%
At
Termination
BNP
Paribas
SA
N/A
07/01/25
BRL
201,036
(
411,918
)
—
(
411,918
)
1-day
BZDIOVER
At
Termination
11.83%
At
Termination
Barclays
Bank
plc
N/A
07/01/25
BRL
48,884
(
55,634
)
—
(
55,634
)
1-day
BZDIOVER
At
Termination
12.16%
At
Termination
BNP
Paribas
SA
N/A
07/01/25
BRL
208,191
(
188,004
)
—
(
188,004
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
156
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)
4.84%
At
Termination
1-day
CLICP
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
10/21/25
CLP
6,066,894
$
19,758
$
—
$
19,758
8.62%
At
Termination
1-day
IBR
At
Termination
JPMorgan
Chase
Bank
NA
N/A
11/05/25
COP
368,616,006
456,410
—
456,410
14.18%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
N/A
01/02/26
BRL
112,079
18,242
—
18,242
7.25%
Quarterly
1-day
IBR
Quarterly
Barclays
Bank
plc
N/A
09/25/26
COP
13,936,316
53,065
—
53,065
1-day
BZDIOVER
At
Termination
10.06%
At
Termination
JPMorgan
Chase
Bank
NA
N/A
01/04/27
BRL
268,512
(
5,261,480
)
—
(
5,261,480
)
10.97%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
N/A
01/04/27
BRL
390,651
4,720,418
—
4,720,418
11.49%
At
Termination
1-day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
131,357
1,306,565
—
1,306,565
11.57%
At
Termination
1-day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
248,636
2,350,251
—
2,350,251
12.21%
At
Termination
1-day
BZDIOVER
At
Termination
Citibank
NA
N/A
01/04/27
BRL
23,209
171,917
—
171,917
15.41%
At
Termination
1-day
BZDIOVER
At
Termination
Citibank
NA
N/A
01/04/27
BRL
56,723
(
150,209
)
—
(
150,209
)
15.41%
At
Termination
1-day
BZDIOVER
At
Termination
Citibank
NA
N/A
01/04/27
BRL
190,642
(
504,836
)
—
(
504,836
)
1-day
BZDIOVER
At
Termination
10.00%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
276,479
(
5,515,914
)
—
(
5,515,914
)
1-day
BZDIOVER
At
Termination
10.03%
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
01/04/27
BRL
268,801
(
5,322,922
)
—
(
5,322,922
)
1-day
BZDIOVER
At
Termination
10.07%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
241,046
(
4,832,550
)
—
(
4,832,550
)
1-day
BZDIOVER
At
Termination
10.16%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
1,830
(
35,772
)
—
(
35,772
)
1-day
BZDIOVER
At
Termination
10.32%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
4,687
(
70,702
)
—
(
70,702
)
1-day
BZDIOVER
At
Termination
12.84%
At
Termination
Citibank
NA
N/A
01/04/27
BRL
7,029
(
37,476
)
—
(
37,476
)
1-day
BZDIOVER
At
Termination
13.09%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
303,295
(
1,398,115
)
—
(
1,398,115
)
1-day
BZDIOVER
At
Termination
14.48%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
200,263
(
192,457
)
—
(
192,457
)
1-day
BZDIOVER
At
Termination
14.55%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
285,682
(
247,326
)
—
(
247,326
)
1-day
BZDIOVER
At
Termination
14.57%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
7,144
(
5,943
)
—
(
5,943
)
1-day
BZDIOVER
At
Termination
9.79%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
391,740
(
7,155,090
)
—
(
7,155,090
)
1-day
BZDIOVER
At
Termination
9.94%
At
Termination
Barclays
Bank
plc
N/A
01/04/27
BRL
82,900
(
1,423,482
)
—
(
1,423,482
)
1-day
BZDIOVER
At
Termination
9.99%
At
Termination
Citibank
NA
N/A
01/04/27
BRL
269,132
(
5,393,247
)
—
(
5,393,247
)
4.91%
Semi-Annual
1-day
CLICP
Semi-Annual
Bank
of
America
NA
N/A
03/14/27
CLP
1,071,626
188
—
188
3.45%
Quarterly
3-mo.
KLIBOR
Quarterly
Goldman
Sachs
International
09/17/25
(a)
09/17/28
MYR
66,596
(
11,682
)
—
(
11,682
)
3.50%
Quarterly
3-mo.
KLIBOR
Quarterly
Citibank
NA
09/17/25
(a)
09/17/28
MYR
25,070
(
12,037
)
—
(
12,037
)
1-day
BZDIOVER
At
Termination
12.44%
At
Termination
JPMorgan
Chase
Bank
NA
N/A
01/02/29
BRL
553,536
(
7,138,187
)
—
(
7,138,187
)
1-day
BZDIOVER
At
Termination
13.02%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
150,494
(
1,399,828
)
—
(
1,399,828
)
1-day
BZDIOVER
At
Termination
13.15%
At
Termination
Goldman
Sachs
International
N/A
01/02/29
BRL
108,452
(
911,080
)
—
(
911,080
)
1-day
BZDIOVER
At
Termination
14.03%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
45,952
(
129,885
)
—
(
129,885
)
8.73%
Quarterly
1-day
IBR
Quarterly
Morgan
Stanley
&
Co.
International
plc
N/A
01/14/30
COP
51,413,420
(
55,375
)
—
(
55,375
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
157
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)
8.78%
Quarterly
1-day
IBR
Quarterly
Morgan
Stanley
&
Co.
International
plc
N/A
01/14/30
COP
17,701,947
$
(
26,813
)
$
—
$
(
26,813
)
$
(
39,697,561
)
$
—
$
(
39,697,561
)
(a)
Forward
swap.
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)
Invesco
Senior
Loan
ETF
...........
At
Termination
1-day
SOFR
minus
0.10%
At
Termination
BNP
Paribas
SA
05/14/25
USD
543
$
(
12,004
)
$
—
$
(
12,004
)
Invesco
Senior
Loan
ETF
...........
At
Termination
1-day
SOFR
minus
0.20%
At
Termination
Morgan
Stanley
&
Co.
International
plc
05/30/25
USD
219
10,932
—
10,932
1-day
SOFR
minus
0.05%
.........
At
Termination
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
06/17/25
USD
866
(
193,911
)
—
(
193,911
)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.65%
At
Termination
Goldman
Sachs
International
06/17/25
USD
685
199,273
—
199,273
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.65%
At
Termination
JPMorgan
Chase
Bank
NA
06/17/25
USD
1,828
532,056
—
532,056
1-day
SOFR
plus
0.05%
Quarterly
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
USD
681
(
153,163
)
—
(
153,163
)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
Quarterly
1-day
SOFR
minus
0.75%
Quarterly
JPMorgan
Chase
Bank
NA
06/20/25
USD
936
274,290
—
274,290
1-day
SOFR
.......
Quarterly
Goldman
Sachs
Systematic
Skew
US
Series
10
Excess
Return
Strategy
Quarterly
Goldman
Sachs
International
12/06/25
USD
19,538
78,949
—
78,949
0.00%
...........
Quarterly
DB
Variable
Notional
Long-
Short
Cross-
Currency
Carry
Index
v8
Quarterly
Deutsche
Bank
AG
12/19/25
USD
2,007
10,678
—
10,678
0.00%
...........
Quarterly
Goldman
Sachs
Systematic
Skew
US
Series
I1D
Excess
Return
Index
Quarterly
Goldman
Sachs
International
12/19/25
USD
7,193
(
16,836
)
—
(
16,836
)
0.00%
...........
Quarterly
Goldman
Sachs
TY
Weekly
Volatility
Carry
Index
Quarterly
Goldman
Sachs
International
12/19/25
USD
5,093
(
57,052
)
—
(
57,052
)
0.00%
...........
Quarterly
J.P.
Morgan
EM
FX
Volatility
Carry
Index
Quarterly
JPMorgan
Chase
Bank
NA
12/19/25
USD
2,054
10,156
—
10,156
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
158
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
OTC
Total
Return
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
.......
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
12/19/25
USD
2,965
$
(
6,319
)
$
—
$
(
6,319
)
$
677,049
$
—
$
677,049
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
$
(
74,845,456‌
)
$
546,855‌
(c)
$
(
73,948,578‌
)
0
.4‌
%
Monthly
Citibank
NA
(d)
02/24/28
(
78,617,630‌
)
806,104‌
(e)
(
77,415,708‌
)
0
.4‌
Monthly
JPMorgan
Chase
Bank
NA
(f)
07/10/25
(
175,043,018‌
)
(
874,680‌
)
(g)
(
176,503,867‌
)
1
.1‌
Monthly
Merrill
Lynch
International
&
Co.
(h)
03/15/28
(
221,722,772‌
)
4,145,031‌
(i)
(
217,431,491‌
)
1
.3‌
$
4,623,310‌
$
(
545,299,644‌
)
(b)
(d)
(f)
Range:
0-120
basis
points
15-70
basis
points
0-196
basis
points
Benchmarks:
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
CAD
-
1D
Overnight
Bank
of
Canada
Repo
Rate
(CORRA)
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
CHF
-
Swiss
Average
Rate
O/N
(SSARON)
CAD
-
Overnight
Interbank
Rate
Overnight
GBP
-
1D
Sterling
Overnight
Index
Average
(SONIA)
EUR
-
1D
Euro
Short
Term
Rate
(ESTR)
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)
NOK
-
Norwegian
Overnight
Weighted
Average
(NOWA)
HKD
-
Overnight
Index
Average
(HONIA)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
SEK
-
TN
Stockholm
Interbank
Offer
Rate
(STIBOR)
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
MXN
-
Overnight
TIIE
Funding
Rate
(TIIEFONDEO)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
ZAR
-
1D
Rand
Overnight
Interest
Rate
Fixing
(RAONON)
(h)
Range:
0-350
basis
points
Benchmarks:
AUD
-
1D
Overnight
Reserve
Bank
of
Australia
Rate
(AONIA)
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)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
159
Benchmarks:
JPY
-
Provisional
1D
Overnight
Tokyo
Average
Rate
(TONA)
MXN
-
Overnight
TIIE
Funding
Rate
(TIIEFONDEO)
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
$(350,023)
of
net
dividends
and
financing
fees.
(d)
CitiBank
NA
(e)
Amount
includes
$(395,818)
of
net
dividends
and
financing
fees.
(f)
JPMChase
(g)
Amount
includes
$586,169
of
net
dividends
and
financing
fees.
(h)
Merill
Lynch
(i)
Amount
includes
$(146,250)
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
France
Engie
SA
...............
78,800
$
1,535,483
(
2
.0
)
%
Germany
Northern
Data
AG
.........
123,000
3,217,828
(
4
.4
)
Siemens
Energy
AG
.......
12,300
729,169
(
1
.0
)
3,946,997
Japan
Daikin
Industries
Ltd.
.......
10,400
1,128,594
(
1
.5
)
GMO
internet
group,
Inc.
....
43,200
888,944
(
1
.2
)
GMO
Payment
Gateway,
Inc.
.
12,100
643,828
(
0
.9
)
Hakuhodo
DY
Holdings,
Inc.
..
50,900
369,334
(
0
.5
)
Kinden
Corp.
............
47,100
1,056,186
(
1
.4
)
Socionext,
Inc.
...........
68,100
826,915
(
1
.1
)
Subaru
Corp.
............
41,600
745,021
(
1
.0
)
Suzuki
Motor
Corp.
........
72,500
889,946
(
1
.2
)
6,548,768
Mexico
Fresnillo
plc
.............
113,200
1,376,312
(
1
.9
)
Netherlands
Koninklijke
KPN
NV
........
745,800
3,158,955
(
4
.3
)
Norway
Kongsberg
Gruppen
ASA
....
4,300
630,445
(
0
.9
)
Telenor
ASA
.............
239,700
3,425,068
(
4
.6
)
4,055,513
Singapore
STMicroelectronics
NV
.....
64,200
1,407,748
(
1
.9
)
Sweden
Castellum
AB
............
169,700
1,870,249
(
2
.5
)
Switzerland
Galderma
Group
AG
.......
7,700
814,388
(
1
.1
)
Geberit
AG
(Registered)
.....
3,500
2,192,704
(
3
.0
)
TE
Connectivity
plc
........
11,500
1,625,180
(
2
.2
)
4,632,272
Shares
Value
%
of
Basket
Value
United
States
AMC
Networks,
Inc.
,
Class
A
..
179,997
$
1,238,379
(
1
.7
)
%
American
Express
Co.
......
13,400
3,605,270
(
4
.9
)
Automatic
Data
Processing,
Inc.
10,000
3,055,300
(
4
.1
)
Consolidated
Edison,
Inc.
....
14,300
1,581,437
(
2
.1
)
Digital
Realty
Trust,
Inc.
.....
5,800
831,082
(
1
.1
)
DoorDash,
Inc.
,
Class
A
.....
9,400
1,718,038
(
2
.3
)
Fair
Isaac
Corp.
..........
500
922,080
(
1
.3
)
Huntington
Ingalls
Industries,
Inc.
.................
4,000
816,160
(
1
.1
)
Intuitive
Surgical,
Inc.
......
2,000
990,540
(
1
.3
)
Marriott
International,
Inc.
,
Class
A
..................
6,700
1,595,940
(
2
.2
)
Morgan
Stanley
..........
12,400
1,446,708
(
2
.0
)
Netflix,
Inc.
..............
3,000
2,797,590
(
3
.8
)
Snowflake,
Inc.
,
Class
A
.....
5,200
760,032
(
1
.0
)
Universal
Health
Services,
Inc.
,
Class
B
..............
6,400
1,202,560
(
1
.6
)
Valero
Energy
Corp.
.......
9,300
1,228,251
(
1
.7
)
23,789,367
Total
Reference
Entity
—
Long
............
52,321,664
Reference
Entity
—
Short
Common
Stocks
Belgium
Syensqo
SA
.............
(
14,400
)
(
982,693
)
1
.3
Finland
Neste
OYJ
..............
(
157,500
)
(
1,456,754
)
2
.0
Nordea
Bank
Abp
.........
(
43,200
)
(
551,015
)
0
.7
(
2,007,769
)
France
Arkema
SA
.............
(
30,100
)
(
2,304,792
)
3
.1
Kering
SA
..............
(
5,700
)
(
1,185,830
)
1
.6
Pernod
Ricard
SA
.........
(
24,700
)
(
2,440,178
)
3
.3
Societe
Generale
SA
.......
(
52,500
)
(
2,368,480
)
3
.2
Teleperformance
SE
.......
(
8,800
)
(
884,850
)
1
.2
(
9,184,130
)
Germany
BASF
SE
...............
(
24,600
)
(
1,233,170
)
1
.7
Bechtle
AG
.............
(
21,700
)
(
810,489
)
1
.1
Deutsche
Bank
AG
(Registered)
(
42,400
)
(
1,010,696
)
1
.4
Deutsche
Telekom
AG
(Registered)
...........
(
60,700
)
(
2,241,043
)
3
.0
SAP
SE
................
(
1,400
)
(
375,130
)
0
.5
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
160
Shares
Value
%
of
Basket
Value
Germany
(continued)
Zalando
SE
.............
(
23,700
)
$
(
822,042
)
1
.1
%
(
6,492,570
)
Japan
Aeon
Co.
Ltd.
............
(
53,500
)
(
1,341,776
)
1
.8
Central
Japan
Railway
Co.
...
(
73,400
)
(
1,400,043
)
1
.9
GS
Yuasa
Corp.
..........
(
65,300
)
(
1,046,278
)
1
.4
Heiwa
Corp.
.............
(
65,200
)
(
1,022,681
)
1
.4
Hoshizaki
Corp.
..........
(
20,400
)
(
789,656
)
1
.1
Invincible
Investment
Corp.
...
(
1,800
)
(
758,491
)
1
.0
Kobe
Bussan
Co.
Ltd.
......
(
35,400
)
(
824,198
)
1
.1
Nippon
Steel
Corp.
........
(
101,600
)
(
2,174,349
)
2
.9
Omron
Corp.
............
(
28,500
)
(
804,746
)
1
.1
SG
Holdings
Co.
Ltd.
.......
(
143,400
)
(
1,430,115
)
1
.9
Shinko
Electric
Industries
Co.
Ltd.
................
(
33,700
)
(
1,652,293
)
2
.2
Sumitomo
Heavy
Industries
Ltd.
(
61,300
)
(
1,255,705
)
1
.7
Sumitomo
Metal
Mining
Co.
Ltd.
(
79,000
)
(
1,726,847
)
2
.3
United
Urban
Investment
Corp.
(
800
)
(
793,449
)
1
.1
Zenkoku
Hosho
Co.
Ltd.
.....
(
43,200
)
(
858,186
)
1
.2
(
17,878,813
)
Jordan
Hikma
Pharmaceuticals
plc
...
(
45,600
)
(
1,151,951
)
1
.6
Netherlands
ABN
AMRO
Bank
NV
,
CVA
...
(
45,400
)
(
956,641
)
1
.3
Koninklijke
Ahold
Delhaize
NV
.
(
40,800
)
(
1,524,087
)
2
.1
(
2,480,728
)
Nigeria
Airtel
Africa
plc
...........
(
581,400
)
(
1,251,817
)
1
.7
Norway
Orkla
ASA
..............
(
246,900
)
(
2,707,626
)
3
.7
Sweden
Beijer
Ref
AB
,
Class
B
......
(
60,600
)
(
852,481
)
1
.1
Switzerland
Bachem
Holding
AG
.......
(
19,700
)
(
1,163,568
)
1
.6
Clariant
AG
(Registered)
....
(
128,800
)
(
1,395,860
)
1
.9
Georg
Fischer
AG
(Registered)
(
27,900
)
(
2,041,971
)
2
.8
Temenos
AG
(Registered)
...
(
19,600
)
(
1,521,785
)
2
.0
(
6,123,184
)
Taiwan
First
Financial
Holding
Co.
Ltd.
(
1,035,150
)
(
849,368
)
1
.1
Formosa
Plastics
Corp.
.....
(
174,000
)
(
193,342
)
0
.3
(
1,042,710
)
United
Kingdom
3i
Group
plc
.............
(
25,800
)
(
1,213,132
)
1
.6
AstraZeneca
plc
..........
(
6,500
)
(
954,492
)
1
.3
Barratt
Redrow
plc
........
(
406,900
)
(
2,238,297
)
3
.0
Beazley
plc
.............
(
97,200
)
(
1,170,652
)
1
.6
Howden
Joinery
Group
plc
...
(
209,700
)
(
1,961,173
)
2
.7
Spirax
Group
plc
..........
(
11,100
)
(
894,813
)
1
.2
Standard
Chartered
plc
.....
(
70,100
)
(
1,040,240
)
1
.4
Taylor
Wimpey
plc
.........
(
646,000
)
(
907,625
)
1
.2
Unilever
plc
.............
(
35,300
)
(
2,106,248
)
2
.9
(
12,486,672
)
United
States
Allegion
plc
.............
(
10,500
)
(
1,369,830
)
1
.8
AppLovin
Corp.
,
Class
A
.....
(
3,100
)
(
821,407
)
1
.1
Axon
Enterprise,
Inc.
.......
(
1,400
)
(
736,330
)
1
.0
Shares
Value
%
of
Basket
Value
United
States
(continued)
Berkshire
Hathaway,
Inc.
,
Class
B
..................
(
3,400
)
$
(
1,810,772
)
2
.4
%
CenterPoint
Energy,
Inc.
....
(
35,800
)
(
1,297,034
)
1
.7
CH
Robinson
Worldwide,
Inc.
.
(
14,400
)
(
1,474,560
)
2
.0
Charles
River
Laboratories
International,
Inc.
.......
(
6,200
)
(
933,224
)
1
.3
Coca-Cola
Co.
(The)
.......
(
27,300
)
(
1,955,226
)
2
.6
Corteva,
Inc.
............
(
14,800
)
(
931,364
)
1
.3
Deere
&
Co.
.............
(
2,700
)
(
1,267,245
)
1
.7
Diamondback
Energy,
Inc.
...
(
12,000
)
(
1,918,560
)
2
.6
Dover
Corp.
.............
(
11,000
)
(
1,932,480
)
2
.6
Exxon
Mobil
Corp.
.........
(
29,000
)
(
3,448,970
)
4
.7
Haleon
plc
..............
(
423,500
)
(
2,138,763
)
2
.9
Intel
Corp.
..............
(
33,000
)
(
749,430
)
1
.0
International
Paper
Co.
.....
(
53,685
)
(
2,862,600
)
3
.9
KeyCorp
...............
(
116,600
)
(
1,864,434
)
2
.5
Keysight
Technologies,
Inc.
...
(
5,800
)
(
868,666
)
1
.2
Lamb
Weston
Holdings,
Inc.
..
(
23,200
)
(
1,236,560
)
1
.7
Linde
plc
...............
(
3,400
)
(
1,583,176
)
2
.1
LKQ
Corp.
..............
(
67,900
)
(
2,888,466
)
3
.9
Loews
Corp.
............
(
21,700
)
(
1,994,447
)
2
.7
McDonald's
Corp.
.........
(
7,400
)
(
2,311,538
)
3
.1
Molina
Healthcare,
Inc.
.....
(
2,000
)
(
658,780
)
0
.9
Palantir
Technologies,
Inc.
,
Class
A
..................
(
7,900
)
(
666,760
)
0
.9
Parker-Hannifin
Corp.
......
(
4,500
)
(
2,735,325
)
3
.7
Paycom
Software,
Inc.
......
(
4,100
)
(
895,768
)
1
.2
Pentair
plc
..............
(
18,400
)
(
1,609,632
)
2
.2
Prudential
Financial,
Inc.
....
(
11,900
)
(
1,328,992
)
1
.8
Public
Storage
...........
(
6,600
)
(
1,975,314
)
2
.7
Republic
Services,
Inc.
.....
(
7,300
)
(
1,767,768
)
2
.4
Ross
Stores,
Inc.
.........
(
9,000
)
(
1,150,110
)
1
.6
Schlumberger
NV
.........
(
26,400
)
(
1,103,520
)
1
.5
Smurfit
WestRock
plc
......
(
43,100
)
(
1,942,086
)
2
.6
Trimble,
Inc.
.............
(
21,200
)
(
1,391,780
)
1
.9
Western
Digital
Corp.
.......
(
34,200
)
(
1,382,706
)
1
.9
WW
Grainger,
Inc.
.........
(
1,800
)
(
1,778,094
)
2
.4
Xylem,
Inc.
..............
(
12,800
)
(
1,529,088
)
2
.1
(
60,310,805
)
Preferred
Securities
Germany
Volkswagen
AG
(Preference)
.
(
12,900
)
(
1,316,293
)
1
.8
Total
Reference
Entity
—
Short
............
(
126,270,242
)
Net
Value
of
Reference
Entity
—
Barclays
Bank
plc
................................
$
(
73,948,578
)
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
Australia
Glencore
plc
............
336,000
1,229,804
(
1
.6
)
Canada
Alimentation
Couche-Tard,
Inc.
25,000
1,232,931
(
1
.6
)
Canadian
National
Railway
Co.
25,000
2,432,855
(
3
.2
)
Magna
International,
Inc.
....
25,400
863,288
(
1
.1
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
161
Shares
Value
%
of
Basket
Value
Canada
(continued)
TC
Energy
Corp.
..........
49,700
$
2,347,112
(
3
.0
)
%
6,876,186
Germany
Merck
KGaA
............
6,400
880,704
(
1
.2
)
Symrise
AG
.............
28,600
2,965,078
(
3
.8
)
3,845,782
Japan
Alps
Alpine
Co.
Ltd.
........
145,100
1,484,672
(
1
.9
)
Japan
Post
Bank
Co.
Ltd.
....
99,800
1,013,327
(
1
.3
)
Kuraray
Co.
Ltd.
..........
66,100
814,516
(
1
.1
)
Kyushu
Financial
Group,
Inc.
.
197,300
982,202
(
1
.3
)
Nissan
Chemical
Corp.
.....
47,800
1,423,159
(
1
.8
)
Shimizu
Corp.
...........
123,500
1,099,211
(
1
.4
)
6,817,087
Norway
DNB
Bank
ASA
...........
71,600
1,883,988
(
2
.4
)
Sweden
Axfood
AB
..............
67,300
1,511,803
(
2
.0
)
United
Kingdom
B&M
European
Value
Retail
SA
370,700
1,252,187
(
1
.6
)
Centrica
plc
.............
539,200
1,044,027
(
1
.4
)
2,296,214
United
States
Alcon
AG
...............
12,400
1,176,574
(
1
.5
)
Arista
Networks,
Inc.
.......
14,700
1,138,956
(
1
.5
)
Autodesk,
Inc.
...........
6,700
1,754,060
(
2
.3
)
CRH
plc
...............
21,400
1,882,558
(
2
.4
)
Danaher
Corp.
...........
8,500
1,742,500
(
2
.3
)
EOG
Resources,
Inc.
.......
12,200
1,564,528
(
2
.0
)
Fifth
Third
Bancorp
........
37,700
1,477,840
(
1
.9
)
Fox
Corp.
,
Class
A
........
42,300
2,394,180
(
3
.1
)
Healthpeak
Properties,
Inc.
...
63,300
1,279,926
(
1
.7
)
LyondellBasell
Industries
NV
,
Class
A
..............
25,000
1,760,000
(
2
.3
)
Northern
Trust
Corp.
.......
15,900
1,568,535
(
2
.0
)
PNC
Financial
Services
Group,
Inc.
(The)
............
16,600
2,917,782
(
3
.8
)
Procter
&
Gamble
Co.
(The)
..
11,600
1,976,872
(
2
.6
)
Walt
Disney
Co.
(The)
......
13,400
1,322,580
(
1
.7
)
Zoetis,
Inc.
,
Class
A
........
11,500
1,893,475
(
2
.4
)
25,850,366
Preferred
Securities
Germany
Henkel
AG
&
Co.
KGaA
(Preference)
..........
16,200
1,288,988
(
1
.7
)
Total
Reference
Entity
—
Long
............
51,600,218
Reference
Entity
—
Short
Common
Stocks
Belgium
Warehouses
De
Pauw
CVA
..
(
45,800
)
(
1,085,742
)
1
.4
Brazil
NU
Holdings
Ltd.
,
Class
A
....
(
108,600
)
(
1,112,064
)
1
.4
Canada
Brookfield
Asset
Management
Ltd.
,
Class
A
..........
(
48,300
)
(
2,338,055
)
3
.0
Canadian
Pacific
Kansas
City
Ltd.
................
(
24,000
)
(
1,684,278
)
2
.2
Shares
Value
%
of
Basket
Value
Canada
(continued)
Dollarama,
Inc.
...........
(
15,200
)
$
(
1,625,361
)
2
.1
%
Restaurant
Brands
International,
Inc.
.................
(
25,100
)
(
1,673,217
)
2
.2
Tourmaline
Oil
Corp.
.......
(
17,800
)
(
858,427
)
1
.1
(
8,179,338
)
Finland
Nordea
Bank
Abp
.........
(
106,700
)
(
1,360,955
)
1
.8
France
Ayvens
SA
..............
(
113,800
)
(
998,676
)
1
.3
Neoen
SA
..............
(
23,401
)
(
1,008,345
)
1
.3
Remy
Cointreau
SA
........
(
7,200
)
(
336,493
)
0
.4
SEB
SA
................
(
11,900
)
(
1,125,570
)
1
.5
(
3,469,084
)
Germany
adidas
AG
..............
(
4,500
)
(
1,061,372
)
1
.4
BASF
SE
...............
(
22,700
)
(
1,137,925
)
1
.5
Bayerische
Motoren
Werke
AG
(
12,600
)
(
1,016,031
)
1
.3
Fresenius
SE
&
Co.
KGaA
...
(
35,600
)
(
1,519,895
)
2
.0
Hannover
Rueck
SE
.......
(
4,900
)
(
1,460,483
)
1
.9
SAP
SE
................
(
5,900
)
(
1,580,903
)
2
.0
Siemens
AG
(Registered)
....
(
7,100
)
(
1,639,719
)
2
.1
(
9,416,328
)
Italy
DiaSorin
SpA
............
(
12,400
)
(
1,231,465
)
1
.6
Japan
Bandai
Namco
Holdings,
Inc.
.
(
19,100
)
(
640,757
)
0
.8
Concordia
Financial
Group
Ltd.
(
236,100
)
(
1,567,475
)
2
.0
Dentsu
Group,
Inc.
........
(
55,200
)
(
1,219,070
)
1
.6
Hankyu
Hanshin
Holdings,
Inc.
(
97,000
)
(
2,610,007
)
3
.4
Heiwa
Corp.
.............
(
37,400
)
(
586,630
)
0
.8
Kagome
Co.
Ltd.
..........
(
38,200
)
(
749,105
)
1
.0
Kawasaki
Heavy
Industries
Ltd.
(
10,900
)
(
657,925
)
0
.8
Kose
Corp.
.............
(
17,600
)
(
730,378
)
0
.9
Lasertec
Corp.
...........
(
9,600
)
(
825,124
)
1
.1
MatsukiyoCocokara
&
Co.
...
(
121,800
)
(
1,905,438
)
2
.5
Mitsubishi
HC
Capital,
Inc.
...
(
245,300
)
(
1,662,254
)
2
.1
Oji
Holdings
Corp.
.........
(
220,600
)
(
924,734
)
1
.2
Ono
Pharmaceutical
Co.
Ltd.
.
(
234,500
)
(
2,522,903
)
3
.3
Ricoh
Co.
Ltd.
...........
(
112,600
)
(
1,191,101
)
1
.5
SBI
Holdings,
Inc.
.........
(
46,400
)
(
1,252,936
)
1
.6
Sumitomo
Corp.
..........
(
40,800
)
(
930,968
)
1
.2
Yakult
Honsha
Co.
Ltd.
.....
(
63,200
)
(
1,202,599
)
1
.6
(
21,179,404
)
Netherlands
ABN
AMRO
Bank
NV
,
CVA
...
(
80,800
)
(
1,702,568
)
2
.2
Poland
InPost
SA
..............
(
43,500
)
(
638,418
)
0
.8
Sweden
Nibe
Industrier
AB
,
Class
B
...
(
190,900
)
(
726,090
)
0
.9
Svenska
Handelsbanken
AB
,
Class
A
..............
(
113,700
)
(
1,284,982
)
1
.7
(
2,011,072
)
Switzerland
Avolta
AG
..............
(
40,700
)
(
1,782,845
)
2
.3
United
Kingdom
Coca-Cola
Europacific
Partners
plc
.................
(
27,400
)
(
2,384,622
)
3
.1
Wise
plc
,
Class
A
.........
(
56,500
)
(
693,532
)
0
.9
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
162
Shares
Value
%
of
Basket
Value
United
Kingdom
(continued)
WPP
plc
...............
(
237,800
)
$
(
1,807,049
)
2
.3
%
(
4,885,203
)
United
States
Abbott
Laboratories
........
(
17,600
)
(
2,334,640
)
3
.0
Advanced
Micro
Devices,
Inc.
.
(
11,000
)
(
1,130,140
)
1
.5
Albemarle
Corp.
..........
(
19,600
)
(
1,411,592
)
1
.8
Analog
Devices,
Inc.
.......
(
5,000
)
(
1,008,350
)
1
.3
APA
Corp.
..............
(
61,100
)
(
1,284,322
)
1
.7
Assurant,
Inc.
............
(
6,500
)
(
1,363,375
)
1
.8
AutoZone,
Inc.
...........
(
300
)
(
1,143,834
)
1
.5
Baxter
International,
Inc.
....
(
32,000
)
(
1,095,360
)
1
.4
Blackstone,
Inc.
..........
(
12,400
)
(
1,733,272
)
2
.2
Bristol-Myers
Squibb
Co.
....
(
13,400
)
(
817,266
)
1
.1
Calumet,
Inc.
............
(
92,204
)
(
1,169,147
)
1
.5
Cencora,
Inc.
............
(
5,000
)
(
1,390,450
)
1
.8
Charter
Communications,
Inc.
,
Class
A
..............
(
3,200
)
(
1,179,296
)
1
.5
Church
&
Dwight
Co.,
Inc.
...
(
13,400
)
(
1,475,206
)
1
.9
Cisco
Systems,
Inc.
........
(
17,700
)
(
1,092,267
)
1
.4
CoStar
Group,
Inc.
........
(
10,400
)
(
823,992
)
1
.1
Dayforce,
Inc.
............
(
14,900
)
(
869,117
)
1
.1
Devon
Energy
Corp.
.......
(
31,300
)
(
1,170,620
)
1
.5
Dollar
General
Corp.
.......
(
12,300
)
(
1,081,539
)
1
.4
Dollar
Tree,
Inc.
..........
(
27,900
)
(
2,094,453
)
2
.7
Ecolab,
Inc.
.............
(
7,900
)
(
2,002,808
)
2
.6
Equifax,
Inc.
.............
(
7,200
)
(
1,753,632
)
2
.3
Expand
Energy
Corp.
......
(
6,100
)
(
679,052
)
0
.9
Fastenal
Co.
............
(
30,400
)
(
2,357,520
)
3
.0
First
Solar,
Inc.
...........
(
7,400
)
(
935,582
)
1
.2
Fiserv,
Inc.
..............
(
10,600
)
(
2,340,798
)
3
.0
Fortive
Corp.
............
(
15,900
)
(
1,163,562
)
1
.5
Host
Hotels
&
Resorts,
Inc.
...
(
150,900
)
(
2,144,289
)
2
.8
Intercontinental
Exchange,
Inc.
(
10,000
)
(
1,725,000
)
2
.2
International
Business
Machines
Corp.
...............
(
10,200
)
(
2,536,332
)
3
.3
Kenvue,
Inc.
.............
(
95,600
)
(
2,292,488
)
3
.0
KKR
&
Co.,
Inc.
..........
(
13,000
)
(
1,502,930
)
1
.9
Mid-America
Apartment
Communities,
Inc.
.......
(
8,600
)
(
1,441,188
)
1
.9
Monster
Beverage
Corp.
....
(
16,100
)
(
942,172
)
1
.2
Norfolk
Southern
Corp.
.....
(
6,800
)
(
1,610,580
)
2
.1
ONEOK,
Inc.
............
(
11,100
)
(
1,101,342
)
1
.4
O'Reilly
Automotive,
Inc.
....
(
1,500
)
(
2,148,870
)
2
.8
Packaging
Corp.
of
America
..
(
9,400
)
(
1,861,388
)
2
.4
Paychex,
Inc.
............
(
14,500
)
(
2,237,060
)
2
.9
SBA
Communications
Corp.
..
(
4,000
)
(
880,040
)
1
.1
Sherwin-Williams
Co.
(The)
..
(
3,400
)
(
1,187,246
)
1
.5
Skyworks
Solutions,
Inc.
....
(
14,200
)
(
917,746
)
1
.2
Solventum
Corp.
..........
(
11,700
)
(
889,668
)
1
.2
Super
Micro
Computer,
Inc.
..
(
27,100
)
(
927,904
)
1
.2
Teledyne
Technologies,
Inc.
..
(
2,300
)
(
1,144,733
)
1
.5
Texas
Pacific
Land
Corp.
....
(
400
)
(
529,996
)
0
.7
Xcel
Energy,
Inc.
..........
(
21,400
)
(
1,514,906
)
2
.0
(
66,437,070
)
Investment
Companies
United
States
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
.......
(
34,351
)
(
4,524,370
)
5
.8
Total
Reference
Entity
—
Short
............
(
129,015,926
)
Net
Value
of
Reference
Entity
—
Citibank
NA
..
$
(
77,415,708
)
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
July
10,
2025:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Australia
IGO
Ltd.
...............
387,000
$
965,006
(
0
.5
)
%
Incitec
Pivot
Ltd.
..........
857,400
1,375,096
(
0
.8
)
Santos
Ltd.
.............
444,800
1,863,909
(
1
.1
)
Transurban
Group
.........
431,300
3,632,704
(
2
.1
)
7,836,715
Brazil
MercadoLibre,
Inc.
........
600
1,170,522
(
0
.7
)
Canada
Bank
of
Nova
Scotia
(The)
...
24,100
1,142,659
(
0
.6
)
China
Airtac
International
Group
....
45,000
1,142,846
(
0
.6
)
CMOC
Group
Ltd.
,
Class
H
..
1,386,000
1,145,685
(
0
.6
)
COSCO
SHIPPING
Holdings
Co.,
Ltd.
,
Class
H
.......
549,000
866,227
(
0
.5
)
JD.com,
Inc.
,
Class
A
.......
58,300
1,199,321
(
0
.7
)
NetEase,
Inc.
............
70,000
1,437,983
(
0
.8
)
Weichai
Power
Co.
Ltd.
,
Class
H
485,000
1,021,482
(
0
.6
)
Xiaomi
Corp.
,
Class
B
......
424,000
2,682,958
(
1
.5
)
9,496,502
Denmark
Novo
Nordisk
A/S
,
Class
B
...
29,200
1,996,647
(
1
.1
)
France
Capgemini
SE
...........
7,800
1,172,013
(
0
.7
)
Eiffage
SA
..............
12,900
1,501,932
(
0
.8
)
2,673,945
Germany
Allianz
SE
(Registered)
.....
7,200
2,755,511
(
1
.6
)
Hong
Kong
AIA
Group
Ltd.
...........
391,200
2,961,335
(
1
.7
)
Henderson
Land
Development
Co.
Ltd.
..............
615,000
1,768,918
(
1
.0
)
4,730,253
Japan
As
One
Corp.
............
63,600
987,278
(
0
.6
)
Asahi
Kasei
Corp.
.........
200,200
1,403,535
(
0
.8
)
Daiichi
Sankyo
Co.
Ltd.
.....
50,600
1,204,983
(
0
.7
)
Goldwin,
Inc.
............
16,800
927,631
(
0
.5
)
Hamamatsu
Photonics
KK
...
106,800
1,041,137
(
0
.6
)
Kakaku.com,
Inc.
.........
76,700
1,098,528
(
0
.6
)
Kamigumi
Co.
Ltd.
........
55,900
1,308,257
(
0
.7
)
Kikkoman
Corp.
..........
114,800
1,107,440
(
0
.6
)
Mazda
Motor
Corp.
........
131,000
838,185
(
0
.5
)
MISUMI
Group,
Inc.
........
48,800
812,261
(
0
.5
)
Mitsui
&
Co.
Ltd.
..........
38,800
731,505
(
0
.4
)
Mitsui
Mining
&
Smelting
Co.
Ltd.
................
45,500
1,332,856
(
0
.7
)
Nichirei
Corp.
............
98,800
1,168,619
(
0
.7
)
NIDEC
Corp.
............
42,200
708,212
(
0
.4
)
Obayashi
Corp.
..........
144,300
1,925,012
(
1
.1
)
Olympus
Corp.
...........
86,300
1,129,730
(
0
.6
)
Recruit
Holdings
Co.
Ltd.
....
36,200
1,875,568
(
1
.1
)
Santen
Pharmaceutical
Co.
Ltd.
121,700
1,159,074
(
0
.7
)
SHO-BOND
Holdings
Co.
Ltd.
.
65,300
2,087,223
(
1
.2
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
163
Shares
Value
%
of
Basket
Value
Japan
(continued)
TOTO
Ltd.
..............
42,100
$
1,094,141
(
0
.6
)
%
Unicharm
Corp.
..........
119,200
949,402
(
0
.5
)
Ushio,
Inc.
..............
105,200
1,305,121
(
0
.7
)
26,195,698
Mexico
Orbia
Advance
Corp.
SAB
de
CV
.................
1,400,500
1,061,436
(
0
.6
)
Netherlands
Aegon
Ltd.
..............
178,400
1,171,701
(
0
.7
)
JDE
Peet's
NV
...........
79,600
1,740,337
(
1
.0
)
Koninklijke
Vopak
NV
......
17,400
755,939
(
0
.4
)
NN
Group
NV
............
28,200
1,569,211
(
0
.9
)
5,237,188
Peru
Credicorp
Ltd.
...........
7,800
1,452,048
(
0
.8
)
South
Korea
KT&G
Corp.
.............
15,400
1,059,239
(
0
.6
)
LG
Corp.
...............
20,900
921,786
(
0
.5
)
1,981,025
Spain
Bankinter
SA
............
248,400
2,761,011
(
1
.6
)
Taiwan
ASPEED
Technology,
Inc.
...
7,000
648,239
(
0
.4
)
Innolux
Corp.
............
196
90
(
0.0
)
Realtek
Semiconductor
Corp.
.
58,000
924,666
(
0
.5
)
1,572,995
United
Kingdom
Imperial
Brands
plc
........
47,800
1,768,690
(
1
.0
)
J
Sainsbury
plc
...........
532,500
1,623,105
(
0
.9
)
NatWest
Group
plc
........
215,700
1,273,577
(
0
.7
)
Next
plc
................
14,200
2,045,869
(
1
.2
)
Rightmove
plc
...........
108,800
968,662
(
0
.6
)
7,679,903
United
States
Agilent
Technologies,
Inc.
....
8,000
935,840
(
0
.5
)
Airbnb,
Inc.
,
Class
A
.......
8,100
967,626
(
0
.6
)
Altria
Group,
Inc.
..........
34,300
2,058,686
(
1
.2
)
AMC
Networks,
Inc.
,
Class
A
..
418,075
2,876,356
(
1
.6
)
Archer-Daniels-Midland
Co.
..
17,000
816,170
(
0
.5
)
Costco
Wholesale
Corp.
.....
2,900
2,742,762
(
1
.6
)
CSL
Ltd.
...............
10,400
1,636,848
(
0
.9
)
CSX
Corp.
..............
86,400
2,542,752
(
1
.4
)
Dexcom,
Inc.
............
18,200
1,242,878
(
0
.7
)
Eagle
Bancorp,
Inc.
........
65,550
1,376,550
(
0
.8
)
Flagstar
Financial
Inc
.......
875,616
10,174,658
(
5
.8
)
Garmin
Ltd.
.............
6,500
1,411,345
(
0
.8
)
HP,
Inc.
................
102,300
2,832,687
(
1
.6
)
IDEX
Corp.
.............
9,600
1,737,312
(
1
.0
)
Informatica,
Inc.
,
Class
A
....
179,767
3,136,934
(
1
.8
)
Intuit,
Inc.
..............
4,300
2,640,157
(
1
.5
)
Lululemon
Athletica,
Inc.
....
2,700
764,262
(
0
.4
)
Match
Group,
Inc.
.........
38,300
1,194,960
(
0
.7
)
Molson
Coors
Beverage
Co.
,
Class
B
..............
25,400
1,546,098
(
0
.9
)
Paramount
Global
,
Class
B
...
48,187
576,316
(
0
.3
)
Royal
Caribbean
Cruises
Ltd.
.
3,500
719,040
(
0
.4
)
T.
Rowe
Price
Group,
Inc.
....
20,000
1,837,400
(
1
.0
)
TransDigm
Group,
Inc.
......
900
1,244,961
(
0
.7
)
Ulta
Beauty,
Inc.
..........
3,600
1,319,544
(
0
.7
)
Ventas,
Inc.
.............
31,100
2,138,436
(
1
.2
)
Shares
Value
%
of
Basket
Value
United
States
(continued)
Verizon
Communications,
Inc.
.
47,500
$
2,154,600
(
1
.2
)
%
52,625,178
Preferred
Securities
Brazil
Gerdau
SA
(Preference)
.....
404,200
1,150,314
(
0
.6
)
Itau
Unibanco
Holding
SA
(Preference)
..........
573,480
3,157,609
(
1
.8
)
4,307,923
Total
Reference
Entity
—
Long
............
136,677,159
Reference
Entity
—
Short
Common
Stocks
Australia
Ansell
Ltd.
..............
(
68,900
)
(
1,467,385
)
0
.8
Aristocrat
Leisure
Ltd.
......
(
23,500
)
(
950,413
)
0
.5
Bendigo
&
Adelaide
Bank
Ltd.
.
(
223,200
)
(
1,493,491
)
0
.9
Commonwealth
Bank
of
Australia
.............
(
15,700
)
(
1,492,974
)
0
.9
Lynas
Rare
Earths
Ltd.
.....
(
363,000
)
(
1,589,357
)
0
.9
Medibank
Pvt
Ltd.
.........
(
513,400
)
(
1,434,872
)
0
.8
Mineral
Resources
Ltd.
.....
(
48,900
)
(
738,343
)
0
.4
National
Australia
Bank
Ltd.
..
(
90,600
)
(
1,948,688
)
1
.1
NEXTDC
Ltd.
............
(
198,400
)
(
1,421,035
)
0
.8
Orica
Ltd.
..............
(
99,100
)
(
1,059,198
)
0
.6
Orora
Ltd.
..............
(
579,900
)
(
684,461
)
0
.4
Reece
Ltd.
..............
(
76,500
)
(
759,043
)
0
.4
SGH
Ltd.
...............
(
78,300
)
(
2,457,903
)
1
.4
Telstra
Group
Ltd.
.........
(
942,200
)
(
2,489,091
)
1
.4
Treasury
Wine
Estates
Ltd.
...
(
388,000
)
(
2,378,918
)
1
.4
Vicinity
Ltd.
.............
(
1,379,300
)
(
1,909,906
)
1
.1
(
24,275,078
)
China
China
Everbright
Bank
Co.
Ltd.
,
Class
H
..............
(
1,799,000
)
(
733,274
)
0
.4
MMG
Ltd.
..............
(
5,292,000
)
(
1,826,091
)
1
.0
(
2,559,365
)
Denmark
Zealand
Pharma
A/S
.......
(
11,800
)
(
886,115
)
0
.5
Germany
Carl
Zeiss
Meditec
AG
......
(
14,700
)
(
971,688
)
0
.6
Italy
Davide
Campari-Milano
NV
..
(
185,131
)
(
1,088,189
)
0
.6
Mexico
Alfa
SAB
de
CV
,
Class
A
....
(
2,723,818
)
(
2,121,609
)
1
.2
Poland
ORLEN
SA
.............
(
94,600
)
(
1,666,253
)
0
.9
Singapore
SATS
Ltd.
..............
(
344,231
)
(
786,584
)
0
.4
Seatrium
Ltd.
............
(
639,220
)
(
997,128
)
0
.6
(
1,783,712
)
South
Africa
Impala
Platinum
Holdings
Ltd.
.
(
155,500
)
(
1,070,518
)
0
.6
Taiwan
Cathay
Financial
Holding
Co.
Ltd.
................
(
39,093
)
(
72,949
)
0
.1
China
Steel
Corp.
.........
(
954,647
)
(
647,147
)
0
.4
First
Financial
Holding
Co.
Ltd.
(
411,010
)
(
337,245
)
0
.2
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
164
Shares
Value
%
of
Basket
Value
Taiwan
(continued)
Formosa
Plastics
Corp.
.....
(
1,310,587
)
$
(
1,456,272
)
0
.8
%
Hua
Nan
Financial
Holdings
Co.
Ltd.
................
(
882,123
)
(
745,905
)
0
.4
Nan
Ya
Plastics
Corp.
......
(
1,228,496
)
(
1,119,265
)
0
.6
(
4,378,783
)
United
States
Atlantic
Union
Bankshares
Corp.
(
30,170
)
(
939,494
)
0
.5
Community
Financial
System,
Inc.
.................
(
28,734
)
(
1,633,815
)
0
.9
CVB
Financial
Corp.
.......
(
72,435
)
(
1,337,150
)
0
.8
Provident
Financial
Services,
Inc.
.................
(
100,014
)
(
1,717,240
)
1
.0
ServisFirst
Bancshares,
Inc.
..
(
24,576
)
(
2,029,978
)
1
.1
(
7,657,677
)
Investment
Companies
United
States
Consumer
Discretionary
Select
Sector
SPDR
Fund
......
(
104,120
)
(
20,559,535
)
11
.6
Invesco
Preferred
ETF
......
(
1,000,000
)
(
11,220,000
)
6
.4
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(
432,931
)
(
47,055,270
)
26
.7
iShares
Preferred
&
Income
Securities
ETF
.........
(
500,000
)
(
15,365,000
)
8
.7
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
.......
(
146,616
)
(
19,310,793
)
10
.9
Vanguard
Intermediate-Term
Corporate
Bond
ETF
.....
(
1,849,455
)
(
151,211,441
)
85
.7
(
264,722,039
)
Total
Reference
Entity
—
Short
............
(
313,181,026
)
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
(
176,503,867
)
The
following
table
represents
the
individual
long
and
short
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
Merrill
Lynch
International
&
Co.,
as
of
period
end,
termination
date
March
15,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Australia
BHP
Group
Ltd.
..........
74,200
1,800,325
(
0
.8
)
Endeavour
Group
Ltd.
......
483,300
1,168,822
(
0
.6
)
Evolution
Mining
Ltd.
.......
203,100
908,748
(
0
.4
)
Fortescue
Ltd.
...........
92,900
899,182
(
0
.4
)
Magellan
Financial
Group
Ltd.
.
280,300
1,351,917
(
0
.6
)
Sonic
Healthcare
Ltd.
......
71,100
1,154,442
(
0
.5
)
Steadfast
Group
Ltd.
.......
342,300
1,244,676
(
0
.6
)
TPG
Telecom
Ltd.
.........
226,700
684,855
(
0
.3
)
Woolworths
Group
Ltd.
.....
87,400
1,622,786
(
0
.8
)
10,835,753
Belgium
Liberty
Global
Ltd.
,
Class
A
...
121,654
1,400,237
(
0
.6
)
Brazil
B3
SA
-
Brasil
Bolsa
Balcao
..
412,900
882,028
(
0
.4
)
Porto
Seguro
SA
..........
124,500
871,169
(
0
.4
)
1,753,197
Shares
Value
%
of
Basket
Value
China
Baidu,
Inc.
,
ADR
..........
1
$
92
(
0.0
)
%
China
Galaxy
Securities
Co.
Ltd.
,
Class
H
..............
800,000
802,778
(
0
.4
)
China
Hongqiao
Group
Ltd.
..
362,500
749,879
(
0
.3
)
China
Overseas
Land
&
Investment
Ltd.
........
460,000
823,381
(
0
.4
)
China
Resources
Land
Ltd.
..
250,000
829,302
(
0
.4
)
CITIC
Ltd.
..............
1,842,000
2,273,489
(
1
.0
)
Geely
Automobile
Holdings
Ltd.
470,000
1,008,905
(
0
.5
)
Haidilao
International
Holding
Ltd.
................
170,000
383,411
(
0
.2
)
Haier
Smart
Home
Co.
Ltd.
,
Class
H
..............
240,000
773,644
(
0
.4
)
Meituan
................
1,520
30,586
(
0.0
)
Midea
Group
Co.
Ltd.
,
Class
H
85,000
861,752
(
0
.4
)
NetEase,
Inc.
,
ADR
........
1
103
(
0.0
)
NXP
Semiconductors
NV
....
5,200
988,312
(
0
.5
)
PDD
Holdings,
Inc.
,
ADR
....
1
118
(
0.0
)
PetroChina
Co.
Ltd.
,
Class
H
.
1,316,000
1,066,957
(
0
.5
)
Sunny
Optical
Technology
Group
Co.
Ltd.
..............
37,500
346,179
(
0
.2
)
Tencent
Holdings
Ltd.
......
100
6,390
(
0.0
)
Tencent
Music
Entertainment
Group
,
ADR
...........
73,000
1,051,930
(
0
.5
)
Xiaomi
Corp.
,
Class
B
......
127,611
807,488
(
0
.4
)
Yum
China
Holdings,
Inc.
....
17,250
898,035
(
0
.4
)
ZTO
Express
Cayman,
Inc.
...
49,400
976,662
(
0
.5
)
14,679,393
Denmark
Orsted
A/S
..............
14,200
620,130
(
0
.3
)
Vestas
Wind
Systems
A/S
...
87,300
1,207,752
(
0
.5
)
1,827,882
Finland
Elisa
OYJ
..............
52,400
2,554,238
(
1
.2
)
France
Accor
SA
...............
30,900
1,409,203
(
0
.7
)
Amundi
SA
.............
12,900
1,010,656
(
0
.5
)
Gecina
SA
..............
20,800
1,951,738
(
0
.9
)
Legrand
SA
.............
10,400
1,101,397
(
0
.5
)
L'Oreal
SA
..............
2,600
966,402
(
0
.4
)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
............
1,800
1,114,702
(
0
.5
)
Sodexo
SA
.............
27,100
1,740,612
(
0
.8
)
9,294,710
Germany
Evonik
Industries
AG
.......
86,900
1,883,905
(
0
.9
)
RWE
AG
...............
60,800
2,170,835
(
1
.0
)
4,054,740
Hong
Kong
Hong
Kong
Exchanges
&
Clearing
Ltd.
..........
9,200
409,255
(
0
.2
)
PCCW
Ltd.
.............
980,000
609,552
(
0
.3
)
Techtronic
Industries
Co.
Ltd.
.
79,000
946,758
(
0
.4
)
Yue
Yuen
Industrial
Holdings
Ltd.
................
411,000
660,329
(
0
.3
)
2,625,894
Italy
Prysmian
SpA
...........
7,780
428,266
(
0
.2
)
Telecom
Italia
SpA
........
12,762,334
4,311,116
(
2
.0
)
4,739,382
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
165
Shares
Value
%
of
Basket
Value
Japan
Air
Water,
Inc.
............
100,500
$
1,271,114
(
0
.6
)
%
Alfresa
Holdings
Corp.
......
81,700
1,156,467
(
0
.5
)
Asahi
Intecc
Co.
Ltd.
.......
69,100
1,116,216
(
0
.5
)
COMSYS
Holdings
Corp.
....
57,500
1,223,247
(
0
.6
)
FUJIFILM
Holdings
Corp.
....
69,100
1,323,885
(
0
.6
)
Hoya
Corp.
.............
7,400
835,153
(
0
.4
)
Inpex
Corp.
.............
107,000
1,484,175
(
0
.7
)
Japan
Exchange
Group,
Inc.
..
182,200
1,875,008
(
0
.9
)
Jeol
Ltd.
...............
40,200
1,245,583
(
0
.6
)
Kintetsu
Group
Holdings
Co.
Ltd.
................
34,300
732,743
(
0
.3
)
Komatsu
Ltd.
............
67,500
1,976,611
(
0
.9
)
Kurita
Water
Industries
Ltd.
...
35,900
1,110,362
(
0
.5
)
Morinaga
&
Co.
Ltd.
.......
78,700
1,315,929
(
0
.6
)
Nexon
Co.
Ltd.
...........
82,500
1,129,949
(
0
.5
)
Nippon
Paint
Holdings
Co.
Ltd.
100,600
755,461
(
0
.4
)
Persol
Holdings
Co.
Ltd.
.....
826,600
1,377,284
(
0
.6
)
Rohto
Pharmaceutical
Co.
Ltd.
86,700
1,298,221
(
0
.6
)
Rorze
Corp.
.............
56,100
535,768
(
0
.2
)
Ship
Healthcare
Holdings,
Inc.
33,600
449,695
(
0
.2
)
Takashimaya
Co.
Ltd.
......
171,400
1,394,219
(
0
.6
)
Yamaha
Corp.
...........
147,100
1,141,543
(
0
.5
)
24,748,633
Macau
MGM
China
Holdings
Ltd.
....
816,400
1,100,791
(
0
.5
)
Mexico
Cemex
SAB
de
CV
........
1,445,000
811,310
(
0
.4
)
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
.........
123,700
858,818
(
0
.4
)
1,670,128
Poland
Powszechny
Zaklad
Ubezpieczen
SA
.................
116,800
1,696,963
(
0
.8
)
Singapore
City
Developments
Ltd.
.....
359,200
1,336,055
(
0
.6
)
Sea
Ltd.
,
ADR
...........
5,800
756,842
(
0
.4
)
UOL
Group
Ltd.
..........
393,600
1,727,077
(
0
.8
)
3,819,974
South
Africa
Harmony
Gold
Mining
Co.
Ltd.
59,200
866,967
(
0
.4
)
Mr
Price
Group
Ltd.
........
160,200
1,943,213
(
0
.9
)
2,810,180
South
Korea
GS
Engineering
&
Construction
Corp.
...............
43,100
499,442
(
0
.2
)
Hyundai
Motor
Co.
........
7,100
958,997
(
0
.5
)
1,458,439
Spain
Banco
Bilbao
Vizcaya
Argentaria
SA
.................
83,600
1,140,938
(
0
.5
)
Banco
de
Sabadell
SA
......
469,500
1,318,194
(
0
.6
)
Repsol
SA
..............
117,100
1,554,799
(
0
.7
)
4,013,931
Sweden
Atlas
Copco
AB
,
Class
A
....
72,800
1,162,866
(
0
.5
)
Shares
Value
%
of
Basket
Value
Switzerland
Belimo
Holding
AG
(Registered)
3,700
$
2,281,103
(
1
.1
)
%
Sunrise
Communications
AG
,
ADR
,
Class
A
..........
24,330
1,174,896
(
0
.5
)
3,455,999
Taiwan
Asia
Cement
Corp.
........
775,000
1,095,230
(
0
.5
)
China
Airlines
Ltd.
.........
1,086,000
742,307
(
0
.3
)
Genius
Electronic
Optical
Co.
Ltd.
................
62,000
742,881
(
0
.4
)
MediaTek,
Inc.
...........
24,000
1,034,411
(
0
.5
)
Yang
Ming
Marine
Transport
Corp.
...............
393,000
889,050
(
0
.4
)
4,503,879
United
Kingdom
Admiral
Group
plc
.........
71,000
2,621,328
(
1
.2
)
Rolls-Royce
Holdings
plc
....
147,200
1,430,691
(
0
.7
)
SSE
plc
................
104,200
2,146,351
(
1
.0
)
Synthomer
plc
...........
588,203
891,156
(
0
.4
)
Vodafone
Group
plc
........
1,001,400
940,936
(
0
.4
)
8,030,462
United
States
Adobe,
Inc.
.............
7,800
2,991,534
(
1
.4
)
AES
Corp.
(The)
..........
59,300
736,506
(
0
.3
)
Amcor
plc
..............
214,900
2,084,530
(
1
.0
)
Booking
Holdings,
Inc.
......
300
1,382,073
(
0
.6
)
CarMax,
Inc.
............
24,300
1,893,456
(
0
.9
)
Cheniere
Energy,
Inc.
......
8,900
2,059,460
(
0
.9
)
Citigroup,
Inc.
............
20,600
1,462,394
(
0
.7
)
Clorox
Co.
(The)
..........
11,400
1,678,650
(
0
.8
)
Electronic
Arts,
Inc.
........
6,300
910,476
(
0
.4
)
Erie
Indemnity
Co.
,
Class
A
..
2,400
1,005,720
(
0
.5
)
GE
Vernova,
Inc.
.........
3,200
976,896
(
0
.4
)
General
Motors
Co.
........
26,800
1,260,404
(
0
.6
)
Invesco
Ltd.
.............
76,000
1,152,920
(
0
.5
)
Jabil,
Inc.
...............
9,600
1,306,272
(
0
.6
)
James
Hardie
Industries
plc
,
CDI
................
29,100
694,451
(
0
.3
)
Lockheed
Martin
Corp.
......
7,500
3,350,325
(
1
.5
)
Marathon
Petroleum
Corp.
...
5,700
830,433
(
0
.4
)
Merck
&
Co.,
Inc.
.........
10,300
924,528
(
0
.4
)
MSCI,
Inc.
..............
4,400
2,488,200
(
1
.1
)
Nucor
Corp.
.............
6,700
806,278
(
0
.4
)
PepsiCo,
Inc.
............
16,800
2,518,992
(
1
.2
)
ResMed,
Inc.
............
3,800
850,630
(
0
.4
)
Rockwell
Automation,
Inc.
....
4,500
1,162,710
(
0
.5
)
Southwest
Airlines
Co.
......
10,000
335,800
(
0
.2
)
State
Street
Corp.
.........
12,300
1,101,219
(
0
.5
)
Stellantis
NV
............
53,600
601,182
(
0
.3
)
Synchrony
Financial
.......
26,300
1,392,322
(
0
.6
)
Textron,
Inc.
.............
26,000
1,878,500
(
0
.9
)
T-Mobile
US,
Inc.
.........
5,200
1,386,892
(
0
.6
)
41,223,753
Total
Reference
Entity
—
Long
............
153,461,424
Reference
Entity
—
Short
Common
Stocks
Brazil
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
.............
(
48,000
)
(
859,322
)
0
.4
Engie
Brasil
Energia
SA
.....
(
329,400
)
(
2,228,152
)
1
.0
Localiza
Rent
a
Car
SA
.....
(
72
)
(
424
)
0.0
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
166
Shares
Value
%
of
Basket
Value
Brazil
(continued)
Rumo
SA
...............
(
362,500
)
$
(
1,034,181
)
0
.5
%
Santos
Brasil
Participacoes
SA
(
330,900
)
(
771,227
)
0
.4
(
4,893,306
)
China
Alibaba
Group
Holding
Ltd.
,
ADR
................
(
40,404
)
(
5,342,621
)
2
.5
ANTA
Sports
Products
Ltd.
...
(
1,189,800
)
(
13,081,856
)
6
.0
China
Construction
Bank
Corp.
,
Class
H
..............
(
4,591,000
)
(
4,068,381
)
1
.9
China
Everbright
Bank
Co.
Ltd.
,
Class
H
..............
(
1,945,000
)
(
792,783
)
0
.4
China
International
Capital
Corp.
Ltd.
,
Class
H
..........
(
334,000
)
(
627,999
)
0
.3
China
Life
Insurance
Co.
Ltd.
,
Class
H
..............
(
566,000
)
(
1,094,069
)
0
.5
China
Railway
Group
Ltd.
,
Class
H
..................
(
2,296,000
)
(
1,015,713
)
0
.5
China
Resources
Power
Holdings
Co.
Ltd.
.......
(
450,000
)
(
1,070,494
)
0
.5
JD
Health
International,
Inc.
..
(
274,200
)
(
1,170,863
)
0
.5
JD.com,
Inc.
,
ADR
,
Class
A
...
(
68,569
)
(
2,819,557
)
1
.3
Kuaishou
Technology
.......
(
153,400
)
(
1,075,727
)
0
.5
NIO,
Inc.
,
Class
A
.........
(
168,923
)
(
639,503
)
0
.3
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
Class
H
......
(
2,870,000
)
(
17,130,895
)
7
.9
Qifu
Technology,
Inc.
,
ADR
...
(
133,380
)
(
5,990,096
)
2
.8
Shandong
Gold
Mining
Co.
Ltd.
,
Class
H
..............
(
346,500
)
(
827,450
)
0
.4
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.
,
Class
H
..
(
1,308,600
)
(
1,883,529
)
0
.9
SITC
International
Holdings
Co.
Ltd.
................
(
357,000
)
(
970,327
)
0
.4
Trip.com
Group
Ltd.
,
ADR
...
(
43,395
)
(
2,759,054
)
1
.3
Tsingtao
Brewery
Co.
Ltd.
...
(
92,000
)
(
662,509
)
0
.3
Vnet
Group,
Inc.
,
ADR
......
(
358,350
)
(
2,938,470
)
1
.4
Wharf
Holdings
Ltd.
(The)
....
(
221,000
)
(
524,848
)
0
.2
(
66,486,744
)
Denmark
ROCKWOOL
A/S
.........
(
2,500
)
(
1,036,271
)
0
.5
Hong
Kong
CLP
Holdings
Ltd.
.........
(
77,500
)
(
630,910
)
0
.3
Hang
Lung
Properties
Ltd.
...
(
2,460,000
)
(
2,104,605
)
1
.0
MTR
Corp.
Ltd.
...........
(
637,500
)
(
2,088,553
)
0
.9
Wharf
Real
Estate
Investment
Co.
Ltd.
..............
(
518,000
)
(
1,257,769
)
0
.6
(
6,081,837
)
Japan
AGC,
Inc.
..............
(
66,000
)
(
2,009,222
)
0
.9
ANA
Holdings,
Inc.
........
(
636,800
)
(
11,754,532
)
5
.4
Asics
Corp.
.............
(
37,700
)
(
799,525
)
0
.4
CyberAgent,
Inc.
..........
(
87,900
)
(
668,883
)
0
.3
Daito
Trust
Construction
Co.
Ltd.
(
9,700
)
(
992,545
)
0
.5
Daiwa
House
Industry
Co.
Ltd.
(
135,000
)
(
4,465,064
)
2
.0
DMG
Mori
Co.
Ltd.
........
(
53,100
)
(
1,037,179
)
0
.5
Fujitsu
Ltd.
..............
(
70,400
)
(
1,401,023
)
0
.6
GS
Yuasa
Corp.
..........
(
5,200
)
(
83,318
)
0.0
Heiwa
Corp.
.............
(
9,200
)
(
144,305
)
0
.1
Hoshizaki
Corp.
..........
(
2,500
)
(
96,771
)
0.0
Industrial
&
Infrastructure
Fund
Investment
Corp.
.......
(
700
)
(
542,580
)
0
.2
Infroneer
Holdings,
Inc.
.....
(
136,000
)
(
1,098,622
)
0
.5
Invincible
Investment
Corp.
...
(
200
)
(
84,277
)
0.0
Shares
Value
%
of
Basket
Value
Japan
(continued)
Kansai
Paint
Co.
Ltd.
.......
(
328,900
)
$
(
4,701,811
)
2
.2
%
Kobayashi
Pharmaceutical
Co.
Ltd.
................
(
36,100
)
(
1,367,584
)
0
.6
Kose
Corp.
.............
(
800
)
(
33,199
)
0.0
MEIJI
Holdings
Co.
Ltd.
.....
(
41,800
)
(
905,727
)
0
.4
Mitsubishi
Heavy
Industries
Ltd.
(
48,200
)
(
827,767
)
0
.4
Nagoya
Railroad
Co.,
Ltd.
...
(
711,300
)
(
8,285,378
)
3
.8
NEC
Corp.
..............
(
73,000
)
(
1,554,953
)
0
.7
Nipro
Corp.
.............
(
87,000
)
(
789,748
)
0
.4
NTT
Data
Group
Corp.
......
(
72,100
)
(
1,306,096
)
0
.6
Obara
Group,
Inc.
.........
(
138,200
)
(
3,029,216
)
1
.4
OSG
Corp.
..............
(
93,800
)
(
1,025,087
)
0
.5
Sanrio
Co.
Ltd.
...........
(
390,000
)
(
18,043,595
)
8
.3
Sapporo
Holdings
Ltd.
......
(
12,800
)
(
653,831
)
0
.3
SCSK
Corp.
.............
(
37,400
)
(
924,816
)
0
.4
Seven
&
i
Holdings
Co.
Ltd.
..
(
59,700
)
(
864,510
)
0
.4
SG
Holdings
Co.
Ltd.
.......
(
13,200
)
(
131,642
)
0
.1
SoftBank
Group
Corp.
......
(
21,700
)
(
1,109,953
)
0
.5
Sumitomo
Metal
Mining
Co.
Ltd.
(
15,500
)
(
338,812
)
0
.2
United
Urban
Investment
Corp.
(
800
)
(
793,449
)
0
.4
(
71,865,020
)
Macau
Wynn
Macau
Ltd.
.........
(
1,839,200
)
(
1,317,885
)
0
.6
Singapore
CapitaLand
Investment
Ltd.
..
(
949,400
)
(
1,920,165
)
0
.9
Genting
Singapore
Ltd.
.....
(
4,916,400
)
(
2,728,070
)
1
.3
(
4,648,235
)
South
Africa
Impala
Platinum
Holdings
Ltd.
.
(
17,600
)
(
121,165
)
0
.1
MTN
Group
Ltd.
..........
(
139,200
)
(
935,567
)
0
.4
(
1,056,732
)
Spain
Endesa
SA
.............
(
44,400
)
(
1,176,238
)
0
.5
Telefonica
SA
............
(
456,300
)
(
2,150,716
)
1
.0
(
3,326,954
)
United
States
Brandywine
Realty
Trust
....
(
12,500
)
(
55,750
)
0.0
Coinbase
Global,
Inc.
,
Class
A
(
9,285
)
(
1,599,155
)
0
.7
Ferrovial
SE
.............
(
20,900
)
(
934,810
)
0
.4
Riot
Platforms,
Inc.
........
(
321,121
)
(
2,286,381
)
1
.1
(
4,876,096
)
Investment
Companies
United
States
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(
342,788
)
(
37,257,628
)
17
.1
iShares
Preferred
&
Income
Securities
ETF
.........
(
815,000
)
(
25,044,950
)
11
.5
SPDR
Bloomberg
High
Yield
Bond
ETF
............
(
9,541
)
(
909,257
)
0
.4
Vanguard
Short-Term
Corporate
Bond
ETF
............
(
1,800,000
)
(
142,092,000
)
65
.4
(
205,303,835
)
Total
Reference
Entity
—
Short
............
(
370,892,915
)
Net
Value
of
Reference
Entity
—
Merrill
Lynch
International
&
Co.
.....................
$
(
217,431,491
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
167
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
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,
that
may
not
have
a
secondary
market,
and/
or may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
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.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Consolidated
Schedule
of
Investments
above.
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0
.05
%
1-day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0
.04
1-day
EFFR
.........................................
Effective
Federal
Funds
Rate
4
.33
1-day
ESTR
.........................................
Euro
Short-Term
Rate
2
.42
1-day
IBR
...........................................
Colombian
Reference
Banking
Indicator
8
.97
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
7
.20
1-day
MXIBTIIE
.......................................
Mexico
Interbank
TIIE
1-day
9
.05
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4
.33
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
4
.46
1-day
TONAR
........................................
Tokyo
Overnight
Average
Rate
0
.48
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
2
.25
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-day
9
.27
3-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4
.13
3-mo.
BUBOR
........................................
Budapest
Interbank
Offered
Rate
6
.51
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
2
.84
3-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
2
.34
3-mo.
HIBOR
........................................
Hong
Kong
Interbank
Offered
Rate
3
.88
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
7
.56
3-mo.
KLIBOR
........................................
Kuala
Lumpur
Interbank
Offered
Rate
3
.66
3-mo.
STIBOR
.......................................
Stockholm
Interbank
Offered
Rate
2
.36
6-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4
.30
6-mo.
BUBOR
........................................
Budapest
Interbank
Offered
Rate
6
.53
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
2
.34
6-mo.
NIBOR
........................................
Nigerian
Interbank
Offered
Rate
4
.67
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
3
.61
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
5
.66
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
Australia
.............................................
$
—
$
15,533,988
$
—
$
15,533,988
Bermuda
.............................................
—
56,552,452
—
56,552,452
Canada
.............................................
—
14,444,159
—
14,444,159
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
168
Level
1
Level
2
Level
3
Total
Cayman
Islands
........................................
$
—
$
2,174,874,737
$
5,895,489
$
2,180,770,226
France
..............................................
—
35,714,751
—
35,714,751
Germany
............................................
—
3,645,610
—
3,645,610
Ireland
..............................................
—
396,730,744
10,058,145
406,788,889
Italy
................................................
—
104,063,101
—
104,063,101
Jersey,
Channel
Islands
...................................
—
141,370,893
2,400,000
143,770,893
Luxembourg
..........................................
—
47,697,102
—
47,697,102
Netherlands
...........................................
—
24,590,131
—
24,590,131
Portugal
.............................................
—
10,196,352
—
10,196,352
Singapore
............................................
—
7,377,000
—
7,377,000
Spain
...............................................
—
34,395,313
—
34,395,313
Switzerland
...........................................
—
453,937
—
453,937
United
Kingdom
........................................
—
242,088,711
28,909,005
270,997,716
United
States
..........................................
—
2,590,714,607
102,226,391
2,692,940,998
Common
Stocks
Australia
.............................................
3,854,933
950,370
—
4,805,303
Belgium
.............................................
—
1,417,277
—
1,417,277
Brazil
...............................................
977,386
—
—
977,386
Cambodia
............................................
—
585,722
—
585,722
Canada
.............................................
21,495,051
—
—
21,495,051
Chile
...............................................
—
—
2,402,331
2,402,331
China
...............................................
10,128,974
8,011,643
—
18,140,617
Colombia
............................................
648,707
—
—
648,707
Czech
Republic
........................................
608,442
899,452
—
1,507,894
Finland
..............................................
—
477,987
—
477,987
France
..............................................
—
12,994,819
—
12,994,819
Georgia
.............................................
425,787
—
—
425,787
Germany
............................................
8,643,840
30,315,808
62
38,959,710
Greece
..............................................
—
1,503,048
—
1,503,048
Hungary
.............................................
—
1,576,079
—
1,576,079
India
...............................................
3,157,040
2,302,158
—
5,459,198
Indonesia
............................................
576,470
3,527,759
—
4,104,229
Italy
................................................
—
20,967,729
—
20,967,729
Japan
...............................................
—
18,890,254
—
18,890,254
Kazakhstan
...........................................
2,442,640
—
—
2,442,640
Malaysia
.............................................
—
1,549,056
—
1,549,056
Philippines
...........................................
796,087
2,066,446
—
2,862,533
Poland
..............................................
—
4,448,022
—
4,448,022
Republic
of
Turkiye
......................................
1,849,067
1,286,498
—
3,135,565
Romania
.............................................
—
730,294
—
730,294
Singapore
............................................
1,357,096
—
—
1,357,096
South
Korea
..........................................
810,029
998,765
—
1,808,794
Spain
...............................................
—
6,738,122
—
6,738,122
Sweden
.............................................
—
473,587
—
473,587
Switzerland
...........................................
535,603
—
—
535,603
Thailand
.............................................
—
1,754,159
—
1,754,159
United
Kingdom
........................................
20,086,024
3,210,623
53
23,296,700
United
States
..........................................
572,024,452
48,214,172
145,745,828
765,984,452
Corporate
Bonds
Angola
..............................................
—
10,496,179
—
10,496,179
Argentina
............................................
—
13,259,071
—
13,259,071
Australia
.............................................
—
229,623,161
50,139,347
279,762,508
Austria
..............................................
—
14,227,335
—
14,227,335
Belgium
.............................................
—
33,164,944
—
33,164,944
Brazil
...............................................
—
111,708,984
3,166,641
114,875,625
Canada
.............................................
—
344,184,775
111,138,357
455,323,132
Cayman
Islands
........................................
—
2,487,500
—
2,487,500
Chile
...............................................
—
37,455,369
54,113,804
91,569,173
China
...............................................
—
207,156,143
—
207,156,143
Colombia
............................................
—
65,654,650
—
65,654,650
Costa
Rica
...........................................
—
1,505,011
—
1,505,011
Cyprus
..............................................
—
2,839,254
—
2,839,254
Czech
Republic
........................................
—
52,241,607
—
52,241,607
Denmark
.............................................
—
94,729,053
—
94,729,053
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
169
Level
1
Level
2
Level
3
Total
Finland
..............................................
$
—
$
19,293,915
$
—
$
19,293,915
France
..............................................
—
904,527,713
16,261,165
920,788,878
Germany
............................................
—
1,133,394,104
23,301,938
1,156,696,042
Ghana
..............................................
—
1,372,580
—
1,372,580
Greece
..............................................
—
52,344,266
—
52,344,266
Hong
Kong
...........................................
—
142,340,190
—
142,340,190
India
...............................................
—
489,988,617
—
489,988,617
Indonesia
............................................
—
124,987,173
—
124,987,173
Ireland
..............................................
—
39,932,972
—
39,932,972
Israel
...............................................
—
27,794,913
—
27,794,913
Italy
................................................
—
651,773,381
33,356,964
685,130,345
Jamaica
.............................................
—
7,848,160
150,619
7,998,779
Japan
...............................................
—
260,236,108
—
260,236,108
Jersey,
Channel
Islands
...................................
—
85,140,183
—
85,140,183
Kazakhstan
...........................................
—
484,145
—
484,145
Kuwait
..............................................
—
7,857,293
—
7,857,293
Luxembourg
..........................................
—
276,371,451
—
276,371,451
Macau
..............................................
—
119,352,419
—
119,352,419
Mexico
..............................................
—
29,644,484
—
29,644,484
Netherlands
...........................................
—
294,970,687
—
294,970,687
Nigeria
..............................................
—
12,834,225
—
12,834,225
Norway
..............................................
—
12,244,766
—
12,244,766
Oman
...............................................
—
4,023,660
—
4,023,660
Panama
.............................................
—
368,269
—
368,269
Peru
................................................
—
7,157,856
—
7,157,856
Philippines
...........................................
—
108,420,056
—
108,420,056
Poland
..............................................
—
2,027,617
—
2,027,617
Portugal
.............................................
—
120,592,492
—
120,592,492
Qatar
...............................................
—
8,906,349
—
8,906,349
Republic
of
Turkiye
......................................
—
6,304,420
—
6,304,420
Saudi
Arabia
..........................................
—
83,533,117
—
83,533,117
Singapore
............................................
—
74,056,227
7,450,870
81,507,097
Slovenia
.............................................
—
14,137,371
—
14,137,371
South
Africa
...........................................
—
60,837,070
—
60,837,070
South
Korea
..........................................
—
105,079,088
—
105,079,088
Spain
...............................................
—
481,137,585
23,249,139
504,386,724
Sweden
.............................................
—
140,755,625
—
140,755,625
Switzerland
...........................................
—
247,834,506
—
247,834,506
Thailand
.............................................
—
61,900,789
—
61,900,789
Ukraine
.............................................
—
54,814,709
—
54,814,709
United
Arab
Emirates
....................................
—
54,018,543
—
54,018,543
United
Kingdom
........................................
—
1,335,703,067
5,728,261
1,341,431,328
United
States
..........................................
—
4,441,690,398
451,766,671
4,893,457,069
Uzbekistan
...........................................
—
12,730,265
—
12,730,265
Vietnam
.............................................
—
15,058,803
—
15,058,803
Zambia
..............................................
—
7,681,145
—
7,681,145
Fixed
Rate
Loan
Interests
France
..............................................
—
8,190,847
—
8,190,847
India
...............................................
—
—
27,420,266
27,420,266
Jersey,
Channel
Islands
...................................
—
—
2,080
2,080
Spain
...............................................
—
—
48,658,500
48,658,500
United
States
..........................................
—
4,345,738
63,166,229
67,511,967
Floating
Rate
Loan
Interests
Australia
.............................................
—
983,416
24,750,000
25,733,416
Austria
..............................................
—
3,233,098
—
3,233,098
Belgium
.............................................
—
13,544,855
—
13,544,855
Canada
.............................................
—
42,371,206
—
42,371,206
Cayman
Islands
........................................
—
—
16,189,545
16,189,545
Finland
..............................................
—
11,873,118
—
11,873,118
France
..............................................
—
97,612,595
—
97,612,595
Germany
............................................
—
86,237,966
—
86,237,966
Ireland
..............................................
—
18,380,941
16,829,231
35,210,172
Jersey,
Channel
Islands
...................................
—
—
19,121,407
19,121,407
Luxembourg
..........................................
—
110,313,314
15,685,729
125,999,043
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
170
Level
1
Level
2
Level
3
Total
Netherlands
...........................................
$
—
$
90,946,136
$
—
$
90,946,136
New
Zealand
..........................................
—
—
16,037,076
16,037,076
Norway
..............................................
—
4,895,737
—
4,895,737
Spain
...............................................
—
23,571,913
47,034,238
70,606,151
Sweden
.............................................
—
11,883,606
—
11,883,606
United
Kingdom
........................................
—
178,647,956
151,501,652
330,149,608
United
States
..........................................
—
1,094,620,626
468,704,266
1,563,324,892
Foreign
Agency
Obligations
.................................
—
608,714,883
—
608,714,883
Foreign
Government
Obligations
..............................
—
4,846,815,072
—
4,846,815,072
Grantor
Trust
...........................................
99,405,341
—
—
99,405,341
Investment
Companies
....................................
539,103,882
37,148,938
—
576,252,820
Municipal
Bonds
.........................................
—
403,899,292
—
403,899,292
Non-Agency
Mortgage-Backed
Securities
Australia
.............................................
—
13,172,776
—
13,172,776
Bermuda
.............................................
—
25,512,618
—
25,512,618
Cayman
Islands
........................................
—
7,277,186
—
7,277,186
Ireland
..............................................
—
142,799,370
—
142,799,370
Italy
................................................
—
29,475,981
—
29,475,981
Netherlands
...........................................
—
15,925,609
—
15,925,609
United
Kingdom
........................................
—
532,853,995
—
532,853,995
United
States
..........................................
—
3,856,246,229
107,589,768
3,963,835,997
Preferred
Securities
Brazil
...............................................
—
—
11,459,188
11,459,188
China
...............................................
—
—
64,116,383
64,116,383
Germany
............................................
—
63,859
154,921
218,780
Israel
...............................................
—
—
249,804
249,804
Spain
...............................................
—
5,037,169
—
5,037,169
Sweden
.............................................
—
—
1
1
United
Kingdom
........................................
—
—
6,631,411
6,631,411
United
States
..........................................
18,420,267
52,841,306
445,504,092
516,765,665
U.S.
Government
Sponsored
Agency
Securities
....................
16,313,500
19,406,981,774
—
19,423,295,274
U.S.
Treasury
Obligations
...................................
—
1,135,946,178
—
1,135,946,178
Warrants
..............................................
266,894
8,101,727
36,753,710
45,122,331
Short-Term
Securities
Borrowed
Bond
Agreements
.................................
—
253,289,193
—
253,289,193
Foreign
Government
Obligations
..............................
—
55,391,757
—
55,391,757
Money
Market
Funds
......................................
2,003,198,396
—
—
2,003,198,396
Options
Purchased
Commodity
contracts
......................................
1,154,240
—
—
1,154,240
Credit
contracts
..........................................
—
1,576,577
—
1,576,577
Equity
contracts
..........................................
17,487,506
1,937,807
—
19,425,313
Foreign
currency
exchange
contracts
...........................
—
69,814,045
—
69,814,045
Interest
rate
contracts
......................................
308,237
75,964,032
—
76,272,269
Other
contracts
..........................................
—
492,640
—
492,640
Unfunded
commitments
(a)
.....................................
—
—
3,996,480
3,996,480
Liabilities
Investments
Borrowed
Bonds
.........................................
—
(
247,996,068
)
—
(
247,996,068
)
TBA
Sale
Commitments
....................................
—
(
9,605,347,106
)
—
(
9,605,347,106
)
Investment
Sold
Short
Corporate
Bonds
........................................
—
(
242,492,322
)
—
(
242,492,322
)
Corporate
Bonds
........................................
—
(
2,529,822
)
—
(
2,529,822
)
U.S.
Treasury
Obligations
...................................
—
(
239,962,500
)
—
(
239,962,500
)
$
3,346,075,891
$
42,733,666,830
$
2,669,017,057
$
48,748,759,778
Investments
Valued
at
NAV
(b)
......................................
31,366,442
$
48,780,126,220
Derivative
Financial
Instruments
(c)
Assets
Commodity
contracts
.......................................
$
417,063
$
—
$
—
$
417,063
Credit
contracts
...........................................
—
20,485,410
—
20,485,410
Equity
contracts
...........................................
4,987,602
8,107,586
—
13,095,188
Foreign
currency
exchange
contracts
............................
—
150,258,035
—
150,258,035
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
171
Level
1
Level
2
Level
3
Total
Interest
rate
contracts
.......................................
$
59,418,393
$
413,087,983
$
—
$
472,506,376
Other
contracts
...........................................
—
4,217,782
—
4,217,782
Liabilities
Commodity
contracts
.......................................
(
226,611
)
—
—
(
226,611
)
Credit
contracts
...........................................
—
(
21,661,898
)
—
(
21,661,898
)
Equity
contracts
...........................................
(
39,809,785
)
(
2,886,254
)
—
(
42,696,039
)
Foreign
currency
exchange
contracts
............................
—
(
81,591,904
)
—
(
81,591,904
)
Interest
rate
contracts
.......................................
(
60,769,177
)
(
387,319,802
)
—
(
448,088,979
)
Other
contracts
...........................................
—
(
1,578,212
)
—
(
1,578,212
)
$
(
35,982,515
)
$
101,118,726
$
—
$
65,136,211
(a)
Unfunded
commitments
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(c)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
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
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2024
...........................................
$
107,769,299
$
141,894,095
$
774,748,306
$
145,481,364
$
711,524,447
Transfers
into
Level
3
.........................................................
—
—
—
—
17,100,060
Transfers
out
of
Level
3
........................................................
(
11,793,600
)
—
(
3,874,079
)
—
(
34,245,414
)
Other
(a)
...................................................................
15,284,033
(
1,076,126
)
(
15,284,033
)
—
—
Accrued
discounts/premiums
.....................................................
(
2,311
)
—
(
157,702
)
1,765
129,245
Net
realized
gain
(loss)
........................................................
(
138,161
)
(
10,303
)
(
13,382,201
)
30,398
(
16,547,001
)
Net
change
in
unrealized
appreciation
(depreciation)
(b)
....................................
2,172,772
(
26,984,451
)
23,317,082
2,954,351
24,680,668
Purchases
.................................................................
39,219,053
45,295,027
124,530,295
—
149,195,197
Sales
....................................................................
(
3,022,055
)
(
10,969,968
)
(
110,073,892
)
(
9,220,803
)
(
75,984,058
)
Closing
balance,
as
of
March
31,
2025
..............................................
$
149,489,030
$
148,148,274
$
779,823,776
$
139,247,075
$
775,853,144
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2025
(b)
........
$
2,172,772
$
(
26,984,451
)
$
8,764,930
$
2,829,886
$
9,045,375
Non-Agency
Mortgage-
Backed
Securities
Preferred
Securities
Unfunded
Commitments
Unfunded
Floating
Rate
Loan
Interests
Warrants
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2024
...............................
$
102,377,485
$
534,633,110
$
3,696,632
$
121,784
$
35,428,726
$
2,557,675,248
Transfers
into
Level
3
.............................................
—
—
—
—
—
17,100,060
Transfers
out
of
Level
3
............................................
—
(
2,635,008
)
—
—
—
(
52,548,101
)
Other
(a)
.......................................................
—
1,076,126
—
—
—
—
Accrued
discounts/premiums
.........................................
248,213
—
—
—
—
219,210
Net
realized
gain
(loss)
............................................
(
85,239
)
—
—
—
687,021
(
29,445,486
)
Net
change
in
unrealized
appreciation
(depreciation)
(b)
........................
(
220,977
)
3,543,151
299,848
(
121,784
)
2,012,766
31,653,426
Purchases
.....................................................
9,190,786
—
—
—
—
367,430,358
Sales
........................................................
(
3,920,500
)
(
8,501,579
)
—
—
(
1,374,803
)
(
223,067,658
)
Closing
balance,
as
of
March
31,
2025
..................................
$
107,589,768
$
528,115,800
$
3,996,480
$
—
$
36,753,710
$
2,669,017,057
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2025
(b)
.....................................................
$
(
220,977
)
$
(
2,512,580
)
$
299,848
$
(
121,784
)
$
2,707,577
$
(
4,019,404
)
(a)
Certain
Level
3
investments
were
re-classified
between
Asset-Backed
Securities,
Common
Stocks,
Corporate
Bonds
and
Preferred
Securities.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2025
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)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
172
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
$410,271,321.
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
could
result
in
a
correlated
or
inverse
change
in
value.
(b)
The
Fund
valued
certain
of
its
Level
3
Preferred
Stocks
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
$29,731,757
as
of
March
31,
2025.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Asset-Backed
Securities
........................
$
97,609,125
Income
Discount
Rate
7%
-
10%
8%
Common
Stocks
.............................
109,722,105
Market
Revenue
Multiple
1.80x
-
7.00x
3.55x
Volatility
44%
-
56%
44%
Time
to
Exit
5.6
years
—
EBITDA
Multiple
24.95x
—
Discount
for
Lack
of
Marketability
9%
—
Income
Discount
Rate
15%
—
Corporate
Bonds
.............................
695,118,184
Income
Discount
Rate
5%
-
30%
11%
Market
Revenue
Multiple
3.72x
-
4.00x
3.98x
Time
to
Exit
0.3
-
1.0
year
0.4
year
Volatility
50%
-
80%
54%
Fixed
Rate
Loan
Interests
........................
63,166,230
Income
Discount
Rate
7%
-
8%
7%
Floating
Rate
Loan
Interests
......................
721,093,266
Income
Discount
Rate
5%
-
15%
9%
Estimated
Recovery
Value
44%
—
Market
EBITDA
Multiple
13.00x
—
Non-Agency
Mortgage-Backed
Securities
..............
22,898,671
Income
Discount
Rate
9%
—
Preferred
Stocks
(b)
............................
528,115,799
Market
Revenue
Multiple
1.05x
-
14.31x
7.22x
Volatility
46%
-
90%
68%
Time
to
Exit
0.3
-
5.0
years
2.7
years
Gross
Profit
Multiple
11.75x
—
Direct
Profit
Multiple
4.75x
—
EBITDA
Multiple
8.50x
-
14.50x
14.24x
EBITDAR
Multiple
10.00x
—
Market
Adjustment
Multiple
1.00x
1.00x
Income
Discount
Rate
10%
-
15%
13%
Warrants
..................................
21,022,356
Market
Revenue
Multiple
2.75x
-
8.75x
7.54x
Volatility
44%
-
80%
67%
Time
to
Exit
0.3
–
3.0
years
2.9
years
Discount
for
Lack
of
Marketability
9%
—
Income
Discount
Rate
15%
—
$
2,258,745,736
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
173
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
DKK
Danish
Krone
DOP
Dominican
Peso
EGP
Egyptian
Pound
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
ILS
Israeli
shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NGN
Nigerian
Naira
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
BUBOR
Budapest
Interbank
Offered
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CDO
Collateralized
Debt
Obligation
CDI
Crest
Depository
Interests
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
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
CWABS
Countrywide
Asset-Backed
Certificates
DAC
Designated
Activity
Company
EM
Emerging
Markets
EFFR
Effective
Federal
Funds
Rate
ESTR
Euro
Short-Term
Rate
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GDR
Global
Depositary
Receipts
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
MIBOR
Mumbai
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
Nasdaq
National
Association
of
Securities
Dealers
Automated
Quotations
NIBOR
Norwegian
Interbank
Offered
Rate
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
SCA
Svenska
Cellulosa
Aktiebolaget
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
STIBOR
Stockholm
Interbank
Offered
Rate
TBA
To-be-announced
TIPS
Treasury
Inflation
Protected
Securities
TONAR
Tokyo
Overnight
Average
Rate
VRDN
Variable
Rate
Demand
Notes
WIBOR
Warsaw
Interbank
Offered
Rate