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
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