Consolidated
Schedule
of
Investments
(unaudited)
September
30,
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
—
0.2%
(a)(b)
Household
Capital
RMBS,
Series
2025-
1,
Class
A,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.90%),
5.74%,
07/21/87
.................
AUD
5,460‌
$
3,602,007‌
Latitude
Australia
Credit
Card
Master
Trust
Series
2025-1,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.15%),
4.69%,
11/23/37
.....
16,998‌
11,277,045‌
Series
2025-1,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.40%),
4.94%,
11/23/37
.....
6,791‌
4,505,288‌
Liberty,
Series
2024-1A,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.20%),
4.75%,
05/25/32
............
1,804‌
1,197,891‌
Metro
Finance
Trust
Series
2025-1,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.17%),
4.71%,
10/15/31
....
17,216‌
11,432,717‌
Series
2025-1,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.55%),
5.09%,
10/15/31
....
1,640‌
1,092,383‌
Series
2025-1,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.90%),
5.44%,
10/15/31
....
500‌
333,977‌
Panorama
Auto
Trust
Series
2025-1,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.97%),
4.51%,
03/15/33
....
10,239‌
6,779,182‌
Series
2025-1,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.35%),
4.89%,
03/15/33
....
8,483‌
5,625,270‌
Series
2025-1,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.55%),
5.09%,
03/15/33
....
1,724‌
1,143,212‌
Series
2025-1,
Class
E,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
3.40%),
6.94%,
03/15/33
....
500‌
335,439‌
Series
2025-3,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.87%),
4.42%,
09/15/33
....
12,312‌
8,139,192‌
Series
2025-3,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.15%),
4.70%,
09/15/33
....
4,803‌
3,168,833‌
Series
2025-3,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.35%),
4.90%,
09/15/33
....
3,242‌
2,138,967‌
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
RAF
ABS
Series
2025-1,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.95%),
4.51%,
12/09/31
....
AUD
12,660‌
$
8,380,640‌
Series
2025-1,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.25%),
4.81%,
12/09/31
....
1,250‌
827,473‌
Series
2025-1,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.45%),
5.01%,
12/09/31
....
700‌
463,380‌
70,442,896‌
Bermuda
—
0.1%
(a)(c)
AREIT
LLC,
Series
2023-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.11%
Floor
+
2.11%),
6.25%,
08/17/41
.
USD
5,039‌
5,039,792‌
OHA
Credit
Funding
11
Ltd.,
Series
2022-11A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.40%
Floor
+
5.40%),
9.73%,
07/19/37
.......
250‌
252,306‌
OHA
Credit
Funding
13
Ltd.,
Series
2022-13A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.40%
Floor
+
5.40%),
9.73%,
07/20/37
.......
7,675‌
7,796,729‌
Rad
CLO
25
Ltd.,
Series
2024-25A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.46%
Floor
+
1.46%),
5.79%,
07/20/37
.................
3,000‌
3,013,751‌
RR
24
Ltd.
Series
2022-24A,
Class
A1A2,
(3-
mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.63%,
01/15/37
2,000‌
2,007,744‌
Series
2022-24A,
Class
SUB,
0.00%,
01/15/2123
........
9,750‌
6,025,695‌
RR
27
Ltd.,
Series
2023-27A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.23%),
0.00%,
10/15/40
.................
7,750‌
7,750,000‌
RR
33
Ltd.,
Series
2024-33A,
Class
A1B,
(3-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.58%),
5.90%,
10/15/39
.................
2,000‌
2,004,944‌
Symphony
CLO
39
Ltd.,
Series
2023-
39A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.65%,
01/25/38
............
1,500‌
1,506,230‌
Symphony
CLO
40
Ltd.
Series
2023-40A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.63%,
01/05/38
...
2,100‌
2,108,104‌
Series
2023-40A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
6.97%,
01/05/38
...
1,840‌
1,859,402‌
Trinitas
CLO
XXIII
Ltd.,
Series
2023-
23A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.48%,
10/20/38
............
3,750‌
3,763,072‌
Trinitas
CLO
XXIV
Ltd.,
Series
2024-
24A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.34%
Floor
+
7.34%),
11.66%,
04/25/37
...........
5,000‌
5,053,487‌
48,181,256‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
—
6.6%
720
East
CLO
Ltd.,
Series
2023-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.17%,
10/15/36
(a)(c)
...............
USD
3,750‌
$
3,755,219‌
720
East
CLO
VII
Ltd.,
Series
2025-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.06%),
5.34%,
04/20/37
(a)(c)
...............
14,750‌
14,772,883‌
720
East
CLO
VIII
Ltd.,
Series
2025-8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.39%,
07/20/38
(a)(c)
...............
14,720‌
14,764,248‌
AB
BSL
CLO
3
Ltd.,
Series
2021-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.58%,
04/20/38
(a)(c)
...............
3,000‌
3,005,718‌
ABPCI
DIRECT
LENDING
FUND
CLO
V
Ltd.,
Series
2019-5A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
6.53%,
01/20/36
(a)(c)
6,250‌
6,344,841‌
ACAS
CLO
Ltd.
(a)(c)
Series
2015-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.86%),
6.19%,
10/18/28
...
208‌
207,362‌
Series
2015-1A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.46%),
6.79%,
10/18/28
...
3,690‌
3,698,598‌
AGL
CLO
11
Ltd.
(a)(c)
Series
2021-11A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.23%,
10/15/38
(d)
..
1,510‌
1,510,000‌
Series
2021-11A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.85%),
6.81%,
10/15/38
...
750‌
750,000‌
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
5.75%,
07/20/34
(a)(c)
...............
1,000‌
1,001,701‌
AGL
CLO
19
Ltd.,
Series
2022-19A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.40%),
8.72%,
07/21/38
(a)(c)
...............
1,000‌
1,003,734‌
AGL
CLO
37
Ltd.
(a)(c)
Series
2024-37A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
5.57%,
04/22/38
...
4,000‌
4,008,800‌
Series
2024-37A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.80%
Floor
+
4.80%),
9.13%,
04/22/38
...
1,000‌
1,003,826‌
AGL
CLO
40
Ltd.,
Series
2025-40A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
5.55%,
07/22/38
(a)(c)
...............
3,750‌
3,759,492‌
AGL
CLO
42
Ltd.,
Series
2025-42A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.57%,
07/22/38
(a)(c)
...............
2,520‌
2,524,466‌
AGL
CLO
44
Ltd.,
Series
2025-44A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.75%,
10/22/37
(a)(c)
...............
6,250‌
6,237,550‌
AGL
Core
CLO
36
Ltd.
(a)(c)
Series
2024-36A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.60%,
01/23/38
...
2,500‌
2,508,020‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2024-36A,
Class
X,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
0.95%),
5.27%,
01/23/38
...
USD
1,320‌
$
1,319,955‌
AIMCO
CLO
(a)(c)
Series
2018-AA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.63%,
10/17/37
...
3,505‌
3,518,632‌
Series
2018-BA,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.30%),
10.62%,
04/16/37
..
1,000‌
1,012,308‌
AIMCO
CLO
10
Ltd.,
Series
2019-10A,
Class
SUB,
0.00%,
07/22/32
(a)(c)
..
2,250‌
1,189,035‌
AIMCO
CLO
14
Ltd.
(a)(c)
Series
2021-14A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
3.70%),
0.00%,
10/20/38
...
2,000‌
1,992,500‌
Series
2021-14A,
Class
SUB,
0.00%,
10/20/38
..........
20,000‌
11,803,600‌
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)
...............
459‌
459,504‌
ALM
VII
Ltd.,
Series
2012-7A,
Class
SUB,
0.00%,
10/15/2116
(a)(c)(d)(e)(f)
.
12,160‌
1‌
AMMC
CLO
25
Ltd.,
Series
2022-25A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.30%,
10/15/38
(a)(c)
..........
38,300‌
38,422,300‌
AMMC
CLO
32
Ltd.,
Series
2025-32A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.56%,
10/17/38
(a)(c)
...............
24,540‌
24,540,000‌
Anchorage
Capital
CLO
11
Ltd.,
Series
2019-11A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
3.75%),
8.08%,
07/22/37
(a)(c)
....
2,500‌
2,515,828‌
Anchorage
Capital
CLO
15
Ltd.,
Series
2020-15A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.62%,
07/20/38
(a)(c)
....
7,750‌
7,788,735‌
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
7,010,208‌
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-18A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.41%),
5.73%,
04/15/34
(a)(c)
....
5,100‌
5,108,645‌
Anchorage
Capital
CLO
19
Ltd.,
Series
2021-19A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.64%,
10/15/38
(a)(c)
....
9,750‌
9,796,208‌
Anchorage
Capital
CLO
29
Ltd.,
Series
2024-29A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.84%
Floor
+
6.84%),
11.17%,
07/20/37
(a)(c)
....
1,250‌
1,270,326‌
Anchorage
Capital
CLO
31
Ltd.
(a)(c)
Series
2025-31A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
0.00%,
10/20/38
...
53,850‌
53,786,014‌
Series
2025-31A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.85%),
0.00%,
10/20/38
...
2,000‌
1,992,623‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Anchorage
Capital
CLO
6
Ltd.,
Series
2015-6A,
Class
AR4,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.64%,
07/22/38
(a)(c)
....
USD
14,600‌
$
14,651,100‌
Anchorage
Capital
CLO
7
Ltd.
(a)(c)
Series
2015-7A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.56%
Floor
+
1.56%),
5.87%,
04/28/37
...
22,000‌
22,086,145‌
Series
2015-7A,
Class
DR3,
(3-mo.
CME
Term
SOFR
at
3.80%
Floor
+
3.80%),
8.11%,
04/28/37
...
8,860‌
8,919,124‌
Anchorage
Capital
CLO
8
Ltd.,
Series
2016-8A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.86%),
8.18%,
10/27/34
(a)(c)
....
2,000‌
2,010,000‌
Anchorage
Capital
CLO
9
Ltd.,
Series
2016-9X,
Class
SUB,
0.00%,
01/15/29
(a)(b)
...............
7,500‌
2,055,000‌
Anchorage
Credit
Funding
10
Ltd.,
Series
2020-10A,
Class
AV,
3.62%,
04/25/38
(c)
................
23,350‌
22,873,391‌
Anchorage
Credit
Funding
12
Ltd.,
Series
2020-12A,
Class
A1,
3.18%,
10/25/38
(c)
................
20,000‌
19,433,378‌
Anchorage
Credit
Funding
13
Ltd.,
Series
2021-13A,
Class
A1,
2.88%,
07/27/39
(c)
................
25,970‌
24,768,080‌
Anchorage
Credit
Funding
14
Ltd.,
Series
2021-14A,
Class
A,
3.00%,
01/21/40
(c)
................
20,750‌
19,917,506‌
Anchorage
Credit
Funding
2
Ltd.,
Series
2015-2A,
Class
ARV,
3.93%,
04/25/38
(c)
................
12,160‌
11,974,438‌
Anchorage
Credit
Funding
3
Ltd.
(c)
Series
2016-3A,
Class
A1R,
2.87%,
01/28/39
...............
22,000‌
21,080,230‌
Series
2016-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
6.68%,
01/28/39
(a)
..
4,045‌
4,056,155‌
Series
2016-3A,
Class
SUBR,
0.00%,
01/28/39
(a)
.........
7,500‌
4,616,896‌
Anchorage
Credit
Funding
4
Ltd.,
Series
2016-4A,
Class
AR,
2.72%,
04/27/39
(c)
................
14,250‌
13,480,296‌
Anchorage
Credit
Funding
8
Ltd.,
Series
2019-8A,
Class
A,
4.43%,
07/25/37
(c)
................
7,769‌
7,589,937‌
Anchorage
Credit
Funding
9
Ltd.,
Series
2019-9A,
Class
AV,
3.79%,
10/25/37
(c)
................
5,507‌
5,443,100‌
Anchorage
Credit
Funding
Ltd.,
Series
2021-14A,
Class
SUB,
0.00%,
01/21/40
(a)(c)
...............
10,000‌
6,982,333‌
Antares
CLO
Ltd.
(a)(c)
Series
2018-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.13%,
07/20/36
...
3,600‌
3,606,803‌
Series
2019-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
6.27%,
01/23/36
...
16,470‌
16,559,065‌
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.79%),
6.11%,
07/25/33
...
3,475‌
3,482,050‌
Series
2021-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
0.00%,
10/25/38
...
28,400‌
28,400,000‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Apidos
CLO
LIII,
Series
2025-53A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.65%,
07/20/38
(a)(c)
...............
USD
9,750‌
$
9,781,904‌
Apidos
CLO
LIV
(a)(c)
Series
2025-54A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.47%,
10/20/38
...
3,540‌
3,548,920‌
Series
2025-54A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
6.82%,
10/20/38
...
3,000‌
3,006,661‌
Series
2025-54A,
Class
D2,
(3-mo.
CME
Term
SOFR
at
3.90%
Floor
+
3.90%),
8.07%,
10/20/38
...
750‌
755,834‌
Apidos
CLO
XXXI
(a)(c)
Series
2019-31A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
6.13%,
04/15/31
...
250‌
250,627‌
Series
2019-31A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
6.48%,
04/15/31
...
1,140‌
1,142,223‌
Apidos
CLO
XXXVI,
Series
2021-36A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.19%,
07/20/34
(a)(c)
...............
1,320‌
1,323,459‌
Apidos
CLO
XXXVII,
Series
2021-37A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.56%),
10.89%,
10/22/34
(a)(c)
...............
850‌
851,651‌
Apidos
Loan
Fund
Ltd.,
Series
2024-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.38%,
10/25/38
(a)(c)
...............
5,350‌
5,362,266‌
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.,
Series
2025-BTR1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.93%
Floor
+
1.93%),
6.06%,
01/20/41
(a)(c)
...............
2,471‌
2,473,260‌
AREIT
Ltd.
(a)(c)
Series
2024-CRE9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.84%,
05/17/41
...
16,048‌
16,050,499‌
Series
2025-CRE10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.54%,
12/17/29
...
3,710‌
3,712,294‌
Ares
Loan
Funding
I
Ltd.
(a)(c)
Series
2021-ALFA,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.96%),
11.28%,
10/15/34
..
10,850‌
10,844,846‌
Series
2021-ALFA,
Class
SUB,
0.00%,
10/15/34
..........
14,000‌
6,629,843‌
Ares
Loan
Funding
IX
Ltd.,
Series
2025-ALF9A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.00%
Floor
+
5.00%),
9.28%,
03/31/38
(a)(c)
....
6,450‌
6,511,492‌
Ares
LVII
CLO
Ltd.,
Series
2020-57A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.73%,
01/25/35
(a)(c)
...............
4,000‌
4,007,472‌
Ares
LXXVII
CLO
Ltd.,
Series
2025-
77A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.21%,
07/15/38
(a)(c)
..........
2,000‌
2,003,819‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Assurant
CLO
II
Ltd.,
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
5.63%,
04/20/31
(a)(c)
...............
USD
116‌
$
116,368‌
Atrium
XV,
Series
15A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
7.62%,
07/16/37
(a)(c)
1,450‌
1,458,137‌
Bain
Capital
Credit
CLO
Ltd.
(a)(c)
Series
2020-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
6.08%,
10/20/36
...
490‌
490,561‌
Series
2021-7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
0.98%),
5.31%,
01/22/35
...
4,200‌
4,202,302‌
Series
2024-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.66%,
01/21/38
...
1,330‌
1,334,014‌
Series
2025-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
0.00%,
01/17/39
...
4,820‌
4,820,000‌
Ballyrock
CLO
14
Ltd.
(a)(c)
Series
2020-14A,
Class
A1AR,
(3-
mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.71%,
07/20/37
10,036‌
10,062,124‌
Series
2020-14A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
6.33%,
07/20/37
...
250‌
251,093‌
Series
2020-14A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.85%
Floor
+
5.85%),
10.18%,
07/20/37
..
250‌
250,852‌
Ballyrock
CLO
29
Ltd.,
Series
2025-
29A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.63%,
07/25/38
(a)(c)
..........
500‌
500,870‌
Ballyrock
CLO
Ltd.
(a)(c)
Series
2019-2A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
0.00%,
10/25/38
...
19,600‌
19,600,000‌
Series
2019-2A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
0.00%,
10/25/38
...
2,750‌
2,750,000‌
Series
2020-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.41%),
10.74%,
10/20/31
..
1,340‌
1,340,238‌
Barings
CLO
Ltd.
(a)(c)
Series
2015-IA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
5.58%,
01/20/31
...
485‌
485,533‌
Series
2015-IA,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
5.99%,
01/20/31
...
250‌
250,183‌
Battalion
CLO
VIII
Ltd.
(a)(c)
Series
2015-8A,
Class
A2R3,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
5.33%,
07/18/30
...
11,000‌
10,957,307‌
Series
2015-8A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.58%,
07/18/30
...
2,000‌
1,997,944‌
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)
...............
4,555‌
4,559,528‌
Benefit
Street
Partners
CLO
43
Ltd.,
Series
2025-43A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
0.00%,
10/20/38
(a)(c)
....
2,000‌
2,000,000‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Benefit
Street
Partners
CLO
IV
Ltd.
(a)(c)
Series
2014-IVA,
Class
AR5,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.20%,
10/20/38
...
USD
24,550‌
$
24,611,375‌
Series
2014-IVA,
Class
DTR5,
(3-
mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
6.60%,
10/20/38
1,000‌
959,616‌
Benefit
Street
Partners
CLO
Ltd.,
Series
2015-6BR,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
5.51%,
04/20/38
(a)(c)
....
4,000‌
4,006,045‌
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.53%),
5.86%,
07/20/37
(a)(c)
....
8,550‌
8,605,395‌
Benefit
Street
Partners
CLO
X
Ltd.,
Series
2016-10A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.63%,
07/20/38
(a)(c)
9,334‌
9,365,969‌
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
6,022,194‌
Benefit
Street
Partners
CLO
XX
Ltd.,
Series
2020-20A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
5.58%,
07/15/37
(a)(c)
....
4,750‌
4,764,509‌
Benefit
Street
Partners
CLO
XXIII
Ltd.,
Series
2021-23A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
9.57%,
04/25/34
(a)(c)
....
2,300‌
2,318,990‌
Bethpage
Park
CLO
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
5.71%,
01/15/35
(a)(c)
..........
8,000‌
8,011,078‌
Birch
Grove
CLO
13
Ltd.,
Series
2025-
13A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.47%,
10/23/38
(a)(c)
..........
7,750‌
7,770,231‌
Birch
Grove
CLO
3
Ltd.,
Series
2021-
3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
5.59%,
01/19/38
(a)(c)
..........
3,460‌
3,467,785‌
BlueMountain
CLO
Ltd.
(a)(c)
Series
2013-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.86%),
6.19%,
10/22/30
...
3,635‌
3,631,252‌
Series
2015-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
5.59%,
04/20/31
...
911‌
911,624‌
Series
2016-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.41%,
11/15/30
...
1,779‌
1,779,726‌
Series
2016-3A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.91%,
11/15/30
...
7,400‌
7,408,836‌
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
6.27%,
07/30/30
...
273‌
272,804‌
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.11%
Floor
+
1.37%),
5.58%,
08/15/31
...
504‌
504,460‌
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
6.17%,
08/15/31
...
2,750‌
2,754,427‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2018-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.92%,
10/25/30
...
USD
9,000‌
$
9,009,173‌
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.66%,
07/15/31
(a)(c)
....
561‌
561,306‌
BlueMountain
CLO
XXIX
Ltd.,
Series
2020-29A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
7.73%,
07/25/34
(a)(c)
....
250‌
251,102‌
BlueMountain
CLO
XXVI
Ltd.,
Series
2019-26A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.76%),
8.09%,
10/20/34
(a)(c)
....
1,330‌
1,333,068‌
BlueMountain
CLO
XXX
Ltd.
(a)(c)
Series
2020-30A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.15%,
04/15/35
...
3,500‌
3,500,000‌
Series
2020-30A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.70%),
11.02%,
04/15/35
..
250‌
250,000‌
BlueMountain
Fuji
US
CLO
II
Ltd.,
Series
2017-2A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
5.59%,
10/20/30
(a)(c)
....
1,033‌
1,033,870‌
Bryant
Park
CLO
Ltd.,
Series
2025-27A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.53%,
07/20/38
(a)(c)
...............
7,250‌
7,278,116‌
Bryant
Park
Funding
Ltd.
(a)(c)
Series
2023-19A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.52%,
04/15/38
...
2,000‌
2,001,408‌
Series
2023-19A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
3.95%
Floor
+
3.95%),
8.27%,
04/15/38
...
1,500‌
1,504,335‌
Series
2023-21A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
0.00%,
10/18/38
...
7,750‌
7,750,000‌
Series
2024-25A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.67%,
01/18/38
...
5,000‌
5,014,126‌
BSPDF
Issuer
LLC,
Series
2025-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.52%),
5.85%,
12/15/42
(a)(c)
...............
2,996‌
2,995,451‌
BXMT
Ltd.,
Series
2025-FL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.77%,
10/18/42
(a)(c)
16,906‌
16,830,243‌
Canyon
Capital
CLO
R
Ltd.,
Series
2012-1RA,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
6.58%,
07/15/30
(a)(c)
....
1,500‌
1,502,914‌
Canyon
CLO
Ltd.
(a)(c)
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
5.65%,
07/15/31
...
1,493‌
1,494,438‌
Series
2020-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.72%,
10/15/37
...
5,820‌
5,840,751‌
Series
2021-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.10%),
5.42%,
10/15/34
...
3,500‌
3,502,456‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Carbone
CLO
Ltd.
(a)(c)
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.40%),
5.73%,
01/20/31
...
USD
1,113‌
$
1,115,244‌
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.86%),
7.19%,
01/20/31
...
3,000‌
2,991,095‌
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2014-2RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.31%),
5.52%,
05/15/31
(a)(c)
952‌
952,634‌
Carlyle
US
CLO
Ltd.
(a)(c)
Series
2021-10A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.30%
Floor
+
4.30%),
8.63%,
01/20/38
...
1,500‌
1,515,000‌
Series
2022-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.88%,
04/20/37
...
2,000‌
2,007,655‌
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.15%),
7.47%,
07/16/31
(a)(c)
...............
1,705‌
1,713,310‌
CarVal
CLO
VC
Ltd.
(a)(c)
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
7.83%,
10/15/34
...
500‌
501,529‌
Series
2021-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
7.01%),
11.33%,
10/15/34
..
250‌
250,565‌
Cayuga
Park
CLO
Ltd.,
Series
2020-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.70%,
07/17/34
(a)(c)
...............
1,710‌
1,712,471‌
CBAM
Ltd.,
Series
2018-7A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.19%,
07/20/31
(a)(c)
1,000‌
1,000,850‌
CBAMR
Ltd.
(a)(c)
Series
2018-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.45%,
10/17/38
...
3,525‌
3,535,815‌
Series
2019-9A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
5.95%,
07/15/37
...
1,000‌
1,003,366‌
Cedar
Funding
V
CLO
Ltd.
(a)(c)
Series
2016-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.68%,
07/17/31
...
2,713‌
2,716,758‌
Series
2016-5A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.01%),
6.33%,
07/17/31
...
750‌
750,713‌
Series
2016-5A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.36%),
6.68%,
07/17/31
...
2,000‌
2,004,410‌
Cedar
Funding
VII
CLO
Ltd.
(a)(c)
Series
2018-7A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
7.08%,
01/20/31
...
6,750‌
6,734,123‌
Series
2018-7A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.55%
Floor
+
4.81%),
9.14%,
01/20/31
...
2,963‌
2,959,909‌
Series
2018-7A,
Class
F,
(3-mo.
CME
Term
SOFR
at
6.90%
Floor
+
7.16%),
11.49%,
01/20/31
..
2,000‌
1,878,979‌
Series
2018-7A,
Class
SUB,
0.00%,
01/20/31
...............
1,750‌
250,021‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Cedar
Funding
XI
CLO
Ltd.,
Series
2019-11A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.50%,
05/29/32
(a)(c)
....
USD
1,000‌
$
999,573‌
Cedar
Funding
XIV
CLO
Ltd.
(a)(c)
Series
2021-14A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
7.42%,
10/15/37
...
8,750‌
8,773,703‌
Series
2021-14A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
7.39%
Floor
+
7.39%),
11.71%,
10/15/37
..
4,900‌
4,946,465‌
Cedar
Funding
XIX
CLO
Ltd.,
Series
2024-19A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.65%,
01/23/38
(a)(c)
....
30,350‌
30,437,223‌
CIFC
Funding
2018-II
Ltd.
(a)(c)
Series
2018-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.70%,
10/20/37
...
2,513‌
2,519,936‌
Series
2018-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
6.08%,
10/20/37
...
500‌
502,670‌
CIFC
Funding
2021-IV
Ltd.
(a)(c)
Series
2021-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.68%,
07/23/37
...
2,776‌
2,784,797‌
Series
2021-4A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.97%,
07/23/37
...
500‌
501,625‌
CIFC
Funding
Ltd.
(a)(c)
Series
2013-2A,
Class
A1L2,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
5.59%,
10/18/30
...
236‌
236,736‌
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.69%,
01/18/31
...
230‌
230,306‌
Series
2014-2RA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.68%,
10/24/37
...
3,500‌
3,510,371‌
Series
2017-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.73%,
07/17/37
...
18,250‌
18,315,481‌
Series
2018-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.35%,
10/18/38
...
7,750‌
7,778,140‌
Series
2019-2A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.39%,
10/17/38
...
3,500‌
3,508,088‌
Series
2019-4A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.65%,
07/15/38
...
5,000‌
5,015,102‌
Series
2019-4A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.20%,
07/15/38
...
3,000‌
3,007,936‌
Series
2019-5A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.94%,
10/15/38
...
2,000‌
2,005,367‌
Series
2024-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
5.81%,
07/21/37
...
5,500‌
5,526,092‌
Creeksource
Dunes
Creek
CLO
Ltd.
(a)(c)
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.73%,
01/15/38
...
8,000‌
8,034,740‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2024-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
6.07%,
01/15/38
...
USD
2,000‌
$
2,006,740‌
Crown
City
CLO
III,
Series
2021-1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
5.76%,
07/20/34
(a)(c)
...............
250‌
250,363‌
Crown
Point
CLO
9
Ltd.,
Series
2020-
9A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
4.01%),
8.33%,
07/14/34
(a)(c)
..........
1,000‌
1,002,310‌
Crown
Point
CLO
IV
Ltd.,
Series
2018-4A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.16%),
6.49%,
04/20/31
(a)(c)
1,350‌
1,352,610‌
Diameter
Capital
CLO
10
Ltd.,
Series
2025-10A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.60%,
04/20/38
(a)(c)
....
10,983‌
11,019,225‌
Diameter
Capital
CLO
2
Ltd.
(a)(c)
Series
2021-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.71%,
10/15/37
...
14,750‌
14,810,752‌
Series
2021-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.15%),
10.47%,
10/15/37
..
3,000‌
3,040,637‌
Diameter
Capital
CLO
4
Ltd.,
Series
2022-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.83%
Floor
+
1.83%),
6.15%,
01/15/37
(a)(c)
....
6,750‌
6,766,517‌
Dryden
41
Senior
Loan
Fund,
Series
2015-41A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
5.55%,
04/15/31
(a)(c)
....
1,137‌
1,137,310‌
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.19%,
07/18/30
(a)(c)
....
1,000‌
1,001,500‌
Dryden
55
CLO
Ltd.,
Series
2018-55A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.28%),
5.60%,
04/15/31
(a)(c)
...............
972‌
973,177‌
Dryden
61
CLO
Ltd.,
Series
2018-61A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.08%),
5.40%,
01/17/32
(a)(c)
..........
3,661‌
3,660,778‌
Dryden
65
CLO
Ltd.,
Series
2018-65A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.19%,
07/18/30
(a)(c)
...............
700‌
701,512‌
Dryden
87
CLO
Ltd.,
Series
2021-87A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.53%,
08/20/38
(a)(c)
...............
3,100‌
3,110,095‌
Eaton
Vance
CLO
Ltd.,
Series
2013-1A,
Class
AR4,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.62%,
10/15/38
(a)(c)
...............
9,750‌
9,792,683‌
Elevation
CLO
Ltd.,
Series
2013-1A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.62%,
07/25/38
(a)(c)
..........
9,750‌
9,795,209‌
Elmwood
CLO
16
Ltd.,
Series
2022-3A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.00%),
12.33%,
04/20/37
(a)(c)
...............
2,090‌
1,969,739‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
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
17
Ltd.,
Series
2022-4A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.40%),
8.72%,
07/17/37
(a)(c)
...............
USD
3,000‌
$
3,010,433‌
Elmwood
CLO
18
Ltd.,
Series
2022-5A,
Class
SUB,
0.00%,
07/17/37
(a)(c)
..
6,000‌
2,373,300‌
Elmwood
CLO
19
Ltd.,
Series
2022-6A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
0.00%,
10/17/38
(a)(c)
...............
7,500‌
7,514,250‌
Elmwood
CLO
20
Ltd.,
Series
2022-7A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.00%),
12.32%,
01/17/37
(a)(c)
...............
3,500‌
3,350,975‌
Elmwood
CLO
22
Ltd.,
Series
2023-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.52%,
04/17/38
(a)(c)
...............
4,750‌
4,754,840‌
Elmwood
CLO
24
Ltd.,
Series
2023-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.64%,
01/17/38
(a)(c)
...............
1,083‌
1,087,337‌
Elmwood
CLO
28
Ltd.,
Series
2024-4A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.25%
Floor
+
7.25%),
11.57%,
04/17/37
(a)(c)
...............
2,000‌
1,946,662‌
Elmwood
CLO
41
Ltd.,
Series
2025-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.00%),
10.29%,
07/17/38
(a)(c)
...............
2,000‌
2,065,018‌
Elmwood
CLO
I
Ltd.,
Series
2019-1A,
Class
SUB,
0.00%,
04/20/37
(a)(c)
..
7,500‌
3,692,550‌
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
D1RR,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
7.38%,
10/20/37
(a)(c)
..........
3,000‌
3,029,248‌
Elmwood
CLO
III
Ltd.
(a)(c)
Series
2019-3A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
5.95%
Floor
+
5.95%),
10.28%,
07/18/37
..
500‌
498,249‌
Series
2019-3A,
Class
FRR,
(3-mo.
CME
Term
SOFR
at
7.91%
Floor
+
7.91%),
12.24%,
07/18/37
..
3,450‌
3,191,482‌
Series
2019-3A,
Class
SUB,
0.00%,
07/18/37
...............
5,540‌
2,619,866‌
Elmwood
CLO
VI
Ltd.,
Series
2020-3A,
Class
SUB,
0.00%,
10/20/34
(a)(c)
..
2,500‌
1,114,923‌
Elmwood
CLO
VII
Ltd.,
Series
2020-4A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.68%,
10/17/37
(a)(c)
..........
2,750‌
2,759,430‌
Elmwood
CLO
VIII
Ltd.
(a)(c)
Series
2021-1A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.00%),
12.33%,
04/20/37
..
10,250‌
9,636,699‌
Series
2021-1A,
Class
SUB,
0.00%,
01/20/34
...............
10,500‌
3,290,070‌
Flatiron
CLO
20
Ltd.,
Series
2020-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
5.23%,
11/20/38
(a)(c)
..........
2,522‌
2,522,000‌
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
SUB,
0.00%,
07/19/34
(a)(c)
..
5,000‌
2,795,950‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Flatiron
CLO
25
Ltd.
(a)(c)
Series
2024-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.67%,
10/17/37
...
USD
1,150‌
$
1,154,401‌
Series
2024-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.17%,
10/17/37
...
310‌
310,820‌
Flatiron
CLO
28
Ltd.,
Series
2024-1A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
4.60%
Floor
+
4.60%),
8.85%,
07/15/36
(a)(c)
...............
2,000‌
1,999,977‌
Galaxy
XXVI
CLO
Ltd.,
Series
2018-
26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
5.37%,
11/22/31
(a)(c)
..........
444‌
443,853‌
Generate
CLO
19
Ltd.,
Series
2025-
19A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.57%,
04/22/36
(a)(c)
..........
1,000‌
1,003,546‌
Generate
CLO
20
Ltd.,
Series
2024-
20A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.62%,
01/25/38
(a)(c)
..........
3,000‌
3,008,988‌
Generate
CLO
22
Ltd.,
Series
2025-
22A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.65%,
07/20/38
(a)(c)
..........
31,500‌
31,610,313‌
Generate
CLO
7
Ltd.,
Series
7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.95%,
04/22/37
(a)(c)
...............
1,972‌
1,978,639‌
Generate
CLO
9
Ltd.,
Series
9A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.68%,
01/20/38
(a)(c)
...............
31,384‌
31,476,259‌
GoldenTree
Loan
Management
US
CLO
11
Ltd.,
Series
2021-11A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
4.90%
Floor
+
4.90%),
9.23%,
10/20/34
(a)(c)
...............
5,765‌
5,773,687‌
Golub
Capital
Partners
48
LP,
Series
2020-48A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.63%,
04/17/38
(a)(c)
....
6,530‌
6,551,635‌
Golub
Capital
Partners
CLO
43B
Ltd.,
Series
2019-43A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.67%,
10/20/37
(a)(c)
....
8,650‌
8,671,921‌
Golub
Capital
Partners
CLO
44M
Ltd.,
Series
2019-44A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
5.90%,
10/21/38
(a)(c)
....
25,488‌
25,570,703‌
Golub
Capital
Partners
CLO
49M
Ltd.,
Series
2020-49A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.52%),
5.84%,
07/20/38
(a)(c)
29,200‌
29,243,847‌
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
9.03%,
07/20/34
(a)(c)
....
2,595‌
2,587,246‌
Golub
Capital
Partners
CLO
77
B
Ltd.,
Series
2024-77A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.57%,
01/25/38
(a)(c)
....
5,250‌
5,260,478‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Golub
Capital
Partners
CLO
81
B
Ltd.,
Series
2025-81A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.64%,
07/20/38
(a)(c)
....
USD
3,750‌
$
3,755,820‌
Great
Lakes
CLO
VII
Ltd.,
Series
2024-7A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
6.33%,
04/20/37
(a)(c)
..........
16,000‌
16,038,694‌
Greystone
CRE
Notes
LLC,
Series
2025-FL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
5.63%,
01/15/43
(a)(c)
....
4,308‌
4,309,625‌
GT
Loan
Financing
I
Ltd.,
Series
2013-
1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.36%),
6.68%,
07/28/31
(a)(c)
..........
500‌
501,071‌
HalseyPoint
CLO
6
Ltd.,
Series
2022-
6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.68%,
01/20/38
(a)(c)
..........
2,800‌
2,808,657‌
ICG
US
CLO
Ltd.,
Series
2022-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
0.00%,
10/20/38
(a)(c)
...............
9,480‌
9,480,000‌
IVY
Hill
Middle
Market
Credit
Fund
XII
Ltd.,
Series
12A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.73%,
04/20/37
(a)(c)
....
15,500‌
15,538,697‌
IVY
Hill
Middle
Market
Credit
Fund
XVIII
Ltd.,
Series
18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.58%),
5.91%,
01/22/37
(a)(c)
....
7,120‌
7,144,920‌
Kings
Park
CLO
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.72%,
01/21/35
(a)(c)
...............
2,000‌
2,003,000‌
KKR
CLO
10
Ltd.,
Series
10,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.96%),
6.00%,
09/15/29
(a)(c)
331‌
330,682‌
KKR
CLO
35
Ltd.,
Series
35A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.53%,
01/20/38
(a)(c)
...............
2,500‌
2,502,977‌
KKR
CLO
54
Ltd.,
Series
2024-54A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.64%,
01/15/38
(a)(c)
...............
4,734‌
4,752,124‌
KKR
CLO
58
Ltd.,
Series
2025-58A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
5.29%,
10/15/38
(a)(c)(d)
..............
14,700‌
14,733,075‌
KKR
Financial
CLO
Ltd.,
Series
2013-
1A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.77%,
04/15/29
(a)(c)
..........
924‌
925,108‌
Lake
George
Park
CLO
Ltd.,
Series
2025-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.60%
Floor
+
4.60%),
8.89%,
04/15/38
(a)(c)
..........
2,100‌
2,108,517‌
Lakeside
Park
CLO
Ltd.,
Series
2025-
1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.60%
Floor
+
4.60%),
8.89%,
04/15/38
(a)(c)
..........
2,000‌
2,007,088‌
LCM
26
Ltd.,
Series
26A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
7.09%,
01/20/31
(a)(c)
5,900‌
5,888,133‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
LCM
XIV
LP,
Series
14A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.30%),
5.63%,
07/20/31
(a)(c)
USD
8‌
$
7,537‌
LCM
XVIII
LP,
Series
18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.28%),
5.61%,
04/20/31
(a)(c)
166‌
166,460‌
Lewey
Park
CLO
Ltd.,
Series
2024-1A,
Class
B2,
4.98%,
10/21/37
(c)
....
2,750‌
2,664,614‌
LoanCore
Issuer
Ltd.,
Series
2022-
CRE7,
Class
A,
(SOFR
30
day
Average
at
1.55%
Floor
+
1.55%),
5.93%,
01/17/37
(a)(c)
..........
1,151‌
1,151,519‌
Loanpal
Solar
Loan
Ltd.
(c)
Series
2020-2GF,
Class
A,
2.75%,
07/20/47
...............
2,996‌
2,542,189‌
Series
2021-1GS,
Class
A,
2.29%,
01/20/48
...............
6,231‌
5,218,152‌
Madison
Park
Funding
LXIII
Ltd.,
Series
2023-63A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.73%,
07/21/38
(a)(c)
....
7,750‌
7,783,839‌
Madison
Park
Funding
XL-R
Ltd.
(a)(c)(d)
Series
2025-40RA,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
5.25%,
10/16/38
...
43,510‌
43,510,000‌
Series
2025-40RA,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
6.91%,
10/16/38
...
3,750‌
3,750,000‌
Madison
Park
Funding
XLVIII
Ltd.,
Series
2021-48A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.51%
Floor
+
6.51%),
10.84%,
04/19/33
(a)(c)
....
500‌
500,857‌
Madison
Park
Funding
XXIII
Ltd.
(a)(c)
Series
2017-23A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
6.13%,
07/27/31
...
2,000‌
2,004,020‌
Series
2017-23A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
6.58%,
07/27/31
...
3,000‌
3,005,695‌
Madison
Park
Funding
XXIV
Ltd.
(a)(c)
Series
2016-24A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.88%,
10/20/29
...
7,250‌
7,248,840‌
Series
2016-24A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
6.38%,
10/20/29
...
1,500‌
1,502,908‌
Madison
Park
Funding
XXVII
Ltd.,
Series
2018-27A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.53%,
04/20/38
(a)(c)
....
1,900‌
1,902,375‌
Madison
Park
Funding
XXX
Ltd.,
Series
2018-30A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.68%,
07/16/37
(a)(c)
....
30,550‌
30,650,815‌
Madison
Park
Funding
XXXIII
Ltd.,
Series
2019-33A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
5.61%,
10/15/32
(a)(c)
....
15,152‌
15,169,037‌
Madison
Park
Funding
XXXIV
Ltd.,
Series
2019-34A,
Class
D1RR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.35%),
7.67%,
10/16/37
(a)(c)
1,500‌
1,506,102‌
Madison
Park
Funding
XXXV
Ltd.,
Series
2019-35A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
7.59%,
04/20/32
(a)(c)
....
1,500‌
1,507,215‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
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
XXXVII
Ltd.,
Series
2019-37A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.53%),
5.85%,
04/15/37
(a)(c)
....
USD
1,500‌
$
1,507,538‌
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.16%
Floor
+
2.16%),
6.48%,
07/17/34
(a)(c)
....
250‌
250,351‌
Maranon
Loan
Funding
Ltd.,
Series
2020-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
6.53%,
01/15/34
(a)(c)
..........
1,537‌
1,543,924‌
Marble
Point
CLO
XXIII
Ltd.,
Series
2021-4A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.65%
Floor
+
3.91%),
8.24%,
01/22/35
(a)(c)
....
500‌
501,062‌
MidOcean
Credit
CLO
XIX,
Series
2025-19A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.77%,
07/20/36
(a)(c)
....
5,000‌
5,021,951‌
MidOcean
Credit
CLO
XVII
Ltd.,
Series
2024-17A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.71%,
01/20/38
(a)(c)
....
1,820‌
1,825,614‌
MidOcean
Credit
CLO
XVIII
LLC,
Series
2025-18A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
5.49%,
10/18/35
(a)(c)
....
3,000‌
3,000,337‌
MidOcean
Credit
CLO
XXI,
Series
2025-21A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
0.00%,
10/20/38
(a)(c)
....
7,360‌
7,360,000‌
Milos
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
5.66%,
10/20/30
(a)(c)
...............
1,130‌
1,131,021‌
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-20A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.82%,
04/15/39
(a)(c)
....
750‌
751,223‌
Neuberger
Berman
CLO
XXI
Ltd.,
Series
2016-21A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.65%,
01/20/39
(a)(c)
6,750‌
6,777,023‌
Neuberger
Berman
Loan
Advisers
CLO
30
Ltd.,
Series
2018-30A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
5.57%,
01/20/37
(a)(c)
...............
5,720‌
5,733,158‌
Neuberger
Berman
Loan
Advisers
CLO
31
Ltd.,
Series
2019-31A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
5.56%,
01/20/39
(a)(c)
...............
5,000‌
5,010,409‌
Neuberger
Berman
Loan
Advisers
CLO
33
Ltd.,
Series
2019-33A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
5.54%,
04/16/39
(a)(c)
...............
11,300‌
11,319,775‌
Neuberger
Berman
Loan
Advisers
CLO
36R
Ltd.
(a)(c)
Series
2020-36RA,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.55%,
07/20/39
...
11,750‌
11,780,887‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2020-36RA,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.13%,
07/20/39
...
USD
6,700‌
$
6,716,750‌
Series
2020-36RA,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
7.03%,
07/20/39
...
1,560‌
1,565,460‌
Neuberger
Berman
Loan
Advisers
CLO
46
Ltd.,
Series
2021-46A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.83%,
01/20/37
(a)(c)
1,250‌
1,248,175‌
New
Mountain
CLO
2
Ltd.,
Series
CLO-
2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.68%,
01/15/38
(a)(c)
..........
11,000‌
11,037,453‌
New
Mountain
CLO
3
Ltd.,
Series
CLO-
3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.61%,
10/20/38
(a)(c)
..........
19,640‌
19,713,650‌
New
Mountain
CLO
5
Ltd.,
Series
CLO-
5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.58%,
07/20/36
(a)(c)
..........
4,750‌
4,767,423‌
New
Mountain
CLO
8
Ltd.,
Series
CLO-
8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
0.00%,
10/20/38
(a)(c)
..........
14,730‌
14,730,000‌
NYACK
Park
CLO
Ltd.,
Series
2021-1A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.70%
Floor
+
2.70%),
0.00%,
10/20/38
(a)(c)
...............
3,500‌
3,486,875‌
Oak
Hill
Credit
Partners
X-R
Ltd.,
Series
2014-10RA,
Class
D2R2,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.60%),
7.93%,
04/20/38
(a)(c)
1,500‌
1,503,951‌
Oaktree
CLO
Ltd.
(a)(c)
Series
2024-26A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.45%),
7.78%,
04/20/37
...
3,000‌
3,041,077‌
Series
2024-27A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
5.90%,
10/22/37
...
960‌
963,756‌
Series
2024-27A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
7.33%,
10/22/37
...
900‌
908,384‌
Series
2025-31A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.60%,
07/15/38
...
3,560‌
3,565,998‌
OCP
CLO
Ltd.
(a)(c)
Series
2014-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.66%,
04/26/31
...
70‌
70,033‌
Series
2014-5A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
7.48%,
04/26/31
...
1,430‌
1,431,890‌
Series
2016-12A,
Class
BAR3,
(3-
mo.
CME
Term
SOFR
at
1.68%
Floor
+
1.68%),
6.01%,
10/18/37
6,750‌
6,770,994‌
Series
2016-12A,
Class
E2R3,
(3-
mo.
CME
Term
SOFR
at
7.34%
Floor
+
7.34%),
11.67%,
10/18/37
2,250‌
2,151,891‌
Series
2016-12A,
Class
XR3,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
5.53%,
10/18/37
...
850‌
850,005‌
Series
2017-13A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.67%,
11/26/37
...
25,800‌
25,877,372‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2017-14A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.83%,
07/20/37
...
USD
6,250‌
$
6,292,977‌
Series
2019-16A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
5.59%,
04/10/33
...
410‌
410,914‌
Series
2019-16A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.41%
Floor
+
3.41%),
7.74%,
04/10/33
...
2,200‌
2,207,239‌
Series
2020-8RA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.57%,
10/17/36
...
773‌
774,126‌
Series
2020-8RA,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
0.00%,
10/17/38
...
1,000‌
1,000,000‌
Series
2020-18A,
Class
A1R2,
(3-
mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.70%,
07/20/37
11,000‌
11,035,006‌
Series
2020-18A,
Class
D1R2,
(3-
mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
7.43%,
07/20/37
2,750‌
2,774,976‌
Series
2020-18A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.25%),
10.58%,
07/20/37
..
3,650‌
3,688,937‌
Series
2020-19A,
Class
A1R2,
(3-
mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
5.51%,
04/20/38
9,750‌
9,764,631‌
Series
2021-21A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
5.51%,
01/20/38
...
3,000‌
3,004,349‌
Series
2021-21A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
9.03%,
01/20/38
...
1,250‌
1,256,260‌
Series
2022-25A,
Class
PREF,
0.00%,
................
12,500‌
7,540,220‌
Octagon
57
Ltd.,
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
6.63%,
10/15/34
(a)(c)
2,750‌
2,754,227‌
Octagon
63
Ltd.,
Series
2024-2A,
Class
F,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
10.83%,
07/20/37
(a)(c)
5,670‌
5,207,942‌
Octagon
66
Ltd.,
Series
2022-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
5.94%,
11/16/36
(a)(c)
...............
2,650‌
2,653,883‌
Octagon
Investment
Partners
XVI
Ltd.
(a)(c)
Series
2013-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
5.60%,
07/17/30
...
753‌
753,873‌
Series
2013-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
6.18%,
07/17/30
...
9,485‌
9,499,227‌
OHA
Credit
Funding
22
Ltd.,
Series
2025-22A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.61%,
07/20/38
(a)(c)
....
3,000‌
3,008,005‌
OHA
Credit
Funding
5
Ltd.
(a)(c)
Series
2020-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.68%,
10/18/37
...
24,220‌
24,312,704‌
Series
2020-5A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.40%
Floor
+
5.40%),
9.73%,
10/18/37
...
1,000‌
1,010,990‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.66%,
10/20/37
(a)(c)
....
USD
500‌
$
501,818‌
OHA
Credit
Funding
9
Ltd.,
Series
2021-9A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.68%,
10/19/37
(a)(c)
....
2,750‌
2,760,530‌
OHA
Credit
Partners
XVII
Ltd.,
Series
2024-17A,
Class
B2,
5.51%,
01/18/38
(c)
................
6,000‌
5,864,536‌
OHA
Loan
Funding
Ltd.
(a)(c)
Series
2013-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.30%),
5.50%,
05/23/31
...
3,575‌
3,578,075‌
Series
2013-2A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
0.00%,
10/20/38
(d)
..
20,315‌
20,315,000‌
Orchard
Park
CLO
Ltd.,
Series
2024-
1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.60%
Floor
+
5.60%),
9.93%,
10/20/37
(a)(c)
..........
1,000‌
1,013,579‌
Orion
CLO
Ltd.,
Series
2024-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.71%,
10/20/37
(a)(c)
1,010‌
1,012,760‌
OZLM
VI
Ltd.,
Series
2014-6A,
Class
SUB,
0.00%,
04/17/31
(a)(c)(e)(f)
....
3,200‌
8,112‌
OZLM
XIX
Ltd.,
Series
2017-19A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.67%,
01/15/35
(a)(c)
...............
9,750‌
9,759,471‌
OZLM
XVIII
Ltd.,
Series
2018-18A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
5.60%,
04/15/31
(a)(c)
...............
1,537‌
1,538,402‌
OZLM
XXIV
Ltd.,
Series
2019-24A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.75%,
07/20/32
(a)(c)
..........
2,425‌
2,429,505‌
Palmer
Square
CLO
Ltd.
(a)(c)
Series
2019-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.36%,
08/14/38
...
7,250‌
7,268,125‌
Series
2020-3A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
8.60%
Floor
+
8.60%),
12.81%,
11/15/36
..
3,150‌
2,987,612‌
Series
2021-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
5.59%,
10/15/38
...
4,500‌
4,517,304‌
Series
2021-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.59%,
07/15/38
...
4,750‌
4,765,492‌
Series
2022-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.21%,
10/20/38
...
21,210‌
21,270,253‌
Series
2022-3A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
7.28%,
07/20/37
...
880‌
889,589‌
Series
2023-1A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
4.90%
Floor
+
4.90%),
9.23%,
01/20/38
...
1,000‌
1,006,782‌
Series
2025-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.81%,
04/20/38
...
1,000‌
1,000,315‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2025-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.30%),
5.58%,
07/20/37
...
USD
4,750‌
$
4,758,995‌
Palmer
Square
Loan
Funding
Ltd.
(a)(c)
Series
2022-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.59%,
10/15/30
...
1,598‌
1,598,600‌
Series
2022-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.22%,
10/15/30
...
25,000‌
25,023,000‌
Series
2022-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
6.52%,
10/15/30
...
10,500‌
10,520,051‌
Series
2022-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
7.42%,
10/15/30
...
8,395‌
8,434,055‌
Series
2022-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.20%
Floor
+
6.20%),
10.52%,
10/15/30
..
11,750‌
11,756,578‌
Series
2022-3A,
Class
A1BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.72%,
04/15/31
...
6,000‌
6,008,988‌
Series
2022-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.90%
Floor
+
5.90%),
10.22%,
04/15/31
..
5,000‌
5,001,557‌
Series
2024-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.90%
Floor
+
4.90%),
9.22%,
10/15/32
...
1,750‌
1,750,086‌
Series
2024-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.77%,
01/15/33
...
9,750‌
9,745,028‌
Series
2024-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.02%,
01/15/33
...
3,000‌
3,001,145‌
Series
2024-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
9.02%,
01/15/33
...
3,500‌
3,500,165‌
Series
2024-3A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.88%,
08/08/32
...
2,000‌
2,001,820‌
Series
2024-3A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.13%,
08/08/32
...
1,000‌
1,001,734‌
Series
2024-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
7.18%,
08/08/32
...
2,000‌
2,008,200‌
Series
2025-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
6.46%,
02/15/33
...
2,000‌
2,000,000‌
Series
2025-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.10%
Floor
+
4.10%),
8.31%,
02/15/33
...
4,000‌
3,996,928‌
Series
2025-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.50%),
6.79%,
07/15/33
...
5,125‌
5,125,579‌
Series
2025-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.79%,
07/15/33
...
3,750‌
3,753,432‌
Park
Blue
CLO
2025-VII
Ltd.,
Series
2025-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
5.47%,
04/25/38
(a)(c)
....
8,750‌
8,760,796‌
Park
Blue
CLO
Ltd.
(a)(c)
Series
2022-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.75%,
07/20/37
...
9,750‌
9,780,946‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2023-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
5.81%,
04/20/37
...
USD
3,000‌
$
3,016,038‌
Series
2023-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.92%
Floor
+
6.92%),
11.25%,
04/20/38
..
2,000‌
1,996,250‌
Series
2025-8A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.55%
Floor
+
5.55%),
9.50%,
10/25/38
...
1,500‌
1,500,000‌
Series
2025-9A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.43%,
10/20/38
...
44,010‌
44,164,594‌
PFS
Financing
Corp.,
5.54%,
10/16/28
(c)
(d)
......................
25,000‌
25,120,000‌
Pikes
Peak
CLO
10,
Series
2022-10A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.69%,
01/22/38
(a)(c)
...............
3,000‌
3,010,287‌
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
4.60%
Floor
+
4.60%),
8.79%,
05/18/34
(a)(c)
...............
250‌
246,017‌
Point
Au
Roche
Park
CLO
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.67%,
07/20/34
(a)(c)
..........
1,000‌
1,001,000‌
Polus
US
CLO
II
Ltd.,
Series
2025-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.52%),
5.80%,
07/20/38
(a)(c)
...............
3,010‌
3,025,316‌
Post
CLO
Ltd.,
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.93%,
04/20/37
(a)(c)
...............
13,620‌
13,672,656‌
Post
CLO
VI
Ltd.,
Series
2024-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.75%,
01/20/38
(a)(c)
...............
13,800‌
13,863,948‌
Race
Point
X
CLO
Ltd.,
Series
2016-
10A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.68%,
07/25/31
(a)(c)
..........
160‌
159,798‌
Rad
CLO
10
Ltd.,
Series
2021-10A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
5.75%,
04/23/34
(a)(c)
...............
5,000‌
5,007,634‌
Rad
CLO
15
Ltd.,
Series
2021-15A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.70%,
07/20/40
(a)(c)
..........
16,500‌
16,577,471‌
Rad
CLO
18
Ltd.,
Series
2023-18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.72%,
07/15/37
(a)(c)
...............
4,750‌
4,765,001‌
Rad
CLO
27
Ltd.,
Series
2024-27A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.64%,
01/15/38
(a)(c)
...............
20,750‌
20,829,400‌
Rad
CLO
6
Ltd.,
Series
2019-6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.72%,
10/20/37
(a)(c)
...............
9,000‌
9,031,523‌
Rad
CLO
7
Ltd.
(a)(c)
Series
2020-7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.67%,
04/17/36
...
250‌
250,448‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2020-7A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
6.92%,
04/17/36
...
USD
500‌
$
500,789‌
Series
2020-7A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
4.15%
Floor
+
4.15%),
8.47%,
04/17/36
...
500‌
501,121‌
Rad
CLO
9
Ltd.,
Series
2020-9A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.66%,
01/15/38
(a)(c)
...............
7,250‌
7,271,421‌
Reese
Park
CLO
Ltd.,
Series
2020-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.64%,
01/15/38
(a)(c)
...............
1,500‌
1,505,963‌
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)
..........
9,000‌
9,003,363‌
Regatta
32
Funding
Ltd.,
Series
2025-
4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.63%,
07/25/38
(a)(c)
..........
7,000‌
7,028,721‌
Regatta
VI
Funding
Ltd.
(a)(c)
Series
2016-1A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.21%,
10/20/38
...
16,150‌
16,129,813‌
Series
2016-1A,
Class
D1R3,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
6.71%,
10/20/38
(d)
..
3,000‌
3,000,000‌
Regatta
VII
Funding
Ltd.
(a)(c)
Series
2016-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.41%,
06/20/34
...
1,300‌
1,302,016‌
Series
2016-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
5.86%,
06/20/34
...
250‌
250,592‌
Regatta
XI
Funding
Ltd.,
Series
2018-
1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.72%,
07/17/37
(a)(c)
..........
39,040‌
39,164,928‌
Regatta
XIX
Funding
Ltd.,
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.18%,
04/20/35
(a)(c)
..........
2,500‌
2,507,525‌
Regatta
XVIII
Funding
Ltd.,
Series
2021-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.16%),
5.48%,
04/15/38
(a)(c)
....
672‌
672,248‌
Regatta
XX
Funding
Ltd.,
Series
2021-
2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
5.50%,
01/15/38
(a)(c)
..........
9,750‌
9,754,875‌
Regatta
XXIV
Funding
Ltd.,
Series
2021-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.65%,
01/20/38
(a)(c)
....
17,000‌
17,068,058‌
Regatta
XXV
Funding
Ltd.
(a)(c)
Series
2023-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.67%,
07/15/38
...
5,000‌
5,021,361‌
Series
2023-1A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.25%),
8.58%,
07/15/38
...
1,500‌
1,513,939‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Riverbank
Park
CLO
Ltd.,
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.80%
Floor
+
4.80%),
9.12%,
01/25/38
(a)(c)
..........
USD
3,500‌
$
3,517,483‌
Rockford
Tower
CLO
Ltd.
(a)(c)
Series
2017-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
6.48%,
10/15/29
...
1,250‌
1,252,280‌
Series
2017-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
3.11%),
7.43%,
10/15/29
...
5,360‌
5,360,129‌
Series
2017-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.45%),
5.78%,
10/20/30
...
3,032‌
3,034,962‌
Series
2017-3A,
Class
SUB,
0.00%,
10/20/30
...............
1,750‌
199,303‌
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.98%),
6.19%,
05/20/31
...
250‌
250,165‌
Series
2018-1A,
Class
SUB,
0.00%,
05/20/31
...............
1,750‌
194,195‌
Series
2018-2A,
Class
SUB,
0.00%,
10/20/31
...............
1,750‌
196,632‌
Series
2019-2A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.85%,
08/20/32
...
1,150‌
1,149,770‌
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
6.59%,
07/20/34
...
250‌
250,367‌
Rockford
Tower
Credit
Funding
I
Ltd.,
Series
2022-1A,
Class
SUB,
0.00%,
04/20/40
(a)(c)
...............
5,000‌
3,078,432‌
Romark
CLO
II
Ltd.,
Series
2018-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
5.46%,
07/25/31
(a)(c)
...............
7,751‌
7,755,588‌
Romark
CLO
Ltd.
(a)(c)
Series
2017-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
5.61%,
10/23/30
...
495‌
495,701‌
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.41%),
6.73%,
10/23/30
...
2,150‌
2,154,634‌
Romark
CLO-IV
Ltd.,
Series
2021-4A,
Class
C1,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.46%),
7.79%,
07/10/34
(a)(c)
...............
3,500‌
3,512,514‌
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.29%),
5.62%,
04/20/31
(a)(c)
...............
7,525‌
7,535,856‌
RR
14
Ltd.,
Series
2021-14A,
Class
SUB,
0.00%,
04/15/2121
(a)(c)
....
5,000‌
1,826,896‌
RR
16
Ltd.,
Series
2021-16A,
Class
SUB,
0.00%,
07/15/2121
(a)(c)
....
4,000‌
1,634,570‌
RR
17
Ltd.,
Series
2021-17A,
Class
SUB,
0.00%,
07/15/34
(a)(c)
......
475‌
194,440‌
RR
19
Ltd.,
Series
2021-19A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
9.02%,
04/15/40
(a)(c)
...............
3,000‌
3,015,116‌
RR
29
Ltd.,
Series
2024-29RA,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.71%,
07/15/39
(a)(c)
...............
1,000‌
1,003,087‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
RR
32
Ltd.,
Series
2024-32RA,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.68%,
10/15/39
(a)(c)
...............
USD
5,325‌
$
5,345,790‌
RRX
7
Ltd.,
Series
2022-7A,
Class
D,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
6.85%),
11.17%,
07/15/35
(a)(c)
250‌
249,862‌
Sagard-HalseyPoint
CLO
10
Ltd.,
Series
2025-10A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
0.00%,
10/20/38
(a)(c)
....
19,600‌
19,600,000‌
Sandstone
Peak
II
Ltd.,
Series
2023-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.74%,
07/20/38
(a)(c)
..........
18,240‌
18,322,098‌
Sandstone
Peak
III
Ltd.,
Series
2024-
1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
5.95%,
04/25/37
(a)(c)
..........
26,260‌
26,353,759‌
Sandstone
Peak
Ltd.
(a)(c)
Series
2021-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.60%,
10/15/34
...
6,000‌
6,006,496‌
Series
2021-1A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.83%),
6.15%,
10/15/34
...
4,750‌
4,758,550‌
Sculptor
CLO
XXIX
Ltd.,
Series
29A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.60%,
07/22/38
(a)(c)
...............
17,500‌
17,591,460‌
Sculptor
CLO
XXX
Ltd.,
Series
30A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.72%,
07/20/38
(a)(c)
...............
4,750‌
4,780,703‌
Signal
Peak
CLO
11
Ltd.,
Series
2024-
11A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.78%,
07/18/37
(a)(c)
..........
2,000‌
2,009,000‌
Signal
Peak
CLO
14
Ltd.
(a)(c)
Series
2024-14A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.63%,
01/22/38
...
6,750‌
6,774,219‌
Series
2024-14A,
Class
SUB,
0.00%,
01/22/38
..........
6,000‌
4,656,420‌
Signal
Peak
CLO
7
Ltd.,
Series
2019-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.75%,
10/20/37
(a)(c)
..........
6,500‌
6,524,645‌
Signal
Peak
CLO
8
Ltd.,
Series
2020-
8A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.72%,
10/20/37
(a)(c)
..........
2,000‌
2,008,269‌
Silver
Point
CLO
11
Ltd.,
Series
2025-
11A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.63%,
07/15/38
(a)(c)
..........
11,500‌
11,534,740‌
Silver
Point
CLO
12
Ltd.,
Series
2025-
12A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.31%,
10/15/38
(a)(c)
..........
56,040‌
56,180,100‌
Silver
Point
CLO
7
Ltd.,
Series
2024-
7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.68%,
01/15/38
(a)(c)
..........
31,300‌
31,406,345‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Silver
Point
CLO
8
Ltd.,
Series
2025-
8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.21%
Floor
+
1.21%),
5.48%,
04/15/38
(a)(c)
..........
USD
7,440‌
$
7,447,440‌
Sixth
Street
CLO
XIV
Ltd.,
Series
2019-
14A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.48%,
01/20/38
(a)(c)
..........
1,000‌
1,000,987‌
Sixth
Street
CLO
XVI
Ltd.,
Series
2020-
16A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
7.42%
Floor
+
7.42%),
11.75%,
01/20/37
(a)(c)
.........
6,500‌
6,557,495‌
Sixth
Street
CLO
XVII
Ltd.,
Series
2021-17A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
3.85%
Floor
+
3.85%),
8.17%,
04/17/38
(a)(c)
....
1,500‌
1,511,947‌
Sixth
Street
CLO
XVIII
Ltd.,
Series
2021-18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.46%,
10/17/38
(a)(c)
....
14,600‌
14,635,640‌
Sixth
Street
CLO
XX
Ltd.
(a)(c)
Series
2021-20A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
5.83%,
07/17/38
...
5,000‌
5,012,362‌
Series
2021-20A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.15%
Floor
+
4.15%),
8.41%,
07/17/38
...
1,500‌
1,511,019‌
Sixth
Street
CLO
XXV
Ltd.,
Series
2024-25A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
5.80%,
07/24/37
(a)(c)
....
3,000‌
3,012,211‌
Sound
Point
CLO
II
Ltd.,
Series
2013-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.65%,
01/26/31
(a)(c)
..........
105‌
105,334‌
Sound
Point
CLO
IX
Ltd.,
Series
2015-
2A,
Class
BRRR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
6.39%,
07/20/32
(a)(c)
..........
5,000‌
5,009,350‌
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.76%
Floor
+
3.76%),
8.08%,
04/25/34
(a)(c)
..........
345‌
345,060‌
Sound
Point
CLO
XXVIII
Ltd.,
Series
2020-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.60%,
01/25/32
(a)(c)
....
14,627‌
14,658,016‌
Sound
Point
CLO
XXXII
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.73%,
10/25/34
(a)(c)
..........
19,750‌
19,774,235‌
Sounds
Point
CLO
IV-R
Ltd.,
Series
2013-3RA,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.74%,
04/18/31
(a)(c)
....
1,617‌
1,621,714‌
Steele
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.51%),
5.83%,
10/15/30
(a)(c)
...............
38‌
37,822‌
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)(d)
.
2,820‌
—‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
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
46
Ltd.
(c)
Series
2024-46A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
5.92%,
01/20/38
(a)
..
USD
2,850‌
$
2,855,558‌
Series
2024-46A,
Class
B2,
5.57%,
01/20/38
...............
4,670‌
4,532,320‌
Symphony
CLO
XXVI
Ltd.,
Series
2021-
26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.67%,
04/20/33
(a)(c)
..........
1,321‌
1,323,121‌
Symphony
CLO
XXVIII
Ltd.,
Series
2021-28A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
5.72%,
10/23/34
(a)(c)
....
4,350‌
4,356,709‌
Symphony
Loan
Funding
CLO
1
Ltd.,
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.43%),
5.76%,
01/22/38
(a)(c)
....
11,500‌
11,552,987‌
TCI-Symphony
CLO
Ltd.,
Series
2016-
1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
5.60%,
10/13/32
(a)(c)
..........
9,150‌
9,158,428‌
TCW
CLO
Ltd.,
Series
2019-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.60%,
01/20/38
(a)(c)
...............
5,000‌
5,012,609‌
TIAA
CLO
III
Ltd.
(a)(c)
Series
2017-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.41%),
5.73%,
01/16/31
...
39‌
38,947‌
Series
2017-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.76%),
6.08%,
01/16/31
...
750‌
749,842‌
TICP
CLO
XII
Ltd.
(a)(c)
Series
2018-12A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
6.23%,
07/15/34
...
925‌
927,072‌
Series
2018-12A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.51%),
10.83%,
07/15/34
..
250‌
249,898‌
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
5.76%,
07/21/34
(a)(c)
...............
1,000‌
1,001,666‌
Trestles
CLO
VII
Ltd.,
Series
2024-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.70%,
10/25/37
(a)(c)
...............
11,000‌
11,036,301‌
Trestles
CLO
VIII
Ltd.
(a)(c)
Series
2025-8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.63%,
06/11/35
...
6,760‌
6,770,275‌
Series
2025-8A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.50%),
9.80%,
06/11/35
...
1,000‌
1,011,977‌
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
(e)(f)
.
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
2021-1A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.75%
Floor
+
4.75%),
9.07%,
07/23/37
...
3,375‌
3,396,163‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2021-2A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
7.83%,
10/25/34
...
USD
1,550‌
$
1,557,136‌
Series
2021-2A,
Class
D2,
(3-mo.
CME
Term
SOFR
at
4.75%
Floor
+
5.01%),
9.33%,
10/25/34
...
3,000‌
3,006,091‌
Series
2022-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.73%,
10/22/37
...
39,410‌
39,552,167‌
Series
2022-1A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
7.63%,
10/22/37
...
2,000‌
2,018,441‌
Series
2022-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
5.57%,
03/27/38
...
5,000‌
5,005,772‌
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
8.94%
Floor
+
8.94%),
13.27%,
07/20/36
..
3,000‌
3,009,757‌
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.70%,
01/25/38
...
34,750‌
34,857,975‌
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.25%),
10.57%,
01/25/38
..
2,000‌
2,033,716‌
Trinitas
CLO
IV
Ltd.,
Series
2016-4A,
Class
A2L2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
5.99%,
10/18/31
(a)(c)
..........
900‌
900,729‌
Trinitas
CLO
X
Ltd.
(a)(c)
Series
2019-10A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
6.37%,
01/15/35
...
4,000‌
4,002,400‌
Series
2019-10A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.50%),
6.82%,
01/15/35
...
1,500‌
1,502,187‌
Trinitas
CLO
XII
Ltd.,
Series
2020-12A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.05%),
5.31%,
04/25/33
(a)(c)
..........
1,750‌
1,750,927‌
Trinitas
CLO
XIV
Ltd.,
Series
2020-14A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.10%),
5.33%,
01/25/34
(a)(c)
..........
7,000‌
7,005,776‌
Trinitas
CLO
XVIII
Ltd.,
Series
2021-
18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
5.55%,
01/20/35
(a)(c)
..........
4,260‌
4,268,719‌
Trinitas
CLO
XXX
Ltd.,
Series
2024-
30A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.90%
Floor
+
6.90%),
11.22%,
10/23/37
(a)(c)
.........
1,500‌
1,538,189‌
Trinitas
CLO
XXXII
Ltd.,
Series
2025-
32A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.60%,
07/23/38
(a)(c)
..........
14,720‌
14,752,914‌
Trinitas
CLO
XXXIII
Ltd.,
Series
2025-
33A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.95%
Floor
+
5.95%),
10.27%,
07/22/38
(a)(c)
.........
1,500‌
1,502,613‌
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.16%),
7.49%,
04/20/31
(a)(c)
...............
2,000‌
1,995,237‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Voya
CLO
Ltd.
(a)(c)
Series
2013-1A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.47%),
5.79%,
10/15/30
...
USD
384‌
$
384,206‌
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
5.55%,
04/25/31
...
492‌
492,683‌
Series
2013-3A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.74%,
10/18/31
...
572‌
573,927‌
Series
2014-4A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.35%),
6.67%,
07/14/31
...
1,200‌
1,202,530‌
Series
2016-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
5.66%,
01/20/31
...
1,311‌
1,311,686‌
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
7.24%,
01/20/31
...
1,085‌
1,093,197‌
Series
2017-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.24%),
5.56%,
06/07/30
...
72‌
72,242‌
Series
2017-2A,
Class
A2AR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
6.23%,
06/07/30
...
3,150‌
3,154,631‌
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.21%),
5.54%,
04/19/31
...
232‌
232,462‌
Series
2019-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.69%,
10/15/37
...
22,750‌
22,812,278‌
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
6.23%,
10/17/32
...
1,300‌
1,301,300‌
Warwick
Capital
CLO
5
Ltd.,
Series
2024-5A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.69%,
01/20/38
(a)(c)
....
1,500‌
1,505,133‌
Warwick
Capital
CLO
6
Ltd.,
Series
2025-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.43%),
5.70%,
07/20/38
(a)(c)
....
8,975‌
9,026,727‌
Warwick
Capital
CLO
7
Ltd.,
Series
2025-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.25%,
10/21/38
(a)(c)
....
4,750‌
4,750,000‌
Wellfleet
CLO
Ltd.,
Series
2022-1A,
Class
A1RN,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.74%,
07/15/37
(a)(c)
..........
2,000‌
2,006,272‌
Wellington
Management
CLO
5
Ltd.,
Series
2025-5A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
5.25%,
10/18/38
(a)(c)
....
1,500‌
1,504,110‌
Whitebox
CLO
I
Ltd.
(a)(c)
Series
2019-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.64%,
07/24/36
...
3,135‌
3,137,467‌
Series
2019-1A,
Class
D1RR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
7.42%,
07/24/36
...
9,280‌
9,304,399‌
Series
2019-1A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
10.07%,
07/24/36
..
6,630‌
6,631,706‌
Series
2019-1A,
Class
SUB,
0.00%,
07/24/36
...............
4,300‌
2,636,857‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Whitebox
CLO
II
Ltd.
(a)(c)
Series
2020-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.70%,
10/24/37
...
USD
15,000‌
$
15,039,375‌
Series
2020-2A,
Class
D1R2,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
7.22%,
10/24/37
...
3,079‌
3,104,509‌
Series
2020-2A,
Class
E1R2,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
10.07%,
10/24/37
..
900‌
905,870‌
Series
2020-2A,
Class
SUB,
0.00%,
10/24/37
...............
4,734‌
2,590,776‌
Whitebox
CLO
III
Ltd.
(a)(c)
Series
2021-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.85%),
7.17%,
10/15/35
...
5,250‌
5,292,077‌
Series
2021-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
9.97%,
10/15/35
...
6,970‌
6,966,809‌
Series
2021-3A,
Class
SUB,
0.00%,
10/15/35
...............
11,345‌
6,992,468‌
Whitebox
CLO
V
Ltd.,
Series
2025-5A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.61%,
07/20/38
(a)(c)
...............
2,750‌
2,762,960‌
2,933,639,273‌
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%),
3.23%,
10/21/38
............
EUR
4,000‌
4,726,303‌
FCT
Noria
Series
2021-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
2.57%,
10/25/49
....
283‌
331,289‌
Series
2021-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
2.97%,
10/25/49
....
196‌
229,775‌
Series
2021-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.37%,
10/25/49
....
391‌
460,284‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.77%,
07/25/43
....
2,200‌
2,589,548‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.02%,
07/25/43
....
3,300‌
3,878,983‌
Series
2025-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.27%,
07/25/43
....
1,700‌
1,998,340‌
Series
2025-1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.62%,
07/25/43
....
2,000‌
2,368,054‌
FCT
Pixel,
Series
2021-1,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.75%),
3.78%,
02/25/38
.......
36‌
41,817‌
Noria
DE
Series
2024-DE1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.82%,
02/25/43
....
2,857‌
3,362,668‌
Series
2024-DE1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.12%,
02/25/43
....
1,785‌
2,100,384‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
Series
2024-DE1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
3.52%,
02/25/43
....
EUR
1,250‌
$
1,474,730‌
Series
2024-DE1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.55%),
5.42%,
02/25/43
....
1,339‌
1,593,445‌
Series
2024-DE1,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.37%,
02/25/43
....
714‌
846,201‌
Quarz
International,
Inc.,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.79%),
2.77%,
06/15/41
............
15,329‌
18,054,076‌
44,055,897‌
Germany
—
0.0%
(a)(b)
FCT
Autonoria
DE
Series
2023-DE,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.02%,
01/26/43
....
160‌
188,456‌
Series
2023-DE,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
3.97%,
01/26/43
....
638‌
759,229‌
Series
2023-DE,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.05%),
4.92%,
01/26/43
....
200‌
239,673‌
Series
2023-DE,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
7.37%,
01/26/43
....
160‌
193,490‌
Series
2023-DE,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
7.50%),
9.37%,
01/26/43
....
40‌
49,324‌
Red
&
Black
Auto
Germany
10
UG
Series
10,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.08%,
09/15/32
....
781‌
921,932‌
Series
10,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
3.98%,
09/15/32
....
426‌
507,315‌
Red
&
Black
Auto
Germany
8
UG
Series
8,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.75%),
2.63%,
09/15/30
...............
92‌
108,225‌
Series
8,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.83%,
09/15/30
...............
74‌
86,580‌
Series
8,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
3.23%,
09/15/30
...............
18‌
21,648‌
3,075,872‌
Ireland
—
1.1%
(a)
AB
Carval
Euro
CLO
II-C
DAC,
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
5.79%,
02/15/37
(b)
................
3,200‌
3,802,503‌
Anchorage
Capital
Europe
CLO
DAC,
Series
4A,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.14%,
04/25/34
(c)
...........
590‌
699,470‌
Arbour
CLO
DAC
  (3-mo.
EURIBOR
at
0.00%
Floor
+
3.80%),
5.84%,
05/15/38
(b)
...
1,200‌
1,421,398‌
Series
11A,
Class
B1R,
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
4.04%,
05/15/38
(c)
...
2,000‌
2,349,823‌
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
11A,
Class
CR,
(3-mo.
EURIBOR
at
2.65%
Floor
+
2.65%),
4.69%,
05/15/38
(c)
...
EUR
2,000‌
$
2,354,469‌
Arbour
CLO
VI
DAC,
Series
6X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.24%,
11/15/37
(b)
1,790‌
2,113,363‌
Arcano
Euro
CLO
I
DAC,
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.26%
Floor
+
1.26%),
3.45%,
04/25/39
(b)
6,840‌
8,062,113‌
Arcano
Euro
CLO
II
DAC
Series
2A,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.28%,
07/25/39
(c)
...
1,500‌
1,777,025‌
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.28%,
07/25/39
(b)
...
1,020‌
1,208,377‌
Ares
European
CLO
X
DAC,
Series
10A,
Class
DR,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
4.83%,
10/15/31
(c)
................
2,000‌
2,369,233‌
Ares
European
CLO
XII
DAC,
Series
12A,
Class
B1R,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
3.72%,
04/20/32
(c)
................
862‌
1,016,972‌
Arini
European
CLO
II
DAC,
Series
2X,
Class
A,
(3-mo.
EURIBOR
at
1.55%
Floor
+
1.55%),
3.58%,
04/15/38
(b)
5,750‌
6,754,205‌
Arini
European
CLO
III
DAC,
Series
3A,
Class
E,
(3-mo.
EURIBOR
at
6.10%
Floor
+
6.10%),
8.13%,
10/15/37
(c)
900‌
1,071,681‌
Arini
European
CLO
IV
DAC,
Series
4X,
Class
D,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
5.53%,
01/15/38
(b)
2,480‌
2,963,796‌
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
10,041,989‌
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
5.17%,
01/15/39
....
1,470‌
1,725,474‌
Arini
European
CLO
VII
DAC,
Series
7X,
Class
A,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
0.00%,
01/15/39
(b)
................
11,380‌
13,360,689‌
Aurium
CLO
IV
DAC,
Series
4X,
Class
AR,
(3-mo.
EURIBOR
at
0.73%
Floor
+
0.73%),
2.77%,
01/16/31
(b)
1,682‌
1,973,735‌
Aurium
CLO
VII
DAC,
Series
7X,
Class
DR,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.28%,
10/15/38
(b)
680‌
807,635‌
Aurium
CLO
VIII
DAC
(b)
Series
8X,
Class
A,
(3-mo.
EURIBOR
at
0.85%
Floor
+
0.85%),
2.87%,
06/23/34
....
5,000‌
5,870,497‌
Series
8X,
Class
AR,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
0.00%,
10/16/38
....
11,600‌
13,618,980‌
Series
8X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.02%,
06/23/34
....
750‌
885,398‌
Aurium
CLO
XIII
DAC,
Series
13X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
5.17%,
04/15/38
(b)
1,020‌
1,194,662‌
Avoca
CLO
XIV
DAC,
Series
14X,
Class
SUB,
0.00%,
01/12/31
(b)(e)(f)
.
4,510‌
2,344,081‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
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,
Series
15X,
Class
M1,
0.00%,
07/15/38
(b)
........
EUR
3,100‌
$
1,911,130‌
Avoca
CLO
XVIII
DAC
Series
18A,
Class
CR,
(3-mo.
EURIBOR
at
2.25%
Floor
+
2.25%),
4.28%,
01/15/38
(c)
...
250‌
295,311‌
Series
18X,
Class
BR,
(3-mo.
EURIBOR
at
1.95%
Floor
+
1.95%),
3.98%,
01/15/38
(b)
...
5,800‌
6,854,554‌
Series
18X,
Class
DR,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
5.08%,
01/15/38
(b)
...
1,100‌
1,298,748‌
Avoca
CLO
XXII
DAC
Series
22A,
Class
D,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
4.93%,
04/15/35
(c)
...
970‌
1,146,513‌
Series
22X,
Class
B1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.33%,
04/15/35
(b)
...
710‌
829,379‌
Avoca
CLO
XXIII
DAC,
Series
23A,
Class
D,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
5.08%,
04/15/34
(c)
750‌
887,538‌
Avoca
CLO
Xxx
DAC,
Series
30A,
Class
SUB,
0.00%,
07/15/37
(c)
...
4,550‌
3,833,367‌
Avoca
Static
CLO
I
DAC,
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
4.93%,
01/15/35
(b)
................
900‌
1,062,108‌
BBAM
European
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.87%
Floor
+
0.87%),
2.86%,
07/22/34
(b)
................
5,000‌
5,857,178‌
Bridgepoint
CLO
IX
DAC,
Series
9X,
Class
A,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
0.00%,
10/15/39
(b)
11,380‌
13,360,689‌
Cabinteely
Park
CLO
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.35%
Floor
+
3.35%),
5.39%,
08/15/34
(b)
1,500‌
1,761,219‌
Cairn
CLO
XVI
DAC
(c)
Series
2023-16A,
Class
C,
(3-mo.
EURIBOR
at
3.85%
Floor
+
3.85%),
5.88%,
01/15/37
....
1,520‌
1,794,941‌
Series
2023-16A,
Class
D,
(3-mo.
EURIBOR
at
5.20%
Floor
+
5.20%),
7.23%,
01/15/37
....
939‌
1,109,278‌
Cairn
CLO
XX
DAC
(c)
Series
2025-20A,
Class
C,
(3-mo.
EURIBOR
at
2.40%
Floor
+
2.40%),
4.43%,
01/25/38
....
660‌
778,360‌
Series
2025-20A,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.28%,
01/25/38
....
765‌
902,639‌
Capital
Four
CLO
VIII
DAC,
Series
8X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.19%,
10/25/37
(b)
2,600‌
3,083,620‌
Carlyle
Euro
CLO
DAC
(c)
Series
2021-2A,
Class
B,
(3-mo.
EURIBOR
at
2.25%
Floor
+
2.25%),
4.28%,
10/15/35
....
250‌
295,934‌
Series
2022-5A,
Class
BR,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
4.94%,
04/25/37
....
1,020‌
1,199,086‌
CIFC
European
Funding
CLO
I
DAC,
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.23%,
07/15/32
(b)
...........
450‌
531,104‌
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
CIFC
European
Funding
CLO
II
DAC,
Series
2X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
3.63%,
04/15/33
(b)
...........
EUR
400‌
$
469,644‌
CIFC
European
Funding
CLO
III
DAC,
Series
3A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
4.53%,
01/15/34
(c)
...........
500‌
591,774‌
Citizen
Irish
Auto
Receivables
Trust,
Series
2023-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.29%,
12/15/32
(b)
...........
1,000‌
1,183,784‌
Contego
CLO
V
DAC,
Series
5X,
Class
DR,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.13%,
10/15/37
(b)
1,470‌
1,737,344‌
Contego
CLO
VII
DAC
(b)
Series
7X,
Class
AR,
(3-mo.
EURIBOR
at
1.33%
Floor
+
1.33%),
3.30%,
01/23/38
....
5,570‌
6,571,760‌
Series
7X,
Class
DR,
(3-mo.
EURIBOR
at
3.45%
Floor
+
3.45%),
5.42%,
01/23/38
....
1,870‌
2,220,064‌
Contego
CLO
XI
DAC,
Series
11X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.23%,
11/20/38
(b)
................
1,330‌
1,578,553‌
Cumulus
Static
CLO
DAC
Series
2024-1A,
Class
D,
(3-mo.
EURIBOR
at
3.70%
Floor
+
3.70%),
5.74%,
11/15/33
(c)
...
974‌
1,143,698‌
Series
2024-1X,
Class
D,
(3-mo.
EURIBOR
at
3.70%
Floor
+
3.70%),
5.74%,
11/15/33
(b)
...
499‌
585,939‌
CVC
Cordatus
Loan
Fund
IV
DAC,
Series
4X,
Class
BR1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.33%,
02/22/34
(b)
...........
1,120‌
1,308,289‌
CVC
Cordatus
Loan
Fund
V
DAC,
Series
5A,
Class
DR3,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.36%,
09/21/39
(c)
...........
4,000‌
4,703,244‌
CVC
Cordatus
Loan
Fund
XIX
DAC,
Series
19A,
Class
D,
(3-mo.
EURIBOR
at
3.80%
Floor
+
3.80%),
5.82%,
12/23/33
(c)
...........
400‌
476,535‌
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.16%,
12/15/34
(b)
...........
755‌
889,865‌
CVC
Cordatus
Loan
Fund
XXIII
DAC,
Series
23A,
Class
ER,
(3-mo.
EURIBOR
at
6.85%
Floor
+
6.85%),
8.79%,
04/25/36
(c)
...........
470‌
561,191‌
CVC
Cordatus
Loan
Fund
XXIV
DAC,
Series
24A,
Class
ER,
(3-mo.
EURIBOR
at
6.50%
Floor
+
6.50%),
8.44%,
10/23/34
(c)
...........
1,350‌
1,610,926‌
CVC
Cordatus
Loan
Fund
XXVIII
DAC,
Series
28A,
Class
DR,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.19%,
08/15/38
(c)
...........
1,900‌
2,240,246‌
CVC
Cordatus
Loan
Fund
XXX
DAC,
Series
30X,
Class
A,
(3-mo.
EURIBOR
at
1.48%
Floor
+
1.48%),
3.52%,
05/15/37
(b)
...........
5,750‌
6,758,891‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Dryden
46
Euro
CLO
DAC,
Series
2016-46A,
Class
CRR,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
4.53%,
04/15/34
(c)
...........
EUR
250‌
$
296,055‌
Euro-Galaxy
III
CLO
DAC
(c)
Series
2013-3A,
Class
CRRR,
(3-
mo.
EURIBOR
at
2.35%
Floor
+
2.35%),
4.29%,
04/24/34
....
700‌
825,716‌
Series
2013-3A,
Class
DRRR,
(3-
mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.19%,
04/24/34
....
1,380‌
1,626,944‌
Fidelity
Grand
Harbour
CLO
DAC
Series
2023-1X,
Class
AR,
(3-mo.
EURIBOR
at
1.23%
Floor
+
1.23%),
3.27%,
02/15/38
(b)
...
7,940‌
9,363,638‌
Series
2023-1X,
Class
DR,
(3-mo.
EURIBOR
at
2.70%
Floor
+
2.70%),
4.74%,
02/15/38
(b)
...
1,950‌
2,277,163‌
Series
2025-1A,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.22%,
10/15/38
(c)
...
2,510‌
2,968,937‌
Finance
Ireland
Auto
Receivables
No.
1
DAC,
Series
1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.19%,
09/12/33
(b)
...........
332‌
392,759‌
Fortuna
Consumer
Loan
ABS
DAC
(b)
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
3.26%,
02/18/34
....
4,563‌
5,388,780‌
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.21%,
02/18/34
....
3,105‌
3,689,586‌
Series
2024-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.21%,
10/18/34
....
1,700‌
2,006,497‌
Series
2024-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
3.56%,
10/18/34
....
2,300‌
2,716,871‌
Series
2024-2,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.10%),
6.01%,
10/18/34
....
5,800‌
6,924,713‌
Series
2025-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
2.61%,
04/18/35
....
11,900‌
14,003,315‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.91%,
04/18/35
....
2,200‌
2,591,260‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
3.26%,
04/18/35
....
2,200‌
2,593,905‌
Series
2025-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
0.00%,
10/18/35
....
3,800‌
4,461,622‌
Series
2025-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
0.00%,
10/18/35
....
3,200‌
3,759,139‌
Series
2025-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
0.00%,
10/18/35
....
2,600‌
3,053,599‌
Series
2025-2,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
0.00%,
10/18/35
....
1,800‌
2,114,769‌
Hambridge
Euro
CLO
DAC
(b)
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.37%
Floor
+
1.37%),
0.00%,
10/20/38
....
11,380‌
13,360,689‌
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
0.00%,
10/20/38
....
EUR
1,360‌
$
1,596,708‌
Harvest
CLO
XXIII
DAC,
Series
23X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.02%,
10/20/32
(b)
1,360‌
1,603,250‌
Harvest
CLO
XXXII
DAC
Series
32A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
4.44%,
07/25/37
(c)
...
2,222‌
2,647,619‌
Series
32X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
5.54%,
07/25/37
(b)
...
1,543‌
1,840,394‌
Henley
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.95%
Floor
+
0.95%),
2.89%,
07/25/34
(b)
3,800‌
4,466,673‌
Henley
CLO
IV
DAC
Series
4A,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
4.94%,
04/25/34
(c)
...
500‌
592,100‌
Series
4X,
Class
B1,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
3.29%,
04/25/34
(b)
...
450‌
528,240‌
Series
4X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
4.94%,
04/25/34
(b)
...
1,000‌
1,184,201‌
Henley
CLO
X
DAC,
Series
10A,
Class
SUB,
0.00%,
07/20/37
(c)
.......
4,000‌
3,807,209‌
Henley
CLO
Xi
DAC
(b)
Series
11X,
Class
A,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.56%,
04/25/39
....
6,200‌
7,313,555‌
Series
11X,
Class
D,
(3-mo.
EURIBOR
at
2.60%
Floor
+
2.60%),
4.96%,
04/25/39
....
2,150‌
2,540,053‌
Henley
CLO
XII
DAC,
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.13%,
01/15/38
(b)
1,320‌
1,571,622‌
Holland
Park
CLO
DAC,
Series
1X,
Class
A1RR,
(3-mo.
EURIBOR
at
0.92%
Floor
+
0.92%),
2.95%,
11/14/32
(b)
................
306‌
359,984‌
Invesco
Euro
CLO
IV
DAC,
Series
4A,
Class
B1,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
3.73%,
04/15/33
(c)
................
625‌
733,592‌
Invesco
Euro
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
3.80%
Floor
+
3.80%),
5.83%,
01/15/34
(b)
450‌
528,790‌
Jubilee
CLO
DAC,
Series
2024-29X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.23%,
01/15/39
(b)
2,230‌
2,645,478‌
LT
Autorahoitus
IV
DAC,
Series
4,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.05%),
3.96%,
07/18/33
(b)
5,800‌
6,987,177‌
LT
Autorahoitus
V
DAC,
Series
5,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.81%,
05/18/35
(b)
....
1,800‌
2,113,098‌
LT
Rahoitus
DAC,
Series
6,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.81%,
07/18/36
(b)
.....
300‌
351,875‌
Northwoods
Capital
19
Euro
DAC,
Series
2019-19A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
4.53%,
11/25/33
(c)
...........
500‌
591,257‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
OCP
Euro
CLO
DAC
(c)
Series
2019-3A,
Class
CR,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
4.32%,
04/20/33
....
EUR
250‌
$
294,982‌
Series
2019-3A,
Class
DR,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.32%,
04/20/33
....
250‌
295,848‌
Series
2022-6A,
Class
DRR,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.32%,
07/20/36
....
2,000‌
2,339,465‌
Otranto
Park
CLO
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
0.00%,
10/15/39
(b)
................
6,569‌
7,712,334‌
Palmer
Square
European
CLO
DAC,
Series
2024-2X,
Class
A,
(3-mo.
EURIBOR
at
1.34%
Floor
+
1.34%),
3.37%,
10/15/37
(b)
...........
5,200‌
6,130,403‌
Palmer
Square
European
Loan
Funding
DAC
(b)
Series
2024-2X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.19%,
05/15/34
....
3,250‌
3,825,645‌
Series
2024-3X,
Class
D,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
5.09%,
05/15/34
....
1,320‌
1,562,604‌
Penta
CLO
6
DAC,
Series
2019-6A,
Class
CR,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
4.24%,
07/25/34
(c)
................
500‌
590,526‌
Penta
CLO
DAC,
Series
2024-17X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.29%,
08/15/38
(b)
1,640‌
1,938,452‌
Prodigy
Finance
DAC
(c)
Series
2021-1A,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.52%,
07/25/51
...
USD
2,037‌
2,034,936‌
Series
2021-1A,
Class
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.61%),
6.77%,
07/25/51
...
207‌
209,749‌
Series
2021-1A,
Class
C,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.86%),
8.02%,
07/25/51
...
119‌
121,970‌
Series
2021-1A,
Class
D,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.01%),
10.17%,
07/25/51
..
78‌
80,557‌
Providus
CLO
II
DAC,
Series
2X,
Class
DRR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.23%,
10/15/38
(b)
EUR
1,349‌
1,597,683‌
Providus
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.95%
Floor
+
2.95%),
4.99%,
02/15/35
(b)
....
1,000‌
1,177,591‌
Providus
CLO
VI
DAC,
Series
6X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.23%,
05/20/34
(b)
....
1,000‌
1,187,526‌
Rockfield
Park
CLO
DAC,
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.04%,
07/16/34
(b)
2,000‌
2,360,384‌
Rockford
Tower
Europe
CLO
DAC
(b)
Series
2025-1X,
Class
A,
(3-mo.
EURIBOR
at
1.22%
Floor
+
1.22%),
3.43%,
10/25/37
....
6,840‌
8,024,012‌
Series
2025-1X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.21%,
10/25/37
....
1,870‌
2,208,253‌
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
RRE
18
Loan
Management
DAC
Series
18A,
Class
SUB,
(3-mo.
EURIBOR
+
0.00%),
0.00%,
04/15/39
(c)
..............
EUR
5,000‌
$
5,415,305‌
Series
18X,
Class
A1,
(3-mo.
EURIBOR
at
1.47%
Floor
+
1.47%),
3.50%,
04/15/39
(b)
...
5,750‌
6,752,086‌
RRE
19
Loan
Management
DAC,
Series
19X,
Class
A1,
(3-mo.
EURIBOR
at
1.41%
Floor
+
1.41%),
3.44%,
07/15/37
(b)
...........
2,865‌
3,403,287‌
RRE
22
Loan
Management
DAC,
Series
22A,
Class
SUB,
0.00%,
01/15/38
(c)
................
4,500‌
4,787,130‌
SCF
Rahoituspalvelut
XIII
DAC
(b)
Series
13,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.87%,
06/25/34
....
800‌
942,328‌
Series
13,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.27%,
06/25/34
....
400‌
472,747‌
Secucor
Finance
DAC
(b)
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.45%),
3.35%,
09/20/36
....
2,600‌
3,055,277‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.60%,
09/20/36
....
3,300‌
3,876,496‌
Series
2025-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.40%),
5.30%,
09/20/36
....
6,800‌
7,986,334‌
Series
2025-1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.40%,
09/20/36
....
1,600‌
1,878,480‌
Series
2025-1,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
6.20%),
8.10%,
09/20/36
....
9,100‌
10,683,855‌
Signal
Harmonic
CLO
I
DAC
Series
1A,
Class
DR,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
5.42%,
07/15/38
(c)
...
1,292‌
1,534,313‌
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
1.40%
Floor
+
1.40%),
3.32%,
07/15/38
(b)
...
11,380‌
13,387,111‌
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
5.42%,
07/15/38
(b)
...
1,250‌
1,484,435‌
Small
Business
Origination
Loan
Trust
DAC,
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.60%),
6.57%,
12/15/36
(b)
................
GBP
578‌
776,777‌
Sona
Fios
CLO
III
DAC
(b)
Series
3X,
Class
A,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
3.34%,
04/20/37
....
EUR
6,700‌
7,891,803‌
Series
3X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.27%,
04/20/37
....
2,830‌
3,357,987‌
Sona
Fios
CLO
V
DAC
Series
5A,
Class
C,
(3-mo.
EURIBOR
at
2.45%
Floor
+
2.45%),
4.48%,
08/25/38
(c)
...
1,950‌
2,301,302‌
Series
5A,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.33%,
08/25/38
(c)
...
4,000‌
4,709,717‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.33%,
08/25/38
(b)
...
EUR
1,130‌
$
1,341,770‌
Sound
Point
Euro
CLO
III
Funding
DAC,
Series
3X,
Class
C,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
4.33%,
04/15/33
(b)
...........
750‌
884,467‌
Sound
Point
Euro
CLO
IV
Funding
DAC
(c)
Series
4A,
Class
BR,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
3.98%,
04/15/39
....
1,750‌
2,057,992‌
Series
4A,
Class
CR,
(3-mo.
EURIBOR
at
2.20%
Floor
+
2.20%),
4.48%,
04/15/39
....
2,600‌
3,071,217‌
St
Paul's
CLO
XII
DAC,
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.23%,
04/15/33
(b)
1,880‌
2,219,395‌
St.
Paul's
CLO
XII
DAC,
Series
12X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
3.63%,
04/15/33
(b)
................
1,350‌
1,581,651‌
Texas
Debt
Capital
Euro
CLO
DAC
Series
2024-1A,
Class
B,
(3-mo.
EURIBOR
at
2.10%
Floor
+
2.10%),
4.14%,
07/16/38
(c)
...
2,000‌
2,352,657‌
Series
2024-1A,
Class
C,
(3-mo.
EURIBOR
at
2.55%
Floor
+
2.55%),
4.59%,
07/16/38
(c)
...
1,500‌
1,766,596‌
Series
2024-1X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
5.64%,
07/16/38
(b)
...
1,243‌
1,463,235‌
Series
2025-1X,
Class
A,
(3-mo.
EURIBOR
at
1.18%
Floor
+
1.18%),
3.38%,
04/16/39
(b)
...
9,070‌
10,666,777‌
Tikehau
CLO
VI
DAC,
Series
6X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
5.63%,
01/15/35
(b)
....
1,000‌
1,185,953‌
Tikehau
CLO
XII
DAC,
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.27%,
10/20/38
(b)
5,073‌
5,986,086‌
Toro
European
CLO
2
DAC,
Series
2A,
Class
CRR,
(3-mo.
EURIBOR
at
2.45%
Floor
+
2.45%),
4.39%,
07/25/34
(c)
................
320‌
378,436‌
Victory
Street
CLO
I
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.45%
Floor
+
3.45%),
5.48%,
01/15/38
(b)
1,960‌
2,339,253‌
Voya
Euro
CLO
II
DAC,
Series
2A,
Class
CR,
(3-mo.
EURIBOR
at
2.15%
Floor
+
2.15%),
4.18%,
07/15/35
(c)
................
250‌
295,078‌
Voya
Euro
CLO
III
DAC,
Series
3X,
Class
B1,
(3-mo.
EURIBOR
at
1.65%
Floor
+
1.65%),
3.68%,
04/15/33
(b)
................
439‌
514,974‌
Voya
Euro
CLO
IV
DAC,
Series
4X,
Class
DR,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.13%,
10/15/34
(b)
................
900‌
1,063,446‌
469,189,516‌
Security
Par
(000)
Par
(000)
Value
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%),
3.13%,
11/15/39
.....
EUR
2,452‌
$
2,893,934‌
Series
25,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.48%,
11/15/39
.....
638‌
753,890‌
Series
25,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.38%,
11/15/39
.....
307‌
364,119‌
Series
25,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
5.88%,
11/15/39
.....
873‌
1,033,294‌
Auto
ABS
Italian
Stella
Loans
SRL
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.73%),
2.63%,
12/29/36
....
11,191‌
13,166,894‌
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.10%,
12/29/36
....
4,844‌
5,714,839‌
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.60%,
12/29/36
....
1,112‌
1,317,121‌
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.20%,
12/29/36
....
1,025‌
1,218,253‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.90%,
12/28/40
....
4,458‌
5,255,311‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.15%,
12/28/40
....
2,283‌
2,686,744‌
Series
2025-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
3.80%,
12/28/40
....
262‌
310,635‌
AutoFlorence
2
SRL
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.75%),
2.66%,
12/24/44
...............
174‌
204,537‌
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.06%,
12/24/44
...............
80‌
94,407‌
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.35%),
4.26%,
12/24/44
...............
43‌
50,870‌
AutoFlorence
3
SRL
Series
3,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.82%,
12/25/46
...............
4,520‌
5,329,124‌
Series
3,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.35%),
4.22%,
12/25/46
...............
373‌
445,673‌
Series
3,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.35%),
5.22%,
12/25/46
...............
486‌
585,073‌
Series
3,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
5.35%),
7.22%,
12/25/46
...............
339‌
409,267‌
Brignole
Co.
Series
2024,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.78%),
2.69%,
02/24/42
....
8,779‌
10,334,818‌
Series
2024,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.11%,
02/24/42
.....
1,079‌
1,270,666‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Series
2024,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
3.91%,
02/24/42
....
EUR
386‌
$
458,335‌
Series
2024,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
5.91%,
02/24/42
....
440‌
523,928‌
Fulvia
Spv
Srl
Series
2025-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.92%,
12/23/41
....
2,564‌
3,015,583‌
Series
2025-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.17%,
12/23/41
....
1,212‌
1,424,369‌
Golden
Bar
Securitisation
SRL
Series
2023-2,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
4.93%,
09/22/43
....
1,885‌
2,260,691‌
Series
2023-2,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.60%),
5.63%,
09/22/43
....
2,305‌
2,779,102‌
Series
2023-2,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.70%),
7.73%,
09/22/43
....
1,940‌
2,372,591‌
Series
2024-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.53%,
09/22/43
....
3,963‌
4,696,031‌
Series
2025-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
3.03%,
12/20/44
....
3,131‌
3,690,610‌
Series
2025-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.28%,
12/20/44
....
3,723‌
4,387,117‌
Series
2025-1,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
3.93%,
12/20/44
....
1,706‌
2,025,452‌
Italian
Stella
Loans
SRL
Series
2024-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.30%,
05/27/39
....
967‌
1,141,170‌
Series
2024-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.15%),
4.05%,
05/27/39
....
414‌
492,793‌
Quarzo
SRL
Series
2024-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.61%,
06/15/41
....
4,059‌
4,809,151‌
Series
2024-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.31%,
06/15/41
....
718‌
852,790‌
Series
2024-1,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.70%),
5.71%,
06/15/41
....
629‌
746,167‌
Red
&
Black
Auto
Italy
SRL
Series
2,
Class
A1,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.90%,
07/28/34
....
1,233‌
1,454,626‌
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.80%),
3.70%,
07/28/34
...............
636‌
754,157‌
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.80%),
4.70%,
07/28/34
...............
664‌
794,616‌
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.80%),
5.70%,
07/28/34
...............
233‌
280,748‌
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Series
3,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.81%),
2.71%,
07/28/36
...............
EUR
5,550‌
$
6,535,075‌
Series
3,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.00%,
07/28/36
...............
1,266‌
1,491,493‌
Series
3,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.40%,
07/28/36
...............
635‌
749,800‌
Sunrise
SPV
50
SRL,
Series
2023-2,
Class
A1,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.90%,
07/27/48
.................
1,486‌
1,749,915‌
Sunrise
SPV
97
SRL
Series
2025-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.93%,
10/27/50
....
3,677‌
4,327,343‌
Series
2025-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.18%,
10/27/50
....
4,055‌
4,762,677‌
Series
2025-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.55%),
3.48%,
10/27/50
....
1,521‌
1,788,051‌
Youni
Italy
SRL
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.88%),
2.75%,
04/25/34
....
6,556‌
7,726,779‌
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.57%,
04/25/34
....
1,161‌
1,375,458‌
122,906,087‌
Jersey,
Channel
Islands
—
0.6%
AIMCO
CLO
22
Ltd.,
Series
2024-22A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
10.83%,
04/19/37
(a)(c)
...............
USD
1,500‌
1,523,604‌
Ares
Loan
Funding
IV
Ltd.,
Series
2023-ALF4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.68%
Floor
+
4.68%),
9.00%,
10/15/36
(a)(c)
....
500‌
500,815‌
Ares
LXVI
CLO
Ltd.,
Series
2022-66A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.33%,
10/25/38
(a)(c)
..........
7,425‌
7,444,468‌
Ares
LXVII
CLO
Ltd.,
Series
2022-67A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
5.51%,
01/25/38
(a)(c)
...............
262‌
262,189‌
Benefit
Street
Partners
CLO
XXIX
Ltd.,
Series
2022-29A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
5.50%,
01/25/38
(a)(c)
....
10,114‌
10,119,422‌
Benefit
Street
Partners
CLO
XXVIII
Ltd.,
Series
2022-28A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.68%,
10/20/37
(a)(c)
....
1,220‌
1,223,847‌
Birch
Grove
CLO
6
Ltd.,
Series
2023-
6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.75%,
07/20/37
(a)(c)
..........
5,000‌
5,017,625‌
Birch
Grove
CLO
7
Ltd.,
Series
2023-
7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
0.00%,
10/20/38
(a)(c)
..........
19,600‌
19,600,000‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
Birch
Grove
CLO
8
Ltd.,
Series
2024-
8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
5.96%,
04/20/37
(a)(c)
..........
USD
25,259‌
$
25,347,406‌
Blueberry
Park
CLO
Ltd.,
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.35%
Floor
+
5.35%),
9.68%,
10/20/37
(a)(c)
..........
2,000‌
2,025,601‌
Canyon
Capital
CLO
Ltd.,
Series
2022-
2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
5.50%,
04/15/38
(a)(c)
..........
4,750‌
4,757,127‌
Capital
Four
US
CLO
II
Ltd.,
Series
2022-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.23%,
01/20/37
(a)(c)
....
14,730‌
14,772,297‌
CarVal
CLO
VIII-C
Ltd.,
Series
2022-
2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.75%,
10/22/37
(a)(c)
..........
15,750‌
15,809,913‌
GoldenTree
Loan
Management
US
CLO
16
Ltd.,
Series
2022-16A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.12%),
5.45%,
01/20/38
(a)(c)
...............
3,500‌
3,501,145‌
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%),
10.33%,
04/20/37
..
825‌
830,421‌
Series
2024-19A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.75%
Floor
+
7.75%),
12.08%,
04/20/37
..
2,360‌
2,290,839‌
GoldenTree
Loan
Management
US
CLO
21
Ltd.,
Series
2024-21A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.83%
Floor
+
7.83%),
12.16%,
07/20/37
(a)(c)
...............
1,750‌
1,702,468‌
Golub
Capital
Partners
CLO
37B
Ltd.,
Series
2017-19RA,
Class
C1R3,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
0.00%,
10/20/36
(a)(c)
970‌
970,000‌
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%),
5.69%,
10/25/37
...
5,530‌
5,546,680‌
Series
2024-76A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.67%
Floor
+
1.67%),
5.99%,
10/25/37
...
310‌
311,023‌
Series
2024-76A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.22%,
10/25/37
...
310‌
310,885‌
Series
2024-76A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
7.22%,
10/25/37
...
310‌
311,550‌
HalseyPoint
CLO
7
Ltd.,
Series
2023-
7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.78%,
07/20/38
(a)(c)
..........
3,000‌
3,019,369‌
Hamlin
Park
CLO
Ltd.,
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.67%,
10/20/37
(a)(c)
...............
9,750‌
9,786,427‌
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
Invesco
US
CLO
Ltd.,
Series
2023-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.63%,
07/15/38
(a)(c)
...............
USD
5,750‌
$
5,766,675‌
OCP
Aegis
CLO
Ltd.,
Series
2024-39A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
5.54%,
01/16/37
(a)(c)
...............
4,410‌
4,423,857‌
OCP
CLO
Ltd.
(c)
Series
2024-34A,
Class
D2,
(3-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.35%),
8.67%,
10/15/37
(a)
..
3,410‌
3,435,954‌
Series
2024-35A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.90%
Floor
+
5.90%),
10.22%,
10/25/37
(a)
.
1,350‌
1,378,740‌
Series
2024-37A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.68%,
10/15/37
(a)
..
4,820‌
4,836,388‌
Series
2024-37A,
Class
B2,
4.94%,
10/15/37
...............
2,970‌
2,958,036‌
Series
2024-38A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.66%,
01/21/38
(a)
..
7,400‌
7,422,334‌
Orion
CLO
Ltd.,
Series
2023-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.90%
Floor
+
7.90%),
12.22%,
10/25/36
(a)(c)
1,000‌
1,001,856‌
Pikes
Peak
CLO
12
Ltd.,
Series
2023-
12A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
5.55%,
04/20/38
(a)(c)
..........
3,695‌
3,699,581‌
Pikes
Peak
CLO
14
Ltd.,
Series
2023-
14A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.71%,
07/20/38
(a)(c)
..........
4,750‌
4,771,931‌
Pikes
Peak
CLO
15
Ltd.,
Series
2023-
15A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.45%
Floor
+
4.45%),
8.78%,
10/20/36
(a)(c)
..........
4,500‌
4,538,478‌
Regatta
XXVII
Funding
Ltd.,
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
10.81%,
04/26/37
(a)(c)
.........
1,250‌
1,270,806‌
Signal
Peak
CLO
12
Ltd.,
Series
2022-
12A,
Class
X,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.63%,
07/18/37
(a)(c)
..........
3,300‌
3,300,016‌
Silver
Point
CLO
1
Ltd.,
Series
2022-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
5.65%,
01/20/38
(a)(c)
..........
3,000‌
3,011,561‌
Symphony
CLO
30
Ltd.,
Series
2023-
30A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
6.28%,
10/20/37
(a)(c)
..........
1,750‌
1,757,071‌
Unity-Peace
Park
CLO
Ltd.,
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.50%),
7.83%,
04/20/35
(a)(c)
..........
3,750‌
3,760,187‌
Valley
Stream
Park
CLO
Ltd.
(a)(c)
Series
2022-1A,
Class
E1RR,
(3-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
9.58%,
01/20/37
...
10,685‌
10,746,948‌
Series
2022-1A,
Class
E2RR,
(3-mo.
CME
Term
SOFR
at
7.10%
Floor
+
7.10%),
11.43%,
01/20/37
..
695‌
701,358‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
Vantage
Data
Centers
Jersey
Borrower
Spv
Ltd.,
Series
2024-1X,
6.17%,
05/28/39
(b)
................
GBP
12,433‌
$
17,110,962‌
Verdelite
Static
CLO
Ltd.
(a)(c)
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.13%),
5.46%,
07/20/32
...
USD
5,545‌
5,551,017‌
Series
2024-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.98%,
07/20/32
...
2,000‌
2,001,600‌
Warwick
Capital
CLO
1
Ltd.,
Series
2023-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.25%,
10/20/38
(a)(c)
....
2,510‌
2,515,898‌
Wehle
Park
CLO
Ltd.
(a)(c)
Series
2022-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
5.19%,
10/21/38
...
3,750‌
3,757,125‌
Series
2022-1A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.70%
Floor
+
2.70%),
6.65%,
10/21/38
...
1,500‌
1,500,000‌
Wellington
Management
CLO
4
Ltd.,
Series
2025-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.45%,
04/18/38
(a)(c)
....
2,400‌
2,401,231‌
Wildwood
Park
CLO
Ltd.
(a)(c)
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.69%,
10/20/37
...
6,750‌
6,774,604‌
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
10.08%,
10/20/37
..
1,600‌
1,627,786‌
249,007,121‌
Luxembourg
—
0.2%
(b)
Asset-Backed
European
Securitisation
Transaction
Twenty-Three
SARL
(a)
Series
23,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.23%,
03/21/34
....
EUR
2,732‌
3,226,610‌
Series
23,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.53%,
03/21/34
....
1,130‌
1,338,684‌
Series
23,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
3.83%,
03/21/34
....
565‌
670,456‌
Series
23,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.40%),
4.33%,
03/21/34
....
471‌
559,149‌
Auto1
Car
Funding
SARL
(a)
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
2.75%,
07/16/35
...............
1,200‌
1,409,797‌
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.20%,
07/16/35
...............
800‌
940,414‌
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
2.58%,
12/15/33
....
2,449‌
2,881,416‌
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.38%,
12/15/33
....
300‌
354,562‌
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.38%,
12/15/33
....
300‌
363,165‌
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Compartment
BL
Consumer
Credit,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.77%,
09/25/41
(a)
...........
EUR
1,236‌
$
1,454,283‌
Compartment
Driver
UK
Ten,
Series
10,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
0.00%,
04/25/33
(a)
...........
GBP
2,700‌
3,641,761‌
ECARAT
DE
SA
Compartment
(a)
Series
2025-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
2.67%,
02/25/37
....
EUR
1,300‌
1,526,343‌
Series
2025-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
2.92%,
02/25/37
....
400‌
469,620‌
ECARAT
DE
SA
Compartment
Lease
(a)
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.87%,
05/25/34
....
3,600‌
4,243,913‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.12%,
05/25/34
....
4,200‌
4,950,074‌
FACT
SA,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
2.98%,
09/22/31
(a)
.....
2,400‌
2,830,403‌
First
Mobility
SARL,
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.78%,
10/14/32
(a)
2,100‌
2,471,634‌
Golden
Ray
SA-Compartment
1
(a)
Series
1,
Class
A2,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
2.70%,
12/27/57
....
2,968‌
3,489,001‌
Series
1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.40%,
12/27/57
...............
500‌
586,684‌
Series
1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
3.90%,
12/27/57
...............
300‌
352,315‌
Pony
SA
(a)
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
2.73%,
01/14/33
....
1,168‌
1,371,884‌
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.08%,
01/14/33
....
584‌
686,959‌
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
3.53%,
01/14/33
....
389‌
460,055‌
RevoCar
SA
Compartment
(a)
Series
2025-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
2.71%,
08/25/38
....
700‌
821,941‌
Series
2025-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
2.96%,
08/25/38
....
300‌
352,215‌
SC
Germany
SA
Compartment
Consumer
(a)
Series
2020-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.75%),
3.63%,
11/14/34
.....
479‌
564,488‌
Series
2020-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.38%,
11/14/34
.....
196‌
231,765‌
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.88%,
01/14/38
....
1,900‌
2,233,106‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.18%,
01/14/38
....
EUR
11,200‌
$
13,194,830‌
Series
2024-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
2.98%,
05/14/38
....
3,000‌
3,537,591‌
Series
2024-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.28%,
05/14/38
....
2,300‌
2,723,530‌
Series
2024-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.58%,
05/14/38
....
1,600‌
1,894,883‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.83%,
12/14/38
....
2,800‌
3,300,503‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.08%,
12/14/38
....
1,700‌
2,012,415‌
Series
2025-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.75%),
3.63%,
12/14/38
....
1,300‌
1,541,168‌
SC
Germany
SA
Compartment
Leasing
(a)
Series
2023-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
3.88%,
12/14/32
....
666‌
788,378‌
Series
2023-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.88%,
12/14/32
....
606‌
720,097‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
2.76%,
09/14/36
....
1,300‌
1,527,639‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.91%,
09/14/36
....
1,000‌
1,174,402‌
TREVA
Equipment
Finance
SA-
Compartment,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.83%,
01/20/35
(a)
....
1,653‌
1,940,705‌
Vantage
Data
Centers
Germany
Borrower
Lux
SARL,
Series
2025-
1X,
Class
A2,
4.29%,
06/28/50
...
13,812‌
16,509,601‌
95,348,439‌
Netherlands
—
0.1%
(a)(b)
Aurorus
BV
Series
2023-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.18%,
08/13/49
....
3,165‌
3,732,550‌
Series
2023-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
3.98%,
08/13/49
....
628‌
744,058‌
Series
2023-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.20%),
5.08%,
08/13/49
....
912‌
1,087,603‌
Hill
FL
Series
2024-1FL,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.01%,
02/18/32
....
616‌
724,953‌
Series
2024-1FL,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.05%),
3.96%,
02/18/32
....
693‌
818,707‌
Series
2024-1FL,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.20%),
5.11%,
02/18/32
.....
154‌
181,613‌
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
Hill
FL
BV
Series
2024-2FL,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.72%),
2.63%,
10/18/32
....
EUR
3,837‌
$
4,511,315‌
Series
2024-2FL,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.95%),
3.86%,
10/18/32
....
500‌
579,352‌
Mila
BV
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.69%),
2.61%,
09/16/41
....
5,977‌
7,031,508‌
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.87%,
09/16/41
....
328‌
385,909‌
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.45%),
3.37%,
09/16/41
....
243‌
287,445‌
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
3.92%,
09/16/41
....
171‌
202,524‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
0.00%,
10/12/42
....
500‌
587,494‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
0.00%,
10/12/42
....
300‌
352,673‌
Series
2025-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
0.00%,
10/12/42
....
1,200‌
1,409,564‌
Series
2025-1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.72%),
0.00%,
10/12/42
....
800‌
939,240‌
23,576,508‌
Portugal
—
0.0%
(a)(b)
GAMMA
Sociedade
de
Titularizacao
de
Creditos
,
Series
2,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.93%,
02/25/34
............
4,293‌
5,053,281‌
TAGUS
-
Sociedade
de
Titularizacao
de
Creditos
SA
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.80%),
3.70%,
10/27/42
...............
1,600‌
1,895,509‌
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.60%),
4.50%,
10/27/42
...............
700‌
832,466‌
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.85%),
4.76%,
09/23/38
...............
329‌
378,785‌
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
5.90%,
10/27/42
...............
1,400‌
1,667,692‌
Series
6,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.20%,
12/25/39
...............
2,200‌
2,582,897‌
Series
6,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.70%,
12/25/39
...............
1,800‌
2,127,540‌
14,538,170‌
Singapore
—
0.0%
Bayfront
Infrastructure
Capital
Pte.
Ltd.
(a)(b)(d)
Series
2025-1,
Class
A1,
(1-day
SOFR
at
1.30%
Floor
+
1.30%),
5.52%,
04/11/45
..........
USD
3,357‌
3,355,993‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Singapore
(continued)
Series
2025-1,
Class
A1SU,
(1-day
SOFR
at
1.29%
Floor
+
1.29%),
5.51%,
04/11/45
..........
USD
4,020‌
$
4,017,990‌
7,373,983‌
Spain
—
0.1%
(b)
Auto
ABS
Spanish
Loans
FT
(a)
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
2.75%,
09/28/38
....
EUR
9,474‌
11,158,414‌
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.20%,
09/28/38
....
3,477‌
4,101,423‌
AutoNoria
Spain
(a)
Series
2021-SP,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
2.67%,
01/31/39
....
289‌
339,507‌
Series
2021-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
2.92%,
01/31/39
....
467‌
548,535‌
Series
2021-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.55%),
3.42%,
01/31/39
....
200‌
235,522‌
Series
2021-SP,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.65%),
4.52%,
01/31/39
....
111‌
130,631‌
Series
2021-SP,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.90%),
5.77%,
01/31/39
....
45‌
52,226‌
Series
2022-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.80%),
4.67%,
01/27/40
....
666‌
798,923‌
Series
2022-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.20%),
6.07%,
01/28/40
....
166‌
202,316‌
Series
2022-SP,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
7.00%),
8.87%,
01/29/40
....
957‌
1,178,432‌
Autonoria
Spain
FT
(a)
Series
2023-SP,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
2.57%,
09/30/41
....
3,472‌
4,086,506‌
Series
2023-SP,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.02%,
09/30/41
....
310‌
365,453‌
Series
2023-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
3.87%,
09/30/41
....
1,054‌
1,254,925‌
Series
2023-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
4.77%,
09/30/41
....
372‌
447,634‌
AutoNoria
Spain
FT
(a)
Series
2025-SP,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.87%,
04/30/43
....
3,300‌
3,889,859‌
Series
2025-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.07%,
04/30/43
....
2,800‌
3,302,156‌
Series
2025-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.37%,
04/30/43
....
1,400‌
1,645,892‌
Series
2025-SP,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.87%,
04/30/43
....
1,500‌
1,770,280‌
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
Bbva
Consumer
Auto
FT
(a)
Series
2025-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.98%,
05/19/42
....
EUR
1,700‌
$
2,000,248‌
Series
2025-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.28%,
05/19/42
....
2,000‌
2,351,357‌
Fondo
de
Titulizacion
Santander
Consumo
9
(a)
Series
9,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
3.00%,
10/25/40
...............
2,000‌
2,349,509‌
Series
9,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.40%,
10/25/40
...............
4,000‌
4,696,200‌
FT
Santander
Consumer
Spain
Auto
Series
2020-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.98%,
03/21/33
(a)
...
155‌
182,286‌
Series
2020-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.95%),
3.98%,
03/21/33
(a)
...
47‌
54,720‌
Series
2020-1,
Class
D,
3.50%,
03/21/33
...............
78‌
90,841‌
Series
2025-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
0.00%,
12/16/43
(a)
...
2,100‌
2,466,861‌
FTA
Consumo
Santander
(a)
Series
7,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.32%,
07/20/38
...............
3,141‌
3,710,140‌
Series
7,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
3.67%,
07/20/38
...............
2,592‌
3,061,173‌
Santander
Consumo
8
Fondo
de
Titulizacion
(a)
Series
8,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.29%,
01/21/40
...............
2,700‌
3,188,020‌
Series
8,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.59%,
01/21/40
...............
2,900‌
3,421,122‌
Series
8,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.84%,
01/21/40
...............
1,000‌
1,179,584‌
64,260,695‌
Switzerland
—
0.0%
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2004-CF2,
Class
1B,
6.00%,
01/25/43
(c)(g)
...
USD
603‌
503,509‌
United
Kingdom
—
0.6%
Asimi
Funding
plc
(a)(b)
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.35%),
5.32%,
09/16/31
....
GBP
1,786‌
2,405,309‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.95%),
5.92%,
09/16/31
....
1,654‌
2,236,110‌
Series
2025-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
4.92%,
05/16/32
...............
2,605‌
3,519,793‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.37%,
05/16/32
...............
GBP
2,580‌
$
3,487,560‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.75%),
5.72%,
05/16/32
...............
2,185‌
2,954,123‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
6.37%,
05/16/32
...............
595‌
805,788‌
Cardiff
Auto
Receivables
Securitisation
plc
(a)(b)
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.37%,
08/20/31
...............
2,918‌
3,943,090‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.87%,
08/20/31
...............
5,216‌
7,079,803‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.60%),
6.57%,
08/20/31
...............
3,951‌
5,385,520‌
Delamare
Cards
MTN
Issuer
plc,
Series
2023-1,
Class
A1,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
4.77%,
04/19/31
(a)(b)
3,454‌
4,653,219‌
Dowson
plc
(a)(b)
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.22%,
08/20/31
...............
3,281‌
4,428,754‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.57%,
08/20/31
...............
2,490‌
3,361,774‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.35%),
6.32%,
08/20/31
...............
631‌
854,945‌
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.95%),
7.92%,
08/20/31
...............
1,212‌
1,638,581‌
Series
2024-1,
Class
F,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
6.95%),
10.92%,
08/20/31
...............
1,476‌
2,014,525‌
Greene
King
Finance
plc
Series
A6,  4.06%,
03/15/35
(b)
...
2,831‌
3,580,522‌
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
5.89%,
12/15/34
(a)
..............
2,472‌
3,042,003‌
Series
B2,  (Sterling
Overnight
Index
Average
at
2.08%
Floor
+
2.20%),
6.17%,
03/15/36
(a)(b)
..
100‌
124,980‌
Hermitage
2024
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.87%,
04/21/33
...............
4,445‌
5,996,812‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.22%,
04/21/33
...............
GBP
1,328‌
$
1,790,115‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.57%,
04/21/33
...............
1,386‌
1,872,383‌
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.90%),
7.87%,
04/21/33
...............
869‌
1,181,580‌
Hermitage
plc
(a)(b)
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.45%),
6.42%,
09/21/33
...............
750‌
1,009,714‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.35%),
6.32%,
04/21/33
...............
577‌
782,355‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
5.07%,
04/21/33
...............
1,960‌
2,638,318‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.37%,
04/21/33
...............
2,498‌
3,363,410‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.67%,
04/21/33
...............
1,709‌
2,302,969‌
Series
2025-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
7.17%,
04/21/33
...............
928‌
1,255,491‌
ICG
US
CLO
Ltd.,
Series
2014-2A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.71%),
6.03%,
01/15/31
(a)(c)
...............
USD
2,750‌
2,747,278‌
London
Cards
No.
1
plc,
Series
1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.75%),
7.72%,
05/15/33
(a)(b)
...............
GBP
1,425‌
1,955,814‌
London
Cards
No.
2
plc
(a)(b)
Series
2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.37%,
03/28/34
...............
1,383‌
1,878,998‌
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.47%,
03/28/34
...............
1,708‌
2,320,591‌
Series
2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.45%),
7.42%,
03/28/34
...............
1,784‌
2,436,025‌
Series
2,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.50%),
9.47%,
03/28/34
...............
2,066‌
2,855,444‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Newday
Funding
(a)(b)
Series
2024-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.18%),
5.15%,
03/15/32
...............
GBP
1,910‌
$
2,588,443‌
Series
2024-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.65%),
5.62%,
03/15/32
...............
3,309‌
4,488,649‌
Series
2024-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
6.37%,
03/15/32
...............
3,128‌
4,266,315‌
Newday
Funding
Master
Issuer
plc
(a)(b)
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.70%),
6.67%,
11/15/31
...............
4,377‌
5,985,116‌
Series
2023-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.70%),
7.67%,
11/15/31
...............
5,555‌
7,658,447‌
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.37%,
07/15/32
...............
1,949‌
2,641,032‌
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.87%,
07/15/32
...............
2,323‌
3,156,210‌
Series
2024-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.65%),
6.62%,
07/15/32
...............
4,901‌
6,705,398‌
Series
2024-3X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.27%,
11/15/32
...............
2,090‌
2,824,909‌
Series
2024-3X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.57%,
11/15/32
...............
3,087‌
4,170,107‌
Series
2025-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.85%),
4.82%,
04/15/33
...............
6,990‌
9,441,350‌
Series
2025-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.42%,
04/15/33
...............
4,581‌
6,188,557‌
Series
2025-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.05%),
5.02%,
07/15/33
...............
3,002‌
4,040,285‌
Series
2025-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.47%,
07/15/33
...............
3,307‌
4,463,458‌
Newday
Funding
Master
Issuer
plc-
(a)(b)
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.87%,
07/15/32
...............
9,773‌
13,188,081‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2025-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
5.12%,
04/15/33
...............
GBP
2,829‌
$
3,824,149‌
PCL
Funding
IX
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.87%,
07/16/29
...............
22,145‌
29,910,847‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.27%,
07/16/29
...............
2,320‌
3,129,632‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.15%),
6.12%,
07/16/29
...............
150‌
203,115‌
PCL
Funding
VIII
plc
(a)(b)
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.47%,
05/15/28
...............
1,125‌
1,527,637‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
7.47%,
05/15/28
...............
712‌
969,060‌
Satus
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.87%,
01/17/31
...............
3,739‌
5,036,075‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.22%,
01/17/31
...............
3,139‌
4,236,193‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.05%),
6.02%,
01/17/31
...............
3,161‌
4,270,164‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.30%),
7.27%,
01/17/31
...............
568‌
765,037‌
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.30%),
9.27%,
01/17/31
...............
549‌
738,456‌
Tower
Bridge
Funding
plc,
Series
2022-
1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.72%),
4.69%,
12/20/63
(a)(b)
....
1,169‌
1,572,854‌
Trafford
Centre
Finance
Ltd.
(The),
Series
B2,
(Sterling
Overnight
Index
Average
+
0.94%),
4.94%,
07/28/35
(a)(b)
...............
3,400‌
3,806,677‌
Unique
Pub
Finance
Co.
plc
(The),
Series
N,
6.46%,
03/30/32
(b)
....
12,466‌
17,498,220‌
Zilch
Finance
2
Ltd.,
(1-mo.
SONIA
+
4.00%),
7.97%,
10/26/27
(a)(d)
....
27,533‌
37,029,580‌
288,227,749‌
United
States
—
6.5%
522
Funding
CLO
Ltd.
(a)(c)
Series
2018-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
5.63%,
10/20/31
...
USD
67‌
66,544‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2018-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
6.64%,
10/20/31
...
USD
750‌
$
751,547‌
ACE
Securities
Corp.,
Series
2005-
AG1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.69%
Floor
+
0.80%),
4.96%,
08/25/35
(a)
...........
1,826‌
1,600,272‌
ACE
Securities
Corp.
Home
Equity
Loan
Trust
(a)
Series
2007-HE4,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.26%
Floor
+
0.37%),
4.53%,
05/25/37
...
6,881‌
1,075,992‌
Series
2007-HE4,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
4.87%,
05/25/37
...
340‌
53,690‌
ACE
Securities
Manufactured
Housing
Loan
Trust,
Series
2003-MH1,
Class
B2,
0.00%,
08/15/30
(c)
........
718‌
688,296‌
ACREC
LLC,
Series
2023-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.23%),
6.38%,
02/19/38
(a)(c)
3,517‌
3,516,773‌
ACRES
LLC,
Series
2025-FL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.75%,
08/18/40
(a)(c)
13,896‌
13,925,703‌
Affirm
Asset
Securitization
Trust
(c)
Series
2024-A,
Class
A,
5.61%,
02/15/29
...............
7,128‌
7,160,518‌
Series
2025-X1,
Class
C,
5.34%,
04/15/30
...............
2,790‌
2,795,678‌
Affirm
Master
Trust
(c)
Series
2025-1A,
Class
A,
4.99%,
02/15/33
...............
30,491‌
30,735,050‌
Series
2025-1A,
Class
B,
5.13%,
02/15/33
...............
2,389‌
2,406,243‌
Ajax
Mortgage
Loan
Trust
(c)
Series
2017-D,
Class
B,
0.00%,
12/25/57
(a)
..............
4‌
1,287‌
Series
2020-C,
Class
C,
0.00%,
09/27/60
...............
127‌
86,360‌
Series
2021-C,
Class
A,
6.11%,
01/25/61
(g)
..............
11,809‌
11,806,812‌
Series
2021-C,
Class
B,
6.72%,
01/25/61
(g)
..............
6,336‌
6,273,531‌
Series
2021-C,
Class
C,
0.00%,
01/25/61
...............
14,796‌
17,707,366‌
Series
2021-D,
Class
A,
5.00%,
03/25/60
(g)
..............
24,942‌
24,930,211‌
Series
2021-D,
Class
B,
7.00%,
03/25/60
(a)
..............
11,196‌
12,361,614‌
Series
2021-D,
Class
C,
0.00%,
03/25/60
(a)
..............
15,560‌
19,016,292‌
Series
2021-E,
Class
A1,
1.74%,
12/25/60
(a)
..............
35,881‌
31,544,527‌
Series
2021-E,
Class
A2,
2.69%,
12/25/60
(a)
..............
8,637‌
6,640,435‌
Series
2021-E,
Class
B1,
3.73%,
12/25/60
(a)
..............
5,214‌
3,468,331‌
Series
2021-E,
Class
B3,
3.95%,
12/25/60
(a)
..............
16,857‌
9,355,013‌
Series
2021-E,
Class
M1,
2.94%,
12/25/60
(a)
..............
8,544‌
6,178,844‌
Series
2021-E,
Class
SA,
0.00%,
12/25/60
(a)
..............
80‌
37,653‌
Series
2021-E,
Class
XS,
0.00%,
12/25/60
(a)
..............
156,651‌
5,378,952‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-F,
Class
A,
4.88%,
06/25/61
(g)
..............
USD
69,460‌
$
69,411,096‌
Series
2021-F,
Class
B,
6.75%,
06/25/61
(g)
..............
24,649‌
24,514,104‌
Series
2021-F,
Class
C,
0.00%,
06/25/61
...............
36,291‌
35,378,215‌
Series
2021-G,
Class
A,
4.88%,
06/25/61
(a)
..............
52,066‌
52,027,655‌
Series
2021-G,
Class
B,
6.75%,
06/25/61
(a)
..............
15,335‌
17,360,987‌
Series
2021-G,
Class
C,
0.00%,
06/25/61
...............
26,737‌
26,935,493‌
Series
2023-B,
Class
A,
4.25%,
10/25/62
(g)
..............
22,542‌
22,287,305‌
Series
2023-B,
Class
B,
4.25%,
10/25/62
(g)
..............
3,314‌
3,233,453‌
Series
2023-B,
Class
C,
0.00%,
10/25/62
...............
7,419‌
4,732,527‌
Series
2023-B,
Class
SA,
0.00%,
10/25/62
(h)
..............
511‌
481,970‌
AMSR
Trust
(c)
Series
2021-SFR1,
Class
F,
3.60%,
06/17/38
...............
5,128‌
4,868,794‌
Series
2021-SFR2,
Class
F1,
3.28%,
08/17/38
...............
6,744‌
6,609,984‌
Series
2023-SFR2,
Class
F2,
3.95%,
06/17/40
...............
5,000‌
4,665,752‌
Apidos
CLO
XVIII-R,
Series
2018-18A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.66%,
01/22/38
(a)(c)
..........
26,200‌
26,308,258‌
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
07/17/46
(c)
.....
399‌
369,413‌
Arbor
Realty
Commercial
Real
Estate
Notes
LLC,
Series
2025-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.49%,
01/20/43
(a)(c)
12,698‌
12,664,348‌
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL1,
Class
A,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
5.82%,
01/15/37
(a)(c)
279‌
278,742‌
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
4.75%,
05/25/35
(a)
.....
4,679‌
3,875,355‌
Argent
Securities
Trust
(a)
Series
2006-M1,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.57%,
07/25/36
...
6,754‌
1,821,840‌
Series
2006-W2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.58%
Floor
+
0.69%),
4.85%,
03/25/36
...
1,790‌
997,654‌
Audax
Senior
Debt
CLO
LLC,
Series
2025-12A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.59%,
04/22/37
(a)(c)
....
4,660‌
4,663,495‌
Avoca
CLO
XXVIII
DAC,
Series
28A,
Class
B1R,
(3-mo.
EURIBOR
at
1.85%
Floor
+
1.85%),
3.88%,
10/15/37
(a)(c)
...............
EUR
3,400‌
3,996,306‌
BankAmerica
Manufactured
Housing
Contract
Trust
(a)
Series
1997-2,
Class
B1,
7.07%,
10/10/27
...............
USD
4,500‌
384,787‌
Series
1998-2,
Class
B1,
7.18%,
12/10/25
...............
8,475‌
716,110‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Bankers
Healthcare
Group
Securitization
Trust,
Series
2020-A,
Class
C,
5.17%,
09/17/31
(c)
.....
USD
750‌
$
749,259‌
Battalion
CLO
XV
Ltd.,
Series
2020-
15A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
0.98%),
5.30%,
01/17/33
(a)(c)
..........
22,354‌
22,344,458‌
Bayview
Financial
Revolving
Asset
Trust
(a)(c)
Series
2004-B,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
5.28%,
05/28/39
...
15,594‌
12,864,404‌
Series
2004-B,
Class
A2,
(1-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.41%),
5.58%,
05/28/39
...
343‌
159,762‌
Series
2005-A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
5.28%,
02/28/40
...
7,771‌
7,012,971‌
Series
2005-E,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
5.28%,
12/28/40
...
302‌
306,987‌
BCMSC
Trust
(a)
Series
2000-A,
Class
A2,
7.58%,
06/15/30
...............
7,777‌
500,849‌
Series
2000-A,
Class
A3,
7.83%,
06/15/30
...............
7,219‌
480,091‌
Series
2000-A,
Class
A4,
8.29%,
06/15/30
...............
5,207‌
366,610‌
BDS
LLC,
Series
2024-FL13,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.58%),
5.71%,
09/19/39
(a)(c)
5,300‌
5,327,249‌
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2004-HE7,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.73%
Floor
+
1.84%),
6.00%,
08/25/34
...
13‌
12,462‌
Series
2006-HE1,
Class
1M4,
(1-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
5.06%,
12/25/35
...
5,927‌
5,807,831‌
Series
2006-HE7,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.61%,
09/25/36
...
1,301‌
1,275,995‌
Series
2006-HE8,
Class
1A3,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.79%,
10/25/36
...
1,166‌
1,145,930‌
Series
2007-HE2,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.59%,
03/25/37
...
2,494‌
2,383,163‌
Series
2007-HE2,
Class
22A,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.55%,
03/25/37
...
1,442‌
1,359,091‌
Series
2007-HE2,
Class
23A,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.55%,
03/25/37
...
1,701‌
1,622,851‌
Series
2007-HE3,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
4.97%,
04/25/37
...
21,563‌
20,743,086‌
BHG
Securitization
Trust
(c)
Series
2021-A,
Class
A,
1.42%,
11/17/33
...............
669‌
661,874‌
Series
2021-A,
Class
B,
2.79%,
11/17/33
...............
1,995‌
1,954,299‌
Series
2021-B,
Class
C,
2.24%,
10/17/34
...............
1,600‌
1,536,107‌
Series
2022-C,
Class
B,
5.93%,
10/17/35
...............
1,685‌
1,689,744‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BRAVO
Residential
Funding
Trust,
Series
2024-CES2,
Class
A1A,
5.55%,
09/25/54
(c)(g)
..........
USD
8,108‌
$
8,154,567‌
Brex
Commercial
Charge
Card
Master
Trust,
Series
2024-1,
Class
A1,
6.05%,
07/15/27
(c)
...........
6,223‌
6,261,686‌
Carlyle
Direct
Lending
CLO
LLC,
Series
2024-1A,
Class
AL1N,
(3-mo.
CME
Term
SOFR
at
1.68%
Floor
+
1.68%),
6.00%,
10/25/37
(a)(c)
....
19,637‌
19,672,947‌
Carrington
Mortgage
Loan
Trust
(a)
Series
2006-NC1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.63%
Floor
+
0.74%),
4.90%,
01/25/36
...
1,620‌
1,438,919‌
Series
2006-NC4,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
12.50%
Cap
+
0.27%),
4.43%,
10/25/36
..........
538‌
525,378‌
Cascade
MH
Asset
Trust,
Series
2019-
MH1,
Class
A,
4.00%,
11/25/44
(a)(c)
13,158‌
12,634,945‌
C-BASS
Trust
(a)
Series
2006-CB7,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.59%,
10/25/36
...
986‌
682,456‌
Series
2006-CB9,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
4.73%,
11/25/36
...
616‌
278,467‌
CIT
Mortgage
Loan
Trust
(a)(c)
Series
2007-1,
Class
1M2,
(1-mo.
CME
Term
SOFR
at
2.63%
Floor
+
1.86%),
6.90%,
10/25/37
...
3,538‌
3,509,350‌
Series
2007-1,
Class
2M2,
(1-mo.
CME
Term
SOFR
at
2.63%
Floor
+
1.86%),
6.90%,
10/25/37
...
1,803‌
1,759,914‌
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(1-
mo.
CME
Term
SOFR
at
0.20%
Floor
+
0.31%),
4.47%,
05/25/37
11,101‌
7,499,181‌
Series
2007-AHL2,
Class
A3C,
(1-
mo.
CME
Term
SOFR
at
0.27%
Floor
+
0.38%),
4.54%,
05/25/37
5,043‌
3,408,741‌
Series
2007-AHL3,
Class
A3B,
(1-
mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.28%),
4.44%,
07/25/45
5,275‌
3,690,860‌
Series
2007-AMC1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.59%,
12/25/36
(c)
..
6,221‌
3,485,013‌
Coinstar
Funding
LLC,
Series
2017-1A,
Class
A2,
5.22%,
04/25/47
(c)
....
7,340‌
6,789,500‌
College
Ave
Student
Loans
Trust,
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.75%
Floor
+
1.75%),
6.11%,
06/25/54
(a)(c)
....
14,697‌
14,909,632‌
College
Avenue
Student
Loans
LLC
(c)
Series
2021-A,
Class
B,
2.32%,
07/25/51
...............
3,776‌
3,510,792‌
Series
2021-A,
Class
C,
2.92%,
07/25/51
...............
722‌
683,564‌
Series
2021-B,
Class
B,
2.42%,
06/25/52
...............
1,212‌
1,111,585‌
Series
2021-B,
Class
C,
2.72%,
06/25/52
...............
550‌
511,795‌
Series
2021-B,
Class
D,
3.78%,
06/25/52
...............
131‌
123,714‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Compass
Datacenters
Issuer
III
LLC,
Series
2025-3A,
Class
A2,
5.29%,
07/25/50
(c)
................
USD
22,056‌
$
22,302,988‌
Concord
Music
Royalties
LLC,
Series
2024-1A,
Class
A,
5.64%,
10/20/74
(c)
11,031‌
11,114,065‌
Conseco
Finance
Corp.
(a)
Series
1996-10,
Class
B1,
7.24%,
11/15/28
...............
988‌
1,002,400‌
Series
1997-3,
Class
M1,
7.53%,
03/15/28
...............
1,019‌
1,036,630‌
Series
1997-6,
Class
M1,
7.21%,
01/15/29
...............
687‌
699,163‌
Series
1998-4,
Class
M1,
6.83%,
04/01/30
...............
343‌
349,400‌
Series
1998-6,
Class
M1,
6.63%,
06/01/30
...............
944‌
957,650‌
Series
1999-5,
Class
A5,
7.86%,
03/01/30
...............
2,426‌
666,802‌
Series
1999-5,
Class
A6,
7.50%,
03/01/30
...............
2,603‌
684,560‌
Conseco
Finance
Securitizations
Corp.
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(a)
..............
4,152‌
533,304‌
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(a)
..............
5,128‌
679,766‌
Series
2000-5,
Class
A6,
7.96%,
05/01/31
...............
6,271‌
1,183,732‌
Series
2000-5,
Class
A7,
8.20%,
05/01/31
...............
11,418‌
2,220,327‌
Cook
Park
CLO
Ltd.
(a)(c)
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.01%),
6.33%,
04/17/30
...
2,000‌
2,003,806‌
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.86%),
7.18%,
04/17/30
...
1,430‌
1,437,150‌
Credit-Based
Asset
Servicing
&
Securitization
LLC
Series
2006-CB2,
Class
AF4,
3.00%,
12/25/36
(g)
..............
919‌
752,271‌
Series
2006-MH1,
Class
B1,
6.75%,
10/25/36
(c)(g)
.............
711‌
708,574‌
Series
2006-MH1,
Class
B2,
6.75%,
10/25/36
(c)(g)
.............
5,709‌
4,766,170‌
Series
2006-SL1,
Class
A2,
6.06%,
09/25/36
(c)(g)
.............
11,498‌
355,662‌
Series
2007-CB6,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.61%,
07/25/37
(a)(c)
.
1,229‌
815,696‌
CSMC
Trust,
Series
2017-2,
Class
CERT,
0.00%,
02/01/47
(c)
......
1,576‌
1,357,666‌
CWABS
Asset-Backed
Certificates
Trust
(a)
Series
2005-16,
Class
1AF,
4.47%,
04/25/36
...............
4,710‌
4,231,058‌
Series
2006-18,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.56%),
4.72%,
03/25/37
...
13,032‌
13,331,366‌
Series
2006-22,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
4.62%,
05/25/47
...
1,582‌
1,557,930‌
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%),
5.77%,
06/25/47
(a)(c)
..........
2,640‌
2,175,944‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
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%),
4.53%,
03/15/34
(a)
...........
USD
123‌
$
123,012‌
CWHEQ
Home
Equity
Loan
Trust
Series
2006-S3,
Class
A4,
5.30%,
01/25/29
(g)
..............
86‌
214,173‌
Series
2006-S5,
Class
A5,
6.16%,
06/25/35
...............
170‌
262,317‌
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%),
4.44%,
05/15/35
..........
101‌
100,692‌
Series
2006-C,
Class
2A,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
and
16.00%
Cap
+
0.29%),
4.44%,
05/15/36
..........
764‌
758,133‌
Series
2006-H,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
and
16.00%
Cap
+
0.26%),
4.41%,
11/15/36
..........
448‌
440,379‌
Series
2006-I,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
4.40%,
01/15/37
...
358‌
344,974‌
Diameter
Capital
CLO
1
Ltd.
(a)(c)
Series
2021-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.15%),
10.47%,
10/15/37
..
5,000‌
5,067,693‌
Series
2021-1A,
Class
SUB,
0.00%,
10/15/37
...............
6,050‌
4,800,191‌
Diameter
Capital
CLO
3
Ltd.,
Series
2022-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.65%,
01/15/38
(a)(c)
....
4,146‌
4,158,872‌
Dwight
Issuer
LLC,
Series
2025-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.66%
Floor
+
1.66%),
5.80%,
06/18/42
(a)(c)
...............
2,499‌
2,496,944‌
Eaton
Vance
CLO
Ltd.,
Series
2014-
1RA,
Class
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.07%,
07/15/30
(a)(c)
..........
1,750‌
1,752,076‌
EDvestinU
Private
Education
Loan
Issue
No.
3
LLC,
Series
2021-A,
Class
B,
3.50%,
11/25/50
(c)
.....
1,660‌
1,411,696‌
EDvestinU
Private
Education
Loan
Issue
No.
4
LLC,
Series
2022-A,
Class
A,
5.25%,
11/25/40
(c)
.....
4,761‌
4,770,026‌
ELFI
Graduate
Loan
Program
LLC,
Series
2020-A,
Class
B,
2.98%,
08/25/45
(a)(c)
...............
1,297‌
1,155,913‌
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2004-FFH3,
Class
M3,
(1-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.16%),
5.32%,
10/25/34
...
2,818‌
2,570,487‌
Series
2006-FF13,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
4.51%,
10/25/36
...
4,191‌
2,699,044‌
Series
2006-FF13,
Class
A2C,
(1-
mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.59%,
10/25/36
2,458‌
1,614,939‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2006-FF16,
Class
2A4,
(1-
mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.69%,
12/25/36
USD
4,679‌
$
1,891,084‌
First
NLC
Trust,
Series
2007-1,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
4.45%,
08/25/37
(a)(c)
...............
1,554‌
778,079‌
FirstKey
Homes
Trust
(c)
Series
2022-SFR1,
Class
E2,
5.00%,
05/19/39
..........
5,000‌
4,928,091‌
Series
2022-SFR2,
Class
E1,
4.50%,
07/17/39
..........
4,977‌
4,873,651‌
Series
2022-SFR3,
Class
E2,
3.50%,
07/17/38
..........
8,285‌
8,108,788‌
Flatiron
CLO
23
LLC,
Series
2023-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
5.56%,
04/17/36
(a)(c)
...............
2,510‌
2,513,953‌
FNA
8
LLC,
Series
2025-1,
Class
A,
5.62%,
03/15/45
(a)(c)
..........
15,903‌
16,018,057‌
Foundation
Finance
Trust
(c)
Series
2021-2A,
Class
A,
2.19%,
01/15/42
...............
3,946‌
3,764,188‌
Series
2023-1A,
Class
A,
5.67%,
12/15/43
...............
4,974‌
5,097,371‌
Series
2024-1A,
Class
B,
5.95%,
12/15/49
...............
1,525‌
1,565,985‌
Series
2024-2A,
Class
B,
4.93%,
03/15/50
...............
2,798‌
2,803,225‌
Series
2025-1A,
Class
A,
4.95%,
04/15/50
...............
16,958‌
17,176,112‌
Series
2025-1A,
Class
D,
6.09%,
04/15/50
...............
16,235‌
16,234,705‌
Series
2025-2A,
Class
D,
5.68%,
04/15/52
...............
2,263‌
2,275,183‌
Series
2025-2A,
Class
E,
8.35%,
04/15/52
...............
2,466‌
2,495,788‌
Fremont
Home
Loan
Trust
(a)
Series
2006-3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.55%,
02/25/37
...
4,465‌
3,309,250‌
Series
2006-3,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.61%,
02/25/37
...
5,100‌
1,559,437‌
FS
Rialto
Issuer
LLC
(a)(c)
Series
2024-FL9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
5.76%,
10/19/39
...
9,190‌
9,238,737‌
Series
2025-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.52%,
08/19/42
...
3,240‌
3,242,450‌
GAM
Resecuritization
Trust,
Series
2018-B,
Class
A1,
(US
Prime
Rate
at
0.00%
Floor
-
2.00%),
5.25%,
08/27/51
(a)(c)
...............
3,889‌
3,894,063‌
GoldenTree
Loan
Management
US
CLO
14
Ltd.,
Series
2022-14A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.90%
Floor
+
5.90%),
10.23%,
07/20/37
(a)(c)
...............
2,300‌
2,329,888‌
GoldenTree
Loan
Management
US
CLO
15
Ltd.,
Series
2022-15A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
7.50%
Floor
+
7.50%),
11.83%,
10/20/36
(a)(c)
...............
2,500‌
2,406,228‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Goldman
Home
Improvement
Trust
Issuer
Trust
(c)
Series
2021-GRN2,
Class
B,
1.97%,
06/25/51
...............
USD
2,986‌
$
2,882,125‌
Series
2022-GRN2,
Class
A,
6.80%,
10/25/52
...............
2,465‌
2,530,693‌
Golub
Capital
Partners
CLO
56M,
Series
2021-56A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.79%),
6.11%,
10/25/33
(a)(c)
....
6,250‌
6,269,488‌
Golub
Capital
Partners
CLO
69M,
Series
2023-69A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.58%,
11/09/36
(a)(c)
....
2,500‌
2,501,215‌
Golub
Capital
Partners
CLO
78M,
Series
2025-78A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.71%,
04/21/39
(a)(c)
....
2,500‌
2,498,775‌
GoodLeap
Home
Improvement
Solutions
Trust
(c)
Series
2024-1A,
Class
A,
5.35%,
10/20/46
...............
26,109‌
26,449,853‌
Series
2025-1A,
Class
A,
5.38%,
02/20/49
...............
23,688‌
24,032,690‌
Series
2025-1A,
Class
B,
6.27%,
02/20/49
...............
912‌
933,942‌
Series
2025-2A,
Class
A,
5.32%,
06/20/49
...............
21,561‌
21,800,495‌
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
(c)
...........
9,085‌
7,246,554‌
Gracie
Point
International
Funding
LLC,
Series
2024-1A,
Class
A,
(SOFR90A
at
1.70%
Floor
+
1.70%),
6.06%,
03/01/28
(a)(c)
...............
14,644‌
14,672,465‌
Green
Lakes
Park
CLO
LLC,
Series
2025-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
5.50%,
01/25/38
(a)(c)
....
4,050‌
4,053,799‌
GreenPoint
Manufactured
Housing,
Series
1999-5,
Class
M2,
9.23%,
12/15/29
(a)
................
1,780‌
1,779,128‌
GreenSky
Home
Improvement
Issuer
Trust
(c)
Series
2024-2,
Class
A4,
5.15%,
10/27/59
...............
4,024‌
4,071,742‌
Series
2024-2,
Class
D,
6.43%,
10/27/59
...............
2,938‌
3,001,176‌
Series
2025-2A,
Class
C,
5.26%,
06/25/60
...............
3,865‌
3,899,782‌
Series
2025-2A,
Class
D,
5.56%,
06/25/60
...............
3,086‌
3,117,299‌
Series
2025-2A,
Class
E,
7.79%,
06/25/60
...............
1,345‌
1,365,285‌
GreenSky
Home
Improvement
Trust
(c)
Series
2024-1,
Class
A4,
5.67%,
06/25/59
...............
12,354‌
12,632,052‌
Series
2024-1,
Class
B,
5.87%,
06/25/59
...............
1,970‌
2,009,553‌
Greystone
CRE
Notes
2025
LLC,
Series
2025-HC4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.78%
Floor
+
1.78%),
0.00%,
10/15/42
(a)(c)
....
9,010‌
8,987,475‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
GSAA
Home
Equity
Trust
(a)
Series
2005-14,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
4.97%,
12/25/35
...
USD
5,333‌
$
2,378,092‌
Series
2006-4,
Class
1A1,
4.18%,
03/25/36
...............
3,386‌
2,346,551‌
Series
2006-18,
Class
AF2A,
5.63%,
11/25/36
...............
205‌
55,540‌
Series
2006-18,
Class
AF3A,
5.77%,
11/25/36
...............
2,019‌
547,487‌
Series
2007-2,
Class
AF3,
5.92%,
03/25/37
...............
1,406‌
251,115‌
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.67%,
01/25/47
...
2,635‌
1,290,602‌
Series
2007-HS1,
Class
M6,
(1-mo.
CME
Term
SOFR
at
3.38%
Floor
+
3.49%),
7.65%,
02/25/47
...
3,414‌
3,370,355‌
Home
Efficiency,
0.00%,
12/31/54
(a)(c)(d)
63,005‌
64,296,706‌
Home
Equity
Asset
Trust
(a)
Series
2006-3,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
4.87%,
07/25/36
...
4,008‌
3,805,364‌
Series
2007-1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.57%,
05/25/37
...
4,366‌
3,650,688‌
Home
Equity
Mortgage
Loan
Asset-
Backed
Trust,
Series
2004-A,
Class
M2,
(1-mo.
CME
Term
SOFR
at
2.03%
Floor
+
2.14%),
3.52%,
07/25/34
(a)
................
679‌
654,547‌
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(g)
................
6,758‌
609,180‌
Huntington
Bank
Auto
Credit-Linked
Notes
(a)(c)
Series
2024-1,
Class
B2,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.40%),
5.79%,
05/20/32
....
7,332‌
7,347,277‌
Series
2024-2,
Class
B2,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.35%),
5.74%,
10/20/32
....
12,586‌
12,605,188‌
Series
2025-2,
Class
B2,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.20%),
5.59%,
09/20/33
....
7,783‌
7,785,544‌
INCREF
LLC,
Series
2025-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.73%
Floor
+
1.73%),
5.86%,
10/19/42
(a)(c)
9,037‌
9,042,257‌
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%),
4.55%,
12/25/36
(a)(c)
...............
42‌
40,564‌
J.P.
Morgan
Mortgage
Acquisition
Trust
Series
2006-CW1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.41%
Floor
+
0.52%),
4.68%,
05/25/36
(a)
..
1,353‌
1,351,637‌
Series
2007-CH1,
Class
MF1,
4.44%,
11/25/36
(g)
.........
11,339‌
11,698,166‌
KeyCorp
Student
Loan
Trust
(a)
Series
2004-A,
Class
2D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.51%),
5.83%,
07/28/42
...
3,851‌
3,713,618‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2005-A,
Class
2C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.56%),
5.55%,
12/27/38
...
USD
6,426‌
$
6,295,542‌
Legacy
Mortgage
Asset
Trust
(c)
Series
2019-SL2,
Class
A,
3.38%,
02/25/59
(a)
..............
4,862‌
4,700,765‌
Series
2019-SL2,
Class
B,
0.00%,
02/25/59
...............
4,675‌
923,050‌
Series
2019-SL2,
Class
M,
4.25%,
02/25/59
(a)
..............
5,388‌
4,886,367‌
Lehman
ABS
Manufactured
Housing
Contract
Trust
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
..............
2,258‌
2,276,907‌
Series
2002-A,
Class
C,
0.00%,
06/15/33
...............
406‌
403,860‌
Lehman
ABS
Mortgage
Loan
Trust,
Series
2007-1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.09%
Floor
+
0.20%),
4.36%,
06/25/37
(a)(c)
....
838‌
556,568‌
Lending
Funding
Trust
(c)
Series
2020-2A,
Class
B,
3.54%,
04/21/31
...............
3,340‌
3,266,806‌
Series
2020-2A,
Class
D,
6.77%,
04/21/31
...............
400‌
400,853‌
LendingClub
Rated
Notes
Issuer
Trust
(c)
Series
2025-P1,
Class
A,
5.54%,
06/16/31
...............
22,799‌
22,917,974‌
Series
2025-P1,
Class
B,
5.92%,
06/16/31
...............
1,736‌
1,750,292‌
Series
2025-P1,
Class
C,
6.56%,
06/16/31
...............
3,919‌
3,956,130‌
Series
2025-P1,
Class
D,
6.79%,
06/16/31
...............
1,593‌
1,609,444‌
Series
2025-P1,
Class
E,
9.28%,
06/16/31
...............
3,101‌
3,133,253‌
Series
2025-P1,
Class
F,
13.31%,
06/16/38
...............
1,033‌
1,044,999‌
Series
2025-P1,
Class
R,
0.00%,
07/16/40
...............
410‌
1,059,401‌
Series
2025-P2,
Class
A,
5.20%,
02/15/35
...............
20,074‌
20,225,061‌
Series
2025-P2,
Class
B,
5.59%,
04/15/35
...............
996‌
1,002,790‌
Series
2025-P2,
Class
C,
6.25%,
09/15/35
...............
2,005‌
2,018,619‌
Series
2025-P2,
Class
D,
6.47%,
12/15/35
...............
800‌
805,372‌
Series
2025-P2,
Class
E,
8.99%,
07/15/36
...............
1,286‌
1,294,379‌
Series
2025-P2,
Class
F,
13.02%,
01/15/37
...............
641‌
645,995‌
Series
2025-P2,
Class
R,
0.00%,
03/15/45
...............
279‌
661,421‌
Lendmark
Funding
Trust
(c)
Series
2021-2A,
Class
C,
3.09%,
04/20/32
...............
5,450‌
5,123,591‌
Series
2021-2A,
Class
D,
4.46%,
04/20/32
...............
1,420‌
1,320,455‌
Series
2024-1A,
Class
B,
5.88%,
06/21/32
...............
3,993‌
4,057,256‌
Series
2024-1A,
Class
C,
6.40%,
06/21/32
...............
2,283‌
2,329,866‌
Series
2024-1A,
Class
D,
7.21%,
06/21/32
...............
1,790‌
1,829,380‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-2A,
Class
B,
4.86%,
02/21/34
...............
USD
2,556‌
$
2,562,914‌
Series
2024-2A,
Class
C,
5.25%,
02/21/34
...............
788‌
790,175‌
Series
2024-2A,
Class
D,
5.69%,
02/21/34
...............
2,776‌
2,778,360‌
Series
2025-1A,
Class
A,
4.94%,
09/20/34
...............
15,342‌
15,516,825‌
Series
2025-1A,
Class
C,
5.68%,
09/20/34
...............
996‌
1,014,790‌
Loanpal
Solar
Loan
Ltd.,
Series
2020-
3GS,
Class
A,
2.47%,
12/20/47
(c)
.
15,046‌
12,709,221‌
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2006-2,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.63%,
03/25/46
...
—‌
(
i
)
2‌
Series
2006-5,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.57%,
06/25/36
...
7,773‌
3,646,280‌
Series
2006-7,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.59%,
08/25/36
...
17,386‌
6,892,358‌
Lyra
Music
Assets
Delaware
LP
(c)
Series
2024-2A,
Class
A2,
5.76%,
12/22/64
...............
16,446‌
16,680,898‌
Series
2025-1A,
Class
A2,
5.60%,
09/20/65
...............
5,762‌
5,826,913‌
Mariner
Finance
Issuance
Trust
(c)
Series
2021-AA,
Class
C,
2.96%,
03/20/36
...............
1,190‌
1,146,394‌
Series
2021-AA,
Class
D,
3.83%,
03/20/36
...............
1,180‌
1,139,248‌
Series
2021-AA,
Class
E,
5.40%,
03/20/36
...............
5,040‌
4,883,587‌
Series
2021-BA,
Class
D,
3.42%,
11/20/36
...............
1,130‌
1,071,452‌
Series
2021-BA,
Class
E,
4.68%,
11/20/36
...............
2,520‌
2,345,186‌
Series
2023-AA,
Class
D,
8.85%,
10/22/35
...............
12,900‌
13,373,691‌
Series
2024-AA,
Class
A,
5.13%,
09/22/36
...............
11,386‌
11,544,068‌
Series
2024-AA,
Class
D,
6.77%,
09/22/36
...............
603‌
618,842‌
Series
2024-AA,
Class
E,
9.02%,
09/22/36
...............
2,472‌
2,566,105‌
Series
2024-BA,
Class
A,
4.91%,
11/20/38
...............
19,703‌
19,995,004‌
Series
2024-BA,
Class
D,
6.36%,
11/20/38
...............
2,969‌
3,049,550‌
Series
2024-BA,
Class
E,
8.80%,
11/20/38
...............
19,480‌
20,591,272‌
Series
2025-AA,
Class
A,
4.98%,
05/20/38
...............
23,374‌
23,630,714‌
Series
2025-AA,
Class
B,
5.33%,
05/20/38
...............
3,167‌
3,212,117‌
Series
2025-AA,
Class
C,
5.69%,
05/20/38
...............
3,257‌
3,319,244‌
MASTR
Asset-Backed
Securities
Trust
(a)
Series
2006-AM2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.79%,
06/25/36
(c)
..
2,786‌
2,608,257‌
Series
2007-HE1,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.56%
Floor
+
0.67%),
4.83%,
05/25/37
...
5,000‌
4,265,556‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
MASTR
Specialized
Loan
Trust,
Series
2006-3,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.79%,
06/25/46
(a)(c)
..........
USD
544‌
$
535,929‌
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2007-2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
4.75%,
05/25/37
...
1,976‌
1,439,492‌
Series
2007-H1,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
7.77%,
10/25/37
...
3,236‌
3,122,428‌
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2006-OPT1,
Class
M1,
(1-
mo.
CME
Term
SOFR
at
0.39%
Floor
+
0.50%),
4.66%,
08/25/37
1,127‌
1,081,942‌
Series
2006-RM3,
Class
A2B,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
4.45%,
06/25/37
...
2,689‌
565,683‌
MF1
LLC
(a)(c)
Series
2025-FL19,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.62%,
05/18/42
...
3,975‌
3,980,729‌
Series
2025-FL20,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.59%,
02/18/43
...
13,754‌
13,765,546‌
MF1
Multifamily
Housing
Mortgage
Loan
Trust
(a)(c)
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.64%
Floor
+
2.64%),
6.77%,
09/17/37
...
2,179‌
2,179,157‌
Series
2024-FL14,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.87%,
03/19/39
...
15,291‌
15,357,376‌
Mill
City
Solar
Loan
Ltd.
(c)
Series
2019-1A,
Class
A,
4.34%,
03/20/43
...............
7,696‌
7,156,314‌
Series
2019-2GS,
Class
A,
3.69%,
07/20/43
...............
13,288‌
11,967,161‌
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
(a)
Series
2005-HE5,
Class
M4,
(1-mo.
CME
Term
SOFR
at
0.87%
Floor
+
0.98%),
5.14%,
09/25/35
...
7,735‌
6,440,020‌
Series
2006-HE8,
Class
A2FP,
(1-
mo.
CME
Term
SOFR
at
0.07%
Floor
+
0.18%),
4.34%,
10/25/36
3,699‌
1,614,434‌
Series
2007-SEA1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
3.80%
Floor
+
3.91%),
8.07%,
02/25/47
(c)
..............
533‌
506,775‌
Morgan
Stanley
Home
Equity
Loan
Trust,
Series
2006-3,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.59%,
04/25/36
(a)
2,096‌
1,460,743‌
Morgan
Stanley
Mortgage
Loan
Trust
Series
2006-12XS,
Class
A4,
6.51%,
10/25/36
(g)
..............
3,487‌
744,156‌
Series
2006-12XS,
Class
A6A,
6.23%,
10/25/36
(g)
.........
1,338‌
352,928‌
Series
2006-16AX,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.61%),
4.77%,
11/25/36
(a)
..............
1,891‌
519,182‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
35
(Percentages
shown
are
based
on
Net
Assets)
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
5,985‌
$
5,599,056‌
Series
2018-2GS,
Class
C,
5.97%,
02/22/44
...............
1,574‌
1,395,217‌
Series
2019-1A,
Class
A,
4.37%,
12/21/43
...............
9,734‌
9,173,997‌
Series
2023-1A,
Class
A,
5.32%,
06/20/53
...............
686‌
653,789‌
Nationstar
Home
Equity
Loan
Trust,
Series
2007-B,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.62%
Floor
+
0.73%),
4.89%,
04/25/37
(a)
.....
5,455‌
5,258,978‌
Navient
Education
Loan
Trust,
Series
2025-A,
Class
D,
6.03%,
07/15/55
(c)
911‌
918,896‌
Navient
Private
Education
Loan
Trust
(c)
Series
2014-AA,
Class
B,
3.50%,
08/15/44
...............
13,967‌
13,841,776‌
Series
2015-AA,
Class
B,
3.50%,
12/15/44
...............
10,722‌
10,487,855‌
Navient
Private
Education
Refi
Loan
Trust
(c)
Series
2019-CA,
Class
A2,
3.13%,
02/15/68
...............
66‌
64,904‌
Series
2020-FA,
Class
B,
2.69%,
07/15/69
...............
4,310‌
3,707,812‌
Series
2021-DA,
Class
A,
(US
Prime
Rate
at
0.00%
Floor
-
1.99%),
5.51%,
04/15/60
(a)
.........
4,551‌
4,519,592‌
Series
2021-DA,
Class
B,
2.61%,
04/15/60
...............
1,510‌
1,358,533‌
Series
2021-DA,
Class
C,
3.48%,
04/15/60
...............
4,063‌
3,806,348‌
Series
2023-A,
Class
A,
5.51%,
10/15/71
...............
13,448‌
13,776,031‌
Series
2024-A,
Class
A,
5.66%,
10/15/72
...............
23,990‌
24,634,861‌
Navient
Refinance
Loan
Trust,
Series
2025-B,
Class
A,
4.72%,
09/15/55
(c)
17,834‌
17,794,269‌
Nelnet
Student
Loan
Trust
(c)
Series
2021-A,
Class
B1,
2.85%,
04/20/62
...............
4,023‌
3,632,753‌
Series
2021-A,
Class
B2,
2.85%,
04/20/62
...............
41,500‌
37,366,318‌
Series
2021-A,
Class
C,
3.75%,
04/20/62
...............
3,133‌
2,793,961‌
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
4,268‌
3,882,219‌
Series
2021-BA,
Class
B,
2.68%,
04/20/62
...............
24,341‌
21,745,475‌
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
1,556‌
1,376,492‌
Series
2021-BA,
Class
D,
4.75%,
04/20/62
...............
2,780‌
2,490,305‌
Series
2021-CA,
Class
B,
2.53%,
04/20/62
...............
23,450‌
20,623,965‌
Series
2021-CA,
Class
C,
3.36%,
04/20/62
...............
1,230‌
1,061,146‌
Series
2021-CA,
Class
D,
4.44%,
04/20/62
...............
1,880‌
1,619,121‌
Series
2021-DA,
Class
B,
2.90%,
04/20/62
...............
16,396‌
14,724,762‌
Series
2021-DA,
Class
C,
3.50%,
04/20/62
...............
2,110‌
1,835,796‌
Series
2021-DA,
Class
D,
4.38%,
04/20/62
...............
651‌
566,306‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-PL1A,
Class
A1A,
(SOFR
30
day
Average
at
0.00%
Floor
+
2.25%),
6.61%,
11/25/53
(a)
..............
USD
4,907‌
$
4,975,541‌
Series
2025-AA,
Class
A1B,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.10%),
5.47%,
03/15/57
(a)
...
28,632‌
28,518,497‌
Series
2025-BA,
Class
A1B,
(SOFR
30
day
Average
at
1.35%
Floor
+
1.35%),
5.69%,
05/17/55
(a)
...
38,895‌
39,127,149‌
Series
2025-BA,
Class
B,
4.98%,
05/17/55
...............
18,084‌
18,081,338‌
Series
2025-BA,
Class
C,
5.38%,
05/17/55
...............
10,116‌
10,161,074‌
Series
2025-BA,
Class
D,
6.04%,
05/17/55
...............
7,330‌
7,381,267‌
Series
2025-CA,
Class
A1B,
(SOFR
30
day
Average
at
1.35%
Floor
+
1.35%),
5.71%,
06/22/65
(a)
...
19,063‌
19,062,878‌
Series
2025-CA,
Class
B,
4.91%,
06/22/65
...............
20,026‌
19,982,003‌
Series
2025-CA,
Class
D,
5.82%,
06/22/65
...............
10,835‌
10,796,383‌
New
Century
Home
Equity
Loan
Trust,
Series
2005-C,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
4.95%,
12/25/35
(a)
.....
3,948‌
3,458,100‌
New
Residential
Mortgage
Loan
Trust
(c)
Series
2022-SFR1,
Class
F,
4.44%,
02/17/39
...............
1,341‌
1,312,692‌
Series
2022-SFR2,
Class
F,
4.00%,
09/04/39
...............
6,607‌
6,230,686‌
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2006-
S5,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.67%,
10/25/36
(a)(c)
..........
62‌
123,200‌
NYMT
Trust,
Series
2024-RR1,
Class
A,
7.37%,
05/25/64
(c)(g)
..........
14,513‌
14,434,140‌
Oakwood
Mortgage
Investors,
Inc.
(a)
Series
2001-D,
Class
A2,
5.26%,
01/15/19
...............
1,372‌
459,710‌
Series
2001-D,
Class
A4,
6.93%,
09/15/31
...............
1,122‌
457,172‌
OneMain
Direct
Auto
Receivables
Trust,
Series
2025-1A,
Class
D,
6.10%,
07/14/37
(c)
................
3,016‌
3,072,175‌
OneMain
Financial
Issuance
Trust
(c)
Series
2019-2A,
Class
D,
4.05%,
10/14/36
...............
10,070‌
9,740,685‌
Series
2020-2A,
Class
D,
3.45%,
09/14/35
...............
10,930‌
10,483,038‌
Series
2021-1A,
Class
C,
2.22%,
06/16/36
...............
800‌
752,674‌
Series
2022-2A,
Class
B,
5.24%,
10/14/34
...............
8,724‌
8,712,851‌
Series
2023-1A,
Class
D,
7.49%,
06/14/38
...............
12,005‌
12,564,475‌
Series
2023-2A,
Class
D,
7.52%,
09/15/36
...............
25,921‌
26,773,669‌
Series
2024-1A,
Class
A,
5.79%,
05/14/41
...............
33,293‌
35,224,127‌
Series
2025-1A,
Class
D,
5.79%,
07/14/38
...............
4,806‌
4,862,128‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Option
One
Mortgage
Loan
Trust
Series
2005-4,
Class
M3,
(1-mo.
CME
Term
SOFR
at
0.74%
Floor
+
0.85%),
5.01%,
11/25/35
(a)
..
USD
6,618‌
$
5,745,648‌
Series
2007-CP1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
+
0.32%),
4.48%,
03/25/37
(a)
..
6,755‌
5,924,446‌
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(g)
.........
13,127‌
11,287,324‌
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(g)
.........
10,772‌
9,343,992‌
Series
2007-FXD1,
Class
3A4,
5.86%,
01/25/37
(g)
.........
536‌
525,423‌
Origen
Manufactured
Housing
Contract
Trust
(a)
Series
2001-A,
Class
M1,
7.82%,
03/15/32
...............
1,921‌
1,928,598‌
Series
2007-B,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.20%
Floor
and
18.00%
Cap
+
1.31%),
5.46%,
10/15/37
(c)
.........
305‌
303,937‌
Owl
Rock
CLO
VII
LLC,
Series
2022-
7A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.73%,
04/20/38
(a)(c)
..........
8,000‌
7,960,000‌
Owl
Rock
CLO
XI
LLC,
Series
2023-
11A,
Class
A1F,
6.10%,
05/15/35
(c)
5,000‌
5,048,427‌
Owl
Rock
CLO
XVIII
LLC,
Series
2024-
18A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.02%,
07/24/36
(a)(c)
..........
3,975‌
3,990,278‌
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(g)
................
4,010‌
3,685,242‌
Pagaya
AI
Debt
Selection
Trust,
Series
2021-2,
Class
NOTE,
3.00%,
01/25/29
(c)
................
104‌
103,369‌
Pagaya
AI
Technology
in
Housing
Trust,
Series
2023-1,
Class
F,
3.60%,
10/25/40
(c)
................
6,577‌
5,526,498‌
PennantPark
CLO
VII
LLC,
Series
2023-7A,
Class
A1B,
6.55%,
07/20/35
(c)
................
7,000‌
7,086,204‌
Pennantpark
CLO
VIII
LLC,
Series
2024-8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.30%),
6.63%,
04/18/36
(a)(c)
....
13,000‌
13,096,945‌
Point
Broadband
Funding
LLC,
Series
2025-1A,
Class
C,
8.16%,
07/20/55
(c)
7,635‌
7,805,832‌
PPM
CLO
6-R
Ltd.
(a)(c)
Series
2022-6RA,
Class
C1R,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.45%),
7.78%,
01/20/37
...
2,110‌
2,126,314‌
Series
2022-6RA,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
9.98%,
01/20/37
...
1,690‌
1,698,310‌
PRET
LLC
(c)
Series
2021-RN4,
Class
A1,
5.49%,
10/25/51
(a)
..............
8,149‌
8,149,156‌
Series
2024-NPL5,
Class
A1,
5.96%,
09/25/54
(g)
..............
9,348‌
9,353,990‌
Progress
Residential
Trust
(c)
Series
2021-SFR10,
Class
E2,
3.67%,
12/17/40
..........
1,457‌
1,393,711‌
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
...............
5,882‌
5,754,083‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-SFR3,
Class
F,
3.44%,
05/17/26
...............
USD
12,190‌
$
12,080,210‌
Series
2021-SFR5,
Class
F,
3.16%,
07/17/38
...............
3,192‌
3,129,293‌
Series
2021-SFR6,
Class
F,
3.42%,
07/17/38
...............
6,423‌
6,319,927‌
Series
2021-SFR9,
Class
F,
4.05%,
11/17/40
...............
2,637‌
2,505,213‌
Series
2022-SFR1,
Class
F,
4.88%,
02/17/41
...............
5,383‌
5,246,281‌
Series
2022-SFR1,
Class
G,
5.52%,
02/17/41
...............
5,383‌
5,270,544‌
Series
2022-SFR3,
Class
E1,
5.20%,
04/17/39
..........
4,500‌
4,472,461‌
Series
2024-SFR2,
Class
E1,
3.40%,
04/17/41
(a)
.........
3,875‌
3,591,285‌
Series
2024-SFR2,
Class
E2,
3.65%,
04/17/41
(a)
.........
1,988‌
1,840,825‌
QTS
Issuer
ABS
II
LLC,
Series
2025-
1A,
Class
A2,
5.04%,
10/05/55
(c)
..
19,332‌
19,250,443‌
RAMP
Series
Trust,
Series
2004-RS7,
Class
A2A,
(1M
Sofr
FWD
at
0.62%
Floor
and
14.00%
Cap
+
0.62%),
4.79%,
07/25/34
(a)
...........
1,876‌
1,488,989‌
RASC
Trust,
Series
2006-EMX9,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
and
14.00%
Cap
+
0.35%),
4.75%,
11/25/36
(a)
......
2,446‌
2,030,628‌
RCKT
Mortgage
Trust,
Series
2024-
CES2,
Class
B2,
9.69%,
04/25/44
(a)
(c)
......................
1,949‌
2,004,636‌
Ready
Capital
Mortgage
Financing
LLC,
Series
2023-FL11,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.37%),
6.53%,
10/25/39
(a)(c)
....
62‌
61,585‌
Redwood
Funding
Trust,
Series
2023-1,
Class
A,
7.50%,
07/25/59
(c)(g)
....
706‌
705,743‌
Regional
Management
Issuance
Trust
(c)
Series
2021-1,
Class
C,
3.04%,
03/17/31
...............
2,411‌
2,400,571‌
Series
2021-2,
Class
A,
1.90%,
08/15/33
...............
2,361‌
2,273,343‌
Series
2021-2,
Class
B,
2.35%,
08/15/33
...............
560‌
523,642‌
Series
2021-2,
Class
C,
3.23%,
08/15/33
...............
1,339‌
1,258,345‌
Series
2022-1,
Class
A,
3.07%,
03/15/32
...............
3,063‌
3,051,525‌
Series
2022-1,
Class
B,
3.71%,
03/15/32
...............
1,698‌
1,685,883‌
Series
2022-1,
Class
C,
4.46%,
03/15/32
...............
1,117‌
1,109,135‌
Series
2022-1,
Class
D,
6.72%,
03/15/32
...............
3,555‌
3,564,474‌
Series
2024-1,
Class
D,
7.46%,
07/15/36
...............
2,239‌
2,313,898‌
Series
2024-2,
Class
A,
5.11%,
12/15/33
...............
3,687‌
3,718,752‌
Series
2024-2,
Class
D,
6.33%,
12/15/33
...............
538‌
544,093‌
Republic
Finance
Issuance
Trust
(c)
Series
2021-A,
Class
A,
2.30%,
12/22/31
...............
2,499‌
2,493,198‌
Series
2021-A,
Class
B,
2.80%,
12/22/31
...............
5,960‌
5,903,726‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-A,
Class
C,
3.53%,
12/22/31
...............
USD
4,340‌
$
4,270,744‌
Series
2021-A,
Class
D,
5.23%,
12/22/31
...............
2,860‌
2,800,603‌
Series
2024-A,
Class
B,
6.47%,
08/20/32
...............
1,393‌
1,413,979‌
Series
2024-A,
Class
C,
7.28%,
08/20/32
...............
685‌
702,719‌
Series
2024-A,
Class
D,
9.49%,
08/20/32
...............
2,799‌
2,864,762‌
Series
2024-B,
Class
A,
5.42%,
11/20/37
...............
20,532‌
20,907,064‌
Series
2024-B,
Class
B,
5.86%,
11/20/37
...............
7,249‌
7,397,761‌
Series
2025-A,
Class
A,
4.59%,
11/20/34
...............
21,972‌
21,967,107‌
Retained
Vantage
Data
Centers
Issuer
LLC,
Series
2025-1A,
Class
A2A,
5.09%,
08/15/50
(c)
...........
15,985‌
16,031,703‌
RMIT
Cash
Management
LLC,
Series
2021-3,
Class
A,
3.88%,
10/17/33
(c)(d)
43,330‌
41,978,104‌
Saxon
Asset
Securities
Trust
Series
2004-2,
Class
MF5,
3.03%,
08/25/35
(g)
..............
829‌
638,494‌
Series
2007-1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.29%
Floor
+
0.40%),
4.56%,
01/25/47
(a)
..
6,015‌
6,155,823‌
Securitized
Asset-Backed
Receivables
LLC
Trust
(a)
Series
2006-OP1,
Class
M6,
(1-mo.
CME
Term
SOFR
at
1.01%
Floor
+
1.12%),
5.28%,
10/25/35
...
570‌
456,680‌
Series
2007-BR1,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.22%
Floor
+
0.33%),
4.49%,
02/25/37
...
629‌
265,158‌
Series
2007-BR1,
Class
A2B,
(1-mo.
CME
Term
SOFR
at
0.54%
Floor
+
0.65%),
4.81%,
02/25/37
...
6,709‌
2,824,907‌
Series
2007-NC2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.44%
Floor
+
0.55%),
4.71%,
01/25/37
...
1,092‌
819,426‌
Service
Experts
Issuer
LLC
(c)
Series
2021-1A,
Class
A,
2.67%,
02/02/32
...............
3,946‌
3,874,766‌
Series
2024-1A,
Class
A,
6.39%,
11/20/35
...............
6,332‌
6,475,724‌
Sesac
Finance
LLC
(c)
Series
2024-1,
Class
A2,
6.42%,
01/25/54
...............
2,397‌
2,440,778‌
Series
2025-1,
Class
A2,
5.50%,
07/25/55
...............
16,211‌
16,146,720‌
SG
Mortgage
Securities
Trust
(a)
Series
2006-FRE2,
Class
A2C,
(1-
mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.59%,
07/25/36
2,292‌
470,757‌
Series
2006-OPT2,
Class
A3D,
(1-
mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.69%,
10/25/36
4,623‌
3,598,806‌
Silver
Point
CLO
4
Ltd.,
Series
2024-
4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
5.95%,
04/15/37
(a)(c)
..........
9,730‌
9,763,540‌
Silver
Point
CLO
6
Ltd.,
Series
2024-
6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.72%,
10/15/37
(a)(c)
..........
8,750‌
8,781,202‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Silver
Point
SCF
CLO
VII
Ltd.,
Series
2025-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.98%,
07/15/37
(a)(c)
....
USD
9,750‌
$
9,800,334‌
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.86%),
9.01%,
10/15/41
(a)(c)
....
15,368‌
16,114,649‌
SMB
Private
Education
Loan
Trust
(c)
Series
2015-B,
Class
B,
3.50%,
12/17/40
...............
1,694‌
1,687,271‌
Series
2015-C,
Class
B,
3.50%,
09/15/43
...............
806‌
803,537‌
Series
2020-A,
Class
B,
3.00%,
08/15/45
...............
5,930‌
5,485,479‌
Series
2020-PTA,
Class
C,
3.20%,
09/15/54
...............
4,455‌
3,925,964‌
Series
2021-A,
Class
C,
2.99%,
01/15/53
...............
13,431‌
11,829,810‌
Series
2021-C,
Class
C,
3.00%,
01/15/53
...............
757‌
661,555‌
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
5.82%,
03/15/56
(a)
...
20,722‌
20,947,553‌
Series
2024-A,
Class
B,
5.88%,
03/15/56
...............
7,329‌
7,494,408‌
Series
2024-C,
Class
A1B,
(SOFR
30
day
Average
at
1.10%
Floor
+
1.10%),
5.47%,
06/17/52
(a)
...
6,898‌
6,889,226‌
SoFi
Consumer
Loan
Program
Trust
(c)
Series
2025-1,
Class
A,
4.80%,
02/27/34
...............
32,793‌
32,956,533‌
Series
2025-1,
Class
B,
5.12%,
02/27/34
...............
3,660‌
3,701,424‌
SoFi
Personal
Loan
Trust
(c)
  0.00%,
10/15/30
(h)
..........
351‌
12,072,224‌
Series
2023-1A,
Class
A,
6.00%,
11/12/30
...............
6,410‌
6,496,736‌
Series
2024-1A,
Class
A,
6.06%,
02/12/31
...............
7,566‌
7,613,402‌
SoFi
Professional
Loan
Program
LLC,
Series
2018-A,
Class
B,
3.61%,
02/25/42
(c)
................
1,000‌
971,746‌
SoFi
Professional
Loan
Program
Trust
(c)
Series
2018-B,
Class
BFX,
3.83%,
08/25/47
...............
538‌
521,342‌
Series
2018-D,
Class
BFX,
4.14%,
02/25/48
...............
273‌
263,888‌
Series
2020-A,
Class
BFX,
3.12%,
05/15/46
...............
789‌
694,983‌
Soundview
Home
Loan
Trust
(a)
Series
2004-WMC1,
Class
M2,
(1-
mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
5.07%,
01/25/35
87‌
74,173‌
Series
2005-OPT3,
Class
M4,
(1-
mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
5.29%,
11/25/35
69‌
56,649‌
Series
2007-NS1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.53%
Floor
+
0.64%),
4.80%,
01/25/37
...
1,081‌
1,069,758‌
Splitrock
Services,
Inc.,
0.00%,
02/12/31
(c)
................
304‌
4,805,964‌
SpringCastle
America
Funding
LLC
(c)
Series
2020-AA,
Class
A,
1.97%,
09/25/37
...............
4,331‌
4,101,178‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2020-AA,
Class
B,
2.66%,
09/25/37
...............
USD
19,740‌
$
16,258,368‌
STAR
Trust,
Series
2021-SFR1,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.51%
Floor
+
2.51%),
6.66%,
04/17/38
(a)(c)
1,870‌
1,867,601‌
Stream
Innovations
Issuer
Trust,
Series
2025-1A,
Class
A,
5.05%,
09/15/45
(c)
8,507‌
8,586,115‌
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2007-
GEL2,
Class
M1,
(1-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.16%),
5.32%,
05/25/37
(a)(c)
..........
4,009‌
3,302,877‌
Subway
Funding
LLC,
Series
2024-1A,
Class
A2II,
6.27%,
07/30/54
(c)
...
11,090‌
11,375,460‌
Taco
Bell
Funding
LLC,
Series
2025-1A,
Class
A2I,
4.82%,
08/25/55
(c)
....
20,173‌
20,215,141‌
Terwin
Mortgage
Trust
TMTS,
Series
2005-10HE,
Class
M5,
(1-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
5.29%,
06/25/36
(a)
.....
713‌
655,393‌
Truist
Bank
Auto
Credit-Linked
Notes,
Series
2025-1,
Class
B,
4.73%,
09/26/33
(c)
................
20,254‌
20,221,774‌
Upgrade
Master
Pass-Thru
Trust
(c)
Series
2025-ST4,
Class
A,
5.50%,
08/16/32
...............
7,811‌
7,844,405‌
Series
2025-ST5,
Class
B,
5.25%,
09/15/32
...............
2,107‌
2,113,184‌
Series
2025-ST6,
Class
A,
4.61%,
10/15/32
...............
6,532‌
6,537,841‌
UPX
HIL
Issuer
Trust,
Series
2025-1,
Class
A,
5.16%,
01/25/47
(c)
.....
21,979‌
22,073,040‌
VOLT
CVI
LLC,
Series
2021-NP12,
Class
A1,
5.73%,
12/26/51
(c)(g)
...
11,628‌
11,628,911‌
Washington
Mutual
Asset-Backed
Certificates
Trust
(a)
Series
2006-HE4,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.63%,
09/25/36
...
11,954‌
2,990,310‌
Series
2006-HE5,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.42%),
4.13%,
10/25/36
...
3,390‌
2,586,454‌
Series
2007-HE1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.12%
Floor
+
0.23%),
4.39%,
11/25/36
...
508‌
157,698‌
Series
2007-HE1,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.61%,
11/25/36
...
4,533‌
1,411,559‌
Wireless
PropCo
Funding
LLC,
Series
2025-1A,
Class
C,
8.51%,
06/25/55
(c)
13,145‌
13,431,565‌
Yale
Mortgage
Loan
Trust,
Series
2007-
1,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.67%,
06/25/37
(a)(c)
...............
5,213‌
1,619,272‌
2,867,005,329‌
Total
Asset-Backed
Securities
—
16.5%
(Cost:
$7,391,271,063)
...........................
7,301,332,300‌
Security
Shares
Shares
Value
Common
Stocks
Australia
—
0.0%
Lottery
Corp.
Ltd.
(The)
..........
178,438
$
692,906‌
Magellan
Financial
Group
Ltd.
(f)
....
101,029
641,202‌
1,334,108‌
Austria
—
0.0%
Raiffeisen
Bank
International
AG
...
9,376
324,719‌
Belgium
—
0.0%
Azelis
Group
NV
..............
313,337
4,264,066‌
Brazil
—
0.0%
Cia
Energetica
de
Minas
Gerais
(f)
...
250,888
688,236‌
Localiza
Rent
a
Car
SA
(f)
.........
50,778
376,381‌
MercadoLibre
,
Inc.
(f)
............
673
1,572,761‌
Rede
D'Or
Sao
Luiz
SA
(b)(c)(f)
......
60,546
479,840‌
Rumo
SA
(f)
..................
206,688
617,083‌
Vale
SA
....................
50,508
546,433‌
4,280,734‌
Canada
—
0.0%
Algoma
Steel
Group,
Inc.
(j)
........
1,251,408
4,448,755‌
BCE,
Inc.
(f)
..................
22,152
517,628‌
Bombardier,
Inc.
,
Class
B
(f)
.......
3,740
524,116‌
Kinross
Gold
Corp.
.............
20,908
518,907‌
6,009,406‌
Chile
—
0.0%
WOM
New
Holdco
(d)(f)
...........
82,839
1,905,297‌
China
—
0.1%
Alibaba
Group
Holding
Ltd.
,
ADR
...
52,131
9,317,374‌
BYD
Co.
Ltd.
,
Class
H
..........
388,000
5,484,255‌
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
H
(k)
..............
32,900
2,421,936‌
Fosun
International
Ltd.
(f)
.........
2,800,000
1,980,171‌
Tencent
Holdings
Ltd.
...........
45,101
3,843,038‌
23,046,774‌
Colombia
—
0.0%
Grupo
Cibest
SA
,
ADR
(k)
.........
16,137
838,156‌
Czech
Republic
—
0.0%
Komercni
Banka
A/S
...........
18,553
931,113‌
Moneta
Money
Bank
A/S
(b)(c)
......
60,375
481,853‌
1,412,966‌
Denmark
—
0.0%
Tryg
A/S
....................
26,340
668,752‌
France
—
0.0%
Arkema
SA
..................
100,754
6,388,613‌
Casino
Guichard
Perrachon
SA
(f)
...
22,622
12,811‌
Engie
SA
...................
33,648
723,315‌
7,124,739‌
Georgia
—
0.0%
Lion
Finance
Group
plc
..........
11,501
1,186,124‌
Germany
—
0.1%
ADLER
Group
SA
(d)(f)
...........
5,755,512
68‌
BASF
SE
...................
87,323
4,363,028‌
Bayer
AG
(Registered)
..........
65,943
2,195,318‌
Caresyntax
,
Inc.
(d)(f)
............
59,130
19,513‌
Covestro
AG
(f)
................
134,578
9,211,476‌
Daimler
Truck
Holding
AG
........
43,883
1,814,629‌
Evonik
Industries
AG
...........
210,885
3,667,097‌
Gerresheimer
AG
..............
85,875
3,577,401‌
Heidelberg
Materials
AG
.........
9,212
2,082,333‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Germany
(continued)
K+S
AG
(Registered)
(f)
..........
237,462
$
3,225,382‌
LANXESS
AG
................
151,305
3,767,387‌
MTU
Aero
Engines
AG
..........
4,763
2,197,350‌
Salzgitter
AG
(f)
................
80,276
2,434,414‌
Siemens
AG
(Registered)
........
2,529
682,774‌
thyssenkrupp
AG
(f)
.............
163,010
2,249,183‌
TUI
AG
(f)
....................
232,983
2,125,915‌
43,613,268‌
Greece
—
0.0%
Athens
International
Airport
SA
.....
101,089
1,231,935‌
Hellenic
Telecommunications
Organization
SA
,
Class
R
......
55,310
1,046,780‌
National
Bank
of
Greece
SA
......
70,068
1,020,291‌
OPAP
SA
,
Class
R
.............
33,355
778,118‌
4,077,124‌
Hungary
—
0.0%
OTP
Bank
Nyrt
.
...............
21,008
1,817,262‌
India
—
0.0%
Axis
Bank
Ltd.
................
15,276
194,608‌
Bajaj
Finance
Ltd.
(f)
............
19,360
217,829‌
Eicher
Motors
Ltd.
.............
3,578
282,516‌
GAIL
India
Ltd.
...............
120,501
239,290‌
ICICI
Bank
Ltd.
...............
10,740
162,767‌
Sammaan
Capital
Ltd.
(f)
.........
1,420,000
2,573,931‌
3,670,941‌
Indonesia
—
0.0%
Astra
International
Tbk
.
PT
.......
2,515,200
872,276‌
Bank
Mandiri
Persero
Tbk
.
PT
.....
6,707,900
1,772,823‌
Bank
Syariah
Indonesia
Tbk
.
PT
....
1,645,000
256,101‌
Ciputra
Development
Tbk
.
PT
.....
10,272,100
574,055‌
Mitra
Adiperkasa
Tbk
.
PT
........
4,787,500
323,331‌
Telkom
Indonesia
Persero
Tbk
.
PT
..
1,821,000
335,295‌
4,133,881‌
Israel
—
0.0%
Deep
Instinct
Ltd.
(d)(f)
............
292,569
17,554‌
Italy
—
0.1%
Intesa
Sanpaolo
SpA
...........
810,076
5,362,036‌
UniCredit
SpA
................
212,841
16,196,159‌
Wizz
Air
Holdings
plc
(b)(c)(f)
........
61,467
957,933‌
22,516,128‌
Japan
—
0.0%
Rakuten
Group,
Inc.
(f)
...........
1,200,300
7,783,542‌
Jersey,
Channel
Islands
—
0.0%
Aptiv
plc
(f)
...................
6,058
522,321‌
Kazakhstan
—
0.0%
(b)
Halyk
Savings
Bank
of
Kazakhstan
JSC
,
GDR
................
29,137
748,529‌
Kaspi.KZ
JSC
,
ADR
............
16,104
1,315,375‌
2,063,904‌
Malaysia
—
0.0%
CIMB
Group
Holdings
Bhd.
.......
251,100
438,759‌
Frontken
Corp.
Bhd.
............
1,362,500
1,347,223‌
1,785,982‌
Mexico
—
0.0%
Alsea
SAB
de
CV
(f)
.............
155,319
516,246‌
Fomento
Economico
Mexicano
SAB
de
CV
.....................
20,865
205,750‌
Security
Shares
Shares
Value
Mexico
(continued)
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
,
Class
B
.............
19,509
$
630,017‌
Grupo
Mexico
SAB
de
CV,
Series
B
.
133,925
1,168,018‌
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
(f)
....
34,614
472,218‌
2,992,249‌
Philippines
—
0.0%
Ayala
Land,
Inc.
...............
1,442,300
603,966‌
Bloomberry
Resorts
Corp.
........
5,160,500
367,087‌
DigiPlus
Interactive
Corp.
........
720,320
312,510‌
International
Container
Terminal
Services,
Inc.
..............
63,340
513,682‌
Metropolitan
Bank
&
Trust
Co.
.....
303,190
354,370‌
2,151,615‌
Poland
—
0.0%
LPP
SA
....................
432
2,103,544‌
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
.................
67,928
1,319,888‌
Powszechny
Zaklad
Ubezpieczen
SA
(f)
118,544
1,775,224‌
5,198,656‌
Republic
of
Turkiye
—
0.0%
Akbank
TAS
.................
1,666,424
2,518,263‌
Eldorado
Gold
Corp.
(f)
...........
76,366
2,206,214‌
Turkiye
Is
Bankasi
A/S
,
Class
C
....
5,941,273
2,026,608‌
6,751,085‌
Romania
—
0.0%
Banca
Transilvania
SA
..........
139,403
904,282‌
Singapore
—
0.0%
Sea
Ltd.
,
ADR,
Class
A
(f)
.........
5,842
1,044,141‌
South
Korea
—
0.0%
Samsung
Electronics
Co.
Ltd.
.....
22,849
1,369,805‌
SK
Hynix,
Inc.
................
3,668
909,290‌
2,279,095‌
Spain
—
0.1%
CaixaBank
SA
................
1,214,000
12,822,166‌
Sweden
—
0.0%
Axfood
AB
..................
21,404
664,737‌
Thailand
—
0.0%
CP
ALL
PCL
.................
1,075,400
1,567,454‌
Krungthai
Card
PCL
(f)
...........
1,277,400
1,181,488‌
True
Corp.
PCL
,
NVDR
(f)
.........
1,471,400
472,435‌
3,221,377‌
United
Arab
Emirates
—
0.0%
Emirates
Integrated
Telecommunications
Co.
PJSC
(f)
.
166,265
416,449‌
United
Kingdom
—
0.1%
Admiral
Group
plc
.............
14,104
636,559‌
Aviva
plc
...................
79,694
737,233‌
Coca-Cola
Europacific
Partners
plc
..
5,712
516,422‌
Genius
Sports
Ltd.
(f)
............
1,010,711
12,512,602‌
Halma
plc
...................
15,600
726,192‌
Mobico
Group
plc
(f)
.............
2,543,814
983,246‌
NEW
Look
Retailers
(d)(f)
..........
4,100,922
55‌
Rolls-Royce
Holdings
plc
........
46,944
754,590‌
Smith
&
Nephew
plc
............
36,925
669,722‌
17,536,621‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
—
2.1%
Adobe,
Inc.
(f)
.................
1,461
$
515,368‌
Advanced
Micro
Devices,
Inc.
(f)
....
151,151
24,454,720‌
Amazon.com,
Inc.
(f)(j)
............
56,673
12,443,691‌
AMC
Networks,
Inc.
,
Class
A
(f)(j)
....
197,308
1,625,818‌
Amentum
Holdings,
Inc.
(f)(j)
........
248,708
5,956,557‌
Analog
Devices,
Inc.
............
2,111
518,673‌
Apollo
Global
Management,
Inc.
(j)
...
98,485
13,125,096‌
Applied
Materials,
Inc.
..........
57,226
11,716,451‌
Ascent
Resources
LLC
(f)(l)
........
6,290,881
6,575,342‌
Avaya,
Inc.
(f)
.................
2,491
25,949‌
Bank
of
America
Corp.
..........
89,284
4,606,162‌
Boeing
Co.
(The)
(f)
.............
39,637
8,554,854‌
Booking
Holdings,
Inc.
..........
96
518,330‌
Boston
Scientific
Corp.
(f)
.........
66,593
6,501,475‌
Broadcom,
Inc.
...............
83,744
27,627,983‌
Caesars
Entertainment,
Inc.
(f)
......
278,230
7,519,166‌
Carlson
Travel,
Inc.
(f)
...........
17,611
70,444‌
Carrier
Global
Corp.
............
81,521
4,866,804‌
Centene
Corp.
(f)
...............
280,110
9,994,325‌
Century
Communities,
Inc.
.......
141,389
8,959,821‌
Cintas
Corp.
.................
2,516
516,434‌
Citigroup,
Inc.
................
140,648
14,275,772‌
CMS
Energy
Corp.
.............
7,071
518,021‌
Comerica,
Inc.
................
25,531
1,749,384‌
Core
Scientific,
Inc.
(f)(k)
..........
935,714
16,786,709‌
CoreWeave
,
Inc.
,
Class
A
(f)
.......
131,565
18,004,670‌
Costco
Wholesale
Corp.
.........
557
515,576‌
Crowdstrike
Holdings,
Inc.
,
Class
A
(f)(j)
38,256
18,759,977‌
Crown
PropTech
Acquisitions
(d)(f)
....
345,971
312,170‌
Crown
PropTech
Acquisitions
,
Class
A
(f)
133,068
1,514,314‌
Danaher
Corp.
...............
64,480
12,783,805‌
Davidson
Kempner
Merchant
Co.-Invest
Fund
LP,
(Acquired
03/31/23,
cost
$0)
(f)(l)(m)
..................
—
(n)
33,151,980‌
Dell
Technologies,
Inc.
,
Class
C
....
158,400
22,456,368‌
Delta
Air
Lines,
Inc.
............
138,989
7,887,626‌
DF
Residential
III
LP
(d)(f)
..........
22,678,371
23,812,289‌
Dominion
Energy,
Inc.
...........
8,466
517,865‌
DR
Horton,
Inc.
...............
47,050
7,973,563‌
DraftKings,
Inc.
,
Class
A
(f)
........
469,711
17,567,191‌
DTE
Energy
Co.
..............
3,657
517,209‌
Duke
Energy
Corp.
............
76,500
9,466,875‌
Eaton
Corp.
plc
...............
1,392
520,956‌
EchoStar
Corp.
,
Class
A
(f)
........
514,613
39,295,849‌
Edwards
Lifesciences
Corp.
(f)
......
6,651
517,248‌
Eli
Lilly
&
Co.
(j)
................
16,948
12,931,324‌
EOG
Resources,
Inc.
...........
47,226
5,294,979‌
EPAM
Systems,
Inc.
(f)
...........
6,210
936,406‌
Epic
Games,
Inc.,
(Acquired
10/17/24,
cost
$22,098,625)
(d)(f)(m)
........
45,487
31,814,518‌
EXO
Capital
Technologies,
Inc.,
(Acquired
06/24/21,
cost
$5,879,165)
(d)(f)(m)
............
10,036
3,613‌
Fanatics
Holdings,
Inc.
,
Class
A
,
(Acquired
12/15/21,
cost
$27,387,008)
(d)(f)(m)
...........
403,700
24,694,329‌
Farmers
Business
Network,
Inc.
(d)(f)
..
217,669
230,729‌
First
Citizens
BancShares
,
Inc.
,
Class
A
4,673
8,360,745‌
First
Horizon
Corp.
.............
141,967
3,209,874‌
Flagstar
Financial,
Inc.
..........
2,086,023
24,093,566‌
Flowco
Holdings,
Inc.
,
Class
A
.....
616,648
9,157,223‌
FLYR,
Inc.,
Series
D-X
(d)(f)
........
4,567,538
46‌
Formentera
Partners
Fund
II
LP
(d)(l)
..
—
(n)
21,269,374‌
Fox
Corp.
,
Class
B
.............
8,879
508,678‌
Freeport-McMoRan,
Inc.
.........
61,852
2,425,835‌
Security
Shares
Shares
Value
United
States
(continued)
FreeWire
Technologies,
Inc.
(d)(f)
.....
328
$
—‌
GE
Aerospace
................
55,000
16,545,100‌
Honeywell
International,
Inc.
......
2,471
520,145‌
Illinois
Tool
Works,
Inc.
..........
1,988
518,391‌
Informatica,
Inc.
,
Class
A
(f)
........
20,709
514,412‌
Interpublic
Group
of
Cos.,
Inc.
(The)
.
18,195
507,822‌
Labcorp
Holdings,
Inc.
..........
1,806
518,430‌
Lam
Research
Corp.
...........
75,081
10,053,346‌
Latch,
Inc.
(f)
..................
715,325
70,817‌
Lionsgate
Studios
Corp.
(f)
........
1,324,564
9,139,492‌
Lumen
Technologies,
Inc.
(f)
.......
2,741,593
16,778,549‌
M/I
Homes,
Inc.
(f)
..............
35,764
5,165,752‌
Mastercard,
Inc.
,
Class
A
.........
909
517,048‌
Melange
Capital
Partners
(d)(f)(l)
.....
13,547,824
16,392,867‌
Meritage
Homes
Corp.
..........
113,302
8,206,464‌
Meta
Platforms,
Inc.
,
Class
A
......
37,090
27,238,154‌
Micron
Technology,
Inc.
..........
79,265
13,262,620‌
Motorola
Solutions,
Inc.
.........
1,132
517,652‌
Netflix,
Inc.
(f)
.................
10,184
12,209,801‌
New
Look
Builders,
Inc.
(d)(f)
.......
8,689,610
87‌
NRG
Energy,
Inc.
..............
55,952
9,061,426‌
NVIDIA
Corp.
................
124,272
23,186,670‌
Palladyne
AI
Corp.
(f)
............
73,917
634,947‌
Palladyne
AI
Corp.
(f)
............
853,789
7,334,050‌
Paramount
Skydance
Corp.
,
Class
B
75,211
1,422,992‌
Playstudios
,
Inc.
,
Class
A
(f)
.......
1,145,983
1,103,123‌
Raymond
James
Financial,
Inc.
....
2,994
516,764‌
Relspace
(d)(f)
.................
3,565
3,672‌
ResMed,
Inc.
................
1,883
515,434‌
Screaming
Eagle
Acquistion
Corp.,
(Acquired
05/14/24,
cost
$2,541,250)
(f)(m)
.............
250,000
1,707,115‌
Six
Flags
Entertainment
Corp.
(f)
....
396,551
9,009,639‌
Snorkel
AI,
Inc.,
(Acquired
06/30/21,
cost
$609,993)
(d)(f)(m)
..........
40,613
248,552‌
Solaris
Energy
Infrastructure,
Inc.
,
Class
A
..................
728,422
29,115,027‌
Solventum
Corp.
(f)
.............
7,099
518,227‌
Sonder
Holdings,
Inc.
,
Class
A
(f)
....
164,240
208,585‌
SOURCE
Global
PBC
(d)(f)
.........
99,230
7,938‌
Southern
Co.
(The)
............
5,463
517,728‌
Space
Exploration
Technologies
Corp.
,
Class
A
,
(Acquired
08/21/23,
cost
$7,985,223)
(d)(f)(m)
............
98,583
20,174,025‌
Space
Exploration
Technologies
Corp.
,
Class
C
,
(Acquired
08/21/23,
cost
$8,570,448)
(d)(f)(m)
............
105,808
21,652,549‌
Starz
Entertainment
Corp.
........
64,848
955,211‌
Toll
Brothers,
Inc.
..............
51,255
7,080,366‌
Trane
Technologies
plc
..........
10,832
4,570,671‌
TRI
Pointe
Homes,
Inc.
(f)
.........
247,797
8,417,664‌
Uber
Technologies,
Inc.
(f)
.........
326,083
31,946,351‌
United
Airlines
Holdings,
Inc.
(f)
.....
77,000
7,430,500‌
Valero
Energy
Corp.
............
51,464
8,762,261‌
Vertiv
Holdings
Co.
,
Class
A
......
109,430
16,508,610‌
Vistra
Corp.
.................
63,900
12,519,288‌
Walmart,
Inc.
.................
57,478
5,923,683‌
Walt
Disney
Co.
(The)
..........
38,498
4,408,021‌
Warner
Bros
Discovery,
Inc.
(f)
......
704,509
13,759,061‌
West
Pharmaceutical
Services,
Inc.
.
1,957
513,380‌
Wolfspeed
,
Inc.
(f)
..............
32,778
937,451‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Zoetis,
Inc.
,
Class
A
............
3,541
$
518,119‌
940,396,168‌
Total
Common
Stocks
—
2.6%
(Cost:
$1,059,852,459)
...........................
1,140,776,389‌
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Angola
—
0.0%
Azule
Energy
Finance
plc,
8.13%,
01/23/30
(c)
................
USD
8,010‌
8,105,119‌
Argentina
—
0.0%
(c)
Telecom
Argentina
SA,
9.25%,
05/28/33
800‌
787,396‌
Vista
Energy
Argentina
SAU
8.50%,
06/10/33
............
5,619‌
5,725,761‌
7.63%,
12/10/35
............
11,562‌
11,212,250‌
17,725,407‌
Australia
—
0.9%
AGL
Energy
Ltd.
5.77%,
09/30/35
(b)
...........
AUD
10,910‌
7,214,960‌
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
.................
USD
1,338‌
1,275,997‌
Aurizon
Network
Pty.
Ltd.,
6.10%,
09/12/31
(b)
................
AUD
2,590‌
1,781,789‌
AusNet
Services
Holdings
Pty.
Ltd.
(b)
3.75%,
05/08/35
............
EUR
6,000‌
7,067,814‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
2.25%),
5.88%,
02/12/55
(a)
...
AUD
8,910‌
5,997,685‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
2.25%),
6.19%,
02/12/55
(a)
...
11,570‌
7,880,492‌
Australia
&
New
Zealand
Banking
Group
Ltd.
(b)
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.68%),
5.69%,
08/14/40
(a)
..............
10,745‌
7,099,302‌
6.17%,
08/14/45
............
9,530‌
6,417,743‌
Australia
Pacific
Airports
Melbourne
Pty.
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.20%),
5.95%,
06/16/55
(a)(b)
..........
12,600‌
8,507,670‌
BHP
Billiton
Finance
Ltd.,
3.64%,
09/04/35
(b)
................
EUR
19,360‌
22,651,845‌
BHP
Billiton
Finance
USA
Ltd.,
5.75%,
09/05/55
.................
USD
6,353‌
6,603,232‌
CIMIC
Finance
USA
Pty.
Ltd.,
7.00%,
03/25/34
(b)
................
7,500‌
8,166,908‌
Commonwealth
Bank
of
Australia
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.35%),
4.27%,
06/04/34
....
EUR
19,648‌
23,839,110‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.32%),
3.79%,
08/26/37
....
5,115‌
6,022,837‌
Flinders
Port
Holdings
Pty.
Ltd.,
6.10%,
07/10/34
(b)
................
AUD
7,600‌
5,273,627‌
Fortescue
Treasury
Pty.
Ltd.
(c)
5.88%,
04/15/30
............
USD
1,391‌
1,425,600‌
4.38%,
04/01/31
............
279‌
266,372‌
6.13%,
04/15/32
............
2,461‌
2,543,081‌
Glencore
Capital
Finance
DAC
(b)
1.13%,
03/10/28
............
EUR
10,528‌
11,886,533‌
3.75%,
02/04/32
............
13,490‌
16,014,706‌
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
3.75%,
02/04/32
............
EUR
7,560‌
$
8,974,883‌
3.67%,
10/06/32
............
26,030‌
30,500,317‌
1.25%,
03/01/33
............
1,853‌
1,846,043‌
Glencore
Funding
LLC,
6.13%,
10/06/28
(c)
................
USD
700‌
734,780‌
Insurance
Australia
Group
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.68%),
5.26%,
06/15/37
(a)(b)
..........
AUD
5,290‌
3,511,244‌
Mineral
Resources
Ltd.
(c)
9.25%,
10/01/28
............
USD
5,365‌
5,621,495‌
8.50%,
05/01/30
............
12,204‌
12,693,991‌
National
Australia
Bank
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.70%),
5.77%,
07/30/40
(a)(b)
...............
AUD
8,000‌
5,336,002‌
NSW
Electricity
Networks
Finance
Pty.
Ltd.
(a)(b)
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.05%),
5.63%,
03/11/55
...............
30,410‌
20,292,330‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.25%),
6.28%,
03/11/55
...............
3,070‌
2,098,212‌
NSW
Ports
Finance
Co.
Pty.
Ltd.,
5.43%,
09/19/34
(b)
...........
19,330‌
12,805,626‌
Oceana
Australian
Fixed
Income
Trust
(d)
12.50%,
07/31/26
...........
16,502‌
11,151,956‌
12.50%,
07/31/27
...........
27,503‌
19,017,678‌
10.50%,
07/31/28
...........
23,159‌
15,574,097‌
Origin
Energy
Finance
Ltd.,
1.00%,
09/17/29
(b)
................
EUR
18,657‌
20,221,551‌
Pacific
National
Finance
Pty.
Ltd.
(b)
3.70%,
09/24/29
............
AUD
3,000‌
1,844,535‌
(ADSWAP5
+
3.85%),
7.75%,
12/11/54
(a)
..............
7,580‌
5,153,968‌
Port
of
Newcastle
Investments
Financing
Pty.
Ltd.
6.10%,
07/18/33
(b)
...........
6,060‌
4,119,372‌
Qube
Treasury
Pty.
Ltd.,
5.90%,
12/11/34
(b)
................
18,000‌
12,180,018‌
Scentre
Group
Trust
1
(b)
5.35%,
09/18/35
............
25,800‌
16,851,462‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.00%),
5.58%,
03/31/55
(a)
..............
16,200‌
10,851,391‌
Transurban
Finance
Co.
Pty.
Ltd.,
4.14%,
04/17/35
(b)
...........
EUR
6,000‌
7,243,962‌
Transurban
Queensland
Finance
Pty.
Ltd.,
5.62%,
08/28/34
(b)
........
AUD
3,090‌
2,057,493‌
Westpac
Banking
Corp.
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.78%),
5.82%,
06/04/40
(a)(b)
.............
15,000‌
10,038,254‌
Woolworths
Group
Ltd.,
5.91%,
11/29/34
(b)
................
15,000‌
10,329,369‌
Worley
Financial
Services
Pty.
Ltd.,
5.87%,
05/13/32
(b)
...........
11,000‌
7,471,367‌
416,458,699‌
Austria
—
0.1%
Lenzing
AG
(a)(b)(o)
(3-Year
EURIBOR
ICE
Swap
Rate
+
12.11%),
9.00%
..........
EUR
14,500‌
17,193,962‌
(3-Year
EURIBOR
ICE
Swap
Rate
+
12.11%),
9.00%
..........
13,700‌
16,245,330‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Belgium
—
0.1%
Azelis
Finance
NV,
5.75%,
03/15/28
(b)
EUR
3,242‌
$
3,912,977‌
Belfius
Bank
SA,
(5-Year
EUR
Swap
Annual
+
1.30%),
1.25%,
04/06/34
(a)
(b)
......................
11,000‌
12,067,699‌
KBC
Group
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
8.00%
(a)(b)(o)
.
3,400‌
4,435,854‌
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(c)
......
USD
16,000‌
15,871,684‌
36,288,214‌
Bermuda
—
0.0%
RLGH
Finance
Bermuda
Ltd.
(b)
8.25%,
07/17/31
............
2,500‌
2,843,750‌
6.75%,
07/02/35
............
5,270‌
5,622,483‌
8,466,233‌
Brazil
—
0.3%
3R
Lux
SARL
9.75%,
02/05/31
(b)
...........
200‌
210,840‌
9.75%,
02/05/31
(c)
...........
3,826‌
4,033,369‌
Ambipar
Lux
SARL,
10.88%,
02/05/33
(c)
4,140‌
683,100‌
Azul
Secured
Finance
LLP,
11.93%,
08/28/28
(e)(f)
................
7,328‌
2,237,332‌
CSN
Resources
SA
(b)
8.88%,
12/05/30
............
749‌
756,490‌
4.63%,
06/10/31
............
8,605‌
6,982,958‌
5.88%,
04/08/32
............
2,646‌
2,249,100‌
LD
Celulose
International
GmbH,
7.95%,
01/26/32
(c)
...........
1,484‌
1,567,104‌
MC
Brazil
Downstream
Trading
SARL
7.25%,
06/30/31
(b)
...........
1,931‌
1,654,992‌
7.25%,
06/30/31
(c)
...........
6,814‌
5,839,769‌
Nexa
Resources
SA,
6.75%,
04/09/34
(c)
780‌
826,800‌
Petrobras
Global
Finance
BV,
6.75%,
01/27/41
.................
2,889‌
2,916,258‌
Pluxee
NV,
3.50%,
09/04/28
(b)
.....
EUR
36,700‌
43,667,164‌
PRIO
Luxembourg
Holding
SARL,
6.13%,
06/09/26
(b)
...........
USD
330‌
330,000‌
Raizen
Fuels
Finance
SA
6.45%,
03/05/34
(c)
...........
1,732‌
1,680,040‌
6.70%,
02/25/37
(b)
...........
390‌
375,909‌
6.95%,
03/05/54
(c)
...........
731‌
678,368‌
Samarco
Mineracao
SA
(p)
9.00%,
(9.00%
Cash
or
9.00%
PIK),
06/30/31
(c)
..............
6,919‌
6,951,730‌
9.00%,
(9.00%
Cash
or
9.00%
PIK),
06/30/31
(b)
..............
20,823‌
20,921,561‌
Suzano
Austria
GmbH
6.00%,
01/15/29
............
684‌
708,911‌
5.00%,
01/15/30
............
3,269‌
3,295,152‌
Vale
Overseas
Ltd.,
6.40%,
06/28/54
.
1,253‌
1,285,929‌
109,852,876‌
Canada
—
0.9%
1011778
BC
ULC
(c)
4.38%,
01/15/28
............
2,699‌
2,651,985‌
3.50%,
02/15/29
............
1,571‌
1,499,974‌
6.13%,
06/15/29
............
1,763‌
1,802,671‌
5.63%,
09/15/29
............
983‌
994,821‌
4.00%,
10/15/30
............
1,812‌
1,707,671‌
Air
Canada,
3.88%,
08/15/26
(c)
.....
2,654‌
2,629,913‌
Air
Canada
Pass-Through
Trust,
Series
2020-1,
Class
C,
10.50%,
07/15/26
(c)
15,068‌
15,715,372‌
Alexandrite
Lake
Lux
Holdings
SARL,
6.75%,
07/30/30
(b)
...........
EUR
3,989‌
4,791,090‌
Security
Par
(000)
Par
(000)
Value
Canada
(continued)
Bank
of
Montreal,
Series
6,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.98%),
6.88%,
11/26/85
(a)
................
USD
21,150‌
$
21,525,074‌
Baytex
Energy
Corp.
(c)
8.50%,
04/30/30
............
2,657‌
2,730,237‌
7.38%,
03/15/32
............
2,486‌
2,434,060‌
Bell
Telephone
Co.
of
Canada
or
Bell
Canada,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.39%),
6.88%,
09/15/55
(a)
....
3,226‌
3,346,749‌
Bombardier,
Inc.
(c)
8.75%,
11/15/30
............
929‌
1,001,826‌
6.75%,
06/15/33
............
10‌
10,436‌
Brookfield
Residential
Properties,
Inc.
(c)
5.00%,
06/15/29
............
2,892‌
2,755,997‌
4.88%,
02/15/30
............
2,012‌
1,886,934‌
Enbridge,
Inc.,
Series
20-A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
5.75%,
07/15/80
(a)
................
21,719‌
21,927,785‌
Garda
World
Security
Corp.
(c)
7.75%,
02/15/28
............
2,285‌
2,342,363‌
6.00%,
06/01/29
............
1,959‌
1,942,199‌
8.25%,
08/01/32
............
3,157‌
3,272,524‌
8.38%,
11/15/32
............
1,750‌
1,816,547‌
HR
Ottawa
LP,
11.00%,
03/31/31
(c)
..
98,856‌
108,952,916‌
Husky
Injection
Molding
Systems
Ltd.,
9.00%,
02/15/29
(c)
...........
3,803‌
3,974,861‌
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
............
5,593‌
5,556,771‌
4.63%,
03/01/30
............
7,758‌
7,487,648‌
Methanex
Corp.,
5.13%,
10/15/27
...
1,571‌
1,572,827‌
NOVA
Chemicals
Corp.
(c)
5.25%,
06/01/27
............
489‌
490,408‌
4.25%,
05/15/29
............
1,183‌
1,144,884‌
9.00%,
02/15/30
............
3,948‌
4,232,828‌
Open
Text
Corp.
(c)
3.88%,
02/15/28
............
600‌
583,459‌
3.88%,
12/01/29
............
3,691‌
3,488,920‌
Open
Text
Holdings,
Inc.
(c)
4.13%,
02/15/30
............
500‌
473,648‌
4.13%,
12/01/31
............
653‌
603,891‌
Parkland
Corp.
(c)
5.88%,
07/15/27
............
308‌
307,741‌
4.63%,
05/01/30
............
2,434‌
2,366,487‌
6.63%,
08/15/32
............
818‌
840,546‌
RB
Global
Holdings,
Inc.
(c)
6.75%,
03/15/28
............
107‌
109,391‌
7.75%,
03/15/31
............
1,746‌
1,826,147‌
Rogers
Communications,
Inc.
(a)
Series
NC5,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
7.00%,
04/15/55
...............
15,353‌
16,005,518‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.62%),
7.13%,
04/15/55
....
7,606‌
8,063,600‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.59%),
5.25%,
03/15/82
(c)
...
627‌
622,169‌
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)
................
2,009‌
2,133,283‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Canada
(continued)
TELUS
Corp.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.77%),
6.63%,
10/15/55
....
USD
509‌
$
524,021‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.71%),
7.00%,
10/15/55
....
1,655‌
1,745,060‌
Toronto-Dominion
Bank
(The)
(b)
2.78%,
09/03/27
............
EUR
31,520‌
37,316,943‌
3.19%,
02/16/29
............
41,620‌
49,846,220‌
Toucan
FinCo
.
Ltd.,
9.50%,
05/15/30
(c)
USD
16,623‌
16,283,808‌
Transcanada
Trust,
Series
16-A,
5.88%,
08/15/76
(a)
................
21,822‌
21,835,159‌
397,175,382‌
Chile
—
0.2%
AES
Andes
SA
6.30%,
03/15/29
(c)
...........
612‌
635,868‌
6.30%,
03/15/29
(b)
...........
1,052‌
1,093,028‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.84%),
8.15%,
06/10/55
(a)(c)
..
11,105‌
11,744,759‌
Banco
de
Credito
e
Inversiones
SA,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.94%),
8.75%
(a)(c)(o)
................
375‌
405,937‌
Cencosud
SA,
4.38%,
07/17/27
(b)
...
224‌
224,291‌
Telefonica
Moviles
Chile
SA,
3.54%,
11/18/31
(c)
.................
10,173‌
5,544,285‌
WOM
Chile
Holdco
SpA
,
5.00%,
(5.00%
Cash
or
5.00%
PIK),
04/01/32
(a)(c)(p)(q)
43,832‌
38,115,725‌
WOM
Mobile
SA,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
04/01/31
(a)(c)(p)
19,826‌
17,755,203‌
75,519,096‌
China
—
0.7%
Alibaba
Group
Holding
Ltd.,
0.50%,
06/01/31
(q)
................
3,035‌
5,575,295‌
Central
Plaza
Development
Ltd.,
6.80%,
04/07/29
(b)
................
3,480‌
3,547,860‌
China
City
Construction
International
Co.
Ltd.,
5.35%,
07/03/17
(b)(d)(e)(f)
..
CNY
2,990‌
—‌
China
Mengniu
Dairy
Co.
Ltd.,
2.30%,
07/30/35
(b)
................
20,000‌
2,730,975‌
China
Pacific
Insurance
Group
Co.
Ltd.,
0.00%,
09/18/30
(b)(h)(q)
.........
HKD
427,000‌
55,172,354‌
Country
Garden
Holdings
Co.
Ltd.
(b)(e)(f)
8.00%,
01/27/24
............
USD
1,000‌
108,250‌
3.13%,
10/22/25
............
2,000‌
210,000‌
2.70%,
07/12/26
............
1,000‌
105,000‌
5.13%,
01/14/27
............
1,000‌
108,250‌
Deep
Development
2025
Ltd.,
0.75%,
05/20/32
(b)(q)
...............
HKD
503,000‌
65,541,670‌
European
TopSoho
SARL,
Series
SMCP,
4.00%,
10/14/24
(b)(e)(f)(q)
...
EUR
13,600‌
12,988,422‌
Fantasia
Holdings
Group
Co.
Ltd.
(b)(e)(f)
11.88%,
06/01/24
...........
USD
3,142‌
47,130‌
7.95%,
07/05/24
............
5,938‌
122,471‌
9.88%,
10/19/24
............
3,695‌
76,209‌
6.95%,
12/17/24
............
3,180‌
47,700‌
11.75%,
04/17/25
...........
10,550‌
118,688‌
Far
East
Horizon
Ltd.,
5.88%,
03/05/28
(b)
................
13,300‌
13,478,752‌
Fortune
Star
BVI
Ltd.,
3.95%,
10/02/26
(b)
................
EUR
20,000‌
23,233,980‌
Security
Par
(000)
Par
(000)
Value
China
(continued)
GLP
China
Holdings
Ltd.,
2.95%,
03/29/26
(b)
................
USD
4,746‌
$
4,675,285‌
Haidilao
International
Holding
Ltd.,
2.15%,
01/14/26
(b)
...........
5,000‌
4,962,600‌
iQIYI
,
Inc.,
6.50%,
03/15/28
(b)(q)
.....
7,000‌
7,012,139‌
KWG
Group
Holdings
Ltd.
(b)(e)(f)
5.88%,
11/10/24
............
2,000‌
125,000‌
6.00%,
08/14/26
............
1,000‌
62,500‌
Meituan
(b)
0.00%,
04/27/28
(h)(q)
..........
6,000‌
5,898,000‌
3.05%,
10/28/30
............
5,000‌
4,665,000‌
MMG
Ltd.,
0.00%,
10/08/30
(b)(h)(q)
...
2,400‌
2,406,000‌
Nickel
Resources
International
Holdings
Co.
Ltd.,
Series
1,
12.00%,
12/12/18
(b)(d)(e)(f)
.............
HKD
8,000‌
—‌
Ping
An
Insurance
Group
Co.
of
China
Ltd.
(b)(q)
0.88%,
07/22/29
............
USD
26,300‌
35,505,000‌
0.00%,
06/11/30
(h)
...........
HKD
218,000‌
30,758,872‌
Prosus
NV
(b)
3.26%,
01/19/27
............
USD
200‌
197,000‌
3.06%,
07/13/31
............
1,123‌
1,017,298‌
4.03%,
08/03/50
............
2,220‌
1,555,398‌
SF
Holding
Investment
2023
Ltd.,
0.00%,
07/08/26
(b)(h)(q)
.........
HKD
126,000‌
16,320,845‌
Sunac
China
Holdings
Ltd.
(b)(e)(f)
7.00%,
(7.00%
Cash
or
7.00%
PIK),
09/30/29
(p)
..............
USD
3,636‌
545,455‌
7.25%,
09/30/30
............
11,364‌
1,704,545‌
Vnet
Group,
Inc.,
2.50%,
04/01/30
(b)(q)
8,333‌
8,934,335‌
309,558,278‌
Colombia
—
0.1%
ABRA
Global
Finance,
14.00%,
(14.00%
Cash
or
14.00%
PIK),
10/22/29
(c)(p)
...............
24,897‌
23,610,494‌
Bancolombia
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.32%),
8.63%,
12/24/34
(a)
................
934‌
1,008,720‌
Gran
Tierra
Energy,
Inc.,
9.50%,
10/15/29
(c)
................
21,413‌
18,040,452‌
Promigas
SA
ESP
3.75%,
10/16/29
(c)
...........
1,831‌
1,738,315‌
3.75%,
10/16/29
(b)
...........
875‌
830,707‌
SierraCol
Energy
Andina
LLC,
6.00%,
06/15/28
(b)
................
431‌
418,205‌
SURA
Asset
Management
SA,
6.35%,
05/13/32
(c)
................
1,420‌
1,515,850‌
47,162,743‌
Costa
Rica
—
0.0%
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
(c)
....
200‌
213,200‌
Czech
Republic
—
0.1%
(b)
Allwyn
Entertainment
Financing
UK
plc
7.25%,
04/30/30
............
EUR
15,700‌
19,330,681‌
4.13%,
02/15/31
............
1,500‌
1,710,519‌
Czechoslovak
Group
A/S,
5.25%,
01/10/31
.................
12,308‌
15,028,216‌
EP
Infrastructure
A/S,
1.82%,
03/02/31
16,300‌
17,228,098‌
53,297,514‌
Denmark
—
0.2%
Carlsberg
Breweries
A/S
(b)
3.25%,
02/28/32
............
11,449‌
13,480,510‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Denmark
(continued)
4.25%,
10/05/33
............
EUR
561‌
$
699,357‌
Danske
Bank
A/S
(a)(b)
(GUKG1
+
1.65%),
2.25%,
01/14/28
GBP
18,930‌
24,726,452‌
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.70%),
4.75%,
06/21/30
....
EUR
17,000‌
21,226,192‌
(5-Year
EUR
Swap
Annual
+
1.55%),
3.75%,
11/19/36
.....
15,519‌
18,348,518‌
SGL
Group
ApS
(a)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.75%),
6.74%,
04/22/30
....
12,146‌
14,134,155‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.28%,
02/24/31
(b)(c)
..
1,626‌
1,858,849‌
94,474,033‌
Finland
—
0.1%
Ahlstrom
Holding
3
Oy
4.88%,
02/04/28
(c)
...........
USD
5,469‌
5,302,612‌
4.88%,
02/04/28
(b)
...........
3,800‌
3,684,390‌
Citycon
Treasury
BV
(b)
Series
EURO,
2.38%,
01/15/27
..
EUR
202‌
233,158‌
1.63%,
03/12/28
............
5,000‌
5,522,439‌
5.00%,
03/11/30
............
875‌
1,027,699‌
5.38%,
07/08/31
............
2,150‌
2,538,240‌
Mehilainen
Yhtiot
Oy
(b)
5.13%,
06/30/32
............
10,938‌
13,114,134‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.38%),
5.38%,
06/30/32
(a)
...
1,860‌
2,198,387‌
Nordea
Bank
Abp
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.72%),
6.75%
(a)(c)(o)
...
USD
1,000‌
1,014,494‌
34,635,553‌
France
—
2.4%
Afflelou
SAS,
6.00%,
07/25/29
(b)
....
EUR
1,727‌
2,114,984‌
Air
France-KLM,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.58%),
5.75%
(a)(b)(o)
.
2,100‌
2,515,866‌
Altice
France
SA
5.88%,
02/01/27
(b)
...........
2,412‌
2,555,764‌
8.13%,
02/01/27
(c)(e)(f)
.........
USD
2,550‌
2,426,874‌
5.50%,
01/15/28
(c)
...........
1,000‌
880,000‌
4.13%,
01/15/29
(b)
...........
EUR
2,936‌
2,973,036‌
5.13%,
07/15/29
(c)
...........
USD
1,250‌
1,067,500‌
4.25%,
10/15/29
(b)
...........
EUR
1,139‌
1,159,724‌
Arkema
SA,
(5-Year
EUR
Swap
Annual
+
1.57%),
1.50%
(a)(b)(o)
.........
2,300‌
2,687,564‌
Atos
SE
(b)(g)
9.00%,
12/18/29
............
12,291‌
16,601,448‌
5.00%,
12/18/30
............
6,470‌
7,163,341‌
1.00%,
12/18/32
............
6,487‌
3,931,935‌
Banijay
Entertainment
SAS,
7.00%,
05/01/29
(b)
................
10,356‌
12,605,729‌
Banque
Federative
du
Credit
Mutuel
SA
(b)
4.00%,
11/21/29
............
11,400‌
13,929,243‌
4.13%,
09/18/30
............
1,900‌
2,341,642‌
3.25%,
10/17/31
............
12,000‌
14,073,255‌
3.75%,
02/01/33
............
900‌
1,081,304‌
4.13%,
06/14/33
............
2,500‌
3,069,928‌
Bertrand
Franchise
Finance
SAS
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.77%,
07/18/30
(a)
...
11,123‌
12,486,095‌
6.50%,
07/18/30
............
1,332‌
1,530,759‌
BNP
Paribas
SA
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.63%
(a)(c)(o)
........
USD
1,754‌
1,726,356‌
Security
Par
(000)
Par
(000)
Value
France
(continued)
4.40%,
08/14/28
(c)
...........
USD
1,100‌
$
1,103,307‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.90%),
7.75%
(a)(c)(o)
........
8,212‌
8,695,621‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.90%),
7.75%
(a)(b)(o)
........
1,896‌
2,007,659‌
(3-mo.
EURIBOR
+
1.50%),
3.98%,
05/06/36
(a)(b)
.............
EUR
20,000‌
23,797,113‌
Series
TMO,
(BFRTMO
at
0.00%
Floor
-
0.25%),
2.82%
(a)(o)
....
1,983‌
2,201,226‌
BPCE
SA
(a)(b)
(5-year
SONIA
Mid-Swaps
Rate
+
1.83%),
2.50%,
11/30/32
.....
GBP
12,900‌
16,416,125‌
(3-mo.
EURIBOR
+
1.20%),
3.63%,
10/01/33
...............
EUR
24,400‌
28,585,172‌
Series
NC5.,
(5-Year
EUR
Swap
Annual
+
1.75%),
1.50%,
01/13/42
...............
28,800‌
33,259,705‌
Capgemini
SE,
3.50%,
09/25/34
(b)
...
35,400‌
41,189,811‌
Clariane
SE,
7.88%,
06/27/30
(b)
....
3,200‌
3,860,007‌
CMA
CGM
SA,
4.88%,
01/15/32
(b)
...
5,946‌
6,980,901‌
Credit
Agricole
SA
(a)
(GUKG1
+
2.60%),
5.75%,
11/29/27
(b)
..............
GBP
24,800‌
33,786,209‌
(1-day
SOFR
+
1.69%),
5.34%,
01/10/30
(c)
..............
USD
300‌
308,685‌
(3-mo.
EURIBOR
+
0.92%),
3.25%,
08/25/32
(b)
..............
EUR
17,200‌
20,023,589‌
(USISSO05
+
3.60%),
6.70%
(c)(o)
.
USD
8,588‌
8,621,578‌
(1-day
SOFR
+
2.67%),
6.25%,
01/10/35
(c)
..............
250‌
263,798‌
(1-day
SOFR
+
2.67%),
6.25%,
01/10/35
(b)
..............
500‌
527,596‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.65%),
4.13%,
03/18/35
(b)
...
EUR
6,700‌
8,021,261‌
(USISSO05
+
3.58%),
7.13%
(c)(o)
.
USD
1,000‌
1,021,197‌
Elior
Group
SA
(b)
3.75%,
07/15/26
............
EUR
2,308‌
2,706,829‌
5.63%,
03/15/30
............
2,791‌
3,357,467‌
Elis
SA,
3.75%,
03/21/30
(b)
.......
7,700‌
9,284,727‌
ELO
SACA,
2.88%,
01/29/26
(b)
.....
900‌
1,052,047‌
Engie
SA
(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.37%),
5.13%
(a)(o)
.........
4,700‌
5,814,399‌
3.88%,
09/11/37
............
9,100‌
10,675,671‌
2.00%,
09/28/37
............
400‌
385,854‌
1.25%,
10/24/41
............
600‌
457,953‌
4.50%,
09/06/42
............
1,300‌
1,550,046‌
4.25%,
03/06/44
............
9,700‌
11,132,299‌
Eutelsat
SA
(b)
1.50%,
10/13/28
............
3,400‌
3,742,174‌
9.75%,
04/13/29
............
4,500‌
5,703,903‌
Forvia
SE
2.75%,
02/15/27
(b)
...........
982‌
1,150,012‌
3.75%,
06/15/28
(b)
...........
3,587‌
4,206,554‌
5.50%,
06/15/31
(b)
...........
7,818‌
9,437,131‌
6.75%,
09/15/33
(c)
...........
USD
7,725‌
7,837,467‌
Goldstory
SAS
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.02%,
02/01/30
(a)
...
EUR
3,618‌
4,300,083‌
6.75%,
02/01/30
............
7,438‌
9,067,500‌
Iliad
SA
(b)
5.38%,
06/14/27
............
2,200‌
2,670,706‌
5.38%,
02/15/29
............
13,600‌
16,855,496‌
5.63%,
02/15/30
............
6,000‌
7,563,434‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
4.25%,
01/09/32
............
EUR
10,400‌
$
12,276,404‌
IPD
3
BV
5.50%,
06/15/31
(b)
...........
12,934‌
15,420,908‌
Kapla
Holding
SAS
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.51%,
07/31/30
(a)
...
2,880‌
3,394,552‌
5.00%,
04/30/31
............
2,819‌
3,344,256‌
5.00%,
04/30/31
............
5,438‌
6,493,020‌
Kering
SA
5.13%,
11/23/26
(b)
...........
GBP
34,900‌
47,142,043‌
La
Financiere
Atalian
SAS,
8.50%,
(8.50%
Cash
or
5.00%
PIK),
06/30/28
(b)(p)
...............
EUR
10,145‌
4,163,632‌
Lion/Polaris
Lux
4
SA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.63%),
5.56%,
07/01/29
(a)(b)
..........
4,720‌
5,603,194‌
Loxam
SAS
(b)
4.50%,
02/15/27
............
921‌
1,088,558‌
6.38%,
05/15/28
............
2,073‌
2,512,563‌
6.38%,
05/31/29
............
5,668‌
6,892,783‌
4.25%,
02/15/30
............
807‌
952,157‌
4.25%,
02/15/31
............
5,352‌
6,286,020‌
Lune
Holdings
SARL,
5.63%,
11/15/28
(b)
................
7,359‌
2,668,702‌
Maya
SAS
5.63%,
10/15/28
(b)
...........
300‌
357,229‌
7.00%,
10/15/28
(c)
...........
USD
4,843‌
4,920,636‌
5.38%,
04/15/30
(b)
...........
EUR
8,572‌
10,278,909‌
6.88%,
04/15/31
(b)
...........
4,531‌
5,650,630‌
8.50%,
04/15/31
(c)
...........
USD
3,329‌
3,570,329‌
New
Immo
Holding
SA
(b)
3.25%,
07/23/27
............
EUR
4,300‌
4,974,511‌
5.88%,
04/17/28
............
2,500‌
3,030,617‌
4.88%,
12/08/28
............
4,600‌
5,464,935‌
Opal
Bidco
SAS,
5.50%,
03/31/32
(b)
.
8,378‌
10,180,321‌
OVH
Groupe
SA,
4.75%,
02/05/31
(b)
.
4,694‌
5,611,810‌
RCI
Banque
SA
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.84%),
6.13%
(o)
..........
1,600‌
1,877,541‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.75%),
5.50%,
10/09/34
....
11,300‌
13,955,084‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.75%),
5.50%,
10/09/34
....
5,300‌
6,545,305‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.20%),
4.75%,
03/24/37
....
4,400‌
5,255,974‌
Renault
SA,
3.88%,
09/30/30
(b)
.....
3,900‌
4,571,843‌
RTE
Reseau
de
Transport
d'Electricite
SADIR
(b)
4.00%,
07/08/45
............
9,200‌
10,472,124‌
1.13%,
09/09/49
............
17,200‌
10,513,608‌
Sabena
technics
SAS,
(Acquired
10/28/22,
cost
$14,850,216),
(3-
mo.
EURIBOR
+
5.00%),
6.
4
8%,
09/30/29
(a)(d)(m)
..............
15,039‌
17,655,989‌
Seche
Environnement
SACA,
4.50%,
03/25/30
(b)
................
932‌
1,113,511‌
Societe
Generale
SA
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.39%),
9.38%
(c)(o)
.........
USD
1,664‌
1,784,256‌
(3-mo.
EURIBOR
+
1.37%),
3.38%,
05/14/30
(b)
..............
EUR
7,000‌
8,278,981‌
(3-mo.
EURIBOR
+
1.40%),
3.75%,
09/02/33
(b)
..............
5,700‌
6,683,974‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.65%),
3.75%,
05/17/35
(b)
...
1,900‌
2,218,340‌
Security
Par
(000)
Par
(000)
Value
France
(continued)
Tereos
Finance
Groupe
I
SA,
7.25%,
04/15/28
(b)
................
EUR
2,000‌
$
2,415,985‌
TotalEnergies
Capital
International
SA
(b)
1.54%,
05/31/39
............
600‌
525,704‌
4.06%,
07/01/40
............
2,900‌
3,390,586‌
3.85%,
03/03/45
............
32,400‌
35,700,172‌
TotalEnergies
SE
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
3.35%),
3.37%
...........
63,305‌
74,583,366‌
Series
NC7,
(5-Year
EUR
Swap
Annual
+
1.99%),
1.63%
.....
54,716‌
62,018,256‌
Unibail
-
Rodamco
-Westfield
SE,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.43%),
4.75%
(a)(b)(o)
................
12,500‌
14,906,871‌
Veolia
Environnement
SA
(5-Year
EUR
Swap
Annual
+
2.71%),
2.25%
(a)(b)(o)
........
6,400‌
7,478,782‌
(5-Year
EUR
Swap
Annual
+
2.08%),
2.00%
(a)(b)(o)
........
22,900‌
26,088,035‌
(5-Year
EUR
Swap
Annual
+
2.82%),
5.99%
(a)(b)(o)
........
900‌
1,129,936‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.84%),
4.32%
(a)(b)(o)
........
5,200‌
6,117,185‌
6.13%,
11/25/33
............
477‌
668,136‌
3.57%,
09/09/34
(b)
...........
4,300‌
5,077,548‌
1.25%,
05/14/35
(b)
...........
1,700‌
1,613,896‌
3.80%,
06/17/37
(b)
...........
18,800‌
21,927,239‌
Worldline
SA
(b)
0.00%,
07/30/26
(h)(q)
..........
345‌
386,660‌
0.88%,
06/30/27
............
16,700‌
16,514,110‌
4.13%,
09/12/28
............
36,800‌
35,207,349‌
5.25%,
11/27/29
............
11,400‌
10,360,187‌
5.50%,
06/10/30
............
21,800‌
19,836,753‌
1,077,696,664‌
Germany
—
2.4%
alstria
office
AG,
5.50%,
03/20/31
(b)
..
8,700‌
10,620,966‌
Aroundtown
Finance
SARL
(a)(b)(o)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.49%),
8.63%
.................
GBP
10,253‌
14,200,006‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
7.88%
...........
USD
6,250‌
6,216,995‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.51%),
7.13%
...........
EUR
16,614‌
20,568,981‌
Aroundtown
SA
(b)
(5-Year
EUR
Swap
Annual
+
2.42%),
1.63%
(a)(o)
.........
700‌
787,778‌
3.50%,
05/13/30
............
3,500‌
4,090,055‌
Bayer
AG
(a)(b)
(5-Year
EUR
Swap
Annual
+
3.11%),
3.13%,
11/12/79
.....
8,200‌
9,476,553‌
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%,
03/25/82
....
13,800‌
16,361,822‌
(5-Year
EUR
Swap
Annual
+
4.46%),
5.38%,
03/25/82
....
2,900‌
3,498,531‌
Series
NC5,
(5-Year
EUR
Swap
Annual
+
3.43%),
6.63%,
09/25/83
...............
33,200‌
41,572,979‌
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%,
09/25/83
....
11,900‌
15,318,239‌
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%,
09/25/83
....
2,800‌
3,604,292‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Bertelsmann
SE
&
Co.
KGaA
(a)(b)
(5-Year
EUR
Swap
Annual
+
3.21%),
3.50%,
04/23/75
....
EUR
7,900‌
$
9,291,065‌
(5-Year
EUR
Swap
Annual
+
3.21%),
3.50%,
04/23/75
....
17,300‌
20,346,256‌
BRANICKS
Group
AG,
2.25%,
09/22/26
(b)
................
5,700‌
5,286,132‌
Brenntag
Finance
BV,
3.38%,
10/02/31
(b)
................
8,900‌
10,409,895‌
Commerzbank
AG
(a)(b)
(5-Year
EUR
Swap
Annual
+
4.39%),
4.25%
(o)
..........
4,000‌
4,649,238‌
(5-Year
EUR
Swap
Annual
+
6.74%),
6.50%
(o)
..........
3,800‌
4,777,114‌
(5-Year
EUR
Swap
Annual
+
6.74%),
6.50%
(o)
..........
5,800‌
7,291,384‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%,
02/28/33
..........
GBP
4,300‌
6,209,363‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.15%),
4.88%,
10/16/34
....
EUR
7,500‌
9,238,063‌
(3-mo.
EURIBOR
+
1.27%),
3.88%,
09/02/36
...............
15,000‌
17,700,635‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.83%),
4.13%,
06/30/37
....
19,500‌
23,162,097‌
Daimler
Truck
Finance
North
America
LLC,
2.00%,
12/14/26
(c)
........
USD
1,100‌
1,072,184‌
Daimler
Truck
International
Finance
BV,
3.00%,
11/27/29
(b)
...........
EUR
9,000‌
10,573,239‌
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
5.00%,
12/31/27
(b)(g)
..
6,518‌
7,197,603‌
Deutsche
Bahn
AG,
Series
CB,
(5-
Year
EUR
Swap
Annual
+
1.89%),
1.60%
(a)(b)(o)
................
23,300‌
25,559,704‌
Deutsche
Bank
AG
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.55%),
4.50%
(a)(b)(o)
........
12,200‌
14,215,984‌
1.63%,
01/20/27
(b)
...........
400‌
464,132‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.75%),
4.63%
(a)(b)(o)
........
7,000‌
8,096,719‌
(3-mo.
EURIBOR
+
0.95%),
4.00%,
07/12/28
(a)(b)
.............
6,300‌
7,551,231‌
(3-mo.
EURIBOR
+
1.05%),
3.00%,
06/16/29
(a)(b)
.............
1,300‌
1,528,379‌
(3-mo.
EURIBOR
+
1.05%),
3.00%,
06/16/29
(a)(b)
.............
4,200‌
4,937,839‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.26%),
8.13%
(a)(b)(o)
........
4,200‌
5,385,107‌
Series
USTR,
(USISOA05
at
0.00%
Floor
+
4.36%),
8.13%
(a)(b)(o)
...
USD
6,600‌
6,995,921‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.60%),
7.13%
(a)(b)(o)
........
EUR
2,800‌
3,468,144‌
(1-day
SOFR
+
1.30%),
4.95%,
08/04/31
(a)
..............
USD
11,615‌
11,724,841‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.11%),
7.38%
(a)(b)(o)
........
EUR
3,400‌
4,302,170‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.30%),
4.00%,
06/24/32
(a)(b)
..
14,000‌
16,638,231‌
Deutsche
Lufthansa
AG
(b)
Series
LHA,
2.00%,
11/17/25
(q)
...
5,900‌
6,919,074‌
0.00%,
09/10/32
(h)(q)
..........
15,000‌
17,211,181‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.86%),
5.25%,
01/15/55
(a)
...
2,700‌
3,270,955‌
Deutsche
Telekom
AG
(b)
3.63%,
02/03/45
............
18,646‌
20,368,245‌
1.75%,
12/09/49
............
8,048‌
6,070,425‌
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Deutsche
Telekom
International
Finance
BV,
4.88%,
03/06/42
(c)
...
USD
150‌
$
140,045‌
Dynamo
Newco
II
GmbH,
6.25%,
10/15/31
(b)
................
EUR
3,000‌
3,651,990‌
E.ON
International
Finance
BV,
3.50%,
09/03/35
(b)
................
10,400‌
12,130,131‌
EnBW
Energie
Baden-Wuerttemberg
AG,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.73%),
1.63%,
08/05/79
(a)(b)
9,800‌
11,210,275‌
Envalior
Deutschland
Gmbh
,
(6-mo.
EURIBOR
at
0.00%
Floor
+
9.50%),
12.37%,
(12.37%
Cash
or
12.37%
PIK),
04/01/31
(a)(d)(p)
..........
24,677‌
26,474,437‌
Fressnapf
Holding
SE,
5.25%,
10/31/31
(b)
................
6,307‌
7,504,344‌
Grand
City
Properties
SA,
(5-Year
EUR
Swap
Annual
+
2.18%),
1.50%
(a)(b)(o)
6,900‌
7,922,002‌
Gruenenthal
GmbH
(b)
4.13%,
05/15/28
............
3,348‌
3,945,089‌
6.75%,
05/15/30
............
2,833‌
3,500,006‌
4.63%,
11/15/31
............
1,616‌
1,937,117‌
HT
Troplast
GmbH,
9.38%,
07/15/28
(b)
6,774‌
8,305,875‌
IHO
Verwaltungs
GmbH
(b)(p)
8.75%,
(8.75%
Cash
or
9.50%
PIK),
05/15/28
(a)
..............
2,618‌
3,219,210‌
7.00%,
(7.00%
Cash
or
7.75%
PIK),
11/15/31
...............
6,065‌
7,707,717‌
Mahle
GmbH
(b)
2.38%,
05/14/28
............
1,300‌
1,451,464‌
6.50%,
05/02/31
............
3,800‌
4,618,227‌
Mercedes-Benz
International
Finance
BV
2.50%,
09/05/28
(b)
...........
20,139‌
23,603,375‌
Merck
KGaA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.00%),
1.63%,
09/09/80
(a)(b)
...............
30,100‌
34,959,209‌
Muenchener
Rueckversicherungs
-
Gesellschaft
AG,
(3-mo.
EURIBOR
+
2.60%),
4.25%,
05/26/44
(a)(b)
....
25,700‌
30,891,704‌
Nidda
Healthcare
Holding
GmbH
(b)
7.00%,
02/21/30
............
11,958‌
14,635,341‌
5.38%,
10/23/30
............
1,946‌
2,323,144‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.79%,
10/23/30
(a)
...
9,727‌
11,440,421‌
PCF
GmbH
(b)
4.75%,
04/15/29
............
876‌
793,661‌
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
6.78%,
04/15/29
(a)
...
3,979‌
3,589,465‌
PrestigeBidCo
GmbH
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.78%,
07/01/29
(a)(b)
..
7,804‌
9,214,273‌
ProGroup
AG
(b)
5.13%,
04/15/29
............
4,410‌
5,269,931‌
5.38%,
04/15/31
............
7,794‌
9,239,489‌
Robert
Bosch
GmbH,
4.38%,
06/02/43
(b)
................
10,800‌
12,670,528‌
Schaeffler
AG
(b)
4.50%,
08/14/26
............
6,300‌
7,484,509‌
4.25%,
04/01/28
............
2,600‌
3,102,552‌
3.38%,
10/12/28
............
5,000‌
5,833,989‌
5.38%,
04/01/31
............
1,700‌
2,089,906‌
Siemens
Financieringsmaatschappij
NV,
2.15%,
03/11/31
(c)
........
USD
250‌
225,489‌
TAG
Immobilien
AG,
0.63%,
03/11/31
(b)
(q)
......................
EUR
2,400‌
2,944,616‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Techem
Verwaltungsgesellschaft
675
mbH
,
4.63%,
07/15/32
(b)
.......
EUR
2,200‌
$
2,588,484‌
Tele
Columbus
AG,
10.00%,
(10.00%
Cash
or
10.00%
PIK),
01/01/29
(a)(b)(p)
10,189‌
8,021,100‌
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(b)
................
4,325‌
5,083,464‌
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
................
USD
8,001‌
7,972,711‌
Traton
Finance
Luxembourg
SA,
3.75%,
03/27/30
(b)
...........
EUR
8,600‌
10,249,911‌
TUI
Cruises
GmbH,
5.00%,
05/15/30
(b)
5,800‌
6,991,228‌
Volkswagen
Bank
GmbH
(b)
2.50%,
07/31/26
............
13,000‌
15,261,288‌
4.38%,
05/03/28
............
5,000‌
6,083,680‌
4.63%,
05/03/31
............
14,300‌
17,688,602‌
Volkswagen
Financial
Services
AG
(b)
0.13%,
02/12/27
............
1,648‌
1,869,855‌
3.25%,
05/19/27
............
5,500‌
6,511,516‌
(3-mo.
EURIBOR
+
0.78%),
2.81%,
06/10/27
(a)
..............
10,434‌
12,285,980‌
Volkswagen
Financial
Services
NV
(b)
5.50%,
12/07/26
............
GBP
22,500‌
30,541,192‌
3.25%,
04/13/27
............
900‌
1,184,095‌
6.50%,
09/18/27
............
4,700‌
6,517,241‌
Volkswagen
Group
of
America
Finance
LLC,
4.35%,
06/08/27
(c)
........
USD
400‌
400,021‌
Volkswagen
International
Finance
NV
(a)
(b)(o)
(12-Year
EUR
Swap
Annual
+
2.97%),
4.63%
...........
EUR
17,700‌
20,878,713‌
(10-Year
EUR
Swap
Annual
+
3.37%),
3.88%
...........
11,100‌
13,029,720‌
(10-Year
EUR
Swap
Annual
+
3.98%),
4.63%
...........
11,200‌
13,345,738‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.17%),
5.49%
...........
1,400‌
1,696,641‌
(EUAMDB08
+
3.49%),
5.99%
..
3,200‌
3,898,866‌
Volkswagen
Leasing
GmbH,
3.63%,
10/11/26
(b)
................
11,129‌
13,217,635‌
Vonovia
SE
(b)(q)
Series
A,
0.00%,
05/20/30
(h)
.....
7,900‌
9,160,132‌
Series
B,
0.88%,
05/20/32
......
8,400‌
9,892,158‌
Wintershall
Dea
Finance
2
BV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.94%),
6.12%
(a)(b)(o)
................
9,312‌
11,424,728‌
Wintershall
Dea
Finance
BV
(b)
3.83%,
10/03/29
............
17,054‌
20,320,009‌
4.36%,
10/03/32
............
4,959‌
5,910,963‌
4.36%,
10/03/32
............
21,680‌
25,841,840‌
ZF
Europe
Finance
BV
(b)
2.50%,
10/23/27
............
1,900‌
2,160,521‌
2.50%,
10/23/27
............
6,900‌
7,846,100‌
ZF
Finance
GmbH
(b)
2.00%,
05/06/27
............
1,800‌
2,055,136‌
2.75%,
05/25/27
............
3,100‌
3,564,069‌
2.25%,
05/03/28
............
1,900‌
2,096,891‌
3.75%,
09/21/28
............
5,200‌
5,895,201‌
ZF
North
America
Capital,
Inc.
(c)
7.13%,
04/14/30
............
USD
3,102‌
3,071,576‌
6.75%,
04/23/30
............
2,328‌
2,271,847‌
7.50%,
03/24/31
............
349‌
346,624‌
6.88%,
04/23/32
............
2,719‌
2,603,189‌
1,052,037,943‌
Security
Par
(000)
Par
(000)
Value
Greece
—
0.1%
Danaos
Corp.,
8.50%,
03/01/28
(c)
...
USD
6,825‌
$
6,960,292‌
Eurobank
Ergasias
Services
&
Holdings
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.00%),
4.25%,
04/30/35
(a)(b)
EUR
2,100‌
2,481,889‌
Eurobank
SA
(a)(b)
(1-Year
EUR
Swap
Annual
+
2.83%),
5.88%,
11/28/29
.....
13,439‌
17,140,081‌
(1-Year
EUR
Swap
Annual
+
1.80%),
4.00%,
09/24/30
....
3,900‌
4,724,382‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.17%),
4.88%,
04/30/31
....
3,750‌
4,697,196‌
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.70%),
4.00%,
02/07/36
....
4,225‌
4,985,282‌
National
Bank
of
Greece
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.15%),
5.88%,
06/28/35
(a)(b)
..........
11,496‌
14,519,620‌
55,508,742‌
Hong
Kong
—
0.4%
AIA
Group
Ltd.
(b)
3.58%,
06/11/35
............
SGD
5,250‌
4,334,470‌
5.40%,
09/30/54
............
USD
18,000‌
17,643,420‌
CAS
Capital
No.
1
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.64%),
4.00%
(a)
(b)(o)
.....................
6,133‌
6,068,604‌
Celestial
Dynasty
Ltd.
6.38%,
08/22/28
(b)
...........
8,800‌
8,817,600‌
China
Ping
An
Insurance
Overseas
Holdings
Ltd.,
5.00%,
10/08/35
(b)
.
2,845‌
2,847,987‌
Elect
Global
Investments
Ltd.,
4.85%
(b)
(o)
......................
4,026‌
2,994,337‌
Estate
Sky
Ltd.,
10.50%,
05/21/28
(b)
.
33,500‌
33,332,500‌
FWD
Group
Holdings
Ltd.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
6.68%
(a)(b)(o)
........
5,215‌
5,222,823‌
5.25%,
09/22/30
(c)
...........
17,175‌
17,210,638‌
5.84%,
09/22/35
(c)
...........
15,530‌
15,715,661‌
Link
CB
Ltd.,
4.50%,
12/12/27
(b)(q)
...
HKD
40,000‌
5,266,037‌
Melco
Resorts
Finance
Ltd.
5.25%,
04/26/26
(b)
...........
USD
2,900‌
2,886,399‌
5.63%,
07/17/27
(b)
...........
4,000‌
3,999,000‌
5.75%,
07/21/28
(b)
...........
21,000‌
20,989,500‌
7.63%,
04/17/32
(c)
...........
6,098‌
6,387,655‌
6.50%,
09/24/33
(c)
...........
1,642‌
1,650,159‌
MTR
Corp.
CI
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.46%),
5.63%
(a)(b)(o)
...
10,000‌
10,428,600‌
NWD
Finance
BVI
Ltd.,
4.80%
(b)(e)(f)(o)
.
5,000‌
1,650,000‌
REXLot
Holdings
Ltd.
(b)(d)(e)(f)(q)
6.00%,
04/28/17
............
HKD
1,103‌
—‌
4.50%,
04/17/19
............
15,091‌
—‌
167,445,390‌
India
—
0.9%
Adani
Electricity
Mumbai
Ltd.,
3.95%,
02/12/30
(b)
................
USD
6,000‌
5,640,000‌
Adani
Ports
&
Special
Economic
Zone
Ltd.
(b)
4.20%,
08/04/27
............
7,000‌
6,895,000‌
5.00%,
08/02/41
............
3,000‌
2,544,750‌
Adani
Transmission
Step-One
Ltd.
(b)
4.00%,
08/03/26
............
5,000‌
4,950,000‌
4.25%,
05/21/36
............
2,085‌
1,881,713‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
India
(continued)
Axis
Bank
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
4.10%
(a)(b)(o)
...
USD
15,000‌
$
14,775,000‌
Biocon
Biologics
Global
plc,
6.67%,
10/09/29
(b)
................
3,400‌
3,279,266‌
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
................
12,657‌
12,595,297‌
Clean
Renewable
Power
Mauritius
Pte.
Ltd.,
4.25%,
03/25/27
(b)
........
14,498‌
14,189,966‌
Continuum
Energy
Aura
Pte.
Ltd.,
9.50%,
02/24/27
(b)
...........
17,000‌
17,525,980‌
Continuum
Green
Energy
India
Pvt,
7.50%,
06/26/33
(b)
...........
5,583‌
5,912,174‌
Diamond
II
Ltd.
7.95%,
07/28/26
(c)
...........
794‌
799,955‌
7.95%,
07/28/26
(b)
...........
27,500‌
27,706,250‌
GMR
Energy
Ltd.,
8.00%,
07/31/30
(b)(g)
INR
1,050,000‌
11,874,604‌
Greenko
Dutch
BV,
3.85%,
03/29/26
(b)
USD
5,296‌
5,244,239‌
Greenko
Wind
Projects
Mauritius
Ltd.
7.25%,
09/27/28
(c)
...........
997‌
1,015,445‌
7.25%,
09/27/28
(b)
...........
14,434‌
14,701,029‌
HDFC
Bank
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.93%),
3.70%
(a)(b)(o)
...
15,000‌
14,730,000‌
India
Clean
Energy
Holdings,
4.50%,
04/18/27
(b)
................
5,000‌
4,887,500‌
India
Cleantech
Energy,
4.70%,
08/10/26
(b)
................
13,662‌
13,532,211‌
India
Green
Power
Holdings,
4.00%,
02/22/27
(b)
................
13,197‌
12,899,662‌
India
Vehicle
Finance,
5.85%,
03/25/29
(b)
................
1,598‌
1,610,464‌
IRB
Infrastructure
Developers
Ltd.,
7.11%,
03/11/32
(b)
...........
15,000‌
15,543,750‌
JSW
Hydro
Energy
Ltd.,
4.13%,
05/18/31
(b)
................
5,072‌
4,805,275‌
Mumbai
International
Airport
Ltd.,
6.95%,
07/04/29
(b)
...........
21,800‌
22,879,100‌
Muthoot
Finance
Ltd.
(b)
6.38%,
04/23/29
............
3,500‌
3,550,660‌
6.38%,
03/02/30
............
12,335‌
12,492,888‌
Periama
Holdings
LLC,
5.95%,
04/19/26
(b)
................
11,500‌
11,540,250‌
Piramal
Capital
&
Housing
Finance
Ltd.,
7.80%,
01/29/28
(b)
...........
11,000‌
11,275,000‌
Porteast
Investment
Pvt
Ltd.,
0.00%,
(0.00%
Cash
or
19.75%
PIK),
05/29/28
(h)(p)
...............
INR
3,220,000‌
36,229,354‌
ReNew
Pvt
Ltd.,
5.88%,
03/05/27
(b)
..
USD
10,000‌
9,986,100‌
ReNew
Wind
Energy
AP2,
4.50%,
07/14/28
(b)
................
4,000‌
3,855,000‌
Sammaan
Capital
Ltd.
(b)
9.70%,
07/03/27
............
5,000‌
5,109,350‌
8.95%,
08/28/28
............
3,285‌
3,293,213‌
8.95%,
08/28/28
............
2,800‌
2,807,000‌
Varanasi
Aurangabad
Nh-2
Tollway
Pvt
Ltd.,
5.90%,
02/28/34
(b)
........
4,793‌
4,988,158‌
Vedanta
Resources
Finance
II
plc
10.88%,
09/17/29
(c)
..........
18,134‌
18,984,031‌
10.88%,
09/17/29
(b)
..........
12,795‌
13,394,766‌
9.48%,
07/24/30
(b)
...........
5,350‌
5,408,850‌
9.48%,
07/24/30
(c)
...........
5,141‌
5,197,551‌
11.25%,
12/03/31
(b)
..........
2,000‌
2,139,000‌
11.25%,
12/03/31
(c)
..........
4,771‌
5,102,584‌
Security
Par
(000)
Par
(000)
Value
India
(continued)
9.85%,
04/24/33
(c)
...........
USD
4,938‌
$
5,007,132‌
402,779,517‌
Indonesia
—
0.3%
Freeport
Indonesia
PT
(b)
4.76%,
04/14/27
............
1,680‌
1,683,360‌
5.32%,
04/14/32
............
10,000‌
10,130,000‌
6.20%,
04/14/52
............
18,000‌
18,414,000‌
Indofood
CBP
Sukses
Makmur
Tbk
.
PT,
4.75%,
06/09/51
(b)
...........
12,191‌
10,514,738‌
Medco
Cypress
Tree
Pte.
Ltd.,
8.63%,
05/19/30
(c)
................
760‌
801,800‌
Medco
Laurel
Tree
Pte.
Ltd.,
6.95%,
11/12/28
(b)
................
15,120‌
15,263,640‌
Medco
Maple
Tree
Pte.
Ltd.
8.96%,
04/27/29
(c)
...........
5,768‌
6,027,560‌
8.96%,
04/27/29
(b)
...........
15,000‌
15,675,000‌
Minejesa
Capital
BV
5.63%,
08/10/37
(b)
...........
18,000‌
17,892,000‌
5.63%,
08/10/37
(c)
...........
1,642‌
1,632,148‌
Modernland
Overseas
Pte.
Ltd.,
6.00%,
(6.00%
Cash
or
6.00%
PIK),
04/30/27
(b)(p)
...............
13,746‌
4,396,354‌
Nickel
Industries
Ltd.,
9.00%,
09/30/30
(b)
................
3,165‌
3,212,475‌
Star
Energy
Geothermal
Darajat
II,
4.85%,
10/14/38
(b)
...........
2,031‌
1,937,066‌
Star
Energy
Geothermal
Wayang
Windu
Ltd.,
6.75%,
04/24/33
(b)
...
8,899‌
9,193,263‌
116,773,404‌
Ireland
—
0.2%
AIB
Group
plc,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.71%),
6.00%
(a)(b)(o)
.
EUR
4,525‌
5,425,894‌
Bank
of
Ireland
Group
plc
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.03%),
6.38%
(o)
..........
2,077‌
2,542,577‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.70%),
7.59%,
12/06/32
..........
GBP
6,000‌
8,445,561‌
Cedacri
SpA
(a)(b)
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
6.66%,
05/15/28
....
EUR
5,757‌
6,797,695‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
7.54%,
05/15/28
....
4,182‌
4,960,263‌
eircom
Finance
DAC,
5.00%,
04/30/31
(b)
................
5,824‌
7,003,638‌
Fidelity
Grand
Harbour
CLO
DAC,
Series
2023-2X,
Class
D,
(3-mo.
EURIBOR
at
4.10%
Floor
+
4.10%),
6.13%,
04/15/38
(a)(b)
..........
781‌
917,522‌
Flutter
Treasury
DAC
6.38%,
04/29/29
(c)
...........
USD
1,475‌
1,523,113‌
4.00%,
06/04/31
(b)
...........
EUR
18,190‌
21,400,797‌
6.13%,
06/04/31
(b)
...........
GBP
2,897‌
3,926,579‌
GGAM
Finance
Ltd.
(c)
8.00%,
02/15/27
............
USD
2,864‌
2,931,200‌
8.00%,
06/15/28
............
1,786‌
1,890,399‌
6.88%,
04/15/29
............
679‌
704,130‌
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(c)
...........
1,700‌
1,668,258‌
Virgin
Media
O2
Vendor
Financing
Notes
V
DAC,
7.88%,
03/15/32
(b)
.
GBP
10,037‌
13,950,845‌
84,088,471‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Israel
—
0.1%
Teva
Pharmaceutical
Finance
Netherlands
II
BV
1.88%,
03/31/27
(b)
...........
EUR
1,484‌
$
1,709,500‌
3.75%,
05/09/27
............
4,876‌
5,759,016‌
7.38%,
09/15/29
............
3,674‌
4,852,642‌
7.38%,
09/15/29
............
3,000‌
3,962,419‌
4.38%,
05/09/30
............
4,764‌
5,714,602‌
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/01/26
............
USD
2,963‌
2,903,740‌
4.75%,
05/09/27
............
2,221‌
2,212,671‌
7.88%,
09/15/29
............
1,890‌
2,063,653‌
6.00%,
12/01/32
............
293‌
304,354‌
Teva
Pharmaceutical
Finance
Netherlands
IV
BV,
5.75%,
12/01/30
594‌
611,820‌
30,094,417‌
Italy
—
1.8%
A2A
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.26%),
5.00%
(a)(b)(o)
.....
EUR
3,300‌
4,034,891‌
Almaviva-The
Italian
Innovation
Co.
SpA
,
5.00%,
10/30/30
(b)
.......
15,032‌
17,927,798‌
ASTM
SpA
,
1.50%,
01/25/30
(b)
.....
5,217‌
5,750,097‌
Azzurra
Aeroporti
SpA
,
2.63%,
05/30/27
(b)
................
5,699‌
6,656,787‌
Banca
Monte
dei
Paschi
di
Siena
SpA
(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.01%),
7.71%,
01/18/28
(a)
...
3,300‌
4,242,430‌
3.50%,
04/23/29
............
34,600‌
41,777,475‌
2.75%,
01/18/31
............
16,770‌
19,576,268‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.15%),
4.38%,
10/02/35
(a)
...
13,759‌
16,473,598‌
Banco
BPM
SpA
,
3.88%,
09/18/26
(b)
.
49,840‌
59,416,310‌
BPER
Banca
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.35%),
6.50%
(a)(b)
(o)
......................
3,949‌
4,851,226‌
Bubbles
Bidco
SpA
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.25%,
09/30/31
(a)
...
7,748‌
9,166,468‌
6.50%,
09/30/31
............
2,000‌
2,405,004‌
6.50%,
09/30/31
............
7,461‌
8,971,868‌
Dolcetto
Holdco
SpA
(b)
5.63%,
07/14/32
............
9,378‌
11,288,235‌
(3-mo.
EURIBOR
+
3.63%),
5.64%,
07/14/32
(a)
..............
1,486‌
1,758,524‌
Duomo
Bidco
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.13%),
6.15%,
07/15/31
(a)(b)
...............
3,384‌
3,996,756‌
Enel
Finance
International
NV
(b)
2.88%,
04/11/29
............
GBP
17,238‌
21,864,431‌
4.50%,
02/20/43
............
EUR
11,131‌
13,250,347‌
Enel
SpA
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
2.68%),
2.25%
...........
14,356‌
16,648,732‌
Series
6.5Y,
(5-Year
EUR
Swap
Annual
+
1.72%),
1.38%
.....
34,602‌
39,277,536‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.01%),
4.25%
...........
6,675‌
7,952,255‌
Engineering
-
Ingegneria
Informatica
-
SpA
(b)
11.13%,
05/15/28
...........
11,275‌
14,106,119‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.75%),
7.75%,
02/15/30
(a)
...
935‌
1,118,011‌
8.63%,
02/15/30
............
2,000‌
2,529,508‌
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Eni
SpA
Series
NC6,
(5-Year
EUR
Swap
Annual
+
2.20%),
2.00%
(a)(b)(o)
.
EUR
5,235‌
$
6,021,934‌
(5-Year
EUR
Swap
Annual
+
2.08%),
4.50%
(a)(b)(o)
........
5,125‌
6,143,102‌
(5-Year
EUR
Swap
Annual
+
2.40%),
4.88%
(a)(b)(o)
........
4,225‌
5,041,827‌
5.70%,
10/01/40
(c)
...........
USD
200‌
194,723‌
Fedrigoni
SpA
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.00%,
01/15/30
(a)
...
EUR
6,094‌
7,136,863‌
6.13%,
06/15/31
............
20,345‌
23,743,052‌
Fiber
Midco
SpA
(b)
10.00%,
(10.00%
Cash
or
10.75%
PIK),
06/15/29
(p)
..........
161‌
174,738‌
10.00%,
06/15/29
...........
2,476‌
2,687,274‌
Fibercop
SpA
2.88%,
01/28/26
(b)
...........
910‌
1,067,364‌
6.88%,
02/15/28
(b)
...........
3,318‌
4,161,468‌
7.88%,
07/31/28
(b)
...........
7,871‌
10,216,759‌
4.75%,
06/30/30
(b)
...........
7,231‌
8,623,172‌
5.13%,
06/30/32
(b)
...........
3,872‌
4,620,532‌
Series
2034,
6.00%,
09/30/34
(c)
..
USD
4,759‌
4,536,096‌
7.20%,
07/18/36
(c)
...........
6,261‌
6,307,193‌
FIS
Fabbrica
Italiana
Sintetici
SpA
,
5.63%,
08/01/27
(b)
...........
EUR
11,346‌
13,421,535‌
Iccrea
Banca
SpA
,
4.00%,
11/08/27
(b)
33,040‌
40,014,200‌
IMA
Industria
Macchine
Automatiche
SpA
(b)
3.75%,
01/15/28
............
7,872‌
9,205,085‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.78%,
04/15/29
(a)
...
11,317‌
13,409,721‌
Infrastrutture
Wireless
Italiane
SpA
(b)
1.63%,
10/21/28
............
5,590‌
6,300,305‌
1.75%,
04/19/31
............
3,313‌
3,612,546‌
Intesa
Sanpaolo
SpA
(b)
(5-Year
EUR
Swap
Annual
+
5.85%),
5.50%
(a)(o)
.........
3,300‌
4,004,509‌
5.15%,
06/10/30
............
GBP
11,937‌
15,952,542‌
Irca
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.76%,
12/15/29
(a)(b)
EUR
9,107‌
10,769,099‌
Itelyum
Regeneration
SpA
,
5.75%,
04/15/30
(b)
................
4,085‌
4,879,413‌
Lottomatica
Group
SpA
(b)
5.38%,
06/01/30
............
3,691‌
4,490,471‌
4.88%,
01/31/31
............
4,551‌
5,505,467‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.30%,
06/01/31
(a)
...
2,714‌
3,205,344‌
Mediobanca
Banca
di
Credito
Finanziario
SpA
,
(3-mo.
EURIBOR
+
1.40%),
4.38%,
02/01/30
(a)(b)
....
7,000‌
8,566,484‌
Midnights
SPV
SRL,
(3-mo.
EURIBOR
+
3.15%),
6.73%,
08/22/26
(a)(b)(d)
..
19,305‌
22,631,245‌
Nexi
SpA
,
0.00%,
02/24/28
(b)(h)(q)
....
14,400‌
15,480,265‌
Pachelbel
Bidco
SpA
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.27%,
05/17/31
(a)
...
6,508‌
7,697,696‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.27%,
05/17/31
(a)
...
6,409‌
7,580,598‌
7.13%,
05/17/31
............
3,655‌
4,623,373‌
Prysmian
SpA
(b)
3.63%,
11/28/28
............
11,853‌
14,178,955‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.01%),
5.25%
(a)(o)
.........
8,350‌
10,226,232‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Rossini
SARL
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.88%),
5.87%,
12/31/29
(a)
...
EUR
4,406‌
$
5,240,392‌
6.75%,
12/31/29
............
11,310‌
14,008,656‌
Taurus
Law
130
Securities
SRL,
(Acquired
07/14/23,
cost
$16,062,489),
(3-mo.
EURIBOR
+
3.25%),
5.77%,
08/22/27
(a)(b)(d)(m)
..
14,557‌
16,975,899‌
TeamSystem
SpA
(b)
5.00%,
07/01/31
............
7,108‌
8,462,024‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.53%,
07/31/31
(a)
...
4,000‌
4,709,830‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.53%,
07/31/31
(a)
...
3,289‌
3,872,657‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.19%,
07/01/32
(a)
...
7,164‌
8,420,198‌
Telecom
Italia
Capital
SA,
7.72%,
06/04/38
.................
USD
2,732‌
3,026,488‌
UniCredit
SpA
(b)
(3-mo.
EURIBOR
+
0.95%),
3.10%,
06/10/31
(a)
..............
EUR
2,942‌
3,457,575‌
(3-mo.
EURIBOR
+
1.40%),
3.80%,
01/16/33
(a)
..............
7,897‌
9,453,021‌
4.00%,
03/05/34
............
18,000‌
21,761,676‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.80%),
5.38%,
04/16/34
(a)
...
18,446‌
22,990,373‌
3.73%,
06/10/35
............
2,998‌
3,536,168‌
Unipol
Assicurazioni
SpA
,
4.90%,
05/23/34
(b)
................
3,500‌
4,327,014‌
781,713,827‌
Jamaica
—
0.0%
(c)
Digicel
Group
Holdings
Ltd.,
Series
2B14,
0.00%,
12/31/30
(d)(h)
......
USD
2,510‌
150,620‌
Digicel
International
Finance
Ltd.,
8.63%,
08/01/32
............
1,156‌
1,185,998‌
1,336,618‌
Japan
—
0.5%
ANA
Holdings,
Inc.,
0.00%,
12/10/31
(b)(h)
(q)
......................
JPY
3,000,000‌
22,314,636‌
Daiwa
House
Industry
Co.
Ltd.,
0.00%,
03/30/29
(b)(h)(q)
..............
10,000‌
73,841‌
Kansai
Paint
Co.
Ltd.
(b)(h)(q)
0.00%,
03/08/29
............
10,000‌
71,779‌
0.00%,
03/07/31
............
10,000‌
71,677‌
Kioxia
Holdings
Corp.,
6.25%,
07/24/30
(c)
................
USD
1,925‌
1,963,508‌
Mitsubishi
UFJ
Financial
Group,
Inc.
3.68%,
02/22/27
............
3,300‌
3,284,998‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.07%),
6.35%
(a)(o)
.........
11,000‌
11,229,361‌
Nagoya
Railroad
Co.
Ltd.,
0.00%,
06/16/34
(b)(h)(q)
..............
JPY
20,000‌
139,636‌
Nissan
Motor
Co.
Ltd.
5.25%,
07/17/29
(b)
...........
EUR
12,358‌
14,786,421‌
4.81%,
09/17/30
(c)
...........
USD
5,928‌
5,584,679‌
1.00%,
07/15/31
(b)(q)
..........
JPY
1,190,000‌
9,062,701‌
7.75%,
07/17/32
(c)
...........
USD
3,366‌
3,562,113‌
6.38%,
07/17/33
(b)
...........
EUR
1,800‌
2,175,744‌
8.13%,
07/17/35
(c)
...........
USD
3,190‌
3,424,449‌
Nomura
Holdings,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
7.00%
(a)
(o)
......................
1,000‌
1,035,096‌
Security
Par
(000)
Par
(000)
Value
Japan
(continued)
Rakuten
Group,
Inc.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.58%),
5.13%
(a)(c)(o)
........
USD
2,500‌
$
2,486,826‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.58%),
5.13%
(a)(b)(o)
........
3,000‌
2,984,191‌
(5-Year
EUR
Swap
Annual
+
4.49%),
4.25%
(a)(b)(o)
........
EUR
21,357‌
24,536,595‌
9.75%,
04/15/29
(b)
...........
USD
4,300‌
4,835,199‌
9.75%,
04/15/29
(c)
...........
4,388‌
4,934,151‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.25%),
8.13%
(a)(c)(o)
........
7,951‌
8,265,030‌
SoftBank
Group
Corp.
(b)
4.00%,
07/06/26
............
2,879‌
2,850,625‌
5.00%,
04/15/28
............
EUR
3,813‌
4,602,732‌
5.38%,
01/08/29
............
6,833‌
8,310,301‌
5.38%,
01/08/29
............
2,972‌
3,614,549‌
3.38%,
07/06/29
............
11,167‌
12,746,201‌
4.00%,
09/19/29
............
645‌
752,410‌
5.25%,
10/10/29
............
7,488‌
9,064,769‌
6.88%,
01/10/31
............
USD
1,517‌
1,547,511‌
5.88%,
07/10/31
............
EUR
7,193‌
8,896,410‌
3.88%,
07/06/32
............
5,002‌
5,589,784‌
3.88%,
07/06/32
............
100‌
111,751‌
5.75%,
07/08/32
............
18,426‌
22,604,286‌
7.25%,
07/10/32
............
USD
3,000‌
3,089,219‌
6.38%,
07/10/33
............
EUR
9,005‌
11,241,336‌
Sumitomo
Mitsui
Financial
Group,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.90%),
6.45%
(a)(o)
...........
USD
11,059‌
11,288,972‌
233,133,487‌
Jersey,
Channel
Islands
—
0.2%
Aston
Martin
Capital
Holdings
Ltd.
10.00%,
03/31/29
(c)
..........
7,514‌
7,356,625‌
10.38%,
03/31/29
(b)
..........
GBP
14,696‌
19,217,953‌
Deepocean
Ltd.,
6.00%,
04/08/31
(b)
..
EUR
7,303‌
8,689,921‌
TER
Finance
Jersey
Ltd.,
Series
22,
0.00%,
10/02/25
(c)(h)
..........
USD
58,596‌
58,585,963‌
93,850,462‌
Jordan
—
0.0%
Hikma
Finance
USA
LLC,
5.13%,
07/08/30
(b)
................
470‌
476,317‌
Kazakhstan
—
0.0%
Kaspi.KZ
JSC
6.25%,
03/26/30
(c)
...........
490‌
502,470‌
6.25%,
03/26/30
(b)
...........
230‌
235,854‌
KazMunayGas
National
Co.
JSC,
5.75%,
04/19/47
(b)
...........
1,530‌
1,425,685‌
2,164,009‌
Kuwait
—
0.0%
(b)
EQUATE
Petrochemical
Co.
KSC,
4.25%,
11/03/26
............
1,321‌
1,315,055‌
NBK
Tier
1
Ltd.,
(6-Year
USD
Constant
Maturity
+
2.88%),
3.63%
(a)(o)
....
5,000‌
4,897,500‌
6,212,555‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Luxembourg
—
0.6%
ADLER
Financing
SARL,
8.25%,
(8.25%
Cash
or
8.25%
PIK),
12/31/28
(p)
................
EUR
34,856‌
$
41,790,876‌
Albion
Financing
1
SARL
5.38%,
05/21/30
(b)
...........
5,502‌
6,701,007‌
7.00%,
05/21/30
(c)
...........
USD
1,204‌
1,245,297‌
AM
Green
Power
BV,
11.30%,
07/09/27
(b)(d)
...............
26,661‌
26,095,836‌
Currenta
Group
Holdings
SARL
(b)
5.50%,
05/15/30
............
EUR
3,184‌
3,830,885‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.04%,
05/15/32
(a)
...
5,037‌
5,960,627‌
Encore
Issuances
SA,
Series
155,
(3-mo.
EURIBOR
+
10.00%),
2.13%,
11/06/25
(a)(b)
...............
1,438‌
1,654,520‌
Ephios
Subco
3
SARL,
7.88%,
01/31/31
(b)
................
14,934‌
18,665,385‌
Essendi
SA
(b)
6.38%,
10/15/29
............
2,550‌
3,159,557‌
5.38%,
05/15/30
............
1,711‌
2,067,889‌
5.50%,
11/15/31
............
611‌
738,674‌
5.63%,
05/15/32
............
3,377‌
4,088,017‌
(3-mo.
EURIBOR
+
3.75%),
5.79%,
05/15/32
(a)
..............
1,951‌
2,310,219‌
(3-mo.
EURIBOR
+
3.75%),
5.79%,
05/15/32
(a)
..............
2,000‌
2,368,240‌
Garfunkelux
Holdco
3
SA,
9.00%,
09/01/28
(b)
................
10,275‌
12,263,106‌
Garfunkelux
Holdco
4
SA,
10.50%,
(10.50%
Cash
or
10.50%
PIK),
05/01/30
(b)(p)
...............
2,108‌
189,221‌
Herens
Holdco
SARL,
4.75%,
05/15/28
(c)
................
USD
2,731‌
2,392,599‌
INEOS
Finance
plc
6.38%,
04/15/29
(b)
...........
EUR
9,786‌
11,377,942‌
7.50%,
04/15/29
(c)
...........
USD
3,427‌
3,334,119‌
5.63%,
08/15/30
(b)
...........
EUR
1,680‌
1,892,927‌
7.25%,
03/31/31
(b)
...........
6,024‌
7,062,443‌
ION
Platform
Finance
SARL
(b)
6.50%,
09/30/30
............
9,611‌
11,283,794‌
6.88%,
09/30/32
............
7,913‌
9,290,258‌
ION
Trading
Technologies
SARL,
9.50%,
05/30/29
(c)
...........
USD
5,689‌
6,008,574‌
Kleopatra
Finco
SARL
(b)
4.25%,
03/01/26
............
EUR
1,422‌
939,783‌
4.25%,
03/01/26
............
4,414‌
2,917,159‌
9.00%,
09/01/29
(a)
...........
1,769‌
203,314‌
Luna
2.5
SARL,
5.50%,
07/01/32
(b)
..
4,337‌
5,180,316‌
Maxam
Prill
SARL,
6.00%,
07/15/30
(b)
26,469‌
31,548,793‌
Prologis
International
Funding
II
SA,
3.13%,
06/01/31
(b)
...........
13,972‌
16,323,082‌
SES
SA
(b)
4.13%,
06/24/30
............
1,525‌
1,829,885‌
4.88%,
06/24/33
............
1,775‌
2,169,715‌
Summer
BC
Holdco
B
SARL
(b)
5.88%,
02/15/30
............
4,138‌
4,745,090‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.29%,
02/15/30
(a)
...
4,383‌
5,053,350‌
Titanium
2l
Bondco
SARL,
6.25%,
(6.25%
Cash
or
6.25%
PIK),
01/14/31
(p)
................
38,898‌
9,738,598‌
Vivion
Investments
SARL
(b)(p)
6.50%,
(6.50%
Cash
or
8.25%
PIK),
08/31/28
...............
6,881‌
8,047,116‌
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
8.25%,
(8.25%
Cash
or
8.00%
PIK),
02/28/29
...............
EUR
6,711‌
$
7,801,895‌
282,270,108‌
Macau
—
0.2%
MGM
China
Holdings
Ltd.
5.88%,
05/15/26
(c)
...........
USD
327‌
326,797‌
5.88%,
05/15/26
(b)
...........
350‌
349,783‌
7.13%,
06/26/31
(c)
...........
2,225‌
2,347,375‌
7.13%,
06/26/31
(b)
...........
745‌
785,975‌
Sands
China
Ltd.
(g)
2.85%,
03/08/29
............
4,000‌
3,762,160‌
4.38%,
06/18/30
............
9,000‌
8,838,000‌
Studio
City
Finance
Ltd.
6.50%,
01/15/28
(b)
...........
10,000‌
9,990,000‌
5.00%,
01/15/29
(b)
...........
9,866‌
9,510,824‌
5.00%,
01/15/29
(c)
...........
3,100‌
2,988,400‌
Wynn
Macau
Ltd.
5.63%,
08/26/28
(c)
...........
2,881‌
2,875,267‌
5.63%,
08/26/28
(b)
...........
21,391‌
21,348,432‌
4.50%,
03/07/29
(c)(q)
..........
19,300‌
20,786,100‌
6.75%,
02/15/34
(c)
...........
10,695‌
10,841,521‌
94,750,634‌
Mauritius
—
0.2%
Flourishing
Trade
&
Investment
Ltd.,
11.04%,
04/02/28
(c)(d)
.........
60,605‌
63,331,919‌
Mexico
—
0.3%
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.07%),
8.38%
(a)(c)(o)
................
1,739‌
1,833,776‌
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.38%),
7.63%,
02/11/35
(a)(b)
...
666‌
701,881‌
Cemex
SAB
de
CV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.52%),
7.20%
(a)
(c)(o)
.....................
1,306‌
1,354,844‌
CFE
Fibra
E,
5.88%,
09/23/40
(c)
....
525‌
527,257‌
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple,
7.25%,
01/31/41
(c)
................
8,677‌
9,216,544‌
Fomento
Economico
Mexicano
SAB
de
CV,
2.63%,
02/24/26
(b)(q)
.......
EUR
8,400‌
9,845,912‌
Food
Service
Project
SA,
5.50%,
01/21/27
(b)
................
4,105‌
4,833,313‌
Grupo
Aeromexico
SAB
de
CV,
8.25%,
11/15/29
(b)
................
USD
495‌
492,575‌
Grupo
Posadas
SAB
de
CV,
7.00%,
12/30/27
(b)(g)
...............
4,110‌
4,056,082‌
Industrias
Penoles
SAB
de
CV,
4.15%,
09/12/29
(b)
................
323‌
319,899‌
Orbia
Advance
Corp.
SAB
de
CV,
6.80%,
05/13/30
(c)
...........
1,914‌
1,990,091‌
Petroleos
Mexicanos
,
7.50%,
03/20/26
(c)
................
89,906‌
89,366,564‌
Trust
Fibra
Uno
(b)
4.87%,
01/15/30
............
488‌
478,860‌
7.70%,
01/23/32
............
1,772‌
1,920,848‌
126,938,446‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Netherlands
—
0.6%
ABN
AMRO
Bank
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.45%),
5.50%,
09/21/33
(a)(b)
..........
EUR
9,900‌
$
12,347,620‌
ASR
Nederland
NV,
(5-Year
EUR
Swap
Annual
+
5.30%),
7.00%,
12/07/43
(a)
(b)
......................
3,000‌
4,206,104‌
Athora
Netherlands
NV,
(5-Year
EUR
Swap
Annual
+
4.01%),
5.38%,
08/31/32
(a)(b)
...............
8,000‌
9,703,648‌
Boels
Topholding
BV
(b)
6.25%,
02/15/29
............
3,652‌
4,427,767‌
5.75%,
05/15/30
............
8,780‌
10,690,975‌
Cooperatieve
Rabobank
UA,
(5-Year
EUR
Swap
Annual
+
4.68%),
4.38%
(a)(b)(o)
................
5,800‌
6,851,743‌
Euronext
NV,
1.50%,
05/30/32
(b)(q)
...
4,300‌
4,991,207‌
Heineken
NV,
3.51%,
05/03/34
(b)
...
14,420‌
17,019,529‌
IMCD
NV
(b)
2.13%,
03/31/27
............
7,642‌
8,881,482‌
4.88%,
09/18/28
............
30,379‌
37,508,077‌
3.63%,
04/30/30
............
20,318‌
24,109,128‌
ING
Groep
NV
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
(o)
..........
USD
7,330‌
7,027,311‌
(3-mo.
EURIBOR
+
0.70%),
0.25%,
02/01/30
(b)
..............
EUR
1,500‌
1,613,337‌
(3-mo.
EURIBOR
+
1.10%),
3.50%,
09/03/30
(b)
..............
16,200‌
19,362,170‌
(3-mo.
EURIBOR
+
0.88%),
0.88%,
11/29/30
(b)
..............
500‌
538,260‌
(USISSO05
+
3.59%),
7.00%
(o)
..
USD
1,000‌
1,031,076‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.80%),
6.25%,
05/20/33
(b)
.........
GBP
7,900‌
10,912,285‌
(USISSO05
+
4.08%),
7.25%
(b)(o)
.
USD
4,950‌
5,240,812‌
JDE
Peet's
NV
(b)
0.50%,
01/16/29
............
EUR
4,336‌
4,704,699‌
4.13%,
01/23/30
............
5,728‌
6,979,857‌
NN
Group
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.45%),
5.75%
(a)(b)(o)
.
2,850‌
3,390,271‌
Q-Park
Holding
I
BV
(b)
2.00%,
03/01/27
............
2,488‌
2,882,753‌
5.13%,
03/01/29
............
3,678‌
4,453,382‌
5.13%,
02/15/30
............
763‌
925,268‌
5.13%,
02/15/30
............
6,830‌
8,282,539‌
Sunrise
FinCo
.
I
BV,
4.88%,
07/15/31
(c)
USD
4,000‌
3,810,600‌
Sunrise
HoldCo
IV
BV,
5.50%,
01/15/28
(c)
................
7,940‌
7,915,151‌
Trivium
Packaging
Finance
BV
(c)
8.25%,
07/15/30
............
644‌
686,983‌
12.25%,
01/15/31
...........
10,374‌
11,228,206‌
Veon
Midco
BV,
3.38%,
11/25/27
(c)
..
1,206‌
1,129,871‌
VZ
Secured
Financing
BV
3.50%,
01/15/32
(b)
...........
EUR
387‌
428,664‌
5.00%,
01/15/32
(c)
...........
USD
2,872‌
2,598,350‌
5.25%,
01/15/33
(b)
...........
EUR
14,447‌
16,960,734‌
VZ
Vendor
Financing
II
BV,
2.88%,
01/15/29
(b)
................
5,001‌
5,534,913‌
Ziggo
Bond
Co.
BV,
6.13%,
11/15/32
(b)
3,990‌
4,490,107‌
Ziggo
BV
2.88%,
01/15/30
(b)
...........
5,250‌
5,862,641‌
4.88%,
01/15/30
(c)
...........
USD
2,251‌
2,124,622‌
280,852,142‌
Security
Par
(000)
Par
(000)
Value
Nigeria
—
0.0%
IHS
Holding
Ltd.,
6.25%,
11/29/28
(c)
.
USD
10,255‌
$
10,274,228‌
SEPLAT
Energy
plc,
9.13%,
03/21/30
(b)
810‌
831,263‌
11,105,491‌
Norway
—
0.0%
Var
Energi
ASA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%,
11/15/83
(a)(b)
...............
EUR
10,387‌
13,522,236‌
Panama
—
0.0%
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(b)
.......
USD
733‌
692,603‌
Peru
—
0.0%
Pluspetrol
Camisea
SA,
6.24%,
07/03/36
(c)
................
2,128‌
2,271,427‌
Volcan
Cia
Minera
SAA
8.75%,
01/24/30
(c)
...........
1,759‌
1,824,611‌
8.75%,
01/24/30
(b)
...........
560‌
580,888‌
4,676,926‌
Philippines
—
0.2%
(b)
ACEN
Finance
Ltd.,
4.00%
(o)
......
14,059‌
9,349,235‌
Globe
Telecom,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.53%),
4.20%
(a)
(o)
......................
11,000‌
10,912,000‌
Petron
Corp.
(a)(o)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.57%),
5.95%
...........
18,017‌
18,000,064‌
(3-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.33%),
7.35%
...........
2,945‌
3,025,987‌
San
Miguel
Global
Power
Holdings
Corp.
(a)(o)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.55%),
5.70%
...........
5,000‌
4,990,750‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.16%),
5.45%
...........
3,333‌
3,283,005‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.73%),
8.75%
...........
1,000‌
1,025,000‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.73%),
8.75%
...........
7,000‌
7,175,000‌
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.40%),
8.13%
...........
6,800‌
6,842,500‌
VLL
International,
Inc.
7.25%,
07/20/27
............
812‌
549,383‌
9.38%,
07/29/29
............
5,197‌
2,853,361‌
68,006,285‌
Poland
—
0.0%
ORLEN
SA,
6.00%,
01/30/35
(c)
.....
200‌
208,789‌
Portugal
—
0.3%
(b)
Banco
Espirito
Santo
SA
(e)(f)
2.63%,
05/08/17
............
EUR
6,100‌
1,575,575‌
4.75%,
01/15/18
............
15,500‌
4,003,511‌
4.00%,
01/21/25
............
19,000‌
4,907,529‌
EDP
SA
(a)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.05%),
4.75%,
05/29/54
....
4,800‌
5,831,261‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Portugal
(continued)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.40%),
4.63%,
09/16/54
....
EUR
7,000‌
$
8,449,222‌
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%,
08/02/81
....
54,800‌
63,736,973‌
Series
NC5.,
(5-Year
EUR
Swap
Annual
+
1.89%),
1.50%,
03/14/82
...............
24,600‌
28,263,983‌
116,768,054‌
Qatar
—
0.1%
(a)(b)
CBQ
Finance
Ltd.,
(1-day
SOFR
+
1.30%),
5.46%,
07/16/30
.......
USD
10,000‌
10,039,900‌
QIC
Cayman
Ltd.,
(6-Year
USD
Constant
Maturity
+
2.20%),
6.15%
(o)
15,000‌
15,223,050‌
25,262,950‌
Republic
of
Turkiye
—
0.0%
Eregli
Demir
ve
Celik
Fabrikalari
TAS,
8.38%,
07/23/29
(c)
...........
200‌
209,062‌
Sisecam
UK
plc,
8.25%,
05/02/29
(b)
..
575‌
594,544‌
TAV
Havalimanlari
Holding
A/S,
8.50%,
12/07/28
(b)
................
332‌
347,355‌
Turk
Telekomunikasyon
A/S
7.38%,
05/20/29
(b)
...........
416‌
429,570‌
6.95%,
10/07/32
(c)
...........
6,717‌
6,717,000‌
Turkcell
Iletisim
Hizmetleri
A/S,
7.65%,
01/24/32
(c)
................
1,452‌
1,517,340‌
Turkish
Airlines
Pass-Through
Trust,
Series
2015-1,
Class
A,
4.20%,
03/15/27
(c)
................
1,818‌
1,772,858‌
TVF
Varlik
Kiralama
A/S,
6.95%,
01/23/30
(b)
................
492‌
505,223‌
12,092,952‌
Saudi
Arabia
—
0.2%
Al
Rajhi
Bank,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.89%),
6.38%
(a)(b)(o)
...
2,000‌
2,026,400‌
Al
Rajhi
Sukuk
Ltd.
(a)(b)
(6-Year
USD
Constant
Maturity
+
1.59%),
6.25%
(o)
..........
8,888‌
8,961,948‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.00%),
5.65%,
03/16/36
....
20,000‌
20,035,000‌
BSF
Finance,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.00%),
5.76%,
09/03/35
(a)
(b)
......................
10,000‌
10,015,500‌
EIG
Pearl
Holdings
SARL,
3.55%,
08/31/36
(b)
................
4,917‌
4,536,902‌
Greensaif
Pipelines
Bidco
SARL
(c)
5.85%,
02/23/36
............
606‌
635,706‌
6.10%,
08/23/42
............
963‌
1,011,689‌
NCB
Tier
1
Sukuk
Ltd.,
(6-Year
USD
Constant
Maturity
+
2.89%),
3.50%
(a)
(b)(o)
.....................
4,000‌
3,898,750‌
Riyad
Sukuk
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.25%),
6.21%,
07/14/35
(a)
(b)
......................
13,000‌
13,254,475‌
Riyad
T1
Sukuk
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.91%),
5.50%
(a)
(b)(o)
.....................
12,000‌
11,759,520‌
Security
Par
(000)
Par
(000)
Value
Saudi
Arabia
(continued)
Saudi
Awwal
Bank,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.20%),
5.95%,
09/04/35
(a)(b)
...............
USD
15,000‌
$
15,157,575‌
Saudi
Electricity
Sukuk
Programme
Co.
(b)
4.94%,
02/13/29
............
280‌
285,034‌
5.23%,
02/18/30
............
487‌
498,980‌
5.23%,
02/18/30
............
356‌
364,758‌
5.68%,
04/11/53
............
559‌
555,098‌
TMS
Issuer
SARL,
5.78%,
08/23/32
(b)
5,000‌
5,242,188‌
98,239,523‌
Singapore
—
0.2%
Continuum
Energy
Pte.
Ltd.,
12.85%,
09/11/27
(c)(d)
...............
10,526‌
10,525,731‌
DBS
Bank
Ltd.,
3.21%,
08/19/26
(b)
..
EUR
21,840‌
25,856,126‌
ESR
Asset
Management
Ltd.
(a)(b)(o)
(SDSW10
+
6.13%),
5.65%
....
SGD
4,250‌
3,190,240‌
(SDSW7
+
7.06%),
5.60%
.....
750‌
566,882‌
Frasers
Centrepoint
Trust,
(SDSOA5
+
2.22%),
3.98%
(a)(b)(o)
..........
9,000‌
7,181,964‌
GLP
Pte.
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.74%),
4.50%
(a)(b)(o)
...
USD
10,000‌
6,858,000‌
Keppel
REIT,
(SDSOA3
+
2.23%),
3.78%
(a)(b)(o)
................
SGD
8,250‌
6,537,287‌
Lendlease
Asia
Treasury
Pte.
Ltd.,
(SDSOA5
+
4.46%),
3.90%
(a)(b)(o)
..
5,000‌
3,885,810‌
Puma
International
Financing
SA,
7.75%,
04/25/29
(b)
...........
USD
14,000‌
14,422,940‌
Sembcorp
Financial
Services
Pte.
Ltd.,
3.55%,
01/02/46
(b)
...........
SGD
4,000‌
3,240,436‌
Suntec
REIT
(a)(b)(o)
(SDSOA5
+
2.66%),
4.48%
....
6,750‌
5,428,989‌
(SDSOA5
+
2.66%),
4.48%
....
1,000‌
804,295‌
Temasek
Financial
I
Ltd.,
2.25%,
04/06/51
(b)
................
USD
9,000‌
5,632,740‌
94,131,440‌
Slovenia
—
0.0%
United
Group
BV
(b)
4.63%,
08/15/28
............
EUR
2,108‌
2,465,416‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.29%,
02/01/29
(a)
...
2,784‌
3,273,968‌
6.50%,
10/31/31
............
3,496‌
4,156,355‌
9,895,739‌
South
Africa
—
0.1%
Anglo
American
Capital
plc
(b)
4.50%,
09/15/28
............
2,356‌
2,906,356‌
3.75%,
06/15/29
............
10,538‌
12,696,042‌
Bidvest
Group
UK
plc
(The),
6.20%,
09/17/32
(c)
................
USD
602‌
604,709‌
Sappi
Papier
Holding
GmbH,
4.50%,
03/15/32
(b)
................
EUR
1,735‌
2,009,388‌
Sasol
Financing
USA
LLC
4.38%,
09/18/26
............
USD
505‌
502,223‌
6.50%,
09/27/28
............
1,397‌
1,390,448‌
5.50%,
03/18/31
............
855‌
751,870‌
Stillwater
Mining
Co.
4.00%,
11/16/26
(b)
...........
297‌
293,436‌
4.50%,
11/16/29
(c)
...........
1,715‌
1,596,022‌
4.50%,
11/16/29
(b)
...........
284‌
264,297‌
Transnet,
8.25%,
02/06/28
(b)
......
436‌
459,596‌
23,474,387‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
South
Korea
—
0.1%
(b)
Hanwha
Life
Insurance
Co.
Ltd.,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.29%),
6.30%,
06/24/55
(a)
...........
USD
10,000‌
$
10,484,000‌
Hyundai
Card
Co.
Ltd.,
5.75%,
04/24/29
962‌
999,691‌
Kodit
Global
Co.
Ltd.,
(1-day
SOFR
+
0.65%),
4.77%,
09/30/28
(a)
.....
9,365‌
9,370,713‌
LG
Electronics,
Inc.,
5.63%,
04/24/27
469‌
477,714‌
LG
Energy
Solution
Ltd.,
5.38%,
04/02/30
.................
7,000‌
7,171,710‌
Shinhan
Financial
Group
Co.
Ltd.,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.06%),
2.88%
(a)(o)
.................
5,716‌
5,633,832‌
SK
Battery
America,
Inc.,
2.13%,
01/26/26
.................
472‌
466,256‌
SK
Hynix,
Inc.,
6.25%,
01/17/26
....
383‌
384,455‌
Tongyang
Life
Insurance
Co.
Ltd.,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.40%),
6.25%,
05/07/35
(a)
...........
5,000‌
5,214,775‌
40,203,146‌
Spain
—
1.2%
Abanca
Corp.
Bancaria
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.45%),
4.63%,
12/11/36
(a)(b)
..........
EUR
2,600‌
3,143,407‌
Arena
Luxembourg
Finance
SARL,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.52%,
05/01/30
(a)(b)
....
5,728‌
6,766,624‌
Banco
Bilbao
Vizcaya
Argentaria
SA
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.54%),
8.38%
(a)(b)(o)
........
3,000‌
3,906,064‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.25%),
7.75%
(a)(o)
.........
USD
4,130‌
4,379,795‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.80%),
5.75%,
09/15/33
(a)(b)
..
EUR
19,400‌
24,412,726‌
3.75%,
08/26/35
(b)
...........
26,000‌
30,698,989‌
Banco
de
Credito
Social
Cooperativo
SA,
(5-Year
EUR
Swap
Annual
+
5.42%),
5.25%,
11/27/31
(a)(b)
....
900‌
1,071,598‌
Banco
de
Sabadell
SA
(a)(b)
(5-Year
EUR
Swap
Annual
+
6.83%),
9.38%
(o)
..........
15,600‌
20,764,835‌
(5-Year
EUR
Swap
Annual
+
4.28%),
6.50%
(o)
..........
2,000‌
2,480,787‌
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.05%),
3.38%,
03/10/32
....
4,000‌
4,715,877‌
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.25%),
3.38%,
02/18/33
....
18,000‌
21,174,521‌
Banco
Santander
SA,
3.13%,
05/28/29
(b)
................
10,300‌
12,363,834‌
Bankinter
SA
(a)(b)
(5-Year
EUR
Swap
Annual
+
6.71%),
6.25%
(o)
..........
4,000‌
4,743,162‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.71%),
7.38%
(o)
..........
200‌
254,954‌
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.20%),
3.63%,
02/04/33
....
28,500‌
33,787,724‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.35%),
5.00%,
06/25/34
....
4,400‌
5,416,676‌
CaixaBank
SA
(a)(b)
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
(o)
..........
7,800‌
9,486,787‌
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
(5-Year
EUR
Swap
Annual
+
1.63%),
1.25%,
06/18/31
....
EUR
2,600‌
$
3,028,859‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.94%),
6.25%
(o)
..........
3,600‌
4,421,451‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.35%),
5.88%
(o)
..........
600‌
705,850‌
Cellnex
Telecom
SA,
0.75%,
11/20/31
(b)
(q)
......................
9,700‌
10,285,718‌
Cirsa
Finance
International
SARL
(b)
10.38%,
11/30/27
...........
257‌
311,550‌
7.88%,
07/31/28
............
3,507‌
4,286,840‌
6.50%,
03/15/29
............
5,268‌
6,441,080‌
Deutsche
Bank
SA,
3.63%,
11/23/26
(b)
39,400‌
46,965,311‌
Gestamp
Automocion
SA,
4.38%,
10/15/30
(b)
................
4,440‌
5,233,382‌
Grifols
SA
(b)
7.13%,
05/01/30
............
4,820‌
5,960,967‌
7.13%,
05/01/30
............
6,353‌
7,856,852‌
7.50%,
05/01/30
............
7,700‌
9,525,532‌
Iberdrola
Finanzas
SA,
(5-Year
EUR
Swap
Annual
+
1.68%),
1.58%
(a)(b)(o)
18,300‌
20,796,023‌
Iberdrola
International
BV
(a)(b)(o)
Series
NC5,
(5-Year
EUR
Swap
Annual
+
2.32%),
1.87%
.....
12,200‌
14,255,517‌
Series
NC6,
(5-Year
EUR
Swap
Annual
+
1.83%),
1.45%
.....
40,500‌
46,465,875‌
Kaixo
Bondco
Telecom
SA,
5.13%,
09/30/29
(b)
................
1,673‌
1,988,122‌
Lorca
Telecom
Bondco
SA
(b)
4.00%,
09/18/27
............
6,173‌
7,246,832‌
5.75%,
04/30/29
............
1,299‌
1,587,183‌
Repsol
E&P
Capital
Markets
US
LLC,
5.98%,
09/16/35
(c)
...........
USD
15,045‌
15,318,654‌
Repsol
International
Finance
BV,
(5-
Year
EUR
Swap
Annual
+
2.77%),
2.50%
(a)(b)(o)
................
EUR
60,763‌
70,725,372‌
Telefonica
Europe
BV
(a)(b)(o)
(8-Year
EUR
Swap
Annual
+
2.97%),
3.88%
...........
15,900‌
18,755,583‌
(7-Year
EUR
Swap
Annual
+
2.66%),
2.50%
...........
2,200‌
2,545,877‌
(8-Year
EUR
Swap
Annual
+
3.07%),
2.88%
...........
1,500‌
1,737,649‌
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
...........
9,900‌
12,538,652‌
(EUAMDB08
+
3.62%),
6.75%
..
400‌
524,389‌
(EUAMDB08
+
3.12%),
5.75%
..
7,200‌
8,953,239‌
518,030,719‌
Sweden
—
0.2%
Balder
Finland
OYJ,
1.00%,
01/20/29
(b)
3,557‌
3,888,425‌
Dometic
Group
AB,
5.00%,
09/11/30
(b)
4,143‌
4,881,984‌
Fastighets
AB
Balder,
1.13%,
01/29/27
(b)
................
999‌
1,147,754‌
Heimstaden
Bostad
AB,
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
(a)(b)(o)
13,277‌
15,001,494‌
Heimstaden
Bostad
Treasury
BV,
1.38%,
03/03/27
(b)
...........
2,519‌
2,900,493‌
Intrum
Investments
&
Financing
AB
(b)
7.75%,
09/11/27
(c)
...........
SEK
985‌
94,511‌
7.75%,
09/11/27
............
EUR
1,863‌
2,017,628‌
8.00%,
09/11/27
............
3,833‌
4,576,646‌
7.75%,
09/11/28
(c)
...........
SEK
1,231‌
113,485‌
Series
1,
7.75%,
09/11/28
(c)
.....
EUR
3,798‌
3,935,955‌
8.50%,
09/11/29
(c)
...........
SEK
1,231‌
112,312‌
8.50%,
09/11/29
............
EUR
1,172‌
1,205,096‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Sweden
(continued)
8.50%,
09/11/30
(c)
...........
SEK
1,477‌
$
133,824‌
8.50%,
09/11/30
(c)
...........
EUR
169‌
172,589‌
Preem
Holdings
AB,
12.00%,
06/30/27
(b)
................
7,561‌
9,178,460‌
Stena
International
SA
7.25%,
01/15/31
(b)
...........
USD
15,848‌
16,157,337‌
7.25%,
01/15/31
(c)
...........
10,229‌
10,428,660‌
7.63%,
02/15/31
(c)
...........
2,710‌
2,791,292‌
Verisure
Holding
AB
(b)
3.88%,
07/15/26
............
EUR
5,079‌
5,959,451‌
9.25%,
10/15/27
............
984‌
1,184,956‌
85,882,352‌
Switzerland
—
0.6%
Argentum
Netherlands
BV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.76%),
5.52%
(a)
(b)(o)
.....................
USD
13,101‌
13,165,902‌
Dufry
One
BV
(b)
4.50%,
05/23/32
............
EUR
2,285‌
2,756,644‌
4.50%,
05/23/32
............
6,954‌
8,389,368‌
gategroup
Finance
Luxembourg
SA,
3.00%,
02/28/27
(b)
...........
CHF
13,920‌
17,297,828‌
Swisscom
Finance
BV,
3.88%,
05/29/44
(b)
................
EUR
3,656‌
4,151,575‌
UBS
AG
(1-day
SOFR
+
0.72%),
4.86%,
01/10/28
(a)
..............
USD
1,618‌
1,631,708‌
7.50%,
02/15/28
............
700‌
753,657‌
UBS
Group
AG
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.10%),
3.88%
(a)(b)(o)
........
2,302‌
2,270,471‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.86%),
5.13%
(a)(b)(o)
........
7,974‌
7,954,480‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(a)(c)(o)
........
1,833‌
1,804,792‌
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
4.75%,
05/12/28
(a)(c)
..
200‌
201,711‌
(USISSO05
+
3.63%),
6.85%
(a)(c)(o)
10,300‌
10,621,185‌
(USISSO05
+
3.08%),
7.00%
(a)(c)(o)
11,592‌
11,878,902‌
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.35%),
3.13%,
06/15/30
(a)(b)
..
EUR
17,000‌
20,081,684‌
(USISSO05
+
3.12%),
6.60%
(a)(c)(o)
USD
10,074‌
10,127,906‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(a)(b)(o)
........
2,900‌
2,637,780‌
0.88%,
11/03/31
(b)
...........
EUR
5,147‌
5,278,263‌
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.60%),
4.75%,
03/17/32
(a)(b)
..
727‌
916,505‌
0.63%,
01/18/33
(b)
...........
773‌
746,194‌
0.63%,
02/24/33
(b)
...........
3,038‌
2,924,821‌
(USISSO05
+
3.18%),
7.13%
(a)(c)(o)
USD
13,064‌
13,442,281‌
(USISSO05
+
3.30%),
7.00%
(a)(c)(o)
1,252‌
1,276,325‌
(1-day
SOFR
+
1.34%),
5.01%,
03/23/37
(a)(c)(r)
............
30,755‌
30,606,716‌
UBS
Switzerland
AG
(b)
2.58%,
09/23/27
............
EUR
44,030‌
51,901,070‌
3.30%,
03/05/29
............
16,150‌
19,381,072‌
VistaJet
Malta
Finance
plc
(c)
9.50%,
06/01/28
............
USD
2,150‌
2,238,203‌
Security
Par
(000)
Par
(000)
Value
Switzerland
(continued)
6.38%,
02/01/30
(r)
...........
USD
2,954‌
$
2,879,200‌
247,316,243‌
Taiwan
—
0.1%
(b)
Nanshan
Life
Pte.
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.85%),
5.88%,
03/17/41
(a)
................
4,985‌
5,058,928‌
Quanta
Computer,
Inc.,
0.00%,
10/02/30
(h)(q)
...............
26,400‌
26,162,400‌
31,221,328‌
Thailand
—
0.2%
Bangkok
Bank
PCL,
5.30%,
09/21/28
(c)
2,697‌
2,762,726‌
GC
Treasury
Center
Co.
Ltd.
(a)(b)(o)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.82%),
6.50%
...........
14,870‌
15,111,638‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
7.13%
...........
10,670‌
11,048,785‌
Krung
Thai
Bank
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.53%),
4.40%
(a)
(b)(o)
.....................
15,980‌
15,890,112‌
Minor
International
PCL,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.92%),
2.70%
(a)
(b)(o)
.....................
5,300‌
5,242,495‌
Muangthai
Capital
PCL
(b)
6.88%,
09/30/28
............
7,700‌
7,796,250‌
7.55%,
07/21/30
............
5,275‌
5,467,801‌
63,319,807‌
Ukraine
—
0.1%
NAK
Naftogaz
Ukraine
(p)
7.13%,
(7.13%
Cash
or
7.13%
PIK),
07/19/26
(b)
..............
EUR
20,297‌
20,434,279‌
7.63%,
(7.63%
Cash
or
7.63%
PIK),
11/08/28
(c)
..............
USD
7,091‌
5,548,388‌
7.63%,
(7.63%
Cash
or
7.63%
PIK),
11/08/28
(b)
..............
434‌
339,865‌
VF
Ukraine
PAT
(g)
9.62%,
02/11/27
(c)
...........
11,770‌
11,181,054‌
9.62%,
02/11/27
(b)
...........
2,353‌
2,235,071‌
39,738,657‌
United
Arab
Emirates
—
0.1%
Abu
Dhabi
Commercial
Bank
PJSC,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.52%),
8.00%
(a)(b)(o)
................
757‌
804,786‌
Aldar
Properties
PJSC
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.04%),
6.62%,
04/15/55
(a)(b)
..
9,675‌
10,134,562‌
Alpha
Star
Holding
IX
Ltd.
(b)
7.00%,
08/26/28
............
200‌
204,900‌
7.00%,
08/26/28
............
3,745‌
3,836,752‌
Alpha
Star
Holding
VIII
Ltd.,
8.38%,
04/12/27
(b)
................
7,000‌
7,264,688‌
DP
World
Salaam,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.75%),
6.00%
(a)(b)(o)
...
5,227‌
5,227,941‌
Emirates
NBD
Bank
PJSC
(b)
(6-Year
USD
Constant
Maturity
+
3.16%),
4.25%
(a)(o)
.........
4,000‌
3,890,000‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Arab
Emirates
(continued)
5.91%,
06/18/35
............
AUD
17,280‌
$
11,744,157‌
Emirates
Reit
Sukuk
III
Ltd.,
7.50%,
12/12/28
(b)(g)
...............
USD
5,000‌
5,050,000‌
Five
Holdings
Bvi
Ltd.,
9.38%,
10/03/28
(b)
................
2,500‌
2,614,375‌
MAF
Global
Securities
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(a)
(b)(o)
.....................
827‌
828,290‌
Magellan
Capital
Holdings
plc,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.23%),
8.38%,
07/08/29
(a)(b)
..........
5,621‌
5,683,337‌
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(c)
.................
923‌
911,462‌
Sobha
Sukuk
I
Holding
Ltd.,
7.13%,
09/11/30
(b)
................
1,527‌
1,533,352‌
59,728,602‌
United
Kingdom
—
2.9%
10x
Future
Technologies
Services
Ltd.,
(Acquired
12/19/23,
cost
$6,101,511),
15.00%,
(15.00%
Cash
or
15.00%
PIK),
06/19/26
(d)(m)(p)
...
GBP
4,816‌
6,266,693‌
Amber
Finco
plc,
6.63%,
07/15/29
(b)
.
EUR
3,344‌
4,126,467‌
Ardonagh
Finco
Ltd.
6.88%,
02/15/31
(b)
...........
13,193‌
16,009,991‌
6.88%,
02/15/31
(b)
...........
14,690‌
17,826,633‌
7.75%,
02/15/31
(c)
...........
USD
200‌
209,278‌
Ashtead
Capital,
Inc.,
4.25%,
11/01/29
(c)
900‌
887,616‌
Assura
Financing
plc,
1.63%,
06/30/33
(b)
................
GBP
9,189‌
9,274,808‌
Babcock
International
Group
plc
(b)
1.88%,
10/05/26
............
11,474‌
15,031,398‌
1.38%,
09/13/27
............
EUR
2,000‌
2,293,465‌
Barclays
Bank
plc,
(3-mo.
SOFR
+
1.81%),
6.28%
(a)(o)
...........
USD
6,260‌
6,604,300‌
Barclays
plc
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
(a)(o)
.........
8,279‌
8,280,404‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.96%),
8.88%
(a)(b)(o)
..............
GBP
4,761‌
6,741,919‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(a)(o)
.........
USD
1,754‌
1,682,668‌
4.84%,
05/09/28
............
200‌
201,107‌
(5-year
SONIA
Mid-Swaps
Rate
+
5.64%),
9.25%
(a)(o)
.........
GBP
14,825‌
21,565,095‌
(5-Year
EUR
Swap
Annual
+
1.55%),
1.13%,
03/22/31
(a)(b)
..
EUR
5,882‌
6,856,810‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.75%),
8.41%,
11/14/32
(a)(b)
........
GBP
13,548‌
19,420,689‌
(USISSO05
+
3.69%),
7.63%
(a)(o)
.
USD
1,298‌
1,375,470‌
BCP
V
Modular
Services
Finance
II
plc
(b)
4.75%,
11/30/28
............
EUR
3,888‌
4,369,861‌
6.13%,
11/30/28
............
GBP
6,198‌
7,782,060‌
6.50%,
07/10/31
............
EUR
613‌
672,839‌
6.50%,
07/10/31
............
17,447‌
19,150,127‌
BCP
V
Modular
Services
Finance
plc,
6.75%,
11/30/29
(b)
...........
2,456‌
2,161,774‌
Bellis
Acquisition
Co.
plc
(b)
8.13%,
05/14/30
............
GBP
13,645‌
17,561,796‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
8.00%,
07/01/31
............
EUR
10,352‌
$
12,334,554‌
Belron
UK
Finance
plc,
4.63%,
10/15/29
(b)
................
3,908‌
4,709,053‌
Boots
Group
Finco
LP
(b)
5.38%,
08/31/32
............
3,384‌
4,087,227‌
7.38%,
08/31/32
............
GBP
3,670‌
5,028,195‌
Bracken
MidCo1
plc,
6.75%,
(6.75%
Cash
or
7.50%
PIK),
11/01/27
(b)(p)
.
6,861‌
9,191,206‌
British
Telecommunications
plc
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.99%),
4.25%,
11/23/81
(c)
...
USD
2,290‌
2,269,371‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.99%),
4.25%,
11/23/81
(b)
...
25,562‌
25,331,735‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.49%),
4.88%,
11/23/81
(c)(r)
...
3,600‌
3,453,056‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%,
12/20/83
(b)
.........
GBP
10,700‌
15,441,146‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%,
12/20/83
(b)
.........
10,441‌
15,067,383‌
BUPA
Finance
plc,
5.00%,
12/08/26
(b)
6,000‌
8,081,531‌
California
Buyer
Ltd.
5.63%,
02/15/32
(b)
...........
EUR
9,015‌
11,014,838‌
6.38%,
02/15/32
(c)
...........
USD
1,320‌
1,352,909‌
CD&R
Firefly
Bidco
plc,
8.63%,
04/30/29
(b)
................
GBP
21,468‌
30,334,193‌
Centrica
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.51%),
6.50%,
05/21/55
(a)(b)
....
7,473‌
10,289,136‌
Channel
Link
Enterprises
Finance
plc
(a)(b)
Series
A8,
(6-mo.
EURIBOR
+
5.90%),
2.71%,
06/30/50
....
EUR
4,400‌
5,104,919‌
Series
A5,
(Sterling
Overnight
Index
Average
+
0.28%),
3.04%,
06/30/50
...............
GBP
3,075‌
3,814,229‌
CK
Hutchison
International
25
Ltd.,
4.25%,
09/26/30
(b)
...........
USD
6,435‌
6,420,393‌
Connect
Finco
SARL,
9.00%,
09/15/29
(c)
................
10,604‌
11,149,097‌
ContourGlobal
Power
Holdings
SA,
5.00%,
02/28/30
(b)
...........
EUR
7,765‌
9,331,970‌
Diageo
Finance
plc,
3.13%,
02/28/31
(b)
22,294‌
26,319,626‌
Direct
Line
Insurance
Group
plc,
(BPSWS5
+
3.39%),
4.75%
(a)(b)(o)
.
GBP
12,157‌
16,217,702‌
EC
Finance
plc,
3.25%,
10/15/26
(b)(g)
.
EUR
7,851‌
9,032,436‌
Edge
Finco
plc,
8.13%,
08/15/31
(b)
..
GBP
19,970‌
28,636,997‌
Froneri
Lux
FinCo
SARL,
4.75%,
08/01/32
(b)
................
EUR
8,275‌
9,800,839‌
Future
plc,
6.75%,
07/10/30
(b)
......
GBP
3,573‌
4,803,706‌
Gatwick
Airport
Finance
plc,
4.38%,
04/07/26
(b)
................
5,935‌
7,943,614‌
Global
Auto
Holdings
Ltd.
(c)
8.38%,
01/15/29
............
USD
980‌
958,780‌
11.50%,
08/15/29
...........
6,241‌
6,584,255‌
8.75%,
01/15/32
............
436‌
424,010‌
Global
Switch
Finance
BV,
1.38%,
10/07/30
(b)
................
EUR
8,197‌
9,089,843‌
Heathrow
Finance
plc
(b)
3.88%,
03/01/27
(g)
...........
GBP
5,212‌
6,853,371‌
4.13%,
09/01/29
(g)
...........
3,983‌
4,980,291‌
6.63%,
03/01/31
............
11,724‌
15,843,051‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Heathrow
Funding
Ltd.,
6.00%,
03/05/32
(b)
................
GBP
2,936‌
$
3,999,914‌
Howden
UK
Refinance
plc
(c)
7.25%,
02/15/31
............
USD
3,144‌
3,236,971‌
8.13%,
02/15/32
............
2,210‌
2,292,871‌
HSBC
Holdings
plc
(a)
(3-mo.
EURIBOR
+
0.86%),
3.76%,
05/20/29
(b)
..............
EUR
33,000‌
39,671,422‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.99%),
7.05%
(o)
..........
USD
7,000‌
7,287,448‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.65%),
4.60%
(o)
..........
19,983‌
18,881,767‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.64%),
6.95%
(o)
..........
1,000‌
1,045,588‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.55%),
8.20%,
11/16/34
(b)
.........
GBP
10,000‌
14,820,775‌
(1-day
SOFR
+
1.90%),
5.87%,
11/18/35
...............
USD
1,200‌
1,240,064‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.60%),
5.64%,
08/28/36
(b)
..............
AUD
7,000‌
4,648,760‌
INEOS
Quattro
Finance
2
plc
(b)
8.50%,
03/15/29
............
EUR
6,864‌
8,056,359‌
8.50%,
03/15/29
............
2,990‌
3,509,399‌
6.75%,
04/15/30
............
4,986‌
5,486,091‌
Informa
plc
(b)
3.13%,
07/05/26
............
GBP
20,669‌
27,488,627‌
3.63%,
10/23/34
............
EUR
8,756‌
10,237,870‌
Intu
Jersey
2
Ltd.,
2.88%,
11/01/24
(b)(e)(f)
(q)
......................
GBP
3,562‌
742,624‌
Ithaca
Energy
North
Sea
plc
8.13%,
10/15/29
(c)
...........
USD
3,000‌
3,134,298‌
5.50%,
10/01/31
(b)
...........
EUR
4,976‌
5,893,148‌
Jaguar
Land
Rover
Automotive
plc
(c)
4.50%,
10/01/27
............
USD
789‌
778,283‌
5.88%,
01/15/28
............
1,651‌
1,648,221‌
5.50%,
07/15/29
............
200‌
199,520‌
Lloyds
Banking
Group
plc
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.82%),
6.75%
(o)
..........
7,301‌
7,378,025‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
(o)
..........
1,151‌
1,243,611‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.44%),
7.50%
(o)
................
GBP
1,700‌
2,341,991‌
(5-Year
EUR
Swap
Annual
+
2.05%),
4.38%,
04/05/34
(b)
...
EUR
7,953‌
9,634,708‌
Market
Bidco
Finco
plc
(b)
6.75%,
01/31/31
............
8,313‌
9,637,669‌
8.75%,
01/31/31
............
GBP
3,583‌
4,737,967‌
Metro
Bank
Holdings
plc,
(GUKG1
+
7.81%),
12.00%,
04/30/29
(a)(b)
...
4,331‌
6,649,978‌
Metrocentre
Finance
plc,
8.75%,
(8.75%
Cash
or
8.75%
PIK),
12/05/25
(p)
................
1,202‌
902,248‌
Mitchells
&
Butlers
Finance
plc,
Series
D1,
(Sterling
Overnight
Index
Average
+
2.36%),
6.34%,
06/15/36
(a)(b)
...............
2,225‌
2,820,762‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Mobico
Group
plc
(b)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(o)
...............
GBP
6,838‌
$
5,614,745‌
3.62%,
11/20/28
(g)
...........
3,185‌
3,617,075‌
4.88%,
09/26/31
............
EUR
16,695‌
15,429,633‌
Motion
Finco
SARL,
7.38%,
06/15/30
(b)
8,950‌
9,465,735‌
Nationwide
Building
Society
(a)(b)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.63%),
5.75%
(o)
................
GBP
4,396‌
5,882,619‌
(6-mo.
EURIBOR
+
2.88%),
4.63%,
10/29/28
...............
EUR
16,241‌
19,823,977‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.85%),
7.50%
(o)
................
GBP
7,975‌
10,995,648‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.59%),
7.88%
(o)
................
1,100‌
1,532,351‌
10.25%,
12/31/79
...........
2,500‌
4,337,302‌
NatWest
Group
plc
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.63%),
6.00%
(o)
..........
USD
7,856‌
7,865,097‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.29%),
7.50%
(o)
................
GBP
4,300‌
5,884,251‌
(3-mo.
EURIBOR
+
1.16%),
3.63%,
09/03/34
(b)
..............
EUR
30,750‌
36,026,437‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.40%),
3.72%,
02/25/35
(b)
...
16,500‌
19,444,747‌
NatWest
Markets
plc,
3.00%,
09/03/30
(b)
................
18,000‌
21,060,203‌
Ocado
Group
plc
(b)
0.75%,
01/18/27
(q)
...........
GBP
2,000‌
2,440,994‌
11.00%,
06/15/30
...........
2,753‌
3,719,902‌
OEG
Finance
plc,
7.25%,
09/27/29
(b)
.
EUR
18,755‌
23,014,100‌
Pinewood
Finco
plc
6.00%,
03/27/30
(b)
...........
GBP
20,516‌
27,751,052‌
Pinnacle
Bidco
plc,
10.00%,
10/11/28
(b)
8,709‌
12,357,238‌
Premier
Foods
Finance
plc,
3.50%,
10/15/26
(b)
................
3,999‌
5,328,349‌
SCC
Power
plc
(c)(p)
8.00%,
(8.00%
Cash
or
8.00%
PIK),
12/31/28
...............
USD
11,448‌
6,839,917‌
4.00%,
(4.00%
Cash
or
4.00%
PIK),
05/17/32
...............
1,658‌
331,646‌
SSE
plc
(b)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.76%),
3.74%
(a)(o)
...............
GBP
13,600‌
18,160,922‌
8.38%,
11/20/28
............
7,898‌
11,759,347‌
Stonegate
Pub
Co.
Financing
plc
10.75%,
07/31/29
(b)
..........
13,996‌
18,874,700‌
Synthomer
plc,
7.38%,
05/02/29
(b)
...
EUR
3,532‌
3,837,079‌
TalkTalk
Telecom
Group
Ltd.,
8.25%,
02/29/28
(b)
................
GBP
2,583‌
2,458,059‌
Tesco
Property
Finance
1
plc,
7.62%,
07/13/39
(b)
................
2,664‌
3,994,425‌
Tesco
Property
Finance
3
plc,
5.74%,
04/13/40
(b)
................
6,133‌
8,195,632‌
Tesco
Property
Finance
4
plc,
5.80%,
10/13/40
(b)
................
2,919‌
3,902,555‌
Thames
Water
Kemble
Finance
plc,
4.63%,
05/19/26
(b)(e)(f)
.........
4,273‌
24,921‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Thames
Water
Super
Senior
Issuer
plc
(c)
9.75%,
10/10/27
............
GBP
675‌
$
1,013,109‌
9.75%,
10/10/27
............
191‌
284,959‌
Thames
Water
Utilities
Finance
plc,
4.00%,
06/19/27
(b)
...........
23,380‌
22,364,202‌
Thames
Water
Utilities
Ltd.,
0.00%,
03/22/27
(c)(h)
...............
136‌
156,117‌
Trident
Energy
Finance
plc,
12.50%,
11/30/29
(b)
................
USD
4,137‌
4,310,258‌
TSB
Bank
plc,
3.32%,
03/05/29
(b)
...
EUR
11,130‌
13,361,629‌
TVL
Finance
plc,
10.25%
(b)(o)
......
GBP
4,211‌
5,733,567‌
United
Utilities
Water
Finance
plc,
2.00%,
07/03/33
(b)
...........
4,551‌
4,810,853‌
Virgin
Media
Secured
Finance
plc
5.25%,
05/15/29
(b)
...........
400‌
525,062‌
5.50%,
05/15/29
(c)
...........
USD
1,772‌
1,751,967‌
4.25%,
01/15/30
(b)
...........
GBP
2,425‌
3,024,724‌
4.13%,
08/15/30
(b)
...........
1,515‌
1,859,861‌
4.50%,
08/15/30
(c)
...........
USD
4,065‌
3,832,648‌
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
(b)
.......
GBP
6,517‌
8,536,864‌
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(c)
.......
USD
1,886‌
1,847,431‌
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(b)
...........
GBP
15,202‌
19,471,146‌
4.25%,
01/31/31
(c)
...........
USD
3,196‌
2,963,221‌
4.50%,
07/15/31
(b)
...........
GBP
8,642‌
10,633,525‌
4.75%,
07/15/31
(c)
...........
USD
5,987‌
5,635,242‌
5.63%,
04/15/32
(b)
...........
EUR
21,171‌
25,479,910‌
5.63%,
04/15/32
(b)
...........
4,500‌
5,418,310‌
Vodafone
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
3.43%),
4.20%,
10/03/78
(b)
...
1,177‌
1,418,241‌
(5-Year
GBP
Swap
+
3.27%),
4.88%,
10/03/78
(b)
.........
GBP
34,308‌
46,130,435‌
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%,
04/04/79
..........
USD
2,733‌
2,887,539‌
Series
60NC10,
(5-Year
EUR
Swap
Annual
+
3.48%),
3.00%,
08/27/80
(b)
..............
EUR
9,005‌
10,191,126‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.77%),
4.13%,
06/04/81
....
USD
2,069‌
1,935,536‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.84%),
8.00%,
08/30/86
(b)
.........
GBP
1,552‌
2,274,441‌
Zegona
Finance
plc
(b)
6.75%,
07/15/29
............
EUR
8,516‌
10,584,841‌
6.75%,
07/15/29
............
11,049‌
13,733,571‌
1,299,435,902‌
United
States
—
12.5%
3M
Co.,
1.75%,
05/15/30
.........
13,928‌
15,488,676‌
Acadia
Healthcare
Co.,
Inc.,
7.38%,
03/15/33
(c)(r)
................
USD
1,823‌
1,892,619‌
Acrisure
LLC
(c)
4.25%,
02/15/29
............
1,544‌
1,487,533‌
7.50%,
11/06/30
............
2,858‌
2,977,322‌
Adient
Global
Holdings
Ltd.,
7.50%,
02/15/33
(c)
................
893‌
924,670‌
ADT
Security
Corp.
(The),
4.13%,
08/01/29
(c)
................
1,004‌
970,884‌
Advance
Auto
Parts,
Inc.
3.90%,
04/15/30
............
2,786‌
2,586,451‌
7.38%,
08/01/33
(c)
...........
1,907‌
1,966,594‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
AECOM,
6.00%,
08/01/33
(c)
.......
USD
256‌
$
261,732‌
AES
Corp.
(The),
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
6.95%,
07/15/55
(a)
................
5,183‌
5,086,467‌
Aethon
I
LP,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
6.15%),
10.17%,
01/10/27
(a)
................
15,302‌
15,186,979‌
Aethon
United
BR
LP,
7.50%,
10/01/29
(c)
................
1,255‌
1,308,834‌
Albertsons
Cos.,
Inc.
(c)
4.63%,
01/15/27
............
353‌
350,782‌
6.50%,
02/15/28
............
1,842‌
1,871,029‌
3.50%,
03/15/29
............
694‌
657,673‌
4.88%,
02/15/30
............
1,923‌
1,888,877‌
6.25%,
03/15/33
............
1,496‌
1,529,959‌
Alcoa
Nederland
Holding
BV,
4.13%,
03/31/29
(c)
................
654‌
632,415‌
Alexander
Funding
Trust
II,
7.47%,
07/31/28
(c)
................
18,297‌
19,564,390‌
Allegiant
Travel
Co.,
7.25%,
08/15/27
(c)
4,805‌
4,864,739‌
Allegion
US
Holding
Co.,
Inc.,
3.55%,
10/01/27
.................
100‌
98,747‌
Alliant
Energy
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.08%),
5.75%,
04/01/56
(a)
................
11,685‌
11,699,618‌
Alliant
Holdings
Intermediate
LLC
(c)
6.75%,
04/15/28
............
6,652‌
6,769,907‌
5.88%,
11/01/29
............
1,301‌
1,294,216‌
7.38%,
10/01/32
............
7,251‌
7,471,665‌
Allied
Universal
Holdco
LLC
3.63%,
06/01/28
(b)
...........
EUR
8,190‌
9,528,036‌
4.88%,
06/01/28
(b)
...........
GBP
9,156‌
12,038,193‌
6.00%,
06/01/29
(c)
...........
USD
11,543‌
11,347,391‌
7.88%,
02/15/31
(c)
...........
1,049‌
1,099,872‌
Allison
Transmission,
Inc.
(c)
4.75%,
10/01/27
............
1,425‌
1,415,280‌
3.75%,
01/30/31
............
1,230‌
1,136,387‌
Ally
Financial,
Inc.
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70%
(a)(o)
..
31,617‌
30,792,669‌
6.70%,
02/14/33
............
100‌
104,164‌
(1-day
SOFR
+
1.78%),
5.55%,
07/31/33
(a)(r)
.............
12,700‌
12,747,032‌
(1-day
SOFR
+
2.29%),
6.18%,
07/26/35
(a)
..............
7,226‌
7,452,846‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
6.65%,
01/17/40
(a)
...
537‌
536,815‌
Alphabet,
Inc.,
4.00%,
05/06/54
....
EUR
35,795‌
41,016,040‌
Altria
Group,
Inc.,
6.20%,
02/14/59
..
USD
300‌
311,519‌
Alumina
Pty.
Ltd.
(c)
6.13%,
03/15/30
............
561‌
573,732‌
6.38%,
09/15/32
............
1,764‌
1,808,338‌
Ambac
Assurance
Corp.,
5.10%
(c)(o)
..
1,407‌
1,759,269‌
AMC
Networks,
Inc.
10.25%,
01/15/29
(c)
..........
13,611‌
14,342,591‌
4.25%,
02/15/29
(q)
...........
4,356‌
4,149,090‌
4.25%,
02/15/29
............
10,878‌
9,463,860‌
10.50%,
07/15/32
(c)
..........
4,238‌
4,481,410‌
Amentum
Holdings,
Inc.,
7.25%,
08/01/32
(c)
................
1,900‌
1,972,895‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
American
Airlines
Pass-Through
Trust,
Series
2017-2,
Class
A,
3.50%,
06/15/26
(d)
................
USD
24,270‌
$
24,059,248‌
American
Airlines,
Inc.
(c)
7.25%,
02/15/28
............
2,878‌
2,948,381‌
5.75%,
04/20/29
............
5,152‌
5,171,708‌
8.50%,
05/15/29
............
3,311‌
3,453,880‌
American
Axle
&
Manufacturing,
Inc.,
5.00%,
10/01/29
............
5,696‌
5,412,793‌
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
(c)
508‌
481,986‌
American
Electric
Power
Co.,
Inc.
(a)
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.13%),
5.80%,
03/15/56
...............
18,330‌
18,265,772‌
Series
D,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.94%),
6.05%,
03/15/56
...............
8,745‌
8,757,297‌
American
Express
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.55%
(a)
(o)
......................
10,836‌
10,628,894‌
American
Tower
Corp.
0.45%,
01/15/27
............
EUR
5,018‌
5,742,221‌
0.50%,
01/15/28
............
3,114‌
3,483,006‌
0.95%,
10/05/30
............
401‌
424,314‌
AmeriGas
Partners
LP
(c)
9.38%,
06/01/28
............
USD
4,071‌
4,182,342‌
9.50%,
06/01/30
............
2,942‌
3,079,916‌
Amgen,
Inc.
4.66%,
06/15/51
............
12,503‌
10,921,977‌
5.65%,
03/02/53
(r)
...........
24,037‌
23,975,519‌
Amkor
Technology,
Inc.,
6.63%,
09/15/27
(c)
................
7,892‌
7,894,281‌
AmWINS
Group,
Inc.,
6.38%,
02/15/29
(c)
................
2,044‌
2,085,559‌
Andiron
Financing
LLC,
(1M
Sofr
FWD
+
3.00%),
7.33%,
01/21/30
(a)(d)
...
1,800‌
1,800,000‌
Antero
Midstream
Partners
LP
(c)
5.38%,
06/15/29
............
1,064‌
1,060,100‌
6.63%,
02/01/32
............
94‌
96,814‌
AP
Grange
Holdings
LLC,
(Acquired
06/21/24,
cost
$14,801,000),
6.50%,
03/20/45
(d)(m)
...............
14,801‌
15,338,276‌
Aramark
International
Finance
SARL,
4.38%,
04/15/33
(b)
...........
EUR
5,750‌
6,759,417‌
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
USD
2,072‌
2,030,438‌
Archrock
Partners
LP,
6.25%,
04/01/28
(c)
................
658‌
658,910‌
Arcosa
,
Inc.,
6.88%,
08/15/32
(c)
....
3,244‌
3,388,335‌
Ardagh
Metal
Packaging
Finance
USA
LLC
(c)
6.00%,
06/15/27
............
2,119‌
2,118,489‌
4.00%,
09/01/29
............
3,278‌
3,033,843‌
Ardagh
Packaging
Finance
plc
2.13%,
08/15/26
(b)
...........
EUR
9,545‌
10,897,360‌
2.13%,
08/15/26
(b)
...........
15,341‌
17,647,017‌
4.13%,
08/15/26
(c)
...........
USD
41,940‌
40,262,400‌
Aretec
Group,
Inc.
(c)
7.50%,
04/01/29
............
1,905‌
1,914,131‌
10.00%,
08/15/30
...........
5,476‌
5,966,118‌
Arsenal
AIC
Parent
LLC,
11.50%,
10/01/31
(c)
................
4,562‌
5,066,680‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Asbury
Automotive
Group,
Inc.
4.63%,
11/15/29
(c)
...........
USD
1,129‌
$
1,095,669‌
4.75%,
03/01/30
............
1,454‌
1,416,079‌
5.00%,
02/15/32
(c)
...........
1,681‌
1,614,151‌
Ascent
Resources
Utica
Holdings
LLC
(c)
6.63%,
10/15/32
............
2,122‌
2,165,431‌
6.63%,
07/15/33
............
1,139‌
1,157,977‌
Ashton
Woods
USA
LLC
(c)
4.63%,
08/01/29
............
1,672‌
1,601,064‌
4.63%,
04/01/30
............
5,096‌
4,824,280‌
6.88%,
08/01/33
............
4,646‌
4,685,849‌
AT&T
Reign
II
Multi-Property
Lease-
Backed
Pass-Through
Trust,
6.09%,
12/15/44
(c)
................
27,075‌
27,349,153‌
AT&T,
Inc.
2.90%,
12/04/26
............
GBP
51,763‌
68,356,500‌
5.50%,
03/15/27
(b)
...........
17,600‌
23,957,860‌
4.30%,
11/18/34
............
EUR
3,312‌
4,085,064‌
2.45%,
03/15/35
............
13,103‌
13,917,412‌
3.15%,
09/04/36
............
1,540‌
1,705,818‌
4.05%,
06/01/37
............
2,558‌
3,041,155‌
ATI,
Inc.,
7.25%,
08/15/30
........
USD
3,568‌
3,745,276‌
Avantor
Funding,
Inc.
(c)
4.63%,
07/15/28
............
3,791‌
3,729,045‌
3.88%,
11/01/29
............
3,362‌
3,197,145‌
Avianca
Midco
2
plc,
9.00%,
12/01/28
(b)
9,857‌
9,832,357‌
Avient
Corp.,
6.25%,
11/01/31
(c)
....
200‌
203,105‌
Avis
Budget
Car
Rental
LLC
(c)
5.38%,
03/01/29
............
768‌
748,925‌
8.00%,
02/15/31
............
3,640‌
3,765,653‌
8.38%,
06/15/32
............
1,150‌
1,202,844‌
Axalta
Coating
Systems
LLC,
3.38%,
02/15/29
(c)
................
633‌
599,707‌
Axon
Enterprise,
Inc.
(c)
6.13%,
03/15/30
............
794‌
815,460‌
6.25%,
03/15/33
............
280‌
288,203‌
Azorra
Finance
Ltd.
(c)
7.75%,
04/15/30
............
1,403‌
1,471,396‌
7.25%,
01/15/31
............
314‌
326,966‌
Ball
Corp.
6.00%,
06/15/29
............
2,055‌
2,103,590‌
2.88%,
08/15/30
............
976‌
886,640‌
3.13%,
09/15/31
............
513‌
465,698‌
4.25%,
07/01/32
............
EUR
8,608‌
10,336,818‌
5.50%,
09/15/33
(c)
...........
USD
874‌
883,395‌
Bank
of
America
Corp.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.35%),
6.25%
(o)
..........
37,920‌
38,404,487‌
(1-day
SOFR
+
1.74%),
5.52%,
10/25/35
(r)
..............
29,145‌
29,853,183‌
Bank
of
New
York
Mellon
Corp.
(The)
(a)
(o)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.30%),
6.30%
...........
1,000‌
1,028,841‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.27%),
5.95%
...........
1,000‌
1,011,165‌
Bath
&
Body
Works,
Inc.,
6.63%,
10/01/30
(c)
................
432‌
441,632‌
Bausch
+
Lomb
Corp.
8.38%,
10/01/28
(c)
...........
9,157‌
9,543,311‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.88%),
5.87%,
01/15/31
(a)(b)
..
EUR
4,563‌
5,427,937‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BCPE
Flavor
Debt
Merger
Sub
LLC
&
BCPE
Flavor
Issuer,
Inc.,
9.50%,
07/01/32
(c)
................
USD
6,476‌
$
6,777,932‌
Beach
Acquisition
Bidco
LLC
5.25%,
07/15/32
(b)
...........
EUR
8,000‌
9,627,992‌
10.00%,
(10.00%
Cash
or
10.75%
PIK),
07/15/33
(c)(p)
.........
USD
3,520‌
3,714,903‌
Beazer
Homes
USA,
Inc.,
7.25%,
10/15/29
.................
8,623‌
8,771,454‌
Becton
Dickinson
&
Co.,
3.70%,
06/06/27
.................
700‌
695,277‌
Belden,
Inc.
(b)
3.38%,
07/15/27
............
EUR
1,635‌
1,917,334‌
3.88%,
03/15/28
............
3,371‌
3,958,416‌
Block,
Inc.
2.75%,
06/01/26
............
USD
1,851‌
1,826,683‌
5.63%,
08/15/30
(c)
...........
233‌
236,070‌
6.50%,
05/15/32
............
2,631‌
2,723,101‌
6.00%,
08/15/33
(c)
...........
1,196‌
1,224,752‌
Blue
Racer
Midstream
LLC,
7.25%,
07/15/32
(c)
................
268‌
281,846‌
Boeing
Co.
(The),
5.81%,
05/01/50
..
31,385‌
31,355,616‌
Booking
Holdings,
Inc.
4.00%,
03/01/44
............
EUR
13,769‌
15,402,726‌
4.50%,
05/09/46
............
11,315‌
13,450,449‌
Boost
Newco
Borrower
LLC,
7.50%,
01/15/31
(c)
................
USD
6,265‌
6,646,501‌
Boston
Properties
LP,
2.00%,
10/01/30
(c)(q)
...............
7,930‌
7,898,280‌
Boyd
Gaming
Corp.,
4.75%,
06/15/31
(c)
1,826‌
1,760,275‌
BP
Capital
Markets
plc
(a)(b)(o)
(5-Year
EUR
Swap
Annual
+
3.52%),
3.25%
...........
EUR
78,404‌
92,141,622‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.89%),
4.25%
.................
GBP
8,000‌
10,583,198‌
Bracelet
Holdings,
Inc.,
9.25%,
07/02/28
(c)
................
USD
25,994‌
25,014,398‌
Breeze
Aviation
Group,
Inc.
(Acquired
01/26/24,
cost
$9,492,223)
20.00%,
(20.00%
Cash
or
20.00%
PIK),
01/30/28
(d)
(m)(p)
...................
10,102‌
10,506,072‌
Brightstar
Lottery
plc
(c)
6.25%,
01/15/27
............
789‌
796,420‌
5.25%,
01/15/29
............
1,446‌
1,439,505‌
Broadcom,
Inc.,
3.75%,
02/15/51
(c)(r)
.
14,290‌
11,183,446‌
Buckeye
Partners
LP
(c)
4.50%,
03/01/28
............
378‌
373,304‌
6.88%,
07/01/29
............
1,283‌
1,329,665‌
6.75%,
02/01/30
............
324‌
336,522‌
Builders
FirstSource
,
Inc.
(c)
5.00%,
03/01/30
............
1,377‌
1,363,000‌
6.38%,
03/01/34
............
3,956‌
4,075,099‌
6.75%,
05/15/35
............
701‌
731,937‌
Bunge
Finance
Europe
BV
(b)
1.00%,
09/24/28
............
EUR
2,067‌
2,307,207‌
1.00%,
09/24/28
............
14,156‌
15,801,073‌
Burford
Capital
Global
Finance
LLC
(c)
6.25%,
04/15/28
............
USD
200‌
200,356‌
9.25%,
07/01/31
............
3,343‌
3,552,158‌
7.50%,
07/15/33
............
2,578‌
2,623,373‌
Caesars
Entertainment,
Inc.
(c)
4.63%,
10/15/29
............
100‌
95,624‌
7.00%,
02/15/30
............
2,491‌
2,562,261‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
6.50%,
02/15/32
............
USD
5,045‌
$
5,145,839‌
6.00%,
10/15/32
............
165‌
162,518‌
California
Resources
Corp.
(c)
8.25%,
06/15/29
............
4,771‌
4,975,413‌
7.00%,
01/15/34
............
6,514‌
6,469,159‌
Calpine
Corp.
(c)
4.50%,
02/15/28
............
934‌
930,060‌
3.75%,
03/01/31
............
729‌
694,315‌
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(c)
...........
3,893‌
3,766,498‌
Capital
One
Financial
Corp.
(a)
Series
M,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95%
(o)
...
5,897‌
5,788,939‌
(1-day
SOFR
+
1.63%),
5.20%,
09/11/36
(r)
...............
25,552‌
25,270,965‌
Cardinal
Health,
Inc.
4.70%,
11/15/26
............
3,000‌
3,020,655‌
5.00%,
11/15/29
............
1,800‌
1,845,705‌
Carlisle
Cos.,
Inc.,
3.75%,
12/01/27
.
700‌
694,613‌
Carlyle
Group,
Inc.
(The),
5.05%,
09/19/35
.................
10,655‌
10,617,740‌
CCO
Holdings
LLC
(c)
5.13%,
05/01/27
............
8,133‌
8,078,385‌
5.38%,
06/01/29
............
1,994‌
1,980,703‌
6.38%,
09/01/29
............
2,528‌
2,562,725‌
4.75%,
03/01/30
............
4,348‌
4,172,197‌
4.50%,
08/15/30
............
775‌
731,921‌
4.25%,
02/01/31
............
3,963‌
3,650,840‌
7.38%,
03/01/31
............
4,019‌
4,146,744‌
4.75%,
02/01/32
............
7,918‌
7,322,264‌
4.50%,
06/01/33
............
7,123‌
6,332,780‌
4.25%,
01/15/34
............
4,358‌
3,767,765‌
Celanese
US
Holdings
LLC
6.85%,
11/15/28
(g)
...........
1,084‌
1,124,900‌
6.83%,
07/15/29
(g)
...........
338‌
349,049‌
6.50%,
04/15/30
............
2,235‌
2,249,614‌
7.05%,
11/15/30
(g)
...........
1,517‌
1,565,897‌
6.88%,
07/15/32
(g)
...........
1,029‌
1,051,444‌
6.75%,
04/15/33
(r)
...........
2,592‌
2,581,064‌
7.20%,
11/15/33
(g)
...........
1,533‌
1,593,711‌
Centene
Corp.,
4.25%,
12/15/27
...
39,660‌
38,946,808‌
Central
Garden
&
Pet
Co.
4.13%,
10/15/30
............
855‌
812,128‌
4.13%,
04/30/31
(c)
...........
414‌
386,256‌
Central
Parent
LLC,
8.00%,
06/15/29
(c)
4,984‌
4,392,180‌
Central
Parent,
Inc.,
7.25%,
06/15/29
(c)
4,128‌
3,554,435‌
Century
Communities,
Inc.
6.75%,
06/01/27
............
1,493‌
1,492,602‌
3.88%,
08/15/29
(c)
...........
1,274‌
1,198,538‌
Charles
River
Laboratories
International,
Inc.
(c)
4.25%,
05/01/28
............
872‌
852,861‌
3.75%,
03/15/29
............
1,076‌
1,018,972‌
4.00%,
03/15/31
............
2,087‌
1,943,751‌
Charles
Schwab
Corp.
(The),
Series
K,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.26%),
5.00%
(a)(o)
...........
1,154‌
1,148,593‌
Charter
Communications
Operating
LLC
3.75%,
02/15/28
............
1,200‌
1,181,550‌
5.13%,
07/01/49
............
1,664‌
1,375,986‌
4.80%,
03/01/50
............
5,825‌
4,613,579‌
5.25%,
04/01/53
............
1,189‌
993,527‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.40%,
12/01/61
............
USD
6,002‌
$
4,158,835‌
3.95%,
06/30/62
............
2,184‌
1,381,750‌
Chemours
Co.
(The)
(c)
4.63%,
11/15/29
............
626‌
565,564‌
8.00%,
01/15/33
............
3,850‌
3,829,458‌
Cheniere
Energy
Partners
LP,
5.55%,
10/30/35
(c)
................
9,170‌
9,368,188‌
Chesapeake
Energy
Corp.,
6.13%,
02/15/21
(d)(e)(f)
..............
27,853‌
3‌
Chobani
LLC,
7.63%,
07/01/29
(c)
...
2,851‌
2,972,872‌
Chord
Energy
Corp.,
6.00%,
10/01/30
(c)
983‌
976,156‌
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
............
3,401‌
3,396,223‌
4.75%,
01/15/28
............
453‌
446,961‌
6.75%,
05/01/31
............
1,521‌
1,558,805‌
Cinemark
USA,
Inc.
(c)
5.25%,
07/15/28
............
2,072‌
2,060,566‌
7.00%,
08/01/32
............
3,257‌
3,385,173‌
Cintas
Corp.
No.
2,
3.70%,
04/01/27
.
300‌
298,786‌
Citigroup
Global
Markets
Holdings,
Inc.
(b)
Series
MU0C,
0.00%,
03/02/28
(d)(h)
HKD
23,000‌
3,036,244‌
Series
388,
0.00%,
10/10/28
(c)(h)(q)
.
USD
6,000‌
6,772,560‌
Series
gtmn
,
7.12%,
06/20/31
...
13,000‌
13,409,624‌
6.20%,
12/20/31
............
13,000‌
13,488,644‌
Citigroup,
Inc.
(a)
Series
X,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.42%),
3.88%
(o)
...
10,651‌
10,552,605‌
Series
T,
(3-mo.
CME
Term
SOFR
+
4.78%),
6.25%
(o)
..........
10,298‌
10,362,960‌
Series
FF,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.73%),
6.95%
(o)
...
23,530‌
24,165,474‌
Series
GG,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
6.88%
(o)
...
63,946‌
65,899,998‌
6.35%,
09/09/30
............
79,100‌
79,100,000‌
(3-mo.
EURIBOR
+
1.05%),
3.75%,
05/14/32
(b)
..............
EUR
39,346‌
47,246,181‌
(1-day
SOFR
+
1.47%),
5.33%,
03/27/36
(r)
..............
USD
14,555‌
14,878,147‌
Civitas
Resources,
Inc.
(c)
5.00%,
10/15/26
............
14,745‌
14,674,106‌
8.38%,
07/01/28
............
6,992‌
7,247,551‌
8.63%,
11/01/30
............
6,029‌
6,244,021‌
Clarios
Global
LP
6.75%,
05/15/28
(c)
...........
658‌
672,533‌
4.75%,
06/15/31
(b)
...........
EUR
13,105‌
15,675,834‌
6.75%,
09/15/32
(c)
...........
USD
2,644‌
2,702,591‌
Clarivate
Science
Holdings
Corp.,
3.88%,
07/01/28
(c)
...........
2,044‌
1,967,049‌
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
7.88%,
04/01/30
............
5,636‌
5,917,947‌
7.13%,
02/15/31
............
1,197‌
1,237,281‌
7.50%,
03/15/33
............
1,127‌
1,178,356‌
Cleveland-Cliffs,
Inc.
(c)
6.88%,
11/01/29
............
246‌
250,690‌
6.75%,
04/15/30
............
847‌
860,472‌
7.50%,
09/15/31
............
1,128‌
1,162,670‌
7.00%,
03/15/32
............
4,369‌
4,412,537‌
7.38%,
05/01/33
............
1,114‌
1,137,249‌
Cloud
Software
Group,
Inc.
(c)
6.50%,
03/31/29
............
17,721‌
17,880,849‌
9.00%,
09/30/29
............
7,973‌
8,269,646‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
8.25%,
06/30/32
............
USD
6,269‌
$
6,649,863‌
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
............
5,117‌
5,175,288‌
8.75%,
04/15/30
............
3,788‌
3,891,196‌
CMS
Energy
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.96%),
6.50%,
06/01/55
(a)
................
9,408‌
9,740,563‌
CNX
Resources
Corp.
(c)
6.00%,
01/15/29
............
2,306‌
2,306,946‌
7.38%,
01/15/31
............
1,136‌
1,171,219‌
7.25%,
03/01/32
............
1,005‌
1,042,614‌
Cogent
Communications
Group
LLC
(c)
7.00%,
06/15/27
............
2,289‌
2,282,910‌
6.50%,
07/01/32
............
2,636‌
2,560,836‌
Coinbase
Global,
Inc.
(c)(h)(q)
0.00%,
10/01/29
............
10,950‌
11,664,897‌
0.00%,
10/01/32
............
10,950‌
12,094,275‌
Comcast
Corp.,
2.35%,
01/15/27
...
100‌
98,005‌
CommScope
LLC,
9.50%,
12/15/31
(c)(r)
9,055‌
9,372,840‌
Community
Health
Systems,
Inc.
(c)
4.75%,
02/15/31
............
4,846‌
4,190,570‌
10.88%,
01/15/32
...........
6,664‌
7,057,822‌
9.75%,
01/15/34
............
3,728‌
3,819,336‌
Comstock
Resources,
Inc.,
6.75%,
03/01/29
(c)
................
6,127‌
6,090,238‌
Concentrix
Corp.,
6.65%,
08/02/26
..
909‌
922,510‌
Constellium
SE
3.75%,
04/15/29
(c)
...........
1,394‌
1,326,368‌
5.38%,
08/15/32
(b)
...........
EUR
557‌
674,472‌
Core
Scientific,
Inc.,
0.00%,
06/15/31
(c)
(h)(q)
.....................
USD
2,123‌
2,372,452‌
CoreWeave
,
Inc.
(c)
9.25%,
06/01/30
............
9,127‌
9,426,311‌
9.00%,
02/01/31
............
1,936‌
1,984,166‌
Cornerstone
Building
Brands,
Inc.,
9.50%,
08/15/29
(c)
...........
5,041‌
4,898,037‌
CP
Atlas
Buyer,
Inc.,
9.75%,
07/15/30
(c)
4,589‌
4,806,060‌
CQP
Holdco
LP,
5.50%,
06/15/31
(c)
..
713‌
706,372‌
Credit
Acceptance
Corp.
(c)
9.25%,
12/15/28
............
211‌
221,683‌
6.63%,
03/15/30
............
3,902‌
3,908,477‌
Crescent
Energy
Finance
LLC
(c)
7.63%,
04/01/32
............
3,878‌
3,851,215‌
7.38%,
01/15/33
............
6,742‌
6,564,446‌
8.38%,
01/15/34
............
875‌
886,548‌
Crown
Americas
LLC
4.25%,
09/30/26
............
1,548‌
1,540,263‌
5.88%,
06/01/33
(c)
...........
410‌
414,145‌
Crown
Castle,
Inc.,
3.80%,
02/15/28
.
1,200‌
1,186,075‌
CSC
Holdings
LLC
(c)
5.50%,
04/15/27
............
15,472‌
14,684,912‌
11.25%,
05/15/28
...........
3,579‌
3,313,288‌
11.75%,
01/31/29
...........
7,101‌
5,971,544‌
6.50%,
02/01/29
............
5,900‌
4,360,545‌
4.50%,
11/15/31
............
4,075‌
2,649,872‌
Cushman
&
Wakefield
US
Borrower
LLC
(c)
6.75%,
05/15/28
............
268‌
270,439‌
8.88%,
09/01/31
............
2,682‌
2,862,558‌
CVR
Energy,
Inc.,
8.50%,
01/15/29
(c)
.
3,361‌
3,435,137‌
CVS
Health
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
7.00%,
03/10/55
(a)
................
2,720‌
2,855,301‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Dana
Financing
Luxembourg
SARL
(b)
8.50%,
07/15/31
............
EUR
1,669‌
$
2,112,004‌
8.50%,
07/15/31
............
4,623‌
5,850,088‌
Dana,
Inc.,
5.38%,
11/15/27
.......
USD
1,573‌
1,570,860‌
Darling
Global
Finance
BV,
4.50%,
07/15/32
(b)
................
EUR
6,330‌
7,503,283‌
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(c)
................
USD
3,117‌
3,146,802‌
Delek
Logistics
Partners
LP,
8.63%,
03/15/29
(c)
................
4,809‌
5,014,825‌
DENTSPLY
SIRONA,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.38%),
8.38%,
09/12/55
(a)
................
11,065‌
11,403,976‌
Diamondback
Energy,
Inc.,
5.75%,
04/18/54
.................
26,610‌
25,614,553‌
Digital
Intrepid
Holding
BV,
0.63%,
07/15/31
(b)
................
EUR
7,092‌
7,107,282‌
DirecTV
Financing
LLC
(c)
8.88%,
02/01/30
............
USD
2,516‌
2,485,107‌
10.00%,
02/15/31
...........
11,733‌
11,715,776‌
Discovery
Communications
LLC
3.95%,
03/20/28
............
21,990‌
21,467,737‌
3.63%,
05/15/30
............
990‌
914,568‌
5.00%,
09/20/37
............
3,091‌
2,652,202‌
6.35%,
06/01/40
............
250‌
229,417‌
DISH
Network
Corp.
(q)
0.00%,
12/15/25
(h)
...........
11,915‌
11,740,610‌
3.38%,
08/15/26
............
3,464‌
3,328,904‌
Drawbridge
Special
Opportunities
Fund
LP,
5.95%,
09/17/30
(c)
.........
4,800‌
4,685,181‌
Duke
Energy
Corp.
4.30%,
03/15/28
............
1,400‌
1,406,510‌
3.10%,
06/15/28
............
EUR
13,133‌
15,556,562‌
EchoStar
Corp.
10.75%,
11/30/29
...........
USD
4,726‌
5,199,403‌
6.75%,
(6.75%
Cash
or
6.75%
PIK),
11/30/30
(p)
..............
1,252‌
1,261,448‌
Edgewell
Personal
Care
Co.,
4.13%,
04/01/29
(c)
................
1,281‌
1,218,425‌
Edison
International
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%,
06/15/53
....
3,102‌
3,170,257‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.66%),
7.88%,
06/15/54
....
1,734‌
1,766,743‌
Elevance
Health,
Inc.,
4.50%,
10/30/26
2,595‌
2,605,654‌
Eli
Lilly
&
Co.,
1.38%,
09/14/61
....
EUR
23,965‌
13,521,666‌
EMRLD
Borrower
LP
6.38%,
12/15/30
(b)
...........
12,860‌
15,773,692‌
6.63%,
12/15/30
(c)
...........
USD
4,146‌
4,261,877‌
6.75%,
07/15/31
(c)
...........
1,239‌
1,286,892‌
Encompass
Health
Corp.
4.75%,
02/01/30
............
1,005‌
993,221‌
4.63%,
04/01/31
............
1,656‌
1,611,267‌
Encore
Capital
Group,
Inc.,
9.25%,
04/01/29
(c)
................
5,378‌
5,674,650‌
Endo
Finance
Holdings,
Inc.,
8.50%,
04/15/31
(c)
................
5,089‌
5,459,830‌
Energizer
Holdings,
Inc.
(c)
4.75%,
06/15/28
............
134‌
131,668‌
4.38%,
03/31/29
............
1,177‌
1,128,813‌
Energy
Transfer
LP
4.00%,
10/01/27
............
800‌
797,152‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13%
(a)(o)
..
USD
20,848‌
$
21,542,176‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.48%),
6.75%,
02/15/56
(a)
...
356‌
355,358‌
Entegris
,
Inc.
(c)
4.38%,
04/15/28
............
200‌
195,691‌
4.75%,
04/15/29
............
215‌
213,156‌
3.63%,
05/01/29
............
739‌
702,360‌
5.95%,
06/15/30
............
2,402‌
2,435,700‌
Enterprise
Products
Operating
LLC,
Series
E,
(3-mo.
CME
Term
SOFR
+
3.29%),
5.25%,
08/16/77
(a)
.....
21,943‌
21,919,407‌
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
(b)
3.50%,
03/15/30
............
SGD
6,500‌
5,198,942‌
2.90%,
09/15/32
............
7,000‌
5,417,070‌
EquipmentShare.com,
Inc.,
8.63%,
05/15/32
(c)
................
USD
2,710‌
2,925,835‌
ESC
Investments
&
Realty
Corp.,
Inc.,
6.63%,
08/15/26
(d)(e)(f)
.........
1,665‌
—‌
Expand
Energy
Corp.,
5.38%,
06/15/26
(d)(e)(f)
..............
4,795‌
—‌
Fair
Isaac
Corp.
(c)
4.00%,
06/15/28
............
2,072‌
2,015,111‌
6.00%,
05/15/33
............
1,141‌
1,155,197‌
Fertitta
Entertainment
LLC,
6.75%,
01/15/30
(c)
................
7,946‌
7,456,787‌
Fidelity
National
Information
Services,
Inc.,
2.00%
(o)
...............
EUR
5,593‌
6,258,032‌
Figeac
Aero
North
America,
Inc.,
(Acquired
07/16/25,
cost
$19,221,846),
7.79%,
07/23/30
(b)(d)(m)
16,520‌
19,346,818‌
First
Citizens
BancShares
,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.97%),
6.25%,
03/12/40
(a)(r)
..........
USD
30,107‌
30,500,559‌
FirstCash
,
Inc.
(c)
5.63%,
01/01/30
............
326‌
325,527‌
6.88%,
03/01/32
............
2,616‌
2,703,919‌
Five
Point
Operating
Co.
LP,
8.00%,
10/01/30
(c)
................
1,311‌
1,330,365‌
FLYR
-
Secured
Note,
10.00%,
05/10/27
(d)
................
12,761‌
3,899,850‌
FMC
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.37%),
8.45%,
11/01/55
(a)
....
1,757‌
1,854,310‌
Focus
Financial
Partners
LLC,
6.75%,
09/15/31
(c)
................
1,258‌
1,288,340‌
Ford
Motor
Credit
Co.
LLC
3.38%,
11/13/25
............
5,000‌
4,990,803‌
6.95%,
03/06/26
............
3,638‌
3,666,967‌
6.95%,
06/10/26
............
8,952‌
9,068,372‌
4.54%,
08/01/26
............
3,565‌
3,561,953‌
5.13%,
11/05/26
............
7,205‌
7,228,876‌
4.27%,
01/09/27
............
7,230‌
7,170,862‌
6.05%,
11/05/31
............
800‌
817,662‌
Forestar
Group,
Inc.,
5.00%,
03/01/28
(c)
5,349‌
5,298,940‌
Freedom
Mortgage
Corp.,
12.25%,
10/01/30
(c)
................
4,151‌
4,630,615‌
Freedom
Mortgage
Holdings
LLC
(c)
9.13%,
05/15/31
............
2,002‌
2,129,231‌
8.38%,
04/01/32
............
547‌
573,338‌
7.88%,
04/01/33
............
1,127‌
1,161,010‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Frontier
Communications
Holdings
LLC
(c)
5.88%,
10/15/27
............
USD
366‌
$
365,779‌
5.00%,
05/01/28
............
9,781‌
9,759,002‌
6.75%,
05/01/29
............
12,832‌
12,959,999‌
6.00%,
01/15/30
............
2,453‌
2,481,855‌
8.75%,
05/15/30
............
18,687‌
19,521,281‌
8.63%,
03/15/31
............
9,841‌
10,374,982‌
Frontier
Florida
LLC,
Series
E,
6.86%,
02/01/28
.................
21,280‌
22,201,424‌
Frontier
North,
Inc.,
Series
G,
6.73%,
02/15/28
.................
4,850‌
4,977,312‌
FS
KKR
Capital
Corp.,
6.13%,
01/15/31
8,900‌
8,817,706‌
FTAI
Aviation
Investors
LLC
(c)
5.50%,
05/01/28
............
1,713‌
1,713,273‌
7.88%,
12/01/30
............
1,326‌
1,409,070‌
7.00%,
05/01/31
............
1,333‌
1,394,395‌
7.00%,
06/15/32
............
914‌
956,521‌
Full
House
Resorts,
Inc.,
8.25%,
02/15/28
(c)
................
2,412‌
2,238,466‌
Gap,
Inc.
(The)
(c)
3.63%,
10/01/29
............
402‌
376,065‌
3.88%,
10/01/31
............
1,966‌
1,786,331‌
Gen
Digital,
Inc.
(c)
6.75%,
09/30/27
............
3,734‌
3,791,227‌
7.13%,
09/30/30
............
68‌
70,019‌
General
Electric
Co.,
4.13%,
09/19/35
(b)
EUR
4,610‌
5,688,378‌
General
Motors
Co.,
5.95%,
04/01/49
(r)
USD
15,165‌
14,784,775‌
Genesis
Energy
LP
7.75%,
02/01/28
............
361‌
363,543‌
8.00%,
05/15/33
............
2,149‌
2,247,744‌
GEO
Group,
Inc.
(The),
8.63%,
04/15/29
.................
2,847‌
3,014,204‌
GFL
Environmental,
Inc.
(c)
4.75%,
06/15/29
............
600‌
591,790‌
4.38%,
08/15/29
............
393‌
383,415‌
Global
Atlantic
Fin
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.95%,
10/15/54
(a)(c)
...............
448‌
474,024‌
Global
Partners
LP,
8.25%,
01/15/32
(c)
1,104‌
1,164,349‌
Go
Daddy
Operating
Co.
LLC
(c)
5.25%,
12/01/27
............
963‌
961,299‌
3.50%,
03/01/29
............
2,011‌
1,905,375‌
Goldman
Sachs
Bank
USA,
6.60%,
09/12/30
(a)
................
79,100‌
79,100,000‌
Goldman
Sachs
Finance
Corp.
International
Ltd.
(h)(q)
Series
1MTN,
0.00%,
05/10/27
(b)
.
3,000‌
5,337,210‌
Series
1MTN,
0.00%,
02/28/28
(d)
.
2,900‌
3,107,060‌
Series
700H,
0.00%,
03/13/28
(b)
..
7,000‌
7,277,868‌
Series
1MTN,
0.00%,
08/18/28
(b)(d)
9,000‌
9,227,700‌
Series
PCL,
0.00%,
08/28/28
(b)
...
4,000‌
4,000,000‌
Goldman
Sachs
Group,
Inc.
(The)
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.46%),
6.85%
(o)
..........
1,000‌
1,038,728‌
(1-day
SOFR
+
1.70%),
5.73%,
01/28/56
...............
10,540‌
10,927,553‌
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%,
07/15/29
............
405‌
391,098‌
6.63%,
07/15/30
............
402‌
407,893‌
5.25%,
07/15/31
............
242‌
227,325‌
5.63%,
04/30/33
............
3,173‌
2,952,214‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
GoTo
Group,
Inc.
(c)
5.50%,
05/01/28
............
USD
7,278‌
$
2,356,188‌
5.50%,
05/01/28
............
7,428‌
6,016,518‌
Grand
Canyon
University,
5.13%,
10/01/28
.................
8,775‌
8,629,183‌
Graphic
Packaging
International
LLC
(c)
3.50%,
03/15/28
............
140‌
135,053‌
3.75%,
02/01/30
............
1,258‌
1,175,950‌
6.38%,
07/15/32
............
884‌
897,673‌
Gray
Media,
Inc.
(c)
10.50%,
07/15/29
...........
2,494‌
2,696,641‌
9.63%,
07/15/32
............
9,179‌
9,377,615‌
Group
1
Automotive,
Inc.
(c)
4.00%,
08/15/28
............
881‌
856,166‌
6.38%,
01/15/30
............
277‌
283,380‌
GS
Finance
Corp.,
(10-Year
USD
Constant
Maturity
at
0.00%
Floor
and
5.00%
Cap
+
0.00%),
8.75%,
02/14/30
(a)
................
96,020‌
96,978,280‌
Harvest
Midstream
I
LP
(c)
7.50%,
09/01/28
............
3,582‌
3,620,546‌
7.50%,
05/15/32
............
1,638‌
1,673,225‌
HCA,
Inc.,
4.63%,
03/15/52
(r)
......
29,440‌
24,310,056‌
Helios
Software
Holdings,
Inc.
7.88%,
05/01/29
(b)
...........
EUR
17,794‌
21,860,010‌
Herc
Holdings,
Inc.
(c)
5.50%,
07/15/27
............
USD
352‌
351,119‌
7.00%,
06/15/30
............
1,580‌
1,641,187‌
7.25%,
06/15/33
............
5,222‌
5,451,256‌
Hess
Midstream
Operations
LP
(c)
6.50%,
06/01/29
............
2,752‌
2,838,234‌
4.25%,
02/15/30
............
100‌
96,924‌
5.50%,
10/15/30
............
553‌
556,998‌
Hilcorp
Energy
I
LP
(c)
5.75%,
02/01/29
............
647‌
637,359‌
6.00%,
02/01/31
............
3,274‌
3,153,059‌
8.38%,
11/01/33
............
1,311‌
1,376,914‌
6.88%,
05/15/34
............
3,816‌
3,668,891‌
7.25%,
02/15/35
............
345‌
337,164‌
Hilton
Domestic
Operating
Co.,
Inc.
5.88%,
04/01/29
(c)
...........
1,482‌
1,512,627‌
3.75%,
05/01/29
(c)
...........
441‌
424,240‌
4.88%,
01/15/30
............
136‌
135,237‌
4.00%,
05/01/31
(c)
...........
3,169‌
2,998,605‌
3.63%,
02/15/32
(c)
...........
1,172‌
1,072,503‌
5.88%,
03/15/33
(c)
...........
227‌
231,721‌
5.75%,
09/15/33
(c)
...........
2,469‌
2,501,961‌
Hilton
Grand
Vacations
Borrower
LLC,
6.63%,
01/15/32
(c)
...........
3,152‌
3,201,341‌
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.................
517‌
516,648‌
Hologic,
Inc.
(c)
4.63%,
02/01/28
............
171‌
169,726‌
3.25%,
02/15/29
............
716‌
691,363‌
Home
Depot,
Inc.
(The),
4.88%,
06/25/27
.................
900‌
914,896‌
Homes
By
West
Bay
LLC,
11.00%,
02/06/30
(d)
................
80,958‌
82,075,220‌
Howard
Hughes
Corp.
(The)
(c)
5.38%,
08/01/28
............
9,117‌
9,081,008‌
4.13%,
02/01/29
............
830‌
796,204‌
4.38%,
02/01/31
............
2,154‌
2,019,516‌
Howard
Midstream
Energy
Partners
LLC,
7.38%,
07/15/32
(c)
........
2,202‌
2,285,731‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
HUB
International
Ltd.
(c)
5.63%,
12/01/29
............
USD
7,283‌
$
7,275,675‌
7.25%,
06/15/30
............
8,958‌
9,342,344‌
7.38%,
01/31/32
............
5,952‌
6,198,050‌
Huntsman
International
LLC
4.50%,
05/01/29
............
471‌
450,759‌
2.95%,
06/15/31
............
1,676‌
1,414,095‌
Hyundai
Capital
America,
(1-day
SOFR
at
0.00%
Floor
+
1.35%),
5.51%,
03/27/30
(a)(b)
...............
15,000‌
15,130,500‌
iHeartCommunications
,
Inc.
(c)
9.13%,
05/01/29
(r)
...........
6,478‌
5,826,224‌
7.75%,
08/15/30
............
2,276‌
1,883,832‌
Imola
Merger
Corp.,
4.75%,
05/15/29
(c)
984‌
957,063‌
IQVIA,
Inc.
(c)
5.00%,
10/15/26
............
1,324‌
1,322,385‌
5.00%,
05/15/27
............
1,716‌
1,711,223‌
6.25%,
06/01/32
............
230‌
236,472‌
Iron
Mountain
UK
plc,
3.88%,
11/15/25
(b)
................
GBP
3,868‌
5,190,555‌
Iron
Mountain,
Inc.
4.88%,
09/15/27
(c)
...........
USD
911‌
906,619‌
7.00%,
02/15/29
(c)
...........
3,120‌
3,215,257‌
4.88%,
09/15/29
(c)
...........
116‌
114,196‌
5.25%,
07/15/30
(c)
...........
4,602‌
4,551,225‌
4.50%,
02/15/31
(c)
...........
1,986‌
1,895,688‌
5.63%,
07/15/32
(c)
...........
1,485‌
1,477,073‌
4.75%,
01/15/34
(b)
...........
EUR
10,142‌
11,933,482‌
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
USD
3,945‌
3,878,466‌
J.P.
Morgan
Structured
Products
BV
(b)(d)
10.00%,
05/21/26
...........
11,024‌
11,189,508‌
13.00%,
02/03/28
...........
18,008‌
19,529,792‌
Jackson
National
Life
Global
Funding,
4.60%,
10/01/29
(c)
...........
1,000‌
1,007,779‌
Jane
Street
Group
(c)
7.13%,
04/30/31
............
351‌
368,161‌
6.13%,
11/01/32
............
5,685‌
5,762,084‌
6.75%,
05/01/33
............
2,558‌
2,656,827‌
Jazz
Securities
DAC,
4.38%,
01/15/29
(c)
4,988‌
4,859,491‌
Jefferies
Finance
LLC
(c)
5.00%,
08/15/28
............
1,914‌
1,849,277‌
6.63%,
10/15/31
............
1,222‌
1,230,137‌
Jefferies
GmbH,
(ESTR12MA
+
1.45%),
3.37%,
02/06/28
(a)(b)
..........
EUR
11,500‌
13,428,666‌
Jefferson
Capital
Holdings
LLC,
8.25%,
05/15/30
(c)
................
USD
2,697‌
2,820,590‌
JetBlue
Airways
Corp.,
9.88%,
09/20/31
(c)
................
3,995‌
4,052,017‌
JetBlue
Pass-Through
Trust,
Series
2019-1,
Class
AA,
2.75%,
05/15/32
2,678‌
2,372,191‌
Johnson
&
Johnson
1.65%,
05/20/35
............
EUR
13,864‌
14,155,907‌
3.35%,
02/26/37
............
5,530‌
6,425,301‌
JP
Morgan
Structured
Products
BV,
10.00%,
05/21/26
(b)(d)
.........
USD
7,580‌
7,693,523‌
JPMorgan
Chase
&
Co.
Series
KK,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.65%
(a)(o)
..
4,703‌
4,651,431‌
3.63%,
12/01/27
............
1,000‌
992,083‌
Series
OO,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.15%),
6.50%
(a)(o)
..
1,000‌
1,035,134‌
(1-day
SOFR
+
1.46%),
5.29%,
07/22/35
(a)
..............
1,900‌
1,962,463‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Kaiser
Aluminum
Corp.,
4.50%,
06/01/31
(c)
................
USD
2,340‌
$
2,205,521‌
KeHE
Distributors
LLC,
9.00%,
02/15/29
(c)
................
3,853‌
4,053,945‌
KFC
Holding
Co.,
4.75%,
06/01/27
(c)
.
570‌
567,987‌
Kinetik
Holdings
LP
(c)
6.63%,
12/15/28
............
3,245‌
3,330,740‌
5.88%,
06/15/30
............
896‌
901,211‌
Kodiak
Gas
Services
LLC,
6.50%,
10/01/33
(c)
................
272‌
276,944‌
Kohl's
Corp.,
5.12%,
05/01/31
(g)
....
6,599‌
5,209,579‌
Kraft
Heinz
Foods
Co.,
5.20%,
07/15/45
12,315‌
11,379,129‌
Kronos
International,
Inc.
(b)
9.50%,
03/15/29
............
EUR
1,776‌
2,197,335‌
9.50%,
03/15/29
............
10,990‌
13,597,244‌
Lamar
Media
Corp.
3.75%,
02/15/28
............
USD
371‌
360,686‌
4.88%,
01/15/29
............
199‌
197,214‌
3.63%,
01/15/31
............
1,788‌
1,663,608‌
Lamb
Weston
Holdings,
Inc.
(c)
4.13%,
01/31/30
............
1,338‌
1,284,779‌
4.38%,
01/31/32
............
2,943‌
2,781,492‌
LBM
Acquisition
LLC,
6.25%,
01/15/29
(c)
2,370‌
2,193,731‌
LCM
Investments
Holdings
II
LLC,
8.25%,
08/01/31
(c)
...........
5,347‌
5,655,009‌
Lessen
LLC,
(3-mo.
CME
Term
SOFR
+
8.50%),
12.76%,
01/05/28
(a)(c)(d)
..
43,257‌
40,229,235‌
Level
3
Financing,
Inc.,
6.88%,
06/30/33
(c)
................
4,856‌
4,949,192‌
LGI
Homes,
Inc.
(c)
8.75%,
12/15/28
............
6,472‌
6,794,435‌
7.00%,
11/15/32
............
13,779‌
13,454,160‌
Liberty
Mutual
Group,
Inc.,
3.88%,
09/26/35
(b)
................
EUR
12,340‌
14,385,638‌
LifePoint
Health,
Inc.
(c)
9.88%,
08/15/30
............
USD
1,981‌
2,145,300‌
11.00%,
10/15/30
...........
2,500‌
2,755,393‌
8.38%,
02/15/32
............
1,010‌
1,076,365‌
Light
&
Wonder
International,
Inc.,
7.50%,
09/01/31
(c)
...........
750‌
779,968‌
Lithia
Motors,
Inc.
(c)
4.63%,
12/15/27
............
280‌
277,242‌
4.38%,
01/15/31
............
3,009‌
2,857,399‌
Live
Nation
Entertainment,
Inc.
(c)
4.75%,
10/15/27
............
39‌
38,742‌
3.75%,
01/15/28
............
604‌
589,297‌
Magnera
Corp.
(c)
4.75%,
11/15/29
............
2,766‌
2,448,748‌
7.25%,
11/15/31
............
1,969‌
1,852,790‌
Manufacturers
&
Traders
Trust
Co.,
4.70%,
01/27/28
............
800‌
810,697‌
Marriott
Ownership
Resorts,
Inc.,
6.50%,
10/01/33
(c)
...........
177‌
176,190‌
Mars,
Inc.
(c)
4.55%,
04/20/28
............
1,500‌
1,519,052‌
4.65%,
04/20/31
............
100‌
101,478‌
5.70%,
05/01/55
(r)
...........
11,951‌
12,105,720‌
Massachusetts
Institute
of
Technology,
3.96%,
07/01/38
............
8,375‌
7,747,175‌
Matador
Resources
Co.
(c)
6.88%,
04/15/28
............
230‌
234,724‌
6.50%,
04/15/32
............
258‌
260,469‌
6.25%,
04/15/33
............
2,252‌
2,262,582‌
Match
Group
Holdings
II
LLC
(c)
5.00%,
12/15/27
............
185‌
184,470‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.63%,
06/01/28
............
USD
1,363‌
$
1,338,915‌
4.13%,
08/01/30
............
2,473‌
2,335,730‌
3.63%,
10/01/31
............
402‌
364,342‌
Mauser
Packaging
Solutions
Holding
Co.
(c)
7.88%,
04/15/27
............
5,422‌
5,475,152‌
9.25%,
04/15/27
............
15,190‌
15,224,755‌
McAfee
Corp.,
7.38%,
02/15/30
(c)
...
7,249‌
6,724,110‌
McGraw-Hill
Education,
Inc.,
7.38%,
09/01/31
(c)
................
3,552‌
3,690,347‌
Medline
Borrower
LP
(c)
3.88%,
04/01/29
............
5,534‌
5,337,233‌
6.25%,
04/01/29
............
2,379‌
2,439,437‌
5.25%,
10/01/29
............
6,293‌
6,238,586‌
Medtronic
Global
Holdings
SCA
1.75%,
07/02/49
............
EUR
14,107‌
10,387,980‌
1.63%,
10/15/50
............
19,381‌
13,522,739‌
Medtronic,
Inc.,
4.20%,
10/15/45
...
9,460‌
11,070,419‌
MGM
Resorts
International
4.63%,
09/01/26
............
USD
1,423‌
1,419,418‌
4.75%,
10/15/28
............
2,584‌
2,563,862‌
6.50%,
04/15/32
............
27‌
27,507‌
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
................
5,183‌
5,038,396‌
Millrose
Properties,
Inc.
(c)
6.38%,
08/01/30
............
592‌
602,058‌
6.25%,
09/15/32
............
1,000‌
1,002,614‌
Miter
Brands
Acquisition
Holdco,
Inc.,
6.75%,
04/01/32
(c)
...........
1,804‌
1,853,164‌
Mobius
Merger
Sub,
Inc.,
9.00%,
06/01/30
(c)
................
1,630‌
1,366,022‌
Mohegan
Tribal
Gaming
Authority,
11.88%,
04/15/31
(c)
..........
7,081‌
7,422,283‌
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
............
1,853‌
1,807,127‌
3.88%,
11/15/30
............
1,667‌
1,542,618‌
3.88%,
05/15/32
............
1,593‌
1,445,531‌
Moody's
Corp.,
0.95%,
02/25/30
....
EUR
20,300‌
21,964,435‌
Morgan
Stanley
(a)
(3-mo.
EURIBOR
+
1.30%),
4.66%,
03/02/29
...............
3,908‌
4,790,997‌
(3-mo.
EURIBOR
+
0.87%),
0.50%,
10/26/29
...............
10,142‌
11,112,162‌
(1-day
SOFR
+
1.71%),
5.52%,
11/19/55
(r)
...............
USD
10,929‌
11,047,353‌
Morgan
Stanley
Bank
NA,
(1-day
SOFR
+
0.68%),
4.45%,
10/15/27
(a)
....
250‌
250,598‌
Motorola
Solutions,
Inc.,
4.60%,
02/23/28
.................
1,800‌
1,818,726‌
MPLX
LP,
4.25%,
12/01/27
.......
1,200‌
1,201,169‌
MPT
Operating
Partnership
LP
0.99%,
10/15/26
............
EUR
2,117‌
2,369,703‌
7.00%,
02/15/32
(b)
...........
14,280‌
17,518,632‌
MSD
Netherlands
Capital
BV,
3.75%,
05/30/54
.................
27,172‌
28,999,781‌
Murphy
Oil
USA,
Inc.
4.75%,
09/15/29
............
USD
516‌
508,791‌
3.75%,
02/15/31
(c)
...........
1,525‌
1,418,332‌
National
Grid
North
America,
Inc.
(b)
1.05%,
01/20/31
............
EUR
8,451‌
8,886,951‌
3.63%,
09/03/31
............
494‌
592,498‌
4.67%,
09/12/33
............
7,358‌
9,280,614‌
Nationstar
Mortgage
Holdings,
Inc.
(c)
6.00%,
01/15/27
............
USD
1,264‌
1,264,000‌
5.50%,
08/15/28
............
1,704‌
1,704,000‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
6.50%,
08/01/29
............
USD
1,430‌
$
1,467,020‌
5.13%,
12/15/30
............
2,528‌
2,550,246‌
5.75%,
11/15/31
............
2,366‌
2,390,850‌
7.13%,
02/01/32
............
2,203‌
2,299,498‌
NCL
Corp.
Ltd.
(c)
0.75%,
09/15/30
(q)
...........
6,854‌
6,913,973‌
6.75%,
02/01/32
............
2,853‌
2,934,115‌
NCR
Atleos
Corp.,
9.50%,
04/01/29
(c)
17,658‌
19,115,173‌
NCR
Voyix
Corp.,
5.00%,
10/01/28
(c)
.
4,473‌
4,406,164‌
Neogen
Food
Safety
Corp.,
8.63%,
07/20/30
(c)
................
4,024‌
4,207,973‌
New
Generation
Co.,
10.34%,
09/30/29
(c)(d)
...............
39,062‌
39,061,892‌
Newell
Brands,
Inc.
6.38%,
09/15/27
............
1,263‌
1,280,222‌
6.63%,
09/15/29
............
1,918‌
1,928,952‌
6.38%,
05/15/30
............
1,180‌
1,169,138‌
6.63%,
05/15/32
............
769‌
758,932‌
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(c)
100‌
99,855‌
NextEra
Energy
Capital
Holdings,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%,
03/15/82
(a)
.....
9,854‌
9,609,230‌
Nissan
Motor
Acceptance
Co.
LLC
(c)
1.85%,
09/16/26
............
923‌
889,695‌
7.05%,
09/15/28
............
127‌
132,231‌
5.63%,
09/29/28
............
5,600‌
5,603,608‌
Noble
Finance
II
LLC,
8.00%,
04/15/30
(c)
................
6,331‌
6,552,959‌
Nordstrom,
Inc.,
4.25%,
08/01/31
...
1,394‌
1,266,223‌
Northern
Oil
&
Gas,
Inc.
(c)
8.13%,
03/01/28
............
1,995‌
2,023,167‌
8.75%,
06/15/31
............
2,050‌
2,117,845‌
7.88%,
10/15/33
............
3,875‌
3,859,668‌
Novelis
Corp.
(c)
4.75%,
01/30/30
............
1,996‌
1,923,475‌
6.88%,
01/30/30
............
1,908‌
1,978,547‌
6.38%,
08/15/33
............
101‌
102,044‌
NRG
Energy,
Inc.
(c)
3.38%,
02/15/29
............
3,325‌
3,143,182‌
5.25%,
06/15/29
............
1,148‌
1,144,284‌
5.75%,
07/15/29
............
595‌
595,712‌
3.63%,
02/15/31
............
3,727‌
3,445,703‌
6.00%,
02/01/33
............
423‌
429,586‌
6.00%,
01/15/36
............
1,316‌
1,316,189‌
NuStar
Logistics
LP,
5.63%,
04/28/27
251‌
252,540‌
Nuveen
LLC,
4.00%,
11/01/28
(c)
....
1,400‌
1,395,595‌
Occidental
Petroleum
Corp.,
5.20%,
08/01/29
.................
4,550‌
4,616,876‌
OI
European
Group
BV
(b)
6.25%,
05/15/28
............
EUR
2,349‌
2,846,332‌
5.25%,
06/01/29
............
2,255‌
2,725,089‌
Olin
Corp.,
6.63%,
04/01/33
(c)
......
USD
3,434‌
3,451,713‌
Olympus
Water
US
Holding
Corp.
7.13%,
10/01/27
(c)
...........
3,940‌
4,009,925‌
9.63%,
11/15/28
(b)
...........
EUR
12,553‌
15,457,342‌
9.75%,
11/15/28
(c)
...........
USD
8,596‌
9,021,502‌
5.38%,
10/01/29
(b)
...........
EUR
2,048‌
2,280,421‌
6.25%,
10/01/29
(c)
...........
USD
2,056‌
1,996,368‌
7.25%,
06/15/31
(c)
...........
2,652‌
2,688,531‌
6.13%,
02/15/33
(b)
...........
EUR
6,146‌
7,232,890‌
7.25%,
02/15/33
(c)
...........
USD
8,611‌
8,619,969‌
Oncor
Electric
Delivery
Co.
LLC,
3.63%,
06/15/34
(b)
................
EUR
8,654‌
10,219,973‌
ONEOK,
Inc.,
4.00%,
07/13/27
.....
USD
100‌
99,692‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Oracle
Corp.
4.80%,
09/26/32
............
USD
6,875‌
$
6,883,267‌
4.30%,
07/08/34
............
200‌
191,350‌
5.20%,
09/26/35
............
5,351‌
5,380,465‌
5.38%,
09/27/54
............
23,650‌
21,725,390‌
6.00%,
08/03/55
(r)
...........
12,645‌
12,694,399‌
5.95%,
09/26/55
............
4,274‌
4,260,852‌
6.10%,
09/26/65
............
5,989‌
5,977,971‌
Organon
&
Co.
2.88%,
04/30/28
(b)
...........
EUR
4,000‌
4,573,351‌
5.13%,
04/30/31
(c)
...........
USD
6,094‌
5,338,643‌
6.75%,
05/15/34
(c)
...........
332‌
318,350‌
7.88%,
05/15/34
(c)
...........
7,073‌
6,552,434‌
OT
Midco,
Inc.,
10.00%,
02/15/30
(c)
..
15,083‌
10,190,150‌
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
............
1,854‌
1,844,683‌
7.38%,
02/15/31
............
324‌
341,801‌
Owens-Brockway
Glass
Container,
Inc.,
7.25%,
05/15/31
(c)
...........
1,906‌
1,940,262‌
Pacific
Gas
&
Electric
Co.
4.95%,
07/01/50
............
6,467‌
5,550,541‌
5.25%,
03/01/52
............
2,772‌
2,464,603‌
5.90%,
10/01/54
............
15,926‌
15,513,566‌
Pacific
Life
Insurance
Co.,
5.95%,
09/15/55
(c)
................
15,150‌
15,655,485‌
PacifiCorp,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
7.38%,
09/15/55
(a)
....
1,514‌
1,593,974‌
Packaging
Corp.
of
America,
3.40%,
12/15/27
.................
100‌
98,570‌
Palomino
Funding
Trust
I,
7.23%,
05/17/28
(c)
................
4,440‌
4,712,465‌
Panther
Escrow
Issuer
LLC,
7.13%,
06/01/31
(c)
................
4,896‌
5,092,418‌
Paramount
Global
(a)
(3-mo.
SOFR
+
4.16%),
6.25%,
02/28/57
...............
605‌
596,336‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%,
03/30/62
....
9,279‌
9,263,515‌
Park
Intermediate
Holdings
LLC
(c)
5.88%,
10/01/28
............
1,646‌
1,642,900‌
4.88%,
05/15/29
............
7,844‌
7,647,873‌
PECO
Energy
Co.,
5.65%,
09/15/55
(r)
15,110‌
15,439,386‌
PennyMac
Financial
Services,
Inc.
(c)
7.88%,
12/15/29
............
891‌
945,616‌
7.13%,
11/15/30
............
4,157‌
4,328,526‌
5.75%,
09/15/31
............
1,891‌
1,874,596‌
6.88%,
05/15/32
............
2,967‌
3,074,396‌
6.75%,
02/15/34
............
100‌
102,009‌
Penske
Truck
Leasing
Co.
LP,
5.25%,
07/01/29
(c)
................
2,100‌
2,159,387‌
Performance
Food
Group,
Inc.,
6.13%,
09/15/32
(c)
................
1,448‌
1,483,202‌
Permian
Resources
Operating
LLC
(c)
8.00%,
04/15/27
............
9,512‌
9,659,741‌
5.88%,
07/01/29
............
2,420‌
2,430,832‌
7.00%,
01/15/32
............
1,087‌
1,127,369‌
6.25%,
02/01/33
............
1,408‌
1,434,266‌
PetSmart
LLC,
10.00%,
09/15/33
(c)
..
8,907‌
8,988,573‌
PG&E
Corp.
5.25%,
07/01/30
............
194‌
191,312‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.88%),
7.38%,
03/15/55
(a)
...
74,652‌
76,693,736‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Philip
Morris
International,
Inc.,
1.45%,
08/01/39
.................
EUR
15,600‌
$
13,243,760‌
Pike
Corp.,
5.50%,
09/01/28
(c)
.....
USD
794‌
791,385‌
Pilgrim's
Pride
Corp.
4.25%,
04/15/31
............
644‌
622,453‌
6.25%,
07/01/33
............
1,000‌
1,067,440‌
6.88%,
05/15/34
............
168‌
185,487‌
Pioneer
Midco
LLC,
10.50%,
11/18/30
(a)
(c)(d)
.....................
37,504‌
37,597,494‌
Pitney
Bowes,
Inc.,
6.88%,
03/15/27
(c)
13,830‌
13,819,047‌
Post
Holdings,
Inc.
(c)
5.50%,
12/15/29
............
2,155‌
2,146,398‌
4.50%,
09/15/31
............
499‌
466,190‌
6.25%,
02/15/32
............
3,718‌
3,822,395‌
6.38%,
03/01/33
............
256‌
258,383‌
PRA
Group
Europe
Holding
II
SARL,
6.25%,
09/30/32
(b)
...........
EUR
5,858‌
6,758,926‌
Prestige
Brands,
Inc.,
5.13%,
01/15/28
(c)
................
USD
473‌
469,137‌
Prime
Investments
LLC,
11.00%,
05/01/30
(d)
................
46,039‌
47,249,965‌
Prime
Security
Services
Borrower
LLC,
3.38%,
08/31/27
(c)
...........
4,058‌
3,944,670‌
Primo
Water
Holdings,
Inc.
(c)
6.25%,
04/01/29
............
113‌
112,906‌
4.38%,
04/30/29
............
1,507‌
1,461,644‌
Prologis
LP,
3.25%,
09/11/29
(b)
.....
CNY
97,000‌
13,854,188‌
QIAGEN
NV,
2.00%,
09/04/32
(b)(q)
...
USD
12,200‌
12,062,515‌
Qnity
Electronics,
Inc.
(c)
5.75%,
08/15/32
............
470‌
473,585‌
6.25%,
08/15/33
............
905‌
924,173‌
Quikrete
Holdings,
Inc.
(c)
6.38%,
03/01/32
............
6,332‌
6,558,964‌
6.75%,
03/01/33
............
1,691‌
1,758,122‌
QXO
Building
Products,
Inc.,
6.75%,
04/30/32
(c)
................
1,363‌
1,411,245‌
Range
Resources
Corp.,
8.25%,
01/15/29
.................
1,122‌
1,148,357‌
Resort
Communities
LoanCo
.
LP,
12.50%,
11/21/28
(a)(c)(d)
........
110,861‌
113,499,701‌
Resorts
World
Las
Vegas
LLC
4.63%,
04/16/29
(c)
...........
4,800‌
4,344,480‌
4.63%,
04/16/29
(b)
...........
14,000‌
12,671,400‌
8.45%,
07/27/30
(c)
...........
700‌
711,550‌
8.45%,
07/27/30
(b)
...........
2,600‌
2,642,900‌
Reworld
Holding
Corp.,
4.88%,
12/01/29
(c)
................
4,952‌
4,657,196‌
RHP
Hotel
Properties
LP
4.75%,
10/15/27
............
2,494‌
2,483,063‌
6.50%,
04/01/32
(c)
...........
3,249‌
3,340,265‌
RingCentral,
Inc.,
8.50%,
08/15/30
(c)(r)
19,845‌
21,115,735‌
RLJ
Lodging
Trust
LP
(c)
3.75%,
07/01/26
............
3,420‌
3,385,497‌
4.00%,
09/15/29
............
1,002‌
946,203‌
ROBLOX
Corp.,
3.88%,
05/01/30
(c)
..
878‌
837,485‌
Rocket
Cos.,
Inc.,
6.13%,
08/01/30
(c)
.
3,958‌
4,062,175‌
Rocket
Mortgage
LLC
(c)
2.88%,
10/15/26
............
2,222‌
2,176,514‌
3.63%,
03/01/29
............
985‌
939,421‌
3.88%,
03/01/31
............
413‌
385,677‌
4.00%,
10/15/33
............
241‌
220,101‌
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(c)
................
1,740‌
1,725,885‌
RR
Donnelley
&
Sons
Co.,
10.88%,
08/01/29
(c)
................
8,651‌
8,627,794‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
67
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
RTX
Corp.,
5.38%,
02/27/53
......
USD
11,152‌
$
10,899,394‌
Ryan
Specialty
LLC
(c)
4.38%,
02/01/30
............
1,701‌
1,648,074‌
5.88%,
08/01/32
............
910‌
920,179‌
Sabre
GLBL,
Inc.
(c)
10.75%,
11/15/29
...........
20,157‌
19,479,701‌
11.13%,
07/15/30
...........
8,291‌
8,029,419‌
SBA
Communications
Corp.
3.88%,
02/15/27
............
7,912‌
7,792,732‌
3.13%,
02/01/29
............
1,081‌
1,011,072‌
Schneider
Electric
SE
(b)
3.00%,
03/02/32
............
EUR
44,000‌
51,512,599‌
3.50%,
06/12/33
............
1,400‌
1,677,762‌
1.25%,
09/23/33
(q)
...........
7,800‌
9,248,526‌
SCIH
Salt
Holdings,
Inc.,
4.88%,
05/01/28
(c)
................
USD
1,201‌
1,173,627‌
SCIL
IV
LLC
(b)
4.38%,
11/01/26
............
EUR
2,376‌
2,788,399‌
(3-mo.
EURIBOR
at
4.38%
Floor
+
4.38%),
6.39%,
11/01/26
(a)
...
2,347‌
2,763,162‌
9.50%,
07/15/28
............
6,219‌
7,662,472‌
Scotts
Miracle-Gro
Co.
(The),
4.00%,
04/01/31
.................
USD
1,141‌
1,052,961‌
Seagate
Data
Storage
Technology
Pte.
Ltd.
(c)
4.09%,
06/01/29
............
736‌
712,028‌
8.25%,
12/15/29
............
11,904‌
12,601,598‌
8.50%,
07/15/31
............
5,394‌
5,710,401‌
9.63%,
12/01/32
............
12,877‌
14,585,456‌
Sealed
Air
Corp.
(c)
4.00%,
12/01/27
............
1,156‌
1,134,488‌
5.00%,
04/15/29
............
1,438‌
1,429,977‌
Select
Medical
Corp.,
6.25%,
12/01/32
(c)
3,385‌
3,386,418‌
Sempra,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.79%),
6.88%,
10/01/54
(a)
....
20,645‌
21,391,731‌
Sempra
Infrastructure
Partners
LP,
3.25%,
01/15/32
(c)
...........
200‌
177,378‌
Sensata
Technologies,
Inc.
(c)
4.38%,
02/15/30
............
675‌
651,480‌
3.75%,
02/15/31
............
2,284‌
2,107,855‌
6.63%,
07/15/32
............
1,650‌
1,707,384‌
Service
Corp.
International
5.13%,
06/01/29
............
105‌
104,993‌
3.38%,
08/15/30
............
1,927‌
1,785,495‌
4.00%,
05/15/31
............
1,815‌
1,711,262‌
5.75%,
10/15/32
............
582‌
589,611‌
Service
Properties
Trust
4.95%,
02/15/27
............
1,205‌
1,200,454‌
0.00%,
09/30/27
(c)(h)
..........
10,795‌
9,516,119‌
5.50%,
12/15/27
............
1,318‌
1,293,722‌
3.95%,
01/15/28
............
1,110‌
1,038,810‌
8.38%,
06/15/29
............
26,415‌
26,820,999‌
4.95%,
10/01/29
(r)
...........
2,310‌
2,035,915‌
4.38%,
02/15/30
(r)
...........
1,448‌
1,230,775‌
8.63%,
11/15/31
(c)
...........
3,982‌
4,239,612‌
8.88%,
06/15/32
............
19,207‌
19,314,924‌
Shift4
Payments
LLC
6.75%,
08/15/32
(c)
...........
1,401‌
1,448,481‌
5.50%,
05/15/33
(b)
...........
EUR
4,601‌
5,624,647‌
Sinclair
Television
Group,
Inc.,
8.13%,
02/15/33
(c)
................
USD
100‌
102,627‌
Sirius
XM
Radio
LLC
(c)
5.00%,
08/01/27
............
6,596‌
6,564,327‌
4.00%,
07/15/28
............
2,065‌
1,995,356‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.13%,
07/01/30
............
USD
3,995‌
$
3,746,949‌
3.88%,
09/01/31
............
925‌
838,311‌
Six
Flags
Entertainment
Corp.
(c)
7.25%,
05/15/31
............
293‌
293,116‌
6.63%,
05/01/32
............
3,654‌
3,722,743‌
SLM
Corp.
3.13%,
11/02/26
............
2,555‌
2,502,994‌
6.50%,
01/31/30
............
12‌
12,505‌
SM
Energy
Co.
6.75%,
09/15/26
............
1,111‌
1,110,620‌
6.75%,
08/01/29
(c)
...........
5,706‌
5,733,349‌
7.00%,
08/01/32
(c)
...........
2,524‌
2,525,946‌
Smyrna
Ready
Mix
Concrete
LLC,
8.88%,
11/15/31
(c)
...........
5,092‌
5,376,860‌
Snap,
Inc.
(c)
6.88%,
03/01/33
............
996‌
1,018,010‌
6.88%,
03/15/34
............
667‌
675,092‌
Solaris
Energy
Infrastructure,
Inc.,
4.75%,
05/01/30
(c)(q)
..........
20,170‌
36,102,395‌
Somnigroup
International,
Inc.
(c)
4.00%,
04/15/29
............
827‌
793,711‌
3.88%,
10/15/31
............
1,200‌
1,099,047‌
Sonder
Holdings,
Inc.,
7.00%,
(7.00%
Cash
or
7.00%
PIK),
12/10/27
(d)(p)
.
43,252‌
32,430,675‌
Sonic
Automotive,
Inc.,
4.88%,
11/15/31
(c)
.................
1,356‌
1,296,623‌
Southern
California
Edison
Co.
Series
E,
5.45%,
06/01/52
......
2,604‌
2,364,014‌
5.90%,
03/01/55
(r)
...........
27,030‌
26,231,356‌
Spectrum
Brands,
Inc.,
3.88%,
03/15/31
(c)
................
2,966‌
2,380,215‌
Spirit
AeroSystems,
Inc.
4.60%,
06/15/28
............
950‌
948,781‌
9.38%,
11/30/29
(c)
...........
12,155‌
12,801,877‌
9.75%,
11/15/30
(c)
...........
26,280‌
28,902,586‌
Spirit
Airlines
Pass-Through
Trust
Series
2015-1,Class
A,
4.10%,
04/01/28
...............
346‌
328,296‌
Series
2017-1,Class
AA,
3.38%,
02/15/30
...............
3,907‌
3,637,864‌
Series
2017-1A,Class
A,
3.65%,
08/15/31
...............
10,253‌
9,344,842‌
Sprint
Spectrum
Co.
LLC,
5.15%,
03/20/28
(c)
................
923‌
925,992‌
SS&C
Technologies,
Inc.,
6.50%,
06/01/32
(c)
................
2,604‌
2,692,112‌
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
1,232‌
1,196,788‌
Standard
Building
Solutions,
Inc.,
6.50%,
08/15/32
(c)
...........
2,018‌
2,070,510‌
Standard
Industries,
Inc.
(c)
4.75%,
01/15/28
............
2,343‌
2,322,846‌
4.38%,
07/15/30
............
2,990‌
2,866,751‌
3.38%,
01/15/31
............
2,854‌
2,584,491‌
Star
Parent,
Inc.,
9.00%,
10/01/30
(c)
.
5,017‌
5,303,937‌
Starwood
Property
Trust,
Inc.
(c)
3.63%,
07/15/26
............
5,741‌
5,675,218‌
4.38%,
01/15/27
............
549‌
544,286‌
6.00%,
04/15/30
............
603‌
612,165‌
6.50%,
10/15/30
............
147‌
151,846‌
Starz
Capital
Holdings
1,
Inc.,
6.00%,
04/15/30
(c)
................
34,686‌
32,894,121‌
Starz
Capital
Holdings
LLC,
5.50%,
04/15/29
(c)
................
3,267‌
2,678,940‌
State
Street
Corp.,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
5.30%,
06/15/47
(a)
...........
33,538‌
30,348,392‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Stem,
Inc.,
0.50%,
12/01/28
(c)(q)
....
USD
1,234‌
$
351,691‌
STL
Holding
Co.
LLC,
8.75%,
02/15/29
(c)
................
4,671‌
4,894,816‌
Stonex
Escrow
Issuer
LLC,
6.88%,
07/15/32
(c)
................
954‌
981,968‌
Sun
Country
Airlines
Pass-Through
Trusts,
Series
2022-1A,
4.84%,
03/15/31
(d)
................
5,856‌
5,768,359‌
Sun
Country,
Inc.,
Series
2019-1B,
4.70%,
12/15/25
(d)
...........
1,182‌
1,177,196‌
Sunoco
LP
5.88%,
03/15/28
............
245‌
245,064‌
7.00%,
05/01/29
(c)
...........
2,531‌
2,620,613‌
4.50%,
05/15/29
............
2,036‌
1,986,205‌
4.50%,
04/30/30
............
934‌
899,299‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.23%),
7.88%
(a)(c)(o)
........
6,623‌
6,727,047‌
5.63%,
03/15/31
(c)
...........
2,097‌
2,081,530‌
7.25%,
05/01/32
(c)
...........
165‌
173,164‌
Synchrony
Financial
7.25%,
02/02/33
............
828‌
883,554‌
(1-day
SOFR
+
2.07%),
6.00%,
07/29/36
(a)
..............
10,680‌
10,923,945‌
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(c)
................
10,527‌
11,174,821‌
Tallgrass
Energy
Partners
LP
(c)
6.00%,
03/01/27
............
638‌
637,850‌
5.50%,
01/15/28
............
1,366‌
1,359,051‌
6.00%,
12/31/30
............
2,102‌
2,075,787‌
6.00%,
09/01/31
............
801‌
783,716‌
Taylor
Morrison
Communities,
Inc.,
5.75%,
01/15/28
(c)
...........
686‌
695,570‌
TEGNA,
Inc.,
4.63%,
03/15/28
.....
1,844‌
1,808,321‌
Teleflex,
Inc.
4.63%,
11/15/27
............
1,932‌
1,914,262‌
4.25%,
06/01/28
(c)
...........
923‌
901,020‌
Tenet
Healthcare
Corp.
4.63%,
06/15/28
............
2,177‌
2,157,081‌
4.25%,
06/01/29
............
3,854‌
3,763,933‌
4.38%,
01/15/30
............
2,901‌
2,821,355‌
6.13%,
06/15/30
............
6,824‌
6,911,053‌
Tenneco,
Inc.,
8.00%,
11/17/28
(c)
...
15,515‌
15,543,325‌
Terex
Corp.
(c)
5.00%,
05/15/29
............
1,161‌
1,143,358‌
6.25%,
10/15/32
............
1,402‌
1,428,212‌
Texas
Capital
Bancshares,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.15%),
4.00%,
05/06/31
(a)
...........
15,257‌
15,036,230‌
TKC
Holdings,
Inc.,
10.50%,
05/15/29
(c)
191‌
195,601‌
T-Mobile
USA,
Inc.
2.05%,
02/15/28
............
200‌
190,682‌
3.80%,
02/11/45
............
EUR
26,642‌
29,051,572‌
5.25%,
06/15/55
(r)
...........
USD
16,230‌
15,108,274‌
Toyota
Motor
Credit
Corp.,
5.40%,
11/20/26
..................
900‌
914,287‌
TransDigm
,
Inc.
6.75%,
08/15/28
(c)
...........
2,994‌
3,051,063‌
4.63%,
01/15/29
............
1,906‌
1,867,828‌
6.38%,
03/01/29
(c)
...........
5,584‌
5,709,087‌
6.88%,
12/15/30
(c)
...........
169‌
175,107‌
6.63%,
03/01/32
(c)
...........
8,834‌
9,095,000‌
6.00%,
01/15/33
(c)
...........
3,394‌
3,431,616‌
6.38%,
05/31/33
(c)
...........
2,389‌
2,415,859‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Transocean
International
Ltd.,
8.25%,
05/15/29
(c)
................
USD
6,349‌
$
6,259,265‌
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(c)
...........
7,127‌
7,302,387‌
Travel
+
Leisure
Co.
(c)
6.63%,
07/31/26
............
1,967‌
1,981,615‌
6.13%,
09/01/33
............
1,560‌
1,555,242‌
Tronox,
Inc.,
4.63%,
03/15/29
(c)
....
13,610‌
8,877,078‌
Twilio,
Inc.
3.63%,
03/15/29
............
460‌
438,341‌
3.88%,
03/15/31
............
772‌
725,890‌
UKG,
Inc.,
6.88%,
02/01/31
(c)
......
4,893‌
5,048,769‌
United
Airlines
Pass-Through
Trust,
Series
2019-2,
Class
A,
2.90%,
05/01/28
.................
1,741‌
1,652,618‌
United
Rentals
North
America,
Inc.
4.00%,
07/15/30
............
1,627‌
1,556,223‌
3.88%,
02/15/31
............
1,825‌
1,726,487‌
3.75%,
01/15/32
............
3,519‌
3,259,935‌
United
Wholesale
Mortgage
LLC
(c)
5.75%,
06/15/27
............
2,200‌
2,198,771‌
5.50%,
04/15/29
............
4,759‌
4,693,583‌
UnitedHealth
Group,
Inc.
2.95%,
10/15/27
............
600‌
588,261‌
5.95%,
06/15/55
............
1,760‌
1,834,971‌
Uniti
Group
LP
(c)
10.50%,
02/15/28
...........
17,154‌
18,066,593‌
4.75%,
04/15/28
............
8,766‌
8,584,190‌
Univision
Communications,
Inc.
(c)
4.50%,
05/01/29
............
188‌
177,327‌
7.38%,
06/30/30
............
1,493‌
1,500,144‌
8.50%,
07/31/31
............
3,282‌
3,389,131‌
9.38%,
08/01/32
............
1,068‌
1,138,132‌
US
Bancorp
(a)
(3-mo.
EURIBOR
+
0.80%),
2.83%,
05/21/28
...............
EUR
12,329‌
14,512,924‌
(3-mo.
EURIBOR
+
0.80%),
2.83%,
05/21/28
...............
8,591‌
10,112,786‌
US
Foods,
Inc.
(c)
6.88%,
09/15/28
............
USD
2,828‌
2,914,684‌
4.75%,
02/15/29
............
447‌
440,316‌
4.63%,
06/01/30
............
1,989‌
1,943,822‌
USA
Compression
Partners
LP
6.88%,
09/01/27
............
2,206‌
2,205,504‌
7.13%,
03/15/29
(c)
...........
183‌
188,732‌
6.25%,
10/01/33
(c)
...........
895‌
898,423‌
UWM
Holdings
LLC
(c)
6.63%,
02/01/30
............
5,849‌
5,950,089‌
6.25%,
03/15/31
............
2,223‌
2,212,413‌
Vail
Resorts,
Inc.,
5.63%,
07/15/30
(c)
.
716‌
720,475‌
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
............
2,140‌
2,050,838‌
6.25%,
01/15/30
............
2,708‌
2,823,225‌
4.13%,
08/15/31
............
2,095‌
1,977,362‌
Venture
Global
LNG,
Inc.
(c)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.44%),
9.00%
(a)(o)
.........
6,997‌
6,934,584‌
7.00%,
01/15/30
............
6,530‌
6,757,017‌
8.38%,
06/01/31
............
7,127‌
7,483,138‌
9.88%,
02/01/32
............
8,346‌
9,086,484‌
Venture
Global
Plaquemines
LNG
LLC
(c)
7.50%,
05/01/33
............
5,128‌
5,666,491‌
7.75%,
05/01/35
............
871‌
983,105‌
6.75%,
01/15/36
............
2,022‌
2,147,722‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
69
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Viasat
,
Inc.,
5.63%,
04/15/27
(c)
.....
USD
4,699‌
$
4,680,070‌
Viking
Cruises
Ltd.
(c)
5.88%,
09/15/27
............
100‌
100,038‌
7.00%,
02/15/29
............
629‌
632,178‌
9.13%,
07/15/31
............
577‌
619,306‌
Viper
Energy
Partners
LLC
4.90%,
08/01/30
............
19,650‌
19,796,522‌
5.70%,
08/01/35
............
18,450‌
18,758,484‌
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.93%),
8.00%
(a)(c)(o)
.........
20,740‌
21,214,075‌
Vistra
Operations
Co.
LLC
(c)
5.63%,
02/15/27
............
3,402‌
3,404,013‌
5.00%,
07/31/27
............
203‌
202,328‌
4.38%,
05/01/29
............
2,385‌
2,335,060‌
7.75%,
10/15/31
............
3,574‌
3,781,978‌
6.88%,
04/15/32
............
150‌
156,882‌
Vital
Energy,
Inc.
9.75%,
10/15/30
............
3,773‌
3,939,231‌
7.88%,
04/15/32
(c)
...........
1,785‌
1,732,766‌
VOC
Escrow
Ltd.,
5.00%,
02/15/28
(c)
.
1,097‌
1,094,015‌
Voyager
Parent
LLC,
9.25%,
07/01/32
(c)
3,340‌
3,532,017‌
Wand
NewCo
3,
Inc.,
7.63%,
01/30/32
(c)
156‌
164,365‌
Warnermedia
Holdings,
Inc.
3.76%,
03/15/27
............
28,594‌
28,200,833‌
4.28%,
03/15/32
............
2,154‌
1,973,602‌
Washington
Mutual
Bank
(d)(e)(f)
0.00%,
09/21/17
(a)
...........
25,126‌
2‌
0.00%,
09/21/17
(h)
...........
15,753‌
2‌
Washington
Mutual
Escrow
Bonds
(d)(e)(f)
0.00%,
11/06/09
............
45,161‌
632,254‌
0.00%,
09/19/17
(h)
...........
2,631‌
—‌
Washington
Mutual,
Inc.,
0.00%,
10/03/17
(a)(d)(e)(f)
.............
14,745‌
1‌
Wayfair
LLC,
7.25%,
10/31/29
(c)
....
3,040‌
3,134,364‌
Weatherford
International
Ltd.,
6.75%,
10/15/33
(c)
................
1,315‌
1,315,915‌
Weekley
Homes
LLC,
4.88%,
09/15/28
(c)
................
3,281‌
3,212,481‌
Wells
Fargo
&
Co.
(a)
Series
BB,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.45%),
3.90%
(o)
...
10,698‌
10,594,106‌
(Sterling
Overnight
Index
Average
+
1.28%),
3.47%,
04/26/28
(b)
...
GBP
15,525‌
20,519,871‌
(3-mo.
EURIBOR
+
1.22%),
3.90%,
07/22/32
(b)
..............
EUR
29,760‌
35,985,857‌
(3-mo.
CME
Term
SOFR
+
4.50%),
5.01%,
04/04/51
(r)
.........
USD
11,789‌
11,009,216‌
WESCO
Distribution,
Inc.
(c)
7.25%,
06/15/28
............
759‌
768,867‌
6.38%,
03/15/29
............
2,387‌
2,457,610‌
6.38%,
03/15/33
............
100‌
103,663‌
Whirlpool
Corp.
4.75%,
02/26/29
............
547‌
539,603‌
6.13%,
06/15/30
............
521‌
525,081‌
6.50%,
06/15/33
............
3,008‌
3,001,807‌
Williams
Scotsman,
Inc.
(c)
4.63%,
08/15/28
............
1,067‌
1,049,063‌
6.63%,
06/15/29
............
3,060‌
3,129,936‌
7.38%,
10/01/31
............
358‌
373,875‌
Windstream
Services
LLC,
7.50%,
10/15/33
(c)
................
2,650‌
2,649,284‌
Wolfspeed
,
Inc.
2.50%,
06/15/31
(c)(q)
..........
168‌
153,425‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
2.50%,
06/15/31
(d)(q)
..........
USD
363‌
$
345,539‌
7.00%,
(7.00%
Cash
or
12.00%
PIK),
06/15/31
(d)(p)
.........
396‌
376,688‌
WR
Grace
Holdings
LLC,
4.88%,
06/15/27
(c)
................
1,719‌
1,708,339‌
WRKCo
,
Inc.,
3.90%,
06/01/28
.....
100‌
99,171‌
Wynn
Resorts
Finance
LLC
(c)
5.13%,
10/01/29
............
1,863‌
1,865,873‌
6.25%,
03/15/33
............
1,098‌
1,114,997‌
Xerox
Corp.
(c)
10.25%,
10/15/30
...........
11,874‌
12,062,037‌
13.50%,
04/15/31
...........
14,920‌
14,444,177‌
Xerox
Holdings
Corp.,
8.88%,
11/30/29
(c)(r)
................
956‌
516,480‌
XHR
LP,
4.88%,
06/01/29
(c)
.......
1,125‌
1,101,851‌
XPLR
Infrastructure
Operating
Partners
LP
(c)
3.88%,
10/15/26
............
47‌
46,325‌
4.50%,
09/15/27
............
1,651‌
1,619,750‌
7.25%,
01/15/29
(r)
...........
1,586‌
1,628,384‌
8.38%,
01/15/31
............
1,364‌
1,429,472‌
8.63%,
03/15/33
(r)
...........
4,542‌
4,763,146‌
XPO,
Inc.,
7.13%,
02/01/32
(c)
......
952‌
999,822‌
Yum!
Brands,
Inc.
4.75%,
01/15/30
(c)
...........
1,304‌
1,295,911‌
3.63%,
03/15/31
............
1,833‌
1,711,549‌
Zayo
Group
Holdings,
Inc.,
6.25%,
03/09/30
(a)(c)
...............
1,432‌
1,371,113‌
5,527,216,601‌
Uzbekistan
—
0.0%
Navoi
Mining
&
Metallurgical
Combinat
6.70%,
10/17/28
(b)
...........
1,241‌
1,290,020‌
6.70%,
10/17/28
(c)
...........
4,626‌
4,808,727‌
6.75%,
05/14/30
(c)
...........
511‌
536,550‌
6.95%,
10/17/31
(c)
...........
5,985‌
6,390,723‌
13,026,020‌
Vietnam
—
0.0%
Mong
Duong
Finance
Holdings
BV,
5.13%,
05/07/29
(b)
...........
12,647‌
12,504,442‌
Zambia
—
0.0%
First
Quantum
Minerals
Ltd.,
9.38%,
03/01/29
(c)
................
5,450‌
5,765,010‌
Total
Corporate
Bonds
—
34.0%
(Cost:
$14,545,526,285)
...........................
15,017,292,915‌
Fixed
Rate
Loan
Interests
Australia
—
0.0%
Nqxt
Capital
Pty.
Ltd.,
1st
Lien
Term
Loan,
9.50%
,
 02/10/31
........
AUD
25,000‌
16,542,500‌
France
—
0.0%
Atos
SE,
1st
Lien
Term
Loan,
9.00%
,
 12/17/29
............
EUR
7,500‌
9,347,874‌
India
—
0.0%
Vedanta
Holdings
Mauritius
II
Ltd.,
1st
Lien
Term
Loan,
18.00%
,
 04/17/26
(d)
USD
17,060‌
17,060,120‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
—
0.0%
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan,
6.05% 11/09/29
.........
GBP
161‌
$
2,165‌
United
States
—
0.1%
Amf
Mf
Portfolio,
1st
Lien
Term
Loan,
7.21%
,
 11/06/28
(d)
...........
USD
3,625‌
3,719,663‌
Aspen
Owner
LLC,
1st
Lien
Term
Loan,
7.27%
,
 02/09/27
(d)
...........
58,433‌
58,987,231‌
Houston
Center,
1st
Lien
Term
Loan
0.00%, 09/13/32
(d)
...........
18,105‌
2‌
Houston
Center,
Delayed
Draw
1st
Lien
Term
Loan,
5.75%
,
 05/09/30
(d)
...
12,834‌
12,131,985‌
X
Corp.,
1st
Lien
Term
Loan
B3,
9.50%
,
 10/26/29
............
4,239‌
4,249,004‌
79,087,885‌
Total
Fixed
Rate
Loan
Interests
—
0.1%
(Cost:
$119,038,841)
.............................
122,040,544‌
Floating
Rate
Loan
Interests
Australia
—
0.0%
GEAR
M
Illawarra
Met
Coal
Pty.
Ltd.,
1st
Lien
Term
Loan,
12/01/32
(a)(d)(s)
16,358‌
16,030,486‌
Austria
—
0.0%
Innio
Group
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.66%
,
 11/02/28
(a)
...........
EUR
3,000‌
3,534,266‌
Belgium
—
0.0%
(a)
QSRP
Finco
BV,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.07%
,
 06/19/31
.
4,609‌
5,445,631‌
United
Petfood
Finance
BV,
1st
Lien
Term
Loan
B,
02/26/32
(s)
.......
4,416‌
5,181,489‌
10,627,120‌
Canada
—
0.0%
(a)
Air
Canada,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.17%
,
 03/21/31
(l)
......
USD
1,081‌
1,079,803‌
Clarios
Global
LP,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.16%
,
 01/28/32
......
EUR
4,650‌
5,481,061‌
Clarios
Global
LP,
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.91%
,
 07/16/31
.....
4,000‌
4,707,424‌
GFL
Environmental
Services,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.67%
,
 03/03/32
(l)
...........
USD
405‌
404,469‌
Husky
Injection
Molding
Systems
Ltd.,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.92%
,
 02/15/29
(l)
......
944‌
946,290‌
Knowlton
Development
Corp.,
Inc,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
7.66%
,
 08/15/28
(l)
858‌
859,131‌
Ontario
Gaming
GTA
LP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.24%
,
 08/01/30
(l)
...........
407‌
396,269‌
Security
Par
(000)
Par
(000)
Value
Canada
(continued)
WestJet
Loyalty
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.25%
,
 02/14/31
(l)
USD
938‌
$
938,226‌
14,812,673‌
Cayman
Islands
—
0.0%
(a)
Flexsys
Cayman
Holdings
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
9.71%
,
 08/01/29
............
3,866‌
1,251,636‌
Usavflow
II
Ltd.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.50%),
10.84%
,
 09/10/29
(d)
16,109‌
16,210,486‌
17,462,122‌
Finland
—
0.0%
(a)
Mehilainen
Yhtiot
Oy,
Facility
1st
Lien
Term
Loan
B7,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.50%
,
 08/05/31
............
EUR
6,506‌
7,669,457‌
Spa
Holdings
3
Oy,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.75%
,
 02/04/28
............
4,500‌
5,314,608‌
12,984,065‌
France
—
0.3%
(a)
Acropole
Holding
SAS,
Facility
1st
Lien
Term
Loan
B,
07/23/32
(s)
.......
3,001‌
3,534,008‌
Apave
,
Facility
1st
Lien
Term
Loan
B,
12/02/31
(s)
................
2,000‌
2,356,177‌
Artemis
BidCo
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.77%
,
 08/07/32
............
1,654‌
1,945,594‌
Atos
SE,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.60%),
4.62%
,
 12/17/30
............
12,375‌
12,436,896‌
Banijay
Entertainment
SAS,
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.19%
,
 03/01/28
............
4,000‌
4,718,225‌
Banijay
Entertainment
SAS,
Facility
1st
Lien
Term
Loan
B4,
(EUR0012M
at
0.00%
Floor
+
3.25%),
5.19%
-
5.71%
,
 02/10/32
............
932‌
1,099,816‌
Betclic
Everest
Group,
Facility
1st
Lien
Term
Loan
B,
12/05/31
(s)
.......
3,000‌
3,544,163‌
Care
Bidco
SAS,
Facility
1st
Lien
Term
Loan
B,
11/06/28
(s)
...........
4,000‌
4,735,319‌
Casper
Bidco
SASU,
Facility
1st
Lien
Term
Loan
B6,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.66%
,
 03/21/31
............
4,000‌
4,687,982‌
ELSAN
SAS,
Facility
1st
Lien
Term
Loan
B6,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.50%
,
 06/16/31
.
4,000‌
4,693,946‌
Euro
Parfums
Fze
,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.00%
,
 11/08/30
.......
4,500‌
5,293,369‌
Galileo
Glob
Ed
Operations,
1st
Lien
Term
Loan
B4,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.28%
,
 07/31/31
............
4,740‌
5,555,294‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
71
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
Hestiafloor
2
SASU,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.50%
,
 02/27/30
.....
EUR
4,353‌
$
5,142,000‌
Holding
Socotec
,
Facility
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
+
3.50%),
5.50%
,
 06/02/31
............
4,741‌
5,600,555‌
HomeVi
SAS,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
+
4.75%),
6.78%
,
 10/31/29
............
4,000‌
4,706,156‌
Inovie
Group
SAS,
1st
Lien
Term
Loan
B,
03/03/28
(s)
...............
3,000‌
3,089,982‌
Obol
France
3
SAS,
Facility
1st
Lien
Term
Loan
B3,
12/29/28
(s)
......
4,000‌
4,604,248‌
Parts
Europe
SA,
Facility
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.92%
,
 02/03/31
.
4,000‌
4,710,148‌
Ramsay
Generale
De
Sante
SA,
Facility
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.25%
,
 08/13/31
............
3,000‌
3,526,975‌
SAM
Bidco
,
Facility
1st
Lien
Term
Loan
B6,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.50%
,
 12/13/27
.....
4,000‌
4,722,029‌
Talbot
Participation
SAS,
Facility
1st
Lien
Term
Loan
B,
07/07/32
(s)
....
3,000‌
3,543,811‌
Trevise
Holdings
1
SAS,
Facility
1st
Lien
Term
Loan,
07/09/29
(s)
.....
3,417‌
4,030,151‌
Vivalto
Sante
Investissement
,
1st
Lien
Term
Loan
B,
07/21/31
(s)
.......
4,370‌
5,150,916‌
ZF
Invest,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
+
3.75%),
5.75%
,
 07/11/31
............
4,000‌
4,720,151‌
108,147,911‌
Germany
—
0.2%
(a)
Aenova
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B1,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.03%
,
 08/22/31
............
3,000‌
3,529,687‌
AVIV
Group
GmbH,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.10%
,
 04/23/32
.....
3,866‌
4,567,531‌
CTEC
III
GmbH,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.78%
,
 03/16/29
.
3,000‌
3,519,227‌
Ephios
Subco
3
SARL,
Facility
1st
Lien
Term
Loan
B,
04/16/31
(s)
.......
1,000‌
1,173,933‌
Goodarz
Holding
Co.
SARL,
Delayed
Draw
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
+
5.13%),
7.03%
,
 11/19/30
(d)
...........
14,862‌
17,439,289‌
IFCO
Management
GmbH,
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.40%
,
 11/29/29
............
4,000‌
4,711,275‌
Kleopatra
Finco
SARL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.73%),
6.79%
,
 02/12/26
............
6,373‌
4,137,343‌
Minimax
Viking
GmbH,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.41%
,
 03/17/32
............
3,000‌
3,529,687‌
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Mosel
Bidco
SE,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.75%
,
 09/16/30
......
EUR
3,000‌
$
3,536,098‌
Rain
Carbon,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.03%
,
 10/31/28
......
3,713‌
4,351,227‌
Schoen
Klinik
SE,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.00%
,
 01/13/31
.
3,778‌
4,442,219‌
Speedster
Bidco
GmbH,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.62%
,
 12/10/31
.
5,500‌
6,489,561‌
Speedster
Bidco
GmbH,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.24%
,
 11/13/31
(l)
...........
USD
901‌
901,681‌
Techem
Verwaltungsgsesellschaft
675
mbH
,
Facility
1st
Lien
Term
Loan
B6,
(3-mo.
EURIBOR
+
3.25%),
5.27%
,
 07/15/32
............
EUR
7,173‌
8,470,375‌
Tele
Columbus
AG,
Facility
1st
Lien
Term
Loan
B,
01/01/29
(s)
.......
9,886‌
7,612,156‌
TK
Elevator
Midco
GmbH,
1st
Lien
Term
Loan
B1
 04/30/30
(s)
................
10,138‌
11,936,897‌
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.20%, 04/30/30
(l)
USD
978‌
979,855‌
91,328,041‌
Ireland
—
0.1%
(a)
Applegreen
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.03%
,
 01/26/32
.
EUR
2,278‌
2,700,142‌
Broom
Holdings
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.15%),
5.19%
,
 08/24/28
............
4,500‌
5,287,980‌
Helios
Software
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.33%
,
 03/13/28
............
3,376‌
3,952,368‌
ION
Trading
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
3.75%
-
5.75%
,
 04/03/28
............
3,000‌
3,508,942‌
Promontoria
Beech
DAC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
5.62%
,
 01/01/28
(d)
...........
11,068‌
12,994,693‌
Virgin
Media
Ireland
Ltd.,
Facility
1st
Lien
Term
Loan
B1,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.38%
,
 07/13/29
............
2,000‌
2,322,952‌
30,767,077‌
Jersey,
Channel
Islands
—
0.1%
(a)(d)
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan,
16.50% 11/10/27
........
GBP
345‌
139,356‌
Vita
Global
FinCo
Ltd.,
1st
Lien
Term
Loan
B
(p)
(6-mo.
EURIBOR
at
0.00%
Floor
+
8.00%),
10.05%
(9.66%
Cash
or
10.05%
PIK),
, 07/06/27
.....
EUR
13,140‌
12,804,494‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
(Daily
SONIA
at
0.00%
Floor
+
8.00%),
11.97%
(11.55%
Cash
or
11.97%
PIK),
, 07/06/27
......
GBP
8,123‌
$
9,040,127‌
21,983,977‌
Luxembourg
—
0.4%
(a)
AI
Monet
Luxembourg
ParentCo
SARL,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.72%
,
 03/06/31
............
EUR
4,500‌
5,313,604‌
AI
Sirona
Luxembourg
Acquisition
SARL,
Facility
1st
Lien
Term
Loan
B3,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
5.91%
,
 09/29/28
.....
4,000‌
4,706,860‌
Al
Mansart
(Luxembourg)
Bidco
SCS,
1st
Lien
Term
Loan
A,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.25%),
10.44%
,
 01/01/30
(d)
.....
USD
14,356‌
14,284,389‌
Albea
Beauty
Holdings
SARL,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.00%
,
 12/31/27
............
EUR
3,000‌
3,503,060‌
Albion
Financing
3
SARL,
1st
Lien
Term
Loan,
05/21/31
(s)
............
4,000‌
4,716,065‌
Altice
Financing
SA,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.03%
,
 10/29/27
.
4,324‌
4,232,867‌
Altice
Financing
SA,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.03%
,
 10/29/27
.....
5,712‌
5,591,415‌
Claudius
Finance
Parent
SARL,
1st
Lien
Term
Loan
B4,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.78%
,
 07/05/28
............
4,500‌
5,291,361‌
Cobham
Ultra
SeniorCo
SARL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.83%
,
 08/06/29
............
4,000‌
4,690,330‌
Connect
Finco
SARL,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.66%
,
 09/13/29
(l)
...........
USD
15,292‌
15,082,036‌
Delta
2
(Lux)
SARL,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.30%
,
 09/30/31
(l)
894‌
893,673‌
Eircom
Finco
SARL,
Facility
1st
Lien
Term
Loan
B5,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.65%
,
 05/15/29
............
EUR
4,500‌
5,299,497‌
Euro
Parfums
Fze
Upsize,
1st
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
+
0.00%),
10.58%
,
 07/01/32
(d)
USD
8,892‌
8,847,266‌
Froneri
International
Ltd.,
1st
Lien
Term
Loan
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.58%, 09/30/31
....
EUR
5,000‌
5,865,378‌
 07/19/32
(s)
................
1,628‌
1,912,849‌
Garfunkelux
Holdco
3
SA,
1st
Lien
Term
Loan
B,
06/01/32
(s)
...........
14,334‌
16,639,508‌
Gategroup
Finance
Luxembourg
SA,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
4.25%
-
6.58%
,
 06/16/32
......
2,832‌
3,357,990‌
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Hyperion
Refinance
SARL,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
6.63%
-
7.07%
,
 02/17/31
(l)
USD
992‌
$
992,312‌
Index
HoldCo
SARL,
Facility
1st
Lien
Term
Loan
A,
0.10% 12/29/28
...
EUR
3,925‌
2,051,562‌
Jazz
Financing
Lux
SARL,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.41%
,
 05/05/28
(l)
...........
USD
701‌
700,939‌
LSF10
Edilians
Investments
SARL,
Facility
1st
Lien
Term
Loan
B4,
(3-mo.
EURIBOR
+
3.50%),
5.47%
,
 03/05/31
............
EUR
3,000‌
3,539,761‌
Matador
Bidco
SARL,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.51%
,
 07/16/29
(l)
...........
USD
1,500‌
1,507,500‌
Matterhorn
Telecom
SA,
Facility
1st
Lien
Term
Loan
B3,
01/26/32
(s)
...
EUR
7,923‌
9,323,217‌
PROJECT
BERLIN,
Term
Loan,
0.00%
,
 01/22/33
(d)
...........
14,567‌
16,954,079‌
Radar
Bidco
SARL,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
+
3.50%),
5.48%
,
 04/04/31
......
4,258‌
5,026,277‌
Rainbow
Finco
SARL,
Facility
1st
Lien
Term
Loan
B2,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.31%
,
 02/26/29
............
6,600‌
7,780,422‌
Seine
Holdco
SAS,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.25%
,
 01/11/31
............
4,000‌
4,717,333‌
Speed
Midco
3
SARL,
1st
Lien
Term
Loan
B,
09/23/32
(s)
...........
7,264‌
8,528,635‌
Summer
BC
Bidco
B
LLC,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.58%
,
 01/31/29
.
588‌
679,081‌
Summer
BC
Holdco
B
SARL,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.58%
,
 01/31/29
............
2,412‌
2,784,073‌
Tackle
SARL,
Facility
1st
Lien
Term
Loan
B2,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.37%
,
 05/22/28
.
4,400‌
5,179,716‌
Telenet
International
Finance
SARL,
1st
Lien
Term
Loan
AQ,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
4.13%
,
 04/30/29
............
4,000‌
4,675,866‌
184,668,921‌
Netherlands
—
0.2%
(a)
Accell
Group
Holdings
BV,
1st
Lien
Term
Loan,
06/01/32
(s)
........
4,750‌
3,736,414‌
Ammega
Group
BV,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.75%),
6.75%
,
 01/01/29
............
4,000‌
4,328,347‌
Barentz
International
BV,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.35%
,
 03/03/31
(l)
......
USD
498‌
497,254‌
Bock
Capital
Bidco
BV,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.50%
,
 06/29/28
.
EUR
4,000‌
4,707,095‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
73
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
Boels
Topholding
BV,
Facility
1st
Lien
Term
Loan
B3,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.63%
,
 05/23/31
............
EUR
4,417‌
$
5,196,694‌
Flutter
Financing
BV,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.75%
,
 12/02/30
(l)
...........
USD
933‌
929,408‌
Fugue
Finance
BV,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.28%
,
 01/09/32
......
EUR
4,000‌
4,715,360‌
Median
BV,
1st
Lien
Term
Loan,
(SONIA
Daily
at
0.00%
Floor
+
5.93%),
10.01%
,
 10/14/27
...........
GBP
5,300‌
6,985,411‌
Median
BV,
Facility
1st
Lien
Term
Loan
B1,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.93%),
6.93%
,
 10/14/27
.....
EUR
3,618‌
4,249,243‌
Nobian
Finance
BV,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.53%
,
 07/01/30
.
7,263‌
8,428,735‌
Nobian
Finance
BV,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.69%
,
 07/01/29
.....
5,928‌
6,898,304‌
Odido
Holding
BV,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
4.90%
,
 03/30/29
.
4,000‌
4,711,697‌
Peer
Holding
III
BV,
1st
Lien
Term
Loan
B6B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.75%
,
 07/01/31
.
1,500‌
1,763,752‌
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B4B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.80%
,
 10/28/30
(l)
...........
USD
787‌
787,212‌
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B7,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.25%
,
 11/26/31
............
EUR
3,000‌
3,531,167‌
Pegasus
Bidco
BV,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
+
3.00%),
4.95%
,
 07/12/29
............
4,760‌
5,609,152‌
Sigma
HoldCo
BV,
Facility
1st
Lien
Term
Loan
B13,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.03%
,
 01/03/28
............
3,000‌
3,424,622‌
Stage
Entertainment
BV,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.03%
,
 06/01/29
............
3,708‌
4,384,479‌
TMF
Sapphire
Bidco
BV,
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.19%
,
 05/03/28
.
4,000‌
4,716,769‌
Ziggo
BV,
Facility
1st
Lien
Term
Loan
H,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.88%
,
 01/31/29
......
9,279‌
10,731,689‌
90,332,804‌
New
Zealand
—
0.0%
FNZ
NZ
Finco
Ltd.,
1st
Lien
Term
Loan,
(Daily
SONIA
at
0.00%
Floor
+
6.00%),
9.97%
,
 11/05/31
(a)(d)
....
GBP
13,000‌
13,986,960‌
Security
Par
(000)
Par
(000)
Value
Norway
—
0.0%
Sector
Alarm
Holding
A/S,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.53%
,
 06/14/29
(a)
...........
EUR
4,535‌
$
5,346,820‌
Spain
—
0.3%
(a)
Aernnova
Aerospace
SAU,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
5.98%
,
 02/27/30
............
4,042‌
4,714,768‌
Boluda
Towage
SL,
Facility
1st
Lien
Term
Loan
B3,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.41%
,
 01/31/30
............
4,513‌
5,330,596‌
Cervantes
Bidco
SL,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.29%
,
 12/03/31
.
3,854‌
4,546,777‌
Dorna
Sports
SL,
Facility
1st
Lien
Term
Loan
B,
08/11/32
(s)
...........
2,100‌
2,476,723‌
Findango
Mezz
Rev,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
+
7.25%),
9.14%
,
 05/01/32
(d)
...........
27,075‌
31,908,196‌
Natra
SA,
Term
Loan,
(6-mo.
EURIBOR
at
0.00%
Floor
+
6.20%),
8.20%
,
 10/13/29
(d)
...........
21,501‌
25,243,366‌
PAX
HoldCo
Spain
SL,
1st
Lien
Term
Loan,
12/31/29
(s)
............
1,133‌
1,334,754‌
PAX
HoldCo
Spain
SL,
Facility
1st
Lien
Term
Loan
B3,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.04%
-
6.95%
,
 12/31/29
............
8,528‌
10,067,793‌
Promontoria
Challenger
I
SA,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
5.65%
,
 10/20/25
(d)
.....
13,003‌
15,265,586‌
Sirocco
Lux
SA,
1st
Lien
Term
Loan
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.90%),
6.14%
,
 02/28/26
(d)
.....
22,925‌
26,915,119‌
127,803,678‌
Sweden
—
0.1%
(a)
Eleda
Management
AB,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.50%
,
 04/02/31
............
261‌
308,620‌
Eleda
Management
AB,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.48%
-
5.50%
,
 04/03/31
............
3,333‌
3,934,906‌
IGT
Holding
IV
AB,
Facility
1st
Lien
Term
Loan
B4,
08/29/31
(s)
......
2,000‌
2,359,113‌
Quimper
AB,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
3.75%
-
5.69%
,
 03/29/30
............
5,000‌
5,907,761‌
Verisure
Holding
AB,
Facility
1st
Lien
Term
Loan
B,
03/27/28
(s)
.......
4,250‌
4,994,054‌
17,504,454‌
United
Kingdom
—
0.6%
(a)
Acuris
Finance
US,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.53%
,
 02/16/28
.
3,000‌
3,511,689‌
Bellis
Acquisition
Co.
plc,
Facility
1st
Lien
Term
Loan
B,
05/12/31
(s)
....
3,000‌
3,398,311‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Belron
Uk
Finance
Plc,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.97%
,
 10/16/31
.
EUR
14,677‌
$
17,281,783‌
Boots
Group
Bidco
Ltd.,
1st
Lien
Term
Loan,
(Daily
SONIA
at
0.00%
Floor
+
4.75%),
4.75%
,
 08/30/32
......
GBP
3,478‌
4,710,097‌
Cabot
Securitisation
UK
Ltd.,
1st
Lien
Term
Loan,
(1-mo.
GBP
SONIA
+
3.20%),
7.42%
,
 01/18/30
(d)
.....
35,000‌
46,426,621‌
CD&R
Firefly
Bidco
plc,
Facility
1st
Lien
Term
Loan
B10,
(Daily
SONIA
at
0.00%
Floor
+
4.75%),
4.75%
,
 04/30/29
............
10,775‌
14,498,833‌
CD&R
Firefly
Bidco
plc,
Facility
1st
Lien
Term
Loan
B11,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.28%
,
 04/30/29
............
EUR
2,000‌
2,356,224‌
City
Football
Group
Ltd.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.78%
,
 07/22/30
(l)
...........
USD
988‌
986,680‌
Eagle
4
Ltd.,
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.75%
,
 07/12/28
......
EUR
4,500‌
5,278,840‌
Eagle
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B,
02/20/32
(s)
...........
4,500‌
5,311,860‌
Edge
Finco
plc,
Facility
1st
Lien
Term
Loan
B1,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.53%
,
 08/22/31
.
8,922‌
10,535,770‌
Elvis
UK
Holdco
Ltd.,
Facility
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
+
3.60%),
5.60%
,
 10/31/31
......
3,500‌
4,124,091‌
Entain
Holdings
(Gibraltar)
Ltd.,
1st
Lien
Term
Loan
B,
(1-day
SOFR
+
2.25%),
6.37%
,
 10/31/29
(l)
......
USD
806‌
804,679‌
Entain
Holdings
(Gibraltar)
Ltd.,
Facility
1st
Lien
Term
Loan
B4,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.29%
,
 06/30/28
............
EUR
4,000‌
4,725,551‌
Hbx
Group
International
plc,
Facility
1st
Lien
Term
Loan
B,
02/13/32
(s)
....
3,000‌
3,526,553‌
INEOS
Finance
plc,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.16%
,
 02/07/31
.
3,000‌
3,283,313‌
INEOS
Quattro
Holdings
UK
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.41%
,
 04/03/29
............
7,695‌
8,294,213‌
INEOS
US
Finance
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.41%
,
 02/18/30
(l)
...........
USD
955‌
862,203‌
Inspired
Finco
Holdings
Ltd.,
1st
Lien
Term
Loan
B6,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.16%
,
 02/28/31
............
EUR
4,000‌
4,710,899‌
Lernen
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B3,
(6-mo.
EURIBOR
+
3.75%),
5.85%
,
 04/25/29
......
4,000‌
4,723,109‌
Market
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.53%
,
 11/04/30
.
8,650‌
10,172,492‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Masorange
Holdco
Ltd.,
Facility
1st
Lien
Term
Loan
B5,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.56%
,
 03/25/31
............
EUR
29,473‌
$
34,565,248‌
Mercia,
1st
Lien
Term
Loan
A1,
(3-mo.
GBP
SONIA
at
0.00%
Floor
+
2.40%),
6.85%
,
 04/08/26
(d)
.....
GBP
7,177‌
9,652,894‌
Mercia,
1st
Lien
Term
Loan
A2,
(3-mo.
GBP
SONIA
at
0.00%
Floor
+
2.40%),
6.85%
,
 04/09/26
(d)
.....
28,370‌
38,154,761‌
Mercia,
1st
Lien
Term
Loan
B-1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
7.10%
,
 04/09/26
(d)
.....
1,646‌
2,213,655‌
Modulaire
Group
Holdings
Ltd.,
Facility
1st
Lien
Term
Loan
B3,
07/10/31
(s)
EUR
3,500‌
3,888,307‌
OCS
Group
Holding
Ltd.,
Facility
1st
Lien
Term
Loan
B1,
(Daily
SONIA
at
0.00%
Floor
+
5.75%),
5.75%
,
 11/27/31
............
GBP
2,286‌
3,066,372‌
OCS
Group
Holding
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
11/27/31
(s)
...
EUR
1,000‌
1,180,660‌
Platform
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
+
4.00%),
6.12%
,
 09/29/28
......
1,000‌
1,174,461‌
Platform
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
+
4.00%),
5.94%
,
 09/29/28
......
3,000‌
3,528,772‌
Rubix
Group
Finco
Ltd.,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.08%
,
 09/29/28
.
4,000‌
4,725,551‌
Seashell
Bidco
SL,
Delayed
Draw
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
6.20%),
8.20% 10/10/29
(d)
............
2,309‌
2,710,597‌
Synlab
Bond
plc,
Facility
1st
Lien
Term
Loan,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.55%
,
 07/01/27
.
3,230‌
3,776,670‌
VMED
O2
UK
HoldCo
4
Ltd.,
Facility
1st
Lien
Term
Loan
Z,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.43%),
5.30%
,
 10/15/31
............
4,000‌
4,707,095‌
Zegona
Holdco
Ltd.,
Facility
1st
Lien
Term
Loan
B,
07/16/29
(s)
.......
6,461‌
7,611,456‌
280,480,310‌
United
States
—
2.7%
(a)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.41%
,
 12/21/28
(l)
......
USD
978‌
974,987‌
Action
Environmental
Group,
Inc.
(The),
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.25%
,
 10/24/30
(d)(l)
.....
564‌
563,789‌
ADMI
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.38%),
7.65%
,
 12/23/27
(l)
......
491‌
461,950‌
AG
Group
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.41%
,
 12/29/28
(l)
...........
925‌
814,052‌
AHP
Health
Partners,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
6.41%
,
 09/20/32
(l)
879‌
880,648‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
75
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
AI
Aqua
Merger
Sub,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.28%
,
 07/31/28
(l)
...........
USD
1,327‌
$
1,328,882‌
AlixPartners
LLP,
1st
Lien
Term
Loan
(3-mo.
EURIBOR
+
3.00%),
5.00%, 08/12/32
..........
EUR
4,313‌
5,071,078‌
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16%, 08/12/32
(l)
USD
610‌
605,845‌
Alliant
Holdings
Intermediate
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
6.67%
,
 09/19/31
(l)
985‌
982,212‌
Allied
Universal
Holdco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
7.51%
,
 08/20/32
.....
13,144‌
13,185,300‌
AllSpring
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.81%
-
7.23%
,
 11/01/30
(l)
...........
982‌
983,633‌
Alorica,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.88%),
11.19%
,
 12/21/27
(d)
20,684‌
20,528,535‌
Alpha
Generation
LLC,
1st
Lien
Term
Loan
B,
09/30/31
(l)(s)
..........
499‌
497,744‌
Altafiber
,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
2.25%),
6.41%
,
 11/23/28
(l)
...........
992‌
993,550‌
Altar
Bidco
,
Inc.,
2nd
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.60%),
9.58%
,
 02/01/30
.
35,591‌
33,692,855‌
Alterra
Mountain
Co.,
1st
Lien
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66%
,
 05/31/30
(d)(l)
..........
458‌
458,583‌
Amentum
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.41%
,
 09/29/31
(l)
...........
14,850‌
14,832,408‌
American
Airlines,
Inc.,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.26%
,
 06/04/29
(l)
...........
990‌
987,832‌
American
Axle
&
Manufacturing,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.18%
,
 12/13/29
(l)
......
975‌
972,183‌
American
Residential
Services
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.75%),
6.75%
,
 02/02/32
(l)
998‌
993,141‌
Amneal
Pharmaceuticals
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.66%
,
 08/02/32
(l)
...........
695‌
693,839‌
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan,
12/29/31
(l)(s)
.......
1,045‌
1,040,832‌
Anticimex
Global
AB,
1st
Lien
Term
Loan
B6,
(1-day
SOFR
at
0.50%
Floor
+
3.40%),
7.76%
,
 11/16/28
(l)
.
118‌
118,379‌
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.58%
,
 06/24/30
(l)
...........
461‌
460,773‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Aretec
Group,
Inc.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.66%
,
 08/09/30
(l)
...........
USD
496‌
$
496,171‌
Arsenal
AIC
Parent
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91%
,
 08/19/30
(l)
...........
843‌
841,926‌
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.26%
,
 11/24/27
(l)
...........
992‌
962,977‌
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.16%
,
 12/11/28
(l)
...........
992‌
990,936‌
ASP
Dream
Acquisition
Co.
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
8.51%
,
 12/15/28
(d)(l)
..........
497‌
455,148‌
Asurion
LLC,
1st
Lien
Term
Loan
B13,
09/19/30
(l)(s)
................
1,423‌
1,412,435‌
AthenaHealth
Group,
Inc.,
1st
Lien
Term
Loan,
02/15/29
(l)(s)
.......
996‌
993,753‌
Atlas
Luxco
4
SARL,
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
+
3.75%),
5.66%
,
 08/20/32
............
EUR
5,076‌
5,972,069‌
Autokiniton
US
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.43%
,
 04/06/28
(l)
...........
USD
1,492‌
1,475,948‌
Avaya,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
11.66%
,
 08/01/28
......
91‌
79,937‌
B&G
Foods,
Inc.,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.66%
,
 10/10/29
(l)
...........
992‌
949,805‌
Baldwin
Insurance
Group
Holdings
LLC
(The),
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
2.50%),
6.64%
,
 05/26/31
(l)
...........
473‌
472,537‌
Bally's
Corp.,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.84%
,
 10/02/28
(l)
...........
30,368‌
29,432,111‌
Barracuda
Networks,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.81%
,
 08/15/29
(l)
...........
982‌
820,122‌
Bausch
+
Lomb
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.41%
,
 01/15/31
(l)
...........
20,374‌
20,356,874‌
BCPE
Empire
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.41%
,
 12/11/30
(l)
...........
498‌
496,490‌
Beach
Acquisition
Bidco
LLC,
1st
Lien
Term
Loan
B2,
09/13/32
(s)
......
EUR
4,429‌
5,211,062‌
Bleriot
US
Bidco
,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.77%
,
 10/31/30
(l)
...........
USD
1,190‌
1,189,778‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Boost
Newco
Borrower
LLC,
1st
Lien
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.00%
,
 01/31/31
(l)
...........
USD
617‌
$
617,602‌
Boots
Group
Finco
LP,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
+
3.50%),
5.52%
,
 08/30/32
............
EUR
6,400‌
7,571,026‌
Boxer
Parent
Co.,
Inc.,
1st
Lien
Term
Loan
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.53%, 07/30/31
....
10,614‌
12,494,752‌
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.20%, 07/30/31
(l)
USD
1,423‌
1,420,067‌
Brand
Industrial
Services,
Inc.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.80%
,
 08/01/30
(l)
...........
1,076‌
972,815‌
Broadstreet
Partners
Group
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91%
,
 06/16/31
(l)
...........
988‌
988,564‌
CACI
International,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91%
,
 10/30/31
(l)
...........
993‌
992,514‌
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.41%
,
 02/06/30
(l)
...........
819‌
816,319‌
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.41%
,
 02/06/31
(l)
...........
8,562‌
8,533,536‌
Calpine
Construction
Finance
Co.
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16%
,
 07/19/30
(l)
......
1,215‌
1,214,740‌
Camelot
US
Acquisition
LLC,
1st
Lien
Term
Loan
B,
01/31/31
(l)(s)
......
1,370‌
1,361,467‌
Cast
&
Crew
LLC,
Facility
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.91%
,
 12/29/28
(l)
...........
956‌
860,260‌
Cengage
Learning,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
7.67%
-
7.92%
,
 03/24/31
(l)
...........
496‌
494,647‌
Central
Parent
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.25%
,
 07/06/29
(l)
...........
1,483‌
1,279,067‌
Champions
Financing,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.95%
,
 02/06/29
(l)
...........
378‌
353,629‌
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.88%
-
7.22%
,
 09/08/32
(l)
...........
611‌
611,161‌
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
6.93%
,
 11/29/30
(l)
...........
1,248‌
1,251,140‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Chemours
Co.
(The),
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.16%
,
 08/18/28
(l)
...........
USD
908‌
$
906,189‌
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.75%),
7.05%
,
 09/29/28
(l)
....
1,279‌
1,278,985‌
Chobani
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.76%
,
 10/25/27
(l)
993‌
995,207‌
Chromalloy
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.54%
,
 03/27/31
(l)
1,356‌
1,358,387‌
Cirkul
Sr
Sec,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
4.00%
Floor
+
7.50%),
11.59%
(11.59%
Cash
or
3.50%
PIK),
 04/23/28
(d)(p)
.
18,228‌
17,933,166‌
Citadel
Securities
Global
Holdings
LLC,
Facility
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16%
,
 10/31/31
(l)
......
985‌
986,662‌
Clarios
Global
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91%
,
 01/28/32
.
7,000‌
6,997,830‌
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.25%),
7.48%
,
 03/21/31
(l)
1,993‌
1,999,706‌
Cloud
Software
Group,
Inc.,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.73%
,
 03/30/29
............
EUR
4,085‌
4,822,423‌
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.17%
,
 10/09/28
(l)
USD
500‌
491,040‌
Clover
Holdings
2
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.94%
,
 12/09/31
(l)
...........
993‌
992,205‌
Clue
Opco
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
8.81%
,
 12/19/30
(l)
929‌
926,177‌
Clydesdale
Acquisition
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.18%),
7.34%
,
 04/13/29
......
17,651‌
17,621,293‌
CNT
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
6.56%
-
6.81%
,
 11/08/32
(l)
...........
1,444‌
1,442,319‌
Cobham
Ultra
SeniorCo
SARL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.37%
,
 08/03/29
(l)
......
1,375‌
1,374,401‌
ConnectWise
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.76%
,
 09/29/28
.
10,707‌
10,718,398‌
Coral-US
Co-Borrower
LLC,
1st
Lien
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.26%
,
 10/15/29
(l)
...........
1,000‌
994,430‌
Core
&
Main
LP,
1st
Lien
Term
Loan
E,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.17%
,
 02/10/31
(l)
757‌
754,163‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
77
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CoreWeave
Compute
Acquisition
Co.
II
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
9.62%),
13.62%
-
13.95%
,
 07/31/28
(d)
..........
USD
46,243‌
$
46,011,462‌
CoreWeave
Compute
Acquisition
Co.
III
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.00%),
10.00%
,
 05/16/29
(d)
..........
49,350‌
48,856,370‌
Cotiviti,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.03%
,
 05/01/31
(l)
1,283‌
1,258,977‌
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.66%
,
 10/02/28
(l)
...........
334‌
333,021‌
CPM
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.78%
,
 09/28/28
(l)
...........
308‌
306,514‌
CRC
Insurance
Group
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.75%
,
 05/06/31
(l)
...........
523‌
521,838‌
Creative
Artists
Agency
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66%
,
 10/01/31
(l)
...........
267‌
267,542‌
Crocs,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.25%
,
 02/19/29
(l)
......
424‌
424,848‌
CSC
Holdings
LLC,
1st
Lien
Term
Loan
B5,
(US
Prime
Rate
at
0.00%
Floor
+
1.50%),
8.75%
,
 04/15/27
.....
4,213‌
4,071,879‌
CTP-02
Propco
LLC,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.53%
,
 12/06/29
(d)
...........
15,499‌
15,490,904‌
Cushman
&
Wakefield
US
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.91%
,
 01/31/30
(l)
......
948‌
949,281‌
CVR
CHC
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.00%
,
 12/30/27
(d)
10,777‌
10,776,588‌
Dave
&
Buster's,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.56%
,
 06/29/29
(l)
...........
774‌
720,931‌
Dayforce,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31%
,
 03/01/31
(d)(l)
258‌
257,747‌
Dealer
Tire
Financial
LLC,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%
,
 07/02/31
(l)
...........
1,480‌
1,471,423‌
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.02%
,
 11/30/29
(l)
.
990‌
977,879‌
Derby
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.18%
,
 11/01/30
(l)
.
513‌
513,745‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Digital
Room
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.67%
,
 12/21/28
............
USD
6,093‌
$
5,971,150‌
DirecTV
Financing
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
9.57%
,
 08/02/27
............
392‌
391,677‌
DirecTV
Financing
LLC,
1st
Lien
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
9.82%, 08/02/29
(l)
798‌
798,082‌
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.50%),
9.81%, 02/17/31
16,137‌
15,753,776‌
Discovery
Energy
Holding
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.75%
,
 05/01/31
(l)
...........
500‌
500,470‌
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
10/04/29
(l)(s)
.......
523‌
520,177‌
DK
Crown
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.00%
,
 03/04/32
(l)
...........
274‌
273,113‌
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16%
,
 10/31/31
(l)
...........
1,042‌
1,041,753‌
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16%
,
 10/31/31
(l)
...........
396‌
396,341‌
EAB
Global,
Inc.,
1st
Lien
Term
Loan,
08/16/30
(l)(s)
................
500‌
486,340‌
ECL
Entertainment
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.00%),
7.16%
,
 08/30/30
......
21,807‌
21,769,314‌
EIS
Group
Ltd.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
11.16%
,
 07/10/28
(d)
28,919‌
27,944,020‌
EIS
Group
Ltd.,
Revolving
Loan
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
11.16%
,
 07/10/28
(d)
..........
2,892‌
2,794,402‌
Elanco
Animal
Health,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.13%
,
 08/02/27
(l)
...........
594‌
593,693‌
Element
Materials
Technology
Group
US
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.68%),
7.68%
,
 06/22/29
(l)
...........
980‌
985,052‌
Ellucian
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.91%
,
 10/09/29
(l)
...........
802‌
801,329‌
Emerald
Technologies
US
AcquisitionCo
,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
10.60%
,
 12/29/27
(d)
..........
7,288‌
5,028,815‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
EMRLD
Borrower
LP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.45%
,
 05/31/30
(l)
...........
USD
1,481‌
$
1,476,191‌
Engineered
Machinery
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.75%
,
 05/19/28
............
EUR
3,959‌
4,676,834‌
Ensemble
RCM
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.31%
,
 08/01/29
(l)
...........
USD
1,357‌
1,360,198‌
EP
Purchaser
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.78%
,
 11/06/28
(l)
.
977‌
916,950‌
Examworks
Bidco
,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91%
,
 11/01/28
(l)
...........
985‌
986,583‌
Fertitta
Entertainment
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.41%
,
 01/29/29
(l)
...........
16,394‌
16,364,662‌
Finastra
USA,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
+
4.50%),
6.51%
,
 07/30/32
............
EUR
3,496‌
4,126,197‌
First
Advantage
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
2.75%),
6.91%
,
 10/31/31
(l)
USD
979‌
953,186‌
First
Brands
Group
LLC,
1st
Lien
Term
Loan,
03/30/27
(s)
............
EUR
1,460‌
539,044‌
Fleet
Midco
I
Ltd.,
1st
Lien
Term
Loan
B2,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.54%
,
 02/21/31
(d)(l)
..........
USD
928‌
927,602‌
Focus
Financial
Partners
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91%
,
 09/15/31
(l)
...........
1,182‌
1,181,666‌
Fortrea
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.06%
,
 07/01/30
(l)
...........
307‌
283,008‌
Fortress
Intermediate
3,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.25%
,
 06/27/31
(l)
...........
993‌
994,981‌
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
8.31%
-
8.32%
,
 01/29/31
(l)
...........
1,466‌
1,467,764‌
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.10%
,
 10/01/27
(l)
...........
984‌
967,514‌
Galaxy
Universal
LLC,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
10.75%
,
 11/12/26
(d)
27,378‌
27,240,779‌
Genesys
Cloud
Services,
Inc.,
1st
Lien
Term
Loan,
01/30/32
(l)(s)
.......
999‌
992,030‌
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.41%
,
 09/27/30
(l)
...........
962‌
883,733‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Go
Daddy
Operating
Co.
LLC,
1st
Lien
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91%
,
 11/09/29
(l)
...........
USD
986‌
$
984,853‌
Goat
Holdco
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91%
,
 01/27/32
.
5,970‌
5,973,224‌
Gogo
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.18%
,
 05/01/28
(l)
...........
997‌
988,581‌
GoTo
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.22%
,
 04/30/28
.
10,183‌
6,430,323‌
Grant
Thornton
Advisors
LLC,
1st
Lien
Term
Loan
(l)
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66%, 06/02/31
993‌
985,859‌
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.16%, 06/02/31
445‌
443,976‌
Grifols
Worldwide
Operations
USA,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.26%
,
 11/15/27
(l)
......
683‌
680,221‌
Grinding
Media,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.70%
,
 10/12/28
(d)(l)
..........
980‌
979,898‌
Guardian
US
Holdco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.50%
,
 01/31/30
(l)
...........
992‌
992,216‌
Gulfside
Supply,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.00%
,
 06/17/31
(l)
...........
986‌
986,272‌
Hanesbrands,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91%
,
 03/08/32
(l)
1,120‌
1,123,167‌
Helios
Software
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.80%
,
 07/18/30
(l)
...........
714‌
713,908‌
Hilcorp
Energy
I
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.15%
,
 02/06/30
(l)
284‌
283,575‌
Hilton
Domestic
Operating
Co.,
Inc.,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91%
,
 11/08/30
(l)
......
276‌
276,177‌
Hilton
Garden
Inn,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
7.61%
,
 05/31/29
(d)
29,100‌
28,757,880‌
Hilton
Grand
Vacations
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16%
-
6.32%
,
 01/17/31
(l)
652‌
651,392‌
Hobbs
&
Associates
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.91%
,
 07/23/31
(l)
...........
998‌
996,163‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
79
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
HomeServe
USA
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.89%
,
 10/21/30
(l)
...........
USD
1,429‌
$
1,425,027‌
HP
LQ
Investment
LP,
1st
Lien
Term
Loan
(d)
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.82%),
7.14%, 12/09/26
2,285‌
2,284,949‌
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.82%),
7.15%, 12/09/26
25,900‌
25,900,000‌
Hrni
Holdings
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.40%
,
 12/11/28
(d)
28,885‌
28,067,137‌
HUB
International
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
6.58%
-
6.71%
,
 06/20/30
(l)
...........
847‌
848,211‌
Hunter
Douglas,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.25%
,
 01/16/32
(l)
...........
1,346‌
1,346,441‌
Hydrofarm
Holdings
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
10.07%
,
 10/25/28
(d)
..........
4,155‌
3,407,150‌
Icon
Parent
I,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.75%),
6.75%
,
 11/13/31
(l)
...........
13,965‌
13,940,980‌
Indicor
LLC,
1st
Lien
Term
Loan
D,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.75%
,
 11/22/29
(l)
.
1,821‌
1,822,357‌
Indy
US
Holdco
LLC,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
+
3.00%),
4.91%
,
 10/31/30
............
EUR
2,648‌
3,110,462‌
Informatica
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.41%
,
 10/27/28
(l)
USD
987‌
988,446‌
Innio
North
America
Holding,
Inc.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.39%
,
 11/02/28
(l)
......
654‌
653,210‌
Interface
Security
Systems
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.00%),
11.42% 06/30/25
(d)(e)(f)
.........
19,857‌
8,885,984‌
ION
Platform
Finance
SARL,
1st
Lien
Term
Loan
B,
0.00%
,
 09/30/32
...
EUR
5,647‌
6,549,254‌
IRB
Holding
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.66%
,
 12/15/27
(l)
USD
990‌
990,062‌
Iridium
Satellite
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
6.41%
,
 09/20/30
(l)
...........
1,106‌
1,045,849‌
ITG
Communications
LLC,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.95%
,
 07/09/31
............
22,233‌
21,941,303‌
J&J
Ventures
Gaming
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.66%
,
 04/26/30
............
7,790‌
7,702,448‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Jack
Ohio
Finance
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.16%
,
 01/28/32
(l)
...........
USD
5,979‌
$
5,925,144‌
Janus
International
Group
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.70%
,
 08/05/30
(l)
...........
992‌
993,042‌
JFL-Tiger
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.89%
,
 10/17/30
(l)
...........
658‌
658,840‌
Jump
Financial
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
3.50%),
7.50%
,
 02/26/32
(l)
......
986‌
990,966‌
Kaman
Corp.,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.79%
-
7.21%
,
 02/26/32
(l)
...........
8,783‌
8,748,978‌
Kaman
Corp.,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.83%
,
 02/26/32
(l)
...........
77‌
77,173‌
KBR,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.16%
,
 01/17/31
(l)
......
303‌
303,683‌
Learning
Care
Group
US
No.
2,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.00%
-
8.32%
,
 08/11/28
(d)(l)
.....
998‌
977,854‌
Leased
&
Tenanted
Pubs
1
Ltd.,
2nd
Lien
Term
Loan,
(Daily
SONIA
at
0.00%
Floor
+
9.38%),
13.84%
,
 10/31/29
...........
GBP
4,492‌
5,921,042‌
Legence
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.16%
,
 12/15/28
(l)
...........
USD
439‌
439,858‌
Life
Time,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
6.25%
,
 11/05/31
(l)
...........
731‌
730,104‌
Light
&
Wonder
International,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.39%
,
 04/16/29
(l)
......
983‌
983,157‌
Long
Point
Development
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.35%),
8.69%
,
 01/01/28
(d)
...........
16,500‌
16,500,000‌
LSF12
Crown
US
Commercial
Bidco
LLC,
1st
Lien
Term
Loan,
12/02/31
(l)
(s)
......................
995‌
995,627‌
Lummus
Technology
Holdings
V
LLC,
1st
Lien
Term
Loan
B,
(1-
mo.
CME
Term
SOFR
+
2.50%),
6.66%
,
 12/31/29
(l)
...........
980‌
981,525‌
Maravai
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.33%
,
 10/19/27
(d)(l)
..........
552‌
535,107‌
Maverick
Gaming
LLC,
1st
Lien
Term
Loan
(d)
(US
Prime
Rate
at
0.00%
Floor
+
7.50%),
14.75%, 06/05/28
....
5,368‌
2,952,192‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(US
Prime
Rate
at
0.00%
Floor
+
7.50%),
14.75%, 06/05/28
....
USD
3,056‌
$
2,750,784‌
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.20%
,
 05/04/28
(l)
......
5,093‌
5,089,659‌
McAfee
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.53%
,
 03/01/29
......
EUR
4,411‌
5,079,477‌
McAfee
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.22%
,
 03/01/29
.
USD
11,940‌
11,383,930‌
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.00%),
11.31%
,
 11/01/29
............
3,210‌
647,361‌
Medline
Borrower
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
6.16%
,
 10/23/30
(l)
......
890‌
889,913‌
MH
Sub
I
LLC,
1st
Lien
Term
Loan
(l)
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.25%, 05/03/28
878‌
843,531‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.41%, 12/31/31
594‌
546,166‌
Mitchell
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.41%
,
 06/17/31
(l)
...........
990‌
988,525‌
Modena
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.81%
,
 07/01/31
(l)
...........
500‌
493,215‌
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.16%
,
 03/29/28
(l)
......
632‌
633,769‌
Montage
Hotels
&
Resorts
LLC,
Revolving
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
0.00%),
0.00%
-
10.49%
,
 02/16/29
(d)
.....
2,014‌
1,938,318‌
Montage
Hotels
&
Resorts
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.00%),
10.49%
,
 02/16/29
(d)
..........
12,551‌
12,080,533‌
Motion
Finco
SARL,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.50%
,
 11/13/29
(l)
...........
1,481‌
1,324,691‌
MPH
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan
(l)
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.06%, 12/31/30
53‌
52,782‌
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.60%),
9.17%, 12/31/30
439‌
402,967‌
Naked
Juice
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.65%, 01/24/29
2,407‌
1,809,614‌
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.80%, 01/24/29
1,365‌
1,372,077‌
Neon
Maple
US
Debt
Mergersub
,
Inc.,
1st
Lien
Term
Loan
B1,
(1-
mo.
CME
Term
SOFR
+
2.75%),
6.91%
,
 11/17/31
(l)
...........
995‌
994,519‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Neptune
Bidco
US,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
6.97%
,
 04/11/29
.
EUR
1,985‌
$
2,317,125‌
NGL
Energy
Operating
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.66%
,
 02/03/31
(l)
...........
USD
411‌
410,918‌
Oldcastle
BuildingEnvelope
,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.25%
,
 04/30/29
(l)
...........
977‌
910,920‌
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B,
07/23/32
(l)(s)
...
265‌
262,824‌
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.75%
,
 06/23/31
............
EUR
5,362‌
6,314,049‌
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B6,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.30%
,
 06/23/31
......
USD
7,355‌
7,275,431‌
OMNIA
Partners
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.81%
,
 07/25/30
(l)
...........
933‌
933,004‌
OneDigital
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.32%
,
 07/02/31
(l)
...........
990‌
988,782‌
Organon
&
Co.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.41%
,
 05/19/31
(l)
617‌
600,804‌
Pai
HoldCo
,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.32%
,
 10/28/27
.
11,183‌
9,315,284‌
Peninsula
Pacific
Entertainment
LLC,
1st
Lien
Term
Loan
B,
08/16/32
(d)(s)
16,407‌
16,366,340‌
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.01%
,
 02/01/28
(l)
460‌
386,982‌
PetSmart
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
8.14%
,
 08/18/32
(l)
...........
1,225‌
1,205,980‌
Phoenix
Guarantor,
Inc.,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66%
,
 02/21/31
(l)
...........
985‌
985,139‌
Pitney
Bowes,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.91%
,
 03/19/32
.
11,671‌
11,656,761‌
Planet
US
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.20%
,
 02/07/31
(l)
...........
949‌
953,220‌
Playtika
Holding
Corp.,
Facility
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.03%
,
 03/13/28
(l)
...........
987‌
970,853‌
Polaris
Newco
LLC,
1st
Lien
Term
Loan
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.03%, 06/02/28
....
EUR
4,954‌
5,407,297‌
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.57%, 06/02/28
(l)
USD
987‌
950,267‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
81
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.13%
,
 10/15/30
(l)
......
USD
1,346‌
$
1,342,341‌
Primo
Brands
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.55%
-
6.96%
,
 03/31/28
(l)
...........
494‌
493,426‌
Project
Alpha
Intermediate
Holding,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.55%
,
 10/28/30
(l)
......
956‌
958,106‌
Project
Aurora
US
Finco
,
Inc.,
1st
Lien
Term
Loan
B
(3-mo.
EURIBOR
+
3.25%),
0.00%, 09/24/32
..........
EUR
1,600‌
1,883,176‌
 09/26/32
(s)
................
1,600‌
1,878,480‌
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.16%
,
 08/31/28
(l)
USD
7,445‌
7,464,730‌
Quartz
AcquireCo
LLC,
1st
Lien
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.25%
,
 06/28/30
(l)
...........
1,543‌
1,535,895‌
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.41%
,
 02/10/32
(l)
...........
512‌
512,077‌
Raven
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.16%
,
 11/19/31
(l)
...........
438‌
437,333‌
RealPage,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.26%
,
 04/24/28
(l)
987‌
984,422‌
Redstone
Holdco
2
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.06%
,
 04/27/28
............
21,759‌
11,042,931‌
Redstone
HoldCo
2
LP,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.75%),
12.32%
,
 04/27/29
...........
10,460‌
2,102,460‌
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.39%
,
 11/30/28
(l)
...........
1,867‌
1,868,024‌
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.39%
,
 11/30/28
(l)
...........
103‌
102,848‌
Robertshaw
US
Holding
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
8.00%),
0.00%
,
 02/26/27
(d)(e)(f)
.........
4,760‌
47,600‌
Rocket
Software,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.66%
,
 11/28/28
.
EUR
4,000‌
4,712,496‌
Runitonetime
LLC,
1st
Lien
Term
Loan
(12-mo.
CME
Term
SOFR
at
2.00%
Floor
+
12.50%),
16.28%, 04/16/26
(d)
........
USD
351‌
337,398‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
12.50%),
16.66%, 05/06/26
.........
USD
1,103‌
$
1,060,247‌
(12-mo.
CME
Term
SOFR
+
12.50%),
16.38%, 07/07/26
(d)
..
425‌
408,937‌
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B1
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.78%, 12/17/27
1,770‌
1,672,867‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
10.26%, 11/15/29
(d)
........
2,541‌
2,388,540‌
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B2
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.78%, 12/17/27
1,606‌
1,518,003‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
9.26%, 06/30/28
4,117‌
3,849,388‌
Savor
Acquisition,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.32%
,
 02/19/32
(l)
...........
868‌
872,852‌
Scientific
Games
Holdings
LP,
1st
Lien
Term
Loan,
04/04/29
(l)(s)
.......
1,496‌
1,482,950‌
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.20%
,
 01/31/29
(l)
...........
496‌
496,602‌
Sheraton
San
Diego,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
2.75%
,
 04/07/30
(d)
...........
15,100‌
15,120,636‌
Shift4
Payments
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.80%
-
7.05%
,
 06/30/32
(l)
...........
370‌
372,620‌
Signia
Aerospace
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.75%),
6.63%
-
7.06%
,
 12/11/31
(l)
528‌
528,120‌
Signia
Aerospace
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
0.00%),
6.74%
-
7.06%
,
 12/11/31
(l)
...........
7‌
7,231‌
Skopima
Consilio
Parent
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.91%
,
 05/12/28
(l)
...........
496‌
419,024‌
Sodalite
Tahoe
Hotel
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.90%),
0.00%
,
 10/25/26
(d)
...........
19,245‌
18,944,788‌
Solaris
Energy
Infrastructure
LLC,
1st
Lien
Term
Loan,
09/11/29
(d)(s)
....
42,994‌
43,316,203‌
Solina
Group
Services,
Facility
1st
Lien
Term
Loan
8,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.40%),
5.49%
,
 07/31/28
............
EUR
4,000‌
4,723,767‌
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
6.66%
,
 05/30/31
(l)
....
USD
943‌
943,206‌
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.28%
,
 08/02/30
(l)
...........
1,496‌
1,474,735‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Stakeholder
Midstream
LLC,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
+
4.00%),
8.04%
,
 01/02/31
.....
USD
22,339‌
$
22,366,936‌
Star
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.00%
,
 09/27/30
(l)
985‌
984,586‌
Stonepeak
Nile
Parent
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.08%
,
 04/09/32
(l)
...........
1,465‌
1,463,901‌
Summit
Acquisition,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.83%
,
 10/16/31
(l)
...........
389‌
390,161‌
Sunrise
Financing
Partnership,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.69%
,
 02/16/32
(l)
......
913‌
909,338‌
Surgery
Center
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
6.66%
,
 12/19/30
(l)
....
300‌
300,484‌
Tarkett
Participation
SASU,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.75%
,
 04/21/31
............
EUR
3,979‌
4,691,945‌
Tecta
America
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.16%
,
 02/18/32
(l)
...........
USD
479‌
480,198‌
Topgolf
Callaway
Brands
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.16%
,
 03/18/30
(l)
...........
937‌
925,496‌
TransDigm
,
Inc.,
1st
Lien
Term
Loan
J,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.50%
,
 02/28/31
(l)
985‌
984,391‌
TransDigm
,
Inc.,
1st
Lien
Term
Loan
L,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.50%
,
 01/19/32
(l)
327‌
326,475‌
TripAdvisor,
Inc.,
1st
Lien
Term
Loan
B,
07/08/31
(l)(s)
................
997‌
973,372‌
Tronox
Finance
LLC,
1st
Lien
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.55%
,
 04/04/29
(l)
...........
995‌
899,410‌
UKG,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.81%
,
 02/10/31
(l)
......
985‌
983,704‌
USI,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.25%
,
 09/27/30
(l)
......
1,284‌
1,281,463‌
Vaco
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.60%
Floor
+
5.00%),
9.15%
,
 01/22/29
.
7,509‌
6,439,332‌
VC
GB
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.76%
,
 07/23/28
(l)
...........
980‌
976,646‌
Verde
Purchaser
LLC,
1st
Lien
Term
Loan,
11/30/30
(l)(s)
...........
990‌
978,742‌
VeriFone
Systems,
Inc.,
1st
Lien
Term
Loan,
08/18/28
(s)
............
23,531‌
22,723,209‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Veritas
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
8.00%),
12.30% 06/30/31
.
USD
4,156‌
$
4,194,367‌
Vertiv
Group
Corp.,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.03%
,
 08/12/32
(l)
......
996‌
997,310‌
Vestis
Corp.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.45%
,
 02/24/31
(l)
1,051‌
986,298‌
Viasat
,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.75%
,
 05/30/30
(l)
......
459‌
450,861‌
Viavi
Solutions,
Inc.,
1st
Lien
Term
Loan
B,
06/11/32
(l)(s)
..............
565‌
565,706‌
Virgin
Media
Bristol
LLC,
Facility
1st
Lien
Term
Loan
Q,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.51%
,
 01/31/29
(l)
...........
1,000‌
999,040‌
Virtusa
Corp.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
4.00%
,
 02/15/29
(l)
977‌
964,003‌
VS
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
6.56%
,
 04/14/31
(l)
...........
987‌
984,595‌
Wand
NewCo
3,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.66%
,
 01/30/31
(l)
...........
6,123‌
6,098,436‌
Waystar
Technologies,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
6.32%
,
 10/22/29
(l)
....
131‌
130,641‌
WEC
US
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.53%
,
 01/27/31
(l)
...........
1,337‌
1,337,851‌
West
Deptford
Energy
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.32%
,
 07/26/32
......
8,910‌
8,827,583‌
WEX,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.91%
,
 04/03/28
(l)
960‌
958,754‌
Whatabrands
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.81%
-
6.82%
,
 08/03/28
(l)
...........
370‌
370,515‌
White
Cap
Supply
Holdings
LLC,
Facility
1st
Lien
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.42%
,
 10/19/29
(l)
......
1,985‌
1,984,583‌
Wilsonart
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.25%
,
 08/05/31
(l)
990‌
955,350‌
Windsor
Holdings
III
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.65%
,
 08/01/30
.
EUR
4,000‌
4,681,924‌
X
Corp.,
1st
Lien
Term
Loan
B1,
10/26/29
(s)
................
USD
2,937‌
2,878,887‌
Xerox
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.00%
-
8.16%
,
 11/19/29
.
1,970‌
1,824,712‌
Zayo
Group
LLC,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
+
3.75%),
5.64%
,
 03/11/30
............
EUR
1,449‌
1,634,006‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
83
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Zelis
Payments
Buyer,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.03%
-
7.57%
,
 11/26/31
(l)
...........
USD
978‌
$
977,124‌
1,173,350,623‌
Total
Floating
Rate
Loan
Interests
—
5.0%
(Cost:
$2,220,183,351)
...........................
2,221,152,308‌
Foreign
Agency
Obligations
Argentina
—
0.0%
YPF
SA,
9.50%,
01/17/31
(c)
.......
7,496‌
7,675,904‌
Australia
—
0.2%
NBN
Co.
Ltd.,
5.35%,
03/06/35
(b)
...
AUD
8,000‌
5,422,870‌
Queensland
Treasury
Corp.,
3.25%,
05/21/35
(b)
................
EUR
14,700‌
17,209,817‌
Treasury
Corp.
of
Victoria
5.50%,
09/15/39
............
AUD
53,790‌
35,896,094‌
5.00%,
11/20/40
............
11,708‌
7,334,181‌
65,862,962‌
Chile
—
0.0%
Corp.
Nacional
del
Cobre
de
Chile
(b)
3.15%,
01/14/30
............
USD
1,538‌
1,459,562‌
6.44%,
01/26/36
............
596‌
644,276‌
Empresa
Nacional
del
Petroleo
,
5.95%,
07/30/34
(c)
................
547‌
573,152‌
2,676,990‌
Colombia
—
0.0%
Ecopetrol
SA,
8.88%,
01/13/33
.....
1,658‌
1,798,681‌
Denmark
—
0.0%
Orsted
A/S
(a)(b)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.14%),
2.50%,
02/18/3021
........
GBP
5,000‌
5,044,451‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.59%),
5.13%,
03/14/3024
...
EUR
1,525‌
1,836,502‌
6,880,953‌
France
—
0.4%
Electricite
de
France
SA
(b)
(13-Year
GBP
Swap
Semi
+
4.23%),
6.00%
(a)(o)
...............
GBP
20,000‌
26,980,510‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
2.88%
(a)(o)
.........
EUR
19,000‌
22,006,187‌
(5-Year
EUR
Swap
Annual
+
3.20%),
3.00%
(a)(o)
.........
1,000‌
1,153,906‌
(5-Year
EUR
Swap
Annual
+
2.86%),
2.63%
(a)(o)
.........
24,000‌
27,434,393‌
(5-Year
EUR
Swap
Annual
+
4.86%),
7.50%
(a)(o)
.........
12,400‌
15,983,870‌
(BPISDS15
+
3.32%),
5.88%
(a)(o)
.
GBP
5,900‌
7,835,724‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.94%),
5.13%
(a)(o)
.........
EUR
2,800‌
3,392,348‌
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(a)(o)
.........
7,000‌
7,879,229‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.07%),
4.38%
(a)(o)
.........
16,500‌
19,226,536‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.28%),
5.63%
(a)(o)
.........
4,200‌
5,177,312‌
6.13%,
06/02/34
............
GBP
8,000‌
11,001,178‌
Security
Par
(000)
Par
(000)
Value
France
(continued)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.78%),
7.38%
(a)(o)
...............
GBP
7,500‌
$
10,287,396‌
5.50%,
10/17/41
............
6,900‌
8,288,218‌
4.63%,
05/07/45
............
EUR
10,700‌
12,310,628‌
2.00%,
12/09/49
............
3,900‌
2,762,909‌
181,720,344‌
Hungary
—
0.0%
(b)
Magyar
Export-Import
Bank
Zrt
.,
6.00%,
05/16/29
.................
2,621‌
3,325,283‌
MFB
Magyar
Fejlesztesi
Bank
Zrt
.,
6.50%,
06/29/28
............
USD
1,550‌
1,626,539‌
MVM
Energetika
Zrt
.
7.50%,
06/09/28
............
3,494‌
3,695,324‌
6.50%,
03/13/31
............
350‌
371,000‌
9,018,146‌
India
—
0.0%
Power
Finance
Corp.
Ltd.,
1.84%,
09/21/28
(b)
................
EUR
834‌
939,531‌
Indonesia
—
0.1%
(b)
Bank
Negara
Indonesia
Persero
Tbk
.
PT,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.47%),
4.30%
(a)(o)
...........
USD
23,000‌
22,310,575‌
Garuda
Indonesia
Persero
Tbk
.
PT,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
12/28/31
(p)
................
13,854‌
12,068,079‌
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
1.88%,
11/05/31
............
EUR
8,000‌
8,415,027‌
4.88%,
07/17/49
............
USD
2,500‌
2,154,687‌
4.00%,
06/30/50
............
6,000‌
4,482,120‌
49,430,488‌
Italy
—
0.0%
Poste
Italiane
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.68%),
2.63%
(a)(b)
(o)
......................
EUR
4,860‌
5,491,912‌
Kazakhstan
—
0.0%
Development
Bank
of
Kazakhstan
JSC
13.00%,
04/15/27
(b)
..........
KZT
100,000‌
170,311‌
13.49%,
05/23/28
(b)
..........
492,500‌
803,505‌
13.49%,
05/23/28
(c)
..........
5,182,500‌
8,455,153‌
17.30%,
07/03/28
(b)
..........
587,000‌
1,032,173‌
10,461,142‌
Mexico
—
0.2%
Petroleos
Mexicanos
6.88%,
10/16/25
............
USD
1,450‌
1,448,695‌
3.63%,
11/24/25
(b)
...........
EUR
965‌
1,131,259‌
3.75%,
04/16/26
(b)
...........
5,789‌
6,798,699‌
6.50%,
03/13/27
............
USD
39,581‌
40,046,077‌
2.75%,
04/21/27
(b)
...........
EUR
422‌
489,410‌
4.75%,
02/26/29
(b)
...........
8,200‌
9,684,973‌
8.75%,
06/02/29
............
USD
2,337‌
2,521,790‌
6.84%,
01/23/30
............
10,871‌
11,061,351‌
5.95%,
01/28/31
............
16,669‌
16,160,595‌
6.70%,
02/16/32
............
2,870‌
2,844,888‌
6.95%,
01/28/60
............
396‌
326,482‌
92,514,219‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mongolia
—
0.0%
City
of
Ulaanbaatar
Mongolia,
7.75%,
08/21/27
(b)
................
USD
6,000‌
$
6,122,250‌
Morocco
—
0.1%
OCP
SA
4.50%,
10/22/25
(b)
...........
4,882‌
4,875,898‌
6.75%,
05/02/34
(c)
...........
10,000‌
10,887,500‌
5.13%,
06/23/51
(b)
...........
557‌
463,496‌
7.50%,
05/02/54
(c)
...........
2,016‌
2,237,135‌
18,464,029‌
Peru
—
0.0%
Corp.
Financiera
de
Desarrollo
SA
2.40%,
09/28/27
(b)
...........
2,071‌
1,984,929‌
5.50%,
05/06/30
(c)
...........
1,409‌
1,448,452‌
Fondo
MIVIVIENDA
SA,
4.63%,
04/12/27
(b)
................
789‌
792,945‌
Petroleos
del
Peru
SA,
4.75%,
06/19/32
(c)
................
1,966‌
1,706,488‌
5,932,814‌
Republic
of
Turkiye
—
0.0%
Turkiye
Varlik
Fonu
Yonetimi
A/S,
8.25%,
02/14/29
(b)
...........
979‌
1,035,782‌
Saudi
Arabia
—
0.1%
Saudi
Arabian
Oil
Co.,
4.75%,
06/02/30
(c)
................
749‌
759,486‌
SRC
Sukuk
Ltd.
(b)
4.38%,
04/02/29
............
22,592‌
22,563,760‌
4.88%,
10/02/35
............
19,230‌
19,059,045‌
42,382,291‌
Supranational
—
0.3%
European
Union,
4.00%,
10/12/55
(b)
.
EUR
20,257‌
23,588,902‌
Inter-American
Development
Bank,
7.35%,
10/06/30
............
INR
3,009,000‌
34,627,201‌
International
Bank
for
Reconstruction
&
Development,
6.85%,
04/24/28
..
3,949,000‌
44,665,380‌
102,881,483‌
Venezuela
—
0.0%
Petroleos
de
Venezuela
SA
(b)(e)(f)
6.00%,
11/15/26
............
USD
9,227‌
1,475,550‌
9.75%,
05/17/35
............
10,410‌
1,868,649‌
3,344,199‌
Total
Foreign
Agency
Obligations
—
1.4%
(Cost:
$588,872,738)
.............................
614,634,120‌
Foreign
Government
Obligations
Angola
—
0.0%
Republic
of
Angola
(b)
9.50%,
11/12/25
............
451‌
451,000‌
8.25%,
05/09/28
............
2,136‌
2,140,165‌
2,591,165‌
Argentina
—
0.0%
Argentine
Republic
(The)
1.00%,
07/09/29
............
2,318‌
1,678,305‌
0.75%,
07/09/30
(g)
...........
4,808‌
3,247,804‌
3.50%,
07/09/41
(g)
...........
3,574‌
1,729,768‌
6,655,877‌
Armenia
—
0.0%
Republic
of
Armenia,
6.75%,
03/12/35
(c)
1,358‌
1,386,009‌
Security
Par
(000)
Par
(000)
Value
Bahrain
—
0.0%
Kingdom
of
Bahrain
(b)
7.00%,
01/26/26
............
USD
847‌
$
850,481‌
5.45%,
09/16/32
............
1,277‌
1,252,711‌
2,103,192‌
Barbados
—
0.0%
Barbados
Government
Bond,
8.00%,
06/26/35
(c)
................
9,461‌
9,853,631‌
Benin
—
0.0%
Benin
Government
Bond
4.95%,
01/22/35
(b)
...........
EUR
4,220‌
4,548,867‌
7.96%,
02/13/38
(c)
...........
USD
2,988‌
3,051,973‌
7,600,840‌
Bolivia,
Plurinational
State
of
—
0.0%
Plurinational
State
of
Bolivia,
4.50%,
03/20/28
(b)
................
400‌
311,600‌
Brazil
—
0.2%
Federative
Republic
of
Brazil
10.00%,
01/01/27
...........
BRL
415‌
74,705,619‌
10.00%,
01/01/29
...........
1‌
225,290‌
74,930,909‌
Bulgaria
—
0.0%
Bulgaria
Government
Bond,
5.00%,
03/05/37
(b)
................
USD
1,742‌
1,743,742‌
Cameroon
—
0.0%
Republic
of
Cameroon
9.50%,
07/31/31
(b)
...........
10,065‌
9,674,981‌
Canada
—
0.2%
Canadian
Government
Bond,
2.75%,
03/01/30
.................
CAD
121,270‌
87,358,492‌
Chile
—
0.0%
Republic
of
Chile
3.13%,
01/21/26
............
USD
259‌
257,840‌
2.75%,
01/31/27
............
694‌
681,508‌
3.75%,
01/14/32
............
EUR
9,887‌
11,876,321‌
4.34%,
03/07/42
............
USD
3,731‌
3,301,935‌
16,117,604‌
China
—
0.1%
People's
Republic
of
China,
2.11%,
08/25/34
.................
CNY
151,470‌
21,715,394‌
Colombia
—
0.4%
Republic
of
Colombia
5.75%,
11/03/27
............
COP
391,741,000‌
93,271,131‌
7.75%,
09/18/30
............
407,322,200‌
91,688,690‌
8.00%,
04/20/33
............
USD
2,234‌
2,435,060‌
7.50%,
02/02/34
............
586‌
618,230‌
8.00%,
11/14/35
............
874‌
938,895‌
7.75%,
11/07/36
............
1,524‌
1,596,390‌
8.75%,
11/14/53
............
541‌
594,153‌
191,142,549‌
Costa
Rica
—
0.1%
Republic
of
Costa
Rica
6.13%,
02/19/31
(b)
...........
10,169‌
10,596,098‌
6.55%,
04/03/34
(b)
...........
1,073‌
1,154,548‌
7.16%,
03/12/45
(b)
...........
7,830‌
8,458,357‌
7.30%,
11/13/54
(c)
...........
1,218‌
1,333,710‌
7.30%,
11/13/54
(b)
...........
7,148‌
7,827,060‌
29,369,773‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
85
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Czech
Republic
—
0.5%
Czech
Republic
2.75%,
07/23/29
............
CZK
858,500‌
$
39,703,337‌
0.95%,
05/15/30
(b)
...........
744,800‌
31,342,820‌
5.00%,
09/30/30
............
1,576,120‌
79,089,912‌
4.50%,
11/11/32
............
630,760‌
30,736,112‌
4.20%,
12/04/36
(b)
...........
267,710‌
12,425,547‌
193,297,728‌
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
5.95%,
01/25/27
(b)
...........
USD
807‌
821,227‌
4.50%,
01/30/30
(c)
...........
2,942‌
2,880,218‌
4.50%,
01/30/30
(b)
...........
391‌
382,789‌
7.05%,
02/03/31
(c)
...........
3,671‌
3,959,174‌
4.88%,
09/23/32
(b)
...........
18,004‌
17,247,832‌
10.75%,
06/01/36
(c)
..........
DOP
1,520,450‌
26,471,065‌
10.75%,
06/01/36
(b)
..........
135,950‌
2,366,892‌
6.95%,
03/15/37
(c)
...........
USD
1,501‌
1,604,944‌
55,734,141‌
Ecuador
—
0.0%
Republic
of
Ecuador
(g)
6.90%,
07/31/30
(c)
...........
422‌
374,556‌
6.90%,
07/31/30
(b)
...........
2,056‌
1,822,727‌
6.90%,
07/31/35
(b)
...........
5,892‌
4,391,100‌
5.00%,
07/31/40
(b)
...........
10,768‌
7,106,852‌
13,695,235‌
Egypt
—
0.2%
Arab
Republic
of
Egypt
7.50%,
01/31/27
(b)
...........
625‌
632,812‌
25.32%,
08/13/27
...........
EGP
11,545‌
248,482‌
5.80%,
09/30/27
(b)
...........
USD
2,095‌
2,084,106‌
24.46%,
10/01/27
...........
EGP
389,440‌
8,311,390‌
24.14%,
12/03/27
...........
67,089‌
1,417,572‌
21.38%,
02/04/28
...........
535,251‌
10,871,468‌
6.59%,
02/21/28
(b)
...........
USD
252‌
254,873‌
23.44%,
07/01/28
...........
EGP
710,664‌
14,886,072‌
7.60%,
03/01/29
(b)
...........
USD
4,165‌
4,302,445‌
8.63%,
02/04/30
(b)
...........
604‌
640,808‌
5.63%,
04/16/30
(b)
...........
EUR
3,725‌
4,164,247‌
7.63%,
05/29/32
(b)
...........
USD
28,996‌
28,546,562‌
9.45%,
02/04/33
(c)
...........
1,516‌
1,617,860‌
8.50%,
01/31/47
(c)
...........
841‌
739,028‌
8.50%,
01/31/47
(b)
...........
5,421‌
4,763,704‌
7.90%,
02/21/48
(b)
...........
3,269‌
2,709,184‌
7.50%,
02/16/61
(c)
...........
15,367‌
12,032,361‌
7.50%,
02/16/61
(b)
...........
1,345‌
1,053,135‌
99,276,109‌
El
Salvador
—
0.0%
Republic
of
El
Salvador
(b)
8.63%,
02/28/29
............
743‌
792,409‌
9.25%,
04/17/30
............
7,646‌
8,326,494‌
7.65%,
06/15/35
............
1,516‌
1,540,370‌
10,659,273‌
Ethiopia
—
0.0%
Federal
Democratic
Republic
of
Ethiopia,
6.63%,
12/11/24
(b)(e)(f)
...
564‌
540,030‌
France
—
0.1%
(b)(c)
Agence
France
Locale,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
7.00%
(a)(o)
.................
EUR
10,100‌
12,403,591‌
French
Republic,
3.20%,
05/25/35
..
21,185‌
24,337,098‌
36,740,689‌
Security
Par
(000)
Par
(000)
Value
Gabon
—
0.0%
Gabon
Government
Bond
9.50%,
02/18/29
(b)
...........
USD
11,777‌
$
10,897,376‌
Germany
—
0.4%
Federal
Republic
of
Germany
(b)
0.10%,
04/15/26
(a)
...........
EUR
60,147‌
69,897,264‌
0.00%,
02/15/31
............
10,550‌
10,958,492‌
1.70%,
08/15/32
............
83,140‌
93,064,697‌
2.30%,
02/15/33
............
11,540‌
13,363,261‌
187,283,714‌
Ghana
—
0.0%
Republic
of
Ghana
0.00%,
07/03/26
(b)(h)
..........
USD
28‌
26,634‌
5.00%,
07/03/29
(b)(g)
..........
3,260‌
3,170,350‌
0.00%,
01/03/30
(b)(h)
..........
63‌
53,714‌
5.00%,
07/03/35
(c)(g)
..........
8,394‌
7,029,822‌
5.00%,
07/03/35
(b)(g)
..........
372‌
311,550‌
10,592,070‌
Greece
—
0.1%
Hellenic
Republic,
4.13%,
06/15/54
(b)(c)
EUR
44,800‌
51,324,424‌
Guatemala
—
0.0%
Republic
of
Guatemala
4.88%,
02/13/28
(b)
...........
USD
5,973‌
5,967,027‌
5.25%,
08/10/29
(c)
...........
247‌
249,192‌
7.05%,
10/04/32
(c)
...........
1,909‌
2,096,082‌
6.60%,
06/13/36
(c)
...........
4,123‌
4,366,257‌
6.25%,
08/15/36
(c)
...........
1,525‌
1,575,325‌
14,253,883‌
Hong
Kong
—
0.0%
Hong
Kong
Government
Bond,
2.02%,
03/07/34
.................
HKD
41,850‌
5,006,759‌
Hong
Kong
Government
Infrastructure
Bond
Programme
3.84%,
01/16/35
............
77,000‌
10,537,329‌
3.17%,
07/24/35
............
5,750‌
746,237‌
16,290,325‌
Hungary
—
0.2%
Hungary
Government
Bond
5.00%,
02/22/27
(b)
...........
EUR
1,887‌
2,298,733‌
5.25%,
06/16/29
(c)
...........
USD
3,047‌
3,110,225‌
4.00%,
07/25/29
(b)
...........
EUR
6,309‌
7,613,964‌
5.38%,
09/12/33
(b)
...........
2,056‌
2,616,449‌
4.50%,
06/16/34
(b)
...........
19,800‌
23,820,139‌
5.50%,
06/16/34
(b)
...........
USD
362‌
368,018‌
7.00%,
10/24/35
............
HUF
6,856,120‌
20,842,030‌
5.50%,
03/26/36
(c)
...........
USD
710‌
715,112‌
6.75%,
09/23/55
(c)
...........
1,520‌
1,610,805‌
62,995,475‌
India
—
0.3%
Republic
of
India
7.32%,
11/13/30
............
INR
4,336,500‌
51,014,056‌
7.30%,
06/19/53
............
740,000‌
8,425,165‌
7.09%,
08/05/54
............
4,240,080‌
47,088,520‌
106,527,741‌
Indonesia
—
0.7%
Republic
of
Indonesia
7.00%,
05/15/27
............
IDR
649,812,000‌
40,180,198‌
6.50%,
07/15/30
............
721,065,000‌
44,917,456‌
6.38%,
04/15/32
............
307,246,000‌
18,876,407‌
3.88%,
01/15/33
............
EUR
1,371‌
1,635,779‌
7.00%,
02/15/33
............
IDR
210,898,000‌
13,257,037‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Indonesia
(continued)
6.63%,
02/15/34
............
IDR
215,304,000‌
$
13,106,069‌
6.75%,
07/15/35
............
1,744,300,000‌
107,281,693‌
5.30%,
08/14/35
(b)
...........
AUD
7,110‌
4,734,091‌
6.50%,
04/15/36
............
IDR
144,466,000‌
8,758,990‌
8.25%,
05/15/36
............
292,386,000‌
19,949,754‌
7.13%,
06/15/38
............
401,587,000‌
24,916,949‌
7.13%,
08/15/40
............
144,045,000‌
8,892,556‌
6.88%,
07/15/54
............
126,544,000‌
7,541,204‌
314,048,183‌
Ireland
—
1.2%
Republic
of
Ireland
(b)
2.60%,
10/18/34
............
EUR
412,488‌
470,925,527‌
3.15%,
10/18/55
............
65,274‌
69,237,216‌
540,162,743‌
Italy
—
2.2%
Buoni
Poliennali
del
Tesoro
(b)
3.00%,
10/01/29
............
21,800‌
25,985,755‌
2.95%,
07/01/30
............
452,598‌
536,260,248‌
4.00%,
11/15/30
............
139,500‌
173,066,136‌
3.50%,
02/15/31
(c)
...........
136,100‌
164,827,445‌
3.65%,
08/01/35
(c)
...........
64,768‌
77,002,027‌
977,141,611‌
Ivory
Coast
—
0.1%
Republic
of
Cote
d'Ivoire
6.38%,
03/03/28
(b)
...........
USD
1,766‌
1,791,430‌
5.88%,
10/17/31
(b)
...........
EUR
3,294‌
3,845,567‌
6.13%,
06/15/33
(b)
...........
USD
11,973‌
11,467,141‌
8.08%,
04/01/36
(c)
...........
1,686‌
1,743,324‌
8.25%,
01/30/37
(c)
...........
758‌
788,949‌
19,636,411‌
Jamaica
—
0.0%
Jamaica
Government
Bond,
6.75%,
04/28/28
.................
3,408‌
3,561,360‌
Japan
—
0.4%
Japan
Government
Bond
1.50%,
09/20/43
............
JPY
19,404,000‌
112,924,628‌
1.30%,
12/20/43
............
6,602,950‌
36,957,053‌
2.40%,
03/20/55
............
1,698,900‌
10,013,498‌
2.80%,
06/20/55
............
994,850‌
6,378,920‌
166,274,099‌
Jordan
—
0.0%
Hashemite
Kingdom
of
Jordan
7.75%,
01/15/28
(b)
...........
USD
284‌
296,692‌
7.50%,
01/13/29
(c)
...........
1,391‌
1,448,323‌
7.50%,
01/13/29
(b)
...........
1,042‌
1,084,941‌
5.85%,
07/07/30
(b)
...........
11,277‌
11,220,211‌
14,050,167‌
Kenya
—
0.1%
Republic
of
Kenya
7.25%,
02/28/28
(b)
...........
10,033‌
10,305,114‌
9.75%,
02/16/31
(b)
...........
232‌
247,614‌
9.75%,
02/16/31
(c)
...........
1,597‌
1,704,478‌
8.00%,
05/22/32
(b)
...........
12,632‌
12,535,618‌
24,792,824‌
Kuwait
—
0.0%
State
of
Kuwait,
4.65%,
10/09/35
(b)
..
20,000‌
20,000,000‌
Kyrgyzstan
—
0.0%
Kyrgyz
Republic
International
Bond,
7.75%,
06/03/30
(c)
...........
2,102‌
2,115,138‌
Security
Par
(000)
Par
(000)
Value
Latvia
—
0.0%
Latvia
Government
Bond,
5.13%,
07/30/34
(c)
................
USD
2,902‌
$
2,974,388‌
Lebanon
—
0.0%
Lebanese
Republic
(b)(e)(f)
6.10%,
10/04/24
............
987‌
218,127‌
6.00%,
01/27/25
............
726‌
160,446‌
6.20%,
02/26/25
............
10,043‌
2,219,503‌
6.65%,
04/22/25
............
8,652‌
1,912,092‌
6.60%,
11/27/26
............
3,409‌
753,389‌
6.85%,
03/23/27
............
7,525‌
1,663,025‌
6.65%,
11/03/28
............
16,575‌
3,663,075‌
7.00%,
03/23/32
............
991‌
219,011‌
10,808,668‌
Malaysia
—
0.7%
Malaysia
Government
Bond
3.34%,
05/15/30
............
MYR
100,640‌
24,039,891‌
3.58%,
07/15/32
............
301,700‌
72,429,148‌
4.64%,
11/07/33
............
170,642‌
43,851,365‌
3.83%,
07/05/34
............
119,232‌
29,060,480‌
3.48%,
07/02/35
............
123,110‌
29,282,541‌
4.05%,
04/18/39
............
170,000‌
42,052,632‌
3.76%,
05/22/40
............
17,340‌
4,132,800‌
4.46%,
03/31/53
............
102,480‌
26,237,899‌
4.28%,
03/23/54
............
27,300‌
6,772,943‌
3.92%,
07/15/55
............
33,920‌
8,023,529‌
285,883,228‌
Mexico
—
0.9%
Eagle
Funding
Luxco
SARL,
5.50%,
08/17/30
(c)
................
USD
20,799‌
21,121,385‌
Mex
Bonos
Desarr
Fix
Rt
7.00%,
09/03/26
............
MXN
15,024‌
81,665,012‌
8.50%,
03/01/29
............
8,976‌
49,640,772‌
8.50%,
05/31/29
............
322‌
1,782,539‌
7.50%,
05/26/33
............
18,532‌
95,357,881‌
8.00%,
02/21/36
............
7,602‌
39,146,761‌
6.05%,
01/11/40
(r)
...........
USD
8,900‌
8,972,357‌
7.75%,
11/13/42
............
MXN
3,432‌
16,258,673‌
United
Mexican
States
5.40%,
02/09/28
............
USD
703‌
719,520‌
5.00%,
05/07/29
............
210‌
213,990‌
6.00%,
05/13/30
............
534‌
562,035‌
5.38%,
03/22/33
............
15,612‌
15,596,388‌
4.50%,
03/19/34
............
EUR
19,998‌
23,830,832‌
6.63%,
01/29/38
............
USD
1,284‌
1,349,805‌
5.13%,
03/19/38
............
EUR
5,975‌
7,142,130‌
6.34%,
05/04/53
............
USD
1,972‌
1,917,987‌
6.40%,
05/07/54
............
1,394‌
1,363,332‌
7.38%,
05/13/55
(r)
...........
16,415‌
18,064,707‌
384,706,106‌
Mongolia
—
0.0%
State
of
Mongolia
(b)
3.50%,
07/07/27
............
9,000‌
8,653,500‌
6.63%,
02/25/30
............
293‌
297,651‌
8,951,151‌
Montenegro
—
0.0%
Republic
of
Montenegro,
2.88%,
12/16/27
(b)
................
EUR
1,184‌
1,360,536‌
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%,
12/15/27
(b)
...........
USD
703‌
672,574‌
5.95%,
03/08/28
(c)
...........
740‌
767,288‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
87
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Morocco
(continued)
6.50%,
09/08/33
(c)
...........
USD
1,220‌
$
1,340,475‌
4.75%,
04/02/35
(c)
...........
EUR
2,691‌
3,254,276‌
6,034,613‌
Mozambique
—
0.0%
Republic
of
Mozambique
(g)
9.00%,
09/15/31
(b)
...........
USD
277‌
246,245‌
9.00%,
09/15/31
(c)
...........
1,951‌
1,734,380‌
1,980,625‌
Namibia
—
0.0%
Republic
of
Namibia,
5.25%,
10/29/25
(b)
510‌
508,725‌
Nigeria
—
0.1%
Federal
Republic
of
Nigeria
7.63%,
11/21/25
(b)
...........
991‌
991,525‌
6.13%,
09/28/28
(b)
...........
1,395‌
1,369,914‌
8.38%,
03/24/29
(b)
...........
1,008‌
1,042,776‌
7.14%,
02/23/30
(b)
...........
560‌
553,902‌
7.88%,
02/16/32
(b)
...........
12,719‌
12,610,475‌
10.38%,
12/09/34
(c)
..........
1,689‌
1,879,857‌
7.63%,
11/28/47
(b)
...........
1,529‌
1,311,729‌
9.25%,
01/21/49
(b)
...........
921‌
928,193‌
20,688,371‌
North
Macedonia
—
0.0%
Republic
of
North
Macedonia,
6.96%,
03/13/27
(b)
................
EUR
1,095‌
1,336,340‌
Oman
—
0.0%
Oman
Government
Bond
6.75%,
01/17/48
(b)
...........
USD
2,393‌
2,630,624‌
Pakistan
—
0.0%
(b)
Islamic
Republic
of
Pakistan
6.88%,
12/05/27
............
1,389‌
1,386,222‌
7.38%,
04/08/31
............
1,234‌
1,209,320‌
Pakistan
Global
Sukuk
Programme
Co.
Ltd.
(The),
7.95%,
01/31/29
.....
8,750‌
8,890,000‌
11,485,542‌
Panama
—
0.0%
Republic
of
Panama
7.13%,
01/29/26
............
624‌
628,992‌
7.50%,
03/01/31
............
2,321‌
2,561,224‌
6.40%,
02/14/35
............
2,229‌
2,310,358‌
5,500,574‌
Paraguay
—
0.0%
Republic
of
Paraguay
(b)
2.74%,
01/29/33
............
1,349‌
1,192,516‌
5.60%,
03/13/48
............
1,230‌
1,165,118‌
2,357,634‌
Peru
—
0.1%
Republic
of
Peru
2.78%,
01/23/31
............
1,606‌
1,481,134‌
1.86%,
12/01/32
............
1,590‌
1,312,545‌
6.85%,
08/12/35
(c)
...........
PEN
141,974‌
43,195,703‌
45,989,382‌
Philippines
—
0.4%
Republic
of
Philippines
4.63%,
07/17/28
............
USD
200‌
203,000‌
6.25%,
02/28/29
............
PHP
5,940,160‌
103,479,434‌
6.00%,
08/20/30
............
2,060,100‌
35,582,695‌
6.38%,
04/28/35
............
2,980,690‌
52,508,870‌
191,773,999‌
Security
Par
(000)
Par
(000)
Value
Poland
—
0.8%
Republic
of
Poland
5.75%,
04/25/29
............
PLN
469,330‌
$
133,884,916‌
4.75%,
07/25/29
............
255,690‌
70,563,166‌
2.75%,
10/25/29
............
75,552‌
19,347,747‌
5.00%,
01/25/30
............
118,000‌
32,757,162‌
4.88%,
02/12/30
............
USD
995‌
1,024,203‌
4.88%,
10/04/33
............
505‌
510,356‌
5.00%,
10/25/34
............
PLN
105,613‌
28,291,028‌
5.00%,
10/25/35
............
210,306‌
55,710,130‌
2.00%,
08/25/36
(a)
...........
49,173‌
12,090,118‌
5.50%,
04/04/53
............
USD
2,007‌
1,937,899‌
356,116,725‌
Qatar
—
0.0%
State
of
Qatar,
3.25%,
06/02/26
(b)
...
619‌
615,286‌
Republic
of
Turkiye
—
0.1%
Republic
of
Turkiye
(The)
31.08%,
11/08/28
...........
TRY
237,499‌
5,372,719‌
30.00%,
09/12/29
...........
321,942‌
7,135,376‌
9.13%,
07/13/30
............
USD
590‌
666,995‌
7.13%,
02/12/32
............
2,938‌
3,037,158‌
9.38%,
01/19/33
............
733‌
848,909‌
26.20%,
10/05/33
...........
TRY
429,549‌
9,526,793‌
7.63%,
05/15/34
............
USD
200‌
211,932‌
6.95%,
09/16/35
............
565‌
568,742‌
27,368,624‌
Romania
—
0.1%
Romania
Government
Bond
5.25%,
11/25/27
(c)
...........
516‌
521,412‌
5.25%,
11/25/27
(b)
...........
942‌
951,880‌
6.63%,
02/17/28
(b)
...........
132‌
137,182‌
2.13%,
03/07/28
(b)
...........
EUR
3,913‌
4,456,236‌
5.88%,
01/30/29
(b)
...........
USD
4,762‌
4,892,729‌
5.25%,
03/10/30
(b)
...........
EUR
580‌
701,616‌
5.75%,
09/16/30
(c)
...........
USD
590‌
601,063‌
2.12%,
07/16/31
(b)
...........
EUR
1,905‌
1,906,672‌
3.63%,
03/27/32
(b)
...........
USD
554‌
493,060‌
5.25%,
05/30/32
(b)
...........
EUR
7,715‌
9,017,579‌
5.88%,
07/11/32
(c)
...........
1,203‌
1,445,926‌
6.25%,
09/10/34
(c)
...........
2,813‌
3,396,661‌
6.75%,
07/11/39
(c)
...........
1,224‌
1,465,203‌
2.75%,
04/14/41
(b)
...........
628‌
472,888‌
30,460,107‌
Saudi
Arabia
—
0.0%
Kingdom
of
Saudi
Arabia
2.90%,
10/22/25
(b)
...........
USD
1,356‌
1,353,966‌
5.13%,
01/13/28
(c)
...........
583‌
594,985‌
4.75%,
01/18/28
(b)
...........
1,285‌
1,302,669‌
4.50%,
04/17/30
(b)
...........
1,640‌
1,659,598‌
5.00%,
01/18/53
(b)
...........
577‌
520,742‌
5.00%,
01/18/53
(c)
...........
1,545‌
1,394,363‌
3.45%,
02/02/61
(b)
...........
10,042‌
6,564,957‌
13,391,280‌
Senegal
—
0.0%
Republic
of
Senegal,
4.75%,
03/13/28
(b)
EUR
1,265‌
1,293,036‌
Serbia
—
0.0%
Republic
of
Serbia
6.50%,
09/26/33
(b)
...........
USD
1,359‌
1,472,205‌
6.00%,
06/12/34
(c)
...........
1,617‌
1,684,105‌
3,156,310‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Singapore
—
0.1%
Republic
of
Singapore
2.75%,
03/01/35
............
SGD
17,536‌
$
14,578,759‌
3.25%,
06/01/54
(b)
...........
3,294‌
3,220,137‌
17,798,896‌
South
Africa
—
0.9%
Republic
of
South
Africa
3.75%,
07/24/26
............
EUR
491‌
580,061‌
8.00%,
01/31/30
............
ZAR
1,769,953‌
102,832,867‌
7.00%,
02/28/31
............
2,551,615‌
140,128,401‌
8.88%,
02/28/35
............
7,465‌
424,662‌
7.10%,
11/19/36
(b)
...........
USD
17,030‌
17,762,290‌
7.10%,
11/19/36
(c)
...........
1,775‌
1,851,325‌
8.50%,
01/31/37
............
ZAR
1,638,007‌
87,310,711‌
6.25%,
03/08/41
............
USD
14,465‌
13,376,147‌
8.75%,
01/31/44
............
ZAR
240,700‌
12,129,371‌
5.00%,
10/12/46
............
USD
1,428‌
1,072,371‌
8.75%,
02/28/48
............
ZAR
236,700‌
11,844,387‌
5.75%,
09/30/49
............
USD
2,264‌
1,813,374‌
7.95%,
11/19/54
(c)
...........
2,159‌
2,190,813‌
393,316,780‌
South
Korea
—
0.2%
Republic
of
Korea
3.00%,
12/10/34
............
KRW
27,876,460‌
19,898,031‌
2.63%,
06/10/35
............
61,584,400‌
42,666,658‌
62,564,689‌
Spain
—
2.9%
Bonos
y
Obligaciones
del
Estado
3.50%,
05/31/29
............
EUR
95,710‌
116,658,324‌
2.70%,
01/31/30
............
520,654‌
616,144,458‌
3.15%,
04/30/33
(b)(c)
..........
30,606‌
36,412,500‌
3.25%,
04/30/34
(b)(c)
..........
83,221‌
98,853,558‌
3.45%,
10/31/34
(b)(c)
..........
242,972‌
292,119,243‌
3.20%,
10/31/35
(b)(c)
..........
11,287‌
13,193,063‌
3.90%,
07/30/39
(b)(c)
..........
23,720‌
28,758,136‌
2.90%,
10/31/46
(b)(c)
..........
45,767‌
46,386,137‌
3.45%,
07/30/66
(b)(c)
..........
42,500‌
42,822,112‌
1,291,347,531‌
Sri
Lanka
—
0.1%
Sri
Lanka
Government
Bond
4.00%,
04/15/28
(b)
...........
USD
9,800‌
9,388,640‌
4.00%,
04/15/28
(c)
...........
453‌
433,724‌
3.10%,
01/15/30
(b)(g)
..........
32‌
30,016‌
3.10%,
01/15/30
(c)(g)
..........
290‌
272,359‌
3.35%,
03/15/33
(c)(g)
..........
570‌
488,664‌
3.60%,
06/15/35
(b)(g)
..........
15,281‌
11,147,490‌
3.60%,
06/15/35
(c)(g)
..........
385‌
280,543‌
3.60%,
05/15/36
(c)(g)
..........
267‌
235,805‌
3.60%,
02/15/38
(c)(g)
..........
534‌
474,482‌
22,751,723‌
Thailand
—
0.2%
Kingdom
of
Thailand
2.50%,
11/17/29
............
THB
3,110,895‌
100,790,886‌
4.00%,
06/17/55
............
22,193‌
968,431‌
101,759,317‌
Trinidad
and
Tobago
—
0.0%
Republic
of
Trinidad
&
Tobago
4.50%,
08/04/26
(b)
...........
USD
447‌
445,212‌
6.40%,
06/26/34
(b)
...........
6,330‌
6,445,523‌
6.40%,
06/26/34
(c)
...........
2,494‌
2,539,515‌
9,430,250‌
Security
Par
(000)
Par
(000)
Value
Tunisia
—
0.0%
Tunisian
Republic,
6.38%,
07/15/26
(b)
EUR
2,023‌
$
2,363,014‌
Ukraine
—
0.1%
Ukraine
Government
Bond
4.50%,
02/01/29
(b)(g)
..........
USD
7,424‌
5,048,410‌
4.50%,
02/01/29
(c)(g)
..........
7,926‌
5,389,796‌
0.00%,
02/01/30
(b)(g)
..........
80‌
41,748‌
0.00%,
02/01/30
(c)(g)
..........
1,058‌
553,971‌
0.00%,
02/01/34
(b)(g)
..........
603‌
248,938‌
0.00%,
02/01/34
(c)(g)
..........
2,782‌
1,147,690‌
4.50%,
02/01/34
(b)(g)
..........
1,050‌
585,152‌
4.50%,
02/01/34
(c)(g)
..........
2,079‌
1,159,127‌
0.00%,
02/01/35
(c)(g)
..........
3,342‌
1,612,370‌
0.00%,
02/01/35
(b)(g)
..........
2,262‌
1,091,623‌
4.50%,
02/01/35
(b)(g)
..........
1,352‌
741,572‌
4.50%,
02/01/35
(c)(g)
..........
6,445‌
3,534,924‌
0.00%,
02/01/36
(c)(g)
..........
1,959‌
943,427‌
0.00%,
02/01/36
(b)(g)
..........
5,782‌
2,783,860‌
4.50%,
02/01/36
(b)(g)
..........
7,454‌
4,032,614‌
4.50%,
02/01/36
(c)(g)
..........
7,894‌
4,270,808‌
0.00%,
08/01/41
(a)(b)
..........
1,373‌
1,090,162‌
34,276,192‌
United
Arab
Emirates
—
0.0%
United
Arab
Emirates
Government
Bond
(b)
4.88%,
04/30/29
............
386‌
399,558‌
3.90%,
09/09/50
............
2,079‌
1,572,888‌
1,972,446‌
United
Kingdom
—
1.2%
U.K.
Treasury
Bonds
(b)
4.38%,
03/07/30
............
GBP
280,939‌
381,381,389‌
3.50%,
01/22/45
............
33,536‌
34,933,863‌
3.75%,
10/22/53
............
37,893‌
38,148,351‌
4.38%,
07/31/54
............
12,700‌
14,290,331‌
0.50%,
10/22/61
............
152,687‌
50,096,987‌
518,850,921‌
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay
9.75%,
07/20/33
............
UYU
199,185‌
5,466,419‌
5.25%,
09/10/60
............
USD
2,397‌
2,252,104‌
7,718,523‌
Uzbekistan
—
0.1%
Republic
of
Uzbekistan
5.38%,
05/29/27
(b)
...........
EUR
7,545‌
9,117,620‌
5.38%,
05/29/27
(c)
...........
8,087‌
9,772,590‌
16.63%,
05/29/27
(b)
..........
UZS
2,540,000‌
220,053‌
7.85%,
10/12/28
(b)
...........
USD
1,129‌
1,211,417‌
7.85%,
10/12/28
(c)
...........
1,204‌
1,291,892‌
21,613,572‌
Venezuela
—
0.0%
Bolivarian
Republic
of
Venezuela,
11.95%,
08/05/31
(b)(e)(f)
........
11,813‌
2,776,102‌
Zambia
—
0.0%
Republic
of
Zambia
(b)
5.75%,
06/30/33
(g)
...........
564‌
538,516‌
0.50%,
12/31/53
............
930‌
628,792‌
1,167,308‌
Total
Foreign
Government
Obligations
—
16.6%
(Cost:
$7,078,887,792)
...........................
7,321,525,645‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
89
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Grantor
Trust
iShares
Bitcoin
Trust
ETF
(f)(l)(t)
......
2,397,423
$
155,832,495‌
Total
Grantor
Trust
—
0.4%
(Cost:
$115,058,104)
.............................
155,832,495‌
Investment
Companies
iShares
0-5
Year
TIPS
Bond
ETF
(t)
..
401,690
41,518,678‌
iShares
AAA
CLO
Active
ETF
(t)
.....
300,000
15,589,500‌
iShares
China
Large-Cap
ETF
(k)(t)
...
436,669
17,964,563‌
iShares
Ethereum
Trust
ETF
(f)(l)(t)
....
815,000
25,680,650‌
iShares
High
Yield
Muni
Active
ETF
(t)
396,000
19,479,240‌
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(k)(t)
...............
2,638,841
214,247,501‌
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(k)(t)
.......
231,088
25,759,379‌
iShares
MSCI
Brazil
ETF
(t)
........
298,064
9,239,984‌
SPDR
S&P
Regional
Banking
ETF
(k)
.
152,001
9,621,663‌
VanEck
JPMorgan
EM
Local
Currency
Bond
ETF
.................
890,283
22,711,120‌
VanEck
Semiconductor
ETF
(f)
......
37,520
12,245,027‌
Vanguard
Intermediate-Term
Corporate
Bond
ETF
(k)
...............
1,573,283
132,328,833‌
Vanguard
Long-Term
Corporate
Bond
ETF
(k)
...................
570,850
44,326,503‌
Total
Investment
Companies
—
1.3%
(Cost:
$561,806,746)
.............................
590,712,641‌
Par
(000)
Pa
r
(
000)
Municipal
Bonds
Arizona
-
0.0%
Maricopa
County
Industrial
Development
Authority
,
Series
2024,
RB,
7.38%, 10/01/29
(c)
........
USD
8,225‌
8,612,663‌
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Series
2023A,
RB,
5.00%, 01/01/47
4,575‌
4,786,066‌
13,398,729‌
California
-
0.1%
Bay
Area
Toll
Authority
,
Series
2010S-1,
RB,
6.92%, 04/01/40
.........
3,115‌
3,520,653‌
California
State
Public
Works
Board
,
Series
2009G,
Sub-Series
G-2,
RB,
8.36%, 10/01/34
............
6,820‌
8,096,633‌
Central
Unified
School
District
,
Series
2021A,
AG,
GO,
3.00%, 08/01/44
.
5,000‌
3,933,303‌
City
of
Riverside
,
Series
2010A,
RB,
7.61%, 10/01/40
............
3,805‌
4,567,846‌
City
of
San
Francisco
,
Series
2025,
Sub-Series
D,
RB,
5.00%, 11/01/55
3,785‌
3,982,002‌
Contra
Costa
Community
College
District
,
Series
2010B,
GO,
6.50%, 08/01/34
............
3,205‌
3,537,237‌
Golden
State
Tobacco
Securitization
Corp.
,
Series
2021B,
SAP,
RB,
2.75%, 06/01/34
............
4,140‌
3,693,522‌
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Series
2022-2B,
RB,
5.00%, 05/01/52
............
12,910‌
13,319,558‌
Security
Par
(000)
Par
(000)
Value
California
(continued)
State
of
California
Series
2009,
GO,
7.50%, 04/01/34
USD
2,155‌
$
2,522,369‌
Series
2009,
GO,
7.55%, 04/01/39
4,840‌
5,850,311‌
Series
2009,
GO,
7.30%, 10/01/39
3,720‌
4,347,303‌
Series
2009,
GO,
7.35%, 11/01/39
2,270‌
2,665,387‌
State
of
California
Department
of
Water
Resources
,
Series
BC,
RB,
1.77%, 12/01/34
............
4,600‌
3,663,583‌
63,699,707‌
Colorado
-
0.0%
City
&
County
of
Denver
,
Series
2022A,
GO,
5.00%, 08/01/37
.........
10,000‌
11,053,101‌
City
of
Colorado
Springs
Utilities
System
,
Series
2025A,
RB,
5.25%, 11/15/55
............
12,595‌
13,443,845‌
City
of
Greeley
Series
2022,
RB,
3.00%, 08/01/38
1,275‌
1,118,027‌
Series
2022,
RB,
3.00%, 08/01/39
1,340‌
1,149,090‌
Series
2022,
RB,
3.00%, 08/01/40
1,380‌
1,156,128‌
Colorado
Health
Facilities
Authority
,
Series
2016A,
RB,
4.00%, 11/15/46
6,035‌
5,326,957‌
Denver
City
&
County
School
District
No.
1
,
Series
2022A,
SAW,
GO,
5.00%, 12/01/45
............
5,950‌
6,214,606‌
Mesa
County
Valley
School
District
No.
51
Grand
Junction
,
Series
2025,
SAW,
GO,
5.25%, 12/01/49
.....
6,070‌
6,459,401‌
45,921,155‌
Delaware
-
0.0%
University
of
Delaware
,
Series
2010A,
RB,
5.87%, 11/01/40
.........
7,500‌
7,919,973‌
District
of
Columbia
-
0.1%
District
of
Columbia
Income
Tax
,
Series
2025A,
RB,
5.25%, 06/01/50
....
15,345‌
16,317,652‌
Florida
-
0.1%
Brevard
County
Health
Facilities
Authority
,
Series
2022A,
RB,
5.00%, 04/01/47
............
9,000‌
9,032,333‌
County
of
Broward
Airport
System
,
Series
2019C,
RB,
2.91%, 10/01/32
3,100‌
2,833,540‌
County
of
Miami-Dade
,
Series
2019E,
RB,
2.53%, 10/01/30
.........
7,590‌
7,031,260‌
County
of
Miami-Dade
Water
&
Sewer
System
,
Series
2024A,
RB,
5.25%, 10/01/54
............
15,010‌
15,770,528‌
Hillsborough
County
Aviation
Authority
,
Series
2024B,
RB,
AMT,
5.50%, 10/01/49
............
3,755‌
3,979,394‌
Hillsborough
County
Industrial
Development
Authority
,
Series
2024C,
RB,
5.25%, 11/15/49
....
7,435‌
7,841,944‌
Sumter
Landing
Community
Development
District
,
Series
2016,
RB,
4.17%, 10/01/47
.........
2,555‌
2,238,498‌
Tampa
Bay
Water
,
Series
2024A,
RB,
5.25%, 10/01/54
............
11,230‌
11,911,570‌
60,639,067‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Georgia
-
0.0%
City
of
Atlanta
Department
of
Aviation
,
Series
2025B
B-1,
RB,
AMT,
5.25%, 07/01/50
............
USD
6,595‌
$
6,854,313‌
State
of
Georgia
Series
2022A,
GO,
4.00%, 07/01/40
3,950‌
4,009,228‌
Series
2022A,
GO,
4.00%, 07/01/41
7,890‌
7,915,790‌
18,779,331‌
Illinois
-
0.1%
State
of
Illinois
,
Series
2025F,
GO,
5.25%, 09/01/48
............
16,135‌
16,653,138‌
Kansas
-
0.0%
Johnson
County
Unified
School
District
No.
231
Gardner
-
Edgerton
,
Series
2025,
AG,
GO,
5.25%, 10/01/50
..
5,010‌
5,260,963‌
Louisiana
-
0.0%
Louisiana
Public
Facilities
Authority
,
Series
2020A,
RB,
3.00%, 05/15/47
8,000‌
5,701,694‌
Massachusetts
-
0.3%
Commonwealth
of
Massachusetts
Series
2009E,
GO,
5.46%, 12/01/39
805‌
824,552‌
Series
2019H,
GO,
2.90%, 09/01/49
1,055‌
718,165‌
Series
2025A,
GO,
5.00%, 04/01/50
10,170‌
10,646,529‌
Series
2025C,
GO,
5.00%, 06/01/51
11,335‌
11,852,161‌
Massachusetts
Bay
Transportation
Authority
Sales
Tax
,
Series
2025B,
RB,
5.25%, 07/01/50
.........
16,135‌
17,266,585‌
Massachusetts
Housing
Finance
Agency
Series
2014B,
RB,
AMT,
4.50%, 12/01/39
..........
385‌
377,246‌
Series
2015A,
RB,
AMT,
4.35%, 12/01/40
..........
335‌
327,947‌
Massachusetts
School
Building
Authority
Series
2025A,
RB,
5.00%, 02/15/50
9,925‌
10,368,360‌
Series
2025A,
RB,
5.25%, 02/15/50
9,925‌
10,601,668‌
62,983,213‌
Michigan
-
0.1%
Great
Lakes
Water
Authority
Water
Supply
System
Series
2023B,
RB,
5.25%, 07/01/53
9,320‌
9,785,071‌
Series
2025C,
RB,
5.25%, 07/01/55
4,175‌
4,405,788‌
Michigan
State
Building
Authority
,
Series
2025I,
RB,
5.00%, 10/15/50
3,790‌
3,952,721‌
Michigan
State
Housing
Development
Authority
,
Series
2025A-1,
RB,
5.25%, 10/01/50
............
7,025‌
7,206,371‌
Michigan
State
University
,
Series
2025A,
RB,
5.00%, 02/15/55
....
5,805‌
6,012,010‌
31,361,961‌
Minnesota
-
0.0%
State
of
Minnesota
,
Series
2021A,
GO,
4.00%, 09/01/38
............
7,785‌
7,903,402‌
Nebraska
-
0.0%
Omaha
Public
Power
District
,
Series
2024A,
RB,
5.50%, 02/01/49
....
5,080‌
5,505,578‌
New
Hampshire
-
0.0%
New
Hampshire
Municipal
Bond
Bank
,
Series
2022A,
ST
INTERCEPT,
RB,
3.00%, 02/15/38
............
1,530‌
1,388,972‌
Security
Par
(000)
Par
(000)
Value
New
Jersey
-
0.1%
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Series
2021,
RB,
3.00%, 07/01/51
.........
USD
4,965‌
$
3,607,710‌
New
Jersey
Transportation
Trust
Fund
Authority
Series
2024CC,
RB,
5.25%, 06/15/50
..........
11,220‌
11,763,734‌
Series
2024CC,
RB,
5.25%, 06/15/55
..........
7,125‌
7,437,396‌
New
Jersey
Turnpike
Authority
,
Series
2025A,
RB,
5.25%, 01/01/55
....
4,345‌
4,625,271‌
Rutgers
The
State
University
of
New
Jersey
,
Series
2019R,
RB,
3.27%, 05/01/43
............
3,750‌
3,069,839‌
30,503,950‌
New
York
-
0.5%
City
of
New
York
Series
2025G,
Sub-Series
G-1,
GO,
5.25%, 02/01/50
..........
15,015‌
15,880,767‌
Series
2025H,
GO,
6.29%, 02/01/45
3,730‌
3,981,393‌
Empire
State
Development
Corp.
Series
2021B,
RB,
2.01%, 03/15/30
7,085‌
6,468,935‌
Series
2021B,
RB,
2.50%, 03/15/33
9,725‌
8,509,204‌
Long
Island
Power
Authority
,
Series
2024A,
RB,
5.00%, 09/01/49
....
3,715‌
3,846,398‌
New
York
City
Municipal
Water
Finance
Authority
Series
2010AA-1,
RB,
5.75%, 06/15/41
..........
1,610‌
1,661,357‌
Series
2011AA,
RB,
5.44%, 06/15/43
..........
4,775‌
4,759,707‌
Series
2024BB,
Sub-Series
BB-2,
RB,
5.25%, 06/15/47
.......
8,270‌
8,816,774‌
Series
2025,
Sub-Series
AA2,
RB,
5.00%, 06/15/48
..........
6,720‌
7,046,214‌
New
York
City
Transitional
Finance
Authority
,
Series
2025D,
RB,
5.25%, 05/01/48
............
13,815‌
14,706,494‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2019B,
Sub-Series
B-3,
RB,
3.90%, 08/01/31
............
11,870‌
11,693,413‌
New
York
State
Dormitory
Authority
,
Series
2024A,
RB,
5.00%, 03/15/53
11,150‌
11,539,489‌
New
York
State
Thruway
Authority
Series
2025A,
RB,
5.00%, 03/15/46
16,135‌
16,993,030‌
Series
2025A,
RB,
5.00%, 03/15/49
9,130‌
9,516,391‌
State
of
New
York
,
Series
2019B,
GO,
2.80%, 02/15/32
............
11,215‌
10,361,471‌
Triborough
Bridge
&
Tunnel
Authority
Series
2022D-2,
RB,
5.25%, 05/15/47
..........
7,175‌
7,551,704‌
Series
2025A-1,
RB,
5.50%, 11/15/53
..........
5,775‌
6,283,457‌
United
Nations
Development
Corp.
,
Series
2025A,
RB,
6.54%, 08/01/55
3,505‌
3,713,771‌
153,329,969‌
North
Carolina
-
0.0%
City
of
Charlotte
,
Series
2021A,
RB,
3.00%, 07/01/46
............
12,525‌
9,141,227‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
91
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ohio
-
0.1%
American
Municipal
Power,
Inc.
,
Series
2010A,
RB,
7.83%, 02/15/41
....
USD
4,015‌
$
4,781,074‌
Columbus
Regional
Airport
Authority
,
Series
2025A,
RB,
AMT,
5.50%, 01/01/55
............
21,605‌
22,494,118‌
JobsOhio
Beverage
System
,
Series
2013B,
RB,
3.99%, 01/01/29
....
4,340‌
4,338,516‌
State
of
Ohio
,
Series
2020C,
GO,
5.00%, 03/01/39
............
4,095‌
4,446,929‌
36,060,637‌
Oklahoma
-
0.0%
Oklahoma
Capitol
Improvement
Authority
,
Series
2025A,
RB,
5.25%, 07/01/50
............
11,225‌
11,956,510‌
Oregon
-
0.0%
Oregon
School
Boards
Association
Series
2002B,
GO,
5.55%, 06/30/28
4,075‌
4,159,557‌
Series
2005A,
GO,
4.76%, 06/30/28
1,569‌
1,585,201‌
State
of
Oregon
,
Series
2003,
GO,
5.89%, 06/01/27
............
2,141‌
2,188,160‌
7,932,918‌
Pennsylvania
-
0.0%
Allegheny
County
Airport
Authority
,
Series
2025A,
AGC,
RB,
AMT,
5.50%, 01/01/50
............
3,775‌
3,978,099‌
Commonwealth
Financing
Authority
,
Series
2016A,
RB,
4.14%, 06/01/38
1,580‌
1,484,022‌
Pennsylvania
Turnpike
Commission
,
Series
2025B,
RB,
5.25%, 12/01/50
8,070‌
8,593,801‌
14,055,922‌
Puerto
Rico
-
0.2%
Commonwealth
of
Puerto
Rico
,
Series
2022
,
VRDN
,
0.00%, 11/01/51
(e)(f)(u)
97,729‌
57,389,215‌
Puerto
Rico
Electric
Power
Authority
(e)(f)
Series
2003NN,
RB,
5.50%, 07/01/20
..........
2,060‌
1,380,200‌
Series
2007TT,
RB,
5.00%, 07/01/18
1,915‌
1,283,050‌
Series
2008WW,
RB,
5.38%, 07/01/24
..........
1,530‌
1,025,100‌
Series
2008WW,
RB,
5.25%, 07/01/33
..........
2,930‌
1,963,100‌
Series
2008WW,
RB,
5.50%, 07/01/38
..........
6,160‌
4,127,200‌
Series
2010AAA,
RB,
5.25%, 07/01/21
..........
1,710‌
1,145,700‌
Series
2010AAA,
RB,
5.25%, 07/01/26
..........
940‌
629,800‌
Series
2010CCC,
RB,
5.25%, 07/01/28
..........
1,635‌
1,095,450‌
Series
2010ZZ,
RB,
5.00%, 07/01/18
1,225‌
820,750‌
Series
2010ZZ,
RB,
5.25%, 07/01/23
500‌
335,000‌
Series
2010ZZ,
RB,
5.25%, 07/01/26
1,150‌
770,500‌
Series
2010ZZ,
RB,
5.25%, 12/31/49
6,255‌
4,190,850‌
Series
2013A,
RB,
5.00%, 07/01/42
6,800‌
4,556,000‌
Series
2013A,
RB,
5.05%, 07/01/42
1,030‌
690,100‌
Series
2013A,
RB,
7.00%, 07/01/43
7,405‌
4,961,350‌
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Series
2018A-1,
RB,
4.75%, 07/01/53
............
2,048‌
1,917,136‌
88,280,501‌
Security
Par
(000)
Par
(000)
Value
Tennessee
-
0.0%
Tennessee
Housing
Development
Agency
Series
2018-3,
RB,
3.85%, 07/01/43
USD
765‌
$
719,227‌
Series
2018-3,
RB,
3.95%, 01/01/49
615‌
553,165‌
1,272,392‌
Texas
-
0.3%
City
of
Corpus
Christi
Utility
System
,
Series
2025,
AG,
RB,
5.25%, 07/15/50
............
7,705‌
8,159,674‌
City
of
Houston
Airport
System
,
Series
2025A,
RB,
AMT,
5.50%, 07/01/50
13,260‌
14,045,816‌
City
of
San
Antonio
Electric
&
Gas
Systems
,
Series
2024B,
RB,
5.00%, 02/01/54
............
16,145‌
16,614,520‌
Crowley
Independent
School
District
,
Series
2025,
PSF,
GO,
5.25%, 02/01/56
............
3,680‌
3,894,684‌
Dallas
Fort
Worth
International
Airport
Series
2019A,
RB,
3.14%, 11/01/45
2,360‌
1,799,373‌
Series
2025A-1,
RB,
AMT, 11/01/44
(v)
..........
5,040‌
5,301,041‌
Gregory-Portland
Independent
School
District
,
Series
2025,
PSF,
GO,
5.25%, 02/15/50
............
16,135‌
17,084,973‌
Hays
Consolidated
Independent
School
District
,
Series
2025,
PSF,
GO,
5.25%, 02/15/50
............
6,160‌
6,559,204‌
Hutto
Independent
School
District
,
Series
2025,
PSF,
GO,
5.00%, 08/01/50
............
7,745‌
8,089,595‌
Mansfield
Independent
School
District
,
Series
2025,
PSF,
GO,
5.25%, 02/15/55
............
7,630‌
8,079,225‌
Mesquite
Independent
School
District
,
Series
2025,
PSF,
GO,
5.25%, 08/15/52
............
17,710‌
18,826,416‌
North
Texas
Municipal
Water
District
,
Series
2025,
RB,
5.00%, 06/01/55
3,785‌
3,886,135‌
Northwest
Independent
School
District
,
Series
2025,
PSF,
GO,
5.25%, 02/15/55
............
7,580‌
8,045,158‌
Port
of
Beaumont
Navigation
District
,
Series
2024B,
RB,
10.00%, 07/01/26
(c)
..........
10,535‌
10,590,132‌
Temple
College
,
Series
2021,
GO,
3.00%, 07/01/46
............
6,035‌
4,667,587‌
Terrell
Independent
School
District
,
Series
2025,
PSF,
GO,
5.25%, 08/01/50
............
7,935‌
8,488,847‌
Texas
A&M
University
,
Series
2017B,
RB,
2.84%, 05/15/27
.........
5,965‌
5,872,073‌
University
of
Houston
,
Series
2020A,
RB,
3.00%, 02/15/44
.........
5,530‌
4,358,213‌
154,362,666‌
Utah
-
0.0%
City
of
Salt
Lake
City
,
Series
2021A,
RB,
AMT,
5.00%, 07/01/46
.....
12,445‌
12,590,163‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Virginia
-
0.0%
Tobacco
Settlement
Financing
Corp.
,
Series
2007A-1,
RB,
6.71%, 06/01/46
............
USD
9,325‌
$
7,023,066‌
Virginia
Small
Business
Financing
Authority
,
Series
2017,
RB,
AMT,
5.00%, 12/31/47
............
2,900‌
2,830,133‌
9,853,199‌
Washington
-
0.1%
State
of
Washington
,
Series
2022A,
GO,
5.00%, 08/01/39
.........
10,000‌
10,829,978‌
Washington
Health
Care
Facilities
Authority
,
Series
2015A,
RB,
4.00%, 10/01/45
............
15,260‌
14,142,256‌
24,972,234‌
Total
Municipal
Bonds
—
2.1%
(Cost:
$927,661,770)
.............................
917,746,823‌
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
6.8%
Australia
—
0.1%
(a)
La
Trobe
Financial
Capital
Markets
Trust,
Series
2025-1,
Class
A1L,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.05%),
4.59%,
05/15/57
.......
AUD
7,380‌
4,878,054‌
Pepper
Residential
Securities
Trust
No.
41
Mtge
Series
41,
Class
A1A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.00%),
4.55%,
07/12/67
(b)
...
22,560‌
14,915,711‌
Series
41,
Class
A2,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.15%),
4.70%,
07/12/67
(b)
...
2,140‌
1,414,877‌
RESIMAC
Premier,
Series
2025-1,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.10%),
4.65%,
09/12/56
(b)
10,127‌
6,724,474‌
SAPPHIRE
XXXII
TRUST,
Series
2025-1,
Class
A1L,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.10%),
4.64%,
06/14/66
(b)
................
21,110‌
13,993,211‌
41,926,327‌
Ireland
—
0.0%
(b)
Dilosk
Rmbs
No.
8
Sts
DAC
(a)
Series
8-STS,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.65%),
2.68%,
05/20/62
(b)
...
EUR
1,674‌
1,967,530‌
Series
8-STS,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.93%,
05/20/62
(b)
...
518‌
605,796‌
2,573,326‌
Italy
—
0.0%
Miltonia
Mortgage
Finance
SRL,
Series
1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.25%,
04/28/62
(a)(b)
...............
8,612‌
10,113,568‌
Security
Par
(000)
Par
(000)
Value
Netherlands
—
0.1%
(a)(b)
Domi
BV
Series
2021-1,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.63%),
2.64%,
06/15/53
(b)
...
EUR
1,449‌
$
1,701,961‌
Series
2023-1,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.12%),
3.15%,
02/15/55
(b)
...
2,073‌
2,456,140‌
Series
2023-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.73%,
02/15/55
(b)
...
803‌
956,989‌
Series
2025-1,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.71%),
2.74%,
04/16/57
(b)
...
5,387‌
6,335,737‌
Dutch
Property
Finance
BV
Series
2021-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.05%,
07/28/58
(b)
...
740‌
868,940‌
Series
2021-2,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
2.65%,
04/28/59
(b)
...
1,497‌
1,760,219‌
Series
2021-2,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
2.75%,
04/28/59
(b)
...
820‌
962,204‌
Series
2021-2,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
3.00%,
04/28/59
(b)
...
504‌
591,216‌
Jubilee
Place
BV
Series
7,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.72%),
2.75%,
09/18/62
(b)
..............
4,431‌
5,219,219‌
Series
7,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
3.08%,
09/18/62
(b)
..............
1,030‌
1,209,344‌
Series
7,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.43%,
09/18/62
(b)
..............
163‌
191,401‌
Series
7,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
3.93%,
09/18/62
(b)
..............
111‌
131,187‌
Series
8,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
0.00%,
03/17/62
(b)
..............
214‌
251,245‌
22,635,802‌
United
Kingdom
—
1.2%
(a)
Atlas
Funding
plc
Series
2022-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.80%),
5.78%,
02/25/60
(b)
..............
GBP
2,955‌
3,989,736‌
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.87%,
01/20/61
(b)
..............
1,494‌
2,029,546‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.75%),
6.72%,
01/20/61
(b)
..............
987‌
1,348,750‌
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.80%),
7.77%,
01/20/61
(b)
..............
505‌
693,917‌
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.85%),
4.82%,
09/20/61
(b)
..............
9,458‌
12,789,080‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
93
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.27%,
09/20/61
(b)
..............
GBP
1,601‌
$
2,179,167‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
5.52%,
09/20/61
(b)
..............
1,103‌
1,497,810‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.20%),
6.17%,
09/20/61
(b)
..............
365‌
501,500‌
Auburn
15
plc,
Series
15,
Class
A2,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
5.07%,
07/20/45
(b)
................
2,539‌
3,429,287‌
Barley
Hill
No.
2
plc,
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.70%),
5.67%,
08/27/58
(b)
.....
520‌
700,521‌
Bletchley
Park
Funding
plc
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.17%,
01/27/70
(b)
..............
2,440‌
3,302,863‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.47%,
01/27/70
(b)
..............
746‌
1,010,458‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.88%),
5.85%,
01/27/70
(b)
..............
728‌
986,590‌
Series
2025-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.38%),
7.35%,
01/27/70
(b)
..............
998‌
1,353,087‌
Braccan
Mortgage
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.84%),
4.83%,
02/15/67
(b)
..............
7,972‌
10,762,269‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.19%,
02/15/67
(b)
..............
2,883‌
3,920,228‌
Series
2025-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.84%),
4.83%,
05/17/67
(b)
..............
6,074‌
8,205,418‌
Series
2025-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
5.09%,
05/17/67
(b)
..............
1,247‌
1,689,389‌
Series
2025-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.39%,
05/17/67
(b)
..............
1,046‌
1,419,891‌
Brants
Bridge
plc,
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.88%,
06/14/66
(b)
................
909‌
1,225,113‌
Canada
Square
Funding
plc
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.17%,
06/17/58
(b)
..............
382‌
514,618‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.57%,
06/17/58
(b)
..............
GBP
102‌
$
137,359‌
Series
6,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.45%,
01/17/59
(b)
..............
2,813‌
3,801,223‌
Series
6,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.85%),
5.85%,
01/17/59
(b)
..............
178‌
239,965‌
Castell
plc
Series
2025-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.97%),
4.94%,
01/27/62
(b)
..............
4,960‌
6,707,459‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.22%,
01/27/62
(b)
..............
1,907‌
2,572,567‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
5.52%,
01/27/62
(b)
..............
712‌
963,608‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.97%,
01/27/62
(b)
..............
407‌
554,976‌
Series
2025-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
7.47%,
01/27/62
(b)
..............
1,165‌
1,589,776‌
Cheshire
plc
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.05%),
5.04%,
06/28/48
(b)
..............
2,231‌
3,001,267‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.34%,
06/28/48
(b)
..............
2,030‌
2,730,846‌
Citadel
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.02%),
4.99%,
04/28/60
(b)
..............
7,575‌
10,233,682‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.42%,
04/28/60
(b)
..............
929‌
1,262,921‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.75%),
5.72%,
04/28/60
(b)
..............
973‌
1,319,724‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.45%),
6.42%,
04/28/60
(b)
..............
1,062‌
1,452,891‌
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.75%),
7.72%,
04/28/60
(b)
..............
929‌
1,270,591‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
East
One
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.37%,
12/27/55
(b)
..............
GBP
1,145‌
$
1,552,139‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.67%,
12/27/55
(b)
..............
1,969‌
2,663,025‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.97%,
12/27/55
(b)
..............
2,438‌
3,304,303‌
Edenbrook
Mortgage
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.87%),
4.84%,
03/22/57
(b)
..............
4,547‌
6,139,003‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
5.92%,
03/22/57
(b)
..............
4,410‌
6,025,044‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.55%),
6.52%,
03/22/57
(b)
..............
1,133‌
1,558,289‌
Elstree
1st
plc
Series
252-1ST,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
0.00%,
10/21/65
(b)
..............
2,075‌
2,790,668‌
Series
252-1ST,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
0.00%,
10/21/65
(b)
..............
550‌
739,695‌
Series
252-1ST,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.88%),
0.00%,
10/21/65
(b)
..............
705‌
948,154‌
Elstree
Funding
No.
4
plc,
Series
4,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.12%),
5.09%,
10/21/55
(b)
...........
1,170‌
1,583,643‌
Exmoor
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.88%),
4.85%,
03/25/94
(b)
..............
7,696‌
10,391,504‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.47%,
03/25/94
(b)
..............
967‌
1,312,582‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.87%,
03/25/94
(b)
..............
454‌
616,773‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.80%),
6.77%,
03/25/94
(b)
..............
196‌
267,696‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.22%,
03/25/95
(b)
..............
1,227‌
1,652,767‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.75%),
5.72%,
03/25/95
(b)
..............
GBP
509‌
$
686,127‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.38%),
6.35%,
03/25/95
(b)
..............
131‌
176,582‌
Finsbury
Square
Green
plc
Series
2021-1GRX,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
4.97%,
12/16/67
(b)
..............
1,470‌
1,980,767‌
Series
2021-1GRX,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.22%,
12/16/67
(b)
..............
1,045‌
1,409,817‌
Finsbury
Square
plc
Series
2021-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.22%,
12/16/71
(b)
..............
1,339‌
1,808,873‌
Series
2021-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.37%,
12/16/71
(b)
..............
371‌
500,074‌
Series
2021-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.67%,
12/16/71
(b)
..............
200‌
268,447‌
Frontier
Mortgage
Funding
plc,
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
4.97%,
12/20/66
(b)
.....
4,518‌
6,077,170‌
Gemgarto
plc
Series
2021-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
5.92%,
12/16/67
(b)
..............
218‌
293,698‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.97%,
12/16/73
(b)
..............
1,294‌
1,752,624‌
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.47%,
12/16/73
(b)
..............
1,236‌
1,672,619‌
Series
2023-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.50%),
8.47%,
12/16/73
(b)
..............
873‌
1,193,523‌
Great
Hall
Mortgages
No.
1
plc,
Series
2007-2X,
Class
BA,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.42%),
4.39%,
06/18/39
(b)
5,375‌
7,156,694‌
Harben
Finance
Series
2017-1RX,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
5.12%,
09/28/55
(b)
..............
741‌
994,218‌
Series
2017-1RX,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.47%,
09/28/55
(b)
..............
441‌
590,018‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
95
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Hops
Hill
No.
2
plc
Series
2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
6.22%,
11/27/54
(b)
..............
GBP
4,073‌
$
5,546,058‌
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.85%),
6.82%,
11/27/54
(b)
..............
1,077‌
1,473,529‌
Hops
Hill
No.
3
plc
Series
3,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
4.97%,
12/21/55
(b)
..............
5,962‌
8,071,455‌
Series
3,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.67%,
12/21/55
(b)
..............
5,514‌
7,524,767‌
Series
3,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.47%,
12/21/55
(b)
..............
5,089‌
6,996,449‌
Hops
Hill
No.
4
plc
Series
4,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.88%),
4.85%,
04/21/56
(b)
..............
2,146‌
2,902,386‌
Series
4,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.27%,
04/21/56
(b)
..............
980‌
1,330,875‌
Series
4,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.67%,
04/21/56
(b)
..............
2,900‌
3,943,853‌
Series
4,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.30%),
6.27%,
04/21/56
(b)
..............
1,795‌
2,459,920‌
Hops
Hill
No.
5
plc
Series
5,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
5.00%,
06/21/56
(b)
..............
1,578‌
2,128,491‌
Series
5,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.45%,
06/21/56
(b)
..............
1,233‌
1,662,915‌
Jupiter
Mortgage
No.
1
plc
Series
1X,
Class
BR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.70%,
07/20/55
(b)
..............
29,187‌
39,569,195‌
Series
1X,
Class
CR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
6.25%,
07/20/55
(b)
..............
9,209‌
12,564,485‌
Series
1X,
Class
DR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.00%),
7.00%,
07/20/55
(b)
..............
6,280‌
8,548,844‌
Lanebrook
Mortgage
Transaction
plc
Series
2021-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.65%),
4.65%,
07/20/58
(b)
..............
1,386‌
1,864,181‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
4.95%,
07/20/58
(b)
..............
GBP
266‌
$
358,100‌
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.25%,
07/20/58
(b)
..............
158‌
212,815‌
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.65%),
5.65%,
07/20/58
(b)
..............
103‌
138,863‌
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
4.77%,
03/15/61
(b)
..............
1,072‌
1,447,033‌
London
Bridge
Mortgages
plc,
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.37%,
03/20/67
(b)
.....
641‌
870,208‌
London
Wall
Mortgage
Capital
plc
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.49%,
05/15/57
(b)
..............
8,673‌
11,705,749‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.99%,
05/15/57
(b)
..............
4,150‌
5,598,851‌
Molossus
Btl
plc,
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
4.95%,
04/18/61
(b)
................
2,165‌
2,917,930‌
Mortimer
2024-Mix
plc
Series
2024-MIX,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
5.12%,
09/22/67
(b)
..............
2,390‌
3,226,580‌
Series
2024-MIX,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
5.52%,
09/22/67
(b)
..............
821‌
1,113,312‌
Series
2024-MIX,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.10%),
6.07%,
09/22/67
(b)
..............
198‌
269,497‌
Mortimer
BTL
plc
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
5.07%,
06/23/53
(b)
..............
334‌
449,472‌
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.42%,
06/23/53
(b)
..............
110‌
148,257‌
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.97%,
12/22/56
(b)
..............
764‌
1,037,186‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.00%),
6.97%,
12/22/56
(b)
..............
832‌
1,140,491‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.05%),
8.02%,
12/22/56
(b)
..............
GBP
764‌
$
1,050,713‌
Newgate
Funding
plc,
Series
2006-1,
Class
BB,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.28%),
2.33%,
12/01/50
(b)
................
EUR
949‌
1,068,031‌
Paragon
Mortgages
No.
12
plc,
Series
12X,
Class
B1B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.48%),
2.52%,
11/15/38
(b)
................
385‌
441,373‌
Pierpont
Btl
plc
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
5.07%,
09/21/54
(b)
..............
GBP
2,988‌
4,034,789‌
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.87%,
09/21/54
(b)
..............
2,246‌
3,046,070‌
Pierpont
BTL
plc
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.22%,
12/22/53
(b)
..............
1,728‌
2,331,222‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.20%),
6.17%,
09/21/61
(b)
..............
138‌
189,192‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.27%,
03/21/62
(b)
..............
458‌
621,938‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.85%),
5.82%,
03/21/62
(b)
..............
151‌
206,007‌
PMF
plc,
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.98%),
4.95%,
07/16/60
(b)
................
1,527‌
2,063,679‌
Polaris
plc
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.47%,
10/23/59
(b)
..............
421‌
567,318‌
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.97%,
10/23/59
(b)
..............
307‌
414,267‌
Series
2022-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.40%),
7.37%,
10/23/59
(b)
..............
538‌
723,758‌
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.75%),
6.72%,
02/23/61
(b)
..............
2,389‌
3,265,909‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.65%),
7.62%,
02/23/61
(b)
..............
1,770‌
2,431,330‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.35%),
8.32%,
02/23/61
(b)
..............
GBP
1,093‌
$
1,505,502‌
Series
2023-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
6.22%,
09/27/59
(b)
..............
2,321‌
3,175,534‌
Series
2023-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
7.17%,
09/27/59
(b)
..............
2,150‌
2,965,038‌
Series
2023-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.25%),
8.22%,
09/27/59
(b)
..............
1,337‌
1,849,653‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.67%,
02/26/61
(b)
..............
1,671‌
2,262,324‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.70%),
6.67%,
02/26/61
(b)
..............
566‌
774,356‌
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.00%),
7.97%,
02/26/61
(b)
..............
356‌
490,642‌
Series
2025-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.82%),
4.79%,
02/26/68
(b)
..............
7,099‌
9,583,135‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.05%),
5.02%,
02/26/68
(b)
..............
1,631‌
2,197,478‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.37%,
02/26/68
(b)
..............
1,566‌
2,108,542‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.80%),
5.77%,
02/26/68
(b)
..............
529‌
714,760‌
Series
2025-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.05%),
5.02%,
08/25/68
(b)
..............
1,237‌
1,665,687‌
Series
2025-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.37%,
08/25/68
(b)
..............
2,147‌
2,891,025‌
RMAC
Securities
No.1
plc
Series
2006-NS1X,
Class
M1C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.25%),
2.28%,
06/12/44
(b)
..
EUR
81‌
92,278‌
Series
2007-NS1X,
Class
A2A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.27%),
4.24%,
06/12/44
(b)
..............
GBP
202‌
267,140‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
97
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2007-NS1X,
Class
M1C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.27%),
2.30%,
06/12/44
(b)
..
EUR
1,335‌
$
1,499,288‌
Stratton
Mortgage
Funding
plc
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.32%,
06/28/50
(b)
..............
GBP
1,121‌
1,508,221‌
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.47%,
06/28/50
(b)
..............
2,576‌
3,461,500‌
Series
2024-3,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.98%),
4.94%,
06/25/49
(b)
..............
6,604‌
8,887,402‌
Series
2024-3,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.32%,
06/25/49
(b)
..............
11,150‌
15,000,494‌
Series
2024-3,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.47%,
06/25/49
(b)
..............
933‌
1,255,593‌
Together
Asset-Backed
Securitisation
14
plc,
Series
2025-1ST1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.76%),
4.73%,
08/15/66
(b)
................
3,800‌
5,116,288‌
Together
Asset-Backed
Securitisation
plc
Series
2021-1ST1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
4.95%,
07/12/63
(b)
..............
157‌
211,153‌
Series
2021-1ST1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.25%,
07/12/63
(b)
..............
107‌
143,904‌
Series
2023-1ST2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.23%),
5.20%,
04/20/65
(b)
..............
2,869‌
3,884,922‌
Series
2023-1ST2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.15%),
6.12%,
04/20/65
(b)
..............
2,053‌
2,812,135‌
Series
2023-1ST2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.15%),
7.12%,
04/20/65
(b)
..............
438‌
609,272‌
Series
2023-1ST2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.40%),
8.37%,
04/20/65
(b)
..............
278‌
389,843‌
Series
2024-1ST1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
4.92%,
08/15/64
(b)
..............
8,969‌
12,122,961‌
Series
2024-1ST2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.96%),
4.94%,
10/12/65
(b)
..............
7,611‌
10,302,821‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2024-2ND1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.67%,
08/20/55
(b)
..............
GBP
2,576‌
$
3,499,121‌
Series
2024-2ND1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.47%,
08/20/55
(b)
..............
817‌
1,108,064‌
Series
2024-2ND1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
7.47%,
08/20/55
(b)
..............
1,039‌
1,424,576‌
Series
2025-2ND1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.93%),
4.91%,
09/12/56
(b)
..............
3,205‌
4,331,161‌
Series
2025-2ND1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.18%,
09/12/56
(b)
..............
1,672‌
2,254,056‌
Series
2025-2ND1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.48%,
09/12/56
(b)
..............
1,030‌
1,388,296‌
Series
2025-2ND1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
5.93%,
09/12/56
(b)
..............
429‌
578,653‌
Series
2025-CRE1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.17%,
01/15/57
(b)
..............
10,466‌
14,166,410‌
Series
2025-CRE1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.47%,
01/15/57
(b)
..............
2,698‌
3,632,067‌
Series
2025-CRE1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.80%),
5.77%,
01/15/57
(b)
..............
1,047‌
1,424,681‌
Series
2025-CRE1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
6.37%,
01/15/57
(b)
..............
227‌
305,733‌
Tower
Bridge
Funding
plc
Series
2022-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.22%,
12/20/63
(b)
..............
264‌
355,389‌
Series
2024-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.00%),
7.00%,
01/20/66
(b)
..............
773‌
1,045,872‌
Series
2024-1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.00%),
8.00%,
01/20/66
(b)
..............
864‌
1,171,400‌
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.19%,
05/20/66
(b)
..............
1,489‌
2,010,390‌
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.59%,
05/20/66
(b)
..............
676‌
914,028‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2024-3X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
5.07%,
12/20/66
(b)
..............
GBP
2,371‌
$
3,196,127‌
Series
2024-3X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.37%,
12/20/66
(b)
..............
350‌
472,134‌
Series
2024-3X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.87%,
12/20/66
(b)
..............
363‌
490,445‌
Trinity
Square
plc,
Series
2021-1X,
Class
AR,
(Sterling
Overnight
Index
Average
+
0.90%),
4.90%,
07/15/59
(b)
................
12,936‌
17,444,292‌
Twin
Bridges
plc
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.58%,
03/12/55
(b)
..............
436‌
588,176‌
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.10%),
6.08%,
03/12/55
(b)
..............
804‌
1,084,883‌
Series
2021-2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.66%),
4.64%,
09/12/55
(b)
..............
2,381‌
3,204,206‌
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.88%,
09/12/55
(b)
..............
819‌
1,101,774‌
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
5.13%,
09/12/55
(b)
..............
435‌
585,052‌
Series
2021-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.48%,
09/12/55
(b)
..............
187‌
251,176‌
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.28%,
12/12/55
(b)
..............
830‌
1,116,278‌
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.68%,
12/12/55
(b)
..............
365‌
491,647‌
Series
2022-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.98%,
06/12/55
(b)
..............
5,709‌
7,698,842‌
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
4.93%,
06/14/55
(b)
..............
1,336‌
1,800,573‌
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.58%,
06/14/55
(b)
..............
6,190‌
8,364,699‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.48%,
06/14/55
(b)
..............
2,602‌
3,531,110‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
7.48%,
06/14/55
(b)
..............
GBP
1,672‌
$
2,277,593‌
Series
2023-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.05%),
6.04%,
05/15/56
(b)
..............
891‌
1,217,769‌
Series
2023-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.05%),
8.04%,
05/15/56
(b)
..............
890‌
1,238,991‌
Winchester
1
plc
Series
1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
5.20%,
10/21/56
(b)
..............
1,624‌
2,195,154‌
Series
1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
5.55%,
10/21/56
(b)
..............
886‌
1,200,969‌
528,082,650‌
United
States
—
5.4%
A&D
Mortgage
Trust
(c)
Series
2024-NQM5,
Class
A1,
5.70%,
11/25/69
..........
USD
4,305‌
4,332,800‌
Series
2024-NQM5,
Class
M1,
6.52%,
11/25/69
(a)
.........
4,138‌
4,178,267‌
ACRA
Trust,
Series
2024-NQM1,
Class
A1,
5.61%,
10/25/64
(c)(g)
.......
7,160‌
7,200,563‌
Agate
Bay
Mortgage
Trust
(a)(c)
Series
2015-1,
Class
B5,
3.63%,
01/25/45
...............
1,323‌
818,137‌
Series
2015-3,
Class
B5,
3.44%,
04/25/45
...............
1,521‌
948,132‌
Series
2015-4,
Class
B5,
3.48%,
06/25/45
...............
1,061‌
622,921‌
Aimco
,
Inc.,  
0.00%,
12/31/49
(c)(d)
...
9,500‌
9,690,000‌
Ajax
Mortgage
Loan
Trust
(c)
Series
2022-A,
Class
A1,
3.50%,
10/25/61
(g)
..............
24,888‌
24,231,699‌
Series
2022-A,
Class
A2,
3.00%,
10/25/61
(a)
..............
2,705‌
2,503,195‌
Series
2022-A,
Class
A3,
3.00%,
10/25/61
(a)
..............
1,443‌
1,330,880‌
Series
2022-A,
Class
B,
3.00%,
10/25/61
...............
10,820‌
8,510,077‌
Series
2022-A,
Class
C,
3.00%,
10/25/61
...............
5,098‌
6,153,368‌
Series
2022-A,
Class
M1,
3.00%,
10/25/61
...............
1,578‌
1,447,998‌
Series
2022-A,
Class
M2,
3.00%,
10/25/61
...............
7,078‌
5,769,704‌
Series
2022-A,
Class
M3,
3.00%,
10/25/61
...............
451‌
366,560‌
Series
2022-B,
Class
A1,
3.50%,
03/27/62
(g)
..............
37,273‌
36,183,207‌
Series
2022-B,
Class
A2,
3.00%,
03/27/62
(a)
..............
2,124‌
1,961,894‌
Series
2022-B,
Class
A3,
3.00%,
03/27/62
(a)
..............
1,821‌
1,676,134‌
Series
2022-B,
Class
B,
3.00%,
03/27/62
...............
10,116‌
8,060,462‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
99
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-B,
Class
C,
3.00%,
03/27/62
...............
USD
10,106‌
$
7,917,611‌
Series
2022-B,
Class
M1,
3.00%,
03/27/62
...............
1,365‌
1,250,659‌
Series
2022-B,
Class
M2,
3.00%,
03/27/62
...............
6,777‌
5,962,876‌
Series
2023-A,
Class
A1,
3.50%,
07/25/62
(g)
..............
44,791‌
42,727,310‌
Series
2023-A,
Class
A2,
3.00%,
07/25/62
(a)
..............
2,667‌
2,426,635‌
Series
2023-A,
Class
A3,
2.50%,
07/25/62
(a)
..............
1,511‌
1,334,575‌
Series
2023-A,
Class
B,
2.50%,
07/25/62
(a)
..............
8,888‌
6,771,207‌
Series
2023-A,
Class
C,
2.50%,
07/25/62
(a)
..............
7,104‌
5,312,938‌
Series
2023-A,
Class
M1,
2.50%,
07/25/62
(a)
..............
4,578‌
3,994,170‌
Series
2023-C,
Class
A1,
3.50%,
05/25/63
(g)
..............
40,275‌
38,715,722‌
Series
2023-C,
Class
A2,
3.00%,
05/25/63
(a)
..............
2,968‌
2,670,106‌
Series
2023-C,
Class
A3,
2.50%,
05/25/63
(a)
..............
1,583‌
1,387,411‌
Series
2023-C,
Class
C,
2.50%,
05/25/63
(a)
..............
14,030‌
10,301,072‌
Series
2023-C,
Class
M1,
2.50%,
05/25/63
(a)
..............
1,385‌
1,206,231‌
Series
2023-C,
Class
M2,
2.50%,
05/25/63
(a)
..............
8,588‌
6,987,197‌
Alternative
Loan
Trust
Series
2005-11CB,
Class
2A1,
5.50%,
06/25/35
..........
159‌
127,304‌
Series
2005-11CB,
Class
2A6,
5.50%,
06/25/35
..........
822‌
658,258‌
Series
2005-29CB,
Class
A6,
5.50%,
07/25/35
...............
588‌
335,190‌
Series
2005-55CW,
Class
2A3,
(1-
mo.
CME
Term
SOFR
at
0.35%
Floor
and
7.50%
Cap
+
0.46%),
4.62%,
11/25/35
(a)
.........
1,129‌
810,620‌
Series
2005-59,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.66%
Floor
and
11.00%
Cap
+
0.77%),
4.91%,
11/20/35
(a)
.........
1,131‌
1,096,227‌
Series
2005-22T1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
and
5.42%
Cap
+
0.46%),
4.62%,
06/25/35
(a)
..............
6,695‌
5,938,224‌
Series
2005-J4,
Class
B1,
(1-mo.
CME
Term
SOFR
at
2.03%
Floor
and
11.00%
Cap
+
2.14%),
6.30%,
07/25/35
(a)
.........
74‌
73,240‌
Series
2006-6CB,
Class
2A10,
6.00%,
05/25/36
..........
414‌
151,991‌
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
..........
3,551‌
1,589,539‌
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
...............
625‌
285,898‌
Series
2006-28CB,
Class
A14,
6.25%,
10/25/36
..........
2,107‌
1,017,213‌
Series
2006-34,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
and
6.25%
Cap
+
0.81%),
4.97%,
11/25/46
(a)
..............
4,736‌
1,648,623‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2006-45T1,
Class
2A2,
6.00%,
02/25/37
..........
USD
2,430‌
$
1,303,712‌
Series
2006-J7,
Class
2A1,
(1-mo.
SOFR
at
1.50%
Floor
+
1.61%),
2.75%,
11/20/46
(a)
.........
2,988‌
2,633,021‌
Series
2006-OA11,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
4.65%,
09/25/46
(a)
..
2,768‌
2,598,113‌
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.73%
Floor
and
2.00%
Cap
+
1.73%),
5.88%,
11/25/46
(a)
...
8,119‌
6,771,641‌
Series
2006-OA16,
Class
A4C,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
4.95%,
10/25/46
(a)
..............
7,631‌
5,709,118‌
Series
2006-OA21,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.30%),
4.44%,
03/20/47
(a)
..
2,576‌
2,231,991‌
Series
2006-OC1,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
4.73%,
03/25/36
(a)
..
1,829‌
1,800,377‌
Series
2006-OC7,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.61%),
4.77%,
07/25/46
(a)
..
4,382‌
3,954,451‌
Series
2006-OC10,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
4.73%,
11/25/36
(a)
..............
4,104‌
3,715,207‌
Series
2007-25,
Class
1A3,
6.50%,
11/25/37
...............
20,820‌
9,034,469‌
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
...............
701‌
303,848‌
Series
2007-9T1,
Class
1A1,
6.00%,
05/25/37
...............
3,705‌
1,689,699‌
Series
2007-OA3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.55%,
04/25/47
(a)
..
2,487‌
2,304,613‌
Series
2007-OA8,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.63%,
06/25/47
(a)
..
450‌
359,688‌
Series
2007-OH2,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
and
10.00%
Cap
+
0.59%),
4.75%,
08/25/47
(a)
.........
482‌
431,706‌
American
Home
Mortgage
Assets
Trust
(a)
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.94%
Floor
+
0.94%),
5.09%,
10/25/46
...............
2,335‌
1,534,142‌
Series
2006-4,
Class
1A12,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.32%),
4.48%,
10/25/46
...
4,750‌
2,366,840‌
Angel
Oak
Mortgage
Trust
(c)
Series
2019-5,
Class
B1,
3.96%,
10/25/49
(a)
..............
715‌
671,335‌
Series
2020-R1,
Class
M1,
2.62%,
04/25/53
(a)
..............
600‌
556,386‌
Series
2021-4,
Class
B1,
3.20%,
01/20/65
(a)
..............
3,150‌
2,249,743‌
Series
2024-10,
Class
A1,
5.35%,
10/25/69
(g)
..............
11,084‌
11,136,683‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-7,
Class
A1,
5.51%,
06/25/70
(a)
..............
USD
9,674‌
$
9,757,060‌
Series
2025-8,
Class
A1,
5.41%,
07/25/70
(g)
..............
9,433‌
9,500,489‌
APS
Resecuritization
Trust,
Series
2016-1,
Class
1MZ,
2.98%,
07/31/57
(a)(c)
...............
20,557‌
7,791,592‌
Banc
of
America
Alternative
Loan
Trust,
Series
2006-7,
Class
A4,
6.50%,
10/25/36
(g)
................
3,636‌
956,433‌
Banc
of
America
Funding
Corp.,
Series
2015-R3,
Class
1A2,
3.45%,
03/27/36
(a)(c)
...............
1,734‌
1,485,430‌
Banc
of
America
Funding
Trust
Series
2007-1,
Class
1A6,
5.75%,
01/25/37
...............
102‌
87,029‌
Series
2014-R2,
Class
1C,
0.00%,
11/26/36
(a)(c)
.............
8,524‌
2,917,746‌
Series
2016-R2,
Class
1A1,
4.70%,
05/01/33
(a)(c)
.............
272‌
272,373‌
Barclays
Mortgage
Loan
Trust
(c)
Series
2022-NQM1,
Class
A1,
4.55%,
07/25/52
(g)
.........
10,441‌
10,391,083‌
Series
2023-NQM3,
Class
A1,
6.90%,
10/25/63
(g)
.........
57,676‌
58,486,010‌
Series
2023-NQM3,
Class
A2,
7.36%,
10/25/63
(g)
.........
9,176‌
9,315,813‌
Series
2023-NQM3,
Class
A3,
7.69%,
10/25/63
(g)
.........
5,541‌
5,629,026‌
Series
2023-NQM3,
Class
B1,
7.97%,
10/25/63
(a)
.........
3,856‌
3,915,706‌
Series
2023-NQM3,
Class
B2,
7.97%,
10/25/63
(a)
.........
3,244‌
3,270,816‌
Series
2023-NQM3,
Class
B3,
7.97%,
10/25/63
(a)
.........
8,808‌
8,563,492‌
Series
2023-NQM3,
Class
M1,
7.97%,
10/25/63
(a)
.........
6,427‌
6,564,765‌
Series
2023-NQM3,
Class
SA,
0.00%,
10/25/63
(a)
.........
1‌
1,196‌
Series
2024-NQM1,
Class
A1,
5.90%,
01/25/64
(g)
.........
7,955‌
8,012,442‌
Series
2024-NQM1,
Class
A2,
6.11%,
01/25/64
(g)
.........
5,419‌
5,455,231‌
Series
2024-NQM1,
Class
A3,
6.31%,
01/25/64
(g)
.........
4,138‌
4,167,967‌
Series
2024-NQM1,
Class
B1,
8.09%,
01/25/64
(a)
.........
2,900‌
2,957,302‌
Series
2024-NQM1,
Class
B2,
8.65%,
01/25/64
(a)
.........
2,658‌
2,708,704‌
Series
2024-NQM1,
Class
B3,
8.65%,
01/25/64
(a)
.........
5,704‌
5,594,311‌
Series
2024-NQM1,
Class
M1,
6.80%,
01/25/64
(a)
.........
4,979‌
5,034,198‌
Series
2024-NQM1,
Class
SA,
0.00%,
01/25/64
(a)
.........
13‌
9,110‌
Series
2024-NQM3,
Class
A1,
6.04%,
06/25/64
(g)
.........
46,343‌
46,789,800‌
Series
2024-NQM3,
Class
A2,
6.30%,
06/25/64
(g)
.........
3,654‌
3,690,029‌
Series
2024-NQM3,
Class
A3,
6.50%,
06/25/64
(g)
.........
6,376‌
6,440,951‌
Series
2024-NQM3,
Class
B1,
7.50%,
06/25/64
(a)
.........
3,975‌
4,046,998‌
Series
2024-NQM3,
Class
B2,
8.02%,
06/25/64
(a)
.........
3,640‌
3,659,973‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-NQM3,
Class
B3,
8.02%,
06/25/64
(a)
.........
USD
9,961‌
$
9,599,915‌
Series
2024-NQM3,
Class
M1,
6.41%,
06/25/64
(a)
.........
5,794‌
5,851,571‌
Series
2024-NQM3,
Class
SA,
0.00%,
06/25/64
(a)
.........
8‌
8,011‌
Series
2024-NQM4,
Class
A1,
4.79%,
12/26/64
(g)
.........
74,425‌
74,238,158‌
Series
2024-NQM4,
Class
A2,
5.10%,
12/26/64
(g)
.........
7,001‌
6,977,899‌
Series
2024-NQM4,
Class
A3,
5.25%,
12/26/64
(g)
.........
7,842‌
7,827,848‌
Series
2024-NQM4,
Class
B1,
6.96%,
12/26/64
(a)
.........
3,489‌
3,501,305‌
Series
2024-NQM4,
Class
B2,
7.55%,
12/26/64
(a)
.........
2,662‌
2,659,295‌
Series
2024-NQM4,
Class
B3,
7.55%,
12/26/64
(a)
.........
6,092‌
5,831,989‌
Series
2024-NQM4,
Class
M1,
6.31%,
12/26/64
(a)
.........
5,737‌
5,799,046‌
Series
2024-NQM4,
Class
XS,
0.00%,
12/26/64
(a)
.........
107,248‌
4,518,834‌
Series
2025-NQM1,
Class
A1,
5.66%,
01/25/65
(g)
.........
58,712‌
59,196,908‌
Series
2025-NQM1,
Class
A2,
5.87%,
01/25/65
(g)
.........
6,771‌
6,835,137‌
Series
2025-NQM1,
Class
A3,
5.97%,
01/25/65
(g)
.........
6,448‌
6,509,336‌
Series
2025-NQM1,
Class
B1,
6.94%,
01/25/65
(a)
.........
3,998‌
4,023,430‌
Series
2025-NQM1,
Class
B2,
7.80%,
01/25/65
(a)
.........
3,476‌
3,490,037‌
Series
2025-NQM1,
Class
B3,
7.80%,
01/25/65
(a)
.........
7,706‌
7,448,385‌
Series
2025-NQM1,
Class
M1,
6.49%,
01/25/65
(a)
.........
6,431‌
6,534,535‌
Series
2025-NQM1,
Class
SA,
0.00%,
01/25/65
(a)
.........
13‌
11,853‌
Series
2025-NQM2,
Class
A1,
5.75%,
05/25/65
(g)
.........
66,266‌
67,197,910‌
Series
2025-NQM2,
Class
A2,
5.94%,
05/25/65
(g)
.........
5,247‌
5,320,702‌
Series
2025-NQM2,
Class
A3,
6.04%,
05/25/65
(g)
.........
10,309‌
10,453,709‌
Series
2025-NQM2,
Class
B1,
7.69%,
05/25/65
(a)
.........
3,307‌
3,398,684‌
Series
2025-NQM2,
Class
B2,
7.69%,
05/25/65
(a)
.........
1,313‌
1,309,722‌
Series
2025-NQM2,
Class
B3,
7.69%,
05/25/65
(a)
.........
243‌
218,059‌
Series
2025-NQM2,
Class
M1,
6.71%,
05/25/65
(a)
.........
6,712‌
6,900,123‌
Series
2025-NQM2,
Class
SA,
0.00%,
05/25/65
(a)
.........
2‌
1,842‌
Series
2025-NQM3,
Class
A1,
5.64%,
05/25/65
(g)
.........
19,139‌
19,312,167‌
Series
2025-NQM3,
Class
B1,
7.61%,
05/25/65
(a)
.........
1,651‌
1,658,867‌
Series
2025-NQM4,
Class
PT2,
0.00%,
07/25/65
(a)
.........
121,964‌
125,620,398‌
Series
2025-NQM5,
Class
PT2,
5.14%,
10/25/55
(a)
.........
124,476‌
128,271,416‌
Barclays
Mortgage
Trust
(c)
Series
2021-NPL1,
Class
A,
5.00%,
11/25/51
(g)
..............
24,547‌
24,539,199‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
101
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-NPL1,
Class
B,
4.62%,
11/25/51
(g)
..............
USD
6,368‌
$
6,372,398‌
Series
2021-NPL1,
Class
C,
0.00%,
11/25/51
...............
12,848‌
17,409,611‌
Series
2022-RPL1,
Class
A,
4.25%,
02/25/28
(g)
..............
21,343‌
21,240,622‌
Series
2022-RPL1,
Class
B,
4.25%,
02/25/28
(g)
..............
4,958‌
4,890,529‌
Series
2022-RPL1,
Class
C,
0.00%,
02/25/28
...............
8,321‌
2,454,921‌
Series
2022-RPL1,
Class
SA,
0.00%,
02/25/28
..........
43‌
39,970‌
BCAP
LLC
Trust,
Series
2011-RR5,
Class
11A5,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
4.02%,
05/28/36
(a)(c)
..........
2,120‌
2,048,380‌
Bear
Stearns
ALT-A
Trust
(a)
Series
2006-6,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
and
11.50%
Cap
+
0.43%),
4.59%,
11/25/36
..........
1,703‌
1,480,746‌
Series
2007-1,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
and
11.50%
Cap
+
0.43%),
4.59%,
01/25/47
..........
1,382‌
1,197,216‌
Bear
Stearns
Asset-Backed
Securities
I
Trust
Series
2005-AC9,
Class
A5,
6.25%,
12/25/35
(g)
..............
1,984‌
1,956,643‌
Series
2006-AC1,
Class
1A2,
6.25%,
02/25/36
(g)
..............
2,471‌
2,572,708‌
Series
2006-AC2,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
and
7.50%
Cap
+
0.46%),
4.62%,
03/25/36
(a)
..............
5,765‌
1,464,783‌
Bear
Stearns
Mortgage
Funding
Trust
(a)
Series
2006-SL1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
and
11.00%
Cap
+
0.39%),
4.55%,
08/25/36
..........
621‌
615,874‌
Series
2007-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
10.50%
Cap
+
0.45%),
4.61%,
03/25/37
..........
85‌
77,597‌
Series
2007-AR3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
and
10.50%
Cap
+
0.39%),
4.55%,
03/25/37
..........
1,290‌
1,215,730‌
Series
2007-AR4,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
and
10.50%
Cap
+
0.32%),
4.48%,
06/25/37
..........
871‌
840,560‌
BRAVO,
Series
2024-NQM6,
Class
B2,
8.03%,
08/01/64
(a)(c)
..........
500‌
505,521‌
BRAVO
Residential
Funding
Trust
(c)
Series
2023-NQM6,
Class
B1,
7.99%,
09/25/63
(a)
.........
1,500‌
1,516,578‌
Series
2024-NQM1,
Class
B1,
8.04%,
12/01/63
..........
565‌
575,886‌
Series
2024-NQM3,
Class
B1,
8.10%,
03/25/64
(a)
.........
845‌
864,484‌
Series
2025-NQM6,
Class
A1,
5.33%,
06/25/65
(g)
.........
14,115‌
14,193,646‌
CAFL
Issuer
LLC,
Series
2024-RTL1,
Class
A1,
6.75%,
11/28/31
(c)(g)
...
3,230‌
3,274,830‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CFMT
LLC
(c)
Series
2024-HB14,
Class
M2,
3.00%,
06/25/34
(a)
.........
USD
547‌
$
523,966‌
Series
2024-HB14,
Class
M3,
3.00%,
06/25/34
(a)
.........
1,360‌
1,293,708‌
Series
2024-HB15,
Class
M2,
4.00%,
08/25/34
(a)
.........
474‌
463,099‌
Series
2024-R1,
Class
A1,
4.00%,
10/25/54
(g)
..............
6,260‌
6,175,413‌
Series
2024-R1,
Class
A2,
4.00%,
10/25/54
(g)
..............
947‌
919,626‌
Chase
Mortgage
Finance
Trust,
Series
2007-S6,
Class
1A1,
6.00%,
12/25/37
.................
49,799‌
19,487,701‌
CHL
Mortgage
Pass-Through
Trust
Series
2005-22,
Class
2A1,
5.15%,
11/25/35
(a)
..............
823‌
680,030‌
Series
2006-17,
Class
A6,
6.00%,
12/25/36
...............
1,200‌
522,387‌
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.96%
Floor
+
0.96%),
5.11%,
04/25/46
(a)
..............
26,614‌
7,254,187‌
Series
2006-OA5,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.67%,
04/25/46
(a)
..
876‌
850,459‌
Series
2007-1,
Class
A2,
6.00%,
03/25/37
...............
770‌
336,289‌
Series
2007-9,
Class
A1,
5.75%,
07/25/37
...............
2,453‌
1,141,131‌
Series
2007-9,
Class
A11,
5.75%,
07/25/37
...............
1,341‌
623,615‌
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
...............
12,958‌
4,607,891‌
Series
2007-J1,
Class
2A1,
6.00%,
02/25/37
...............
2,722‌
964,093‌
CHNGE
Mortgage
Trust,
Series
2022-1,
Class
A1,
3.01%,
01/25/67
(a)(c)
...
3,545‌
3,428,468‌
CIM
Trust
(a)(c)
Series
2019-J2,
Class
B4,
3.76%,
10/25/49
...............
1,476‌
1,207,462‌
Series
2023-I1,
Class
B1,
7.05%,
04/25/58
...............
3,735‌
3,826,375‌
Series
2023-I2,
Class
B1,
6.79%,
12/25/67
...............
4,261‌
4,287,586‌
Citicorp
Mortgage
Securities
Trust
Series
2007-4,
Class
1A14,
6.00%,
05/25/37
...............
1,134‌
997,823‌
Series
2007-9,
Class
1A1,
6.25%,
12/25/37
...............
2,317‌
2,193,846‌
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
...............
3,240‌
2,773,002‌
Citigroup
Mortgage
Loan
Trust
Series
2007-6,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
6.50%
Cap
+
0.61%),
4.77%,
05/25/37
(a)
..............
3,100‌
2,878,156‌
Series
2014-C,
Class
B2,
4.25%,
02/25/54
(a)(c)
.............
582‌
579,740‌
Series
2022-A,
Class
A1,
9.17%,
09/25/62
(c)(g)
.............
9,934‌
9,961,105‌
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A6,
Class
1A11,
6.00%,
06/25/37
.................
689‌
604,471‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
102
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
COLT
Mortgage
Loan
Trust
(c)
Series
2020-2,
Class
M1,
5.25%,
03/25/65
(a)
..............
USD
2,734‌
$
2,734,618‌
Series
2021-5,
Class
A1,
1.73%,
11/26/66
(a)
..............
4,958‌
4,475,867‌
Series
2021-HX1,
Class
B2,
3.86%,
10/25/66
(a)
..............
1,000‌
789,508‌
Series
2022-1,
Class
B2,
4.15%,
12/27/66
(a)
..............
623‌
540,911‌
Series
2022-3,
Class
B1,
4.20%,
02/25/67
(a)
..............
2,500‌
2,191,926‌
Series
2022-5,
Class
B1,
4.74%,
03/25/67
(a)
..............
4,802‌
4,609,702‌
Series
2022-8,
Class
B1,
6.48%,
08/25/67
(a)
..............
2,315‌
2,306,251‌
Series
2024-6,
Class
A1,
5.39%,
11/25/69
(g)
..............
15,886‌
15,971,583‌
Series
2025-6,
Class
A1,
5.53%,
08/25/70
(g)
..............
14,849‌
14,982,094‌
Series
2025-7,
Class
A1,
5.47%,
06/25/70
(g)
..............
9,816‌
9,896,525‌
Series
2025-7,
Class
B1,
6.92%,
06/25/70
(a)
..............
1,000‌
1,007,501‌
Series
2025-8,
Class
A1,
5.48%,
08/25/70
(g)
..............
5,228‌
5,271,912‌
Series
2025-8,
Class
B1,
7.10%,
08/25/70
(a)
..............
1,618‌
1,629,828‌
Series
2025-9,
Class
B1,
6.82%,
09/25/70
(a)
..............
1,891‌
1,895,465‌
Credit
Suisse
Mortgage
Capital
Certificates
(c)
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
...............
21,074‌
7,814,876‌
Series
2021-JR1,
Class
PT2,
0.00%,
07/26/60
(a)
..............
1,119‌
421,977‌
Cross
Mortgage
Trust
(a)(c)
Series
2024-H7,
Class
A1,
5.59%,
11/25/69
...............
2,485‌
2,504,229‌
Series
2025-H5,
Class
A1,
5.51%,
07/25/70
...............
13,800‌
13,903,262‌
Series
2025-H6,
Class
B1B,
7.59%,
07/25/70
...............
1,636‌
1,633,914‌
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class
10A1,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
and
6.25%
Cap
+
1.46%),
5.62%,
11/25/35
(a)
......
3,144‌
638,867‌
CSMC
Mortgage-Backed
Trust,
Series
2006-4,
Class
1A3,
6.00%,
05/25/36
631‌
324,699‌
CSMC
Trust
(c)
Series
2014-9R,
Class
9A1,
(1-mo.
CME
Term
SOFR
at
0.12%
Floor
+
0.23%),
4.68%,
08/27/36
(a)
..
1,584‌
1,309,078‌
Series
2014-SAF1,
Class
B5,
3.84%,
03/25/44
(a)
..............
2,830‌
2,135,033‌
Series
2015-4R,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
3.74%,
10/27/36
(a)
..
4,255‌
2,902,434‌
Series
2015-6R,
Class
5A2,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
4.45%,
03/27/36
(a)
..
2,630‌
2,078,238‌
Series
2020-NQM1,
Class
A3,
2.72%,
05/25/65
(g)
.........
492‌
471,656‌
Series
2021-NQM8,
Class
M1,
3.26%,
10/25/66
(a)
.........
1,453‌
1,124,377‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-ATH3,
Class
B1,
7.10%,
08/25/67
(a)
..............
USD
5,136‌
$
5,116,842‌
Series
2022-NQM6,
Class
PT,
8.87%,
12/25/67
(a)
.........
22,143‌
22,312,512‌
Deephaven
Residential
Mortgage
Trust
(c)
Series
2022-2,
Class
M1,
4.30%,
03/25/67
(a)
..............
2,349‌
2,097,940‌
Series
2022-3,
Class
B1,
5.26%,
07/25/67
(a)
..............
3,178‌
2,891,294‌
Series
2022-3,
Class
M1,
5.26%,
07/25/67
(a)
..............
5,876‌
5,673,360‌
Series
2024-1,
Class
A1,
5.74%,
07/25/69
(g)
..............
4,250‌
4,293,361‌
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.61%,
08/25/47
(a)
................
1,942‌
1,796,544‌
Deutsche
Alt-B
Securities
Mortgage
Loan
Trust
(a)
Series
2006-AB3,
Class
A3,
6.51%,
07/25/36
...............
711‌
618,952‌
Series
2006-AB3,
Class
A8,
6.36%,
07/25/36
...............
452‌
393,592‌
Ellington
Financial
Mortgage
Trust
(c)
Series
2022-4,
Class
B2,
5.89%,
09/25/67
(a)
..............
4,578‌
4,518,879‌
Series
2025-INV3,
Class
A1,
5.44%,
07/25/70
(g)
..............
13,619‌
13,702,613‌
Series
2025-INV4,
Class
B1,
6.84%,
10/25/70
(a)
..............
3,020‌
3,019,965‌
Series
2025-INV4,
Class
B2,
7.37%,
10/25/70
(a)
..............
1,917‌
1,899,117‌
Series
2025-NQM2,
Class
A1,
5.60%,
06/25/70
(a)(g)
........
13,956‌
14,073,802‌
EverBank
Mortgage
Loan
Trust,
Series
2013-2,
Class
B5,
3.34%,
06/25/43
(a)
(c)
......................
3,943‌
2,584,109‌
First
Horizon
Alternative
Mortgage
Securities
Trust
(a)
Series
2005-AA12,
Class
2A1,
4.93%,
02/25/36
..........
76‌
45,894‌
Series
2006-AA7,
Class
A1,
4.88%,
01/25/37
...............
117‌
92,151‌
Gaea
Mortgage
Loan
Trust,
Series
2025-A,
Class
A,
6.75%,
02/25/30
(a)
(c)
......................
4,293‌
4,183,417‌
GCAT
Trust
(c)
Series
2020-NQM2,
Class
B1,
4.85%,
04/25/65
(a)
.........
4,430‌
4,187,976‌
Series
2021-NQM3,
Class
B1,
3.47%,
05/25/66
(a)
.........
3,170‌
2,410,299‌
Series
2022-NQM2,
Class
M1,
4.20%,
02/25/67
(a)
.........
2,331‌
1,971,743‌
Series
2022-NQM4,
Class
A1,
5.27%,
08/25/67
(g)
.........
10,676‌
10,663,570‌
Series
2025-NQM3,
Class
A1,
0.00%,
05/25/70
(g)
.........
14,421‌
14,547,362‌
Series
2025-NQM4,
Class
A1,
0.00%,
06/25/70
(g)
.........
7,318‌
7,380,973‌
Series
2025-NQM4,
Class
B1,
7.21%,
06/25/70
(a)
.........
917‌
925,433‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
103
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
GreenPoint
Mortgage
Funding
Trust,
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
2.00%
Floor
and
10.50%
Cap
+
2.00%),
6.15%,
03/25/36
(a)
.....
USD
1,114‌
$
1,011,580‌
GS
Mortgage-Backed
Securities
Corp.
Trust
(a)(c)
Series
2019-PJ2,
Class
B4,
4.36%,
11/25/49
...............
2,419‌
2,205,096‌
Series
2020-PJ2,
Class
B4,
3.55%,
07/25/50
...............
1,832‌
1,546,187‌
GS
Mortgage-Backed
Securities
Trust
(c)
Series
2023-CCM1,
Class
B1,
7.39%,
08/25/53
(a)
.........
2,130‌
2,130,053‌
Series
2025-NQM2,
Class
A1,
5.65%,
06/25/65
(a)
.........
9,104‌
9,176,947‌
Series
2025-NQM3,
Class
B1,
6.87%,
11/25/65
..........
1,475‌
1,475,531‌
Series
2025-NQM3,
Class
B2,
7.51%,
11/25/65
(a)
.........
1,568‌
1,544,180‌
Series
2025-NQM4,
Class
B1,
6.77%,
10/25/65
(a)
.........
1,658‌
1,657,627‌
Series
2025-NQM4,
Class
B2,
7.51%,
10/25/65
(a)
.........
1,326‌
1,314,493‌
Series
2025-RPL3,
Class
A1,
4.10%,
07/25/65
(g)
..............
11,773‌
11,461,181‌
GSMPS
Mortgage
Loan
Trust
(a)(c)
Series
2005-RP1,
Class
1AF,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
4.62%,
01/25/35
...
2,225‌
1,949,545‌
Series
2005-RP2,
Class
1AF,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
4.62%,
03/25/35
...
3,239‌
3,046,392‌
Series
2006-RP1,
Class
1AF1,
(1-
mo.
CME
Term
SOFR
at
0.35%
Floor
and
9.15%
Cap
+
0.46%),
4.62%,
01/25/36
..........
2,127‌
1,717,011‌
GSR
Mortgage
Loan
Trust
Series
2005-AR1,
Class
2A1,
6.84%,
01/25/35
(a)
..............
236‌
233,055‌
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
...............
45‌
95,381‌
Series
2007-OA2,
Class
2A1,
2.80%,
06/25/47
(a)
.........
1,270‌
731,073‌
HarborView
Mortgage
Loan
Trust
(a)
Series
2006-12,
Class
1A1A,
(1-mo.
CME
Term
SOFR
at
0.41%
Floor
+
0.52%),
4.66%,
12/19/36
...
10,051‌
7,945,439‌
Series
2007-3,
Class
1A1A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.51%),
4.65%,
05/19/37
...
2,797‌
2,226,615‌
Series
2007-4,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
and
10.00%
Cap
+
0.61%),
4.50%,
07/19/37
..........
914‌
888,206‌
Homes
Trust,
Series
2025-NQM2,
Class
A1,
5.42%,
02/25/70
(c)(g)
...
7,151‌
7,190,706‌
HOMES
Trust
(c)(g)
Series
2025-AFC2,
Class
A1A,
5.47%,
06/25/60
..........
14,265‌
14,365,939‌
Series
2025-NQM3,
Class
A1,
5.63%,
02/25/70
..........
13,726‌
13,845,936‌
Homeward
Opportunities
Fund
I
Trust,
Series
2020-2,
Class
B1,
5.45%,
05/25/65
(a)(c)
...............
9,901‌
9,895,497‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Homeward
Opportunities
Fund
Trust
(c)
Series
2022-1,
Class
A1,
5.08%,
07/25/67
(g)
..............
USD
10,652‌
$
10,634,537‌
Series
2022-1,
Class
M1,
5.03%,
07/25/67
(a)
..............
6,241‌
6,144,271‌
Impac
Secured
Assets
Trust,
Series
2006-3,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.61%,
11/25/36
(a)
...........
3,097‌
2,830,693‌
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2006-AR15,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
4.51%,
07/25/36
...
522‌
513,431‌
Series
2006-AR35,
Class
2A1A,
(1-
mo.
CME
Term
SOFR
at
0.34%
Floor
and
10.50%
Cap
+
0.45%),
4.61%,
01/25/37
..........
987‌
888,694‌
Series
2006-AR41,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
and
11.00%
Cap
+
0.47%),
4.63%,
02/25/37
..........
821‌
785,388‌
Series
2007-AR19,
Class
3A1,
3.83%,
09/25/37
..........
4,769‌
3,090,066‌
Series
2007-FLX5,
Class
2A2,
(1-
mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
4.75%,
08/25/37
1,281‌
1,179,275‌
J.P.
Morgan
Alternative
Loan
Trust,
Series
2007-A2,
Class
2A1,
4.78%,
05/25/37
(a)
................
628‌
552,489‌
J.P.
Morgan
Mortgage
Trust
Series
2007-A1,
Class
4A1,
6.19%,
07/25/35
(a)
..............
3‌
2,796‌
Series
2021-4,
Class
B3,
2.90%,
08/25/51
(a)(c)
.............
6,264‌
5,094,095‌
Series
2021-4,
Class
B4,
2.90%,
08/25/51
(a)(c)
.............
564‌
449,435‌
Series
2021-4,
Class
B5,
2.90%,
08/25/51
(a)(c)
.............
423‌
316,801‌
Series
2021-4,
Class
B6,
2.90%,
08/25/51
(a)(c)
.............
1,261‌
519,872‌
Series
2021-INV5,
Class
A5A,
2.50%,
12/25/51
(a)(c)
........
16,474‌
13,555,929‌
Series
2021-INV5,
Class
B4,
3.19%,
12/25/51
(a)(c)
.............
2,412‌
2,000,781‌
Series
2021-INV5,
Class
B5,
3.19%,
12/25/51
(a)(c)
.............
844‌
652,012‌
Series
2021-INV5,
Class
B6,
3.07%,
12/25/51
(a)(c)
.............
2,894‌
1,410,923‌
Series
2021-INV7,
Class
A5A,
2.50%,
02/25/52
(a)(c)
........
7,561‌
6,221,926‌
Series
2021-INV7,
Class
B1,
3.27%,
02/25/52
(a)(c)
.............
7,141‌
6,142,116‌
Series
2021-INV7,
Class
B2,
3.27%,
02/25/52
(a)(c)
.............
1,676‌
1,426,411‌
Series
2021-INV7,
Class
B3,
3.27%,
02/25/52
(a)(c)
.............
2,332‌
1,964,325‌
Series
2021-INV7,
Class
B4,
3.27%,
02/25/52
(a)(c)
.............
1,239‌
1,018,075‌
Series
2021-INV7,
Class
B5,
3.27%,
02/25/52
(a)(c)
.............
510‌
394,025‌
Series
2021-INV7,
Class
B6,
3.13%,
02/25/52
(a)(c)
.............
1,669‌
794,320‌
Series
2024-VIS1,
Class
B2,
8.07%,
07/25/64
(a)(c)
.............
1,000‌
1,010,221‌
Series
2024-VIS2,
Class
B1,
7.71%,
11/25/64
(a)(c)
.............
3,191‌
3,239,541‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
104
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-DSC2,
Class
B1,
6.92%,
10/25/65
(a)(c)
........
USD
2,000‌
$
1,999,953‌
Series
2025-VIS2,
Class
A1,
5.38%,
01/25/63
(c)(g)
.............
14,842‌
14,965,638‌
Series
2025-VIS2,
Class
A1B,
5.38%,
01/25/63
(a)(c)(g)
.......
1,979‌
1,995,419‌
Series
2025-VIS3,
Class
B1,
6.76%,
02/25/66
(a)(c)
.............
2,590‌
2,590,026‌
Series
2025-VIS3,
Class
B2,
6.51%,
02/25/66
(a)(c)
.............
1,647‌
1,618,029‌
Legacy
Mortgage
Asset
Trust,
Series
2021-GS2,
Class
A1,
5.75%,
04/25/61
(c)(g)
...............
25,170‌
25,150,358‌
Lehman
XS
Trust,
Series
2007-16N,
Class
AF2,
(1-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.01%),
6.17%,
09/25/47
(a)
................
2,424‌
3,346,497‌
MASTR
Resecuritization
Trust,
Series
2008-3,
Class
A1,
3.79%,
08/25/37
(a)
(c)
......................
1,283‌
382,188‌
MCM
Trust
(d)
Series
2018-NPL2,  2.50%,
09/25/31
37,234‌
35,799,380‌
Series
2021-VFN1,  
0
.
0
0%,
09/25/31
34,236‌
24,255,985‌
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.69%,
04/25/37
(a)
2,302‌
1,832,371‌
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-AF2,
Class
AV1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.59%,
09/25/37
(a)
.....
1,248‌
623,403‌
MFA
Trust
(c)
Series
2020-NQM1,
Class
A3,
3.30%,
08/25/49
(a)
.........
120‌
114,737‌
Series
2021-INV1,
Class
M1,
2.29%,
01/25/56
(a)
..............
4,189‌
3,995,755‌
Series
2021-NQM1,
Class
B1,
3.51%,
04/25/65
(a)
.........
6,050‌
5,012,936‌
Series
2022-NQM1,
Class
M1,
4.27%,
12/25/66
(a)
.........
4,096‌
3,625,921‌
Series
2022-NQM3,
Class
A1,
5.57%,
09/25/67
(g)
.........
7,630‌
7,603,682‌
Series
2024-NPL1,
Class
A1,
6.33%,
09/25/54
(g)
..............
23,640‌
23,668,647‌
Series
2024-RTL1,
Class
A1,
7.09%,
02/25/29
(g)
..............
10,556‌
10,625,545‌
Series
2025-NQM3,
Class
A1,
5.26%,
08/25/70
(g)
.........
12,928‌
12,971,207‌
Series
2025-NQM3,
Class
B1,
6.93%,
08/25/70
(a)
.........
1,850‌
1,855,684‌
Morgan
Stanley
Resecuritization
Trust,
Series
2013-R7,
Class
1B,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
10.50%
Cap
+
0.27%),
4.76%,
12/26/46
(a)(c)
...............
1,059‌
987,968‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
(c)
Series
2014-1A,
Class
B3,
5.88%,
06/25/44
(a)
..............
777‌
785,160‌
Series
2023-NQM1,
Class
B1,
7.40%,
09/25/68
(a)
.........
2,584‌
2,608,571‌
Series
2025-DSC2,
Class
A1,
5.44%,
07/25/70
(g)
.........
16,677‌
16,797,078‌
Series
2025-DSC2,
Class
B1,
6.97%,
07/25/70
(a)
.........
1,557‌
1,545,875‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-NQM4,
Class
A1,
5.59%,
06/25/70
(g)
.........
USD
14,489‌
$
14,609,745‌
Series
2025-NQM5,
Class
A1,
5.44%,
07/25/70
(a)
.........
4,922‌
4,953,579‌
Series
2025-NQM7,
Class
B1,
6.59%,
09/25/70
(a)
.........
2,712‌
2,711,970‌
Series
2025-SPL1,
Class
M1,
4.25%,
02/25/65
(g)
.........
1,609‌
1,492,354‌
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
9.00%
Cap
+
0.45%),
4.73%,
04/16/36
(a)(c)
...............
3,786‌
3,717,771‌
NACC
Reperforming
Loan
REMIC
Trust
(c)
Series
2004-R1,
Class
A1,
6.50%,
03/25/34
...............
2,526‌
2,303,874‌
Series
2004-R1,
Class
A2,
7.50%,
03/25/34
...............
580‌
544,753‌
NCMF
Trust,  
8.72%,
06/10/33
(a)(c)
..
25,735‌
26,221,062‌
New
Residential
Mortgage
Loan
Trust
(a)
(c)
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
...............
1,373‌
1,349,909‌
Series
2020-RPL1,
Class
B3,
3.84%,
11/25/59
...............
10,258‌
8,106,282‌
Series
2024-NQM3,
Class
B1,
7.14%,
11/25/64
..........
1,596‌
1,642,739‌
Series
2025-NQM4,
Class
A1,
0.00%,
07/25/65
..........
6,762‌
6,811,229‌
Series
2025-NQM4,
Class
B1,
7.04%,
07/25/65
..........
1,880‌
1,869,615‌
NLT
Trust,
Series
2021-INV2,
Class
B1,
3.32%,
08/25/56
(a)(c)
..........
1,895‌
1,456,872‌
NMLT
Trust,
Series
2021-INV1,
Class
B1,
3.61%,
05/25/56
(a)(c)
.......
2,642‌
2,089,557‌
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust
Series
2001-R1A,
Class
A,
7.00%,
02/19/30
(a)(c)
.............
562‌
559,741‌
Series
2005-AP1,
Class
2A4,
6.05%,
02/25/35
(g)
..............
497‌
479,025‌
Series
2006-AF1,
Class
1A4,
7.13%,
05/25/36
(g)
..............
1,497‌
264,606‌
Series
2007-2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.84%
Floor
+
0.95%),
5.11%,
06/25/37
(a)
..
581‌
488,199‌
NYMT
Loan
Trust,
Series
2024-INV1,
Class
A1,
5.38%,
06/25/69
(a)(c)
...
5,787‌
5,809,559‌
OBX
Trust
(c)(g)
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
..........
7,045‌
7,036,895‌
Series
2025-NQM11,
Class
A1A,
5.42%,
05/25/65
..........
13,870‌
13,984,556‌
PRKCM
Trust
(a)(c)
Series
2021-AFC2,
Class
A1,
2.07%,
11/25/56
...............
2,770‌
2,467,563‌
Series
2022-AFC1,
Class
A1A,
4.10%,
04/25/57
..........
1,392‌
1,384,779‌
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
...............
9,765‌
9,759,256‌
Series
2023-AFC1,
Class
B1,
7.42%,
02/25/58
..........
4,567‌
4,581,106‌
PRPM
LLC,
Series
2025-RCF3,
Class
A2,
5.25%,
07/25/55
(c)(g)
.......
2,750‌
2,752,377‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
105
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
PRPM
Trust
(c)
Series
2022-NQM1,
Class
B1,
5.40%,
08/25/67
(a)
.........
USD
964‌
$
944,311‌
Series
2024-NQM1,
Class
B1,
7.44%,
12/25/68
(a)
.........
2,066‌
2,079,330‌
Series
2025-NQM3,
Class
A1,
5.61%,
05/25/70
(g)
.........
13,835‌
13,935,359‌
Series
2025-NQM3,
Class
B1,
6.94%,
05/25/70
(a)
.........
4,229‌
4,225,401‌
Rain
City
Mortgage
Trust,
Series
2024-
RTL1,
Class
A1,
6.53%,
09/25/29
(a)(c)
6,457‌
6,537,062‌
RALI
Trust
(a)
Series
2006-QA10,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.63%,
12/25/36
...
3,016‌
2,646,171‌
Series
2007-QH9,
Class
A1,
4.17%,
11/25/37
...............
525‌
437,902‌
Series
2007-QO2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
4.42%,
02/25/47
...
442‌
134,633‌
RCKT
Mortgage
Trust
(c)
Series
2020-1,
Class
B4,
3.47%,
02/25/50
(a)
..............
1,533‌
1,385,938‌
Series
2024-CES8,
Class
A1A,
5.49%,
11/25/44
(g)
.........
3,453‌
3,482,022‌
Reperforming
Loan
REMIC
Trust
(a)(c)
Series
2005-R1,
Class
1AF2,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
and
8.00%
Cap
+
0.47%),
4.63%,
03/25/35
...............
290‌
280,503‌
Series
2005-R2,
Class
1AF1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
9.50%
Cap
+
0.45%),
4.61%,
06/25/35
...............
618‌
597,155‌
Series
2005-R3,
Class
AF,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
and
9.50%
Cap
+
0.51%),
4.67%,
09/25/35
...............
1,036‌
842,540‌
Residential
Mortgage
Loan
Trust
(a)(c)
Series
2019-2,
Class
B2,
6.04%,
05/25/59
...............
4,847‌
4,812,557‌
Series
2019-3,
Class
B2,
5.66%,
09/25/59
...............
5,659‌
5,662,733‌
Series
2020-1,
Class
B2,
4.66%,
01/26/60
...............
2,129‌
1,991,425‌
RFMSI
Trust
(a)
Series
2006-SA2,
Class
2A1,
5.55%,
08/25/36
...............
6,869‌
4,838,059‌
Series
2006-SA4,
Class
2A1,
5.49%,
11/25/36
...............
374‌
315,238‌
RMF
Buyout
Issuance
Trust,
Series
2021-HB1,
Class
M6,
6.00%,
11/25/31
(a)(c)
...............
4,706‌
4,246,979‌
Saluda
Grade
Alternative
Mortgage
Trust
(c)(g)
Series
2024-RTL4,
Class
A1,
7.50%,
02/25/30
...............
18,613‌
18,791,253‌
Series
2024-RTL5,
Class
A1,
7.76%,
04/25/30
...............
10,861‌
10,990,430‌
Santander
Mortgage
Asset
Receivable
Trust
(c)
Series
2025-NQM3,
Class
A1,
5.60%,
05/25/65
(g)
.........
13,594‌
13,703,179‌
Series
2025-NQM5,
Class
B1,
6.89%,
08/25/65
(a)
.........
3,165‌
3,164,645‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Seasoned
Loans
Structured
Transaction
Trust
(a)(c)
Series
2020-2,
Class
M1,
4.75%,
09/25/60
...............
USD
9,405‌
$
9,334,767‌
Series
2020-3,
Class
M1,
4.75%,
04/26/60
...............
573‌
567,504‌
Sequoia
Mortgage
Trust,
Series
2007-3,
Class
2AA1,
4.35%,
07/20/37
(a)
..
1,298‌
1,020,123‌
SG
Residential
Mortgage
Trust
(c)
Series
2019-3,
Class
B1,
4.08%,
09/25/59
(a)
..............
1,593‌
1,515,408‌
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(g)
..............
2,295‌
2,295,479‌
Series
2022-2,
Class
B1,
5.29%,
08/25/62
(a)
..............
4,811‌
4,738,731‌
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-SH1,
Class
A3,
4.10%,
07/25/57
(c)(g)
...............
1,653‌
1,592,945‌
STARM
Mortgage
Loan
Trust,
Series
2007-2,
Class
3A3,
6.24%,
04/25/37
(a)
................
268‌
125,370‌
Starwood
Mortgage
Residential
Trust
(c)
Series
2020-3,
Class
B1,
4.75%,
04/25/65
(a)
..............
4,942‌
4,651,084‌
Series
2020-INV1,
Class
M1,
2.50%,
11/25/55
...............
1,545‌
1,453,263‌
Structured
Adjustable
Rate
Mortgage
Loan
Trust
(a)
Series
2005-11,
Class
1A1,
4.78%,
05/25/35
...............
534‌
446,584‌
Series
2006-3,
Class
4A,
4.06%,
04/25/36
...............
1,289‌
668,792‌
Structured
Asset
Mortgage
Investments
II
Trust
(a)
Series
2006-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
and
10.50%
Cap
+
0.57%),
4.73%,
02/25/36
..........
653‌
610,054‌
Series
2006-AR4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
and
10.50%
Cap
+
0.49%),
4.65%,
06/25/36
..........
3,585‌
3,150,572‌
Series
2006-AR5,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
and
10.50%
Cap
+
0.53%),
4.69%,
05/25/46
..........
861‌
609,519‌
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
(c)
Series
2006-RF3,
Class
1A2,
6.00%,
10/25/36
...............
1,897‌
1,028,293‌
Series
2006-RF4,
Class
2A1,
6.00%,
10/25/36
...............
2,229‌
1,119,889‌
Thornburg
Mortgage
Securities
Trust,
Series
2006-3,
Class
A1,
(1M
Sofr
FWD
at
0.09%
Floor
+
0.20%),
3.85%,
06/25/46
(a)
...........
2,651‌
1,581,519‌
Toorak
Mortgage
Trust,
Series
2024-2,
Class
A1,
6.33%,
10/25/31
(c)(g)
...
1,634‌
1,642,428‌
TRK
Trust
(a)(c)
Series
2021-INV1,
Class
B1,
3.29%,
07/25/56
...............
1,876‌
1,554,795‌
Series
2021-INV2,
Class
B1,
4.10%,
11/25/56
...............
6,120‌
5,027,240‌
TVC
DSCR,
Series
2021-1,
Class
A,
2.38%,
02/01/51
(c)(d)
..........
24,214‌
22,322,651‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
106
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
TVC
DSCR
Trust,
Series
2021-
1,  0.00%,
03/25/28
(d)
.........
USD
12,832‌
$
10,994,197‌
Verus
Securitization
Trust
(c)
Series
2021-3,
Class
B1,
3.20%,
06/25/66
(a)
..............
3,316‌
2,546,352‌
Series
2021-6,
Class
B1,
4.05%,
10/25/66
(a)
..............
540‌
415,628‌
Series
2021-6,
Class
M1,
2.94%,
10/25/66
(a)
..............
1,567‌
1,178,697‌
Series
2021-8,
Class
A1,
1.82%,
11/25/66
(a)
..............
4,372‌
4,046,375‌
Series
2022-1,
Class
B1,
4.01%,
01/25/67
(a)
..............
2,802‌
2,123,098‌
Series
2022-3,
Class
B1,
4.06%,
02/25/67
(a)
..............
2,034‌
1,622,473‌
Series
2023-2,
Class
B1,
7.44%,
03/25/68
(a)
..............
4,333‌
4,359,143‌
Series
2024-7,
Class
B1,
6.50%,
09/25/69
(a)
..............
1,643‌
1,646,985‌
Series
2025-5,
Class
A1,
5.43%,
06/25/70
(g)
..............
10,026‌
10,101,174‌
Series
2025-6,
Class
A1,
5.42%,
07/25/70
(g)
..............
22,937‌
23,114,468‌
Series
2025-7,
Class
B1,
6.62%,
08/25/70
(a)
..............
1,850‌
1,853,244‌
Series
2025-7,
Class
B2,
7.51%,
08/25/70
(a)
..............
1,414‌
1,410,753‌
Series
2025-8,
Class
B1,
6.48%,
09/25/70
...............
1,338‌
1,320,693‌
Series
2025-8,
Class
B2,
7.52%,
09/25/70
(a)
..............
656‌
654,361‌
Series
2025-R1,
Class
B1,
6.40%,
05/25/65
(a)
..............
389‌
385,200‌
Visio
Trust
(a)(c)
Series
2019-2,
Class
B1,
3.91%,
11/25/54
...............
1,825‌
1,696,329‌
Series
2020-1,
Class
M1,
4.45%,
08/25/55
...............
1,900‌
1,846,578‌
Series
2022-1,
Class
B1,
5.75%,
08/25/57
...............
4,722‌
4,701,179‌
Vista
Point
Securitization
Trust
(a)(c)
Series
2020-2,
Class
B1,
4.90%,
04/25/65
...............
1,160‌
1,135,905‌
Series
2020-2,
Class
B2,
5.16%,
04/25/65
...............
1,100‌
1,064,041‌
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust
(a)
Series
2006-AR5,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.99%
Floor
+
0.99%),
5.14%,
06/25/46
...............
238‌
219,253‌
Series
2007-HY3,
Class
4A1,
4.99%,
03/25/37
...............
46‌
42,854‌
Series
2007-OA5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.75%
Floor
+
0.75%),
4.90%,
06/25/47
...............
6,030‌
5,055,753‌
Series
2007-OA5,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.25%
Floor
+
0.80%),
4.95%,
06/25/47
...............
1,696‌
1,416,937‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Washington
Mutual
Mortgage
Pass-
Through
Certificates
WMALT
(a)
Series
2006-AR10,
Class
A2A,
(1-
mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.61%,
12/25/36
USD
1,114‌
$
923,376‌
Series
2007-OA3,
Class
5A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.25%
Floor
+
1.25%),
5.40%,
04/25/47
...............
1,625‌
1,416,971‌
Series
2007-OC2,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.62%
Floor
+
0.73%),
4.89%,
06/25/37
...
1,540‌
1,455,490‌
Washington
Mutual
Mortgage
Pass-
Through
Certificates
WMALT
Trust
Series
2005-9,
Class
5A6,
(1-mo.
CME
Term
SOFR
at
0.55%
Floor
and
5.50%
Cap
+
0.66%),
4.82%,
11/25/35
(a)
..............
574‌
429,718‌
Series
2005-9,
Class
5A9,
5.50%,
11/25/35
...............
233‌
190,429‌
Series
2006-1,
Class
4CB,
6.50%,
02/25/36
...............
1,734‌
1,394,707‌
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
...............
2,285‌
2,157,396‌
Series
2006-4,
Class
3A1,
7.00%,
05/25/36
(g)
..............
2,566‌
2,264,462‌
Series
2006-4,
Class
3A5,
6.85%,
05/25/36
(g)
..............
682‌
601,996‌
Series
2007-OA1,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.72%
Floor
+
0.72%),
4.87%,
12/25/46
(a)
..............
4,872‌
3,985,983‌
Western
Alliance
Bank
(a)(c)
Series
2021-CL2,
Class
M1,
(SOFR
30
day
Average
at
0.00%
Floor
+
3.15%),
7.51%,
07/25/59
....
10,823‌
11,293,245‌
Series
2021-CL2,
Class
M2,
(SOFR
30
day
Average
at
0.00%
Floor
+
3.70%),
8.06%,
07/25/59
....
14,781‌
15,449,085‌
WinWater
Mortgage
Loan
Trust,
Series
2014-3,
Class
B5,
4.00%,
11/20/44
(a)
(c)
......................
1,651‌
1,207,699‌
2,404,456,252‌
Commercial
Mortgage-Backed
Securities
—
6.6%
Ireland
—
0.4%
(a)
Frost
CMBS
DAC,
Series
2021-1X,
Class
GBA,
(Sterling
Overnight
Index
Average
at
1.35%
Floor
+
1.35%),
5.34%,
11/20/33
(b)
......
GBP
1,769‌
2,380,417‌
Lagarino
European
Loan
Conduit
No.
40
DAC
Series
40X,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.52%,
06/22/37
(b)
...
EUR
12,539‌
14,772,691‌
Series
40X,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.15%),
4.17%,
06/22/37
(b)
...
11,998‌
14,100,373‌
Series
40X,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.65%),
4.67%,
06/22/37
(b)
...
7,845‌
9,219,808‌
Series
40X,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.55%),
5.52%,
06/22/37
(b)
...
22,303‌
26,211,362‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
107
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Last
Mile
Logistics
Pan
Euro
Finance
DAC
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
0.75%
Floor
+
0.75%),
2.78%,
08/17/33
(b)
...
EUR
1,844‌
$
2,161,692‌
Series
1X,
Class
B,
(3-mo.
EURIBOR
at
1.05%
Floor
+
1.05%),
3.08%,
08/17/33
(b)
...
1,125‌
1,319,238‌
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
1.40%
Floor
+
1.40%),
3.43%,
08/17/33
(b)
...
1,331‌
1,562,361‌
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
3.93%,
08/17/33
(b)
...
1,031‌
1,211,451‌
Series
1X,
Class
E,
(3-mo.
EURIBOR
at
2.70%
Floor
+
2.70%),
4.73%,
08/17/33
(b)
...
13,537‌
15,892,910‌
Last
Mile
Securities
PE
DAC
Series
2021-1X,
Class
A1,
(3-mo.
EURIBOR
at
0.90%
Floor
+
0.90%),
2.93%,
08/17/31
(b)
...
3,245‌
3,808,330‌
Series
2021-1X,
Class
B,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.23%,
08/17/31
(b)
...
939‌
1,101,370‌
Series
2021-1X,
Class
C,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
3.63%,
08/17/31
(b)
...
1,061‌
1,246,383‌
Taurus
UK
DAC
Series
2021-UK1X,
Class
B,
(Sterling
Overnight
Index
Average
at
1.30%
Floor
+
1.30%),
5.29%,
05/17/31
(b)
..............
GBP
880‌
1,185,614‌
Series
2021-UK1X,
Class
C,
(Sterling
Overnight
Index
Average
at
1.65%
Floor
+
1.65%),
5.64%,
05/17/31
(b)
..............
536‌
721,602‌
Series
2021-UK1X,
Class
D,
(Sterling
Overnight
Index
Average
at
2.60%
Floor
+
2.60%),
6.59%,
05/17/31
(b)
..............
547‌
737,827‌
Series
2021-UK4X,
Class
C,
(Sterling
Overnight
Index
Average
at
1.75%
Floor
+
1.75%),
5.74%,
08/17/31
(b)
..............
319‌
429,500‌
Series
2021-UK4X,
Class
D,
(Sterling
Overnight
Index
Average
at
2.10%
Floor
+
2.10%),
6.09%,
08/17/31
(b)
..............
1,567‌
2,107,753‌
Series
2025-UK2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.49%,
02/18/35
(b)
..............
7,172‌
9,684,221‌
Series
2025-UK2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.99%,
02/18/35
(b)
..............
5,803‌
7,815,870‌
Series
2025-UK2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.49%,
02/18/35
(b)
..............
7,176‌
9,694,426‌
Series
2025-UK2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
7.19%,
02/18/35
(b)
..............
15,504‌
20,954,530‌
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2025-UK4,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.24%,
08/18/35
(b)
..............
GBP
4,608‌
$
6,200,385‌
Series
2025-UK4,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.59%,
08/18/35
(b)
..............
1,610‌
2,166,374‌
Series
2025-UK4,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
5.94%,
08/18/35
(b)
..............
2,693‌
3,623,627‌
Thunder
Logistics
DAC
Series
2024-1X,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.54%,
11/17/36
(b)
...
EUR
3,722‌
4,374,677‌
Series
2024-1X,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.05%),
4.09%,
11/17/36
(b)
...
1,308‌
1,534,659‌
Series
2024-1X,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.55%),
4.59%,
11/17/36
(b)
...
921‌
1,079,937‌
UK
Logistics
DAC
Series
2024-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
1.65%
Floor
+
1.65%),
5.64%,
05/17/34
(b)
..............
GBP
564‌
760,416‌
Series
2025-1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.00%),
7.99%,
05/17/35
(b)
..............
17,585‌
23,756,913‌
Vita
Scientia
DAC,
Series
2022-1X,
Class
B,
(3-mo.
EURIBOR
at
1.80%
Floor
+
1.80%),
3.82%,
02/27/33
(b)
EUR
2,700‌
3,170,445‌
194,987,162‌
Italy
—
0.1%
(b)
Cassia
SRL
(a)
Series
2022-1X,
Class
A,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
4.53%,
05/22/34
(b)
...
12,210‌
14,348,777‌
Series
2022-1X,
Class
B,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
5.53%,
05/22/34
(b)
...
5,922‌
6,935,011‌
21,283,788‌
United
Kingdom
—
0.1%
(a)
Canary
Wharf
Finance
II
plc,
Series
II,
Class
C2,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.49%),
5.49%,
10/22/37
(b)
...........
GBP
2,100‌
2,457,271‌
Sage
AR
Funding
Series
2025-1X,
Class
A2,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.29%,
05/17/37
(b)
..............
11,070‌
14,985,504‌
Series
2025-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.99%,
05/17/37
(b)
..............
6,563‌
8,831,591‌
Series
2025-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
6.39%,
05/17/37
(b)
..............
5,329‌
7,170,936‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
108
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2025-1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.90%),
7.89%,
05/17/37
(b)
..............
GBP
4,591‌
$
6,174,776‌
UK
Logistics
DAC
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.34%,
02/17/35
(b)
..............
6,332‌
8,545,208‌
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.68%,
02/17/35
(b)
..............
3,664‌
4,942,219‌
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.10%),
6.08%,
02/17/35
(b)
..............
1,755‌
2,367,262‌
Series
2024-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.10%),
7.09%,
02/17/35
(b)
..............
4,049‌
5,464,329‌
60,939,096‌
United
States
—
6.0%
1211
Avenue
of
the
Americas
Trust
(a)(c)
Series
2015-1211,
Class
C,
4.28%,
08/10/35
...............
USD
1,100‌
1,028,500‌
Series
2015-1211,
Class
D,
4.28%,
08/10/35
...............
1,235‌
1,117,675‌
Series
2015-1211,
Class
E,
4.28%,
08/10/35
...............
2,360‌
2,112,200‌
1301
Trust
(a)(c)
Series
2025-1301,
Class
A,
5.06%,
08/11/42
...............
4,580‌
4,638,942‌
Series
2025-1301,
Class
E,
7.48%,
08/11/42
...............
3,150‌
3,172,207‌
Series
2025-1301,
Class
F,
8.37%,
08/11/42
...............
40,133‌
40,647,850‌
1345T
(a)(c)
Series
2025-AOA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.75%,
06/15/42
...
6,027‌
6,042,068‌
Series
2025-AOA,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.65%,
06/15/42
...
11,864‌
11,957,865‌
245
Park
Avenue
Trust
(a)(c)
Series
2017-245P,
Class
D,
3.78%,
06/05/37
...............
1,100‌
1,053,588‌
Series
2017-245P,
Class
E,
3.78%,
06/05/37
...............
5,691‌
5,403,766‌
280
Park
Avenue
Mortgage
Trust
(a)(c)
Series
2017-280P,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.18%),
5.33%,
09/15/34
...
2,069‌
2,053,482‌
Series
2017-280P,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.38%),
5.53%,
09/15/34
...
1,978‌
1,960,693‌
Series
2017-280P,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.84%),
6.05%,
09/15/34
...
3,660‌
3,593,662‌
Series
2017-280P,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.42%),
6.64%,
09/15/34
...
17,397‌
16,853,249‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
3650R
Commercial
Mortgage
Trust,
Series
2022-PF2,
Class
A5,
5.47%,
11/15/55
(a)
................
USD
2,100‌
$
2,150,938‌
Alen
Mortgage
Trust,
Series
2021-
ACEN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
5.42%,
04/15/34
(a)(c)
..........
2,178‌
2,109,937‌
Arbor
Multifamily
Mortgage
Securities
Trust
(c)
Series
2020-MF1,
Class
E,
1.75%,
05/15/53
...............
1,165‌
944,239‌
Series
2021-MF3,
Class
A5,
2.57%,
10/15/54
...............
1,605‌
1,442,880‌
AREIT
LLC,
Series
2022-CRE7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.24%
Floor
+
2.24%),
6.38%,
06/17/39
(a)(c)
4,376‌
4,376,438‌
ARES
Commercial
Mortgage
Trust,
Series
2024-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.84%,
07/15/41
(a)(c)
....
17,640‌
17,684,100‌
ARES1,
Series
2024-IND2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.59%,
10/15/34
(a)(c)
25,460‌
25,475,912‌
Ashford
Hospitality
Trust
(a)(c)
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.27%),
6.42%,
04/15/35
...
3,816‌
3,792,150‌
Series
2018-ASHF,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.23%
Floor
+
3.27%),
7.42%,
04/15/35
...
61‌
60,637‌
Atrium
Hotel
Portfolio
Trust
(a)(c)
Series
2017-ATRM,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.25%),
6.40%,
12/15/36
...
8,386‌
7,977,183‌
Series
2024-ATRM,
Class
A,
5.59%,
11/10/29
...............
28,130‌
28,670,855‌
Series
2024-ATRM,
Class
E,
9.52%,
11/10/29
...............
7,793‌
8,011,071‌
Series
2025-ATRM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.80%,
08/15/42
...
14,679‌
14,675,793‌
Series
2025-ATRM,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.50%),
9.65%,
08/15/42
...
25,949‌
25,907,225‌
Series
2025-ATRM,
Class
G,
(1-mo.
CME
Term
SOFR
at
6.75%
Floor
+
6.75%),
10.90%,
08/15/42
..
4,871‌
4,863,357‌
BAHA
Trust
(a)(c)
Series
2024-MAR,
Class
A,
6.17%,
12/10/41
...............
54,860‌
56,728,345‌
Series
2024-MAR,
Class
B,
7.07%,
12/10/41
...............
1,980‌
2,062,792‌
Series
2024-MAR,
Class
C,
7.77%,
12/10/41
...............
6,861‌
7,143,035‌
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2025-NASH,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.15%,
09/15/40
(a)(c)
...............
10,618‌
10,627,954‌
BAMLL
Trust
(a)(c)
Series
2024-BHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.50%,
08/15/39
...
11,500‌
11,530,267‌
Series
2025-ASHF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.00%,
02/15/42
...
22,354‌
22,381,943‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
109
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-ASHF,
Class
E,
(1-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
9.40%,
02/15/42
...
USD
9,115‌
$
9,149,181‌
BAY
Mortgage
Trust,
Series
2025-LIVN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.95%,
05/15/35
(a)(c)
...............
2,000‌
2,005,209‌
Bayview
Commercial
Asset
Trust
(a)(c)
Series
2005-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
and
10.80%
Cap
+
0.59%),
4.75%,
11/25/35
..........
2,168‌
2,095,511‌
Series
2005-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.56%),
4.72%,
01/25/36
...
3,761‌
3,564,321‌
Series
2005-4A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.70%),
4.86%,
01/25/36
...
88‌
83,647‌
Series
2005-4A,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.79%),
4.95%,
01/25/36
...
236‌
224,988‌
Series
2006-1A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.65%),
4.81%,
04/25/36
...
344‌
323,868‌
Series
2006-2A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.53%),
4.69%,
07/25/36
...
594‌
572,288‌
Series
2006-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.49%),
4.65%,
10/25/36
...
376‌
361,897‌
Series
2006-3A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.56%),
4.72%,
10/25/36
...
408‌
392,266‌
Series
2006-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.46%),
4.62%,
12/25/36
...
1,431‌
1,381,008‌
Series
2007-1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.52%),
4.68%,
03/25/37
...
965‌
917,194‌
Series
2007-2A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.52%),
4.68%,
07/25/37
...
1,426‌
1,323,650‌
Series
2007-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
4.95%,
09/25/37
...
4,361‌
4,111,247‌
Series
2007-5A,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.36%),
6.52%,
10/25/37
...
5,669‌
3,127,360‌
Series
2007-6A,
Class
A4A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.36%),
6.52%,
12/25/37
...
6,119‌
5,434,506‌
Series
2008-2,
Class
A4A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
and
3.75%
Cap
+
3.86%),
8.02%,
04/25/38
...............
1,523‌
1,508,446‌
BBCMS
Mortgage
Trust
Series
2018-CHRS,
Class
E,
4.27%,
08/05/38
(a)(c)
.............
1,720‌
1,472,438‌
Series
2018-TALL,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.87%
Floor
+
0.92%),
5.07%,
03/15/37
(a)(c)
.
7,234‌
6,854,518‌
Series
2018-TALL,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.17%),
5.32%,
03/15/37
(a)(c)
.
2,134‌
1,984,737‌
Series
2023-5C23,
Class
D,
7.70%,
12/15/56
(a)(c)
.............
1,148‌
1,145,190‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-C35,
Class
AS,
5.84%,
07/15/58
(a)
..............
USD
5,893‌
$
6,180,576‌
Series
2025-C35,
Class
B,
6.12%,
07/15/58
(a)
..............
1,772‌
1,841,994‌
Series
2025-C35,
Class
D,
4.50%,
07/15/58
(c)
..............
6,500‌
5,298,905‌
Benchmark
Mortgage
Trust
Series
2020-B21,
Class
A5,
1.98%,
12/17/53
...............
4,051‌
3,564,049‌
Series
2024-V11,
Class
D,
4.50%,
11/15/57
(c)
..............
3,928‌
3,527,361‌
BFLD
Commercial
Mortgage
Trust
(a)(c)
Series
2024-UNIV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.64%,
11/15/41
...
7,260‌
7,275,881‌
Series
2024-UNIV,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.64%
Floor
+
3.64%),
7.79%,
11/15/41
...
4,509‌
4,515,789‌
Series
2025-5MW,
Class
A,
4.67%,
10/10/42
...............
8,569‌
8,553,886‌
Series
2025-5MW,
Class
E,
7.91%,
10/10/42
...............
6,830‌
6,821,655‌
Series
2025-5MW,
Class
F,
9.83%,
10/10/42
...............
29,630‌
29,595,668‌
BFLD
Mortgage
Trust,
Series
2024-
VICT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
6.04%,
07/15/41
(a)(c)
..........
8,290‌
8,315,906‌
BFLD
Trust
(a)(c)
Series
2020-EYP,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
7.97%,
10/15/35
...
6,517‌
81,469‌
Series
2025-EWEST,
Class
A,
(1-
mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.70%,
06/15/42
22,580‌
22,674,333‌
Series
2025-FPM,
Class
C,
6.66%,
10/10/30
...............
2,370‌
2,383,006‌
BHMS
Commercial
Mortgage
Trust,
Series
2025-ATLS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.00%,
08/15/42
(a)(c)
....
9,955‌
9,983,058‌
BLP
Commercial
Mortgage
Trust
(a)(c)
Series
2023-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.84%,
03/15/40
...
4,009‌
4,007,786‌
Series
2024-IND2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.49%,
03/15/41
...
2,559‌
2,563,784‌
BMP,
Series
2024-MF23,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.39%
Floor
+
3.39%),
7.54%,
06/15/41
(a)(c)
5,092‌
5,092,000‌
BOCA
Commercial
Mortgage
Trust,
Series
2024-BOCA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.92%
Floor
+
1.92%),
6.07%,
08/15/41
(a)(c)
....
2,803‌
2,815,194‌
BPR
Commercial
Mortgage
Trust
(a)(c)
Series
2024-PARK,
Class
A,
5.39%,
11/05/39
...............
3,700‌
3,770,584‌
Series
2024-PARK,
Class
D,
7.23%,
11/05/39
...............
620‌
639,695‌
BPR
Mortgage
Trust,
Series
2023-
STON,
Class
A,
7.50%,
12/05/39
(c)
2,082‌
2,167,639‌
BPR
Trust
(a)(c)
Series
2021-TY,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
7.86%,
09/15/38
...
5,768‌
5,697,422‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
110
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-SSP,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
7.15%,
05/15/39
...
USD
2,870‌
$
2,879,375‌
Series
2024-PMDW,
Class
A,
5.36%,
11/05/41
...............
1,220‌
1,242,049‌
BSTN
Commercial
Mortgage
Trust,
Series
2025-1C,
Class
A,
5.55%,
06/15/44
(a)(c)
...............
2,577‌
2,644,566‌
BWAY
Mortgage
Trust
(c)
Series
2013-1515,
Class
A2,
3.45%,
03/10/33
...............
2,913‌
2,784,476‌
Series
2013-1515,
Class
D,
3.63%,
03/10/33
...............
9,570‌
8,709,677‌
Series
2013-1515,
Class
E,
3.72%,
03/10/33
...............
650‌
553,531‌
Series
2013-1515,
Class
F,
4.06%,
03/10/33
(a)
..............
601‌
502,429‌
BWAY
Trust,
Series
2025-1535,
Class
A,
6.52%,
05/05/42
(a)(c)
........
1,875‌
1,943,753‌
BX
Commercial
Mortgage
Trust
(c)
Series
2020-VIV3,
Class
B,
3.66%,
03/09/44
(a)
..............
8,380‌
7,872,793‌
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
...............
2,733‌
2,524,725‌
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
5.18%,
02/15/33
(a)
..
25,114‌
25,013,491‌
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
6.41%,
02/15/33
(a)
..
15,394‌
15,345,975‌
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
8.52%,
02/15/33
(a)
..
10,302‌
10,288,967‌
Series
2021-SOAR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.91%),
7.07%,
06/15/38
(a)
..
6,687‌
6,689,431‌
Series
2021-VIV5,
Class
A,
2.84%,
03/09/44
(a)
..............
2,328‌
2,149,875‌
Series
2022-CSMO,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
7.29%,
06/15/27
(a)
..
7,520‌
7,595,200‌
Series
2023-XL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
5.91%,
12/09/40
(a)
..
8,039‌
8,049,391‌
Series
2023-XL3,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.59%
Floor
+
3.59%),
7.74%,
12/09/40
(a)
..
10,719‌
10,742,099‌
Series
2024-AIR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.64%,
10/15/41
(a)
..
9,290‌
9,304,175‌
Series
2024-AIR2,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.79%),
5.94%,
10/15/41
(a)
..
3,741‌
3,748,986‌
Series
2024-AIRC,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.84%,
08/15/39
(a)
..
15,837‌
15,866,372‌
Series
2024-BRBK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.88%
Floor
+
2.88%),
7.03%,
10/15/41
(a)
..
34,140‌
34,321,369‌
Series
2024-BRBK,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.93%
Floor
+
3.93%),
8.07%,
10/15/41
(a)
..
8,326‌
8,336,318‌
Series
2024-BRBK,
Class
D,
(1-mo.
CME
Term
SOFR
at
5.97%
Floor
+
5.97%),
10.12%,
10/15/41
(a)
.
5,504‌
5,510,812‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-BRBK,
Class
E,
(1-mo.
CME
Term
SOFR
at
6.97%
Floor
+
6.97%),
11.11%,
10/15/41
(a)
.
USD
1,197‌
$
1,189,206‌
Series
2024-GPA3,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.79%,
12/15/39
(a)
..
3,077‌
3,086,039‌
Series
2024-KING,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.69%,
05/15/34
(a)
..
8,419‌
8,421,794‌
Series
2024-MDHS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.79%,
05/15/41
(a)
..
19,166‌
19,189,461‌
Series
2024-MF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.59%,
02/15/39
(a)
..
2,056‌
2,057,475‌
Series
2024-MF,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.74%
Floor
+
3.74%),
7.89%,
02/15/39
(a)
..
6,365‌
6,377,331‌
Series
2024-PALM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.69%,
06/15/37
(a)
..
27,249‌
27,291,808‌
Series
2024-PURE,
Class
A,
(CAONREPO
at
1.90%
Floor
+
1.90%),
4.70%,
11/15/41
(a)
...
CAD
2,547‌
1,846,999‌
Series
2024-XL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.59%,
02/15/39
(a)
..
USD
5,076‌
5,081,112‌
Series
2024-XL4,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
7.29%,
02/15/39
(a)
..
15,520‌
15,568,962‌
Series
2024-XL4,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.19%
Floor
+
4.19%),
8.34%,
02/15/39
(a)
..
9,225‌
9,285,356‌
Series
2024-XL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.54%,
03/15/41
(a)
..
289‌
289,030‌
Series
2025-BCAT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.53%,
08/15/42
(a)
..
9,223‌
9,232,139‌
Series
2025-BCAT,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.70%,
08/15/42
(a)
..
2,530‌
2,531,453‌
Series
2025-BCAT,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.05%,
08/15/42
(a)
..
953‌
955,877‌
Series
2025-BCAT,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.50%),
7.65%,
08/15/42
(a)
..
7,642‌
7,659,039‌
BX
Trust
(a)(c)
Series
2021-ARIA,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.01%),
5.16%,
10/15/36
...
820‌
819,231‌
Series
2021-LBA,
Class
AJV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
5.06%,
02/15/36
...
6,553‌
6,550,780‌
Series
2021-LBA,
Class
AV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
5.07%,
02/15/36
...
4,118‌
4,115,568‌
Series
2021-LBA,
Class
FJV,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.51%),
6.67%,
02/15/36
...
11,223‌
11,194,942‌
Series
2021-LBA,
Class
FV,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.51%),
6.67%,
02/15/36
...
7,117‌
7,099,495‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
111
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
7.27%,
02/15/36
...
USD
2,185‌
$
2,173,944‌
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
7.27%,
02/15/36
...
7,383‌
7,346,085‌
Series
2021-VIEW,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
7.86%,
06/15/36
...
6,905‌
6,900,787‌
Series
2021-VIEW,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.93%
Floor
+
4.04%),
8.19%,
06/15/36
...
2,240‌
2,194,184‌
Series
2022-VAMF,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.43%,
01/15/39
...
1,449‌
1,446,736‌
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
6.84%,
05/15/38
...
18,097‌
18,209,864‌
Series
2023-DELC,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.39%
Floor
+
4.39%),
8.54%,
05/15/38
...
907‌
914,936‌
Series
2024-CNYN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.59%,
04/15/41
...
8,278‌
8,299,015‌
Series
2024-CNYN,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
6.84%,
04/15/41
...
3,191‌
3,200,276‌
Series
2024-CNYN,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.69%
Floor
+
3.69%),
7.84%,
04/15/41
...
5,213‌
5,194,734‌
Series
2024-PAT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
6.24%,
03/15/41
...
7,020‌
7,022,194‌
Series
2024-PAT,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.59%,
03/15/41
...
15,026‌
15,082,448‌
Series
2024-PAT,
Class
D,
(1-mo.
CME
Term
SOFR
at
5.39%
Floor
+
5.39%),
9.54%,
03/15/41
...
7,203‌
7,251,068‌
Series
2024-VLT4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.64%,
06/15/41
...
32,158‌
32,178,099‌
Series
2024-VLT4,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.89%
Floor
+
2.89%),
7.04%,
06/15/41
...
6,070‌
6,077,587‌
Series
2024-VLT4,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.94%
Floor
+
3.94%),
8.09%,
06/15/41
...
15,610‌
15,629,235‌
Series
2025-LIFE,
Class
A,
5.88%,
06/13/47
...............
9,355‌
9,634,820‌
Series
2025-LUNR,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.65%,
06/15/40
...
2,474‌
2,478,647‌
Series
2025-OMG,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.50%,
10/15/27
...
7,346‌
7,346,000‌
Series
2025-ROIC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.94%
Floor
+
2.94%),
7.09%,
03/15/30
...
22,156‌
22,190,729‌
Series
2025-TAIL,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
7.45%,
06/15/35
...
5,278‌
5,275,795‌
BXP
Trust
(a)(c)
Series
2017-CC,
Class
D,
3.55%,
08/13/37
...............
1,930‌
1,614,568‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2017-CC,
Class
E,
3.67%,
08/13/37
...............
USD
3,820‌
$
3,084,869‌
Series
2017-GM,
Class
D,
3.54%,
06/13/39
...............
1,520‌
1,463,391‌
Series
2017-GM,
Class
E,
3.54%,
06/13/39
...............
3,300‌
3,139,029‌
Series
2021-601L,
Class
D,
2.78%,
01/15/44
...............
3,999‌
3,254,762‌
Cali,
Series
2024-SUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
6.11%,
07/15/41
(a)(c)
....
6,660‌
6,674,569‌
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(a)
.....
1,143‌
1,090,487‌
CENT,
Series
2025-CITY,
Class
A,
5.09%,
07/10/40
(a)(c)
..........
12,691‌
12,834,539‌
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
C,
5.02%,
05/10/58
(a)
................
3,412‌
3,365,949‌
CFK
Trust
(a)(c)
Series
2019-FAX,
Class
D,
4.79%,
01/15/39
...............
6,897‌
6,455,816‌
Series
2019-FAX,
Class
E,
4.79%,
01/15/39
...............
6,152‌
5,562,605‌
CFSP
Mortgage
Trust,
Series
2024-
AHP1,
Class
A,
6.50%,
04/15/37
.
17,092‌
16,539,255‌
Citigroup
Commercial
Mortgage
Trust
(c)
Series
2015-P1,
Class
D,
3.23%,
09/15/48
...............
1,137‌
1,097,125‌
Series
2020-420K,
Class
E,
3.42%,
11/10/42
(a)
..............
2,660‌
2,284,086‌
COAST
Commercial
Mortgage
Trust
(a)(c)
Series
2023-2HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
6.74%,
08/15/36
...
5,172‌
5,172,429‌
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.59%,
08/15/36
...
8,751‌
8,692,114‌
COMM
Mortgage
Trust
(a)(c)
Series
2025-167G,
Class
F,
9.46%,
08/10/40
...............
3,129‌
3,132,562‌
Series
2025-SBX,
Class
B,
5.73%,
08/10/41
...............
4,331‌
4,351,569‌
Commercial
Mortgage
Trust
Series
2015-LC19,
Class
B,
3.83%,
02/10/48
(a)
..............
624‌
611,125‌
Series
2015-LC23,
Class
A4,
3.77%,
10/10/48
...............
938‌
936,783‌
Series
2016-667M,
Class
D,
3.18%,
10/10/36
(a)(c)
.............
429‌
317,494‌
Series
2024-CBM,
Class
A2,
5.87%,
12/10/41
(a)(c)
.............
1,640‌
1,670,616‌
Series
2024-WCL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
5.99%,
06/15/41
(a)(c)
.
16,380‌
16,333,931‌
Series
2024-WCL1,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
6.74%,
06/15/41
(a)(c)
.
5,615‌
5,630,792‌
Series
2024-WCL1,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.49%
Floor
+
4.49%),
8.64%,
06/15/41
(a)(c)
.
6,488‌
6,464,192‌
Series
2025-167G,
Class
A,
5.50%,
08/10/40
(c)
..............
7,256‌
7,282,955‌
Series
2025-167G,
Class
E,
8.47%,
08/10/40
(a)(c)
.............
3,600‌
3,604,287‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
112
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CONE
Trust
(a)(c)
Series
2024-DFW1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.79%,
08/15/41
...
USD
6,550‌
$
6,544,810‌
Series
2024-DFW1,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
8.04%,
08/15/41
...
6,477‌
6,473,278‌
CRSO
Trust,  
7.12%,
07/10/28
(c)
...
4,399‌
4,582,023‌
CSAIL
Commercial
Mortgage
Trust,
Series
2018-CX12,
Class
C,
4.88%,
08/15/51
(a)
................
1,586‌
1,458,783‌
CSMC
Trust
(c)
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
...............
2,190‌
2,068,384‌
Series
2020-FACT,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.86%
Floor
+
5.48%),
9.63%,
10/15/37
(a)
..
4,184‌
3,829,615‌
Series
2021-BHAR,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
5.42%,
11/15/38
(a)
..
1,337‌
1,328,226‌
Series
2021-BHAR,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
5.77%,
11/15/38
(a)
..
2,356‌
2,333,913‌
Series
2022-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.59%
Floor
+
3.44%),
7.59%,
02/15/27
(a)(d)
.
23,200‌
23,039,662‌
CSTL
Commercial
Mortgage
Trust,
Series
2024-GATE,
Class
A,
4.92%,
11/10/41
(a)(c)
...............
32,830‌
32,969,793‌
DBGS,
Series
2024-SBL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.88%
Floor
+
1.88%),
6.03%,
08/15/34
(a)(c)
1,600‌
1,605,000‌
DBSG
Mortgage
Trust,
Series
2024-
ALTA,
Class
A,
6.14%,
06/10/37
(a)(c)
4,998‌
5,081,457‌
DBWF
Mortgage
Trust,
Series
2024-
LCRS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.89%,
04/15/37
(a)(c)
..........
1,428‌
1,428,446‌
DC
Trust
(a)(c)
Series
2024-HLTN,
Class
A,
5.93%,
04/13/40
...............
1,570‌
1,587,157‌
Series
2024-HLTN,
Class
F,
10.66%,
04/13/40
...............
4,127‌
4,133,579‌
DK
Trust
(a)(c)
Series
2024-SPBX,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.65%,
03/15/34
...
9,090‌
9,112,725‌
Series
2024-SPBX,
Class
E,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
4.00%),
8.15%,
03/15/34
...
26,040‌
26,123,026‌
Series
2025-LXP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
5.74%,
08/15/37
...
9,360‌
9,360,000‌
Series
2025-LXP,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.89%
Floor
+
2.89%),
7.04%,
08/15/37
...
2,219‌
2,221,774‌
Durst
Commercial
Mortgage
Trust
(a)(c)
Series
2025-151,
Class
A,
5.32%,
08/10/42
...............
3,973‌
4,046,573‌
Series
2025-151,
Class
D,
7.02%,
08/10/42
...............
15,295‌
15,710,677‌
ELM
Trust
(a)(c)
Series
2024-ELM,
Class
A10,
5.99%,
06/10/39
..........
9,410‌
9,506,116‌
Series
2024-ELM,
Class
A15,
5.99%,
06/10/39
..........
9,410‌
9,468,846‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-ELM,
Class
E10,
8.05%,
06/10/39
..........
USD
12,317‌
$
12,397,552‌
ELP
Commercial
Mortgage
Trust,
Series
2021-ELP,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.12%
Floor
+
3.23%),
7.38%,
11/15/38
(a)(c)
....
4,887‌
4,881,195‌
EQT
Trust,
Series
2024-EXTR,
Class
A,
5.33%,
07/05/41
(a)(c)
..........
3,348‌
3,424,540‌
Extended
Stay
America
Trust
(a)(c)
Series
2021-ESH,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
6.51%,
07/15/38
...
5,680‌
5,680,307‌
Series
2021-ESH,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.96%),
7.11%,
07/15/38
...
9,736‌
9,735,621‌
Series
2021-ESH,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
7.96%,
07/15/38
...
27,320‌
27,319,613‌
Series
2025-ESH,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.45%,
10/15/42
...
14,072‌
14,072,000‌
Fashion
Show
Mall
LLC,
Series
2024-
SHOW,
Class
A,
5.27%,
10/10/41
(a)(c)
1,004‌
1,018,435‌
Fontainebleau
Miami
Beach
Mortgage
Trust
(a)(c)
Series
2024-FBLU,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.25%),
8.40%,
12/15/39
...
901‌
903,286‌
Series
2024-FBLU,
Class
G,
(1-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
9.80%,
12/15/39
...
4,418‌
4,454,007‌
Grace
Trust,
Series
2020-GRCE,
Class
E,
2.77%,
12/10/40
(a)(c)
........
2,546‌
2,196,696‌
Great
Wolf
Trust
(a)(c)
Series
2024-WLF2,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.69%),
5.84%,
05/15/41
..........
36,228‌
36,295,927‌
Series
2024-WOLF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.69%,
03/15/39
...
5,531‌
5,541,371‌
GS
Mortgage
Securities
Corp.
Trust
(c)
Series
2017-375H,
Class
A,
3.59%,
09/10/37
(a)
..............
1,460‌
1,411,985‌
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
...............
5,185‌
4,560,057‌
Series
2021-DM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.89%
Floor
+
1.00%),
5.15%,
11/15/36
(a)
..
7,136‌
7,131,550‌
Series
2021-ROSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.56%,
05/15/26
(a)
..
2,320‌
2,195,300‌
Series
2023-FUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
6.24%,
03/15/28
(a)
..
11,230‌
11,275,622‌
Series
2023-SHIP,
Class
E,
7.43%,
09/10/38
(a)
..............
34,583‌
34,831,403‌
Series
2024-RVR,
Class
E,
7.72%,
08/10/41
(a)
..............
3,613‌
3,603,045‌
Series
2024-RVR,
Class
HRR,
9.21%,
08/10/41
(a)
.........
12,450‌
12,465,139‌
Series
2025-800D,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
6.79%,
11/25/41
(a)
..
18,355‌
18,381,007‌
Series
2025-800D,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
8.84%,
11/25/41
(a)
..
12,276‌
12,230,792‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
113
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
GS
Mortgage
Securities
Trust,
Series
2019-GSA1,
Class
C,
3.93%,
11/10/52
(a)
................
USD
570‌
$
520,186‌
GSAT
Trust,
Series
2025-BMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.65%,
07/15/40
(a)(c)
4,387‌
4,386,748‌
Harvest
Commercial
Capital
Loan
Trust,
Series
2020-1,
Class
M4,
5.96%,
04/25/52
(a)(c)
...............
1,181‌
1,171,411‌
HIH
Trust
(a)(c)
Series
2024-61P,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
5.99%,
10/15/41
...
12,995‌
13,040,170‌
Series
2024-61P,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.64%
Floor
+
3.64%),
7.79%,
10/15/41
...
4,897‌
4,916,604‌
HILT
Commercial
Mortgage
Trust
(a)(c)
Series
2024-ORL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.69%,
05/15/37
...
10,515‌
10,531,430‌
Series
2024-ORL,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.19%
Floor
+
3.19%),
7.34%,
05/15/37
...
11,854‌
11,846,591‌
HIT
Trust,
Series
2022-HI32,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.39%
Floor
+
2.39%),
6.54%,
07/15/39
(a)(c)
1,383‌
1,385,626‌
HLTN
Commercial
Mortgage
Trust,
Series
2024-DPLO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.79%,
06/15/41
(a)(c)
....
6,118‌
6,127,559‌
HONO
Mortgage
Trust,
Series
2021-
LULU,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
5.42%,
10/15/36
(a)(c)
..........
5,169‌
5,146,386‌
Houston
Galleria
Mall
Trust,
Series
2025-HGLR,
Class
A,
5.46%,
02/05/45
(a)(c)
...............
830‌
858,216‌
HTL
Commercial
Mortgage
Trust
(a)(c)
Series
2024-T53,
Class
A,
6.07%,
05/10/39
...............
3,390‌
3,438,409‌
Series
2024-T53,
Class
E,
10.60%,
05/10/39
...............
9,477‌
9,806,606‌
Hudson
Yards
Mortgage
Trust,
Series
2019-55HY,
Class
F,
3.04%,
12/10/41
(a)(c)
...............
6,663‌
5,675,589‌
ILPT
Commercial
Mortgage
Trust,
Series
2025-LPF2,
Class
A,
5.47%,
07/13/42
(a)(c)
...............
23,153‌
23,570,025‌
INV
Mortgage
Trust,
Series
2024-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.89%,
11/15/41
(a)(c)
...............
9,520‌
9,448,600‌
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(c)
Series
2016-NINE,
Class
B,
2.85%,
09/06/38
(a)
..............
6,933‌
6,805,128‌
Series
2018-AON,
Class
A,
4.13%,
07/05/31
...............
4,834‌
4,423,958‌
Series
2018-PHH,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.41%
Floor
+
1.26%),
5.41%,
06/15/35
(a)
..
1,745‌
1,492,958‌
Series
2019-MFP,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.16%
Floor
+
2.21%),
6.36%,
07/15/36
(a)
..
5,580‌
4,282,437‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-MHC,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
1.16%),
5.32%,
04/15/38
(a)
..
USD
908‌
$
908,095‌
Series
2021-MHC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.81%),
6.97%,
04/15/38
(a)
..
12,867‌
12,883,084‌
Series
2021-MHC,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.31%),
7.47%,
04/15/38
(a)
..
5,050‌
5,059,469‌
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.79%),
7.94%,
04/15/37
(a)
..
11,124‌
10,512,826‌
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
(a)
..............
6,152‌
4,983,971‌
Series
2024-IGLG,
Class
A,
5.35%,
11/09/39
(a)
..............
15,900‌
16,054,335‌
Series
2024-IGLG,
Class
D,
6.70%,
11/09/39
(a)
..............
4,440‌
4,443,860‌
Series
2024-IGLG,
Class
E,
7.50%,
11/09/39
(a)
..............
13,516‌
13,513,802‌
Series
2024-IGLG,
Class
F,
8.49%,
11/09/39
(a)
..............
11,578‌
11,616,909‌
Series
2024-IGLG,
Class
HRR,
9.97%,
11/09/39
(a)
.........
14,700‌
14,627,955‌
Series
2024-OMNI,
Class
A,
5.80%,
10/05/39
(a)
..............
4,640‌
4,733,245‌
Series
2025-BHR5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.84%,
03/15/40
(a)
..
15,164‌
15,164,053‌
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.31%,
12/15/48
(a)(c)
...
2,084‌
1,901,016‌
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR5,
Class
A3,
3.12%,
06/13/52
.....
2,890‌
2,778,146‌
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2018-C8,
Class
AS,
4.42%,
06/15/51
.....
379‌
373,282‌
JW
Commercial
Mortgage
Trust
(a)(c)
Series
2024-MRCO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.77%,
06/15/39
...
7,310‌
7,332,809‌
Series
2024-MRCO,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.19%
Floor
+
3.19%),
7.34%,
06/15/39
...
7,592‌
7,642,899‌
KSL
Commercial
Mortgage
Trust,
Series
2024-HT2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.69%,
12/15/39
(a)(c)
....
8,928‌
8,925,407‌
KSL
Trust
(a)(c)
  (1-mo.
CME
Term
SOFR
+
1.89%),
6.04%,
06/15/30
..........
2,957‌
2,953,569‌
  (1-mo.
CME
Term
SOFR
+
4.09%),
8.24%,
06/15/30
..........
10,246‌
10,282,709‌
LBA
Trust
(a)(c)
Series
2024-7IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.59%,
10/15/41
...
5,947‌
5,954,499‌
Series
2024-7IND,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.64%
Floor
+
2.64%),
6.79%,
10/15/41
...
1,510‌
1,514,201‌
Series
2024-BOLT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
5.74%,
06/15/39
...
25,070‌
25,101,337‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
114
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-BOLT,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.59%,
06/15/39
...
USD
2,039‌
$
2,033,431‌
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust
(a)(c)
Series
2006-2A,
Class
M3,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.56%),
4.72%,
09/25/36
...
1,544‌
1,469,879‌
Series
2007-3A,
Class
M2,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.11%),
6.27%,
10/25/37
...
5,850‌
5,016,128‌
LEX
Mortgage
Trust,
Series
2024-BBG,
Class
HRR,
8.19%,
10/13/33
(a)(c)
..
20,050‌
20,093,192‌
LoanCore
2025
Issuer
LLC,
Series
2025-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.53%,
08/17/42
(a)(c)
....
3,560‌
3,566,602‌
LUX
Trust,
Series
2023-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
6.84%,
08/15/40
(a)(c)
4,400‌
4,448,145‌
MAC
Trust,
Series
2025-801B,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.95%,
10/15/40
(a)(c)
19,636‌
19,656,385‌
MAD
Commercial
Mortgage
Trust
(a)(c)
Series
2025-11MD,
Class
A,
4.75%,
10/15/42
...............
9,522‌
9,495,679‌
Series
2025-11MD,
Class
E,
7.33%,
10/15/42
...............
4,668‌
4,646,530‌
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
D,
2.41%,
09/10/39
(a)(c)
...............
118‌
110,414‌
MCR
Mortgage
Trust
(c)
Series
2024-HF1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.79%),
5.94%,
12/15/41
(a)
..
8,990‌
9,026,522‌
Series
2024-HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
5.91%,
02/15/37
(a)
..
573‌
572,847‌
Series
2024-HTL,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.65%
Floor
+
4.65%),
8.81%,
02/15/37
(a)
..
4,594‌
4,572,698‌
Series
2024-TWA,
Class
A,
5.92%,
06/12/39
...............
7,000‌
7,099,856‌
Series
2024-TWA,
Class
E,
8.73%,
06/12/39
...............
3,924‌
3,990,080‌
MFT
Trust,
Series
2020-ABC,
Class
C,
3.59%,
02/10/42
(a)(c)
..........
1,978‌
1,440,538‌
MHC
Commercial
Mortgage
Trust
(a)(c)
Series
2021-MHC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.22%),
6.37%,
04/15/38
...
6,798‌
6,803,973‌
Series
2021-MHC,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.72%),
6.87%,
04/15/38
...
867‌
867,062‌
MHP
Commercial
Mortgage
Trust
(a)(c)
Series
2021-STOR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
7.02%,
07/15/38
...
7,927‌
7,927,000‌
Series
2021-STOR,
Class
J,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
4.06%),
8.22%,
07/15/38
...
3,438‌
3,426,121‌
Series
2025-MHIL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.65%,
09/15/40
...
16,011‌
16,007,343‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-MHIL2,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.50%),
7.65%,
09/15/40
...
USD
4,665‌
$
4,659,014‌
MIC
Trust
(The),
Series
2023-MIC,
Class
A,
8.73%,
12/05/38
(a)(c)
....
6,126‌
6,634,942‌
MIRA
Trust,
Series
2023-MILE,
Class
A,
6.75%,
06/10/38
(c)
...........
6,775‌
7,055,005‌
Morgan
Stanley
Capital
I
Trust
(c)
Series
2017-ASHF,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.65%),
8.80%,
11/15/34
(a)
..
2,673‌
2,543,722‌
Series
2017-ASHF,
Class
G,
(1-mo.
CME
Term
SOFR
at
6.90%
Floor
+
7.20%),
11.35%,
11/15/34
(a)
.
2,925‌
2,769,282‌
Series
2018-MP,
Class
E,
4.28%,
07/11/40
(a)
..............
7,057‌
5,283,188‌
Series
2019-H6,
Class
D,
3.00%,
06/15/52
...............
1,190‌
962,431‌
Series
2019-H7,
Class
D,
3.00%,
07/15/52
...............
750‌
628,734‌
Series
2021-230P,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.56%),
5.71%,
12/15/38
(a)
..
4,970‌
4,597,250‌
Series
2024-NSTB,
Class
A,
3.90%,
09/24/57
(a)
..............
6,065‌
5,965,700‌
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-LVL,
Class
D,
4.44%,
08/15/38
(c)
...........
3,140‌
2,864,623‌
NCMF
Trust
(a)(c)
Series
2025-MFS,
Class
A,
5.05%,
06/10/33
...............
12,841‌
12,868,970‌
Series
2025-MFS,
Class
E,
7.78%,
06/10/33
...............
24,160‌
24,512,239‌
NJ
Trust,
Series
2023-GSP,
Class
A,
6.70%,
01/06/29
(a)(c)
..........
4,750‌
4,985,453‌
NRTH
Commercial
Mortgage
Trust,
Series
2025-PARK,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.54%,
10/15/40
(a)(c)
....
16,865‌
16,822,838‌
NY
Commercial
Mortgage
Trust,
Series
2025-299P,
Class
B,
6.13%,
02/10/47
(a)(c)
...............
1,856‌
1,930,080‌
NYC
Commercial
Mortgage
Trust,
Series
2025-300P,
Class
E,
7.39%,
07/13/42
(a)(c)
...............
2,034‌
2,055,203‌
NYC
Trust
(a)(c)
Series
2024-3ELV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.99%
Floor
+
1.99%),
6.14%,
08/15/29
...
1,220‌
1,224,984‌
Series
2024-3ELV,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.84%
Floor
+
3.84%),
7.99%,
08/15/29
...
4,401‌
4,400,974‌
Olympic
Tower
Mortgage
Trust,
Series
2017-OT,
Class
E,
3.95%,
05/10/39
(a)
(c)
......................
7,856‌
6,611,973‌
One
Bryant
Park
Trust,
Series
2019-
OBP,
Class
A,
2.52%,
09/15/54
(c)
.
4,638‌
4,271,530‌
One
Market
Plaza
Trust,
Series
2017-
1MKT,
Class
D,
4.15%,
02/10/32
(c)
3,310‌
3,122,640‌
One
New
York
Plaza
Trust
(a)(c)
Series
2020-1NYP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.06%),
5.22%,
01/15/36
...
3,402‌
3,347,626‌
Series
2020-1NYP,
Class
AJ,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.36%),
5.52%,
01/15/36
...
4,673‌
4,509,431‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
115
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2020-1NYP,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
5.77%,
01/15/36
...
USD
3,892‌
$
3,726,579‌
Series
2020-1NYP,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
7.02%,
01/15/36
...
1,660‌
1,576,995‌
ONNI
Commerical
Mortgage
Trust,
Series
2024-APT,
Class
A,
5.75%,
07/15/39
(a)(c)
...............
1,909‌
1,952,960‌
OPEN
Trust,
Series
2023-AIR,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.09%
Floor
+
3.09%),
7.24%,
11/15/40
(a)(c)
604‌
603,965‌
ORL
Trust,
Series
2024-GLKS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.64%,
12/15/39
(a)(c)
8,070‌
8,072,522‌
PENN
Commercial
Mortgage
Trust
(a)(c)
Series
2025-P11,
Class
A,
5.52%,
08/10/42
...............
8,922‌
9,080,378‌
Series
2025-P11,
Class
C,
6.72%,
08/10/42
...............
7,374‌
7,501,378‌
PGA
Trust,
Series
2024-RSR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
6.04%,
06/15/39
(a)(c)
6,634‌
6,634,000‌
PKHL
Commercial
Mortgage
Trust
(a)(c)
Series
2021-MF,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.46%),
7.62%,
07/15/38
...
1,617‌
411,470‌
Series
2021-MF,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.46%),
8.62%,
07/15/38
...
3,533‌
618,151‌
PRM5
Trust,
Series
2025-PRM5,
Class
D,
5.81%,
03/10/33
(a)(c)
........
3,600‌
3,588,227‌
ROCK
Trust
(c)
Series
2024-CNTR,
Class
A,
5.39%,
11/13/41
...............
1,570‌
1,618,022‌
Series
2024-CNTR,
Class
E,
8.82%,
11/13/41
...............
6,367‌
6,663,673‌
SCG
Commercial
Mortgage
Trust
(a)(c)
Series
2025-DLFN,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
6.30%,
03/15/35
...
1,150‌
1,147,125‌
Series
2025-DLFN,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
7.10%,
03/15/35
...
8,474‌
8,468,704‌
Series
2025-DLFN,
Class
HRR,
(1-
mo.
CME
Term
SOFR
at
4.95%
Floor
+
4.95%),
9.10%,
03/15/35
22,850‌
22,399,650‌
Series
2025-FLWR,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.40%,
08/15/42
...
3,997‌
4,000,747‌
Series
2025-FLWR,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
6.90%,
08/15/42
...
650‌
650,406‌
SDAL
Trust,
Series
2025-DAL,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.44%
Floor
+
2.44%),
6.59%,
04/15/42
(a)(c)
4,137‌
4,171,762‌
SELF
Commercial
Mortgage
Trust
(a)(c)
Series
2024-STRG,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.69%,
11/15/34
...
6,510‌
6,497,794‌
Series
2024-STRG,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.19%
Floor
+
4.19%),
8.34%,
11/15/34
...
6,569‌
6,554,630‌
Series
2024-STRG,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.19%
Floor
+
5.19%),
9.34%,
11/15/34
...
6,545‌
6,507,527‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
SG
Commercial
Mortgage
Securities
Trust
(a)(c)
Series
2019-PREZ,
Class
D,
3.59%,
09/15/39
...............
USD
4,690‌
$
4,156,281‌
Series
2019-PREZ,
Class
E,
3.59%,
09/15/39
...............
3,356‌
2,838,526‌
SHR
Trust
(a)(c)
Series
2024-LXRY,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
6.10%,
10/15/41
...
38,145‌
38,192,681‌
Series
2024-LXRY,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.60%),
7.75%,
10/15/41
...
7,065‌
7,115,413‌
Series
2024-LXRY,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.45%
Floor
+
4.45%),
8.60%,
10/15/41
...
3,486‌
3,512,911‌
SLG
Office
Trust,
Series
2021-OVA,
Class
A,
2.59%,
07/15/41
(c)
.....
1,171‌
1,040,829‌
TCO
Commercial
Mortgage
Trust,
Series
2024-DPM,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.74%
Floor
+
2.74%),
6.89%,
12/15/39
(a)(c)
....
1,101‌
1,105,129‌
THPT
Mortgage
Trust,
Series
2023-
THL,
Class
A,
7.23%,
12/10/34
(a)(c)
4,267‌
4,332,634‌
TYSN
Mortgage
Trust,
Series
2023-
CRNR,
Class
A,
6.80%,
12/10/33
(a)(c)
4,360‌
4,603,485‌
VCC
Trust,
Series
2025-MC1,
Class
A1,
8.16%,
05/25/55
(c)(g)
..........
6,681‌
6,652,102‌
VEGAS,
Series
2024-GCS,
Class
C,
6.42%,
07/10/36
(a)(c)
..........
23,080‌
23,230,634‌
VEGAS
Trust
(c)
Series
2024-GCS,
Class
D,
6.42%,
07/10/36
(a)
..............
32,540‌
32,189,622‌
Series
2024-TI,
Class
A,
5.52%,
11/10/39
...............
4,830‌
4,901,952‌
Velocity
Commercial
Capital
Loan
Trust
(c)
Series
2017-2,
Class
M3,
4.24%,
11/25/47
(a)
..............
546‌
512,469‌
Series
2017-2,
Class
M4,
5.00%,
11/25/47
(a)
..............
329‌
299,408‌
Series
2018-1,
Class
M2,
4.26%,
04/25/48
...............
291‌
275,369‌
Series
2020-1,
Class
M1,
2.80%,
02/25/50
(a)
..............
740‌
596,789‌
Series
2020-1,
Class
M2,
2.98%,
02/25/50
(a)
..............
861‌
689,443‌
Series
2020-1,
Class
M3,
3.19%,
02/25/50
(a)
..............
380‌
301,582‌
Series
2020-1,
Class
M4,
3.54%,
02/25/50
(a)
..............
587‌
457,204‌
Series
2020-1,
Class
M5,
4.29%,
02/25/50
(a)
..............
667‌
519,022‌
Series
2021-4,
Class
M4,
4.48%,
12/26/51
(a)
..............
1,845‌
1,521,422‌
Series
2021-4,
Class
M6,
6.95%,
12/26/51
(a)
..............
2,342‌
1,780,609‌
Series
2022-1,
Class
M4,
5.20%,
02/25/52
(a)
..............
1,175‌
1,004,501‌
Series
2022-4,
Class
M2,
6.97%,
08/25/52
(a)
..............
1,709‌
1,731,661‌
Series
2022-4,
Class
M3,
7.53%,
08/25/52
(a)
..............
1,447‌
1,472,440‌
Series
2022-4,
Class
M4,
7.53%,
08/25/52
(a)
..............
1,979‌
1,920,013‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
116
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-1,
Class
M5,
9.64%,
01/25/53
(a)
..............
USD
3,684‌
$
3,546,648‌
Series
2023-2,
Class
A,
6.22%,
05/25/53
(a)
..............
4,461‌
4,462,801‌
Series
2024-1,
Class
M2,
7.23%,
01/25/54
(a)
..............
1,096‌
1,102,873‌
Series
2024-1,
Class
M3,
8.44%,
01/25/54
(a)
..............
1,074‌
1,099,318‌
Series
2024-5,
Class
A,
5.49%,
10/25/54
(a)
..............
7,806‌
7,845,274‌
Series
2024-5,
Class
M2,
5.96%,
10/25/54
(a)
..............
3,085‌
3,068,985‌
Series
2024-5,
Class
M3,
6.76%,
10/25/54
(a)
..............
5,070‌
5,076,222‌
Series
2024-5,
Class
M4,
9.53%,
10/25/54
(a)
..............
2,782‌
2,805,508‌
Series
2024-6,
Class
M2,
6.55%,
12/25/54
(a)
..............
843‌
846,478‌
Series
2024-6,
Class
M3,
6.92%,
12/25/54
(a)
..............
1,543‌
1,550,310‌
Series
2024-6,
Class
M4,
9.67%,
12/25/54
(a)
..............
2,285‌
2,310,949‌
Series
2025-1,
Class
M3,
7.33%,
02/25/55
(a)
..............
3,895‌
3,957,357‌
Series
2025-1,
Class
M4,
10.15%,
02/25/55
(a)
..............
1,348‌
1,368,706‌
Series
2025-3,
Class
M3,
7.38%,
06/25/55
(a)
..............
3,624‌
3,688,794‌
Series
2025-4,
Class
M3,
6.31%,
09/25/55
(a)
..............
1,818‌
1,810,644‌
Series
2025-4,
Class
M5,
10.06%,
09/25/55
(a)
..............
1,667‌
1,518,062‌
VTR
Commercial
Mortgage
Trust
(a)(c)
Series
2025-STEM,
Class
A,
1.00%,
10/13/41
...............
17,487‌
17,487,000‌
Series
2025-STEM,
Class
D,
1.00%,
10/13/41
...............
3,734‌
3,734,000‌
Wells
Fargo
Commercial
Mortgage
Trust
(c)
Series
2018-1745,
Class
A,
3.87%,
06/15/36
(a)
..............
1,022‌
940,926‌
Series
2019-C49,
Class
D,
3.00%,
03/15/52
...............
988‌
860,648‌
Series
2021-FCMT,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
7.77%,
05/15/31
(a)
..
750‌
748,185‌
Series
2024-1CHI,
Class
A,
5.48%,
07/15/35
(a)
..............
5,640‌
5,691,640‌
Series
2024-BPRC,
Class
B,
6.22%,
07/15/43
...............
10,322‌
10,643,976‌
Series
2024-BPRC,
Class
C,
6.43%,
07/15/43
...............
6,236‌
6,293,805‌
Series
2024-BPRC,
Class
D,
7.08%,
07/15/43
...............
2,520‌
2,538,380‌
Series
2024-BPRC,
Class
HRR,
9.56%,
07/15/43
..........
8,400‌
8,388,641‌
Series
2025-1918,
Class
A,
5.58%,
09/15/40
(a)
..............
4,900‌
4,928,504‌
WEST
Trust
(a)(c)
Series
2025-ROSE,
Class
A,
5.45%,
04/10/35
...............
4,758‌
4,827,371‌
Series
2025-ROSE,
Class
HRR,
9.29%,
04/10/35
..........
14,000‌
14,269,741‌
WHARF
Commercial
Mortgage
Trust
(a)(c)
Series
2025-DC,
Class
A,
5.53%,
07/15/40
...............
10,430‌
10,696,707‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-DC,
Class
E,
7.98%,
07/15/40
...............
USD
6,082‌
$
6,183,797‌
WMRK
Commercial
Mortgage
Trust
(a)(c)
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
6.94%,
11/15/27
...
14,598‌
14,634,544‌
Series
2022-WMRK,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.44%
Floor
+
3.44%),
7.59%,
11/15/27
...
4,950‌
4,962,392‌
2,647,170,589‌
Interest
Only
Collateralized
Mortgage
Obligations
—
0.1%
United
States
—
0.1%
(a)
Barclays
Mortgage
Loan
Trust
(c)
Series
2023-NQM3,
Class
XS,
0.82%,
10/25/63
..........
94,728‌
723,231‌
Series
2024-NQM1,
Class
XS,
2.45%,
01/25/64
..........
65,787‌
2,886,030‌
Series
2024-NQM3,
Class
XS,
0.00%,
06/25/64
..........
79,742‌
2,286,045‌
Series
2024-NQM4,
Class
SA,
0.00%,
12/26/64
..........
11‌
10,376‌
Series
2025-NQM1,
Class
XS,
0.00%,
01/25/65
..........
109,037‌
4,299,986‌
Series
2025-NQM2,
Class
XS2,
0.00%,
05/25/65
..........
93,399‌
2,528,531‌
CSMC
Trust
(c)
Series
2020-NQM1,
Class
AIOS,
0.43%,
05/25/65
..........
3,296‌
31,711‌
Series
2020-NQM1,
Class
XS,
2.06%,
05/25/65
..........
3,294‌
246,864‌
IndyMac
IMSC
Mortgage
Loan
Trust,
Series
2007-HOA1,
Class
AXPP,
0.00%,
07/25/47
............
10,685‌
9,519‌
J.P.
Morgan
Mortgage
Trust
(c)
Series
2021-INV5,
Class
A2X,
0.50%,
12/25/51
..........
90,298‌
2,528,655‌
Series
2021-INV5,
Class
A5X,
0.50%,
12/25/51
..........
13,117‌
367,331‌
Series
2021-INV5,
Class
AX1,
0.19%,
12/25/51
..........
176,870‌
1,801,700‌
Series
2021-INV7,
Class
A2X,
0.50%,
02/25/52
..........
55,550‌
1,576,876‌
Series
2021-INV7,
Class
A3X,
0.50%,
02/25/52
..........
31,533‌
575,777‌
Series
2021-INV7,
Class
A4X,
0.50%,
02/25/52
..........
15,746‌
667,641‌
Series
2021-INV7,
Class
A5X,
0.50%,
02/25/52
..........
6,049‌
171,707‌
Series
2021-INV7,
Class
AX1,
0.27%,
02/25/52
..........
108,878‌
1,595,658‌
Reperforming
Loan
REMIC
Trust,
Series
2005-R3,
Class
AS,
1.51%,
09/25/35
(c)
................
735‌
29,093‌
Voyager
OPTONE
Delaware
Trust,
Series
2009-1,
Class
SAA7,
2.51%,
02/25/38
(c)
................
29,963‌
6,481,728‌
28,818,459‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
117
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
United
States
—
0.1%
245
Park
Avenue
Trust,
Series
2017-
245P,
Class
XA,
0.27%,
06/05/37
(a)(c)
USD
25,000‌
$
64,965‌
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2016-SS1,
Class
XA,
0.70%,
12/15/35
(a)(c)
...
19,140‌
277‌
BANK,
Series
2019-BN20,
Class
XB,
0.46%,
09/15/62
(a)
...........
86,048‌
1,150,754‌
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2017-BNK3,
Class
XB,
0.73%,
02/15/50
(a)
................
31,555‌
204,581‌
BBCMS
Mortgage
Trust,
Series
2020-
C7,
Class
XB,
1.08%,
04/15/53
(a)
.
2,706‌
109,657‌
BBCMS
Trust
(a)(c)
Series
2015-SRCH,
Class
XA,
0.83%,
08/10/35
..........
62,155‌
699,564‌
Series
2015-SRCH,
Class
XB,
0.19%,
08/10/35
..........
42,790‌
135,525‌
Benchmark
Mortgage
Trust
(a)
Series
2019-B9,
Class
XA,
1.17%,
03/15/52
...............
29,924‌
805,918‌
Series
2020-B17,
Class
XB,
0.62%,
03/15/53
...............
13,340‌
242,578‌
Series
2021-B23,
Class
XA,
1.36%,
02/15/54
...............
47,372‌
2,254,294‌
BMO
Mortgage
Trust,
Series
2023-C5,
Class
XA,
0.94%,
06/15/56
(a)
....
28,069‌
1,144,947‌
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.87%,
05/10/58
(a)
................
18,700‌
33,073‌
Commercial
Mortgage
Trust,
Series
2018-COR3,
Class
XD,
1.75%,
05/10/51
(a)(c)
...............
8,680‌
332,988‌
CSAIL
Commercial
Mortgage
Trust
(a)
Series
2017-CX10,
Class
XB,
0.32%,
11/15/50
..........
32,800‌
173,633‌
Series
2019-C16,
Class
XA,
1.69%,
06/15/52
...............
66,740‌
3,033,316‌
Series
2019-C17,
Class
XA,
1.46%,
09/15/52
...............
25,234‌
974,672‌
Series
2019-C17,
Class
XB,
0.67%,
09/15/52
...............
41,829‌
748,783‌
CSMC
OA
LLC,
Series
2014-USA,
Class
X2,
0.19%,
09/15/37
(a)(c)
...
598,765‌
5,988‌
DBGS
Mortgage
Trust,
Series
2019-
1735,
Class
X,
0.43%,
04/10/37
(a)(c)
52,590‌
508,044‌
DBJPM
Mortgage
Trust,
Series
2017-
C6,
Class
XD,
1.00%,
06/10/50
(a)(c)
15,440‌
220,219‌
ELM
Trust
(a)(c)
Series
2024-ELM,
Class
XP10,
0.24%,
06/10/39
..........
98,981‌
153,760‌
Series
2024-ELM,
Class
XP15,
1.61%,
06/10/39
..........
90,365‌
932,763‌
GS
Mortgage
Securities
Trust
(a)
Series
2019-GSA1,
Class
XA,
0.93%,
11/10/52
..........
15,505‌
418,102‌
Series
2020-GSA2,
Class
XA,
1.77%,
12/12/53
(c)
.........
30,215‌
1,948,944‌
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(c)
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
...............
37,589‌
184,667‌
Series
2024-IGLG,
Class
X,
0.01%,
11/09/39
...............
218,000‌
35,665‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
JPMBB
Commercial
Mortgage
Securities
Trust
(a)
Series
2014-C22,
Class
XA,
0.55%,
09/15/47
...............
USD
390‌
$
4‌
Series
2015-C27,
Class
XD,
0.50%,
02/15/48
(c)
..............
31,775‌
200,310‌
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(a)(c)
...
14,670‌
91,503‌
Ladder
Capital
Commercial
Mortgage
Mortgage
Trust,
Series
2013-GCP,
Class
XA,
1.30%,
02/15/36
(a)(c)
...
5,599‌
129,696‌
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
0.87%,
03/10/50
(a)(c)
...............
6,427‌
49,688‌
MCR
Mortgage
Trust,
Series
2024-
TWA,
Class
XA,
0.92%,
06/12/39
(c)
32,439‌
335,653‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
(a)(c)
Series
2014-C19,
Class
XD,
1.38%,
12/15/47
...............
51,913‌
1,630‌
Series
2014-C19,
Class
XF,
1.38%,
12/15/47
...............
13,486‌
152,405‌
Series
2015-C21,
Class
XB,
0.09%,
03/15/48
...............
15,335‌
153‌
Series
2015-C26,
Class
XD,
1.29%,
10/15/48
...............
18,660‌
81,399‌
Morgan
Stanley
Capital
I
Trust
(a)
Series
2017-H1,
Class
XD,
2.29%,
06/15/50
(c)
..............
8,870‌
284,077‌
Series
2019-H6,
Class
XB,
0.86%,
06/15/52
...............
53,695‌
1,256,052‌
Series
2019-L2,
Class
XA,
1.16%,
03/15/52
...............
20,605‌
577,756‌
MSWF
Commercial
Mortgage
Trust,
Series
2023-2,
Class
XA,
1.14%,
12/15/56
(a)
................
107,219‌
6,139,102‌
Olympic
Tower
Mortgage
Trust,
Series
2017-OT,
Class
XA,
0.51%,
05/10/39
(a)(c)
...............
99,000‌
457,934‌
One
Market
Plaza
Trust
(a)(c)
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
..........
126,326‌
396,499‌
Series
2017-1MKT,
Class
XNCP,
0.22%,
02/10/32
..........
25,265‌
66,617‌
UBS
Commercial
Mortgage
Trust
(a)
Series
2019-C17,
Class
XA,
1.58%,
10/15/52
...............
39,069‌
1,845,199‌
Series
2019-C18,
Class
XA,
1.11%,
12/15/52
...............
65,828‌
1,941,660‌
Wells
Fargo
Commercial
Mortgage
Trust
(a)
Series
2016-BNK1,
Class
XD,
1.37%,
08/15/49
(c)
.........
9,764‌
100,635‌
Series
2019-C50,
Class
XA,
1.57%,
05/15/52
...............
47,064‌
1,759,517‌
Series
2021-C59,
Class
XA,
1.62%,
04/15/54
...............
37,075‌
2,183,275‌
Series
2024-BPRC,
Class
X,
0.31%,
07/15/43
(c)
..............
67,308‌
581,534‌
35,149,975‌
Total
Non-Agency
Mortgage-Backed
Securities
—
13.6%
(Cost:
$6,016,815,331)
...........................
5,998,136,994‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
118
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Preferred
Securities
Capital
Trusts
—
0.1%
Spain
—
0.0%
Banco
Bilbao
Vizcaya
Argentaria
SA
,
(5-Year
EUR
Swap
Annual
+
6.46%),
6.00%
(a)(b)(o)
................
EUR
4,600‌
$
5,441,950‌
United
States
—
0.1%
Boeing
Co.
(The),
6.00%, 10/15/27
(q)
.
USD
144‌
9,986,773‌
Edison
International,
Series
A
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
(a)(o)
.................
36,128‌
35,075,588‌
General
Motors
Financial
Co.,
Inc.,
Series
C
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70%
(a)(o)
..........
9,658‌
9,615,312‌
PG&E
Corp.,
Series
A,
6.00%, 12/01/27
(q)
...........
372‌
14,649,360‌
69,327,033‌
Total
Capital
Trusts
—
0.1%  
(Cost:
$71,424,241)
..............................
74,768,983‌
Shares
Shares
Preferred
Stocks
—
1.4%
Brazil
—
0.0%
Neon
Payments
Ltd.
(d)(f)
..........
28,089
11,179,141‌
China
—
0.2%
ByteDance
Ltd.,
Series
E-1,
(Acquired
11/11/20,
cost
$32,477,349)
(d)(f)(m)
.
296,396
74,949,657‌
Finland
—
0.0%
Aiven
OY,
Series
D
(d)(f)
...........
169,258
9,414,130‌
Germany
—
0.0%
Draegerwerk
AG
&
Co.
KGaA
.....
30,094
2,239,956‌
Volocopter
GmbH,
(Acquired
03/03/21,
cost
$11,751,352)
(d)(f)(m)
........
2,211
—‌
2,239,956‌
Sweden
—
0.0%
Volta
Greentech
AB,
Series
C,
(Acquired
02/22/22,
cost
$5,952,131)
(d)(f)(m)
............
50,461
1‌
United
Kingdom
—
0.0%
10x
Future
Technologies
Services
Ltd.,
Series
D,
(Acquired
12/19/23,
cost
$16,122,168)
(d)(f)(m)
...........
425,677
5,392,884‌
United
States
—
1.2%
Anduril
Engineering
LLC,
Series
F
(d)(f)
688,766
28,156,754‌
Anduril
Investors
LLC,
Series
G
(d)(f)
..
176,206
7,203,301‌
Anthropic
PBC,
Series
F,
(Acquired
08/18/25,
cost
$36,911,802)
(d)(f)(m)
.
261,846
36,912,431‌
Breeze
Aviation
Group,
Inc.,
Series
B,
(Acquired
07/30/21,
cost
$7,738,156)
(d)(f)(m)
............
14,327
2,237,018‌
Bright
Machines,
Inc.,
Series
C
(d)(f)
...
1,958,349
548,338‌
Bright
Machines,
Inc.,
Series
C-1
(d)(f)
.
4,079,305
448,723‌
Cap
Hill
Brands,
Class
E
(d)(f)
.......
13,277,076
133‌
Clarify
Health
Solutions,
Inc.
(d)(f)
....
1,542,267
4,642,224‌
CoreWeave
,
Inc.,
10.00%
(d)
.......
20,264,000
55,523,360‌
Crescent
Midstream
Operating
LLC
(d)(f)(l)
11,350,000
11,350,000‌
Security
Shares
Shares
Value
United
States
(continued)
Davidson
Homes,
Inc.,
12.00% 
(d)
...
77,385
$
83,984,393‌
Dream
Finders
Homes,
Inc.
(Preference),
9.00%
(d)(o)
.......
58,891
58,449,317‌
EXO
Capital
Technologies,
Inc.,
Series
D,
(Acquired
08/14/24,
cost
$284,712)
(d)(f)(m)
.............
466,497
345,208‌
HawkEye
360,
Inc.,
Series
D1
(d)(f)
...
1,684,066
25,479,919‌
HNG
Hospitality
offshore
LP,
(Acquired
02/16/24,
cost
$26,198,000)
(d)(f)(m)
.
26,198,000
18,862,560‌
Insightful
Corp.,
Series
D
(d)(f)
.......
12,737,258
2,564,010‌
JumpCloud
,
Inc.,
Series
E-1,
(Acquired
10/30/20,
cost
$8,237,574)
(d)(f)(m)
..
4,516,957
10,660,018‌
JumpCloud
,
Inc.,
Series
F,
(Acquired
09/03/21,
cost
$1,779,219)
(d)(f)(m)
..
297,096
701,147‌
Lessen
Holdings,
Inc.,
Series
B
(d)(f)
..
542,406
271,203‌
Lessen
Holdings,
Inc.,
Series
BX
(d)(f)
.
1,460,424
540,357‌
Loadsmart
,
Inc.,
Series
C,
(Acquired
10/05/20,
cost
$7,500,000)
(d)(f)(m)
..
877,193
5,149,123‌
Loadsmart
,
Inc.,
Series
D,
(Acquired
01/27/22,
cost
$2,351,580)
(d)(f)(m)
..
117,579
1,078,199‌
MNTN,
Inc.,
Series
D,
(Acquired
11/05/21,
cost
$6,262,132)
(f)(m)
...
272,678
5,058,177‌
Mythic
AI,
Inc.,
Series
C,
(Acquired
01/26/21,
cost
$4,357,643)
(d)(f)(m)
..
6,343
—‌
Noodle,
Inc.,
Series
C,
(Acquired
08/26/21,
cost
$7,700,677)
(d)(f)(m)
..
862,850
1,302,903‌
PsiQuantum
Corp.,
Series
D,
(Acquired
05/21/21,
cost
$3,512,029)
(d)(f)(m)
..
133,913
5,497,129‌
RapidSOS
,
Inc.,
Series
C-1
(d)(f)
.....
10,953,097
12,705,592‌
SCI
PH
Parent,
Inc.,
(Acquired
02/10/23,
cost
$7,993,000),
12.50% 
(d)(m)
...............
7,993
10,615,583‌
Snorkel
AI,
Inc.,
Series
C,
(Acquired
06/30/21,
cost
$2,440,004)
(d)(f)(m)
..
162,454
1,241,149‌
Ursa
Major
Technologies,
Inc.,
Series
C,
(Acquired
09/13/21,
cost
$7,831,305)
(d)(f)(m)
............
1,312,920
5,816,235‌
Ursa
Major
Technologies,
Inc.,
Series
D,
(Acquired
10/14/22,
cost
$1,066,003)
(d)(f)(m)
............
160,843
739,878‌
Verge
Genomics
(d)(f)
............
1,583,866
300,935‌
Veritas
Newco
(d)(f)
..............
77,944
1,773,229‌
Veritas
Newco,
Series
G-1
(d)(f)
......
53,806
1,224,093‌
Versa
Networks,
Inc.,
Series
E,
(Acquired
10/14/22,
cost
$27,065,882),
12.00% 
(d)(m)
.....
9,274,836
55,185,274‌
x.AI,
Inc.,
Series
C
(d)(f)
...........
1,360,120
49,725,987‌
506,293,900‌
Total
Preferred
Stocks
—
1.4%  
(Cost:
$600,852,812)
.............................
609,469,669‌
Total
Preferred
Securities
—
1.5%
(Cost:
$672,277,053)
.............................
684,238,652‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
119
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
0.2%
Federal
National
Mortgage
Association,
Series
T,
8.25%
(o)
............
USD
1,500‌
$
23,550,000‌
Tennessee
Valley
Authority,
5.25%, 02/01/55
............
33,500‌
33,392,828‌
56,942,828‌
Collateralized
Mortgage
Obligations
—
3.1%
(a)
Federal
Home
Loan
Mortgage
Corp.
Seasoned
Credit
Risk
Transfer
Trust
Variable
Rate
Notes,
Series
2018-1,
Class
BX,
3.47%, 05/25/57
.....
1,373‌
624,050‌
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
Series
413,
Class
F26,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
5.56%
,
 05/25/54
........
43,068‌
43,286,507‌
Series
5386,
Class
FD,
(SOFR
30
day
Average
at
1.25%
Floor
and
7.00%
Cap
+
1.25%),
5.61%
,
 03/25/54
..
20,153‌
20,272,441‌
Series
5424,
Class
FA,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
5.56%
,
 06/25/54
........
44,648‌
44,876,040‌
Series
5448,
Class
CF,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
5.36%
,
 09/25/54
........
65,703‌
65,697,974‌
Series
5458,
Class
DF,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
5.46%
,
 10/25/54
........
44,642‌
44,624,224‌
Series
5458,
Class
FB,
(SOFR
30
day
Average
at
1.15%
Floor
and
6.50%
Cap
+
1.15%),
5.51%
,
 10/25/54
........
85,242‌
85,323,306‌
Series
5467,
Class
FC,
(SOFR
30
day
Average
at
1.06%
Floor
and
6.50%
Cap
+
1.06%),
5.42%
,
 10/25/54
..
81,731‌
81,617,477‌
Series
5469,
Class
F,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
5.46%
,
 09/25/54
........
19,152‌
19,140,200‌
Series
5470,
Class
AF,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
5.46%
,
 11/25/54
........
27,281‌
27,272,082‌
Series
5478,
Class
FH,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.81%
,
 04/25/54
..
46,692‌
46,973,955‌
Series
5480,
Class
FA,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.81%
,
 03/25/54
........
45,300‌
45,682,614‌
Series
5505,
Class
FB,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.86%
,
 02/25/55
........
30,445‌
30,680,371‌
Series
5505,
Class
JF,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.81%
,
 02/25/55
........
74,732‌
75,417,635‌
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
5511,
Class
QF,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.71%
,
 03/25/55
........
USD
114,405‌
$
115,121,899‌
Federal
National
Mortgage
Association
Variable
Rate
Notes
Series
2024-30,
Class
FC,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
5.41%
,
 06/25/54
..
52,133‌
52,192,946‌
Series
2024-38,
Class
FE,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
5.41%
,
 06/25/54
..
53,197‌
53,261,364‌
Series
2024-51,
Class
BF,
(SOFR
30
day
Average
at
1.15%
Floor
and
7.00%
Cap
+
1.15%),
5.51%
,
 08/25/54
..
23,007‌
23,093,170‌
Series
2024-75,
Class
FC,
(SOFR
30
day
Average
at
0.95%
Floor
and
7.00%
Cap
+
0.95%),
5.31%
,
 10/25/54
..
51,728‌
51,699,683‌
Series
2024-91,
Class
FA,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
5.56%
,
 12/25/54
..
61,123‌
61,411,961‌
Series
2024-94,
Class
FB,
(SOFR
30
day
Average
at
1.42%
Floor
and
6.50%
Cap
+
1.42%),
5.78%
,
 12/25/54
..
77,178‌
77,800,077‌
Series
2025-13,
Class
FB,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
5.66%
,
 03/25/55
..
122,767‌
123,335,831‌
Series
2025-21,
Class
FB,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
5.66%
,
 07/25/53
..
29,975‌
30,119,050‌
Series
2025-31,
Class
FA,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
5.66%
,
 06/25/54
..
57,087‌
57,357,775‌
Series
2025-32,
Class
FA,
(SOFR
30
day
Average
at
1.25%
Floor
and
6.50%
Cap
+
1.25%),
5.61%
,
 05/25/55
..
39,867‌
39,998,318‌
Government
National
Mortgage
Association
Variable
Rate
Notes
Series
2024-125,
Class
HF,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
5.39%
,
 08/20/54
..
39,860‌
39,869,458‌
Series
2024-51,
Class
TF,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
5.39%
,
 03/20/54
..
8,585‌
8,588,370‌
Series
2024-96,
Class
FL,
(SOFR
30
day
Average
at
1.15%
Floor
and
6.50%
Cap
+
1.15%),
5.54%
,
 06/20/54
..
13,329‌
13,351,659‌
1,378,690,437‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
120
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
—
0.1%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ48,
Class
A2,
5.03%, 10/25/31
............
USD
4,457‌
$
4,590,677‌
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)(c)
Series
2017-KGX1,
Class
BFX,
3.71%
,
 10/25/27
........
2,876‌
2,722,116‌
Series
2018-K80,
Class
B,
4.38%
,
 08/25/50
........
2,888‌
2,831,905‌
Series
2018-W5FX,
Class
CFX,
3.79%
,
 04/25/28
........
10,680‌
9,945,165‌
Series
2019-K99,
Class
C,
3.77%
,
 10/25/52
........
1,000‌
946,098‌
Federal
National
Mortgage
Association
Variable
Rate
Notes,
Series
2024-
P015,
Class
A1,
4.45%, 11/25/32
(a)
4,168‌
4,162,349‌
Government
National
Mortgage
Association
Series
2023-119,
Class
AD,
2.25%
,
 04/16/65
........
2,769‌
2,220,728‌
Series
2025-126,
Class
AD,
5.00%
,
 05/16/65
........
4,460‌
4,437,671‌
Series
2025-128,
Class
AD,
5.00%
,
 10/16/56
........
10,324‌
10,334,112‌
Series
2025-128,
Class
AG,
4.75%
,
 07/16/66
........
10,249‌
10,022,144‌
Series
2025-129,
Class
AB,
4.75%
,
 09/16/54
........
6,541‌
6,483,983‌
Series
2025-130,
Class
AL,
4.75%
,
 08/16/56
........
6,542‌
6,481,822‌
Series
2025-88,
Class
AT,
5.00%
,
 06/16/58
........
10,257‌
10,241,493‌
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2023-118,
Class
BA,
3.75%
,
 05/16/65
........
2,599‌
2,377,696‌
Series
2023-50,
Class
AC,
3.25%
,
 09/16/63
........
2,166‌
1,952,770‌
79,750,729‌
Interest
Only
Collateralized
Mortgage
Obligations
—
0.1%
Federal
Home
Loan
Mortgage
Corp.,
Series
5112,
Class
KI,
3.50%, 06/25/51
............
26,937‌
5,037,242‌
Federal
Home
Loan
Mortgage
Corp.
Seasoned
Credit
Risk
Transfer
Trust
Variable
Rate
Notes,
Series
2017-3,
Class
BIO,
1.46%, 07/25/56
(a)(c)
..
6,691‌
762,189‌
Federal
National
Mortgage
Association,
Series
2020-85,
Class
IP,
3.00%, 12/25/50
............
16,972‌
2,845,064‌
Government
National
Mortgage
Association
Series
2020-149,
Class
IA,
2.50%
,
 10/20/50
........
17,063‌
2,622,999‌
Series
2021-140,
Class
JI,
3.00%
,
 08/20/51
........
27,876‌
4,738,298‌
Series
2021-67,
Class
QI,
3.00%
,
 04/20/51
........
20,619‌
3,495,097‌
Series
2021-76,
Class
JI,
3.00%
,
 08/20/50
........
21,185‌
3,584,004‌
Series
2021-78,
Class
IP,
3.00%
,
 05/20/51
........
8,291‌
1,444,950‌
Series
2021-83,
Class
PI,
3.00%
,
 05/20/51
........
11,852‌
2,070,190‌
Security
Par
(000)
Par
(000)
Value
Interest
Only
Collateralized
Mortgage
Obligations
(continued)
Series
2021-96,
Class
MI,
3.00%
,
 06/20/51
........
USD
36,975‌
$
6,273,991‌
Series
2022-78,
Class
D,
3.00%
,
 08/20/51
........
51,008‌
8,658,307‌
Series
2022-85,
Class
IK,
3.00%
,
 05/20/51
........
5,306‌
900,431‌
42,432,762‌
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.,
Series
2019-KW08,
Class
X2A,
0.10%, 01/25/29
(c)
...........
260,496‌
639,414‌
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-
Through
Certificates
Variable
Rate
Notes,
Series
KL06,
Class
XFX,
1.46%, 12/25/29
(a)
...........
11,449‌
544,847‌
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2009-80,
1.56%
,
 09/16/51
1,862‌
226,595‌
Series
2013-30,
0.53%
,
 09/16/53
6,281‌
90,700‌
Series
2016-36,
0.66%
,
 08/16/57
1,545‌
43,068‌
Series
2016-96,
0.77%
,
 12/16/57
8,152‌
306,712‌
1,851,336‌
Mortgage-Backed
Securities
—
39.5%
Federal
National
Mortgage
Association,
5.81%, 06/01/31
............
10,626‌
11,052,741‌
Government
National
Mortgage
Association
(w)
4.50%
,
 10/15/55
..........
414,754‌
402,146,171‌
5.50%
,
 10/15/55
..........
405,721‌
408,740,490‌
Uniform
Mortgage-Backed
Securities
6.00%
,
 03/01/38
(x)
.........
1‌
773‌
4.50%
,
 09/01/43
-
11/01/44
(x)
..
92‌
91,908‌
4.00%
,
 09/01/44
-
01/01/46
(x)
..
74‌
70,729‌
5.00%
,
 10/01/52
..........
1‌
718‌
3.00%
,
 10/25/55
(w)
.........
15,862‌
13,930,027‌
3.50%
,
 10/25/55
(w)
.........
5,072,532‌
4,633,865,251‌
4.50%
,
 10/25/55
(w)
.........
1,814,084‌
1,759,403,608‌
5.50%
,
 10/25/55
(w)
.........
6,041,318‌
6,091,086,196‌
6.00%
,
 10/25/55
(w)
.........
4,053,000‌
4,140,494,826‌
17,460,883,438‌
Principal
Only
Collateralized
Mortgage
Obligations
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class
B,
0.00%, 07/25/56
(c)(h)
..........
3,950‌
628,591‌
Total
U.S.
Government
Sponsored
Agency
Securities
—
43.0%  
(Cost:
$19,053,811,129)
...........................
19,021,180,121‌
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
3.00%, 08/15/52
(j)(x)(y)
.........
186,365‌
136,308,526‌
3.63%, 02/15/53
............
3,000‌
2,480,273‌
4.63%, 05/15/54
(j)(x)(y)
.........
11,000‌
10,807,500‌
4.50%, 11/15/54
(r)(x)(y)
.........
150,000‌
144,427,734‌
4.63%, 02/15/55
(j)(r)(x)(y)
........
105,215‌
103,423,450‌
4.75%, 08/15/55
(r)(x)(y)
.........
76,290‌
76,552,247‌
U.S.
Treasury
Inflation
Linked
Bonds
(r)
2.13%, 02/15/54
(a)(x)(y)
.........
34,992‌
32,292,380‌
2.38%, 02/15/55
(x)(y)
..........
95,868‌
93,583,605‌
U.S.
Treasury
Inflation
Linked
Notes
(r)
2.13%, 04/15/29
(a)(y)
..........
62,655‌
64,671,270‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
121
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
1.88%, 07/15/35
(y)
...........
USD
97,128‌
$
97,914,378‌
U.S.
Treasury
Notes
4.13%, 02/28/27
(j)(y)
..........
46,893‌
47,172,957‌
3.88%, 03/31/27
(r)
...........
24,548‌
24,620,877‌
3.75%, 04/30/27
(j)(x)(y)
.........
29,033‌
29,073,527‌
4.25%, 05/15/35
-
08/15/35
(r)(y)
...
47,957‌
48,380,017‌
Total
U.S.
Treasury
Obligations
—
2.1%
(Cost:
$923,614,047)
.............................
911,708,741‌
Shares
Shares
Warrants
Brazil
—
0.0%
Lavoro
Ltd.
(Issued/Exercisable
12/27/22,
1
Share
for
1
Warrant,
Expires
12/27/27,
Strike
Price
USD
11.50)
(f)
..................
147,996
5,920‌
Germany
—
0.0%
Tonies
SE
(Issued/Exercisable
04/30/21,
1
Share
for
1
Warrant,
Expires
04/30/26,
Strike
Price
EUR
11.50)
(f)
..................
196,295
11,523‌
Israel
—
0.0%
Deep
Instinct
Ltd.,
(Acquired
09/20/22,
cost
$0)
(Issued/Exercisable
09/20/22,
1
Share
for
1
Warrant,
Expires
09/20/32)
(d)(f)(m)
........
111,033
1,110‌
Japan
—
0.0%
(d)(f)
Daiwa
House
Industry
Co.
Ltd.
(Issued/
Exercisable
02/06/24,
1
Share
for
1
Warrant,
Expires
03/30/29)
.....
11,000,000
934,622‌
Daiwa
House
Industry
Co.
Ltd.
(Issued/
Exercisable
01/29/24,
1
Share
for
1
Warrant,
Expires
03/15/29)
(b)
....
14,000,000
1,393,632‌
Money
Forward,
Inc.
(Issued/
Exercisable
08/18/23,
1
Share
for
1
Warrant,
Expires
08/18/28,
Strike
Price
JPY
2.50)
(b)
............
4,000,000
369,556‌
Nagoya
Railroad
Co.
Ltd.
(Issued/
Exercisable
06/05/24,
1
Share
for
1
Warrant,
Expires
06/06/34)
(b)
....
15,000,000
871,265‌
Nagoya
Railroad
Co.
Ltd.
(Issued/
Exercisable
06/05/24,
1
Share
for
1
Warrant,
Expires
06/06/33)
(b)
....
11,000,000
465,849‌
Sanrio
Co.
Ltd.
(Issued/Exercisable
12/14/23,
1
Share
for
1
Warrant,
Expires
11/28/28)
(b)
..........
10,000,000
12,063,975‌
Taiyo
Yuden
Co.
Ltd.
(Issued/
Exercisable
03/06/24,
1
Share
for
1
Warrant,
Expires
10/22/30)
(b)
....
8,000,000
708,659‌
Taiyo
Yuden
Co.
Ltd.
(Issued/
Exercisable
03/06/24,
1
Share
for
1
Warrant,
Expires
10/22/30)
(b)
....
2,000,000
200,529‌
17,008,087‌
Luxembourg
—
0.0%
HomeToGo
SE
(Issued/Exercisable
02/17/21,
1
Share
for
1
Warrant,
Expires
12/31/25,
Strike
Price
EUR
11.50)
(f)
..................
109,138
128‌
Security
Shares
Shares
Value
United
Kingdom
—
0.0%
10x
Future
Technologies
Services
Ltd.,
(Acquired
12/19/23,
cost
$0)
(Issued/
Exercisable
12/19/23,
1
Share
for
1
Warrant,
Expires
11/17/30,
Strike
Price
GBP
0.01)
(d)(f)(m)
.........
512,859
$
289,693‌
United
States
—
0.1%
(f)
Aurora
Innovation,
Inc.
(Issued/
Exercisable
05/04/21,
1
Share
for
1
Warrant,
Expires
11/03/26,
Strike
Price
USD
11.50)
............
45,680
26,540‌
Cirkul
,
Inc.
(Issued/Exercisable
05/01/25,
1
Share
for
1
Warrant,
Expires
04/25/35,
Strike
Price
USD
0.01)
(d)
...................
48,605
213,862‌
Cirkul
,
Inc.
(Issued/Exercisable
05/01/25,
1
Share
for
1
Warrant,
Expires
04/25/35,
Strike
Price
USD
35.41)
(d)
..................
49,850
25,424‌
Crown
PropTech
Acquisitions
(Issued/
Exercisable
01/25/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
(d)
..........
199,600
—‌
Crown
PropTech
Acquisitions
(Issued/
Exercisable
02/05/21,
1
Share
for
1
Warrant,
Expires
02/01/26,
Strike
Price
USD
11.50)
(d)
..........
333,560
88,227‌
Davidson
Homes,
Inc.
(Issued/
Exercisable
05/16/24,
1
Share
for
1
Warrant,
Expires
05/16/34,
Strike
Price
USD
8.47)
(d)
...........
537,085
3,286,960‌
EVgo
,
Inc.
(Issued/Exercisable
11/10/20,
1
Share
for
1
Warrant,
Expires
07/01/26,
Strike
Price
USD
11.50)
...................
213,790
40,641‌
Flagstar
Financial,
Inc.,
(Acquired
03/07/24,
cost
$0)
(Issued/
Exercisable
03/11/24,
1
Share
for
1
Warrant,
Expires
03/11/31,
Strike
Price
USD
2.50)
(d)(m)
..........
3,551
7,404,652‌
HawkEye
360,
Inc.
(Issued/Exercisable
07/07/23,
1
Share
for
1
Warrant,
Expires
07/07/33,
Strike
Price
USD
11.17)
(d)
..................
81,813
544,874‌
HawkEye
360,
Inc.
(Issued/Exercisable
07/07/23,
1
Share
for
1
Warrant,
Expires
07/07/33,
Strike
Price
USD
0.01)
(d)
...................
204,533
2,182,367‌
HawkEye
360,
Inc.
(Issued/Exercisable
07/07/23,
1
Share
for
1
Warrant,
Expires
07/07/33,
Strike
Price
USD
0.01)
(d)
...................
515,422
5,499,553‌
Hippo
Holdings,
Inc.
(Issued/
Exercisable
01/04/21,
1
Share
for
1
Warrant,
Expires
08/02/26,
Strike
Price
USD
11.50)
............
7,405
53‌
Insight
M,
Inc.
(Issued/Exercisable
01/31/24,
1
Share
for
1
Warrant,
,
Strike
Price
USD
0.34)
(d)
.......
13,198,015
927,820‌
Latch,
Inc.
(Issued/Exercisable
12/29/20,
1
Share
for
1
Warrant,
Expires
06/04/26,
Strike
Price
USD
11.50)
(d)
..................
164,855
17‌
Offerpad
Solutions,
Inc.
(Issued/
Exercisable
10/13/20,
1
Share
for
1
Warrant,
Expires
09/01/26,
Strike
Price
USD
11.50)
............
369,311
18,466‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
122
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Palladyne
AI
Corp.
(Issued/Exercisable
12/21/20,
1
Share
for
1
Warrant,
Expires
09/24/26,
Strike
Price
USD
11.50)
...................
505,097
$
101,272‌
Palladyne
AI
Corp.
(Issued/Exercisable
01/15/21,
1
Share
for
1
Warrant,
Expires
06/15/27,
Strike
Price
USD
69.00)
...................
128,364
25,737‌
RapidSOS
,
Inc.
(Issued/Exercisable
12/13/23,
1
Share
for
1
Warrant,
Expires
12/13/33,
Strike
Price
USD
0.01)
(d)
...................
6,073,125
6,984,094‌
Sonder
Corp.
(Issued/Exercisable
12/30/24,
1
Share
for
1
Warrant,
Expires
12/30/29,
Strike
Price
USD
0.01)
(d)
...................
103,459
133,462‌
Sonder
Corp.
(Issued/Exercisable
04/11/25,
1
Share
for
1
Warrant,
Expires
04/11/30,
Strike
Price
USD
1.00)
(d)
...................
1,032,088
567,648‌
Versa
Networks,
Inc.,
Series
E,
(Acquired
10/14/22,
cost
$0)
(Issued/
Exercisable
10/14/22,
1
Share
for
1
Warrant,
Expires
10/07/32,
Strike
Price
USD
0.01)
(d)(m)
..........
1,143,143
5,464,224‌
Volato
Group,
Inc.,
(Acquired
12/03/23,
cost
$299,148)
(Issued/Exercisable
12/04/23,
1
Share
for
1
Warrant,
Expires
12/03/28,
Strike
Price
USD
11.50)
(m)
..................
299,148
2,991‌
33,538,884‌
Total
Warrants
—
0.1%
(Cost:
$7,744,648)
..............................
50,855,345‌
Total
Long-Term
Investments
—
140.3%
(Cost:
$61,282,421,357)
...........................
62,069,166,033‌
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Borrowed
Bond
Agreements
—
0.6%
(z)
Barclays
Bank
plc,
1.55%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
2,517,050,
collateralized
by
Ford
Motor
Co.,
5.29%,
due
at
12/08/46,
par
and
fair
value
of
USD
2,900,000
and
$2,443,321,
respectively)
......
USD
2,516‌
2,515,750‌
Barclays
Bank
plc,
3.40%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
177,701,
collateralized
by
JPMorgan
Chase
&
Co.,
1.95%,
due
at
02/04/32,
par
and
fair
value
of
USD
200,000
and
$176,794,
respectively)
........
178‌
177,500‌
Barclays
Bank
plc,
3.65%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
100,372,
collateralized
by
Wells
Fargo
&
Co.,
3.58%,
due
at
05/22/28,
par
and
fair
value
of
USD
100,000
and
$99,098,
respectively)
...............
100‌
100,250‌
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc,
3.80%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
395,500,
collateralized
by
Walt
Disney
Co.
(The),
4.63%,
due
at
03/23/40,
par
and
fair
value
of
USD
400,000
and
$385,419,
respectively)
........
USD
395‌
$
395,000‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
394,012,
collateralized
by
Bank
of
Nova
Scotia
(The),
1.35%,
due
at
06/24/26,
par
and
fair
value
of
USD
400,000
and
$392,368,
respectively)
394‌
393,500‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
1,182,911,
collateralized
by
JPMorgan
Chase
&
Co.,
2.55%,
due
at
11/08/32,
par
and
fair
value
of
USD
1,300,000
and
$1,165,996,
respectively)
......
1,181‌
1,181,375‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
1,815,489,
collateralized
by
SMBC
Aviation
Capital
Finance
DAC,
2.30%,
due
at
06/15/28,
par
and
fair
value
of
USD
1,900,000
and
$1,802,298,
respectively)
...............
1,813‌
1,813,132‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
535,320,
collateralized
by
Union
Pacific
Corp.,
3.95%,
due
at
08/15/59,
par
and
fair
value
of
USD
700,000
and
$530,755,
respectively)
........
535‌
534,625‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
375,876,
collateralized
by
Telefonica
Emisiones
SA,
5.52%,
due
at
03/01/49,
par
and
fair
value
of
USD
400,000
and
$371,836,
respectively)
375‌
375,388‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
2,025,129,
collateralized
by
Mosaic
Co.
(The),
4.05%,
due
at
11/15/27,
par
and
fair
value
of
USD
2,000,000
and
$1,994,314,
respectively)
......
2,023‌
2,022,500‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
93,121,
collateralized
by
Bank
of
America
Corp.,
2.50%,
due
at
02/13/31,
par
and
fair
value
of
USD
100,000
and
$92,550,
respectively)
........
93‌
93,000‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
89,742,
collateralized
by
Bank
of
America
Corp.,
1.92%,
due
at
10/24/31,
par
and
fair
value
of
USD
100,000
and
$88,817,
respectively)
........
90‌
89,625‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
123
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
312,030,
collateralized
by
Charter
Communications
Operating
LLC,
5.05%,
due
at
03/30/29,
par
and
fair
value
of
USD
300,000
and
$303,928,
respectively)
........
USD
312‌
$
311,625‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
441,113,
collateralized
by
AerCap
Ireland
Capital
DAC,
6.15%,
due
at
09/30/30,
par
and
fair
value
of
USD
400,000
and
$428,487,
respectively)
441‌
440,540‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
99,755,
collateralized
by
Aviation
Capital
Group
LLC,
3.50%,
due
at
11/01/27,
par
and
fair
value
of
USD
100,000
and
$98,209,
respectively)
.....
100‌
99,625‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
1,242,113,
collateralized
by
CDW
LLC,
5.55%,
due
at
08/22/34,
par
and
fair
value
of
USD
1,200,000
and
$1,230,427,
respectively)
...............
1,241‌
1,240,500‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
103,384,
collateralized
by
Bank
of
Nova
Scotia
(The),
4.85%,
due
at
02/01/30,
par
and
fair
value
of
USD
100,000
and
$102,382,
respectively)
103‌
103,250‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
309,026,
collateralized
by
Targa
Resources
Corp.,
5.20%,
due
at
07/01/27,
par
and
fair
value
of
USD
300,000
and
$304,728,
respectively)
........
309‌
308,625‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
194,002,
collateralized
by
Bank
of
America
Corp.,
3.19%,
due
at
07/23/30,
par
and
fair
value
of
USD
200,000
and
$192,640,
respectively)
........
194‌
193,750‌
Barclays
Bank
plc,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
89,033,
collateralized
by
AstraZeneca
plc,
4.38%,
due
at
08/17/48,
par
and
fair
value
of
USD
100,000
and
$87,968,
respectively)
...............
89‌
88,917‌
Barclays
Bank
plc,
1.70%, Open
(Purchased
on
05/27/25
to
be
repurchased
at
USD
3,561,161,
collateralized
by
Webuild
SpA
,
3.63%,
due
at
01/28/27,
par
and
fair
value
of
EUR
2,970,000
and
$3,510,448,
respectively)
(aa)
.....
EUR
3,015‌
3,539,756‌
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc,
3.90%, Open
(Purchased
on
06/27/25
to
be
repurchased
at
USD
17,098,437,
collateralized
by
Rivian
Holdings
LLC,
10.00%,
due
at
01/15/31,
par
and
fair
value
of
USD
17,148,000
and
$15,962,996,
respectively)
(aa)
.
USD
16,912‌
$
16,912,215‌
Barclays
Capital,
Inc.,
2.50%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
8,431,270,
collateralized
by
Great
Lakes
Dredge
&
Dock
Corp.,
5.25%,
due
at
06/01/29,
par
and
fair
value
of
USD
8,696,000
and
$8,425,625,
respectively)
...............
8,424‌
8,424,250‌
Barclays
Capital,
Inc.,
3.70%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
304,876,
collateralized
by
Ford
Motor
Credit
Co.
LLC,
5.11%,
due
at
05/03/29,
par
and
fair
value
of
USD
300,000
and
$297,775,
respectively)
.....
305‌
304,500‌
Barclays
Capital,
Inc.,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
2,954,486,
collateralized
by
CCO
Holdings
LLC,
4.50%,
due
at
05/01/32,
par
and
fair
value
of
USD
3,160,000
and
$2,875,809,
respectively)
......
2,951‌
2,950,650‌
Barclays
Capital,
Inc.,
3.90%, 10/31/25
(Purchased
on
09/30/25
to
be
repurchased
at
USD
9,205,174,
collateralized
by
Valaris
Ltd.,
8.38%,
due
at
04/30/30,
par
and
fair
value
of
USD
8,546,000
and
$8,869,417,
respectively)
...............
9,204‌
9,204,177‌
Barclays
Capital,
Inc.,
3.90%, 10/31/25
(Purchased
on
09/30/25
to
be
repurchased
at
USD
788,110,
collateralized
by
Xerox
Holdings
Corp.,
5.50%,
due
at
08/15/28,
par
and
fair
value
of
USD
1,330,000
and
$781,397,
respectively)
........
788‌
788,025‌
BNP
Paribas
SA,
1.94%, Open
(Purchased
on
04/29/25
to
be
repurchased
at
USD
41,434,331,
collateralized
by
Bonos
y
Obligaciones
del
Estado,
0.50%,
due
at
10/31/31,
par
and
fair
value
of
EUR
40,000,000
and
$41,148,105,
respectively)
(aa)
.............
EUR
34,991‌
41,081,418‌
BNP
Paribas
SA,
1.95%, Open
(Purchased
on
04/29/25
to
be
repurchased
at
USD
41,268,407,
collateralized
by
Bonos
y
Obligaciones
del
Estado,
0.70%,
due
at
04/30/32,
par
and
fair
value
of
EUR
40,000,000
and
$41,080,197,
respectively)
(aa)
.............
34,850‌
40,915,173‌
BNP
Paribas
SA,
3.85%, Open
(Purchased
on
05/12/25
to
be
repurchased
at
USD
519,021,
collateralized
by
Lowe's
Cos.,
Inc.,
1.70%,
due
at
10/15/30,
par
and
fair
value
of
USD
600,000
and
$528,034,
respectively)
(aa)
......
USD
511‌
510,750‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
124
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
BNP
Paribas
SA,
3.91%, Open
(Purchased
on
05/12/25
to
be
repurchased
at
USD
1,778,178,
collateralized
by
Bank
of
America
Corp.,
2.68%,
due
at
06/19/41,
par
and
fair
value
of
USD
2,500,000
and
$1,842,286,
respectively)
(aa)
.....
USD
1,750‌
$
1,750,000‌
BofA
Securities,
Inc.,
3.85%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
415,032,
collateralized
by
Oncor
Electric
Delivery
Company,
4.65%,
due
at
11/01/29,
par
and
fair
value
of
USD
400,000
and
$406,365,
respectively)
415‌
414,500‌
BofA
Securities,
Inc.,
3.87%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
196,503,
collateralized
by
Prologis
LP,
2.13%,
due
at
04/15/27,
par
and
fair
value
of
USD
200,000
and
$194,470,
respectively)
...............
196‌
196,250‌
BofA
Securities,
Inc.,
3.87%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
3,914,293,
collateralized
by
Metropolitan
Life
Global
Funding
I,
5.05%,
due
at
01/08/34,
par
and
fair
value
of
USD
3,800,000
and
$3,882,256,
respectively)
...............
3,909‌
3,909,250‌
BofA
Securities,
Inc.,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
5,106,630,
collateralized
by
Oracle
Corp.,
4.90%,
due
at
02/06/33,
par
and
fair
value
of
USD
5,000,000
and
$5,045,241,
respectively)
......
5,100‌
5,100,000‌
BofA
Securities,
Inc.,
3.90%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
95,249,
collateralized
by
QUALCOMM,
Inc.,
4.80%,
due
at
05/20/45,
par
and
fair
value
of
USD
100,000
and
$93,746,
respectively)
...............
95‌
95,125‌
BofA
Securities,
Inc.,
3.91%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
880,146,
collateralized
by
JPMorgan
Chase
&
Co.,
3.33%,
due
at
04/22/52,
par
and
fair
value
of
USD
1,200,000
and
$863,317,
respectively)
........
879‌
879,000‌
BofA
Securities,
Inc.,
3.92%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
7,107,650,
collateralized
by
JPMorgan
Chase
&
Co.,
4.95%,
due
at
10/22/35,
par
and
fair
value
of
USD
6,900,000
and
$6,958,611,
respectively)
......
7,098‌
7,098,375‌
BofA
Securities,
Inc.,
3.93%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
206,020,
collateralized
by
Goldman
Sachs
Group,
Inc.
(The),
5.02%,
due
at
10/23/35,
par
and
fair
value
of
USD
200,000
and
$201,330,
respectively)
206‌
205,750‌
Security
Par
(000)
Par
(000)
Value
BofA
Securities,
Inc.,
3.93%, 10/31/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
1,254,266,
collateralized
by
Wells
Fargo
&
Co.,
6.49%,
due
at
10/23/34,
par
and
fair
value
of
USD
1,100,000
and
$1,222,202,
respectively)
......
USD
1,253‌
$
1,252,625‌
Deutsche
Bank
AG,
1.35%, Open
(Purchased
on
05/27/25
to
be
repurchased
at
USD
2,486,693,
collateralized
by
Webuild
SpA
,
7.00%,
due
at
09/27/28,
par
and
fair
value
of
EUR
1,860,000
and
$2,376,670,
respectively)
(aa)
.....
EUR
2,108‌
2,474,759‌
Deutsche
Bank
AG,
1.65%, Open
(Purchased
on
09/22/25
to
be
repurchased
at
USD
12,123,959,
collateralized
by
Orsted
A/S,
4.13%,
due
at
03/01/35,
par
and
fair
value
of
EUR
10,000,000
and
$11,890,561,
respectively)
(aa)
.............
10,323‌
12,120,071‌
Goldman
Sachs
&
Co.
LLC,
3.85%, Open
(Purchased
on
05/19/25
to
be
repurchased
at
USD
7,614,335,
collateralized
by
PBF
Holding
Co.
LLC,
6.00%,
due
at
02/15/28,
par
and
fair
value
of
USD
7,980,000
and
$7,930,961,
respectively)
(aa)
.............
USD
7,501‌
7,501,200‌
Goldman
Sachs
International,
1.60%, Open
(Purchased
on
05/27/25
to
be
repurchased
at
USD
3,145,587,
collateralized
by
Verisure
Midholding
AB,
5.25%,
due
at
02/15/29,
par
and
fair
value
of
EUR
2,615,000
and
$3,088,101,
respectively)
(aa)
.............
EUR
2,664‌
3,127,767‌
J.P.
Morgan
Securities
LLC,
3.85%, 10/02/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
98,626,
collateralized
by
Americold
Realty
Operating
Partnership
LP,
5.41%,
due
at
09/12/34,
par
and
fair
value
of
USD
100,000
and
$98,321,
respectively)
...............
USD
99‌
98,500‌
J.P.
Morgan
Securities
LLC,
3.92%, 10/02/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
1,008,816,
collateralized
by
United
Parcel
Service,
Inc.,
5.50%,
due
at
05/22/54,
par
and
fair
value
of
USD
1,000,000
and
$990,860,
respectively)
...............
1,008‌
1,007,500‌
J.P.
Morgan
Securities
LLC,
3.92%, 10/02/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
310,530,
collateralized
by
Bank
of
America
Corp.,
5.02%,
due
at
07/22/33,
par
and
fair
value
of
USD
300,000
and
$306,530,
respectively)
310‌
310,125‌
J.P.
Morgan
Securities
LLC,
3.92%, 10/02/25
(Purchased
on
09/22/25
to
be
repurchased
at
USD
1,291,514,
collateralized
by
Toronto-
Dominion
Bank
(The),
3.63%,
due
at
09/15/31,
par
and
fair
value
of
USD
1,300,000
and
$1,289,450,
respectively)
...............
1,290‌
1,290,250‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
125
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
J.P.
Morgan
Securities
LLC,
3.92%, 10/02/25
(Purchased
on
09/19/25
to
be
repurchased
at
USD
100,506,
collateralized
by
Mondelez
International,
Inc.,
4.75%,
due
at
08/28/34,
par
and
fair
value
of
USD
100,000
and
$99,815,
respectively)
USD
100‌
$
100,375‌
J.P.
Morgan
Securities
plc,
1.45%, Open
(Purchased
on
05/27/25
to
be
repurchased
at
USD
1,203,658,
collateralized
by
Webuild
SpA
,
7.00%,
due
at
09/27/28,
par
and
fair
value
of
EUR
900,000
and
$1,150,002,
respectively)
(aa)
.....
EUR
1,020‌
1,197,464‌
J.P.
Morgan
Securities
plc,
1.70%, Open
(Purchased
on
05/27/25
to
be
repurchased
at
USD
3,012,546,
collateralized
by
Banco
Santander
SA,
3.63%,
par
and
fair
value
of
EUR
2,800,000
and
$3,109,725,
respectively)
(o)(aa)
....
2,551‌
2,994,438‌
J.P.
Morgan
Securities
plc,
1.70%, Open
(Purchased
on
05/15/25
to
be
repurchased
at
USD
3,995,131,
collateralized
by
Cerved
Group
SpA
,
6.00%,
due
at
02/15/29,
par
and
fair
value
of
EUR
3,575,000
and
$3,792,889,
respectively)
(aa)
..
3,381‌
3,969,193‌
J.P.
Morgan
Securities
plc,
1.70%, Open
(Purchased
on
06/02/25
to
be
repurchased
at
USD
12,027,011,
collateralized
by
Nexi
SpA
,
3.88%,
due
at
05/21/31,
par
and
fair
value
of
EUR
10,000,000
and
$11,905,586,
respectively)
(aa)
.
10,186‌
11,959,226‌
Nomura
Securities
International,
Inc.,
3.50%, Open
(Purchased
on
07/01/25
to
be
repurchased
at
USD
202,017,
collateralized
by
Mizuho
Financial
Group,
Inc.,
3.48%,
due
at
04/12/26,
par
and
fair
value
of
USD
200,000
and
$199,282,
respectively)
(aa)
.............
USD
200‌
200,142‌
Nomura
Securities
International,
Inc.,
3.50%, Open
(Purchased
on
07/01/25
to
be
repurchased
at
USD
204,902,
collateralized
by
National
Fuel
Gas
Co.,
4.75%,
due
at
09/01/28,
par
and
fair
value
of
USD
200,000
and
$201,370,
respectively)
(aa)
.............
203‌
203,000‌
Nomura
Securities
International,
Inc.,
3.80%, Open
(Purchased
on
07/01/25
to
be
repurchased
at
USD
549,256,
collateralized
by
Sammons
Financial
Group,
Inc.,
6.88%,
due
at
04/15/34,
par
and
fair
value
of
USD
500,000
and
$550,555,
respectively)
(aa)
.............
544‌
543,750‌
Nomura
Securities
International,
Inc.,
3.85%, Open
(Purchased
on
07/01/25
to
be
repurchased
at
USD
604,131,
collateralized
by
New
York
Life
Insurance
Co.,
3.75%,
due
at
05/15/50,
par
and
fair
value
of
USD
800,000
and
$604,040,
respectively)
(aa)
.............
598‌
598,000‌
Security
Par
(000)
Par
(000)
Value
Nomura
Securities
International,
Inc.,
3.90%, Open
(Purchased
on
07/01/25
to
be
repurchased
at
USD
462,248,
collateralized
by
NetApp,
Inc.,
2.70%,
due
at
06/22/30,
par
and
fair
value
of
USD
500,000
and
$462,894,
respectively)
(aa)
......
USD
458‌
$
457,500‌
Nomura
Securities
International,
Inc.,
3.95%, Open
(Purchased
on
07/01/25
to
be
repurchased
at
USD
105,850,
collateralized
by
Motorola
Solutions,
Inc.,
5.60%,
due
at
06/01/32,
par
and
fair
value
of
USD
100,000
and
$105,268,
respectively)
(aa)
.............
105‌
104,750‌
RBC
Capital
Markets
LLC,
2.15%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
732,438,
collateralized
by
Clear
Channel
Outdoor
Holdings,
Inc.,
7.50%,
due
at
06/01/29,
par
and
fair
value
of
USD
790,000
and
$767,259,
respectively)
(aa)
......
730‌
729,763‌
RBC
Capital
Markets
LLC,
3.75%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
1,492,376,
collateralized
by
Transocean
International
Ltd.,
8.50%,
due
at
05/15/31,
par
and
fair
value
of
USD
1,580,000
and
$1,548,448,
respectively)
(aa)
.....
1,483‌
1,483,233‌
RBC
Capital
Markets
LLC,
3.75%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
2,504,166,
collateralized
by
SMBC
Aviation
Capital
Finance
DAC,
5.45%,
due
at
05/03/28,
par
and
fair
value
of
USD
2,400,000
and
$2,460,342,
respectively)
(aa)
.....
2,489‌
2,488,824‌
RBC
Capital
Markets
LLC,
3.75%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
102,503,
collateralized
by
Northwestern
Mutual
Global
Funding,
4.71%,
due
at
01/10/29,
par
and
fair
value
of
USD
100,000
and
$101,748,
respectively)
(aa)
...
102‌
101,875‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
780,965,
collateralized
by
Marsh
&
McLennan
Cos.,
Inc.,
4.75%,
due
at
03/15/39,
par
and
fair
value
of
USD
800,000
and
$770,597,
respectively)
(aa)
.............
776‌
776,000‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
612,897,
collateralized
by
American
Express
Co.,
4.99%,
due
at
05/26/33,
par
and
fair
value
of
USD
600,000
and
$611,215,
respectively)
(aa)
......
609‌
609,000‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
126
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
296,105,
collateralized
by
Nationwide
Building
Society,
3.96%,
due
at
07/18/30,
par
and
fair
value
of
USD
300,000
and
$295,090,
respectively)
(aa)
.............
USD
294‌
$
294,222‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
09/26/25
to
be
repurchased
at
USD
327,665,
collateralized
by
Community
Health
Systems,
Inc.,
5.25%,
due
at
05/15/30,
par
and
fair
value
of
USD
355,000
and
$321,149,
respectively)
(aa)
......
327‌
327,487‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
961,517,
collateralized
by
UBS
Group
AG,
5.96%,
due
at
01/12/34,
par
and
fair
value
of
USD
900,000
and
$962,740,
respectively)
(aa)
...
955‌
955,404‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
09/16/25
to
be
repurchased
at
USD
4,073,251,
collateralized
by
Weatherford
International
Ltd.,
8.63%,
due
at
04/30/30,
par
and
fair
value
of
USD
3,873,000
and
$3,959,178,
respectively)
(aa)
.....
4,067‌
4,066,650‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
162,942,
collateralized
by
Elevance
Health,
Inc.,
6.10%,
due
at
10/15/52,
par
and
fair
value
of
USD
157,000
and
$163,291,
respectively)
(aa)
...
162‌
161,906‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
233,988,
collateralized
by
Morgan
Stanley,
3.22%,
due
at
04/22/42,
par
and
fair
value
of
USD
300,000
and
$234,581,
respectively)
(aa)
......
233‌
232,500‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
218,640,
collateralized
by
Home
Depot,
Inc.
(The),
5.88%,
due
at
12/16/36,
par
and
fair
value
of
USD
200,000
and
$217,792,
respectively)
(aa)
.............
217‌
217,250‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
761,844,
collateralized
by
Arch
Capital
Group
US,
Inc.,
5.14%,
due
at
11/01/43,
par
and
fair
value
of
USD
800,000
and
$762,592,
respectively)
(aa)
.............
757‌
757,000‌
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
497,538,
collateralized
by
Duke
Energy
Progress
LLC,
3.45%,
due
at
03/15/29,
par
and
fair
value
of
USD
500,000
and
$490,022,
respectively)
(aa)
.............
USD
494‌
$
494,375‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
1,622,486,
collateralized
by
AerCap
Ireland
Capital
DAC,
3.40%,
due
at
10/29/33,
par
and
fair
value
of
USD
1,800,000
and
$1,617,317,
respectively)
(aa)
.............
1,612‌
1,612,170‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
300,033,
collateralized
by
Penske
Truck
Leasing
Co.
LP,
3.40%,
due
at
11/15/26,
par
and
fair
value
of
USD
300,000
and
$296,878,
respectively)
(aa)
.............
298‌
298,125‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
1,265,798,
collateralized
by
Dominion
Energy,
Inc.,
3.38%,
due
at
04/01/30,
par
and
fair
value
of
USD
1,300,000
and
$1,248,670,
respectively)
(aa)
.............
1,258‌
1,257,750‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
141,842,
collateralized
by
O'Reilly
Automotive,
Inc.,
1.75%,
due
at
03/15/31,
par
and
fair
value
of
USD
162,000
and
$141,203,
respectively)
(aa)
.............
141‌
140,940‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
2,134,380,
collateralized
by
Pfizer
Investment
Enterprises
Pte.
Ltd.,
4.45%,
due
at
05/19/26,
par
and
fair
value
of
USD
2,100,000
and
$2,104,110,
respectively)
(aa)
.....
2,121‌
2,120,809‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
465,459,
collateralized
by
CSX
Corp.,
4.75%,
due
at
05/30/42,
par
and
fair
value
of
USD
500,000
and
$468,246,
respectively)
(aa)
......
463‌
462,500‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
89,821,
collateralized
by
National
Health
Investors,
Inc.,
3.00%,
due
at
02/01/31,
par
and
fair
value
of
USD
100,000
and
$90,483,
respectively)
(aa)
.............
89‌
89,250‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
127
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
158,319,
collateralized
by
Met
Tower
Global
Funding,
5.25%,
due
at
04/12/29,
par
and
fair
value
of
USD
150,000
and
$155,103,
respectively)
(aa)
.............
USD
157‌
$
157,313‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
312,109,
collateralized
by
Essential
Utilities,
Inc.,
4.80%,
due
at
08/15/27,
par
and
fair
value
of
USD
300,000
and
$303,382,
respectively)
(aa)
......
310‌
310,125‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
2,355,224,
collateralized
by
Blackstone
Private
Credit
Fund,
4.95%,
due
at
09/26/27,
par
and
fair
value
of
USD
2,300,000
and
$2,300,000,
respectively)
(aa)
..
2,340‌
2,340,250‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
722,091,
collateralized
by
Canadian
Imperial
Bank
of
Commerce,
4.63%,
due
at
09/11/30,
par
and
fair
value
of
USD
700,000
and
$707,998,
respectively)
(aa)
.............
718‌
717,500‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
412,358,
collateralized
by
Cooperatieve
Rabobank
UA,
4.80%,
due
at
01/09/29,
par
and
fair
value
of
USD
400,000
and
$409,125,
respectively)
(aa)
.............
410‌
409,736‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
604,594,
collateralized
by
Alexandria
Real
Estate
Equities,
Inc.,
4.50%,
due
at
07/30/29,
par
and
fair
value
of
USD
600,000
and
$601,960,
respectively)
(aa)
.............
601‌
600,750‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
906,891,
collateralized
by
Cigna
Group
(The),
3.40%,
due
at
03/01/27,
par
and
fair
value
of
USD
900,000
and
$891,438,
respectively)
(aa)
.............
901‌
901,125‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
294,372,
collateralized
by
Continental
Resources,
Inc.,
2.27%,
due
at
11/15/26,
par
and
fair
value
of
USD
300,000
and
$292,442,
respectively)
(aa)
.............
293‌
292,500‌
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
216,627,
collateralized
by
Morgan
Stanley,
6.41%,
due
at
11/01/29,
par
and
fair
value
of
USD
200,000
and
$212,573,
respectively)
(aa)
......
USD
215‌
$
215,250‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
189,958,
collateralized
by
JPMorgan
Chase
&
Co.,
2.07%,
due
at
06/01/29,
par
and
fair
value
of
USD
200,000
and
$189,776,
respectively)
(aa)
.............
189‌
188,750‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
494,786,
collateralized
by
Western
Digital
Corp.,
4.75%,
due
at
02/15/26,
par
and
fair
value
of
USD
482,000
and
$481,719,
respectively)
(aa)
......
492‌
491,640‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
296,636,
collateralized
by
KKR
Group
Finance
Co.
VI
LLC,
3.75%,
due
at
07/01/29,
par
and
fair
value
of
USD
300,000
and
$294,681,
respectively)
(aa)
.............
295‌
294,750‌
RBC
Capital
Markets
LLC,
3.90%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
152,112,
collateralized
by
Bell
Telephone
Co.
of
Canada
or
Bell
Canada,
5.10%,
due
at
05/11/33,
par
and
fair
value
of
USD
148,000
and
$150,611,
respectively)
(aa)
......
151‌
151,145‌
RBC
Europe
Ltd.,
1.65%, Open
(Purchased
on
05/27/25
to
be
repurchased
at
USD
3,146,134,
collateralized
by
Verisure
Midholding
AB,
5.25%,
due
at
02/15/29,
par
and
fair
value
of
EUR
2,615,000
and
$3,088,101,
respectively)
(aa)
.....
EUR
2,664‌
3,127,767‌
RBC
Europe
Ltd.,
3.98%, Open
(Purchased
on
04/29/25
to
be
repurchased
at
USD
25,200,842,
collateralized
by
U.K.
Treasury
Inflation
Linked
Bonds,
0.13%,
due
at
03/22/46,
par
and
fair
value
of
GBP
18,086,000
and
$24,476,509,
respectively)
(aa)
.............
GBP
18,415‌
24,766,799‌
Total
Borrowed
Bond
Agreements
—
0.6%
(Cost:
$259,319,616)
.............................
262,910,709‌
Foreign
Government
Obligations
—
0.2%
Brazil
—
0.0%
Letras
do
Tesouro
Nacional
Treasury
Bills,
16.22%,
01/01/26
(ab)
......
BRL
124‌
22,565,557‌
Egypt
—
0.1%
Arab
Republic
of
Egypt
Treasury
Bills
(ab)
28.00%,
11/11/25
............
EGP
14,825‌
300,675‌
27.71%,
11/18/25
...........
449,750‌
9,035,886‌
28.20%,
11/25/25
...........
135,075‌
2,713,907‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
128
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Egypt
(continued)
26.77%,
12/02/25
...........
EGP
45,075‌
$
896,611‌
27.46%,
12/16/25
...........
1,214,600‌
24,022,935‌
28.14%,
12/30/25
...........
78,425‌
1,529,640‌
25.82%,
06/02/26
...........
50,525‌
895,121‌
Nigeria
—
0.1%
Federal
Republic
of
Nigeria
Treasury
Bills
(ab)
18.21%,
12/04/25
...........
NGN
2,034,297‌
1,327,525‌
26.40%,
12/11/25
...........
65,408,177‌
42,546,876‌
Total
Foreign
Government
Obligations
—
0.2%
(Cost:
$100,696,499)
.............................
105,834,733‌
Shares
Shares
Money
Market
Funds
—
1.0%
(t)(ac)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.26%
(ad)
......
364,905,837‌
365,088,290‌
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.01%
(l)
.....
60,420,477‌
60,420,477‌
Total
Money
Market
Funds
—
1.0%
(Cost:
$425,466,350)
.............................
425,508,767‌
Total
Short-Term
Securities
—
1.8%
(Cost:
$785,482,465)
.............................
794,254,209‌
Total
Options
Purchased
—
0.3%
(Cost:
$129,955,523
)
.............................
101,898,655‌
Total
Investments
Before
Options
Written,
Borrowed
Bonds,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
142.4%
(Cost:
$62,197,859,345)
...........................
62,965,318,897‌
Total
Options
Written
—
(0.2)%
(Premiums
Received
—
$(82,760,468))
................
(59,438,522‌)
Par
(000)
Pa
r
(
000)
Borrowed
Bonds
Corporate
Bonds
—
(0.3)%
Canada
—
(0.0)%
Bank
of
Nova
Scotia
(The):
1.35%
,
 06/24/26
............
USD
(400‌)
(392,368‌)
4.85%
,
 02/01/30
............
(100‌)
(102,382‌)
Bell
Telephone
Co.
of
Canada
or
Bell
Canada,
5.10%
,
 05/11/33
......
(148‌)
(150,611‌)
Canadian
Imperial
Bank
of
Commerce,
(1-day
SOFR
+
1.34%),
4.63%
,
 09/11/30
(a)
...........
(700‌)
(707,998‌)
Toronto-Dominion
Bank
(The),
(5-
Year
USD
Swap
Semi
+
2.21%),
3.63%
,
 09/15/31
(a)
...........
(1,300‌)
(1,289,450‌)
(2,642,809‌)
Ireland
—
(0.0)%
AerCap
Ireland
Capital
DAC:
3.40%
,
 10/29/33
............
(1,800‌)
(1,617,317‌)
6.15%
,
 09/30/30
............
(400‌)
(428,487‌)
SMBC
Aviation
Capital
Finance
DAC
(c)
:
2.30%
,
 06/15/28
............
(1,900‌)
(1,802,298‌)
5.45%
,
 05/03/28
............
(2,400‌)
(2,460,342‌)
(6,308,444‌)
Security
Par
(000)
Par
(000)
Value
Italy
—
(0.1)%
Cerved
Group
SpA
,
6.00%
,
 02/15/29
EUR
(3,575‌)
$
(3,792,889‌)
Nexi
SpA
,
3.88%
,
 05/21/31
.......
(10,000‌)
(11,905,586‌)
Webuild
SpA
:
3.63%
,
 01/28/27
............
(2,970‌)
(3,510,448‌)
7.00%
,
 09/27/28
............
(2,760‌)
(3,526,672‌)
(22,735,595‌)
Japan
—
(0.0)%
Mizuho
Financial
Group,
Inc.,
3.48%
,
 04/12/26
(c)
...........
USD
(200‌)
(199,282‌)
Netherlands
—
(0.0)%
Cooperatieve
Rabobank
UA,
4.80%
,
 01/09/29
............
(400‌)
(409,125‌)
Spain
—
(0.0)%
Banco
Santander
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.76%),
3.63%
(a)(o)
.................
EUR
(2,800‌)
(3,109,725‌)
Telefonica
Emisiones
SA,
5.52%
,
 03/01/49
............
USD
(400‌)
(371,836‌)
(3,481,561‌)
Sweden
—
(0.0)%
Verisure
Midholding
AB,
5.25%
,
 02/15/29
............
EUR
(5,230‌)
(6,176,202‌)
Switzerland
—
(0.0)%
UBS
Group
AG,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.20%),
5.96%
,
 01/12/34
(a)
(c)
......................
USD
(900‌)
(962,740‌)
United
Kingdom
—
(0.0)%
AstraZeneca
plc,
4.38%
,
 08/17/48
..
(100‌)
(87,968‌)
Nationwide
Building
Society,
(3-mo.
SOFR
+
2.12%),
3.96%
,
 07/18/30
(a)(c)
(300‌)
(295,090‌)
(383,058‌)
United
States
—
(0.2)%
Alexandria
Real
Estate
Equities,
Inc.,
4.50%
,
 07/30/29
............
(600‌)
(601,960‌)
American
Express
Co.,
(1-day
SOFR
+
2.26%),
4.99%
,
 05/26/33
(a)
.....
(600‌)
(611,215‌)
Americold
Realty
Operating
Partnership
LP,
5.41%
,
 09/12/34
..........
(100‌)
(98,321‌)
Arch
Capital
Group
US,
Inc.,
5.14%
,
 11/01/43
............
(800‌)
(762,592‌)
Aviation
Capital
Group
LLC,
3.50%
,
 11/01/27
(c)
...........
(100‌)
(98,209‌)
Bank
of
America
Corp.
(a)
:
(1-day
SOFR
+
1.37%),
1.92%
,
 10/24/31
..........
(100‌)
(88,817‌)
(3-mo.
CME
Term
SOFR
+
1.25%),
2.50%
,
 02/13/31
..........
(100‌)
(92,550‌)
(1-day
SOFR
+
1.93%),
2.68%
,
 06/19/41
..........
(2,500‌)
(1,842,286‌)
(3-mo.
CME
Term
SOFR
+
1.44%),
3.19%
,
 07/23/30
..........
(200‌)
(192,640‌)
(1-day
SOFR
+
2.16%),
5.02%
,
 07/22/33
..........
(300‌)
(306,530‌)
CCO
Holdings
LLC,
4.50%
,
 05/01/32
(3,160‌)
(2,875,809‌)
CDW
LLC,
5.55%
,
 08/22/34
.......
(1,200‌)
(1,230,427‌)
Charter
Communications
Operating
LLC,
5.05%
,
 03/30/29
.........
(300‌)
(303,928‌)
Cigna
Group
(The),
3.40%
,
 03/01/27
.
(900‌)
(891,438‌)
Clear
Channel
Outdoor
Holdings,
Inc.,
7.50%
,
 06/01/29
(c)
...........
(790‌)
(767,259‌)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
129
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Community
Health
Systems,
Inc.,
5.25%
,
 05/15/30
(c)
...........
USD
(355‌)
$
(321,149‌)
Continental
Resources,
Inc.,
2.27%
,
 11/15/26
(c)
...........
(300‌)
(292,442‌)
CSX
Corp.,
4.75%
,
 05/30/42
......
(500‌)
(468,246‌)
Dominion
Energy,
Inc.,
Series
C,
3.38%
,
 04/01/30
............
(1,300‌)
(1,248,670‌)
Duke
Energy
Progress
LLC,
3.45%
,
 03/15/29
............
(500‌)
(490,022‌)
Elevance
Health,
Inc.,
6.10%
,
 10/15/52
(157‌)
(163,291‌)
Essential
Utilities,
Inc.,
4.80%
,
 08/15/27
(300‌)
(303,382‌)
Ford
Motor
Co.,
5.29%
,
 12/08/46
...
(2,900‌)
(2,443,321‌)
Ford
Motor
Credit
Co.
LLC,
5.11%
,
 05/03/29
............
(300‌)
(297,775‌)
Goldman
Sachs
Group,
Inc.
(The),
(1-day
SOFR
+
1.42%),
5.02%
,
 10/23/35
(a)
...........
(200‌)
(201,330‌)
Great
Lakes
Dredge
&
Dock
Corp.,
5.25%
,
 06/01/29
(c)
...........
(8,696‌)
(8,425,625‌)
Home
Depot,
Inc.
(The),
5.88%
,
 12/16/36
............
(200‌)
(217,792‌)
JPMorgan
Chase
&
Co.
(a)
:
(1-day
SOFR
+
1.07%),
1.95%
,
 02/04/32
..........
(200‌)
(176,794‌)
(1-day
SOFR
+
1.02%),
2.07%
,
 06/01/29
..........
(200‌)
(189,776‌)
(1-day
SOFR
+
1.18%),
2.55%
,
 11/08/32
..........
(1,300‌)
(1,165,996‌)
(1-day
SOFR
+
1.58%),
3.33%
,
 04/22/52
..........
(1,200‌)
(863,317‌)
(1-day
SOFR
+
1.34%),
4.95%
,
 10/22/35
..........
(6,900‌)
(6,958,611‌)
KKR
Group
Finance
Co.
VI
LLC,
3.75%
,
 07/01/29
(c)
...........
(300‌)
(294,681‌)
Lowe's
Cos.,
Inc.,
1.70%
,
 10/15/30
..
(600‌)
(528,034‌)
Marsh
&
McLennan
Cos.,
Inc.,
4.75%
,
 03/15/39
............
(800‌)
(770,597‌)
Met
Tower
Global
Funding,
5.25%
,
 04/12/29
(c)
...........
(150‌)
(155,103‌)
Metropolitan
Life
Global
Funding
I,
5.05%
,
 01/08/34
(c)
...........
(3,800‌)
(3,882,256‌)
Mondelez
International,
Inc.,
4.75%
,
 08/28/34
............
(100‌)
(99,815‌)
Morgan
Stanley
(a)
:
(1-day
SOFR
+
1.49%),
3.22%
,
 04/22/42
..........
(300‌)
(234,581‌)
(1-day
SOFR
+
1.83%),
6.41%
,
 11/01/29
..........
(200‌)
(212,573‌)
Mosaic
Co.
(The),
4.05%
,
 11/15/27
..
(2,000‌)
(1,994,314‌)
Motorola
Solutions,
Inc.,
5.60%
,
 06/01/32
............
(100‌)
(105,268‌)
National
Fuel
Gas
Co.,
4.75%
,
 09/01/28
(200‌)
(201,370‌)
National
Health
Investors,
Inc.,
3.00%
,
 02/01/31
............
(100‌)
(90,483‌)
NetApp,
Inc.,
2.70%
,
 06/22/30
.....
(500‌)
(462,894‌)
New
York
Life
Insurance
Co.,
3.75%
,
 05/15/50
(c)
...........
(800‌)
(604,040‌)
Northwestern
Mutual
Global
Funding,
4.71%
,
 01/10/29
(c)
...........
(100‌)
(101,748‌)
Oncor
Electric
Delivery
Co.
LLC,
4.65%
,
 11/01/29
(c)
...........
(400‌)
(406,365‌)
Oracle
Corp.,
4.90%
,
 02/06/33
.....
(5,000‌)
(5,045,241‌)
O'Reilly
Automotive,
Inc.,
1.75%
,
 03/15/31
............
(162‌)
(141,203‌)
PBF
Holding
Co.
LLC,
6.00%
,
 02/15/28
(7,980‌)
(7,930,961‌)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Penske
Truck
Leasing
Co.
LP,
3.40%
,
 11/15/26
(c)
...........
USD
(300‌)
$
(296,878‌)
Pfizer
Investment
Enterprises
Pte.
Ltd.,
4.45%
,
 05/19/26
............
(2,100‌)
(2,104,110‌)
Prologis
LP,
2.13%
,
 04/15/27
......
(200‌)
(194,470‌)
QUALCOMM,
Inc.,
4.80%
,
 05/20/45
.
(100‌)
(93,746‌)
Rivian
Holdings
LLC,
10.00%
,
 01/15/31
(c)
..........
(17,148‌)
(15,962,996‌)
Sammons
Financial
Group,
Inc.,
6.88%
,
 04/15/34
(c)
...........
(500‌)
(550,555‌)
Targa
Resources
Corp.,
5.20%
,
 07/01/27
............
(300‌)
(304,728‌)
Transocean
International
Ltd.,
8.50%
,
 05/15/31
(c)
...........
(1,580‌)
(1,548,448‌)
Union
Pacific
Corp.,
3.95%
,
 08/15/59
(700‌)
(530,755‌)
United
Parcel
Service,
Inc.,
5.50%
,
 05/22/54
............
(1,000‌)
(990,860‌)
Valaris
Ltd.,
8.38%
,
 04/30/30
(c)
.....
(8,546‌)
(8,869,417‌)
Walt
Disney
Co.
(The),
4.63%
,
 03/23/40
(400‌)
(385,419‌)
Weatherford
International
Ltd.,
8.63%
,
 04/30/30
(c)
...........
(3,873‌)
(3,959,178‌)
Wells
Fargo
&
Co.
(a)
:
(3-mo.
CME
Term
SOFR
+
1.57%),
3.58%
,
 05/22/28
..........
(100‌)
(99,098‌)
(1-day
SOFR
+
2.06%),
6.49%
,
 10/23/34
..........
(1,100‌)
(1,222,202‌)
Western
Digital
Corp.,
4.75%
,
 02/15/26
(482‌)
(481,719‌)
Xerox
Holdings
Corp.,
5.50%
,
 08/15/28
(c)
...........
(1,330‌)
(781,397‌)
(96,629,023‌)
Foreign
Agency
Obligations
—
(0.0)%
Denmark
—
(0.0)%
Orsted
A/S,
4.13%
,
 03/01/35
......
EUR
(10,000‌)
(11,890,561‌)
Foreign
Government
Obligations
—
(0.3)%
Spain
—
(0.2)%
Bonos
y
Obligaciones
del
Estado
(c)
:
0.50%
,
 10/31/31
............
(40,000‌)
(41,148,105‌)
0.70%
,
 04/30/32
............
(40,000‌)
(41,080,197‌)
(82,228,302‌)
United
Kingdom
—
(0.1)%
U.K.
Treasury
Inflation
Linked
Bonds,
0.13%
,
 03/22/46
(a)
...........
GBP
(28,498‌)
(24,476,509‌)
Total
Borrowed
Bonds
—
(0.6)%
(Proceeds:
$(281,884,213))
........................
(258,523,211‌)
TBA
Sale
Commitments
Uniform
Mortgage-Backed
Securities
(w)
3.00%
,
 10/25/55
............
USD
(262,400‌)
(230,439,987‌)
3.50%
,
 10/25/55
............
(828,000‌)
(756,395,545‌)
4.00%
,
 10/25/55
............
(555,000‌)
(523,011,165‌)
4.50%
,
 10/25/55
............
(3,757,076‌)
(3,643,829,652‌)
5.50%
,
 10/25/55
............
(2,347,499‌)
(2,366,837,626‌)
6.00%
,
 10/25/55
............
(836,408‌)
(854,464,100‌)
Total
TBA
Sale
Commitments
—
(18.9)%
(Proceeds:
$(8,389,309,519))
.......................
(8,374,978,075‌)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
130
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
TBA
Sale
Commitments
(continued)
Investments
Sold
Short
Corporate
Bonds
United
States
—
(0.0)%
Blackstone
Private
Credit
Fund,
4.95%,
09/26/27
(c)
................
USD
(2,300‌)
$
(2,312,637‌)
Total
Corporate
Bonds
—
(0.0)%
(Proceeds:
$(2,270,726))
..........................
(2,312,637‌)
Total
Investments
Sold
Short
—
(0.0)%
(Proceeds:
$(2,270,726)
)
..........................
(2,312,637‌)
Total
Investments
Net
of
Options
Written,
Borrowed
Bonds,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
122.7%
(Cost:
$53,441,634,419)
...........................
54,270,066,452‌
Liabilities
in
Excess
of
Other
Assets
—
(22.7)%
...........
(10,040,547,332‌)
Net
Assets
—
100.0%
..............................
$
44,229,519,120‌
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(f)
Non-income
producing
security.
(g)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(h)
Zero-coupon
bond.
(i)
Rounds
to
less
than
1,000.
(j)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(k)
All
or
a
portion
of
this
security
is
on
loan.
(l)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
(m)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$474,443,672,
representing
1.07%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$381,432,863.
(n)
Investment
does
not
issue
shares.
(o)
Perpetual
security
with
no
stated
maturity
date.
(p)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(q)
Convertible
security.
(r)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
reverse
repurchase
agreements.
(s)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(t)
Affiliate
of
the
Fund.
(u)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(v)
When-issued
security.
(w)
Represents
or
includes
a
TBA
transaction.
(x)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(y)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(z)
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
(aa)
The
amount
to
be
repurchased
assumes
the
maturity
will
be
the
day
after
the
period
end.
(ab)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(ac)
Annualized
7-day
yield
as
of
period
end.
(ad)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
131
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
September
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/25
Shares
Held
at
09/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
274,663,970
$
90,401,152
(a)
$
—
$
(1,492)
$
24,660
$
365,088,290
364,905,837
$
2,165,910
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
580,142,900
—
(519,722,423)
(a)
—
—
60,420,477
60,420,477
27,024,572
—
iShares
0-5
Year
TIPS
Bond
ETF
................
40,410,014
—
—
—
1,108,664
41,518,678
401,690
1,152,550
—
iShares
AAA
CLO
Active
ETF
.
15,531,000
15,548,960
(15,550,400)
(8,600)
68,540
15,589,500
300,000
608,022
—
iShares
Biotechnology
ETF
(c)
.
22,488,921
—
(22,585,771)
(1,752,883)
1,849,733
—
—
20,611
—
iShares
Bitcoin
Trust
ETF
...
89,715,136
158,445,203
(103,312,985)
2,581,020
8,404,121
155,832,495
2,397,423
—
—
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
(c)
...
66,611,864
—
(67,678,233)
571,632
494,737
—
—
387,995
—
iShares
China
Large-Cap
ETF
—
66,803,014
(52,060,087)
1,760,914
1,460,722
17,964,563
436,669
18,056
—
iShares
Ethereum
Trust
ETF
.
—
25,940,472
—
—
(259,822)
25,680,650
815,000
—
—
iShares
High
Yield
Muni
Active
ETF
................
—
20,029,680
—
—
(550,440)
19,479,240
396,000
537,096
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
....
49,797,483
986,453,621
(827,058,856)
(1,794,494)
6,849,747
214,247,501
2,638,841
9,014,583
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
19,956,430
482,153,398
(477,241,104)
212,047
678,608
25,759,379
231,088
965,960
—
iShares
Latin
America
40
ETF
(c)
6,725,492
—
(7,774,691)
(266,952)
1,316,151
—
—
—
—
iShares
MSCI
Brazil
ETF
...
6,709,421
—
—
—
2,530,563
9,239,984
298,064
153,559
—
iShares
Russell
Mid-Cap
Growth
ETF
(c)
.........
6,069,171
—
(5,760,607)
1,194,862
(1,503,426)
—
—
4,739
—
$
2,496,054
$
22,472,558
$
950,820,757
$
42,053,653
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Reverse
Repurchase
Agreements
Counterparty
Interest
Rate
Trade
Date
Maturity
Date
Face
Value
Face
Value
Including
Accrued
Interest
Type
of
Non-Cash
Underlying
Collateral
Remaining
Contractual
Maturity
of
the
Agreements
Barclays
Capital,
Inc.
....
4.23
%
09/17/25
Open  
(a)
$
22,852,800
$
22,890,191
Corporate
Bonds
Open/Demand
(a)
Barclays
Capital,
Inc.
....
4.23
09/17/25
Open  
(a)
14,293,013
14,316,399
Corporate
Bonds
Open/Demand
(a)
BNP
Paribas
SA
.......
4.24
09/17/25
Open  
(a)
14,591,388
14,615,318
Corporate
Bonds
Open/Demand
(a)
BNP
Paribas
SA
.......
4.25
09/17/25
Open  
(a)
14,850,450
14,874,862
Corporate
Bonds
Open/Demand
(a)
Deutsche
Bank
Securities,
Inc.
..............
4.25
09/17/25
Open  
(a)
12,334,875
12,355,151
Corporate
Bonds
Open/Demand
(a)
Deutsche
Bank
Securities,
Inc.
..............
4.25
09/17/25
Open  
(a)
10,824,675
10,842,469
Corporate
Bonds
Open/Demand
(a)
Morgan
Stanley
&
Co.
LLC
1.50
09/17/25
Open  
(a)
2,320,763
2,322,130
Corporate
Bonds
Open/Demand
(a)
Morgan
Stanley
&
Co.
LLC
1.75
09/17/25
Open  
(a)
2,034,720
2,036,114
Corporate
Bonds
Open/Demand
(a)
Barclays
Bank
plc
......
4.15
09/18/25
10/31/25  
12,234,038
12,250,962
Corporate
Bonds
31-90
Days
Barclays
Bank
plc
......
3.25
09/19/25
10/31/25  
16,920,770
16,939,101
Corporate
Bonds
31-90
Days
Barclays
Capital,
Inc.
....
3.50
09/19/25
10/31/25  
1,046,180
1,047,401
Corporate
Bonds
31-90
Days
Barclays
Capital,
Inc.
....
3.75
09/19/25
10/31/25  
1,755,600
1,757,794
Corporate
Bonds
31-90
Days
BofA
Securities,
Inc.
.....
3.45
09/19/25
10/31/25  
7,210,044
7,218,336
Corporate
Bonds
31-90
Days
BNP
Paribas
SA
.......
4.24
09/19/25
Open  
(a)
22,955,335
22,987,778
Corporate
Bonds
Open/Demand
(a)
Morgan
Stanley
&
Co.
International
........
4.15
09/19/25
Open  
(a)
17,284,394
17,308,304
Foreign
Government
Obligations
Open/Demand
(a)
Nomura
Securities
International,
Inc.
.....
4.20
09/19/25
Open  
(a)
8,561,768
8,573,754
Foreign
Government
Obligations
Open/Demand
(a)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
132
Counterparty
Interest
Rate
Trade
Date
Maturity
Date
Face
Value
Face
Value
Including
Accrued
Interest
Type
of
Non-Cash
Underlying
Collateral
Remaining
Contractual
Maturity
of
the
Agreements
BofA
Securities,
Inc.
.....
4.15
%
09/22/25
10/31/25  
$
1,615,000
$
1,616,676
Corporate
Bonds
31-90
Days
BNP
Paribas
SA
.......
4.19
09/22/25
Open  
(a)
10,972,500
10,983,994
Corporate
Bonds
Open/Demand
(a)
BNP
Paribas
SA
.......
4.19
09/22/25
Open  
(a)
2,313,000
2,315,423
Corporate
Bonds
Open/Demand
(a)
RBC
Capital
Markets
LLC
.
4.25
09/22/25
Open  
(a)
10,724,081
10,735,475
Corporate
Bonds
Open/Demand
(a)
J.P.
Morgan
Securities
LLC
3.75
09/23/25
10/02/25  
3,099,250
3,101,510
Corporate
Bonds
Up
to
30
Days
J.P.
Morgan
Securities
LLC
3.25
09/23/25
Open  
(a)
1,265,303
1,266,103
Corporate
Bonds
Open/Demand
(a)
Morgan
Stanley
&
Co.
LLC
3.00
09/23/25
Open  
(a)
2,627,892
2,629,425
Corporate
Bonds
Open/Demand
(a)
Morgan
Stanley
&
Co.
LLC
3.50
09/23/25
Open  
(a)
2,198,662
2,200,158
Corporate
Bonds
Open/Demand
(a)
Morgan
Stanley
&
Co.
LLC
3.75
09/23/25
Open  
(a)
1,424,219
1,425,257
Corporate
Bonds
Open/Demand
(a)
Barclays
Capital,
Inc.
....
4.24
09/25/25
10/31/25  
23,827,240
23,844,078
Corporate
Bonds
31-90
Days
Barclays
Capital,
Inc.
....
4.24
09/25/25
10/31/25  
23,374,750
23,391,268
Corporate
Bonds
31-90
Days
RBC
Capital
Markets
LLC
.
4.25
09/25/25
Open  
(a)
14,618,925
14,629,280
Corporate
Bonds
Open/Demand
(a)
RBC
Capital
Markets
LLC
.
4.25
09/25/25
Open  
(a)
11,741,858
11,750,175
Corporate
Bonds
Open/Demand
(a)
RBC
Capital
Markets
LLC
.
4.25
09/25/25
Open  
(a)
10,669,045
10,676,602
Corporate
Bonds
Open/Demand
(a)
Morgan
Stanley
&
Co.
LLC
3.50
09/26/25
Open  
(a)
1,235,097
1,235,697
Corporate
Bonds
Open/Demand
(a)
U.S.
Bancorp
Investments,
Inc.
..............
4.38
09/29/25
10/01/25  
24,609,370
24,612,364
U.S.
Treasury
Obligations
Overnight
BNP
Paribas
SA
.......
4.27
09/30/25
10/01/25  
11,453,395
11,454,753
U.S.
Treasury
Obligations
Overnight
BNP
Paribas
SA
.......
4.28
09/30/25
10/01/25  
55,607,142
55,613,753
U.S.
Treasury
Obligations
Overnight
Fixed
Income
Clearing
Corporation
-
BOFA
...
4.24
09/30/25
10/01/25  
27,440,342
27,443,574
U.S.
Treasury
Obligations
Overnight
Fixed
Income
Clearing
Corporation
-
BOFA
...
4.25
09/30/25
10/01/25  
9,143,887
9,144,966
U.S.
Treasury
Obligations
Overnight
Fixed
Income
Clearing
Corporation
-
BOFA
...
4.28
09/30/25
10/01/25  
94,768,200
94,779,467
U.S.
Treasury
Obligations
Overnight
Fixed
Income
Clearing
Corporation
-
MS
.....
4.17
09/30/25
10/01/25  
17,711,750
17,713,802
U.S.
Treasury
Obligations
Overnight
HSBC
Securities
(USA),
Inc.
4.22
09/30/25
10/01/25  
28,195,087
28,198,392
U.S.
Treasury
Obligations
Overnight
HSBC
Securities
(USA),
Inc.
4.22
09/30/25
10/01/25  
14,299,537
14,301,213
U.S.
Treasury
Obligations
Overnight
HSBC
Securities
(USA),
Inc.
4.27
09/30/25
10/01/25  
38,113,391
38,117,912
U.S.
Treasury
Obligations
Overnight
U.S.
Bancorp
Investments,
Inc.
..............
4.28
09/30/25
10/01/25  
29,798,079
29,801,622
U.S.
Treasury
Obligations
Overnight
U.S.
Bancorp
Investments,
Inc.
..............
4.28
09/30/25
10/01/25  
10,468,275
10,469,520
U.S.
Treasury
Obligations
Overnight
U.S.
Bancorp
Investments,
Inc.
..............
4.30
09/30/25
10/01/25  
32,625,000
32,628,897
U.S.
Treasury
Obligations
Overnight
BofA
Securities,
Inc.
.....
2.00
09/30/25
10/31/25  
413,470
413,493
Corporate
Bonds
31-90
Days
RBC
Capital
Markets
LLC
.
4.25
09/30/25
Open  
(a)
25,070,325
25,073,285
Corporate
Bonds
Open/Demand
(a)
$
723,494,885
$
723,904,198
(a)
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
133
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
CME
Bitcoin
(a)
............................................................
29
10/31/25
$
16,702
$
(
130,722
)
CBOE
Volatility
Index
.......................................................
21
11/19/25
404
(
50,357
)
Euro-Bobl
...............................................................
6,795
12/08/25
939,849
243,867
Short
Euro-BTP
...........................................................
892
12/08/25
113,035
(
3,522
)
OSE
Nikkei
225
Index
.......................................................
6
12/11/25
1,822
61,019
Australia
10-Year
Bond
......................................................
7,959
12/15/25
596,963
(
637,119
)
Japan
10-Year
Bond
........................................................
184
12/15/25
168,951
(
906,922
)
CBOE
Volatility
Index
.......................................................
31
12/17/25
614
(
46,674
)
Canada
10-Year
Bond
.......................................................
1,262
12/18/25
111,047
207,675
EURO
STOXX
Bank
Index
....................................................
1,540
12/19/25
21,018
(
206,197
)
U.S.
Treasury
Ultra
Bond
.....................................................
7,888
12/19/25
947,300
16,118,119
U.S.
Treasury
5-Year
Note
....................................................
20,862
12/31/25
2,277,544
(
7,899,872
)
3-mo.
SONIA
Index
.........................................................
525
03/17/26
169,669
(
730
)
CBOE
Volatility
Index
.......................................................
20
04/15/26
429
(
15,411
)
CBOE
Volatility
Index
.......................................................
40
05/19/26
859
(
7,115
)
3-mo.
SOFR
.............................................................
2,165
06/16/26
522,306
(
78,635
)
3-mo.
SOFR
.............................................................
2,140
09/15/26
517,399
(
213,711
)
3-mo.
SONIA
Index
.........................................................
1,234
09/15/26
399,696
(
263,645
)
3-mo.
SOFR
.............................................................
397
12/15/26
96,124
111,537
3-mo.
SONIA
Index
.........................................................
1,289
03/16/27
417,770
(
823,434
)
5,458,151
Short
Contracts
CBOE
Volatility
Index
.......................................................
51
10/22/25
897
68,627
CBOE
Volatility
Index
.......................................................
40
11/19/25
770
79,521
CME
Bitcoin
(a)
............................................................
58
11/28/25
33,599
664,699
Euro-BTP
...............................................................
824
12/08/25
115,935
(
329,486
)
Euro-Bund
..............................................................
11,828
12/08/25
1,785,408
(
2,375,474
)
Euro-Buxl
...............................................................
541
12/08/25
72,713
206,072
Euro-OAT
...............................................................
720
12/08/25
102,579
152,747
Euro-Schatz
.............................................................
4,782
12/08/25
600,619
281,766
SGX
Nikkei
225
Index
.......................................................
60
12/11/25
9,095
(
208,914
)
Australia
3-Year
Bond
.......................................................
465
12/15/25
32,874
120,455
Korea
10-Year
Bond
........................................................
315
12/16/25
26,353
281,578
EURO
STOXX
50
Index
.....................................................
375
12/19/25
24,395
(
154,687
)
Nasdaq-100
E-Mini
Index
.....................................................
62
12/19/25
30,878
(
515,435
)
Russell
2000
E-Mini
Index
....................................................
1,224
12/19/25
150,277
(
1,936,785
)
S&P
500
E-Mini
Index
.......................................................
1,489
12/19/25
501,700
(
4,629,044
)
U.S.
Treasury
10-Year
Note
...................................................
27,530
12/19/25
3,096,695
13,767,340
U.S.
Treasury
10-Year
Ultra
Note
...............................................
14,031
12/19/25
1,614,661
(
11,522,251
)
U.S.
Treasury
Long
Bond
.....................................................
609
12/19/25
70,987
(
264,657
)
Long
Gilt
................................................................
1,670
12/29/25
204,025
(
145,618
)
U.S.
Treasury
2-Year
Note
....................................................
17,335
12/31/25
3,612,045
(
1,544,789
)
CBOE
Volatility
Index
.......................................................
21
01/21/26
434
30,624
3-mo.
CORRA
............................................................
244
03/17/26
42,817
(
22,600
)
3-mo.
SOFR
.............................................................
2,327
03/17/26
560,313
289,141
3-mo.
SONIA
Index
.........................................................
1,289
06/16/26
417,142
844,292
3-mo.
EURIBOR
..........................................................
123
09/14/26
35,385
30,306
(
6,832,572
)
$
(
1,374,421
)
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
134
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
BRL
69,014,161
USD
12,637,873
Bank
of
America
NA
10/02/25
$
329,229
BRL
754,418,562
USD
138,239,072
Barclays
Bank
plc
10/02/25
3,508,979
BRL
164,635,604
USD
30,874,000
Goldman
Sachs
International
10/02/25
59,460
EGP
681,880,753
USD
14,185,162
Citibank
NA
10/02/25
65,220
USD
19,065,000
BRL
101,430,185
Goldman
Sachs
International
10/02/25
7,236
USD
96,956,481
BRL
515,614,568
JPMorgan
Chase
Bank
NA
10/02/25
77,423
USD
16,111,343
TWD
489,888,000
Bank
of
America
NA
10/15/25
20,873
USD
13,111,111
TWD
398,722,000
Goldman
Sachs
International
10/15/25
15,007
USD
13,092,314
TWD
397,590,000
Morgan
Stanley
&
Co.
International
plc
10/15/25
33,391
EUR
2,977,109
USD
3,477,615
Morgan
Stanley
&
Co.
International
plc
10/16/25
20,776
EUR
22,379,036
USD
26,152,066
UBS
AG
10/16/25
145,466
USD
46,658,644
EUR
39,671,513
Deutsche
Bank
AG
10/16/25
40,774
USD
2,085,452
EUR
1,769,349
Natwest
Markets
plc
10/16/25
6,296
USD
4,483,271
EUR
3,804,009
UBS
AG
10/16/25
13,192
USD
17,540,706
PHP
1,006,099,843
Citibank
NA
10/17/25
302,559
CZK
51,262,531
USD
2,439,891
State
Street
Bank
and
Trust
Co.
10/21/25
33,588
USD
80,046,947
COP
312,855,486,207
Societe
Generale
SA
10/23/25
475,283
USD
17,347,775
IDR
283,826,943,361
Goldman
Sachs
International
10/23/25
341,148
TRY
92,949,549
USD
2,130,230
HSBC
Bank
plc
10/24/25
63,555
TRY
150,900,906
USD
3,503,514
Morgan
Stanley
&
Co.
International
plc
10/24/25
58,032
TRY
2,705,038,489
USD
61,837,932
Societe
Generale
SA
10/24/25
2,006,086
EUR
18,983,000
USD
22,209,948
Goldman
Sachs
International
10/30/25
117,481
JPY
1,292,464,608
CAD
12,147,000
Standard
Chartered
Bank
10/30/25
26,917
MXN
1,063,018,709
USD
57,775,268
Citibank
NA
10/30/25
87,541
MXN
2,393,233,152
USD
129,978,718
JPMorgan
Chase
Bank
NA
10/30/25
291,044
PEN
179,412,420
USD
51,290,000
Citibank
NA
10/30/25
344,417
USD
8,784,000
CAD
12,133,216
Deutsche
Bank
AG
10/30/25
52,860
USD
13,123,000
CAD
18,138,447
State
Street
Bank
and
Trust
Co.
10/30/25
70,457
USD
6,470,242
CHF
5,100,045
Credit
Agricole
Corporate
&
Investment
Bank
SA
10/30/25
40,423
USD
10,065,500
COP
39,021,427,125
Citibank
NA
10/30/25
150,311
USD
22,344,718
EUR
18,983,000
Citibank
NA
10/30/25
17,289
USD
17,133,219
EUR
14,467,839
Morgan
Stanley
&
Co.
International
plc
10/30/25
116,433
USD
4,424,000
THB
140,393,605
Citibank
NA
10/30/25
81,132
USD
8,682,000
TWD
262,170,354
Barclays
Bank
plc
10/30/25
60,254
NGN
1,486,647,374
USD
948,722
Citibank
NA
11/04/25
48,222
NGN
17,448,709,531
USD
11,108,804
Morgan
Stanley
&
Co.
International
plc
11/04/25
592,283
USD
97,366,146
BRL
521,858,199
JPMorgan
Chase
Bank
NA
11/04/25
141,389
PEN
54,267,144
USD
15,184,718
Citibank
NA
11/05/25
430,784
PEN
21,974,098
USD
6,278,852
JPMorgan
Chase
Bank
NA
11/05/25
44,248
USD
31,051,000
IDR
507,777,003,000
Goldman
Sachs
International
11/14/25
648,360
USD
30,811,000
INR
2,707,011,325
UBS
AG
11/14/25
419,763
USD
27,726,000
THB
891,141,921
Nomura
International
plc
11/14/25
128,173
EGP
36,130,940
USD
686,900
Bank
of
America
NA
11/20/25
50,048
EGP
945,612,394
USD
17,583,266
Citibank
NA
11/20/25
1,704,005
USD
555,348
COP
2,187,032,323
Goldman
Sachs
International
11/20/25
1,158
USD
29,655,175
EUR
24,963,822
Deutsche
Bank
AG
11/20/25
259,713
USD
8,806,654
INR
780,099,572
HSBC
Bank
plc
11/20/25
51,632
USD
9,752,230
PLN
35,454,262
Goldman
Sachs
International
11/20/25
4,779
USD
116,386,404
PLN
421,036,197
HSBC
Bank
plc
11/20/25
630,800
USD
19,610,196
PLN
70,724,878
UBS
AG
11/20/25
165,785
USD
118,584
TWD
3,569,700
Citibank
NA
11/20/25
986
ZAR
1,526,689,135
USD
87,667,698
Citibank
NA
11/20/25
421,796
ZAR
326,264,454
USD
18,773,211
Natwest
Markets
plc
11/20/25
52,148
PEN
21,959,106
USD
6,271,522
JPMorgan
Chase
Bank
NA
11/25/25
43,993
USD
22,213,706
CNY
156,915,397
Standard
Chartered
Bank
11/25/25
114,293
USD
116,569,904
COP
454,430,285,454
Citibank
NA
11/25/25
1,493,614
USD
95,273,993
CZK
1,954,480,229
Natwest
Markets
plc
11/25/25
902,410
USD
10,252,230
EUR
8,628,495
State
Street
Bank
and
Trust
Co.
11/25/25
89,286
USD
21,522,165
HUF
7,121,284,107
Bank
of
America
NA
11/25/25
158,313
USD
118,382,755
IDR
1,951,421,336,814
Bank
of
America
NA
11/25/25
1,584,334
USD
221,873,430
MXN
4,087,108,264
Deutsche
Bank
AG
11/25/25
12,895
USD
56,469,188
MYR
235,606,392
Morgan
Stanley
&
Co.
International
plc
11/25/25
413,786
USD
56,260,352
PHP
3,203,070,624
Citibank
NA
11/25/25
1,443,001
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
135
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
19,703,405
PLN
71,014,104
BNP
Paribas
SA
11/25/25
$
180,975
USD
9,756,604
PLN
35,474,485
Goldman
Sachs
International
11/25/25
4,342
USD
188,280,276
PLN
676,991,858
Morgan
Stanley
&
Co.
International
plc
11/25/25
2,168,995
USD
103,901,932
THB
3,284,236,173
Morgan
Stanley
&
Co.
International
plc
11/25/25
2,108,470
ZAR
1,545,571,440
USD
88,721,417
Citibank
NA
11/25/25
426,437
ZAR
331,674,818
USD
19,068,181
Natwest
Markets
plc
11/25/25
62,671
NGN
19,230,829,477
USD
12,057,526
Citibank
NA
12/05/25
752,918
USD
2,613,011
ARS
3,919,516,500
Citibank
NA
12/11/25
178,885
USD
2,372,440
ARS
3,558,660,000
Goldman
Sachs
International
12/11/25
162,416
TRY
5,302,700
USD
119,120
Barclays
Bank
plc
12/16/25
743
AUD
13,370,000
CAD
12,187,441
JPMorgan
Chase
Bank
NA
12/17/25
65,843
AUD
41,651,163
JPY
4,039,579,694
JPMorgan
Chase
Bank
NA
12/17/25
51,331
AUD
7,910,000
NZD
8,854,715
Deutsche
Bank
AG
12/17/25
89,702
AUD
6,590,000
NZD
7,399,048
JPMorgan
Chase
Bank
NA
12/17/25
61,948
AUD
16,730,000
USD
11,059,952
HSBC
Bank
plc
12/17/25
20,404
AUD
75,858
USD
50,000
Wells
Fargo
Bank
NA
12/17/25
241
BRL
414,726,582
USD
75,018,420
HSBC
Bank
plc
12/17/25
1,497,020
CHF
39,540
USD
50,000
UBS
AG
12/17/25
131
CNY
78,767,782
USD
11,100,000
JPMorgan
Chase
Bank
NA
12/17/25
10,344
EUR
7,440,000
GBP
6,472,063
Barclays
Bank
plc
12/17/25
68,886
EUR
3,730,000
GBP
3,269,804
HSBC
Bank
plc
12/17/25
811
EUR
42,405
USD
50,000
Bank
of
Montreal
12/17/25
9
EUR
27,880,000
USD
32,817,847
JPMorgan
Chase
Bank
NA
12/17/25
61,040
GBP
3,262,355
EUR
3,720,000
Standard
Chartered
Bank
12/17/25
963
GBP
37,242
USD
50,000
Bank
of
Montreal
12/17/25
92
GBP
16,661,546
USD
22,408,446
Barclays
Bank
plc
12/17/25
1,801
JPY
637,500,000
USD
4,341,473
HSBC
Bank
plc
12/17/25
3,830
JPY
6,315,541,408
USD
42,847,953
JPMorgan
Chase
Bank
NA
12/17/25
199,795
JPY
855,358,000
USD
5,793,597
Societe
Generale
SA
12/17/25
36,661
MXN
2,655,983,589
USD
143,799,371
Goldman
Sachs
International
12/17/25
37,210
MXN
224,818,000
USD
12,132,846
Morgan
Stanley
&
Co.
International
plc
12/17/25
42,324
NOK
252,600,000
SEK
236,818,397
Citibank
NA
12/17/25
40,159
NOK
787,500,000
SEK
739,328,153
JPMorgan
Chase
Bank
NA
12/17/25
15,418
NZD
18,970,000
USD
11,013,090
Deutsche
Bank
AG
12/17/25
18,202
NZD
15,300,000
USD
8,889,782
JPMorgan
Chase
Bank
NA
12/17/25
7,359
SEK
153,889,456
NOK
163,500,000
BNP
Paribas
SA
12/17/25
38,517
SEK
246,192,923
NOK
261,500,000
Citibank
NA
12/17/25
68,425
TRY
964,420,678
USD
21,441,100
UBS
AG
12/17/25
339,867
USD
32,639,355
AUD
48,928,000
Commonwealth
Bank
of
Australia
12/17/25
234,116
USD
26,667,370
AUD
40,196,432
Royal
Bank
of
Canada
12/17/25
45,088
USD
27,706,207
AUD
41,631,053
State
Street
Bank
and
Trust
Co.
12/17/25
133,769
USD
182,833,800
AUD
274,100,000
Toronto
Dominion
Bank
12/17/25
1,296,109
USD
50,000
AUD
74,910
Wells
Fargo
Bank
NA
12/17/25
387
USD
64,036,356
CAD
88,174,758
Bank
of
America
NA
12/17/25
447,716
USD
50,000
CAD
69,221
Natwest
Markets
plc
12/17/25
81
USD
100,000
CAD
137,562
Standard
Chartered
Bank
12/17/25
795
USD
50,000
CHF
39,034
Credit
Agricole
Corporate
&
Investment
Bank
SA
12/17/25
510
USD
50,000
CHF
39,154
Standard
Chartered
Bank
12/17/25
358
USD
13,710,214
CNY
97,000,000
Bank
of
America
NA
12/17/25
28,181
USD
72,556,498
CNY
513,088,840
Citibank
NA
12/17/25
184,349
USD
723,824
CNY
5,124,200
Deutsche
Bank
AG
12/17/25
1,046
USD
63,878,999
CNY
452,110,000
Goldman
Sachs
International
12/17/25
108,031
USD
2,736,574
CNY
19,312,000
HSBC
Bank
plc
12/17/25
12,580
USD
14,677,467
CNY
103,786,820
UBS
AG
12/17/25
38,140
USD
4,726,722
DKK
29,819,000
HSBC
Bank
plc
12/17/25
12,162
USD
57,116,363
EUR
47,874,000
Deutsche
Bank
AG
12/17/25
658,548
USD
101,213,476
EUR
85,602,801
JPMorgan
Chase
Bank
NA
12/17/25
262,082
USD
89,280,895
EUR
75,550,000
Morgan
Stanley
&
Co.
International
plc
12/17/25
184,770
USD
1,412,090,795
EUR
1,194,693,791
Standard
Chartered
Bank
12/17/25
3,188,248
USD
1,412,040,794
EUR
1,194,651,495
Toronto
Dominion
Bank
12/17/25
3,188,127
USD
200,000
GBP
147,047
Bank
of
Montreal
12/17/25
2,218
USD
2,556,090,101
GBP
1,876,773,322
Barclays
Bank
plc
12/17/25
31,777,308
USD
107,622,113
GBP
79,471,403
HSBC
Bank
plc
12/17/25
730,845
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
136
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
11,257,223
GBP
8,328,178
JPMorgan
Chase
Bank
NA
12/17/25
$
55,590
USD
50,000
GBP
36,688
Standard
Chartered
Bank
12/17/25
654
USD
126,970,132
HKD
985,740,000
HSBC
Bank
plc
12/17/25
95,432
USD
119,666,072
HKD
926,000,000
Royal
Bank
of
Canada
12/17/25
480,513
USD
72,791,287
HKD
564,990,000
State
Street
Bank
and
Trust
Co.
12/17/25
71,364
USD
65,587,167
IDR
1,083,500,000,000
BNP
Paribas
SA
12/17/25
788,450
USD
20,219,958
IDR
333,710,192,558
Citibank
NA
12/17/25
262,420
USD
21,291,496
IDR
351,267,101,008
Goldman
Sachs
International
12/17/25
283,967
USD
83,965,915
IDR
1,384,723,879,941
Morgan
Stanley
&
Co.
International
plc
12/17/25
1,152,503
USD
213,410,109
INR
18,899,172,394
Barclays
Bank
plc
12/17/25
1,681,320
USD
52,162,553
INR
4,651,074,046
Citibank
NA
12/17/25
56,236
USD
85,330,503
INR
7,562,180,387
Nomura
International
plc
12/17/25
610,852
USD
10,967,569
JPY
1,598,000,000
Barclays
Bank
plc
12/17/25
75,344
USD
39,390,216
JPY
5,752,461,204
BNP
Paribas
SA
12/17/25
180,514
USD
16,494,774
JPY
2,411,000,000
HSBC
Bank
plc
12/17/25
61,010
USD
203,654,246
JPY
29,714,115,693
JPMorgan
Chase
Bank
NA
12/17/25
1,118,050
USD
16,358,627
JPY
2,394,000,000
Natwest
Markets
plc
12/17/25
40,738
USD
100,000
JPY
14,588,653
Wells
Fargo
Bank
NA
12/17/25
561
USD
64,096,086
KRW
88,800,000,000
BNP
Paribas
SA
12/17/25
627,529
USD
37,349,254
MYR
156,275,000
Barclays
Bank
plc
12/17/25
132,634
USD
66,445,633
MYR
278,207,867
Goldman
Sachs
International
12/17/25
190,913
USD
20,914,173
MYR
87,752,733
Morgan
Stanley
&
Co.
International
plc
12/17/25
16,012
USD
37,319,403
MYR
156,275,000
Royal
Bank
of
Canada
12/17/25
102,784
USD
33,370,930
NOK
330,994,663
Barclays
Bank
plc
12/17/25
196,493
USD
100,000
NOK
987,607
Morgan
Stanley
&
Co.
International
plc
12/17/25
1,016
USD
50,000
NOK
496,789
Nomura
International
plc
12/17/25
209
USD
32,103,701
NZD
54,390,000
JPMorgan
Chase
Bank
NA
12/17/25
475,238
USD
50,000
NZD
83,794
Standard
Chartered
Bank
12/17/25
1,273
USD
50,000
NZD
85,763
Toronto
Dominion
Bank
12/17/25
128
USD
50,000
NZD
83,492
Wells
Fargo
Bank
NA
12/17/25
1,448
USD
121,491,975
PHP
6,947,535,584
Citibank
NA
12/17/25
2,658,353
USD
530,051
PHP
30,303,000
HSBC
Bank
plc
12/17/25
11,736
USD
70,915,095
SEK
659,387,000
JPMorgan
Chase
Bank
NA
12/17/25
534,745
USD
100,000
SEK
929,285
Morgan
Stanley
&
Co.
International
plc
12/17/25
811
USD
18,035,551
SGD
23,000,000
BNP
Paribas
SA
12/17/25
102,166
USD
43,138,202
SGD
55,000,000
JPMorgan
Chase
Bank
NA
12/17/25
254,021
USD
25,475,773
SGD
32,394,000
Natwest
Markets
plc
12/17/25
217,770
USD
16,352,997
THB
517,000,000
Barclays
Bank
plc
12/17/25
296,555
ZAR
465,262,000
USD
26,738,835
State
Street
Bank
and
Trust
Co.
12/17/25
52,722
ZAR
5,783,467
USD
330,473
Toronto
Dominion
Bank
12/17/25
2,561
USD
200,251,930
HKD
1,550,000,000
BNP
Paribas
SA
01/14/26
669,773
USD
9,548,719
ARS
15,296,723,640
Citibank
NA
01/26/26
464,653
USD
143,110,738
HKD
1,108,500,000
BNP
Paribas
SA
02/11/26
300,922
USD
1,766,269,329
EUR
1,490,500,000
Goldman
Sachs
International
03/18/26
530,883
USD
33,685,703
INR
3,000,385,600
BNP
Paribas
SA
06/18/26
476,712
USD
1,087,760,512
EUR
905,452,232
BNP
Paribas
SA
09/16/26
6,533,694
USD
1,087,742,402
EUR
905,452,232
Deutsche
Bank
AG
09/16/26
6,515,584
USD
16,748,548
INR
1,500,000,000
Bank
of
America
NA
09/17/26
249,649
101,127,383
BRL
521,858,199
USD
98,130,538
JPMorgan
Chase
Bank
NA
10/02/25
(
78,361
)
USD
130,460,071
BRL
709,234,653
Barclays
Bank
plc
10/02/25
(
2,798,354
)
USD
30,868,000
BRL
165,066,630
HSBC
Bank
plc
10/02/25
(
146,445
)
USD
228,064
BRL
1,226,027
JPMorgan
Chase
Bank
NA
10/02/25
(
2,295
)
USD
13,292,023
EGP
681,880,753
Citibank
NA
10/02/25
(
958,359
)
COP
1,482,985,524
USD
380,467
JPMorgan
Chase
Bank
NA
10/14/25
(
2,819
)
USD
376,756
COP
1,482,985,524
JPMorgan
Chase
Bank
NA
10/14/25
(
892
)
TWD
1,286,200,000
USD
42,650,131
Deutsche
Bank
AG
10/15/25
(
404,633
)
USD
5,086,673
EUR
4,354,617
JPMorgan
Chase
Bank
NA
10/16/25
(
30,423
)
USD
9,077,769
EUR
7,776,223
UBS
AG
10/16/25
(
60,046
)
USD
104,774,236
CZK
2,222,837,483
JPMorgan
Chase
Bank
NA
10/21/25
(
2,480,369
)
USD
43,191,588
TRY
1,918,275,334
Barclays
Bank
plc
10/24/25
(
2,083,335
)
USD
1,233,635
TRY
53,194,886
Goldman
Sachs
International
10/24/25
(
21,865
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
137
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
797,900
TRY
35,525,535
Morgan
Stanley
&
Co.
International
plc
10/24/25
$
(
40,570
)
USD
1,021,267
TRY
43,983,445
Nomura
International
plc
10/24/25
(
16,825
)
USD
12,220,197
TRY
534,560,302
Societe
Generale
SA
10/24/25
(
396,436
)
USD
1,596,400
TRY
71,394,201
UBS
AG
10/24/25
(
88,638
)
CLP
16,807,560,000
USD
17,655,000
Citibank
NA
10/30/25
(
170,599
)
CLP
4,138,795,775
USD
4,325,000
HSBC
Bank
plc
10/30/25
(
19,535
)
CNY
905,985,052
USD
127,706,125
Barclays
Bank
plc
10/30/25
(
339,431
)
CNY
377,862,730
USD
53,265,000
Deutsche
Bank
AG
10/30/25
(
143,674
)
COP
65,958,592,720
GBP
12,598,000
Morgan
Stanley
&
Co.
International
plc
10/30/25
(
186,024
)
COP
232,107,609,331
USD
59,871,699
Citibank
NA
10/30/25
(
894,084
)
CZK
1,963,563,036
USD
95,760,207
Morgan
Stanley
&
Co.
International
plc
10/30/25
(
993,862
)
CZK
840,392,947
USD
41,007,000
UBS
AG
10/30/25
(
447,585
)
EUR
7,451,000
MXN
162,357,215
Standard
Chartered
Bank
10/30/25
(
73,797
)
EUR
34,591,088
USD
40,960,273
JPMorgan
Chase
Bank
NA
10/30/25
(
274,920
)
GBP
12,800,000
USD
17,313,492
ANZ
Banking
Group
Ltd.
10/30/25
(
95,939
)
HUF
17,274,198,372
USD
52,188,511
Citibank
NA
10/30/25
(
281,203
)
HUF
5,559,112,192
USD
16,813,000
JPMorgan
Chase
Bank
NA
10/30/25
(
108,402
)
IDR
1,042,804,704,707
USD
183,042,362
Citibank
NA
10/30/25
(
766,189
)
INR
18,212,971,963
USD
205,804,433
Citibank
NA
10/30/25
(
1,149,765
)
JPY
1,529,766,799
USD
10,408,000
Bank
of
America
NA
10/30/25
(
30,184
)
JPY
3,661,012,254
USD
24,897,266
Canadian
Imperial
Bank
of
Commerce
10/30/25
(
61,252
)
KRW
30,635,379,600
USD
22,040,000
HSBC
Bank
plc
10/30/25
(
196,239
)
MYR
810,046,590
USD
193,213,259
Credit
Agricole
Corporate
&
Investment
Bank
SA
10/30/25
(
682,049
)
PLN
29,085,790
USD
8,068,000
State
Street
Bank
and
Trust
Co.
10/30/25
(
68,871
)
PLN
288,550,582
USD
79,935,604
UBS
AG
10/30/25
(
578,871
)
RON
98,691,639
USD
22,915,838
Citibank
NA
10/30/25
(
160,177
)
THB
1,051,676,640
USD
33,056,000
Barclays
Bank
plc
10/30/25
(
523,940
)
THB
4,555,088,369
USD
143,187,740
Morgan
Stanley
&
Co.
International
plc
10/30/25
(
2,282,823
)
USD
8,870,000
CLP
8,536,488,000
Goldman
Sachs
International
10/30/25
(
10,252
)
USD
22,170,000
JPY
3,278,559,459
Barclays
Bank
plc
10/30/25
(
71,485
)
USD
26,122,248
PEN
91,775,294
Goldman
Sachs
International
10/30/25
(
290,438
)
USD
25,645,000
PEN
90,013,950
Societe
Generale
SA
10/30/25
(
260,776
)
ZAR
484,603,433
USD
28,034,300
Barclays
Bank
plc
10/30/25
(
31,508
)
ZAR
1,662,777,844
USD
96,185,492
JPMorgan
Chase
Bank
NA
10/30/25
(
101,932
)
BRL
102,226,721
USD
19,065,000
Goldman
Sachs
International
11/04/25
(
19,658
)
BRL
519,600,705
USD
96,944,952
JPMorgan
Chase
Bank
NA
11/04/25
(
140,778
)
BRL
165,111,362
USD
30,836,000
Morgan
Stanley
&
Co.
International
plc
11/04/25
(
74,939
)
USD
35,471,612
PEN
126,035,587
Citibank
NA
11/05/25
(
795,432
)
USD
26,696,547
EUR
22,832,772
Canadian
Imperial
Bank
of
Commerce
11/13/25
(
179,565
)
USD
21,801,000
BRL
122,164,520
Goldman
Sachs
International
11/14/25
(
909,430
)
USD
5,428,000
CLP
5,268,729,181
Citibank
NA
11/14/25
(
52,680
)
USD
31,017,000
CNY
221,243,765
Bank
of
America
NA
11/14/25
(
118,670
)
USD
11,030,000
COP
44,966,442,200
JPMorgan
Chase
Bank
NA
11/14/25
(
373,310
)
USD
15,709,000
CZK
329,447,891
Morgan
Stanley
&
Co.
International
plc
11/14/25
(
195,317
)
USD
6,977,000
HUF
2,393,516,085
Canadian
Imperial
Bank
of
Commerce
11/14/25
(
208,491
)
USD
30,961,000
MXN
584,989,364
Goldman
Sachs
International
11/14/25
(
830,711
)
USD
31,493,000
MYR
132,853,221
Royal
Bank
of
Canada
11/14/25
(
100,244
)
USD
5,606,000
PEN
19,911,173
Citibank
NA
11/14/25
(
122,154
)
USD
22,469,000
PLN
82,347,746
Citibank
NA
11/14/25
(
172,975
)
USD
22,018,000
ZAR
393,791,952
UBS
AG
11/14/25
(
713,196
)
CLP
132,266,600
USD
138,556
Barclays
Bank
plc
11/20/25
(
972
)
USD
9,182,375
EUR
7,831,095
Citibank
NA
11/20/25
(
38,915
)
USD
17,464,486
MXN
323,459,094
Morgan
Stanley
&
Co.
International
plc
11/20/25
(
103,078
)
USD
19,787,057
MXN
365,270,619
State
Street
Bank
and
Trust
Co.
11/20/25
(
51,355
)
USD
508,643
PEN
1,777,200
Citibank
NA
11/20/25
(
2,552
)
USD
201,580,620
ZAR
3,506,353,783
Goldman
Sachs
International
11/20/25
(
734,917
)
USD
19,609,465
MXN
361,637,037
Goldman
Sachs
International
11/25/25
(
21,282
)
USD
6,235,352
PEN
21,787,568
Citibank
NA
11/25/25
(
30,828
)
USD
25,147,547
PEN
87,651,775
JPMorgan
Chase
Bank
NA
11/25/25
(
61,406
)
USD
594,842
TRY
26,026,384
Citibank
NA
11/25/25
(
3,870
)
USD
6,305,835
UYU
253,614,376
Citibank
NA
11/25/25
(
55,996
)
USD
328,085,333
ZAR
5,729,944,722
Deutsche
Bank
AG
11/25/25
(
2,415,260
)
ARS
1,984,947,510
USD
1,318,902
Citibank
NA
12/11/25
(
86,196
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
138
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
ARS
12,796,308,000
USD
8,652,000
Goldman
Sachs
International
12/11/25
$
(
705,147
)
AUD
5,300,000
USD
3,543,983
Barclays
Bank
plc
12/17/25
(
33,769
)
AUD
16,450,000
USD
10,904,294
HSBC
Bank
plc
12/17/25
(
9,383
)
AUD
58,231,212
USD
38,803,727
JPMorgan
Chase
Bank
NA
12/17/25
(
236,926
)
AUD
825,656
USD
548,611
Societe
Generale
SA
12/17/25
(
1,775
)
CAD
68,775
USD
50,000
Bank
of
Montreal
12/17/25
(
402
)
CAD
69,107
USD
50,000
Barclays
Bank
plc
12/17/25
(
162
)
CAD
7,787,000
USD
5,625,672
Canadian
Imperial
Bank
of
Commerce
12/17/25
(
9,952
)
CAD
231,665,410
USD
167,666,276
Natwest
Markets
plc
12/17/25
(
597,052
)
CAD
137,933
USD
100,000
UBS
AG
12/17/25
(
527
)
CHF
117,927
USD
150,000
Bank
of
Montreal
12/17/25
(
485
)
CNY
116,000,000
USD
16,399,016
Goldman
Sachs
International
12/17/25
(
36,997
)
CNY
452,110,000
USD
63,903,467
Morgan
Stanley
&
Co.
International
plc
12/17/25
(
132,499
)
CNY
380,514,000
USD
53,800,369
State
Street
Bank
and
Trust
Co.
12/17/25
(
128,152
)
CZK
536,108,000
USD
26,144,515
State
Street
Bank
and
Trust
Co.
12/17/25
(
240,167
)
EUR
3,720,000
GBP
3,268,223
HSBC
Bank
plc
12/17/25
(
8,855
)
EUR
92,220,000
USD
109,266,867
Barclays
Bank
plc
12/17/25
(
511,809
)
EUR
31,420,000
USD
37,158,852
HSBC
Bank
plc
12/17/25
(
105,242
)
EUR
8,856,000
USD
10,532,837
JPMorgan
Chase
Bank
NA
12/17/25
(
88,955
)
EUR
42,021
USD
50,000
Standard
Chartered
Bank
12/17/25
(
444
)
EUR
47,874,000
USD
57,030,046
UBS
AG
12/17/25
(
572,231
)
EUR
11,103,000
USD
13,094,594
Wells
Fargo
Bank
NA
12/17/25
(
825
)
EUR
16,661,546
ZAR
342,309,796
Barclays
Bank
plc
12/17/25
(
62,538
)
GBP
3,257,961
EUR
3,720,000
Standard
Chartered
Bank
12/17/25
(
4,947
)
GBP
37,035
USD
50,000
Bank
of
Montreal
12/17/25
(
187
)
GBP
8,328,178
USD
11,221,512
Credit
Agricole
Corporate
&
Investment
Bank
SA
12/17/25
(
19,879
)
GBP
110,025
USD
150,000
Standard
Chartered
Bank
12/17/25
(
2,013
)
HKD
926,000,000
USD
119,293,250
BNP
Paribas
SA
12/17/25
(
107,692
)
HKD
111,197,000
USD
14,318,880
Citibank
NA
12/17/25
(
6,702
)
HUF
3,278,470,000
USD
9,891,794
State
Street
Bank
and
Trust
Co.
12/17/25
(
69,180
)
IDR
167,650,570,800
USD
10,038,620
BNP
Paribas
SA
12/17/25
(
12,278
)
INR
739,160,652
USD
8,295,992
Citibank
NA
12/17/25
(
15,122
)
INR
9,544,229,448
USD
107,028,085
Morgan
Stanley
&
Co.
International
plc
12/17/25
(
103,395
)
JPY
4,026,126,369
AUD
41,651,163
JPMorgan
Chase
Bank
NA
12/17/25
(
143,031
)
JPY
5,914,000,000
USD
40,523,503
Bank
of
America
NA
12/17/25
(
212,727
)
JPY
2,571,000,000
USD
17,664,822
Deutsche
Bank
AG
12/17/25
(
140,472
)
JPY
1,601,500,000
USD
11,007,312
Goldman
Sachs
International
12/17/25
(
91,230
)
JPY
1,277,500,000
USD
8,725,188
HSBC
Bank
plc
12/17/25
(
17,542
)
JPY
9,788,156,092
USD
66,970,708
JPMorgan
Chase
Bank
NA
12/17/25
(
253,059
)
JPY
19,702,000,000
USD
134,785,586
Morgan
Stanley
&
Co.
International
plc
12/17/25
(
493,582
)
JPY
7,633,993,449
USD
52,350,770
Natwest
Markets
plc
12/17/25
(
316,242
)
JPY
173,949,311
USD
1,186,973
State
Street
Bank
and
Trust
Co.
12/17/25
(
1,306
)
JPY
3,244,292,940
USD
22,135,198
UBS
AG
12/17/25
(
21,575
)
JPY
14,661,261
USD
100,000
Wells
Fargo
Bank
NA
12/17/25
(
66
)
NOK
87,300,000
SEK
82,242,447
Citibank
NA
12/17/25
(
28,459
)
NOK
163,090,125
USD
16,660,465
Barclays
Bank
plc
12/17/25
(
314,512
)
NOK
163,422,501
USD
16,660,465
JPMorgan
Chase
Bank
NA
12/17/25
(
281,200
)
NOK
982,119
USD
100,000
Morgan
Stanley
&
Co.
International
plc
12/17/25
(
1,566
)
NOK
497,366
USD
50,000
Natwest
Markets
plc
12/17/25
(
151
)
NOK
491,028
USD
50,000
Standard
Chartered
Bank
12/17/25
(
786
)
NZD
7,343,896
AUD
6,590,000
Deutsche
Bank
AG
12/17/25
(
94,020
)
NZD
8,814,989
AUD
7,910,000
JPMorgan
Chase
Bank
NA
12/17/25
(
112,803
)
NZD
83,758
USD
50,000
Citibank
NA
12/17/25
(
1,293
)
NZD
84,033
USD
50,000
Credit
Agricole
Corporate
&
Investment
Bank
SA
12/17/25
(
1,133
)
NZD
45,200,000
USD
26,348,798
Deutsche
Bank
AG
12/17/25
(
64,434
)
NZD
18,060,000
USD
10,693,492
HSBC
Bank
plc
12/17/25
(
191,377
)
NZD
36,800,000
USD
22,067,882
JPMorgan
Chase
Bank
NA
12/17/25
(
668,223
)
NZD
36,940,000
USD
21,968,329
Natwest
Markets
plc
12/17/25
(
487,258
)
NZD
83,393
USD
50,000
Standard
Chartered
Bank
12/17/25
(
1,506
)
PLN
90,108,000
USD
24,886,719
State
Street
Bank
and
Trust
Co.
12/17/25
(
127,463
)
SEK
936,846
USD
100,000
Bank
of
Montreal
12/17/25
(
5
)
SEK
116,928,942
USD
12,493,009
Barclays
Bank
plc
12/17/25
(
12,478
)
SEK
116,756,580
USD
12,496,699
Goldman
Sachs
International
12/17/25
(
34,565
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
139
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
SEK
192,087,508
USD
20,827,831
JPMorgan
Chase
Bank
NA
12/17/25
$
(
325,174
)
SEK
461,618
USD
50,000
Morgan
Stanley
&
Co.
International
plc
12/17/25
(
729
)
SEK
390,467,286
USD
41,709,102
Royal
Bank
of
Canada
12/17/25
(
32,174
)
SEK
359,738,000
USD
38,623,345
State
Street
Bank
and
Trust
Co.
12/17/25
(
226,339
)
USD
11,964,740
AUD
18,075,624
Goldman
Sachs
International
12/17/25
(
6,829
)
USD
41,932,328
AUD
63,530,000
JPMorgan
Chase
Bank
NA
12/17/25
(
143,883
)
USD
9,580,844
AUD
14,494,000
Morgan
Stanley
&
Co.
International
plc
12/17/25
(
18,599
)
USD
8,867,975
AUD
13,499,000
Societe
Generale
SA
12/17/25
(
72,475
)
USD
185,475,235
AUD
280,178,304
Standard
Chartered
Bank
12/17/25
(
88,145
)
USD
50,000
AUD
75,561
Wells
Fargo
Bank
NA
12/17/25
(
44
)
USD
87,778,896
CAD
121,885,000
JPMorgan
Chase
Bank
NA
12/17/25
(
120,425
)
USD
100,000
CHF
78,982
Barclays
Bank
plc
12/17/25
(
138
)
USD
775,381,054
EUR
658,645,813
Deutsche
Bank
AG
12/17/25
(
1,360,040
)
USD
28,281,193
EUR
24,080,000
JPMorgan
Chase
Bank
NA
12/17/25
(
116,354
)
USD
8,128,660
EUR
6,900,000
Royal
Bank
of
Canada
12/17/25
(
8,511
)
USD
25,617,560
EUR
21,746,000
Standard
Chartered
Bank
12/17/25
(
27,501
)
USD
43,783,956
EUR
37,130,000
UBS
AG
12/17/25
(
3,458
)
USD
22,339,634
GBP
16,661,546
Barclays
Bank
plc
12/17/25
(
70,613
)
USD
5,327,188
GBP
3,965,000
Goldman
Sachs
International
12/17/25
(
5,848
)
USD
14,058,222
GBP
10,474,000
JPMorgan
Chase
Bank
NA
12/17/25
(
29,602
)
USD
27,108,042
GBP
20,177,000
UBS
AG
12/17/25
(
30,589
)
USD
218,669
HUF
73,383,700
Morgan
Stanley
&
Co.
International
plc
12/17/25
(
1,196
)
USD
20,738,581
IDR
349,071,799,880
Morgan
Stanley
&
Co.
International
plc
12/17/25
(
137,658
)
USD
35,022,131
JPY
5,143,000,000
Deutsche
Bank
AG
12/17/25
(
33,385
)
USD
39,313,183
JPY
5,836,000,000
HSBC
Bank
plc
12/17/25
(
465,933
)
USD
42,202,419
JPY
6,241,478,829
JPMorgan
Chase
Bank
NA
12/17/25
(
340,507
)
USD
829,483
JPY
122,273,000
UBS
AG
12/17/25
(
3,949
)
USD
50,000
JPY
7,382,870
Wells
Fargo
Bank
NA
12/17/25
(
323
)
USD
64,395,871
MXN
1,209,016,959
Goldman
Sachs
International
12/17/25
(
1,079,257
)
USD
363,277
MXN
6,780,500
Standard
Chartered
Bank
12/17/25
(
3,926
)
USD
61,823,802
MYR
260,000,000
Barclays
Bank
plc
12/17/25
(
94,746
)
USD
21,664,131
NZD
37,410,000
Bank
of
America
NA
12/17/25
(
90,250
)
USD
16,661,546
SEK
156,210,493
JPMorgan
Chase
Bank
NA
12/17/25
(
11,742
)
USD
3,687,976
SGD
4,730,000
State
Street
Bank
and
Trust
Co.
12/17/25
(
64
)
USD
22,000,000
TWD
666,616,293
Citibank
NA
12/17/25
(
11,399
)
USD
25,001,512
ZAR
439,786,372
Goldman
Sachs
International
12/17/25
(
323,061
)
USD
13,738,104
TRY
613,976,495
Barclays
Bank
plc
12/26/25
(
20,042
)
USD
13,585,989
EGP
681,880,753
Citibank
NA
01/05/26
(
38,740
)
ARS
14,436,408,014
USD
9,707,234
Citibank
NA
01/26/26
(
1,134,071
)
ARS
7,634,406,756
USD
5,127,204
JPMorgan
Chase
Bank
NA
01/26/26
(
593,458
)
USD
1,087,918,224
EUR
924,208,544
Bank
of
America
NA
03/18/26
(
6,956,354
)
USD
1,087,848,910
EUR
924,208,545
Deutsche
Bank
AG
03/18/26
(
7,025,669
)
USD
1,765,332,401
EUR
1,490,500,000
Societe
Generale
SA
03/18/26
(
406,045
)
(
58,919,646
)
$
42,207,737
OTC
Barrier
Options
Purchased
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Call
EUR
Currency
................
Up
and
Out
Morgan
Stanley
&
Co.
International
plc
10/16/25
USD
1.19
USD
1.21
EUR
51,034
$
39,958
EUR
Currency
................
One-Touch
Morgan
Stanley
&
Co.
International
plc
11/07/25
HUF
388.00
HUF
388.00
EUR
1,114
385,150
EUR
Currency
................
Up
and
Out
HSBC
Bank
plc
11/20/25
USD
1.19
USD
1.22
EUR
62,476
252,350
USD
Currency
................
Up
and
Out
Royal
Bank
of
Canada
11/28/25
CAD
1.40
CAD
1.42
USD
66,849
145,062
USD
Currency
................
One-Touch
Bank
of
America
NA
12/03/25
THB
33.50
THB
33.50
USD
4,352
486,794
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
140
OTC
Barrier
Options
Purchased
(continued)
Description
Type
of
Option
Counterparty
Expiration  
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
EUR
Currency
................
One-Touch
BNP
Paribas
SA
12/22/25
USD
1.22
USD
1.22
EUR
1,457
$
283,640
1,592,954
Put
USD
Currency
................
Down
and
Out
UBS
AG
10/22/25
TWD
30.15
TWD
29.00
USD
17,363
42,567
USD
Currency
................
Down
and
Out
UBS
AG
10/23/25
JPY
147.00
JPY
144.50
USD
83,308
157,092
USD
Currency
................
One-Touch
Citibank
NA
10/31/25
JPY
137.00
JPY
137.00
USD
7,994
111,970
USD
Currency
................
One-Touch
Barclays
Bank
plc
11/03/25
INR
86.00
INR
86.00
USD
4,304
20,479
USD
Currency
................
Down
and
Out
Bank
of
America
NA
11/10/25
INR
87.00
INR
85.05
USD
51,919
9,167
USD
Currency
................
Down
and
Out
UBS
AG
11/13/25
ZAR
17.20
ZAR
16.70
USD
22,138
95,844
USD
Currency
................
One-Touch
Barclays
Bank
plc
11/14/25
INR
87.00
INR
87.00
USD
2,214
71,748
USD
Currency
................
Down
and
Out
UBS
AG
11/19/25
TRY
44.00
TRY
42.50
USD
13,100
104,969
EUR
Currency
................
One-Touch
Barclays
Bank
plc
12/22/25
CZK
24.00
CZK
24.00
EUR
3,753
578,142
CNH
Currency
...............
One-Touch
Standard
Chartered
Bank
02/10/26
INR
11.90
INR
11.90
CNH
12,437
20,539
1,212,517
$
2,805,471
$
–
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
SPDR
S&P
500
ETF
Trust
......................
9,998
10/03/25
USD
672.00
USD
666,047
$
424,915
SPDR
S&P
500
ETF
Trust
......................
4,001
10/10/25
USD
667.00
USD
266,539
1,790,448
Alphabet,
Inc.
..............................
400
10/17/25
USD
240.00
USD
9,742
349,000
Alphabet,
Inc.
..............................
1,400
10/17/25
USD
225.00
USD
34,097
2,838,500
Broadcom,
Inc.
.............................
199
10/17/25
USD
390.00
USD
6,565
13,532
Freeport-McMoRan,
Inc.
.......................
1,500
10/17/25
USD
48.00
USD
5,883
8,250
iShares
China
Large-Cap
ETF
...................
25,046
10/17/25
USD
42.00
USD
103,039
1,264,823
Paramount
Skydance
Corp.
.....................
2,871
10/17/25
USD
22.00
USD
5,432
63,162
Sabre
Corp.
...............................
1,658
10/17/25
USD
4.00
USD
303
16,580
Sabre
Corp.
...............................
2,255
10/17/25
USD
2.50
USD
413
16,913
SPDR
S&P
Regional
Banking
ETF
................
8,778
10/17/25
USD
67.00
USD
55,565
324,786
Warner
Bros
Discovery,
Inc.
....................
1,433
10/17/25
USD
22.00
USD
2,799
40,124
Warner
Bros
Discovery,
Inc.
....................
1,658
10/17/25
USD
17.00
USD
3,238
479,162
Xerox
Holdings
Corp.
.........................
1,974
10/17/25
USD
5.00
USD
742
19,740
CBOE
Volatility
Index
.........................
1,842
10/22/25
USD
40.00
USD
2,999
34,998
U.S.
Treasury
10-Year
Note
.....................
1,270
10/24/25
USD
114.50
USD
127,000
119,063
U.S.
Treasury
2-Year
Note
.....................
781
10/24/25
USD
104.25
USD
156,200
183,048
Nikkei
225
Index
............................
162
11/14/25
JPY
46,000.00
JPY
7,279,086
32,863
Alphabet,
Inc.
..............................
400
11/21/25
USD
250.00
USD
9,742
433,000
Apple,
Inc.
................................
700
11/21/25
USD
250.00
USD
17,824
908,250
Citigroup,
Inc.
..............................
2,000
11/21/25
USD
105.00
USD
20,300
645,000
DR
Horton,
Inc.
.............................
500
11/21/25
USD
175.00
USD
8,474
372,500
DR
Horton,
Inc.
.............................
500
11/21/25
USD
185.00
USD
8,474
205,000
EURO
STOXX
Bank
Index
.....................
3,000
11/21/25
EUR
240.00
EUR
35,021
871,732
Informatica,
Inc.
............................
824
11/21/25
USD
35.00
USD
2,047
32,960
Intuit,
Inc.
.................................
240
11/21/25
USD
700.00
USD
16,390
598,800
Meta
Platforms,
Inc.
..........................
259
11/21/25
USD
830.00
USD
19,020
314,685
MongoDB,
Inc.
.............................
450
11/21/25
USD
360.00
USD
13,967
256,500
NVIDIA
Corp.
..............................
600
11/21/25
USD
185.00
USD
11,195
804,000
Walt
Disney
Co.
(The)
........................
1,000
11/21/25
USD
120.00
USD
11,450
325,000
3-mo.
SOFR
...............................
5,000
12/12/25
USD
96.50
USD
1,250,000
343,750
EURO
STOXX
50
Index
.......................
676
12/19/25
EUR
5,400.00
EUR
37,383
1,911,128
EURO
STOXX
50
Index
.......................
676
12/19/25
EUR
5,900.00
EUR
37,383
190,875
Uber
Technologies,
Inc.
.......................
2,486
12/19/25
USD
100.00
USD
24,355
1,640,760
17,873,847
Put
SPDR
S&P
500
ETF
Trust
......................
6,001
10/10/25
USD
655.00
USD
399,775
1,302,217
WTI
Crude
Oil
(a)
.............................
900
10/16/25
USD
62.00
USD
900
954,000
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
141
Exchange-Traded
Options
Purchased
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
American
Airlines
Group,
Inc.
....................
1,845
10/17/25
USD
11.00
USD
2,074
$
66,420
EURO
STOXX
50
Index
.......................
1,118
10/17/25
EUR
5,300.00
EUR
61,825
174,574
EURO
STOXX
Bank
Index
.....................
951
10/17/25
EUR
180.00
EUR
11,102
6,978
EURO
STOXX
Bank
Index
.....................
2,254
10/17/25
EUR
210.00
EUR
26,312
59,542
EURO
STOXX
Bank
Index
.....................
2,800
10/17/25
EUR
205.00
EUR
32,686
49,310
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
4,000
10/17/25
USD
80.00
USD
32,476
50,000
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
38,645
10/17/25
USD
79.00
USD
313,759
347,805
iShares
Russell
2000
ETF
......................
650
10/17/25
USD
235.00
USD
15,727
121,550
iShares
Russell
2000
ETF
......................
1,000
10/17/25
USD
230.00
USD
24,196
96,500
Palantir
Technologies,
Inc.
......................
1,010
10/17/25
USD
170.00
USD
18,424
330,775
Rheinmetall
AG
.............................
90
10/17/25
EUR
1,600.00
EUR
17,861
19,548
SPDR
S&P
500
ETF
Trust
......................
328
10/17/25
USD
645.00
USD
21,851
74,456
SPDR
S&P
500
ETF
Trust
......................
329
10/17/25
USD
642.00
USD
21,917
64,978
S&P
500
Index
.............................
254
11/07/25
USD
6,200.00
USD
169,887
627,380
S&P
500
Index
.............................
254
11/07/25
USD
6,500.00
USD
169,887
1,461,770
Alphabet,
Inc.
..............................
400
11/21/25
USD
245.00
USD
9,742
521,000
S&P
500
Index
.............................
58
11/21/25
USD
6,500.00
USD
38,793
432,390
6,761,193
$
24,635,040
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EUR
Currency
...........
Goldman
Sachs
International
—
10/02/25
USD
1.17
EUR
51,946
$
255,420
EUR
Currency
...........
Societe
Generale
SA
—
10/02/25
USD
1.18
EUR
33,320
15,973
USD
Currency
...........
Royal
Bank
of
Canada
—
10/02/25
CAD
1.39
USD
150,000
237,691
EUR
Currency
...........
Bank
of
America
NA
—
10/08/25
USD
1.20
EUR
329,149
132,205
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
10/10/25
HKD
7.50
USD
419,340
15,048,987
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
10/15/25
MXN
18.70
USD
13,256
21,474
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
10/16/25
MXN
19.00
USD
43,222
31,347
USD
Currency
...........
UBS
AG
—
10/16/25
HKD
7.50
USD
424,290
15,168,840
EUR
Currency
...........
BNP
Paribas
SA
—
10/29/25
USD
1.17
EUR
67,735
817,160
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
10/29/25
USD
1.19
EUR
50,801
197,377
USD
Currency
...........
Barclays
Bank
plc
—
10/29/25
MXN
19.20
USD
53,121
69,214
USD
Currency
...........
HSBC
Bank
plc
—
10/31/25
CNH
7.15
USD
213,300
240,902
KOSPI
200
Index
.........
Bank
of
America
NA
13,956
12/11/25
USD
471.22
USD
6,616
256,618
KOSPI
200
Index
.........
BNP
Paribas
SA
13,849
12/11/25
USD
497.76
USD
6,565
104,848
EUR
Currency
...........
BNP
Paribas
SA
—
03/09/26
USD
1.19
EUR
32,080
660,542
USD
Currency
...........
UBS
AG
—
04/10/26
HKD
7.50
USD
206,946
6,866,818
40,125,416
Put
EUR
Currency
...........
JPMorgan
Chase
Bank
NA
—
10/01/25
USD
1.18
EUR
297,923
639,917
S&P
500
Index
..........
Bank
of
America
NA
4,860
10/01/25
USD
6,038.34
USD
32,506
322
EUR
Currency
...........
BNP
Paribas
SA
—
10/07/25
USD
1.17
EUR
67,121
76,493
USD
Currency
...........
Deutsche
Bank
AG
—
10/08/25
JPY
142.00
USD
379,789
26,520
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
10/09/25
JPY
145.00
USD
49,976
48,647
EUR
Currency
...........
Credit
Agricole
Corporate
&
Investment
Bank
SA
—
10/10/25
USD
1.18
EUR
44,851
229,098
EUR
Currency
...........
Natwest
Markets
plc
—
10/16/25
USD
1.16
EUR
62,442
89,261
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
10/16/25
SGD
1.27
USD
61,659
23,902
USD
Currency
...........
Standard
Chartered
Bank
—
10/16/25
TWD
29.70
USD
42,222
27,598
GBP
Currency
...........
Credit
Agricole
Corporate
&
Investment
Bank
SA
—
10/21/25
USD
1.34
GBP
74,954
317,657
IFSC
NIFTY
50
Index
......
BNP
Paribas
SA
6,500
10/28/25
USD
24,800.00
USD
159,972
2,070,423
USD
Currency
...........
Bank
of
America
NA
—
10/30/25
IDR
16,500.00
USD
157,917
514,615
EUR
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
11/13/25
ZAR
19.50
EUR
104,101
75,831
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
142
OTC
Options
Purchased
(continued)
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
CHF
Currency
...........
JPMorgan
Chase
Bank
NA
—
11/14/25
JPY
161.50
CHF
35,780
$
406
USD
Currency
...........
Goldman
Sachs
International
—
11/21/25
TRY
43.00
USD
12,465
133,927
GBP
Currency
...........
Citibank
NA
—
12/04/25
JPY
196.00
GBP
40,072
596,260
IFSC
NIFTY
50
Index
......
BNP
Paribas
SA
1,300
12/30/25
USD
23,864.96
USD
31,994
256,271
5,127,148
$
45,252,564
OTC
Structured
Options
Description
Counterparty
Units
Expiration
Date
Notional
Amount  
(000)
Value
Asset
Swapped
Convertible
Option
Transaction.
Call
on
LINK
Ltd.
convertible
corporate
bond.
Exercise
price
or
rate
is
3-mo.
HIBOR
plus
110.00
HSBC
Bank
plc
140,000,000
12/12/25
HKD
140,000
$
319,297
Asset
Swapped
Convertible
Option
Transaction.
Call
on
Obara
Group,
Inc.
convertible
corporate
bond.
Exercise
price
or
rate
is
1.29
(Fixed
Spread)
Nomura
International
plc
720,000,000
03/31/26
JPY
720,000
676,571
Asset
Swapped
Convertible
Option
Transaction.
Call
on
OSG
Corp.
convertible
corporate
bond.
Exercise
price
or
rate
is
1-day
TONAR
plus
60.00
Nomura
International
plc
350,000,000
12/21/27
JPY
350,000
357,162
Asset
Swapped
Convertible
Option
Transaction.
Call
on
Kansai
Paint
Co.
Ltd.
convertible
corporate
bond.
Exercise
price
or
rate
is
1-day
TONAR
plus
55.00
Nomura
International
plc
1,170,000,000
03/08/29
JPY
1,170,000
974,827
Asset
Swapped
Convertible
Option
Transaction.
Call
on
INFRONEER
Holdings,
Inc.
convertible
corporate
bond.
Exercise
price
or
rate
is
1.42
(Fixed
Spread)
Nomura
International
plc
720,000,000
03/30/29
JPY
720,000
539,721
Asset
Swapped
Convertible
Option
Transaction.
Call
on
Kansai
Paint
Co.
Ltd.
convertible
corporate
bond.
Exercise
price
or
rate
is
1-day
TONAR
plus
65.00
Nomura
International
plc
750,000,000
03/07/31
JPY
750,000
820,770
$
3,688,348
OTC
Dual
Binary
Options
Purchased
Description
(a)
Counterparty
Units
Expiration
Date
Notional
Amount
(000)
Value
Put
Payout
at
expiry
if
Nikkei
225
Index
<=
41,991.79
and
USDJPY
>=
148.71
................
Morgan
Stanley
&
Co.
International
plc
4,500,000
10/10/25
USD
188,963,055
$
24,143
Payout
at
expiry
if
EURO
STOXX
Banks
Index
<=
215.22
and
EURUSD
<=
1.13
............
Bank
of
America
NA
4,800,000
11/21/25
EUR
1,033,056
74,161
$
98,304
(a)
Option
only
pays
if
both
terms
are
met
on
the
expiration
date.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
143
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1
.00
%
iTraxx
Europe
Main
Index
Series
44.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
01/21/26
EUR
60.00
EUR
89,867
$
266,493
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1
.00
iTraxx
Europe
Main
Index
Series
44.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
02/18/26
EUR
60.00
EUR
89,867
326,602
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1
.00
iTraxx
Europe
Main
Index
Series
44.V1
Quarterly
Bank
of
America
NA
03/18/26
EUR
65.00
EUR
492,850
1,680,424
Bought
Protection
on
5-Year
Credit
Default
Swap
......
1
.00
iTraxx
Europe
Main
Index
Series
44.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/18/26
EUR
65.00
EUR
89,867
306,411
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5
.00
Markit
CDX
North
American
High
Yield
Index
Series
44.V1
Quarterly
Royal
Bank
of
Canada
10/15/25
USD
105.50
USD
36,885
9,172
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5
.00
Markit
CDX
North
American
High
Yield
Index
Series
44.V1
Quarterly
Bank
of
America
NA
10/15/25
USD
107.00
USD
36,870
34,244
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5
.00
iTraxx
Europe
Crossover
Index
Series
44.V1
Quarterly
Morgan
Stanley
&
Co.
International
plc
10/15/25
EUR
287.50
EUR
37,321
46,303
$
2,669,649
(a)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.80%
Annual
JPMorgan
Chase
Bank
NA
10/30/25
3
.80
%
USD
203,278
$
1,393,967
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.65%
Annual
Goldman
Sachs
International
11/26/25
3
.65
USD
301,335
1,704,715
30-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.80%
Annual
Morgan
Stanley
&
Co.
International
plc
01/14/26
3
.80
USD
88,357
1,680,279
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
3.25%
At
Termination
Goldman
Sachs
International
06/30/26
3
.25
GBP
859,928
751,736
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
3.75%
At
Termination
Goldman
Sachs
International
06/30/26
3
.75
GBP
859,928
2,526,990
30-Year
Interest
Rate
Swap
(a)
6-mo.
EURIBOR
Semi-Annual
2.90%
Annual
Barclays
Bank
plc
08/17/26
2
.90
EUR
36,662
2,069,591
30-Year
Interest
Rate
Swap
(a)
6-mo.
EURIBOR
Semi-Annual
2.90%
Annual
BNP
Paribas
SA
08/18/26
2
.90
EUR
11,020
622,902
10,750,180
Put
1-Year
Interest
Rate
Swap
(a)
.
3.67%
At
Termination
1-day
SONIA
At
Termination
JPMorgan
Chase
Bank
NA
11/20/25
3
.67
GBP
988,510
1,917,392
1-Year
Interest
Rate
Swap
(a)
.
1.75%
Annual
3-mo.
EURIBOR
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/02/25
1
.75
EUR
780,240
2,560,028
1-Year
Interest
Rate
Swap
(a)
.
3.70%
At
Termination
1-day
SOFR
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/09/25
3
.70
USD
797,066
226,357
1-Year
Interest
Rate
Swap
(a)
.
3.75%
At
Termination
1-day
SONIA
At
Termination
Goldman
Sachs
International
12/18/25
3
.75
GBP
824,434
953,552
1-Year
Interest
Rate
Swap
(a)
.
3.80%
At
Termination
1-day
SOFR
At
Termination
JPMorgan
Chase
Bank
NA
12/22/25
3
.80
USD
811,740
119,528
1-Year
Interest
Rate
Swap
(a)
.
1.90%
Annual
3-mo.
EURIBOR
Quarterly
Bank
of
America
NA
03/11/26
1
.90
EUR
828,308
1,689,256
1-Year
Interest
Rate
Swap
(a)
.
3.70%
At
Termination
1-day
SOFR
At
Termination
Barclays
Bank
plc
04/27/26
3
.70
USD
804,008
505,607
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
144
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
30-Year
Interest
Rate
Swap
(a)
2.70%
Annual
6-mo.
EURIBOR
Semi-Annual
Barclays
Bank
plc
06/24/26
2
.70
%
EUR
47,400
$
4,027,379
11,999,099
$
22,749,279
(a)
Forward
settling
swaption.
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Broadcom,
Inc.
..............................
398
10/17/25
USD
410.00
USD
13,130
$
(
12,338
)
EchoStar
Corp.
..............................
1,201
10/17/25
USD
80.00
USD
9,171
(
279,232
)
iShares
China
Large-Cap
ETF
....................
25,046
10/17/25
USD
45.00
USD
103,039
(
187,845
)
Warner
Bros
Discovery,
Inc.
.....................
1,433
10/17/25
USD
25.00
USD
2,799
(
6,448
)
Warner
Bros
Discovery,
Inc.
.....................
1,658
10/17/25
USD
20.00
USD
3,238
(
140,930
)
U.S.
Treasury
10-Year
Note
......................
1,270
10/24/25
USD
115.50
USD
127,000
(
59,531
)
U.S.
Treasury
2-Year
Note
......................
998
10/24/25
USD
104.50
USD
199,600
(
93,562
)
Nikkei
225
Index
.............................
243
11/14/25
JPY
48,000.00
JPY
10,918,629
(
468,303
)
Alphabet,
Inc.
...............................
400
11/21/25
USD
280.00
USD
9,742
(
122,000
)
Meta
Platforms,
Inc.
...........................
518
11/21/25
USD
900.00
USD
38,041
(
221,445
)
NVIDIA
Corp.
...............................
600
11/21/25
USD
200.00
USD
11,195
(
417,000
)
NVIDIA
Corp.
...............................
600
11/21/25
USD
210.00
USD
11,195
(
255,000
)
3-mo.
SOFR
................................
5,000
12/12/25
USD
96.75
USD
1,250,000
(
156,250
)
EURO
STOXX
50
Index
........................
1,352
12/19/25
EUR
5,650.00
EUR
74,765
(
1,498,426
)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
18,460
12/19/25
USD
81.00
USD
149,877
(
1,273,740
)
Uber
Technologies,
Inc.
........................
4,972
12/19/25
USD
110.00
USD
48,711
(
1,591,040
)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
52,896
01/16/26
USD
82.00
USD
429,463
(
952,129
)
(
7,735,219
)
Put
SPDR
S&P
500
ETF
Trust
.......................
8,999
10/10/25
USD
645.00
USD
599,495
(
1,007,888
)
WTI
Crude
Oil
(a)
..............................
900
10/16/25
USD
56.00
USD
900
(
117,000
)
EURO
STOXX
50
Index
........................
1,118
10/17/25
EUR
5,150.00
EUR
61,825
(
82,693
)
EURO
STOXX
Bank
Index
......................
2,800
10/17/25
EUR
195.00
EUR
32,686
(
28,764
)
Freeport-McMoRan,
Inc.
........................
1,500
10/17/25
USD
40.00
USD
5,883
(
306,750
)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
34,895
10/17/25
USD
76.00
USD
283,313
(
174,475
)
iShares
Russell
2000
ETF
.......................
650
10/17/25
USD
210.00
USD
15,727
(
10,725
)
iShares
Russell
2000
ETF
.......................
1,000
10/17/25
USD
200.00
USD
24,196
(
12,000
)
Palantir
Technologies,
Inc.
.......................
1,010
10/17/25
USD
160.00
USD
18,424
(
156,550
)
Rheinmetall
AG
..............................
90
10/17/25
EUR
1,400.00
EUR
17,861
(
112,004
)
SPDR
S&P
500
ETF
Trust
.......................
657
10/17/25
USD
600.00
USD
43,768
(
31,207
)
SPDR
S&P
Regional
Banking
ETF
.................
8,778
10/17/25
USD
59.00
USD
55,565
(
272,118
)
U.S.
Treasury
10-Year
Note
......................
1,500
10/24/25
USD
111.00
USD
150,000
(
164,062
)
U.S.
Treasury
30-Year
Bond
.....................
169
10/24/25
USD
108.00
USD
16,900
(
5,281
)
U.S.
Treasury
5-Year
Note
......................
1,168
10/24/25
USD
108.75
USD
116,800
(
209,876
)
S&P
500
Index
..............................
254
11/07/25
USD
6,300.00
USD
169,887
(
820,420
)
S&P
500
Index
..............................
254
11/07/25
USD
6,400.00
USD
169,887
(
1,087,120
)
Alphabet,
Inc.
...............................
400
11/21/25
USD
210.00
USD
9,742
(
103,400
)
Apple,
Inc.
.................................
700
11/21/25
USD
230.00
USD
17,824
(
154,350
)
Citigroup,
Inc.
...............................
2,000
11/21/25
USD
90.00
USD
20,300
(
242,000
)
DR
Horton,
Inc.
..............................
500
11/21/25
USD
145.00
USD
8,474
(
92,500
)
DR
Horton,
Inc.
..............................
500
11/21/25
USD
155.00
USD
8,474
(
190,000
)
EURO
STOXX
Bank
Index
......................
1,500
11/21/25
EUR
205.00
EUR
17,510
(
138,685
)
Intuit,
Inc.
..................................
240
11/21/25
USD
630.00
USD
16,390
(
280,800
)
MongoDB,
Inc.
..............................
450
11/21/25
USD
260.00
USD
13,967
(
174,375
)
NVIDIA
Corp.
...............................
451
11/21/25
USD
160.00
USD
8,415
(
138,682
)
S&P
500
Index
..............................
58
11/21/25
USD
6,100.00
USD
38,793
(
168,490
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
145
Exchange-Traded
Options
Written
(continued)
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Walt
Disney
Co.
(The)
.........................
1,000
11/21/25
USD
100.00
USD
11,450
$
(
101,500
)
(
6,383,715
)
$
(
14,118,934
)
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
EUR
Currency
..............
HSBC
Bank
plc
—
10/02/25
USD
1.18
EUR
33,320
$
(
15,973
)
USD
Currency
..............
Bank
of
America
NA
—
10/02/25
CAD
1.39
USD
150,000
(
237,691
)
USD
Currency
..............
Deutsche
Bank
AG
—
10/08/25
JPY
151.00
USD
379,789
(
211,140
)
USD
Currency
..............
JPMorgan
Chase
Bank
NA
—
10/09/25
JPY
148.50
USD
29,153
(
107,336
)
USD
Currency
..............
JPMorgan
Chase
Bank
NA
—
10/10/25
HKD
7.75
USD
419,340
(
1,611,004
)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
10/15/25
MXN
19.00
USD
19,884
(
12,165
)
USD
Currency
..............
Standard
Chartered
Bank
—
10/16/25
TWD
30.50
USD
42,222
(
184,517
)
USD
Currency
..............
UBS
AG
—
10/16/25
HKD
7.75
USD
424,290
(
1,594,618
)
EUR
Currency
..............
BNP
Paribas
SA
—
10/29/25
USD
1.19
EUR
101,601
(
394,754
)
USD
Currency
..............
Goldman
Sachs
International
—
11/21/25
TRY
45.00
USD
6,233
(
74,442
)
KOSPI
200
Index
............
Bank
of
America
NA
13,956
12/11/25
USD
515.26
USD
6,616
(
53,096
)
KOSPI
200
Index
............
BNP
Paribas
SA
13,849
12/11/25
USD
535.00
USD
6,565
(
23,355
)
EUR
Currency
..............
BNP
Paribas
SA
—
03/09/26
USD
1.23
EUR
32,080
(
232,452
)
USD
Currency
..............
UBS
AG
—
04/10/26
HKD
7.75
USD
206,946
(
615,756
)
(
5,368,299
)
Put
EUR
Currency
..............
JPMorgan
Chase
Bank
NA
—
10/01/25
USD
1.17
EUR
297,923
(
4,975
)
S&P
500
Index
.............
Bank
of
America
NA
4,860
10/01/25
USD
5,660.94
USD
32,506
(
52
)
USD
Currency
..............
HSBC
Bank
plc
—
10/01/25
JPY
146.50
USD
99,903
(
6,586
)
EUR
Currency
..............
HSBC
Bank
plc
—
10/02/25
USD
1.18
EUR
33,320
(
209,551
)
EUR
Currency
..............
Bank
of
America
NA
—
10/08/25
USD
1.14
EUR
329,149
(
13,403
)
USD
Currency
..............
JPMorgan
Chase
Bank
NA
—
10/09/25
JPY
142.00
USD
99,953
(
10,280
)
EUR
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
10/16/25
USD
1.16
EUR
62,442
(
89,261
)
GBP
Currency
..............
Credit
Agricole
Corporate
&
Investment
Bank
SA
—
10/21/25
USD
1.32
GBP
116,594
(
121,655
)
IFSC
NIFTY
50
Index
.........
BNP
Paribas
SA
6,500
10/28/25
USD
24,400.00
USD
159,972
(
1,030,145
)
USD
Currency
..............
Bank
of
America
NA
—
10/30/25
IDR
16,200.00
USD
315,833
(
208,870
)
USD
Currency
..............
Citibank
NA
—
10/31/25
JPY
137.00
USD
159,857
(
47,155
)
CHF
Currency
..............
JPMorgan
Chase
Bank
NA
—
11/14/25
JPY
157.00
CHF
35,780
(
139
)
GBP
Currency
..............
Citibank
NA
—
12/04/25
JPY
192.00
GBP
60,108
(
446,042
)
USD
Currency
..............
Bank
of
America
NA
—
12/12/25
IDR
16,000.00
USD
127,413
(
172,006
)
USD
Currency
..............
Citibank
NA
—
12/12/25
BRL
5.25
USD
127,413
(
881,138
)
USD
Currency
..............
HSBC
Bank
plc
—
12/12/25
ZAR
16.80
USD
125,925
(
636,308
)
USD
Currency
..............
Citibank
NA
—
12/15/25
MXN
18.00
USD
127,413
(
726,745
)
IFSC
NIFTY
50
Index
.........
BNP
Paribas
SA
1,300
12/30/25
USD
21,404.66
USD
31,994
(
41,199
)
iShares
Bitcoin
Trust
ETF
(a)
.....
Goldman
Sachs
International
10,417
01/16/26
USD
48.00
USD
677
(
549,975
)
(
5,195,485
)
$
(
10,563,784
)
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
146
OTC
Credit
Default
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Call
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
1
.00
%
iTraxx
Europe
Main
Index
Series
44.V1
Quarterly
Bank
of
America
NA
03/18/26
A-
EUR
52.50
EUR
492,850
$
(
588,923
)
Put
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Main
Index
Series
44.V1
1
.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
01/21/26
A-
EUR
70.00
EUR
89,867
(
154,820
)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Main
Index
Series
44.V1
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
02/18/26
A-
EUR
70.00
EUR
89,867
(
203,650
)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Main
Index
Series
44.V1
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/18/26
A-
EUR
75.00
EUR
89,867
(
209,031
)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Main
Index
Series
44.V1
1
.00
Quarterly
Bank
of
America
NA
03/18/26
A-
EUR
80.00
EUR
492,850
(
971,784
)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
44.V1
5
.00
Quarterly
Royal
Bank
of
Canada
10/15/25
NR
USD
100.00
USD
36,885
(
1,026
)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
44.V1
5
.00
Quarterly
Bank
of
America
NA
10/15/25
NR
USD
104.50
USD
36,870
(
5,062
)
(
1,545,373
)
$
(
2,134,296
)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
5-Year
Interest
Rate
Swap
(a)
.
3.70%
Annual
6-mo.
PRIBOR
Semi-Annual
JPMorgan
Chase
Bank
NA
10/27/25
3
.70
%
CZK
913,280
$
(
9,580
)
5-Year
Interest
Rate
Swap
(a)
.
3.70%
Annual
6-mo.
PRIBOR
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
10/27/25
3
.70
CZK
608,854
(
6,386
)
30-Year
Interest
Rate
Swap
(a)
3.50%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/30/25
3
.50
USD
203,278
(
138,425
)
5-Year
Interest
Rate
Swap
(a)
.
3.10%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
11/14/25
3
.10
USD
510,935
(
698,428
)
5-Year
Interest
Rate
Swap
(a)
.
3.10%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
11/18/25
3
.10
USD
648,875
(
989,923
)
5-Year
Interest
Rate
Swap
(a)
.
3.05%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
11/20/25
3
.05
USD
641,891
(
811,144
)
5-Year
Interest
Rate
Swap
(a)
.
3.07%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
11/21/25
3
.07
USD
652,640
(
932,783
)
30-Year
Interest
Rate
Swap
(a)
3.15%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
11/26/25
3
.15
USD
301,335
(
119,454
)
2-Year
Interest
Rate
Swap
(a)
.
2.75%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
12/09/25
2
.75
USD
100,384
(
36,011
)
2-Year
Interest
Rate
Swap
(a)
.
2.85%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
12/22/25
2
.85
USD
2,980,752
(
1,993,105
)
10-Year
Interest
Rate
Swap
(a)
3.30%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
12/30/25
3
.30
USD
250,581
(
941,186
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
147
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
30-Year
Interest
Rate
Swap
(a)
3.25%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
01/14/26
3
.25
%
USD
44,178
$
(
100,592
)
30-Year
Interest
Rate
Swap
(a)
3.50%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
01/14/26
3
.50
USD
88,357
(
547,908
)
1-Year
Interest
Rate
Swap
(a)
.
3.50%
At
Termination
1-day
SONIA
At
Termination
Goldman
Sachs
International
06/30/26
3
.50
GBP
1,719,856
(
2,775,642
)
30-Year
Interest
Rate
Swap
(a)
2.40%
Annual
6-mo.
EURIBOR
Semi-Annual
Barclays
Bank
plc
08/17/26
2
.40
EUR
36,662
(
663,757
)
30-Year
Interest
Rate
Swap
(a)
2.70%
Annual
6-mo.
EURIBOR
Semi-Annual
Barclays
Bank
plc
08/17/26
2
.70
EUR
36,662
(
1,348,322
)
30-Year
Interest
Rate
Swap
(a)
2.40%
Annual
6-mo.
EURIBOR
Semi-Annual
BNP
Paribas
SA
08/18/26
2
.40
EUR
11,020
(
200,108
)
30-Year
Interest
Rate
Swap
(a)
2.70%
Annual
6-mo.
EURIBOR
Semi-Annual
BNP
Paribas
SA
08/18/26
2
.70
EUR
11,020
(
406,079
)
(
12,718,833
)
Put
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.90%
Annual
Barclays
Bank
plc
10/15/25
3
.90
USD
110,410
(
146
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
3.77%
At
Termination
JPMorgan
Chase
Bank
NA
11/20/25
3
.77
GBP
988,510
(
956,062
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
3.85%
At
Termination
JPMorgan
Chase
Bank
NA
11/20/25
3
.85
GBP
988,510
(
420,136
)
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
EURIBOR
Quarterly
1.90%
Annual
Morgan
Stanley
&
Co.
International
plc
12/02/25
1
.90
EUR
780,240
(
1,289,721
)
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
EURIBOR
Quarterly
2.00%
Annual
Morgan
Stanley
&
Co.
International
plc
12/02/25
2
.00
EUR
780,240
(
573,213
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
3.90%
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/09/25
3
.90
USD
797,066
(
37,902
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
4.10%
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/09/25
4
.10
USD
797,066
(
5,100
)
5-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.55%
Annual
Goldman
Sachs
International
12/12/25
3
.55
USD
694,651
(
2,152,460
)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.45%
Annual
JPMorgan
Chase
Bank
NA
12/17/25
3
.45
USD
150,891
(
214,872
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SONIA
At
Termination
3.85%
At
Termination
Goldman
Sachs
International
12/18/25
3
.85
GBP
1,648,869
(
868,840
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
3.90%
At
Termination
JPMorgan
Chase
Bank
NA
12/22/25
3
.90
USD
811,740
(
51,802
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
4.20%
At
Termination
JPMorgan
Chase
Bank
NA
12/22/25
4
.20
USD
811,740
(
3,698
)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.55%
Annual
Deutsche
Bank
AG
12/26/25
3
.55
USD
289,133
(
262,889
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.00%
Annual
JPMorgan
Chase
Bank
NA
12/30/25
4
.00
USD
250,581
(
894,319
)
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
EURIBOR
Quarterly
2.00%
Annual
Bank
of
America
NA
03/11/26
2
.00
EUR
828,308
(
1,034,326
)
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
EURIBOR
Quarterly
2.07%
Annual
Bank
of
America
NA
03/11/26
2
.07
EUR
828,308
(
679,261
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
3.90%
At
Termination
Barclays
Bank
plc
04/27/26
3
.90
USD
804,008
(
256,011
)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
4.15%
At
Termination
Barclays
Bank
plc
04/27/26
4
.15
USD
804,008
(
106,504
)
30-Year
Interest
Rate
Swap
(a)
6-mo.
EURIBOR
Semi-Annual
2.90%
Annual
Barclays
Bank
plc
06/24/26
2
.90
EUR
47,400
(
2,744,241
)
30-Year
Interest
Rate
Swap
(a)
6-mo.
EURIBOR
Semi-Annual
3.10%
Annual
Barclays
Bank
plc
06/24/26
3
.10
EUR
47,400
(
1,794,853
)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.30%
Annual
Goldman
Sachs
International
09/20/27
4
.30
USD
1,998,676
(
5,556,319
)
(
19,902,675
)
$
(
32,621,508
)
(a)
Forward
settling
swaption.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
148
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
39.V4
.....................
5
.00
%
Quarterly
12/20/27
USD
43,862
$
(
2,918,373
)
$
—
$
(
2,918,373
)
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
................
1
.00
Quarterly
12/20/27
USD
58,347
(
958,967
)
—
(
958,967
)
iTraxx
Asia
ex-Japan
Investment
Grade
Index
Series
43.V1
.....................
1
.00
Quarterly
06/20/30
USD
42,000
(
729,267
)
(
125,809
)
(
603,458
)
Kingdom
of
Saudi
Arabia
...............
1
.00
Quarterly
06/20/30
USD
22,000
(
354,730
)
(
262,717
)
(
92,013
)
Markit
CDX
North
American
High
Yield
Index
Series
44.V1
.....................
5
.00
Quarterly
06/20/30
USD
152,958
(
12,407,952
)
(
12,115,502
)
(
292,450
)
Markit
CDX
North
American
Investment
Grade
Index
Series
44.V1
................
1
.00
Quarterly
06/20/30
USD
340,697
(
7,844,650
)
(
7,702,685
)
(
141,965
)
People's
Republic
of
China
.............
1
.00
Quarterly
06/20/30
USD
38,332
(
1,090,633
)
(
407,588
)
(
683,045
)
Federative
Republic
of
Brazil
............
1
.00
Quarterly
12/20/30
USD
84,279
1,393,537
1,967,489
(
573,952
)
iTraxx
Asia
ex-Japan
Investment
Grade
Index
Series
44.V1
.....................
1
.00
Quarterly
12/20/30
USD
1,490
(
24,780
)
(
23,527
)
(
1,253
)
iTraxx
Europe
Crossover
Index
Series
44.V1
.
5
.00
Quarterly
12/20/30
EUR
99,072
(
12,520,706
)
(
12,079,209
)
(
441,497
)
iTraxx
Europe
Main
Index
Series
44.V1
.....
1
.00
Quarterly
12/20/30
EUR
808,197
(
20,634,868
)
(
20,282,970
)
(
351,898
)
iTraxx
Europe
Senior
Financials
Index
Series
44.V1
.........................
1
.00
Quarterly
12/20/30
EUR
123,968
(
2,860,619
)
(
2,890,384
)
29,765
Kingdom
of
Saudi
Arabia
...............
1
.00
Quarterly
12/20/30
USD
1,733
(
26,673
)
(
24,215
)
(
2,458
)
Markit
CDX
North
American
Emerging
Markets
Index
Series
44.V1
................
1
.00
Quarterly
12/20/30
USD
3,422
74,128
74,607
(
479
)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
................
1
.00
Quarterly
12/20/30
USD
1,974,055
(
45,389,217
)
(
44,991,982
)
(
397,235
)
Republic
of
Colombia
.................
1
.00
Quarterly
12/20/30
USD
9,489
398,658
428,031
(
29,373
)
Republic
of
Korea
...................
1
.00
Quarterly
12/20/30
USD
3,154
(
114,524
)
(
120,998
)
6,474
Republic
of
Turkiye
(The)
..............
1
.00
Quarterly
12/20/30
USD
2,345
162,955
197,220
(
34,265
)
United
Mexican
States
................
1
.00
Quarterly
12/20/30
USD
43,455
(
185,665
)
108,925
(
294,590
)
$
(
106,032,346
)
$
(
98,251,314
)
$
(
7,781,032
)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
41.V2
...........
5
.00
%
Quarterly
12/20/28
BB-
USD
67,169
$
5,344,948
$
—
$
5,344,948
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5
.00
Quarterly
12/20/29
BB-
EUR
163,449
19,681,180
11,141,926
8,539,254
Ford
Motor
Co.
.......
5
.00
Quarterly
06/20/30
BBB-
USD
21,616
3,180,121
2,547,408
632,713
iTraxx
Europe
Crossover
Index
Series
43.V2
..
5
.00
Quarterly
06/20/30
BB-
EUR
2,786
356,378
348,264
8,114
Markit
CDX
North
American
High
Yield
Index
Series
45.V1
...........
5
.00
Quarterly
12/20/30
B+
USD
247,000
19,144,798
19,052,531
92,267
Republic
of
Chile
......
1
.00
Quarterly
12/20/30
A
USD
1,849
43,577
43,154
423
$
47,751,002
$
33,133,283
$
14,617,719
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
149
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
4.19%
Annual
1-day
SOFR
Annual
N/A
09/28/25
USD
292,000
$
954,885
$
—
$
954,885
1-day
SOFR
Annual
4.25%
Annual
N/A
10/17/25
USD
1,489,926
(
3,452,029
)
—
(
3,452,029
)
1-day
SOFR
Annual
4.05%
Annual
N/A
10/18/25
USD
765,005
(
3,315,832
)
—
(
3,315,832
)
1-day
SOFR
Annual
4.25%
Annual
N/A
10/19/25
USD
685,759
(
1,531,584
)
—
(
1,531,584
)
0.53%
At
Termination
1-day
TONAR
At
Termination
N/A
10/30/25
JPY
290,100,000
(
77,647
)
—
(
77,647
)
4.51%
Annual
1-day
SOFR
Annual
N/A
11/07/25
USD
800,000
(
595,816
)
—
(
595,816
)
4.45%
Annual
1-day
SOFR
Annual
N/A
11/08/25
USD
400,000
(
82,441
)
—
(
82,441
)
1-day
SOFR
Annual
3.88%
Annual
N/A
12/12/25
USD
265,000
(
1,280,386
)
—
(
1,280,386
)
1-day
SOFR
Annual
3.75%
Annual
N/A
12/15/25
USD
251,214
(
1,509,639
)
—
(
1,509,639
)
1-day
SOFR
Annual
3.93%
Annual
N/A
12/15/25
USD
270,000
(
1,135,630
)
—
(
1,135,630
)
1-day
SOFR
Annual
3.78%
Annual
N/A
12/19/25
USD
589,000
(
3,359,046
)
—
(
3,359,046
)
1-day
SOFR
Annual
3.81%
Annual
N/A
12/19/25
USD
613,023
(
3,298,745
)
—
(
3,298,745
)
0.59%
At
Termination
1-day
TONAR
At
Termination
10/31/25
(a)
12/19/25
JPY
225,153,000
110,770
—
110,770
5.14%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/20/25
PLN
200,829
(
1,423,243
)
—
(
1,423,243
)
14.89%
At
Termination
1-day
BZDIOVER
At
Termination
N/A
01/02/26
BRL
36,720
244
—
244
7.84%
Monthly
1-day
MXIBTIIE
Monthly
N/A
01/09/26
MXN
168,652
(
12,450
)
—
(
12,450
)
9.31%
Monthly
1-day
MXIBTIIE
Monthly
N/A
01/09/26
MXN
1,071,860
(
343,156
)
—
(
343,156
)
1-day
SOFR
Annual
3.70%
Annual
N/A
01/20/26
USD
472,000
(
2,799,407
)
—
(
2,799,407
)
4.33%
Annual
1-day
SOFR
Annual
N/A
02/22/26
USD
511,600
(
521,153
)
—
(
521,153
)
1-day
MXIBTIIE
Monthly
7.79%
Monthly
N/A
02/25/26
MXN
306,164
35,801
—
35,801
1-day
MXIBTIIE
Monthly
8.47%
Monthly
N/A
02/25/26
MXN
3,250,623
933,690
—
933,690
4.47%
Annual
1-day
SOFR
Annual
N/A
03/02/26
USD
272,000
(
702,240
)
—
(
702,240
)
4.46%
Annual
1-day
SOFR
Annual
N/A
03/02/26
USD
272,500
(
666,105
)
—
(
666,105
)
0.28%
Annual
1-day
TONAR
Annual
N/A
03/09/26
JPY
55,971,540
1,009,865
—
1,009,865
0.29%
Annual
1-day
TONAR
Annual
N/A
03/11/26
JPY
56,730,000
1,023,451
—
1,023,451
3.72%
Annual
1-day
SOFR
Annual
N/A
03/17/26
USD
270,000
1,247,522
—
1,247,522
8.02%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/26/26
ZAR
458,463
(
136,881
)
—
(
136,881
)
4.75%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
831,684
(
4,984,774
)
—
(
4,984,774
)
4.75%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
831,684
(
4,924,154
)
—
(
4,924,154
)
4.87%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
1,049,201
(
7,512,073
)
—
(
7,512,073
)
4.73%
Annual
1-day
SOFR
Annual
N/A
03/31/26
USD
415,842
(
2,403,525
)
—
(
2,403,525
)
1-day
SOFR
Annual
4.40%
Annual
N/A
04/08/26
USD
856,095
2,289,135
—
2,289,135
1-day
SOFR
Annual
4.45%
Annual
N/A
04/09/26
USD
313,413
1,001,093
—
1,001,093
1-day
SOFR
Annual
4.05%
Annual
N/A
04/18/26
USD
496,227
(
272,933
)
—
(
272,933
)
1-day
SOFR
Annual
4.30%
Annual
N/A
04/24/26
USD
597,999
1,222,364
—
1,222,364
8.15%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
05/07/26
ZAR
1,847,147
(
937,941
)
—
(
937,941
)
1-day
SOFR
Annual
4.50%
Annual
N/A
05/08/26
USD
496,014
2,162,978
—
2,162,978
1-day
MXIBTIIE
Monthly
7.73%
Monthly
N/A
05/11/26
MXN
746,938
139,718
—
139,718
1-day
MXIBTIIE
Monthly
7.73%
Monthly
N/A
05/11/26
MXN
163,750
30,905
—
30,905
3.15%
Annual
1-day
SOFR
Annual
N/A
05/27/26
USD
533,651
4,562,968
117,725
4,445,243
7.97%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
06/06/26
ZAR
815,915
(
362,661
)
—
(
362,661
)
7.73%
Monthly
1-day
MXIBTIIE
Monthly
N/A
06/19/26
MXN
2,596,531
(
610,900
)
—
(
610,900
)
1-day
MXIBTIIE
Monthly
7.69%
Monthly
N/A
06/26/26
MXN
70,215
16,010
—
16,010
1-day
SOFR
Annual
4.35%
Annual
N/A
07/22/26
USD
224,700
1,075,960
—
1,075,960
1-day
MXIBTIIE
Monthly
7.49%
Monthly
N/A
08/04/26
MXN
70,275
12,211
—
12,211
0.40%
Annual
1-day
TONAR
Annual
N/A
08/14/26
JPY
28,618,000
610,054
—
610,054
0.41%
Annual
1-day
TONAR
Annual
N/A
08/14/26
JPY
35,725,000
735,156
—
735,156
1-day
MXIBTIIE
Monthly
7.31%
Monthly
N/A
08/26/26
MXN
140,412
16,198
—
16,198
6.86%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
269,159
(
2,464
)
—
(
2,464
)
7.03%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
537,596
(
55,830
)
—
(
55,830
)
6.81%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
537,791
9,456
—
9,456
6.94%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
268,932
(
14,831
)
7,433
(
22,264
)
6.94%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
1,078,435
(
60,334
)
—
(
60,334
)
4.43%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
23,751
(
7,372
)
—
(
7,372
)
4.19%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
47,496
15,349
—
15,349
4.21%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
95,245
25,751
—
25,751
4.22%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
23,771
5,486
—
5,486
4.46%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
47,479
(
18,810
)
—
(
18,810
)
5.24%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/19/26
PLN
121,330
(
294,053
)
—
(
294,053
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
150
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
5.16%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/19/26
PLN
225,509
$
(
500,175
)
$
—
$
(
500,175
)
6.92%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/23/26
ZAR
248,346
(
9,296
)
—
(
9,296
)
1-day
SOFR
At
Termination
4.17%
At
Termination
10/23/25
(a)
10/23/26
USD
397,482
2,283,651
—
2,283,651
1-day
SOFR
At
Termination
4.21%
At
Termination
10/27/25
(a)
10/27/26
USD
794,377
4,978,059
—
4,978,059
1-day
SOFR
Annual
4.00%
Annual
N/A
10/28/26
USD
800,722
(
311,979
)
—
(
311,979
)
0.61%
At
Termination
1-day
TONAR
At
Termination
11/04/25
(a)
11/04/26
JPY
8,583,000
128,474
—
128,474
1-day
MXIBTIIE
Monthly
7.62%
Monthly
N/A
11/18/26
MXN
71,085
25,381
—
25,381
1-day
MXIBTIIE
Monthly
9.26%
Monthly
N/A
11/18/26
MXN
324,250
437,545
—
437,545
1-day
BZDIOVER
At
Termination
13.91%
At
Termination
N/A
01/04/27
BRL
9,636
(
4,507
)
—
(
4,507
)
1-day
SOFR
Annual
4.07%
Annual
N/A
01/14/27
USD
795,890
3,289,499
—
3,289,499
1-day
SOFR
Annual
4.03%
Annual
N/A
03/07/27
USD
464,406
2,404,537
—
2,404,537
1-day
SOFR
Annual
3.47%
Annual
N/A
03/10/27
USD
200,466
(
1,144,223
)
—
(
1,144,223
)
2.12%
At
Termination
1-day
ESTR
At
Termination
03/10/26
(a)
03/10/27
EUR
73,331
(
206,419
)
54,012
(
260,431
)
6-mo.
BUBOR
Semi-Annual
6.04%
Annual
N/A
03/19/27
HUF
708,425
(
7,852
)
—
(
7,852
)
6-mo.
BUBOR
Semi-Annual
6.50%
Annual
N/A
03/19/27
HUF
16,095,693
1,677,541
—
1,677,541
7.25%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/19/27
ZAR
289,687
(
114,503
)
—
(
114,503
)
5.13%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
03/19/27
PLN
193,483
(
2,085,183
)
—
(
2,085,183
)
5.14%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
03/19/27
PLN
322,472
(
3,497,444
)
—
(
3,497,444
)
1-day
MIBOR
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/27
INR
3,911,496
578,191
—
578,191
3.88%
Annual
1-day
SOFR
Annual
N/A
03/20/27
USD
22,337
(
61,610
)
1,977
(
63,587
)
3.83%
Annual
1-day
SOFR
Annual
N/A
03/25/27
USD
24,555
(
43,573
)
889
(
44,462
)
3.71%
Annual
1-day
SOFR
Annual
N/A
04/02/27
USD
24,548
6,475
140
6,335
0.65%
At
Termination
1-day
TONAR
At
Termination
04/20/26
(a)
04/20/27
JPY
81,579,000
1,961,768
—
1,961,768
3.34%
Annual
1-day
SOFR
Annual
N/A
04/30/27
USD
29,033
180,019
—
180,019
1-day
SOFR
Annual
4.10%
Annual
N/A
05/30/27
USD
590,948
5,509,853
—
5,509,853
1-day
SOFR
Annual
4.15%
Annual
N/A
05/30/27
USD
590,948
6,083,237
—
6,083,237
0.85%
At
Termination
1-day
TONAR
At
Termination
06/02/26
(a)
06/02/27
JPY
30,891,000
395,395
—
395,395
3-mo.
PRIBOR
Quarterly
3.62%
At
Termination
09/16/26
(a)
09/16/27
CZK
72,444
(
5,518
)
—
(
5,518
)
0.95%
Quarterly
1-day
THOR
Quarterly
09/16/26
(a)
09/16/27
THB
3,554,220
(
12,562
)
—
(
12,562
)
0.93%
Quarterly
1-day
THOR
Quarterly
09/16/26
(a)
09/16/27
THB
3,550,670
13,896
—
13,896
6-mo.
BUBOR
Semi-Annual
5.68%
Annual
N/A
09/17/27
HUF
8,702,172
(
272,295
)
—
(
272,295
)
6-mo.
BUBOR
Semi-Annual
5.76%
Annual
N/A
09/17/27
HUF
19,770,331
(
531,220
)
—
(
531,220
)
6-mo.
BUBOR
Semi-Annual
6.02%
Annual
N/A
09/17/27
HUF
3,629,579
(
44,373
)
—
(
44,373
)
6-mo.
BUBOR
Semi-Annual
6.10%
Annual
N/A
09/17/27
HUF
2,170,087
(
16,937
)
—
(
16,937
)
6-mo.
BUBOR
Semi-Annual
6.11%
Annual
N/A
09/17/27
HUF
4,339,577
(
32,669
)
—
(
32,669
)
6-mo.
BUBOR
Semi-Annual
6.20%
Annual
N/A
09/17/27
HUF
2,171,914
(
4,949
)
—
(
4,949
)
6.99%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
227,407
(
67,782
)
—
(
67,782
)
6.79%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
56,757
(
4,530
)
—
(
4,530
)
6.72%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
113,403
(
264
)
—
(
264
)
7.02%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
113,361
(
36,970
)
—
(
36,970
)
6.93%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
56,709
(
13,212
)
1,986
(
15,198
)
3.97%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
128,609
80,616
—
80,616
3.99%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
64,134
33,563
—
33,563
4.27%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
64,111
(
59,347
)
—
(
59,347
)
4.03%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
32,099
10,154
—
10,154
4.18%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
32,072
(
14,751
)
—
(
14,751
)
1-day
SOFR
Annual
3.98%
Annual
N/A
10/06/27
USD
482,431
2,960,387
—
2,960,387
1-day
SOFR
Annual
3.30%
Annual
10/23/25
(a)
10/23/27
USD
143,045
(
175,962
)
—
(
175,962
)
1-day
SOFR
Annual
4.20%
Annual
10/23/25
(a)
10/23/27
USD
206,848
3,329,034
—
3,329,034
1-day
SOFR
Annual
3.92%
Annual
11/03/25
(a)
11/03/27
USD
98,149
1,081,604
—
1,081,604
1-day
SOFR
Annual
3.95%
Annual
11/03/25
(a)
11/03/27
USD
98,149
1,138,118
—
1,138,118
1-day
SOFR
Annual
3.99%
Annual
11/03/25
(a)
11/03/27
USD
196,299
2,408,100
—
2,408,100
1-day
SOFR
Annual
4.07%
Annual
11/03/25
(a)
11/03/27
USD
400,330
5,565,693
—
5,565,693
1-day
SOFR
Annual
3.86%
Annual
11/10/25
(a)
11/10/27
USD
405,709
4,084,256
—
4,084,256
1-day
SOFR
Annual
3.91%
Annual
11/10/25
(a)
11/10/27
USD
410,897
4,472,967
—
4,472,967
1-week
CNREPOFIX_
CFXS
Quarterly
1.57%
Quarterly
12/17/25
(a)
12/17/27
CNY
88,900
(
341
)
—
(
341
)
5.44%
Semi-Annual
1-day
MIBOR
Semi-Annual
12/17/25
(a)
12/17/27
INR
2,890,000
15,700
—
15,700
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
151
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3.15%
Annual
1-day
SOFR
Annual
12/17/25
(a)
12/17/27
USD
32,831
$
95,179
$
—
$
95,179
1.17%
Semi-Annual
1-day
SORA
Semi-Annual
12/17/25
(a)
12/17/27
SGD
42,096
92,538
—
92,538
0.95%
Quarterly
1-day
THOR
Quarterly
12/17/25
(a)
12/17/27
THB
519,768
9,802
—
9,802
0.93%
Annual
1-day
TONAR
Annual
12/17/25
(a)
12/17/27
JPY
2,414,512
31,277
—
31,277
2.77%
Quarterly
3-mo.
HIBOR
Quarterly
12/17/25
(a)
12/17/27
HKD
127,000
48,497
—
48,497
1-day
BZDIOVER
At
Termination
13.29%
At
Termination
N/A
01/03/28
BRL
5,520
(
1,643
)
—
(
1,643
)
1-day
SOFR
Annual
3.48%
Annual
01/23/26
(a)
01/23/28
USD
540,713
2,201,559
—
2,201,559
1-day
SOFR
Annual
4.00%
Annual
01/26/26
(a)
01/26/28
USD
494,279
6,881,323
—
6,881,323
3.45%
Annual
1-day
SOFR
Annual
01/26/26
(a)
01/26/28
USD
494,279
(
1,701,534
)
—
(
1,701,534
)
1-day
SOFR
Annual
3.87%
Annual
02/05/26
(a)
02/05/28
USD
500,675
5,851,056
—
5,851,056
3.27%
Annual
1-day
SOFR
Annual
02/05/26
(a)
02/05/28
USD
500,675
(
117,788
)
—
(
117,788
)
1-day
SONIA
At
Termination
3.18%
At
Termination
02/10/27
(a)
02/10/28
GBP
347,008
(
2,223,814
)
—
(
2,223,814
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.58%
Quarterly
N/A
03/19/28
CNY
365,040
530
—
530
1.12%
At
Termination
1-day
TONAR
At
Termination
04/05/27
(a)
04/05/28
JPY
31,264,500
225,425
—
225,425
1.09%
At
Termination
1-day
TONAR
At
Termination
04/05/27
(a)
04/05/28
JPY
31,264,500
286,903
—
286,903
4.64%
Annual
1-day
SONIA
Annual
N/A
05/26/28
GBP
24,450
(
768,499
)
—
(
768,499
)
1-day
MIBOR
At
Termination
5.80%
At
Termination
06/16/27
(a)
06/16/28
INR
10,887,698
39,516
—
39,516
1-day
MIBOR
At
Termination
5.84%
At
Termination
06/16/27
(a)
06/16/28
INR
10,887,698
75,781
—
75,781
1-day
SONIA
Annual
4.86%
Annual
N/A
06/20/28
GBP
124,190
4,975,624
—
4,975,624
1-day
ESTR
At
Termination
2.00%
At
Termination
06/22/27
(a)
06/22/28
EUR
76,140
(
102,998
)
(
23,708
)
(
79,290
)
1-day
ESTR
At
Termination
2.00%
At
Termination
06/28/27
(a)
06/28/28
EUR
152,340
(
202,553
)
(
35,629
)
(
166,924
)
1-day
ESTR
At
Termination
2.06%
At
Termination
07/02/27
(a)
07/02/28
EUR
376,240
(
248,507
)
80,550
(
329,057
)
1-day
ESTR
At
Termination
2.06%
At
Termination
07/12/27
(a)
07/12/28
EUR
376,240
(
271,717
)
(
89,447
)
(
182,270
)
0.81%
Annual
1-day
TONAR
Annual
08/04/26
(a)
08/04/28
JPY
8,586,000
424,001
—
424,001
1-day
ESTR
At
Termination
2.12%
At
Termination
08/06/27
(a)
08/06/28
EUR
117,990
(
30,562
)
52,474
(
83,036
)
1-day
SOFR
Annual
3.50%
Annual
N/A
08/20/28
USD
588,764
1,889,387
—
1,889,387
4.29%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
782,949
(
20,433,227
)
—
(
20,433,227
)
4.26%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
981,388
(
24,848,184
)
—
(
24,848,184
)
4.25%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
195,737
(
4,865,459
)
—
(
4,865,459
)
4.29%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
495,162
(
12,899,292
)
—
(
12,899,292
)
3-mo.
CD_KSDA
Quarterly
2.53%
Quarterly
09/15/27
(a)
09/15/28
KRW
130,520,290
(
70,030
)
—
(
70,030
)
1.03%
At
Termination
1-day
TONAR
At
Termination
09/15/27
(a)
09/15/28
JPY
16,979,000
287,423
—
287,423
3-mo.
CD_KSDA
Quarterly
2.36%
Quarterly
N/A
09/17/28
KRW
29,644,373
(
102,915
)
—
(
102,915
)
3-mo.
CD_KSDA
Quarterly
2.37%
Quarterly
N/A
09/17/28
KRW
14,822,408
(
49,308
)
—
(
49,308
)
3-mo.
CD_KSDA
Quarterly
2.40%
Quarterly
N/A
09/17/28
KRW
100,011,622
(
262,222
)
—
(
262,222
)
3-mo.
CD_KSDA
Quarterly
2.40%
Quarterly
N/A
09/17/28
KRW
59,924,924
(
161,465
)
—
(
161,465
)
3-mo.
CD_KSDA
Quarterly
2.41%
Quarterly
N/A
09/17/28
KRW
99,812,787
(
247,220
)
—
(
247,220
)
3-mo.
CD_KSDA
Quarterly
2.41%
Quarterly
N/A
09/17/28
KRW
6,568,702
(
16,678
)
—
(
16,678
)
3-mo.
CD_KSDA
Quarterly
2.42%
Quarterly
09/17/27
(a)
09/17/28
KRW
63,520,610
(
80,911
)
—
(
80,911
)
3-mo.
CD_KSDA
Quarterly
2.44%
Quarterly
N/A
09/17/28
KRW
13,139,461
(
23,558
)
—
(
23,558
)
3-mo.
CD_KSDA
Quarterly
2.45%
Quarterly
09/17/27
(a)
09/17/28
KRW
63,520,610
(
70,144
)
—
(
70,144
)
3-mo.
CD_KSDA
Quarterly
2.48%
Quarterly
09/17/27
(a)
09/17/28
KRW
310,992,925
(
265,401
)
—
(
265,401
)
3-mo.
CD_KSDA
Quarterly
2.50%
Quarterly
09/17/27
(a)
09/17/28
KRW
292,703,097
(
214,069
)
—
(
214,069
)
3-mo.
CD_KSDA
Quarterly
2.51%
Quarterly
09/17/27
(a)
09/17/28
KRW
327,430,583
(
212,826
)
—
(
212,826
)
3-mo.
CD_KSDA
Quarterly
2.53%
Quarterly
09/17/27
(a)
09/17/28
KRW
310,992,925
(
168,403
)
—
(
168,403
)
3-mo.
CD_KSDA
Quarterly
2.61%
Quarterly
09/17/27
(a)
09/17/28
KRW
142,096,920
(
350
)
—
(
350
)
1-day
MIBOR
Semi-Annual
5.54%
Semi-Annual
N/A
09/17/28
INR
7,313,871
(
5,627
)
—
(
5,627
)
1-day
MIBOR
Semi-Annual
5.58%
Semi-Annual
N/A
09/17/28
INR
1,114,919
12,167
—
12,167
3.16%
Annual
1-day
SOFR
Annual
N/A
09/19/28
USD
17,900
96,974
—
96,974
1-day
SOFR
Annual
4.40%
Annual
N/A
10/31/28
USD
250,232
7,551,529
—
7,551,529
1-day
SONIA
Annual
4.12%
Annual
N/A
11/17/28
GBP
121,376
1,190,480
—
1,190,480
1-day
SONIA
Annual
4.12%
Annual
N/A
11/21/28
GBP
120,683
1,201,834
—
1,201,834
1-day
SOFR
Annual
3.25%
Annual
12/15/26
(a)
12/15/28
USD
419,055
374,533
—
374,533
1-day
BZDIOVER
At
Termination
13.01%
At
Termination
N/A
01/02/29
BRL
533,648
(
460,706
)
—
(
460,706
)
1-day
BZDIOVER
At
Termination
13.08%
At
Termination
N/A
01/02/29
BRL
31,560
(
15,753
)
—
(
15,753
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
152
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
13.11%
At
Termination
N/A
01/02/29
BRL
37,843
$
(
22,566
)
$
—
$
(
22,566
)
1-day
BZDIOVER
At
Termination
13.14%
At
Termination
N/A
01/02/29
BRL
189,659
(
53,976
)
—
(
53,976
)
1-day
BZDIOVER
At
Termination
13.24%
At
Termination
N/A
01/02/29
BRL
31,080
7,297
—
7,297
1-day
BZDIOVER
At
Termination
13.32%
At
Termination
N/A
01/02/29
BRL
31,400
18,742
—
18,742
2.92%
Annual
1-day
SOFR
Annual
N/A
02/16/29
USD
180,919
4,117,415
300,017
3,817,398
6-mo.
EURIBOR
Semi-Annual
3.00%
Annual
N/A
03/05/29
EUR
300,382
13,964,545
—
13,964,545
0.50%
Annual
1-day
TONAR
Annual
N/A
03/05/29
JPY
27,688,578
3,725,715
—
3,725,715
0.50%
Annual
1-day
TONAR
Annual
N/A
03/11/29
JPY
27,688,578
3,737,218
—
3,737,218
3.80%
Annual
1-day
SOFR
Annual
N/A
03/19/29
USD
13,200
(
150,460
)
—
(
150,460
)
1-day
MIBOR
Semi-Annual
6.26%
Semi-Annual
N/A
03/20/29
INR
1,210,394
281,874
—
281,874
1-day
MIBOR
Semi-Annual
6.30%
Semi-Annual
N/A
03/20/29
INR
1,479,370
364,127
—
364,127
1-day
SOFR
Annual
3.79%
Annual
N/A
03/29/29
USD
732,656
8,407,103
—
8,407,103
1-day
SOFR
Annual
4.00%
Annual
N/A
04/08/29
USD
414,291
8,158,935
—
8,158,935
1-day
SOFR
Annual
4.05%
Annual
N/A
04/09/29
USD
313,413
6,771,165
—
6,771,165
1-day
SOFR
Annual
4.00%
Annual
N/A
04/18/29
USD
496,227
9,901,317
—
9,901,317
1-day
SOFR
Annual
4.00%
Annual
N/A
04/24/29
USD
249,166
5,010,755
—
5,010,755
6-mo.
EURIBOR
Semi-Annual
2.90%
Annual
N/A
04/30/29
EUR
349,347
9,922,512
—
9,922,512
1-day
SOFR
Annual
4.00%
Annual
N/A
05/06/29
USD
501,757
10,258,722
—
10,258,722
6-mo.
EURIBOR
Semi-Annual
2.87%
Annual
N/A
06/11/29
EUR
248,990
6,693,029
—
6,693,029
3-mo.
CD_KSDA
Quarterly
2.48%
Quarterly
06/16/27
(a)
06/16/29
KRW
60,580,670
(
142,212
)
—
(
142,212
)
3-mo.
CD_KSDA
Quarterly
2.49%
Quarterly
06/16/27
(a)
06/16/29
KRW
61,900,470
(
135,718
)
—
(
135,718
)
3-mo.
CD_KSDA
Quarterly
2.50%
Quarterly
06/16/27
(a)
06/16/29
KRW
59,695,130
(
124,046
)
—
(
124,046
)
3-mo.
CD_KSDA
Quarterly
2.50%
Quarterly
06/16/27
(a)
06/16/29
KRW
62,322,210
(
127,825
)
—
(
127,825
)
3-mo.
CD_KSDA
Quarterly
2.52%
Quarterly
06/16/27
(a)
06/16/29
KRW
66,734,960
(
116,643
)
—
(
116,643
)
1-day
ESTR
Annual
2.12%
Annual
06/29/27
(a)
06/29/29
EUR
38,630
(
81,849
)
18,604
(
100,453
)
3.57%
Annual
1-day
SOFR
Annual
N/A
08/05/29
USD
10,553
(
68,452
)
—
(
68,452
)
3-mo.
BBR
Quarterly
3.64%
Quarterly
09/06/27
(a)
09/06/29
AUD
74,320
(
88,964
)
—
(
88,964
)
3-mo.
BBR
Quarterly
3.59%
Quarterly
09/13/27
(a)
09/13/29
AUD
72,510
(
134,023
)
—
(
134,023
)
3-mo.
BBR
Quarterly
3.57%
Quarterly
09/15/27
(a)
09/15/29
AUD
73,570
(
159,392
)
—
(
159,392
)
1-day
ESTR
Annual
2.28%
Annual
09/28/27
(a)
09/28/29
EUR
83,670
37,663
(
83,498
)
121,161
3-mo.
BBR
Quarterly
3.72%
Quarterly
09/30/27
(a)
09/30/29
AUD
157,030
(
57,424
)
—
(
57,424
)
1-day
SOFR
Annual
3.66%
Annual
N/A
10/10/29
USD
250,246
797,105
—
797,105
1-day
MXIBTIIE
Monthly
7.77%
Monthly
N/A
11/14/29
MXN
34,170
36,744
—
36,744
1-day
MXIBTIIE
Monthly
9.04%
Monthly
N/A
11/14/29
MXN
8,461,980
30,183,443
—
30,183,443
0.77%
Annual
1-day
TONAR
Annual
N/A
11/18/29
JPY
61,997,581
5,009,944
—
5,009,944
8.97%
Monthly
1-day
MXIBTIIE
Monthly
N/A
12/14/29
MXN
476,456
(
1,647,314
)
—
(
1,647,314
)
7.78%
Monthly
1-day
MXIBTIIE
Monthly
N/A
12/14/29
MXN
34,563
(
37,699
)
—
(
37,699
)
1.31%
Annual
1-day
TONAR
Annual
12/15/27
(a)
12/15/29
JPY
20,126,000
78,448
—
78,448
1-day
MIBOR
Semi-Annual
6.12%
Semi-Annual
N/A
12/18/29
INR
1,484,007
302,176
—
302,176
1-day
MIBOR
Semi-Annual
6.12%
Semi-Annual
N/A
12/18/29
INR
1,484,007
306,783
—
306,783
1-day
SONIA
Annual
4.00%
Annual
N/A
01/16/30
GBP
299,226
1,914,937
—
1,914,937
1-day
SONIA
Annual
4.00%
Annual
N/A
01/20/30
GBP
242,415
1,579,652
—
1,579,652
6-mo.
EURIBOR
Semi-Annual
2.21%
Annual
N/A
01/31/30
EUR
7,238
(
19,195
)
1,182
(
20,377
)
6-mo.
EURIBOR
Semi-Annual
2.21%
Annual
N/A
01/31/30
EUR
3,621
(
12,930
)
(
1,951
)
(
10,979
)
6-mo.
EURIBOR
Semi-Annual
2.29%
Annual
N/A
01/31/30
EUR
3,624
(
5,760
)
(
374
)
(
5,386
)
6-mo.
EURIBOR
Semi-Annual
2.42%
Annual
N/A
01/31/30
EUR
6,133
113,972
1,469
112,503
6-mo.
EURIBOR
Semi-Annual
2.63%
Annual
N/A
01/31/30
EUR
14,519
315,663
301,107
14,556
6-mo.
EURIBOR
Semi-Annual
2.33%
Annual
N/A
02/03/30
EUR
7,241
(
468
)
7,227
(
7,695
)
6-mo.
EURIBOR
Semi-Annual
2.43%
Annual
N/A
02/03/30
EUR
12,363
241,605
26,574
215,031
7.80%
Monthly
1-day
MXIBTIIE
Monthly
N/A
02/07/30
MXN
35,956
(
40,431
)
—
(
40,431
)
8.65%
Monthly
1-day
MXIBTIIE
Monthly
N/A
02/07/30
MXN
164,014
(
472,786
)
—
(
472,786
)
1-day
SOFR
Annual
3.23%
Annual
N/A
02/19/30
USD
299,521
(
3,913,176
)
—
(
3,913,176
)
1-day
MIBOR
Semi-Annual
6.06%
Semi-Annual
N/A
02/21/30
INR
3,780,085
630,312
—
630,312
1-day
SOFR
Annual
3.90%
Annual
N/A
02/24/30
USD
127,468
2,379,212
—
2,379,212
6-mo.
PRIBOR
Semi-Annual
3.46%
Annual
N/A
03/19/30
CZK
323,685
(
6,148
)
—
(
6,148
)
6-mo.
PRIBOR
Semi-Annual
3.60%
Annual
N/A
03/19/30
CZK
70,961
(
39,977
)
—
(
39,977
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
153
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
6-mo.
WIBOR
Semi-Annual
4.94%
Annual
N/A
03/19/30
PLN
39,493
$
627,184
$
—
$
627,184
1-day
MIBOR
Semi-Annual
6.00%
Semi-Annual
N/A
03/19/30
INR
4,248,404
585,798
—
585,798
6-mo.
BUBOR
Semi-Annual
6.15%
Annual
N/A
03/19/30
HUF
306,560
(
2,886
)
—
(
2,886
)
6-mo.
BUBOR
Semi-Annual
6.55%
Annual
N/A
03/19/30
HUF
3,254,831
435,163
—
435,163
7.94%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/19/30
ZAR
1,532,978
(
3,490,170
)
—
(
3,490,170
)
7.82%
Monthly
1-day
MXIBTIIE
Monthly
N/A
05/06/30
MXN
28,226
(
33,034
)
—
(
33,034
)
7.73%
Monthly
1-day
MXIBTIIE
Monthly
N/A
05/06/30
MXN
128,752
(
125,186
)
—
(
125,186
)
6-mo.
EURIBOR
Semi-Annual
2.20%
Annual
N/A
06/04/30
EUR
78,229
(
613,188
)
—
(
613,188
)
1-day
MXIBTIIE
Monthly
7.82%
Monthly
N/A
06/07/30
MXN
401,653
475,912
—
475,912
1-day
MXIBTIIE
Monthly
7.82%
Monthly
N/A
06/07/30
MXN
44,005
52,190
—
52,190
6-mo.
PRIBOR
Semi-Annual
3.56%
Annual
N/A
06/18/30
CZK
88,347
(
63,976
)
—
(
63,976
)
6-mo.
PRIBOR
Semi-Annual
3.62%
Annual
N/A
06/18/30
CZK
47,877
(
28,644
)
—
(
28,644
)
6-mo.
PRIBOR
Semi-Annual
3.66%
Annual
N/A
06/18/30
CZK
130,042
(
64,876
)
14,481
(
79,357
)
7.77%
Monthly
1-day
MXIBTIIE
Monthly
N/A
06/21/30
MXN
10,094
(
10,777
)
—
(
10,777
)
1-day
MXIBTIIE
Monthly
7.72%
Monthly
N/A
06/24/30
MXN
440,087
421,480
—
421,480
1-day
ESTR
Annual
2.10%
Annual
N/A
07/18/30
EUR
30,560
(
63,435
)
2,602
(
66,037
)
1-day
MXIBTIIE
Monthly
7.67%
Monthly
N/A
07/30/30
MXN
85,343
71,385
—
71,385
1-day
MXIBTIIE
Monthly
7.69%
Monthly
N/A
07/30/30
MXN
1,627,276
1,435,215
—
1,435,215
6-mo.
EURIBOR
Semi-Annual
2.34%
Annual
N/A
08/19/30
EUR
17,160
(
29,323
)
(
19,516
)
(
9,807
)
2.26%
Annual
3-mo.
STIBOR
Quarterly
N/A
08/19/30
SEK
181,730
81,401
15,630
65,771
1-day
MXIBTIIE
Monthly
7.51%
Monthly
N/A
08/21/30
MXN
170,518
80,650
—
80,650
1-day
ESTR
Annual
2.10%
Annual
N/A
08/25/30
EUR
8,950
(
24,351
)
(
20,655
)
(
3,696
)
6-mo.
EURIBOR
Semi-Annual
2.28%
Annual
N/A
09/10/30
EUR
15,840
(
81,859
)
4,906
(
86,765
)
2.24%
Annual
3-mo.
STIBOR
Quarterly
N/A
09/10/30
SEK
171,460
103,617
(
47,375
)
150,992
6-mo.
EURIBOR
Semi-Annual
2.28%
Annual
N/A
09/11/30
EUR
78,380
(
436,892
)
(
108,208
)
(
328,684
)
2.19%
Annual
3-mo.
STIBOR
Quarterly
N/A
09/11/30
SEK
862,840
748,705
108,587
640,118
6-mo.
EURIBOR
Semi-Annual
2.31%
Annual
N/A
09/12/30
EUR
15,700
(
63,244
)
(
2,356
)
(
60,888
)
2.20%
Annual
3-mo.
STIBOR
Quarterly
N/A
09/12/30
SEK
172,520
139,290
18,718
120,572
1-week
CNREPOFIX_
CFXS
Quarterly
1.45%
Quarterly
N/A
09/17/30
CNY
635,050
(
871,670
)
(
539,681
)
(
331,989
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.56%
Quarterly
N/A
09/17/30
CNY
26,199
(
16,060
)
—
(
16,060
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.62%
Quarterly
N/A
09/17/30
CNY
52,397
(
10,634
)
—
(
10,634
)
6-mo.
PRIBOR
Semi-Annual
3.41%
Annual
N/A
09/17/30
CZK
425,533
(
478,623
)
—
(
478,623
)
6-mo.
PRIBOR
Semi-Annual
3.55%
Annual
N/A
09/17/30
CZK
803,848
(
647,197
)
—
(
647,197
)
6-mo.
PRIBOR
Semi-Annual
3.62%
Annual
N/A
09/17/30
CZK
150,282
(
99,312
)
—
(
99,312
)
6-mo.
PRIBOR
Semi-Annual
3.64%
Annual
N/A
09/17/30
CZK
181,575
(
111,125
)
—
(
111,125
)
6-mo.
PRIBOR
Semi-Annual
3.68%
Annual
N/A
09/17/30
CZK
987,783
(
521,213
)
—
(
521,213
)
6-mo.
PRIBOR
Semi-Annual
3.70%
Annual
N/A
09/17/30
CZK
300,522
(
143,564
)
—
(
143,564
)
6-mo.
PRIBOR
Semi-Annual
3.81%
Annual
N/A
09/17/30
CZK
150,408
(
34,960
)
—
(
34,960
)
6-mo.
WIBOR
Semi-Annual
4.04%
Annual
N/A
09/17/30
PLN
71,368
(
99,263
)
—
(
99,263
)
6-mo.
WIBOR
Semi-Annual
4.05%
Annual
N/A
09/17/30
PLN
25,599
(
29,690
)
—
(
29,690
)
6-mo.
WIBOR
Semi-Annual
4.14%
Annual
N/A
09/17/30
PLN
12,812
(
2,241
)
—
(
2,241
)
6-mo.
WIBOR
Semi-Annual
4.23%
Annual
N/A
09/17/30
PLN
14,757
13,748
—
13,748
6-mo.
WIBOR
Semi-Annual
4.33%
Annual
N/A
09/17/30
PLN
29,499
64,786
—
64,786
6-mo.
BUBOR
Semi-Annual
5.96%
Annual
N/A
09/17/30
HUF
1,097,725
(
42,722
)
—
(
42,722
)
6-mo.
BUBOR
Semi-Annual
6.21%
Annual
N/A
09/17/30
HUF
821,153
(
5,961
)
—
(
5,961
)
6-mo.
BUBOR
Semi-Annual
6.22%
Annual
N/A
09/17/30
HUF
240,652
(
1,594
)
—
(
1,594
)
6-mo.
BUBOR
Semi-Annual
6.27%
Annual
N/A
09/17/30
HUF
273,973
91
—
91
7.60%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
445,992
(
641,438
)
—
(
641,438
)
7.37%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
153,320
(
134,215
)
16,557
(
150,772
)
7.11%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
248,077
(
60,181
)
—
(
60,181
)
7.22%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
153,449
(
77,683
)
—
(
77,683
)
7.49%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
306,487
(
362,999
)
—
(
362,999
)
3-mo.
BBR
Quarterly
3.90%
Quarterly
09/20/28
(a)
09/20/30
AUD
192,030
(
126,745
)
—
(
126,745
)
3-mo.
BBR
Quarterly
3.91%
Quarterly
09/20/28
(a)
09/20/30
AUD
188,253
(
106,986
)
—
(
106,986
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
154
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3-mo.
BBR
Quarterly
3.92%
Quarterly
09/20/28
(a)
09/20/30
AUD
188,234
$
(
91,871
)
$
—
$
(
91,871
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.61%
Quarterly
12/17/25
(a)
12/17/30
CNY
13,000
(
4,271
)
—
(
4,271
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.65%
Quarterly
12/17/25
(a)
12/17/30
CNY
26,300
(
3,008
)
—
(
3,008
)
1-week
CNREPOFIX_
CFXS
Quarterly
1.67%
Quarterly
12/17/25
(a)
12/17/30
CNY
350,700
27,937
—
27,937
3-mo.
TWCPBA
Quarterly
1.72%
Quarterly
12/17/25
(a)
12/17/30
TWD
2,622,960
(
149,013
)
—
(
149,013
)
5.70%
Semi-Annual
1-day
MIBOR
Semi-Annual
12/17/25
(a)
12/17/30
INR
2,170,000
55,571
—
55,571
3.20%
Annual
1-day
SOFR
Annual
12/17/25
(a)
12/17/30
USD
65,667
505,438
—
505,438
1.09%
Quarterly
1-day
THOR
Quarterly
12/17/25
(a)
12/17/30
THB
509,382
37,324
—
37,324
1.11%
Annual
1-day
TONAR
Annual
12/17/25
(a)
12/17/30
JPY
4,829,332
192,586
—
192,586
1.66%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
12/17/25
(a)
12/17/30
CNY
2,554,570
69,998
—
69,998
1.67%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
12/17/25
(a)
12/17/30
CNY
164,185
(
4,290
)
—
(
4,290
)
1.68%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
12/17/25
(a)
12/17/30
CNY
164,185
(
18,572
)
—
(
18,572
)
2.63%
Quarterly
3-mo.
CD_KSDA
Quarterly
12/17/25
(a)
12/17/30
KRW
32,281,372
20,205
—
20,205
2.60%
Quarterly
3-mo.
CD_KSDA
Quarterly
12/17/25
(a)
12/17/30
KRW
33,078,565
59,574
—
59,574
2.84%
Quarterly
3-mo.
HIBOR
Quarterly
12/17/25
(a)
12/17/30
HKD
127,000
95,539
—
95,539
4.08%
Annual
6-mo.
WIBOR
Semi-Annual
12/17/25
(a)
12/17/30
PLN
117,632
80,479
—
80,479
4.08%
Annual
6-mo.
WIBOR
Semi-Annual
12/17/25
(a)
12/17/30
PLN
119,414
78,826
—
78,826
4.10%
Annual
6-mo.
WIBOR
Semi-Annual
12/17/25
(a)
12/17/30
PLN
119,414
57,276
—
57,276
1-day
BZDIOVER
At
Termination
13.38%
At
Termination
N/A
01/02/31
BRL
14,743
12,330
—
12,330
3.98%
Annual
1-day
SOFR
Annual
N/A
07/02/31
USD
6,800
(
187,339
)
—
(
187,339
)
0.02%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
157,050
24,856,357
—
24,856,357
1-day
SOFR
Annual
3.79%
Annual
N/A
10/14/31
USD
197,460
2,396,279
—
2,396,279
1-day
SOFR
Annual
3.79%
Annual
N/A
11/19/31
USD
251,205
3,233,165
—
3,233,165
1-day
SOFR
Annual
3.78%
Annual
N/A
01/28/32
USD
467,125
6,543,411
—
6,543,411
2.38%
Annual
1-day
SOFR
Annual
N/A
04/08/32
USD
43,962
3,217,199
—
3,217,199
2.60%
Annual
1-day
SOFR
Annual
N/A
05/26/32
USD
53,426
3,107,137
—
3,107,137
1-day
SOFR
Annual
3.47%
Annual
N/A
10/04/32
USD
223,490
(
2,652,366
)
—
(
2,652,366
)
1-day
SOFR
Annual
3.42%
Annual
N/A
10/05/32
USD
103,240
(
1,600,088
)
—
(
1,600,088
)
1-day
SOFR
Annual
3.05%
Annual
N/A
10/28/32
USD
249,920
(
10,334,767
)
—
(
10,334,767
)
1-day
SOFR
Annual
2.88%
Annual
N/A
11/02/32
USD
250,132
(
13,330,771
)
—
(
13,330,771
)
1-day
SOFR
Annual
2.92%
Annual
N/A
11/04/32
USD
249,476
(
12,589,413
)
—
(
12,589,413
)
1-day
SOFR
Annual
2.90%
Annual
N/A
11/15/32
USD
400,986
(
20,675,689
)
—
(
20,675,689
)
1-day
SOFR
Annual
3.20%
Annual
N/A
11/28/32
USD
239,768
(
7,103,886
)
—
(
7,103,886
)
1-day
ESTR
Annual
2.34%
Annual
01/19/28
(a)
01/19/33
EUR
150,420
(
1,421,890
)
—
(
1,421,890
)
1-day
SOFR
Annual
3.14%
Annual
05/12/28
(a)
05/12/33
USD
279,328
(
5,755,135
)
—
(
5,755,135
)
1-day
SOFR
Annual
3.75%
Annual
N/A
08/09/33
USD
251,131
3,392,610
—
3,392,610
3.24%
Annual
1-day
SOFR
Annual
N/A
08/09/33
USD
122,861
2,726,848
—
2,726,848
1-day
SOFR
Annual
3.93%
Annual
N/A
10/04/33
USD
249,492
5,195,255
—
5,195,255
1-day
SOFR
Annual
3.50%
Annual
N/A
10/17/33
USD
343,829
(
4,509,327
)
—
(
4,509,327
)
4.40%
Annual
1-day
SOFR
Annual
N/A
11/01/33
USD
245,780
(
14,488,852
)
—
(
14,488,852
)
1-day
SOFR
Annual
4.00%
Annual
N/A
01/12/34
USD
193,843
5,484,032
—
5,484,032
1-day
SOFR
Annual
4.00%
Annual
N/A
01/17/34
USD
55,662
1,576,232
—
1,576,232
1-day
MIBOR
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/34
INR
497,490
159,609
—
159,609
1-day
MIBOR
Semi-Annual
6.35%
Semi-Annual
N/A
03/20/34
INR
497,490
163,245
—
163,245
1-day
ESTR
Annual
2.38%
Annual
N/A
08/15/34
EUR
46,230
(
210,322
)
—
(
210,322
)
1-day
ESTR
Annual
2.45%
Annual
N/A
08/15/34
EUR
27,200
77,277
—
77,277
1-day
ESTR
Annual
2.46%
Annual
N/A
08/15/34
EUR
46,270
144,193
—
144,193
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
155
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
6-mo.
EURIBOR
Semi-Annual
2.51%
Annual
N/A
08/15/34
EUR
61,740
$
(
603,417
)
$
16,279
$
(
619,696
)
6-mo.
EURIBOR
Semi-Annual
2.52%
Annual
N/A
08/15/34
EUR
117,820
(
1,016,827
)
—
(
1,016,827
)
6-mo.
EURIBOR
Semi-Annual
2.63%
Annual
N/A
08/15/34
EUR
118,660
214,401
(
101,454
)
315,855
6-mo.
EURIBOR
Semi-Annual
2.68%
Annual
N/A
08/15/34
EUR
112,690
656,833
—
656,833
3.62%
Annual
1-day
SOFR
Annual
10/09/29
(a)
10/09/34
USD
510,800
4,538,983
—
4,538,983
1-day
SOFR
Annual
3.66%
Annual
N/A
10/10/34
USD
168,525
(
687,071
)
—
(
687,071
)
1-day
SOFR
Annual
3.67%
Annual
N/A
12/26/34
USD
310,210
(
507,565
)
—
(
507,565
)
1-day
SOFR
Annual
3.70%
Annual
N/A
01/06/35
USD
242,395
259,886
—
259,886
6.07%
Semi-Annual
1-day
MIBOR
Semi-Annual
N/A
03/19/35
INR
1,674,046
(
175,290
)
—
(
175,290
)
1-day
SOFR
Annual
3.75%
Annual
N/A
03/27/35
USD
240,187
1,481,085
—
1,481,085
6-mo.
BBR
Semi-Annual
4.12%
Semi-Annual
N/A
06/13/35
AUD
39,140
(
295,342
)
—
(
295,342
)
6-mo.
BBR
Semi-Annual
4.09%
Semi-Annual
N/A
06/25/35
AUD
21,240
(
192,155
)
—
(
192,155
)
1-day
SOFR
Annual
3.75%
Annual
N/A
07/09/35
USD
139,689
987,121
—
987,121
1-day
THOR
Quarterly
1.35%
Quarterly
N/A
09/17/35
THB
377,876
(
113,440
)
—
(
113,440
)
1-day
THOR
Quarterly
1.38%
Quarterly
N/A
09/17/35
THB
377,876
(
85,826
)
—
(
85,826
)
1-day
THOR
Quarterly
1.44%
Quarterly
N/A
09/17/35
THB
24,761
(
723
)
—
(
723
)
1-day
THOR
Quarterly
1.58%
Quarterly
N/A
09/17/35
THB
12,381
4,502
—
4,502
1-day
THOR
Quarterly
1.61%
Quarterly
N/A
09/17/35
THB
150,053
67,070
—
67,070
6-mo.
EURIBOR
Semi-Annual
2.67%
Annual
N/A
09/17/35
EUR
8,450
(
6,686
)
7,830
(
14,516
)
1-day
THOR
Quarterly
1.79%
Quarterly
09/18/30
(a)
09/18/35
THB
3,109,760
(
4,802
)
—
(
4,802
)
6-mo.
EURIBOR
Semi-Annual
2.65%
Annual
N/A
09/19/35
EUR
9,130
(
18,024
)
25,758
(
43,782
)
3.53%
Annual
1-day
SOFR
Annual
12/17/25
(a)
12/17/35
USD
22,654
240,193
—
240,193
1.43%
Quarterly
1-day
THOR
Quarterly
12/17/25
(a)
12/17/35
THB
1,039,415
93,205
—
93,205
1.44%
Annual
1-day
TONAR
Annual
12/17/25
(a)
12/17/35
JPY
7,243,668
433,669
—
433,669
1-day
THOR
Quarterly
1.84%
Quarterly
12/18/30
(a)
12/18/35
THB
1,447,969
83,688
—
83,688
3.46%
Annual
1-day
SOFR
Annual
12/15/26
(a)
12/15/36
USD
95,777
2,186,280
—
2,186,280
4.08%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
133,200
(
3,437,716
)
—
(
3,437,716
)
4.02%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
66,600
(
1,291,697
)
—
(
1,291,697
)
4.09%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
167,354
(
4,569,585
)
—
(
4,569,585
)
4.09%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
133,200
(
3,573,121
)
—
(
3,573,121
)
2.93%
Annual
1-day
SOFR
Annual
N/A
11/26/41
USD
32,045
4,193,807
(
37,201
)
4,231,008
1-day
TONAR
Annual
1.97%
Annual
08/02/34
(a)
08/02/44
JPY
2,049,000
(
898,499
)
—
(
898,499
)
1-day
TONAR
Annual
3.01%
Annual
12/19/35
(a)
12/19/45
JPY
2,631,000
25,048
—
25,048
1-day
TONAR
Annual
3.01%
Annual
12/19/35
(a)
12/19/45
JPY
2,631,000
24,393
—
24,393
2.81%
Annual
1-day
SOFR
Annual
N/A
01/25/51
USD
62,463
12,293,969
(
800,768
)
13,094,737
2.81%
Annual
1-day
SOFR
Annual
N/A
01/28/51
USD
111,429
21,931,871
(
1,434,781
)
23,366,652
2.80%
Annual
1-day
SOFR
Annual
N/A
02/01/51
USD
65,177
12,920,391
(
727,724
)
13,648,115
2.80%
Annual
1-day
SOFR
Annual
N/A
02/04/51
USD
37,194
7,373,424
(
417,347
)
7,790,771
2.80%
Annual
1-day
SOFR
Annual
N/A
02/05/51
USD
38,392
7,608,857
(
430,762
)
8,039,619
2.80%
Annual
1-day
SOFR
Annual
N/A
02/22/51
USD
15,576
3,075,784
(
737,320
)
3,813,104
2.80%
Annual
1-day
SOFR
Annual
N/A
05/27/51
USD
62,621
12,161,363
(
3,035,037
)
15,196,400
2.80%
Annual
1-day
SOFR
Annual
N/A
06/07/51
USD
19,517
3,780,509
(
947,707
)
4,728,216
2.79%
Annual
1-day
SOFR
Annual
N/A
01/21/52
USD
153,727
31,306,497
(
7,627,011
)
38,933,508
1-day
SOFR
Annual
4.00%
Annual
N/A
11/03/53
USD
99,173
472,873
—
472,873
3.65%
Annual
1-day
SOFR
Annual
N/A
11/03/53
USD
99,173
5,757,980
—
5,757,980
1-day
TONAR
Annual
1.45%
Annual
N/A
03/06/54
JPY
5,655,040
(
7,767,001
)
—
(
7,767,001
)
1-day
TONAR
Annual
1.45%
Annual
N/A
03/11/54
JPY
5,655,040
(
7,760,147
)
—
(
7,760,147
)
1-day
ESTR
Annual
2.28%
Annual
N/A
03/07/55
EUR
18,160
(
2,185,291
)
(
927,785
)
(
1,257,506
)
2.33%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/07/55
EUR
18,050
2,175,260
943,788
1,231,472
1-day
ESTR
Annual
2.54%
Annual
N/A
03/20/55
EUR
18,500
(
1,035,881
)
7,291
(
1,043,172
)
2.62%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/20/55
EUR
18,900
952,995
(
8,928
)
961,923
6-mo.
EURIBOR
Semi-Annual
2.06%
Annual
04/19/45
(a)
04/19/55
EUR
19,863
(
915,224
)
(
7,283
)
(
907,941
)
1-day
ESTR
Annual
2.41%
Annual
N/A
04/23/55
EUR
7,030
(
617,705
)
41,037
(
658,742
)
2.48%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
04/23/55
EUR
7,260
702,376
(
35,324
)
737,700
1-day
ESTR
Annual
2.39%
Annual
N/A
04/28/55
EUR
33,610
(
3,118,617
)
(
19,827
)
(
3,098,790
)
2.46%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
04/28/55
EUR
33,460
3,412,096
15,629
3,396,467
6-mo.
EURIBOR
Semi-Annual
2.21%
Annual
05/16/45
(a)
05/16/55
EUR
11,168
(
412,869
)
—
(
412,869
)
1-day
ESTR
Annual
2.55%
Annual
N/A
06/25/55
EUR
19,550
(
1,054,843
)
(
153
)
(
1,054,690
)
2.64%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
06/25/55
EUR
20,060
1,177,150
2,047
1,175,103
6-mo.
EURIBOR
Semi-Annual
2.45%
Annual
06/27/45
(a)
06/27/55
EUR
12,420
(
281,157
)
(
53,745
)
(
227,412
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
156
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
ESTR
Annual
2.78%
Annual
N/A
07/29/55
EUR
43,870
$
(
10,587
)
$
(
34,502
)
$
23,915
2.85%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
07/29/55
EUR
43,870
13,695
34,502
(
20,807
)
1-day
ESTR
Annual
2.81%
Annual
N/A
08/22/55
EUR
14,020
89,873
98,660
(
8,787
)
6-mo.
EURIBOR
Semi-Annual
2.88%
Annual
08/22/45
(a)
08/22/55
EUR
8,393
15,600
21,785
(
6,185
)
2.93%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/22/55
EUR
13,690
(
110,949
)
(
87,043
)
(
23,906
)
1-day
ESTR
Annual
2.77%
Annual
N/A
08/25/55
EUR
48,020
(
122,832
)
(
85,367
)
(
37,465
)
2.89%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/25/55
EUR
48,520
17,585
96,675
(
79,090
)
2.90%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/17/55
EUR
3,680
(
1,226
)
(
3,576
)
2,350
2.89%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/19/55
EUR
3,760
7,441
(
48,723
)
56,164
1-day
ESTR
Annual
2.84%
Annual
N/A
09/29/55
EUR
24,550
313,069
134,573
178,496
6-mo.
EURIBOR
Semi-Annual
2.95%
Annual
N/A
09/29/55
EUR
112,869
1,297,331
612,711
684,620
6-mo.
EURIBOR
Semi-Annual
2.95%
Annual
N/A
09/29/55
EUR
45,281
520,470
361,900
158,570
6-mo.
EURIBOR
Semi-Annual
2.95%
Annual
N/A
09/29/55
EUR
13,931
160,128
111,342
48,786
6-mo.
EURIBOR
Semi-Annual
2.95%
Annual
N/A
09/29/55
EUR
20,899
240,214
167,028
73,186
1-day
ESTR
Annual
2.83%
Annual
N/A
09/30/55
EUR
49,520
481,066
125,284
355,782
2.94%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/30/55
EUR
49,860
(
411,086
)
(
90,123
)
(
320,963
)
2.70%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/15/56
EUR
44,260
2,037,245
—
2,037,245
2.89%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/15/56
EUR
43,390
59,416
—
59,416
2.86%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/15/56
EUR
45,410
409,209
(
10,857
)
420,066
2.71%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/15/56
EUR
24,280
1,100,926
(
16,377
)
1,117,303
1.95%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/14/75
EUR
7,710
1,991,169
77,224
1,913,945
2.11%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/06/75
EUR
23,500
4,880,398
10,890
4,869,508
2.42%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/26/75
EUR
32,520
3,489,816
342,200
3,147,616
1.91%
Annual
6-mo.
EURIBOR
Semi-Annual
04/21/55
(a)
04/21/75
EUR
13,140
636,553
7,281
629,272
2.11%
Annual
6-mo.
EURIBOR
Semi-Annual
05/18/55
(a)
05/18/75
EUR
8,040
259,445
—
259,445
2.29%
Annual
6-mo.
EURIBOR
Semi-Annual
06/29/55
(a)
06/29/75
EUR
9,705
172,831
55,593
117,238
2.60%
Annual
6-mo.
EURIBOR
Semi-Annual
08/24/55
(a)
08/24/75
EUR
8,415
(
55,438
)
(
27,057
)
(
28,381
)
2.85%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/29/75
EUR
12,544
(
170,601
)
(
147,647
)
(
22,954
)
2.85%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/29/75
EUR
15,420
(
209,720
)
(
181,502
)
(
28,218
)
2.85%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/29/75
EUR
66,478
(
904,126
)
(
668,156
)
(
235,970
)
2.85%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/29/75
EUR
10,279
(
139,796
)
(
120,986
)
(
18,810
)
$
186,740,790
$
(
15,372,317
)
$
202,113,107
(a)
Forward
swap.
Centrally
Cleared
Inflation
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
3.23%
At
Termination
10/02/26
USD
266,010
$
—
$
—
$
—
1.87%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
08/15/27
EUR
115,780
13,951
—
13,951
2.94%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
08/20/27
USD
87,870
(
14,987
)
—
(
14,987
)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.84%
At
Termination
07/23/28
USD
227,170
208,844
—
208,844
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.83%
At
Termination
07/24/28
USD
8,500
5,658
—
5,658
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.85%
At
Termination
07/24/28
USD
8,500
9,950
5,869
4,081
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.82%
At
Termination
08/01/28
USD
5,680
489
(
3,918
)
4,407
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
157
Centrally
Cleared
Inflation
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.75%
At
Termination
08/07/28
USD
11,720
$
(
20,576
)
$
—
$
(
20,576
)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.78%
At
Termination
08/14/28
USD
11,430
(
5,302
)
—
(
5,302
)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.78%
At
Termination
08/14/28
USD
11,420
(
4,968
)
—
(
4,968
)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.76%
At
Termination
09/16/28
USD
45,750
(
6,129
)
—
(
6,129
)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.78%
At
Termination
09/29/28
USD
46,530
29,840
—
29,840
2.74%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
10/02/28
USD
271,170
—
—
—
1.98%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
01/15/30
EUR
39,720
(
228,244
)
—
(
228,244
)
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
1.67%
At
Termination
01/15/30
EUR
39,720
325,453
—
325,453
1.86%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
02/15/30
EUR
38,756
63,434
—
63,434
1.93%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
02/15/30
EUR
40,630
(
85,724
)
—
(
85,724
)
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
1.56%
At
Termination
02/15/30
EUR
38,930
1,889
—
1,889
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
1.60%
At
Termination
02/15/30
EUR
40,630
82,929
—
82,929
2.46%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
03/13/30
USD
102,620
934,006
—
934,006
1.97%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
03/15/30
EUR
43,704
(
238,529
)
4,334
(
242,863
)
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
1.76%
At
Termination
03/15/30
EUR
43,900
431,872
14,484
417,388
1.73%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
04/15/30
EUR
58,830
226,498
(
59,919
)
286,417
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.46%
At
Termination
04/15/30
USD
75,880
(
540,405
)
—
(
540,405
)
1.77%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
05/15/30
EUR
15,720
19,808
(
6,446
)
26,254
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.56%
At
Termination
05/20/30
USD
19,260
(
64,721
)
—
(
64,721
)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.57%
At
Termination
05/22/30
USD
88,180
(
270,088
)
—
(
270,088
)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.54%
At
Termination
06/04/30
USD
19,370
(
103,275
)
—
(
103,275
)
1.76%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
06/15/30
EUR
15,560
67,523
(
9,390
)
76,913
3.39%
At
Termination
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
06/15/30
GBP
101,410
123,305
(
31,716
)
155,021
2.48%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
06/17/30
USD
58,990
483,356
—
483,356
3.42%
At
Termination
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
07/15/30
GBP
66,340
57,337
—
57,337
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
158
Centrally
Cleared
Inflation
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2.70%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
07/23/30
USD
227,170
$
(
262,404
)
$
—
$
(
262,404
)
2.69%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
07/24/30
USD
8,500
(
6,418
)
—
(
6,418
)
2.70%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
07/24/30
USD
8,500
(
12,144
)
(
10,202
)
(
1,942
)
2.67%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
08/01/30
USD
5,680
381
5,506
(
5,125
)
2.62%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
08/07/30
USD
97,080
217,664
—
217,664
2.62%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
08/07/30
USD
11,720
26,829
—
26,829
2.65%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
08/14/30
USD
11,420
5,139
—
5,139
2.65%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
08/14/30
USD
11,430
8,696
—
8,696
2.63%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
08/21/30
USD
9,580
12,995
—
12,995
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.70%
At
Termination
08/28/30
USD
18,180
44,061
—
44,061
2.67%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
09/08/30
USD
90,620
(
115,276
)
—
(
115,276
)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.66%
At
Termination
09/08/30
USD
18,220
14,398
—
14,398
France
Consumer
Price
Index
ex.
Tobacco
All
Items
Monthly
At
Termination
1.66%
At
Termination
09/15/30
EUR
36,120
76,164
—
76,164
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
1.85%
At
Termination
09/15/30
EUR
76,240
—
—
—
2.64%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
09/16/30
USD
45,750
8,582
—
8,582
2.67%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
09/29/30
USD
46,530
(
51,605
)
—
(
51,605
)
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
2.66%
At
Termination
09/29/30
USD
27,630
22,997
—
22,997
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.69%
At
Termination
08/15/32
EUR
30,405
1,253,707
—
1,253,707
2.40%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
04/15/35
USD
75,880
910,271
—
910,271
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
1.90%
At
Termination
04/15/35
EUR
58,830
(
200,918
)
120,299
(
321,217
)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
1.94%
At
Termination
05/15/35
EUR
15,720
4,732
18,429
(
13,697
)
2.51%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
05/20/35
USD
19,260
74,822
—
74,822
2.52%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
05/22/35
USD
88,180
269,183
—
269,183
2.48%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
06/04/35
USD
19,370
128,997
—
128,997
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
1.91%
At
Termination
06/15/35
EUR
15,560
(
79,901
)
(
7,436
)
(
72,465
)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.22%
At
Termination
06/15/35
GBP
108,500
(
157,383
)
77,669
(
235,052
)
UK
Retail
Price
Index
All
Items
Monthly
At
Termination
3.26%
At
Termination
07/15/35
GBP
71,460
152,757
—
152,757
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
159
Centrally
Cleared
Inflation
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Reference
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
2.06%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/40
EUR
10,210
$
(
1,978
)
$
(
706
)
$
(
1,272
)
2.07%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/40
EUR
10,380
(
10,058
)
100
(
10,158
)
2.08%
At
Termination
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
09/15/40
EUR
40,310
(
109,452
)
(
48,853
)
(
60,599
)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.12%
At
Termination
09/15/45
EUR
10,210
(
17,725
)
(
8,943
)
(
8,782
)
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.13%
At
Termination
09/15/45
EUR
10,380
2,577
(
6,967
)
9,544
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.14%
At
Termination
09/15/45
EUR
40,310
70,095
58,281
11,814
2.50%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
09/29/45
USD
9,110
(
20,250
)
—
(
20,250
)
2.47%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
08/28/55
USD
4,810
(
17,152
)
—
(
17,152
)
2.47%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
09/08/55
USD
4,790
(
19,617
)
—
(
19,617
)
$
3,725,960
$
110,475
$
3,615,485
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Hertz
Corp.
(The)
..........
5
.00
%
Quarterly
JPMorgan
Chase
Bank
12/20/25
USD
2,070
$
(
4,201
)
$
31,523
$
(
35,724
)
Community
Health
Systems,
Inc.
5
.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
830
(
990
)
21,478
(
22,468
)
Community
Health
Systems,
Inc.
5
.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
1,235
(
1,474
)
41,430
(
42,904
)
BorgWarner,
Inc.
..........
1
.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
3,000
(
50,119
)
18,481
(
68,600
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Bank
of
America
NA
12/20/27
USD
1,620
2,210
192,210
(
190,000
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
1,030
1,404
118,919
(
117,515
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
1,215
1,657
200,669
(
199,012
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
650
886
78,990
(
78,104
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Citibank
NA
12/20/27
USD
980
1,337
122,569
(
121,232
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
1,030
1,404
118,986
(
117,582
)
Pitney
Bowes,
Inc.
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/27
USD
2,760
3,763
431,922
(
428,159
)
Simon
Property
Group
LP
....
1
.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
7,485
(
120,832
)
51,786
(
172,618
)
Simon
Property
Group
LP
....
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/27
USD
4,700
(
75,873
)
32,579
(
108,452
)
Xerox
Corp.
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/27
USD
1,750
590,377
91,013
499,364
Caterpillar,
Inc.
...........
1
.00
Quarterly
Citibank
NA
06/20/28
USD
11,800
(
266,368
)
(
162,543
)
(
103,825
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/28
EUR
17,900
(
297,272
)
808,573
(
1,105,845
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/28
EUR
3,496
(
58,059
)
103,064
(
161,123
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/28
EUR
3,916
(
65,035
)
121,481
(
186,516
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/28
EUR
10,488
(
174,178
)
309,192
(
483,370
)
UBS
Group
AG
...........
1
.00
Quarterly
BNP
Paribas
SA
06/20/28
EUR
4,131
(
94,941
)
101,444
(
196,385
)
UBS
Group
AG
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/28
EUR
3,623
(
83,266
)
116,902
(
200,168
)
UBS
Group
AG
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/28
EUR
29,800
(
684,879
)
576,495
(
1,261,374
)
UBS
Group
AG
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/28
EUR
1,536
(
35,301
)
46,035
(
81,336
)
UBS
Group
AG
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/28
EUR
3,487
(
80,140
)
100,360
(
180,500
)
Boeing
Co.
(The)
..........
1
.00
Quarterly
Deutsche
Bank
AG
12/20/28
USD
17,500
(
296,858
)
(
55,202
)
(
241,656
)
eG
Global
Finance
plc
......
5
.00
Quarterly
Deutsche
Bank
AG
12/20/28
EUR
3,996
(
505,610
)
102,487
(
608,097
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
160
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Gap,
Inc.
(The)
...........
1
.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/28
USD
1,985
$
(
15,603
)
$
199,021
$
(
214,624
)
Boeing
Co.
(The)
..........
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
USD
17,500
(
312,355
)
156,309
(
468,664
)
DXC
Technology
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
USD
4,175
(
605,222
)
(
393,929
)
(
211,293
)
DXC
Technology
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
USD
2,090
(
302,973
)
(
174,293
)
(
128,680
)
Deutsche
Bank
AG
.........
1
.00
Quarterly
BNP
Paribas
SA
12/20/29
EUR
9,749
(
150,207
)
(
53,047
)
(
97,160
)
eG
Global
Finance
plc
......
5
.00
Quarterly
Deutsche
Bank
AG
12/20/29
EUR
3,040
(
437,590
)
(
51,174
)
(
386,416
)
Honda
Motor
Co.
Ltd.
.......
1
.00
Quarterly
Barclays
Bank
plc
12/20/29
JPY
592,003
(
97,555
)
(
97,954
)
399
Intesa
Sanpaolo
SpA
.......
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
EUR
9,872
(
124,097
)
—
(
124,097
)
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
...
5
.00
Quarterly
Goldman
Sachs
International
12/20/29
USD
93,900
(
14,589,020
)
(
13,338,321
)
(
1,250,699
)
Ally
Financial,
Inc.
.........
5
.00
Quarterly
Goldman
Sachs
International
06/20/30
USD
6,140
(
977,441
)
(
846,021
)
(
131,420
)
Exelon
Corp.
.............
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
65,253
(
1,993,668
)
(
1,723,538
)
(
270,130
)
Intel
Corp.
..............
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/30
USD
8,357
(
193,645
)
(
35,332
)
(
158,313
)
Intesa
Sanpaolo
SpA
.......
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
EUR
11,361
(
396,232
)
(
228,406
)
(
167,826
)
iTraxx
Asia
ex-Japan
Investment
Grade
Index
Series
43.V1
..
1
.00
Quarterly
Barclays
Bank
plc
06/20/30
USD
6,848
(
118,902
)
(
20,156
)
(
98,746
)
iTraxx
Asia
ex-Japan
Investment
Grade
Index
Series
43.V1
..
1
.00
Quarterly
Deutsche
Bank
AG
06/20/30
USD
1,130
(
19,628
)
(
2,910
)
(
16,718
)
Ladbrokes
Group
Finance
plc
.
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
EUR
1,869
36,431
50,754
(
14,323
)
LG
Chem
Ltd.
............
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
9,091
(
138,084
)
(
57,330
)
(
80,754
)
Lincoln
National
Corp.
......
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
36,818
(
128,886
)
382,271
(
511,157
)
Occidental
Petroleum
Corp.
...
1
.00
Quarterly
Deutsche
Bank
AG
06/20/30
USD
3,840
(
42,869
)
(
9,616
)
(
33,253
)
People's
Republic
of
China
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
29,250
(
832,225
)
(
435,581
)
(
396,644
)
People's
Republic
of
China
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
29,700
(
845,029
)
(
442,282
)
(
402,747
)
Posco
Holdings,
Inc.
........
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
9,091
(
179,420
)
(
76,600
)
(
102,820
)
Posco
Holdings,
Inc.
........
1
.00
Quarterly
Citibank
NA
06/20/30
USD
10,909
(
215,304
)
(
59,838
)
(
155,466
)
Simon
Property
Group
LP
....
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
USD
4,940
(
102,227
)
(
24,915
)
(
77,312
)
Socialist
Republic
of
Vietnam
..
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
8,947
(
71,735
)
219,610
(
291,345
)
Socialist
Republic
of
Vietnam
..
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
USD
5,263
(
42,197
)
43,524
(
85,721
)
Socialist
Republic
of
Vietnam
..
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
USD
15,789
(
126,591
)
188,622
(
315,213
)
Stena
AB
...............
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
EUR
4,129
(
588,692
)
(
470,237
)
(
118,455
)
thyssenkrupp
AG
..........
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
EUR
8,886
(
153,115
)
31,259
(
184,374
)
Toll
Brothers
Finance
Corp.
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
4,707
(
53,976
)
3,934
(
57,910
)
Toll
Brothers
Finance
Corp.
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
8,400
(
96,330
)
19,792
(
116,122
)
Toll
Brothers
Finance
Corp.
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
30,841
(
353,664
)
87,618
(
441,282
)
Toll
Brothers
Finance
Corp.
...
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
3,162
(
36,259
)
1,322
(
37,581
)
Whirlpool
Corp.
...........
1
.00
Quarterly
Bank
of
America
NA
06/20/30
USD
2,965
141,370
209,740
(
68,370
)
Whirlpool
Corp.
...........
1
.00
Quarterly
Goldman
Sachs
International
06/20/30
USD
2,905
138,509
155,127
(
16,618
)
ArcelorMittal
SA
...........
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
EUR
13,940
(
3,073,806
)
(
3,054,021
)
(
19,785
)
AT&T,
Inc.
...............
1
.00
Quarterly
Bank
of
America
NA
12/20/30
USD
42,390
(
826,949
)
(
781,950
)
(
44,999
)
Bayerische
Motoren
Werke
AG
1
.00
Quarterly
BNP
Paribas
SA
12/20/30
EUR
11,982
(
316,994
)
(
305,624
)
(
11,370
)
Bayerische
Motoren
Werke
AG
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
16,070
(
425,145
)
(
409,020
)
(
16,125
)
BNP
Paribas
SA
..........
1
.00
Quarterly
Bank
of
America
NA
12/20/30
EUR
25,470
50,172
14,589
35,583
Bouygues
SA
............
1
.00
Quarterly
Bank
of
America
NA
12/20/30
EUR
18,179
(
578,441
)
(
541,884
)
(
36,557
)
CMA
CGM
SA
............
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
6,016
(
777,959
)
(
777,064
)
(
895
)
Commerzbank
AG
.........
1
.00
Quarterly
BNP
Paribas
SA
12/20/30
EUR
7,660
52,281
52,827
(
546
)
Conagra
Brands,
Inc.
.......
1
.00
Quarterly
Bank
of
America
NA
12/20/30
USD
6,794
(
65,592
)
(
76,995
)
11,403
Conagra
Brands,
Inc.
.......
1
.00
Quarterly
Bank
of
America
NA
12/20/30
USD
16,939
(
163,536
)
(
191,965
)
28,429
Conagra
Brands,
Inc.
.......
1
.00
Quarterly
Bank
of
America
NA
12/20/30
USD
6,794
(
65,592
)
(
76,995
)
11,403
Conagra
Brands,
Inc.
.......
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
USD
6,776
(
65,418
)
(
73,058
)
7,640
Conagra
Brands,
Inc.
.......
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
USD
17,864
(
172,466
)
(
210,080
)
37,614
Constellium
SE
...........
5
.00
Quarterly
Bank
of
America
NA
12/20/30
EUR
6,016
(
920,092
)
(
920,092
)
—
Deutsche
Bank
AG
.........
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
29,450
544,104
528,661
15,443
Fibercop
SpA
............
1
.00
Quarterly
Goldman
Sachs
International
12/20/30
EUR
6,101
367,802
396,680
(
28,878
)
Grifols
SA
...............
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
EUR
6,685
(
623,779
)
(
623,779
)
—
HSBC
Holdings
plc
........
1
.00
Quarterly
Bank
of
America
NA
12/20/30
EUR
10,600
(
308,153
)
(
307,155
)
(
998
)
Jaguar
Land
Rover
Automotive
plc
.................
5
.00
Quarterly
Bank
of
America
NA
12/20/30
EUR
2,995
(
430,175
)
(
453,455
)
23,280
Jaguar
Land
Rover
Automotive
plc
.................
5
.00
Quarterly
Citibank
NA
12/20/30
EUR
2,996
(
430,247
)
(
413,175
)
(
17,072
)
Jaguar
Land
Rover
Automotive
plc
.................
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
6,103
(
876,581
)
(
885,063
)
8,482
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
161
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Jaguar
Land
Rover
Automotive
plc
.................
5
.00
%
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
2,996
$
(
430,247
)
$
(
427,309
)
$
(
2,938
)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
USD
153,814
(
2,368,381
)
(
2,113,233
)
(
255,148
)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
USD
28,049
(
431,890
)
(
421,358
)
(
10,532
)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
USD
15,382
(
236,847
)
(
211,332
)
(
25,515
)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
USD
121,770
(
1,874,977
)
(
1,829,256
)
(
45,721
)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
USD
71,756
(
1,079,930
)
(
1,079,930
)
—
Mediobanca
Banca
di
Credito
Finanziario
SpA
.........
1
.00
Quarterly
BNP
Paribas
SA
12/20/30
EUR
27,560
245,731
223,996
21,735
Mercedes-Benz
Group
AG
....
1
.00
Quarterly
Barclays
Bank
plc
12/20/30
EUR
11,982
(
317,526
)
(
302,125
)
(
15,401
)
Republic
of
Panama
........
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
USD
2,075
39,997
43,039
(
3,042
)
Societe
Generale
SA
.......
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
15,980
(
153,479
)
(
182,103
)
28,624
Southwest
Airlines
Co.
......
1
.00
Quarterly
Goldman
Sachs
International
12/20/30
USD
13,005
60,008
60,008
—
Stellantis
NV
.............
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
9,159
(
1,621,541
)
(
1,621,541
)
—
Stellantis
NV
.............
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
12,220
(
2,202,042
)
(
2,226,588
)
24,546
Stena
AB
...............
5
.00
Quarterly
Bank
of
America
NA
12/20/30
EUR
1,796
(
255,399
)
(
242,337
)
(
13,062
)
Stena
AB
...............
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
EUR
1,197
(
170,266
)
(
158,855
)
(
11,411
)
Sudzucker
International
Finance
BV
.................
1
.00
Quarterly
BNP
Paribas
SA
12/20/30
EUR
6,100
95,072
95,072
—
United
Group
BV
..........
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
2,931
(
206,633
)
(
196,258
)
(
10,375
)
United
Group
BV
..........
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
2,996
(
211,215
)
(
200,610
)
(
10,605
)
Verisure
Midholding
AB
......
5
.00
Quarterly
Bank
of
America
NA
12/20/30
EUR
3,051
(
494,272
)
(
494,272
)
—
Volkswagen
International
Finance
NV
...........
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
5,991
39,838
40,226
(
388
)
Volvo
Car
AB
............
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
EUR
6,000
(
898,384
)
(
887,656
)
(
10,728
)
Volvo
Car
AB
............
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
EUR
6,103
(
913,806
)
(
928,750
)
14,944
CMBX.NA.9.AAA
..........
0
.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,088
(
160
)
82,309
(
82,469
)
CMBX.NA.9.AAA
..........
0
.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,267
(
186
)
79,991
(
80,177
)
CMBX.NA.9.AAA
..........
0
.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
2
—
148
(
148
)
CMBX.NA.9.BBB-
.........
3
.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
USD
4,268
820,745
141,738
679,007
CMBX.NA.9.BBB-
.........
3
.00
Monthly
Goldman
Sachs
International
09/17/58
USD
1,276
245,381
98,908
146,473
CMBX.NA.9.BBB-
.........
3
.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,467
282,120
79,649
202,471
CMBX.NA.9.BBB-
.........
3
.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,245
239,482
67,611
171,871
CMBX.NA.6.AAA
..........
0
.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
19
(
1
)
(
8,777
)
8,776
$
–
$
–
$
–
$
(
47,222,163
)
$
(
34,699,947
)
$
(
12,522,216
)
$
–
$
–
$
–
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CCO
Holdings
LLC
....
5
.00
%
Quarterly
BNP
Paribas
SA
12/20/25
BB-
USD
3,114
$
35,132
$
25,406
$
9,726
CCO
Holdings
LLC
....
5
.00
Quarterly
BNP
Paribas
SA
12/20/25
BB-
USD
1,868
21,079
15,250
5,829
CCO
Holdings
LLC
....
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/25
BB-
USD
3,000
33,850
23,406
10,444
CCO
Holdings
LLC
....
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/25
BB-
USD
1,868
21,079
15,380
5,699
Virgin
Media
Finance
plc
.
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/25
B-
EUR
980
12,125
19,108
(
6,983
)
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/25
BB+
USD
4,408
50,743
17,100
33,643
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Goldman
Sachs
International
06/20/26
CCC
EUR
806
13,754
(
8,943
)
22,697
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
162
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMA
CGM
SA
........
5
.00
%
Quarterly
Goldman
Sachs
International
06/20/26
BB+
EUR
310
$
11,908
$
6,135
$
5,773
CMA
CGM
SA
........
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/26
BB+
EUR
410
15,749
14,227
1,522
CMA
CGM
SA
........
5
.00
Quarterly
Barclays
Bank
plc
06/20/27
BB+
EUR
110
9,257
1,189
8,068
CMA
CGM
SA
........
5
.00
Quarterly
Barclays
Bank
plc
06/20/27
BB+
EUR
3,940
330,160
29,385
300,775
CMA
CGM
SA
........
5
.00
Quarterly
Goldman
Sachs
International
06/20/27
BB+
EUR
1,474
123,541
(
17,313
)
140,854
CMA
CGM
SA
........
5
.00
Quarterly
JPMorgan
Chase
Bank
06/20/27
BB+
EUR
612
51,296
7,886
43,410
CMA
CGM
SA
........
5
.00
Quarterly
JPMorgan
Chase
Bank
06/20/27
BB+
EUR
575
48,219
7,413
40,806
CMA
CGM
SA
........
5
.00
Quarterly
JPMorgan
Chase
Bank
06/20/27
BB+
EUR
163
13,640
2,043
11,597
CMA
CGM
SA
........
5
.00
Quarterly
JPMorgan
Chase
Bank
06/20/27
BB+
EUR
2,104
176,309
79,834
96,475
CMA
CGM
SA
........
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
BB+
EUR
4,295
359,899
366,532
(
6,633
)
PacifiCorp
..........
0
.13
Monthly
JPMorgan
Chase
Bank
09/29/27
A-
USD
49,883
(
34,592
)
(
5,008
)
(
29,584
)
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Bank
of
America
NA
12/20/27
CCC
EUR
631
41,594
(
57,123
)
98,717
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC
EUR
3,750
247,355
(
319,873
)
567,228
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC
EUR
1,065
70,273
(
90,875
)
161,148
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC
EUR
379
25,001
(
32,331
)
57,332
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC
EUR
1,309
86,344
(
111,657
)
198,001
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Citibank
NA
12/20/27
CCC
EUR
309
20,391
(
27,145
)
47,536
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Citibank
NA
12/20/27
CCC
EUR
1,088
71,775
(
95,547
)
167,322
ADLER
Real
Estate
GmbH
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/27
CCC
EUR
647
42,673
(
58,191
)
100,864
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
CCC
EUR
469
30,941
(
42,072
)
73,013
ADLER
Real
Estate
GmbH
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
CCC
EUR
225
14,844
(
20,185
)
35,029
CMA
CGM
SA
........
5
.00
Quarterly
BNP
Paribas
SA
12/20/27
BB+
EUR
285
29,742
(
4,028
)
33,770
CMA
CGM
SA
........
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
BB+
EUR
3,100
323,511
(
33,142
)
356,653
CMA
CGM
SA
........
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
BB+
EUR
958
99,975
105,588
(
5,613
)
Bellis
Acquisition
Co.
plc
.
5
.00
Quarterly
JPMorgan
Chase
Bank
06/20/28
NR
EUR
3,294
240,779
29,830
210,949
ZF
Europe
Finance
BV
..
5
.00
Quarterly
JPMorgan
Chase
Bank
06/20/28
BB-
EUR
6,101
406,279
221,104
185,175
iTraxx
Europe
Crossover
Index
Series
40.V3
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/28
BB-
EUR
8,600
836,057
583,832
252,225
ADLER
Real
Estate
GmbH
5
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
CCC
EUR
806
100,558
(
14,403
)
114,961
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
3,697
472,085
415,773
56,312
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
4,108
524,567
472,256
52,311
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
8,640
1,103,277
993,771
109,506
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
6,162
786,822
696,624
90,198
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
9,730
1,242,463
1,112,586
129,877
Ford
Motor
Co.
.......
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
3,697
472,085
413,113
58,972
Ford
Motor
Co.
.......
5
.00
Quarterly
Deutsche
Bank
AG
06/20/29
BBB-
USD
3,484
444,867
397,094
47,773
Forvia
SE
...........
5
.00
Quarterly
Deutsche
Bank
AG
06/20/29
BB-
EUR
2,935
371,807
253,520
118,287
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
4,062
60,075
30,879
29,196
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
19,413
287,107
139,565
147,542
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
4,098
60,607
28,163
32,444
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
6,146
90,896
50,937
39,959
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
6,146
90,896
36,079
54,817
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
BBB-
USD
4,399
65,059
23,264
41,795
Freeport-McMoRan,
Inc.
.
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
BBB-
USD
6,502
96,161
49,428
46,733
Kinder
Morgan,
Inc.
....
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
BBB
USD
11,738
223,283
170,343
52,940
Kinder
Morgan,
Inc.
....
1
.00
Quarterly
JPMorgan
Chase
Bank
06/20/29
BBB
USD
8,433
160,415
117,363
43,052
Teck
Resources
Ltd.
....
5
.00
Quarterly
Bank
of
America
NA
06/20/29
BBB-
USD
28,419
4,650,800
3,574,613
1,076,187
Eutelsat
SA
..........
5
.00
Quarterly
Deutsche
Bank
AG
12/20/29
NR
EUR
2,968
398,187
(
329,499
)
727,686
Eutelsat
SA
..........
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
NR
EUR
2,950
395,772
(
128,557
)
524,329
Ford
Motor
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
BBB-
USD
10,729
1,496,086
1,410,368
85,718
Ford
Motor
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
BBB-
USD
29,343
4,091,681
3,637,372
454,309
Ford
Motor
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
BBB-
USD
7,336
1,022,955
956,744
66,211
Ford
Motor
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
BBB-
USD
7,336
1,022,955
957,156
65,799
Ford
Motor
Co.
.......
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
BBB-
USD
14,671
2,045,771
1,901,833
143,938
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
163
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Ford
Motor
Co.
.......
5
.00
%
Quarterly
JPMorgan
Chase
Bank
12/20/29
BBB-
USD
7,336
$
1,022,955
$
899,086
$
123,869
Hannover
Rueck
SE
....
1
.00
Quarterly
BNP
Paribas
SA
12/20/29
A
EUR
4,874
82,577
25,759
56,818
iTraxx
Europe
Crossover
Index
Series
42.V2
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
35,315
5,794,969
4,114,147
1,680,822
iTraxx
Europe
Crossover
Index
Series
42.V2
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
41,069
8,508,472
7,420,833
1,087,639
iTraxx
Europe
Crossover
Index
Series
42.V2
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
9,702
1,592,037
973,871
618,166
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5
.00
Quarterly
Goldman
Sachs
International
12/20/29
BB-
EUR
10,520
796,438
691,050
105,388
Muenchener
Rueckversicherungs-
Gesellschaft
AG
....
1
.00
Quarterly
BNP
Paribas
SA
12/20/29
A+
EUR
4,874
84,490
26,754
57,736
Nissan
Motor
Co.
Ltd.
...
1
.00
Quarterly
Goldman
Sachs
International
12/20/29
NR
JPY
335,251
(
177,376
)
(
44,401
)
(
132,975
)
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Goldman
Sachs
International
12/20/29
B+
USD
500
(
12,354
)
(
31,320
)
18,966
SES
SA
............
1
.00
Quarterly
Bank
of
America
NA
12/20/29
NR
EUR
785
(
8,856
)
(
45,895
)
37,039
SES
SA
............
1
.00
Quarterly
Barclays
Bank
plc
12/20/29
NR
EUR
6,435
(
72,588
)
(
375,763
)
303,175
SES
SA
............
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
NR
EUR
17,865
(
201,520
)
(
1,219,471
)
1,017,951
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
BB+
USD
1,975
257,220
215,826
41,394
Swedbank
AB
........
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/29
NR
EUR
9,872
86,187
(
24,975
)
111,162
AXA
SA
............
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
A+
EUR
11,361
355,649
222,602
133,047
Boeing
Co.
(The)
......
1
.00
Quarterly
Bank
of
America
NA
06/20/30
BBB-
USD
32,205
573,599
—
573,599
Capital
One
Financial
Corp.
1
.00
Quarterly
Barclays
Bank
plc
06/20/30
BBB
USD
21,616
321,425
63,155
258,270
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,520
193,274
174,418
18,856
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,520
193,274
172,046
21,228
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
160
20,345
18,747
1,598
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,520
193,274
173,072
20,202
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,975
251,129
309,096
(
57,967
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
15,560
1,978,515
1,804,473
174,042
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
2,100
267,023
260,968
6,055
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,500
190,731
175,756
14,975
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,570
199,632
182,071
17,561
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
220
27,974
27,339
635
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
BB-
USD
1,330
169,115
172,953
(
3,838
)
MGM
Resorts
International
5
.00
Quarterly
JPMorgan
Chase
Bank
06/20/30
BB-
USD
1,335
182,560
155,459
27,101
Sands
China
Ltd.
......
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
BBB-
USD
11,667
(
202,628
)
(
315,761
)
113,133
Sands
China
Ltd.
......
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
BBB-
USD
8,333
(
144,734
)
(
225,602
)
80,868
Sands
China
Ltd.
......
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
BBB-
USD
7,500
(
130,261
)
(
189,823
)
59,562
Sands
China
Ltd.
......
1
.00
Quarterly
BNP
Paribas
SA
06/20/30
BBB-
USD
4,000
(
69,473
)
(
160,846
)
91,373
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Bank
of
America
NA
06/20/30
BB+
USD
1,335
178,825
152,713
26,112
Tenet
Healthcare
Corp.
..
5
.00
Quarterly
Goldman
Sachs
International
06/20/30
B
USD
1,480
248,708
203,927
44,781
Tenet
Healthcare
Corp.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
B
USD
1,485
249,549
190,242
59,307
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Barclays
Bank
plc
06/20/30
BB+
USD
1,975
349,022
274,453
74,569
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Citibank
NA
06/20/30
BB+
USD
1,335
235,921
166,721
69,200
Warnermedia
Holdings,
Inc.
1
.00
Quarterly
Bank
of
America
NA
06/20/30
BB
USD
1,330
(
35,550
)
(
132,852
)
97,302
Warnermedia
Holdings,
Inc.
1
.00
Quarterly
Bank
of
America
NA
06/20/30
BB
USD
1,330
(
35,550
)
(
132,225
)
96,675
Zegona
Finance
plc
....
5
.00
Quarterly
BNP
Paribas
SA
06/20/30
BB
EUR
1,219
221,063
203,075
17,988
Zegona
Finance
plc
....
5
.00
Quarterly
Deutsche
Bank
AG
06/20/30
BB
EUR
1,189
215,652
157,575
58,077
Zegona
Finance
plc
....
5
.00
Quarterly
JPMorgan
Chase
Bank
06/20/30
BB
EUR
1,831
331,975
262,686
69,289
Amkor
Technology,
Inc.
..
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB
USD
2,095
397,100
385,483
11,617
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
10,770
1,388,545
1,360,864
27,681
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
5,090
648,290
648,290
—
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
1,330
171,473
182,100
(
10,627
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
5,350
689,760
700,021
(
10,261
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
2,680
345,525
346,145
(
620
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
10,770
1,388,545
1,371,565
16,980
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
5,390
694,917
678,558
16,359
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
164
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CCO
Holdings
LLC
....
5
.00
%
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
10,710
$
1,380,809
$
1,380,664
$
145
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
5,400
696,206
682,864
13,342
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
2,960
381,624
381,035
589
CCO
Holdings
LLC
....
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
1,480
190,812
190,518
294
CCO
Holdings
LLC
....
5
.00
Quarterly
Barclays
Bank
plc
12/20/30
BB-
USD
6,040
778,720
793,550
(
14,830
)
CCO
Holdings
LLC
....
5
.00
Quarterly
Citibank
NA
12/20/30
BB-
USD
4,050
522,155
509,295
12,860
CCO
Holdings
LLC
....
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
BB-
USD
31,510
4,062,493
3,910,584
151,909
CCO
Holdings
LLC
....
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
BB-
USD
13,380
1,725,045
1,682,559
42,486
CCO
Holdings
LLC
....
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
BB-
USD
4,150
535,047
513,668
21,379
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB-
USD
4,940
636,900
633,460
3,440
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB-
USD
8,890
1,146,162
1,100,365
45,797
CCO
Holdings
LLC
....
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB-
USD
1,780
229,490
234,230
(
4,740
)
Danske
Bank
A/S
......
1
.00
Quarterly
BNP
Paribas
SA
12/20/30
BBB+
EUR
25,510
(
79,156
)
(
62,036
)
(
17,120
)
iTraxx
Europe
Crossover
Index
Series
44.V1
..
5
.00
Quarterly
BNP
Paribas
SA
12/20/30
BB-
EUR
22,217
644,020
600,622
43,398
MGM
Resorts
International
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
3,315
465,695
473,149
(
7,454
)
Muenchener
Rueckversicherungs-
Gesellschaft
AG
....
1
.00
Quarterly
BNP
Paribas
SA
12/20/30
A+
EUR
28,370
293,228
270,763
22,465
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
B+
USD
3,225
(
142,253
)
(
148,701
)
6,448
Pitney
Bowes,
Inc.
.....
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
B+
USD
1,480
(
65,282
)
(
65,948
)
666
Sirius
XM
Radio
LLC
...
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB+
USD
5,430
746,599
720,628
25,971
Swedbank
AB
........
1
.00
Quarterly
BNP
Paribas
SA
12/20/30
NR
EUR
27,530
(
49,836
)
(
18,133
)
(
31,703
)
Swiss
Re
America
Holding
Corp.
............
1
.00
Quarterly
BNP
Paribas
SA
12/20/30
AA-
EUR
37,070
312,950
286,709
26,241
Tenet
Healthcare
Corp.
..
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
B
USD
4,295
761,566
736,089
25,477
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/30
BB
USD
11,670
12,630
1,359
11,271
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/30
BB
USD
2,290
(
685
)
267
(
952
)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Bank
of
America
NA
12/20/30
BB
USD
12,826
13,881
1,493
12,388
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Goldman
Sachs
International
12/20/30
BB
USD
4,060
4,394
473
3,921
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
BB
USD
2,800
3,030
326
2,704
Teva
Pharmaceutical
Finance
Netherlands
III
BV
.............
1
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB
USD
2,960
3,204
348
2,856
Virgin
Media
Finance
plc
.
5
.00
Quarterly
Goldman
Sachs
International
12/20/30
B-
EUR
2,997
280,579
291,608
(
11,029
)
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB+
USD
1,335
252,880
245,073
7,807
Vistra
Operations
Co.
LLC
5
.00
Quarterly
Bank
of
America
NA
12/20/30
BB+
USD
1,975
374,111
362,561
11,550
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
BB+
USD
5,285
1,001,101
992,574
8,527
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
BB+
USD
1,250
238,475
238,475
—
Vistra
Operations
Co.
LLC
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
BB+
USD
1,335
254,691
254,691
—
Warnermedia
Holdings,
Inc.
1
.00
Quarterly
Bank
of
America
NA
12/20/30
BB
USD
1,330
(
46,394
)
(
51,265
)
4,871
Worldline
SA
.........
5
.00
Quarterly
Deutsche
Bank
AG
12/20/30
BB
EUR
2,624
(
730,646
)
(
680,369
)
(
50,277
)
Worldline
SA
.........
5
.00
Quarterly
JPMorgan
Chase
Bank
12/20/30
BB
EUR
2,676
(
745,259
)
(
729,665
)
(
15,594
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
165
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CMBX.NA.9.BBB-
.....
3
.00
%
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
BBB-
USD
1,383
$
(
266,009
)
$
(
3,303
)
$
(
262,706
)
CMBX.NA.9.BBB-
.....
3
.00
Monthly
Goldman
Sachs
International
09/17/58
BBB-
USD
678
(
130,375
)
(
73,320
)
(
57,055
)
CMBX.NA.9.BBB-
.....
3
.00
Monthly
JPMorgan
Securities
LLC
09/17/58
BBB-
USD
1,192
(
229,202
)
(
266,431
)
37,229
CMBX.NA.9.BBB-
.....
3
.00
Monthly
JPMorgan
Securities
LLC
09/17/58
BBB-
USD
1,467
(
282,120
)
—
(
282,120
)
CMBX.NA.9.BBB-
.....
3
.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
BBB-
USD
1,433
(
275,548
)
(
375,397
)
99,849
CMBX.NA.9.BBB-
.....
3
.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
BBB-
USD
2,103
(
404,474
)
2,176
(
406,650
)
CMBX.NA.10.BBB-
....
3
.00
Monthly
JPMorgan
Securities
LLC
11/17/59
BBB-
USD
270
(
53,590
)
—
(
53,590
)
$
70,112,431
$
55,696,173
$
14,416,258
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
8.62%
At
Termination
1-day
IBR
At
Termination
JPMorgan
Chase
Bank
NA
11/05/25
COP
368,616,006
$
623,125
$
—
$
623,125
14.18%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
01/02/26
BRL
93,800
(
15,557
)
—
(
15,557
)
14.79%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
01/02/26
BRL
73,634
5,314
—
5,314
14.87%
At
Termination
1-day
BZDIOVER
At
Termination
Bank
of
America
NA
01/02/26
BRL
36,706
929
—
929
14.90%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
01/02/26
BRL
18,378
(
42
)
—
(
42
)
14.95%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
01/02/26
BRL
18,362
(
785
)
—
(
785
)
8.07%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
09/17/26
COP
9,155,935
18,130
—
18,130
8.61%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
09/17/26
COP
4,564,203
3,193
—
3,193
8.64%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
09/17/26
COP
2,285,166
1,463
—
1,463
8.69%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
09/17/26
COP
2,283,243
1,164
—
1,164
8.73%
At
Termination
1-day
IBR
At
Termination
Morgan
Stanley
&
Co.
International
plc
09/17/26
COP
4,565,858
1,895
—
1,895
7.25%
Quarterly
1-day
IBR
Quarterly
Barclays
Bank
plc
09/25/26
COP
11,663,486
39,038
—
39,038
10.97%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
01/04/27
BRL
390,651
4,542,779
—
4,542,779
11.57%
At
Termination
1-day
BZDIOVER
At
Termination
BNP
Paribas
SA
01/04/27
BRL
171,472
1,481,396
—
1,481,396
15.41%
At
Termination
1-day
BZDIOVER
At
Termination
Citibank
NA
01/04/27
BRL
190,642
(
994,886
)
—
(
994,886
)
1-day
BZDIOVER
At
Termination
10.00%
At
Termination
Bank
of
America
NA
01/04/27
BRL
276,479
(
5,677,225
)
—
(
5,677,225
)
1-day
BZDIOVER
At
Termination
10.03%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/04/27
BRL
268,801
(
5,473,585
)
—
(
5,473,585
)
1-day
BZDIOVER
At
Termination
10.06%
At
Termination
JPMorgan
Chase
Bank
NA
01/04/27
BRL
268,512
(
5,403,348
)
—
(
5,403,348
)
1-day
BZDIOVER
At
Termination
10.07%
At
Termination
BNP
Paribas
SA
01/04/27
BRL
241,046
(
4,972,293
)
—
(
4,972,293
)
1-day
BZDIOVER
At
Termination
10.16%
At
Termination
BNP
Paribas
SA
01/04/27
BRL
1,830
(
36,689
)
—
(
36,689
)
1-day
BZDIOVER
At
Termination
10.32%
At
Termination
Bank
of
America
NA
01/04/27
BRL
4,687
(
70,718
)
—
(
70,718
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
166
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
12.84%
At
Termination
Citibank
NA
01/04/27
BRL
7,029
$
(
27,839
)
$
—
$
(
27,839
)
1-day
BZDIOVER
At
Termination
13.09%
At
Termination
Bank
of
America
NA
01/04/27
BRL
78,857
(
247,336
)
—
(
247,336
)
1-day
BZDIOVER
At
Termination
14.11%
At
Termination
Goldman
Sachs
International
01/04/27
BRL
146,055
(
54,674
)
—
(
54,674
)
1-day
BZDIOVER
At
Termination
14.17%
At
Termination
Barclays
Bank
plc
01/04/27
BRL
4,823
279
—
279
1-day
BZDIOVER
At
Termination
14.20%
At
Termination
Barclays
Bank
plc
01/04/27
BRL
4,819
12
—
12
1-day
BZDIOVER
At
Termination
14.55%
At
Termination
Bank
of
America
NA
01/04/27
BRL
142,841
157,631
—
157,631
1-day
BZDIOVER
At
Termination
9.79%
At
Termination
BNP
Paribas
SA
01/04/27
BRL
381,300
(
7,135,257
)
—
(
7,135,257
)
1-day
BZDIOVER
At
Termination
9.99%
At
Termination
Citibank
NA
01/04/27
BRL
269,132
(
5,553,976
)
—
(
5,553,976
)
1-day
BZDIOVER
At
Termination
12.44%
At
Termination
JPMorgan
Chase
Bank
NA
01/02/29
BRL
553,536
(
3,487,330
)
—
(
3,487,330
)
1-day
BZDIOVER
At
Termination
12.95%
At
Termination
Bank
of
America
NA
01/02/29
BRL
164,597
(
344,783
)
—
(
344,783
)
1-day
BZDIOVER
At
Termination
13.00%
At
Termination
Bank
of
America
NA
01/02/29
BRL
191,556
(
336,498
)
—
(
336,498
)
1-day
BZDIOVER
At
Termination
13.00%
At
Termination
Barclays
Bank
plc
01/02/29
BRL
294,701
(
517,689
)
—
(
517,689
)
1-day
BZDIOVER
At
Termination
13.12%
At
Termination
Bank
of
America
NA
01/02/29
BRL
769,382
(
806,685
)
—
(
806,685
)
1-day
BZDIOVER
At
Termination
13.15%
At
Termination
Goldman
Sachs
International
01/02/29
BRL
108,452
(
113,531
)
—
(
113,531
)
1-day
BZDIOVER
At
Termination
13.31%
At
Termination
Barclays
Bank
plc
01/02/29
BRL
18,924
2,332
—
2,332
1-day
BZDIOVER
At
Termination
13.33%
At
Termination
Barclays
Bank
plc
01/02/29
BRL
30,190
(
1,780
)
—
(
1,780
)
1-day
BZDIOVER
At
Termination
13.34%
At
Termination
Barclays
Bank
plc
01/02/29
BRL
18,940
10,739
—
10,739
1-day
BZDIOVER
At
Termination
13.34%
At
Termination
Barclays
Bank
plc
01/02/29
BRL
103,910
27,143
—
27,143
1-day
BZDIOVER
At
Termination
13.35%
At
Termination
Bank
of
America
NA
01/02/29
BRL
102,804
30,081
—
30,081
1-day
BZDIOVER
At
Termination
13.42%
At
Termination
Bank
of
America
NA
01/02/29
BRL
37,829
28,897
—
28,897
1-day
BZDIOVER
At
Termination
14.03%
At
Termination
Barclays
Bank
plc
01/02/29
BRL
38,458
212,301
—
212,301
8.73%
Quarterly
1-day
IBR
Quarterly
Morgan
Stanley
&
Co.
International
plc
01/14/30
COP
51,413,420
(
38,991
)
—
(
38,991
)
8.78%
Quarterly
1-day
IBR
Quarterly
Morgan
Stanley
&
Co.
International
plc
01/14/30
COP
17,701,947
(
21,117
)
—
(
21,117
)
8.64%
Quarterly
1-day
IBR
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/04/30
COP
73,694,802
19,109
—
19,109
8.23%
Quarterly
1-day
IBR
Quarterly
Barclays
Bank
plc
09/17/30
COP
114,018,983
555,919
—
555,919
8.64%
Quarterly
1-day
IBR
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/17/30
COP
56,858,689
36,649
—
36,649
8.67%
Quarterly
1-day
IBR
Quarterly
Bank
of
America
NA
09/17/30
COP
28,457,198
9,533
—
9,533
8.74%
Quarterly
1-day
IBR
Quarterly
Barclays
Bank
plc
09/17/30
COP
56,838,076
(
22,019
)
—
(
22,019
)
8.86%
Quarterly
1-day
IBR
Quarterly
Barclays
Bank
plc
09/17/30
COP
28,433,259
(
46,226
)
—
(
46,226
)
1-day
BZDIOVER
At
Termination
13.04%
At
Termination
Barclays
Bank
plc
01/02/31
BRL
223,337
(
656,763
)
—
(
656,763
)
1-day
BZDIOVER
At
Termination
13.48%
At
Termination
Barclays
Bank
plc
01/02/31
BRL
7,379
12,096
—
12,096
$
(
34,236,475
)
$
—
$
(
34,236,475
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
167
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.00%
...........
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
12/19/25
USD
2,827
$
10,047
$
—
$
10,047
0.00%
...........
Quarterly
DB
Variable
Notional
Long-
Short
Cross-
Currency
Carry
Index
v8
Quarterly
Deutsche
Bank
AG
12/19/25
USD
2,059
3,112
—
3,112
0.00%
...........
Quarterly
Goldman
Sachs
Systematic
Skew
US
Series
I1D
Excess
Return
Index
Quarterly
Goldman
Sachs
International
12/19/25
USD
2,472
4,543
—
4,543
0.00%
...........
Quarterly
Goldman
Sachs
TY
Weekly
Volatility
Carry
Index
Quarterly
Goldman
Sachs
International
12/19/25
USD
4,822
24,824
—
24,824
0.00%
...........
Quarterly
J.P.
Morgan
EM
FX
Volatility
Carry
Index
Quarterly
JPMorgan
Chase
Bank
NA
12/19/25
USD
2,104
2,430
—
2,430
1-day
SOFR
minus
0.05%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Bank
of
America
NA
12/19/25
USD
1,710
(
246,523
)
—
(
246,523
)
1-day
SOFR
minus
0.10%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Bank
of
America
NA
12/19/25
USD
746
83,605
—
83,605
1-day
SOFR
minus
0.10%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Bank
of
America
NA
12/19/25
USD
497
60,712
—
60,712
1-day
SOFR
minus
0.15%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
JPMorgan
Chase
Bank
NA
12/19/25
USD
1,800
234,000
—
234,000
1-day
SOFR
minus
0.25%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
BNP
Paribas
SA
12/19/25
USD
1,404
(
197,279
)
—
(
197,279
)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
...........
At
Termination
1-day
SOFR
minus
0.55%
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/19/25
USD
654
88,389
—
88,389
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.50%
At
Termination
JPMorgan
Chase
Bank
NA
12/19/25
USD
1,792
646,597
—
646,597
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
1-day
SOFR
minus
0.69%
At
Termination
Goldman
Sachs
International
12/19/25
USD
1,549
551,533
—
551,533
$
1,265,990
$
—
$
1,265,990
Equity
Swap
Contracts
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Long
contracts
(a)
Accenture
plc
..............
Barclays
Bank
plc
USD
1,752,892
01/23/26
0.20%
1D
OBFR01
Monthly
$
47,288
Accor
SA
.................
Barclays
Bank
plc
736,571
03/15/27
26.00%
1D
ESTR
Monthly
4,591
Ackermans
&
van
Haaren
NV
...
Citibank
NA
3,342,829
02/26/26
0.26%
1D
ESTR
Monthly
(
156,558
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
168
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Adobe,
Inc.
................
Merrill
Lynch
International
&
Co.
USD
3,416,420
02/15/28
0.00%
1D
OBFR01
Monthly
$
40,529
Advantest
Corp.
.............
Merrill
Lynch
International
&
Co.
66,859
03/15/28
0.15%
1D
P
TONA
Monthly
2,401
Aena
SME
SA
..............
Merrill
Lynch
International
&
Co.
2,024,246
02/15/28
0.26%
1D
ESTR
Monthly
(
88,623
)
Air
Water,
Inc.
..............
Merrill
Lynch
International
&
Co.
1,766,000
03/15/28
0.25%
1D
P
TONA
Monthly
(
77,455
)
Airbnb,
Inc.
................
Barclays
Bank
plc
1,428,284
01/23/26
0.20%
1D
OBFR01
Monthly
(
44,096
)
Airtac
International
Group
......
JPMorgan
Chase
Bank
NA
949,354
02/10/26
0.35%
1D
OBFR01
Monthly
(
30,349
)
Alcon
AG
.................
Barclays
Bank
plc
1,409,767
04/01/26
0.26%
SSARON
Monthly
(
25,814
)
Alfresa
Holdings
Corp.
........
Merrill
Lynch
International
&
Co.
890,203
03/15/28
0.25%
1D
P
TONA
Monthly
(
65,619
)
Alimentation
Couche-Tard,
Inc.
...
Citibank
NA
1,444,034
02/24/28
0.20%
1D
CORRA
Monthly
33,817
Alps
Alpine
Co.
Ltd.
..........
Citibank
NA
2,060,711
02/26/26
0.15%
1D
P
TONA
Monthly
(
41,757
)
Altria
Group,
Inc.
............
Barclays
Bank
plc
1,951,974
01/23/26
0.20%
1D
OBFR01
Monthly
69,462
AMC
Networks,
Inc.
..........
Barclays
Bank
plc
1,418,376
01/23/26
0.20%
1D
OBFR01
Monthly
64,799
AMC
Networks,
Inc.
..........
JPMorgan
Chase
Bank
NA
3,306,973
02/09/26
0.20%
1D
OBFR01
Monthly
137,964
American
Airlines
Group,
Inc.
....
Merrill
Lynch
International
&
Co.
1,870,103
02/15/28
0.20%
1D
OBFR01
Monthly
(
192,533
)
AMETEK,
Inc.
..............
Citibank
NA
1,811,366
02/24/28
0.20%
1D
OBFR01
Monthly
12,234
Analog
Devices,
Inc.
..........
Barclays
Bank
plc
1,409,838
01/23/26
0.20%
1D
OBFR01
Monthly
(
9,348
)
Anglo
American
plc
..........
Merrill
Lynch
International
&
Co.
1,788,947
02/15/28
0.25%
1D
SONIA
Monthly
130,356
ARC
Resources
Ltd.
..........
Barclays
Bank
plc
1,709,548
08/25/26
0.20%
CABROVER
Monthly
(
37,244
)
Arch
Capital
Group
Ltd.
.......
Barclays
Bank
plc
1,611,178
01/23/26
0.20%
1D
OBFR01
Monthly
49,181
Archer-Daniels-Midland
Co.
.....
Merrill
Lynch
International
&
Co.
1,646,416
02/15/28
0.20%
1D
OBFR01
Monthly
(
21,488
)
Argenx
SE
................
Merrill
Lynch
International
&
Co.
898,959
02/15/28
0.26%
1D
ESTR
Monthly
(
12,339
)
ASPEED
Technology,
Inc.
......
JPMorgan
Chase
Bank
NA
1,278,997
02/10/26
0.35%
1D
OBFR01
Monthly
51,583
Assurant,
Inc.
..............
Citibank
NA
1,330,746
02/24/28
0.20%
1D
OBFR01
Monthly
33,834
AT&T,
Inc.
.................
JPMorgan
Chase
Bank
NA
1,442,110
02/09/26
0.20%
1D
OBFR01
Monthly
(
32,934
)
Atlas
Arteria
Ltd.
............
JPMorgan
Chase
Bank
NA
1,414,790
02/10/26
0.25%
1D
AONIA
Monthly
(
75,559
)
Atlas
Copco
AB
.............
JPMorgan
Chase
Bank
NA
1,474,538
02/11/26
0.26%
TN
STIBOR
Monthly
807
Atos
SE
..................
Merrill
Lynch
International
&
Co.
1,849,817
02/15/28
0.26%
1D
ESTR
Monthly
451,138
Axfood
AB
................
Citibank
NA
873,784
02/26/26
0.26%
TN
STIBOR
Monthly
5,120
Baidu,
Inc.
................
Merrill
Lynch
International
&
Co.
115
02/15/28
0.20%
1D
OBFR01
Monthly
17
Ball
Corp.
.................
Barclays
Bank
plc
1,407,141
01/23/26
0.20%
1D
OBFR01
Monthly
49,997
Baloise
Holding
AG
(Registered)
.
Barclays
Bank
plc
1,492,907
04/01/26
0.26%
SSARON
Monthly
(
7,931
)
Banca
Monte
dei
Paschi
di
Siena
SpA
...................
Merrill
Lynch
International
&
Co.
877,203
02/15/28
0.26%
1D
ESTR
Monthly
(
87,942
)
Banco
Bilbao
Vizcaya
Argentaria
SA
Merrill
Lynch
International
&
Co.
1,010,439
02/15/28
0.26%
1D
ESTR
Monthly
3,144
Banco
Bradesco
SA
(Preference)
.
Merrill
Lynch
International
&
Co.
2,708,157
02/15/28
0.40%
1D
OBFR01
Monthly
106,867
Bankinter
SA
...............
JPMorgan
Chase
Bank
NA
2,832,489
02/11/26
0.05%
1D
ESTR
Monthly
182,158
BB
Seguridade
Participacoes
SA
.
JPMorgan
Chase
Bank
NA
1,825,338
02/10/26
0.40%
1D
OBFR01
Monthly
97,020
Beiersdorf
AG
..............
Merrill
Lynch
International
&
Co.
6,647,007
02/15/28
0.26%
1D
ESTR
Monthly
2,193
Best
Buy
Co.,
Inc.
...........
Barclays
Bank
plc
1,019,853
01/23/26
0.20%
1D
OBFR01
Monthly
46,389
BOC
Hong
Kong
Holdings
Ltd.
...
Merrill
Lynch
International
&
Co.
1,700,336
02/15/28
0.30%
HONIA
Monthly
(
91,116
)
Bollore
SE
................
JPMorgan
Chase
Bank
NA
997,693
02/11/26
0.26%
1D
ESTR
Monthly
(
8,080
)
Booking
Holdings,
Inc.
........
Barclays
Bank
plc
3,274,278
01/23/26
0.20%
1D
OBFR01
Monthly
(
34,717
)
Bristol-Myers
Squibb
Co.
.......
Citibank
NA
1,760,731
02/24/28
0.20%
1D
OBFR01
Monthly
7,189
Bureau
Veritas
SA
...........
Citibank
NA
922,202
02/26/26
0.26%
1D
ESTR
Monthly
31,305
BYD
Co.
Ltd.
...............
Merrill
Lynch
International
&
Co.
500,117
02/15/28
0.30%
HONIA
Monthly
8,731
BYD
Electronic
International
Co.
Ltd.
Merrill
Lynch
International
&
Co.
380,738
02/15/28
0.15%
HONIA
Monthly
(
1,705
)
CAE,
Inc.
.................
Barclays
Bank
plc
1,246,402
08/25/26
0.20%
CABROVER
Monthly
50,571
Calbee,
Inc.
...............
Barclays
Bank
plc
1,487,072
01/14/27
0.15%
1D
OBFR01
Monthly
(
49,926
)
Canadian
National
Railway
Co.
..
Citibank
NA
1,516,986
02/24/28
0.20%
1D
CORRA
Monthly
48,426
Capgemini
SE
..............
Citibank
NA
930,547
02/26/26
0.26%
1D
ESTR
Monthly
17,656
CarMax,
Inc.
...............
Merrill
Lynch
International
&
Co.
1,299,030
02/15/28
0.20%
1D
OBFR01
Monthly
(
334,325
)
Carrefour
SA
...............
Merrill
Lynch
International
&
Co.
803,589
02/15/28
0.26%
1D
ESTR
Monthly
51,139
Charles
River
Laboratories
International,
Inc.
..........
Barclays
Bank
plc
769,450
01/23/26
0.20%
1D
OBFR01
Monthly
12,850
Charter
Communications,
Inc.
...
Merrill
Lynch
International
&
Co.
834,304
02/15/28
0.20%
1D
OBFR01
Monthly
46,032
China
Galaxy
Securities
Co.
Ltd.
.
Merrill
Lynch
International
&
Co.
288,366
02/15/28
0.15%
HONIA
Monthly
14,729
China
Overseas
Land
&
Investment
Ltd.
...................
Merrill
Lynch
International
&
Co.
877,839
02/15/28
0.15%
HONIA
Monthly
(
30,665
)
China
Resources
Land
Ltd.
.....
Merrill
Lynch
International
&
Co.
259,912
02/15/28
0.30%
HONIA
Monthly
(
16,319
)
Chipotle
Mexican
Grill,
Inc.
.....
Barclays
Bank
plc
902,925
01/23/26
0.20%
1D
OBFR01
Monthly
(
21,150
)
Chipotle
Mexican
Grill,
Inc.
.....
Merrill
Lynch
International
&
Co.
1,692,058
02/15/28
0.20%
1D
OBFR01
Monthly
(
46,078
)
Christian
Dior
SE
............
Merrill
Lynch
International
&
Co.
1,780,826
02/15/28
0.26%
1D
ESTR
Monthly
36,833
Cirsa
Enterprises
SA
.........
JPMorgan
Chase
Bank
NA
6,279,544
02/11/26
0.26%
1D
ESTR
Monthly
21,057
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
169
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
CITIC
Ltd.
.................
Merrill
Lynch
International
&
Co.
USD
1,715,466
02/15/28
0.30%
HONIA
Monthly
$
(
111,600
)
CK
Hutchison
Holdings
Ltd.
.....
Merrill
Lynch
International
&
Co.
1,263,873
02/15/28
0.30%
HONIA
Monthly
(
18,861
)
Coca-Cola
Co.
(The)
.........
Barclays
Bank
plc
2,147,176
01/23/26
0.20%
1D
OBFR01
Monthly
1,592
Cognizant
Technology
Solutions
Corp.
..................
Merrill
Lynch
International
&
Co.
2,292,924
02/15/28
0.20%
1D
OBFR01
Monthly
(
46,079
)
Coles
Group
Ltd.
............
JPMorgan
Chase
Bank
NA
1,524,939
02/10/26
0.25%
1D
AONIA
Monthly
(
39,531
)
Colgate-Palmolive
Co.
........
Barclays
Bank
plc
1,512,890
01/23/26
0.20%
1D
OBFR01
Monthly
(
2,024
)
Coloplast
A/S
..............
JPMorgan
Chase
Bank
NA
2,832,031
02/11/26
0.29%
DESTR
Monthly
(
332,518
)
Cosmo
Energy
Holdings
Co.
Ltd.
.
Merrill
Lynch
International
&
Co.
1,488,069
03/15/28
0.25%
1D
P
TONA
Monthly
(
47,303
)
Costco
Wholesale
Corp.
.......
JPMorgan
Chase
Bank
NA
2,718,302
02/09/26
0.20%
1D
OBFR01
Monthly
(
126,538
)
Credit
Agricole
SA
...........
Merrill
Lynch
International
&
Co.
1,282,069
02/15/28
0.26%
1D
ESTR
Monthly
2,767
Daiwa
Securities
Group,
Inc.
....
Citibank
NA
1,712,570
02/26/26
0.15%
1D
P
TONA
Monthly
(
11,782
)
Dassault
Systemes
SE
........
Merrill
Lynch
International
&
Co.
1,297,951
02/15/28
0.26%
1D
ESTR
Monthly
74,603
Deutsche
Bank
AG
(Registered)
..
Citibank
NA
1,073,286
02/26/26
0.00%
1D
ESTR
Monthly
3,354
Deutsche
Telekom
AG
(Registered)
Citibank
NA
1,006,042
02/26/26
0.00%
1D
ESTR
Monthly
2,414
D'ieteren
Group
.............
Merrill
Lynch
International
&
Co.
1,487,372
02/15/28
0.26%
1D
ESTR
Monthly
(
42,098
)
Disco
Corp.
................
Merrill
Lynch
International
&
Co.
300,529
03/15/28
0.15%
1D
P
TONA
Monthly
13,012
Dollar
General
Corp.
.........
Merrill
Lynch
International
&
Co.
2,120,140
02/15/28
0.20%
1D
OBFR01
Monthly
(
22,135
)
Dyno
Nobel
Ltd.
.............
JPMorgan
Chase
Bank
NA
1,612,871
02/10/26
0.25%
1D
AONIA
Monthly
61,781
E.ON
SE
.................
Barclays
Bank
plc
1,131,431
03/15/27
26.00%
1D
ESTR
Monthly
6,231
Eagle
Bancorp,
Inc.
..........
JPMorgan
Chase
Bank
NA
1,298,546
02/09/26
0.20%
1D
OBFR01
Monthly
26,875
Eaton
Corp.
plc
.............
Barclays
Bank
plc
1,361,916
01/23/26
0.20%
1D
OBFR01
Monthly
(
14,616
)
eBay,
Inc.
.................
Merrill
Lynch
International
&
Co.
1,382,897
02/15/28
0.20%
1D
OBFR01
Monthly
8,638
Eiffage
SA
................
Barclays
Bank
plc
1,019,043
03/15/27
0.26%
1D
ESTR
Monthly
5,900
Eli
Lilly
&
Co.
..............
Merrill
Lynch
International
&
Co.
1,937,812
02/15/28
0.20%
1D
OBFR01
Monthly
38,358
Elia
Group
SA
..............
Merrill
Lynch
International
&
Co.
217,386
02/15/28
0.26%
1D
ESTR
Monthly
5,936
Elisa
OYJ
.................
Merrill
Lynch
International
&
Co.
1,947,522
02/15/28
0.26%
1D
ESTR
Monthly
(
84,188
)
Emera,
Inc.
................
Barclays
Bank
plc
1,684,175
08/25/26
0.20%
CABROVER
Monthly
57,401
Endeavour
Mining
plc
.........
Merrill
Lynch
International
&
Co.
2,853,112
02/15/28
0.25%
1D
SONIA
Monthly
212,080
ENEOS
Holdings,
Inc.
........
JPMorgan
Chase
Bank
NA
2,576,017
02/10/26
0.25%
1D
P
TONA
Monthly
99,763
Eneva
SA
.................
Merrill
Lynch
International
&
Co.
1,227,910
02/15/28
0.40%
1D
OBFR01
Monthly
57,572
Engie
SA
.................
Barclays
Bank
plc
1,464,559
03/15/27
0.26%
1D
ESTR
Monthly
10,103
EOG
Resources,
Inc.
.........
Citibank
NA
2,872,326
02/24/28
0.20%
1D
OBFR01
Monthly
(
80,538
)
EXEO
Group,
Inc.
...........
Merrill
Lynch
International
&
Co.
1,701,724
03/15/28
0.25%
1D
P
TONA
Monthly
(
65,112
)
EXOR
NV
.................
Barclays
Bank
plc
2,745,206
03/15/27
0.26%
1D
ESTR
Monthly
5,102
Far
EasTone
Telecommunications
Co.
Ltd.
................
JPMorgan
Chase
Bank
NA
1,933
02/10/26
0.35%
1D
OBFR01
Monthly
97
Fast
Retailing
Co.
Ltd.
........
Merrill
Lynch
International
&
Co.
1,536,796
03/15/28
0.25%
1D
P
TONA
Monthly
(
78,979
)
Federal
Realty
Investment
Trust
..
Barclays
Bank
plc
1,982,493
01/23/26
0.20%
1D
OBFR01
Monthly
33,576
FinecoBank
Banca
Fineco
SpA
..
Merrill
Lynch
International
&
Co.
1,660,745
02/15/28
0.26%
1D
ESTR
Monthly
(
41,653
)
FirstRand
Ltd.
..............
JPMorgan
Chase
Bank
NA
1,386,183
02/11/26
0.40%
1D
RAONON
Monthly
55,744
FirstService
Corp.
...........
Barclays
Bank
plc
2,333,423
08/25/26
0.20%
CABROVER
Monthly
(
28,015
)
Fiserv,
Inc.
................
Barclays
Bank
plc
1,670,144
01/23/26
0.20%
1D
OBFR01
Monthly
(
19,840
)
Flagstar
Financial,
Inc.
........
JPMorgan
Chase
Bank
NA
11,277,934
02/09/26
0.20%
1D
OBFR01
Monthly
(
1,164,570
)
Flughafen
Zurich
AG
(Registered)
.
Barclays
Bank
plc
2,218,580
04/01/26
0.26%
SSARON
Monthly
77,839
Fomento
Economico
Mexicano
SAB
de
CV
.................
JPMorgan
Chase
Bank
NA
1,644,625
02/10/26
0.50%
TIIEFONDEO
Monthly
55,417
Ford
Motor
Co.
.............
Merrill
Lynch
International
&
Co.
1,632,907
02/15/28
0.00%
1D
OBFR01
Monthly
34,317
Formosa
Chemicals
&
Fibre
Corp.
JPMorgan
Chase
Bank
NA
1,311
02/10/26
0.35%
1D
OBFR01
Monthly
53
Fortis,
Inc.
................
Citibank
NA
1,856,147
02/24/28
0.20%
1D
CORRA
Monthly
71,294
Fortive
Corp.
...............
Merrill
Lynch
International
&
Co.
1,734,893
02/15/28
0.00%
1D
OBFR01
Monthly
14,050
Fox
Corp.
.................
Citibank
NA
2,203,426
02/24/28
0.20%
1D
OBFR01
Monthly
22,592
Fresenius
Medical
Care
AG
.....
Barclays
Bank
plc
1,227,222
03/15/27
0.26%
1D
ESTR
Monthly
51,447
GE
Vernova,
Inc.
............
Citibank
NA
1,095,429
02/24/28
0.20%
1D
OBFR01
Monthly
(
50,099
)
GEA
Group
AG
.............
Merrill
Lynch
International
&
Co.
3,104,075
02/15/28
0.26%
1D
ESTR
Monthly
(
35,894
)
Gecina
SA
................
Merrill
Lynch
International
&
Co.
1,321,928
02/15/28
0.26%
1D
ESTR
Monthly
(
5,906
)
General
Mills,
Inc.
...........
Merrill
Lynch
International
&
Co.
3,571,775
02/15/28
0.20%
1D
OBFR01
Monthly
88,716
Genius
Electronic
Optical
Co.
Ltd.
Merrill
Lynch
International
&
Co.
1,113,886
02/15/28
0.40%
1D
OBFR01
Monthly
28,177
Gerdau
SA
(Preference)
.......
JPMorgan
Chase
Bank
NA
1,572,122
02/10/26
0.40%
1D
OBFR01
Monthly
(
32,335
)
GFL
Environmental,
Inc.
.......
JPMorgan
Chase
Bank
NA
1,110,034
02/09/26
0.20%
COBRO
Monthly
36,932
Gildan
Activewear,
Inc.
........
Barclays
Bank
plc
1,318,625
08/25/26
0.20%
CABROVER
Monthly
15,887
Givaudan
SA
(Registered)
......
Citibank
NA
1,644,614
02/26/26
0.05%
SSARON
Monthly
(
12,997
)
Gunma
Bank
Ltd.
(The)
.......
Merrill
Lynch
International
&
Co.
902,018
03/15/28
0.15%
1D
P
TONA
Monthly
24,129
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
170
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Haidilao
International
Holding
Ltd.
Merrill
Lynch
International
&
Co.
USD
288,366
02/15/28
0.15%
HONIA
Monthly
$
4,087
Haier
Smart
Home
Co.
Ltd.
.....
Merrill
Lynch
International
&
Co.
2,163,075
02/15/28
0.30%
HONIA
Monthly
(
23,200
)
Haleon
plc
................
Barclays
Bank
plc
2,139,945
03/26/27
0.25%
1D
SONIA
Monthly
15,642
Harmonic
Drive
Systems,
Inc.
...
Merrill
Lynch
International
&
Co.
2,018,362
03/15/28
0.00%
1D
P
TONA
Monthly
(
3,585
)
Harmony
Gold
Mining
Co.
Ltd.
...
Merrill
Lynch
International
&
Co.
854,611
02/15/28
0.85%
1M
JIBAR
Monthly
168,039
Henderson
Land
Development
Co.
Ltd.
...................
JPMorgan
Chase
Bank
NA
1,157,976
02/10/26
0.30%
HONIA
Monthly
36,138
Hesai
Group
...............
Citibank
NA
1,972,794
02/25/26
0.30%
HONIA
Monthly
(
70,021
)
Hewlett
Packard
Enterprise
Co.
..
Citibank
NA
1,049,172
02/24/28
0.20%
1D
OBFR01
Monthly
(
25,020
)
HOCHTIEF
AG
.............
Barclays
Bank
plc
965,986
03/15/27
0.26%
1D
ESTR
Monthly
350
Holcim
AG
................
Citibank
NA
2,170,631
02/26/26
0.10%
SSARON
Monthly
(
28,984
)
Hon
Hai
Precision
Industry
Co.
Ltd.
Merrill
Lynch
International
&
Co.
586,209
02/15/28
0.40%
1D
OBFR01
Monthly
(
717
)
Honeywell
International,
Inc.
....
Barclays
Bank
plc
1,590,720
01/23/26
0.20%
1D
OBFR01
Monthly
9,080
Hong
Kong
Exchanges
&
Clearing
Ltd.
...................
Merrill
Lynch
International
&
Co.
531,306
02/15/28
0.30%
HONIA
Monthly
(
9,017
)
Huntington
Ingalls
Industries,
Inc.
.
JPMorgan
Chase
Bank
NA
1,568,904
02/09/26
0.20%
1D
OBFR01
Monthly
100,974
Hydro
One
Ltd.
.............
Barclays
Bank
plc
1,169,251
08/25/26
0.20%
CABROVER
Monthly
18,753
Hyundai
Motor
Co.
...........
Merrill
Lynch
International
&
Co.
1,192,922
02/15/28
0.40%
1D
OBFR01
Monthly
(
11,105
)
Iberdrola
SA
...............
JPMorgan
Chase
Bank
NA
4,408,963
02/11/26
0.26%
1D
ESTR
Monthly
96,218
ICG
plc
..................
JPMorgan
Chase
Bank
NA
1,806,388
02/11/26
0.25%
1D
SONIA
Monthly
34,051
Idemitsu
Kosan
Co.
Ltd.
.......
Merrill
Lynch
International
&
Co.
1,990,683
03/15/28
0.00%
1D
P
TONA
Monthly
(
32,619
)
Incyte
Corp.
...............
Merrill
Lynch
International
&
Co.
831,400
02/15/28
0.20%
1D
OBFR01
Monthly
16,700
Informatica,
Inc.
.............
JPMorgan
Chase
Bank
NA
2,658,225
02/09/26
0.20%
1D
OBFR01
Monthly
6,436
Inpex
Corp.
................
Barclays
Bank
plc
1,707,624
01/14/27
0.00%
1D
P
TONA
Monthly
15,519
InterContinental
Hotels
Group
plc
.
Merrill
Lynch
International
&
Co.
1,334,802
02/15/28
0.25%
1D
SONIA
Monthly
31,486
Interpublic
Group
of
Cos.,
Inc.
(The)
Merrill
Lynch
International
&
Co.
1,537,965
02/15/28
0.20%
1D
OBFR01
Monthly
94,770
Intuitive
Surgical,
Inc.
.........
Barclays
Bank
plc
1,511,470
01/23/26
0.20%
1D
OBFR01
Monthly
9,112
Italgas
SpA
................
Barclays
Bank
plc
1,279,116
03/15/27
0.26%
1D
ESTR
Monthly
43,699
Jabil,
Inc.
.................
Merrill
Lynch
International
&
Co.
1,791,582
02/15/28
0.00%
1D
OBFR01
Monthly
10,929
Japan
Exchange
Group,
Inc.
....
Merrill
Lynch
International
&
Co.
1,194,234
03/15/28
0.25%
1D
P
TONA
Monthly
53,118
Japan
Post
Bank
Co.
Ltd.
......
Citibank
NA
1,024,104
02/26/26
0.25%
1D
P
TONA
Monthly
14,265
Japan
Post
Holdings
Co.
Ltd.
....
Citibank
NA
1,329,967
02/26/26
0.25%
1D
P
TONA
Monthly
(
15,857
)
Japan
Tobacco,
Inc.
..........
JPMorgan
Chase
Bank
NA
2,041,382
02/10/26
0.25%
1D
P
TONA
Monthly
28,112
JB
Hi-Fi
Ltd.
...............
JPMorgan
Chase
Bank
NA
1,443,717
02/10/26
0.25%
1D
AONIA
Monthly
(
16,208
)
JD.com,
Inc.
...............
JPMorgan
Chase
Bank
NA
1,317,897
02/10/26
0.30%
HONIA
Monthly
138,058
JPMorgan
Chase
&
Co.
.......
Barclays
Bank
plc
1,780,867
01/23/26
0.20%
1D
OBFR01
Monthly
17,084
Kakaku.com,
Inc.
............
JPMorgan
Chase
Bank
NA
967,924
02/10/26
0.25%
1D
P
TONA
Monthly
(
21,589
)
Kamigumi
Co.
Ltd.
...........
JPMorgan
Chase
Bank
NA
1,840,873
02/10/26
0.25%
1D
P
TONA
Monthly
(
23,884
)
KDDI
Corp.
................
Merrill
Lynch
International
&
Co.
1,293,872
03/15/28
0.00%
1D
P
TONA
Monthly
(
69,025
)
Keurig
Dr
Pepper,
Inc.
........
Citibank
NA
1,891,362
02/24/28
0.20%
1D
OBFR01
Monthly
(
31,683
)
Keyence
Corp.
.............
JPMorgan
Chase
Bank
NA
1,171,281
02/10/26
0.25%
1D
P
TONA
Monthly
(
16,342
)
Keyera
Corp.
..............
JPMorgan
Chase
Bank
NA
1,117,823
02/09/26
0.20%
COBRO
Monthly
9,420
Kingfisher
plc
..............
Barclays
Bank
plc
1,081,214
03/26/27
25.00%
1D
SONIA
Monthly
6,052
Kinross
Gold
Corp.
...........
Barclays
Bank
plc
2,832,938
08/25/26
0.20%
CABROVER
Monthly
48,498
KION
Group
AG
.............
Citibank
NA
1,168,224
02/26/26
0.26%
1D
ESTR
Monthly
(
14,850
)
Komatsu
Ltd.
..............
Merrill
Lynch
International
&
Co.
2,388,047
03/15/28
0.25%
1D
P
TONA
Monthly
(
36,535
)
Koninklijke
Vopak
NV
.........
JPMorgan
Chase
Bank
NA
985,436
02/11/26
0.26%
1D
ESTR
Monthly
(
53,713
)
KT&G
Corp.
...............
JPMorgan
Chase
Bank
NA
1,104,257
02/10/26
0.35%
1D
OBFR01
Monthly
(
18,314
)
Kuaishou
Technology
.........
Merrill
Lynch
International
&
Co.
975,612
02/15/28
0.15%
HONIA
Monthly
56,221
Kuehne
+
Nagel
International
AG
(Registered)
.............
JPMorgan
Chase
Bank
NA
1,308,487
02/10/26
0.26%
SSARON
Monthly
(
54,666
)
Kyushu
Financial
Group,
Inc.
....
Citibank
NA
1,075,388
02/26/26
0.24%
1D
P
TONA
Monthly
50,794
Largan
Precision
Co.
Ltd.
......
Merrill
Lynch
International
&
Co.
384,749
02/15/28
0.40%
1D
OBFR01
Monthly
2,177
Las
Vegas
Sands
Corp.
.......
Barclays
Bank
plc
2,653,572
01/23/26
0.20%
1D
OBFR01
Monthly
46,686
Lendlease
Corp.
Ltd.
.........
JPMorgan
Chase
Bank
NA
948,131
02/10/26
0.25%
1D
AONIA
Monthly
(
5,141
)
Lenovo
Group
Ltd.
...........
JPMorgan
Chase
Bank
NA
1,010,056
02/10/26
0.30%
HONIA
Monthly
68,687
Lockheed
Martin
Corp.
........
Merrill
Lynch
International
&
Co.
1,419,750
02/15/28
0.20%
1D
OBFR01
Monthly
77,880
Lojas
Renner
SA
............
JPMorgan
Chase
Bank
NA
1,056,405
02/10/26
0.40%
1D
OBFR01
Monthly
(
37,520
)
LVMH
Moet
Hennessy
Louis
Vuitton
SE
...................
Merrill
Lynch
International
&
Co.
2,835,396
02/15/28
0.26%
1D
ESTR
Monthly
112,896
LY
Corp.
..................
JPMorgan
Chase
Bank
NA
727,425
02/10/26
0.25%
1D
P
TONA
Monthly
(
6,778
)
Magellan
Financial
Group
Ltd.
...
Merrill
Lynch
International
&
Co.
1,855,714
02/15/28
0.25%
1D
AONIA
Monthly
(
161,141
)
Match
Group,
Inc.
...........
JPMorgan
Chase
Bank
NA
1,880,345
02/09/26
0.20%
1D
OBFR01
Monthly
(
167,325
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
171
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
McKesson
Corp.
............
Citibank
NA
USD
1,142,887
02/24/28
0.20%
1D
OBFR01
Monthly
$
15,923
Meituan
..................
Merrill
Lynch
International
&
Co.
488,139
02/15/28
0.30%
HONIA
Monthly
33,120
MGM
China
Holdings
Ltd.
......
Merrill
Lynch
International
&
Co.
1,215,513
02/15/28
0.00%
HONIA
Monthly
74,036
MGM
Resorts
International
.....
Barclays
Bank
plc
1,162,313
01/23/26
0.20%
1D
OBFR01
Monthly
5,729
Midea
Group
Co.
Ltd.
.........
Merrill
Lynch
International
&
Co.
936,649
02/15/28
0.00%
HONIA
Monthly
(
39,590
)
MISUMI
Group,
Inc.
..........
JPMorgan
Chase
Bank
NA
783,864
02/10/26
0.25%
1D
P
TONA
Monthly
(
16,022
)
Mitsui
&
Co.
Ltd.
............
Merrill
Lynch
International
&
Co.
260,290
03/15/28
0.15%
1D
P
TONA
Monthly
(
2,045
)
Morinaga
&
Co.
Ltd.
..........
Merrill
Lynch
International
&
Co.
986,612
03/15/28
0.00%
1D
P
TONA
Monthly
(
33,186
)
Mr
Price
Group
Ltd.
..........
Merrill
Lynch
International
&
Co.
2,243,487
02/15/28
0.85%
1M
JIBAR
Monthly
(
69,001
)
Murata
Manufacturing
Co.
Ltd.
...
Citibank
NA
1,284,397
02/26/26
0.25%
1D
P
TONA
Monthly
824
NatWest
Group
plc
...........
Merrill
Lynch
International
&
Co.
2,295,169
02/15/28
0.25%
1D
SONIA
Monthly
(
22,888
)
NAVER
Corp.
..............
Merrill
Lynch
International
&
Co.
42,947
02/15/28
0.40%
1D
OBFR01
Monthly
5,984
Nestle
SA
(Registered)
........
Citibank
NA
1,998,192
02/26/26
0.26%
SSARON
Monthly
40,550
NetEase,
Inc.
..............
Merrill
Lynch
International
&
Co.
155
02/15/28
0.20%
1D
OBFR01
Monthly
(
3
)
Netflix,
Inc.
................
Citibank
NA
2,207,417
02/24/28
0.20%
1D
OBFR01
Monthly
(
49,361
)
Next
plc
..................
Merrill
Lynch
International
&
Co.
2,160,044
02/15/28
0.25%
1D
SONIA
Monthly
57,118
Nichirei
Corp.
..............
JPMorgan
Chase
Bank
NA
816,427
02/10/26
0.25%
1D
P
TONA
Monthly
8,964
Nihon
Kohden
Corp.
..........
Citibank
NA
1,793,435
02/26/26
0.25%
1D
P
TONA
Monthly
(
69,703
)
Nippon
Shinyaku
Co.
Ltd.
......
JPMorgan
Chase
Bank
NA
834,250
02/10/26
0.25%
1D
P
TONA
Monthly
(
9,736
)
Nissan
Chemical
Corp.
........
Citibank
NA
1,581,388
02/26/26
0.22%
1D
P
TONA
Monthly
(
49,125
)
Nissan
Motor
Co.
Ltd.
.........
Barclays
Bank
plc
839,450
01/14/27
0.15%
1D
P
TONA
Monthly
(
22,548
)
Nomura
Holdings,
Inc.
........
JPMorgan
Chase
Bank
NA
1,081,540
02/10/26
0.25%
1D
P
TONA
Monthly
172
Northern
Data
AG
...........
Barclays
Bank
plc
2,314,167
03/15/27
0.26%
1D
ESTR
Monthly
(
80,167
)
Novartis
AG
(Registered)
......
JPMorgan
Chase
Bank
NA
2,879,663
02/10/26
0.26%
SSARON
Monthly
493
NXP
Semiconductors
NV
......
Merrill
Lynch
International
&
Co.
1,249,839
02/15/28
0.20%
1D
OBFR01
Monthly
48,222
Omnicom
Group,
Inc.
.........
Citibank
NA
1,475,694
02/24/28
0.20%
1D
OBFR01
Monthly
138,600
Otis
Worldwide
Corp.
.........
Barclays
Bank
plc
1,920,595
01/23/26
0.20%
1D
OBFR01
Monthly
45,150
Pandora
A/S
...............
Merrill
Lynch
International
&
Co.
1,348,608
02/15/28
0.26%
1W
CIBOR
Monthly
(
54,209
)
Paramount
Skydance
Corp.
.....
JPMorgan
Chase
Bank
NA
1,477,892
02/09/26
0.20%
1D
OBFR01
Monthly
156,361
Partners
Group
Holding
AG
.....
Merrill
Lynch
International
&
Co.
2,741,113
02/15/28
0.26%
SSARON
Monthly
(
124,292
)
PayPal
Holdings,
Inc.
.........
JPMorgan
Chase
Bank
NA
1,361,160
02/09/26
0.20%
1D
OBFR01
Monthly
(
26,666
)
PDD
Holdings,
Inc.
...........
Merrill
Lynch
International
&
Co.
127
02/15/28
0.20%
1D
OBFR01
Monthly
5
Pearson
plc
...............
JPMorgan
Chase
Bank
NA
1,577,729
02/11/26
0.25%
1D
SONIA
Monthly
15,031
Pfizer,
Inc.
................
JPMorgan
Chase
Bank
NA
1,474,788
02/09/26
0.20%
1D
OBFR01
Monthly
64,204
Philip
Morris
International,
Inc.
...
JPMorgan
Chase
Bank
NA
1,171,584
02/09/26
0.20%
1D
OBFR01
Monthly
(
3,744
)
Pinnacle
West
Capital
Corp.
....
Barclays
Bank
plc
1,923,598
01/23/26
0.20%
1D
OBFR01
Monthly
75,820
Pop
Mart
International
Group
Ltd.
.
Merrill
Lynch
International
&
Co.
1,164,884
02/15/28
0.30%
1D
OBFR01
Monthly
33,930
Powszechny
Zaklad
Ubezpieczen
SA
...................
Merrill
Lynch
International
&
Co.
1,616,691
02/15/28
0.45%
1D
OBFR01
Monthly
(
207,522
)
Principal
Financial
Group,
Inc.
...
Barclays
Bank
plc
1,816,841
01/23/26
0.20%
1D
OBFR01
Monthly
15,470
Prudential
Financial,
Inc.
.......
Citibank
NA
2,284,358
02/24/28
0.20%
1D
OBFR01
Monthly
18,670
Prysmian
SpA
..............
Merrill
Lynch
International
&
Co.
301,046
02/15/28
0.26%
1D
ESTR
Monthly
15,532
RB
Global,
Inc.
.............
Citibank
NA
1,459,224
02/24/28
0.20%
1D
CORRA
Monthly
(
40,316
)
Regions
Financial
Corp.
.......
Citibank
NA
1,482,499
02/24/28
0.20%
1D
OBFR01
Monthly
(
5,779
)
RELX
plc
.................
Merrill
Lynch
International
&
Co.
1,026,379
02/15/28
0.25%
1D
SONIA
Monthly
29,533
Renault
SA
................
Merrill
Lynch
International
&
Co.
1,457,659
02/15/28
0.26%
1D
ESTR
Monthly
10,269
Rightmove
plc
..............
Barclays
Bank
plc
1,424,237
03/26/27
0.25%
1D
SONIA
Monthly
(
19,454
)
Rolls-Royce
Holdings
plc
......
Merrill
Lynch
International
&
Co.
913,727
02/15/28
0.25%
1D
SONIA
Monthly
39,477
Sage
Group
plc
(The)
.........
Barclays
Bank
plc
2,095,824
03/26/27
0.25%
1D
SONIA
Monthly
10,675
Salesforce,
Inc.
.............
Barclays
Bank
plc
1,919,374
01/23/26
0.20%
1D
OBFR01
Monthly
(
94,474
)
Sampo
OYJ
...............
Barclays
Bank
plc
1,189,407
03/15/27
0.26%
1D
ESTR
Monthly
25,821
Samsung
Electronics
Co.
Ltd.
...
Merrill
Lynch
International
&
Co.
3,494,335
02/15/28
0.40%
1D
OBFR01
Monthly
310,352
Sanofi
SA
.................
Merrill
Lynch
International
&
Co.
2,873,927
02/15/28
0.26%
1D
ESTR
Monthly
42,645
Santen
Pharmaceutical
Co.
Ltd.
..
JPMorgan
Chase
Bank
NA
890,904
02/10/26
0.25%
1D
P
TONA
Monthly
535
Sanwa
Holdings
Corp.
........
JPMorgan
Chase
Bank
NA
1,790,304
02/10/26
0.25%
1D
P
TONA
Monthly
(
215,077
)
Schneider
Electric
SE
.........
Citibank
NA
1,053,222
02/26/26
0.26%
1D
ESTR
Monthly
44,519
Schroders
plc
..............
Barclays
Bank
plc
2,060,489
03/26/27
0.25%
1D
SONIA
Monthly
(
5,809
)
Scout24
SE
...............
Barclays
Bank
plc
1,484,131
03/15/27
0.26%
1D
ESTR
Monthly
33,903
SCREEN
Holdings
Co.
Ltd.
.....
Merrill
Lynch
International
&
Co.
209,278
03/15/28
0.15%
1D
P
TONA
Monthly
8,191
SEEK
Ltd.
................
Merrill
Lynch
International
&
Co.
923,820
02/15/28
0.25%
1D
AONIA
Monthly
12,647
Segro
plc
.................
Barclays
Bank
plc
1,856,210
03/26/27
0.25%
1D
SONIA
Monthly
58,561
Shenzhou
International
Group
Holdings
Ltd.
............
JPMorgan
Chase
Bank
NA
1,116,323
02/10/26
0.30%
HONIA
Monthly
26,055
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
172
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Shimizu
Corp.
..............
Citibank
NA
USD
1,576,394
02/26/26
0.25%
1D
P
TONA
Monthly
$
(
8,660
)
Siemens
Energy
AG
..........
Barclays
Bank
plc
796,528
03/15/27
0.26%
1D
ESTR
Monthly
26,526
Singapore
Technologies
Engineering
Ltd.
...................
JPMorgan
Chase
Bank
NA
1,349,394
02/10/26
0.30%
1D
OBFR01
Monthly
105,641
Skanska
AB
...............
Barclays
Bank
plc
1,291,276
04/23/26
0.28%
1D
STIBOR
Monthly
40,261
Skyworks
Solutions,
Inc.
.......
Merrill
Lynch
International
&
Co.
1,408,878
02/15/28
0.00%
1D
OBFR01
Monthly
76,836
SMG
Swiss
Marketplace
Group
AG
JPMorgan
Chase
Bank
NA
432,293
02/11/26
0.26%
1D
OBFR01
Monthly
(
6,733
)
Southwest
Airlines
Co.
........
Merrill
Lynch
International
&
Co.
314,300
02/15/28
0.20%
1D
OBFR01
Monthly
4,800
St
James's
Place
plc
.........
Barclays
Bank
plc
1,266,182
03/26/27
0.25%
1D
SONIA
Monthly
(
13,327
)
Sun
Life
Financial,
Inc.
........
Merrill
Lynch
International
&
Co.
3,833,737
02/15/28
0.20%
CABROVER
Monthly
63,433
Sunny
Optical
Technology
Group
Co.
Ltd.
...................
Merrill
Lynch
International
&
Co.
1,131,564
02/15/28
0.15%
HONIA
Monthly
137,384
Suzuki
Motor
Corp.
..........
Merrill
Lynch
International
&
Co.
1,239,996
03/15/28
0.00%
1D
OBFR01
Monthly
44,098
Swire
Pacific
Ltd.
............
JPMorgan
Chase
Bank
NA
1,167,442
02/10/26
0.30%
HONIA
Monthly
(
36,064
)
Symrise
AG
...............
Citibank
NA
1,880,300
02/26/26
0.26%
1D
ESTR
Monthly
(
27,833
)
Synchrony
Financial
..........
Merrill
Lynch
International
&
Co.
1,325,423
02/15/28
0.00%
1D
OBFR01
Monthly
(
89,153
)
Synthomer
plc
..............
Merrill
Lynch
International
&
Co.
494,479
02/15/28
0.25%
1D
SONIA
Monthly
117,812
T
Rowe
Price
Group,
Inc.
......
Merrill
Lynch
International
&
Co.
1,781,307
02/15/28
0.20%
1D
OBFR01
Monthly
(
26,163
)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......
Merrill
Lynch
International
&
Co.
539,973
02/15/28
0.40%
1D
OBFR01
Monthly
24,719
Tapestry,
Inc.
...............
Citibank
NA
1,059,084
02/24/28
0.20%
1D
OBFR01
Monthly
(
6,138
)
TE
Connectivity
plc
..........
Citibank
NA
1,661,284
02/24/28
0.20%
1D
OBFR01
Monthly
7,144
Techtronic
Industries
Co.
Ltd.
....
Merrill
Lynch
International
&
Co.
803,529
02/15/28
0.30%
HONIA
Monthly
14,597
Teck
Resources
Ltd.
..........
Citibank
NA
772,719
02/24/28
0.20%
1D
CORRA
Monthly
109,012
Teijin
Ltd.
.................
Barclays
Bank
plc
1,405,981
01/14/27
0.00%
1D
P
TONA
Monthly
(
31,838
)
Telecom
Italia
SpA
...........
Merrill
Lynch
International
&
Co.
2,461,828
02/15/28
0.26%
1D
ESTR
Monthly
(
3,254
)
Telecom
Italia
SpA
...........
Merrill
Lynch
International
&
Co.
77
02/15/28
0.00%
1D
ESTR
Monthly
(
1
)
Telenor
ASA
...............
Barclays
Bank
plc
1,665,208
04/23/26
0.28%
NOWA
Monthly
14,053
Telia
Co.
AB
...............
Barclays
Bank
plc
1,483,764
04/23/26
0.28%
1D
STIBOR
Monthly
29,253
Tencent
Holdings
Ltd.
.........
Merrill
Lynch
International
&
Co.
2,216,140
02/15/28
0.30%
HONIA
Monthly
67,477
Textron,
Inc.
...............
Merrill
Lynch
International
&
Co.
2,894,496
02/15/28
0.20%
1D
OBFR01
Monthly
79,552
Tokyo
Electron
Ltd.
..........
Merrill
Lynch
International
&
Co.
217,829
03/15/28
0.25%
1D
P
TONA
Monthly
30,345
TOTO
Ltd.
................
JPMorgan
Chase
Bank
NA
1,002,593
02/10/26
0.25%
1D
P
TONA
Monthly
(
58,441
)
Toyota
Motor
Corp.
..........
Merrill
Lynch
International
&
Co.
2,066,953
03/15/28
0.25%
1D
P
TONA
Monthly
(
40,671
)
TPG
Telecom
Ltd.
...........
Merrill
Lynch
International
&
Co.
2,435,005
02/15/28
0.25%
1D
AONIA
Monthly
90,263
Transmissora
Alianca
de
Energia
Eletrica
SA
..............
JPMorgan
Chase
Bank
NA
1,757,082
02/10/26
0.40%
1D
OBFR01
Monthly
51,629
Transurban
Group
...........
JPMorgan
Chase
Bank
NA
2,719,741
02/10/26
0.25%
1D
AONIA
Monthly
(
100,282
)
Trip.com
Group
Ltd.
..........
JPMorgan
Chase
Bank
NA
953,259
02/10/26
0.30%
HONIA
Monthly
(
5,290
)
UnitedHealth
Group,
Inc.
.......
Merrill
Lynch
International
&
Co.
1,712,259
02/15/28
0.20%
1D
OBFR01
Monthly
(
3,024
)
UOL
Group
Ltd.
.............
Merrill
Lynch
International
&
Co.
1,852,091
02/15/28
0.30%
1D
OBFR01
Monthly
3,351
Valero
Energy
Corp.
..........
Barclays
Bank
plc
1,348,164
01/23/26
0.20%
1D
OBFR01
Monthly
30,942
Venture
Corp.
Ltd.
...........
JPMorgan
Chase
Bank
NA
1,694,264
02/10/26
0.30%
1D
OBFR01
Monthly
1,550
Verisk
Analytics,
Inc.
..........
Barclays
Bank
plc
1,553,481
01/23/26
0.20%
1D
OBFR01
Monthly
56,183
Verizon
Communications,
Inc.
...
JPMorgan
Chase
Bank
NA
3,236,004
02/09/26
0.20%
1D
OBFR01
Monthly
47,060
Viatris,
Inc.
................
JPMorgan
Chase
Bank
NA
1,456,727
02/09/26
0.20%
1D
OBFR01
Monthly
(
71,717
)
VICI
Properties,
Inc.
..........
Barclays
Bank
plc
2,935,562
01/23/26
0.20%
1D
OBFR01
Monthly
110,211
Vinci
SA
..................
Barclays
Bank
plc
1,386,840
03/15/27
0.26%
1D
ESTR
Monthly
16,777
Vodafone
Group
plc
..........
Citibank
NA
1,347,662
02/26/26
0.10%
1D
SONIA
Monthly
26,658
Volvo
AB
.................
Barclays
Bank
plc
1,424,790
04/23/26
0.28%
1D
STIBOR
Monthly
(
9,916
)
Warehouses
De
Pauw
CVA
.....
JPMorgan
Chase
Bank
NA
1,934,635
02/11/26
0.26%
1D
ESTR
Monthly
(
21,829
)
Warner
Bros
Discovery,
Inc.
.....
JPMorgan
Chase
Bank
NA
931,908
02/09/26
0.20%
1D
OBFR01
Monthly
1,548
Waters
Corp.
...............
Citibank
NA
967,936
02/24/28
0.20%
1D
OBFR01
Monthly
(
8,544
)
Wells
Fargo
&
Co.
...........
Citibank
NA
2,239,708
02/24/28
0.20%
1D
OBFR01
Monthly
(
35,242
)
Westinghouse
Air
Brake
Technologies
Corp.
........
Citibank
NA
1,900,416
02/24/28
0.20%
1D
OBFR01
Monthly
24,096
Westpac
Banking
Corp.
.......
Merrill
Lynch
International
&
Co.
1,322,653
02/15/28
0.25%
1D
AONIA
Monthly
6,813
WH
Group
Ltd.
.............
Merrill
Lynch
International
&
Co.
1,370,153
02/15/28
0.30%
HONIA
Monthly
(
56,533
)
Wolters
Kluwer
NV
...........
Merrill
Lynch
International
&
Co.
1,480,116
02/15/28
0.26%
1D
ESTR
Monthly
75,983
Workday,
Inc.
..............
Merrill
Lynch
International
&
Co.
1,203,795
02/15/28
0.20%
1D
OBFR01
Monthly
72,074
Worley
Ltd.
................
JPMorgan
Chase
Bank
NA
999,484
02/10/26
0.25%
1D
AONIA
Monthly
(
27,753
)
Xiaomi
Corp.
...............
Merrill
Lynch
International
&
Co.
249,965
02/15/28
0.30%
HONIA
Monthly
(
9,420
)
Yamaha
Corp.
..............
Merrill
Lynch
International
&
Co.
1,243,664
03/15/28
0.25%
1D
P
TONA
Monthly
(
45,201
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
173
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Yum
China
Holdings,
Inc.
......
Merrill
Lynch
International
&
Co.
USD
2,332,107
02/15/28
0.30%
HONIA
Monthly
$
(
10,643
)
Zijin
Gold
International
Co.
Ltd.
..
JPMorgan
Chase
Bank
NA
531,517
02/10/26
0.00%
HONIA
Monthly
354,934
Zimmer
Biomet
Holdings,
Inc.
...
Merrill
Lynch
International
&
Co.
1,907,505
02/15/28
0.20%
1D
OBFR01
Monthly
(
45,855
)
Zoetis,
Inc.
................
Citibank
NA
1,399,981
02/24/28
0.20%
1D
OBFR01
Monthly
19,323
Zurich
Insurance
Group
AG
.....
Citibank
NA
1,758,158
02/26/26
0.26%
1D
OBFR01
Monthly
28,800
Total
long
positions
of
equity
swaps
1,077,354
Short
contracts
(b)
3M
Co.
...................
Citibank
NA
(
1,217,866
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
8,056
)
ABN
AMRO
Bank
NV
.........
Barclays
Bank
plc
(
340,793
)
03/15/27
(0.26)%
1D
ESTR
Monthly
(
8,874
)
ABN
AMRO
Bank
NV
.........
Citibank
NA
(
971,059
)
02/26/26
(0.26)%
1D
ESTR
Monthly
(
23,407
)
AddTech
AB
...............
Barclays
Bank
plc
(
937,847
)
04/23/26
(0.26)%
1D
STIBOR
Monthly
43,265
Aeon
Co.
Ltd.
..............
Barclays
Bank
plc
(
2,046,332
)
01/14/27
(0.20)%
1D
P
TONA
Monthly
(
17,171
)
AGC,
Inc.
.................
Citibank
NA
(
929,557
)
02/26/26
(0.17)%
1D
P
TONA
Monthly
(
3,155
)
AGC,
Inc.
.................
Merrill
Lynch
International
&
Co.
(
1,250,259
)
03/15/28
0.00%
1D
P
TONA
Monthly
(
18,360
)
Ageas
SA
.................
Citibank
NA
(
3,003,305
)
02/26/26
(0.26)%
1D
ESTR
Monthly
(
34,502
)
Airtel
Africa
plc
.............
Barclays
Bank
plc
(
2,469,613
)
03/26/27
(0.25)%
1D
SONIA
Monthly
(
212,386
)
Ajinomoto
Co.,
Inc.
...........
Citibank
NA
(
1,293,032
)
02/26/26
(0.19)%
1D
P
TONA
Monthly
11,518
Akamai
Technologies,
Inc.
......
Barclays
Bank
plc
(
981,504
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
11,776
Alexandria
Real
Estate
Equities,
Inc.
Barclays
Bank
plc
(
1,434,363
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
42,585
Alfa
SAB
de
CV
.............
JPMorgan
Chase
Bank
NA
(
1,029,048
)
02/10/26
(0.50)%
TIIEFONDEO
Monthly
(
39,732
)
Align
Technology,
Inc.
.........
Barclays
Bank
plc
(
1,107,743
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
43,373
Allegion
plc
................
Citibank
NA
(
1,362,449
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
3,146
)
Amadeus
IT
Group
SA
........
Merrill
Lynch
International
&
Co.
(
2,100,045
)
02/15/28
(0.26)%
1D
ESTR
Monthly
9,464
Amcor
plc
.................
Barclays
Bank
plc
(
2,247,300
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
19,068
American
Express
Co.
........
Citibank
NA
(
1,333,293
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
37,869
ANA
Holdings,
Inc.
...........
Merrill
Lynch
International
&
Co.
(
10,957,160
)
03/15/28
(0.35)%
1D
P
TONA
Monthly
348,832
Anglogold
Ashanti
plc
.........
Merrill
Lynch
International
&
Co.
(
1,281,975
)
02/15/28
(0.35)%
1D
OBFR01
Monthly
(
58,646
)
Ansell
Ltd.
................
JPMorgan
Chase
Bank
NA
(
1,819,608
)
02/10/26
(0.25)%
1D
AONIA
Monthly
127,659
Aozora
Bank
Ltd.
............
JPMorgan
Chase
Bank
NA
(
838,433
)
02/10/26
(1.23)%
1D
P
TONA
Monthly
(
12,028
)
Arkema
SA
................
Barclays
Bank
plc
(
2,226,962
)
03/15/27
(0.26)%
1D
ESTR
Monthly
52,066
Arthur
J
Gallagher
&
Co.
.......
Citibank
NA
(
2,010,402
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
64,856
)
Aspen
Pharmacare
Holdings
Ltd.
.
Merrill
Lynch
International
&
Co.
(
1,237,895
)
02/15/28
(0.35)%
1M
JIBAR
Monthly
61,535
Atlantic
Union
Bankshares
Corp.
.
JPMorgan
Chase
Bank
NA
(
1,071,035
)
02/09/26
(0.15)%
1D
OBFR01
Monthly
6,336
AutoZone,
Inc.
..............
Barclays
Bank
plc
(
824,200
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
33,848
)
Axon
Enterprise,
Inc.
.........
Barclays
Bank
plc
(
1,080,405
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
75,709
Baidu,
Inc.
................
Merrill
Lynch
International
&
Co.
(
806,265
)
02/15/28
(0.30)%
HONIA
Monthly
(
12,190
)
Bank
of
Montreal
............
Citibank
NA
(
3,952,349
)
02/24/28
(0.20)%
1D
CORRA
Monthly
(
48,114
)
Bank
of
New
York
Mellon
Corp.
(The)
..................
Citibank
NA
(
1,546,428
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
804
)
Barratt
Redrow
plc
...........
Barclays
Bank
plc
(
3,038,277
)
03/26/27
(0.25)%
1D
SONIA
Monthly
(
163,141
)
Barry
Callebaut
AG
(Registered)
..
Barclays
Bank
plc
(
2,146,382
)
04/01/26
(0.26)%
SSARON
Monthly
(
57,159
)
BASF
SE
.................
Barclays
Bank
plc
(
1,267,916
)
03/15/27
(0.26)%
1D
ESTR
Monthly
(
11,169
)
BASF
SE
.................
Citibank
NA
(
525,563
)
02/26/26
(0.26)%
1D
ESTR
Monthly
(
4,058
)
Baxter
International,
Inc.
.......
Citibank
NA
(
1,741,273
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
632
)
Beazley
plc
................
Citibank
NA
(
1,309,343
)
02/26/26
(0.25)%
1D
SONIA
Monthly
(
104,442
)
Bechtle
AG
................
Citibank
NA
(
1,502,371
)
02/26/26
(0.26)%
1D
ESTR
Monthly
(
32,426
)
BeOne
Medicines
Ltd.
........
Merrill
Lynch
International
&
Co.
(
1,121,914
)
02/15/28
(0.15)%
HONIA
Monthly
(
46,810
)
Berkshire
Hathaway,
Inc.
.......
Citibank
NA
(
2,419,179
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
44,247
)
BioMerieux
................
Citibank
NA
(
1,939,928
)
02/26/26
(0.26)%
1D
ESTR
Monthly
(
6,240
)
BIPROGY,
Inc.
.............
Merrill
Lynch
International
&
Co.
(
1,158,443
)
03/15/28
(0.15)%
1D
OBFR01
Monthly
69,193
BKW
AG
.................
Citibank
NA
(
4,417,980
)
02/26/26
(0.26)%
SSARON
Monthly
(
150,421
)
Block,
Inc.
................
Barclays
Bank
plc
(
1,870,716
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
121,782
BlueScope
Steel
Ltd.
.........
JPMorgan
Chase
Bank
NA
(
1,887,550
)
02/10/26
(0.25)%
1D
AONIA
Monthly
5,433
Brandywine
Realty
Trust
.......
Merrill
Lynch
International
&
Co.
(
57,250
)
02/15/28
(0.15)%
1D
OBFR01
Monthly
5,125
Broadridge
Financial
Solutions,
Inc.
Barclays
Bank
plc
(
1,232,160
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
17,493
Brookfield
Asset
Management
Ltd.
Citibank
NA
(
2,018,344
)
02/24/28
(0.20)%
1D
CORRA
Monthly
134,662
BT
Group
plc
...............
Barclays
Bank
plc
(
1,193,085
)
03/26/27
(0.25)%
1D
SONIA
Monthly
35,114
Builders
FirstSource,
Inc.
......
Citibank
NA
(
765,724
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
1,849
BXP,
Inc.
.................
Citibank
NA
(
1,408,151
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
25,427
BXP,
Inc.
.................
Merrill
Lynch
International
&
Co.
(
2,148,717
)
02/15/28
(0.15)%
1D
OBFR01
Monthly
37,907
Camden
Property
Trust
........
Citibank
NA
(
1,546,974
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
20,020
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
174
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Canadian
Pacific
Kansas
City
Ltd.
Citibank
NA
USD
(
1,821,683
)
02/24/28
(0.20)%
1D
CORRA
Monthly
$
(
10,458
)
CAR
Group
Ltd.
.............
JPMorgan
Chase
Bank
NA
(
1,232,711
)
02/10/26
(0.25)%
1D
AONIA
Monthly
84,770
Carl
Zeiss
Meditec
AG
........
Citibank
NA
(
1,032,468
)
02/26/26
(1.00)%
1D
ESTR
Monthly
64,682
Cencora,
Inc.
..............
Barclays
Bank
plc
(
1,703,861
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
140,066
)
CH
Robinson
Worldwide,
Inc.
...
Barclays
Bank
plc
(
2,063,292
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
24,332
Chailease
Holding
Co.
Ltd.
.....
JPMorgan
Chase
Bank
NA
(
724,076
)
02/10/26
(0.51)%
1D
OBFR01
Monthly
26,495
China
Construction
Bank
Corp.
..
Merrill
Lynch
International
&
Co.
(
1,571,577
)
02/15/28
(0.15)%
HONIA
Monthly
58,013
China
Everbright
Bank
Co.
Ltd.
..
JPMorgan
Chase
Bank
NA
(
59,763
)
02/10/26
(1.30)%
HONIA
Monthly
5,221
China
Everbright
Bank
Co.
Ltd.
..
Merrill
Lynch
International
&
Co.
(
869,819
)
02/15/28
(0.30)%
HONIA
Monthly
60,022
China
Life
Insurance
Co.
Ltd.
....
Merrill
Lynch
International
&
Co.
(
1,033,850
)
02/15/28
(0.15)%
HONIA
Monthly
39,853
China
Merchants
Bank
Co.
Ltd.
..
Merrill
Lynch
International
&
Co.
(
979,895
)
02/15/28
(0.30)%
HONIA
Monthly
25,291
China
Pacific
Insurance
Group
Co.
Ltd.
...................
JPMorgan
Chase
Bank
NA
(
25,578,552
)
02/10/26
(0.43)%
HONIA
Monthly
1,595,789
China
Petroleum
&
Chemical
Corp.
Merrill
Lynch
International
&
Co.
(
17,139,163
)
02/15/28
(0.15)%
HONIA
Monthly
721,948
China
Railway
Group
Ltd.
......
Merrill
Lynch
International
&
Co.
(
733,847
)
02/15/28
0.00%
HONIA
Monthly
(
17,679
)
China
Steel
Corp.
...........
JPMorgan
Chase
Bank
NA
(
610,801
)
02/10/26
(0.18)%
1D
OBFR01
Monthly
1,644
Cie
Generale
des
Etablissements
Michelin
SCA
............
Citibank
NA
(
1,695,597
)
02/26/26
(0.26)%
1D
ESTR
Monthly
(
650
)
Cigna
Group
(The)
...........
Citibank
NA
(
952,446
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
1,221
Coca-Cola
Europacific
Partners
plc
Merrill
Lynch
International
&
Co.
(
1,155,224
)
02/15/28
(0.25)%
1D
SONIA
Monthly
(
51,859
)
Coinbase
Global,
Inc.
.........
Merrill
Lynch
International
&
Co.
(
10,330,562
)
02/15/28
(0.15)%
1D
OBFR01
Monthly
(
330,747
)
Community
Financial
System,
Inc.
JPMorgan
Chase
Bank
NA
(
1,730,649
)
02/09/26
(0.15)%
1D
OBFR01
Monthly
45,687
ConocoPhillips
.............
Barclays
Bank
plc
(
1,097,484
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
28,137
)
Continental
AG
.............
Barclays
Bank
plc
(
1,491,978
)
03/15/27
(0.26)%
1D
ESTR
Monthly
(
9,763
)
CoStar
Group,
Inc.
...........
Citibank
NA
(
871,731
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
19,594
CPFL
Energia
SA
............
JPMorgan
Chase
Bank
NA
(
1,968,025
)
02/10/26
(0.40)%
1D
OBFR01
Monthly
(
91,729
)
Croda
International
plc
........
Barclays
Bank
plc
(
2,013,718
)
03/26/27
(0.25)%
1D
SONIA
Monthly
(
27,527
)
CVB
Financial
Corp.
..........
JPMorgan
Chase
Bank
NA
(
1,463,187
)
02/09/26
(0.15)%
1D
OBFR01
Monthly
93,441
Daito
Trust
Construction
Co.
Ltd.
.
Citibank
NA
(
88,934
)
02/26/26
(0.25)%
1D
P
TONA
Monthly
1,169
Daito
Trust
Construction
Co.
Ltd.
.
Merrill
Lynch
International
&
Co.
(
1,365,899
)
03/15/28
(0.16)%
1D
P
TONA
Monthly
5,541
Daiwa
House
Industry
Co.
Ltd.
...
Merrill
Lynch
International
&
Co.
(
4,977,311
)
03/15/28
(0.25)%
1D
P
TONA
Monthly
128,782
Danone
SA
................
Citibank
NA
(
2,003,071
)
02/26/26
(0.26)%
1D
ESTR
Monthly
(
44,561
)
Davide
Campari-Milano
NV
.....
Citibank
NA
(
428,207
)
02/26/26
(0.46)%
1D
ESTR
Monthly
16,544
Davide
Campari-Milano
NV
.....
JPMorgan
Chase
Bank
NA
(
1,070,787
)
02/11/26
(0.34)%
1D
ESTR
Monthly
105,617
DCC
plc
..................
Barclays
Bank
plc
(
2,327,295
)
03/26/27
(0.25)%
1D
SONIA
Monthly
(
9,406
)
Demant
A/S
...............
Merrill
Lynch
International
&
Co.
(
1,201,281
)
02/15/28
(0.26)%
1W
CIBOR
Monthly
115,146
Deutsche
Lufthansa
AG
(Registered)
Merrill
Lynch
International
&
Co.
(
4,044,613
)
02/15/28
(0.26)%
1D
ESTR
Monthly
113,135
Diamondback
Energy,
Inc.
......
Barclays
Bank
plc
(
921,744
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
22,716
)
Disco
Corp.
................
Barclays
Bank
plc
(
805,626
)
01/14/27
(0.15)%
1D
P
TONA
Monthly
21,775
Dollarama,
Inc.
.............
Citibank
NA
(
1,082,048
)
02/24/28
(0.20)%
1D
CORRA
Monthly
13,805
DoorDash,
Inc.
.............
Citibank
NA
(
1,005,860
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
503
)
Dr
Ing
hc
F
Porsche
AG
(Preference)
Barclays
Bank
plc
(
801,973
)
03/15/27
(26.00)%
1D
ESTR
Monthly
2,001
DWS
Group
GmbH
&
Co.
KGaA
..
Barclays
Bank
plc
(
419,245
)
03/15/27
(0.26)%
1D
ESTR
Monthly
(
1,543
)
Ecolab,
Inc.
...............
Citibank
NA
(
1,736,085
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
44,005
)
Edenred
SE
...............
Barclays
Bank
plc
(
1,307,691
)
03/15/27
(0.26)%
1D
ESTR
Monthly
(
11,644
)
Enbridge,
Inc.
..............
Citibank
NA
(
2,073,726
)
02/24/28
(0.20)%
1D
CORRA
Monthly
(
65,315
)
Endesa
SA
................
Merrill
Lynch
International
&
Co.
(
2,257,631
)
02/15/28
(0.26)%
1D
ESTR
Monthly
(
39,279
)
Energisa
SA
...............
Merrill
Lynch
International
&
Co.
(
1,263,714
)
02/15/28
(0.40)%
1D
OBFR01
Monthly
(
33,368
)
Engie
Brasil
Energia
SA
.......
Merrill
Lynch
International
&
Co.
(
900,660
)
02/15/28
(9.50)%
1D
OBFR01
Monthly
1,577
Eurofins
Scientific
SE
.........
Barclays
Bank
plc
(
1,110,280
)
03/15/27
(0.26)%
1D
ESTR
Monthly
9,092
Evolution
Mining
Ltd.
.........
JPMorgan
Chase
Bank
NA
(
798,956
)
02/10/26
(0.25)%
1D
AONIA
Monthly
(
164,109
)
Expand
Energy
Corp.
.........
Citibank
NA
(
2,466,326
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
200,298
)
Exxon
Mobil
Corp.
...........
Barclays
Bank
plc
(
2,139,582
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
13,943
)
Fastenal
Co.
...............
Barclays
Bank
plc
(
1,187,424
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
48,384
)
FedEx
Corp.
...............
Citibank
NA
(
1,311,684
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
32,433
)
First
Solar,
Inc.
.............
Barclays
Bank
plc
(
811,040
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
4,921
)
FirstEnergy
Corp.
...........
Barclays
Bank
plc
(
2,370,151
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
136,203
)
Food
&
Life
Cos.
Ltd.
.........
Merrill
Lynch
International
&
Co.
(
805,711
)
03/15/28
(0.15)%
1D
P
TONA
Monthly
(
13,917
)
Franco-Nevada
Corp.
.........
Merrill
Lynch
International
&
Co.
(
1,832,897
)
02/15/28
0.00%
CABROVER
Monthly
(
81,324
)
Fresenius
SE
&
Co.
KGaA
......
Citibank
NA
(
1,850,305
)
02/26/26
(0.09)%
1D
ESTR
Monthly
(
33,037
)
Fujitsu
Ltd.
................
Merrill
Lynch
International
&
Co.
(
2,474,089
)
03/15/28
0.00%
1D
P
TONA
Monthly
158,751
Genting
Singapore
Ltd.
........
Merrill
Lynch
International
&
Co.
(
2,143,240
)
02/15/28
(0.30)%
1D
OBFR01
Monthly
68,990
Genuine
Parts
Co.
...........
Citibank
NA
(
2,635,942
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
11,318
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
175
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Georg
Fischer
AG
(Registered)
..
Barclays
Bank
plc
USD
(
1,496,872
)
04/01/26
(0.26)%
SSARON
Monthly
$
(
19,850
)
Great-West
Lifeco,
Inc.
........
Citibank
NA
(
909,899
)
02/24/28
(0.20)%
1D
CORRA
Monthly
(
31,637
)
Great-West
Lifeco,
Inc.
........
Merrill
Lynch
International
&
Co.
(
1,034,276
)
02/15/28
(0.20)%
CABROVER
Monthly
(
45,244
)
GS
Yuasa
Corp.
............
Barclays
Bank
plc
(
1,003,088
)
01/14/27
(0.20)%
1D
P
TONA
Monthly
(
957
)
H
&
M
Hennes
&
Mauritz
AB
....
Merrill
Lynch
International
&
Co.
(
904,279
)
02/15/28
(0.50)%
1D
STIBOR
Monthly
(
170,609
)
Halliburton
Co.
.............
Barclays
Bank
plc
(
879,529
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
77,411
)
Hankyu
Hanshin
Holdings,
Inc.
...
Citibank
NA
(
1,603,418
)
02/26/26
(0.25)%
1D
P
TONA
Monthly
13,957
Hannover
Rueck
SE
..........
Citibank
NA
(
1,352,127
)
02/26/26
(0.26)%
1D
ESTR
Monthly
(
66,139
)
Hapvida
Participacoes
e
Investimentos
SA
..........
Merrill
Lynch
International
&
Co.
(
704,957
)
02/15/28
(0.40)%
1D
OBFR01
Monthly
63,028
Heiwa
Corp.
...............
Barclays
Bank
plc
(
1,451,115
)
01/14/27
(0.39)%
1D
P
TONA
Monthly
39,983
Holmen
AB
................
Barclays
Bank
plc
(
2,609,040
)
04/23/26
(0.26)%
1D
STIBOR
Monthly
(
4,950
)
HSBC
Holdings
plc
..........
Barclays
Bank
plc
(
1,305,508
)
03/26/27
0.05%
1D
SONIA
Monthly
(
22,537
)
Hua
Nan
Financial
Holdings
Co.
Ltd.
JPMorgan
Chase
Bank
NA
(
787,552
)
02/10/26
(0.35)%
1D
OBFR01
Monthly
(
16,461
)
HUTCHMED
China
Ltd.
.......
JPMorgan
Chase
Bank
NA
(
31,930
)
02/10/26
(0.34)%
HONIA
Monthly
153
HUTCHMED
China
Ltd.
.......
Merrill
Lynch
International
&
Co.
(
383,189
)
02/15/28
(0.90)%
HONIA
Monthly
17,934
IDEXX
Laboratories,
Inc.
.......
Citibank
NA
(
1,030,560
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
8,336
Iluka
Resources
Ltd.
..........
JPMorgan
Chase
Bank
NA
(
1,364,012
)
02/10/26
(0.25)%
1D
OBFR01
Monthly
(
590
)
IMCD
NV
.................
Barclays
Bank
plc
(
2,382,426
)
03/15/27
(0.26)%
1D
ESTR
Monthly
71,088
IMI
plc
...................
Barclays
Bank
plc
(
1,559,466
)
03/26/27
(0.25)%
1D
SONIA
Monthly
(
317
)
Informa
plc
................
Barclays
Bank
plc
(
1,767,859
)
03/26/27
(0.25)%
1D
SONIA
Monthly
(
4,620
)
Infroneer
Holdings,
Inc.
........
Merrill
Lynch
International
&
Co.
(
1,407,393
)
03/15/28
0.00%
1D
P
TONA
Monthly
(
6,762
)
InPost
SA
.................
Citibank
NA
(
839,492
)
02/26/26
0.00%
1D
ESTR
Monthly
(
3,203
)
International
Business
Machines
Corp.
..................
Citibank
NA
(
1,386,723
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
52,293
)
International
Paper
Co.
........
Barclays
Bank
plc
(
3,378,879
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
17,601
)
International
Paper
Co.
........
Barclays
Bank
plc
(
1,061,797
)
03/26/27
(0.75)%
1D
SONIA
Monthly
16,883
Invesco
Preferred
ETF
........
JPMorgan
Chase
Bank
NA
(
11,730,000
)
02/09/26
(0.58)%
1D
OBFR01
Monthly
130,000
Investment
AB
Latour
.........
Barclays
Bank
plc
(
2,712,756
)
04/23/26
(0.26)%
1D
STIBOR
Monthly
46,255
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
...............
Citibank
NA
(
43,871,164
)
02/24/28
(0.38)%
1D
OBFR01
Monthly
70,133
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
.......
JPMorgan
Chase
Bank
NA
(
48,297,782
)
02/09/26
(0.59)%
1D
OBFR01
Monthly
38,963
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
.......
Merrill
Lynch
International
&
Co.
(
38,515,660
)
02/15/28
(0.50)%
1D
OBFR01
Monthly
305,082
iShares
Preferred
&
Income
Securities
ETF
...........
JPMorgan
Chase
Bank
NA
(
15,935,000
)
02/09/26
(0.15)%
1D
OBFR01
Monthly
125,000
iShares
Preferred
&
Income
Securities
ETF
...........
Merrill
Lynch
International
&
Co.
(
26,161,500
)
02/15/28
(0.50)%
1D
OBFR01
Monthly
391,200
Itausa
SA
(Preference)
........
Merrill
Lynch
International
&
Co.
(
1,443,438
)
02/15/28
(0.40)%
1D
OBFR01
Monthly
(
47,679
)
J
M
Smucker
Co.
(The)
........
Citibank
NA
(
1,380,095
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
9,985
)
Jardine
Matheson
Holdings
Ltd.
..
JPMorgan
Chase
Bank
NA
(
2,044,789
)
02/10/26
(0.30)%
1D
OBFR01
Monthly
(
113,476
)
JD
Sports
Fashion
plc
.........
Citibank
NA
(
963,587
)
02/26/26
(0.25)%
1D
SONIA
Monthly
(
94,228
)
Johnson
&
Johnson
..........
Barclays
Bank
plc
(
1,864,047
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
119,947
)
Johnson
Controls
International
plc
Barclays
Bank
plc
(
1,125,687
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
6,798
)
Kansai
Paint
Co.
Ltd.
.........
Merrill
Lynch
International
&
Co.
(
3,851,050
)
03/15/28
0.00%
1D
P
TONA
Monthly
198,570
Kering
SA
.................
Barclays
Bank
plc
(
2,240,053
)
03/15/27
(0.26)%
1D
ESTR
Monthly
(
172,648
)
KeyCorp
..................
Barclays
Bank
plc
(
3,036,384
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
4,866
Kirin
Holdings
Co.
Ltd.
........
Barclays
Bank
plc
(
2,042,324
)
01/14/27
(0.19)%
1D
P
TONA
Monthly
1,421
Kirin
Holdings
Co.
Ltd.
........
Merrill
Lynch
International
&
Co.
(
502,134
)
03/15/28
(0.15)%
1D
P
TONA
Monthly
(
3,330
)
KKR
&
Co.,
Inc.
.............
Citibank
NA
(
2,439,370
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
282,200
Klabin
SA
.................
Merrill
Lynch
International
&
Co.
(
1,695,633
)
02/15/28
(0.40)%
1D
OBFR01
Monthly
39,422
Kusuri
no
Aoki
Holdings
Co.
Ltd.
.
Merrill
Lynch
International
&
Co.
(
984,573
)
03/15/28
(0.15)%
1D
OBFR01
Monthly
(
14,097
)
Kyowa
Kirin
Co.
Ltd.
..........
Citibank
NA
(
1,219,833
)
02/26/26
(0.17)%
1D
P
TONA
Monthly
11,443
Land
Securities
Group
plc
......
Citibank
NA
(
1,707,230
)
02/26/26
0.00%
1D
SONIA
Monthly
(
10,089
)
Lennar
Corp.
...............
Citibank
NA
(
944,529
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
11,833
Li
Auto,
Inc.
...............
JPMorgan
Chase
Bank
NA
(
1,240,661
)
02/10/26
(0.30)%
HONIA
Monthly
(
72,871
)
Lifco
AB
..................
Barclays
Bank
plc
(
810,105
)
04/23/26
(0.26)%
1D
STIBOR
Monthly
14,402
Lululemon
Athletica,
Inc.
.......
Citibank
NA
(
732,069
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
2,556
M3,
Inc.
..................
Citibank
NA
(
964,807
)
02/26/26
(0.25)%
1D
P
TONA
Monthly
(
24,299
)
Marvell
Technology,
Inc.
.......
Citibank
NA
(
784,327
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
98,408
)
MEIJI
Holdings
Co.
Ltd.
.......
Merrill
Lynch
International
&
Co.
(
1,521,003
)
03/15/28
0.00%
1D
P
TONA
Monthly
40,498
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
176
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Mid-America
Apartment
Communities,
Inc.
.........
Citibank
NA
USD
(
1,426,625
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
$
15,352
MINEBEA
MITSUMI,
Inc.
......
Merrill
Lynch
International
&
Co.
(
1,228,988
)
03/15/28
0.00%
1D
OBFR01
Monthly
(
7,446
)
Mitsubishi
HC
Capital,
Inc.
......
Citibank
NA
(
1,891,977
)
02/26/26
(0.25)%
1D
P
TONA
Monthly
25,887
MMG
Ltd.
.................
Merrill
Lynch
International
&
Co.
(
947,952
)
02/15/28
(0.30)%
HONIA
Monthly
(
120,743
)
Molson
Coors
Beverage
Co.
....
Barclays
Bank
plc
(
2,245,482
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
7,968
)
Moncler
SpA
...............
Barclays
Bank
plc
(
1,801,867
)
03/15/27
(0.26)%
1D
ESTR
Monthly
12,726
Morgan
Stanley
.............
Barclays
Bank
plc
(
2,474,934
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
26,950
MTR
Corp.
Ltd.
.............
Merrill
Lynch
International
&
Co.
(
2,145,912
)
02/15/28
(0.30)%
HONIA
Monthly
30,989
MultiChoice
Group
...........
Merrill
Lynch
International
&
Co.
(
2,417,153
)
02/15/28
(0.35)%
1D
OBFR01
Monthly
(
17,109
)
Nagoya
Railroad
Co.,
Ltd.
......
Merrill
Lynch
International
&
Co.
(
8,497,465
)
03/15/28
(0.25)%
1D
P
TONA
Monthly
1,913
National
Bank
of
Canada
......
Citibank
NA
(
196,525
)
02/24/28
(0.20)%
1D
CORRA
Monthly
5,324
National
Bank
of
Canada
......
Merrill
Lynch
International
&
Co.
(
1,721,012
)
02/15/28
0.00%
CABROVER
Monthly
32,073
NEC
Corp.
................
Merrill
Lynch
International
&
Co.
(
1,549,361
)
03/15/28
0.00%
1D
P
TONA
Monthly
(
35,089
)
News
Corp.
................
Citibank
NA
(
2,865,330
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
9,300
NIKE,
Inc.
.................
Barclays
Bank
plc
(
990,792
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
21,545
Nipro
Corp.
................
Merrill
Lynch
International
&
Co.
(
709,734
)
03/15/28
(0.15)%
1D
P
TONA
Monthly
22,441
Nissan
Motor
Co.
Ltd.
.........
Merrill
Lynch
International
&
Co.
(
3,664,051
)
03/15/28
(2.00)%
1D
P
TONA
Monthly
33,594
Nissin
Foods
Holdings
Co.
Ltd.
..
Barclays
Bank
plc
(
1,274,467
)
01/14/27
(0.20)%
1D
P
TONA
Monthly
38,849
Nordea
Bank
Abp
...........
Barclays
Bank
plc
(
620,505
)
04/23/26
(0.26)%
1D
STIBOR
Monthly
(
12,448
)
Nordea
Bank
Abp
...........
Citibank
NA
(
1,573,021
)
02/26/26
(0.26)%
TN
STIBOR
Monthly
(
31,556
)
Nordson
Corp.
..............
Citibank
NA
(
1,532,312
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
10,948
)
Norfolk
Southern
Corp.
........
Citibank
NA
(
2,614,950
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
88,740
)
Northern
Star
Resources
Ltd.
....
JPMorgan
Chase
Bank
NA
(
1,986,255
)
02/10/26
(0.25)%
1D
AONIA
Monthly
(
343,551
)
Norwegian
Cruise
Line
Holdings
Ltd.
Barclays
Bank
plc
(
1,442,662
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
43,678
Norwegian
Cruise
Line
Holdings
Ltd.
Merrill
Lynch
International
&
Co.
(
3,312,452
)
02/15/28
(0.15)%
1D
OBFR01
Monthly
175,748
Novonesis
Novozymes
B
......
Merrill
Lynch
International
&
Co.
(
2,089,153
)
02/15/28
(0.26)%
1W
CIBOR
Monthly
39,737
NU
Holdings
Ltd.
............
Barclays
Bank
plc
(
1,075,800
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
19,140
Obara
Group,
Inc.
...........
Merrill
Lynch
International
&
Co.
(
3,102,262
)
03/15/28
0.00%
1D
P
TONA
Monthly
123,600
Occidental
Petroleum
Corp.
.....
Citibank
NA
(
1,464,320
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
47,680
)
Ono
Pharmaceutical
Co.
Ltd.
....
Citibank
NA
(
2,481,059
)
02/26/26
(0.24)%
1D
P
TONA
Monthly
9,709
O'Reilly
Automotive,
Inc.
.......
Barclays
Bank
plc
(
1,972,128
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
76,262
)
ORLEN
SA
................
JPMorgan
Chase
Bank
NA
(
1,446,670
)
02/11/26
(0.50)%
1D
OBFR01
Monthly
(
54,423
)
OSG
Corp.
................
Merrill
Lynch
International
&
Co.
(
1,316,332
)
03/15/28
0.00%
1D
P
TONA
Monthly
(
27,926
)
Packaging
Corp.
of
America
....
Citibank
NA
(
2,275,997
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
55,854
)
Palo
Alto
Networks,
Inc.
.......
Citibank
NA
(
1,037,009
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
1,453
)
Pan
Pacific
International
Holdings
Corp.
..................
Barclays
Bank
plc
(
377,393
)
01/14/27
(0.15)%
1D
P
TONA
Monthly
5,400
Pan
Pacific
International
Holdings
Corp.
..................
Merrill
Lynch
International
&
Co.
(
591,796
)
03/15/28
(0.15)%
1D
P
TONA
Monthly
28,869
Parker-Hannifin
Corp.
.........
Barclays
Bank
plc
(
2,127,860
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
5,040
Paychex,
Inc.
..............
Citibank
NA
(
1,414,994
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
20,634
Pentair
plc
................
Barclays
Bank
plc
(
1,299,062
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
7,906
)
Pernod
Ricard
SA
...........
Barclays
Bank
plc
(
2,242,680
)
03/15/27
(0.26)%
1D
ESTR
Monthly
76,766
Ping
An
Insurance
Group
Co.
of
China
Ltd.
..............
Merrill
Lynch
International
&
Co.
(
43,330,773
)
02/15/28
(0.30)%
HONIA
Monthly
2,587,071
Pool
Corp.
................
Barclays
Bank
plc
(
1,688,202
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
13,824
Pop
Mart
International
Group
Ltd.
.
JPMorgan
Chase
Bank
NA
(
473,045
)
02/10/26
(0.15)%
HONIA
Monthly
34,621
Postal
Savings
Bank
of
China
Co.
Ltd.
...................
JPMorgan
Chase
Bank
NA
(
1,454,767
)
02/10/26
(0.30)%
HONIA
Monthly
63,454
Power
Corp.
of
Canada
.......
Citibank
NA
(
1,211,751
)
02/24/28
(0.20)%
1D
CORRA
Monthly
(
56,084
)
Procter
&
Gamble
Co.
(The)
....
Citibank
NA
(
1,744,998
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
6,612
)
Provident
Financial
Services,
Inc.
.
JPMorgan
Chase
Bank
NA
(
1,990,279
)
02/09/26
(0.15)%
1D
OBFR01
Monthly
62,009
QIAGEN
NV
...............
Merrill
Lynch
International
&
Co.
(
4,203,523
)
02/15/28
(0.15)%
1D
OBFR01
Monthly
65,753
Quanta
Computer,
Inc.
........
Merrill
Lynch
International
&
Co.
(
6,441,886
)
02/15/28
(2.00)%
1D
OBFR01
Monthly
(
234,783
)
Quanta
Services,
Inc.
.........
Citibank
NA
(
1,465,274
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
68,080
)
Rengo
Co.
Ltd.
.............
Merrill
Lynch
International
&
Co.
(
157,556
)
03/15/28
(0.25)%
1D
P
TONA
Monthly
6,615
Restaurant
Brands
International,
Inc.
Citibank
NA
(
3,119,090
)
02/24/28
(0.20)%
1D
CORRA
Monthly
1,315
Revvity,
Inc.
...............
Barclays
Bank
plc
(
1,672,786
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
27,624
)
Rheinmetall
AG
.............
Citibank
NA
(
927,523
)
02/26/26
0.00%
1D
ESTR
Monthly
(
8,146
)
Rheinmetall
AG
.............
Merrill
Lynch
International
&
Co.
(
3,351,277
)
02/15/28
(0.26)%
1D
ESTR
Monthly
(
82,626
)
ROCKWOOL
A/S
............
JPMorgan
Chase
Bank
NA
(
1,414,329
)
02/11/26
(0.27)%
DESTR
Monthly
23,733
Ryohin
Keikaku
Co.
Ltd.
.......
Merrill
Lynch
International
&
Co.
(
1,202,758
)
03/15/28
(0.15)%
1D
P
TONA
Monthly
72,599
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
177
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Sandoz
Group
AG
...........
Citibank
NA
USD
(
1,997,432
)
02/26/26
(0.26)%
SSARON
Monthly
$
(
12,527
)
Sanrio
Co.
Ltd.
.............
Merrill
Lynch
International
&
Co.
(
18,225,552
)
03/15/28
0.00%
1D
P
TONA
Monthly
(
81,077
)
SBA
Communications
Corp.
....
Citibank
NA
(
1,069,340
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
25,250
SBI
Holdings,
Inc.
...........
Citibank
NA
(
1,522,148
)
02/26/26
(0.15)%
1D
P
TONA
Monthly
20,105
SBI
Holdings,
Inc.
...........
Merrill
Lynch
International
&
Co.
(
131,169
)
03/15/28
(0.15)%
1D
P
TONA
Monthly
557
SCSK
Corp.
...............
Merrill
Lynch
International
&
Co.
(
2,219,349
)
03/15/28
0.00%
1D
P
TONA
Monthly
189,878
Seagate
Technology
Holdings
plc
.
Citibank
NA
(
1,100,784
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
32,304
)
Seatrium
Ltd.
..............
JPMorgan
Chase
Bank
NA
(
1,166,104
)
02/10/26
(1.25)%
1D
OBFR01
Monthly
(
4,873
)
SEB
SA
..................
Barclays
Bank
plc
(
1,591,244
)
03/15/27
(0.26)%
1D
ESTR
Monthly
(
33,209
)
Seino
Holdings
Co.
Ltd.
.......
Merrill
Lynch
International
&
Co.
(
1,319,176
)
03/15/28
(0.15)%
1D
P
TONA
Monthly
58,424
Sembcorp
Industries
Ltd.
......
JPMorgan
Chase
Bank
NA
(
1,936,541
)
02/10/26
(0.30)%
1D
OBFR01
Monthly
47,639
Sembcorp
Industries
Ltd.
......
Merrill
Lynch
International
&
Co.
(
531,297
)
02/15/28
(0.30)%
1D
OBFR01
Monthly
9,412
ServisFirst
Bancshares,
Inc.
....
JPMorgan
Chase
Bank
NA
(
2,125,087
)
02/09/26
(0.15)%
1D
OBFR01
Monthly
145,982
Seven
Bank
Ltd.
............
Barclays
Bank
plc
(
1,763,329
)
01/14/27
(0.20)%
1D
P
TONA
Monthly
(
20,917
)
SG
Holdings
Co.
Ltd.
.........
Barclays
Bank
plc
(
1,112,849
)
01/14/27
(0.20)%
1D
P
TONA
Monthly
45,824
SG
Holdings
Co.
Ltd.
.........
Merrill
Lynch
International
&
Co.
(
378,321
)
03/15/28
0.00%
1D
P
TONA
Monthly
16,793
SGH
Ltd.
.................
JPMorgan
Chase
Bank
NA
(
2,651,589
)
02/10/26
(0.25)%
1D
AONIA
Monthly
(
18,911
)
Sherwin-Williams
Co.
(The)
.....
Barclays
Bank
plc
(
1,247,076
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
540
Shimadzu
Corp.
.............
Barclays
Bank
plc
(
949,101
)
01/14/27
(0.20)%
1D
P
TONA
Monthly
(
1,599
)
Shimadzu
Corp.
.............
Merrill
Lynch
International
&
Co.
(
153,164
)
03/15/28
0.00%
1D
P
TONA
Monthly
(
663
)
Shopify,
Inc.
...............
Citibank
NA
(
865,767
)
02/24/28
(0.20)%
1D
CORRA
Monthly
4,081
Siemens
AG
(Registered)
......
Citibank
NA
(
1,625,952
)
02/26/26
(0.26)%
1D
ESTR
Monthly
(
20,914
)
Sigma
Healthcare
Ltd.
........
JPMorgan
Chase
Bank
NA
(
1,111,396
)
02/10/26
(0.25)%
1D
AONIA
Monthly
19,128
Singapore
Telecommunications
Ltd.
JPMorgan
Chase
Bank
NA
(
1,342,413
)
02/10/26
(0.30)%
1D
OBFR01
Monthly
71,578
Sino
Land
Co.
Ltd.
...........
Merrill
Lynch
International
&
Co.
(
2,226,502
)
02/15/28
0.00%
HONIA
Monthly
46,803
SLC
Agricola
SA
............
Merrill
Lynch
International
&
Co.
(
1,301,976
)
02/15/28
(0.40)%
1D
OBFR01
Monthly
56,555
Smurfit
WestRock
plc
.........
Barclays
Bank
plc
(
1,775,908
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
22,024
Sofina
SA
.................
Barclays
Bank
plc
(
1,020,425
)
03/15/27
(0.52)%
1D
ESTR
Monthly
7,546
Sonova
Holding
AG
(Registered)
.
Barclays
Bank
plc
(
1,924,539
)
04/01/26
(0.26)%
SSARON
Monthly
114,117
SPDR
Bloomberg
High
Yield
Bond
ETF
...................
Merrill
Lynch
International
&
Co.
(
934,923
)
02/15/28
(0.56)%
1D
OBFR01
Monthly
—
Spirax
Group
plc
............
Barclays
Bank
plc
(
1,412,924
)
03/26/27
(0.25)%
1D
SONIA
Monthly
31,665
Steadfast
Group
Ltd.
.........
JPMorgan
Chase
Bank
NA
(
1,567,484
)
02/10/26
(0.25)%
1D
AONIA
Monthly
47,713
Sugi
Holdings
Co.
Ltd.
........
Citibank
NA
(
1,122,429
)
02/26/26
(0.25)%
1D
OBFR01
Monthly
20,450
Super
Micro
Computer,
Inc.
.....
Citibank
NA
(
848,347
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
19,367
)
Swatch
Group
AG
(The)
.......
Barclays
Bank
plc
(
954,487
)
04/01/26
(0.26)%
SSARON
Monthly
9,498
Swiss
Re
AG
...............
Citibank
NA
(
2,203,322
)
02/26/26
(0.26)%
1D
OBFR01
Monthly
(
118,265
)
Swisscom
AG
(Registered)
.....
Citibank
NA
(
1,806,934
)
02/26/26
0.00%
SSARON
Monthly
(
10,192
)
Synnex
Technology
International
Corp.
..................
JPMorgan
Chase
Bank
NA
(
284,941
)
02/10/26
(0.21)%
1D
OBFR01
Monthly
(
8,265
)
Synopsys,
Inc.
..............
Citibank
NA
(
2,316,555
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
96,300
Taiwan
Mobile
Co.
Ltd.
........
JPMorgan
Chase
Bank
NA
(
805,114
)
02/10/26
(0.15)%
1D
OBFR01
Monthly
(
17,220
)
Target
Corp.
...............
Barclays
Bank
plc
(
1,671,394
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
59,816
)
TechnoPro
Holdings,
Inc.
......
Citibank
NA
(
1,453,857
)
02/26/26
(0.23)%
1D
P
TONA
Monthly
(
7,400
)
Telecom
Italia
SpA
...........
Citibank
NA
(
896,574
)
02/26/26
(0.26)%
1D
ESTR
Monthly
(
35,046
)
Teledyne
Technologies,
Inc.
.....
Citibank
NA
(
3,293,936
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
105,096
)
Telstra
Group
Ltd.
...........
JPMorgan
Chase
Bank
NA
(
2,119,510
)
02/10/26
(0.25)%
1D
AONIA
Monthly
13,754
TELUS
Corp.
..............
Citibank
NA
(
2,521,582
)
02/24/28
(0.20)%
1D
CORRA
Monthly
(
7,952
)
Temenos
AG
(Registered)
......
Barclays
Bank
plc
(
914,137
)
04/01/26
(0.26)%
SSARON
Monthly
(
3,641
)
Tokyo
Electron
Ltd.
..........
Citibank
NA
(
1,043,377
)
02/26/26
(0.15)%
1D
P
TONA
Monthly
15,229
Tourmaline
Oil
Corp.
..........
Citibank
NA
(
2,190,665
)
02/24/28
(0.20)%
1D
CORRA
Monthly
73,124
Toyota
Industries
Corp.
........
Barclays
Bank
plc
(
890,531
)
01/14/27
(0.20)%
1D
P
TONA
Monthly
2,030
Truist
Financial
Corp.
.........
Barclays
Bank
plc
(
2,750,634
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
19,998
)
UDR,
Inc.
.................
Citibank
NA
(
1,352,696
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
14,746
)
UNITE
Group
plc
(The)
........
Citibank
NA
(
3,680,504
)
02/26/26
(0.25)%
1D
SONIA
Monthly
(
64,692
)
United
Parcel
Service,
Inc.
.....
Barclays
Bank
plc
(
1,407,061
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
12,110
United
Rentals,
Inc.
..........
Barclays
Bank
plc
(
1,320,788
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
15,736
)
Vanguard
Intermediate-Term
Corporate
Bond
ETF
.......
JPMorgan
Chase
Bank
NA
(
155,631,638
)
02/09/26
(1.34)%
1D
OBFR01
Monthly
73,978
Vanguard
Short-Term
Corporate
Bond
ETF
...............
Barclays
Bank
plc
(
143,874,000
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
—
Vnet
Group,
Inc.
............
Merrill
Lynch
International
&
Co.
(
3,436,577
)
02/15/28
(0.15)%
1D
OBFR01
Monthly
(
265,179
)
Volkswagen
AG
(Preference)
....
Citibank
NA
(
925,484
)
02/26/26
0.00%
1D
ESTR
Monthly
(
6,667
)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
178
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Vonovia
SE
................
JPMorgan
Chase
Bank
NA
USD
(
5,736,149
)
02/11/26
(0.26)%
1D
ESTR
Monthly
$
61,511
W
R
Berkley
Corp.
...........
Barclays
Bank
plc
(
2,106,867
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
92,127
)
Wacker
Chemie
AG
..........
Citibank
NA
(
284,527
)
02/26/26
(1.40)%
1D
OBFR01
Monthly
(
7,191
)
Wartsila
OYJ
Abp
............
Barclays
Bank
plc
(
1,510,150
)
03/15/27
(0.26)%
1D
ESTR
Monthly
(
16,579
)
Wesfarmers
Ltd.
............
JPMorgan
Chase
Bank
NA
(
1,469,932
)
02/10/26
(0.25)%
1D
AONIA
Monthly
(
2,235
)
Wharf
Holdings
Ltd.
(The)
......
Merrill
Lynch
International
&
Co.
(
747,966
)
02/15/28
(0.30)%
HONIA
Monthly
44,291
Wharf
Real
Estate
Investment
Co.
Ltd.
...................
Merrill
Lynch
International
&
Co.
(
1,638,558
)
02/15/28
(0.30)%
HONIA
Monthly
85,382
Whitbread
plc
..............
Barclays
Bank
plc
(
1,864,119
)
03/26/27
(0.25)%
1D
OBFR01
Monthly
(
57,889
)
Whitecap
Resources,
Inc.
......
Citibank
NA
(
930,952
)
02/24/28
(0.20)%
1D
CORRA
Monthly
23,631
Willis
Towers
Watson
plc
.......
Citibank
NA
(
1,592,595
)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(
31,020
)
Wise
plc
..................
Citibank
NA
(
1,146,528
)
02/26/26
(0.25)%
1D
SONIA
Monthly
31,303
WPP
plc
..................
Citibank
NA
(
1,373,113
)
02/26/26
(0.25)%
1D
SONIA
Monthly
(
44,041
)
Wynn
Macau
Ltd.
............
Merrill
Lynch
International
&
Co.
(
5,256,194
)
02/15/28
(0.85)%
HONIA
Monthly
(
315,410
)
Xylem,
Inc.
................
Barclays
Bank
plc
(
1,349,276
)
01/23/26
(0.15)%
1D
OBFR01
Monthly
(
37,224
)
Yakult
Honsha
Co.
Ltd.
........
Citibank
NA
(
2,309,569
)
02/26/26
(0.25)%
1D
P
TONA
Monthly
54,343
Yokogawa
Electric
Corp.
.......
Merrill
Lynch
International
&
Co.
(
945,799
)
03/15/28
0.00%
1D
P
TONA
Monthly
33,184
Zalando
SE
...............
Citibank
NA
(
819,930
)
02/26/26
(0.26)%
1D
ESTR
Monthly
6,692
Zensho
Holdings
Co.
Ltd.
......
Barclays
Bank
plc
(
1,357,601
)
01/14/27
(0.20)%
1D
P
TONA
Monthly
18,390
      Total
short
positions
of
equity
swaps
5,042,323
Total
long
and
short
position
of
equity
swaps
6,119,677
Net
dividends
and
financing
fees
(
977,496
)
Total
equity
swap
contracts
including
dividends
and
financing
fees
$
5,142,181
(a)
The
Fund
receives
the
total
return
on
a
reference
entity
and
pays
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
position.
(b)
The
Fund
pays
the
total
return
on
a
reference
entity
and
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
position.
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0
.06
%
1-day
ESTR
.........................................
Euro
Short-Term
Rate
1
.92
1-day
IBR
...........................................
Colombian
Reference
Banking
Indicator
8
.73
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
5
.74
1-day
MXIBTIIE
.......................................
Mexico
Interbank
TIIE
1-day
7
.85
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4
.31
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
3
.97
1-day
SORA
.........................................
Singapore
Overnight
Rate
Average
1
.20
1-day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
1
.49
1-day
TONAR
........................................
Tokyo
Overnight
Average
Rate
0
.48
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
1
.65
3-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
3
.58
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
2
.57
3-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
2
.03
3-mo.
HIBOR
........................................
Hong
Kong
Interbank
Offered
Rate
3
.53
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
7
.00
3-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
3
.51
3-mo.
STIBOR
.......................................
Stockholm
Interbank
Offered
Rate
1
.89
3-mo.
TWCPBA
.......................................
Taiwan
Secondary
Markets
Bills
Rate
1
.68
3-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
4
.62
6-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
3
.75
6-mo.
BUBOR
........................................
Budapest
Interbank
Offered
Rate
6
.48
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
2
.10
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
3
.50
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
4
.48
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
179
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
—
Inputs
that
are
unobservable
and
significant
to the
entire
fair
value
measurement
for
the asset
or
liability (including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/
or may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Consolidated
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
Australia
.............................................
$
—
$
70,442,896
$
—
$
70,442,896
Bermuda
.............................................
—
48,181,256
—
48,181,256
Cayman
Islands
........................................
—
2,821,701,197
111,938,076
2,933,639,273
France
..............................................
—
44,055,897
—
44,055,897
Germany
............................................
—
3,075,872
—
3,075,872
Ireland
..............................................
—
469,189,516
—
469,189,516
Italy
................................................
—
122,906,087
—
122,906,087
Jersey,
Channel
Islands
...................................
—
249,007,121
—
249,007,121
Luxembourg
..........................................
—
95,348,439
—
95,348,439
Netherlands
...........................................
—
23,576,508
—
23,576,508
Portugal
.............................................
—
14,538,170
—
14,538,170
Singapore
............................................
—
—
7,373,983
7,373,983
Spain
...............................................
—
64,260,695
—
64,260,695
Switzerland
...........................................
—
503,509
—
503,509
United
Kingdom
........................................
—
251,198,169
37,029,580
288,227,749
United
States
..........................................
21,967,107
2,738,763,412
106,274,810
2,867,005,329
Common
Stocks
Australia
.............................................
—
1,334,108
—
1,334,108
Austria
..............................................
—
324,719
—
324,719
Belgium
.............................................
—
4,264,066
—
4,264,066
Brazil
...............................................
4,280,734
—
—
4,280,734
Canada
.............................................
6,009,406
—
—
6,009,406
Chile
...............................................
—
—
1,905,297
1,905,297
China
...............................................
9,317,374
13,729,400
—
23,046,774
Colombia
............................................
838,156
—
—
838,156
Czech
Republic
........................................
—
1,412,966
—
1,412,966
Denmark
.............................................
—
668,752
—
668,752
France
..............................................
—
7,124,739
—
7,124,739
Georgia
.............................................
—
1,186,124
—
1,186,124
Germany
............................................
9,211,476
34,382,211
19,581
43,613,268
Greece
..............................................
3,056,833
1,020,291
—
4,077,124
Hungary
.............................................
—
1,817,262
—
1,817,262
India
...............................................
—
3,670,941
—
3,670,941
Indonesia
............................................
—
4,133,881
—
4,133,881
Israel
...............................................
—
—
17,554
17,554
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
180
Level
1
Level
2
Level
3
Total
Italy
................................................
$
—
$
22,516,128
$
—
$
22,516,128
Japan
...............................................
—
7,783,542
—
7,783,542
Jersey,
Channel
Islands
...................................
522,321
—
—
522,321
Kazakhstan
...........................................
2,063,904
—
—
2,063,904
Malaysia
.............................................
—
1,785,982
—
1,785,982
Mexico
..............................................
2,992,249
—
—
2,992,249
Philippines
...........................................
679,597
1,472,018
—
2,151,615
Poland
..............................................
—
5,198,656
—
5,198,656
Republic
of
Turkiye
......................................
2,206,214
4,544,871
—
6,751,085
Romania
.............................................
—
904,282
—
904,282
Singapore
............................................
1,044,141
—
—
1,044,141
South
Korea
..........................................
—
2,279,095
—
2,279,095
Spain
...............................................
—
12,822,166
—
12,822,166
Sweden
.............................................
—
664,737
—
664,737
Thailand
.............................................
—
3,221,377
—
3,221,377
United
Arab
Emirates
....................................
416,449
—
—
416,449
United
Kingdom
........................................
14,012,270
3,524,296
55
17,536,621
United
States
..........................................
728,017,691
18,609,739
160,616,758
907,244,188
Corporate
Bonds
Angola
..............................................
—
8,105,119
—
8,105,119
Argentina
............................................
—
17,725,407
—
17,725,407
Australia
.............................................
—
370,714,968
45,743,731
416,458,699
Austria
..............................................
—
33,439,292
—
33,439,292
Belgium
.............................................
—
36,288,214
—
36,288,214
Bermuda
.............................................
—
8,466,233
—
8,466,233
Brazil
...............................................
—
109,852,876
—
109,852,876
Canada
.............................................
—
397,175,382
—
397,175,382
Chile
...............................................
—
75,519,096
—
75,519,096
China
...............................................
—
309,558,278
—
309,558,278
Colombia
............................................
—
47,162,743
—
47,162,743
Costa
Rica
...........................................
—
213,200
—
213,200
Czech
Republic
........................................
—
53,297,514
—
53,297,514
Denmark
.............................................
—
94,474,033
—
94,474,033
Finland
..............................................
—
34,635,553
—
34,635,553
France
..............................................
—
1,060,040,675
17,655,989
1,077,696,664
Germany
............................................
—
1,025,563,506
26,474,437
1,052,037,943
Greece
..............................................
—
55,508,742
—
55,508,742
Hong
Kong
...........................................
—
167,445,390
—
167,445,390
India
...............................................
—
402,779,517
—
402,779,517
Indonesia
............................................
—
116,773,404
—
116,773,404
Ireland
..............................................
—
84,088,471
—
84,088,471
Israel
...............................................
—
30,094,417
—
30,094,417
Italy
................................................
—
742,106,683
39,607,144
781,713,827
Jamaica
.............................................
—
1,185,998
150,620
1,336,618
Japan
...............................................
—
233,133,487
—
233,133,487
Jersey,
Channel
Islands
...................................
—
93,850,462
—
93,850,462
Jordan
..............................................
—
476,317
—
476,317
Kazakhstan
...........................................
—
2,164,009
—
2,164,009
Kuwait
..............................................
—
6,212,555
—
6,212,555
Luxembourg
..........................................
—
256,174,272
26,095,836
282,270,108
Macau
..............................................
—
94,750,634
—
94,750,634
Mauritius
.............................................
—
—
63,331,919
63,331,919
Mexico
..............................................
—
126,938,446
—
126,938,446
Netherlands
...........................................
—
280,852,142
—
280,852,142
Nigeria
..............................................
—
11,105,491
—
11,105,491
Norway
..............................................
—
13,522,236
—
13,522,236
Panama
.............................................
—
692,603
—
692,603
Peru
................................................
—
4,676,926
—
4,676,926
Philippines
...........................................
—
68,006,285
—
68,006,285
Poland
..............................................
—
208,789
—
208,789
Portugal
.............................................
—
116,768,054
—
116,768,054
Qatar
...............................................
—
25,262,950
—
25,262,950
Republic
of
Turkiye
......................................
—
12,092,952
—
12,092,952
Saudi
Arabia
..........................................
—
98,239,523
—
98,239,523
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
181
Level
1
Level
2
Level
3
Total
Singapore
............................................
$
—
$
83,605,709
$
10,525,731
$
94,131,440
Slovenia
.............................................
—
9,895,739
—
9,895,739
South
Africa
...........................................
—
23,474,387
—
23,474,387
South
Korea
..........................................
—
40,203,146
—
40,203,146
Spain
...............................................
—
518,030,719
—
518,030,719
Sweden
.............................................
—
85,882,352
—
85,882,352
Switzerland
...........................................
—
247,316,243
—
247,316,243
Taiwan
..............................................
—
31,221,328
—
31,221,328
Thailand
.............................................
—
63,319,807
—
63,319,807
Ukraine
.............................................
—
39,738,657
—
39,738,657
United
Arab
Emirates
....................................
—
59,728,602
—
59,728,602
United
Kingdom
........................................
—
1,293,169,209
6,266,693
1,299,435,902
United
States
..........................................
—
4,998,038,284
529,178,317
5,527,216,601
Uzbekistan
...........................................
—
13,026,020
—
13,026,020
Vietnam
.............................................
—
12,504,442
—
12,504,442
Zambia
..............................................
—
5,765,010
—
5,765,010
Fixed
Rate
Loan
Interests
Australia
.............................................
—
16,542,500
—
16,542,500
France
..............................................
—
9,347,874
—
9,347,874
India
...............................................
—
—
17,060,120
17,060,120
Jersey,
Channel
Islands
...................................
—
2,165
—
2,165
United
States
..........................................
—
4,249,004
74,838,881
79,087,885
Floating
Rate
Loan
Interests
Australia
.............................................
—
—
16,030,486
16,030,486
Austria
..............................................
—
3,534,266
—
3,534,266
Belgium
.............................................
—
10,627,120
—
10,627,120
Canada
.............................................
—
14,812,673
—
14,812,673
Cayman
Islands
........................................
—
1,251,636
16,210,486
17,462,122
Finland
..............................................
—
12,984,065
—
12,984,065
France
..............................................
—
108,147,911
—
108,147,911
Germany
............................................
—
73,888,752
17,439,289
91,328,041
Ireland
..............................................
—
17,772,384
12,994,693
30,767,077
Jersey,
Channel
Islands
...................................
—
—
21,983,977
21,983,977
Luxembourg
..........................................
—
144,583,187
40,085,734
184,668,921
Netherlands
...........................................
—
90,332,804
—
90,332,804
New
Zealand
..........................................
—
—
13,986,960
13,986,960
Norway
..............................................
—
5,346,820
—
5,346,820
Spain
...............................................
—
28,471,411
99,332,267
127,803,678
Sweden
.............................................
—
17,504,454
—
17,504,454
United
Kingdom
........................................
—
181,321,782
99,158,528
280,480,310
United
States
..........................................
—
715,134,485
458,216,138
1,173,350,623
Foreign
Agency
Obligations
.................................
—
614,634,120
—
614,634,120
Foreign
Government
Obligations
..............................
—
7,321,525,645
—
7,321,525,645
Grantor
Trust
...........................................
155,832,495
—
—
155,832,495
Investment
Companies
....................................
590,712,641
—
—
590,712,641
Municipal
Bonds
.........................................
—
917,746,823
—
917,746,823
Non-Agency
Mortgage-Backed
Securities
Australia
.............................................
—
41,926,327
—
41,926,327
Ireland
..............................................
—
197,560,488
—
197,560,488
Italy
................................................
—
31,397,356
—
31,397,356
Netherlands
...........................................
—
22,635,802
—
22,635,802
United
Kingdom
........................................
—
589,021,746
—
589,021,746
United
States
..........................................
—
4,989,493,400
126,101,875
5,115,595,275
Preferred
Securities
Brazil
...............................................
—
—
11,179,141
11,179,141
China
...............................................
—
—
74,949,657
74,949,657
Finland
..............................................
—
—
9,414,130
9,414,130
Germany
............................................
—
2,239,956
—
2,239,956
Spain
...............................................
—
5,441,950
—
5,441,950
Sweden
.............................................
—
—
1
1
United
Kingdom
........................................
—
—
5,392,884
5,392,884
United
States
..........................................
24,636,133
49,749,077
501,235,723
575,620,933
U.S.
Government
Sponsored
Agency
Securities
....................
23,550,000
18,997,630,121
—
19,021,180,121
U.S.
Treasury
Obligations
...................................
—
911,708,741
—
911,708,741
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
182
Level
1
Level
2
Level
3
Total
Warrants
..............................................
$
204,543
$
28,728
$
50,622,074
$
50,855,345
Short-Term
Securities
Borrowed
Bond
Agreements
.................................
—
262,910,709
—
262,910,709
Foreign
Government
Obligations
..............................
—
105,834,733
—
105,834,733
Money
Market
Funds
......................................
425,508,767
—
—
425,508,767
Options
Purchased
Commodity
contracts
......................................
—
954,000
—
954,000
Credit
contracts
..........................................
—
2,669,649
—
2,669,649
Equity
contracts
..........................................
23,035,179
2,688,482
—
25,723,661
Foreign
currency
exchange
contracts
...........................
—
45,369,553
—
45,369,553
Interest
rate
contracts
......................................
645,861
26,437,627
—
27,083,488
Other
contracts
..........................................
—
98,304
—
98,304
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
52,713
2,610,907
2,663,620
Unfunded
commitments
(b)
.....................................
—
—
3
3
Liabilities
Investments
Borrowed
Bonds
.........................................
—
(
258,523,211
)
—
(
258,523,211
)
TBA
Sale
Commitments
....................................
—
(
8,374,978,075
)
—
(
8,374,978,075
)
Investment
Sold
Short
Corporate
Bonds
........................................
—
(
2,312,637
)
—
(
2,312,637
)
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
(
1,941
)
(
121,493
)
(
123,434
)
$
2,050,761,541
$
49,389,203,070
$
2,858,928,572
$
54,298,893,183
Investments
Valued
at
NAV
(c)
......................................
33,151,980
$
54,332,045,163
Derivative
Financial
Instruments
(d)
Assets
Commodity
contracts
.......................................
$
664,699
$
—
$
—
$
664,699
Credit
contracts
...........................................
—
32,502,383
—
32,502,383
Equity
contracts
...........................................
178,772
22,380,946
—
22,559,718
Foreign
currency
exchange
contracts
............................
—
101,127,383
—
101,127,383
Interest
rate
contracts
.......................................
32,654,895
493,583,183
—
526,238,078
Other
contracts
...........................................
—
6,452,039
—
6,452,039
Liabilities
Commodity
contracts
.......................................
(
130,722
)
(
117,000
)
—
(
247,722
)
Credit
contracts
...........................................
—
(
25,932,191
)
—
(
25,932,191
)
Equity
contracts
...........................................
(
20,875,077
)
(
17,818,492
)
—
(
38,693,569
)
Foreign
currency
exchange
contracts
............................
—
(
67,785,608
)
—
(
67,785,608
)
Interest
rate
contracts
.......................................
(
27,721,027
)
(
358,328,059
)
—
(
386,049,086
)
Other
contracts
...........................................
—
(
2,810,313
)
—
(
2,810,313
)
$
(
15,228,460
)
$
183,254,271
$
—
$
168,025,811
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Unfunded
commitments
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(c)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(d)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
The
Fund
may
hold
assets
and/or
liabilities
in
which
the
fair
value
approximates
the
carrying
amount
or
face
value,
including
accrued
interest,
for
financial
reporting
purposes.
As
of
period
end,
reverse
repurchase
agreements
of
$723,904,198
are
categorized
as
Level
2
within
the
fair
value
hierarchy.
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
183
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Common
Stocks
Corporate
Bonds
Fixed
Rate
Loan
Interests
Floating
Rate
Loan
Interests
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2024
...........................................
$
107,769,299
$
141,894,095
$
774,748,306
$
145,481,364
$
711,524,447
Transfers
into
Level
3
.........................................................
5,696
—
—
—
41,019,339
Transfers
out
of
Level
3
........................................................
(
11,793,600
)
—
(
44,503,349
)
(
2,016
)
(
19,624,964
)
Other
(a)
...................................................................
15,284,033
(
1,076,126
)
(
37,555,947
)
—
22,271,914
Accrued
discounts/premiums
.....................................................
19,668
—
2,167,629
17,070
2,836,196
Net
realized
gain
(loss)
........................................................
(
306,816
)
(
42,575
)
(
130,380
)
35,963
(
20,801,951
)
Net
change
in
unrealized
appreciation
(depreciation)
(b)
....................................
3,418,831
(
43,364,884
)
(
66,577,553
)
4,019,069
30,094,219
Purchases
.................................................................
177,402,028
76,779,110
313,902,425
49,750,275
439,873,809
Sales
....................................................................
(
29,182,690
)
(
11,630,375
)
(
177,020,714
)
(
107,402,724
)
(
411,754,451
)
Closing
balance,
as
of
September
30,
2025
...........................................
$
262,616,449
$
162,559,245
$
765,030,417
$
91,899,001
$
795,438,558
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
30,
2025
(b)
.....
$
3,418,831
$
(
43,364,884
)
$
(
66,577,553
)
$
4,019,069
$
30,115,238
Non-Agency
Mortgage-
Backed
Securities
Preferred
Securities
Unfunded
Commitments
Unfunded
Floating
Rate
Loan
Interests
Warrants
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2024
...............................
$
102,377,485
$
534,633,110
$
3,696,632
$
121,784
$
35,428,726
$
2,557,675,248
Transfers
into
Level
3
.............................................
—
—
—
—
6,192,944
47,217,979
Transfers
out
of
Level
3
............................................
—
—
—
—
—
(
75,923,929
)
Other
(a)
.......................................................
—
1,076,126
—
—
—
—
Accrued
discounts/premiums
.........................................
1,038,932
—
—
—
—
6,079,495
Net
realized
gain
(loss)
............................................
(
88,632
)
(
10,983,719
)
—
—
7,766
(
32,310,344
)
Net
change
in
unrealized
appreciation
(depreciation)
(b)
........................
517,264
66,764,994
(
3,696,629
)
2,367,630
10,375,206
3,918,147
Purchases
.....................................................
27,244,554
115,175,755
—
—
—
1,200,127,956
Sales
........................................................
(
4,987,728
)
(
104,494,730
)
—
—
(
1,382,568
)
(
847,855,980
)
Closing
balance,
as
of
September
30,
2025
...............................
$
126,101,875
$
602,171,536
$
3
$
2,489,414
$
50,622,074
$
2,858,928,572
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
30,
2025
(b)
...................................................
$
517,264
$
74,819,147
$
(
3,696,629
)
$
2,367,630
$
10,375,206
$
11,993,319
(a)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
September
30,
2025
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2025
BlackRock
Strategic
Income
Opportunities
Portfolio
184
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
financial
instruments
as
of
period
end. The
table
does
not
include
Level
3
financial
instruments
with
values
based
upon
unadjusted
third-party
pricing
information
in
the
amount
of
$390,839,997.
(a)
A
significant
change
in
unobservable
input
could
result
in
a
correlated
or
inverse
change
in
value.
Value
Valuation  
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Asset-Backed
Securities
$
143,304,390‌
Income
Discount
Rate
7%
-
10%
9%
Common
Stocks
160,653,692‌
Market
Revenue
Multiple
1.05x
-
4.50x
3.60x
Volatility
56%
-
80%
77%
Time
to
Exit
0.3-
5.4
years
4.1
years
EBITDA
Multiple
27.54x
—
Discount
for
Lack
of
Marketability
9%
-
10%
10%
Income
Discount
Rate
10%
-15%
13%
Corporate
Bonds
748,154,30
4‌
Income
Discount
Rate
5%
-
34%
12%
Market
Revenue
Mulltiple
1.00x
-3.50x
2.54x
Time
to
Exit
0.7
years
—
Volatility
60%-
60%
60%
EBITDA
Multiple
12.75x
—
Fixed
Rate
Loan
Interests
74,838,87
9‌
Income
Discount
Rate
7%-
8%
7%
Floating
Rate
Loan
Interests
6
85
,
309
,5
98‌
Income
Discount
Rate
5%
-
16%
9%
Market
EBITDA
Multiple
11.00x
—
Non-Agency
Mortgage-Backed
Securities
23,039,662‌
Income
Discount
Rate
8%
—
Preferred
Stocks
599,174,080‌
Market
Revenue
Multiple
1.30x
-
30.17x
12.16x
Volatility
40%
-
80%
70%
Time
to
Exit
1.0
-
4.0
years
3.0
years
Gross
Profit
Multiple
12.50x
—
EBITDA
Multiple
9.88x
-
16.00x
12.24x
Market
Adjustment
Multiple
0.20x
-
1.10x
1.05x
Income
Discount
Rate
10%
-15%
13%
Warrants
33,613,970‌
Market
Revenue
Multiple
1.04x
-
11.50x
9.20x
Volatility
30%
-
80%
63%
Time
to
Exit
0.3-
9.6
years
3.6
years
Discount
for
Lack
of
Marketability
9%
—
$
2,4
68
,
088
,5
75‌