Consolidated
Schedule
of
Investments
(unaudited)
March
31,
2026
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%),
5.63%,
07/21/87
.................
AUD
5,301‌
$
3,629,274‌
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%),
5.20%,
11/23/37
.....
16,998‌
11,741,726‌
Series
2025-1,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.40%),
5.45%,
11/23/37
.....
6,791‌
4,685,263‌
Series
2026-1,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.65%),
1.00%,
09/22/38
....
822‌
564,372‌
Series
2026-1,
Class
D,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.85%),
1.00%,
09/22/38
....
1,501‌
1,032,187‌
Liberty,
Series
2024-1A,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.20%),
5.25%,
05/25/32
............
1,427‌
986,962‌
Metro
Finance
Trust
Series
2025-1,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.17%),
5.12%,
10/15/31
....
14,086‌
9,740,238‌
Series
2025-1,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.55%),
5.50%,
10/15/31
....
1,640‌
1,133,713‌
Series
2025-1,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.90%),
5.85%,
10/15/31
....
500‌
347,131‌
Panorama
Auto
Trust
Series
2025-1,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.97%),
4.92%,
03/15/33
....
8,484‌
5,851,033‌
Series
2025-1,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.35%),
5.30%,
03/15/33
....
8,483‌
5,852,436‌
Series
2025-1,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.55%),
5.50%,
03/15/33
....
1,724‌
1,190,544‌
Series
2025-1,
Class
E,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
3.40%),
7.35%,
03/15/33
....
500‌
347,586‌
Series
2025-3,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.87%),
4.82%,
09/15/33
....
10,754‌
7,399,659‌
Series
2025-3,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.15%),
5.10%,
09/15/33
....
4,803‌
3,293,218‌
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
Series
2025-3,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.35%),
5.30%,
09/15/33
....
AUD
3,242‌
$
2,229,504‌
Series
2025-4,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.93%),
4.99%,
04/20/34
....
23,134‌
15,933,984‌
Series
2025-4,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.35%),
5.41%,
04/20/34
....
5,716‌
3,943,738‌
Series
2025-4,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.50%),
5.56%,
04/20/34
....
3,646‌
2,512,388‌
Series
2026-1,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.50%),
5.62%,
03/15/34
....
2,395‌
1,647,787‌
RAF
ABS
Series
2025-1,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.95%),
4.80%,
12/09/31
....
10,350‌
7,137,185‌
Series
2025-1,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.25%),
5.10%,
12/09/31
....
1,250‌
861,213‌
Series
2025-1,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.45%),
5.31%,
12/09/31
....
700‌
482,690‌
92,543,831‌
Bermuda
—
0.1%
(a)(c)
AREIT
Ltd.,
Series
2023-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.11%
Floor
+
2.11%),
5.79%,
08/17/41
.
USD
1,697‌
1,696,052‌
OHA
Credit
Funding
11
Ltd.,
Series
2022-11A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.40%
Floor
+
5.40%),
9.07%,
07/19/37
.......
250‌
246,708‌
OHA
Credit
Funding
13
Ltd.,
Series
2022-13A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.40%
Floor
+
5.40%),
9.07%,
07/20/37
.......
7,675‌
7,541,882‌
RR
24
Ltd.
Series
2022-24A,
Class
A1A2,
(3-
mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
01/15/37
2,000‌
2,000,317‌
Series
2022-24A,
Class
SUB,
0.00%,
01/15/2123
........
9,750‌
4,350,645‌
RR
27
Ltd.,
Series
2023-27A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.90%,
10/15/40
.................
7,750‌
7,746,216‌
RR
33
Ltd.,
Series
2024-33A,
Class
A1B,
(3-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.58%),
5.25%,
10/15/39
.................
2,000‌
1,995,814‌
Symphony
CLO
39
Ltd.,
Series
2023-
39A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
01/25/38
............
1,500‌
1,500,339‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Bermuda
(continued)
Symphony
CLO
40
Ltd.
Series
2023-40A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
01/05/38
...
USD
2,100‌
$
2,100,748‌
Series
2023-40A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
6.32%,
01/05/38
...
1,840‌
1,823,755‌
Trinitas
CLO
XXIII
Ltd.
Series
2023-23A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
10/20/38
...
3,750‌
3,750,568‌
Series
2023-23A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
6.57%,
10/20/38
...
2,000‌
1,988,164‌
Trinitas
CLO
XXIV
Ltd.,
Series
2024-
24A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.34%
Floor
+
7.34%),
11.01%,
04/25/37
...........
5,000‌
4,911,742‌
Trinitas
CLO
XXV
Ltd.
Series
2023-25A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
01/23/39
...
3,500‌
3,497,297‌
Series
2023-25A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.62%,
01/23/39
...
2,000‌
2,004,143‌
47,154,390‌
Cayman
Islands
—
5.5%
1988
CLO
3
Ltd.,
Series
2023-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.15%,
10/15/38
(a)(c)
...............
4,750‌
4,731,272‌
AB
BSL
CLO
3
Ltd.,
Series
2021-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
04/20/38
(a)(c)
...............
3,000‌
2,999,339‌
ABPCI
DIRECT
LENDING
FUND
CLO
V
Ltd.,
Series
2019-5A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
5.87%,
01/20/36
(a)(c)
6,250‌
6,265,608‌
Abry
Liquid
Credit
CLO
Ltd.,
Series
2025-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.99%,
01/15/38
(a)(c)
....
2,000‌
2,000,577‌
ACREC
LLC,
Series
2026-FL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.13%,
01/18/43
(a)(c)
7,000‌
6,979,283‌
AGL
CLO
11
Ltd.
(a)(c)
Series
2021-11A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
4.94%,
10/15/38
...
1,510‌
1,509,781‌
Series
2021-11A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.85%),
6.52%,
10/15/38
...
750‌
720,324‌
AGL
CLO
19
Ltd.,
Series
2022-19A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.40%),
8.07%,
07/21/38
(a)(c)
...............
1,000‌
949,740‌
AGL
CLO
37
Ltd.,
Series
2024-37A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
04/22/38
(a)(c)
...............
4,000‌
3,996,681‌
AGL
CLO
40
Ltd.,
Series
2025-40A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
07/22/38
(a)(c)
...............
3,750‌
3,746,998‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
AGL
CLO
42
Ltd.,
Series
2025-42A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
07/22/38
(a)(c)
...............
USD
2,520‌
$
2,520,506‌
AGL
CLO
5
Ltd.,
Series
2020-5A,
Class
D2R3,
(3-mo.
CME
Term
SOFR
at
3.95%
Floor
+
3.95%),
7.71%,
01/20/39
(a)(c)
...............
350‌
333,070‌
AGL
CLO
6
Ltd.,
Series
2020-6A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.95%,
04/20/38
(a)(c)
...............
2,900‌
2,900,473‌
AGL
Core
CLO
36
Ltd.
(a)(c)
Series
2024-36A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.95%,
01/23/38
...
2,500‌
2,499,391‌
Series
2024-36A,
Class
X,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
0.95%),
4.62%,
01/23/38
...
990‌
989,975‌
AIMCO
CLO
(a)(c)
Series
2015-AA,
Class
A1R4,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
10/17/38
...
3,686‌
3,682,318‌
Series
2018-AA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
10/17/37
...
7,255‌
7,257,558‌
Series
2018-BA,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.30%),
9.97%,
04/16/37
...
1,000‌
1,000,000‌
AIMCO
CLO
10
Ltd.,
Series
2019-10A,
Class
SUB,
0.00%,
07/22/32
(a)(c)
..
2,250‌
934,245‌
AIMCO
CLO
11
Ltd.,
Series
2020-11A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.01%,
07/17/37
(a)(c)
..........
5,750‌
5,750,752‌
AIMCO
CLO
14
Ltd.
(a)(c)
Series
2021-14A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
3.70%),
7.37%,
10/20/38
...
2,000‌
1,972,207‌
Series
2021-14A,
Class
SUB,
0.00%,
10/20/38
..........
20,000‌
12,010,000‌
AIMCO
CLO
23
Ltd.,
Series
2025-23A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.13%),
4.80%,
04/20/38
(a)(c)
...............
459‌
457,528‌
AIMCO
CLO
27
Ltd.
(a)(c)(d)
Series
2026-27A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
0.00%,
04/20/39
...
50,000‌
49,900,000‌
Series
2026-27A,
Class
SUB,
0.00%,
04/20/39
..........
44,460‌
40,014,000‌
Allegro
CLO
XII
Ltd.,
Series
2020-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.11%,
07/21/37
(a)(c)
...............
3,200‌
3,200,548‌
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%),
4.97%,
10/15/38
(a)(c)
..........
4,650‌
4,650,056‌
AMMC
CLO
27
Ltd.,
Series
2022-27A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.08%),
4.75%,
01/20/37
(a)(c)
...............
3,750‌
3,742,358‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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
11
Ltd.,
Series
2019-11A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
3.75%),
7.42%,
07/22/37
(a)(c)
....
USD
2,500‌
$
2,447,493‌
Anchorage
Capital
CLO
15
Ltd.,
Series
2020-15A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.08%,
07/20/38
(a)(c)
....
7,250‌
7,252,663‌
Anchorage
Capital
CLO
17
Ltd.,
Series
2021-17A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.90%,
02/15/38
(a)(c)
....
7,000‌
6,992,468‌
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-18A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.41%),
5.08%,
04/15/34
(a)(c)
....
5,100‌
5,100,576‌
Anchorage
Capital
CLO
19
Ltd.,
Series
2021-19A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
10/15/38
(a)(c)
....
9,750‌
9,758,435‌
Anchorage
Capital
CLO
29
Ltd.,
Series
2024-29A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.84%
Floor
+
6.84%),
10.51%,
07/20/37
(a)(c)
....
1,250‌
1,238,443‌
Anchorage
Capital
CLO
30
Ltd.
(a)(c)
Series
2024-30A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
01/20/37
...
6,000‌
6,000,273‌
Series
2024-30A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
5.42%,
01/20/37
...
1,375‌
1,375,290‌
Anchorage
Capital
CLO
31
Ltd.
(a)(c)
Series
2025-31A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
5.06%,
10/20/38
...
39,750‌
39,759,429‌
Series
2025-31A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.85%),
6.61%,
10/20/38
...
2,000‌
1,998,779‌
Anchorage
Capital
CLO
37
Ltd.,
Series
2026-37A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
6.81%,
04/20/39
(a)(c)
....
2,185‌
2,185,000‌
Anchorage
Capital
CLO
7
Ltd.
(a)(c)
Series
2015-7A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.56%
Floor
+
1.56%),
5.23%,
04/28/37
...
22,000‌
22,010,710‌
Series
2015-7A,
Class
DR3,
(3-mo.
CME
Term
SOFR
at
3.80%
Floor
+
3.80%),
7.47%,
04/28/37
...
8,860‌
8,666,229‌
Anchorage
Capital
CLO
9
Ltd.,
Series
2016-9X,
Class
SUB,
0.00%,
01/15/29
(a)(b)
...............
7,500‌
1,184,111‌
Anchorage
Capital
CLO
Ltd.,
Series
2026-22A,
Class
AR4,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.81%,
01/20/39
(a)(c)
....
22,500‌
22,485,582‌
Anchorage
Credit
Funding
10
Ltd.,
Series
2020-10A,
Class
AV,
3.62%,
04/25/38
(c)
................
20,573‌
20,229,245‌
Anchorage
Credit
Funding
12
Ltd.,
Series
2020-12A,
Class
A1,
3.18%,
10/25/38
(c)
................
19,028‌
18,496,268‌
Anchorage
Credit
Funding
13
Ltd.,
Series
2021-13A,
Class
A1,
2.88%,
07/27/39
(c)
................
25,970‌
25,240,134‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Anchorage
Credit
Funding
14
Ltd.
(c)
Series
2021-14A,
Class
A,
3.00%,
01/21/40
...............
USD
20,750‌
$
20,106,399‌
Series
2021-14A,
Class
SUB,
0.00%,
01/21/40
(a)
.........
10,000‌
5,716,620‌
Anchorage
Credit
Funding
3
Ltd.
(c)
Series
2016-3A,
Class
A1R,
2.87%,
01/28/39
...............
22,000‌
21,094,480‌
Series
2016-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
6.03%,
01/28/39
(a)
..
4,045‌
4,052,029‌
Series
2016-3A,
Class
SUBR,
0.00%,
01/28/39
(a)
.........
7,500‌
4,049,010‌
Anchorage
Credit
Funding
4
Ltd.,
Series
2016-4A,
Class
AR,
2.72%,
04/27/39
(c)
................
14,250‌
13,764,118‌
Anchorage
Credit
Funding
8
Ltd.,
Series
2019-8A,
Class
A,
4.43%,
07/25/37
(c)
................
6,359‌
6,344,232‌
Anchorage
Credit
Funding
9
Ltd.,
Series
2019-9A,
Class
AV,
3.79%,
10/25/37
(c)
................
4,701‌
4,695,927‌
Antares
CLO
Ltd.
(a)(c)
Series
2018-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.04%,
04/20/38
...
4,970‌
4,978,432‌
Series
2018-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
5.26%,
07/20/36
...
7,000‌
6,986,654‌
Series
2018-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.47%,
07/20/36
...
3,600‌
3,600,701‌
Series
2019-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.62%,
01/23/36
...
16,470‌
16,502,421‌
Apidos
CLO
LIII,
Series
2025-53A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
07/20/38
(a)(c)
...............
9,750‌
9,756,897‌
Apidos
CLO
LIV
(a)(c)
Series
2025-54A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
10/20/38
...
3,540‌
3,540,712‌
Series
2025-54A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
6.32%,
10/20/38
...
3,000‌
2,978,505‌
Series
2025-54A,
Class
D2,
(3-mo.
CME
Term
SOFR
at
3.90%
Floor
+
3.90%),
7.57%,
10/20/38
...
750‌
751,465‌
Apidos
CLO
LV,
Series
2025-55A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.21%
Floor
+
1.21%),
4.93%,
01/20/39
(a)(c)
...............
1,030‌
1,029,095‌
Apidos
CLO
XXXI,
Series
2019-31A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
4.84%,
04/15/39
(a)(c)
...............
2,000‌
1,996,450‌
Apidos
CLO
XXXIX
Ltd.
(a)(c)
Series
2022-39A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.90%,
10/21/38
...
1,420‌
1,419,274‌
Series
2022-39A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
6.27%,
10/21/38
...
2,500‌
2,415,940‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Apidos
CLO
XXXVII,
Series
2021-37A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.56%),
10.23%,
10/22/34
(a)(c)
...............
USD
850‌
$
844,124‌
Apidos
Loan
Fund
Ltd.,
Series
2024-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
10/25/38
(a)(c)
...............
240‌
239,760‌
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.,
Series
2025-BTR1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.93%
Floor
+
1.93%),
5.60%,
01/20/41
(a)(c)
...............
2,471‌
2,470,377‌
AREIT
Ltd.
(a)(c)
Series
2024-CRE9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.36%,
05/17/41
...
4,833‌
4,830,956‌
Series
2025-CRE10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.07%,
12/17/29
...
3,710‌
3,700,294‌
Ares
Loan
Funding
I
Ltd.
(a)(c)
Series
2021-ALFA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
4.84%,
04/15/39
...
6,750‌
6,737,926‌
Series
2021-ALFA,
Class
D2R,
(3-
mo.
CME
Term
SOFR
at
4.00%
Floor
+
4.00%),
7.67%,
04/15/39
1,000‌
967,095‌
Series
2021-ALFA,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.10%
Floor
+
5.10%),
8.77%,
04/15/39
...
1,750‌
1,749,969‌
Series
2021-ALFA,
Class
SUB,
0.00%,
10/15/34
..........
27,870‌
9,535,999‌
Ares
Loan
Funding
IX
Ltd.
(a)(c)
Series
2025-ALF9A,
Class
A1,
(3-
mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
03/31/38
12,850‌
12,823,886‌
Series
2025-ALF9A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.00%
Floor
+
5.00%),
8.67%,
03/31/38
...
3,250‌
3,193,230‌
Ares
Loan
Funding
VIII
Ltd.,
Series
2024-ALF8,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
01/24/38
(a)(c)
....
22,750‌
22,735,081‌
Ares
LXIII
CLO
Ltd.,
Series
2022-63A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
10/15/38
(a)(c)
...............
2,750‌
2,751,511‌
Ares
LXXIV
CLO
Ltd.,
Series
2024-74A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.57%,
10/15/36
(a)(c)
...............
2,000‌
2,002,455‌
ARES
LXXIX
CLO
Ltd.,
Series
2026-
79A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
4.86%,
04/20/39
(a)(c)
..........
8,250‌
8,234,815‌
Ares
LXXVII
CLO
Ltd.,
Series
2025-
77A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
07/15/38
(a)(c)
..........
2,000‌
2,001,390‌
Ares
XLI
CLO
Ltd.,
Series
2016-41A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
5.00%,
04/15/34
(a)(c)
...............
3,000‌
3,000,153‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Ares
XLIII
CLO
Ltd.,
Series
2017-43A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.00%),
9.67%,
01/15/38
(a)(c)
...............
USD
1,000‌
$
963,229‌
Ares
XLIV
CLO
Ltd.,
Series
2017-44A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
6.42%,
04/15/34
(a)(c)
..........
2,670‌
2,628,625‌
Arini
US
CLO
II
Ltd.,
Series
2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
03/31/38
(a)(c)
4,750‌
4,752,645‌
Arini
US
CLO
III
Ltd.,
Series
3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.19%,
01/15/39
(a)(c)
3,080‌
3,078,970‌
Arini
US
CLO
IV
Ltd.,
Series
4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
4.93%,
01/15/39
(a)(c)
3,000‌
2,999,207‌
Arini
US
CLO
V
Ltd.
(a)(c)(d)
Series
5A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
0.00%,
04/15/39
....
1,000‌
1,000,000‌
Series
5A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
0.00%,
04/15/39
....
1,000‌
1,000,000‌
Atrium
XV,
Series
15A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
6.97%,
07/16/37
(a)(c)
1,450‌
1,400,641‌
Bain
Capital
Credit
CLO
Ltd.
(a)(c)
Series
2018-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.22%,
07/19/31
...
2,500‌
2,499,264‌
Series
2021-7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
0.98%),
4.65%,
01/22/35
...
4,200‌
4,189,169‌
Series
2024-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
01/21/38
...
1,330‌
1,330,000‌
Ballyrock
CLO
14
Ltd.
(a)(c)
Series
2020-14A,
Class
A1AR,
(3-
mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
07/20/37
10,036‌
10,038,830‌
Series
2020-14A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
5.67%,
07/20/37
...
250‌
250,724‌
Ballyrock
CLO
20
Ltd.
(a)(c)
Series
2022-20A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.32%,
10/15/36
...
1,500‌
1,495,392‌
Series
2022-20A,
Class
C1R3,
(3-
mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.80%),
6.47%,
10/15/36
1,500‌
1,481,371‌
Ballyrock
CLO
29
Ltd.
(a)(c)
Series
2025-29A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
07/25/38
...
500‌
500,250‌
Series
2025-29A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.15%
Floor
+
5.15%),
8.82%,
07/25/38
...
2,700‌
2,638,846‌
Ballyrock
CLO
32
Ltd.,
(3-mo.
CME
Term
SOFR
+
1.21%),
4.88%,
01/25/39
(a)(c)
...............
3,000‌
2,996,270‌
Barings
CLO
Ltd.,
Series
2015-IA,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
5.33%,
01/20/31
(a)(c)
...............
90‌
89,870‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Battalion
CLO
VIII
Ltd.,
Series
2015-8A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
07/18/30
(a)(c)
...............
USD
2,000‌
$
1,994,519‌
Battalion
CLO
X
Ltd.,
Series
2016-10A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
4.81%,
01/24/35
(a)(c)
..........
4,741‌
4,739,019‌
BBAM
US
CLO
I
Ltd.,
Series
2022-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.87%,
03/30/38
(a)(c)
...............
4,555‌
4,548,152‌
BBAM
US
CLO
VI
Ltd.,
Series
2025-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.06%,
01/27/39
(a)(c)
...............
4,750‌
4,747,988‌
Benefit
Street
Partners
CLO
42
Ltd.,
Series
2025-42A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
10/25/38
(a)(c)
....
6,750‌
6,749,901‌
Benefit
Street
Partners
CLO
43
Ltd.,
Series
2025-43A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.07%,
10/20/38
(a)(c)
....
2,000‌
1,998,633‌
Benefit
Street
Partners
CLO
44
Ltd.,
Series
2025-44A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.94%,
01/15/39
(a)(c)
....
2,000‌
1,998,572‌
Benefit
Street
Partners
CLO
48
Ltd.,
Series
2026-48A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
4.86%,
04/20/38
(a)(c)
....
9,750‌
9,750,000‌
Benefit
Street
Partners
CLO
IV
Ltd.,
Series
2014-IVA,
Class
DTR5,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
6.32%,
10/20/38
(a)(c)
3,500‌
3,501,513‌
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.53%),
5.20%,
07/20/37
(a)(c)
....
8,550‌
8,548,623‌
Benefit
Street
Partners
CLO
X
Ltd.,
Series
2016-10A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
07/20/38
(a)(c)
2,830‌
2,830,716‌
Benefit
Street
Partners
CLO
XIV
Ltd.,
Series
2018-14A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.04%,
10/20/37
(a)(c)
....
1,000‌
1,000,287‌
Benefit
Street
Partners
CLO
XVI
Ltd.,
Series
2018-16A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
01/17/38
(a)(c)
6,000‌
6,002,192‌
Benefit
Street
Partners
CLO
XX
Ltd.,
Series
2020-20A,
Class
D1RR,
(3-mo.
CME
Term
SOFR
at
2.70%
Floor
+
2.70%),
6.37%,
10/15/38
(a)(c)
750‌
735,170‌
Benefit
Street
Partners
CLO
XXIII
Ltd.,
Series
2021-23A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
8.92%,
04/25/34
(a)(c)
....
2,300‌
2,259,403‌
Benefit
Street
Partners
CLO
XXV
Ltd.
(a)(c)
Series
2021-25A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
4.67%,
01/15/35
...
24,501‌
24,439,625‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2021-25A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.12%,
01/15/35
...
USD
2,000‌
$
1,997,523‌
Benefit
Street
Partners
CLO
XXXVIII
Ltd.,
Series
2024-38A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
01/25/38
(a)(c)
1,500‌
1,499,632‌
Bethpage
Park
CLO
Ltd.
(a)(c)
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
5.06%,
01/15/35
...
8,000‌
8,001,027‌
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
6.88%,
10/15/36
...
2,000‌
1,914,961‌
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
7,751,067‌
Birch
Grove
CLO
15
Ltd.,
Series
2025-
15A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.96%,
01/23/39
(a)(c)
..........
5,000‌
4,996,588‌
Birch
Grove
CLO
2
Ltd.,
Series
2021-
2A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.15%),
6.82%,
10/19/37
(a)(c)
..........
1,000‌
991,558‌
Birch
Grove
CLO
4
Ltd.,
Series
2022-
4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
5.15%,
07/15/37
(a)(c)
..........
2,000‌
2,000,357‌
BlueMountain
CLO
Ltd.
(a)(c)
Series
2013-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.86%),
5.53%,
10/22/30
...
384‌
383,363‌
Series
2015-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.26%),
4.93%,
04/20/31
...
290‌
289,752‌
Series
2016-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.85%,
11/15/30
...
548‌
547,699‌
Series
2016-3A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.35%,
11/15/30
...
7,400‌
7,396,210‌
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
5.63%,
07/30/30
...
273‌
273,316‌
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.11%
Floor
+
1.37%),
5.02%,
08/15/31
...
167‌
167,269‌
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
5.61%,
08/15/31
...
2,750‌
2,750,682‌
Series
2018-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.27%,
10/25/30
...
9,000‌
8,990,901‌
Series
2018-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.52%,
10/25/30
...
6,250‌
6,248,837‌
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
5.01%,
07/15/31
(a)(c)
....
219‌
219,191‌
BlueMountain
CLO
XXIX
Ltd.,
Series
2020-29A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
7.08%,
07/25/34
(a)(c)
....
250‌
245,825‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
BlueMountain
CLO
XXVI
Ltd.,
Series
2019-26A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.76%),
7.43%,
10/20/34
(a)(c)
....
USD
1,330‌
$
1,310,295‌
BlueMountain
CLO
XXX
Ltd.
(a)(c)
Series
2020-30A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
4.82%,
04/15/35
...
3,500‌
3,494,377‌
Series
2020-30A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
6.70%
Floor
+
6.70%),
10.37%,
04/15/35
..
250‌
223,340‌
Brant
Point
CLO
Ltd.
(a)(c)
Series
2025-7A,
Class
D2,
(3-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.25%),
7.92%,
07/25/38
...
200‌
200,478‌
Series
2025-9A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.16%,
01/20/39
...
350‌
348,318‌
Bridge
Street
CLO
II
Ltd.
(a)(c)
Series
2021-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
4.91%,
01/20/39
...
6,750‌
6,744,401‌
Series
2021-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
5.65%,
01/20/39
...
2,500‌
2,508,323‌
Bridge
Street
CLO
III
Ltd.,
Series
2022-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
10/20/37
(a)(c)
..........
4,500‌
4,504,455‌
Bridge
Street
CLO
VI
Ltd.,
Series
2025-
2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.07%,
01/15/39
(a)(c)
..........
8,750‌
8,747,464‌
Bryant
Park
CLO
Ltd.,
Series
2025-27A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
07/20/38
(a)(c)
...............
7,250‌
7,252,675‌
Bryant
Park
Funding
Ltd.
(a)(c)
Series
2023-19A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.87%,
04/15/38
...
2,000‌
1,996,509‌
Series
2023-19A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
3.95%
Floor
+
3.95%),
7.62%,
04/15/38
...
1,500‌
1,443,865‌
Series
2023-21A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
4.94%,
10/18/38
...
7,750‌
7,746,150‌
Series
2024-25A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.01%,
01/18/38
...
5,000‌
5,001,338‌
Series
2025-28A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
5.00%,
01/22/39
...
3,000‌
2,997,794‌
BSPDF
Issuer
LLC,
Series
2025-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.52%),
5.20%,
12/15/42
(a)(c)
...............
2,996‌
2,992,494‌
BXMT
Ltd.,
Series
2025-FL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.32%,
10/18/42
(a)(c)
16,906‌
16,891,336‌
Canyon
Capital
CLO
Ltd.
(a)(c)
Series
2016-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.01%),
5.68%,
10/15/31
...
5,000‌
4,997,641‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2016-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.41%),
7.08%,
10/15/31
...
USD
1,500‌
$
1,485,587‌
Canyon
Capital
CLO
R
Ltd.,
Series
2012-1RA,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.26%),
5.93%,
07/15/30
(a)(c)
....
1,500‌
1,505,877‌
Canyon
CLO
Ltd.
(a)(c)
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
5.00%,
07/15/31
...
707‌
707,006‌
Series
2020-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
10/15/37
...
5,820‌
5,824,888‌
Series
2021-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.10%),
4.77%,
10/15/34
...
3,500‌
3,493,263‌
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2015-4A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.55%),
6.22%,
07/20/32
(a)(c)
3,500‌
3,525,326‌
Carlyle
US
CLO
Ltd.
(a)(c)
Series
2019-3A,
Class
CR3,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
5.42%,
04/20/39
...
2,250‌
2,249,310‌
Series
2019-4A,
Class
A11R,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
04/15/35
...
5,000‌
5,000,000‌
Series
2020-1A,
Class
C2RR,
(3-mo.
CME
Term
SOFR
at
3.85%
Floor
+
3.85%),
7.52%,
01/20/38
...
3,000‌
2,854,784‌
Series
2020-2A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
6.57%,
01/25/35
...
6,250‌
6,038,501‌
Series
2022-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
01/20/38
...
1,500‌
1,500,658‌
Series
2022-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.16%),
4.83%,
04/20/39
...
13,720‌
13,694,437‌
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.15%),
6.82%,
07/16/31
(a)(c)
...............
1,705‌
1,701,794‌
CarVal
CLO
IV
Ltd.,
Series
2021-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
03/31/38
(a)(c)
...............
1,000‌
999,985‌
CarVal
CLO
VC
Ltd.
(a)(c)
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
7.18%,
10/15/34
...
500‌
491,575‌
Series
2021-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.75%
Floor
+
7.01%),
10.68%,
10/15/34
..
250‌
231,722‌
CBAM
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
3,525,842‌
Series
2018-7A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
5.53%,
07/20/31
...
1,000‌
996,946‌
CBAMR
Ltd.,
Series
2019-9A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
5.30%,
07/15/37
(a)(c)
...............
1,000‌
1,000,262‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Cedar
Funding
VII
CLO
Ltd.
(a)(c)
Series
2018-7A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.20%,
10/20/38
...
USD
4,000‌
$
3,998,345‌
Series
2018-7A,
Class
SUB,
0.00%,
01/20/31
...............
1,750‌
293,528‌
Cedar
Funding
XI
CLO
Ltd.,
Series
2019-11A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
05/29/32
(a)(c)
....
1,000‌
997,495‌
Cedar
Funding
XIV
CLO
Ltd.
(a)(c)
Series
2021-14A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
6.77%,
10/15/37
...
8,750‌
8,409,236‌
Series
2021-14A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
7.39%
Floor
+
7.39%),
11.06%,
10/15/37
..
4,900‌
4,375,801‌
Cedar
Funding
XIX
CLO
Ltd.,
Series
2024-19A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
01/23/38
(a)(c)
....
10,800‌
10,805,257‌
CIFC
Funding
Ltd.
(a)(c)
Series
2014-2RA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
10/24/37
...
3,500‌
3,501,282‌
Series
2014-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
03/31/38
...
3,250‌
3,243,500‌
Series
2017-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
7.08%,
10/24/30
...
300‌
300,935‌
Series
2017-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.08%,
07/17/37
...
18,250‌
18,261,923‌
Series
2018-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.04%,
10/20/37
...
2,513‌
2,514,094‌
Series
2018-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
5.42%,
10/20/37
...
500‌
500,822‌
Series
2018-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
4.94%,
10/18/38
...
7,750‌
7,749,118‌
Series
2019-2A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
10/17/38
...
6,000‌
5,993,938‌
Series
2019-4A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
07/15/38
...
5,000‌
5,001,005‌
Series
2019-4A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.52%,
07/15/38
...
3,000‌
3,001,914‌
Series
2020-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.16%),
4.83%,
04/16/39
...
14,700‌
14,672,324‌
Series
2021-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
07/23/37
...
2,776‌
2,777,275‌
Series
2021-4A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.32%,
07/23/37
...
500‌
499,655‌
Series
2022-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
0.97%),
4.64%,
04/19/35
...
17,235‌
17,198,427‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2024-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
5.15%,
07/21/37
...
USD
5,500‌
$
5,502,233‌
Series
2025-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
5.40%,
10/24/38
...
8,000‌
8,000,626‌
CQS
US
CLO
5
Ltd.,
Series
2025-5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.46%,
01/17/39
(a)(c)
...............
240‌
239,785‌
Creeksource
Dunes
Creek
CLO
Ltd.
(a)(c)
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.08%,
01/15/38
...
8,000‌
8,006,742‌
Series
2024-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
5.42%,
01/15/38
...
2,000‌
1,999,616‌
Crown
City
CLO
III,
Series
2021-1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
5.10%,
07/20/34
(a)(c)
...............
250‌
250,031‌
Crown
Point
CLO
11
Ltd.,
Series
2021-
11A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
4.93%,
02/28/38
(a)(c)
..........
3,250‌
3,249,030‌
Crown
Point
CLO
7
Ltd.,
Series
2018-
7A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.90%,
10/20/31
(a)(c)
..........
2,113‌
2,113,454‌
Crown
Point
CLO
9
Ltd.,
Series
2020-
9A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
4.01%),
7.68%,
07/14/34
(a)(c)
..........
1,000‌
984,907‌
Crown
Point
CLO
IV
Ltd.,
Series
2018-4A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.16%),
5.83%,
04/20/31
(a)(c)
1,350‌
1,354,732‌
Diameter
Capital
CLO
10
Ltd.,
Series
2025-10A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
04/20/38
(a)(c)
....
10,983‌
10,984,657‌
Diameter
Capital
CLO
12
Ltd.,
Series
2025-12A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
5.16%,
10/20/38
(a)(c)
....
12,750‌
12,743,197‌
Diameter
Capital
CLO
2
Ltd.
(a)(c)
Series
2021-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
10/15/37
...
14,750‌
14,762,425‌
Series
2021-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.15%),
9.82%,
10/15/37
...
3,000‌
3,006,068‌
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
5.53%,
07/18/30
(a)(c)
....
1,000‌
999,600‌
Dryden
55
CLO
Ltd.,
Series
2018-55A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.28%),
4.95%,
04/15/31
(a)(c)
...............
421‌
421,600‌
Dryden
65
CLO
Ltd.,
Series
2018-65A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
5.53%,
07/18/30
(a)(c)
...............
700‌
699,600‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Dryden
80
CLO
Ltd.,
Series
2019-80A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.52%,
01/17/33
(a)(c)
..........
USD
4,000‌
$
3,995,122‌
Dryden
85
CLO
Ltd.,
Series
2020-85A,
Class
A1LN,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
07/15/37
(a)(c)(d)
.........
14,500‌
14,542,775‌
Dryden
87
CLO
Ltd.,
Series
2021-87A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.97%,
08/20/38
(a)(c)
...............
3,100‌
3,101,871‌
Elevation
CLO
Ltd.
(a)(c)
Series
2013-1A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
07/25/38
...
17,750‌
17,756,697‌
Series
2026-19A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.94%,
03/31/38
...
1,750‌
1,749,189‌
Elmwood
CLO
16
Ltd.,
Series
2022-3A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.00%),
11.67%,
04/20/37
(a)(c)
...............
2,090‌
1,877,599‌
Elmwood
CLO
17
Ltd.,
Series
2022-4A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.40%),
8.07%,
07/17/37
(a)(c)
...............
3,000‌
2,994,998‌
Elmwood
CLO
18
Ltd.,
Series
2022-5A,
Class
SUB,
0.00%,
07/17/37
(a)(c)
..
6,000‌
1,733,580‌
Elmwood
CLO
22
Ltd.,
Series
2023-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.87%,
04/17/38
(a)(c)
...............
4,750‌
4,743,832‌
Elmwood
CLO
23
Ltd.
(a)(c)
Series
2023-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
04/16/36
...
4,000‌
4,000,949‌
Series
2023-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.15%),
6.82%,
04/16/36
...
1,000‌
1,001,308‌
Elmwood
CLO
26
Ltd.,
Series
2024-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.60%),
7.27%,
04/18/37
(a)(c)
...............
725‌
725,000‌
Elmwood
CLO
28
Ltd.,
Series
2024-4A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.25%
Floor
+
7.25%),
10.92%,
04/17/37
(a)(c)
...............
2,000‌
1,779,606‌
Elmwood
CLO
39
Ltd.,
Series
2025-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
4.81%,
04/17/38
(a)(c)
...............
4,390‌
4,376,412‌
Elmwood
CLO
41
Ltd.,
Series
2025-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.00%),
9.67%,
07/17/38
(a)(c)
...............
2,000‌
1,958,275‌
Elmwood
CLO
I
Ltd.,
Series
2019-1A,
Class
SUB,
0.00%,
04/20/37
(a)(c)
..
7,500‌
3,282,375‌
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
D1RR,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
6.72%,
10/20/37
(a)(c)
..........
3,000‌
2,963,520‌
Elmwood
CLO
III
Ltd.
(a)(c)
Series
2019-3A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
07/18/37
...
2,050‌
2,050,924‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2019-3A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
5.95%
Floor
+
5.95%),
9.62%,
07/18/37
...
USD
500‌
$
455,390‌
Series
2019-3A,
Class
FRR,
(3-mo.
CME
Term
SOFR
at
7.91%
Floor
+
7.91%),
11.58%,
07/18/37
..
3,450‌
3,062,594‌
Series
2019-3A,
Class
SUB,
0.00%,
07/18/37
...............
5,540‌
1,806,539‌
Elmwood
CLO
VI
Ltd.,
Series
2020-3A,
Class
SUB,
0.00%,
10/20/34
(a)(c)
..
2,500‌
710,200‌
Elmwood
CLO
VIII
Ltd.
(a)(c)
Series
2021-1A,
Class
FR,
(3-mo.
CME
Term
SOFR
at
8.00%
Floor
+
8.00%),
11.67%,
04/20/37
..
10,250‌
9,186,150‌
Series
2021-1A,
Class
SUB,
0.00%,
01/20/34
...............
10,500‌
2,457,315‌
Flatiron
CLO
20
Ltd.,
Series
2020-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.90%,
11/20/38
(a)(c)
..........
2,522‌
2,521,483‌
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
SUB,
0.00%,
07/19/34
(a)(c)
..
5,000‌
1,787,300‌
Flatiron
CLO
25
Ltd.
(a)(c)
Series
2024-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
10/17/37
...
1,150‌
1,150,339‌
Series
2024-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.52%,
10/17/37
...
310‌
310,186‌
Flatiron
CLO
28
Ltd.,
Series
2024-1A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
4.60%
Floor
+
4.60%),
8.27%,
07/15/36
(a)(c)
...............
2,000‌
1,945,486‌
FS
Rialto
Issuer
LLC,
Series
2026-
FL11,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.13%,
01/19/44
(a)(c)
..........
6,080‌
6,060,411‌
Gallatin
CLO
VIII
Ltd.,
Series
2017-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
5.02%,
07/15/31
(a)(c)
...............
2,104‌
2,104,739‌
GoldenTree
Loan
Management
US
CLO
11
Ltd.,
Series
2021-11A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
4.90%
Floor
+
4.90%),
8.57%,
10/20/34
(a)(c)
...............
4,015‌
3,941,608‌
GoldenTree
Loan
Management
US
CLO
25
Ltd.,
Series
2025-25A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
04/20/37
(a)(c)
...............
5,750‌
5,752,837‌
Golub
Capital
CLO
87B
Ltd.,
Series
2026-87A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
6.05%,
04/20/39
(a)(c)
....
750‌
725,944‌
Golub
Capital
Partners
48
LP,
Series
2020-48A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
04/17/38
(a)(c)
....
6,530‌
6,532,633‌
Golub
Capital
Partners
CLO
17
Ltd.,
Series
2013-17A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.47%
Floor
+
1.47%),
5.13%,
02/09/39
(a)(c)
8,650‌
8,666,557‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Golub
Capital
Partners
CLO
19B-R3
Ltd.
(a)(c)
Series
2017-19RA,
Class
A1R3,
(3-
mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
5.04%,
10/20/36
USD
9,750‌
$
9,735,108‌
Series
2017-19RA,
Class
D1R3,
(3-
mo.
CME
Term
SOFR
at
2.70%
Floor
+
2.70%),
6.59%,
10/20/36
1,000‌
988,380‌
Golub
Capital
Partners
CLO
43B
Ltd.,
Series
2019-43A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.01%,
10/20/37
(a)(c)
....
4,000‌
4,001,066‌
Golub
Capital
Partners
CLO
44M
Ltd.,
Series
2019-44A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
5.24%,
10/21/38
(a)(c)
....
28,488‌
28,328,481‌
Golub
Capital
Partners
CLO
49M
Ltd.,
Series
2020-49A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.52%),
5.19%,
07/20/38
(a)(c)
5,000‌
5,010,318‌
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
0.98%),
4.65%,
07/20/34
(a)(c)
....
1,962‌
1,958,214‌
Golub
Capital
Partners
CLO
60B
Ltd.,
Series
2022-60A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.96%),
6.63%,
10/25/34
(a)(c)
....
800‌
797,540‌
Golub
Capital
Partners
CLO
81
B
Ltd.,
Series
2025-81A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
07/20/38
(a)(c)
....
3,750‌
3,751,635‌
Golub
Capital
Partners
CLO
Ltd.,
Series
2017-19RA,
Class
C1R3,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.69%,
10/20/36
(a)(c)
....
2,220‌
2,220,063‌
Golub
Capital
Private
Credit
Fund
CLO
2,
Series
2025-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.47%
Floor
+
1.47%),
5.14%,
10/18/39
(a)(c)
....
4,465‌
4,473,639‌
Great
Lakes
CLO
VII
Ltd.,
Series
2024-7A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
5.67%,
04/20/37
(a)(c)
..........
16,000‌
16,006,811‌
Greystone
CRE
Notes
LLC,
Series
2025-FL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
5.15%,
01/15/43
(a)(c)
....
4,308‌
4,301,810‌
GS
REFT
Issuer
Ltd.,
Series
2026-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
04/19/43
(a)(c)
...............
2,500‌
2,496,102‌
GT
Loan
Financing
I
Ltd.,
Series
2013-
1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
5.08%,
04/28/39
(a)(c)
..........
9,580‌
9,573,732‌
HalseyPoint
CLO
6
Ltd.,
Series
2022-
6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
01/20/38
(a)(c)
..........
2,800‌
2,800,000‌
HalseyPoint
CLO
II
Ltd.,
Series
2020-
2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.62%,
07/20/37
(a)(c)
..........
3,250‌
3,253,195‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Honey
Hill
Park
CLO
Ltd.,
Series
2026-
1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
4.87%,
04/24/39
(a)(c)
..........
USD
10,750‌
$
10,728,248‌
IVY
Hill
Middle
Market
Credit
Fund
XII
Ltd.,
Series
12A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
04/20/37
(a)(c)
....
15,500‌
15,426,852‌
IVY
Hill
Middle
Market
Credit
Fund
XVIII
Ltd.,
Series
18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.58%),
5.25%,
01/22/37
(a)(c)
....
21,348‌
21,417,761‌
Kennedy
Lewis
CLO
12
Ltd.,
Series
2023-12A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
5.67%,
07/20/38
(a)(c)
....
2,500‌
2,507,953‌
Kennedy
Lewis
CLO
13
Ltd.,
Series
2023-13A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
4.80%,
01/20/38
(a)(c)
....
7,250‌
7,229,617‌
Kennedy
Lewis
CLO
19
Ltd.,
Series
2025-19A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
04/22/36
(a)(c)
....
1,000‌
999,323‌
Kennedy
Lewis
CLO
20
Ltd.,
Series
2024-20A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
01/25/38
(a)(c)
....
3,000‌
3,000,703‌
Kennedy
Lewis
CLO
4
Ltd.,
Series
4A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.43%),
5.10%,
07/20/37
(a)(c)
...............
6,750‌
6,754,065‌
Kennedy
Lewis
CLO
7
Ltd.,
Series
7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.29%,
04/22/37
(a)(c)
...............
1,972‌
1,972,653‌
KKR
CLO
27
Ltd.,
Series
27A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.11%
Floor
+
1.11%),
4.78%,
01/15/35
(a)(c)
...............
3,028‌
3,023,284‌
KKR
CLO
34
Ltd.,
Series
34A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.10%),
4.77%,
07/15/34
(a)(c)
...............
4,750‌
4,743,229‌
KKR
CLO
35
Ltd.,
Series
35A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.87%,
01/20/38
(a)(c)
...............
2,500‌
2,496,300‌
KKR
CLO
42
Ltd.,
Series
42A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.32%,
07/20/34
(a)(c)
...............
1,500‌
1,498,832‌
KKR
CLO
54
Ltd.,
Series
2024-54A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
01/15/38
(a)(c)
...............
6,984‌
6,982,909‌
KKR
Financial
CLO
Ltd.,
Series
2013-
1A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.08%,
10/15/38
(a)(c)
..........
3,000‌
2,997,000‌
LCM
26
Ltd.,
Series
26A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
6.43%,
01/20/31
(a)(c)
5,900‌
5,891,309‌
LCM
32
Ltd.,
Series
32A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
5.63%,
07/20/34
(a)(c)
2,500‌
2,498,668‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
LCM
34
Ltd.,
Series
34A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
10/20/34
(a)(c)
USD
3,440‌
$
3,429,680‌
LCM
36
Ltd.,
Series
36A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.07%),
4.74%,
01/15/34
(a)(c)
3,000‌
2,995,540‌
Lewey
Park
CLO
Ltd.,
Series
2024-1A,
Class
B2,
4.98%,
10/21/37
(c)
....
2,750‌
2,681,429‌
Lighthouse
Park
CLO
Ltd.,
Series
2025-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.65%
Floor
+
4.65%),
8.57%,
10/24/37
(a)(c)
..........
5,000‌
4,918,128‌
LoanCore
Issuer
Ltd.,
Series
2022-
CRE7,
Class
A,
(SOFR
30
day
Average
at
1.55%
Floor
+
1.55%),
5.22%,
01/17/37
(a)(c)
..........
315‌
315,291‌
Loanpal
Solar
Loan
Ltd.
(c)
Series
2020-2GF,
Class
A,
2.75%,
07/20/47
...............
2,847‌
2,367,777‌
Series
2021-1GS,
Class
A,
2.29%,
01/20/48
...............
5,872‌
4,859,606‌
Madison
Park
Funding
LI
Ltd.,
Series
2021-51A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.90%,
10/19/38
(a)(c)
....
2,000‌
1,998,697‌
Madison
Park
Funding
LVII
Ltd.,
Series
2022-57A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.95%,
07/27/34
(a)(c)
....
8,230‌
8,227,699‌
Madison
Park
Funding
LX
Ltd.,
Series
2022-60A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.04%,
10/25/37
(a)(c)
....
1,100‌
1,100,388‌
Madison
Park
Funding
LXXI
Ltd.,
Series
2025-71A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
4.81%,
04/23/38
(a)(c)
....
9,925‌
9,892,391‌
Madison
Park
Funding
XL-R
Ltd.
(a)(c)
Series
2025-40RA,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
5.12%,
10/16/38
...
26,130‌
26,132,137‌
Series
2025-40RA,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
6.78%,
10/16/38
...
3,750‌
3,729,948‌
Madison
Park
Funding
XXIV
Ltd.
(a)(c)
Series
2016-24A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.22%,
10/20/29
...
1,519‌
1,517,930‌
Series
2016-24A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
5.72%,
10/20/29
...
1,500‌
1,501,801‌
Madison
Park
Funding
XXVII
Ltd.,
Series
2018-27A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.87%,
04/20/38
(a)(c)
....
1,900‌
1,897,160‌
Madison
Park
Funding
XXXIV
Ltd.,
Series
2019-34A,
Class
D1RR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.35%),
7.02%,
10/16/37
(a)(c)
1,500‌
1,467,144‌
Madison
Park
Funding
XXXV
Ltd.,
Series
2019-35A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.80%,
02/13/39
(a)(c)
18,825‌
18,811,723‌
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%),
5.20%,
04/15/37
(a)(c)
....
USD
1,500‌
$
1,500,599‌
Maranon
Loan
Funding
Ltd.,
Series
2020-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
5.88%,
01/15/34
(a)(c)
..........
911‌
913,200‌
Marble
Point
CLO
XVII
Ltd.,
Series
2020-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.11%,
07/20/37
(a)(c)
....
4,000‌
4,000,724‌
MidOcean
Credit
CLO
XIX,
Series
2025-19A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.12%,
07/20/36
(a)(c)
....
5,000‌
5,002,992‌
MidOcean
Credit
CLO
XVII
Ltd.,
Series
2024-17A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
01/20/38
(a)(c)
....
1,820‌
1,821,205‌
MidOcean
Credit
CLO
XXI,
Series
2025-21A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
5.12%,
10/20/38
(a)(c)
....
7,360‌
7,352,535‌
Neuberger
Berman
CLO
XVI-S
Ltd.,
Series
2017-16SA,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
04/15/39
(a)(c)
3,000‌
2,993,867‌
Neuberger
Berman
CLO
XXI
Ltd.,
Series
2016-21A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
01/20/39
(a)(c)
3,000‌
3,000,886‌
Neuberger
Berman
Loan
Advisers
CLO
30
Ltd.
(a)(c)
Series
2018-30A,
Class
A1R2,
(3-
mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
01/20/37
5,720‌
5,715,941‌
Series
2018-30A,
Class
D1R2,
(3-
mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.80%),
6.47%,
01/20/39
750‌
740,697‌
Neuberger
Berman
Loan
Advisers
CLO
31
Ltd.,
Series
2019-31A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.90%,
01/20/39
(a)(c)
...............
5,000‌
4,995,781‌
Neuberger
Berman
Loan
Advisers
CLO
36R
Ltd.
(a)(c)
Series
2020-36RA,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.52%,
07/20/39
...
6,700‌
6,704,280‌
Series
2020-36RA,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
6.42%,
07/20/39
...
1,560‌
1,544,838‌
Neuberger
Berman
Loan
Advisers
CLO
46
Ltd.,
Series
2021-46A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
01/20/37
(a)(c)
1,250‌
1,249,708‌
New
Mountain
CLO
2
Ltd.,
Series
CLO-
2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
01/15/38
(a)(c)
..........
11,000‌
11,006,599‌
New
Mountain
CLO
3
Ltd.,
Series
CLO-
3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
10/20/38
(a)(c)
..........
3,000‌
3,001,849‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
New
Mountain
CLO
5
Ltd.,
Series
CLO-
5A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.15%),
6.82%,
07/20/36
(a)(c)
..........
USD
1,010‌
$
1,010,765‌
New
Mountain
CLO
8
Ltd.,
Series
CLO-
8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.13%,
10/20/38
(a)(c)
..........
14,730‌
14,724,666‌
NYACK
Park
CLO
Ltd.,
Series
2021-1A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.70%
Floor
+
2.70%),
6.37%,
10/20/38
(a)(c)
...............
3,500‌
3,358,656‌
Oak
Hill
Credit
Partners
X-R
Ltd.
(a)(c)
Series
2014-10RA,
Class
AR2,
(3-
mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.13%),
4.80%,
04/20/38
1,250‌
1,245,993‌
Series
2014-10RA,
Class
D2R2,
(3-
mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.60%),
7.27%,
04/20/38
1,500‌
1,441,639‌
Oaktree
CLO
Ltd.
(a)(c)
Series
2021-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
0.97%),
4.64%,
01/15/35
...
4,000‌
3,991,647‌
Series
2024-26A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.45%),
7.12%,
04/20/37
...
3,000‌
3,002,648‌
Series
2024-27A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
5.24%,
10/22/37
...
960‌
957,909‌
Series
2024-27A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
6.67%,
10/22/37
...
900‌
893,897‌
Series
2025-31A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
07/15/38
...
4,560‌
4,561,142‌
OCP
CLO
Ltd.
(a)(c)
Series
2014-5A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
6.83%,
04/26/31
...
1,430‌
1,426,431‌
Series
2016-12A,
Class
E2R3,
(3-
mo.
CME
Term
SOFR
at
7.34%
Floor
+
7.34%),
11.01%,
10/18/37
2,250‌
2,019,904‌
Series
2016-12A,
Class
XR3,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.87%,
10/18/37
...
750‌
750,008‌
Series
2017-13A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.01%,
11/26/37
...
7,750‌
7,753,762‌
Series
2017-14A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.17%,
07/20/37
...
6,250‌
6,085,145‌
Series
2020-8RA,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.89%,
10/17/38
...
1,000‌
999,246‌
Series
2020-18A,
Class
A1R2,
(3-
mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.04%,
07/20/37
2,020‌
2,020,888‌
Series
2020-18A,
Class
D1R2,
(3-
mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
6.77%,
07/20/37
2,750‌
2,752,797‌
Series
2020-18A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.25%),
9.92%,
07/20/37
...
3,650‌
3,549,663‌
Series
2020-19A,
Class
A1R2,
(3-
mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
04/20/38
14,330‌
14,301,227‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2021-22A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
10/20/37
...
USD
3,750‌
$
3,750,584‌
Series
2021-23A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
4.86%,
01/17/39
...
5,000‌
4,994,012‌
Series
2022-25A,
Class
PREF,
0.00%,
................
12,500‌
6,035,000‌
Series
2025-44A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
10/24/38
...
2,000‌
2,000,531‌
Series
2025-46A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.55%,
10/15/38
...
1,460‌
1,455,067‌
Series
2025-46A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.45%),
6.30%,
10/15/38
...
490‌
474,975‌
Octagon
54
Ltd.,
Series
2021-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
5.53%,
07/15/34
(a)(c)
3,820‌
3,819,394‌
Octagon
59
Ltd.,
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.60%,
05/15/35
(a)(c)
5,000‌
5,003,488‌
Octagon
63
Ltd.,
Series
2024-2A,
Class
F,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
10.17%,
07/20/37
(a)(c)
5,670‌
4,911,892‌
Octagon
Investment
Partners
41
Ltd.,
Series
2019-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.09%),
4.76%,
10/15/33
(a)(c)
....
5,000‌
4,992,651‌
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
5.53%,
07/17/30
(a)(c)
....
9,485‌
9,479,272‌
OHA
Credit
Funding
10-R
Ltd.,
Series
2021-10RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
4.93%,
07/18/37
(a)(c)
....
6,750‌
6,743,250‌
OHA
Credit
Funding
22
Ltd.,
Series
2025-22A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
07/20/38
(a)(c)
....
8,000‌
8,000,964‌
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
10/20/37
(a)(c)
....
500‌
500,194‌
OHA
Credit
Funding
7
Ltd.,
Series
2020-7A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.95%,
07/19/38
(a)(c)
....
7,750‌
7,749,891‌
OHA
Credit
Funding
9
Ltd.,
Series
2021-9A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
10/19/37
(a)(c)
....
2,750‌
2,750,800‌
OHA
Credit
Funding
Ltd.,
Series
2023-
15RA,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
4.96%,
07/20/38
(a)(c)
..........
2,750‌
2,751,126‌
OHA
Credit
Partners
VII
Ltd.,
Series
2012-7A,
Class
AR4,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
4.80%,
02/20/38
(a)(c)
....
330‌
329,019‌
OHA
Credit
Partners
XVII
Ltd.,
Series
2024-17A,
Class
B2,
5.51%,
01/18/38
(c)
................
6,000‌
5,907,056‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Orchard
Park
CLO
Ltd.,
Series
2024-
1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.60%
Floor
+
5.60%),
9.27%,
10/20/37
(a)(c)
..........
USD
1,000‌
$
967,599‌
Orion
CLO
Ltd.,
Series
2024-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
10/20/37
(a)(c)
1,010‌
1,010,385‌
OZLM
Funding
II
Ltd.,
Series
2012-2A,
Class
AR4,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
4.87%,
07/30/37
(a)(c)
...............
6,750‌
6,744,063‌
OZLM
VI
Ltd.,
Series
2014-6A,
Class
SUB,
0.00%,
04/17/31
(a)(c)(e)(f)
....
3,200‌
320‌
OZLM
XIX
Ltd.
(a)(c)
Series
2017-19A,
Class
A1R3,
(3-
mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
4.66%,
01/15/35
9,750‌
9,749,891‌
Series
2017-19A,
Class
B1R3,
(3-
mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.26%,
01/15/35
3,000‌
2,976,952‌
OZLM
XXIV
Ltd.,
Series
2019-24A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
07/20/32
(a)(c)
..........
930‌
930,434‌
Palmer
Square
CLO
Ltd.
(a)(c)
Series
2019-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.90%,
08/14/38
...
9,250‌
9,242,077‌
Series
2020-3A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
8.60%
Floor
+
8.60%),
12.25%,
11/15/36
..
3,150‌
2,815,830‌
Series
2021-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
4.96%,
10/15/38
...
4,500‌
4,500,744‌
Series
2021-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
07/15/38
...
4,750‌
4,753,492‌
Series
2022-3A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
6.62%,
07/20/37
...
880‌
863,421‌
Series
2023-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.40%
Floor
+
3.40%),
7.07%,
07/20/38
...
1,700‌
1,686,848‌
Series
2025-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.17%,
04/20/38
...
1,000‌
948,571‌
Series
2025-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.30%),
4.97%,
07/20/37
...
12,750‌
12,756,640‌
Series
2025-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
5.23%,
10/20/38
...
3,750‌
3,749,545‌
Palmer
Square
Loan
Funding
Ltd.
(a)(c)
Series
2024-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
01/15/33
...
3,000‌
2,986,816‌
Series
2024-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
8.37%,
01/15/33
...
5,000‌
4,864,028‌
Series
2024-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.11%,
08/08/32
...
1,000‌
999,501‌
Series
2024-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.51%,
08/08/32
...
2,000‌
2,001,000‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2024-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
3.75%),
7.41%,
08/08/32
...
USD
1,650‌
$
1,613,873‌
Series
2025-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
5.90%,
02/15/33
...
2,000‌
1,996,344‌
Series
2025-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.10%
Floor
+
4.10%),
7.75%,
02/15/33
...
4,000‌
3,864,434‌
Series
2025-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.50%),
6.17%,
07/15/33
...
5,125‌
5,044,972‌
Series
2025-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.17%,
07/15/33
...
3,750‌
3,703,312‌
Series
2025-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
0.95%),
4.66%,
01/15/34
...
9,200‌
9,196,240‌
Series
2025-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
6.11%,
01/15/34
...
1,000‌
977,022‌
Series
2025-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.40%),
8.11%,
01/15/34
...
3,000‌
2,916,119‌
Park
Blue
CLO
Ltd.
(a)(c)
Series
2022-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
07/20/37
...
9,750‌
9,755,678‌
Series
2023-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
5.15%,
04/20/37
...
3,000‌
3,003,225‌
Series
2025-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.89%,
04/25/38
...
8,750‌
8,739,638‌
Series
2025-9A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.43%,
10/20/38
...
4,750‌
4,753,804‌
Series
2025-10A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.95%,
01/20/39
...
9,750‌
9,748,003‌
PFP
Ltd.,
Series
2026-13,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.18%,
08/18/43
(a)(c)
3,051‌
3,050,984‌
Pikes
Peak
CLO
10,
Series
2022-10A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
01/22/38
(a)(c)
...............
3,000‌
3,001,798‌
Pikes
Peak
CLO
21,
Series
2026-21A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
4.85%,
04/20/39
(a)(c)
...............
2,250‌
2,250,002‌
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
4.60%
Floor
+
4.60%),
8.26%,
05/18/34
(a)(c)
...............
250‌
236,124‌
Post
CLO
Ltd.
(a)(c)
Series
2023-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
10/20/38
...
3,090‌
3,090,811‌
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.27%,
04/20/37
...
13,620‌
13,631,812‌
Post
CLO
VI
Ltd.,
Series
2024-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
01/20/38
(a)(c)
...............
13,800‌
13,809,460‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Rad
CLO
10
Ltd.,
Series
2021-10A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
5.10%,
04/23/34
(a)(c)
...............
USD
5,000‌
$
5,001,004‌
Rad
CLO
18
Ltd.,
Series
2023-18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
07/15/37
(a)(c)
...............
4,750‌
4,752,375‌
Rad
CLO
26
Ltd.,
Series
2024-26A,
Class
D2,
(3-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.25%),
7.92%,
10/20/37
(a)(c)
...............
1,000‌
961,084‌
Rad
CLO
6
Ltd.,
Series
2019-6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
10/20/37
(a)(c)
...............
9,000‌
9,002,726‌
Rad
CLO
9
Ltd.,
Series
2020-9A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.01%,
01/15/38
(a)(c)
...............
7,250‌
7,253,346‌
Reese
Park
CLO
Ltd.,
Series
2020-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
01/15/38
(a)(c)
...............
1,500‌
1,500,773‌
Regatta
30
Funding
Ltd.,
Series
2024-
4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
01/25/38
(a)(c)
..........
9,600‌
9,602,761‌
Regatta
32
Funding
Ltd.,
Series
2025-
4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.01%,
07/25/38
(a)(c)
..........
7,000‌
7,006,306‌
Regatta
35
Funding
Ltd.,
Series
2025-
5A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
4.96%,
10/15/38
(a)(c)
..........
12,500‌
12,501,450‌
Regatta
VI
Funding
Ltd.,
Series
2016-
1A,
Class
D1R3,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
6.42%,
10/20/38
(a)(c)
..........
3,000‌
2,918,643‌
Regatta
XIX
Funding
Ltd.,
Series
2022-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
10/20/38
(a)(c)
..........
3,563‌
3,561,943‌
Regatta
XXV
Funding
Ltd.,
Series
2023-1A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.25%),
7.92%,
07/15/38
(a)(c)
....
1,500‌
1,446,855‌
Rockford
Tower
CLO
Ltd.
(a)(c)
Series
2017-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.45%),
5.12%,
10/20/30
...
2‌
1,844‌
Series
2017-3A,
Class
SUB,
0.00%,
10/20/30
...............
1,750‌
68,909‌
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.98%),
5.64%,
05/20/31
...
250‌
249,861‌
Series
2018-1A,
Class
SUB,
0.00%,
05/20/31
...............
1,750‌
16,625‌
Series
2018-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
7.03%,
10/20/31
...
1,000‌
1,003,887‌
Series
2018-2A,
Class
SUB,
0.00%,
10/20/31
...............
1,750‌
74,953‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2019-2A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.31%,
08/20/32
...
USD
1,150‌
$
1,149,654‌
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
5.93%,
07/20/34
...
250‌
250,252‌
Series
2025-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.96%,
03/31/38
...
2,000‌
1,998,280‌
Series
2025-3A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.17%
Floor
+
3.17%),
6.83%,
03/31/38
...
1,500‌
1,488,879‌
Series
2025-3A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.00%
Floor
+
7.00%),
10.66%,
03/31/38
..
2,000‌
1,929,982‌
Rockford
Tower
Credit
Funding
I
Ltd.
(c)
Series
2022-1A,
Class
A,
3.53%,
04/20/40
...............
8,000‌
7,848,918‌
Series
2022-1A,
Class
SUB,
0.00%,
04/20/40
(a)
..............
5,000‌
2,199,340‌
Romark
CLO
Ltd.,
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.41%),
6.08%,
10/23/30
(a)(c)
...............
2,150‌
2,159,190‌
RR
14
Ltd.,
Series
2021-14A,
Class
SUB,
0.00%,
04/15/2121
(a)(c)
....
5,000‌
864,450‌
RR
16
Ltd.,
Series
2021-16A,
Class
SUB,
0.00%,
07/15/2121
(a)(c)
....
4,000‌
1,034,400‌
RR
17
Ltd.,
Series
2021-17A,
Class
SUB,
0.00%,
07/15/34
(a)(c)
......
475‌
112,052‌
RR
19
Ltd.,
Series
2021-19A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
8.37%,
04/15/40
(a)(c)
...............
3,000‌
2,917,627‌
RR
20
Ltd.,
Series
2022-20A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
6.27%,
07/15/37
(a)(c)
...............
1,750‌
1,669,249‌
RR
29
Ltd.,
Series
2024-29RA,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
07/15/39
(a)(c)
...............
1,000‌
1,000,500‌
RR
32
Ltd.,
Series
2024-32RA,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
10/15/39
(a)(c)
...............
7,325‌
7,327,656‌
RR
41
Ltd.,
Series
2025-41A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.21%,
10/15/40
(a)(c)
...............
2,500‌
2,497,367‌
RR
43
Ltd.,
Series
2026-43A,
Class
C1,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
6.05%,
10/15/39
(a)(c)
750‌
725,617‌
RR
8
Ltd.,
Series
2020-8A,
Class
A1A2,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.23%),
4.90%,
01/15/39
(a)(c)
2,000‌
1,998,991‌
Sagard-HalseyPoint
CLO
10
Ltd.,
Series
2025-10A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
10/20/38
(a)(c)
....
19,600‌
19,616,932‌
Sagard-HalseyPoint
CLO
9
Ltd.,
Series
2025-9A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
4.96%,
04/20/38
(a)(c)
..........
7,000‌
6,999,897‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Sandstone
Peak
II
Ltd.,
Series
2023-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
5.08%,
07/20/38
(a)(c)
..........
USD
18,240‌
$
18,247,126‌
Sandstone
Peak
IV
Ltd.,
Series
2025-
1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
4.95%,
01/20/39
(a)(c)
..........
3,000‌
3,000,413‌
Sculptor
CLO
XXIX
Ltd.,
Series
29A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
5.04%,
07/22/38
(a)(c)
...............
17,500‌
17,512,819‌
Sculptor
CLO
XXX
Ltd.,
Series
30A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.12%,
07/20/38
(a)(c)
...............
4,750‌
4,753,792‌
Signal
Peak
CLO
11
Ltd.,
Series
2024-
11A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.12%,
07/18/37
(a)(c)
..........
2,000‌
2,001,327‌
Signal
Peak
CLO
14
Ltd.,
Series
2024-
14A,
Class
SUB,
0.00%,
01/22/38
(a)
(c)
......................
6,000‌
3,396,720‌
Signal
Peak
CLO
3
Ltd.,
Series
2016-
3A,
Class
D1R3,
(3-mo.
CME
Term
SOFR
at
4.15%
Floor
+
4.15%),
7.82%,
01/23/37
(a)(c)
..........
3,750‌
3,695,705‌
Signal
Peak
CLO
7
Ltd.,
Series
2019-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
10/20/37
(a)(c)
..........
6,500‌
6,505,836‌
Signal
Peak
CLO
8
Ltd.,
Series
2020-
8A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
10/20/37
(a)(c)
..........
2,000‌
2,001,337‌
Silver
Point
CLO
12
Ltd.,
Series
2025-
12A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
5.29%,
10/15/38
(a)(c)
..........
56,040‌
56,057,187‌
Silver
Point
CLO
13
Ltd.,
Series
2025-
13A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
5.18%,
10/15/38
(a)(c)
..........
4,750‌
4,747,950‌
Silver
Point
CLO
8
Ltd.,
Series
2025-
8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.21%
Floor
+
1.21%),
4.88%,
04/15/38
(a)(c)
..........
7,440‌
7,430,147‌
Silver
Point
SCF
CLO
V
Ltd.,
Series
2025-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
04/20/38
(a)(c)
....
14,000‌
14,028,127‌
Sixth
Street
CLO
XII
Ltd.,
Series
2018-
12A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.27%,
01/17/39
(a)(c)
..........
925‌
925,787‌
Sixth
Street
CLO
XIV
Ltd.,
Series
2019-
14A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
4.82%,
01/20/38
(a)(c)
..........
1,000‌
997,250‌
Sixth
Street
CLO
XVI
Ltd.,
Series
2020-
16A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.17%),
4.83%,
01/21/39
(a)(c)
..........
12,000‌
11,976,236‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Sixth
Street
CLO
XVII
Ltd.,
Series
2021-17A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
3.85%
Floor
+
3.85%),
7.52%,
04/17/38
(a)(c)
....
USD
1,500‌
$
1,449,701‌
Sixth
Street
CLO
XX
Ltd.,
Series
2021-
20A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.15%
Floor
+
4.15%),
7.82%,
07/17/38
(a)(c)
..........
1,500‌
1,444,496‌
Sixth
Street
CLO
XXII
Ltd.,
Series
2023-22A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.13%),
4.80%,
04/21/38
(a)(c)
....
23,250‌
23,191,350‌
Sixth
Street
CLO
XXV
Ltd.,
Series
2024-25A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.48%),
5.15%,
07/24/37
(a)(c)
....
3,000‌
3,000,821‌
Sound
Point
CLO
II
Ltd.,
Series
2013-
1A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
2.96%
Floor
+
2.96%),
6.63%,
01/26/31
(a)(c)
..........
2,000‌
2,003,242‌
Sound
Point
CLO
IX
Ltd.,
Series
2015-
2A,
Class
BRRR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
5.73%,
07/20/32
(a)(c)
..........
5,000‌
5,004,008‌
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.76%
Floor
+
3.76%),
7.43%,
04/25/34
(a)(c)
..........
345‌
319,444‌
Sound
Point
CLO
XXVIII
Ltd.,
Series
2020-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.65%
Floor
+
3.91%),
7.58%,
01/25/32
(a)(c)
..........
500‌
479,595‌
Sounds
Point
CLO
IV-R
Ltd.,
Series
2013-3RA,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.08%,
04/18/31
(a)(c)
....
904‌
904,140‌
Stratus
CLO
Ltd.,
Series
2021-1A,
Class
SUB,
0.00%,
12/29/29
(a)(c)(d)
.
2,820‌
—‌
Sycamore
Tree
CLO
Ltd.
(a)(c)
Series
2025-6A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.27%,
04/20/38
...
1,800‌
1,801,638‌
Series
2025-7A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
7.28%,
08/28/38
...
750‌
744,772‌
Symphony
CLO
36
Ltd.,
Series
2025-
52A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.22%,
01/20/36
(a)(c)
..........
1,500‌
1,498,956‌
Symphony
CLO
41
Ltd.,
Series
2024-
41A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.57%,
07/20/37
(a)(c)
..........
750‌
750,892‌
Symphony
CLO
46
Ltd.,
Series
2024-
46A,
Class
B2,
5.57%,
01/20/38
(c)
.
4,670‌
4,586,491‌
Symphony
CLO
XVIII
Ltd.,
Series
2016-
18A,
Class
DR4,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
6.67%,
10/23/37
(a)(c)
..........
3,250‌
3,193,958‌
Symphony
Loan
Funding
CLO
1
Ltd.,
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.43%),
5.10%,
01/22/38
(a)(c)
....
11,500‌
11,509,252‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
TCI-Flatiron
CLO
Ltd.,
Series
2018-1A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
6.42%,
07/29/35
(a)(c)
...............
USD
1,000‌
$
993,162‌
TCI-Symphony
CLO
Ltd.,
Series
2017-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.66%),
7.33%,
07/15/30
(a)(c)
..........
1,000‌
1,003,656‌
TCW
CLO
Ltd.,
Series
2019-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
4.94%,
01/20/38
(a)(c)
...............
5,000‌
4,999,929‌
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
AR1,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
5.07%,
10/30/38
(a)(c)
...............
1,970‌
1,969,472‌
Trestles
CLO
IX
Ltd.,
Series
2025-9A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
5.13%,
01/15/39
(a)(c)
...............
4,170‌
4,168,877‌
Trestles
CLO
VII
Ltd.,
Series
2024-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
10/25/37
(a)(c)
...............
13,000‌
13,002,965‌
Trestles
CLO
VIII
Ltd.
(a)(c)
Series
2025-8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
06/11/35
...
11,510‌
11,507,270‌
Series
2025-8A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.50%),
9.17%,
06/11/35
...
1,000‌
1,001,517‌
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%),
8.42%,
07/23/37
...
3,375‌
3,353,225‌
Series
2021-2A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.50%),
6.15%,
10/25/34
...
1,550‌
1,495,727‌
Series
2022-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
10/22/37
...
39,410‌
39,440,080‌
Series
2022-1A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
6.97%,
10/22/37
...
2,000‌
1,961,798‌
Series
2022-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
03/27/38
...
5,000‌
4,994,022‌
Series
2023-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.47%,
01/20/39
...
1,000‌
1,000,146‌
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
01/25/38
...
34,750‌
34,771,270‌
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.25%
Floor
+
6.25%),
9.92%,
01/25/38
...
2,000‌
1,917,727‌
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Trinitas
CLO
XII
Ltd.,
Series
2020-12A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.05%),
4.72%,
04/25/33
(a)(c)
..........
USD
1,246‌
$
1,246,174‌
Trinitas
CLO
XVIII
Ltd.,
Series
2021-
18A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.89%,
01/20/35
(a)(c)
..........
7,010‌
7,003,873‌
Trinitas
CLO
XX
Ltd.,
Series
2022-20A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
6.67%,
07/20/35
(a)(c)
...............
1,000‌
998,761‌
Trinitas
CLO
XXVIII
Ltd.
(a)(c)
Series
2024-28A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.47%,
04/25/37
...
12,000‌
11,998,451‌
Series
2024-28A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
5.77%,
04/25/37
...
3,500‌
3,494,559‌
Series
2024-28A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.00%
Floor
+
4.00%),
7.67%,
04/25/37
...
1,250‌
1,245,112‌
Trinitas
CLO
XXX
Ltd.,
Series
2024-
30A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.90%
Floor
+
6.90%),
10.57%,
10/23/37
(a)(c)
.........
1,500‌
1,473,908‌
Trinitas
CLO
XXXII
Ltd.,
Series
2025-
32A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
07/23/38
(a)(c)
..........
8,270‌
8,273,164‌
Trinitas
CLO
XXXV
Ltd.,
Series
2026-
35A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.89%,
01/22/39
(a)(c)
..........
2,500‌
2,498,050‌
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.16%),
6.83%,
04/20/31
(a)(c)
...............
2,000‌
1,999,827‌
Venture
31
CLO
Ltd.,
Series
2018-31A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.08%,
04/20/31
(a)(c)
...............
1,500‌
1,497,017‌
Venture
34
CLO
Ltd.,
Series
2018-34A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.95%,
10/15/31
(a)(c)
...............
9,584‌
9,590,454‌
Voya
CLO
Ltd.
(a)(c)
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
4.90%,
04/25/31
...
34‌
33,648‌
Series
2013-3A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.08%,
10/18/31
...
223‌
222,921‌
Series
2014-4A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.35%),
6.02%,
07/14/31
...
1,200‌
1,205,073‌
Series
2016-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
5.00%,
01/20/31
...
38‌
37,673‌
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
6.58%,
01/20/31
...
1,085‌
1,088,611‌
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
5.58%,
10/17/32
...
1,300‌
1,302,591‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Cayman
Islands
(continued)
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.52%
Floor
+
1.52%),
5.19%,
04/15/37
...
USD
250‌
$
250,072‌
Warwick
Capital
CLO
5
Ltd.,
Series
2024-5A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
01/20/38
(a)(c)
....
1,500‌
1,500,899‌
Warwick
Capital
CLO
6
Ltd.,
Series
2025-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.43%),
5.10%,
07/20/38
(a)(c)
....
8,975‌
8,980,238‌
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
4,751,159‌
Wellfleet
CLO
Ltd.
(a)(c)
Series
2020-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.47%,
04/15/33
...
2,250‌
2,246,644‌
Series
2022-1A,
Class
A1RN,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
07/15/37
...
2,000‌
2,001,094‌
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
1,500,131‌
Whitebox
CLO
I
Ltd.
(a)(c)
Series
2019-1A,
Class
A1R3,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
01/24/37
...
2,060‌
2,055,672‌
Series
2019-1A,
Class
ER3,
(3-mo.
CME
Term
SOFR
at
5.30%
Floor
+
5.30%),
8.97%,
01/24/37
...
5,750‌
5,472,361‌
Series
2019-1A,
Class
SUB,
0.00%,
01/24/37
...............
4,300‌
2,115,041‌
Whitebox
CLO
II
Ltd.
(a)(c)
Series
2020-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
10/24/37
...
10,250‌
10,256,371‌
Series
2020-2A,
Class
D1R2,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
6.57%,
10/24/37
...
1,829‌
1,818,055‌
Series
2020-2A,
Class
E1R2,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
9.42%,
10/24/37
...
900‌
860,961‌
Whitebox
CLO
III
Ltd.
(a)(c)
Series
2021-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.27%),
4.94%,
10/15/35
...
11,139‌
11,141,844‌
Series
2021-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.85%),
6.52%,
10/15/35
...
5,250‌
5,249,807‌
Series
2021-3A,
Class
ER,
(3-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
9.32%,
10/15/35
...
8,250‌
8,027,746‌
Series
2021-3A,
Class
SUB,
0.00%,
10/15/35
...............
11,345‌
5,686,180‌
Whitebox
CLO
IV
Ltd.,
Series
2023-4A,
Class
SUB,
0.00%,
04/20/36
(a)(c)
..
4,750‌
2,215,448‌
Whitebox
CLO
V
Ltd.,
Series
2025-5A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
07/20/38
(a)(c)
...............
2,750‌
2,751,389‌
2,561,269,805‌
Security
Par
(000)
Par
(000)
Value
France
—
0.1%
(a)(b)
Cars
Alliance
Auto
Leases
France
V,
Series
2023-1FRV,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.22%,
10/21/38
............
EUR
4,000‌
$
4,639,110‌
FCT
Noria
Series
2021-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
2.64%,
10/25/49
....
222‌
256,130‌
Series
2021-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.04%,
10/25/49
....
154‌
177,830‌
Series
2021-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.44%,
10/25/49
....
307‌
355,103‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.84%,
07/25/43
....
2,200‌
2,534,944‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.09%,
07/25/43
....
3,300‌
3,801,623‌
Series
2025-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.34%,
07/25/43
....
1,700‌
1,960,465‌
Series
2025-1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.69%,
07/25/43
....
2,000‌
2,314,788‌
Noria
DE
Series
2024-DE1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.89%,
02/25/43
....
2,321‌
2,688,697‌
Series
2024-DE1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.19%,
02/25/43
....
1,451‌
1,673,094‌
Series
2024-DE1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
3.59%,
02/25/43
....
1,016‌
1,177,385‌
Series
2024-DE1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.55%),
5.49%,
02/25/43
....
1,088‌
1,270,119‌
Series
2024-DE1,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.44%,
02/25/43
....
580‌
673,787‌
Quarz
International,
Inc.,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.79%),
2.94%,
06/15/41
............
12,332‌
14,271,087‌
37,794,162‌
Germany
—
0.0%
(a)(b)
FCT
Autonoria
DE
Series
2023-DE,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.09%,
01/26/43
....
124‌
143,301‌
Series
2023-DE,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
4.04%,
01/26/43
....
494‌
577,740‌
Series
2023-DE,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.05%),
4.99%,
01/26/43
....
155‌
182,207‌
Series
2023-DE,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
7.44%,
01/26/43
....
123‌
146,719‌
Series
2023-DE,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
7.50%),
9.44%,
01/26/43
....
31‌
37,254‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
Red
&
Black
Auto
Germany
10
UG
Series
10,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.14%,
09/15/32
....
EUR
608‌
$
704,519‌
Series
10,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
4.04%,
09/15/32
....
331‌
387,055‌
2,178,795‌
Ireland
—
1.3%
(a)
AB
Carval
Euro
CLO
II-C
DAC,
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
5.73%,
02/15/37
(b)
................
3,200‌
3,717,212‌
Arbour
CLO
DAC
  (3-mo.
EURIBOR
at
0.00%
Floor
+
3.80%),
5.78%,
05/15/38
(b)
...
1,200‌
1,381,456‌
Series
11A,
Class
B1R,
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
3.98%,
05/15/38
(c)
...
2,000‌
2,310,774‌
Series
11A,
Class
CR,
(3-mo.
EURIBOR
at
2.65%
Floor
+
2.65%),
4.63%,
05/15/38
(c)
...
2,000‌
2,299,919‌
Arbour
CLO
VI
DAC,
Series
6X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.18%,
11/15/37
(b)
1,790‌
2,049,362‌
Arcano
Euro
CLO
I
DAC,
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.26%
Floor
+
1.26%),
3.29%,
04/25/39
(b)
6,840‌
7,884,442‌
Arcano
Euro
CLO
II
DAC,
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.33%,
07/25/39
(b)
1,020‌
1,173,207‌
Ares
European
CLO
X
DAC,
Series
10A,
Class
DR,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
4.82%,
10/15/31
(c)
................
2,000‌
2,317,125‌
Ares
European
CLO
XII
DAC,
Series
12A,
Class
B1R,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
3.73%,
04/20/32
(c)
................
862‌
1,000,035‌
Arini
European
CLO
II
DAC
Series
2A,
Class
AR,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
3.34%,
10/15/38
(c)
...
4,750‌
5,487,225‌
Series
2A,
Class
BR,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
3.92%,
10/15/38
(c)
...
2,300‌
2,649,076‌
Series
2A,
Class
DR,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.17%,
10/15/38
(c)
...
2,300‌
2,660,765‌
Series
2X,
Class
AR,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
3.34%,
10/15/38
(b)
...
27,410‌
31,664,173‌
Arini
European
CLO
III
DAC,
Series
3A,
Class
E,
(3-mo.
EURIBOR
at
6.10%
Floor
+
6.10%),
8.12%,
10/15/37
(c)
900‌
1,014,220‌
Arini
European
CLO
IV
DAC,
Series
4X,
Class
D,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
5.52%,
01/15/38
(b)
2,480‌
2,870,676‌
Arini
European
CLO
V
DAC
(b)
Series
5X,
Class
A,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.22%,
01/15/39
....
8,510‌
9,806,357‌
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
4.82%,
01/15/39
....
1,470‌
1,662,547‌
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Arini
European
CLO
VII
DAC,
Series
7X,
Class
A,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.40%,
01/15/39
(b)
................
EUR
11,380‌
$
13,126,763‌
Armada
Euro
CLO
VII
DAC,
Series
7A,
Class
C,
(3-mo.
EURIBOR
at
2.15%
Floor
+
2.15%),
4.17%,
04/15/39
(c)
3,750‌
4,300,503‌
Aurium
CLO
IV
DAC,
Series
4X,
Class
AR,
(3-mo.
EURIBOR
at
0.73%
Floor
+
0.73%),
2.75%,
01/16/31
(b)
1,298‌
1,501,121‌
Aurium
CLO
VII
DAC,
Series
7X,
Class
DR,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.28%,
10/15/38
(b)
680‌
773,009‌
Aurium
CLO
VIII
DAC,
Series
8X,
Class
AR,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
3.33%,
10/16/38
(b)
11,600‌
13,366,428‌
Aurium
CLO
XIII
DAC,
Series
13X,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
4.82%,
04/15/38
(b)
1,020‌
1,151,779‌
Avoca
CLO
XIV
DAC,
Series
14X,
Class
SUB,
0.00%,
01/12/31
(b)(e)(f)
.
4,510‌
1,722,858‌
Avoca
CLO
XV
DAC,
Series
15X,
Class
M1,
0.00%,
07/15/38
(b)
........
3,100‌
1,369,116‌
Avoca
CLO
XVIII
DAC
Series
18A,
Class
CR,
(3-mo.
EURIBOR
at
2.25%
Floor
+
2.25%),
4.27%,
01/15/38
(c)
...
250‌
285,250‌
Series
18X,
Class
BR,
(3-mo.
EURIBOR
at
1.95%
Floor
+
1.95%),
3.97%,
01/15/38
(b)
...
5,800‌
6,681,584‌
Series
18X,
Class
DR,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
5.07%,
01/15/38
(b)
...
1,100‌
1,252,796‌
Avoca
CLO
XXII
DAC
Series
22A,
Class
D,
(3-mo.
EURIBOR
at
2.90%
Floor
+
2.90%),
4.92%,
04/15/35
(c)
...
970‌
1,112,751‌
Series
22X,
Class
B1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.32%,
04/15/35
(b)
...
710‌
813,854‌
Avoca
CLO
XXIII
DAC,
Series
23A,
Class
D,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
5.07%,
04/15/34
(c)
750‌
860,368‌
Avoca
CLO
XXVIII
DAC,
Series
28A,
Class
B1R,
(3-mo.
EURIBOR
at
1.85%
Floor
+
1.85%),
3.87%,
10/15/37
(c)
................
3,400‌
3,909,347‌
Avoca
CLO
Xxx
DAC,
Series
30A,
Class
SUB,
0.00%,
07/15/37
(c)
...
4,550‌
3,533,601‌
Bain
Capital
Euro
CLO
DAC,
Series
2024-3A,
Class
A1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.33%,
01/18/38
(c)
...........
4,750‌
5,473,814‌
BBAM
European
CLO
I
DAC,
Series
1X,
Class
ARR,
(3-mo.
EURIBOR
at
1.24%
Floor
+
1.24%),
3.38%,
10/22/38
(b)
................
5,000‌
5,761,414‌
Bridgepoint
CLO
IX
DAC,
Series
9X,
Class
A,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.41%,
10/15/39
(b)
11,380‌
13,140,419‌
Cairn
CLO
XX
DAC,
Series
2025-20A,
Class
C,
(3-mo.
EURIBOR
at
2.40%
Floor
+
2.40%),
4.43%,
01/25/38
(c)
660‌
759,391‌
Capital
Four
CLO
VIII
DAC,
Series
8X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.28%,
10/25/37
(b)
2,600‌
2,978,404‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Carlyle
Euro
CLO
DAC
(c)
Series
2013-1A,
Class
A1R3,
(3-mo.
EURIBOR
at
1.36%
Floor
+
1.36%),
3.40%,
10/15/38
....
EUR
7,430‌
$
8,583,184‌
Series
2021-2A,
Class
A2A,
(3-mo.
EURIBOR
at
1.75%
Floor
+
1.75%),
3.77%,
10/15/35
....
2,050‌
2,357,234‌
Series
2021-2A,
Class
B,
(3-mo.
EURIBOR
at
2.25%
Floor
+
2.25%),
4.27%,
10/15/35
....
250‌
286,552‌
CIFC
European
Funding
CLO
I
DAC,
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.22%,
07/15/32
(b)
...........
450‌
519,908‌
CIFC
European
Funding
CLO
II
DAC
Series
2A,
Class
AR,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.32%,
10/15/39
(c)
...
4,750‌
5,471,056‌
Series
2A,
Class
CR,
(3-mo.
EURIBOR
at
2.10%
Floor
+
2.10%),
4.12%,
10/15/39
(c)
...
2,500‌
2,857,911‌
Series
2X,
Class
AR,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.32%,
10/15/39
(b)
...
25,520‌
29,393,969‌
Series
2X,
Class
DR,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.02%,
10/15/39
(b)
...
1,360‌
1,560,096‌
CIFC
European
Funding
CLO
III
DAC
Series
3A,
Class
AR,
(3-mo.
EURIBOR
at
1.23%
Floor
+
1.23%),
3.22%,
01/15/39
(c)
...
8,100‌
9,331,849‌
Series
3X,
Class
DR,
(3-mo.
EURIBOR
at
2.55%
Floor
+
2.55%),
4.54%,
01/15/39
(b)
...
2,246‌
2,530,918‌
Citizen
Irish
Auto
Receivables
Trust,
Series
2023-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.34%,
12/15/32
(b)
...........
1,000‌
1,158,743‌
Contego
CLO
V
DAC,
Series
5X,
Class
DR,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.12%,
10/15/37
(b)
1,470‌
1,685,507‌
Contego
CLO
VII
DAC
(b)
Series
7X,
Class
AR,
(3-mo.
EURIBOR
at
1.33%
Floor
+
1.33%),
3.36%,
01/23/38
....
5,570‌
6,429,986‌
Series
7X,
Class
DR,
(3-mo.
EURIBOR
at
3.45%
Floor
+
3.45%),
5.48%,
01/23/38
....
1,870‌
2,112,373‌
Contego
CLO
XI
DAC,
Series
11X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.21%,
11/20/38
(b)
................
1,330‌
1,511,792‌
Cross
Ocean
Bosphorus
CLO
VIII
DAC,
Series
8A,
Class
AR,
(3-mo.
EURIBOR
at
1.38%
Floor
+
1.38%),
3.40%,
07/15/38
(c)
...........
2,275‌
2,633,543‌
Cumulus
Static
CLO
DAC
Series
2024-1A,
Class
D,
(3-mo.
EURIBOR
at
3.70%
Floor
+
3.70%),
5.68%,
11/15/33
(c)
...
974‌
1,127,313‌
Series
2024-1X,
Class
D,
(3-mo.
EURIBOR
at
3.70%
Floor
+
3.70%),
5.68%,
11/15/33
(b)
...
499‌
577,545‌
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
CVC
Cordatus
Loan
Fund
IV
DAC,
Series
4X,
Class
BR1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.32%,
02/22/34
(b)
...........
EUR
1,120‌
$
1,295,214‌
CVC
Cordatus
Loan
Fund
V
DAC
(c)
Series
5A,
Class
BR3,
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
4.11%,
09/21/39
.....
3,680‌
4,246,090‌
Series
5A,
Class
DR3,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.41%,
09/21/39
....
4,000‌
4,579,979‌
CVC
Cordatus
Loan
Fund
XIX
DAC,
Series
19A,
Class
D,
(3-mo.
EURIBOR
at
3.80%
Floor
+
3.80%),
5.91%,
12/23/33
(c)
...........
400‌
463,073‌
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.30%,
12/15/34
(b)
...........
755‌
865,683‌
CVC
Cordatus
Loan
Fund
XXIII
DAC,
Series
23A,
Class
ER,
(3-mo.
EURIBOR
at
6.85%
Floor
+
6.85%),
8.88%,
04/25/36
(c)
...........
470‌
540,310‌
CVC
Cordatus
Loan
Fund
XXVIII
DAC
(c)
Series
28A,
Class
BR,
(3-mo.
EURIBOR
at
1.95%
Floor
+
1.95%),
3.93%,
08/15/38
....
2,430‌
2,792,888‌
Series
28A,
Class
DR,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.13%,
08/15/38
....
1,900‌
2,176,292‌
CVC
Cordatus
Loan
Fund
XXX
DAC,
Series
30X,
Class
AR,
(3-mo.
EURIBOR
at
1.25%
Floor
+
1.25%),
3.23%,
05/15/37
(b)
...........
5,750‌
6,627,098‌
Dryden
46
Euro
CLO
DAC,
Series
2016-46A,
Class
CRR,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
4.52%,
04/15/34
(c)
...........
250‌
290,640‌
Elm
Park
CLO
DAC,
Series
1X,
Class
DR3,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.32%,
01/15/38
(b)
2,573‌
2,941,526‌
Elmwood
European
CLO
1,
Series
2026-1A,
Class
D,
(3-mo.
EURIBOR
at
2.80%
Floor
+
2.80%),
0.00%,
04/16/40
(c)
................
2,450‌
2,831,833‌
Euro-Galaxy
III
CLO
DAC
(c)
Series
2013-3A,
Class
CRRR,
(3-
mo.
EURIBOR
at
2.35%
Floor
+
2.35%),
4.38%,
04/24/34
....
700‌
808,604‌
Series
2013-3A,
Class
DRRR,
(3-
mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.28%,
04/24/34
....
1,380‌
1,588,522‌
Fair
Oaks
Loan
Funding
VI
DAC,
Series
6A,
Class
A,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
3.37%,
07/15/39
(c)
................
9,750‌
11,269,561‌
Fidelity
Grand
Harbour
CLO
DAC
Series
2023-1X,
Class
AR,
(3-mo.
EURIBOR
at
1.23%
Floor
+
1.23%),
3.21%,
02/15/38
(b)
...
7,940‌
9,122,483‌
Series
2023-1X,
Class
DR,
(3-mo.
EURIBOR
at
2.70%
Floor
+
2.70%),
4.68%,
02/15/38
(b)
...
1,950‌
2,186,003‌
Series
2025-1A,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.22%,
10/15/38
(c)
...
2,510‌
2,880,817‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Finance
Ireland
Auto
Receivables
No.
1
DAC,
Series
1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.25%,
09/12/33
(b)
...........
EUR
227‌
$
263,975‌
Fortuna
Consumer
Loan
ABS
DAC
(b)
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
3.30%,
02/18/34
....
3,176‌
3,682,692‌
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.25%,
02/18/34
....
2,161‌
2,525,186‌
Series
2024-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.25%,
10/18/34
....
1,247‌
1,445,283‌
Series
2024-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
3.60%,
10/18/34
....
1,687‌
1,956,130‌
Series
2024-2,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.10%),
6.05%,
10/18/34
....
4,253‌
4,975,802‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.95%,
04/18/35
....
2,200‌
2,539,752‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
3.30%,
04/18/35
....
2,200‌
2,545,059‌
Series
2025-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.85%,
10/18/35
....
3,800‌
4,392,700‌
Series
2025-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.10%,
10/18/35
....
3,200‌
3,692,480‌
Series
2025-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.35%,
10/18/35
....
2,600‌
3,000,083‌
Series
2025-2,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.70%,
10/18/35
....
1,800‌
2,073,229‌
Series
2026-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
0.00%,
10/18/37
....
1,300‌
1,500,535‌
Series
2026-1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
0.00%,
10/18/37
....
2,500‌
2,878,145‌
Hambridge
Euro
CLO
1
DAC
(b)
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.37%
Floor
+
1.37%),
3.41%,
10/20/38
....
11,380‌
13,146,306‌
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.34%,
10/20/38
....
1,360‌
1,567,488‌
Hambridge
Euro
CLO
2
DAC,
Series
2X,
Class
A,
(3-mo.
EURIBOR
at
1.26%
Floor
+
1.26%),
0.00%,
01/20/39
(b)(d)
...............
2,000‌
2,311,700‌
Harvest
CLO
XXIII
DAC,
Series
23X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.03%,
10/20/32
(b)
1,360‌
1,570,568‌
Harvest
CLO
XXXII
DAC
(c)
Series
32A,
Class
C,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
4.53%,
07/25/37
....
2,222‌
2,569,302‌
Series
32A,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
5.63%,
07/25/37
....
2,105‌
2,432,687‌
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Henley
CLO
I
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
0.95%
Floor
+
0.95%),
2.98%,
07/25/34
(b)
EUR
3,800‌
$
4,390,231‌
Henley
CLO
IV
DAC,
Series
4X,
Class
DR,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
4.98%,
07/25/38
(b)
1,000‌
1,147,307‌
Henley
CLO
X
DAC,
Series
10A,
Class
SUB,
0.00%,
07/20/37
(c)
.......
4,000‌
3,207,715‌
Henley
CLO
XI
DAC
(b)
Series
11X,
Class
A,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.23%,
04/25/39
....
6,200‌
7,135,949‌
Series
11X,
Class
D,
(3-mo.
EURIBOR
at
2.60%
Floor
+
2.60%),
4.63%,
04/25/39
....
2,150‌
2,398,122‌
Henley
CLO
XII
DAC,
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.12%,
01/15/38
(b)
1,320‌
1,517,243‌
Invesco
Euro
CLO
IV
DAC,
Series
4A,
Class
B1,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
3.72%,
04/15/33
(c)
................
625‌
719,079‌
Invesco
Euro
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
3.80%
Floor
+
3.80%),
5.82%,
01/15/34
(b)
450‌
512,548‌
Jubilee
CLO
DAC,
Series
2024-29X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.22%,
01/15/39
(b)
2,230‌
2,537,335‌
LT
Autorahoitus
IV
DAC,
Series
4,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.05%),
4.00%,
07/18/33
(b)
5,800‌
6,826,505‌
LT
Autorahoitus
V
DAC,
Series
5,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.86%,
05/18/35
(b)
....
1,800‌
2,079,479‌
LT
Rahoitus
DAC,
Series
6,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.85%,
07/18/36
(b)
.....
300‌
346,395‌
Newbridge
Park
CLO
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
4.70%,
04/15/40
(b)
3,760‌
4,268,955‌
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)
...........
3,000‌
3,424,236‌
OCP
Euro
CLO
DAC
(c)
Series
2019-3A,
Class
CR,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
4.33%,
04/20/33
....
250‌
288,732‌
Series
2019-3A,
Class
DR,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.33%,
04/20/33
....
250‌
288,311‌
Series
2025-14A,
Class
B,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
3.93%,
10/26/38
....
3,580‌
4,116,634‌
Otranto
Park
CLO
DAC,
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
3.32%,
10/15/39
(b)
................
6,569‌
7,592,779‌
Palmer
Square
European
CLO
DAC,
Series
2024-2X,
Class
A,
(3-mo.
EURIBOR
at
1.34%
Floor
+
1.34%),
3.36%,
10/15/37
(b)
...........
5,200‌
6,006,862‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Palmer
Square
European
Loan
Funding
DAC
(b)
Series
2024-2X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
5.13%,
05/15/34
....
EUR
3,250‌
$
3,760,057‌
Series
2024-3X,
Class
D,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
5.03%,
05/15/34
....
1,320‌
1,528,162‌
Penta
CLO
17
DAC,
Series
2024-
17X,
Class
DR,
(3-mo.
EURIBOR
at
2.60%
Floor
+
2.60%),
4.62%,
02/15/39
(b)
................
2,710‌
2,999,274‌
Penta
CLO
6
DAC,
Series
2019-6A,
Class
CR,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
4.33%,
07/25/34
(c)
................
500‌
580,140‌
Prodigy
Finance
DAC
(c)
Series
2021-1A,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.36%),
5.04%,
07/25/51
...
USD
1,698‌
1,693,955‌
Series
2021-1A,
Class
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.61%),
6.29%,
07/25/51
...
177‌
175,996‌
Series
2021-1A,
Class
C,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.86%),
7.54%,
07/25/51
...
102‌
101,406‌
Series
2021-1A,
Class
D,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.01%),
9.69%,
07/25/51
...
67‌
66,995‌
Providus
CLO
II
DAC,
Series
2X,
Class
DRR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.22%,
10/15/38
(b)
EUR
1,349‌
1,544,703‌
Providus
CLO
VI
DAC,
Series
6X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.21%,
05/20/34
(b)
....
1,000‌
1,146,836‌
Providus
CLO
XIV
DAC,
Series
14X,
Class
D,
(3-mo.
EURIBOR
at
2.65%
Floor
+
2.65%),
4.92%,
04/18/40
(b)
2,491‌
2,797,863‌
Rockfield
Park
CLO
DAC,
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.02%,
07/16/34
(b)
2,000‌
2,297,648‌
Rockford
Tower
Europe
CLO
DAC
(b)
Series
2025-1X,
Class
A,
(3-mo.
EURIBOR
at
1.22%
Floor
+
1.22%),
3.25%,
10/25/37
....
6,840‌
7,881,358‌
Series
2025-1X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.03%,
10/25/37
....
1,870‌
2,145,968‌
Series
2025-3X,
Class
A,
(3-mo.
EURIBOR
at
1.31%
Floor
+
1.31%),
3.39%,
01/15/40
....
31,392‌
36,320,728‌
Series
2025-3X,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.18%,
01/15/40
....
2,440‌
2,810,170‌
RRE
18
Loan
Management
DAC,
Series
18A,
Class
SUB,
(3-mo.
EURIBOR
+
0.00%),
0.00%,
04/15/2124
(c)
...............
5,000‌
4,900,226‌
RRE
22
Loan
Management
DAC,
Series
22A,
Class
SUB,
0.00%,
01/15/38
(c)
................
4,500‌
4,129,852‌
Secucor
Finance
DAC
(b)
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.45%),
3.39%,
09/20/36
....
2,600‌
3,017,132‌
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.64%,
09/20/36
....
EUR
3,300‌
$
3,808,797‌
Series
2025-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.40%),
5.34%,
09/20/36
....
6,800‌
7,817,541‌
Series
2025-1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.44%,
09/20/36
....
1,600‌
1,838,682‌
Series
2025-1,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
6.20%),
8.14%,
09/20/36
....
9,100‌
10,577,705‌
Signal
Harmonic
CLO
I
DAC
(b)
Series
1X,
Class
AR,
(3-mo.
EURIBOR
at
1.40%
Floor
+
1.40%),
3.42%,
07/15/38
....
11,380‌
13,146,996‌
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
5.52%,
07/15/38
....
1,250‌
1,424,521‌
Signal
Harmonic
CLO
III
DAC,
Series
3A,
Class
C,
(3-mo.
EURIBOR
at
2.60%
Floor
+
2.60%),
4.58%,
11/15/38
(c)
.................
5,900‌
6,754,409‌
Small
Business
Origination
Loan
Trust
DAC,
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.60%),
6.33%,
12/15/36
(b)
................
GBP
462‌
604,909‌
Sona
Fios
CLO
III
DAC
(b)
Series
3X,
Class
A,
(3-mo.
EURIBOR
at
1.32%
Floor
+
1.32%),
3.35%,
04/20/37
....
EUR
6,700‌
7,776,540‌
Series
3X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.28%,
04/20/37
....
2,830‌
3,254,702‌
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
2,247,699‌
Series
5A,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.33%,
08/25/38
(c)
...
4,000‌
4,610,575‌
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
5.33%,
08/25/38
(b)
...
1,130‌
1,302,488‌
Sound
Point
Euro
CLO
III
Funding
DAC,
Series
3X,
Class
C,
(3-mo.
EURIBOR
at
2.30%
Floor
+
2.30%),
4.32%,
04/15/33
(b)
...........
750‌
866,595‌
Sound
Point
Euro
CLO
IV
Funding
DAC
(c)
Series
4A,
Class
BR,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
3.72%,
04/15/39
....
1,750‌
2,008,923‌
Series
4A,
Class
CR,
(3-mo.
EURIBOR
at
2.20%
Floor
+
2.20%),
4.22%,
04/15/39
....
2,600‌
2,961,807‌
St.
Paul's
CLO
XII
DAC
(b)
Series
12X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
3.62%,
04/15/33
....
1,350‌
1,550,448‌
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
5.22%,
04/15/33
....
1,880‌
2,121,550‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Texas
Debt
Capital
Euro
CLO
DAC
Series
2024-1A,
Class
B,
(3-mo.
EURIBOR
at
2.10%
Floor
+
2.10%),
4.12%,
07/16/38
(c)
...
EUR
2,000‌
$
2,312,220‌
Series
2024-1A,
Class
C,
(3-mo.
EURIBOR
at
2.55%
Floor
+
2.55%),
4.57%,
07/16/38
(c)
...
1,500‌
1,733,773‌
Series
2024-1X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
5.62%,
07/16/38
(b)
...
1,243‌
1,437,579‌
Series
2025-1X,
Class
A,
(3-mo.
EURIBOR
at
1.18%
Floor
+
1.18%),
3.20%,
04/16/39
(b)
...
9,070‌
10,413,928‌
Tikehau
CLO
VI
DAC,
Series
6X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
5.62%,
01/15/35
(b)
....
1,000‌
1,138,365‌
Tikehau
CLO
XII
DAC,
Series
12X,
Class
D,
(3-mo.
EURIBOR
at
3.25%
Floor
+
3.25%),
5.28%,
10/20/38
(b)
5,073‌
5,834,313‌
Toro
European
CLO
2
DAC,
Series
2A,
Class
CRR,
(3-mo.
EURIBOR
at
2.45%
Floor
+
2.45%),
4.48%,
07/25/34
(c)
................
320‌
367,539‌
Victory
Street
CLO
I
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.45%
Floor
+
3.45%),
5.47%,
01/15/38
(b)
1,960‌
2,262,453‌
Victory
Street
CLO
II
DAC
(b)
Series
2X,
Class
A,
(3-mo.
EURIBOR
at
1.31%
Floor
+
1.31%),
3.41%,
01/15/39
....
7,940‌
9,160,273‌
Series
2X,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.20%,
01/15/39
....
3,970‌
4,551,801‌
Voya
Euro
CLO
II
DAC,
Series
2A,
Class
CR,
(3-mo.
EURIBOR
at
2.15%
Floor
+
2.15%),
4.17%,
07/15/35
(c)
................
250‌
286,793‌
Voya
Euro
CLO
IV
DAC,
Series
4X,
Class
DR,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
5.12%,
10/15/34
(b)
................
900‌
1,019,832‌
618,424,980‌
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%),
3.19%,
11/15/39
.....
2,058‌
2,382,475‌
Series
25,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.54%,
11/15/39
.....
535‌
621,965‌
Series
25,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.44%,
11/15/39
.....
258‌
299,684‌
Series
25,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
5.94%,
11/15/39
.....
732‌
850,547‌
Asset-Backed
European
Securitisation
Transaction
Twenty-Four
SRL
Series
2024-R,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.09%,
08/16/40
....
4,032‌
4,684,076‌
Series
2024-R,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.24%,
08/16/40
....
900‌
1,044,179‌
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Series
2024-R,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.54%,
08/16/40
....
EUR
1,207‌
$
1,403,588‌
Auto
ABS
Italian
Stella
Loans,
Series
2025-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.09%,
06/25/40
.................
1,479‌
1,706,948‌
Auto
ABS
Italian
Stella
Loans
SRL
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.11%,
12/29/36
.....
4,106‌
4,754,576‌
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.61%,
12/29/36
....
943‌
1,096,700‌
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.21%,
12/29/36
....
869‌
1,013,168‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.91%,
12/28/40
....
4,175‌
4,830,945‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.16%,
12/28/40
....
2,138‌
2,469,814‌
Series
2025-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
3.81%,
12/28/40
....
245‌
285,619‌
AutoFlorence
2
SRL
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.75%),
2.67%,
12/24/44
...............
120‌
138,578‌
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.07%,
12/24/44
...............
55‌
63,980‌
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.35%),
4.27%,
12/24/44
...............
30‌
34,368‌
AutoFlorence
3
SRL
Series
3,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.35%),
4.29%,
12/25/46
...............
279‌
327,430‌
Series
3,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.35%),
5.29%,
12/25/46
...............
363‌
429,843‌
Series
3,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
5.35%),
7.29%,
12/25/46
...............
253‌
301,169‌
Autoflorence
4
SRL
Series
4,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
2.97%,
12/24/44
...............
2,358‌
2,728,206‌
Series
4,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.45%),
3.37%,
12/24/44
...............
1,489‌
1,721,166‌
Brignole
Co.
Series
2024,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.78%),
2.70%,
02/24/42
....
6,977‌
8,080,782‌
Series
2024,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.12%,
02/24/42
....
858‌
992,210‌
Series
2024,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
3.92%,
02/24/42
....
307‌
356,789‌
Series
2024,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
5.92%,
02/24/42
....
349‌
408,115‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Fulvia
Spv
SRL
Series
2025-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
3.01%,
12/23/41
....
EUR
2,341‌
$
2,698,649‌
Series
2025-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.26%,
12/23/41
....
1,107‌
1,278,459‌
Golden
Bar
Securitisation
SRL
Series
2023-2,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
5.01%,
09/22/43
....
1,435‌
1,696,104‌
Series
2023-2,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.60%),
5.71%,
09/22/43
....
1,755‌
2,083,457‌
Series
2023-2,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.70%),
7.81%,
09/22/43
....
1,477‌
1,763,836‌
Series
2024-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.61%,
09/22/43
....
3,091‌
3,590,389‌
Series
2025-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
3.12%,
12/20/44
....
2,849‌
3,290,298‌
Series
2025-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.37%,
12/20/44
....
3,388‌
3,916,174‌
Series
2025-1,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
4.02%,
12/20/44
....
1,553‌
1,802,411‌
Series
2025-2,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
3.02%,
12/22/44
....
1,349‌
1,552,451‌
Series
2025-2,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.32%,
12/22/44
....
1,220‌
1,408,032‌
Series
2025-2,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.72%,
12/22/44
....
527‌
610,567‌
Italian
Stella
Loans
SRL
Series
2024-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.35%,
05/27/39
....
853‌
991,111‌
Series
2024-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.15%),
4.10%,
05/27/39
....
366‌
428,210‌
Quarzo
SRL
Series
2024-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.75%,
06/15/41
....
3,266‌
3,793,271‌
Series
2024-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.30%),
4.45%,
06/15/41
....
577‌
673,614‌
Series
2024-1,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.70%),
5.85%,
06/15/41
....
506‌
589,247‌
Red
&
Black
Auto
Italy
SRL
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.80%),
3.71%,
07/28/34
...............
476‌
553,680‌
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.80%),
4.71%,
07/28/34
...............
492‌
576,596‌
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.80%),
5.71%,
07/28/34
...............
172‌
203,310‌
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Series
3,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.01%,
07/28/36
...............
EUR
1,040‌
$
1,206,532‌
Series
3,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.41%,
07/28/36
...............
543‌
630,651‌
Sunrise
SPV
97
SRL
Series
2025-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.95%,
10/27/50
....
3,677‌
4,252,564‌
Series
2025-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.20%,
10/27/50
....
4,055‌
4,655,363‌
Series
2025-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.55%),
3.50%,
10/27/50
....
1,521‌
1,750,982‌
Sunrise
Spv
98
Srl
Series
2026-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
3.02%,
04/27/51
....
5,526‌
6,387,585‌
Series
2026-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.27%,
04/27/51
....
6,642‌
7,677,578‌
Series
2026-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.52%,
04/27/51
....
3,047‌
3,522,016‌
Series
2026-1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.85%),
4.87%,
04/27/51
....
3,234‌
3,738,202‌
Youni
Italy
SRL
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.88%),
2.82%,
04/25/34
....
5,142‌
5,958,514‌
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.64%,
04/25/34
....
888‌
1,032,903‌
Series
2025-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.75%),
3.71%,
01/25/36
....
265‌
306,179‌
Series
2025-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
4.86%,
01/25/36
....
447‌
516,417‌
118,162,272‌
Jersey,
Channel
Islands
—
0.5%
AGL
CLO
23
Ltd.,
Series
2022-23A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.22%,
04/20/38
(a)(c)
...............
USD
500‌
498,090‌
AIMCO
CLO
22
Ltd.,
Series
2024-22A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
10.17%,
04/19/37
(a)(c)
...............
1,500‌
1,492,086‌
Allegro
CLO
V-S
Ltd.,
Series
2024-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
07/24/37
(a)(c)
...............
2,400‌
2,397,411‌
Ares
Loan
Funding
IV
Ltd.,
Series
2023-ALF4A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
6.42%,
10/15/38
(a)(c)
....
1,000‌
985,128‌
Ares
LXVI
CLO
Ltd.,
Series
2022-66A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.57%,
10/25/38
(a)(c)
...............
4,750‌
4,756,334‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
Ares
LXX
CLO
Ltd.,
Series
2023-70A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
01/25/39
(a)(c)
...............
USD
7,000‌
$
6,993,184‌
Bain
Capital
Credit
CLO
Ltd.,
Series
2022-5A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.14%),
4.81%,
01/24/37
(a)(c)
....
1,500‌
1,495,818‌
Benefit
Street
Partners
CLO
XXVIII
Ltd.,
Series
2022-28A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
10/20/37
(a)(c)
....
640‌
640,215‌
Birch
Grove
CLO
6
Ltd.,
Series
2023-
6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
07/20/37
(a)(c)
..........
5,000‌
5,002,943‌
Birch
Grove
CLO
8
Ltd.
(a)(c)
Series
2024-8A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
5.30%,
04/20/37
...
12,509‌
12,514,004‌
Series
2024-8A,
Class
E,
(3-mo.
CME
Term
SOFR
at
7.10%
Floor
+
7.10%),
10.77%,
04/20/37
..
3,000‌
2,940,185‌
Canyon
Capital
CLO
Ltd.,
Series
2022-
2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.18%),
4.85%,
04/15/38
(a)(c)
..........
4,750‌
4,740,407‌
Capital
Four
US
CLO
II
Ltd.,
Series
2022-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.57%,
01/20/37
(a)(c)
....
15,580‌
15,587,586‌
Captree
Park
CLO
Ltd.,
Series
2024-
1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.25%),
6.92%,
07/20/37
(a)(c)
..........
2,796‌
2,744,528‌
CarVal
CLO
VIII-C
Ltd.,
Series
2022-
2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
10/22/37
(a)(c)
..........
15,750‌
15,764,205‌
GoldenTree
Loan
Management
US
CLO
21
Ltd.,
Series
2024-21A,
Class
F,
(3-mo.
CME
Term
SOFR
at
7.83%
Floor
+
7.83%),
11.50%,
07/20/37
(a)(c)
...............
1,750‌
1,615,565‌
Golub
Capital
Partners
CLO
64B-R
Ltd.,
Series
2022-64A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
10/25/37
(a)(c)
....
1,000‌
1,000,192‌
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%),
5.04%,
10/25/37
...
5,530‌
5,531,704‌
Series
2024-76A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.67%
Floor
+
1.67%),
5.34%,
10/25/37
...
310‌
309,616‌
Series
2024-76A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.57%,
10/25/37
...
310‌
310,383‌
Series
2024-76A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
6.57%,
10/25/37
...
310‌
304,178‌
HalseyPoint
CLO
7
Ltd.,
Series
2023-
7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.12%,
07/20/38
(a)(c)
..........
2,137‌
2,138,235‌
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
Hamlin
Park
CLO
Ltd.,
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.01%,
10/20/37
(a)(c)
...............
USD
9,750‌
$
9,754,875‌
Invesco
US
CLO
Ltd.,
Series
2023-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.31%
Floor
+
1.31%),
4.98%,
07/15/38
(a)(c)
...............
5,750‌
5,752,382‌
Juniper
Valley
Park
CLO
Ltd.,
Series
2023-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.08%),
4.75%,
07/20/36
(a)(c)
....
370‌
369,366‌
Madison
Park
Funding
LXI
Ltd.,
Series
2023-61A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.86%,
01/20/39
(a)(c)
....
3,000‌
2,997,832‌
MidOcean
Credit
CLO
XV
Ltd.,
Series
2024-15A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.35%),
7.02%,
07/21/37
(a)(c)
....
750‌
738,197‌
Neuberger
Berman
Loan
Advisers
CLO
51
Ltd.,
Series
2022-51A,
Class
D1R2,
(3-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.80%),
6.47%,
10/23/36
(a)(c)
...............
3,750‌
3,698,901‌
OCP
CLO
Ltd.
(c)
Series
2024-31A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
4.82%,
04/20/39
(a)
..
12,250‌
12,223,392‌
Series
2024-34A,
Class
D2,
(3-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.35%),
8.02%,
10/15/37
(a)
..
3,410‌
3,340,574‌
Series
2024-35A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.90%
Floor
+
5.90%),
9.57%,
10/25/37
(a)
..
1,350‌
1,333,596‌
Series
2024-37A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
10/15/37
(a)
..
4,820‌
4,822,885‌
Series
2024-37A,
Class
B2,
4.94%,
10/15/37
...............
3,220‌
3,123,162‌
Pikes
Peak
CLO
12
Ltd.,
Series
2023-
12A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.89%,
04/20/38
(a)(c)
..........
3,695‌
3,688,542‌
Pikes
Peak
CLO
14
Ltd.
(a)(c)
Series
2023-14A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
07/20/38
...
4,750‌
4,751,794‌
Series
2023-14A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.15%),
6.82%,
07/20/38
...
1,500‌
1,475,625‌
Series
2023-14A,
Class
D2R,
(3-mo.
CME
Term
SOFR
at
4.65%
Floor
+
4.65%),
8.32%,
07/20/38
...
2,300‌
2,283,028‌
Pikes
Peak
CLO
15
Ltd.
(a)(c)
Series
2023-15A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.22%),
4.89%,
10/20/38
...
2,000‌
1,998,554‌
Series
2023-15A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.57%,
10/20/38
...
2,000‌
2,002,690‌
Series
2023-15A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.80%),
6.47%,
10/20/38
...
4,500‌
4,446,027‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Jersey,
Channel
Islands
(continued)
Regatta
XXVII
Funding
Ltd.,
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.50%),
10.17%,
04/26/37
(a)(c)
.........
USD
1,250‌
$
1,194,643‌
Signal
Peak
CLO
12
Ltd.
(a)(c)
Series
2022-12A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
07/18/37
...
2,000‌
2,001,460‌
Series
2022-12A,
Class
X,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
4.97%,
07/18/37
...
3,300‌
3,300,022‌
Silver
Point
CLO
1
Ltd.,
Series
2022-
1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
4.99%,
01/20/38
(a)(c)
..........
3,000‌
2,999,687‌
Silver
Point
CLO
3
Ltd.,
Series
2023-
3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.26%),
5.01%,
01/18/39
(a)(c)
..........
4,340‌
4,336,201‌
Symphony
CLO
30
Ltd.,
Series
2023-
30A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.62%,
10/20/37
(a)(c)
..........
1,750‌
1,750,439‌
Unity-Peace
Park
CLO
Ltd.,
Series
2022-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.85%),
6.51%,
04/20/35
(a)(c)
....
4,000‌
3,970,032‌
Valley
Stream
Park
CLO
Ltd.,
Series
2022-1A,
Class
E1RR,
(3-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
8.92%,
01/20/37
(a)(c)
....
6,435‌
5,707,236‌
Vantage
Data
Centers
Jersey
Borrower
Spv
Ltd.
(b)
Series
2024-1X,  6.17%,
05/28/39
GBP
17,970‌
23,837,800‌
Series
2024-1X,
Class
B,
6.34%,
05/28/39
...............
6,666‌
8,658,575‌
Verdelite
Static
CLO
Ltd.
(a)(c)
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.13%),
4.80%,
07/20/32
...
USD
4,209‌
4,209,775‌
Series
2024-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.32%,
07/20/32
...
2,000‌
1,998,773‌
Warwick
Capital
CLO
1
Ltd.,
Series
2023-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.95%,
10/20/38
(a)(c)
....
2,510‌
2,509,365‌
Wehle
Park
CLO
Ltd.
(a)(c)
Series
2022-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
10/21/38
...
4,520‌
4,518,845‌
Series
2022-1A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.70%
Floor
+
2.70%),
6.37%,
10/21/38
...
1,500‌
1,440,337‌
Wellington
Management
CLO
4
Ltd.,
Series
2025-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
4.82%,
04/18/38
(a)(c)
....
2,400‌
2,392,212‌
Wildwood
Park
CLO
Ltd.
(a)(c)
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
5.03%,
10/20/37
...
6,750‌
6,752,575‌
Series
2024-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.75%
Floor
+
5.75%),
9.42%,
10/20/37
...
1,600‌
1,601,759‌
241,743,155‌
Security
Par
(000)
Par
(000)
Value
Luxembourg
—
0.3%
(b)
Asset-Backed
European
Securitisation
Transaction
Twenty-Three
SARL
(a)
Series
23,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.22%,
03/21/34
....
EUR
2,294‌
$
2,665,723‌
Series
23,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.52%,
03/21/34
....
949‌
1,104,593‌
Series
23,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
3.82%,
03/21/34
....
475‌
552,525‌
Series
23,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.40%),
4.32%,
03/21/34
....
395‌
461,598‌
Auto1
Car
Funding
SARL
(a)
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
2.79%,
07/16/35
...............
1,033‌
1,191,595‌
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.24%,
07/16/35
...............
689‌
797,502‌
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.44%,
12/15/33
....
300‌
348,972‌
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.44%,
12/15/33
....
300‌
356,277‌
Compartment
BL
Consumer
Credit,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.84%,
09/25/41
(a)
...........
1,236‌
1,427,629‌
Compartment
Driver
UK
Ten,
Series
10,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
4.73%,
04/25/33
(a)
...........
GBP
2,700‌
3,564,049‌
ECARAT
DE
SA
Compartment
(a)
Series
2025-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
2.74%,
02/25/37
....
EUR
1,300‌
1,501,251‌
Series
2025-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
2.99%,
02/25/37
....
400‌
462,220‌
ECARAT
DE
SA
Compartment
Lease
(a)
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.94%,
05/25/34
....
3,600‌
4,162,312‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.19%,
05/25/34
....
4,200‌
4,860,857‌
FACT
SA,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
2.99%,
09/22/31
(a)
.....
2,400‌
2,782,956‌
First
Mobility
SARL,
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.84%,
10/14/32
(a)
2,100‌
2,417,566‌
Golden
Ray
SA
Compartment
1
(a)
Series
1,
Class
A2,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
2.75%,
12/27/57
....
2,810‌
3,241,529‌
Series
1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.45%,
12/27/57
...............
500‌
574,246‌
Series
1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
3.95%,
12/27/57
...............
300‌
343,934‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Golden
Ray
SA
Compartment
2
(a)
Series
2,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.94%),
2.89%,
12/27/58
...............
EUR
8,362‌
$
9,675,065‌
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.05%,
12/27/58
...............
700‌
807,919‌
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.45%,
12/27/58
...............
300‌
347,318‌
Pony
SA
(a)
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
2.79%,
01/14/33
....
984‌
1,136,314‌
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.14%,
01/14/33
....
492‌
569,284‌
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
3.59%,
01/14/33
....
328‌
381,029‌
RevoCar
SA
Compartment
(a)
Series
2025-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
2.74%,
08/25/38
....
700‌
806,855‌
Series
2025-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
2.99%,
08/25/38
....
300‌
345,903‌
SC
Austria
SARL
(a)
Series
2025-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.13%,
07/25/41
....
4,602‌
5,336,855‌
Series
2025-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.45%),
3.48%,
07/25/41
....
4,903‌
5,703,793‌
Series
2025-1,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.80%),
3.83%,
07/25/41
....
4,188‌
4,856,316‌
SC
Germany
SA
Compartment
Consumer
(a)
Series
2020-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.75%),
3.69%,
11/14/34
.....
325‌
375,434‌
Series
2020-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.44%,
11/14/34
.....
133‌
154,034‌
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.94%,
01/14/38
....
1,619‌
1,871,145‌
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.24%,
01/14/38
....
9,544‌
11,013,990‌
Series
2024-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.04%,
05/14/38
....
3,000‌
3,488,206‌
Series
2024-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.34%,
05/14/38
....
2,300‌
2,660,146‌
Series
2024-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.64%,
05/14/38
....
1,600‌
1,853,194‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.89%,
12/14/38
....
2,800‌
3,222,159‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.14%,
12/14/38
....
1,700‌
1,953,737‌
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Series
2025-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.75%),
3.69%,
12/14/38
....
EUR
1,300‌
$
1,508,842‌
Series
2025-2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.89%,
12/15/38
....
4,600‌
5,329,261‌
Series
2025-2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.09%,
12/15/38
....
1,800‌
2,081,100‌
Series
2025-2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.44%,
12/15/38
....
2,600‌
2,994,683‌
SC
Germany
SA
Compartment
Leasing
(a)
Series
2023-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
3.94%,
12/14/32
....
427‌
496,455‌
Series
2023-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.94%,
12/14/32
....
388‌
453,271‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
2.79%,
09/14/36
....
1,300‌
1,502,327‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.94%,
09/14/36
....
1,000‌
1,153,537‌
TREVA
Equipment
Finance
SA-
Compartment,
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.84%,
01/20/35
(a)
....
1,051‌
1,215,179‌
Vantage
Data
Centers
Germany
Borrower
Lux
SARL,
Series
2025-
1X,
Class
A2,
4.29%,
06/28/50
...
13,812‌
15,758,992‌
121,869,677‌
Netherlands
—
0.1%
(b)
Aurorus
BV
(a)
Series
2023-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.26%,
08/13/49
....
2,591‌
3,001,972‌
Series
2023-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.10%),
4.06%,
08/13/49
....
514‌
597,822‌
Series
2023-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.20%),
5.16%,
08/13/49
....
746‌
869,559‌
Edgeconnex
Data
Centers
Europe
BV,
Series
2026-1X,
Class
A2,
4.50%,
04/30/56
(g)
................
10,615‌
11,955,154‌
Hill
FL
BV
(a)
  (1M
EURIBOR
+
0.95%),
2.91%,
10/18/33
...............
4,199‌
4,838,242‌
Series
2024-1FL,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.06%,
02/18/32
....
478‌
552,366‌
Series
2024-1FL,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.05%),
4.01%,
02/18/32
....
537‌
623,826‌
Series
2024-1FL,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.20%),
5.16%,
02/18/32
....
119‌
138,626‌
Series
2024-2FL,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.72%),
2.68%,
10/18/32
....
3,074‌
3,548,832‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
Series
2024-2FL,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.95%),
3.91%,
10/18/32
....
EUR
401‌
$
458,465‌
Series
2025-1FL,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.21%,
10/18/32
....
6,346‌
7,343,328‌
Series
2025-1FL,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.64%),
4.60%,
10/18/32
....
5,059‌
5,857,947‌
HIVE
BV
(a)
Series
2025-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
2.72%,
11/21/45
.....
9,445‌
10,916,539‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
3.27%,
11/21/45
.....
2,276‌
2,638,357‌
Mila
BV
(a)
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.89%,
09/16/41
....
260‌
299,479‌
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.45%),
3.39%,
09/16/41
....
193‌
223,362‌
Series
2024-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
3.94%,
09/16/41
....
135‌
156,896‌
Series
2025-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
2.79%,
10/12/42
....
500‌
577,493‌
Series
2025-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.04%,
10/12/42
....
300‌
346,454‌
Series
2025-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.35%),
3.29%,
10/12/42
....
1,200‌
1,377,033‌
Series
2025-1,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.72%),
4.66%,
10/12/42
....
800‌
920,519‌
57,242,271‌
Portugal
—
0.1%
(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
............
3,458‌
4,014,905‌
GAMMA
Sociedade
de
Titularizacao
de
Creditos
SA
Consumer
Totta
3
Series
3,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.23%,
10/25/35
...............
1,191‌
1,380,330‌
Series
3,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.53%,
10/25/35
...............
825‌
951,667‌
Series
3,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.65%),
4.68%,
10/25/35
...............
550‌
634,464‌
TAGUS
-
Sociedade
de
Titularizacao
de
Creditos
SA
Series
2,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.80%),
3.75%,
10/27/42
...............
1,119‌
1,299,552‌
Series
2,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.60%),
4.55%,
10/27/42
...............
489‌
570,605‌
Security
Par
(000)
Par
(000)
Value
Portugal
(continued)
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.85%),
4.77%,
09/23/38
...............
EUR
267‌
$
303,523‌
Series
2,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
5.95%,
10/27/42
...............
979‌
1,142,876‌
Series
3,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.93%),
2.88%,
10/27/43
...............
11,400‌
13,200,645‌
Series
3,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.35%,
10/27/43
...............
700‌
807,782‌
Series
3,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
3.60%,
10/27/43
...............
200‌
230,797‌
Series
3,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.95%,
10/27/43
...............
1,200‌
1,384,510‌
Series
3,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.40%),
6.35%,
10/27/43
...............
800‌
924,811‌
Series
6,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.33%,
12/25/39
...............
2,200‌
2,546,293‌
Series
6,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.83%,
12/25/39
...............
1,800‌
2,086,944‌
31,479,704‌
Spain
—
0.2%
(a)(b)
Auto
ABS
Spanish
Loans
Series
2026-1,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
3.23%,
12/28/38
....
1,500‌
1,726,103‌
Series
2026-1,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.78%,
12/28/38
....
400‌
462,323‌
Auto
ABS
Spanish
Loans
FT
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
2.76%,
09/28/38
....
8,264‌
9,572,687‌
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.21%,
09/28/38
....
3,033‌
3,520,733‌
AutoNoria
Spain
FT
Series
2021-SP,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
2.74%,
01/31/39
....
211‌
244,314‌
Series
2021-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
2.99%,
01/31/39
....
342‌
394,691‌
Series
2021-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.55%),
3.49%,
01/31/39
....
146‌
169,546‌
Series
2021-SP,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.65%),
4.59%,
01/31/39
....
81‌
94,189‌
Series
2021-SP,
Class
F,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.90%),
5.84%,
01/31/39
....
33‌
37,572‌
Series
2022-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.80%),
4.74%,
01/27/40
....
530‌
624,097‌
Series
2022-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.20%),
6.14%,
01/28/40
....
132‌
158,162‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
Series
2022-SP,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
7.00%),
8.94%,
01/29/40
....
EUR
761‌
$
917,218‌
Series
2023-SP,
Class
A,
(1-mo.
EURIBOR
at
0.00%
Floor
+
0.70%),
2.64%,
09/30/41
....
2,894‌
3,352,537‌
Series
2023-SP,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.15%),
3.09%,
09/30/41
....
258‌
299,841‌
Series
2023-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.00%),
3.94%,
09/30/41
....
879‌
1,030,798‌
Series
2023-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
4.84%,
09/30/41
....
310‌
366,378‌
Series
2025-SP,
Class
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
2.94%,
04/30/43
....
3,300‌
3,820,423‌
Series
2025-SP,
Class
C,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.14%,
04/30/43
....
2,800‌
3,238,176‌
Series
2025-SP,
Class
D,
(1-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.44%,
04/30/43
....
1,400‌
1,621,857‌
Series
2025-SP,
Class
E,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.94%,
04/30/43
....
1,500‌
1,740,882‌
BBVA
Consumer
Auto
FT
Series
2025-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
3.01%,
05/19/42
....
1,592‌
1,841,868‌
Series
2025-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.31%,
05/19/42
....
1,873‌
2,174,166‌
BBVA
Consumer
Fondo
de
Titulizacion
Series
2026-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.96%,
05/20/39
....
2,200‌
2,532,485‌
Series
2026-1,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.51%,
05/20/39
....
1,300‌
1,485,538‌
Series
2026-1,
Class
E,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.51%,
05/20/39
....
500‌
576,622‌
Series
2026-1,
Class
F,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.10%),
7.11%,
05/20/39
.....
800‌
916,151‌
Fondo
de
Titulizacion
Santander
Consumo
9
Series
9,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.00%),
3.03%,
10/25/40
...............
2,000‌
2,306,392‌
Series
9,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.43%,
10/25/40
...............
4,000‌
4,619,480‌
FT
Santander
Consumer
Spain
Auto,
Series
2025-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.35%,
09/17/43
............
1,974‌
2,282,361‌
FTA
Consumo
Santander
Series
7,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.33%,
07/20/38
...............
2,558‌
2,961,606‌
Series
7,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.65%),
3.68%,
07/20/38
...............
2,110‌
2,440,900‌
Security
Par
(000)
Par
(000)
Value
Spain
(continued)
Santander
Consumo
10
FT
Series
10,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.74%,
05/22/41
....
EUR
4,900‌
$
5,663,869‌
Series
10,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
4.14%,
05/22/41
....
5,400‌
6,241,808‌
Santander
Consumo
8
Fondo
de
Titulizacion
Series
8,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.20%),
3.23%,
01/21/40
...............
2,700‌
3,137,279‌
Series
8,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.53%,
01/21/40
...............
2,900‌
3,356,641‌
Series
8,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.78%,
01/21/40
...............
1,000‌
1,154,772‌
77,084,465‌
Switzerland
—
0.0%
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2004-CF2,
Class
1B,
6.00%,
01/25/43
(c)(g)
...
USD
591‌
495,809‌
United
Kingdom
—
0.7%
Asimi
Funding
plc
(a)(b)
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.95%),
5.68%,
09/16/31
....
GBP
903‌
1,196,310‌
Series
2025-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
4.68%,
05/16/32
...............
1,949‌
2,583,701‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
05/16/32
...............
1,930‌
2,559,042‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.75%),
5.48%,
05/16/32
...............
1,635‌
2,166,947‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
6.13%,
05/16/32
...............
445‌
590,619‌
Series
2025-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
12/16/32
...............
711‌
940,805‌
Series
2025-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.75%),
5.48%,
12/16/32
...............
601‌
792,637‌
Series
2025-2,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.80%),
6.53%,
12/16/32
...............
1,360‌
1,799,405‌
Series
2025-2,
Class
F,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.80%),
8.53%,
12/16/32
...............
1,544‌
2,037,937‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Cardiff
Auto
Receivables
Securitisation
plc
(a)(b)
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
08/20/31
...............
GBP
2,918‌
$
3,875,172‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.63%,
08/20/31
...............
5,216‌
6,934,993‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.60%),
6.33%,
08/20/31
...............
3,951‌
5,265,711‌
Dowson
plc
(a)(b)
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
4.98%,
08/20/31
...............
3,281‌
4,347,348‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.33%,
08/20/31
...............
2,490‌
3,297,221‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.35%),
6.08%,
08/20/31
...............
631‌
832,425‌
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.95%),
7.68%,
08/20/31
...............
1,212‌
1,601,872‌
Series
2024-1,
Class
F,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
6.95%),
10.68%,
08/20/31
...............
1,476‌
1,934,259‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
12/20/32
...............
1,137‌
1,506,384‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.63%,
12/20/32
...............
983‌
1,302,356‌
Series
2025-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.90%),
6.63%,
12/20/32
...............
1,120‌
1,484,541‌
Series
2025-1,
Class
F,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.25%),
8.98%,
12/20/32
...............
1,795‌
2,379,529‌
Greene
King
Finance
plc
Series
A6,  4.06%,
03/15/35
(b)
...
2,708‌
3,324,768‌
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
5.65%,
12/15/34
(a)
..............
2,472‌
3,033,310‌
Series
B2,  (Sterling
Overnight
Index
Average
at
2.08%
Floor
+
2.20%),
5.93%,
03/15/36
(a)(b)
..
100‌
121,949‌
Hermitage
2024
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.63%,
04/21/33
...............
3,209‌
4,250,203‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
4.98%,
04/21/33
...............
GBP
958‌
$
1,270,338‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.33%,
04/21/33
...............
1,000‌
1,324,782‌
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.90%),
7.63%,
04/21/33
...............
627‌
839,569‌
Hermitage
plc
(a)(b)
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.35%),
6.08%,
04/21/33
...............
417‌
553,872‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
4.83%,
04/21/33
...............
1,960‌
2,589,937‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
04/21/33
...............
2,498‌
3,294,675‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.43%,
04/21/33
...............
1,709‌
2,254,258‌
Series
2025-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
6.93%,
04/21/33
...............
928‌
1,245,580‌
London
Cards
No.
1
plc,
Series
1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.75%),
7.48%,
05/15/33
(a)(b)
...............
1,425‌
1,894,355‌
London
Cards
No.
2
plc
(a)(b)
Series
2,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
03/28/34
...............
1,383‌
1,839,483‌
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.23%,
03/28/34
...............
1,708‌
2,273,014‌
Series
2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.45%),
7.18%,
03/28/34
...............
1,784‌
2,391,827‌
Series
2,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.50%),
9.23%,
03/28/34
...............
2,066‌
2,785,374‌
London
Cards
No.
3
plc
(a)(b)
Series
3X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.63%,
12/15/35
...............
7,596‌
10,067,116‌
Series
3X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
12/15/35
...............
5,297‌
7,013,268‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
3X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.73%,
12/15/35
...............
GBP
5,827‌
$
7,704,087‌
Montgomery
Square
Consumer
Funding
1
plc,
Series
1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
5.28%,
03/17/36
(a)(b)
...............
252‌
333,542‌
Morglas
ABS
plc,
Series
2025-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
4.53%,
09/15/40
(a)(b)
...............
7,826‌
10,355,253‌
Newday
Funding
(a)(b)
Series
2024-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.18%),
4.91%,
03/15/32
...............
1,910‌
2,536,300‌
Series
2024-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.65%),
5.38%,
03/15/32
...............
3,309‌
4,395,279‌
Series
2024-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
6.13%,
03/15/32
...............
3,128‌
4,168,333‌
Newday
Funding
Master
Issuer
plc
(a)(b)
Series
2023-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.70%),
6.43%,
11/15/31
...............
4,377‌
5,848,295‌
Series
2023-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.70%),
7.43%,
11/15/31
...............
5,555‌
7,447,152‌
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.63%,
07/15/32
...............
9,773‌
12,940,691‌
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
07/15/32
...............
1,949‌
2,590,219‌
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.63%,
07/15/32
...............
2,323‌
3,082,791‌
Series
2024-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.65%),
6.38%,
07/15/32
...............
4,901‌
6,537,938‌
Series
2024-3X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.03%,
11/15/32
...............
2,090‌
2,776,139‌
Series
2024-3X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.33%,
11/15/32
...............
3,087‌
4,098,804‌
Series
2025-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.85%),
4.58%,
04/15/33
...............
6,990‌
9,251,039‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2025-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
4.88%,
04/15/33
...............
GBP
2,829‌
$
3,745,741‌
Series
2025-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.18%,
04/15/33
...............
4,581‌
6,041,717‌
Series
2025-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.05%),
4.78%,
07/15/33
...............
3,002‌
3,965,115‌
Series
2025-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
07/15/33
...............
3,307‌
4,363,896‌
Series
2026-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
1.00%,
03/15/34
...............
1,094‌
1,446,985‌
Pavillion
Consumer
plc
(a)(b)
Series
2025-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
4.93%,
01/25/36
...............
8,810‌
11,630,201‌
Series
2025-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.33%,
01/25/36
...............
4,205‌
5,554,807‌
PCL
Funding
IX
plc
(a)(b)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.63%,
07/16/29
...............
22,145‌
29,351,923‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.03%,
07/16/29
...............
2,320‌
3,078,586‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.15%),
5.88%,
07/16/29
...............
150‌
200,166‌
PCL
Funding
VIII
plc
(a)(b)
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.23%,
05/15/28
...............
1,125‌
1,492,558‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
7.23%,
05/15/28
...............
712‌
944,624‌
Satus
plc
(a)(b)
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
4.98%,
01/17/31
...............
3,139‌
4,156,006‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.05%),
5.78%,
01/17/31
...............
3,161‌
4,170,825‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.30%),
7.03%,
01/17/31
...............
568‌
744,324‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
5.30%),
9.03%,
01/17/31
...............
GBP
549‌
$
725,555‌
Trafford
Centre
Finance
Ltd.
(The),
Series
B2,
(Sterling
Overnight
Index
Average
+
0.94%),
4.70%,
07/28/35
(a)(b)
...............
3,400‌
3,764,366‌
Unique
Pub
Finance
Co.
plc
(The),
Series
N,
6.46%,
03/30/32
(b)
....
8,656‌
11,765,647‌
Velocity
plc
(a)(b)
Series
2026-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.88%),
4.61%,
02/25/37
...............
5,816‌
7,695,756‌
Series
2026-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
4.88%,
02/25/37
...............
3,081‌
4,078,101‌
Series
2026-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
5.28%,
02/25/37
...............
483‌
639,312‌
Series
2026-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.80%),
5.53%,
02/25/37
...............
486‌
643,283‌
Series
2026-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
6.93%,
02/25/37
...............
272‌
360,027‌
Zilch
Finance
2
Ltd.,
(Daily
SONIA
+
3.50%),
7.23%,
10/22/28
(a)(d)
....
37,561‌
49,716,137‌
346,138,412‌
United
States
—
7.1%
522
Funding
CLO
Ltd.
(a)(c)
Series
2018-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
4.97%,
10/20/31
...
USD
3‌
2,895‌
Series
2018-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
5.98%,
10/20/31
...
750‌
753,306‌
A10
Issuer
LLC,
Series
2025-FL6,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.47%
Floor
+
1.47%),
5.14%,
05/15/42
(a)(c)
...............
5,888‌
5,885,407‌
ACE
Securities
Corp.
Home
Equity
Loan
Trust
(a)
Series
2005-AG1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.69%
Floor
+
0.80%),
4.48%,
08/25/35
...
1,828‌
1,631,158‌
Series
2007-HE4,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.26%
Floor
+
0.37%),
4.05%,
05/25/37
...
6,789‌
990,075‌
Series
2007-HE4,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
4.39%,
05/25/37
...
335‌
49,218‌
ACE
Securities
Manufactured
Housing
Loan
Trust,
Series
2003-MH1,
0.00%,
08/15/30
(c)
...........
120‌
118,097‌
Acore
Issuer
LLC,
Series
2026-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.13%,
08/20/43
(a)(c)
...............
3,000‌
2,991,626‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
ACRES
Commercial
Realty
Issuer
LLC,
Series
2026-FL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.11%,
08/18/44
(a)(c)
....
USD
3,250‌
$
3,244,723‌
ACRES
LLC,
Series
2025-FL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.30%,
08/18/40
(a)(c)
13,896‌
13,899,892‌
Affirm
Asset
Securitization
Trust
(c)
Series
2025-X1,
Class
C,
5.34%,
04/15/30
...............
2,790‌
2,793,645‌
Series
2025-X2,
Class
B,
4.56%,
10/15/30
...............
2,640‌
2,638,049‌
Series
2025-X2,
Class
C,
4.93%,
10/15/30
...............
915‌
916,224‌
Affirm
Master
Trust
(c)
Series
2025-1A,
Class
A,
4.99%,
02/15/33
...............
5,342‌
5,374,356‌
Series
2025-1A,
Class
B,
5.13%,
02/15/33
...............
2,389‌
2,396,473‌
Series
2026-1A,
Class
A,
4.37%,
02/15/34
...............
17,480‌
17,409,855‌
Series
2026-2A,
Class
A,
4.67%,
04/16/35
...............
14,378‌
14,357,541‌
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
...............
126‌
126‌
Series
2021-C,
Class
A,
6.11%,
01/25/61
(g)
..............
10,465‌
10,470,992‌
Series
2021-C,
Class
B,
6.72%,
01/25/61
(g)
..............
6,551‌
6,553,086‌
Series
2021-C,
Class
C,
0.00%,
01/25/61
...............
14,747‌
15,590,906‌
Series
2021-D,
Class
A,
6.00%,
03/25/60
(g)
..............
23,239‌
23,250,321‌
Series
2021-D,
Class
B,
7.00%,
03/25/60
(a)
..............
11,594‌
11,626,416‌
Series
2021-D,
Class
C,
0.00%,
03/25/60
(a)
..............
15,513‌
19,164,257‌
Series
2021-E,
Class
A1,
1.74%,
12/25/60
(a)
..............
33,877‌
29,640,606‌
Series
2021-E,
Class
A2,
2.69%,
12/25/60
(a)
..............
8,637‌
6,570,336‌
Series
2021-E,
Class
B1,
3.73%,
12/25/60
(a)
..............
5,214‌
3,631,831‌
Series
2021-E,
Class
B3,
3.82%,
12/25/60
(a)
..............
16,827‌
9,058,137‌
Series
2021-E,
Class
M1,
2.94%,
12/25/60
(a)
..............
8,544‌
6,081,008‌
Series
2021-E,
Class
SA,
0.00%,
12/25/60
(a)
..............
21‌
9,947‌
Series
2021-E,
Class
XS,
0.00%,
12/25/60
(a)
..............
150,757‌
4,704,392‌
Series
2021-F,
Class
A,
5.87%,
06/25/61
(g)
..............
63,578‌
63,603,164‌
Series
2021-F,
Class
B,
6.75%,
06/25/61
(g)
..............
25,492‌
25,344,476‌
Series
2021-F,
Class
C,
0.00%,
06/25/61
...............
36,258‌
36,091,594‌
Series
2021-G,
Class
A,
5.87%,
06/25/61
(a)
..............
47,980‌
47,998,828‌
Series
2021-G,
Class
B,
6.75%,
06/25/61
(a)
..............
15,860‌
15,859,089‌
Series
2021-G,
Class
C,
0.00%,
06/25/61
...............
26,670‌
27,431,624‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-B,
Class
A,
4.25%,
10/25/62
(g)
..............
USD
20,401‌
$
20,303,750‌
Series
2023-B,
Class
B,
4.25%,
10/25/62
(g)
..............
3,314‌
3,276,448‌
Series
2023-B,
Class
C,
0.00%,
10/25/62
...............
7,193‌
5,541,190‌
Series
2023-B,
Class
SA,
0.00%,
10/25/62
(h)
..............
97‌
94,920‌
AMSR
Trust
(c)
Series
2021-SFR1,
Class
F,
3.60%,
06/17/38
...............
5,128‌
4,903,865‌
Series
2023-SFR2,
Class
F2,
3.95%,
06/17/40
...............
5,000‌
4,713,638‌
Antares
CLO
LLC,
Series
2024-5A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
5.24%,
10/20/36
(a)(c)
...............
13,250‌
13,293,203‌
Apidos
CLO
XVIII-R,
Series
2018-18A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
01/22/38
(a)(c)
..........
26,200‌
26,205,932‌
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
07/17/46
(c)
.....
322‌
295,103‌
Arbor
Realty
Commercial
Real
Estate
Notes
LLC
(a)(c)
Series
2025-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.03%,
01/20/43
...
12,698‌
12,656,356‌
Series
2026-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
09/20/43
...
11,550‌
11,543,406‌
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2022-FL1,
Class
A,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
5.12%,
01/15/37
(a)(c)
182‌
181,554‌
AREIT,
Series
2025-CRE11,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.23%,
07/25/43
(a)(c)
11,482‌
11,486,035‌
Ares
Direct
Lending
CLO
LLC
(a)(c)
Series
2025-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.20%,
10/16/37
...
6,250‌
6,261,778‌
Series
2025-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
01/20/39
...
1,440‌
1,442,507‌
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
4.27%,
05/25/35
(a)
.....
4,388‌
3,723,107‌
Argent
Securities
Trust
(a)
Series
2006-M1,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.09%,
07/25/36
...
6,705‌
1,785,576‌
Series
2006-W2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.58%
Floor
+
0.69%),
4.37%,
03/25/36
...
1,773‌
997,113‌
Audax
Senior
Debt
CLO
LLC,
Series
2025-12A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
5.09%,
04/22/37
(a)(c)
....
4,660‌
4,668,424‌
BankAmerica
Manufactured
Housing
Contract
Trust
(a)
Series
1997-2,
Class
B1,
7.07%,
10/10/27
...............
4,500‌
254,966‌
Series
1998-2,
Class
B1,
7.17%,
12/10/30
(e)(f)
.............
8,475‌
550,596‌
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
561‌
$
560,925‌
BAR
Issuer
LLC,
Series
2026-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.30%,
08/20/43
(a)(c)
...............
4,000‌
3,994,518‌
BARC,
Series
2026-CES1,
Class
A1A,
4.84%,
01/25/56
(c)(g)
..........
11,147‌
11,038,127‌
Bayview
Financial
Revolving
Asset
Trust
(a)(c)
Series
2004-B,
Class
A2,
(1-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.41%),
5.09%,
05/28/39
...
298‌
138,883‌
Series
2005-A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
4.79%,
02/28/40
...
7,200‌
6,501,282‌
Series
2005-E,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
4.79%,
12/28/40
...
278‌
283,114‌
BCMSC
Trust
(a)
Series
2000-A,
Class
A2,
7.58%,
06/15/30
...............
7,777‌
414,810‌
Series
2000-A,
Class
A3,
7.83%,
06/15/30
...............
7,219‌
397,651‌
Series
2000-A,
Class
A4,
8.29%,
06/15/30
...............
5,207‌
303,657‌
BCRED
CLO
LLC
(a)(c)
Series
2025-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
04/20/37
...
5,400‌
5,374,367‌
Series
2025-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
5.67%,
04/20/37
...
500‌
497,040‌
BDS
LLC,
Series
2024-FL13,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.58%),
5.25%,
09/19/39
(a)(c)
5,300‌
5,296,040‌
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2004-HE7,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.73%
Floor
+
1.84%),
5.52%,
08/25/34
...
13‌
12,588‌
Series
2006-HE1,
Class
1M4,
(1-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
4.81%,
12/25/35
...
5,693‌
5,630,699‌
Series
2006-HE7,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.13%,
09/25/36
...
1,183‌
1,166,523‌
Series
2006-HE8,
Class
1A3,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.31%,
10/25/36
...
1,000‌
989,782‌
Series
2007-HE2,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.11%,
03/25/37
...
2,429‌
2,416,886‌
Series
2007-HE2,
Class
22A,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.07%,
03/25/37
...
1,383‌
1,316,609‌
Series
2007-HE2,
Class
23A,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.07%,
03/25/37
...
1,500‌
1,448,080‌
Series
2007-HE3,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
4.49%,
04/25/37
...
20,641‌
19,817,884‌
BHG
Securitization
Trust
(c)
Series
2021-A,
Class
A,
1.42%,
11/17/33
...............
274‌
272,878‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-A,
Class
B,
2.79%,
11/17/33
...............
USD
1,995‌
$
1,956,563‌
Series
2021-B,
Class
C,
2.24%,
10/17/34
...............
1,600‌
1,559,496‌
Series
2022-C,
Class
B,
5.93%,
10/17/35
...............
471‌
471,671‌
BRAVO
Residential
Funding
Trust,
Series
2024-CES2,
Class
A1A,
5.55%,
09/25/54
(c)(g)
..........
7,110‌
7,123,286‌
BSPDF
Issuer
LLC,
Series
2026-FL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.10%,
09/18/43
(a)(c)
...............
11,000‌
10,966,922‌
Carrington
Mortgage
Loan
Trust
(a)
Series
2006-NC1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.63%
Floor
+
0.74%),
4.42%,
01/25/36
...
1,620‌
1,461,213‌
Series
2006-NC4,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
12.50%
Cap
+
0.27%),
3.95%,
10/25/36
..........
463‌
454,941‌
Cascade
MH
Asset
Trust,
Series
2019-
MH1,
Class
A,
4.00%,
11/25/44
(a)(c)
12,455‌
11,965,034‌
C-BASS
Trust
(a)
Series
2006-CB7,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.11%,
10/25/36
...
939‌
657,871‌
Series
2006-CB9,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
4.25%,
11/25/36
...
603‌
277,413‌
Cerberus
Loan
Funding
XLIV
LLC,
Series
2023-5A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.02%,
01/15/36
(a)(c)
....
4,750‌
4,754,006‌
Cerberus
Loan
Funding
XLV
LLC,
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.57%,
04/15/36
(a)(c)
....
7,750‌
7,766,215‌
CIT
Mortgage
Loan
Trust
(a)(c)
Series
2007-1,
Class
1M2,
(1-mo.
CME
Term
SOFR
at
2.63%
Floor
+
2.74%),
5.54%,
10/25/37
...
3,538‌
3,526,918‌
Series
2007-1,
Class
2M2,
(1-mo.
CME
Term
SOFR
at
2.63%
Floor
+
2.74%),
5.54%,
10/25/37
...
1,803‌
1,768,221‌
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-AHL2,
Class
A3B,
(1-
mo.
CME
Term
SOFR
at
0.20%
Floor
+
0.31%),
3.99%,
05/25/37
10,833‌
7,389,905‌
Series
2007-AHL2,
Class
A3C,
(1-
mo.
CME
Term
SOFR
at
0.27%
Floor
+
0.38%),
4.06%,
05/25/37
4,921‌
3,358,411‌
Series
2007-AHL3,
Class
A3B,
(1-
mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.28%),
3.96%,
07/25/45
5,143‌
3,625,081‌
Series
2007-AMC1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.11%,
12/25/36
(c)
..
6,049‌
3,384,642‌
College
Ave
Student
Loans
Trust,
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.75%
Floor
+
1.75%),
5.41%,
06/25/54
(a)(c)
....
12,925‌
13,106,172‌
College
Avenue
Student
Loans
LLC
(c)
Series
2021-A,
Class
B,
2.32%,
07/25/51
...............
3,400‌
3,153,824‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-A,
Class
C,
2.92%,
07/25/51
...............
USD
650‌
$
614,628‌
Series
2021-B,
Class
B,
2.42%,
06/25/52
...............
1,099‌
1,003,438‌
Series
2021-B,
Class
C,
2.72%,
06/25/52
...............
499‌
461,583‌
Series
2021-B,
Class
D,
3.78%,
06/25/52
...............
119‌
109,229‌
Compass
Datacenters
Issuer
II
LLC,
Series
2025-2A,
Class
A1,
4.93%,
11/25/50
(c)
.................
13,518‌
13,304,263‌
Compass
Datacenters
Issuer
III
LLC
(c)
Series
2025-3A,
Class
A2,
5.29%,
07/25/50
...............
22,056‌
21,839,280‌
Series
2026-1A,
Class
A21,
4.90%,
02/25/56
...............
14,411‌
14,291,162‌
Series
2026-1A,
Class
A22,
5.29%,
02/25/56
...............
11,251‌
11,018,614‌
Series
2026-1A,
Class
A23,
5.44%,
02/25/56
...............
10,786‌
10,564,213‌
Concord
Music
Royalties
LLC,
Series
2024-1A,
Class
A,
5.64%,
10/20/74
(c)
11,031‌
11,073,756‌
Conseco
Finance
Corp.
(a)
Series
1996-10,
Class
B1,
7.24%,
11/15/28
...............
721‌
728,214‌
Series
1997-3,
Class
M1,
7.53%,
03/15/28
...............
798‌
807,772‌
Series
1997-6,
Class
M1,
7.21%,
01/15/29
...............
527‌
533,380‌
Series
1998-4,
Class
M1,
6.83%,
04/01/30
...............
284‌
288,405‌
Series
1998-6,
Class
M1,
6.63%,
06/01/30
...............
785‌
794,342‌
Series
1999-5,
Class
A5,
7.86%,
03/01/30
...............
2,414‌
583,986‌
Series
1999-5,
Class
A6,
7.50%,
03/01/30
...............
2,589‌
599,247‌
Conseco
Finance
Securitizations
Corp.
Series
2000-1,
Class
A5,
8.06%,
09/01/29
(a)
..............
4,152‌
467,790‌
Series
2000-4,
Class
A6,
8.31%,
05/01/32
(a)
..............
5,128‌
605,296‌
Series
2000-5,
Class
A6,
7.96%,
05/01/31
...............
6,271‌
1,062,686‌
Series
2000-5,
Class
A7,
8.20%,
05/01/31
...............
11,418‌
1,993,281‌
Consolidated
Communications
LLC
(c)
Series
2025-4A,
Class
C,
8.10%,
12/20/55
...............
22,500‌
22,909,086‌
Series
2026-1A,
Class
A2,
5.08%,
03/20/56
...............
9,595‌
9,470,371‌
Series
2026-1A,
Class
B,
5.42%,
03/20/56
...............
5,501‌
5,425,698‌
Series
2026-1A,
Class
C,
7.03%,
03/20/56
...............
16,300‌
15,966,691‌
Credit-Based
Asset
Servicing
&
Securitization
LLC
Series
2006-CB2,
Class
AF4,
2.92%,
12/25/36
(g)
..............
903‌
735,870‌
Series
2006-MH1,
Class
B1,
6.75%,
10/25/36
(c)(g)
.............
558‌
556,161‌
Series
2006-MH1,
Class
B2,
6.75%,
10/25/36
(c)(g)
.............
5,709‌
4,800,012‌
Series
2006-SL1,
Class
A2,
6.06%,
09/25/36
(c)(g)
.............
11,451‌
325,441‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2007-CB6,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.13%,
07/25/37
(a)(c)
.
USD
1,181‌
$
786,664‌
Cross
Mortgage
Trust,
Series
2025-
CES1,
Class
A1A,
5.30%,
11/25/60
(c)
(g)
......................
2,552‌
2,546,891‌
CSMC
Trust,
Series
2017-2,
Class
CERT,
0.00%,
02/01/47
(c)
......
158‌
16,006‌
CWABS
Asset-Backed
Certificates
Trust
(a)
Series
2005-16,
Class
1AF,
4.53%,
04/25/36
...............
4,410‌
3,948,725‌
Series
2006-18,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.45%
Floor
+
0.56%),
4.24%,
03/25/37
...
13,128‌
13,932,093‌
Series
2006-22,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
4.14%,
05/25/47
...
1,612‌
1,619,645‌
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%),
5.29%,
06/25/47
(a)(c)
..........
2,568‌
2,152,221‌
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%),
4.06%,
03/15/34
(a)
...........
108‌
107,317‌
CWHEQ
Home
Equity
Loan
Trust
Series
2006-S3,
Class
A4,
5.26%,
01/25/29
(g)
..............
79‌
200,065‌
Series
2006-S5,
Class
A5,
6.16%,
06/25/35
...............
155‌
242,598‌
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%),
3.97%,
05/15/35
..........
37‌
37,223‌
Series
2006-C,
Class
2A,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
and
16.00%
Cap
+
0.29%),
3.97%,
05/15/36
..........
540‌
537,196‌
Series
2006-H,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
and
16.00%
Cap
+
0.26%),
3.94%,
11/15/36
..........
341‌
337,212‌
Series
2006-I,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
3.93%,
01/15/37
...
334‌
324,355‌
DB
Master
Finance
LLC,
Series
2025-
1A,
Class
A2I,
4.89%,
08/20/55
(c)
.
17,846‌
17,676,246‌
Deephaven
Residential
Mortgage
Trust,
Series
2025-CES1,
Class
A1A,
5.22%,
10/25/55
(c)(g)
..........
6,799‌
6,789,919‌
Diameter
Capital
CLO
1
Ltd.
(a)(c)
Series
2021-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
6.15%
Floor
+
6.15%),
9.82%,
10/15/37
...
5,000‌
4,829,967‌
Series
2021-1A,
Class
SUB,
0.00%,
10/15/37
...............
6,050‌
3,882,285‌
Diameter
Capital
CLO
3
Ltd.,
Series
2022-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
5.00%,
01/15/38
(a)(c)
....
14,146‌
14,146,725‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Domain
Greenbough
Issuer
2
LLC,
14.57%,
01/23/32
(a)(c)(d)
........
USD
16,026‌
$
16,006,448‌
Dwight
Issuer
LLC,
Series
2025-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.66%
Floor
+
1.66%),
5.34%,
06/18/42
(a)(c)
...............
2,499‌
2,496,753‌
Eaton
Vance
CLO
Ltd.,
Series
2019-1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.51%
Floor
+
1.51%),
5.18%,
07/15/37
(a)(c)
...............
2,500‌
2,501,339‌
EDvestinU
Private
Education
Loan
Issue
No.
3
LLC,
Series
2021-A,
Class
B,
3.50%,
11/25/50
(c)
.....
1,660‌
1,412,660‌
EDvestinU
Private
Education
Loan
Issue
No.
4
LLC,
Series
2022-A,
Class
A,
5.25%,
11/25/40
(c)
.....
4,175‌
4,160,690‌
ELFI
Graduate
Loan
Program
LLC,
Series
2020-A,
Class
B,
2.98%,
08/25/45
(a)(c)
...............
1,075‌
929,598‌
FIGRE
Trust
(a)(c)
Series
2025-HE7,
Class
A,
5.15%,
11/25/55
...............
6,916‌
6,870,386‌
Series
2026-HE1,
Class
A,
4.98%,
01/25/56
...............
11,544‌
11,449,369‌
Series
2026-HE1,
Class
B,
5.18%,
01/25/56
...............
1,516‌
1,500,554‌
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2004-FFH3,
Class
M3,
(1-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.16%),
4.42%,
10/25/34
...
2,818‌
2,617,206‌
Series
2006-FF13,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
4.03%,
10/25/36
...
4,069‌
2,591,576‌
Series
2006-FF13,
Class
A2C,
(1-
mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.11%,
10/25/36
2,386‌
1,561,989‌
Series
2006-FF16,
Class
2A4,
(1-
mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.21%,
12/25/36
4,534‌
1,761,361‌
First
NLC
Trust,
Series
2007-1,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
3.97%,
08/25/37
(a)(c)
...............
1,517‌
761,395‌
FirstKey
Homes
Trust
(c)
Series
2022-SFR1,
Class
E2,
5.00%,
05/19/39
..........
5,000‌
4,925,923‌
Series
2022-SFR3,
Class
E2,
3.50%,
07/17/38
..........
8,285‌
8,227,836‌
Flatiron
CLO
23
LLC,
Series
2023-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.24%),
4.91%,
04/17/36
(a)(c)
...............
2,510‌
2,508,445‌
Flatiron
CLO
24
Ltd.,
Series
2023-2A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
5.94%,
01/15/39
(a)(c)
...............
1,500‌
1,448,163‌
FNA
8
LLC,
Series
2025-1,
Class
A,
5.62%,
03/15/45
(a)(c)
..........
12,639‌
12,586,525‌
Foundation
Finance
Trust
(c)
Series
2021-2A,
Class
A,
2.19%,
01/15/42
...............
3,416‌
3,254,946‌
Series
2023-1A,
Class
A,
5.67%,
12/15/43
...............
4,383‌
4,466,569‌
Series
2024-1A,
Class
B,
5.95%,
12/15/49
...............
1,361‌
1,391,789‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-2A,
Class
B,
4.93%,
03/15/50
...............
USD
2,449‌
$
2,446,053‌
Series
2025-1A,
Class
A,
4.95%,
04/15/50
...............
13,952‌
13,979,759‌
Series
2025-1A,
Class
D,
6.09%,
04/15/50
...............
14,669‌
14,755,072‌
Series
2025-2A,
Class
D,
5.68%,
04/15/52
...............
2,263‌
2,253,665‌
Series
2025-2A,
Class
E,
8.35%,
04/15/52
...............
2,466‌
2,428,989‌
Series
2025-3A,
Class
E,
8.42%,
08/15/52
...............
8,840‌
8,694,289‌
Fremont
Home
Loan
Trust
(a)
Series
2006-3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.07%,
02/25/37
...
4,345‌
3,259,133‌
Series
2006-3,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.13%,
02/25/37
...
5,005‌
1,471,513‌
FS
Rialto
Issuer
LLC
(a)(c)
Series
2024-FL9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
5.31%,
10/19/39
...
9,190‌
9,193,932‌
Series
2025-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
08/19/42
...
3,240‌
3,233,041‌
GAM
Resecuritization
Trust,
Series
2018-B,
Class
A1,
(US
Prime
Rate
at
0.00%
Floor
-
2.00%),
4.75%,
08/27/51
(a)(c)
...............
3,399‌
3,376,146‌
Goldman
Home
Improvement
Trust
Issuer
Trust
(c)
Series
2021-GRN2,
Class
B,
1.97%,
06/25/51
...............
2,269‌
2,188,848‌
Series
2022-GRN2,
Class
A,
6.80%,
10/25/52
...............
1,987‌
2,031,122‌
Golub
Capital
Partners
CLO
78M,
Series
2025-78A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
04/21/39
(a)(c)
....
2,500‌
2,484,634‌
Golub
Capital
Partners
CLO
83M,
Series
2025-83A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.24%,
11/09/38
(a)(c)
....
9,700‌
9,717,099‌
GoodLeap
Home
Improvement
Solutions
Trust
(c)
Series
2024-1A,
Class
A,
5.35%,
10/20/46
...............
22,998‌
23,179,404‌
Series
2025-1A,
Class
A,
5.38%,
02/20/49
...............
20,513‌
20,577,105‌
Series
2025-1A,
Class
B,
6.27%,
02/20/49
...............
790‌
803,196‌
Series
2025-2A,
Class
A,
5.32%,
06/20/49
...............
17,488‌
17,585,181‌
Series
2025-3A,
Class
A,
5.00%,
10/20/49
...............
29,939‌
29,805,703‌
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
(c)
...........
8,688‌
6,726,650‌
GreenPoint
Manufactured
Housing,
Series
1999-5,
Class
M2,
9.23%,
12/15/29
(a)
................
1,498‌
1,493,895‌
GreenSky
Home
Improvement
Issuer
Trust
(c)
Series
2024-2,
Class
A4,
5.15%,
10/27/59
...............
2,999‌
3,012,593‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-2,
Class
D,
6.43%,
10/27/59
...............
USD
2,529‌
$
2,557,571‌
Series
2025-2A,
Class
C,
5.26%,
06/25/60
...............
3,865‌
3,857,962‌
Series
2025-2A,
Class
D,
5.56%,
06/25/60
...............
3,086‌
3,074,704‌
Series
2025-2A,
Class
E,
7.79%,
06/25/60
...............
1,345‌
1,367,155‌
Series
2025-3A,
Class
A3,
4.52%,
12/27/60
...............
11,121‌
11,107,448‌
GreenSky
Home
Improvement
Trust
(c)
Series
2024-1,
Class
A4,
5.67%,
06/25/59
...............
9,957‌
10,099,683‌
Series
2024-1,
Class
B,
5.87%,
06/25/59
...............
1,588‌
1,608,106‌
Greystone
CRE
Notes
2025
LLC,
Series
2025-HC4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.78%
Floor
+
1.78%),
5.46%,
10/15/42
(a)(c)
....
9,010‌
9,014,559‌
GS
Mortgage-Backed
Securities
Trust
(c)
(g)
Series
2026-CES1,
Class
A1,
4.90%,
05/25/56
..........
3,084‌
3,056,680‌
Series
2026-CES1,
Class
A2,
5.27%,
05/25/56
..........
862‌
854,427‌
GSAA
Home
Equity
Trust
(a)
Series
2005-14,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
4.49%,
12/25/35
...
5,333‌
2,371,175‌
Series
2006-4,
Class
1A1,
4.01%,
03/25/36
...............
3,335‌
2,301,214‌
Series
2006-18,
Class
AF2A,
5.63%,
11/25/36
...............
202‌
53,639‌
Series
2006-18,
Class
AF3A,
5.77%,
11/25/36
...............
1,997‌
528,736‌
Series
2007-2,
Class
AF3,
5.92%,
03/25/37
...............
1,394‌
238,868‌
GSAMP
Trust
(a)
Series
2007-H1,
Class
A1B,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.19%,
01/25/47
...
2,605‌
1,268,981‌
Series
2007-HS1,
Class
M6,
(1-mo.
CME
Term
SOFR
at
3.38%
Floor
+
3.49%),
7.17%,
02/25/37
...
3,414‌
3,357,638‌
Home
Efficiency,
Series
2024-A1,
0.00%,
12/31/54
(a)(c)(d)
.........
83,396‌
85,697,667‌
Home
Equity
Asset
Trust
(a)
Series
2006-3,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
4.39%,
07/25/36
...
3,952‌
3,788,595‌
Series
2007-1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.09%,
05/25/37
...
3,118‌
2,650,678‌
Home
Equity
Mortgage
Loan
Asset-
Backed
Trust,
Series
2004-A,
Class
M2,
(1-mo.
CME
Term
SOFR
at
2.03%
Floor
+
2.14%),
3.88%,
07/25/34
(a)
................
618‌
600,425‌
Home
Equity
Mortgage
Trust,
Series
2006-2,
Class
1A1,
5.87%,
07/25/36
(g)
................
6,692‌
557,503‌
Huntington
Bank
Auto
Credit-Linked
Notes
(a)(c)
Series
2024-1,
Class
B2,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.40%),
5.07%,
05/20/32
....
5,442‌
5,457,368‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-2,
Class
B2,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.35%),
5.02%,
10/20/32
....
USD
6,009‌
$
6,017,710‌
Series
2025-2,
Class
B2,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.20%),
4.87%,
09/20/33
....
6,427‌
6,444,118‌
INCREF
LLC,
Series
2025-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.73%
Floor
+
1.73%),
5.41%,
10/19/42
(a)(c)
9,037‌
9,030,803‌
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%),
4.07%,
12/25/36
(a)(c)
...............
35‌
34,671‌
J.P.
Morgan
Mortgage
Acquisition
Trust
Series
2006-CW1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.41%
Floor
+
0.52%),
4.20%,
05/25/36
(a)
..
1,048‌
1,045,139‌
Series
2007-CH1,
Class
MF1,
4.37%,
11/25/36
(g)
.........
11,339‌
11,667,191‌
J.P.
Morgan
Mortgage
Trust,
Series
2026-CES1,
Class
A1B,
4.96%,
06/25/56
(c)(g)
...............
1,766‌
1,751,934‌
Jersey
Mike's
Funding
LLC,
Series
2026-1A,
Class
A2II,
5.48%,
02/15/56
(c)
................
41,313‌
40,601,739‌
KeyCorp
Student
Loan
Trust
(a)
Series
2004-A,
Class
2D,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.51%),
5.18%,
07/28/42
...
3,350‌
3,254,615‌
Series
2005-A,
Class
2C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.56%),
5.27%,
12/27/38
...
5,413‌
5,309,588‌
Legacy
Mortgage
Asset
Trust
(c)
Series
2019-SL2,
Class
A,
3.38%,
02/25/59
(a)
..............
3,906‌
3,818,764‌
Series
2019-SL2,
Class
B,
0.00%,
02/25/59
...............
4,792‌
1,048,410‌
Series
2019-SL2,
Class
M,
4.25%,
02/25/59
(a)
..............
5,503‌
5,005,130‌
Lehman
ABS
Manufactured
Housing
Contract
Trust
Series
2001-B,
Class
M1,
6.63%,
04/15/40
(a)
..............
1,384‌
1,392,195‌
Series
2002-A,
Class
C,
0.00%,
06/15/33
...............
369‌
357,134‌
Lehman
ABS
Mortgage
Loan
Trust,
Series
2007-1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.09%
Floor
+
0.20%),
3.88%,
06/25/37
(a)(c)
....
806‌
533,396‌
Lending
Funding
Trust
(c)
Series
2020-2A,
Class
B,
3.54%,
04/21/31
...............
3,340‌
3,274,658‌
Series
2020-2A,
Class
D,
6.77%,
04/21/31
...............
400‌
400,017‌
LendingClub
Rated
Notes
Issuer
Trust
(c)
Series
2025-P1,
Class
A,
5.54%,
06/16/31
...............
15,220‌
15,281,017‌
Series
2025-P1,
Class
B,
5.92%,
06/16/31
...............
1,736‌
1,741,446‌
Series
2025-P1,
Class
C,
6.56%,
06/16/31
...............
3,919‌
3,933,313‌
Series
2025-P1,
Class
D,
6.79%,
06/16/31
...............
1,593‌
1,599,463‌
Series
2025-P1,
Class
E,
9.28%,
06/16/31
...............
3,101‌
3,112,800‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-P1,
Class
F,
13.31%,
06/16/38
...............
USD
1,033‌
$
1,038,048‌
Series
2025-P1,
Class
R,
0.00%,
07/16/40
...............
410‌
1,184,765‌
Series
2025-P2,
Class
A,
5.20%,
02/15/35
...............
15,493‌
15,558,341‌
Series
2025-P2,
Class
B,
5.59%,
04/15/35
...............
996‌
995,579‌
Series
2025-P2,
Class
C,
6.25%,
09/15/35
...............
2,005‌
2,002,982‌
Series
2025-P2,
Class
D,
6.47%,
12/15/35
...............
800‌
797,945‌
Series
2025-P2,
Class
E,
8.99%,
07/15/36
...............
1,286‌
1,282,360‌
Series
2025-P2,
Class
F,
13.02%,
01/15/37
...............
641‌
639,763‌
Series
2025-P2,
Class
R,
0.00%,
03/15/45
...............
279‌
694,206‌
Series
2026-P1,
Class
A,
6.98%,
08/15/37
(d)
..............
4,101‌
4,270,865‌
Series
2026-P1,
Class
B,
6.86%,
08/15/37
(d)
..............
1,028‌
1,057,883‌
Series
2026-P1,
Class
C,
2.40%,
08/15/37
(d)
..............
943‌
900,038‌
Series
2026-P1,
Class
D,
1.15%,
08/15/37
(d)
..............
524‌
489,595‌
Series
2026-P1,
Class
E,
1.00%,
08/15/37
(d)
..............
286‌
256,919‌
Series
2026-P1,
Class
F,
0.90%,
08/15/37
(d)
..............
312‌
266,160‌
Series
2026-P1,
Class
R,
0.00%,
03/15/41
(d)
..............
55‌
17,850‌
LendingClub
Structured
Loan
Certificate
Issuer
Trust,
Series
2025-P16,
Class
A,
5.19%,
12/15/32
(c)
.........
18,762‌
18,752,391‌
Lendmark
Funding
Trust
(c)
Series
2021-2A,
Class
C,
3.09%,
04/20/32
...............
5,450‌
5,129,895‌
Series
2021-2A,
Class
D,
4.46%,
04/20/32
...............
1,420‌
1,312,521‌
Series
2024-1A,
Class
B,
5.88%,
06/21/32
...............
3,993‌
4,029,298‌
Series
2024-1A,
Class
C,
6.40%,
06/21/32
...............
2,283‌
2,307,049‌
Series
2024-1A,
Class
D,
7.21%,
06/21/32
...............
1,790‌
1,813,426‌
Series
2024-2A,
Class
B,
4.86%,
02/21/34
...............
2,556‌
2,554,784‌
Series
2024-2A,
Class
C,
5.25%,
02/21/34
...............
788‌
790,183‌
Series
2024-2A,
Class
D,
5.69%,
02/21/34
...............
2,776‌
2,778,184‌
Series
2025-1A,
Class
A,
4.94%,
09/20/34
...............
15,342‌
15,394,824‌
Series
2025-1A,
Class
C,
5.68%,
09/20/34
...............
996‌
1,004,441‌
Series
2025-3A,
Class
A,
4.51%,
05/21/35
...............
20,496‌
20,353,836‌
Series
2025-3A,
Class
B,
4.83%,
05/21/35
...............
3,385‌
3,346,073‌
Series
2025-3A,
Class
C,
5.04%,
05/21/35
...............
985‌
974,767‌
LMRE
2025
SFR1
Trust,
Series
2025-
SFR1,
Class
A,
4.50%,
12/17/42
(c)
7,508‌
7,308,293‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
LoanCore
Issuer
LLC,
Series
2025-
CRE9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.13%,
08/18/42
(a)(c)
..........
USD
4,955‌
$
4,937,722‌
Loanpal
Solar
Loan
Ltd.,
Series
2020-
3GS,
Class
A,
2.47%,
12/20/47
(c)
.
14,339‌
11,893,924‌
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2006-2,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.15%,
03/25/46
...
—‌
(i)
2‌
Series
2006-5,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
4.09%,
06/25/36
...
7,696‌
3,588,666‌
Series
2006-7,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.11%,
08/25/36
...
17,091‌
6,697,195‌
Lyra
Music
Assets
Delaware
LP
(c)
Series
2024-2A,
Class
A2,
5.76%,
12/22/64
...............
15,232‌
15,314,641‌
Series
2025-1A,
Class
A2,
5.60%,
09/20/65
...............
5,337‌
5,368,625‌
M&T
Bank
RV
Trust,
Series
2026-1A,
Class
A,
4.35%,
01/15/46
(c)
.....
8,882‌
8,781,368‌
Mariner
Finance
Issuance
Trust
(c)
Series
2021-AA,
Class
C,
2.96%,
03/20/36
...............
1,190‌
1,145,800‌
Series
2021-AA,
Class
D,
3.83%,
03/20/36
...............
1,180‌
1,139,264‌
Series
2021-AA,
Class
E,
5.40%,
03/20/36
...............
5,040‌
4,862,793‌
Series
2021-BA,
Class
D,
3.42%,
11/20/36
...............
1,130‌
1,072,676‌
Series
2021-BA,
Class
E,
4.68%,
11/20/36
...............
2,520‌
2,364,868‌
Series
2024-AA,
Class
A,
5.13%,
09/22/36
...............
11,386‌
11,477,761‌
Series
2024-AA,
Class
D,
6.77%,
09/22/36
...............
603‌
612,873‌
Series
2024-AA,
Class
E,
9.02%,
09/22/36
...............
2,472‌
2,531,835‌
Series
2024-BA,
Class
A,
4.91%,
11/20/38
...............
14,357‌
14,401,749‌
Series
2024-BA,
Class
D,
6.36%,
11/20/38
...............
2,969‌
3,023,146‌
Series
2024-BA,
Class
E,
8.80%,
11/20/38
...............
19,480‌
20,270,730‌
Series
2025-AA,
Class
A,
4.98%,
05/20/38
...............
23,374‌
23,547,940‌
Series
2025-AA,
Class
B,
5.33%,
05/20/38
...............
3,167‌
3,191,976‌
Series
2025-AA,
Class
C,
5.69%,
05/20/38
...............
3,257‌
3,285,905‌
Series
2025-BA,
Class
A,
4.59%,
11/22/38
...............
17,475‌
17,389,089‌
MASTR
Asset-Backed
Securities
Trust
(a)
Series
2006-AM2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.31%,
06/25/36
(c)
..
2,665‌
2,524,203‌
Series
2007-HE1,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.56%
Floor
+
0.67%),
4.35%,
05/25/37
...
5,000‌
4,333,958‌
MASTR
Specialized
Loan
Trust,
Series
2006-3,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
4.31%,
06/25/46
(a)(c)
..........
518‌
502,490‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2007-2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
4.27%,
05/25/37
...
USD
1,931‌
$
1,412,544‌
Series
2007-H1,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
7.29%,
10/25/37
...
3,123‌
3,071,688‌
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2006-OPT1,
Class
M1,
(1-
mo.
CME
Term
SOFR
at
0.39%
Floor
+
0.50%),
4.18%,
08/25/37
1,128‌
1,180,232‌
Series
2006-RM3,
Class
A2B,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
3.97%,
06/25/37
...
2,644‌
541,384‌
MF1
LLC,
Series
2026-FL21,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.03%,
02/18/41
(a)(c)
10,887‌
10,846,519‌
MF1
Multifamily
Housing
Mortgage
Loan
Trust
(a)(c)
Series
2024-FL14,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.41%,
03/19/39
...
15,291‌
15,290,754‌
Series
2025-FL19,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.17%,
05/18/42
...
3,975‌
3,977,440‌
Series
2025-FL20,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.13%,
02/18/43
...
13,754‌
13,716,765‌
Mill
City
Solar
Loan
Ltd.
(c)
Series
2019-1A,
Class
A,
4.34%,
03/20/43
...............
7,162‌
6,702,640‌
Series
2019-2GS,
Class
A,
3.69%,
07/20/43
...............
12,453‌
11,269,876‌
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust
(a)
Series
2005-HE5,
Class
M4,
(1-mo.
CME
Term
SOFR
at
0.87%
Floor
+
0.98%),
4.66%,
09/25/35
...
7,804‌
6,577,374‌
Series
2006-HE8,
Class
A2FP,
(1-
mo.
CME
Term
SOFR
at
0.07%
Floor
+
0.18%),
3.86%,
10/25/36
3,641‌
1,576,373‌
Series
2007-SEA1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
3.80%
Floor
+
3.91%),
7.59%,
02/25/47
(c)
..............
239‌
233,482‌
Morgan
Stanley
Home
Equity
Loan
Trust,
Series
2006-3,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.11%,
04/25/36
(a)
2,028‌
1,391,984‌
Morgan
Stanley
Mortgage
Loan
Trust
Series
2006-12XS,
Class
A4,
6.51%,
10/25/36
(g)
..............
3,458‌
717,252‌
Series
2006-12XS,
Class
A6A,
6.23%,
10/25/36
(g)
.........
1,323‌
340,509‌
Series
2006-16AX,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.61%),
4.29%,
11/25/36
(a)
..............
1,864‌
507,105‌
Mosaic
Solar
Loan
Trust
(c)
Series
2018-2GS,
Class
A,
4.20%,
02/22/44
...............
5,418‌
5,059,109‌
Series
2018-2GS,
Class
C,
5.97%,
02/22/44
...............
1,425‌
1,264,569‌
Series
2019-1A,
Class
A,
4.37%,
12/21/43
...............
8,913‌
8,404,592‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-1A,
Class
A,
5.32%,
06/20/53
...............
USD
659‌
$
609,427‌
Nationstar
Home
Equity
Loan
Trust,
Series
2007-B,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.62%
Floor
+
0.73%),
4.41%,
04/25/37
(a)
.....
5,455‌
5,216,258‌
Navient
Education
Loan
Trust,
Series
2025-A,
Class
D,
6.03%,
07/15/55
(c)
911‌
911,788‌
Navient
Private
Education
Loan
Trust
(c)
Series
2014-AA,
Class
B,
3.50%,
08/15/44
...............
10,876‌
10,788,551‌
Series
2015-AA,
Class
B,
3.50%,
12/15/44
...............
9,954‌
9,798,659‌
Navient
Private
Education
Refi
Loan
Trust
(c)
Series
2019-CA,
Class
A2,
3.13%,
02/15/68
...............
46‌
45,189‌
Series
2020-FA,
Class
B,
2.69%,
07/15/69
...............
4,310‌
3,725,914‌
Series
2021-DA,
Class
A,
(US
Prime
Rate
at
0.00%
Floor
-
1.99%),
4.76%,
04/15/60
(a)
.........
4,242‌
4,136,479‌
Series
2021-DA,
Class
B,
2.61%,
04/15/60
...............
1,407‌
1,257,323‌
Series
2021-DA,
Class
C,
3.48%,
04/15/60
...............
3,787‌
3,529,002‌
Series
2023-A,
Class
A,
5.51%,
10/15/71
...............
12,063‌
12,199,237‌
Series
2024-A,
Class
A,
5.66%,
10/15/72
...............
8,989‌
9,114,397‌
Navient
Refinance
Loan
Trust
(c)
Series
2025-B,
Class
A,
4.72%,
09/15/55
...............
15,410‌
15,308,726‌
Series
2025-C,
Class
A,
4.80%,
10/15/55
...............
10,855‌
10,797,717‌
Nelnet
Student
Loan
Trust
(c)
Series
2021-A,
Class
B1,
2.85%,
04/20/62
...............
4,023‌
3,640,163‌
Series
2021-A,
Class
B2,
2.85%,
04/20/62
...............
38,500‌
34,836,267‌
Series
2021-A,
Class
C,
3.75%,
04/20/62
...............
3,133‌
2,805,484‌
Series
2021-A,
Class
D,
4.93%,
04/20/62
...............
4,268‌
3,891,936‌
Series
2021-BA,
Class
B,
2.68%,
04/20/62
...............
24,341‌
21,921,797‌
Series
2021-BA,
Class
C,
3.57%,
04/20/62
...............
1,556‌
1,374,533‌
Series
2021-BA,
Class
D,
4.75%,
04/20/62
...............
2,780‌
2,505,040‌
Series
2021-CA,
Class
B,
2.53%,
04/20/62
...............
23,450‌
20,814,069‌
Series
2021-CA,
Class
C,
3.36%,
04/20/62
...............
1,230‌
1,087,305‌
Series
2021-CA,
Class
D,
4.44%,
04/20/62
...............
1,880‌
1,674,359‌
Series
2021-DA,
Class
B,
2.90%,
04/20/62
...............
16,396‌
14,786,385‌
Series
2021-DA,
Class
C,
3.50%,
04/20/62
...............
2,110‌
1,848,683‌
Series
2021-DA,
Class
D,
4.38%,
04/20/62
...............
651‌
570,239‌
Series
2023-PL1A,
Class
A1A,
(SOFR
30
day
Average
at
0.00%
Floor
+
2.25%),
5.91%,
11/25/53
(a)
..............
3,787‌
3,836,315‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-AA,
Class
A1B,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.10%),
4.77%,
03/15/57
(a)
...
USD
25,659‌
$
25,595,129‌
Series
2025-BA,
Class
A1B,
(SOFR
30
day
Average
at
0.00%
Floor
+
1.35%),
5.02%,
05/17/55
(a)
...
34,270‌
34,440,399‌
Series
2025-BA,
Class
B,
4.98%,
05/17/55
...............
18,084‌
17,905,321‌
Series
2025-BA,
Class
C,
5.38%,
05/17/55
...............
10,116‌
9,951,672‌
Series
2025-BA,
Class
D,
6.04%,
05/17/55
...............
2,922‌
2,874,226‌
Series
2025-CA,
Class
A1B,
(SOFR
30
day
Average
at
1.35%
Floor
+
1.35%),
5.02%,
06/22/65
(a)
...
17,096‌
17,215,433‌
Series
2025-CA,
Class
B,
4.91%,
06/22/65
...............
20,026‌
19,769,399‌
Series
2025-CA,
Class
D,
5.82%,
06/22/65
...............
10,835‌
10,567,524‌
New
Century
Home
Equity
Loan
Trust,
Series
2005-C,
Class
M2,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
4.47%,
12/25/35
(a)
.....
3,949‌
3,558,583‌
New
Residential
Mortgage
Loan
Trust,
Series
2022-SFR1,
Class
F,
4.44%,
02/17/39
(c)
................
1,341‌
1,316,951‌
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2006-
S5,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.19%,
10/25/36
(a)(c)
..........
59‌
120,978‌
NYMT
Trust,
Series
2024-RR1,
Class
A,
7.37%,
05/25/64
(c)(g)
..........
13,877‌
13,789,054‌
Oakwood
Mortgage
Investors,
Inc.
(a)
Series
2001-D,
Class
A2,
5.26%,
01/15/19
...............
1,321‌
389,048‌
Series
2001-D,
Class
A4,
6.93%,
09/15/31
...............
1,081‌
392,398‌
OHS
Issuer
LLC,
Series
2026-1,
Class
A2,
5.98%,
02/25/61
(c)
........
21,422‌
21,002,731‌
OneMain
Financial
Issuance
Trust
(c)
Series
2019-2A,
Class
D,
4.05%,
10/14/36
...............
10,070‌
9,712,143‌
Series
2020-2A,
Class
D,
3.45%,
09/14/35
...............
10,930‌
10,555,146‌
Series
2021-1A,
Class
C,
2.22%,
06/16/36
...............
800‌
756,633‌
Series
2022-2A,
Class
B,
5.24%,
10/14/34
...............
8,724‌
8,734,208‌
Series
2023-1A,
Class
D,
7.49%,
06/14/38
...............
12,005‌
12,589,543‌
Series
2023-2A,
Class
D,
7.52%,
09/15/36
...............
25,921‌
26,732,682‌
Series
2024-1A,
Class
A,
5.79%,
05/14/41
...............
33,293‌
34,851,189‌
Series
2025-1A,
Class
D,
5.79%,
07/14/38
...............
4,806‌
4,835,782‌
Option
One
Mortgage
Loan
Trust
Series
2005-4,
Class
M3,
(1-mo.
CME
Term
SOFR
at
0.74%
Floor
+
0.85%),
4.53%,
11/25/35
(a)
..
6,618‌
5,833,678‌
Series
2007-CP1,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
+
0.32%),
4.00%,
03/25/37
(a)
..
6,755‌
5,837,124‌
Series
2007-FXD1,
Class
1A1,
5.87%,
01/25/37
(g)
.........
12,727‌
10,902,919‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2007-FXD1,
Class
2A1,
5.87%,
01/25/37
(g)
.........
USD
10,315‌
$
8,917,432‌
Series
2007-FXD1,
Class
3A4,
5.86%,
01/25/37
(g)
.........
443‌
435,140‌
Origen
Manufactured
Housing
Contract
Trust
(a)
Series
2001-A,
Class
M1,
7.82%,
03/15/32
...............
1,760‌
1,764,226‌
Series
2007-B,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.20%
Floor
and
18.00%
Cap
+
1.31%),
4.99%,
10/15/37
(c)
.........
90‌
90,306‌
Owl
Rock
CLO
IX
LLC,
Series
2022-9A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.57%
Floor
+
1.57%),
5.23%,
11/22/37
(a)(c)
...............
20,000‌
20,044,170‌
Owl
Rock
CLO
VII
LLC,
Series
2022-
7A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
04/20/38
(a)(c)
..........
12,600‌
12,547,747‌
Owl
Rock
CLO
XI
LLC,
Series
2023-
11A,
Class
A1F,
6.10%,
05/15/35
(c)
5,000‌
5,034,935‌
Owl
Rock
CLO
XV
LLC,
Series
2024-
15A,
Class
B,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.20%),
6.87%,
01/20/36
(a)(c)
..........
4,000‌
3,988,982‌
Owl
Rock
CLO
XVIII
LLC,
Series
2024-
18A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
07/24/36
(a)(c)
..........
3,975‌
3,975,591‌
Ownit
Mortgage
Loan
Trust,
Series
2006-2,
Class
A2C,
6.50%,
01/25/37
(g)
................
3,819‌
3,483,543‌
Pagaya
AI
Technology
in
Housing
Trust,
Series
2023-1,
Class
F,
3.60%,
10/25/40
(c)
................
6,577‌
5,640,649‌
PennantPark
CLO
VII
LLC,
Series
2023-7A,
Class
A1B,
6.55%,
07/20/35
(c)
................
7,000‌
7,041,455‌
PFS
Financing
Corp.,
5.54%,
10/16/28
(c)
(d)
......................
25,000‌
25,102,500‌
Planet
Fitness
Master
Issuer
LLC,
Series
2025-1A,
Class
A2II,
5.65%,
12/06/55
(c)
................
15,309‌
15,113,550‌
Point
Broadband
Funding
LLC,
Series
2025-1A,
Class
C,
8.16%,
07/20/55
(c)
5,326‌
5,428,731‌
PPM
CLO
6-R
Ltd.
(a)(c)
Series
2022-6RA,
Class
C1R,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.45%),
7.12%,
01/20/37
...
2,110‌
2,112,392‌
Series
2022-6RA,
Class
DR,
(3-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
9.32%,
01/20/37
...
1,690‌
1,675,039‌
Progress
Residential
Trust
(c)
Series
2021-SFR10,
Class
E2,
3.67%,
12/17/40
..........
1,437‌
1,377,245‌
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
...............
5,803‌
5,681,016‌
Series
2021-SFR3,
Class
F,
3.44%,
05/17/26
...............
12,190‌
12,147,186‌
Series
2021-SFR5,
Class
F,
3.16%,
07/17/38
...............
3,192‌
3,168,562‌
Series
2021-SFR6,
Class
F,
3.42%,
07/17/38
...............
6,423‌
6,382,057‌
Series
2021-SFR9,
Class
F,
4.05%,
11/17/40
...............
2,637‌
2,557,428‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-SFR1,
Class
F,
4.88%,
02/17/41
...............
USD
5,383‌
$
5,212,775‌
Series
2022-SFR1,
Class
G,
5.52%,
02/17/41
...............
5,383‌
5,254,172‌
Series
2022-SFR3,
Class
E1,
5.20%,
04/17/39
..........
4,500‌
4,476,878‌
Series
2024-SFR2,
Class
E1,
3.40%,
04/17/41
(a)
.........
3,875‌
3,645,265‌
Series
2024-SFR2,
Class
E2,
3.65%,
04/17/41
(a)
.........
1,988‌
1,873,272‌
Series
2026-SFR1,
Class
E,
4.10%,
02/17/43
...............
2,245‌
2,072,700‌
QTS
Issuer
ABS
II
LLC
(c)
Series
2025-1A,
Class
A2,
5.04%,
10/05/55
...............
19,332‌
18,936,032‌
Series
2026-1A,
Class
B,
6.73%,
01/05/56
...............
3,235‌
3,201,706‌
Series
2026-2A,
Class
A2,
5.85%,
01/05/56
...............
7,076‌
6,928,950‌
Series
2026-5A,
Class
A2,
6.18%,
03/05/56
...............
9,547‌
9,500,066‌
RAMP
Series
Trust,
Series
2004-RS7,
Class
A2A,
(1M
Sofr
FWD
at
0.62%
Floor
and
14.00%
Cap
+
0.62%),
4.41%,
07/25/34
(a)
...........
1,829‌
1,455,617‌
RASC
Trust,
Series
2006-EMX9,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
and
14.00%
Cap
+
0.35%),
4.27%,
11/25/36
(a)
......
2,407‌
2,013,543‌
RCKT
Mortgage
Trust,
Series
2024-
CES2,
Class
B2,
9.58%,
04/25/44
(a)
(c)
......................
1,949‌
2,010,992‌
Regional
Management
Issuance
Trust
(c)
Series
2021-2,
Class
A,
1.90%,
08/15/33
...............
2,361‌
2,296,204‌
Series
2021-2,
Class
B,
2.35%,
08/15/33
...............
560‌
526,453‌
Series
2021-2,
Class
C,
3.23%,
08/15/33
...............
1,339‌
1,258,912‌
Series
2022-1,
Class
B,
3.71%,
03/15/32
...............
1,385‌
1,381,452‌
Series
2022-1,
Class
C,
4.46%,
03/15/32
...............
1,117‌
1,110,716‌
Series
2022-1,
Class
D,
6.72%,
03/15/32
...............
3,555‌
3,560,610‌
Series
2024-1,
Class
D,
7.46%,
07/15/36
...............
2,239‌
2,283,865‌
Series
2024-2,
Class
A,
5.11%,
12/15/33
...............
3,687‌
3,701,146‌
Series
2024-2,
Class
D,
6.33%,
12/15/33
...............
538‌
540,862‌
Series
2025-2,
Class
A,
4.59%,
11/16/37
...............
24,715‌
24,443,362‌
Republic
Finance
Issuance
Trust
(c)
Series
2024-A,
Class
B,
6.47%,
08/20/32
...............
1,393‌
1,402,220‌
Series
2024-A,
Class
C,
7.28%,
08/20/32
...............
685‌
690,485‌
Series
2024-A,
Class
D,
9.49%,
08/20/32
...............
2,799‌
2,834,941‌
Series
2024-B,
Class
A,
5.42%,
11/20/37
...............
20,532‌
20,791,457‌
Series
2024-B,
Class
B,
5.86%,
11/20/37
...............
7,249‌
7,362,204‌
Series
2025-A,
Class
A,
4.59%,
11/20/34
...............
21,972‌
21,874,600‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Retained
Vantage
Data
Centers
Issuer
LLC,
Series
2025-1A,
Class
A2A,
5.09%,
08/15/50
(c)
...........
USD
15,985‌
$
15,630,386‌
RMIT
Cash
Management
LLC,
Series
2021-3,
Class
A,
3.88%,
10/17/33
(c)(d)
43,330‌
42,571,725‌
SAIF
Securitization
Trust,
Series
2026-
CES1,
Class
A1A,
5.40%,
02/25/56
(c)
(g)
......................
9,750‌
9,743,484‌
Saxon
Asset
Securities
Trust
Series
2004-2,
Class
MF5,
2.69%,
08/25/35
(g)
..............
829‌
645,072‌
Series
2007-1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.29%
Floor
+
0.40%),
4.08%,
01/25/47
(a)
..
6,017‌
5,878,841‌
Securitized
Asset-Backed
Receivables
LLC
Trust
(a)
Series
2006-OP1,
Class
M6,
(1-mo.
CME
Term
SOFR
at
1.01%
Floor
+
1.12%),
4.80%,
10/25/35
...
570‌
452,227‌
Series
2007-BR1,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.22%
Floor
+
0.33%),
4.01%,
02/25/37
...
622‌
248,399‌
Series
2007-BR1,
Class
A2B,
(1-mo.
CME
Term
SOFR
at
0.54%
Floor
+
0.65%),
4.33%,
02/25/37
...
6,626‌
2,647,461‌
Series
2007-NC2,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.44%
Floor
+
0.55%),
4.23%,
01/25/37
...
1,092‌
833,262‌
Service
Experts
Issuer
LLC
(c)
Series
2021-1A,
Class
A,
2.67%,
02/02/32
...............
2,698‌
2,653,503‌
Series
2024-1A,
Class
A,
6.39%,
11/20/35
...............
5,586‌
5,697,947‌
Sesac
Finance
LLC
(c)
Series
2024-1,
Class
A2,
6.42%,
01/25/54
...............
2,385‌
2,389,102‌
Series
2025-1,
Class
A2,
5.50%,
07/25/55
...............
16,211‌
15,891,285‌
SG
Mortgage
Securities
Trust
(a)
Series
2006-FRE2,
Class
A2C,
(1-
mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.11%,
07/25/36
2,284‌
467,204‌
Series
2006-OPT2,
Class
A3D,
(1-
mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.21%,
10/25/36
4,623‌
3,736,912‌
Silver
Point
CLO
6
Ltd.,
Series
2024-
6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
10/15/37
(a)(c)
..........
8,750‌
8,757,613‌
Silver
Point
Euro
CLO
DAC
(a)
Series
1A,
Class
C,
(3-mo.
EURIBOR
at
2.40%
Floor
+
2.40%),
4.50%,
01/15/39
(c)
...
EUR
2,500‌
2,892,094‌
Series
1A,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.10%,
01/15/39
(c)
...
2,187‌
2,509,281‌
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
3.45%,
01/15/39
(b)
...
10,800‌
12,484,246‌
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
5.10%,
01/15/39
(b)
...
1,187‌
1,361,919‌
Silver
Point
SCF
CLO
VII
Ltd.,
Series
2025-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
07/15/37
(a)(c)
....
USD
9,750‌
9,751,350‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Sixth
Street
CLO
32
Ltd.,
Series
2026-
32A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
0.00%,
04/21/39
(a)(c)
..........
USD
2,000‌
$
2,000,000‌
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.86%),
8.54%,
10/15/41
(a)(c)
....
14,236‌
14,932,601‌
SMB
Private
Education
Loan
Trust
(c)
Series
2015-B,
Class
B,
3.50%,
12/17/40
...............
185‌
184,619‌
Series
2020-A,
Class
B,
3.00%,
08/15/45
...............
5,930‌
5,560,979‌
Series
2020-PTA,
Class
C,
3.20%,
09/15/54
...............
4,455‌
3,922,756‌
Series
2021-A,
Class
C,
2.99%,
01/15/53
...............
13,431‌
11,839,134‌
Series
2021-C,
Class
C,
3.00%,
01/15/53
...............
757‌
683,219‌
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
5.12%,
03/15/56
(a)
...
18,751‌
18,908,634‌
Series
2024-A,
Class
B,
5.88%,
03/15/56
...............
7,329‌
7,440,635‌
Series
2024-C,
Class
A1B,
(SOFR
30
day
Average
at
1.10%
Floor
+
1.10%),
4.77%,
06/17/52
(a)
...
6,228‌
6,218,010‌
SoFi
Consumer
Loan
Program
Trust
(c)
Series
2025-1,
Class
B,
5.12%,
02/27/34
...............
3,660‌
3,692,506‌
Series
2026-B,
Class
A,
4.40%,
02/25/36
...............
44,644‌
44,640,067‌
Series
2026-B,
Class
B,
4.90%,
02/25/36
...............
4,463‌
4,458,155‌
Series
2026-B,
Class
C,
5.20%,
02/25/36
...............
4,259‌
4,253,284‌
Series
2026-B,
Class
D,
5.56%,
02/25/36
...............
4,181‌
4,176,099‌
SoFi
Personal
Loan
Trust
(c)
Series
2023-1,  0.00%,
10/15/30
(h)
351‌
4,680,591‌
Series
2023-1A,
Class
A,
6.00%,
11/12/30
...............
5,548‌
5,578,958‌
Series
2024-1A,
Class
A,
6.06%,
02/12/31
...............
3,779‌
3,782,614‌
SoFi
Professional
Loan
Program
Trust
(c)
Series
2018-B,
Class
BFX,
3.83%,
08/25/47
...............
496‌
480,912‌
Series
2018-D,
Class
BFX,
4.14%,
02/25/48
...............
273‌
263,787‌
Series
2020-A,
Class
BFX,
3.12%,
05/15/46
...............
789‌
712,682‌
Soundview
Home
Loan
Trust
(a)
Series
2004-WMC1,
Class
M2,
(1-
mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
4.59%,
01/25/35
87‌
75,469‌
Series
2005-OPT3,
Class
M4,
(1-
mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
4.81%,
11/25/35
69‌
58,637‌
Series
2007-NS1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.53%
Floor
+
0.64%),
4.32%,
01/25/37
...
1,081‌
1,130,894‌
Splitrock
Services,
Inc.,
Series
2024-1-
A,
0.00%,
02/12/31
(c)
.........
304‌
5,844,834‌
SpringCastle
America
Funding
LLC
(c)
Series
2020-AA,
Class
A,
1.97%,
09/25/37
...............
3,663‌
3,451,196‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
41
(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
$
16,012,881‌
STAR
Trust,
Series
2021-SFR1,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.51%
Floor
+
2.51%),
6.19%,
04/17/38
(a)(c)
360‌
360,477‌
Stream
Innovations
Issuer
Trust,
Series
2025-1A,
Class
A,
5.05%,
09/15/45
(c)
7,368‌
7,391,298‌
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2007-
GEL2,
Class
M1,
(1-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.16%),
4.84%,
05/25/37
(a)(c)
..........
4,011‌
3,347,111‌
Subway
Funding
LLC,
Series
2024-1A,
Class
A2II,
6.27%,
07/30/54
(c)
...
11,034‌
11,130,185‌
Summit
Issuer
LLC,
Series
2025-1A,
Class
A2,
5.21%,
11/20/55
(c)
....
14,366‌
14,329,934‌
Switch
ABS
Issuer
LLC,
Series
2026-
1A,
Class
A21,
5.61%,
03/27/56
(c)
.
8,288‌
8,303,048‌
Taco
Bell
Funding
LLC,
Series
2025-1A,
Class
A2I,
4.82%,
08/25/55
(c)
....
20,173‌
19,863,070‌
Terwin
Mortgage
Trust
TMTS,
Series
2005-10HE,
Class
M5,
(1-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.13%),
4.81%,
06/25/36
(a)
.....
714‌
676,996‌
Truist
Bank
Auto
Credit-Linked
Notes,
Series
2025-1,
Class
B,
4.73%,
09/26/33
(c)
................
10,482‌
10,479,127‌
UPG
HI
Issuer
Trust,
Series
2025-2,
Class
A,
5.00%,
09/25/47
(c)
.....
6,305‌
6,267,807‌
Upgrade
Master
Pass-Thru
Trust
(c)
Series
2025-ST4,
Class
A,
5.50%,
08/16/32
...............
6,006‌
6,019,451‌
Series
2025-ST5,
Class
B,
5.25%,
09/15/32
...............
2,107‌
2,104,062‌
Series
2025-ST6,
Class
A,
4.61%,
10/15/32
...............
4,577‌
4,577,556‌
Series
2025-ST7,
Class
A,
4.55%,
11/15/32
...............
11,819‌
11,820,708‌
Series
2025-ST7,
Class
B,
4.98%,
11/15/32
...............
5,725‌
5,722,207‌
Series
2025-ST8,
Class
D,
5.91%,
12/15/33
...............
7,754‌
7,711,417‌
UPX
HIL
Issuer
Trust,
Series
2025-1,
Class
A,
5.16%,
01/25/47
(c)
.....
17,832‌
17,758,317‌
US
Bank
NA,
Series
2026-RVM1,
Class
B1,
4.96%,
12/25/46
(c)
........
18,557‌
18,470,647‌
VB-S1
Issuer
LLC
(c)
Series
2026-1A,
Class
C2,
4.69%,
03/15/56
...............
37,240‌
36,589,972‌
Series
2026-1A,
Class
D,
5.19%,
03/15/56
...............
6,825‌
6,710,308‌
Vista
Point
Securitization
Trust,
Series
2025-CES3,
Class
A1,
5.30%,
11/25/55
(c)(g)
...............
5,424‌
5,404,916‌
VOLT
CVI
LLC,
Series
2021-NP12,
Class
A1,
6.73%,
12/26/51
(c)(g)
...
9,977‌
9,981,358‌
Washington
Mutual
Asset-Backed
Certificates
Trust
(a)
Series
2006-HE4,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.15%,
09/25/36
...
11,894‌
2,976,327‌
Series
2006-HE5,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.42%),
4.10%,
10/25/36
...
3,301‌
2,544,779‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2007-HE1,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.12%
Floor
+
0.23%),
3.91%,
11/25/36
...
USD
506‌
$
157,937‌
Series
2007-HE1,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.13%,
11/25/36
...
4,493‌
1,406,926‌
Whetstone
Park
CLO
Ltd.,
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
6.83%,
01/20/35
(a)(c)
..........
1,750‌
1,630,793‌
Wireless
PropCo
Funding
LLC,
Series
2025-1A,
Class
C,
8.51%,
06/25/55
(c)
13,145‌
13,245,487‌
Yale
Mortgage
Loan
Trust,
Series
2007-
1,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.19%,
06/25/37
(a)(c)
...............
5,111‌
1,553,397‌
3,296,238,613‌
Total
Asset-Backed
Securities
—
16.5%
(Cost:
$7,828,321,042)
...........................
7,649,820,341‌
Shares
Shares
Common
Stocks
Argentina
—
0.0%
YPF
SA
,
ADR
(f)(j)
..............
45,447
2,100,560‌
Australia
—
0.0%
Rio
Tinto
Ltd.
................
2,655
301,644‌
Austria
—
0.0%
Raiffeisen
Bank
International
AG
(f)
...
10,392
445,056‌
Belgium
—
0.0%
Azelis
Group
NV
..............
142,263
1,450,734‌
Brazil
—
0.1%
Azul
SA
,
ADR
(c)(d)(f)
.............
324,216
5,349,564‌
Banco
do
Brasil
SA
............
184,313
820,537‌
ERO
Copper
Corp.
(f)
............
22,361
596,368‌
Klabin
SA
...................
183,043
693,322‌
Localiza
Rent
a
Car
SA
..........
173,679
1,577,239‌
Lojas
Renner
SA
..............
308,363
885,230‌
Rede
D'Or
Sao
Luiz
SA
(b)(c)
.......
58,655
440,718‌
Rumo
SA
...................
448,946
1,415,347‌
StoneCo
Ltd.
,
Class
A
(f)
..........
65,915
930,720‌
Vale
SA
....................
122,463
1,949,771‌
XP,
Inc.
,
Class
A
..............
32,829
625,064‌
15,283,880‌
Canada
—
0.1%
Algoma
Steel
Group,
Inc.
........
1,251,408
5,168,315‌
AtkinsRealis
Group,
Inc.
.........
6,584
423,598‌
Bombardier,
Inc.
,
Class
B
(f)
.......
2,435
430,637‌
Cameco
Corp.
(k)
...............
143,870
15,625,721‌
Methanex
Corp.
(j)
..............
252,193
15,015,571‌
Toromont
Industries
Ltd.
.........
2,975
416,513‌
37,080,355‌
Chile
—
0.0%
WOM
New
Holdco
(d)(f)
...........
82,839
1,905,297‌
China
—
0.1%
Alibaba
Group
Holding
Ltd.
,
ADR
...
40,545
5,086,776‌
Alibaba
Health
Information
Technology
Ltd.
(f)
....................
1,884,000
1,136,084‌
Baidu,
Inc.
,
Class
A
(f)
...........
108,975
1,523,274‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
China
(continued)
BYD
Co.
Ltd.
,
Class
H
..........
228,658
$
3,126,061‌
BYD
Electronic
International
Co.
Ltd.
314,250
1,130,385‌
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
H
(j)
..............
83,353
6,643,915‌
Fosun
International
Ltd.
.........
2,800,000
1,484,772‌
Kuaishou
Technology
(b)(c)
.........
104,200
613,772‌
Meitu,
Inc.
(b)(c)(f)
...............
1,644,000
915,912‌
Meituan
,
Class
B
(b)(c)(f)
...........
106,800
1,165,428‌
Minth
Group
Ltd.
..............
273,150
1,141,098‌
New
Oriental
Education
&
Technology
Group,
Inc.
,
ADR
............
20,962
1,187,078‌
Sunac
China
Holdings
Ltd.
(f)
......
12,246,227
1,663,586‌
Tencent
Holdings
Ltd.
...........
62,862
3,964,856‌
Tencent
Holdings
Ltd.
,
ADR
.......
3,702
234,040‌
Trip.com
Group
Ltd.
(f)
...........
33,450
1,653,056‌
Xiaomi
Corp.
,
Class
B
(b)(c)(f)
........
385,500
1,592,370‌
34,262,463‌
Czech
Republic
—
0.0%
Komercni
Banka
A/S
...........
19,546
997,243‌
Moneta
Money
Bank
A/S
(b)(c)
......
63,929
557,258‌
1,554,501‌
Egypt
—
0.0%
Commercial
International
Bank
Egypt
SAE
....................
1,236,755
2,747,087‌
EFG
Holding
S.A.E.
(f)
...........
1,767,470
816,810‌
Fawry
for
Banking
&
Payment
Technology
Services
SAE
(f)
.....
4,838,736
1,519,224‌
5,083,121‌
France
—
0.0%
Airbus
SE
...................
10,229
1,934,027‌
Arkema
SA
..................
50,110
3,440,445‌
AXA
SA
....................
9,008
413,932‌
EssilorLuxottica
SA
............
3,840
894,816‌
6,683,220‌
Georgia
—
0.0%
TBC
Bank
Group
plc
...........
47,214
2,577,708‌
Germany
—
0.1%
ADLER
Group
SA
(d)(f)
...........
11,192,332
129‌
BASF
SE
...................
42,980
2,647,156‌
Bayer
AG
(Registered)
..........
33,568
1,553,468‌
Caresyntax,
Inc.
(d)(f)
............
59,130
1‌
Daimler
Truck
Holding
AG
........
12,512
616,164‌
Evonik
Industries
AG
...........
106,325
2,086,381‌
Gerresheimer
AG
..............
40,769
940,642‌
Heidelberg
Materials
AG
.........
4,179
881,921‌
Hensoldt
AG
.................
25,300
2,245,384‌
K+S
AG
(Registered)
...........
117,331
2,230,915‌
LANXESS
AG
................
77,230
1,707,482‌
MTU
Aero
Engines
AG
..........
2,090
762,471‌
Nemetschek
SE
...............
5,616
420,414‌
Rheinmetall
AG
...............
1,166
1,966,793‌
Salzgitter
AG
.................
16,683
722,318‌
thyssenkrupp
AG
..............
83,393
734,818‌
Tkms
AG&
Co.
KGaA
(f)
..........
4,169
384,535‌
TUI
AG
....................
119,992
944,940‌
20,845,932‌
Greece
—
0.0%
Allwyn
AG
,
Class
R
............
46,653
705,864‌
Athens
International
Airport
SA
.....
103,284
1,254,488‌
Hellenic
Telecommunications
Organization
SA
,
Class
R
......
87,914
1,658,363‌
Security
Shares
Shares
Value
Greece
(continued)
National
Bank
of
Greece
SA
......
55,629
$
859,350‌
4,478,065‌
Hong
Kong
—
0.0%
ASMPT
Ltd.
.................
104,250
1,349,387‌
Hungary
—
0.0%
OTP
Bank
Nyrt.
...............
28,298
3,034,335‌
India
—
0.0%
Axis
Bank
Ltd.
................
27,673
342,736‌
GAIL
India
Ltd.
...............
164,762
241,488‌
ICICI
Bank
Ltd.
...............
10,563
135,600‌
IndusInd
Bank
Ltd.
(f)
............
76,773
615,008‌
Malpani
Pipes
And
Fittings
Ltd.
(f)
....
3,200
1,923‌
Manappuram
Finance
Ltd.
........
51,124
135,193‌
ReNew
Energy
Global
plc
,
Class
A
(f)
.
749,000
3,430,420‌
SAI
Life
Sciences
Ltd.
(b)(c)(f)
........
59,651
615,842‌
Sammaan
Capital
Ltd.
(f)
.........
2,792,650
4,436,323‌
9,954,533‌
Indonesia
—
0.0%
Bank
Mandiri
Persero
Tbk.
PT
.....
13,271,000
3,725,201‌
Bank
Syariah
Indonesia
Tbk.
PT
....
1,534,200
192,063‌
Ciputra
Development
Tbk.
PT
.....
13,568,100
567,457‌
Mitra
Adiperkasa
Tbk.
PT
........
5,354,000
379,627‌
4,864,348‌
Ireland
—
0.0%
Accenture
plc
,
Class
A
..........
2,055
407,486‌
Israel
—
0.0%
(f)
Deep
Instinct
Ltd.
(d)
............
292,569
17,554‌
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
....................
74,376
2,240,205‌
2,257,759‌
Italy
—
0.1%
Coca-Cola
HBC
AG
............
7,144
402,416‌
Intesa
Sanpaolo
SpA
...........
504,030
3,048,315‌
UniCredit
SpA
................
89,983
6,455,723‌
Unipol
Assicurazioni
SpA
.........
17,889
415,565‌
10,322,019‌
Japan
—
0.0%
Doutor
Nichires
Holdings
Co.
Ltd.
...
42,100
781,905‌
Fast
Retailing
Co.
Ltd.
..........
2,200
869,234‌
IDOM,
Inc.
..................
93,100
747,017‌
Keihan
Holdings
Co.
Ltd.
.........
36,900
754,046‌
Keisei
Electric
Railway
Co.
Ltd.
....
135,800
1,016,050‌
MonotaRO
Co.
Ltd.
............
73,400
795,621‌
Nagoya
Railroad
Co.
Ltd.
........
55,700
608,515‌
Nishimatsuya
Chain
Co.
Ltd.
......
83,900
1,115,399‌
Ohsho
Food
Service
Corp.
.......
39,000
764,739‌
Ryohin
Keikaku
Co.
Ltd.
.........
62,300
1,329,458‌
Saizeriya
Co.
Ltd.
.............
28,500
1,154,190‌
9,936,174‌
Kazakhstan
—
0.0%
(b)
Halyk
Savings
Bank
of
Kazakhstan
JSC
,
GDR
................
96,541
3,089,476‌
Kaspi.KZ
JSC
,
ADR
(f)
...........
35,098
2,599,709‌
NAC
Kazatomprom
JSC
,
GDR
.....
19,449
1,535,803‌
7,224,988‌
Luxembourg
—
0.0%
Altice
France
Lux
3
(f)
............
137,453
2,287,801‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Mexico
—
0.0%
Fomento
Economico
Mexicano
SAB
de
CV
.....................
34,932
$
385,688‌
Grupo
Aeromexico
SAB
de
CV
,
ADR
(f)
24,266
339,967‌
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
,
Class
B
.............
40,137
1,352,628‌
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
..................
103,726
1,150,402‌
Grupo
Mexico
SAB
de
CV,
Series
B
.
40,276
431,276‌
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
.....
28,227
456,423‌
Southern
Copper
Corp.
..........
8,260
1,421,216‌
Wal-Mart
de
Mexico
SAB
de
CV
....
475,125
1,542,837‌
7,080,437‌
Norway
—
0.0%
Orkla
ASA
...................
32,473
408,661‌
Philippines
—
0.0%
Ayala
Corp.
..................
19,690
164,597‌
Ayala
Land,
Inc.
...............
988,700
264,380‌
DigiPlus
Interactive
Corp.
........
2,828,520
744,029‌
Metropolitan
Bank
&
Trust
Co.
.....
569,480
595,259‌
1,768,265‌
Poland
—
0.0%
Bank
Polska
Kasa
Opieki
SA
......
52,559
3,114,333‌
LPP
SA
....................
326
1,976,685‌
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
.................
78,933
1,867,080‌
Powszechny
Zaklad
Ubezpieczen
SA
105,202
1,831,250‌
8,789,348‌
Republic
of
Turkiye
—
0.0%
Akbank
TAS
.................
1,786,753
2,666,849‌
Eldorado
Gold
Corp.
(j)
...........
62,537
2,146,895‌
KOC
Holding
A/S
..............
239,079
1,053,099‌
MLP
Saglik
Hizmetleri
A/S
(b)(c)(f)
.....
119,989
1,158,939‌
Turkiye
Is
Bankasi
A/S
,
Class
C
(f)
...
6,970,725
2,067,213‌
9,092,995‌
Romania
—
0.0%
Banca
Transilvania
SA
..........
161,079
1,311,248‌
Singapore
—
0.0%
Singapore
Technologies
Engineering
Ltd.
.....................
39,563
335,780‌
South
Africa
—
0.0%
Channel
Vas
Investments
Ltd.
(f)
....
783,897
908,457‌
Vodacom
Group
Ltd.
...........
147,900
1,261,427‌
2,169,884‌
South
Korea
—
0.0%
Doosan
Enerbility
Co.
Ltd.
(f)
.......
17,804
1,118,767‌
Hyundai
Motor
Co.
.............
2,675
824,062‌
Kia
Corp.
...................
11,306
1,116,253‌
Samsung
Electronics
Co.
Ltd.
.....
16,109
1,884,131‌
SK
Hynix,
Inc.
................
2,934
1,664,649‌
6,607,862‌
Spain
—
0.0%
CaixaBank
SA
................
524,486
6,287,359‌
Sweden
—
0.0%
SSAB
AB
,
Class
B
.............
184,331
1,453,100‌
Switzerland
—
0.0%
TE
Connectivity
plc
............
2,044
427,237‌
Security
Shares
Shares
Value
Taiwan
—
0.0%
ASE
Technology
Holding
Co.
Ltd.
...
93,000
$
1,023,573‌
Asia
Vital
Components
Co.
Ltd.
....
16,000
1,056,792‌
Asustek
Computer,
Inc.
..........
18,880
331,595‌
Delta
Electronics,
Inc.
...........
7,022
316,625‌
Elite
Material
Co.
Ltd.
...........
15,000
1,280,197‌
Gold
Circuit
Electronics
Ltd.
.......
37,000
1,043,322‌
Phison
Electronics
Corp.
.........
19,000
944,955‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
5,067
293,048‌
6,290,107‌
Thailand
—
0.0%
CP
ALL
PCL
.................
1,488,000
2,075,101‌
Krungthai
Card
PCL
............
1,513,400
1,385,875‌
True
Corp.
PCL
,
NVDR
..........
2,114,300
930,331‌
4,391,307‌
United
Kingdom
—
0.1%
Anthropics
Technology
Ltd.,
Series
G
(d)(f)
40,906
10,600,234‌
Genius
Sports
Ltd.
(f)
............
1,010,711
4,477,450‌
Halma
plc
...................
8,164
416,615‌
Kingfisher
plc
................
108,278
411,709‌
Mobico
Group
plc
(f)(j)
............
2,543,814
583,163‌
NEW
Look
Retailers
(d)(f)
..........
4,100,922
54‌
16,489,225‌
United
States
—
2.4%
Adobe,
Inc.
(f)
.................
1,684
409,347‌
Advanced
Drainage
Systems,
Inc.
..
14,835
2,034,324‌
Advanced
Micro
Devices,
Inc.
(f)(k)
...
82,006
16,682,481‌
Airbnb,
Inc.
,
Class
A
(f)
...........
3,298
416,471‌
Alphabet,
Inc.
,
Class
C
..........
106,569
30,570,383‌
Amazon.com,
Inc.
(f)(k)
...........
114,552
23,857,745‌
AMC
Networks,
Inc.
,
Class
A
(f)
.....
197,308
1,339,721‌
Ameriprise
Financial,
Inc.
........
926
411,514‌
APA
Corp.
..................
240,157
10,192,263‌
Apollo
Global
Management,
Inc.
....
3,693
411,474‌
Apple,
Inc.
..................
17,921
4,548,171‌
Aptiv
plc
(f)
...................
6,093
423,098‌
Ascent
Resources
-
Utica
LLC
(f)(l)
...
2,531,799
2,531,799‌
Ascent
Resources
LLC
(d)(f)(l)
.......
15,944,377
20,249,359‌
Avaya
LLC
(f)
.................
2,491
35,497‌
Axon
Enterprise,
Inc.
(f)
..........
978
415,347‌
Ball
Corp.
...................
6,997
413,593‌
Boeing
Co.
(The)
(f)
.............
16,826
3,348,879‌
Booking
Holdings,
Inc.
..........
99
416,822‌
Boston
Scientific
Corp.
(f)
.........
47,886
3,004,846‌
Broadcom,
Inc.
(k)
..............
38,919
12,045,820‌
Builders
FirstSource,
Inc.
(f)
........
21,142
1,740,621‌
Cadence
Design
Systems,
Inc.
(f)
....
20,359
5,657,155‌
Caesars
Entertainment,
Inc.
(f)(k)
.....
278,230
7,353,619‌
Carlson
Travel,
Inc.
(d)(f)
..........
17,611
70,444‌
Carrier
Global
Corp.
............
38,851
2,187,700‌
Caterpillar,
Inc.
...............
608
430,744‌
CBRE
Group,
Inc.
,
Class
A
(f)
......
3,049
413,018‌
Century
Communities,
Inc.
.......
141,389
8,112,901‌
Charles
Schwab
Corp.
(The)
......
4,363
410,035‌
Citigroup,
Inc.
................
56,235
6,377,611‌
Coca-Cola
Co.
(The)
...........
5,323
404,814‌
Cognizant
Technology
Solutions
Corp.
,
Class
A
..................
6,649
407,916‌
Cooper
Cos.,
Inc.
(The)
(f)
.........
5,858
418,847‌
CoreWeave,
Inc.
,
Class
A
(f)
.......
131,565
10,192,341‌
Costco
Wholesale
Corp.
.........
407
405,547‌
Crowdstrike
Holdings,
Inc.
,
Class
A
(f)
.
27,777
10,844,419‌
Crown
PropTech
Acquisitions
(d)(f)
....
379,239
300,694‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Crown
PropTech
Acquisitions
,
Class
A
(f)
133,068
$
1,575,525‌
Davidson
Kempner
Merchant
Co.-Invest
Fund
LP,
(Acquired
03/31/23,
cost
$0)
(f)(l)(m)
..................
—
(n)
30,005,406‌
Deere
&
Co.
.................
731
411,772‌
Delta
Air
Lines,
Inc.
(k)
...........
100,650
6,691,212‌
DF
Residential
III
LP
(d)(f)
..........
22,678,371
24,946,208‌
DR
Horton,
Inc.
...............
56,422
7,742,227‌
Duke
Energy
Corp.
............
3,083
403,688‌
eBay,
Inc.
...................
4,613
419,875‌
EchoStar
Corp.
,
Class
A
(f)(k)
.......
247,608
28,987,469‌
Edwards
Lifesciences
Corp.
(f)
......
5,107
408,969‌
Eli
Lilly
&
Co.
................
16,356
15,043,758‌
Emerson
Electric
Co.
...........
111,765
14,643,450‌
EOC
Partners
Fund
LP
(d)(f)(l)
.......
35,029,831
35,029,831‌
Epic
Games,
Inc.,
(Acquired
10/17/24,
cost
$22,098,625)
(d)(f)(m)
........
45,487
22,953,650‌
EQT
Corp.
..................
6,301
400,996‌
EXO
Capital
Technologies,
Inc.,
(Acquired
06/24/21,
cost
$5,879,165)
(d)(f)(m)
............
10,036
3,713‌
Experian
plc
.................
11,818
408,838‌
FactSet
Research
Systems,
Inc.
....
1,985
430,725‌
Fanatics
Holdings,
Inc.
,
Class
A
,
(Acquired
12/15/21,
cost
$
27,387,008)
(d)(f)(m)
...........
403,700
35,323,750‌
Farmers
Business
Network,
Inc.
(d)(f)
..
217,669
213,316‌
Fifth
Third
Bancorp
............
224,602
10,435,009‌
First
Citizens
BancShares,
Inc.
,
Class
A
(k)
.....................
7,184
13,539,397‌
First
Horizon
Corp.
.............
457,211
10,406,122‌
First
Solar,
Inc.
(f)
..............
70,455
13,897,953‌
Flagstar
Bank
NA
(k)
............
1,781,910
23,467,755‌
FLYR,
Inc.,
Series
D-X
(d)(f)
........
4,503,497
45‌
Formentera
Partners
Fund
II
LP
(d)(l)
..
—
(n)
24,422,707‌
Fortinet,
Inc.
(f)
................
5,136
419,714‌
Freeport-McMoRan,
Inc.
.........
57,622
3,387,021‌
FreeWire
Technologies,
Inc.
(d)(f)
.....
328
—‌
Garmin
Ltd.
..................
1,797
416,922‌
GE
Aerospace
(k)
...............
33,286
9,445,568‌
GE
Vernova,
Inc.
..............
8,400
7,332,360‌
Goldman
Sachs
Group,
Inc.
(The)
..
9,065
7,668,899‌
Hartford
Insurance
Group,
Inc.
(The)
.
3,020
408,395‌
Henry
Schein,
Inc.
(f)
............
5,585
411,614‌
Hershey
Co.
(The)
.............
1,901
395,199‌
Home
Depot,
Inc.
(The)
.........
1,642
540,037‌
Insulet
Corp.
(f)
................
1,952
409,608‌
International
Business
Machines
Corp.
1,711
414,729‌
Intuitive
Surgical,
Inc.
(f)
..........
897
413,508‌
James
Hardie
Industries
plc
,
ADR
(f)
..
105,867
2,005,121‌
Johnson
&
Johnson
............
1,674
409,193‌
Johnson
Controls
International
plc
..
3,208
420,088‌
KB
Home
...................
85,011
4,399,319‌
KLA
Corp.
...................
17,998
26,500,435‌
Lam
Research
Corp.
...........
74,485
15,914,465‌
Latch,
Inc.
(f)
..................
715,325
150,218‌
Lionsgate
Studios
Corp.
(f)
........
1,393,864
13,367,156‌
Lowe's
Cos.,
Inc.
..............
2,310
545,807‌
Marathon
Petroleum
Corp.
.......
37,059
9,049,067‌
McKesson
Corp.
..............
472
408,450‌
Melange
Capital
Partners
(d)(l)
......
24,741,534
27,913,399‌
Meritage
Homes
Corp.
(k)
.........
113,302
7,006,596‌
Meta
Platforms,
Inc.
,
Class
A
(k)
.....
14,863
8,503,568‌
Mettler-Toledo
International,
Inc.
(f)
...
325
409,890‌
Micron
Technology,
Inc.
..........
24,164
8,163,566‌
Security
Shares
Shares
Value
United
States
(continued)
Morgan
Stanley
...............
2,564
$
421,957‌
MP
Materials
Corp.
,
Class
A
(f)(j)(k)
....
178,920
8,634,679‌
MSCI,
Inc.
..................
763
411,265‌
New
Kleo
Holdco
(d)(f)
............
1,002,728
1,506,704‌
New
Look
Builders,
Inc.
(d)(f)
.......
8,689,610
87‌
NRG
Energy,
Inc.
..............
25,378
3,708,741‌
NVIDIA
Corp.
................
79,000
13,777,600‌
OpenAir.com,
Series
C
(d)(f)
........
18,821
12,942,955‌
Oracle
Corp.
.................
1,599
235,229‌
Palantir
Technologies,
Inc.
,
Class
A
(f)
.
92,970
13,599,652‌
Palladyne
AI
Corp.
(f)(j)
...........
73,917
448,676‌
Palladyne
AI
Corp.
(f)
............
853,789
5,182,501‌
Paramount
Skydance
Corp.
,
Class
B
75,211
678,403‌
Parker-Hannifin
Corp.
...........
9,500
8,504,780‌
PBF
Energy,
Inc.
,
Class
A
........
192,722
9,177,422‌
PepsiCo,
Inc.
................
2,589
402,046‌
Playstudios,
Inc.
,
Class
A
(f)
.......
1,145,983
537,695‌
Principal
Financial
Group,
Inc.
.....
4,602
414,686‌
QXO,
Inc.
(f)(j)
.................
184,055
3,574,348‌
Relspace
(d)(f)
.................
3,565
3,672‌
ResMed,
Inc.
................
1,845
414,166‌
Rockwell
Automation,
Inc.
(k)
.......
44,555
15,989,898‌
RSA
Security
LLC
(d)(f)
...........
47,640
—‌
S&P
Global,
Inc.
..............
972
413,430‌
Salesforce,
Inc.
...............
2,194
409,554‌
Screaming
Eagle
Acquistion
Corp.,
(Acquired
05/14/24,
cost
$2,541,250)
(f)(m)
.............
250,000
2,372,643‌
Sims
Ltd.
...................
20,449
259,476‌
Six
Flags
Entertainment
Corp.
(f)
....
264,368
4,692,532‌
SM
Energy
Co.
...............
468,845
14,618,587‌
Snorkel
AI,
Inc.,
(Acquired
06/30/21,
cost
$609,993)
(d)(f)(m)
..........
40,613
295,256‌
Solaris
Energy
Infrastructure,
Inc.
,
Class
A
..................
121,471
6,864,326‌
Sonder
Holdings,
Inc.
,
Class
A
(f)
....
164,240
—‌
SOURCE
Global
PBC
(d)(f)
.........
99,230
7,938‌
Southwest
Airlines
Co.
..........
11,188
420,333‌
Space
Exploration
Technologies
Corp.
,
Class
A
,
(Acquired
08/21/23,
cost
$37,431,821)
(d)(f)(m)
...........
293,488
154,547,949‌
Space
Exploration
Technologies
Corp.
,
Class
C
,
(Acquired
08/21/23,
cost
$
8,570,448)
(d)(f)(m)
............
105,808
55,717,435‌
Starz
Entertainment
Corp.
........
64,848
745,752‌
Synopsys,
Inc.
(f)
...............
11,225
4,450,488‌
Tesla,
Inc.
(f)
..................
15,520
5,769,560‌
TJX
Cos.,
Inc.
(The)
............
2,606
416,178‌
Toll
Brothers,
Inc.
..............
25,006
3,412,569‌
TopBuild
Corp.
(f)
...............
3,681
1,293,135‌
Trane
Technologies
plc
..........
6,739
2,808,411‌
Travelers
Cos.,
Inc.
(The)
........
1,391
405,727‌
United
Airlines
Holdings,
Inc.
(f)
.....
36,781
3,386,427‌
USA
Rare
Earth
LLC,
(Acquired
01/26/26,
cost
$
20,163,840)
(f)(m)
..
937,853
14,194,405‌
Valero
Energy
Corp.
............
19,028
4,701,438‌
Verizon
Communications,
Inc.
.....
8,072
405,214‌
Vertiv
Holdings
Co.
,
Class
A
......
55,630
13,939,765‌
Vistance
Networks,
Inc.
(f)
.........
546,353
9,943,625‌
Vistra
Corp.
.................
6,966
1,047,199‌
Vobile
Group
Ltd.
(b)(f)(j)
...........
1,713,000
760,256‌
Walt
Disney
Co.
(The)
..........
92,005
8,867,442‌
Wealthfront
Corp.
(f)(j)
............
427,341
3,952,904‌
West
Pharmaceutical
Services,
Inc.
.
1,656
415,060‌
Williams
Cos.,
Inc.
(The)
.........
99,031
7,207,476‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Wolfspeed,
Inc.
(f)
..............
24,582
$
401,178‌
Zeitview,
Series
E-3
,
Class
E
(d)(f)
....
4,360,014
4,423,627‌
1,102,665,115‌
Total
Common
Stocks
—
3.0%
(Cost:
$1,232,049,353)
...........................
1,361,259,296‌
Par
(000)
Pa
r
(
000)
Corporate
Bonds
Angola
—
0.0%
Azule
Energy
Finance
plc
(c)
8.13%,
01/23/30
............
USD
3,560‌
3,594,888‌
8.25%,
01/22/31
............
10,229‌
10,326,585‌
8.63%,
01/22/33
............
3,200‌
3,224,032‌
17,145,505‌
Argentina
—
0.0%
(c)
Telecom
Argentina
SA
9.25%,
05/28/33
............
8,761‌
9,070,695‌
8.50%,
01/20/36
............
3,362‌
3,360,748‌
Vista
Energy
Argentina
SAU,
8.50%,
06/10/33
.................
331‌
346,180‌
12,777,623‌
Australia
—
0.7%
AGL
Energy
Ltd.
(b)
5.77%,
09/30/35
............
AUD
3,540‌
2,325,040‌
5.77%,
09/30/35
............
9,370‌
6,154,132‌
Ampol
Ltd.
(a)(b)
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.50%),
6.65%,
12/11/54
...............
5,000‌
3,532,854‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.00%),
5.85%,
10/30/55
...............
14,640‌
9,550,472‌
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
.................
USD
585‌
558,476‌
AusNet
Services
Holdings
Pty.
Ltd.
(a)(b)
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
2.25%),
6.21%,
02/12/55
....
AUD
4,910‌
3,448,768‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.77%),
5.70%,
02/04/56
...............
6,370‌
4,329,145‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.77%),
6.50%,
02/04/56
...............
4,940‌
3,310,601‌
Australia
&
New
Zealand
Banking
Group
Ltd.
(b)
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.25%),
5.24%,
02/23/37
(a)
...
10,000‌
6,842,924‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.68%),
5.69%,
08/14/40
(a)
..............
7,000‌
4,574,451‌
6.17%,
08/14/45
............
9,530‌
6,297,158‌
BHP
Billiton
Finance
Ltd.
3.64%,
09/04/35
(b)
...........
EUR
27,436‌
30,701,212‌
Commonwealth
Bank
of
Australia
(a)(b)
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.28%),
5.32%,
03/05/36
...............
AUD
3,930‌
2,703,911‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.32%),
3.79%,
08/26/37
....
EUR
5,115‌
5,789,093‌
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
Dyno
Nobel
Ltd.,
5.82%,
08/08/35
(b)
.
AUD
1,520‌
$
1,000,074‌
Flinders
Port
Holdings
Pty.
Ltd.,
6.10%,
07/10/34
(b)
................
5,600‌
3,822,610‌
Fortescue
Treasury
Pty.
Ltd.
(c)
4.50%,
09/15/27
............
USD
736‌
728,804‌
5.88%,
04/15/30
............
884‌
894,607‌
4.38%,
04/01/31
............
1,752‌
1,655,368‌
Glencore
Funding
LLC,
6.13%,
10/06/28
(c)
................
700‌
724,442‌
Insurance
Australia
Group
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.68%),
5.85%,
06/15/37
(a)(b)
..........
AUD
9,290‌
6,428,736‌
Macquarie
Bank
Ltd.,
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.32%),
5.31%,
08/20/36
(a)(b)
19,950‌
13,629,060‌
Mineral
Resources
Ltd.
(c)
8.00%,
11/01/27
............
USD
938‌
949,978‌
9.25%,
10/01/28
............
1,554‌
1,610,134‌
8.50%,
05/01/30
............
7,409‌
7,614,974‌
7.00%,
04/01/31
............
621‌
634,612‌
National
Australia
Bank
Ltd.
(a)(b)
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.30%),
5.26%,
11/14/35
...............
AUD
14,500‌
9,993,070‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.00%),
6.34%,
06/06/39
...............
4,491‌
3,087,318‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.70%),
5.77%,
07/30/40
...............
8,000‌
5,262,387‌
NSW
Electricity
Networks
Finance
Pty.
Ltd.
(a)(b)
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.05%),
6.20%,
03/11/55
...............
16,910‌
11,811,376‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.25%),
6.28%,
03/11/55
...............
3,070‌
2,063,244‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.80%),
5.79%,
11/20/55
...............
2,000‌
1,378,975‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
2.20%),
6.30%,
11/20/55
...............
4,840‌
3,194,063‌
NSW
Ports
Finance
Co.
Pty.
Ltd.,
5.43%,
09/19/34
(b)
...........
14,000‌
9,151,897‌
Oceana
Australian
Fixed
Income
Trust
(d)
12.50%,
07/31/26
...........
16,502‌
11,442,482‌
12.50%,
07/31/27
...........
27,503‌
19,284,999‌
10.50%,
07/31/28
...........
23,159‌
15,759,646‌
Origin
Energy
Finance
Ltd.,
1.00%,
09/17/29
(b)
................
EUR
21,424‌
22,583,082‌
Pacific
National
Finance
Pty.
Ltd.
(b)
3.70%,
09/24/29
............
AUD
3,000‌
1,889,690‌
(ADSWAP5
+
3.85%),
7.75%,
12/11/54
(a)
..............
10,160‌
7,010,944‌
Patrick
Terminals
Finance
Pty.
Ltd.,
5.55%,
10/22/35
(b)
...........
11,670‌
7,586,408‌
Scentre
Group
Trust
1,
5.35%,
09/18/35
(b)
................
20,000‌
12,928,283‌
Tabcorp
Finance
Pty.
Ltd.,
5.99%,
05/28/31
(b)
................
9,930‌
6,666,290‌
Transurban
Queensland
Finance
Pty.
Ltd.,
5.62%,
08/28/34
(b)
........
3,090‌
2,035,368‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
Vicinity
Centres
Trust,
5.84%,
03/03/36
(b)
................
AUD
5,540‌
$
3,698,212‌
Westpac
Banking
Corp.
(b)
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
+
1.78%),
5.82%,
06/04/40
(a)
..............
9,000‌
5,949,432‌
(3-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.33%),
6.09%,
02/12/41
(a)
...
13,160‌
8,823,693‌
6.14%,
11/13/45
............
9,200‌
6,055,109‌
Worley
Financial
Services
Pty.
Ltd.,
5.87%,
05/13/32
(b)
...........
6,000‌
4,072,388‌
311,539,992‌
Austria
—
0.0%
ams-OSRAM
AG,
10.50%,
03/30/29
(b)
EUR
1,900‌
2,299,235‌
Belgium
—
0.1%
Belfius
Bank
SA,
(5-Year
EUR
Swap
Annual
+
1.30%),
1.25%,
04/06/34
(a)
(b)
......................
11,000‌
11,741,543‌
Ontex
Group
NV,
5.25%,
04/15/30
(b)
.
1,769‌
1,875,786‌
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(c)
......
USD
16,000‌
15,701,120‌
29,318,449‌
Brazil
—
0.3%
3R
Lux
SARL
9.75%,
02/05/31
(c)
...........
3,826‌
3,916,868‌
9.75%,
02/05/31
(b)
...........
200‌
204,750‌
Ambipar
Lux
SARL
(e)(f)
10.88%,
02/05/33
(c)
..........
9,468‌
1,287,459‌
10.88%,
02/05/33
(b)
..........
23,879‌
3,247,066‌
Arcos
Dorados
BV
6.38%,
01/29/32
(c)
...........
405‌
413,829‌
6.38%,
01/29/32
(b)
...........
7,738‌
7,906,688‌
Azul
Secured
Finance
LLP,
9.88%,
02/15/31
(b)
................
281‌
247,983‌
CSN
Resources
SA
4.63%,
06/10/31
(b)
...........
8,082‌
4,919,917‌
5.88%,
04/08/32
(b)
...........
2,646‌
1,617,368‌
5.88%,
04/08/32
(c)
...........
5,634‌
3,443,782‌
Eldorado
Intl.
Finance
GmbH,
8.50%,
12/01/32
(c)
................
7,444‌
7,474,446‌
LD
Celulose
International
GmbH,
7.95%,
01/26/32
(c)
...........
624‌
641,456‌
MC
Brazil
Downstream
Trading
SARL
7.25%,
06/30/31
(c)
...........
10,430‌
9,322,334‌
7.25%,
06/30/31
(b)
...........
788‌
704,642‌
Nexa
Resources
SA,
6.75%,
04/09/34
(c)
319‌
332,159‌
Oceanica
Lux,
13.00%,
10/02/29
(c)
..
2,169‌
2,281,716‌
Petrobras
Global
Finance
BV,
6.75%,
01/27/41
.................
688‌
669,974‌
Pluxee
NV,
3.50%,
09/04/28
(b)
.....
EUR
38,300‌
44,151,299‌
PRIO
Luxembourg
Holding
SARL,
6.75%,
10/15/30
(c)
...........
USD
705‌
685,789‌
Raizen
Fuels
Finance
SA
6.45%,
03/05/34
(c)
...........
820‌
451,000‌
6.45%,
03/05/34
(b)
...........
2,607‌
1,433,850‌
5.70%,
01/17/35
(b)
...........
4,633‌
2,522,205‌
6.70%,
02/25/37
(b)
...........
8,276‌
4,489,730‌
6.95%,
03/05/54
(c)
...........
425‌
225,462‌
6.95%,
03/05/54
(b)
...........
3,169‌
1,681,155‌
Samarco
Mineracao
SA
(o)
9.00%,
(9.00%
Cash
or
9.00%
PIK),
06/30/31
(c)
..............
323‌
317,758‌
Security
Par
(000)
Par
(000)
Value
Brazil
(continued)
9.00%,
(
9.00%
Cash
or
9.00%
PIK),
06/30/31
(b)
..............
USD
22,656‌
$
22,309,408‌
Suzano
Austria
GmbH
6.00%,
01/15/29
............
1,643‌
1,677,832‌
5.00%,
01/15/30
............
1,667‌
1,644,249‌
Vale
Overseas
Ltd.
6.40%,
06/28/54
............
8,244‌
8,294,948‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.43%),
6.00%,
02/25/56
(a)(c)
..
742‌
732,280‌
139,249,402‌
Canada
—
0.5%
1011778
BC
ULC
(c)
4.38%,
01/15/28
............
2,312‌
2,279,613‌
6.13%,
06/15/29
............
4,959‌
5,039,162‌
5.63%,
09/15/29
............
332‌
332,723‌
4.00%,
10/15/30
............
1,815‌
1,705,965‌
Air
Canada,
3.88%,
08/15/26
(c)
.....
952‌
947,255‌
Air
Canada
Pass-Through
Trust,
Series
2020-1,
Class
C,
10.50%,
07/15/26
(c)
15,068‌
15,234,149‌
Alexandrite
Lake
Lux
Holdings
SARL,
6.75%,
07/30/30
(b)
...........
EUR
3,830‌
4,327,300‌
Bombardier,
Inc.
(c)
8.75%,
11/15/30
............
USD
3,210‌
3,413,970‌
7.00%,
06/01/32
............
2,174‌
2,256,268‌
Brookfield
Residential
Properties,
Inc.
(c)
5.00%,
06/15/29
............
2,892‌
2,743,917‌
4.88%,
02/15/30
............
4,283‌
3,932,359‌
Garda
World
Security
Corp.
(c)
6.00%,
06/01/29
............
127‌
120,882‌
8.25%,
08/01/32
............
3,789‌
3,749,343‌
8.38%,
11/15/32
............
2,705‌
2,706,837‌
HR
Ottawa
LP,
11.00%,
03/31/31
(c)
..
97,613‌
108,476,340‌
Jones
Deslauriers
Insurance
Management,
Inc.,
8.50%,
03/15/30
(c)
................
1,690‌
1,717,763‌
Mattamy
Group
Corp.
(c)
4.63%,
03/01/30
............
7,171‌
6,817,834‌
6.00%,
12/15/33
............
2,138‌
2,007,698‌
Methanex
Corp.,
5.13%,
10/15/27
...
2,738‌
2,720,957‌
NOVA
Chemicals
Corp.
(c)
9.00%,
02/15/30
............
5,272‌
5,565,508‌
7.00%,
12/01/31
............
279‌
295,316‌
Open
Text
Corp.,
3.88%,
12/01/29
(c)
.
3,747‌
3,348,523‌
RB
Global
Holdings,
Inc.,
6.75%,
03/15/28
(c)
................
100‌
101,237‌
Rogers
Communications,
Inc.
3.20%,
03/15/27
............
7,695‌
7,599,948‌
Series
NC5,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
7.00%,
04/15/55
(a)
..............
1,825‌
1,832,189‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.62%),
7.13%,
04/15/55
(a)
...
2,112‌
2,161,184‌
South
Bow
Canadian
Infrastructure
Holdings
Ltd.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.67%),
7.50%,
03/01/55
....
1,497‌
1,558,653‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.95%),
7.63%,
03/01/55
....
279‌
287,250‌
Toronto-Dominion
Bank
(The),
3.19%,
02/16/29
(b)
................
EUR
41,620‌
48,319,101‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Canada
(continued)
Toucan
FinCo.
Ltd.,
9.50%,
05/15/30
(c)
USD
10,461‌
$
9,238,620‌
Wrangler
Holdco
Corp.,
6.63%,
04/01/32
(c)
................
379‌
390,249‌
251,228,113‌
Chile
—
0.2%
AES
Andes
SA
6.30%,
03/15/29
(c)
...........
612‌
625,388‌
6.30%,
03/15/29
(b)
...........
1,901‌
1,942,584‌
Cencosud
SA
4.38%,
07/17/27
(b)
...........
573‌
569,745‌
5.95%,
05/28/31
(c)
...........
619‌
631,349‌
Corp.
Nacional
del
Cobre
de
Chile,
5.53%,
01/30/37
(c)
...........
11,253‌
11,024,564‌
Engie
Energia
Chile
SA,
3.40%,
01/28/30
(b)
................
604‌
562,042‌
WOM
Chile
Holdco
SpA,
5.00%,
(5.00%
Cash
or
5.00%
PIK),
04/01/32
(a)(c)(o)(p)
41,008‌
35,053,971‌
WOM
Mobile
SA,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
04/01/31
(a)(c)(o)
20,896‌
21,127,636‌
71,537,279‌
China
—
0.6%
Alibaba
Group
Holding
Ltd.
(p)
0.50%,
06/01/31
............
3,035‌
4,209,545‌
0.00%,
09/15/32
(b)(h)
..........
4,500‌
4,331,250‌
Central
Plaza
Development
Ltd.,
6.80%,
04/07/29
(b)
................
3,480‌
3,439,719‌
China
City
Construction
International
Co.
Ltd.,
5.35%,
07/03/17
(b)(d)(e)(f)
..
CNY
2,990‌
—‌
China
Oil
&
Gas
Group
Ltd.,
7.00%,
02/04/29
(b)
................
USD
5,000‌
4,806,562‌
China
Pacific
Insurance
Group
Co.
Ltd.,
0.00%,
09/18/30
(b)(h)(p)
.........
HKD
213,000‌
27,558,091‌
China
Ruyi
Holdings
Ltd.,
0.00%,
01/31/27
(b)(h)(p)
..............
32,000‌
3,893,282‌
Chow
Tai
Fook
Jewellery
Group
Ltd.,
0.38%,
06/30/30
(b)(p)
..........
40,000‌
4,930,368‌
CMOC
Capital
Ltd.,
0.00%,
01/24/27
(b)(h)
(p)
......................
USD
8,600‌
8,320,579‌
Country
Garden
Holdings
Co.
Ltd.
(b)(e)(f)
8.00%,
01/27/24
............
1,000‌
101,250‌
3.13%,
10/22/25
............
2,000‌
182,000‌
2.70%,
07/12/26
............
1,000‌
91,000‌
5.13%,
01/14/27
............
1,000‌
91,000‌
Deep
Development
2025
Ltd.,
0.75%,
05/20/32
(b)(p)
...............
HKD
459,000‌
61,990,639‌
European
TopSoho
SARL,
Series
SMCP,
4.00%,
10/14/24
(b)(e)(f)(p)
...
EUR
13,600‌
11,774,837‌
Fantasia
Holdings
Group
Co.
Ltd.
(b)(e)(f)
11.75%,
04/17/24
...........
USD
10,550‌
116,050‌
11.88%,
06/01/24
...........
3,142‌
35,347‌
7.95%,
07/05/24
............
5,938‌
65,318‌
9.88%,
10/19/24
............
3,695‌
33,255‌
6.95%,
12/17/24
............
3,180‌
44,520‌
Fortune
Star
BVI
Ltd.
(b)
3.95%,
10/02/26
............
EUR
20,000‌
23,001,415‌
6.80%,
09/09/29
............
USD
5,399‌
5,101,650‌
5.88%,
11/20/30
............
EUR
10,663‌
11,431,278‌
Guotai
Junan
Holdings
Ltd.,
0.00%,
11/10/32
(b)(h)(p)
..............
HKD
8,000‌
964,648‌
iQIYI,
Inc.,
4.63%,
03/15/30
(b)(p)
.....
USD
1,000‌
903,493‌
KWG
Group
Holdings
Ltd.
(b)(e)(f)
5.88%,
11/10/24
............
2,000‌
96,200‌
6.00%,
08/14/26
............
1,000‌
47,500‌
Meituan,
0.00%,
04/27/28
(b)(h)(p)
.....
6,000‌
6,019,044‌
Security
Par
(000)
Par
(000)
Value
China
(continued)
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)(p)
0.88%,
07/22/29
............
USD
19,800‌
29,323,800‌
0.00%,
06/11/30
(h)
...........
HKD
164,000‌
24,564,862‌
Prosus
NV
(b)
3.26%,
01/19/27
............
USD
1,313‌
1,293,305‌
3.68%,
01/21/30
............
2,280‌
2,149,242‌
3.06%,
07/13/31
............
5,356‌
4,785,961‌
4.03%,
08/03/50
............
1,009‌
673,255‌
3.83%,
02/08/51
............
4,000‌
2,561,152‌
SF
Holding
Investment
2023
Ltd.,
0.00%,
07/08/26
(b)(h)(p)
.........
HKD
126,000‌
15,996,659‌
Sunac
China
Holdings
Ltd.
(b)(h)(p)
0.00%,
06/23/26
............
USD
2,273‌
329,546‌
0.00%,
06/23/28
............
3,833‌
929,425‌
ZTO
Express
Cayman,
Inc.,
0.93%,
03/01/31
(b)(p)
...............
22,189‌
22,166,811‌
288,353,858‌
Colombia
—
0.1%
ABRA
Global
Finance,
14.00%,
(14.00%
Cash
or
14.00%
PIK),
10/22/29
(c)(o)
...............
24,806‌
22,955,298‌
Colombia
Telecomunicaciones
SA
ESP,
4.95%,
07/17/30
(b)
...........
738‌
661,451‌
Gran
Tierra
Energy,
Inc.,
9.75%,
04/15/31
(c)
................
18,550‌
16,208,063‌
Promigas
SA
ESP,
3.75%,
10/16/29
(b)
1,855‌
1,707,806‌
SierraCol
Energy
Andina
LLC,
6.00%,
06/15/28
(b)
................
261‌
248,255‌
41,780,873‌
Cyprus
—
0.0%
ASG
Finance
DAC,
9.75%,
05/15/29
(b)
11,801‌
9,381,795‌
Czech
Republic
—
0.1%
(b)
Allwyn
Entertainment
Financing
UK
plc,
7.25%,
04/30/30
............
EUR
10,330‌
12,342,664‌
EP
Infrastructure
A/S
1.82%,
03/02/31
............
16,300‌
16,780,351‌
4.13%,
02/27/33
............
10,100‌
11,217,044‌
4.38%,
01/29/34
............
3,075‌
3,433,928‌
43,773,987‌
Denmark
—
0.1%
Danske
Bank
A/S
(a)(b)
(GUKG1
+
1.65%),
2.25%,
01/14/28
GBP
17,315‌
22,437,312‌
(GUKG1
+
1.20%),
5.25%,
10/04/31
6,000‌
7,927,649‌
Genmab
A/S
(c)
6.25%,
12/15/32
............
USD
633‌
648,972‌
7.25%,
12/15/33
............
222‌
232,374‌
SGL
Group
ApS
(a)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.75%),
6.78%,
04/22/30
....
EUR
11,626‌
12,497,511‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.27%,
02/24/31
(b)(c)
..
1,626‌
1,727,446‌
45,471,264‌
Finland
—
0.1%
Ahlstrom
Holding
3
Oy
4.88%,
02/04/28
(c)
...........
USD
5,469‌
5,320,428‌
4.88%,
02/04/28
(b)
...........
3,800‌
3,696,769‌
Citycon
Treasury
BV
(b)
Series
EURO,
2.38%,
01/15/27
..
EUR
202‌
228,930‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Finland
(continued)
1.63%,
03/12/28
............
EUR
4,754‌
$
5,099,289‌
5.38%,
07/08/31
............
2,550‌
2,715,507‌
Mehilainen
Yhtiot
Oy
(b)
5.13%,
06/30/32
............
19,598‌
22,573,463‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.38%),
5.51%,
06/30/32
(a)
...
689‌
794,967‌
40,429,353‌
France
—
1.8%
Altice
France
SA
(b)
7.25%,
11/01/29
............
1,748‌
2,003,314‌
5.63%,
07/15/32
............
3,887‌
4,277,739‌
Atos
SE,
9.36%,
12/18/29
(b)(g)
......
14,482‌
18,871,246‌
Banijay
Entertainment
SAS,
7.00%,
05/01/29
(b)
................
5,031‌
5,961,342‌
Banque
Federative
du
Credit
Mutuel
SA
(b)
5.00%,
10/22/29
............
GBP
7,600‌
10,005,035‌
1.25%,
06/03/30
............
EUR
12,200‌
12,771,536‌
(3-mo.
EURIBOR
+
1.00%),
3.50%,
07/21/33
(a)
..............
19,100‌
21,398,390‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.40%),
3.75%,
05/14/36
(a)
...
7,900‌
8,907,228‌
Betclic
Everest
Group
SAS
(b)
5.13%,
12/10/31
............
12,304‌
14,055,504‌
5.13%,
12/10/31
............
3,066‌
3,502,452‌
BNP
Paribas
SA
4.40%,
08/14/28
(c)
...........
USD
1,100‌
1,095,341‌
Series
TMO,
(BFRTMO
at
0.00%
Floor
-
0.25%),
2.82%
(a)(q)
....
EUR
1,983‌
2,114,962‌
BPCE
SA
(b)
5.25%,
04/16/29
............
GBP
12,900‌
16,870,453‌
(5-year
SONIA
Mid-Swaps
Rate
+
1.83%),
2.50%,
11/30/32
(a)
...
5,000‌
6,299,183‌
4.50%,
01/13/33
............
EUR
400‌
472,085‌
(3-mo.
EURIBOR
+
1.20%),
3.63%,
10/01/33
(a)
..............
38,600‌
43,347,654‌
(5-Year
EUR
Swap
Annual
+
2.50%),
5.13%,
01/25/35
(a)
...
10,000‌
11,882,721‌
(3-mo.
EURIBOR
+
1.27%),
4.13%,
02/27/39
(a)
..............
7,900‌
8,803,163‌
Series
NC5.,
(5-Year
EUR
Swap
Annual
+
1.75%),
1.25%,
01/13/42
(a)
..............
30,800‌
35,167,174‌
Capgemini
SE,
3.50%,
09/25/34
(b)
...
9,800‌
10,785,593‌
Clariane
SE,
0.88%,
03/06/27
(b)(p)
...
3,407‌
2,317,628‌
Credit
Agricole
SA
(a)
(GUKG1
+
2.60%),
5.75%,
11/29/27
(b)
..............
GBP
12,000‌
15,976,768‌
(GUKG1
+
1.65%),
5.38%,
01/15/29
(b)
..............
12,800‌
16,980,778‌
(1-day
SOFR
+
1.69%),
5.34%,
01/10/30
(c)
..............
USD
300‌
305,371‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
1.50%),
1.87%,
12/09/31
(b)
.........
GBP
7,100‌
9,189,063‌
(1-day
SOFR
+
2.67%),
6.25%,
01/10/35
(c)
..............
USD
250‌
259,231‌
(1-day
SOFR
+
2.67%),
6.25%,
01/10/35
(b)
..............
500‌
518,463‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.70%),
4.38%,
04/15/36
(b)
...
EUR
14,000‌
16,226,584‌
Credit
Mutuel
Home
Loan
SFH
SA,
2.63%,
09/10/31
(b)
...........
73,900‌
83,113,092‌
Elior
Group
SA
(b)
5.63%,
03/15/30
............
15,200‌
17,732,265‌
Security
Par
(000)
Par
(000)
Value
France
(continued)
5.63%,
03/15/30
............
EUR
2,791‌
$
3,255,970‌
Forvia
SE
8.00%,
06/15/30
(c)
...........
USD
798‌
824,461‌
5.50%,
06/15/31
(b)
...........
EUR
1,795‌
2,054,199‌
6.75%,
09/15/33
(c)
...........
USD
9,175‌
8,958,376‌
Goldstory
SAS
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.02%,
02/01/30
(a)
...
EUR
3,506‌
3,938,505‌
6.75%,
02/01/30
............
14,168‌
16,009,609‌
Iliad
SA
(b)
5.38%,
02/15/29
............
5,100‌
6,079,238‌
5.63%,
02/15/30
............
5,700‌
6,897,656‌
4.25%,
01/09/32
............
6,500‌
7,356,988‌
IPD
3
BV
(b)
5.50%,
06/15/31
............
7,191‌
7,805,886‌
5.50%,
06/15/31
............
8,681‌
9,423,293‌
Kapla
Holding
SAS
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.65%,
07/31/30
(a)
...
2,880‌
3,316,177‌
5.00%,
04/30/31
............
13,089‌
14,876,254‌
La
Financiere
Atalian
SAS,
8.50%,
(8.50%
Cash
or
5.00%
PIK),
06/30/28
(b)(o)
...............
10,145‌
1,996,787‌
Lion/Polaris
Lux
4
SA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.63%),
5.64%,
07/01/29
(a)(b)
..........
4,488‌
5,176,835‌
Loxam
SAS
(b)
6.38%,
05/15/28
............
1,970‌
2,315,366‌
4.25%,
02/15/31
............
5,088‌
5,706,798‌
Lune
Holdings
SARL,
5.63%,
11/15/28
(b)
................
7,555‌
186,591‌
Maya
SAS
5.63%,
10/15/28
(b)
...........
300‌
348,288‌
7.00%,
10/15/28
(c)
...........
USD
3,498‌
3,520,573‌
5.38%,
04/15/30
(b)
...........
EUR
5,773‌
6,750,971‌
6.88%,
04/15/31
(b)
...........
8,716‌
10,495,401‌
8.50%,
04/15/31
(c)
...........
USD
1,495‌
1,564,238‌
7.00%,
04/15/32
(c)
...........
2,339‌
2,341,802‌
New
Immo
Holding
SA
(b)
3.25%,
07/23/27
............
EUR
7,600‌
8,611,156‌
5.88%,
04/17/28
............
9,500‌
11,000,879‌
4.88%,
12/08/28
............
4,500‌
5,079,863‌
4.95%,
11/14/30
............
3,300‌
3,666,896‌
Opal
Bidco
SAS
5.50%,
03/31/32
(b)
...........
7,965‌
8,985,675‌
6.50%,
03/31/32
(c)
...........
USD
1,892‌
1,893,824‌
OVH
Groupe
SA,
4.75%,
02/05/31
(b)
.
EUR
3,511‌
3,935,573‌
RCI
Banque
SA
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.75%),
5.50%,
10/09/34
....
14,100‌
16,518,656‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.20%),
4.75%,
03/24/37
....
2,800‌
3,132,572‌
Renault
SA,
3.88%,
09/30/30
(b)
.....
3,700‌
4,201,239‌
Sabena
technics
SAS,
(Acquired
10/28/22,
cost
$14,871,479),
(3-
mo.
EURIBOR
+
5.00%),
7.13%,
09/30/29
(a)(d)(m)
..............
15,039‌
17,382,288‌
Societe
Generale
SA,
1.25%,
12/07/27
(b)
................
GBP
6,000‌
7,447,189‌
TotalEnergies
SE,
(5-Year
EUR
Swap
Annual
+
3.35%),
3.37%
(a)(b)(q)
....
EUR
63,305‌
73,064,986‌
Veolia
Environnement
SA,
3.80%,
06/17/37
(b)
................
22,100‌
24,541,861‌
Vinci
SA,
Series
ADP,
0.75%,
03/04/31
(b)(p)
...............
11,900‌
13,057,267‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
Worldline
SA
(b)
0.00%,
07/30/26
(h)(p)
..........
EUR
345‌
$
404,021‌
0.88%,
06/30/27
............
14,000‌
15,166,263‌
4.13%,
09/12/28
............
36,800‌
38,650,367‌
5.25%,
11/27/29
............
15,700‌
15,665,731‌
5.50%,
06/10/30
............
21,700‌
21,467,867‌
826,285,793‌
Germany
—
1.1%
Alstria
Office
AG
(b)
4.25%,
10/15/29
............
2,500‌
2,756,699‌
5.50%,
03/20/31
............
22,700‌
25,979,553‌
Amprion
GmbH,
4.58%,
01/15/46
(b)
..
7,500‌
8,473,262‌
Aroundtown
SA,
3.50%,
05/13/30
(b)
..
3,300‌
3,652,945‌
Bayer
AG,
1.13%,
01/06/30
(b)
......
12,200‌
12,798,695‌
Bayer
US
Finance
II
LLC,
4.38%,
12/15/28
(c)
................
USD
7,875‌
7,796,004‌
BRANICKS
Group
AG,
2.25%,
09/22/26
(b)
................
EUR
5,700‌
3,631,891‌
Commerzbank
AG,
(Sterling
Overnight
Index
Average
+
1.00%),
5.00%,
10/15/31
(a)(b)
...............
GBP
12,000‌
15,539,249‌
Daimler
Truck
Finance
North
America
LLC,
2.00%,
12/14/26
(c)
........
USD
1,100‌
1,083,764‌
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
5.00%,
12/31/27
(b)(g)
..
EUR
6,518‌
6,884,878‌
Deutsche
Bahn
AG,
Series
CB
,
(5-
Year
EUR
Swap
Annual
+
1.89%),
1.60%
(a)(b)(q)
................
23,300‌
24,510,181‌
Deutsche
Bank
AG
(a)(b)
(3-mo.
EURIBOR
+
1.05%),
3.00%,
06/16/29
...............
12,200‌
13,909,930‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.30%),
4.00%,
06/24/32
....
21,500‌
24,850,064‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.55%),
4.45%,
05/15/41
....
11,200‌
12,424,320‌
Deutsche
Telekom
International
Finance
BV,
4.88%,
03/06/42
(c)
...
USD
150‌
136,242‌
Dynamo
Newco
II
GmbH
(b)
6.25%,
10/15/31
............
EUR
3,000‌
3,075,260‌
6.25%,
10/15/31
............
1,375‌
1,409,494‌
E.ON
International
Finance
BV,
3.50%,
09/03/35
(b)
................
9,429‌
10,529,490‌
EnBW
Energie
Baden-Wuerttemberg
AG,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.73%),
1.63%,
08/05/79
(a)(b)
4,900‌
5,509,518‌
Envalior
Deutschland
Gmbh,
12.00%,
(12.00%
Cash
or
12.00%
PIK),
04/01/31
(d)(o)
...............
26,261‌
24,626,015‌
Gruenenthal
GmbH
(b)
4.13%,
05/15/28
............
3,183‌
3,643,653‌
6.75%,
05/15/30
............
2,693‌
3,209,086‌
4.63%,
11/15/31
............
2,859‌
3,238,394‌
HT
Troplast
GmbH,
9.38%,
07/15/28
(b)
6,440‌
7,535,593‌
IHO
Verwaltungs
GmbH
(o)
8.75%,
(
8.75%
Cash
or
9.50%
PIK),
05/15/28
(a)(b)
.............
2,489‌
2,944,891‌
7.00%,
(7.00%
Cash
or
7.75%
PIK),
11/15/31
(b)
..............
1,297‌
1,567,353‌
8.00%,
(8.00%
Cash
or
8.75%
PIK),
11/15/32
(c)
..............
USD
3,900‌
3,995,273‌
Mahle
GmbH
(b)
2.38%,
05/14/28
............
EUR
1,200‌
1,324,777‌
6.50%,
05/02/31
............
6,898‌
8,061,865‌
7.13%,
07/15/32
............
3,238‌
3,836,140‌
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
MTU
Aero
Engines
AG,
0.13%,
07/15/33
(b)(p)
...............
EUR
2,500‌
$
2,664,083‌
Nidda
Healthcare
Holding
GmbH
(b)
7.00%,
02/21/30
............
11,369‌
13,363,342‌
5.38%,
10/23/30
............
1,846‌
2,124,000‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.23%,
10/15/32
(a)
...
12,638‌
14,491,361‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.23%,
10/15/32
(a)
...
2,520‌
2,889,558‌
PrestigeBidCo
GmbH
(a)(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.77%,
07/01/29
....
6,078‌
7,016,444‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.77%,
07/01/29
....
1,528‌
1,763,923‌
Progroup
AG
(b)
5.13%,
04/15/29
............
4,193‌
4,826,962‌
5.38%,
04/15/31
............
12,212‌
13,816,583‌
Sartorius
Finance
BV,
4.38%,
09/14/29
(b)
................
12,200‌
14,406,676‌
Schaeffler
AG,
5.38%,
04/01/31
(b)
...
1,600‌
1,869,661‌
Siemens
Financieringsmaatschappij
NV,
2.15%,
03/11/31
(c)
........
USD
250‌
225,506‌
TAG
Immobilien
AG,
0.63%,
03/11/31
(b)
(p)
......................
EUR
2,400‌
2,851,103‌
Techem
Verwaltungsgesellschaft
675
mbH,
4.63%,
07/15/32
(b)
.......
2,091‌
2,347,174‌
Tele
Columbus
AG,
10.00%,
(10.00%
Cash
or
10.00%
PIK),
01/01/29
(a)(b)(o)
5‌
3,304‌
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
................
USD
758‌
756,019‌
Traton
Finance
Luxembourg
SA,
3.75%,
03/27/30
(b)
...........
EUR
7,100‌
8,176,034‌
TUI
Cruises
GmbH,
5.00%,
05/15/30
(b)
5,515‌
6,205,191‌
Volkswagen
Bank
GmbH,
4.38%,
05/03/28
(b)
................
3,500‌
4,101,763‌
Volkswagen
Financial
Services
NV
(b)
5.50%,
12/07/26
............
GBP
16,100‌
21,387,022‌
3.25%,
04/13/27
............
2,900‌
3,762,733‌
6.50%,
09/18/27
............
7,300‌
9,812,027‌
6.50%,
09/18/27
............
3,500‌
4,704,397‌
2.13%,
01/18/28
............
13,600‌
17,033,200‌
Volkswagen
Group
of
America
Finance
LLC,
4.35%,
06/08/27
(c)
........
USD
400‌
398,799‌
Volkswagen
International
Finance
NV
(b)
(10-Year
EUR
Swap
Annual
+
3.98%),
4.63%
(a)(q)
.........
EUR
11,200‌
12,949,907‌
3.25%,
11/18/30
............
12,200‌
13,678,713‌
Vonovia
SE
(b)
Series
B,
0.88%,
05/20/32
(p)
....
6,200‌
6,787,415‌
1.50%,
06/14/41
............
4,400‌
3,251,651‌
Wintershall
Dea
Finance
BV,
3.83%,
10/03/29
(b)
................
17,054‌
19,596,958‌
ZF
Europe
Finance
BV
(b)
7.00%,
06/12/30
............
9,000‌
10,611,458‌
5.50%,
02/17/32
............
25,400‌
27,698,032‌
ZF
North
America
Capital,
Inc.
6.88%,
04/14/28
(c)
...........
USD
400‌
405,721‌
7.13%,
04/14/30
(c)
...........
3,448‌
3,399,597‌
6.75%,
04/23/30
(c)
...........
658‌
636,538‌
7.50%,
03/24/31
(c)
...........
4,220‌
4,145,370‌
7.50%,
03/24/31
(b)
...........
3,549‌
3,486,237‌
6.88%,
04/23/32
(c)
...........
1,330‌
1,263,637‌
517,842,578‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Greece
—
0.0%
(b)
Eurobank
SA,
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.70%),
4.00%,
02/07/36
(a)
................
EUR
4,018‌
$
4,512,182‌
National
Bank
of
Greece
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.15%),
5.88%,
06/28/35
(a)
...........
10,929‌
13,211,128‌
Public
Power
Corp.
SA,
4.25%,
10/31/30
.................
3,431‌
3,919,516‌
21,642,826‌
Hong
Kong
—
0.2%
Celestial
Dynasty
Ltd.
(b)
6.38%,
08/22/28
............
USD
4,636‌
4,572,255‌
6.38%,
08/22/28
............
364‌
358,995‌
CTF
Services
Ltd.,
0.75%,
10/03/28
(b)(p)
HKD
36,000‌
4,469,469‌
Estate
Sky
Ltd.,
10.50%,
05/21/28
(b)
.
USD
33,500‌
34,002,500‌
Jinkai
Investment
Holdings
Ltd.,
0.00%,
02/05/31
(b)(h)(p)
..............
6,800‌
6,283,200‌
Melco
Resorts
Finance
Ltd.
5.63%,
07/17/27
(b)
...........
4,000‌
3,962,600‌
5.75%,
07/21/28
(b)
...........
21,000‌
20,620,530‌
7.63%,
04/17/32
(c)
...........
5,300‌
5,380,746‌
6.50%,
09/24/33
(c)
...........
768‌
736,842‌
New
World
China
Land
Ltd.,
4.75%,
01/23/27
(b)
................
5,400‌
5,038,200‌
REXLot
Holdings
Ltd.
(b)(d)(e)(f)(p)
6.00%,
04/28/17
............
HKD
1,103‌
—‌
4.50%,
04/17/19
............
15,091‌
—‌
85,425,337‌
India
—
0.6%
Biocon
Biologics
Global
plc,
6.67%,
10/09/29
(b)
................
USD
3,891‌
3,836,526‌
Clean
Renewable
Power
Mauritius
Pte.
Ltd.,
4.25%,
03/25/27
(b)
........
13,237‌
12,913,035‌
Continuum
Energy
Aura
Pte.
Ltd.,
9.50%,
02/24/27
(b)
...........
17,000‌
17,100,937‌
Continuum
Green
Energy
India
Pvt,
7.50%,
06/26/33
(b)
...........
5,445‌
5,378,631‌
GMR
Energy
Ltd.,
8.00%,
07/31/30
(b)(g)
INR
1,050,000‌
10,913,258‌
Greenko
Rj01
Irep
Pvt
Ltd.,
12.50%,
09/30/27
.................
400,000‌
4,250,726‌
Greenko
Wind
Projects
Mauritius
Ltd.
7.25%,
09/27/28
(c)
...........
USD
1,174‌
1,163,140‌
7.25%,
09/27/28
(b)
...........
7,234‌
7,167,086‌
India
Clean
Energy
Holdings,
4.50%,
04/18/27
(b)
................
10,000‌
9,683,500‌
India
Cleantech
Energy,
4.70%,
08/10/26
(b)
................
13,347‌
13,246,897‌
India
Green
Power
Holdings,
4.00%,
02/22/27
(b)
................
11,982‌
11,670,858‌
IRB
Infrastructure
Developers
Ltd.,
7.11%,
03/11/32
(b)
...........
14,800‌
14,800,000‌
Mumbai
International
Airport
Ltd.,
6.95%,
07/04/29
(b)
...........
21,800‌
22,311,536‌
Muthoot
Finance
Ltd.
(b)
6.38%,
04/23/29
............
3,500‌
3,474,800‌
6.38%,
03/02/30
............
5,093‌
5,016,605‌
5.75%,
08/04/30
............
5,650‌
5,426,825‌
Periama
Holdings
LLC,
5.95%,
04/19/26
(b)
................
11,500‌
11,482,405‌
Piramal
Finance
Ltd.,
7.80%,
01/29/28
(b)
11,000‌
11,075,625‌
Porteast
Investment
Pvt
Ltd.,
19.75%,
05/29/28
.................
INR
3,220,000‌
39,798,062‌
ReNew
Pvt
Ltd.,
5.88%,
03/05/27
(b)
..
USD
10,000‌
9,864,600‌
Security
Par
(000)
Par
(000)
Value
India
(continued)
Renew
Treasury
Ifsc
Pvt
Ltd.,
6.50%,
02/02/31
(c)
................
USD
693‌
$
671,993‌
ReNew
Wind
Energy
AP2,
4.50%,
07/14/28
(b)
................
6,500‌
6,124,219‌
Sammaan
Capital
Ltd.
(b)
9.70%,
07/03/27
............
10,000‌
10,195,000‌
7.50%,
10/16/30
............
10,275‌
9,969,319‌
Vedanta
Resources
Finance
II
plc
10.88%,
09/17/29
(c)
..........
12,845‌
13,448,715‌
10.88%,
09/17/29
(b)
..........
18,474‌
19,342,278‌
9.48%,
07/24/30
(b)
...........
5,662‌
5,739,853‌
11.25%,
12/03/31
(c)
..........
4,530‌
4,820,192‌
11.25%,
12/03/31
(b)
..........
8,000‌
8,512,480‌
9.85%,
04/24/33
(c)
...........
611‌
625,572‌
300,024,673‌
Indonesia
—
0.2%
Freeport
Indonesia
PT
(b)
4.76%,
04/14/27
............
1,707‌
1,703,381‌
6.20%,
04/14/52
............
15,035‌
14,567,881‌
Medco
Cypress
Tree
Pte.
Ltd.,
8.63%,
05/19/30
(c)
................
212‌
217,830‌
Medco
Laurel
Tree
Pte.
Ltd.,
6.95%,
11/12/28
(b)
................
15,120‌
15,048,445‌
Medco
Maple
Tree
Pte.
Ltd.
8.96%,
04/27/29
(c)
...........
5,467‌
5,607,244‌
8.96%,
04/27/29
(b)
...........
15,000‌
15,384,794‌
Minejesa
Capital
BV,
5.63%,
08/10/37
(c)
742‌
710,317‌
Modernland
Overseas
Pte.
Ltd.,
6.00%,
(6.00%
Cash
or
6.00%
PIK),
04/30/27
(b)(o)
...............
13,952‌
4,371,284‌
Nickel
Industries
Ltd.,
9.00%,
09/30/30
(b)
................
6,165‌
6,149,587‌
Star
Energy
Geothermal
Wayang
Windu
Ltd.,
6.75%,
04/24/33
(b)
...
8,160‌
8,160,000‌
71,920,763‌
Ireland
—
0.1%
Bank
of
Ireland
Group
plc
,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.70%),
7.59%,
12/06/32
(a)(b)
...............
GBP
6,000‌
8,166,880‌
Cedacri
SpA
(a)(b)
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
6.61%,
05/15/28
....
EUR
5,547‌
6,210,344‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
7.48%,
05/15/28
....
3,977‌
4,473,889‌
eircom
Finance
DAC,
5.00%,
04/30/31
(b)
................
3,724‌
4,275,740‌
Flutter
Treasury
DAC
6.38%,
04/29/29
(c)
...........
USD
1,475‌
1,501,602‌
4.00%,
06/04/31
(b)
...........
EUR
12,687‌
14,154,125‌
GGAM
Finance
Ltd.
(c)
8.00%,
02/15/27
............
USD
1,994‌
2,012,345‌
8.00%,
06/15/28
............
100‌
103,786‌
6.88%,
04/15/29
............
3,215‌
3,286,517‌
Virgin
Media
O2
Vendor
Financing
Notes
V
DAC,
7.88%,
03/15/32
(b)
.
GBP
6,063‌
7,108,660‌
Virgin
Media
O2
Vendor
Financing
Notes
VI
DAC,
8.50%,
03/15/33
(c)
.
USD
5,887‌
5,144,189‌
Virgin
Media
O2
Vendor
Financing
Notes
VII
DAC,
7.50%,
07/15/33
(b)
EUR
2,222‌
2,250,716‌
Virgin
Media
O2
Vendor
Financing
Notes
VIII
DAC,
8.88%,
07/15/33
(b)
GBP
1,327‌
1,549,899‌
60,238,692‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Israel
—
0.0%
Energean
Israel
Finance
Ltd.,
8.50%,
09/30/33
(b)(c)
...............
USD
4,384‌
$
4,500,233‌
Energean
plc
5.63%,
05/12/31
(b)
...........
EUR
5,267‌
5,922,990‌
5.63%,
05/12/31
(c)
...........
1,616‌
1,817,268‌
Teva
Pharmaceutical
Finance
Netherlands
II
BV
7.38%,
09/15/29
............
2,542‌
3,195,349‌
4.13%,
06/01/31
............
233‌
265,088‌
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/01/26
............
USD
3,202‌
3,171,037‌
4.75%,
05/09/27
............
1,644‌
1,635,780‌
5.13%,
05/09/29
............
287‌
285,805‌
7.88%,
09/15/29
............
1,447‌
1,548,102‌
22,341,652‌
Italy
—
1.0%
Almaviva-The
Italian
Innovation
Co.
SpA,
5.00%,
10/30/30
(b)
.......
EUR
13,078‌
14,324,665‌
Banca
Monte
dei
Paschi
di
Siena
SpA
(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.01%),
7.71%,
01/18/28
(a)
...
3,300‌
4,049,263‌
3.50%,
04/23/29
............
34,600‌
40,428,046‌
2.75%,
01/18/31
............
16,770‌
18,994,256‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.15%),
4.38%,
10/02/35
(a)
...
8,771‌
10,063,223‌
2.63%,
01/22/68
............
24,420‌
27,687,644‌
Banco
BPM
SpA,
2.75%,
02/25/32
(b)
.
37,420‌
42,072,506‌
Bubbles
Bidco
SpA
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.38%,
09/30/31
(a)
...
7,521‌
8,696,376‌
6.50%,
09/30/31
............
7,461‌
8,618,339‌
6.50%,
09/30/31
............
1,534‌
1,771,952‌
Dolcetto
Holdco
SpA
(b)
5.63%,
07/14/32
............
17,886‌
20,534,872‌
(3-mo.
EURIBOR
+
3.63%),
5.78%,
07/14/32
(a)
..............
1,486‌
1,715,981‌
Duomo
Bidco
SpA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.31%,
01/15/32
(a)(b)
...............
8,277‌
9,409,805‌
Engineering
-
Ingegneria
Informatica
-
SpA,
11.13%,
05/15/28
(b)
.......
7,500‌
8,791,080‌
Eni
SpA,
5.70%,
10/01/40
(c)
.......
USD
200‌
196,827‌
Fedrigoni
SpA
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.13%,
01/15/30
(a)
...
EUR
5,871‌
6,415,544‌
6.13%,
06/15/31
............
8,324‌
8,863,928‌
6.13%,
06/15/31
............
4,745‌
5,052,780‌
Fiber
Midco
SpA,
10.75%,
(10.75%
Cash
or
10.75%
PIK),
06/15/29
(b)(o)
3,085‌
2,439,225‌
Fibercop
SpA
4.75%,
06/30/30
(b)
...........
1,754‌
2,010,775‌
5.13%,
06/30/32
(b)
...........
2,473‌
2,829,842‌
Series
2034,
6.00%,
09/30/34
(c)
..
USD
2,425‌
2,306,869‌
Series
2036,
7.20%,
07/18/36
(c)
..
6,854‌
6,804,445‌
Series
2038,
7.72%,
06/04/38
(c)
..
585‌
586,413‌
FIS
Fabbrica
Italiana
Sintetici
SpA,
(3-mo.
EURIBOR
+
3.25%),
5.28%,
02/05/31
(a)(b)
...............
EUR
1,210‌
1,371,207‌
Gruppo
San
Donato
SpA,
6.50%,
10/31/31
(b)
................
11,807‌
13,237,707‌
IMA
Industria
Macchine
Automatiche
SpA
,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.77%,
04/15/29
(a)(b)
10,920‌
12,623,382‌
Security
Par
(000)
Par
(000)
Value
Italy
(continued)
Intesa
Sanpaolo
SpA
(b)
(BPISDS01
+
2.59%),
6.50%,
03/14/29
(a)
..............
GBP
10,000‌
$
13,549,469‌
5.15%,
06/10/30
............
6,595‌
8,572,500‌
(3-mo.
EURIBOR
+
1.48%),
3.85%,
09/16/32
(a)
..............
EUR
15,600‌
18,008,541‌
Irca
SpA,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.90%,
12/15/29
(a)(b)
1,700‌
1,968,060‌
Italmatch
Chemicals
SpA
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.13%),
6.15%,
02/05/31
(a)
...
4,075‌
4,541,981‌
6.25%,
02/05/31
............
910‌
997,835‌
Itelyum
Regeneration
SpA,
5.75%,
04/15/30
(b)
................
12,490‌
14,240,128‌
Lottomatica
Group
SpA
(b)
5.38%,
06/01/30
............
3,508‌
4,129,446‌
4.88%,
01/31/31
............
4,327‌
5,040,856‌
Midnights
SPV
SRL,
(3-mo.
EURIBOR
+
3.15%),
5.17%,
08/22/26
(a)(b)(d)
..
21,233‌
24,509,865‌
Multiversity
SpA
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.28%,
05/17/31
(a)
...
12,392‌
14,263,196‌
7.13%,
05/17/31
............
9,117‌
10,542,242‌
Prysmian
SpA,
3.63%,
11/28/28
(b)
...
7,615‌
8,806,302‌
Rossini
SARL
(b)
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.88%),
6.00%,
12/31/29
(a)
...
2,093‌
2,426,036‌
6.75%,
12/31/29
............
7,317‌
8,692,130‌
Taurus
Law
130
Securities
SRL,
(Acquired
07/14/23,
cost
$16,136,407)
,
(3-mo.
EURIBOR
+
3.25%),
5.77%,
08/22/27
(a)(b)(d)(m)
..
14,557‌
16,742,005‌
TeamSystem
SpA
(b)
5.00%,
07/01/31
............
1,739‌
1,855,150‌
5.00%,
07/01/31
............
3,960‌
4,224,494‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.52%,
07/31/31
(a)
...
1,912‌
2,119,165‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.27%,
07/01/32
(a)
...
5,867‌
6,374,259‌
Telecom
Italia
Capital
SA,
7.72%,
06/04/38
.................
USD
707‌
787,377‌
Unipol
Assicurazioni
SpA,
4.90%,
05/23/34
(b)
................
EUR
2,100‌
2,481,977‌
456,769,966‌
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
............
1,303‌
1,322,281‌
1,472,901‌
Japan
—
0.4%
Daiwa
House
Industry
Co.
Ltd.,
0.00%,
03/30/29
(b)(h)(p)
..............
JPY
10,000‌
65,373‌
Kansai
Paint
Co.
Ltd.
(b)(h)(p)
0.00%,
03/08/29
............
10,000‌
64,176‌
0.00%,
03/07/31
............
10,000‌
64,049‌
Kioxia
Holdings
Corp.,
6.25%,
07/24/30
(c)
................
USD
4,091‌
4,156,984‌
Mitsubishi
UFJ
Financial
Group,
Inc.,
3.68%,
02/22/27
............
3,300‌
3,283,408‌
Nagoya
Railroad
Co.
Ltd.,
0.00%,
06/16/34
(b)(h)(p)
..............
JPY
20,000‌
129,170‌
Nippon
Steel
Corp.
(b)(h)(p)
0.00%,
02/14/29
............
2,900,000‌
18,616,975‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Japan
(continued)
0.00%,
02/14/31
............
JPY
2,180,000‌
$
14,079,582‌
Nissan
Motor
Co.
Ltd.
5.25%,
07/17/29
(b)
...........
EUR
11,559‌
13,225,383‌
4.81%,
09/17/30
(c)
...........
USD
6,842‌
6,211,598‌
7.75%,
07/17/32
(c)
...........
3,197‌
3,237,266‌
6.38%,
07/17/33
(b)
...........
EUR
9,798‌
11,267,674‌
8.13%,
07/17/35
(c)
...........
USD
2,385‌
2,453,786‌
Nomura
Holdings,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.30%),
5.04%,
06/10/36
(a)
................
3,789‌
3,675,532‌
Rakuten
Group,
Inc.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.58%),
5.13%
(a)(c)(q)
........
2,500‌
2,494,001‌
11.25%,
02/15/27
(b)
..........
1,540‌
1,593,926‌
RLGH
Finance
Bermuda
Ltd.,
6.75%,
07/02/35
(b)
................
9,160‌
9,422,924‌
SoftBank
Group
Corp.
(b)
4.00%,
07/06/26
............
2,879‌
2,864,908‌
5.00%,
04/15/28
............
EUR
3,624‌
4,173,541‌
5.38%,
01/08/29
............
5,003‌
5,805,155‌
3.38%,
07/06/29
............
10,687‌
11,630,708‌
5.25%,
10/10/29
............
4,379‌
4,978,627‌
5.88%,
07/10/31
............
3,405‌
3,833,605‌
5.75%,
07/08/32
............
17,689‌
19,397,137‌
7.25%,
07/10/32
............
USD
3,000‌
2,881,501‌
6.38%,
07/10/33
............
EUR
10,362‌
11,491,476‌
Sumitomo
Mitsui
Financial
Group,
Inc.
,
(3-mo.
EURIBOR
+
1.13%),
3.96%,
04/02/34
(a)(b)
...............
11,109‌
12,796,219‌
173,894,684‌
Jersey,
Channel
Islands
—
0.1%
Aston
Martin
Capital
Holdings
Ltd.
10.00%,
03/31/29
(c)
..........
USD
7,514‌
5,654,285‌
10.38%,
03/31/29
(b)
..........
GBP
14,141‌
14,363,447‌
Deepocean
Ltd.,
6.00%,
04/08/31
(b)
..
EUR
12,415‌
14,594,552‌
34,612,284‌
Jordan
—
0.0%
Hikma
Finance
USA
LLC
(b)
5.13%,
07/08/30
............
USD
2,381‌
2,368,351‌
5.13%,
07/08/30
............
470‌
467,503‌
Kazakhstan
—
0.0%
Kaspi.KZ
JSC
6.25%,
03/26/30
(c)
...........
1,263‌
1,266,372‌
6.25%,
03/26/30
(b)
...........
417‌
418,114‌
KazMunayGas
National
Co.
JSC,
6.38%,
10/24/48
(b)
...........
8,239‌
8,136,342‌
9,820,828‌
Kuwait
—
0.0%
EQUATE
Petrochemical
Co.
KSC,
4.25%,
11/03/26
(b)
...........
521‌
515,627‌
Luxembourg
—
0.6%
ADLER
Financing
SARL,
8.25%,
(8.25%
Cash
or
8.25%
PIK),
12/31/28
(o)
................
EUR
31,203‌
37,046,381‌
Albion
Financing
1
SARL
5.38%,
05/21/30
(b)
...........
1,599‌
1,852,283‌
7.00%,
05/21/30
(c)
...........
USD
2,623‌
2,680,803‌
Breakwater
Energy
Holdings
SARL
9.25%,
11/15/30
(c)
...........
4,869‌
5,113,346‌
9.25%,
11/15/30
(b)
...........
8,885‌
9,330,885‌
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Ephios
Subco
3
SARL,
7.88%,
01/31/31
(b)
................
EUR
9,461‌
$
11,452,430‌
Essendi
SA
(b)
5.38%,
05/15/30
............
1,611‌
1,822,903‌
5.50%,
11/15/31
............
611‌
690,497‌
5.63%,
05/15/32
............
7,299‌
8,161,611‌
(3-mo.
EURIBOR
+
3.75%),
5.73%,
05/15/32
(a)
..............
1,951‌
2,236,324‌
(3-mo.
EURIBOR
+
3.75%),
5.73%,
05/15/32
(a)
..............
1,805‌
2,068,972‌
Garfunkelux
Holdco
3
SA,
9.00%,
09/01/28
(b)
................
14,978‌
17,397,727‌
Garfunkelux
Holdco
4
SA,
10.50%,
(10.50%
Cash
or
10.50%
PIK),
05/01/30
(b)(e)(f)(o)
.............
2,185‌
—‌
Herens
Holdco
SARL,
4.75%,
05/15/28
(c)
................
USD
2,531‌
2,127,053‌
INEOS
Finance
plc
(b)
6.38%,
04/15/29
............
EUR
9,304‌
10,124,516‌
7.25%,
03/31/31
............
7,505‌
7,885,107‌
ION
Platform
Finance
SARL
(b)
7.88%,
05/01/29
............
12,380‌
13,294,173‌
6.50%,
09/30/30
............
12,883‌
12,341,128‌
6.88%,
09/30/32
............
12,053‌
11,113,358‌
Kleopatra
Finco
SARL
,
(1M
EURIBOR
+
2.00%),
6.00%,
01/30/31
(a)
....
9,948‌
10,181,862‌
Luna
2.5
SARL,
5.50%,
07/01/32
(b)
..
12,566‌
14,286,305‌
Maxam
Prill
SARL,
6.00%,
07/15/30
(b)
29,031‌
33,161,363‌
Summer
BC
Holdco
B
SARL
(b)
5.88%,
02/15/30
............
7,421‌
7,378,098‌
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.23%,
02/15/30
(a)
...
5,339‌
5,362,132‌
Titanium
2l
Bondco
SARL,
6.25%,
(6.25%
Cash
or
6.25%
PIK),
01/14/31
(o)
................
38,898‌
6,519,263‌
Vivion
Investments
SARL
(b)
8.25%,
(8.25
%
Cash
or
8.25%
PIK),
08/31/28
(o)
..............
955‌
1,101,013‌
8.25%,
(8.25%
Cash
or
8.00%
PIK),
02/28/29
(o)
..............
11,114‌
12,807,471‌
5.63%,
06/08/30
............
9,834‌
10,623,601‌
258,160,605‌
Macau
—
0.2%
SJM
International
Ltd.,
6.50%,
01/15/31
(b)
................
USD
6,000‌
5,734,620‌
Studio
City
Finance
Ltd.
6.50%,
01/15/28
(b)
...........
12,000‌
11,857,920‌
5.00%,
01/15/29
(c)
...........
3,100‌
2,905,847‌
5.00%,
01/15/29
(b)
...........
9,866‌
9,248,093‌
Wynn
Macau
Ltd.
5.50%,
10/01/27
(c)
...........
2,941‌
2,910,443‌
5.63%,
08/26/28
(b)
...........
10,646‌
10,464,619‌
5.63%,
08/26/28
(c)
...........
2,378‌
2,337,485‌
4.50%,
03/07/29
(c)(p)
..........
19,300‌
19,213,150‌
6.75%,
02/15/34
(c)
...........
7,593‌
7,384,192‌
72,056,369‌
Mauritius
—
0.2%
(d)
Flourishing
Trade
&
Investment
Ltd.,
11.04%,
04/02/28
(c)
..........
64,023‌
65,706,744‌
Resurgent
Trade
and
Investments
Ltd.,
9.51%,
12/05/27
(b)
...........
44,132‌
43,968,712‌
109,675,456‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mexico
—
0.0%
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)
...
USD
398‌
$
409,614‌
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple,
7.25%,
01/31/41
(c)
................
8,677‌
8,676,845‌
Grupo
Aeromexico
SAB
de
CV,
8.25%,
11/15/29
(b)
................
1,189‌
1,144,769‌
Industrias
Penoles
SAB
de
CV,
4.15%,
09/12/29
(b)
................
748‌
725,747‌
Trust
2401
(c)
4.87%,
01/15/30
............
1,171‌
1,122,395‌
7.70%,
01/23/32
............
1,107‌
1,182,619‌
6.95%,
01/30/44
............
436‌
423,303‌
Trust
Fibra
Uno,
7.70%,
01/23/32
(b)
..
665‌
702,160‌
14,387,452‌
Mongolia
—
0.0%
Tsetsens
Mining
And
Energy
LLC,
11.38%,
02/05/31
(b)
..........
7,500‌
7,535,250‌
Netherlands
—
0.6%
ABN
AMRO
Bank
NV,
4.63%,
11/08/30
(b)
................
GBP
12,200‌
15,715,591‌
AM
Green
Power
BV,
11.30%,
07/09/27
(b)(d)
...............
USD
28,189‌
27,732,019‌
Boels
Topholding
BV
5.75%,
05/15/30
(b)
...........
EUR
8,449‌
9,811,869‌
Cooperatieve
Rabobank
UA,
4.63%,
05/23/29
(b)
................
GBP
10,100‌
13,095,873‌
IMCD
NV
(b)
4.88%,
09/18/28
............
EUR
1,403‌
1,657,513‌
4.88%,
09/18/28
............
28,460‌
33,622,819‌
3.63%,
04/30/30
............
35,646‌
40,682,491‌
ING
Groep
NV
(a)(b)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.80%),
6.25%,
05/20/33
..........
GBP
7,900‌
10,588,204‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.65%),
4.38%,
08/15/34
....
EUR
9,100‌
10,612,943‌
(3-mo.
EURIBOR
+
1.30%),
3.75%,
09/03/35
...............
15,900‌
17,952,004‌
JDE
Peet's
NV,
4.13%,
01/23/30
(b)
..
17,201‌
20,055,543‌
Nebius
Group
NV,
2.63%,
03/15/33
(c)(p)
USD
6,948‌
6,476,231‌
Q-Park
Holding
I
BV
(b)
5.13%,
03/01/29
............
EUR
1,339‌
1,557,778‌
5.13%,
02/15/30
............
6,830‌
7,930,082‌
5.13%,
02/15/30
............
389‌
451,654‌
Sunrise
FinCo.
I
BV
4.88%,
07/15/31
(c)
...........
USD
3,218‌
3,063,665‌
4.63%,
05/15/32
(b)
...........
EUR
11,781‌
13,305,048‌
Trivium
Packaging
Finance
BV,
12.25%,
01/15/31
(c)
................
USD
3,430‌
3,713,692‌
VZ
Secured
Financing
BV
5.00%,
01/15/32
(c)
...........
7,591‌
6,506,975‌
5.25%,
01/15/33
(b)
...........
EUR
25,166‌
26,816,648‌
VZ
Vendor
Financing
II
BV,
2.88%,
01/15/29
(b)
................
4,755‌
5,008,405‌
Ziggo
Bond
Co.
BV
3.38%,
02/28/30
(b)
...........
1,127‌
1,098,678‌
5.13%,
02/28/30
(c)
...........
USD
1,064‌
913,002‌
6.13%,
11/15/32
(b)
...........
EUR
4,783‌
4,691,728‌
283,060,455‌
Security
Par
(000)
Par
(000)
Value
Nigeria
—
0.0%
IHS
Holding
Ltd.,
6.25%,
11/29/28
(c)
.
USD
7,038‌
$
6,968,746‌
SEPLAT
Energy
plc,
9.13%,
03/21/30
(b)
5,008‌
5,305,350‌
12,274,096‌
Pakistan
—
0.0%
Veon
Midco
BV,
3.38%,
11/25/27
(c)
..
724‌
685,375‌
Panama
—
0.0%
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(b)
.......
1,844‌
1,710,475‌
Peru
—
0.0%
(c)
Marcobre
SAC,
5.75%,
01/22/36
...
616‌
596,534‌
Pluspetrol
Camisea
SA,
6.24%,
07/03/36
.................
651‌
674,599‌
Volcan
Cia
Minera
SAA,
8.50%,
10/28/32
.................
709‌
721,337‌
1,992,470‌
Philippines
—
0.2%
(b)
ACEN
Finance
Ltd.,
4.00%
(q)
......
17,059‌
10,696,505‌
Globe
Telecom,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.53%),
4.20%
(a)
(q)
......................
11,000‌
10,922,560‌
Petron
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.57%),
5.95%
(a)(q)
..........
18,017‌
17,973,219‌
San
Miguel
Global
Power
Holdings
Corp.
(a)(q)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.16%),
5.45%
...........
3,333‌
3,278,839‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.73%),
8.75%
...........
8,000‌
7,922,560‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
6.40%),
8.13%
...........
4,465‌
4,348,508‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.12%),
8.38%
...........
12,819‌
12,552,621‌
VLL
International,
Inc.,
9.38%,
07/29/29
3,628‌
1,388,254‌
69,083,066‌
Portugal
—
0.2%
(b)
Banco
Espirito
Santo
SA
(e)(f)
2.63%,
05/08/17
............
EUR
6,100‌
1,551,151‌
4.75%,
01/15/18
............
15,500‌
3,941,448‌
4.00%,
01/21/25
............
19,000‌
4,831,453‌
EDP
SA
(a)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.40%),
4.63%,
09/16/54
....
6,600‌
7,580,100‌
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%,
08/02/81
....
44,800‌
51,448,852‌
69,353,004‌
Qatar
—
0.0%
CBQ
Finance
Ltd.,
(1-day
SOFR
+
1.30%),
4.96%,
07/16/30
(a)(b)
....
USD
10,000‌
9,960,500‌
Republic
of
Turkiye
—
0.1%
Eregli
Demir
ve
Celik
Fabrikalari
TAS,
8.38%,
07/23/29
(c)
...........
200‌
204,316‌
Ronesans
Holding
A/S,
8.50%,
10/10/29
(b)
................
428‌
415,742‌
Sisecam
UK
plc
8.25%,
05/02/29
(b)
...........
2,473‌
2,503,541‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Republic
of
Turkiye
(continued)
8.38%,
01/23/33
(c)
...........
USD
4,582‌
$
4,549,101‌
8.38%,
01/23/33
(b)
...........
1,103‌
1,095,081‌
TAV
Havalimanlari
Holding
A/S,
8.50%,
12/07/28
(b)
................
10,651‌
10,860,692‌
TPAO
Varlik
Kiralama
ASA,
6.30%,
03/04/31
(b)
................
2,385‌
2,281,372‌
Turk
Telekomunikasyon
A/S
7.38%,
05/20/29
(b)
...........
1,735‌
1,751,584‌
6.95%,
10/07/32
(c)
...........
590‌
574,418‌
6.95%,
10/07/32
(b)
...........
1,483‌
1,443,834‌
Turkcell
Iletisim
Hizmetleri
A/S
7.65%,
01/24/32
(c)
...........
635‌
645,325‌
7.65%,
01/24/32
(b)
...........
7,705‌
7,830,284‌
Turkish
Airlines
Pass-Through
Trust,
Series
2015-1,
Class
A,
4.20%,
03/15/27
(c)
................
1,256‌
1,228,291‌
TVF
Varlik
Kiralama
A/S,
6.95%,
01/23/30
(b)
................
5,530‌
5,469,557‌
40,853,138‌
Saudi
Arabia
—
0.2%
(b)
Al
Rajhi
Sukuk
Ltd.
(a)
(6-Year
USD
Constant
Maturity
+
1.59%),
6.25%
(q)
..........
7,844‌
7,677,629‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.00%),
5.65%,
03/16/36
....
10,000‌
9,768,500‌
Alinma
Sukuk
Ltd.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.10%),
5.79%,
11/10/35
.....
2,913‌
2,844,282‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.10%),
5.87%,
01/23/36
....
6,000‌
5,897,820‌
NCB
Tier
1
Sukuk
Ltd.,
(6-Year
USD
Constant
Maturity
+
2.89%),
3.50%
(a)
(q)
......................
4,000‌
3,954,040‌
Riyad
Sukuk
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.25%),
6.21%,
07/14/35
(a)
................
8,500‌
8,454,015‌
Riyad
T1
Sukuk
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.91%),
5.50%
(a)
(q)
......................
12,000‌
11,647,080‌
Saudi
Awwal
Bank,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.20%),
5.95%,
09/04/35
(a)
................
15,000‌
14,691,000‌
Saudi
Electricity
Sukuk
Programme
Co.
4.94%,
02/13/29
............
5,230‌
5,214,519‌
5.23%,
02/18/30
............
8,113‌
8,125,494‌
5.68%,
04/11/53
............
3,460‌
3,231,640‌
SNB
Sukuk
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.85%),
5.94%,
07/18/36
(a)
................
13,708‌
13,579,556‌
TMS
Issuer
SARL,
5.78%,
08/23/32
.
5,000‌
5,061,750‌
100,147,325‌
Singapore
—
0.1%
Continuum
Energy
Pte.
Ltd.,
12.85%,
09/11/27
(c)(d)
...............
14,389‌
14,336,068‌
ESR
Asset
Management
Ltd.
(a)(b)(q)
(SDSW7
+
7.06%),
5.60%
.....
SGD
750‌
577,471‌
(SDSW10
+
6.13%),
5.65%
....
4,250‌
3,216,891‌
Security
Par
(000)
Par
(000)
Value
Singapore
(continued)
GLP
Pte.
Ltd.
(b)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.74%),
4.50%
(a)(q)
.........
USD
10,687‌
$
5,346,640‌
9.75%,
05/20/28
............
4,240‌
3,466,200‌
Puma
International
Financing
SA,
7.75%,
04/25/29
(b)
...........
13,800‌
14,071,860‌
41,015,130‌
Slovenia
—
0.0%
United
Group
BV,
5.25%,
02/01/30
(b)
.
EUR
1,543‌
1,739,452‌
South
Africa
—
0.0%
Bidvest
Group
UK
plc
(The),
6.20%,
09/17/32
(c)
................
USD
386‌
384,958‌
Sappi
Papier
Holding
GmbH,
4.50%,
03/15/32
(b)
................
EUR
1,635‌
1,686,217‌
Sasol
Financing
USA
LLC
4.38%,
09/18/26
............
USD
270‌
268,415‌
6.50%,
09/27/28
............
1,041‌
1,050,442‌
8.75%,
05/03/29
(b)
...........
6,651‌
6,912,717‌
8.75%,
04/10/33
(c)
...........
332‌
332,000‌
Stillwater
Mining
Co.
4.00%,
11/16/26
(b)
...........
682‌
676,462‌
4.50%,
11/16/29
(b)
...........
727‌
684,390‌
4.50%,
11/16/29
(c)
...........
776‌
730,519‌
Transnet,
8.25%,
02/06/28
(b)
......
2,660‌
2,750,440‌
15,476,560‌
South
Korea
—
0.0%
(b)
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.,
0.00%,
05/31/31
(h)(p)
...............
3,000‌
3,007,500‌
Hyundai
Card
Co.
Ltd.,
5.75%,
04/24/29
2,316‌
2,386,916‌
LG
Electronics,
Inc.,
5.63%,
04/24/27
1,116‌
1,129,615‌
SK
hynix,
Inc.,
6.38%,
01/17/28
....
545‌
562,206‌
7,086,237‌
Spain
—
0.3%
Arena
Luxembourg
Finance
SARL,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.52%,
05/01/30
(a)(b)
....
EUR
3,544‌
4,084,476‌
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.65%),
4.00%,
02/25/37
(a)(b)
....
35,000‌
39,697,055‌
Banco
Santander
SA
(b)
3.13%,
05/28/29
............
10,300‌
11,960,591‌
4.63%,
11/17/30
............
GBP
10,400‌
13,455,488‌
Bankinter
SA,
(1-Year
EURIBOR
ICE
Swap
Rate
+
0.80%),
3.25%,
11/03/33
(a)(b)
...............
EUR
23,000‌
25,663,772‌
Cellnex
Finance
Co.
SA,
3.88%,
01/19/36
(b)
................
12,800‌
14,182,490‌
Cirsa
Finance
International
SARL
(b)
7.88%,
07/31/28
............
1,084‌
1,278,912‌
6.50%,
03/15/29
............
5,063‌
5,954,815‌
4.88%,
10/15/31
............
3,341‌
3,801,668‌
(3-mo.
EURIBOR
+
3.00%),
5.15%,
10/15/32
(a)
..............
4,720‌
5,430,184‌
Grifols
SA
(b)
7.13%,
05/01/30
............
291‌
347,684‌
7.13%,
05/01/30
............
6,353‌
7,590,501‌
7.50%,
05/01/30
............
7,285‌
8,709,100‌
Repsol
E&P
Capital
Markets
US
LLC,
5.20%,
09/16/30
(c)
...........
USD
4,429‌
4,466,461‌
146,623,197‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Sweden
—
0.1%
Dometic
Group
AB
(b)
5.00%,
09/11/30
............
EUR
4,119‌
$
4,545,387‌
5.00%,
09/11/30
............
4,143‌
4,571,872‌
Heimstaden
AB
(b)
8.38%,
01/29/30
............
975‌
1,151,359‌
7.36%,
01/24/31
............
643‌
724,899‌
Heimstaden
Bostad
Treasury
BV,
1.38%,
03/03/27
(b)
...........
2,395‌
2,716,190‌
Intrum
Investments
&
Financing
AB,
8.00%,
09/11/27
(b)
...........
14,560‌
16,730,442‌
Stena
International
SA
7.25%,
01/15/31
(c)
...........
USD
4,311‌
4,356,390‌
7.25%,
01/15/31
(b)
...........
6,866‌
6,938,292‌
7.63%,
02/15/31
(c)
...........
1,276‌
1,303,821‌
43,038,652‌
Switzerland
—
0.4%
Allwyn
Entertainment
Financing
UK
plc
(b)
7.25%,
04/30/30
............
EUR
3,055‌
3,650,297‌
4.13%,
02/15/31
............
6,155‌
6,693,651‌
4.63%,
08/15/31
............
4,553‌
5,043,731‌
Argentum
Netherlands
BV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.76%),
5.52%
(a)
(b)(q)
.....................
USD
12,456‌
12,455,778‌
gategroup
Finance
Luxembourg
SA,
3.00%,
02/28/27
(b)
...........
CHF
13,545‌
17,001,896‌
UBS
AG,
7.50%,
02/15/28
........
USD
700‌
740,459‌
UBS
Group
AG
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
4.75%,
05/12/28
(a)(c)
..
200‌
200,555‌
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.95%),
7.75%,
03/01/29
(a)(b)
..
EUR
5,800‌
7,228,738‌
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.35%),
3.13%,
06/15/30
(a)(b)
..
5,500‌
6,261,806‌
0.63%,
01/18/33
(b)
...........
31,400‌
29,147,143‌
0.63%,
02/24/33
(b)
...........
3,038‌
2,804,502‌
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.03%),
3.88%,
01/13/37
(a)(b)
..
3,500‌
3,937,233‌
UBS
Switzerland
AG
(b)
3.30%,
03/05/29
............
16,150‌
18,777,238‌
2.56%,
08/18/29
............
49,930‌
56,768,352‌
170,711,379‌
Taiwan
—
0.1%
Foxconn
Singapore
Pte.
Ltd.,
3.13%,
11/04/31
(b)
................
15,700‌
17,489,022‌
Nanshan
Life
Pte.
Ltd.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.85%),
5.88%,
03/17/41
(a)(b)
..
USD
10,985‌
10,652,813‌
28,141,835‌
Thailand
—
0.1%
(b)
Minor
International
PCL
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.92%),
2.70%
(a)
(q)
......................
5,300‌
5,268,200‌
Muangthai
Capital
PCL
6.88%,
09/30/28
............
9,700‌
9,595,434‌
7.55%,
07/21/30
............
10,275‌
10,172,250‌
25,035,884‌
Security
Par
(000)
Par
(000)
Value
Ukraine
—
0.1%
MHP
Lux
SA,
10.50%,
07/28/29
(c)
...
USD
2,278‌
$
2,289,390‌
NAK
Naftogaz
Ukraine
(o)
7.13%,
(7.13%
Cash
or
7.13%
PIK),
07/19/26
(b)
..............
EUR
18,059‌
17,116,668‌
7.63%,
(7.63%
Cash
or
7.63%
PIK),
11/08/28
(c)
..............
USD
6,493‌
5,064,385‌
VF
Ukraine
PAT
(g)
9.62%,
02/11/27
(c)
...........
9,786‌
9,639,147‌
9.62%,
02/11/27
(b)
...........
2,720‌
2,679,511‌
36,789,101‌
United
Arab
Emirates
—
0.1%
Aldar
Properties
PJSC
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.02%),
5.88%,
04/14/56
(a)(b)
...............
8,000‌
7,324,880‌
Alpha
Star
Holding
IX
Ltd.
7.00%,
08/26/28
(b)
...........
4,929‌
4,680,578‌
Alpha
Star
Holding
VIII
Ltd.,
8.38%,
04/12/27
(b)
................
7,000‌
6,931,400‌
Alpha
Star
Holding
X
Ltd.
6.13%,
08/05/29
(b)
...........
4,358‌
3,977,764‌
DAE
Funding
LLC,
3.38%,
03/20/28
(b)
1,867‌
1,796,297‌
DAE
Sukuk
Difc
Ltd.,
4.50%,
10/16/30
(b)
1,674‌
1,593,648‌
Emirates
Reit
Sukuk
III
Ltd.,
7.50%,
12/12/28
(b)(g)
...............
5,000‌
4,350,000‌
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
5,586,431‌
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(c)
.................
723‌
683,604‌
Sobha
Sukuk
I
Holding
Ltd.,
7.13%,
09/11/30
(b)
................
2,208‌
1,898,880‌
38,823,482‌
United
Kingdom
—
2.0%
10x
Future
Technologies
Services
Ltd.,
(Acquired
12/19/23,
cost
$5,524,314),
15.00%,
(
15.00%
Cash
or
15.00%
PIK),
06/19/26
(d)(m)(o)
...
GBP
4,325‌
4,007,536‌
Albion
Financing
1
SARL,
5.38%,
05/21/30
(b)
................
EUR
6,663‌
7,718,426‌
Amber
Finco
plc,
6.63%,
07/15/29
(b)
.
1,144‌
1,356,908‌
Anglian
Water
Osprey
Financing
plc
(b)
6.75%,
08/27/31
............
GBP
16,500‌
22,028,063‌
6.38%,
08/18/33
............
9,820‌
12,572,965‌
Ardonagh
Finco
Ltd.
6.88%,
02/15/31
(b)
...........
EUR
28,270‌
32,450,471‌
7.75%,
02/15/31
(c)
...........
USD
3,900‌
3,945,697‌
Ashtead
Capital,
Inc.,
4.25%,
11/01/29
(c)
900‌
881,446‌
Assura
Financing
plc,
1.63%,
06/30/33
(b)
................
GBP
5,000‌
4,946,494‌
Avianca
Midco
2
plc,
9.50%,
01/28/31
(c)
USD
15,962‌
14,669,876‌
Barclays
plc
4.84%,
05/09/28
............
200‌
200,019‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.75%),
8.41%,
11/14/32
(a)(b)
........
GBP
13,548‌
18,684,931‌
BCP
V
Modular
Services
Finance
II
plc
(b)
4.75%,
11/30/28
............
EUR
3,697‌
4,019,880‌
6.13%,
11/30/28
............
GBP
14,814‌
18,330,829‌
6.50%,
07/10/31
............
EUR
17,458‌
17,145,223‌
BCP
V
Modular
Services
Finance
plc,
6.75%,
11/30/29
(b)
...........
3,556‌
2,810,651‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Bellis
Acquisition
Co.
plc
(b)
8.13%,
05/14/30
............
GBP
6,526‌
$
7,965,532‌
8.00%,
07/01/31
............
EUR
8,644‌
9,413,492‌
Belron
UK
Finance
plc,
5.75%,
10/15/29
(c)
................
USD
1,315‌
1,323,304‌
Biffa
Group
Holdings
Ltd.
(b)
5.25%,
06/15/31
............
EUR
13,050‌
14,591,867‌
7.38%,
06/15/31
............
GBP
3,303‌
4,269,079‌
Boots
Group
Finco
LP
(b)
5.38%,
08/31/32
............
EUR
1,784‌
2,051,570‌
7.38%,
08/31/32
............
GBP
5,336‌
7,014,152‌
Bracken
MidCo1
plc,
6.75%,
(6.75%
Cash
or
7.50%
PIK),
11/01/27
(b)(o)
.
6,664‌
8,706,111‌
Brightstar
Lottery
plc,
5.75%,
01/15/33
(c)
USD
733‌
712,532‌
British
Telecommunications
plc,
5.75%,
12/07/28
(b)
................
GBP
3,963‌
5,318,273‌
California
Buyer
Ltd.
5.63%,
02/15/32
(b)
...........
EUR
6,015‌
6,720,401‌
5.63%,
02/15/32
(b)
...........
9,275‌
10,362,713‌
6.38%,
02/15/32
(c)
...........
USD
1,102‌
1,076,736‌
CD&R
Firefly
Bidco
plc,
8.63%,
04/30/29
(b)
................
GBP
23,758‌
31,968,677‌
Channel
Link
Enterprises
Finance
plc
(a)(b)
Series
A8,
(6-mo.
EURIBOR
+
5.90%),
2.71%,
06/30/50
....
EUR
4,400‌
5,038,279‌
Series
A5,
(Sterling
Overnight
Index
Average
+
6.06%),
3.04%,
06/30/50
...............
GBP
3,075‌
3,762,230‌
Connect
Finco
SARL,
9.00%,
09/15/29
(c)
................
USD
3,603‌
3,785,096‌
ContourGlobal
Power
Holdings
SA
(b)
5.00%,
02/28/30
............
EUR
8,334‌
9,632,366‌
4.38%,
07/31/31
............
17,088‌
18,703,933‌
Deuce
Finco
plc
(b)
7.00%,
11/20/31
............
GBP
7,758‌
10,111,625‌
(3-mo.
EURIBOR
+
3.50%),
5.65%,
11/20/32
(a)
..............
EUR
4,195‌
4,837,002‌
EC
Finance
plc,
3.25%,
10/15/26
(b)(g)
.
12,238‌
13,863,681‌
Edge
Finco
plc,
8.13%,
08/15/31
(b)
..
GBP
22,497‌
30,716,215‌
Entain
plc,
4.88%,
11/30/31
(b)
......
EUR
5,842‌
6,628,339‌
Froneri
Lux
FinCo
SARL,
4.75%,
08/01/32
(b)
................
21,308‌
23,265,054‌
Global
Switch
Finance
BV,
1.38%,
10/07/30
(b)
................
3,943‌
4,200,782‌
Heathrow
Finance
plc
(b)
3.88%,
03/01/27
(g)
...........
GBP
4,955‌
6,432,148‌
4.13%,
09/01/29
(g)
...........
3,787‌
4,674,565‌
6.63%,
03/01/31
............
3,643‌
4,782,149‌
Heathrow
Funding
Ltd.,
6.00%,
03/05/32
(b)
................
1,910‌
2,528,985‌
Howden
UK
Refinance
plc,
8.13%,
02/15/32
(c)
................
USD
5,040‌
4,722,227‌
HSBC
Holdings
plc
(a)
(3-mo.
EURIBOR
+
1.27%),
3.31%,
05/13/30
(b)
..............
EUR
30,376‌
34,797,913‌
(1-day
SOFR
+
1.90%),
5.87%,
11/18/35
...............
USD
1,200‌
1,215,546‌
Iceland
Bondco
plc,
10.88%,
12/15/27
(b)
GBP
4,788‌
6,546,182‌
Imperial
Brands
Finance
plc,
3.88%,
08/02/33
(b)
................
EUR
10,375‌
11,638,074‌
INEOS
Quattro
Finance
2
plc
(b)
8.50%,
03/15/29
............
6,864‌
6,554,545‌
8.50%,
03/15/29
............
3,722‌
3,554,198‌
6.75%,
04/15/30
............
1,004‌
890,990‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Intu
Jersey
2
Ltd.,
2.88%,
11/01/24
(b)(e)(f)
(p)
......................
GBP
3,562‌
$
619,112‌
Ithaca
Energy
North
Sea
plc
8.13%,
10/15/29
(c)
...........
USD
3,000‌
3,076,188‌
5.50%,
10/01/31
(b)
...........
EUR
9,484‌
10,964,213‌
Jaguar
Land
Rover
Automotive
plc
(c)
4.50%,
10/01/27
............
USD
1,708‌
1,675,446‌
5.88%,
01/15/28
............
264‌
261,365‌
5.50%,
07/15/29
............
723‌
703,239‌
Maison
Finco
plc,
7.25%,
04/30/32
(b)
.
GBP
5,765‌
7,153,750‌
Market
Bidco
Finco
plc
(b)
6.75%,
01/31/31
............
EUR
4,988‌
5,538,407‌
8.75%,
01/31/31
............
GBP
983‌
1,234,466‌
Metro
Bank
Holdings
plc,
(GUKG1
+
7.81%),
12.00%,
04/30/29
(a)(b)
...
7,331‌
10,867,844‌
Metrocentre
Finance
plc,
8.75%,
(8.75
%
Cash
or
8.75%
PIK),
01/16/28
(o)
................
1,244‌
913,844‌
Mitchells
&
Butlers
Finance
plc,
Series
D1,
(Sterling
Overnight
Index
Average
+
2.36%),
6.10%,
06/15/36
(a)(b)
...............
2,225‌
2,580,565‌
Mobico
Group
plc,
4.88%,
09/26/31
(b)
EUR
14,988‌
13,410,836‌
Motion
Finco
SARL,
7.38%,
06/15/30
(b)
3,804‌
3,796,985‌
National
Grid
Electricity
Transmission
plc
(b)
4.00%,
06/08/27
............
GBP
6,855‌
8,949,627‌
1.13%,
07/07/28
............
6,000‌
7,275,354‌
Nationwide
Building
Society
(3-mo.
EURIBOR
+
1.00%),
3.85%,
02/03/37
(a)(b)
.............
EUR
24,556‌
27,464,520‌
NatWest
Group
plc
,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.20%),
7.42%,
06/06/33
(a)(b)
...............
GBP
327‌
447,229‌
Northumbrian
Water
Finance
plc,
5.38%,
07/22/32
(b)
...........
5,488‌
7,066,465‌
Ocado
Group
plc
(b)
0.75%,
01/18/27
(p)
...........
1,900‌
2,391,917‌
10.50%,
08/08/29
...........
3,960‌
5,158,481‌
11.00%,
06/15/30
...........
843‌
1,112,502‌
OEG
Finance
plc,
7.25%,
09/27/29
(b)
.
EUR
24,154‌
28,755,532‌
Pinewood
Finco
plc
6.00%,
03/27/30
(b)
...........
GBP
17,061‌
22,030,986‌
Pinnacle
Bidco
plc,
10.00%,
10/11/28
(b)
6,379‌
8,755,875‌
Rio
Tinto
Finance
plc,
4.00%,
12/11/29
(b)
................
7,413‌
9,472,038‌
Santander
UK
Group
Holdings
plc
,
(1-Year
EURIBOR
ICE
Swap
Rate
+
1.00%),
3.65%,
02/16/34
(a)(b)
....
EUR
18,710‌
20,959,121‌
SCC
Power
plc,
4.00%,
(4.00%
Cash
or
4.00%
PIK),
05/17/32
(c)(o)
.......
USD
1,658‌
414,558‌
Severn
Trent
Utilities
Finance
plc
(b)
Series
APR,
3.88%,
08/04/35
....
EUR
1,890‌
2,118,627‌
4.25%,
01/29/40
............
6,180‌
6,944,880‌
Stonegate
Pub
Co.
Financing
2019
plc,
(3-mo.
EURIBOR
+
6.63%),
8.62%,
07/31/29
(a)(b)
...............
1,400‌
1,582,945‌
Stonegate
Pub
Co.
Financing
plc
10.75%,
07/31/29
(b)
..........
GBP
9,940‌
13,026,366‌
SW
Finance
I
plc
(b)
7.75%,
10/31/31
............
6,300‌
8,706,491‌
6.88%,
08/07/32
............
15,700‌
21,132,366‌
Synthomer
plc,
7.38%,
05/02/29
(b)
...
EUR
2,502‌
1,852,048‌
Tesco
Property
Finance
1
plc,
7.62%,
07/13/39
(b)
................
GBP
2,609‌
3,803,213‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Tesco
Property
Finance
3
plc,
5.74%,
04/13/40
(b)
................
GBP
6,049‌
$
7,852,369‌
Tesco
Property
Finance
4
plc,
5.80%,
10/13/40
(b)
................
2,881‌
3,728,759‌
Thames
Water
Kemble
Finance
plc,
4.63%,
05/19/16
(b)(e)(f)
.........
4,273‌
28,279‌
Thames
Water
Utilities
Finance
plc,
4.00%,
06/19/27
(b)
...........
18,102‌
16,216,665‌
Trident
Energy
Finance
plc,
12.50%,
11/30/29
(b)
................
USD
2,996‌
3,184,269‌
TSB
Bank
plc,
3.32%,
03/05/29
(b)
...
EUR
11,130‌
12,928,307‌
United
Utilities
Water
Finance
plc,
2.00%,
07/03/33
(b)
...........
GBP
414‌
427,735‌
Virgin
Media
Secured
Finance
plc
(b)
4.25%,
01/15/30
............
2,306‌
2,697,062‌
4.13%,
08/15/30
............
1,115‌
1,278,511‌
Virgin
Money
UK
plc
,
(GUKG1
+
3.05%),
7.63%,
08/23/29
(a)(b)
....
9,800‌
13,664,220‌
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(b)
...........
14,759‌
18,275,467‌
4.50%,
07/15/31
(b)
...........
8,244‌
9,144,868‌
4.75%,
07/15/31
(c)
...........
USD
7,396‌
6,363,269‌
5.63%,
04/15/32
(b)
...........
EUR
15,311‌
16,211,944‌
5.63%,
04/15/32
(b)
...........
4,500‌
4,764,793‌
6.75%,
01/15/33
(c)
...........
USD
3,462‌
3,093,107‌
WPP
Finance
2013,
3.63%,
06/09/31
(b)
EUR
27,000‌
29,773,570‌
Zegona
Finance
plc
6.75%,
07/15/29
(b)
...........
9,831‌
11,793,425‌
933,789,998‌
United
States
—
10.0%
3M
Co.,
1.75%,
05/15/30
.........
12,200‌
13,105,034‌
Acadia
Healthcare
Co.,
Inc.,
5.00%,
04/15/29
(c)
................
USD
521‌
507,251‌
Acrisure
LLC
(c)
7.50%,
11/06/30
............
2,768‌
2,776,481‌
6.75%,
07/01/32
............
2,763‌
2,662,491‌
AdaptHealth
LLC
(c)
4.63%,
08/01/29
............
1,483‌
1,412,933‌
5.13%,
03/01/30
............
1,745‌
1,671,923‌
Adient
Global
Holdings
Ltd.
(c)
7.00%,
04/15/28
............
1,176‌
1,191,631‌
7.50%,
02/15/33
............
2,295‌
2,320,257‌
ADT
Security
Corp.
(The)
(c)
4.13%,
08/01/29
............
1,872‌
1,788,413‌
5.88%,
10/15/33
............
545‌
527,838‌
Advance
Auto
Parts,
Inc.
3.90%,
04/15/30
............
1,371‌
1,259,079‌
7.00%,
08/01/30
(c)
...........
996‌
1,008,995‌
7.38%,
08/01/33
(c)
...........
478‌
484,118‌
AECOM,
6.00%,
08/01/33
(c)
.......
1,000‌
998,901‌
Aethon
I
LP,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
6.15%),
9.80%,
01/10/27
(a)(c)(d)
..............
15,302‌
15,301,742‌
Aethon
United
BR
LP,
7.50%,
10/01/29
(c)
................
2,172‌
2,265,320‌
Albertsons
Cos.,
Inc.
(c)
6.50%,
02/15/28
............
126‌
127,578‌
3.50%,
03/15/29
............
3,304‌
3,151,818‌
4.88%,
02/15/30
............
2,718‌
2,660,478‌
5.50%,
03/31/31
............
1,920‌
1,898,250‌
5.63%,
03/31/32
............
1,205‌
1,186,342‌
5.75%,
03/31/34
............
788‌
770,937‌
Alcoa
Nederland
Holding
BV
(c)
4.13%,
03/31/29
............
520‌
505,515‌
7.13%,
03/15/31
............
257‌
268,748‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Alexander
Funding
Trust
II,
7.47%,
07/31/28
(c)
................
USD
18,297‌
$
19,265,658‌
Allegion
US
Holding
Co.,
Inc.,
3.55%,
10/01/27
.................
100‌
98,576‌
Alliant
Holdings
Intermediate
LLC
(c)
4.25%,
10/15/27
............
430‌
421,425‌
6.75%,
10/15/27
............
198‌
197,849‌
5.88%,
11/01/29
............
2,357‌
2,280,466‌
7.00%,
01/15/31
............
764‌
770,503‌
6.50%,
10/01/31
............
14‌
13,747‌
7.38%,
10/01/32
............
3,683‌
3,647,832‌
Allied
Universal
Holdco
LLC
3.63%,
06/01/28
(b)
...........
EUR
8,190‌
9,220,916‌
4.63%,
06/01/28
(c)
...........
USD
519‌
506,763‌
4.88%,
06/01/28
(b)
...........
GBP
7,656‌
9,806,487‌
6.00%,
06/01/29
(c)
...........
USD
5,510‌
5,324,185‌
7.88%,
02/15/31
(c)
...........
3,970‌
4,093,924‌
Allison
Transmission,
Inc.,
4.75%,
10/01/27
(c)
................
1,674‌
1,663,623‌
Ally
Financial,
Inc.
6.70%,
02/14/33
............
310‌
312,155‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
6.65%,
01/17/40
(a)
...
1,911‌
1,844,558‌
Alpha
Generation
LLC
(c)
6.75%,
10/15/32
............
837‌
849,248‌
6.25%,
01/15/34
............
1,663‌
1,633,637‌
Alphabet,
Inc.
5.45%,
11/15/55
............
13,370‌
12,944,854‌
5.65%,
02/15/56
............
11,489‌
11,452,045‌
6.13%,
02/13/2126
..........
GBP
11,420‌
14,286,354‌
Altria
Group,
Inc.,
6.20%,
02/14/59
..
USD
300‌
294,676‌
Alumina
Pty.
Ltd.
(c)
6.13%,
03/15/30
............
1,119‌
1,141,822‌
6.38%,
09/15/32
............
1,237‌
1,270,692‌
Amazon.com,
Inc.,
4.85%,
03/16/64
.
EUR
25,590‌
29,318,710‌
Ambac
Assurance
Corp.,
5.10%
(c)(q)
..
USD
1,407‌
1,850,751‌
AMC
Networks,
Inc.
4.25%,
02/15/29
(p)
...........
4,356‌
3,860,505‌
4.25%,
02/15/29
............
10,878‌
9,164,523‌
10.50%,
07/15/32
(c)
..........
3,337‌
3,293,366‌
Amentum
Holdings,
Inc.,
7.25%,
08/01/32
(c)
................
1,329‌
1,375,262‌
American
Airlines
Pass-Through
Trust
Series
2017-2,Class
A,
3.50%,
06/15/26
(d)
..............
22,616‌
22,531,922‌
Series
2025-1,Class
B,
5.65%,
11/11/34
................
4,432‌
4,451,382‌
American
Airlines,
Inc.
(c)
7.25%,
02/15/28
............
1,061‌
1,067,041‌
5.75%,
04/20/29
............
4,426‌
4,401,791‌
American
Axle
&
Manufacturing,
Inc.,
7.75%,
10/15/33
(c)
...........
4,865‌
4,736,068‌
American
Builders
&
Contractors
Supply
Co.,
Inc.
(c)
4.00%,
01/15/28
............
511‌
501,410‌
3.88%,
11/15/29
............
624‌
591,486‌
American
Tower
Corp.,
3.65%,
03/15/27
9,080‌
9,014,053‌
AmeriGas
Partners
LP
(c)
9.38%,
06/01/28
............
255‌
261,791‌
9.50%,
06/01/30
............
3,441‌
3,645,454‌
Amgen,
Inc.,
4.66%,
06/15/51
.....
12,503‌
10,489,614‌
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(c)
................
998‌
956,047‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Andiron
Financing
LLC,
(1M
Sofr
FWD
+
3.25%),
6.67%,
01/21/30
(a)(d)
...
USD
1,800‌
$
1,784,340‌
Antero
Midstream
Partners
LP
(c)
5.75%,
01/15/28
............
348‌
347,998‌
5.38%,
06/15/29
............
1,610‌
1,604,838‌
6.63%,
02/01/32
............
1,863‌
1,904,059‌
AP
Grange
Holdings
LLC,
(Acquired
06/21/24,
cost
$14,801,000),
6.50%,
03/20/45
(d)(m)
...............
14,801‌
15,541,050‌
APLD
ComputeCo
2
LLC,
6.75%,
03/15/31
(c)
................
1,077‌
1,069,158‌
APLD
ComputeCo
LLC,
9.25%,
12/15/30
(c)
................
4,082‌
4,205,774‌
Aramark
International
Finance
SARL,
4.38%,
04/15/33
(b)
...........
EUR
5,467‌
6,019,307‌
Aramark
Services,
Inc.,
5.00%,
02/01/28
(c)
................
USD
909‌
903,635‌
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(c)
2,817‌
2,712,175‌
Archrock
Partners
LP
(c)
6.25%,
04/01/28
............
469‌
469,000‌
6.63%,
09/01/32
............
2,218‌
2,261,595‌
Arcosa,
Inc.
(c)
4.38%,
04/15/29
............
679‌
655,059‌
6.88%,
08/15/32
............
386‌
395,512‌
Ardagh
Group
SA
9.50%,
12/01/30
(c)
...........
1,480‌
1,551,867‌
9.50%,
12/01/30
(b)
...........
20,246‌
21,229,064‌
12.00%,
(12.00%
Cash
or
6.50%
PIK),
12/01/30
(a)(c)(o)
........
34,966‌
28,499,430‌
12.00%,
(12.00%
Cash
or
7.50%
PIK),
12/01/30
(b)(o)
.........
EUR
21,861‌
20,009,277‌
Ardagh
Metal
Packaging
Finance
USA
LLC
3.25%,
09/01/28
(c)
...........
USD
224‌
213,041‌
3.00%,
09/01/29
(b)
...........
EUR
5,311‌
5,538,094‌
4.00%,
09/01/29
(c)
...........
USD
4,996‌
4,574,844‌
Aretec
Group,
Inc.,
10.00%,
08/15/30
(c)
2,271‌
2,412,176‌
Arizona
Public
Service
Co.,
5.10%,
03/15/36
.................
12,878‌
12,661,327‌
Arsenal
AIC
Parent
LLC
(c)
8.00%,
10/01/30
............
1,581‌
1,646,085‌
11.50%,
10/01/31
...........
1,761‌
1,902,764‌
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
............
637‌
625,534‌
4.63%,
11/15/29
(c)
...........
1,023‌
988,965‌
4.75%,
03/01/30
............
1,702‌
1,640,122‌
Ascension
Health,
Series
2025,
4.92%,
11/15/35
..................
7,605‌
7,514,297‌
Ascent
Resources
Utica
Holdings
LLC
(c)
5.88%,
06/30/29
............
2,696‌
2,693,504‌
6.63%,
07/15/33
............
281‌
285,825‌
Ashton
Woods
USA
LLC
(c)
4.63%,
08/01/29
............
1,672‌
1,579,569‌
4.63%,
04/01/30
............
4,794‌
4,449,454‌
6.88%,
08/01/33
............
4,179‌
4,031,630‌
AT&T
Reign
II
Multi-Property
Lease-
Backed
Pass-Through
Trust,
6.09%,
12/15/44
(c)
................
26,775‌
26,506,665‌
AT&T,
Inc.
5.50%,
03/15/27
(b)
...........
GBP
14,200‌
18,825,915‌
7.00%,
04/30/40
............
4,900‌
6,818,801‌
4.25%,
06/01/43
............
6,105‌
6,162,481‌
ATI,
Inc.,
7.25%,
08/15/30
........
USD
3,208‌
3,326,597‌
Avantor
Funding,
Inc.,
4.63%,
07/15/28
(c)
................
3,556‌
3,470,704‌
Avianca
Midco
2
plc,
9.00%,
12/01/28
(b)
721‌
694,931‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Avient
Corp.,
7.13%,
08/01/30
(c)
....
USD
2,365‌
$
2,403,199‌
Avis
Budget
Car
Rental
LLC
(c)
8.00%,
02/15/31
............
2,416‌
2,387,999‌
8.38%,
06/15/32
............
3,469‌
3,449,962‌
Axalta
Coating
Systems
Dutch
Holding
B
BV,
7.25%,
02/15/31
(c)
.......
2,680‌
2,802,522‌
Axalta
Coating
Systems
LLC
(c)
4.75%,
06/15/27
............
863‌
857,161‌
3.38%,
02/15/29
............
689‌
651,909‌
Axon
Enterprise,
Inc.,
6.13%,
03/15/30
(c)
................
1,756‌
1,785,055‌
Azorra
Finance
Ltd.
(c)
7.75%,
04/15/30
............
1,953‌
2,012,996‌
6.25%,
02/15/34
............
697‌
647,815‌
Ball
Corp.
6.00%,
06/15/29
............
3,361‌
3,409,314‌
3.13%,
09/15/31
............
594‌
534,947‌
4.25%,
07/01/32
............
EUR
3,207‌
3,663,397‌
Bank
of
America
Corp.
,
(3-mo.
CME
Term
SOFR
+
1.44%),
3.19%,
07/23/30
(a)
................
USD
26,735‌
25,640,473‌
Bath
&
Body
Works,
Inc.
7.50%,
06/15/29
............
1,002‌
1,014,170‌
6.63%,
10/01/30
(c)
...........
2,595‌
2,619,450‌
Bausch
+
Lomb
Corp.,
8.38%,
10/01/28
(c)
................
6,528‌
6,740,160‌
BCPE
Flavor
Debt
Merger
Sub
LLC
&
BCPE
Flavor
Issuer,
Inc.,
9.50%,
07/01/32
(c)
................
5,266‌
4,775,297‌
Beach
Acquisition
Bidco
LLC
5.25%,
07/15/32
(b)
...........
EUR
9,844‌
10,912,727‌
10.00%,
(10.00%
Cash
or
10.75%
PIK),
07/15/33
(c)(o)
.........
USD
3,925‌
4,090,919‌
Beazer
Homes
USA,
Inc.,
7.25%,
10/15/29
.................
8,623‌
8,614,380‌
Becton
Dickinson
&
Co.,
3.70%,
06/06/27
.................
700‌
694,238‌
Beignet
Investor
LLC,
6.58%,
05/30/49
(c)
................
264,850‌
272,307,156‌
Black
Pearl
Compute
LLC,
6.13%,
02/15/31
(c)
................
905‌
921,106‌
Block,
Inc.
5.63%,
08/15/30
(c)
...........
2,454‌
2,440,439‌
6.50%,
05/15/32
............
3,013‌
3,040,512‌
6.00%,
08/15/33
(c)
...........
482‌
474,039‌
Blue
Racer
Midstream
LLC,
7.00%,
07/15/29
(c)
................
1,400‌
1,446,298‌
BMS
Ireland
Capital
Funding
DAC
4.29%,
11/10/45
............
EUR
17,130‌
19,174,356‌
4.58%,
11/10/55
............
22,689‌
25,459,837‌
Boeing
Co.
(The)
2.80%,
03/01/27
............
USD
10,630‌
10,464,919‌
6.39%,
05/01/31
............
4,100‌
4,371,999‌
5.81%,
05/01/50
............
16,385‌
15,839,812‌
Booking
Holdings,
Inc.
3.88%,
03/21/45
............
EUR
3,455‌
3,520,149‌
4.50%,
05/09/46
............
9,024‌
9,876,281‌
Boyd
Gaming
Corp.
4.75%,
12/01/27
............
USD
1,832‌
1,812,953‌
4.75%,
06/15/31
(c)
...........
508‌
483,014‌
Bracelet
Holdings,
Inc.,
9.25%,
07/02/28
(c)
................
25,994‌
25,256,204‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Breeze
Aviation
Group,
Inc.
(Acquired
01/26/24,
cost
$11,287,458)
20.00%,
(20.00%
Cash
or
20.00
%
PIK),
01/30/28
(d)
(m)(o)
...................
USD
11,897‌
$
11,867,484‌
Brightstar
Lottery
plc,
5.25%,
01/15/29
(c)
440‌
436,438‌
Brink's
Co.
(The)
(c)
4.63%,
10/15/27
............
887‌
875,392‌
6.75%,
06/15/32
............
1,309‌
1,324,991‌
Buckeye
Partners
LP
4.13%,
12/01/27
............
100‌
97,788‌
6.88%,
07/01/29
(c)
...........
1,450‌
1,492,384‌
6.75%,
02/01/30
(c)
...........
210‌
216,722‌
Builders
FirstSource,
Inc.
(c)
5.00%,
03/01/30
............
1,295‌
1,261,267‌
6.38%,
06/15/32
............
1,109‌
1,107,388‌
6.38%,
03/01/34
............
3,095‌
3,055,436‌
Caesars
Entertainment,
Inc.
(c)
4.63%,
10/15/29
............
1,305‌
1,255,273‌
7.00%,
02/15/30
............
772‌
781,534‌
6.50%,
02/15/32
............
4,382‌
4,330,985‌
6.00%,
10/15/32
............
2,545‌
2,341,423‌
California
Resources
Corp.,
7.00%,
01/15/34
(c)
................
8,430‌
8,498,805‌
Capital
One
Financial
Corp.,
3.75%,
03/09/27
.................
29,900‌
29,724,022‌
Cardinal
Health,
Inc.
4.70%,
11/15/26
............
3,000‌
3,005,236‌
5.00%,
11/15/29
............
1,800‌
1,827,065‌
Carlisle
Cos.,
Inc.,
3.75%,
12/01/27
.
700‌
691,438‌
CCO
Holdings
LLC
(c)
5.13%,
05/01/27
............
184‌
183,792‌
5.38%,
06/01/29
............
256‌
252,481‌
6.38%,
09/01/29
............
472‌
473,449‌
4.50%,
08/15/30
............
4,676‌
4,369,622‌
4.25%,
02/01/31
............
6,468‌
5,895,288‌
7.38%,
03/01/31
............
2,042‌
2,078,703‌
4.75%,
02/01/32
............
4,780‌
4,321,918‌
7.00%,
02/01/33
............
3,560‌
3,569,805‌
4.50%,
06/01/33
............
10,310‌
8,976,128‌
7.38%,
02/01/36
............
2,654‌
2,642,977‌
Celanese
US
Holdings
LLC
6.85%,
11/15/28
(g)
...........
1,231‌
1,280,179‌
7.33%,
07/15/29
(g)
...........
2,889‌
3,015,654‌
7.05%,
11/15/30
(g)
...........
100‌
105,708‌
7.00%,
02/15/31
............
1,091‌
1,120,232‌
7.38%,
07/15/32
(g)
...........
1,662‌
1,734,719‌
7.38%,
02/15/34
............
1,517‌
1,554,203‌
Centene
Corp.,
4.25%,
12/15/27
...
9,714‌
9,542,205‌
Central
Garden
&
Pet
Co.,
4.13%,
04/30/31
(c)
................
459‌
427,667‌
Century
Communities,
Inc.,
6.63%,
09/15/33
(c)
................
1,734‌
1,698,706‌
Charles
River
Laboratories
International,
Inc.
(c)
4.25%,
05/01/28
............
1,842‌
1,800,504‌
4.00%,
03/15/31
............
1,164‌
1,082,861‌
Charter
Communications
Operating
LLC
3.75%,
02/15/28
............
1,200‌
1,179,024‌
2.80%,
04/01/31
............
10,000‌
8,978,068‌
Chemours
Co.
(The)
(c)
4.63%,
11/15/29
............
1,652‌
1,549,172‌
8.00%,
01/15/33
............
2,903‌
2,918,853‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Cheniere
Energy
Partners
LP,
4.00%,
03/01/31
.................
USD
13,765‌
$
13,213,361‌
Chesapeake
Energy
Corp.,
6.13%,
02/15/21
(d)(e)(f)
..............
27,853‌
3‌
Chobani
LLC,
7.63%,
07/01/29
(c)
...
3,069‌
3,136,079‌
Chord
Energy
Corp.,
6.00%,
10/01/30
(c)
1,930‌
1,955,611‌
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
............
1,760‌
1,757,757‌
4.75%,
01/15/28
............
3,151‌
3,108,519‌
Cinemark
USA,
Inc.
(c)
5.25%,
07/15/28
............
940‌
931,963‌
7.00%,
08/01/32
............
1,554‌
1,596,715‌
Cintas
Corp.
No.
2,
3.70%,
04/01/27
.
300‌
298,562‌
Cipher
Compute
LLC,
7.13%,
11/15/30
(c)
.................
2,423‌
2,510,298‌
Citigroup
Global
Markets
Holdings,
Inc.
(b)
Series
MU0C,
0.00%,
03/02/28
(d)(h)
HKD
23,000‌
2,937,331‌
Series
388,
0.00%,
10/10/28
(c)(h)(p)
.
USD
6,000‌
6,193,020‌
Series
gtmn,
7.12%,
06/20/31
...
13,000‌
13,343,473‌
6.20%,
12/20/31
............
13,000‌
13,108,797‌
Citigroup,
Inc.
(a)
(1-day
SOFR
+
1.36%),
5.17%,
02/13/30
...............
27,250‌
27,670,077‌
6.35%,
09/09/30
............
79,100‌
77,496,247‌
5.92%,
12/11/30
............
38,212‌
36,405,184‌
(3-mo.
EURIBOR
+
1.05%),
3.75%,
05/14/32
(b)
..............
EUR
23,000‌
26,537,202‌
(3-mo.
EURIBOR
+
1.03%),
3.49%,
10/22/34
...............
41,141‌
45,650,902‌
Civitas
Resources,
Inc.
(c)
5.00%,
10/15/26
............
USD
14,745‌
14,720,962‌
8.63%,
11/01/30
............
6,029‌
6,361,113‌
Clarios
Global
LP
6.75%,
05/15/28
(c)
...........
415‌
419,038‌
6.75%,
02/15/30
(c)
...........
185‌
189,163‌
4.75%,
06/15/31
(b)
...........
EUR
15,233‌
17,287,821‌
6.75%,
09/15/32
(c)
...........
USD
3,677‌
3,706,416‌
Clarivate
Science
Holdings
Corp.,
3.88%,
07/01/28
(c)
...........
2,810‌
2,651,845‌
Clean
Harbors,
Inc.,
6.38%,
02/01/31
(c)
197‌
200,068‌
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
7.88%,
04/01/30
............
7,942‌
8,311,327‌
7.13%,
02/15/31
............
3,664‌
3,838,755‌
Clearway
Energy
Operating
LLC
(c)
4.75%,
03/15/28
............
2,084‌
2,056,192‌
3.75%,
02/15/31
............
738‌
683,369‌
Cleveland-Cliffs,
Inc.
(c)
6.88%,
11/01/29
............
1,346‌
1,345,880‌
7.50%,
09/15/31
............
1,077‌
1,074,262‌
7.38%,
05/01/33
............
2,804‌
2,743,069‌
7.63%,
01/15/34
............
3,742‌
3,655,813‌
Cloud
Software
Group,
Inc.
(c)
6.50%,
03/31/29
............
2,333‌
2,276,005‌
9.00%,
09/30/29
............
10,840‌
10,457,062‌
8.25%,
06/30/32
............
7,673‌
7,277,341‌
6.63%,
08/15/33
............
221‌
196,486‌
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
............
191‌
187,574‌
8.75%,
04/15/30
............
8,745‌
8,159,731‌
6.75%,
04/15/32
............
1,093‌
1,034,135‌
CNX
Resources
Corp.
(c)
7.38%,
01/15/31
............
831‌
853,861‌
7.25%,
03/01/32
............
1,569‌
1,616,785‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Cogent
Communications
Group
LLC
(c)
7.00%,
06/15/27
............
USD
1,207‌
$
1,188,766‌
6.50%,
07/01/32
............
3,373‌
2,940,545‌
Comcast
Corp.,
2.35%,
01/15/27
...
100‌
98,569‌
Commercial
Metals
Co.
(c)
5.75%,
11/15/33
............
2,015‌
1,993,815‌
6.00%,
12/15/35
............
874‌
861,629‌
Community
Health
Systems,
Inc.
(c)
10.88%,
01/15/32
...........
1,924‌
2,064,184‌
9.75%,
01/15/34
............
14,620‌
15,173,632‌
Comstock
Resources,
Inc.
(c)
6.75%,
03/01/29
............
5,684‌
5,616,649‌
5.88%,
01/15/30
............
746‌
721,807‌
Concentrix
Corp.,
6.65%,
08/02/26
..
226‌
226,995‌
Constellium
SE,
3.75%,
04/15/29
(c)
..
354‌
337,633‌
Cooper-Standard
Automotive,
Inc.,
9.25%,
03/01/31
(c)
...........
2,478‌
2,328,700‌
Core
Scientific,
Inc.,
0.00%,
06/15/31
(c)
(h)(p)
.....................
2,123‌
2,319,378‌
CoreWeave,
Inc.
(c)
9.25%,
06/01/30
............
819‌
795,789‌
9.00%,
02/01/31
............
5,454‌
5,189,584‌
1.75%,
12/01/31
(p)
...........
3,008‌
3,011,309‌
CQP
Holdco
LP
(c)
5.50%,
06/15/31
............
1,473‌
1,436,532‌
7.50%,
12/15/33
............
1,090‌
1,143,915‌
Credit
Acceptance
Corp.,
6.63%,
03/15/30
(c)
................
3,186‌
3,111,607‌
Crescent
Energy
Finance
LLC
(c)
7.63%,
04/01/32
............
1,566‌
1,589,222‌
7.88%,
04/15/32
............
1,334‌
1,362,891‌
7.38%,
01/15/33
............
6,478‌
6,476,376‌
8.38%,
01/15/34
............
2,006‌
2,097,072‌
CrossCountry
Intermediate
HoldCo
LLC
(c)
6.50%,
10/01/30
............
1,306‌
1,244,799‌
6.75%,
12/01/32
............
1,900‌
1,787,806‌
Crown
Americas
LLC,
5.25%,
04/01/30
1,179‌
1,177,784‌
Crown
Castle,
Inc.,
3.80%,
02/15/28
.
1,200‌
1,182,830‌
CSC
Holdings
LLC
(c)
5.50%,
04/15/27
............
15,472‌
13,420,322‌
11.25%,
05/15/28
...........
3,579‌
2,924,558‌
11.75%,
01/31/29
...........
7,101‌
5,135,053‌
6.50%,
02/01/29
............
5,900‌
3,760,748‌
4.50%,
11/15/31
............
4,075‌
2,416,103‌
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(c)
........
229‌
229,331‌
CVR
Energy,
Inc.
(c)
7.50%,
02/15/31
............
141‌
142,053‌
7.88%,
02/15/34
............
2,388‌
2,396,369‌
Cyprium
Corp.,
6.38%,
04/15/34
(c)
...
456‌
442,613‌
Darling
Global
Finance
BV,
4.50%,
07/15/32
(b)
................
EUR
6,018‌
6,921,564‌
Darling
Ingredients,
Inc.,
5.25%,
04/15/27
(c)
................
USD
1,175‌
1,172,563‌
DaVita,
Inc.
(c)
4.63%,
06/01/30
............
4,554‌
4,378,740‌
3.75%,
02/15/31
............
226‌
207,230‌
6.88%,
09/01/32
............
1,875‌
1,920,800‌
6.75%,
07/15/33
............
1,697‌
1,726,109‌
Delek
Logistics
Partners
LP
(c)
8.63%,
03/15/29
............
2,212‌
2,288,909‌
7.38%,
06/30/33
............
2,281‌
2,299,857‌
Diamondback
Energy,
Inc.,
5.75%,
04/18/54
.................
26,610‌
25,166,208‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Digital
Dutch
Finco
BV,
1.50%,
03/15/30
(b)
................
EUR
4,627‌
$
4,892,617‌
Digital
Stout
Holding
LLC,
3.30%,
07/19/29
(b)
................
GBP
7,200‌
8,909,533‌
DirecTV
Financing
LLC
(c)
8.88%,
02/01/30
............
USD
2,097‌
2,087,228‌
8.88%,
02/01/30
............
2,080‌
2,075,373‌
10.00%,
02/15/31
...........
6,353‌
6,485,328‌
Discovery
Communications
LLC
5.00%,
09/20/37
............
5,293‌
3,826,733‌
6.35%,
06/01/40
............
7,374‌
5,403,815‌
Discovery
Global
Holdings,
Inc.,
4.05%,
03/15/29
.................
1,235‌
1,194,862‌
DISH
Network
Corp.,
3.38%,
08/15/26
(p)
3,464‌
3,339,296‌
Drawbridge
Special
Opportunities
Fund
LP,
5.95%,
09/17/30
(c)
.........
4,300‌
4,037,719‌
Duke
Energy
Corp.,
4.30%,
03/15/28
1,400‌
1,397,540‌
EchoStar
Corp.
10.75%,
11/30/29
...........
7,514‌
8,117,004‌
6.75%,
11/30/30
............
7,344‌
7,415,470‌
Edgewell
Personal
Care
Co.
(c)
5.50%,
06/01/28
............
100‌
99,457‌
4.13%,
04/01/29
............
2,605‌
2,460,925‌
Elevance
Health,
Inc.,
4.50%,
10/30/26
2,595‌
2,598,531‌
EMRLD
Borrower
LP
6.38%,
12/15/30
(b)
...........
EUR
16,259‌
19,128,833‌
6.63%,
12/15/30
(c)
...........
USD
3,809‌
3,873,978‌
Encompass
Health
Corp.
4.50%,
02/01/28
............
454‌
449,970‌
4.75%,
02/01/30
............
722‌
706,320‌
4.63%,
04/01/31
............
928‌
895,816‌
Encore
Capital
Group,
Inc.,
4.25%,
06/01/28
(b)
................
GBP
3,499‌
4,414,111‌
Endo
Finance
Holdings
LP,
8.50%,
04/15/31
(c)
................
USD
2,469‌
2,585,226‌
Energizer
Holdings,
Inc.
(c)
4.75%,
06/15/28
............
374‌
368,139‌
6.00%,
09/15/33
............
1,771‌
1,658,600‌
Energy
Transfer
LP,
4.00%,
10/01/27
800‌
794,663‌
Entegris,
Inc.
(c)
4.38%,
04/15/28
............
375‌
368,830‌
4.75%,
04/15/29
............
2,481‌
2,452,546‌
5.95%,
06/15/30
............
329‌
331,075‌
Equinix
Asia
Financing
Corp.
Pte.
Ltd.
(b)
3.50%,
03/15/30
............
SGD
6,500‌
5,042,972‌
2.90%,
09/15/32
............
7,000‌
5,281,170‌
EquipmentShare.com,
Inc.
(c)
9.00%,
05/15/28
............
USD
352‌
363,592‌
8.63%,
05/15/32
............
3,585‌
3,741,876‌
ESC
Investments
&
Realty
Corp.,
Inc.,
6.63%,
08/15/26
(d)(e)(f)
.........
1,665‌
—‌
EUSHI
Finance,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.14%),
7.63%,
12/15/54
(a)
................
471‌
486,152‌
Expand
Energy
Corp.,
5.38%,
06/15/26
(d)(e)(f)
..............
4,795‌
—‌
Fair
Isaac
Corp.
(c)
4.00%,
06/15/28
............
3,120‌
3,027,725‌
6.00%,
05/15/33
............
1,128‌
1,106,818‌
6.25%,
09/15/34
............
201‌
197,690‌
Fertitta
Entertainment
LLC,
6.75%,
01/15/30
(c)
................
5,526‌
5,161,574‌
Fidelity
National
Information
Services,
Inc.,
2.00%,
05/21/30
.........
EUR
4,435‌
4,775,292‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Figeac
Aero
North
America,
Inc.,
(Acquired
07/16/25,
cost
$19,221,846),
7.79%,
07/23/30
(b)(d)(m)
EUR
16,520‌
$
18,737,572‌
First
Citizens
BancShares,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.97%),
6.25%,
03/12/40
(a)
...........
USD
23,091‌
22,578,465‌
FirstCash,
Inc.
(c)
5.63%,
01/01/30
............
46‌
45,745‌
6.88%,
03/01/32
............
2,307‌
2,351,336‌
Five
Point
Operating
Co.
LP,
8.00%,
10/01/30
(c)
................
1,311‌
1,307,915‌
FLYR
-
Secured
Note,
10.00%,
05/10/27
(d)
................
8,513‌
517,617‌
Focus
Financial
Partners
LLC,
6.75%,
09/15/31
(c)
................
1,438‌
1,428,145‌
Ford
Motor
Credit
Co.
LLC
6.95%,
06/10/26
............
8,952‌
8,973,076‌
4.54%,
08/01/26
............
3,565‌
3,560,008‌
5.13%,
11/05/26
............
7,205‌
7,219,888‌
4.27%,
01/09/27
............
7,230‌
7,196,959‌
3.31%,
05/17/29
............
EUR
13,350‌
15,034,079‌
3.31%,
05/17/29
............
408‌
459,468‌
6.05%,
11/05/31
............
USD
13,800‌
13,860,866‌
Forestar
Group,
Inc.,
5.00%,
03/01/28
(c)
5,349‌
5,291,575‌
Freedom
Mortgage
Holdings
LLC
(c)
6.88%,
05/01/31
............
1,372‌
1,282,694‌
7.88%,
04/01/33
............
5,039‌
4,724,431‌
Frontier
Communications
Holdings
LLC
(c)
6.75%,
05/01/29
............
11,205‌
11,219,017‌
6.00%,
01/15/30
............
2,140‌
2,152,802‌
8.75%,
05/15/30
............
18,687‌
19,174,469‌
Frontier
Florida
LLC,
Series
E,
6.86%,
02/01/28
.................
21,644‌
22,356,737‌
Frontier
North,
Inc.,
Series
G,
6.73%,
02/15/28
.................
4,850‌
5,014,900‌
FTAI
Aviation
Investors
LLC
(c)
5.50%,
05/01/28
............
1,637‌
1,636,422‌
7.88%,
12/01/30
............
3,348‌
3,495,965‌
7.00%,
05/01/31
............
697‌
714,515‌
5.88%,
04/15/33
............
169‌
165,348‌
Full
House
Resorts,
Inc.,
8.25%,
02/15/28
(c)
................
2,412‌
2,194,920‌
Gap,
Inc.
(The)
(c)
3.63%,
10/01/29
............
629‌
587,552‌
3.88%,
10/01/31
............
1,394‌
1,262,773‌
Gen
Digital,
Inc.
(c)
6.75%,
09/30/27
............
2,841‌
2,843,875‌
6.25%,
04/01/33
............
944‌
917,677‌
Genesis
Energy
LP
7.88%,
05/15/32
............
2,922‌
3,005,014‌
8.00%,
05/15/33
............
1,382‌
1,428,010‌
GEO
Group,
Inc.
(The),
8.63%,
04/15/29
.................
2,441‌
2,535,058‌
GFL
Environmental,
Inc.
(c)
4.00%,
08/01/28
............
939‌
912,822‌
4.75%,
06/15/29
............
3,587‌
3,519,397‌
4.38%,
08/15/29
............
1,352‌
1,315,392‌
Global
Atlantic
Fin
Co.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.55%),
7.25%,
03/01/56
(a)(c)
...............
1,127‌
1,062,268‌
Global
Medical
Response,
Inc.,
7.38%,
10/01/32
(c)
................
855‌
887,866‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Global
Partners
LP
(c)
8.25%,
01/15/32
............
USD
831‌
$
858,797‌
7.13%,
07/01/33
............
729‌
734,951‌
Go
Daddy
Operating
Co.
LLC,
5.25%,
12/01/27
(c)
................
1,463‌
1,457,037‌
Goldman
Sachs
Bank
USA,
6.60%,
09/12/30
(a)(d)
...............
79,100‌
75,667,060‌
Goldman
Sachs
Finance
Corp.
International
Ltd.
(h)(p)
Series
1MTN,
0.00%,
02/28/28
(d)
.
2,900‌
2,757,320‌
Series
1MTN,
0.00%,
08/18/28
(b)
.
9,000‌
8,811,810‌
0.00%,
11/06/28
(b)
...........
500‌
466,520‌
Goldman
Sachs
Group,
Inc.
(The)
1.50%,
12/07/27
(b)
...........
GBP
4,803‌
5,993,460‌
0.88%,
05/09/29
(b)
...........
EUR
5,800‌
6,200,535‌
(1-day
SOFR
+
1.21%),
5.05%,
07/23/30
(a)
..............
USD
27,361‌
27,690,630‌
(1-day
SOFR
+
1.14%),
4.69%,
10/23/30
(a)
..............
8,535‌
8,541,683‌
(3-mo.
EURIBOR
+
0.95%),
3.51%,
08/17/33
(a)(b)
.............
EUR
17,540‌
19,702,420‌
(3-mo.
EURIBOR
+
1.10%),
3.98%,
12/18/36
(a)(b)
.............
42,802‌
48,102,694‌
(3-mo.
EURIBOR
+
1.10%),
3.98%,
12/18/36
(a)(b)
.............
11,660‌
13,104,000‌
Goodyear
Tire
&
Rubber
Co.
(The)
4.88%,
03/15/27
............
USD
593‌
587,089‌
5.25%,
04/30/31
............
100‌
90,209‌
5.25%,
07/15/31
............
4,740‌
4,239,671‌
5.63%,
04/30/33
............
1,771‌
1,552,874‌
GoTo
Group,
Inc.
(c)
5.50%,
05/01/28
............
7,778‌
2,177,784‌
5.50%,
05/01/28
............
7,428‌
5,810,174‌
Grand
Canyon
University,
5.13%,
10/01/28
.................
8,775‌
8,651,187‌
Granite
Ridge
Resources,
Inc.,
8.88%,
11/05/29
(c)
.................
58,219‌
56,869,036‌
Graphic
Packaging
International
LLC
(c)
3.75%,
02/01/30
............
1,449‌
1,329,843‌
6.38%,
07/15/32
............
1,096‌
1,090,829‌
Gray
Media,
Inc.
(c)
9.63%,
07/15/32
............
6,544‌
6,543,584‌
7.25%,
08/15/33
............
2,520‌
2,539,331‌
Group
1
Automotive,
Inc.
(c)
4.00%,
08/15/28
............
222‌
214,832‌
6.38%,
01/15/30
............
1,744‌
1,755,699‌
GS
Finance
Corp.
(a)
5.95%,
01/15/31
............
109,650‌
105,235,601‌
6.11%,
02/17/31
............
30,113‌
29,248,727‌
7.35%,
02/17/31
............
62,541‌
60,867,840‌
Haleon
US
Capital
LLC,
3.38%,
03/24/27
.................
11,600‌
11,486,569‌
Harvest
Midstream
I
LP
(c)
7.50%,
09/01/28
............
2,277‌
2,299,089‌
7.50%,
05/15/32
............
679‌
692,088‌
HCA,
Inc.
3.13%,
03/15/27
............
23,990‌
23,681,834‌
4.13%,
06/15/29
............
8,980‌
8,855,855‌
4.90%,
11/15/35
............
7,639‌
7,385,461‌
4.63%,
03/15/52
............
12,975‌
10,357,852‌
Herc
Holdings,
Inc.
(c)
6.63%,
06/15/29
............
73‌
74,199‌
7.00%,
06/15/30
............
4,589‌
4,705,418‌
7.25%,
06/15/33
............
2,296‌
2,352,808‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Hess
Midstream
Operations
LP
(c)
5.88%,
03/01/28
............
USD
578‌
$
581,709‌
6.50%,
06/01/29
............
3,022‌
3,087,049‌
5.50%,
10/15/30
............
563‌
558,550‌
Hilcorp
Energy
I
LP
(c)
6.25%,
11/01/28
............
321‌
321,643‌
6.00%,
04/15/30
............
129‌
125,564‌
6.00%,
02/01/31
............
2,535‌
2,463,847‌
6.25%,
04/15/32
............
51‌
49,359‌
8.38%,
11/01/33
............
1,699‌
1,772,621‌
6.88%,
05/15/34
............
2,651‌
2,590,001‌
Hilton
Domestic
Operating
Co.,
Inc.
(c)
5.88%,
04/01/29
............
4,842‌
4,889,621‌
3.75%,
05/01/29
............
1,062‌
1,016,595‌
4.00%,
05/01/31
............
4,208‌
3,945,646‌
6.13%,
04/01/32
............
418‌
424,271‌
Hilton
Grand
Vacations
Borrower
LLC
(c)
5.00%,
06/01/29
............
1,785‌
1,694,929‌
4.88%,
07/01/31
............
1,094‌
987,176‌
6.63%,
01/15/32
............
490‌
483,979‌
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.................
703‌
702,566‌
HLF
Financing
SARL
LLC,
4.88%,
06/01/29
(c)
................
3,857‌
3,609,165‌
Hologic,
Inc.,
4.63%,
02/01/28
(c)
....
579‌
578,131‌
Home
Depot,
Inc.
(The),
4.88%,
06/25/27
.................
900‌
908,681‌
Homes
By
West
Bay
LLC,
11.00%,
02/06/30
(d)
................
80,958‌
79,946,025‌
Howard
Hughes
Corp.
(The)
(c)
4.13%,
02/01/29
............
2,604‌
2,463,094‌
4.38%,
02/01/31
............
433‌
397,516‌
5.88%,
03/01/32
............
80‌
76,983‌
Howard
Midstream
Energy
Partners
LLC
(c)
7.38%,
07/15/32
............
1,729‌
1,787,867‌
6.63%,
01/15/34
............
459‌
460,745‌
HUB
International
Ltd.,
7.25%,
06/15/30
(c)
................
6,905‌
7,073,510‌
Huntsman
International
LLC
4.50%,
05/01/29
............
299‌
279,598‌
2.95%,
06/15/31
............
1,959‌
1,624,876‌
iHeartCommunications,
Inc.
(c)
9.13%,
05/01/29
............
1,897‌
1,722,665‌
7.75%,
08/15/30
............
3,070‌
2,444,185‌
Imola
Merger
Corp.,
4.75%,
05/15/29
(c)
3,135‌
3,047,012‌
Infinity
Natural
Resources
LLC,
7.63%,
04/01/31
(c)
................
4,225‌
4,247,308‌
ION
Platform
Finance
US,
Inc.
(c)
8.75%,
05/01/29
............
201‌
186,921‌
9.00%,
08/01/29
............
1,294‌
1,199,632‌
7.88%,
09/30/32
............
7,228‌
5,594,658‌
IQVIA,
Inc.
(c)
5.00%,
10/15/26
............
1,708‌
1,706,153‌
5.00%,
05/15/27
............
782‌
779,044‌
6.50%,
05/15/30
............
1,500‌
1,531,378‌
Iron
Mountain,
Inc.
5.25%,
03/15/28
(c)
...........
1,265‌
1,257,852‌
5.00%,
07/15/28
(c)
...........
751‌
742,999‌
7.00%,
02/15/29
(c)
...........
3,833‌
3,906,636‌
4.88%,
09/15/29
(c)
...........
1,085‌
1,055,638‌
5.25%,
07/15/30
(c)
...........
4,719‌
4,584,778‌
5.63%,
07/15/32
(c)
...........
280‌
271,816‌
4.75%,
01/15/34
(b)
...........
EUR
16,920‌
18,198,085‌
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
USD
2,580‌
2,508,633‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
J.P.
Morgan
Structured
Products
BV
(b)(d)
10.00%,
05/21/26
...........
USD
11,024‌
$
11,038,477‌
13.00%,
02/03/28
...........
18,008‌
19,007,557‌
Jackson
National
Life
Global
Funding,
4.60%,
10/01/29
(c)
...........
1,000‌
990,212‌
James
Hardie
International
Finance
DAC,
5.00%,
01/15/28
(c)
.......
400‌
397,087‌
Jane
Street
Group
(c)
4.50%,
11/15/29
............
206‌
199,657‌
7.13%,
04/30/31
............
4,204‌
4,321,527‌
6.13%,
11/01/32
............
3,361‌
3,323,655‌
Jazz
Securities
DAC,
4.38%,
01/15/29
(c)
2,855‌
2,784,424‌
Jefferies
Finance
LLC
(c)
5.00%,
08/15/28
............
2,443‌
2,276,538‌
6.63%,
10/15/31
............
1,302‌
1,241,326‌
Jefferies
GmbH,
(ESTR12MA
+
1.45%),
3.37%,
02/06/28
(a)(b)
..........
EUR
11,500‌
13,244,423‌
Jefferson
Capital
Holdings
LLC,
8.25%,
05/15/30
(c)
................
USD
421‌
438,145‌
JetBlue
Airways
Corp.,
9.88%,
09/20/31
(c)
................
1,855‌
1,753,083‌
JetBlue
Pass-Through
Trust,
Series
2019-1,
Class
AA,
2.75%,
05/15/32
2,590‌
2,295,728‌
Jose
Andres
Group
1L
Notes,
10.00%,
11/14/32
(d)
................
18,923‌
14,050,328‌
JP
Morgan
Structured
Products
BV,
10.00%,
05/21/26
(b)(d)
.........
7,580‌
7,589,679‌
JPMorgan
Chase
&
Co.
3.63%,
12/01/27
............
1,000‌
988,792‌
(3-mo.
CME
Term
SOFR
+
1.51%),
2.74%,
10/15/30
(a)
.........
17,985‌
16,938,478‌
(1-day
SOFR
+
1.46%),
5.29%,
07/22/35
(a)
..............
1,900‌
1,923,527‌
JPMorgan
Chase
Financial
Co.
LLC,
Series
1,
0.00%,
04/11/28
(b)(h)(p)
...
4,000‌
3,822,000‌
K.
Hovnanian
Enterprises,
Inc.,
8.00%,
04/01/31
(c)
................
1,320‌
1,305,064‌
Kaiser
Aluminum
Corp.,
4.50%,
06/01/31
(c)
................
908‌
857,821‌
KeHE
Distributors
LLC,
9.00%,
02/15/29
(c)
................
2,960‌
3,081,508‌
KFC
Holding
Co.,
4.75%,
06/01/27
(c)
.
1,581‌
1,578,244‌
Kinetik
Holdings
LP
(c)
6.63%,
12/15/28
............
3,682‌
3,744,310‌
5.88%,
06/15/30
............
506‌
507,862‌
Kodiak
Gas
Services
LLC
(c)
7.25%,
02/15/29
............
2,295‌
2,377,746‌
5.88%,
04/01/31
............
100‌
100,495‌
Kohl's
Corp.,
5.13%,
05/01/31
(g)
....
4,224‌
3,179,146‌
Kronos
International,
Inc.
(b)
9.50%,
03/15/29
............
EUR
5,520‌
5,481,256‌
9.50%,
03/15/29
............
6,916‌
6,867,458‌
Ladder
Capital
Finance
Holdings
LLLP,
7.00%,
07/15/31
(c)
...........
USD
420‌
434,165‌
Lamar
Media
Corp.
3.75%,
02/15/28
............
153‌
148,811‌
4.88%,
01/15/29
............
2,613‌
2,581,869‌
Lamb
Weston
Holdings,
Inc.
(c)
4.13%,
01/31/30
............
1,935‌
1,842,210‌
4.38%,
01/31/32
............
630‌
585,240‌
LCM
Investments
Holdings
II
LLC
(c)
4.88%,
05/01/29
............
76‌
73,956‌
8.25%,
08/01/31
............
4,273‌
4,438,557‌
Lessen
LLC,
(3-mo.
CME
Term
SOFR
+
8.50%),
12.76%,
01/05/28
(a)(c)(d)
..
43,180‌
32,436,878‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Level
3
Financing,
Inc.
(c)
3.75%,
07/15/29
............
USD
265‌
$
245,787‌
6.88%,
06/30/33
............
4,724‌
4,810,603‌
8.50%,
01/15/36
............
11,595‌
12,098,359‌
LGI
Homes,
Inc.
(c)
8.75%,
12/15/28
............
6,472‌
6,621,710‌
7.00%,
11/15/32
............
10,726‌
9,945,440‌
LifePoint
Health,
Inc.
(c)
9.88%,
08/15/30
............
2,865‌
3,029,772‌
11.00%,
10/15/30
...........
2,265‌
2,435,940‌
8.38%,
02/15/32
............
922‌
984,624‌
Light
&
Wonder
International,
Inc.
(c)
7.50%,
09/01/31
............
2,189‌
2,246,571‌
6.25%,
10/01/33
............
31‌
30,370‌
Lightning
Power
LLC,
7.25%,
08/15/32
(c)
................
2,055‌
2,136,127‌
Lithia
Motors,
Inc.
(c)
4.63%,
12/15/27
............
740‌
730,209‌
3.88%,
06/01/29
............
398‌
378,026‌
5.50%,
10/01/30
............
2,233‌
2,188,184‌
Live
Nation
Entertainment,
Inc.
(c)
6.50%,
05/15/27
............
560‌
560,712‌
4.75%,
10/15/27
............
1,517‌
1,507,571‌
3.75%,
01/15/28
............
212‌
206,749‌
LYB
International
Finance
II
BV,
3.50%,
03/02/27
.................
6,000‌
5,941,106‌
LYB
International
Finance
III
LLC,
5.13%,
01/15/31
............
13,354‌
13,370,247‌
Madison
IAQ
LLC,
4.13%,
06/30/28
(c)
1,990‌
1,943,421‌
Magnera
Corp.,
7.25%,
11/15/31
(c)
..
3,813‌
3,529,313‌
Manufacturers
&
Traders
Trust
Co.,
4.70%,
01/27/28
............
800‌
804,712‌
Marriott
Ownership
Resorts,
Inc.,
6.50%,
10/01/33
(c)
...........
663‌
630,406‌
Mars,
Inc.
(c)
4.55%,
04/20/28
............
1,500‌
1,509,999‌
4.65%,
04/20/31
............
100‌
100,698‌
5.70%,
05/01/55
............
34,012‌
33,164,165‌
Massachusetts
Institute
of
Technology,
3.96%,
07/01/38
............
8,375‌
7,660,485‌
Matador
Resources
Co.
(c)
6.50%,
04/15/32
............
1,689‌
1,707,393‌
6.25%,
04/15/33
............
683‌
683,642‌
Match
Group
Holdings
II
LLC
(c)
5.00%,
12/15/27
............
1,082‌
1,077,483‌
4.13%,
08/01/30
............
1,421‌
1,316,885‌
6.13%,
09/15/33
............
1,066‌
1,035,953‌
McGraw-Hill
Education,
Inc.,
7.38%,
09/01/31
(c)
................
3,317‌
3,379,316‌
Medline
Borrower
LP
(c)
6.25%,
04/01/29
............
1,812‌
1,846,397‌
5.25%,
10/01/29
............
2,514‌
2,491,860‌
Metropolitan
Life
Global
Funding
I,
1.63%,
10/12/28
(b)
...........
GBP
4,416‌
5,385,017‌
MGM
Resorts
International
5.50%,
04/15/27
............
USD
275‌
275,561‌
4.75%,
10/15/28
............
1,099‌
1,078,445‌
Michaels
Cos.,
Inc.
(The),
8.50%,
03/15/33
(c)
................
1,853‌
1,803,884‌
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
................
5,183‌
5,026,572‌
Millrose
Properties,
Inc.
(c)
6.38%,
08/01/30
............
3,020‌
3,019,060‌
6.25%,
09/15/32
............
357‌
350,434‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Miter
Brands
Acquisition
Holdco,
Inc.,
6.75%,
04/01/32
(c)
...........
USD
1,378‌
$
1,319,784‌
MKS,
Inc.
(b)
4.25%,
02/15/34
............
EUR
4,423‌
4,884,352‌
4.25%,
02/15/34
............
13,762‌
15,197,479‌
Mobius
Merger
Sub,
Inc.,
9.00%,
06/01/30
(c)
................
USD
1,630‌
1,149,276‌
Mohegan
Tribal
Gaming
Authority,
11.88%,
04/15/31
(c)
..........
4,263‌
4,441,053‌
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
............
191‌
184,690‌
3.88%,
11/15/30
............
3,626‌
3,241,752‌
6.50%,
02/15/31
............
549‌
539,725‌
3.88%,
05/15/32
............
1,846‌
1,603,475‌
6.25%,
01/15/33
............
247‌
239,489‌
Morgan
Stanley
(a)
(3-mo.
CME
Term
SOFR
+
1.40%),
3.77%,
01/24/29
..........
9,015‌
8,894,228‌
(1-day
SOFR
+
1.73%),
5.12%,
02/01/29
...............
9,010‌
9,108,537‌
(1-day
SOFR
+
0.80%),
4.24%,
01/09/30
...............
27,961‌
27,678,831‌
(1-day
SOFR
+
1.10%),
4.65%,
10/18/30
...............
8,525‌
8,521,484‌
Morgan
Stanley
Bank
NA
,
(1-day
SOFR
+
0.68%),
4.45%,
10/15/27
(a)
....
250‌
250,155‌
Morgan
Stanley
Finance
LLC,
Series
2330,
0.00%,
02/02/29
(b)(h)(p)
.....
1,700‌
1,726,350‌
Motorola
Solutions,
Inc.,
4.60%,
02/23/28
.................
1,800‌
1,806,887‌
MPLX
LP,
4.25%,
12/01/27
.......
1,200‌
1,196,485‌
MPT
Operating
Partnership
LP
0.99%,
10/15/26
............
EUR
9,446‌
10,449,905‌
7.00%,
02/15/32
(b)
...........
12,579‌
14,308,486‌
Murphy
Oil
Corp.,
6.50%,
02/15/34
..
USD
970‌
957,936‌
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
72‌
71,015‌
NCL
Corp.
Ltd.
(c)
7.75%,
02/15/29
............
2,104‌
2,190,523‌
5.88%,
01/15/31
............
1,134‌
1,101,756‌
6.75%,
02/01/32
............
4,098‌
4,066,907‌
6.25%,
09/15/33
............
447‌
433,741‌
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
.
1,304‌
1,315,204‌
NCR
Atleos
Corp.,
9.50%,
04/01/29
(c)
17,288‌
18,505,808‌
NCR
Voyix
Corp.,
5.13%,
04/15/29
(c)
.
600‌
573,874‌
Neogen
Food
Safety
Corp.,
8.63%,
07/20/30
(c)
................
4,024‌
4,226,504‌
Neptune
Bidco
US,
Inc.
(c)
9.29%,
04/15/29
............
314‌
314,872‌
10.38%,
05/15/31
...........
3,684‌
3,717,186‌
9.50%,
02/15/33
............
5,343‌
5,183,987‌
New
Generation
Gas
Gathering
LLC,
10.34%,
09/30/29
(c)(d)
.........
39,062‌
39,307,982‌
Newell
Brands,
Inc.
6.38%,
09/15/27
............
694‌
697,393‌
6.63%,
09/15/29
............
2,234‌
2,180,572‌
6.38%,
05/15/30
............
1,518‌
1,457,150‌
Nexstar
Media,
Inc.
(c)
5.63%,
07/15/27
............
1,643‌
1,642,219‌
4.75%,
11/01/28
............
2,241‌
2,203,487‌
7.25%,
04/15/34
............
1,062‌
1,065,161‌
Nissan
Motor
Acceptance
Co.
LLC
(c)
1.85%,
09/16/26
............
1,485‌
1,459,539‌
2.75%,
03/09/28
............
100‌
93,494‌
7.05%,
09/15/28
............
421‌
427,563‌
5.63%,
09/29/28
............
627‌
615,305‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
6.13%,
09/30/30
............
USD
2,273‌
$
2,184,446‌
Noble
Finance
II
LLC,
8.00%,
04/15/30
(c)
................
2,470‌
2,543,079‌
Nordstrom,
Inc.,
4.38%,
04/01/30
...
657‌
613,278‌
Northern
Oil
&
Gas,
Inc.
(c)
8.75%,
06/15/31
............
100‌
103,985‌
7.88%,
10/15/33
............
4,403‌
4,555,577‌
Novelis
Corp.
(c)
4.75%,
01/30/30
............
4,764‌
4,490,070‌
6.88%,
01/30/30
............
1,893‌
1,909,414‌
6.38%,
08/15/33
............
648‌
635,619‌
NRG
Energy,
Inc.
5.75%,
01/15/28
............
190‌
190,354‌
3.38%,
02/15/29
(c)
...........
1,423‌
1,349,023‌
5.25%,
06/15/29
(c)
...........
3,426‌
3,391,937‌
5.75%,
07/15/29
(c)
...........
6,119‌
6,109,852‌
3.63%,
02/15/31
(c)
...........
588‌
541,461‌
3.88%,
02/15/32
(c)
...........
1,022‌
936,928‌
5.75%,
01/15/34
(c)
...........
100‌
98,642‌
6.25%,
11/01/34
(c)
...........
214‌
215,706‌
NuStar
Logistics
LP,
6.38%,
10/01/30
389‌
402,225‌
Nuveen
LLC,
4.00%,
11/01/28
(c)
....
1,400‌
1,389,064‌
Oak-Eagle
AcquireCo,
Inc.,
7.25%,
07/01/33
(c)
................
3,135‌
3,248,156‌
OI
European
Group
BV,
4.75%,
02/15/30
(c)
................
841‌
784,806‌
Olin
Corp.
5.00%,
02/01/30
............
914‌
875,507‌
6.63%,
04/01/33
(c)
...........
1,875‌
1,834,174‌
Olympus
Water
US
Holding
Corp.
5.38%,
10/01/29
(b)
...........
EUR
2,048‌
2,185,998‌
6.25%,
10/01/29
(c)
...........
USD
4,047‌
3,824,585‌
6.75%,
08/01/32
(c)
...........
1,876‌
1,786,559‌
6.13%,
02/15/33
(b)
...........
EUR
5,844‌
6,492,748‌
ONEOK,
Inc.,
4.00%,
07/13/27
.....
USD
100‌
99,431‌
Oracle
Corp.
4.30%,
07/08/34
............
200‌
177,351‌
5.70%,
02/04/36
............
15,969‌
15,354,007‌
Osaic
Holdings,
Inc.,
6.75%,
08/01/32
(c)
1,370‌
1,370,171‌
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
............
2,267‌
2,261,656‌
7.38%,
02/15/31
............
21‌
21,897‌
Owens-Brockway
Glass
Container,
Inc.,
7.25%,
05/15/31
(c)
...........
3,261‌
3,122,744‌
Packaging
Corp.
of
America,
3.40%,
12/15/27
.................
100‌
98,319‌
Palomino
Funding
Trust
I,
7.23%,
05/17/28
(c)
................
4,440‌
4,638,192‌
Panther
Escrow
Issuer
LLC,
7.13%,
06/01/31
(c)
................
5,394‌
5,412,118‌
Paramount
Global,
(3-mo.
SOFR
+
4.16%),
6.25%,
02/28/57
(a)
.....
603‌
404,010‌
Park
Intermediate
Holdings
LLC
(c)
5.88%,
10/01/28
............
3,822‌
3,803,624‌
4.88%,
05/15/29
............
7,315‌
7,021,642‌
7.00%,
02/01/30
............
1,107‌
1,120,554‌
Park
River
Holdings,
Inc.,
8.75%,
12/31/30
(c)
................
4,205‌
3,872,945‌
PennyMac
Financial
Services,
Inc.
(c)
7.88%,
12/15/29
............
1,773‌
1,813,719‌
7.13%,
11/15/30
............
1,690‌
1,679,479‌
5.75%,
09/15/31
............
744‌
688,369‌
6.88%,
05/15/32
............
283‌
273,093‌
6.88%,
02/15/33
............
1,140‌
1,090,680‌
6.75%,
02/15/34
............
2,182‌
2,042,000‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Penske
Truck
Leasing
Co.
LP,
5.25%,
07/01/29
(c)
................
USD
2,100‌
$
2,130,494‌
Performance
Food
Group,
Inc.
(c)
4.25%,
08/01/29
............
3,005‌
2,886,496‌
6.13%,
09/15/32
............
408‌
408,754‌
Perimeter
Holdings
LLC,
6.25%,
01/15/34
(c)
................
617‌
605,123‌
Permian
Resources
Operating
LLC
(c)
8.00%,
04/15/27
............
9,512‌
9,520,111‌
5.88%,
07/01/29
............
1,895‌
1,897,162‌
7.00%,
01/15/32
............
3,226‌
3,340,507‌
Perrigo
Finance
Unlimited
Co.
5.15%,
06/15/30
(g)
...........
939‌
847,675‌
6.13%,
09/30/32
............
2,899‌
2,645,137‌
PetSmart
LLC,
10.00%,
09/15/33
(c)
..
5,191‌
5,179,077‌
PG&E
Corp.,
5.25%,
07/01/30
.....
200‌
197,358‌
Philip
Morris
International,
Inc.,
1.45%,
08/01/39
.................
EUR
16,804‌
13,590,380‌
Pilgrim's
Pride
Corp.
4.25%,
04/15/31
............
USD
2,853‌
2,725,232‌
3.50%,
03/01/32
............
1,661‌
1,507,763‌
6.25%,
07/01/33
............
100‌
104,718‌
6.88%,
05/15/34
............
140‌
151,139‌
Pioneer
Midco
LLC,
10.50%,
11/18/30
(a)
(c)(d)
.....................
38,618‌
38,571,566‌
Pitney
Bowes,
Inc.,
6.88%,
03/15/27
(c)
13,830‌
13,811,746‌
Post
Holdings,
Inc.
(c)
4.63%,
04/15/30
............
1,003‌
962,885‌
6.25%,
02/15/32
............
1,765‌
1,783,248‌
6.38%,
03/01/33
............
2,362‌
2,326,907‌
6.50%,
03/15/36
............
1,983‌
1,941,993‌
PRA
Group
Europe
Holding
II
SARL,
6.25%,
09/30/32
(b)
...........
EUR
9,527‌
10,414,900‌
Prestige
Brands,
Inc.,
5.13%,
01/15/28
(c)
................
USD
270‌
269,419‌
Prime
Investments
LLC,
11.00%,
05/01/30
(d)
................
47,342‌
49,117,784‌
Prime
Security
Services
Borrower
LLC,
3.38%,
08/31/27
(c)
...........
1,361‌
1,324,607‌
Qnity
Electronics,
Inc.
(c)
5.75%,
08/15/32
............
1,021‌
1,022,216‌
6.25%,
08/15/33
............
567‌
573,315‌
Quikrete
Holdings,
Inc.
(c)
6.38%,
03/01/32
............
6,049‌
6,133,704‌
6.75%,
03/01/33
............
1,526‌
1,549,867‌
QXO
Building
Products,
Inc.,
6.75%,
04/30/32
(c)
................
2,945‌
3,003,873‌
Rand
Parent
LLC,
8.50%,
02/15/30
(c)
.
1,430‌
1,467,931‌
Resort
Communities
LoanCo.
LP,
12.00%,
11/21/28
(c)(d)
.........
119,650‌
117,783,492‌
Resorts
World
Las
Vegas
LLC
4.63%,
04/16/29
(c)
...........
2,800‌
2,397,416‌
4.63%,
04/16/29
(b)
...........
14,000‌
11,987,080‌
8.45%,
07/27/30
(c)
...........
2,300‌
2,195,419‌
Reworld
Holding
Corp.,
4.88%,
12/01/29
(c)
................
3,867‌
3,625,161‌
RHP
Hotel
Properties
LP
(c)
7.25%,
07/15/28
............
375‌
382,869‌
4.50%,
02/15/29
............
2,878‌
2,789,922‌
RingCentral,
Inc.,
8.50%,
08/15/30
(c)
.
19,845‌
20,761,422‌
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(c)
................
2,416‌
2,404,216‌
ROBLOX
Corp.,
3.88%,
05/01/30
(c)
..
1,474‌
1,385,240‌
Rocket
Cos.,
Inc.
(c)
6.50%,
08/01/29
............
3,973‌
4,017,718‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
7.13%,
02/01/32
............
USD
4,651‌
$
4,793,939‌
6.38%,
08/01/33
............
388‌
392,169‌
Rocket
Mortgage
LLC
(c)
2.88%,
10/15/26
............
1,109‌
1,097,003‌
3.88%,
03/01/31
............
1,005‌
927,392‌
Rocket
Software,
Inc.,
9.00%,
11/28/28
(c)
.................
2,436‌
2,432,342‌
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(c)
................
2,239‌
2,183,169‌
Ryan
Specialty
LLC
(c)
4.38%,
02/01/30
............
1,279‌
1,239,058‌
5.88%,
08/01/32
............
664‌
656,274‌
Sabre
Financial
Borrower
LLC,
11.13%,
06/15/29
(c)
................
10,180‌
10,417,428‌
Sabre
GLBL,
Inc.
(c)
10.75%,
11/15/29
...........
5,427‌
4,635,987‌
10.75%,
03/15/30
...........
7,700‌
6,471,819‌
Salesforce,
Inc.,
4.50%,
03/15/28
...
11,630‌
11,632,995‌
SBA
Communications
Corp.,
3.88%,
02/15/27
.................
2,754‌
2,725,979‌
Schneider
Electric
SE,
1.25%,
09/23/33
(b)(p)
...............
EUR
5,200‌
5,971,401‌
SCIH
Salt
Holdings,
Inc.,
4.88%,
05/01/28
(c)
................
USD
2,089‌
2,065,171‌
SCIL
IV
LLC,
9.50%,
07/15/28
(b)
....
EUR
6,111‌
7,278,043‌
Scotts
Miracle-Gro
Co.
(The)
4.50%,
10/15/29
............
USD
389‌
380,276‌
4.38%,
02/01/32
............
600‌
560,378‌
Seagate
Data
Storage
Technology
Pte.
Ltd.
(c)
8.25%,
12/15/29
............
12,058‌
12,663,167‌
5.88%,
07/15/30
............
4,015‌
4,081,006‌
8.50%,
07/15/31
............
6,822‌
7,152,499‌
9.63%,
12/01/32
............
12,652‌
14,061,534‌
Sealed
Air
Corp.
(c)
4.00%,
12/01/27
............
973‌
970,566‌
6.13%,
02/01/28
............
311‌
314,897‌
7.25%,
02/15/31
............
2,269‌
2,379,331‌
Select
Medical
Corp.,
6.25%,
12/01/32
(c)
3,385‌
3,226,236‌
Sempra
Infrastructure
Partners
LP,
3.25%,
01/15/32
(c)
...........
200‌
176,729‌
Sensata
Technologies
BV,
4.00%,
04/15/29
(c)
................
631‌
608,890‌
Sensata
Technologies,
Inc.
(c)
4.38%,
02/15/30
............
733‌
700,992‌
3.75%,
02/15/31
............
1,004‌
931,230‌
6.63%,
07/15/32
............
1,032‌
1,052,624‌
Service
Corp.
International
4.63%,
12/15/27
............
969‌
959,186‌
5.13%,
06/01/29
............
2,452‌
2,436,130‌
3.38%,
08/15/30
............
314‌
289,703‌
Service
Properties
Trust
0.00%,
09/30/27
(c)(h)
..........
10,795‌
9,821,240‌
5.50%,
12/15/27
............
1,318‌
1,319,731‌
4.95%,
10/01/29
............
3,813‌
3,453,434‌
4.38%,
02/15/30
............
1,887‌
1,675,694‌
8.88%,
06/15/32
............
21,043‌
20,856,521‌
Shift4
Payments
LLC
6.75%,
08/15/32
(c)
...........
2,517‌
2,475,080‌
5.50%,
05/15/33
(b)
...........
EUR
16,451‌
17,926,407‌
Sinclair
Television
Group,
Inc.,
8.13%,
02/15/33
(c)
................
USD
100‌
101,656‌
Sirius
XM
Radio
LLC
(c)
5.00%,
08/01/27
............
4,633‌
4,626,533‌
4.00%,
07/15/28
............
3,413‌
3,294,435‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.13%,
07/01/30
............
USD
1,029‌
$
963,481‌
Six
Flags
Entertainment
Corp.
5.25%,
07/15/29
............
181‌
173,131‌
8.63%,
01/15/32
(c)
...........
6,295‌
6,305,156‌
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(c)
...........
963‌
939,280‌
SLM
Corp.,
3.13%,
11/02/26
......
393‌
389,377‌
SM
Energy
Co.
6.63%,
01/15/27
............
159‌
158,989‌
6.75%,
08/01/29
(c)
...........
1,962‌
1,991,718‌
7.00%,
08/01/32
(c)
...........
1,666‌
1,701,143‌
6.63%,
04/15/34
(c)
...........
849‌
846,601‌
Smyrna
Ready
Mix
Concrete
LLC
(c)
6.00%,
11/01/28
............
1,299‌
1,289,203‌
8.88%,
11/15/31
............
1,973‌
2,034,558‌
Snap,
Inc.
(c)
6.88%,
03/01/33
............
271‌
255,897‌
6.88%,
03/15/34
............
3,242‌
3,049,324‌
Solaris
Energy
Infrastructure,
Inc.
(p)
4.75%,
05/01/30
(c)
...........
12,834‌
30,455,082‌
0.25%,
10/01/31
............
41,735‌
52,116,581‌
Solstice
Advanced
Materials,
Inc.,
5.63%,
09/30/33
(c)
...........
995‌
981,112‌
Somnigroup
International,
Inc.
(c)
4.00%,
04/15/29
............
361‌
347,157‌
3.88%,
10/15/31
............
289‌
262,745‌
Sonder
Holdings,
Inc.,
7.00%,
(7.00%
Cash
or
7.00%
PIK),
12/10/27
(d)(e)(f)(o)
43,252‌
—‌
Sonic
Automotive,
Inc.
(c)
4.63%,
11/15/29
............
564‌
546,758‌
4.88%,
11/15/31
............
803‌
761,107‌
Spectrum
Brands,
Inc.,
3.88%,
03/15/31
(c)
................
2,966‌
2,560,004‌
Spirit
Airlines
Pass-Through
Trust
Series
2015-1,Class
A,
4.10%,
04/01/28
(e)(f)
.............
329‌
322,923‌
Series
2017-1,Class
AA,
3.38%,
02/15/30
...............
3,750‌
3,503,913‌
Series
2017-1A,Class
A,
3.65%,
02/15/30
(e)(f)
.............
9,840‌
8,991,103‌
Sprint
Spectrum
Co.
LLC,
5.15%,
03/20/28
(c)
................
738‌
741,644‌
SS&C
Technologies,
Inc.
(c)
5.50%,
09/30/27
............
413‌
413,278‌
6.50%,
06/01/32
............
357‌
357,012‌
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
3,015‌
2,870,438‌
Standard
Building
Solutions,
Inc.
(c)
6.50%,
08/15/32
............
4,139‌
4,141,140‌
6.25%,
08/01/33
............
359‌
354,963‌
Standard
Industries,
Inc.
(c)
4.75%,
01/15/28
............
627‌
619,778‌
4.38%,
07/15/30
............
2,192‌
2,066,102‌
3.38%,
01/15/31
............
65‌
58,264‌
Starwood
Property
Trust,
Inc.
(c)
3.63%,
07/15/26
............
4,344‌
4,317,361‌
6.00%,
04/15/30
............
1,330‌
1,327,421‌
6.50%,
10/15/30
............
1,185‌
1,201,843‌
Starz
Capital
Holdings
1,
Inc.,
6.00%,
04/15/30
(c)(g)
...............
34,686‌
31,824,405‌
Starz
Capital
Holdings
LLC,
5.50%,
04/15/29
(c)
................
3,267‌
2,662,605‌
Station
Casinos
LLC,
6.63%,
03/15/32
(c)
2,082‌
2,090,078‌
Stem,
Inc.,
0.50%,
12/01/28
(c)(p)
....
1,234‌
505,243‌
STL
Holding
Co.
LLC,
8.75%,
02/15/29
(c)
................
4,671‌
4,825,774‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Stonex
Escrow
Issuer
LLC,
6.88%,
07/15/32
(c)
................
USD
1,194‌
$
1,206,689‌
StoneX
Group,
Inc.,
7.88%,
03/01/31
(c)
510‌
529,700‌
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(c)
................
1,199‌
1,128,113‌
Sun
Country
Airlines
Pass-Through
Trusts,
Series
2022-1A,
4.84%,
03/15/31
(d)
................
5,193‌
5,108,658‌
Sunoco
LP
5.88%,
03/15/28
............
145‌
144,940‌
7.00%,
09/15/28
(c)
...........
2,721‌
2,776,212‌
7.00%,
05/01/29
(c)
...........
1,438‌
1,475,040‌
4.50%,
05/15/29
............
2,679‌
2,612,352‌
4.50%,
10/01/29
(c)
...........
1,229‌
1,187,561‌
4.63%,
05/01/30
(c)
...........
1,636‌
1,574,436‌
5.63%,
03/15/31
(c)
...........
3,477‌
3,461,052‌
7.25%,
05/01/32
(c)
...........
100‌
103,467‌
6.63%,
08/15/32
(c)
...........
883‌
896,834‌
SV
RNO
Property
Owner
1
LLC,
5.88%,
03/01/31
(c)
................
5,310‌
5,248,895‌
Synchrony
Financial,
7.25%,
02/02/33
1,705‌
1,741,455‌
Talen
Energy
Supply
LLC
(c)
8.63%,
06/01/30
............
12,612‌
13,230,959‌
6.25%,
02/01/34
............
1,427‌
1,411,101‌
Tallgrass
Energy
Partners
LP
(c)
5.50%,
01/15/28
............
1,019‌
1,010,380‌
7.38%,
02/15/29
............
1,226‌
1,261,231‌
6.00%,
12/31/30
............
1,641‌
1,632,641‌
6.00%,
09/01/31
............
411‌
405,583‌
Taylor
Morrison
Communities,
Inc.
(c)
5.75%,
01/15/28
............
735‌
736,899‌
5.13%,
08/01/30
............
1,023‌
1,011,298‌
Teleflex,
Inc.
4.63%,
11/15/27
............
589‌
583,828‌
4.25%,
06/01/28
(c)
...........
2,200‌
2,139,284‌
Tenet
Healthcare
Corp.
5.13%,
11/01/27
............
1,475‌
1,473,556‌
4.63%,
06/15/28
............
5,249‌
5,202,009‌
6.13%,
10/01/28
............
1,665‌
1,668,870‌
4.25%,
06/01/29
............
3,910‌
3,791,336‌
4.38%,
01/15/30
............
799‌
773,893‌
6.13%,
06/15/30
............
2,746‌
2,763,854‌
6.75%,
05/15/31
............
320‌
327,083‌
Tenneco,
Inc.,
8.00%,
11/17/28
(c)
...
4,805‌
4,787,910‌
Terex
Corp.,
5.00%,
05/15/29
(c)
.....
776‌
764,520‌
Texas
Capital
Bancshares,
Inc.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.15%),
4.00%,
05/06/31
....
15,257‌
15,231,781‌
(1-day
SOFR
+
1.94%),
5.30%,
02/27/32
...............
8,772‌
8,648,798‌
T-Mobile
USA,
Inc.,
2.05%,
02/15/28
.
200‌
191,834‌
TopBuild
Corp.
(c)
3.63%,
03/15/29
............
877‌
835,154‌
4.13%,
02/15/32
............
110‌
101,374‌
5.63%,
01/31/34
............
407‌
398,360‌
Toyota
Motor
Credit
Corp.,
5.40%,
11/20/26
..................
900‌
907,070‌
TransDigm,
Inc.
6.75%,
08/15/28
(c)
...........
6,349‌
6,426,077‌
4.63%,
01/15/29
............
1,316‌
1,293,002‌
6.38%,
03/01/29
(c)
...........
231‌
235,311‌
4.88%,
05/01/29
............
2,805‌
2,763,061‌
7.13%,
12/01/31
(c)
...........
1,008‌
1,040,413‌
6.63%,
03/01/32
(c)
...........
6,832‌
6,967,752‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
6.00%,
01/15/33
(c)
...........
USD
583‌
$
582,673‌
6.38%,
05/31/33
(c)
...........
4,636‌
4,611,282‌
6.75%,
01/31/34
(c)
...........
572‌
579,496‌
Transocean
International
Ltd.
(c)
8.25%,
05/15/29
............
2,903‌
2,999,536‌
7.88%,
10/15/32
............
1,782‌
1,904,067‌
Travel
+
Leisure
Co.,
6.63%,
07/31/26
(c)
3,315‌
3,317,811‌
UKG,
Inc.,
6.88%,
02/01/31
(c)
......
2,386‌
2,331,875‌
United
Airlines
Holdings,
Inc.
4.88%,
03/01/29
............
2,330‌
2,278,931‌
5.38%,
03/01/31
............
566‌
554,293‌
United
Airlines
Pass-Through
Trust,
Series
2019-2,
Class
A,
2.90%,
05/01/28
.................
1,682‌
1,611,353‌
United
Rentals
North
America,
Inc.
3.88%,
11/15/27
............
986‌
971,656‌
4.88%,
01/15/28
............
3,753‌
3,736,706‌
5.25%,
01/15/30
............
958‌
952,558‌
4.00%,
07/15/30
............
1,252‌
1,189,238‌
3.75%,
01/15/32
............
2,327‌
2,132,656‌
United
Wholesale
Mortgage
LLC
(c)
5.75%,
06/15/27
............
1,764‌
1,736,147‌
5.50%,
04/15/29
............
5,545‌
5,190,043‌
UnitedHealth
Group,
Inc.,
2.95%,
10/15/27
.................
600‌
589,110‌
Uniti
Group
LP,
4.75%,
04/15/28
(c)
...
3,633‌
3,614,107‌
Univision
Communications,
Inc.
(c)
8.00%,
08/15/28
............
1,292‌
1,311,370‌
8.50%,
07/31/31
............
5,606‌
5,633,357‌
9.38%,
08/01/32
............
3,859‌
3,977,144‌
US
Bancorp
(a)
(3-mo.
EURIBOR
+
0.80%),
2.82%,
05/21/28
...............
EUR
3,375‌
3,904,936‌
(3-mo.
EURIBOR
+
0.80%),
2.82%,
05/21/28
...............
8,591‌
9,939,942‌
US
Foods,
Inc.
(c)
6.88%,
09/15/28
............
USD
4,501‌
4,600,274‌
4.75%,
02/15/29
............
347‌
342,386‌
USA
Compression
Partners
LP,
7.13%,
03/15/29
(c)
................
2,600‌
2,660,258‌
UWM
Holdings
LLC,
6.25%,
03/15/31
(c)
3,529‌
3,213,809‌
Vail
Resorts,
Inc.
(c)
5.63%,
07/15/30
............
200‌
198,346‌
6.50%,
05/15/32
............
1,008‌
1,019,360‌
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
............
4,572‌
4,345,864‌
6.25%,
01/15/30
............
2,253‌
2,304,418‌
Venture
Global
LNG,
Inc.
(c)
8.13%,
06/01/28
............
8,464‌
8,656,310‌
9.50%,
02/01/29
............
3,096‌
3,347,687‌
7.00%,
01/15/30
............
4,220‌
4,308,844‌
8.38%,
06/01/31
............
1,552‌
1,614,042‌
9.88%,
02/01/32
............
7,102‌
7,627,463‌
Venture
Global
Plaquemines
LNG
LLC
(c)
6.13%,
12/15/30
............
3,937‌
4,048,913‌
7.50%,
05/01/33
............
447‌
491,344‌
6.50%,
06/15/34
............
4,781‌
4,976,792‌
7.75%,
05/01/35
............
2,202‌
2,467,953‌
6.75%,
01/15/36
............
226‌
239,368‌
Versant
Media
Group,
Inc.,
7.25%,
01/30/31
(c)
................
1,865‌
1,908,643‌
VF
Corp.
0.25%,
02/25/28
............
EUR
3,708‌
3,923,259‌
0.63%,
02/25/32
............
4,754‌
4,285,961‌
Viasat,
Inc.,
5.63%,
04/15/27
(c)
.....
USD
3,342‌
3,319,424‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
67
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Viking
Cruises
Ltd.
(c)
7.00%,
02/15/29
............
USD
1,309‌
$
1,311,407‌
9.13%,
07/15/31
............
3,082‌
3,251,341‌
5.88%,
10/15/33
............
228‌
225,107‌
Vistra
Operations
Co.
LLC
(c)
5.63%,
02/15/27
............
3,709‌
3,708,997‌
4.30%,
10/15/28
............
9,362‌
9,249,802‌
4.38%,
05/01/29
............
18,409‌
17,974,053‌
7.75%,
10/15/31
............
2,173‌
2,276,178‌
6.88%,
04/15/32
............
210‌
217,339‌
5.25%,
10/15/35
............
7,937‌
7,707,790‌
5.35%,
01/31/36
............
8,182‌
8,003,579‌
VoltaGrid
LLC,
7.38%,
11/01/30
(c)
...
14,082‌
14,544,016‌
Voyager
Parent
LLC,
9.25%,
07/01/32
(c)
3,837‌
3,983,627‌
Wand
NewCo
3,
Inc.,
7.63%,
01/30/32
(c)
2,518‌
2,574,647‌
Warnermedia
Holdings,
Inc.,
3.76%,
03/15/27
.................
23,118‌
22,834,573‌
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
5‌
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
(c)
7.25%,
10/31/29
............
1,484‌
1,514,844‌
7.75%,
09/15/30
............
1,936‌
2,015,641‌
6.75%,
11/15/32
............
685‌
690,200‌
WBI
Operating
LLC
(c)
6.25%,
10/15/30
............
1,174‌
1,180,997‌
6.50%,
10/15/33
............
1,041‌
1,033,047‌
Weekley
Homes
LLC,
4.88%,
09/15/28
(c)
................
3,281‌
3,177,088‌
Wells
Fargo
&
Co.
(a)
(Sterling
Overnight
Index
Average
+
1.28%),
3.47%,
04/26/28
(b)
...
GBP
19,363‌
25,185,770‌
(3-mo.
EURIBOR
+
1.85%),
1.74%,
05/04/30
(b)
..............
EUR
12,200‌
13,355,266‌
(3-mo.
CME
Term
SOFR
+
1.43%),
2.88%,
10/30/30
..........
USD
27,048‌
25,519,218‌
WESCO
Distribution,
Inc.
(c)
7.25%,
06/15/28
............
100‌
100,545‌
6.38%,
03/15/29
............
3,599‌
3,663,455‌
6.63%,
03/15/32
............
1,474‌
1,508,683‌
6.38%,
03/15/33
............
222‌
226,165‌
Whirlpool
Corp.
4.75%,
02/26/29
............
201‌
192,655‌
6.13%,
06/15/30
............
1,961‌
1,914,674‌
6.50%,
06/15/33
............
2,637‌
2,498,369‌
Williams
Scotsman,
Inc.
(c)
4.63%,
08/15/28
............
682‌
670,918‌
6.63%,
06/15/29
............
3,254‌
3,290,588‌
Windstream
Services
LLC
(c)
8.25%,
10/01/31
............
3,375‌
3,527,405‌
7.50%,
10/15/33
............
5,767‌
5,995,671‌
Wolfspeed,
Inc.
2.50%,
06/15/31
(c)(p)
..........
168‌
239,610‌
2.50%,
06/15/31
(p)
...........
163‌
232,479‌
7.00%,
06/15/31
............
396‌
313,831‌
WR
Grace
Holdings
LLC
(c)
6.63%,
08/15/32
............
1,488‌
1,449,841‌
7.00%,
08/01/33
............
2,154‌
2,091,911‌
WRKCo,
Inc.,
3.90%,
06/01/28
.....
100‌
98,784‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
WULF
Compute
LLC,
7.75%,
10/15/30
(c)
................
USD
4,053‌
$
4,282,724‌
Wynn
Resorts
Finance
LLC
(c)
7.13%,
02/15/31
............
2,465‌
2,583,924‌
6.25%,
03/15/33
............
1,020‌
1,009,391‌
Xerox
Corp.
(c)
10.25%,
10/15/30
...........
24,396‌
18,297,000‌
13.50%,
04/15/31
(r)
..........
2,284‌
1,124,870‌
XHR
LP,
4.88%,
06/01/29
(c)
.......
1,125‌
1,089,840‌
XPLR
Infrastructure
Operating
Partners
LP
(c)
8.38%,
01/15/31
............
1,496‌
1,574,841‌
8.63%,
03/15/33
............
3,970‌
4,193,983‌
XPO,
Inc.,
7.13%,
02/01/32
(c)
......
1,806‌
1,862,737‌
Yum!
Brands,
Inc.
4.75%,
01/15/30
(c)
...........
3,100‌
3,048,283‌
3.63%,
03/15/31
............
100‌
92,378‌
5.38%,
04/01/32
............
339‌
336,298‌
Zayo
Group
Holdings,
Inc.,
6.25%,
(6.25%
Cash
or
0.50%
PIK),
03/09/30
(a)(c)(o)
..............
5,219‌
5,188,574‌
Zions
Bancorp
NA,
3.25%,
10/29/29
.
6,693‌
6,206,679‌
4,625,588,653‌
Uzbekistan
—
0.0%
Navoi
Mining
&
Metallurgical
Combinat
6.70%,
10/17/28
(c)
...........
4,059‌
4,128,814‌
6.70%,
10/17/28
(b)
...........
2,989‌
3,040,411‌
6.75%,
05/14/30
(c)
...........
1,229‌
1,263,043‌
6.75%,
05/14/30
(b)
...........
7,978‌
8,198,991‌
6.95%,
10/17/31
(c)
...........
4,598‌
4,781,920‌
21,413,179‌
Vietnam
—
0.0%
Mong
Duong
Finance
Holdings
BV,
5.13%,
05/07/29
(b)
...........
8,829‌
8,676,824‌
Total
Corporate
Bonds
—
23.9%
(Cost:
$11,295,375,449)
...........................
11,084,815,785‌
Fixed
Rate
Loan
Interests
Australia
—
0.0%
Nqxt
Capital
Pty.
Ltd.,
1st
Lien
Term
Loan,
9.50%
,
 02/10/31
........
AUD
24,100‌
16,627,795‌
France
—
0.0%
Atos
SE,
1st
Lien
Term
Loan,
9.00%
,
 12/17/29
............
EUR
7,804‌
9,167,028‌
India
—
0.0%
AM
Green
BV,
1st
Lien
Term
Loan,
8.00%
,
 04/12/27
(d)
...........
USD
13,300‌
14,717,780‌
Jersey,
Channel
Islands
—
0.0%
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan,
6.05%
,
 11/09/29
(d)
.......
GBP
161‌
1,066‌
United
States
—
0.4%
(l)
Amf
Mf
Portfolio,
1st
Lien
Term
Loan,
7.84%
,
 11/06/28
(d)
...........
USD
2,968‌
3,082,766‌
AS
HC
LP
-
Note
A
-
Assignment,
Delayed
Draw
1st
Lien
Term
Loan,
5.75%
,
 05/09/30
(d)
...........
12,834‌
12,107,888‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Aspen
Owner
LLC,
1st
Lien
Term
Loan,
7.27%
,
 02/09/27
(d)
...........
USD
58,433‌
$
58,786,887‌
Houston
Center,
1st
Lien
Term
Loan
0.00%,
09/13/32
(d)(l)
..........
18,105‌
2‌
Indigo,
Delayed
Draw
1st
Lien
Term
Loan,
5.82%
,
 03/18/32
........
132,792‌
132,460,020‌
206,437,563‌
Total
Fixed
Rate
Loan
Interests
—
0.4%
(Cost:
$242,938,463)
.............................
246,951,232‌
Floating
Rate
Loan
Interests
Australia
—
0.2%
(a)
Anticimex
Global
AB,
Facility
1st
Lien
Term
Loan
B10,
(BSBY
(3
months)
at
0.50%
Floor
+
3.90%),
7.94%
,
 11/17/31
(d)
...........
AUD
30,000‌
20,750,246‌
GEAR
M
Illawarra
Met
Coal
Pty.
Ltd.,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
8.50%),
12.13%
,
 12/01/32
(d)
.....
USD
15,721‌
15,642,229‌
Insignia
(Daintree
Bidco
Pty
Ltd),
1st
Lien
Term
Loan
B,
11/24/32
(d)(s)
...
AUD
19,750‌
13,217,717‌
Snacking
Investments
Bidco
Pty.
Ltd.,
1st
Lien
Term
Loan
B,
(NOINDEX
at
0.00%
Floor
+
3.50%),
3.50%
,
 10/14/32
(d)
...........
14,000‌
9,514,411‌
Teeg
Bidco
Pty.
Ltd.,
1st
Lien
Term
Loan
B,
01/02/33
(s)
...........
22,500‌
15,523,875‌
74,648,478‌
Austria
—
0.0%
Innio
Group
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.52%
,
 11/03/31
(a)
...........
EUR
6,266‌
7,216,872‌
Belgium
—
0.0%
(a)
QSRP
Finco
BV,
Facility
1st
Lien
Term
Loan
B3,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.91%
,
 06/19/31
.
2,609‌
2,937,377‌
United
Petfood
Finance
BV,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
4.40%
,
 02/26/32
............
3,416‌
3,916,803‌
6,854,180‌
Canada
—
0.1%
(a)
Air
Canada,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42%
,
 03/21/31
(l)
......
USD
1,076‌
1,065,368‌
Bausch
+
Lomb
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.42%
,
 01/15/31
(l)
...........
20,323‌
20,348,126‌
Clarios
Global
LP,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.14%
,
 01/28/32
......
EUR
4,650‌
5,355,085‌
Clarios
Global
LP,
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.89%
,
 07/16/31
.....
2,000‌
2,305,065‌
Security
Par
(000)
Par
(000)
Value
Canada
(continued)
GFL
Environmental
Services,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 03/03/32
(l)
...........
USD
403‌
$
402,725‌
Knowlton
Development
Corp.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.17%
,
 08/15/28
(l)
...........
858‌
849,539‌
Ontario
Gaming
GTA
LP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
7.95%
,
 08/01/30
(l)
...........
405‌
378,381‌
WestJet
Loyalty
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.45%
,
 02/14/31
(l)
933‌
904,141‌
31,608,430‌
Cayman
Islands
—
0.0%
(a)
Flexsys
Cayman
Holdings
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
9.17%
,
 08/01/29
............
3,866‌
235,172‌
Usavflow
II
Ltd.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.50%),
10.17%
,
 09/10/29
(d)
14,095‌
14,113,699‌
14,348,871‌
Finland
—
0.0%
(a)
Ahlstrom
Holding
3
Oy,
Facility
1st
Lien
Term
Loan
B4,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.83%
-
5.94%
,
 05/27/30
............
EUR
4,500‌
5,043,829‌
Mehilainen
Yhtiot
Oy,
Facility
1st
Lien
Term
Loan
B7,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.40%),
5.53%
,
 08/05/31
............
4,506‌
5,200,789‌
10,244,618‌
France
—
0.1%
(a)
Betclic
Everest
Group,
1st
Lien
Term
Loan
B,
12/10/31
(l)(s)
..........
USD
725‌
721,832‌
Betclic
Everest
Group,
Facility
1st
Lien
Term
Loan
B2,
12/09/31
(s)
......
EUR
5,774‌
6,557,229‌
ELSAN
SAS,
Facility
1st
Lien
Term
Loan
B6,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.40%),
5.55%
,
 06/16/31
.
2,000‌
2,154,944‌
Financiere
Mendel
SAS,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.13%
,
 11/08/30
.
1,000‌
1,150,498‌
Hestiafloor
2
SASU,
Facility
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.13%
,
 02/27/30
............
2,353‌
2,684,727‌
Holding
Socotec,
Facility
1st
Lien
Term
Loan
B6,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.13%
,
 06/02/31
.
2,741‌
3,160,467‌
Kersia
International
SAS,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.63%
,
 12/23/30
.
1,702‌
1,943,856‌
Obol
France
3
SAS,
Facility
1st
Lien
Term
Loan
B3,
(6-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.10%
,
 12/29/28
............
1,834‌
2,092,966‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
69
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
Parts
Europe
SA,
Facility
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.03%
,
 02/03/31
.
EUR
2,000‌
$
2,308,163‌
Ramsay
Generale
De
Sante
SA,
Facility
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.28%
,
 08/13/31
............
1,500‌
1,716,004‌
SAM
Bidco,
Facility
1st
Lien
Term
Loan
B6,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.39%
,
 12/13/27
.....
4,000‌
4,611,841‌
Talbot
Participation
SAS,
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.13%
,
 07/07/32
.
2,000‌
2,299,055‌
Trevise
Holdings
1
SAS,
Facility
1st
Lien
Term
Loan
2,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.64%
,
 07/09/29
............
3,417‌
3,950,260‌
Vivalto
Sante
Investissement,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.63%
,
 07/21/31
............
2,370‌
2,734,461‌
ZF
Invest,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.52%
,
 07/11/31
............
2,000‌
2,295,241‌
40,381,544‌
Germany
—
0.1%
(a)
Aenova
Holding
GmbH,
Facility
1st
Lien
Term
Loan
B1,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.01%
,
 08/22/31
............
2,000‌
2,309,388‌
AVIV
Group
GmbH,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.10%
,
 04/23/32
.....
720‌
783,843‌
Goodarz
Holding
Co.
SARL,
Delayed
Draw
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
5.50%),
7.42%
,
 11/19/30
(d)
...........
15,699‌
18,137,209‌
Nidda
Healthcare
Holding
GmbH,
1st
Lien
Term
Loan
B4,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.52%
,
 12/10/32
............
3,700‌
4,263,302‌
Node
AcquiCo
GmbH,
1st
Lien
Term
Loan
B1,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.46%
,
 12/08/32
.
4,000‌
4,598,064‌
Rain
Carbon,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.11%
,
 10/31/28
.......
2,713‌
3,078,620‌
Schoen
Klinik
SE,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.13%
,
 01/13/31
.
2,778‌
3,202,668‌
Sgb-Smit
Midco
GmbH,
1st
Lien
Term
Loan
B,
03/10/33
(s)
...........
2,400‌
2,776,343‌
Speedster
Bidco
GmbH,
Facility
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.70%
,
 12/10/31
(l)
......
USD
898‌
858,375‌
Techem
Verwaltungsgesellschaft
675
mbH,
Facility
1st
Lien
Term
Loan
B6,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.23%
,
 07/15/32
......
EUR
7,173‌
8,263,036‌
Security
Par
(000)
Par
(000)
Value
Germany
(continued)
TK
Elevator
Midco
GmbH,
1st
Lien
Term
Loan
B1,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.15%
,
 04/30/30
............
EUR
10,638‌
$
12,201,500‌
60,472,348‌
Ireland
—
0.0%
(a)
Applegreen
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.53%
,
 01/26/32
.
1,278‌
1,480,318‌
Promontoria
Beech
DAC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
5.72%
,
 05/17/27
(d)
...........
6,881‌
7,953,727‌
9,434,045‌
Jersey,
Channel
Islands
—
0.1%
(a)(d)
New
Look
Corp.
Ltd.,
1st
Lien
Term
Loan,
16.50%
,
 11/10/27
.......
GBP
374‌
148,433‌
Vita
Global
Finco
Ltd.,
1st
Lien
Term
Loan
B
(o)
(6-mo.
EURIBOR
at
0.00%
Floor
+
0.00%),
10.05%
(10.05%
Cash
or
10.17%
PIK),
07/06/27
......
EUR
13,812‌
12,193,378‌
(Daily
SONIA
at
0.00%
Floor
+
8.00%),
11.73%
(11.73%
Cash
or
11.97%
PIK),
07/06/27
......
GBP
8,602‌
8,339,935‌
20,681,746‌
Luxembourg
—
0.3%
(a)
AI
Sirona
Luxembourg
Acquisition
SARL,
Facility
1st
Lien
Term
Loan
B3,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
5.89%
,
 09/29/28
.....
EUR
4,000‌
4,592,192‌
Al
Mansart
(Luxembourg)
Bidco
SCS,
1st
Lien
Term
Loan
A,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.12%
,
 09/01/28
(d)
.....
USD
13,475‌
13,424,719‌
Albea
Beauty
Holdings
SARL,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.50%
,
 12/31/27
............
EUR
2,000‌
2,103,647‌
Albion
Financing
3
SARL,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.03%
,
 05/21/31
.
3,182‌
3,664,490‌
Althea
Acquisition
Bidco
SARL,
1st
Lien
Term
Loan
B,
(EUR0012M
at
0.00%
Floor
+
3.25%),
5.37%
,
 01/20/33
.
1,500‌
1,719,003‌
Atlas
Luxco
4
SARL,
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.64%
,
 08/20/32
.
2,065‌
2,377,242‌
Cobham
Ultra
SeniorCo
SARL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.90%
,
 08/06/29
............
4,340‌
4,994,467‌
Connect
Finco
SARL,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.17%
,
 09/13/29
(l)
...........
USD
15,215‌
15,226,547‌
Delta
2
(Lux)
SARL,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.45%
,
 09/30/31
(l)
899‌
896,021‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Eircom
Finco
SARL,
Facility
1st
Lien
Term
Loan
B6,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.69%
,
 05/14/32
............
EUR
4,500‌
$
5,176,411‌
Euro
Parfums
Fze
Upsize,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
+
5.25%),
9.12%
,
 07/01/32
(d)
....
USD
8,892‌
8,847,266‌
Froneri
International
Ltd.,
1st
Lien
Term
Loan,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.90%
,
 09/30/31
.
EUR
2,000‌
2,267,593‌
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B5,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.90%
,
 09/30/32
............
4,128‌
4,689,892‌
Garfunkelux
Holdco
3
SA,
1st
Lien
Term
Loan
B,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
6.88%
,
 06/01/32
............
14,334‌
15,988,076‌
Genesys
Cloud
Services,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
01/30/32
(l)
...........
USD
994‌
949,967‌
Hyperion
Refinance
SARL,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.42%
,
 02/17/31
(l)
...........
988‌
955,095‌
Index
HoldCo
SARL,
Facility
1st
Lien
Term
Loan
A,
0.10%
,
 12/29/28
...
EUR
4,163‌
2,441,882‌
Jazz
Financing
Lux
SARL,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.92%
,
 05/05/28
(l)
...........
USD
695‌
696,894‌
Loire
Finco
Luxembourg
SARL,
1st
Lien
Term
Loan
B4,
01/21/30
(s)
......
EUR
1,000‌
1,153,538‌
Matador
Bidco
SARL,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.02%
,
 07/16/29
(l)
...........
USD
1,500‌
1,470,000‌
NJJ
Continental
SA,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.50%),
4.61%
,
 01/26/32
............
EUR
5,923‌
6,820,276‌
Rainbow
Finco
SARL,
Facility
1st
Lien
Term
Loan
B2,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.39%
,
 02/26/29
............
2,000‌
2,310,544‌
Speed
Midco
3
SARL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.85%
,
 10/07/32
............
5,264‌
5,883,686‌
Summer
BC
Bidco
B
LLC,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.53%
,
 01/31/29
.
588‌
592,148‌
Summer
BC
Holdco
B
SARL,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.53%
,
 01/31/29
............
2,412‌
2,427,672‌
Syntegon
Topco
GmbH,
1st
Lien
Term
Loan
B,
12/29/32
(s)
...........
3,900‌
4,475,719‌
Tackle
SARL,
Facility
1st
Lien
Term
Loan
B2,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.14%
,
 05/22/28
.
1,962‌
2,262,045‌
Security
Par
(000)
Par
(000)
Value
Luxembourg
(continued)
Telenet
International
Finance
SARL,
1st
Lien
Term
Loan
AQ,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
4.19%
,
 04/30/29
............
EUR
2,000‌
$
2,275,684‌
Traviata
III
SARL,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
8.00%),
9.96% 01/22/33
(d)
......
15,589‌
14,888,986‌
135,571,702‌
Netherlands
—
0.2%
(a)
Accell
Group
Holdings
BV,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
+
7.00%),
9.02%
,
 02/09/28
(d)
.....
4,750‌
1,650,929‌
Ammega
Group
BV,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.75%),
6.88%
,
 01/01/29
............
4,000‌
3,907,513‌
Barentz
Midco
BV,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.02%
,
 03/03/31
(l)
...........
USD
495‌
478,683‌
Flutter
Financing
BV,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.45%
,
 12/02/30
(l)
...........
929‌
917,017‌
Median
BV,
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.25%),
6.10%
,
 10/14/30
......
EUR
3,618‌
4,110,186‌
Nobian
Finance
BV,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.52%
,
 07/01/30
.
7,263‌
7,879,996‌
Nobian
Finance
BV,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.78%
,
 07/01/29
.....
3,928‌
4,311,789‌
Odido
Holding
BV,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.90%),
5.03%
,
 03/30/29
.
2,000‌
2,308,094‌
One
Frio
HoldCo
BV,
Term
Loan,
(3-mo.
EURIBOR
+
2.00%),
5.15%
,
 09/01/31
(d)
...........
25,489‌
29,436,513‌
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B4,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.20%
,
 10/28/30
(l)
...........
USD
783‌
781,062‌
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B7B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.88%
,
 11/26/31
............
EUR
3,000‌
3,453,472‌
VDK
Groep
BV,
Facility
1st
Lien
Term
Loan
B1,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.14%
,
 02/18/32
.
1,300‌
1,498,578‌
Ziggo
BV,
Facility
1st
Lien
Term
Loan
H,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.94%
,
 01/31/29
......
6,779‌
7,562,048‌
68,295,880‌
New
Zealand
—
0.0%
FNZ
NZ
Finco
Ltd.,
1st
Lien
Term
Loan,
(Daily
SONIA
at
0.00%
Floor
+
6.00%),
6.00%
,
 11/05/31
(a)
.....
GBP
13,000‌
13,937,508‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
71
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Norway
—
0.0%
Sector
Alarm
Holding
A/S,
Facility
1st
Lien
Term
Loan
B4,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.01%
,
 06/14/32
(a)
...........
EUR
1,535‌
$
1,756,803‌
Poland
—
0.0%
Vehis
Auto
Leasing
Dac
Mezz,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
+
5.50%),
9.29%
,
 06/10/32
(a)(d)
....
PLN
23,996‌
6,463,981‌
Spain
—
0.2%
(a)
Aernnova
Aerospace
SAU,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.03%
,
 02/27/30
............
EUR
2,042‌
2,280,464‌
Areas
Worldwide
SA,
Facility
1st
Lien
Term
Loan
B5,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.64%
,
 12/31/29
............
7,662‌
8,681,827‌
Boluda
Towage
SL,
Facility
1st
Lien
Term
Loan
B3,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.41%
,
 01/31/30
............
2,513‌
2,905,958‌
Cervantes
Bidco
SL,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.02%
,
 12/03/31
(b)
...........
2,854‌
3,283,124‌
Dorna
Sports
SL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.87%
,
 08/11/32
.
1,100‌
1,268,829‌
Dycom
Industries,
Inc.,
1st
Lien
Term
Loan
B,
02/18/33
(s)
...........
2,400‌
2,760,558‌
Elvis
UK
Holdco
Ltd.,
Facility
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.60%),
5.63%
,
 10/31/31
............
3,500‌
4,044,544‌
Findango
Mezz
Revolving,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
0.00%),
9.24%
,
 05/01/32
(d)
....
26,750‌
31,073,582‌
Promontoria
Challenger
I
SA,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
4.44%
,
 12/19/27
(d)
.....
8,734‌
10,075,522‌
Seashell
Bidco
SL,
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.50%
,
 12/15/32
.....
4,350‌
5,019,551‌
Sirocco
Lux
SA,
1st
Lien
Term
Loan
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.90%),
5.90%
,
 10/20/29
(d)
.....
25,256‌
29,192,111‌
100,586,070‌
Sweden
—
0.0%
(a)
Anticimex
Global
AB,
1st
Lien
Term
Loan
B9,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.15%),
5.16%
,
 11/17/31
.
1,350‌
1,555,529‌
Eleda
Management
AB,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.52%
-
5.63%
,
 04/03/31
............
2,333‌
2,702,889‌
IGT
Holding
IV
AB,
Facility
1st
Lien
Term
Loan
B4,
08/29/31
(s)
......
2,000‌
2,262,946‌
Quimper
AB,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.99%
,
 03/29/30
.
1,500‌
1,705,827‌
Security
Par
(000)
Par
(000)
Value
Sweden
(continued)
Verisure
Holding
AB,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
4.28%
,
 10/25/32
.
EUR
2,000‌
$
2,302,638‌
10,529,829‌
United
Kingdom
—
0.4%
(a)
Allwyn
International
AG,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
4.89%
,
 03/22/32
............
5,636‌
6,418,284‌
Bellis
Acquisition
Co.
plc,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.08%
,
 05/12/31
............
2,000‌
2,051,634‌
Belron
Uk
Finance
plc,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
4.27%
,
 10/16/31
.
2,651‌
3,050,034‌
Boots
Group
Bidco
Ltd.
(The),
1st
Lien
Term
Loan,
(Daily
SONIA
at
0.00%
Floor
+
4.50%),
8.23%
,
 08/30/32
.
GBP
3,478‌
4,593,606‌
Boots
Group
Finco
LP,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.40%
,
 08/30/32
.
EUR
4,400‌
5,081,671‌
Cabot
Securitisation
UK
Ltd.,
1st
Lien
Term
Loan,
(1-mo.
GBP
SONIA
+
3.20%),
6.93%
,
 01/18/30
(d)
.....
GBP
35,000‌
45,978,555‌
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
14,206,739‌
City
Football
Group
Ltd.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.28%
,
 07/22/30
(l)
...........
USD
983‌
978,816‌
CML
Project
Cold,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.15%),
7.13%
,
 09/01/31
(d)
...........
GBP
7,742‌
10,238,323‌
Eagle
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.39%
,
 02/27/32
.
EUR
2,500‌
2,882,690‌
Edge
Finco
plc,
Facility
1st
Lien
Term
Loan
B1,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.03%
,
 08/22/31
.
5,422‌
6,248,309‌
EG
Finco
Ltd.,
1st
Lien
Term
Loan,
(EUR0012M
at
0.00%
Floor
+
3.50%),
5.75%
,
 02/10/31
......
4,000‌
4,558,765‌
Entain
Holdings
(Gibraltar)
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.95%
,
 10/31/29
(l)
...........
USD
802‌
800,736‌
Entain
Holdings
(Gibraltar)
Ltd.,
Facility
1st
Lien
Term
Loan
B4,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.64%
,
 06/30/28
............
EUR
1,209‌
1,400,487‌
INEOS
Finance
plc,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.14%
,
 02/07/31
.
2,000‌
2,044,121‌
INEOS
Quattro
Holdings
UK
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.39%
,
 04/03/29
............
3,000‌
2,636,656‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Inspired
Finco
Holdings
Ltd.,
Facility
1st
Lien
Term
Loan
B8,
(1-mo.
EURIBOR
+
3.00%),
4.93%
,
 02/28/31
............
EUR
3,846‌
$
4,417,297‌
Leased
&
Tenanted
Pubs
1
Ltd.,
2nd
Lien
Term
Loan,
(Daily
SONIA
at
3.00%
Floor
+
9.38%),
9.38%
,
 10/31/29
(d)
...........
GBP
4,798‌
6,001,829‌
Lernen
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B3,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.87%
,
 04/25/29
.
EUR
2,000‌
2,245,470‌
Market
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.51%
,
 11/04/30
.
5,650‌
6,346,913‌
Masorange
Holdco
Ltd.,
Facility
1st
Lien
Term
Loan
B5,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
4.38%
,
 03/25/31
............
27,473‌
31,661,131‌
Modulaire
Group
Holdings
Ltd.,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.43%),
6.55%
,
 07/10/31
............
2,000‌
2,085,338‌
OCS
Group
Holding
Ltd.,
Facility
1st
Lien
Term
Loan
B4,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.25%),
6.36%
,
 11/28/31
............
1,000‌
1,150,071‌
OCS
Group
Holding
Ltd.,
Facility
1st
Lien
Term
Loan
B5,
(Daily
SONIA
at
0.00%
Floor
+
5.25%),
5.25%
,
 11/28/31
............
GBP
3,286‌
4,313,092‌
Platform
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B6,
(6-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.50%
,
 09/29/31
(b)
...........
EUR
4,000‌
4,343,684‌
Rubix
Group
Finco
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.48%
,
 09/30/31
.
4,000‌
4,513,594‌
Zegona
Holdco
Ltd.,
Facility
1st
Lien
Term
Loan
B3,
(6-mo.
EURIBOR
at
0.00%
Floor
+
2.25%),
4.39%
,
 07/16/29
............
5,461‌
6,292,863‌
186,540,708‌
United
States
—
2.3%
(a)
AAdvantage
Loyalty
IP
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 05/28/32
(l)
...........
USD
1,500‌
1,484,250‌
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
,
 12/21/28
(l)
......
973‌
969,946‌
Action
Environmental
Group,
Inc.
(The),
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.67%
,
 10/24/30
(l)
......
562‌
558,821‌
ADMI
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.38%),
7.16%
,
 12/23/27
(l)
......
488‌
455,985‌
AG
Group
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
7.92%
,
 12/29/28
(l)
...........
917‌
826,513‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
AHP
Health
Partners,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.92%
,
 09/20/32
(l)
...........
USD
875‌
$
875,099‌
AlixPartners
LLP,
1st
Lien
Term
Loan
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.13%,
08/12/32
....
EUR
4,302‌
4,959,799‌
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%,
08/12/32
(l)
USD
609‌
602,382‌
Alliant
Holdings
Intermediate
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 09/19/31
(l)
...........
980‌
971,663‌
Allied
Universal
Holdco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.92%
,
 08/20/32
............
13,078‌
13,070,593‌
Allspring
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.69%
,
 11/01/30
(l)
...........
977‌
977,468‌
Alorica,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.88%),
10.55%
,
 12/21/27
(d)
20,455‌
19,943,783‌
Alpha
Generation
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42%
,
 09/30/31
(l)
...........
970‌
966,789‌
Altafiber
Virginia
LLC,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.92%
,
 11/23/28
(l)
...........
987‌
984,662‌
Altar
Bidco,
Inc.,
2nd
Lien
Term
Loan,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.60%),
9.11%
,
 02/01/30
.
35,591‌
33,366,487‌
Alterra
Mountain
Co.,
1st
Lien
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 05/31/30
(d)(l)
..........
456‌
455,433‌
Amentum
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 09/29/31
(l)
...........
14,757‌
14,745,019‌
American
Airlines,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.91%
,
 06/04/29
(l)
...........
980‌
948,885‌
American
Axle
&
Manufacturing,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.5%
Floor
+
3.00%;
3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%
at
0.50%
Floor
+
0.00%),
6.66%
-
6.67%
,
 12/13/29
(l)
972‌
969,048‌
American
Residential
Services
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.45%
,
 02/02/32
(d)(l)
..........
993‌
986,297‌
Amneal
Pharmaceuticals
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.67%
,
 08/02/32
(l)
...........
692‌
693,254‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
73
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 12/29/31
(l)
...........
USD
1,043‌
$
1,025,949‌
Anticimex
Global
AB,
Facility
1st
Lien
Term
Loan
B8,
(1-day
SOFR
at
0.00%
Floor
+
2.90%),
6.56%
,
 11/17/31
(l)
...........
91‌
90,705‌
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
6.45%
,
 06/24/30
(l)
...........
459‌
458,955‌
Argento
LLC,
1st
Lien
Term
Loan
A,
02/24/33
(s)
................
18,498‌
17,758,080‌
Arsenal
AIC
Parent
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 08/19/30
(l)
...........
847‌
847,940‌
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
7.77%
,
 11/24/27
(l)
...........
987‌
941,428‌
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.67%
,
 12/11/28
(l)
...........
985‌
960,300‌
ASP
Dream
Acquisition
Co.
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
8.02%
,
 12/15/28
(l)
...........
495‌
454,033‌
Asurion
LLC,
1st
Lien
Term
Loan
B13,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.92%
,
 09/19/30
(l)
1,415‌
1,397,387‌
AthenaHealth
Group,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.42%
,
 02/15/29
(l)
...........
991‌
971,416‌
Autokiniton
US
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
7.78%
,
 04/06/28
(l)
...........
1,481‌
1,459,585‌
Avaya,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
11.17%
,
 08/01/28
......
80‌
70,742‌
B&G
Foods,
Inc.,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.17%
,
 10/10/29
(l)
...........
987‌
919,580‌
Baldwin
Insurance
Group
Holdings
LLC
(The),
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.18%
,
 05/26/31
(l)
......
471‌
461,934‌
Barracuda
Networks,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.17%
,
 08/15/29
(l)
...........
977‌
618,125‌
BCPE
Empire
Holdings,
Inc.,
1st
Lien
Term
Loan
(l)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
6.92%,
12/11/30
1,491‌
1,466,992‌
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
0.00%,
12/29/32
1,000‌
983,130‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Bleriot
US
Bidco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.20%
,
 10/31/30
(l)
...........
USD
1,184‌
$
1,184,929‌
Boxer
Parent
Co.,
Inc.,
1st
Lien
Term
Loan
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.53%,
07/30/31
....
EUR
3,532‌
3,892,808‌
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%,
07/30/31
(l)
USD
1,416‌
1,309,390‌
Brand
Industrial
Services,
Inc.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.16%
,
 08/01/30
(l)
...........
1,071‌
916,303‌
Broadstreet
Partners
Group
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 06/16/31
(l)
...........
983‌
957,920‌
CACI
International,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42%
,
 10/30/31
(l)
...........
988‌
987,085‌
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.92%
,
 02/06/30
(l)
...........
814‌
789,648‌
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.92%
,
 02/06/31
(l)
...........
8,519‌
8,252,380‌
Callaway
Golf
Co.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 03/18/30
(l)
88‌
87,946‌
Calpine
Construction
Finance
Co.
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42%
,
 07/31/30
(l)
......
1,215‌
1,214,692‌
Camelot
US
Acquisition
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 01/31/31
(l)
...........
1,370‌
1,179,457‌
Cast
&
Crew
LLC,
Facility
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.42%
,
 12/29/28
(l)
...........
951‌
363,408‌
Cengage
Learning,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.00%;
3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.00%
at
1.00%
Floor
+
0.00%),
6.67%
-
6.68%
,
 03/24/31
(l)
...........
744‌
727,696‌
Central
Parent
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.92%
,
 07/06/29
(l)
...........
1,475‌
1,047,401‌
Champions
Financing,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.42%
,
 02/06/29
(l)
...........
376‌
325,497‌
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 09/08/32
(l)
608‌
601,545‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.17%
,
 11/29/30
(l)
...........
USD
1,241‌
$
1,232,396‌
Chemours
Co.
LLC,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.17%
,
 10/15/32
(l)
...........
1,405‌
1,392,646‌
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.42%
,
 09/29/28
(l)
...........
1,276‌
1,276,263‌
Chromalloy
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.91%
,
 03/27/31
(l)
1,352‌
1,351,770‌
Cirkul
Sr
Sec,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.50%),
16.30%
,
 04/23/28
(d)
18,558‌
15,031,819‌
Citadel
Securities
Global
Holdings
LLC,
Facility
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.70%
,
 10/31/31
(l)
......
983‌
983,125‌
Citco
Funding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.67%
,
 01/31/33
(l)
499‌
496,411‌
Clarios
Global
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 01/28/32
.
6,965‌
6,940,622‌
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.00%),
5.02%
,
 08/13/32
............
EUR
5,150‌
5,648,544‌
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.01%
Floor
+
3.25%),
6.92%
,
 03/21/31
(l)
...........
USD
1,983‌
1,810,375‌
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.52%
,
 10/09/28
(l)
497‌
441,451‌
Clover
Holdings
2
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.68%
,
 12/09/31
(l)
...........
1,236‌
1,182,197‌
Clue
Opco
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
8.17%
,
 12/19/30
(l)
929‌
901,022‌
Clydesdale
Acquisition
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.18%),
6.84%
,
 04/13/29
......
17,651‌
16,798,574‌
CML
Hotel
Adeline,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
0.00%),
6.82%
,
 03/01/29
............
24,000‌
24,000,000‌
CML
Project
Crabtree,
Delayed
Draw
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
6.51%
,
 08/06/29
(d)
...........
15,737‌
15,640,012‌
CML
The
Ben,
Delayed
Draw
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.00%),
9.67%
,
 03/09/31
(d)
....
8,244‌
8,166,027‌
CNT
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.17%
,
 11/08/32
(l)
...........
1,433‌
1,431,074‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Cobham
Ultra
SeniorCo
SARL,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.79%
,
 08/03/29
(l)
......
USD
1,027‌
$
1,028,698‌
ConnectWise
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.46%
,
 09/29/28
.
10,651‌
9,808,056‌
Coral-US
Co-Borrower
LLC,
1st
Lien
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.79%
,
 10/15/29
(l)
...........
1,000‌
992,610‌
Core
&
Main
LP,
1st
Lien
Term
Loan
E,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.68%
,
 02/10/31
(l)
753‌
752,712‌
CoreWeave
Compute
Acquisition
Co.
II
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.0%
Floor
+
9.62%;
3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
9.62%
at
0.00%
Floor
+
9.62%),
13.33%
-
13.27%
,
 07/30/28
(d)
..........
39,864‌
39,764,714‌
CoreWeave
Compute
Acquisition
Co.
III
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.00%),
9.65%
-
9.67%
,
 05/16/29
(d)
...........
42,763‌
42,870,304‌
CoreWeave
Compute
Acquisition
Co.
IV
LLC,
Delayed
Draw
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.25%),
7.88%
-
7.97%
,
 09/29/30
(d)
28,975‌
28,178,490‌
Cotiviti,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 05/01/31
(l)
1,277‌
1,173,638‌
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.67%
,
 10/27/32
(l)
...........
324‌
320,976‌
CPM
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.17%
,
 09/28/28
(l)
...........
306‌
305,847‌
CPV
Fairview
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.20%
,
 08/14/31
.
11,834‌
11,769,996‌
CRC
Insurance
Group
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.45%
,
 05/06/31
(l)
...........
1,023‌
1,006,996‌
Creative
Artists
Agency
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 10/01/31
(l)
...........
515‌
513,793‌
Crescent
Midstream
Operating
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.41%
,
 02/11/33
............
28,394‌
28,453,060‌
Crocs,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.95%
,
 02/19/29
(l)
......
424‌
424,636‌
CSC
Holdings
LLC,
1st
Lien
Term
Loan
B5,
(US
Prime
Rate
at
0.00%
Floor
+
1.50%),
8.25%
,
 04/15/27
.....
4,190‌
3,683,669‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
75
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CTP-02
Propco
LLC,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
6.87%
,
 12/06/29
(d)
...........
USD
21,417‌
$
21,408,794‌
Cushman
&
Wakefield
US
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.42%
,
 01/31/30
(d)(l)
.....
848‌
849,619‌
Dave
&
Buster's,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
6.94%
,
 06/29/29
(l)
...........
774‌
673,664‌
Dealer
Tire
Financial
LLC,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.67%
,
 07/02/31
(l)
...........
1,473‌
1,465,233‌
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 11/30/29
(l)
.
985‌
951,312‌
Derby
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.68%
,
 11/01/30
(l)
.
1,011‌
1,008,126‌
Digital
Room
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
9.02%
,
 12/21/28
............
6,061‌
5,846,744‌
DirecTV
Financing
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.50%),
9.17%
,
 02/17/31
............
15,073‌
15,067,925‌
DIRECTV
Financing
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
9.18%
,
 08/02/29
(l)
...........
755‌
755,968‌
Discovery
Energy
Holding
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.42%
,
 05/01/31
(l)
...........
500‌
498,750‌
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.42%
,
 10/04/29
(l)
...........
521‌
511,377‌
DK
Crown
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42%
,
 03/04/32
(l)
...........
272‌
271,741‌
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 10/31/31
(l)
...........
1,037‌
1,036,091‌
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 10/31/31
(l)
...........
394‌
394,186‌
EAB
Global,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.70%
,
 08/16/30
(l)
496‌
439,551‌
ECL
Entertainment
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%
,
 08/30/30
............
21,698‌
21,535,702‌
EIS
Group
Ltd.,
1st
Lien
Term
Loan
(d)
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
10.67%,
07/08/28
28,919‌
26,208,905‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.00%),
10.67%,
07/10/28
USD
2,892‌
$
2,620,891‌
Elanco
Animal
Health,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42%
,
 10/29/32
(l)
...........
285‌
285,024‌
Element
Materials
Technology
Group
US
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.20%
,
 06/22/29
(l)
...........
975‌
976,719‌
Ellucian
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.17%
,
 10/09/29
(l)
...........
1,047‌
1,016,233‌
EMRLD
Borrower
LP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
,
 05/31/30
(l)
...........
1,474‌
1,471,209‌
Engineered
Machinery
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.63%
,
 11/26/32
............
EUR
3,959‌
4,557,616‌
EP
Purchaser
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.29%
,
 11/06/28
(l)
.
USD
972‌
601,344‌
Examworks
Bidco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.17%
,
 02/07/33
(l)
...........
982‌
980,587‌
Fertitta
Entertainment
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
6.92%
,
 01/29/29
(l)
...........
16,309‌
15,968,214‌
Finastra
USA,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.50%),
6.62%
,
 09/15/32
......
EUR
1,996‌
2,141,912‌
First
Advantage
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.45%
,
 10/31/31
(l)
...........
USD
956‌
929,419‌
First
Brands
Group
LLC,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
1.00%
Floor
+
0.00%),
8.98%
,
 03/30/27
(d)
EUR
16‌
18‌
Fleet
US
Bidco,
Inc.,
1st
Lien
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 02/21/31
(d)(l)
..........
USD
923‌
922,964‌
Focus
Financial
Partners
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 09/15/31
(l)
...........
1,176‌
1,136,065‌
Fortrea
Holdings,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.17%
,
 07/01/30
(l)
...........
307‌
294,342‌
Fortress
Intermediate
3,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%
,
 06/27/31
(d)(l)
..........
988‌
978,897‌
Fugue
Finance
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.80%
,
 01/09/32
.
EUR
2,000‌
2,291,473‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
7.80%
,
 10/01/27
(l)
...........
USD
979‌
$
949,135‌
Galaxy
Universal
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
10.05%
,
 05/16/28
(d)
..........
27,736‌
25,899,489‌
Galileo
Parent,
Inc.,
1st
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.12%
,
 03/03/33
(l)
1,000‌
978,750‌
Gategroup
Finance
LUX
SA,
Facility
1st
Lien
Term
Loan
B2,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.57%
,
 06/10/32
............
EUR
1,832‌
2,104,120‌
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.92%
,
 09/27/30
(l)
...........
USD
958‌
819,230‌
Go
Daddy
Operating
Co.
LLC,
1st
Lien
Term
Loan
B8,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42%
,
 11/09/29
(l)
...........
981‌
965,787‌
Goat
Holdco
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 01/27/32
.
5,430‌
5,417,844‌
Gogo
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
7.54%
,
 05/01/28
(l)
...........
997‌
866,768‌
GoTo
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.57%
,
 04/30/28
.
10,131‌
6,123,928‌
Grant
Thornton
Advisors
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 06/02/31
(l)
...........
1,430‌
1,329,542‌
Grifols
Worldwide
Operations
USA,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.77%
,
 11/15/27
(l)
......
683‌
681,566‌
Grinding
Media,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.17%
,
 10/12/28
(d)(l)
..........
975‌
974,949‌
Guardian
US
Holdco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
6.92%
,
 01/31/30
(l)
...........
990‌
952,778‌
Gulfside
Supply,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.70%
,
 06/17/31
(l)
...........
939‌
855,446‌
Hilcorp
Energy
I
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.43%
,
 02/11/30
(d)(l)
282‌
281,797‌
Hilton
Domestic
Operating
Co.,
Inc.,
1st
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.43%
,
 11/08/30
(l)
......
276‌
276,345‌
Hilton
Garden
Inn,
1st
Lien
Term
Loan,
6.96%
,
 05/31/29
(d)
...........
25,954‌
25,893,809‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Hilton
Grand
Vacations
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 01/17/31
(l)
......
USD
1,146‌
$
1,142,395‌
Hobbs
&
Associates
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 07/23/31
(l)
...........
995‌
986,503‌
Hologic,
Inc.,
1st
Lien
Term
Loan
B,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.75%
,
 01/14/33
(l)
1,414‌
1,396,325‌
HomeServe
USA
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.68%
,
 10/21/30
(l)
...........
1,422‌
1,409,075‌
Hrni
Holdings
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.10%
,
 12/11/28
.
27,872‌
26,896,420‌
HUB
International
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
5.92%
,
 06/20/30
(l)
...........
840‌
837,305‌
Hunter
Douglas,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.70%
,
 01/16/32
(l)
...........
1,340‌
1,331,847‌
Hunterstown
Generation
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%
,
 11/06/31
............
9,920‌
9,917,690‌
Hydrofarm
Holdings
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.17%
,
 10/25/28
(d)
...........
4,153‌
2,076,474‌
Icon
Parent
I,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.44%
,
 11/13/31
(l)
.
13,888‌
13,300,269‌
Indicor
LLC,
1st
Lien
Term
Loan
E,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.20%
,
 11/22/29
(l)
.
1,816‌
1,814,479‌
Indy
US
Holdco
LLC,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
2.75%),
4.70%
,
 10/31/30
.
EUR
1,648‌
1,877,878‌
INEOS
US
Finance
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.92%
,
 02/18/30
(l)
...........
USD
951‌
825,369‌
Innio
North
America
Holding,
Inc.,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66%
,
 11/03/31
(l)
......
832‌
823,738‌
Interface
Security
Systems
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.00%),
10.77%
,
 06/30/25
(d)(e)(f)
........
21,099‌
5,960,563‌
ION
Platform
Finance
SARL,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.13%
,
 10/07/32
............
EUR
4,447‌
4,103,522‌
IRB
Holding
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.18%
,
 12/16/30
(l)
USD
977‌
974,042‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
77
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Iridium
Satellite
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
5.92%
,
 09/20/30
(l)
...........
USD
1,106‌
$
1,080,491‌
ITG
Communications
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.45%
,
 07/09/31
(d)
...........
22,094‌
20,989,342‌
J&J
Ventures
Gaming
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.17%
,
 04/26/30
............
7,751‌
7,644,365‌
Jack
Ohio
Finance
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
7.67%
,
 01/28/32
(l)
...........
5,949‌
5,859,676‌
Janus
International
Group,
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66%
,
 08/05/30
(l)
...........
1,500‌
1,494,840‌
JFL-Tiger
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.46%
,
 10/17/30
(d)(l)
..........
653‌
652,192‌
Jump
Financial
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.20%
,
 02/26/32
(d)(l)
..........
981‌
979,880‌
Jupiter
Borrower,
Inc.,
1st
Lien
Term
Loan
B,
03/25/33
(d)(l)(s)
.........
630‌
628,425‌
Kaman
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.17%
,
 02/26/32
(l)
8,878‌
8,876,741‌
KBR,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 01/17/31
(l)
......
302‌
301,526‌
Legence
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
5.92%
,
 12/16/31
(l)
...........
438‌
438,868‌
Life
Time,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 11/05/31
(l)
.
728‌
726,984‌
Light
&
Wonder
International,
Inc.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.68%
,
 04/16/29
(l)
......
980‌
979,243‌
Long
Point
Development
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
8.02%
,
 01/01/28
(d)
...........
16,500‌
16,500,000‌
LSF12
Crown
US
Commercial
Bidco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%
,
 12/02/31
(l)
......
964‌
964,252‌
Lummus
Technology
Holdings
V
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 12/31/29
(l)
......
975‌
966,331‌
Maravai
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.67%
,
 10/19/27
(l)
...........
453‌
440,805‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Maverick
Gaming
LLC,
1st
Lien
Term
Loan,
(US
Prime
Rate
at
1.00%
Floor
+
7.50%),
15.25%
,
 06/05/28
(d)
(e)(f)
.....................
USD
5,368‌
$
210,411‌
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
6.67%
,
 05/04/28
(l)
......
5,067‌
5,058,813‌
McAfee
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.50%),
5.53%
,
 03/01/29
......
EUR
2,398‌
2,541,678‌
McAfee
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.67%
,
 03/01/29
.
USD
25,645‌
22,823,917‌
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.00%),
10.77%
,
 11/01/29
...........
3,210‌
256,800‌
Medline
Borrower
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.42%
,
 10/23/30
(l)
...........
886‌
886,968‌
MH
Sub
I
LLC,
1st
Lien
Term
Loan
(l)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
7.92%,
05/03/28
874‌
748,970‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
7.92%,
12/31/31
591‌
391,601‌
Mitchell
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.67%
,
 06/17/31
(l)
...........
985‌
937,484‌
Modena
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.92%
,
 07/01/31
(l)
...........
497‌
445,106‌
Montage
Hotels
&
Resorts
LLC,
Revolving
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
0.00%),
9.85%
,
 02/16/29
(d)
...........
2,547‌
2,404,074‌
Montage
Hotels
&
Resorts
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
0.00%),
9.85%
,
 02/16/29
(d)
...........
12,645‌
11,934,183‌
Motion
Finco
SARL,
Facility
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.20%
,
 11/13/29
(l)
...........
1,474‌
1,282,333‌
MPH
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan
(l)
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.42%,
12/31/30
53‌
52,517‌
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.60%),
8.53%,
12/31/30
437‌
386,007‌
Neon
Maple
US
Debt
Mergersub,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 11/17/31
(l)
......
990‌
968,565‌
Neptune
Bidco
US,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
5.00%),
7.03%
,
 02/03/33
.
EUR
2,400‌
2,693,121‌
OAK-Eagle
Acquireco,
Inc.,
1st
Lien
Term
Loan
B1,
03/23/33
(l)(s)
.....
USD
1,000‌
993,750‌
Oakeagle
Acquireco,
Inc.,
1st
Lien
Term
Loan
B2,
03/24/33
(s)
..........
EUR
3,000‌
3,431,696‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
OH
Partners
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 11/12/32
(d)
USD
9,627‌
$
9,650,643‌
Oldcastle
BuildingEnvelope,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
7.95%
,
 04/30/29
(l)
...........
972‌
620,206‌
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.95%
,
 11/03/32
(l)
...........
1,012‌
973,392‌
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B5,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.75%),
5.88%
,
 06/23/31
............
EUR
3,362‌
3,814,051‌
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B6,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.70%
,
 06/23/31
......
USD
7,318‌
7,013,457‌
OMNIA
Partners
LLC,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.43%
,
 12/31/32
(l)
...........
1,922‌
1,917,960‌
OneDigital
Borrower
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.67%
,
 07/02/31
(l)
...........
983‌
947,808‌
Organon
&
Co.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.92%
,
 05/19/31
(l)
609‌
578,612‌
Osmosis
Buyer
Ltd.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.5%
Floor
+
2.75%;
3-mo.
CME
Term
SOFR
at
0.5%
Floor
+
2.75%
at
0.50%
Floor
+
0.00%),
6.41%
,
 07/31/28
(l)
...........
1,320‌
1,315,938‌
Pai
HoldCo,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
7.68%
,
 10/28/27
.
11,124‌
10,428,996‌
Peninsula
Pacific
Entertainment
LLC,
Facility
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.45%
,
 10/01/32
......
25,153‌
25,027,069‌
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
7.52%
,
 02/01/28
(l)
457‌
389,503‌
PetSmart
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.68%
,
 08/18/32
(l)
1,225‌
1,215,621‌
Phoenix
Guarantor,
Inc.,
1st
Lien
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 02/21/31
(l)
...........
980‌
979,565‌
Planet
US
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%
,
 02/07/31
(l)
...........
944‌
943,399‌
Playtika
Holding
Corp.,
Facility
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.53%
,
 03/13/28
(l)
...........
982‌
922,585‌
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
7.93%
,
 06/02/28
(l)
982‌
861,710‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66%
,
 10/15/30
(l)
......
USD
1,200‌
$
1,193,473‌
Primo
Brands
Corp.,
1st
Lien
Term
Loan
B,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.22%
,
 03/19/31
(l)
...........
985‌
986,074‌
ProAmpac
PG
Borrower
LLC,
1st
Lien
Term
Loan,
(3-mo.
EURIBOR
at
0.00%
Floor
+
4.00%),
6.06%
,
 03/07/33
............
EUR
4,000‌
4,548,270‌
Project
Alpha
Intermediate
Holding,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
6.92%
,
 10/28/30
(l)
......
USD
949‌
714,770‌
Project
Aurora
US
Finco,
Inc.,
Facility
1st
Lien
Term
Loan
B1,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.38%
,
 12/06/32
............
EUR
1,600‌
1,841,278‌
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.70%
,
 08/31/28
(l)
USD
7,408‌
7,160,612‌
Quartz
AcquireCo
LLC,
1st
Lien
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.95%
,
 06/28/30
(d)(l)
..........
1,535‌
1,274,125‌
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
,
 02/10/32
(l)
...........
1,007‌
1,004,819‌
Raven
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%
,
 11/19/31
(l)
...........
435‌
426,619‌
RealPage,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.96%
,
 04/24/28
(l)
982‌
939,150‌
Redstone
Buyer
LLC,
1st
Lien
Term
Loan
B1,
8.00%
,
 12/31/30
......
2,510‌
836,792‌
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.50%),
9.17%
,
 12/31/30
............
12,135‌
4,469,661‌
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan
A1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.50%),
9.17%
,
 12/31/30
............
9,486‌
8,284,420‌
Redstone
HoldCo
2
LP,
1st
Lien
Term
Loan
A2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
8.92%
,
 12/31/30
............
2,829‌
2,121,548‌
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
—‌
Runitonetime
LLC,
1st
Lien
Term
Loan
(d)
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
4.77%,
04/16/26
157‌
155,409‌
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
4.67%,
05/06/26
3,223‌
3,182,282‌
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
12.50%),
16.17%,
05/06/26
...............
1,879‌
1,876,590‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
79
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B1
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.25%),
10.02%,
07/30/29
USD
6,136‌
$
4,793,911‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
9.77%,
11/15/29
2,541‌
1,986,757‌
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.25%),
10.02%
,
 07/30/29
...........
1,499‌
1,169,149‌
Savor
Acquisition,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67%
,
 02/19/32
(l)
...........
864‌
863,908‌
Scientific
Games
Holdings
LP,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.65%
,
 04/04/29
(l)
...........
1,492‌
1,468,590‌
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
6.35%
,
 01/31/29
(l)
...........
495‌
493,376‌
Shift4
Payments
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65%
,
 07/06/32
(l)
...........
369‌
367,923‌
Signia
Aerospace
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.42%
-
6.44%
,
 12/11/31
(l)
...........
534‌
534,616‌
Skopima
Consilio
Parent
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.42%
,
 05/12/28
(l)
...........
495‌
385,374‌
Sodalite
Tahoe
Hotel
LLC,
1st
Lien
Term
Loan,
6.68%
,
 10/25/26
(d)
...
16,358‌
16,151,545‌
Solina
Group
Services
SAS,
Facility
1st
Lien
Term
Loan
8,
(6-mo.
EURIBOR
at
0.00%
Floor
+
3.40%),
5.53%
,
 07/31/28
............
EUR
3,000‌
3,472,959‌
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 05/30/31
(l)
...........
USD
940‌
940,453‌
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
6.67%
,
 08/02/30
(l)
...........
1,488‌
1,485,678‌
Star
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.70%
,
 09/27/30
(l)
980‌
967,926‌
Stonepeak
Nile
Parent
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
,
 04/09/32
(l)
...........
1,462‌
1,457,725‌
Summit
Acquisition,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.17%
,
 10/16/31
(d)(l)
..........
387‌
386,112‌
Sunrise
Financing
Partnership,
Facility
1st
Lien
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.47%),
6.10%
,
 02/16/32
(l)
......
913‌
905,469‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Surgery
Center
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 12/19/30
(l)
...........
USD
299‌
$
298,777‌
Tecta
America
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 02/18/32
(l)
...........
476‌
474,166‌
Tenaska
Pennsylvania
Partners
LLC,
1st
Lien
Term
Loan
B,
(1-day
SOFR
at
0.00%
Floor
+
2.25%),
5.90%
,
 02/18/33
(d)
...........
7,620‌
7,581,900‌
TK
Elevator
Midco
GmbH,
1st
Lien
Term
Loan
B1,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.38%
,
 04/30/30
(l)
...........
974‌
975,664‌
TransDigm,
Inc.,
1st
Lien
Term
Loan
J,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 02/28/31
(l)
980‌
979,936‌
TransDigm,
Inc.,
1st
Lien
Term
Loan
L,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 01/19/32
(l)
325‌
324,946‌
TripAdvisor,
Inc.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42%
,
 07/08/31
(l)
992‌
937,859‌
Tronox
Finance
LLC,
1st
Lien
Term
Loan
B2,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
-
5.95%
,
 04/04/29
(l)
...........
990‌
796,950‌
UKG,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 02/10/31
(l)
......
980‌
935,095‌
USI,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.95%
,
 09/27/30
(l)
......
1,277‌
1,272,245‌
Vaco
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.60%
Floor
+
5.00%),
8.85%
,
 01/22/29
.
3,102‌
2,007,558‌
VC
GB
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.46%
,
 07/23/28
(l)
...........
975‌
971,231‌
Verde
Purchaser
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.70%
,
 11/30/30
(l)
...........
985‌
955,468‌
VeriFone
Systems,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.18%
,
 08/18/28
............
21,586‌
20,232,354‌
Vestis
Corp.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
,
 02/24/31
(d)(l)
1,046‌
1,006,379‌
Viasat,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.29%
,
 05/30/30
(l)
......
456‌
456,227‌
Viavi
Solutions,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 10/18/32
(l)
...........
424‌
423,750‌
Virgin
Media
Bristol
LLC,
Facility
1st
Lien
Term
Loan
Q,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.04%
,
 01/31/29
(l)
...........
1,000‌
961,560‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Virtusa
Corp.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
6.92%
,
 02/15/29
(l)
USD
972‌
$
871,586‌
VS
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92%
,
 04/14/31
(l)
982‌
957,878‌
Wand
NewCo
3,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17%
,
 01/30/31
(l)
...........
6,015‌
5,959,103‌
Waystar
Technologies,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 10/22/29
(d)(l)
..........
128‌
127,695‌
WEC
US
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67%
,
 01/27/31
(l)
...........
1,331‌
1,327,821‌
West
Deptford
Energy
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.67%
,
 07/26/32
......
8,843‌
8,787,905‌
WEX,
Inc.,
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42%
,
 04/03/28
(l)
955‌
950,080‌
Whatabrands
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.17%
,
 08/03/28
(l)
1,366‌
1,362,767‌
White
Cap
Supply
Holdings
LLC,
Facility
1st
Lien
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.92%
,
 10/19/29
(l)
......
1,975‌
1,895,269‌
Wilsonart
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.95%
,
 08/05/31
(l)
985‌
854,487‌
Xerox
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%;
6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%
at
0.50%
Floor
+
0.00%),
7.63%
-
7.73%
,
 11/19/29
............
11,234‌
7,077,541‌
Zayo
Group
LLC,
1st
Lien
Term
Loan,
(1-mo.
EURIBOR
at
0.00%
Floor
+
3.25%),
5.14%
,
 03/11/30
.......
EUR
11‌
12,409‌
Zelis
Payments
Buyer,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.92%
,
 11/26/31
(l)
...........
USD
973‌
939,616‌
1,064,586,932‌
Total
Floating
Rate
Loan
Interests
—
4.0%
(Cost:
$1,934,516,221)
...........................
1,864,160,545‌
Foreign
Agency
Obligations
Argentina
—
0.0%
Bonos
Para
La
Reconstruccion
De
Una
Argentina
Libre,
3.00%,
10/31/28
.
5,767‌
4,869,868‌
Australia
—
0.2%
New
South
Wales
Treasury
Corp.,
2.50%,
11/22/32
(b)
...........
AUD
49,384‌
28,874,051‌
Queensland
Treasury
Corp.,
3.25%,
05/21/35
(b)
................
EUR
14,700‌
16,696,035‌
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
Treasury
Corp.
of
Victoria,
5.00%,
11/20/40
..................
AUD
43,658‌
$
26,928,922‌
72,499,008‌
Chile
—
0.0%
Corp.
Nacional
del
Cobre
de
Chile
(b)
3.63%,
08/01/27
............
USD
851‌
840,260‌
3.15%,
01/14/30
............
2,627‌
2,463,128‌
6.44%,
01/26/36
............
396‌
416,760‌
Empresa
Nacional
del
Petroleo
5.25%,
11/06/29
(b)
...........
788‌
789,576‌
5.95%,
07/30/34
(c)
...........
547‌
551,732‌
5,061,456‌
Colombia
—
0.0%
Ecopetrol
SA,
8.88%,
01/13/33
.....
1,370‌
1,446,035‌
Costa
Rica
—
0.0%
Instituto
Costarricense
de
Electricidad,
6.38%,
05/15/43
(c)
...........
280‌
271,198‌
France
—
0.2%
Electricite
de
France
SA
(b)
(5-Year
EUR
Swap
Annual
+
2.86%),
2.63%
(a)(q)
.........
EUR
24,000‌
26,999,519‌
(BPISDS15
+
3.32%),
5.88%
(a)(q)
.
GBP
1,000‌
1,293,819‌
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(a)(q)
.........
EUR
6,800‌
7,391,260‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.28%),
5.63%
(a)(q)
.........
4,800‌
5,673,383‌
6.13%,
06/02/34
............
GBP
26,600‌
35,307,019‌
5.50%,
10/17/41
............
6,100‌
7,145,937‌
2.00%,
12/09/49
............
EUR
4,700‌
3,210,834‌
5.13%,
09/22/50
............
GBP
6,300‌
6,560,126‌
93,581,897‌
Hungary
—
0.1%
(b)
Magyar
Export-Import
Bank
Zrt.,
6.00%,
05/16/29
.................
EUR
7,409‌
8,978,689‌
MFB
Magyar
Fejlesztesi
Bank
Zrt.,
6.50%,
06/29/28
............
USD
9,617‌
9,799,415‌
MVM
Energetika
Zrt.
7.50%,
06/09/28
............
6,280‌
6,519,142‌
6.50%,
03/13/31
............
817‌
843,042‌
26,140,288‌
Indonesia
—
0.0%
Garuda
Indonesia
Persero
Tbk.
PT,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
12/28/31
(b)(o)
...............
4,618‌
3,858,564‌
Kazakhstan
—
0.0%
Baiterek
National
Investment
Holding
JSC,
5.45%,
05/08/28
(b)
.......
696‌
697,566‌
Development
Bank
of
Kazakhstan
JSC
13.00%,
04/15/27
(b)
..........
KZT
100,000‌
198,807‌
13.49%,
05/23/28
(b)
..........
692,500‌
1,358,015‌
13.49%,
05/23/28
(c)
..........
5,082,500‌
9,966,953‌
17.30%,
07/03/28
(b)
..........
587,000‌
1,231,577‌
13,452,918‌
Mexico
—
0.1%
Eagle
Funding
Luxco
SARL,
5.50%,
08/17/30
(b)
................
USD
640‌
641,600‌
Petroleos
Mexicanos
2.75%,
04/21/27
(b)
...........
EUR
179‌
203,380‌
4.75%,
02/26/29
(b)
...........
8,200‌
9,414,373‌
8.75%,
06/02/29
............
USD
3,266‌
3,433,516‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
81
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mexico
(continued)
6.84%,
01/23/30
............
USD
1,452‌
$
1,456,937‌
5.95%,
01/28/31
............
14,654‌
14,015,818‌
6.70%,
02/16/32
............
2,870‌
2,809,013‌
6.95%,
01/28/60
............
955‌
750,725‌
32,725,362‌
Mongolia
—
0.0%
(b)
City
of
Ulaanbaatar
Mongolia,
7.75%,
08/21/27
.................
6,000‌
6,030,000‌
Development
Bank
of
Mongolia
LLC,
8.50%,
07/03/28
............
1,525‌
1,533,769‌
7,563,769‌
Morocco
—
0.0%
OCP
SA
(c)
6.75%,
05/02/34
............
10,000‌
10,413,800‌
7.50%,
05/02/54
............
1,188‌
1,245,398‌
11,659,198‌
Peru
—
0.0%
Corp.
Financiera
de
Desarrollo
SA
2.40%,
09/28/27
(b)
...........
4,987‌
4,825,234‌
5.50%,
05/06/30
(c)
...........
650‌
659,929‌
Fondo
MIVIVIENDA
SA,
4.63%,
04/12/27
(b)
................
1,142‌
1,142,000‌
6,627,163‌
Republic
of
Turkiye
—
0.0%
Turkiye
Varlik
Fonu
Yonetimi
A/S,
8.25%,
02/14/29
(b)
...........
467‌
484,221‌
Saudi
Arabia
—
0.0%
Saudi
Arabian
Oil
Co.
4.00%,
02/02/29
(b)
...........
907‌
888,152‌
4.75%,
06/02/30
(c)
...........
1,808‌
1,787,660‌
SRC
Sukuk
Ltd.
4.38%,
04/02/29
(b)
...........
1,477‌
1,455,399‌
4,131,211‌
South
Korea
—
0.0%
Korea
Mine
Rehabilitation
&
Mineral
Resources
Corp.,
4.88%,
04/13/31
(b)
4,505‌
4,486,439‌
Supranational
—
0.0%
African
Export-Import
Bank
(The),
3.99%,
09/21/29
(b)
...........
1,527‌
1,419,850‌
Venezuela
—
0.0%
Petroleos
de
Venezuela
SA,
6.00%,
11/15/26
(b)(e)(f)
...............
9,227‌
3,151,875‌
Total
Foreign
Agency
Obligations
—
0.6%
(Cost:
$289,859,352)
.............................
293,430,320‌
Foreign
Government
Obligations
Angola
—
0.0%
Republic
of
Angola
8.25%,
05/09/28
(b)
...........
10,367‌
10,449,936‌
8.00%,
11/26/29
(b)
...........
1,854‌
1,827,117‌
9.24%,
01/15/31
(b)
...........
4,070‌
4,114,516‌
8.75%,
04/14/32
(c)
...........
460‌
446,430‌
8.75%,
04/14/32
(b)
...........
1,055‌
1,023,877‌
17,861,876‌
Argentina
—
0.1%
Argentine
Republic
(The)
0.00%,
12/15/27
(h)
...........
ARS
5,098,549‌
8,579,928‌
1.00%,
07/09/29
............
USD
438‌
384,432‌
Security
Par
(000)
Par
(000)
Value
Argentina
(continued)
0.75%,
07/09/30
(g)
...........
USD
1,132‌
$
948,560‌
4.12%,
07/09/35
(g)
...........
6,345‌
4,587,435‌
3.50%,
07/09/41
(g)
...........
10,728‌
7,177,052‌
21,677,407‌
Armenia
—
0.0%
Republic
of
Armenia,
6.75%,
03/12/35
(c)
574‌
580,371‌
Australia
—
0.2%
Commonwealth
of
Australia
2.25%,
05/21/28
(b)
...........
AUD
33,700‌
22,120,371‌
1.50%,
06/21/31
............
50,500‌
29,722,722‌
4.25%,
03/21/36
(b)
...........
34,750‌
22,608,664‌
74,451,757‌
Bahrain
—
0.0%
Kingdom
of
Bahrain,
5.45%,
09/16/32
(b)
USD
530‌
476,404‌
Barbados
—
0.0%
Barbados
Government
Bond,
8.00%,
06/26/35
(c)
................
8,819‌
9,004,199‌
Benin
—
0.0%
Benin
Government
Bond
4.95%,
01/22/35
(b)
...........
EUR
4,220‌
4,258,709‌
7.96%,
02/13/38
(c)
...........
USD
5,069‌
4,959,133‌
Benin
Sukuk
SA
6.20%,
01/29/33
(b)
...........
1,461‌
1,356,202‌
10,574,044‌
Bolivia,
Plurinational
State
of
—
0.0%
Plurinational
State
of
Bolivia,
4.50%,
03/20/28
(b)
................
630‌
584,669‌
Brazil
—
0.2%
Federative
Republic
of
Brazil
10.00%,
01/01/27
...........
BRL
510‌
95,983,711‌
6.63%,
03/15/35
............
USD
668‌
683,364‌
6.25%,
05/22/36
............
709‌
695,901‌
Nota
Do
Tesouro
Nacional,
10.00%,
01/01/29
.................
BRL
8‌
1,430,811‌
98,793,787‌
Bulgaria
—
0.0%
Bulgaria
Government
Bond,
5.00%,
03/05/37
(b)
................
USD
796‌
766,620‌
Cameroon
—
0.0%
Republic
of
Cameroon
(b)
9.50%,
07/31/31
............
7,952‌
7,753,200‌
8.88%,
01/30/33
............
1,822‌
1,718,146‌
9,471,346‌
Canada
—
0.2%
Canadian
Government
Bond,
2.75%,
03/01/30
.................
CAD
121,270‌
86,295,143‌
Chile
—
0.0%
Republic
of
Chile
2.75%,
01/31/27
............
USD
1,672‌
1,641,904‌
3.75%,
01/14/32
............
EUR
874‌
1,000,747‌
4.34%,
03/07/42
............
USD
1,177‌
1,032,229‌
3,674,880‌
China
—
0.1%
People's
Republic
of
China,
2.11%,
08/25/34
.................
CNY
186,070‌
27,784,483‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Colombia
—
0.5%
Republic
of
Colombia
5.75%,
11/03/27
............
COP
398,847,300‌
$
96,348,877‌
5.38%,
01/21/29
............
USD
1,143‌
1,134,427‌
7.75%,
09/18/30
............
COP
451,264,500‌
98,347,322‌
6.13%,
01/21/31
............
USD
375‌
369,000‌
7.00%,
06/30/32
............
COP
46,991,500‌
9,337,796‌
8.00%,
04/20/33
............
USD
918‌
969,178‌
7.50%,
02/02/34
............
1,421‌
1,453,328‌
8.00%,
11/14/35
............
460‌
481,643‌
7.75%,
11/07/36
............
651‌
666,006‌
6.50%,
11/26/38
............
EUR
584‌
641,353‌
7.25%,
10/26/50
............
COP
55,783,600‌
8,826,159‌
12.00%,
03/13/58
...........
6,036,500‌
1,478,254‌
Titulos
de
Tesoreria,
12.50%,
02/27/30
78,316,300‌
20,245,808‌
240,299,151‌
Congo
—
0.0%
Congo
Government
Bond,
9.50%,
02/17/35
(b)
................
USD
3,575‌
3,213,925‌
Costa
Rica
—
0.0%
Republic
of
Costa
Rica
6.55%,
04/03/34
(b)
...........
433‌
456,707‌
7.16%,
03/12/45
(b)
...........
7,830‌
8,346,780‌
7.30%,
11/13/54
(c)
...........
697‌
756,245‌
7.30%,
11/13/54
(b)
...........
7,148‌
7,755,580‌
17,315,312‌
Czech
Republic
—
0.1%
Czech
Republic
4.50%,
11/11/32
............
CZK
774,880‌
36,106,332‌
4.20%,
12/04/36
(b)
...........
267,710‌
11,869,070‌
4.00%,
04/04/44
............
482,350‌
19,488,636‌
67,464,038‌
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
5.95%,
01/25/27
(b)
...........
USD
1,947‌
1,956,735‌
4.50%,
01/30/30
(c)
...........
1,506‌
1,430,700‌
4.50%,
01/30/30
(b)
...........
1,792‌
1,702,400‌
7.05%,
02/03/31
(c)
...........
1,164‌
1,203,576‌
10.75%,
06/01/36
(c)
..........
DOP
1,711,650‌
29,641,184‌
10.75%,
06/01/36
(b)
..........
152,950‌
2,648,683‌
6.95%,
03/15/37
(c)
...........
USD
658‌
669,170‌
39,252,448‌
Ecuador
—
0.0%
Republic
of
Ecuador
0.00%,
07/31/30
(b)(h)
..........
221‌
185,004‌
8.75%,
01/29/34
(c)
...........
864‌
848,232‌
6.90%,
07/31/35
(b)(g)
..........
1,166‌
1,022,477‌
9.25%,
01/29/39
(c)
...........
1,005‌
985,905‌
3,041,618‌
Egypt
—
0.2%
Arab
Republic
of
Egypt
7.50%,
01/31/27
(b)
...........
3,863‌
3,878,336‌
25.32%,
08/13/27
...........
EGP
71,360‌
1,296,788‌
5.80%,
09/30/27
(b)
...........
USD
2,095‌
2,063,177‌
24.46%,
10/01/27
...........
EGP
421,948‌
7,592,976‌
24.14%,
12/03/27
...........
69,502‌
1,246,244‌
21.38%,
02/04/28
...........
522,441‌
9,184,298‌
6.59%,
02/21/28
(b)
...........
USD
1,653‌
1,640,520‌
21.95%,
03/04/28
...........
EGP
27,274‌
485,310‌
23.44%,
07/01/28
...........
804,983‌
14,324,726‌
8.63%,
02/04/30
(b)
...........
USD
3,734‌
3,856,811‌
5.63%,
04/16/30
(b)
...........
EUR
15,365‌
16,588,387‌
Security
Par
(000)
Par
(000)
Value
Egypt
(continued)
7.63%,
05/29/32
(b)
...........
USD
26,155‌
$
25,095,722‌
9.45%,
02/04/33
(c)
...........
929‌
972,022‌
8.50%,
01/31/47
(b)
...........
2,395‌
2,064,194‌
8.50%,
01/31/47
(c)
...........
250‌
215,469‌
7.90%,
02/21/48
(b)
...........
18,663‌
15,106,510‌
7.50%,
02/16/61
(b)
...........
200‌
152,080‌
7.50%,
02/16/61
(c)
...........
367‌
279,067‌
106,042,637‌
El
Salvador
—
0.0%
Republic
of
El
Salvador
(b)
8.63%,
02/28/29
............
1,829‌
1,908,562‌
9.25%,
04/17/30
............
520‌
541,580‌
2,450,142‌
Ethiopia
—
0.0%
Federal
Democratic
Republic
of
Ethiopia,
6.63%,
12/11/24
(b)(e)(f)
...
519‌
529,380‌
France
—
0.1%
French
Republic,
3.20%,
05/25/35
(b)(c)
EUR
21,185‌
23,603,374‌
Gabon
—
0.0%
Gabon
Government
Bond
9.50%,
02/18/29
(b)
...........
USD
5,557‌
5,199,185‌
Germany
—
0.4%
Federal
Republic
of
Germany
(b)
0.10%,
04/15/26
............
EUR
59,975‌
69,443,890‌
1.70%,
08/15/32
............
83,140‌
90,082,250‌
2.30%,
02/15/33
............
11,540‌
12,889,535‌
172,415,675‌
Ghana
—
0.0%
Republic
of
Ghana
(b)
0.00%,
07/03/26
(h)
...........
USD
33‌
32,759‌
5.00%,
07/03/29
(g)
...........
7,406‌
7,044,679‌
0.00%,
01/03/30
(h)
...........
135‌
113,846‌
5.00%,
07/03/35
(g)
...........
899‌
763,977‌
7,955,261‌
Greece
—
0.1%
Hellenic
Republic,
4.13%,
06/15/54
(b)(c)
EUR
24,050‌
26,287,504‌
Guatemala
—
0.0%
Republic
of
Guatemala
(c)
7.05%,
10/04/32
............
USD
941‌
1,006,870‌
6.60%,
06/13/36
............
683‌
714,896‌
6.25%,
08/15/36
............
937‌
952,695‌
2,674,461‌
Hungary
—
0.1%
Hungary
Government
Bond
5.00%,
02/22/27
(b)
...........
EUR
11,708‌
13,729,051‌
5.25%,
06/16/29
(c)
...........
USD
877‌
878,732‌
5.50%,
06/16/34
(b)
...........
2,176‌
2,147,103‌
6.00%,
09/26/35
(b)
...........
4,650‌
4,713,612‌
7.00%,
10/24/35
............
HUF
8,422,730‌
24,993,402‌
5.50%,
03/26/36
(c)
...........
USD
473‌
459,992‌
6.75%,
09/23/55
(c)
...........
679‌
690,258‌
47,612,150‌
Indonesia
—
0.2%
Republic
of
Indonesia
7.00%,
05/15/27
............
IDR
798,293,000‌
47,525,549‌
6.50%,
07/15/30
............
410,634,000‌
24,081,951‌
8.25%,
06/15/32
............
23,748,000‌
1,492,416‌
3.88%,
01/15/33
............
EUR
605‌
679,626‌
7.00%,
02/15/33
............
IDR
182,950,000‌
10,813,691‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
83
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Indonesia
(continued)
6.63%,
05/15/33
............
IDR
122,845,000‌
$
7,136,102‌
91,729,335‌
Ireland
—
0.8%
Republic
of
Ireland,
2.60%,
10/18/34
(b)
EUR
316,417‌
351,749,350‌
Italy
—
0.5%
Buoni
Poliennali
del
Tesoro
(b)
2.95%,
07/01/30
............
146,298‌
167,576,657‌
3.65%,
08/01/35
(c)
...........
64,768‌
73,829,894‌
241,406,551‌
Ivory
Coast
—
0.0%
Republic
of
Cote
d'Ivoire
6.38%,
03/03/28
(b)
...........
USD
1,667‌
1,676,834‌
5.88%,
10/17/31
(b)
...........
EUR
1,425‌
1,606,733‌
7.63%,
01/30/33
(b)
...........
USD
968‌
984,214‌
6.13%,
06/15/33
(b)
...........
11,513‌
10,813,585‌
8.08%,
04/01/36
(c)
...........
1,039‌
1,055,715‌
8.25%,
01/30/37
(c)
...........
433‌
443,221‌
6.75%,
02/25/41
(c)
...........
636‌
556,500‌
17,136,802‌
Japan
—
0.3%
Japan
Government
Bond
1.30%,
03/01/28
............
JPY
3,650,000‌
22,975,187‌
1.60%,
12/20/30
............
6,340,000‌
39,643,526‌
1.50%,
09/20/43
............
9,504,100‌
46,880,026‌
0.70%,
09/20/51
............
3,268,000‌
10,597,294‌
3.20%,
09/20/55
............
3,925,100‌
22,638,729‌
142,734,762‌
Jordan
—
0.0%
Hashemite
Kingdom
of
Jordan
7.75%,
01/15/28
(b)
...........
USD
649‌
663,512‌
7.50%,
01/13/29
(c)
...........
634‌
651,869‌
7.50%,
01/13/29
(b)
...........
2,535‌
2,606,449‌
5.85%,
07/07/30
(b)
...........
711‌
697,669‌
4,619,499‌
Kenya
—
0.1%
Republic
of
Kenya
9.75%,
02/16/31
(c)
...........
737‌
756,125‌
9.75%,
02/16/31
(b)
...........
594‌
609,414‌
8.00%,
05/22/32
(b)
...........
8,471‌
8,170,534‌
7.88%,
10/09/33
(b)
...........
3,261‌
3,028,654‌
7.88%,
02/26/34
(c)
...........
15,097‌
13,717,134‌
26,281,861‌
Kyrgyzstan
—
0.0%
Kyrgyz
Republic
International
Bond
7.75%,
06/03/30
(c)
...........
2,515‌
2,507,555‌
7.75%,
06/03/30
(b)
...........
5,522‌
5,505,655‌
8,013,210‌
Latvia
—
0.0%
Latvia
Government
Bond,
5.13%,
07/30/34
(c)
................
1,327‌
1,328,659‌
Lebanon
—
0.1%
Lebanese
Republic
(b)(e)(f)
6.10%,
10/04/24
............
6,102‌
1,437,021‌
6.25%,
11/04/24
............
9,270‌
2,183,085‌
6.00%,
01/27/25
............
4,488‌
1,056,924‌
6.20%,
02/26/25
............
20,671‌
4,868,020‌
6.65%,
04/22/25
............
12,073‌
2,843,192‌
6.60%,
11/27/26
............
21,072‌
4,962,456‌
6.85%,
03/23/27
............
21,822‌
5,139,081‌
6.65%,
11/03/28
............
5,526‌
1,301,373‌
Security
Par
(000)
Par
(000)
Value
Lebanon
(continued)
7.00%,
03/23/32
............
USD
6,126‌
$
1,454,925‌
25,246,077‌
Malaysia
—
0.2%
Federation
of
Malaysia,
3.52%,
04/20/28
.................
MYR
90,500‌
22,476,029‌
Malaysia
Government
Bond
3.34%,
05/15/30
............
90,500‌
22,288,056‌
4.23%,
06/30/31
............
86,400‌
22,138,266‌
3.48%,
07/02/35
............
16,440‌
4,011,478‌
70,913,829‌
Mexico
—
0.7%
Eagle
Funding
Luxco
SARL,
5.50%,
08/17/30
(c)
................
USD
3,721‌
3,730,302‌
Mex
Bonos
Desarr
Fix
Rt
7.00%,
09/03/26
............
MXN
18,457‌
103,010,093‌
8.50%,
03/01/29
............
10,437‌
58,254,727‌
8.50%,
05/31/29
............
1,016‌
5,654,533‌
8.00%,
02/21/36
............
3,820‌
19,494,859‌
7.75%,
11/13/42
............
11,063‌
51,229,533‌
United
Mexican
States
5.40%,
02/09/28
............
USD
1,696‌
1,716,352‌
5.00%,
05/07/29
............
537‌
540,491‌
6.00%,
05/13/30
............
1,288‌
1,331,148‌
5.38%,
03/22/33
............
1,069‌
1,044,413‌
5.63%,
02/09/34
............
900‌
883,800‌
4.50%,
03/19/34
............
EUR
19,998‌
22,447,367‌
5.63%,
09/22/35
............
USD
1,074‌
1,038,558‌
6.13%,
02/09/38
............
586‌
572,522‌
5.13%,
03/19/38
............
EUR
5,388‌
6,011,307‌
6.05%,
01/11/40
............
USD
8,900‌
8,633,000‌
5.38%,
05/16/40
............
EUR
19,368‌
21,561,112‌
7.38%,
05/13/55
............
USD
20,165‌
21,173,250‌
328,327,367‌
Mongolia
—
0.0%
State
of
Mongolia,
6.63%,
02/25/30
(b)
750‌
759,750‌
Montenegro
—
0.0%
Republic
of
Montenegro,
2.88%,
12/16/27
(b)
................
EUR
590‌
664,690‌
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%,
12/15/27
(b)
...........
USD
283‌
271,722‌
5.95%,
03/08/28
(c)
...........
261‌
265,359‌
4.75%,
04/02/35
(c)
...........
EUR
1,587‌
1,804,985‌
2,342,066‌
Mozambique
—
0.0%
Republic
of
Mozambique
(g)
9.00%,
09/15/31
(c)
...........
USD
1,951‌
1,462,489‌
9.00%,
09/15/31
(b)
...........
1,819‌
1,363,541‌
2,826,030‌
New
Zealand
—
0.1%
New
Zealand
Government
Bond
4.25%,
05/15/36
............
NZD
36,000‌
19,877,902‌
5.00%,
05/15/54
............
3,000‌
1,636,425‌
21,514,327‌
Nigeria
—
0.1%
Federal
Republic
of
Nigeria
6.13%,
09/28/28
(b)
...........
USD
8,625‌
8,556,000‌
8.38%,
03/24/29
(b)
...........
6,233‌
6,529,068‌
7.14%,
02/23/30
(b)
...........
3,463‌
3,480,176‌
7.88%,
02/16/32
(b)
...........
12,719‌
12,849,370‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Nigeria
(continued)
10.38%,
12/09/34
(c)
..........
USD
754‌
$
862,576‌
9.13%,
01/13/46
(c)
...........
4,834‌
5,041,862‌
37,319,052‌
North
Macedonia
—
0.0%
Republic
of
North
Macedonia,
6.96%,
03/13/27
(b)
................
EUR
546‌
640,289‌
Oman
—
0.0%
Oman
Government
Bond
6.75%,
01/17/48
(b)
...........
USD
1,137‌
1,185,627‌
Pakistan
—
0.0%
(b)
Islamic
Republic
of
Pakistan
6.88%,
12/05/27
............
3,366‌
3,317,193‌
7.38%,
04/08/31
............
2,989‌
2,770,803‌
7.88%,
03/31/36
............
2,426‌
2,174,302‌
Pakistan
Global
Sukuk
Programme
Co.
Ltd.
(The),
7.95%,
01/31/29
.....
9,723‌
9,589,309‌
17,851,607‌
Panama
—
0.0%
Republic
of
Panama,
6.40%,
02/14/35
1,012‌
1,050,456‌
Paraguay
—
0.1%
Republic
of
Paraguay
2.74%,
01/29/33
(b)
...........
617‌
542,343‌
8.50%,
04/04/38
(c)
...........
PYG
162,705,000‌
24,710,880‌
5.60%,
03/13/48
(b)
...........
USD
649‌
595,782‌
25,849,005‌
Peru
—
0.0%
Republic
of
Peru
2.78%,
01/23/31
............
522‌
476,573‌
1.86%,
12/01/32
............
902‌
743,248‌
7.60%,
08/12/39
(c)
...........
PEN
28,418‌
8,454,108‌
7.60%,
08/12/39
(b)
...........
26,323‌
7,830,864‌
17,504,793‌
Philippines
—
1.0%
Republic
of
Philippines
4.63%,
07/17/28
............
USD
512‌
513,997‌
6.38%,
07/27/30
............
PHP
2,974,060‌
48,550,543‌
6.00%,
08/20/30
............
14,696,770‌
236,245,292‌
6.13%,
01/18/31
............
2,656,810‌
42,780,750‌
6.38%,
04/28/35
............
7,642,860‌
121,604,533‌
5.93%,
02/23/36
............
575,000‌
8,800,729‌
458,495,844‌
Poland
—
0.5%
Republic
of
Poland
5.75%,
04/25/29
............
PLN
201,448‌
55,579,993‌
4.75%,
07/25/29
............
113,445‌
30,281,032‌
5.00%,
01/25/30
............
118,000‌
31,722,076‌
4.88%,
02/12/30
............
USD
2,410‌
2,460,610‌
4.88%,
10/04/33
............
240‌
239,479‌
5.00%,
10/25/34
............
PLN
129,746‌
33,257,068‌
5.00%,
10/25/35
............
301,803‌
76,127,575‌
5.50%,
04/04/53
............
USD
1,155‌
1,061,976‌
230,729,809‌
Qatar
—
0.0%
State
of
Qatar,
3.25%,
06/02/26
(b)
...
3,863‌
3,853,342‌
Republic
of
Turkiye
—
0.1%
Republic
of
Turkiye
(The)
31.08%,
11/08/28
...........
TRY
291,767‌
5,856,276‌
30.00%,
09/12/29
...........
355,353‌
6,891,077‌
9.13%,
07/13/30
............
USD
3,649‌
3,983,796‌
Security
Par
(000)
Par
(000)
Value
Republic
of
Turkiye
(continued)
33.90%,
10/02/30
...........
TRY
69,000‌
$
1,488,203‌
7.13%,
02/12/32
............
USD
1,296‌
1,297,944‌
9.38%,
01/19/33
............
3,743‌
4,155,479‌
6.30%,
03/14/33
............
5,210‌
4,924,753‌
26.20%,
10/05/33
...........
TRY
695,641‌
13,281,843‌
7.63%,
05/15/34
............
USD
1,313‌
1,331,382‌
27.70%,
09/27/34
...........
TRY
394,794‌
7,870,909‌
6.95%,
09/16/35
............
USD
3,496‌
3,351,790‌
54,433,452‌
Romania
—
0.2%
Romania
Government
Bond
5.25%,
11/25/27
(b)
...........
5,824‌
5,819,516‌
5.25%,
11/25/27
(c)
...........
250‌
249,808‌
6.63%,
02/17/28
(b)
...........
814‌
830,768‌
5.88%,
01/30/29
(b)
...........
28,462‌
28,609,433‌
5.25%,
03/10/30
(b)
...........
EUR
5,312‌
6,228,903‌
5.75%,
09/16/30
(c)
...........
USD
3,652‌
3,636,479‌
3.00%,
02/14/31
(b)
...........
722‌
633,880‌
2.12%,
07/16/31
(b)
...........
EUR
646‌
640,830‌
3.63%,
03/27/32
(b)
...........
USD
3,428‌
3,004,453‌
5.25%,
05/30/32
(b)
...........
EUR
7,715‌
8,797,711‌
4.63%,
03/04/33
(c)
...........
900‌
970,697‌
5.38%,
06/07/33
(c)
...........
1,875‌
2,106,277‌
6.25%,
09/10/34
(c)
...........
1,552‌
1,816,303‌
6.13%,
10/07/37
(c)
...........
1,875‌
2,097,608‌
6.75%,
07/11/39
(c)
...........
767‌
883,328‌
2.75%,
04/14/41
(b)
...........
3,885‌
2,809,916‌
6.50%,
10/07/45
(c)
...........
2,688‌
2,968,045‌
72,103,955‌
Saudi
Arabia
—
0.0%
Kingdom
of
Saudi
Arabia
5.13%,
01/13/28
(c)
...........
USD
1,407‌
1,416,849‌
4.75%,
01/18/28
(b)
...........
3,102‌
3,103,163‌
5.00%,
01/18/53
(c)
...........
2,097‌
1,770,896‌
5.00%,
01/18/53
(b)
...........
1,392‌
1,175,530‌
7,466,438‌
Senegal
—
0.0%
Republic
of
Senegal,
4.75%,
03/13/28
(b)
EUR
5,929‌
4,266,254‌
Serbia
—
0.0%
Republic
of
Serbia
6.50%,
09/26/33
(b)
...........
USD
624‌
650,339‌
6.00%,
06/12/34
(c)
...........
713‌
713,000‌
1,363,339‌
South
Africa
—
0.8%
Republic
of
South
Africa
3.75%,
07/24/26
............
EUR
1,205‌
1,391,309‌
8.00%,
01/31/30
............
ZAR
2,174,379‌
127,081,906‌
7.00%,
02/28/31
............
2,890,102‌
160,034,394‌
8.88%,
02/28/35
............
47,006‌
2,728,806‌
7.10%,
11/19/36
(c)
...........
USD
1,067‌
1,093,280‌
8.50%,
01/31/37
............
ZAR
1,487,031‌
82,090,868‌
5.00%,
10/12/46
............
USD
784‌
562,520‌
5.75%,
09/30/49
............
1,080‌
837,000‌
7.95%,
11/19/54
(c)
...........
932‌
921,049‌
7.25%,
12/11/55
(c)
...........
10,900‌
9,968,050‌
386,709,182‌
South
Korea
—
0.2%
Republic
of
Korea
2.63%,
06/10/35
............
KRW
110,441,000‌
64,973,407‌
2.63%,
09/10/55
............
40,410,000‌
20,978,445‌
85,951,852‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
85
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Spain
—
1.2%
Bonos
y
Obligaciones
del
Estado
3.50%,
05/31/29
............
EUR
11,610‌
$
13,696,892‌
2.70%,
01/31/30
............
134,797‌
154,777,889‌
2.60%,
05/31/31
............
39,887‌
45,219,679‌
3.15%,
04/30/33
(b)(c)
..........
30,606‌
35,245,691‌
3.25%,
04/30/34
(b)(c)
..........
83,221‌
95,645,109‌
3.45%,
10/31/34
(b)(c)
..........
100,525‌
116,859,924‌
3.90%,
07/30/39
(b)(c)
..........
23,720‌
27,804,545‌
2.90%,
10/31/46
(b)(c)
..........
45,767‌
44,832,569‌
3.45%,
07/30/66
(b)(c)
..........
42,500‌
42,378,952‌
576,461,250‌
Sri
Lanka
—
0.1%
Sri
Lanka
Government
Bond
4.00%,
04/15/28
(c)
...........
USD
1,869‌
1,786,425‌
4.00%,
04/15/28
(b)
...........
18,372‌
17,559,017‌
3.10%,
01/15/30
(b)(g)
..........
198‌
182,679‌
3.10%,
01/15/30
(c)(g)
..........
1,797‌
1,657,581‌
3.35%,
03/15/33
(c)(g)
..........
3,524‌
2,931,476‌
3.60%,
06/15/35
(c)(g)
..........
2,380‌
1,802,715‌
3.60%,
06/15/35
(b)
(g)
..........
16,895‌
12,797,624‌
3.60%,
05/15/36
(c)(g)
..........
1,652‌
1,459,642‌
3.60%,
02/15/38
(c)(g)
..........
3,305‌
2,953,578‌
43,130,737‌
Suriname
—
0.0%
Suriname
Government
International
Bond,
8.50%,
11/06/35
(c)
.......
697‌
720,698‌
Trinidad
and
Tobago
—
0.0%
Republic
of
Trinidad
&
Tobago
6.40%,
06/26/34
(b)
...........
6,330‌
6,292,020‌
6.50%,
01/28/36
(c)
...........
701‌
693,990‌
6,986,010‌
Tunisia
—
0.0%
Tunisian
Republic,
6.38%,
07/15/26
(b)
EUR
4,885‌
5,612,054‌
Ukraine
—
0.1%
Ukraine
Government
Bond
(g)
4.50%,
02/01/29
(b)
...........
USD
3,151‌
2,205,792‌
4.50%,
02/01/29
(c)
...........
83‌
58,150‌
0.00%,
02/01/30
(c)
...........
1,058‌
617,992‌
0.00%,
02/01/30
(b)
...........
832‌
485,711‌
4.00%,
02/01/32
(b)
...........
11,368‌
8,184,729‌
0.00%,
02/01/34
(c)
...........
2,782‌
1,185,250‌
0.00%,
02/01/34
(b)
...........
3,386‌
1,442,403‌
4.50%,
02/01/34
(c)
...........
2,079‌
1,104,030‌
4.50%,
02/01/34
(b)
...........
5,734‌
3,044,661‌
0.00%,
02/01/35
(c)
...........
3,015‌
1,380,778‌
0.00%,
02/01/35
(b)
...........
15,121‌
6,925,342‌
4.50%,
02/01/35
(c)
...........
4,722‌
2,460,232‌
4.50%,
02/01/35
(b)
...........
8,354‌
4,352,221‌
0.00%,
02/01/36
(b)
...........
22,486‌
10,276,313‌
0.00%,
02/01/36
(c)
...........
1,959‌
895,423‌
4.50%,
02/01/36
(b)
...........
5,270‌
2,692,783‌
4.50%,
02/01/36
(c)
...........
7,515‌
3,840,311‌
51,152,121‌
United
Arab
Emirates
—
0.0%
United
Arab
Emirates
Government
Bond
(b)
4.88%,
04/30/29
............
2,331‌
2,356,641‌
3.90%,
09/09/50
............
912‌
626,270‌
2,982,911‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
—
1.1%
U.K.
Treasury
Bonds
(b)
4.38%,
03/07/30
............
GBP
280,939‌
$
371,177,810‌
3.50%,
01/22/45
............
33,536‌
34,236,657‌
3.75%,
10/22/53
............
37,893‌
37,430,329‌
0.50%,
10/22/61
............
152,687‌
47,634,010‌
490,478,806‌
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay
9.75%,
07/20/33
............
UYU
244,697‌
6,667,541‌
8.00%,
10/29/35
............
762,438‌
18,983,575‌
5.25%,
09/10/60
............
USD
1,090‌
987,669‌
26,638,785‌
Uzbekistan
—
0.0%
Republic
of
Uzbekistan
5.38%,
05/29/27
(b)
...........
EUR
7,545‌
8,775,539‌
5.38%,
05/29/27
(c)
...........
723‌
840,917‌
16.63%,
05/29/27
(b)
..........
UZS
2,540,000‌
217,660‌
7.85%,
10/12/28
(c)
...........
USD
712‌
742,706‌
7.85%,
10/12/28
(b)
...........
2,719‌
2,836,262‌
13,413,084‌
Venezuela
—
0.0%
Bolivarian
Republic
of
Venezuela
(e)(f)
9.25%,
09/15/27
............
5,340‌
2,536,500‌
11.95%,
08/05/31
(b)
..........
13,048‌
6,641,330‌
9,177,830‌
Zambia
—
0.0%
Republic
of
Zambia
(b)
5.75%,
06/30/33
(g)
...........
3,491‌
3,272,097‌
0.50%,
12/31/53
............
5,755‌
3,742,300‌
7,014,397‌
Total
Foreign
Government
Obligations
—
11.0%
(Cost:
$5,182,573,900)
...........................
5,105,490,391‌
Shares
Shares
Grantor
Trust
(f)(l)
iShares
Bitcoin
Trust
ETF
(t)
.......
1,447,178
55,600,579‌
iShares
Ethereum
Trust
ETF
(t)
.....
815,000
12,901,450‌
SPDR
Gold
Shares
............
72,000
30,980,880‌
Total
Grantor
Trust
—
0.2%
(Cost:
$114,680,279)
.............................
99,482,909‌
Investment
Companies
iShares
0-5
Year
TIPS
Bond
ETF
(k)(t)
.
401,690
41,546,797‌
iShares
AAA
CLO
Active
ETF
(t)
.....
700,000
36,284,500‌
iShares
China
Large-Cap
ETF
(k)(t)
...
449,559
16,139,168‌
iShares
Flexible
Income
Active
ETF
(t)
5,886,000
305,659,980‌
iShares
High
Yield
Muni
Active
ETF
(t)
396,000
19,000,080‌
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(j)(t)
...............
1,226,174
97,554,404‌
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(j)(t)
........
3,498,988
381,354,702‌
iShares
MSCI
Brazil
ETF
(t)
........
298,064
11,442,677‌
iShares
Russell
2000
ETF
(j)(t)
......
134,000
33,232,000‌
SPDR
S&P
Regional
Banking
ETF
(j)
.
8,600
560,290‌
VanEck
Semiconductor
ETF
(j)(k)
.....
37,520
14,385,168‌
Vanguard
Intermediate-Term
Corporate
Bond
ETF
(j)
................
1,573,283
130,189,168‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Vanguard
Long-Term
Corporate
Bond
ETF
(j)
....................
570,850
$
42,653,912‌
Total
Investment
Companies
—
2.5%
(Cost:
$1,115,611,592)
............................
1,130,002,846‌
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
8,671,094‌
California
-
0.1%
California
State
Public
Works
Board
,
Series
2009G,
Sub-Series
G-2,
RB
,
8.36
%
, 10/01/34
............
6,820‌
8,030,347‌
City
of
Riverside
,
Series
2010A,
RB
,
7.61
%
, 10/01/40
............
3,805‌
4,531,870‌
Contra
Costa
Community
College
District
,
Series
2010B,
GO
,
6.50
%
, 08/01/34
............
3,205‌
3,424,011‌
Golden
State
Tobacco
Securitization
Corp.
,
Series
2021B,
RB
,
2.75
%
, 06/01/34
(SAP)
........
2,695‌
2,384,933‌
State
of
California
Series
2009,
GO,
7.50%, 04/01/34
2,155‌
2,475,711‌
Series
2009,
GO,
7.55%, 04/01/39
4,840‌
5,745,431‌
Series
2009,
GO,
7.30%, 10/01/39
3,720‌
4,273,528‌
Series
2009,
GO,
7.35%, 11/01/39
2,270‌
2,618,949‌
State
of
California
Department
of
Water
Resources
,
Series
BC,
RB
,
1.77
%
, 12/01/34
............
4,600‌
3,683,225‌
37,168,005‌
Colorado
-
0.0%
Colorado
Health
Facilities
Authority
,
Series
2016A,
RB
,
4.00
%
, 11/15/46
6,035‌
5,412,440‌
Florida
-
0.0%
County
of
Broward
Airport
System
,
Series
2019C,
RB
,
2.91
%
, 10/01/32
3,100‌
2,835,700‌
County
of
Miami-Dade
,
Series
2019E,
RB
,
2.53
%
, 10/01/30
.........
7,590‌
7,073,379‌
Sumter
Landing
Community
Development
District
,
Series
2016,
RB
,
4.17
%
, 10/01/47
.........
2,555‌
2,305,621‌
12,214,700‌
Georgia
-
0.0%
State
of
Georgia
,
Series
2022A,
GO
,
4.00
%
, 07/01/41
............
4,470‌
4,501,176‌
Massachusetts
-
0.0%
Commonwealth
of
Massachusetts
Series
2009E,
GO,
5.46%, 12/01/39
805‌
814,402‌
Series
2019H,
GO,
2.90%, 09/01/49
1,055‌
717,085‌
Massachusetts
Housing
Finance
Agency
Series
2014B,
RB,
AMT,
4.50%, 12/01/39
..........
385‌
383,576‌
Series
2015A,
RB,
AMT,
4.35%, 12/01/40
..........
335‌
332,038‌
2,247,101‌
Security
Par
(000)
Par
(000)
Value
Michigan
-
0.0%
Michigan
State
Housing
Development
Authority
,
Series
2025A-1,
RB
,
5.25
%
, 10/01/50
............
USD
7,025‌
$
7,153,943‌
New
Jersey
-
0.0%
Rutgers
The
State
University
of
New
Jersey
,
Series
2019R,
RB
,
3.27
%
, 05/01/43
............
3,750‌
3,042,611‌
New
York
-
0.2%
City
of
New
York
,
Series
2025H,
GO
,
6.29
%
, 02/01/45
............
3,730‌
3,881,347‌
Empire
State
Development
Corp.
Series
2021B,
RB,
2.01%, 03/15/30
7,085‌
6,550,579‌
Series
2021B,
RB,
2.50%, 03/15/33
9,725‌
8,599,845‌
New
York
City
Municipal
Water
Finance
Authority
Series
2010AA-1,
RB,
5.75%, 06/15/41
..........
1,610‌
1,610,495‌
Series
2011AA,
RB,
5.44%, 06/15/43
..........
4,775‌
4,602,433‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
,
Series
2019B,
Sub-Series
B-3,
RB
,
3.90
%
, 08/01/31
............
11,870‌
11,632,742‌
State
of
New
York
,
Series
2019B,
GO
,
2.80
%
, 02/15/32
............
11,215‌
10,316,188‌
United
Nations
Development
Corp.
,
Series
2025A,
RB
,
6.54
%
, 08/01/55
3,505‌
3,699,360‌
50,892,989‌
Ohio
-
0.0%
American
Municipal
Power,
Inc.
,
Series
2010A,
RB
,
7.83
%
, 02/15/41
....
4,015‌
4,848,115‌
JobsOhio
Beverage
System
,
Series
2013B,
RB
,
3.99
%
, 01/01/29
....
3,015‌
3,008,635‌
7,856,750‌
Oregon
-
0.0%
Oregon
School
Boards
Association
Series
2002B,
GO,
5.55%, 06/30/28
4,075‌
4,127,339‌
Series
2005A,
GO,
4.76%, 06/30/28
1,569‌
1,576,746‌
State
of
Oregon
,
Series
2003,
GO
,
5.89
%
, 06/01/27
............
2,141‌
2,166,877‌
7,870,962‌
Pennsylvania
-
0.0%
Commonwealth
Financing
Authority
,
Series
2016A,
RB
,
4.14
%
, 06/01/38
1,580‌
1,479,222‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
87
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Puerto
Rico
-
0.2%
Commonwealth
of
Puerto
Rico
,
Series
2022
,
VRDN,
0.00
%
, 11/01/51
(e)(f)(u)
USD
92,983‌
$
56,719,819‌
Puerto
Rico
Electric
Power
Authority
(e)(f)
Series
2003NN,
RB,
5.50%, 07/01/20
..........
2,060‌
1,369,900‌
Series
2007TT,
RB,
5.00%, 07/01/18
1,915‌
1,273,475‌
Series
2008WW,
RB,
5.38%, 07/01/24
..........
1,530‌
1,017,450‌
Series
2008WW,
RB,
5.25%, 07/01/33
..........
2,930‌
1,944,787‌
Series
2008WW,
RB,
5.50%, 07/01/38
..........
6,160‌
4,088,700‌
Series
2010AAA,
RB,
5.25%, 07/01/21
..........
1,710‌
1,137,150‌
Series
2010AAA,
RB,
5.25%, 07/01/26
..........
940‌
623,925‌
Series
2010CCC,
RB,
5.25%, 07/01/28
..........
1,635‌
1,085,231‌
Series
2010ZZ,
RB,
5.00%, 07/01/18
1,225‌
814,625‌
Series
2010ZZ,
RB,
5.25%, 07/01/23
500‌
332,500‌
Series
2010ZZ,
RB,
5.25%, 07/01/26
1,150‌
763,312‌
Series
2010ZZ,
RB,
5.25%, 12/31/49
6,255‌
4,159,575‌
Series
2013A,
RB,
5.00%, 07/01/42
6,800‌
4,513,500‌
Series
2013A,
RB,
5.05%, 07/01/42
1,030‌
683,663‌
Series
2013A,
RB,
7.00%, 07/01/43
7,405‌
4,915,069‌
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Series
2018A-1,
RB
,
4.75
%
, 07/01/53
............
2,048‌
1,907,074‌
87,349,755‌
Tennessee
-
0.0%
Tennessee
Housing
Development
Agency
Series
2018-3,
RB,
3.85%, 07/01/43
765‌
713,631‌
Series
2018-3,
RB,
3.95%, 01/01/49
615‌
551,389‌
1,265,020‌
Texas
-
0.1%
Dallas
Fort
Worth
International
Airport
,
Series
2019A,
RB
,
3.14
%
, 11/01/45
2,360‌
1,781,248‌
Port
of
Beaumont
Navigation
District
,
Series
2024B,
RB
,
10.00
%
, 07/01/26
(c)
..........
10,535‌
10,543,960‌
Terrell
Independent
School
District
,
Series
2025,
GO
,
5.25
%
, 08/01/50
(PSF)
...................
7,935‌
8,398,126‌
20,723,334‌
Virginia
-
0.0%
Tobacco
Settlement
Financing
Corp.
,
Series
2007A-1,
RB
,
6.71
%
, 06/01/46
............
9,325‌
7,263,092‌
Washington
-
0.0%
Washington
Health
Care
Facilities
Authority
,
Series
2015A,
RB
,
4.00
%
, 10/01/45
............
3,300‌
3,120,468‌
Total
Municipal
Bonds
—
0.6%
(Cost:
$272,696,403)
.............................
268,232,662‌
Security
Par
(000)
Pa
r
(
000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
7.4%
Australia
—
0.2%
(a)
AFG
Trust
Series
2026-1,
Class
A1L,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.95%),
4.79%,
10/10/57
(b)
...
AUD
23,799‌
$
16,333,750‌
Series
2026-1,
Class
A2,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.08%),
4.92%,
10/10/57
(b)
...
1,420‌
971,431‌
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%),
5.00%,
05/15/57
.......
7,103‌
4,885,384‌
National
RMBS
Trust
Series
2026-1,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.75%),
5.89%,
10/20/57
(b)
...
1,250‌
857,039‌
Series
2026-1,
Class
D,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
2.00%),
6.14%,
10/20/57
(b)
...
550‌
376,235‌
Pepper
Prime
Trust
Series
2025-1,
Class
A1A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
0.95%),
4.90%,
04/12/67
(b)
...
19,340‌
13,284,254‌
Series
2025-1,
Class
A2,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.10%),
5.05%,
04/12/67
(b)
...
770‌
527,505‌
Series
2025-1,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.25%),
5.20%,
04/12/67
(b)
...
1,250‌
852,813‌
Pepper
Residential
Securities
Trust
No.
41
Series
41,
Class
A1A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.00%),
4.95%,
07/12/67
(b)
...
22,560‌
15,497,407‌
Series
41,
Class
A2,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.15%),
5.10%,
07/12/67
(b)
...
2,140‌
1,471,060‌
RESIMAC
Premier,
Series
2025-1,
Class
A,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.10%),
5.05%,
09/12/56
(b)
8,380‌
5,784,422‌
Sapphire
XXXII
Trust,
Series
2025-1,
Class
A1L,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.10%),
5.05%,
06/14/66
(b)
................
16,627‌
11,467,984‌
Sapphire
XXXIII
Trust
Series
2025-2,
Class
A1L,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.00%),
4.95%,
02/12/67
(b)
...
20,880‌
14,344,354‌
Series
2025-2,
Class
A2,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.10%),
5.05%,
02/12/67
(b)
...
2,680‌
1,840,320‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Australia
(continued)
Triton
Bond
Trust
in
respect
of,
Series
2026-1,
Class
A2,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.15%),
4.99%,
02/15/58
(b)
................
AUD
16,915‌
$
11,551,348‌
Turquoise
V
Trust
Series
2026-1,
Class
A1L,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.05%),
5.00%,
06/12/67
(b)
...
11,730‌
8,080,619‌
Series
2026-1,
Class
A2,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.20%),
5.15%,
06/12/67
(b)
...
1,440‌
991,998‌
Series
2026-1,
Class
B,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.45%),
5.40%,
06/12/67
(b)
...
5,990‌
4,118,843‌
Series
2026-1,
Class
C,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.60%),
5.55%,
06/12/67
(b)
...
2,790‌
1,918,477‌
Series
2026-1,
Class
D,
(1-mo.
ASX
Australia
Bank
Bill
Short
Term
Rates
Mid
at
0.00%
Floor
+
1.85%),
5.80%,
06/12/67
(b)
...
950‌
652,161‌
115,807,404‌
Ireland
—
0.0%
(a)
CRNCL,
(3M
EURIBOR
at
1.35%
Floor
+
1.35%),
3.81%,
01/25/38
(c)
....
EUR
4,060‌
4,690,107‌
Dilosk
Rmbs
No.
8
Sts
DAC,
Series
8-STS,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.91%,
05/20/62
(b)
................
518‌
596,813‌
5,286,920‌
Italy
—
0.0%
Miltonia
Mortgage
Finance
SRL,
Series
1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.34%,
04/28/62
(a)(b)
...............
8,612‌
9,963,507‌
Japan
—
0.0%
Japan
Housing
Finance
Agency
Series
164,
Class
1,
0.33%,
01/10/56
...............
JPY
385,680‌
1,772,583‌
Series
170,
Class
1,
0.36%,
07/10/56
...............
308,876‌
1,424,659‌
Series
176,
Class
1,
0.32%,
01/10/57
...............
403,095‌
1,833,630‌
Series
180,
Class
1,
0.50%,
05/10/57
...............
403,360‌
1,868,117‌
6,898,989‌
Netherlands
—
0.1%
(a)(b)
Domi
Series
2026-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.89%,
02/15/57
(b)
...
EUR
1,095‌
1,257,770‌
Series
2026-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.09%,
02/15/57
(b)
...
319‌
366,423‌
Security
Par
(000)
Par
(000)
Value
Netherlands
(continued)
Domi
BV
Series
2023-1,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.12%),
3.10%,
02/15/55
(b)
...
EUR
1,891‌
$
2,200,058‌
Series
2023-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.70%),
3.68%,
02/15/55
(b)
...
803‌
937,487‌
Series
2025-1,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.71%),
2.73%,
04/16/57
(b)
...
5,051‌
5,839,547‌
Dutch
Property
Finance
BV
Series
2021-2,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.80%),
2.84%,
04/28/59
(b)
...
820‌
947,758‌
Series
2021-2,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
3.09%,
04/28/59
(b)
...
504‌
582,578‌
Fairbridge
BV
Series
2025-1,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.95%),
2.97%,
02/24/62
(b)
...
7,205‌
8,327,536‌
Series
2025-1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.27%,
02/24/62
(b)
...
828‌
951,159‌
Series
2025-1,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.80%),
3.82%,
02/24/62
(b)
...
294‌
340,509‌
Jubilee
Place
BV
Series
7,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.72%),
2.88%,
09/18/62
(b)
..............
4,076‌
4,713,636‌
Series
7,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.05%),
3.21%,
09/18/62
(b)
..............
1,030‌
1,187,587‌
Series
7,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.40%),
3.56%,
09/18/62
(b)
..............
163‌
187,659‌
Series
7,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
4.06%,
09/18/62
(b)
..............
111‌
128,989‌
Series
8,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.25%),
3.41%,
03/17/62
(b)
..............
214‌
244,989‌
Series
9,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.90%),
2.88%,
10/17/61
(b)
..............
1,714‌
1,966,066‌
Series
9,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.08%,
10/17/61
(b)
..............
457‌
520,925‌
30,700,676‌
Spain
—
0.0%
(b)
Santander
Residential
1
FT
(a)
Series
1,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.85%),
2.95%,
10/18/68
(b)
..............
3,400‌
3,934,606‌
Series
1,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.10%),
3.20%,
10/18/68
(b)
..............
900‌
1,035,163‌
4,969,769‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
89
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
—
1.2%
(a)
Atlas
Funding
plc
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.63%,
01/20/61
(b)
..............
GBP
1,494‌
$
1,987,721‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.75%),
6.48%,
01/20/61
(b)
..............
987‌
1,316,183‌
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.80%),
7.53%,
01/20/61
(b)
..............
505‌
675,554‌
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.85%),
4.58%,
09/20/61
(b)
..............
8,096‌
10,725,728‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.03%,
09/20/61
(b)
..............
1,601‌
2,128,677‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
5.28%,
09/20/61
(b)
..............
1,103‌
1,466,460‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.20%),
5.93%,
09/20/61
(b)
..............
365‌
491,244‌
Series
2025-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
4.83%,
07/20/67
(b)
..............
764‌
1,010,453‌
Series
2025-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
07/20/67
(b)
..............
195‌
257,596‌
Series
2025-2,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.07%),
6.80%,
07/20/67
(b)
..............
498‌
657,205‌
Auburn
15
plc,
Series
15,
Class
A2,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
4.83%,
07/20/45
(b)
................
2,271‌
3,012,594‌
Barley
Hill
No.
2
plc,
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
+
2.55%),
6.28%,
08/27/58
(b)
.....
520‌
688,412‌
Bletchley
Park
Funding
plc
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
4.93%,
01/27/70
(b)
..............
2,440‌
3,232,497‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
01/27/70
(b)
..............
746‌
987,414‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.88%),
5.61%,
01/27/70
(b)
..............
728‌
960,228‌
Series
2025-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.38%),
7.11%,
01/27/70
(b)
..............
998‌
1,321,560‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Braccan
Mortgage
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.84%),
4.58%,
02/15/67
(b)
..............
GBP
7,529‌
$
9,969,803‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
4.94%,
02/15/67
(b)
..............
2,883‌
3,823,054‌
Series
2025-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.84%),
4.58%,
05/17/67
(b)
..............
5,960‌
7,888,937‌
Series
2025-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
4.84%,
05/17/67
(b)
..............
1,247‌
1,646,765‌
Series
2025-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.14%,
05/17/67
(b)
..............
1,046‌
1,384,485‌
Series
2025-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.28%,
01/17/68
(b)
..............
648‌
856,941‌
Series
2025-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.68%,
01/17/68
(b)
..............
350‌
462,993‌
Series
2026-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.18%,
04/17/68
(b)
..............
1,173‌
1,552,573‌
Series
2026-1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.85%),
5.58%,
04/17/68
(b)
..............
544‌
720,032‌
Brants
Bridge
plc,
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.63%,
06/14/66
(b)
................
806‌
1,067,580‌
Canada
Square
Funding
plc
Series
6,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.20%,
01/17/59
(b)
..............
2,813‌
3,725,636‌
Series
6,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.85%),
5.60%,
01/17/59
(b)
..............
178‌
235,272‌
Castell
plc
Series
2025-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.97%),
4.70%,
01/27/62
(b)
..............
4,156‌
5,511,691‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
4.98%,
01/27/62
(b)
..............
1,907‌
2,524,256‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
5.28%,
01/27/62
(b)
..............
712‌
945,684‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.73%,
01/27/62
(b)
..............
GBP
407‌
$
542,575‌
Series
2025-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
7.23%,
01/27/62
(b)
..............
1,165‌
1,555,144‌
Series
2026-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
1.00%,
12/27/62
(b)
..............
1,127‌
1,489,044‌
Cheshire
plc
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.05%),
4.78%,
06/28/48
(b)
..............
2,231‌
2,942,696‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.08%,
06/28/48
(b)
..............
2,030‌
2,677,227‌
Citadel
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.02%),
4.75%,
04/28/60
(b)
..............
5,851‌
7,753,300‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.18%,
04/28/60
(b)
..............
929‌
1,234,265‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.75%),
5.48%,
04/28/60
(b)
..............
973‌
1,292,855‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.45%),
6.18%,
04/28/60
(b)
..............
1,062‌
1,419,080‌
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.75%),
7.48%,
04/28/60
(b)
..............
929‌
1,243,001‌
East
One
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
12/27/55
(b)
..............
892‌
1,186,337‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.43%,
12/27/55
(b)
..............
1,969‌
2,612,684‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.73%,
12/27/55
(b)
..............
2,438‌
3,239,586‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
02/25/58
(b)
..............
732‌
966,586‌
Edenbrook
Mortgage
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.87%),
4.60%,
03/22/57
(b)
..............
4,476‌
5,930,229‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
5.68%,
03/22/57
(b)
..............
GBP
4,410‌
$
5,901,395‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.55%),
6.28%,
03/22/57
(b)
..............
1,133‌
1,527,223‌
Elstree
1st
plc
Series
252-1ST,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
4.68%,
10/21/65
(b)
..............
2,075‌
2,730,083‌
Series
252-1ST,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.03%,
10/21/65
(b)
..............
550‌
725,043‌
Series
252-1ST,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.88%),
6.61%,
10/21/65
(b)
..............
705‌
929,625‌
Elstree
Funding
No.
4
plc,
Series
4,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.12%),
4.85%,
10/21/55
(b)
...........
947‌
1,257,840‌
Exmoor
Funding
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.88%),
4.61%,
03/25/94
(b)
..............
7,226‌
9,578,828‌
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
03/25/94
(b)
..............
967‌
1,286,487‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.63%,
03/25/94
(b)
..............
454‌
604,254‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.80%),
6.53%,
03/25/94
(b)
..............
196‌
262,041‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
4.98%,
03/25/95
(b)
..............
1,227‌
1,620,265‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.75%),
5.48%,
03/25/95
(b)
..............
509‌
672,263‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.38%),
6.11%,
03/25/95
(b)
..............
131‌
173,023‌
Finsbury
Square
Green
plc
Series
2021-1GRX,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
4.73%,
12/16/67
(b)
..............
1,470‌
1,947,322‌
Series
2021-1GRX,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
4.98%,
12/16/67
(b)
..............
1,045‌
1,384,815‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
91
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Finsbury
Square
plc
Series
2021-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
4.98%,
12/16/71
(b)
..............
GBP
1,339‌
$
1,774,753‌
Series
2021-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
12/16/71
(b)
..............
371‌
492,159‌
Series
2021-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.43%,
12/16/71
(b)
..............
200‌
264,058‌
Frontier
Mortgage
Funding
plc,
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
4.73%,
12/20/66
(b)
.....
4,518‌
5,951,769‌
Gemgarto
plc
Series
2021-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
5.68%,
12/16/67
(b)
..............
218‌
288,906‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.73%,
12/16/73
(b)
..............
1,294‌
1,719,009‌
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.23%,
12/16/73
(b)
..............
1,236‌
1,640,850‌
Series
2023-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.50%),
8.23%,
12/16/73
(b)
..............
873‌
1,172,037‌
Great
Hall
Mortgages
No.
1
plc,
Series
2007-2X,
Class
BA,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.42%),
4.15%,
06/18/39
(b)
4,220‌
5,546,053‌
Harben
Finance
Series
2017-1RX,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
4.88%,
09/28/55
(b)
..............
741‌
979,250‌
Series
2017-1RX,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
09/28/55
(b)
..............
441‌
581,687‌
Hops
Hill
No.
2
plc
Series
2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
5.98%,
11/27/54
(b)
..............
4,073‌
5,421,584‌
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.85%),
6.58%,
11/27/54
(b)
..............
1,077‌
1,435,097‌
Hops
Hill
No.
3
plc
Series
3,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
4.73%,
12/21/55
(b)
..............
5,799‌
7,702,360‌
Series
3,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.43%,
12/21/55
(b)
..............
5,514‌
7,358,404‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
3,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.23%,
12/21/55
(b)
..............
GBP
5,089‌
$
6,837,571‌
Hops
Hill
No.
4
plc
Series
4,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.88%),
4.61%,
04/21/56
(b)
..............
1,724‌
2,283,230‌
Series
4,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.03%,
04/21/56
(b)
..............
980‌
1,303,105‌
Series
4,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.43%,
04/21/56
(b)
..............
2,900‌
3,860,323‌
Series
4,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.30%),
6.03%,
04/21/56
(b)
..............
1,795‌
2,379,297‌
Hops
Hill
No.
5
plc
Series
5,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.00%),
4.73%,
06/21/56
(b)
..............
1,578‌
2,080,424‌
Series
5,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.18%,
06/21/56
(b)
..............
1,233‌
1,632,010‌
Jupiter
Mortgage
No.
1
plc
Series
1X,
Class
BR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.45%,
07/20/55
(b)
..............
29,187‌
38,845,702‌
Series
1X,
Class
CR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
6.00%,
07/20/55
(b)
..............
9,209‌
12,264,117‌
Series
1X,
Class
DR,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.00%),
6.75%,
07/20/55
(b)
..............
9,180‌
12,227,319‌
Lanebrook
Mortgage
Transaction
plc
Series
2021-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.65%),
4.40%,
07/20/58
(b)
..............
811‌
1,072,936‌
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
4.70%,
07/20/58
(b)
..............
266‌
351,685‌
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
5.00%,
07/20/58
(b)
..............
158‌
208,890‌
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.65%),
5.40%,
07/20/58
(b)
..............
103‌
136,169‌
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.80%),
4.53%,
03/15/61
(b)
..............
1,020‌
1,350,189‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
London
Bridge
Mortgages
plc,
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
03/20/67
(b)
.....
GBP
641‌
$
846,844‌
London
Wall
Mortgage
Capital
plc
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.24%,
05/15/57
(b)
..............
8,673‌
11,492,461‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.74%,
05/15/57
(b)
..............
4,150‌
5,493,023‌
Meridian
Funding
plc
Series
2025-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.85%),
4.58%,
02/20/68
(b)
..............
11,916‌
15,748,368‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.03%,
02/20/68
(b)
..............
2,140‌
2,829,351‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.33%,
02/20/68
(b)
..............
754‌
995,324‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.05%),
5.78%,
02/20/68
(b)
..............
663‌
875,952‌
Series
2025-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.25%),
6.98%,
02/20/68
(b)
..............
405‌
533,225‌
Molossus
BTL
plc
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
4.70%,
04/18/61
(b)
..............
2,124‌
2,815,535‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.08%,
03/17/63
(b)
..............
161‌
212,727‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.65%),
5.38%,
03/17/63
(b)
..............
156‌
206,490‌
Mortimer
2024-Mix
plc
Series
2024-MIX,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
4.88%,
09/22/67
(b)
..............
2,390‌
3,163,407‌
Series
2024-MIX,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
5.28%,
09/22/67
(b)
..............
821‌
1,088,023‌
Series
2024-MIX,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.10%),
5.83%,
09/22/67
(b)
..............
198‌
264,073‌
Mortimer
BTL
plc
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
4.83%,
06/23/53
(b)
..............
334‌
442,221‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.45%),
5.18%,
06/23/53
(b)
..............
GBP
110‌
$
145,637‌
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.73%,
12/22/56
(b)
..............
764‌
1,015,346‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.00%),
6.73%,
12/22/56
(b)
..............
832‌
1,109,148‌
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.05%),
7.78%,
12/22/56
(b)
..............
764‌
1,021,452‌
Mortimer
plc
Series
2025-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.81%),
4.54%,
09/22/70
(b)
..............
10,859‌
14,350,972‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
4.98%,
09/22/70
(b)
..............
1,677‌
2,224,773‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
5.28%,
09/22/70
(b)
..............
871‌
1,156,560‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.85%),
5.58%,
09/22/70
(b)
..............
353‌
467,639‌
Newgate
Funding
plc,
Series
2006-1,
Class
BB,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.28%),
2.29%,
12/01/50
(b)
................
EUR
949‌
1,059,139‌
Paragon
Mortgages
No.
12
plc,
Series
12X,
Class
B1B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.48%),
2.48%,
11/15/38
(b)
................
385‌
432,721‌
Pierpont
BTL
plc
Series
2021-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
4.98%,
12/22/53
(b)
..............
GBP
1,728‌
2,288,777‌
Series
2023-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
4.83%,
09/21/54
(b)
..............
2,778‌
3,682,763‌
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.63%,
09/21/54
(b)
..............
2,246‌
2,983,320‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.20%),
5.93%,
09/21/61
(b)
..............
138‌
182,954‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.03%,
03/21/62
(b)
..............
458‌
601,614‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.85%),
5.58%,
03/21/62
(b)
..............
151‌
201,040‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
93
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2026-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.77%),
4.52%,
12/21/62
(b)
..............
GBP
10,374‌
$
13,676,446‌
Series
2026-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.75%),
5.50%,
12/21/62
(b)
..............
106‌
139,832‌
PMF
plc,
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.98%),
4.71%,
07/16/60
(b)
................
1,476‌
1,957,084‌
Polaris
plc
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.75%),
6.48%,
02/23/61
(b)
..............
2,389‌
3,185,559‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.65%),
7.38%,
02/23/61
(b)
..............
1,770‌
2,368,221‌
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.35%),
8.08%,
02/23/61
(b)
..............
1,093‌
1,465,108‌
Series
2023-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.25%),
5.98%,
09/27/59
(b)
..............
2,321‌
3,101,328‌
Series
2023-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
6.93%,
09/27/59
(b)
..............
2,150‌
2,888,611‌
Series
2023-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.25%),
7.98%,
09/27/59
(b)
..............
1,337‌
1,809,026‌
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.43%,
02/26/61
(b)
..............
1,671‌
2,224,316‌
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.70%),
6.43%,
02/26/61
(b)
..............
566‌
762,036‌
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.00%),
7.73%,
02/26/61
(b)
..............
356‌
479,440‌
Series
2025-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.82%),
4.55%,
02/26/68
(b)
..............
6,727‌
8,894,306‌
Series
2025-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.05%),
4.78%,
02/26/68
(b)
..............
1,631‌
2,150,433‌
Series
2025-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
02/26/68
(b)
..............
1,566‌
2,079,102‌
Series
2025-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.80%),
5.53%,
02/26/68
(b)
..............
529‌
703,278‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2025-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.05%),
4.78%,
08/25/68
(b)
..............
GBP
1,237‌
$
1,631,505‌
Series
2025-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
08/25/68
(b)
..............
2,147‌
2,835,113‌
Series
2025-3X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.82%),
4.55%,
10/27/69
(b)
..............
10,659‌
14,086,796‌
Series
2025-3X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
4.83%,
10/27/69
(b)
..............
828‌
1,093,247‌
Series
2025-3X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
10/27/69
(b)
..............
414‌
546,200‌
Series
2025-3X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.65%),
5.38%,
10/27/69
(b)
..............
377‌
497,428‌
Series
2026-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.73%),
4.46%,
06/27/70
(b)
..............
3,991‌
5,259,511‌
RMAC
Securities
No.1
plc
Series
2006-NS1X,
Class
M1C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.25%),
2.39%,
06/12/44
(b)
..
EUR
72‌
81,191‌
Series
2007-NS1X,
Class
A2A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.27%),
4.00%,
06/12/44
(b)
..............
GBP
185‌
240,067‌
Series
2007-NS1X,
Class
M1C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
0.27%),
2.41%,
06/12/44
(b)
..
EUR
1,223‌
1,348,268‌
Stratton
Mortgage
Funding
plc
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.08%,
06/28/50
(b)
..............
GBP
1,121‌
1,485,124‌
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
06/28/50
(b)
..............
2,576‌
3,411,490‌
Series
2024-3,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.98%),
4.70%,
06/25/49
(b)
..............
5,710‌
7,562,284‌
Series
2024-3,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.08%,
06/25/49
(b)
..............
11,150‌
14,765,017‌
Series
2024-3,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
06/25/49
(b)
..............
933‌
1,235,042‌
Together
Asset-Backed
Securitisation
plc
Series
2023-1ST2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.23%),
4.96%,
04/20/65
(b)
..............
2,568‌
3,413,474‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-1ST2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.15%),
5.88%,
04/20/65
(b)
..............
GBP
2,053‌
$
2,748,285‌
Series
2023-1ST2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.15%),
6.88%,
04/20/65
(b)
..............
438‌
593,082‌
Series
2023-1ST2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.40%),
8.13%,
04/20/65
(b)
..............
278‌
379,174‌
Series
2024-1ST1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.95%),
4.68%,
08/15/64
(b)
..............
8,095‌
10,737,378‌
Series
2024-1ST2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.96%),
4.69%,
10/12/65
(b)
..............
6,224‌
8,243,897‌
Series
2024-2ND1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.43%,
08/20/55
(b)
..............
2,576‌
3,427,743‌
Series
2024-2ND1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.23%,
08/20/55
(b)
..............
817‌
1,085,652‌
Series
2024-2ND1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
7.23%,
08/20/55
(b)
..............
1,039‌
1,393,734‌
Series
2025-1ST1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.76%),
4.49%,
08/15/66
(b)
..............
3,368‌
4,446,131‌
Series
2025-2ND1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.93%),
4.66%,
09/12/56
(b)
..............
2,603‌
3,447,742‌
Series
2025-2ND1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
4.93%,
09/12/56
(b)
..............
1,672‌
2,213,050‌
Series
2025-2ND1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
09/12/56
(b)
..............
1,030‌
1,359,832‌
Series
2025-2ND1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
5.68%,
09/12/56
(b)
..............
429‌
566,895‌
Series
2025-CRE1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
4.93%,
01/15/57
(b)
..............
9,322‌
12,375,803‌
Series
2025-CRE1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
01/15/57
(b)
..............
2,698‌
3,590,110‌
Series
2025-CRE1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.80%),
5.53%,
01/15/57
(b)
..............
1,047‌
1,398,827‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2025-CRE1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
6.13%,
01/15/57
(b)
..............
GBP
227‌
$
299,466‌
Tower
Bridge
Funding
plc
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
4.94%,
05/20/66
(b)
..............
1,489‌
1,975,115‌
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.34%,
05/20/66
(b)
..............
676‌
896,949‌
Series
2024-3X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.10%),
4.83%,
12/20/66
(b)
..............
2,371‌
3,139,909‌
Series
2024-3X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.13%,
12/20/66
(b)
..............
350‌
463,178‌
Series
2024-3X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.90%),
5.63%,
12/20/66
(b)
..............
363‌
481,980‌
Series
2026-1,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.75%),
4.50%,
01/20/73
(b)
..............
4,710‌
6,219,231‌
Trinity
Square
plc,
Series
2021-1X,
Class
AR,
(Sterling
Overnight
Index
Average
+
0.90%),
4.66%,
07/15/59
(b)
................
11,552‌
15,293,647‌
Twin
Bridges
plc
Series
2021-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
0.90%),
4.63%,
09/12/55
(b)
..............
819‌
1,083,097‌
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.15%),
4.88%,
09/12/55
(b)
..............
435‌
575,303‌
Series
2021-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.23%,
09/12/55
(b)
..............
187‌
247,226‌
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.03%,
12/12/55
(b)
..............
830‌
1,098,764‌
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.43%,
12/12/55
(b)
..............
365‌
481,768‌
Series
2023-1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.33%,
06/14/55
(b)
..............
6,190‌
8,207,283‌
Series
2023-1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.23%,
06/14/55
(b)
..............
2,602‌
3,452,686‌
Series
2023-1,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.50%),
7.23%,
06/14/55
(b)
..............
1,672‌
2,219,583‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
95
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2023-2,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.05%),
5.79%,
05/15/56
(b)
..............
GBP
891‌
$
1,190,505‌
Series
2023-2,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.05%),
7.79%,
05/15/56
(b)
..............
890‌
1,201,387‌
Winchester
1
plc
Series
1,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.20%),
4.95%,
10/21/56
(b)
..............
1,624‌
2,149,952‌
Series
1,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.55%),
5.30%,
10/21/56
(b)
..............
886‌
1,170,969‌
566,243,382‌
United
States
—
5.9%
A&D
Mortgage
Trust
(c)
Series
2024-NQM5,
Class
A1,
5.70%,
11/25/69
..........
USD
3,858‌
3,871,589‌
Series
2024-NQM5,
Class
M1,
6.52%,
11/25/69
(a)
.........
4,138‌
4,156,095‌
Series
2026-NQM1,
Class
A1,
4.91%,
02/25/71
(a)
.........
8,367‌
8,289,642‌
ACRA
Trust,
Series
2024-NQM1,
Class
A1,
5.61%,
10/25/64
(c)(g)
.......
6,128‌
6,143,350‌
Agate
Bay
Mortgage
Trust
(a)(c)
Series
2015-1,
Class
B5,
3.61%,
01/25/45
...............
1,323‌
856,683‌
Series
2015-3,
Class
B5,
3.44%,
04/25/45
...............
1,521‌
973,655‌
Series
2015-4,
Class
B5,
3.46%,
06/25/45
...............
1,061‌
652,409‌
Aimco,
Inc.,
0.00%,
12/31/49
(c)(d)
....
14,250‌
14,570,625‌
Ajax
Mortgage
Loan
Trust
(c)
Series
2022-A,
Class
A1,
3.50%,
10/25/61
(g)
..............
22,326‌
21,688,499‌
Series
2022-A,
Class
A2,
3.00%,
10/25/61
(a)
..............
2,705‌
2,526,087‌
Series
2022-A,
Class
A3,
3.00%,
10/25/61
(a)
..............
1,443‌
1,339,815‌
Series
2022-A,
Class
B,
3.00%,
10/25/61
...............
10,820‌
8,762,584‌
Series
2022-A,
Class
C,
3.00%,
10/25/61
...............
5,089‌
6,655,029‌
Series
2022-A,
Class
M1,
3.00%,
10/25/61
...............
1,578‌
1,456,605‌
Series
2022-A,
Class
M2,
3.00%,
10/25/61
...............
7,078‌
5,916,178‌
Series
2022-A,
Class
M3,
3.00%,
10/25/61
...............
451‌
373,908‌
Series
2022-B,
Class
A1,
3.50%,
03/27/62
(g)
..............
34,035‌
32,935,106‌
Series
2022-B,
Class
A2,
3.00%,
03/27/62
(a)
..............
2,124‌
1,979,753‌
Series
2022-B,
Class
A3,
3.00%,
03/27/62
(a)
..............
1,821‌
1,684,726‌
Series
2022-B,
Class
B,
3.00%,
03/27/62
...............
10,116‌
8,314,371‌
Series
2022-B,
Class
C,
3.00%,
03/27/62
...............
10,560‌
8,496,282‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2022-B,
Class
M1,
3.00%,
03/27/62
...............
USD
1,365‌
$
1,256,063‌
Series
2022-B,
Class
M2,
3.00%,
03/27/62
...............
6,777‌
6,037,655‌
Series
2023-A,
Class
A1,
3.50%,
07/25/62
(g)
..............
41,502‌
39,476,008‌
Series
2023-A,
Class
A2,
3.00%,
07/25/62
(a)
..............
2,667‌
2,451,436‌
Series
2023-A,
Class
A3,
2.50%,
07/25/62
(a)
..............
1,511‌
1,352,707‌
Series
2023-A,
Class
B,
2.50%,
07/25/62
(a)
..............
8,888‌
6,842,395‌
Series
2023-A,
Class
C,
2.50%,
07/25/62
(a)
..............
7,530‌
5,362,465‌
Series
2023-A,
Class
M1,
2.50%,
07/25/62
(a)
..............
4,578‌
4,024,959‌
Series
2023-C,
Class
A1,
3.50%,
05/25/63
(g)
..............
36,723‌
35,215,999‌
Series
2023-C,
Class
A2,
3.00%,
05/25/63
(a)
..............
2,968‌
2,687,276‌
Series
2023-C,
Class
A3,
2.50%,
05/25/63
(a)
..............
1,583‌
1,397,160‌
Series
2023-C,
Class
C,
2.50%,
05/25/63
(a)
..............
14,364‌
7,766,284‌
Series
2023-C,
Class
M1,
2.50%,
05/25/63
(a)
..............
1,385‌
1,213,085‌
Series
2023-C,
Class
M2,
2.50%,
05/25/63
(a)
..............
8,588‌
7,074,129‌
Alternative
Loan
Trust
Series
2005-11CB,
Class
2A1,
5.50%,
06/25/35
..........
152‌
119,703‌
Series
2005-11CB,
Class
2A6,
5.50%,
06/25/35
..........
788‌
621,712‌
Series
2005-29CB,
Class
A6,
5.50%,
07/25/35
...............
571‌
314,067‌
Series
2005-55CW,
Class
2A3,
(1-
mo.
CME
Term
SOFR
at
0.35%
Floor
and
7.50%
Cap
+
0.46%),
4.14%,
11/25/35
(a)
.........
1,092‌
783,734‌
Series
2005-59,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.66%
Floor
and
11.00%
Cap
+
0.77%),
4.45%,
11/20/35
(a)
.........
1,089‌
1,047,548‌
Series
2005-22T1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
and
5.42%
Cap
+
0.46%),
4.14%,
06/25/35
(a)
..............
6,695‌
5,921,703‌
Series
2005-J4,
Class
B1,
(1-mo.
CME
Term
SOFR
at
2.03%
Floor
and
11.00%
Cap
+
2.14%),
5.82%,
07/25/35
(a)
.........
68‌
67,134‌
Series
2006-6CB,
Class
2A10,
6.00%,
05/25/36
..........
413‌
144,009‌
Series
2006-11CB,
Class
3A1,
6.50%,
05/25/36
..........
3,551‌
1,556,282‌
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
...............
627‌
277,687‌
Series
2006-28CB,
Class
A14,
6.25%,
10/25/36
..........
2,090‌
963,220‌
Series
2006-34,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
and
6.25%
Cap
+
0.81%),
4.49%,
11/25/46
(a)
..............
4,736‌
1,623,947‌
Series
2006-45T1,
Class
2A2,
6.00%,
02/25/37
..........
2,430‌
1,288,309‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2006-J7,
Class
2A1,
(1M
Sofr
FWD
at
1.50%
Floor
+
1.50%),
2.70%,
11/20/46
(a)
.........
USD
2,957‌
$
2,766,675‌
Series
2006-OA11,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
4.17%,
09/25/46
(a)
..
2,697‌
2,573,023‌
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%),
5.59%,
11/25/46
(a)
...
7,924‌
6,720,228‌
Series
2006-OA16,
Class
A4C,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
4.47%,
10/25/46
(a)
..............
7,406‌
6,438,847‌
Series
2006-OA21,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.30%),
3.98%,
03/20/47
(a)
..
2,419‌
2,118,161‌
Series
2006-OC1,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
4.25%,
03/25/36
(a)
..
1,781‌
1,720,226‌
Series
2006-OC7,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.61%),
4.29%,
07/25/46
(a)
..
4,232‌
3,934,329‌
Series
2006-OC10,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
4.25%,
11/25/36
(a)
..............
4,105‌
3,797,232‌
Series
2007-25,
Class
1A3,
6.50%,
11/25/37
...............
20,823‌
8,724,821‌
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
...............
702‌
297,063‌
Series
2007-9T1,
Class
1A1,
6.00%,
05/25/37
...............
3,705‌
1,677,918‌
Series
2007-OA3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
4.07%,
04/25/47
(a)
..
2,326‌
2,134,590‌
Series
2007-OA8,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.15%,
06/25/47
(a)
..
431‌
359,705‌
Series
2007-OH2,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
and
10.00%
Cap
+
0.59%),
4.27%,
08/25/47
(a)
.........
464‌
436,238‌
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%),
4.80%,
10/25/46
...............
2,278‌
1,514,422‌
Series
2006-4,
Class
1A12,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.32%),
4.00%,
10/25/46
...
4,723‌
2,363,513‌
Angel
Oak
Mortgage
Trust
(c)
Series
2019-5,
Class
B1,
3.96%,
10/25/49
(a)
..............
715‌
668,565‌
Series
2020-R1,
Class
M1,
2.62%,
04/25/53
(a)
..............
600‌
559,739‌
Series
2021-4,
Class
B1,
3.20%,
01/20/65
(a)
..............
3,150‌
2,251,693‌
Series
2024-10,
Class
A1,
5.35%,
10/25/69
(g)
..............
9,759‌
9,765,799‌
Series
2025-7,
Class
A1,
5.51%,
06/25/70
(g)
..............
9,024‌
9,053,952‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-8,
Class
A1,
5.41%,
07/25/70
(g)
..............
USD
8,472‌
$
8,488,232‌
APS
Resecuritization
Trust,
Series
2016-1,
Class
1MZ,
2.96%,
07/31/57
(a)(c)
...............
20,329‌
7,444,559‌
Banc
of
America
Alternative
Loan
Trust,
Series
2006-7,
Class
A4,
6.50%,
10/25/36
(g)
................
3,555‌
877,098‌
Banc
of
America
Funding
Corp.,
Series
2015-R3,
Class
1A2,
3.86%,
03/27/36
(a)(c)
...............
1,627‌
1,382,153‌
Banc
of
America
Funding
Trust
Series
2007-1,
Class
1A6,
5.75%,
01/25/37
...............
100‌
85,286‌
Series
2014-R2,
Class
1C,
0.00%,
11/26/36
(a)(c)
.............
8,430‌
2,907,928‌
Barclays
Mortgage
Loan
Trust
(c)
Series
2022-NQM1,
Class
A1,
4.55%,
07/25/52
(g)
.........
9,521‌
9,449,924‌
Series
2023-NQM3,
Class
A1,
6.90%,
10/25/63
(g)
.........
49,593‌
49,978,226‌
Series
2023-NQM3,
Class
A2,
7.36%,
10/25/63
(g)
.........
7,900‌
7,968,100‌
Series
2023-NQM3,
Class
A3,
7.69%,
10/25/63
(g)
.........
4,770‌
4,813,319‌
Series
2023-NQM3,
Class
B1,
7.92%,
10/25/63
(a)
.........
3,856‌
3,892,066‌
Series
2023-NQM3,
Class
B2,
7.92%,
10/25/63
(a)
.........
3,244‌
3,268,800‌
Series
2023-NQM3,
Class
B3,
7.92%,
10/25/63
(a)
.........
8,876‌
8,697,097‌
Series
2023-NQM3,
Class
M1,
7.92%,
10/25/63
(a)
.........
6,427‌
6,492,569‌
Series
2023-NQM3,
Class
SA,
0.00%,
10/25/63
(a)
.........
1‌
1,110‌
Series
2024-NQM1,
Class
A1,
5.90%,
01/25/64
(g)
.........
6,545‌
6,572,038‌
Series
2024-NQM1,
Class
A2,
6.11%,
01/25/64
(g)
.........
4,462‌
4,477,880‌
Series
2024-NQM1,
Class
A3,
6.31%,
01/25/64
(g)
.........
3,408‌
3,420,646‌
Series
2024-NQM1,
Class
B1,
8.09%,
01/25/64
(a)
.........
2,900‌
2,930,119‌
Series
2024-NQM1,
Class
B2,
8.63%,
01/25/64
(a)
.........
2,658‌
2,685,010‌
Series
2024-NQM1,
Class
B3,
8.63%,
01/25/64
(a)
.........
5,704‌
5,708,144‌
Series
2024-NQM1,
Class
M1,
6.80%,
01/25/64
(a)
.........
4,979‌
5,003,109‌
Series
2024-NQM1,
Class
SA,
0.00%,
01/25/64
(a)
.........
13‌
7,263‌
Series
2024-NQM3,
Class
A1,
6.04%,
06/25/64
(g)
.........
42,477‌
42,760,629‌
Series
2024-NQM3,
Class
A2,
6.30%,
06/25/64
(g)
.........
3,349‌
3,371,484‌
Series
2024-NQM3,
Class
A3,
6.50%,
06/25/64
(g)
.........
5,844‌
5,883,129‌
Series
2024-NQM3,
Class
B1,
7.50%,
06/25/64
(a)
.........
3,975‌
4,011,876‌
Series
2024-NQM3,
Class
B2,
8.00%,
06/25/64
(a)
.........
3,640‌
3,643,224‌
Series
2024-NQM3,
Class
B3,
8.00%,
06/25/64
(a)
.........
9,961‌
9,815,520‌
Series
2024-NQM3,
Class
M1,
6.41%,
06/25/64
(a)
.........
5,794‌
5,815,018‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
97
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-NQM3,
Class
SA,
0.00%,
06/25/64
(a)
.........
USD
8‌
$
6,356‌
Series
2024-NQM4,
Class
A1,
4.79%,
12/26/64
(g)
.........
65,916‌
65,743,127‌
Series
2024-NQM4,
Class
A2,
5.10%,
12/26/64
(g)
.........
6,200‌
6,181,350‌
Series
2024-NQM4,
Class
A3,
5.25%,
12/26/64
(g)
.........
6,946‌
6,932,641‌
Series
2024-NQM4,
Class
B1,
6.96%,
12/26/64
(a)
.........
3,489‌
3,491,891‌
Series
2024-NQM4,
Class
B2,
7.54%,
12/26/64
(a)
.........
2,662‌
2,651,418‌
Series
2024-NQM4,
Class
B3,
7.54%,
12/26/64
(a)
.........
6,092‌
5,934,104‌
Series
2024-NQM4,
Class
M1,
6.31%,
12/26/64
(a)
.........
5,737‌
5,761,072‌
Series
2024-NQM4,
Class
SA,
0.00%,
12/26/64
(a)
.........
11‌
8,685‌
Series
2025-NQM1,
Class
A1,
5.66%,
01/25/65
(g)
.........
50,653‌
50,973,943‌
Series
2025-NQM1,
Class
A2,
5.87%,
01/25/65
(g)
.........
5,841‌
5,885,935‌
Series
2025-NQM1,
Class
A3,
5.97%,
01/25/65
(g)
.........
5,563‌
5,605,346‌
Series
2025-NQM1,
Class
B1,
6.94%,
01/25/65
(a)
.........
3,998‌
3,999,657‌
Series
2025-NQM1,
Class
B2,
7.75%,
01/25/65
(a)
.........
3,476‌
3,473,927‌
Series
2025-NQM1,
Class
B3,
7.75%,
01/25/65
(a)
.........
7,706‌
7,554,291‌
Series
2025-NQM1,
Class
M1,
6.49%,
01/25/65
(a)
.........
6,431‌
6,478,004‌
Series
2025-NQM1,
Class
SA,
0.00%,
01/25/65
(a)
.........
12‌
11,138‌
Series
2025-NQM2,
Class
A1,
5.75%,
05/25/65
(g)
.........
58,725‌
59,423,419‌
Series
2025-NQM2,
Class
A2,
5.94%,
05/25/65
(g)
.........
4,650‌
4,702,291‌
Series
2025-NQM2,
Class
A3,
6.04%,
05/25/65
(g)
.........
9,136‌
9,238,706‌
Series
2025-NQM2,
Class
B1,
7.66%,
05/25/65
(a)
.........
3,307‌
3,370,806‌
Series
2025-NQM2,
Class
B2,
7.66%,
05/25/65
(a)
.........
1,313‌
1,301,507‌
Series
2025-NQM2,
Class
B3,
7.66%,
05/25/65
(a)
.........
243‌
217,756‌
Series
2025-NQM2,
Class
M1,
6.71%,
05/25/65
(a)
.........
6,712‌
6,766,278‌
Series
2025-NQM2,
Class
SA,
0.00%,
05/25/65
(a)
.........
1‌
545‌
Series
2025-NQM3,
Class
A1,
5.64%,
05/25/65
(a)
.........
17,259‌
17,329,703‌
Series
2025-NQM3,
Class
B1,
7.58%,
05/25/65
(a)
.........
1,651‌
1,668,425‌
Series
2025-NQM4,
Class
PT2,
0.00%,
07/25/65
(a)
.........
113,581‌
116,425,766‌
Series
2025-NQM5,
Class
PT2,
0.00%,
10/25/55
(a)
.........
116,590‌
118,650,813‌
Series
2025-NQM7,
Class
PT2,
0.00%,
12/25/64
(a)
.........
115,051‌
117,151,148‌
Series
2026-NQM2,
Class
A1,
4.70%,
12/25/65
(a)
.........
15,054‌
14,852,474‌
Series
2026-NQM3,
Class
PT2,
4.92%,
01/25/66
(a)
.........
86,465‌
87,658,514‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Barclays
Mortgage
Trust
(c)
Series
2021-NPL1,
Class
A,
5.00%,
11/25/51
(g)
..............
USD
21,130‌
$
21,140,359‌
Series
2021-NPL1,
Class
B,
7.63%,
11/25/51
(g)
..............
6,614‌
6,620,301‌
Series
2021-NPL1,
Class
C,
0.00%,
11/25/51
...............
12,828‌
18,472,852‌
Series
2022-RPL1,
Class
A,
7.25%,
02/25/28
(g)
..............
19,727‌
19,736,941‌
Series
2022-RPL1,
Class
B,
7.25%,
02/25/28
(g)
..............
5,006‌
5,007,379‌
Series
2022-RPL1,
Class
C,
0.00%,
02/25/28
...............
8,296‌
3,028,104‌
Series
2022-RPL1,
Class
SA,
0.00%,
02/25/28
..........
37‌
33,067‌
BCAP
LLC
Trust,
Series
2011-RR5,
Class
11A5,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
4.06%,
05/28/36
(a)(c)
..........
1,703‌
1,661,432‌
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%),
4.11%,
11/25/36
..........
1,672‌
1,543,768‌
Series
2007-1,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
and
11.50%
Cap
+
0.43%),
4.11%,
01/25/47
..........
1,364‌
1,284,851‌
Bear
Stearns
Asset-Backed
Securities
I
Trust
Series
2005-AC9,
Class
A5,
6.25%,
12/25/35
(g)
..............
1,924‌
1,916,257‌
Series
2006-AC1,
Class
1A2,
6.25%,
02/25/36
(g)
..............
2,430‌
2,523,389‌
Series
2006-AC2,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
and
7.50%
Cap
+
0.46%),
4.14%,
03/25/36
(a)
..............
5,717‌
1,420,949‌
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%),
4.07%,
08/25/36
..........
557‌
555,254‌
Series
2007-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
10.50%
Cap
+
0.45%),
4.13%,
03/25/37
..........
81‌
74,371‌
Series
2007-AR3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
and
10.50%
Cap
+
0.39%),
4.07%,
03/25/37
..........
1,247‌
1,193,293‌
Series
2007-AR4,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.21%
Floor
and
10.50%
Cap
+
0.32%),
4.00%,
06/25/37
..........
846‌
805,028‌
BRAVO,
Series
2024-NQM6,
Class
B2,
8.01%,
08/01/64
(a)(c)
..........
500‌
505,174‌
BRAVO
Residential
Funding
Trust
(c)
Series
2023-NQM6,
Class
B1,
7.97%,
09/25/63
(a)
.........
1,500‌
1,505,835‌
Series
2024-NQM1,
Class
B1,
8.04%,
12/01/63
..........
565‌
576,381‌
Series
2024-NQM3,
Class
B1,
8.10%,
03/25/64
(a)
.........
845‌
857,612‌
Series
2025-NQM6,
Class
A1,
5.33%,
06/25/65
(g)
.........
11,738‌
11,752,606‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2026-NQM2,
Class
A1LC,
4.77%,
11/25/65
(g)
.........
USD
2,320‌
$
2,297,500‌
CAFL
Issuer
LLC,
Series
2024-RTL1,
Class
A1,
6.75%,
11/28/31
(c)(g)
...
3,230‌
3,250,119‌
CFMT
LLC
(c)
Series
2024-HB14,
Class
M2,
3.00%,
06/25/34
(a)
.........
547‌
528,934‌
Series
2024-HB14,
Class
M3,
3.00%,
06/25/34
(a)
.........
1,360‌
1,309,971‌
Series
2024-HB15,
Class
M2,
4.00%,
08/25/34
(a)
.........
474‌
462,524‌
Series
2024-R1,
Class
A1,
4.00%,
10/25/54
(g)
..............
5,694‌
5,581,789‌
Series
2024-R1,
Class
A2,
4.00%,
10/25/54
(g)
..............
947‌
917,066‌
Chase
Mortgage
Finance
Trust,
Series
2007-S6,
Class
1A1,
6.00%,
12/25/37
.................
49,819‌
19,268,882‌
CHL
Mortgage
Pass-Through
Trust
Series
2005-22,
Class
2A1,
4.78%,
11/25/35
(a)
..............
774‌
644,568‌
Series
2006-17,
Class
A6,
6.00%,
12/25/36
...............
1,200‌
517,918‌
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.96%
Floor
+
0.96%),
4.82%,
04/25/46
(a)
..............
26,614‌
6,957,922‌
Series
2006-OA5,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.51%),
4.19%,
04/25/46
(a)
..
858‌
791,504‌
Series
2007-1,
Class
A2,
6.00%,
03/25/37
...............
770‌
313,536‌
Series
2007-9,
Class
A1,
5.75%,
07/25/37
...............
2,388‌
1,047,753‌
Series
2007-9,
Class
A11,
5.75%,
07/25/37
...............
1,305‌
572,586‌
Series
2007-15,
Class
2A2,
6.50%,
09/25/37
...............
12,956‌
4,283,762‌
Series
2007-J1,
Class
2A1,
6.00%,
02/25/37
...............
2,722‌
944,376‌
CHNGE
Mortgage
Trust,
Series
2022-1,
Class
A1,
4.01%,
01/25/67
(a)(c)
...
3,350‌
3,227,016‌
CIM
Trust
(a)(c)
Series
2019-J2,
Class
B4,
3.76%,
10/25/49
...............
1,449‌
1,173,226‌
Series
2023-I1,
Class
B1,
7.04%,
04/25/58
...............
3,735‌
3,739,833‌
Series
2023-I2,
Class
B1,
6.76%,
12/25/67
...............
4,261‌
4,240,041‌
Citicorp
Mortgage
Securities
Trust
Series
2007-4,
Class
1A14,
6.00%,
05/25/37
...............
1,105‌
964,257‌
Series
2007-9,
Class
1A1,
6.25%,
12/25/37
...............
2,258‌
2,144,302‌
Series
2008-2,
Class
1A1,
6.50%,
06/25/38
...............
3,212‌
2,754,729‌
Citigroup
Mortgage
Loan
Trust
(a)
Series
2007-6,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
6.50%
Cap
+
0.61%),
4.29%,
05/25/37
...............
2,973‌
2,848,643‌
Series
2014-C,
Class
B2,
4.25%,
02/25/54
(c)
..............
582‌
564,739‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A6,
Class
1A11,
6.00%,
06/25/37
.................
USD
658‌
$
602,976‌
COLT
Mortgage
Loan
Trust
(c)
Series
2021-5,
Class
A1,
1.73%,
11/26/66
(a)
..............
4,455‌
4,043,861‌
Series
2021-HX1,
Class
B2,
3.86%,
10/25/66
(a)
..............
1,000‌
777,936‌
Series
2022-1,
Class
B2,
4.16%,
12/27/66
(a)
..............
623‌
541,366‌
Series
2022-3,
Class
B1,
4.21%,
02/25/67
(a)
..............
2,500‌
2,192,666‌
Series
2024-6,
Class
A1,
5.39%,
11/25/69
(g)
..............
13,660‌
13,678,551‌
Series
2025-6,
Class
A1,
5.53%,
08/25/70
(g)
..............
13,634‌
13,689,438‌
Series
2025-7,
Class
A1,
5.47%,
06/25/70
(g)
..............
8,653‌
8,677,778‌
Series
2025-7,
Class
B1,
6.92%,
06/25/70
(a)
..............
1,000‌
1,001,146‌
Series
2025-8,
Class
A1,
5.48%,
08/25/70
(g)
..............
4,847‌
4,864,025‌
Series
2025-8,
Class
B1,
7.10%,
08/25/70
(a)
..............
1,618‌
1,622,262‌
Series
2025-9,
Class
B1,
6.82%,
09/25/70
(a)
..............
1,891‌
1,886,858‌
Series
2025-11,
Class
A1,
5.05%,
11/25/70
(a)
..............
15,669‌
15,617,258‌
Series
2025-11,
Class
B1,
6.90%,
11/25/70
(a)
..............
1,491‌
1,485,442‌
Series
2025-12,
Class
A1LC,
5.09%,
01/26/71
(g)
..............
3,000‌
2,977,776‌
Series
2025-12,
Class
B1,
6.86%,
01/26/71
(a)
..............
1,989‌
1,986,139‌
Credit
Suisse
Mortgage
Capital
Certificates
(c)
Series
2009-12R,
Class
3A1,
6.50%,
10/27/37
...............
21,074‌
7,849,782‌
Series
2021-JR1,
Class
PT2,
0.00%,
07/26/60
(a)
..............
444‌
184,621‌
Cross
Mortgage
Trust
(c)
Series
2024-H7,
Class
A1,
5.59%,
11/25/69
(a)
..............
2,112‌
2,119,146‌
Series
2025-H5,
Class
A1,
5.51%,
07/25/70
(a)
..............
12,449‌
12,488,538‌
Series
2025-H6,
Class
B1B,
7.56%,
07/25/70
(a)
..............
1,636‌
1,627,861‌
Series
2025-H8,
Class
A1A,
5.00%,
11/25/70
(g)
..............
11,152‌
11,098,375‌
Series
2025-H10,
Class
B1,
7.13%,
01/25/71
(a)
..............
553‌
544,701‌
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%),
5.14%,
11/25/35
(a)
......
3,144‌
604,397‌
CSMC
Mortgage-Backed
Trust,
Series
2006-4,
Class
1A3,
6.00%,
05/25/36
612‌
305,110‌
CSMC
Trust
(c)
Series
2014-9R,
Class
9A1,
(1-mo.
CME
Term
SOFR
at
0.12%
Floor
+
0.23%),
4.03%,
08/27/36
(a)
..
1,508‌
1,258,209‌
Series
2014-SAF1,
Class
B5,
3.85%,
03/25/44
(a)
..............
2,824‌
2,146,864‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
99
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2015-4R,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
4.04%,
10/27/36
(a)
..
USD
4,203‌
$
2,826,134‌
Series
2015-6R,
Class
5A2,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.29%),
3.97%,
03/27/36
(a)
..
2,544‌
2,160,759‌
Series
2020-NQM1,
Class
A3,
2.72%,
05/25/65
(g)
.........
393‌
378,348‌
Series
2021-NQM8,
Class
M1,
3.26%,
10/25/66
(a)
.........
1,453‌
1,109,957‌
Series
2022-NQM6,
Class
PT,
9.21%,
12/25/67
(a)
.........
20,244‌
20,373,891‌
Deephaven
Residential
Mortgage
Trust
(c)
Series
2022-2,
Class
M1,
4.30%,
03/25/67
(a)
..............
2,349‌
2,102,053‌
Series
2022-3,
Class
B1,
5.27%,
07/25/67
(a)
..............
3,178‌
2,993,971‌
Series
2022-3,
Class
M1,
5.27%,
07/25/67
(a)
..............
5,876‌
5,661,906‌
Series
2024-1,
Class
A1,
5.74%,
07/25/69
(g)
..............
3,610‌
3,637,693‌
Series
2025-INV1,
Class
A1,
5.09%,
11/25/60
(a)
..............
13,258‌
13,219,626‌
Series
2025-INV1,
Class
B1,
6.68%,
11/25/60
(a)
..............
1,876‌
1,851,404‌
Series
2026-INV1,
Class
A1,
4.80%,
12/25/70
(a)
..............
6,637‌
6,583,491‌
Series
2026-INV1,
Class
B1,
6.57%,
12/25/70
(a)
..............
407‌
401,545‌
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
A2A,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.13%,
08/25/47
(a)
................
1,904‌
1,758,470‌
Deutsche
Alt-B
Securities
Mortgage
Loan
Trust
(a)
Series
2006-AB3,
Class
A3,
6.51%,
07/25/36
...............
694‌
603,704‌
Series
2006-AB3,
Class
A8,
6.36%,
07/25/36
...............
441‌
383,896‌
Easy
Street
Mortgage
Loan
Trust,
Series
2025-RTL2,
Class
A1,
5.61%,
10/25/40
(c)(g)
...............
4,803‌
4,807,852‌
Ellington
Financial
Mortgage
Trust
(c)
Series
2022-4,
Class
B2,
5.87%,
09/25/67
(a)
..............
4,578‌
4,529,124‌
Series
2025-INV3,
Class
A1,
5.44%,
07/25/70
(g)
..............
12,988‌
13,014,400‌
Series
2025-INV4,
Class
B1,
6.84%,
10/25/70
(a)
..............
3,020‌
3,015,243‌
Series
2025-INV4,
Class
B2,
7.38%,
10/25/70
(a)
..............
1,917‌
1,893,666‌
Series
2025-NQM2,
Class
A1,
5.60%,
06/25/70
(a)
.........
12,321‌
12,369,551‌
Series
2025-NQM5,
Class
A1,
5.03%,
11/25/70
(a)
.........
11,200‌
11,142,147‌
Series
2025-NQM6,
Class
A1A,
5.00%,
12/25/70
(g)
.........
11,209‌
11,146,288‌
Series
2026-NQM1,
Class
A1,
4.77%,
02/25/71
(a)
.........
11,216‌
11,106,409‌
Series
2026-NQM1,
Class
A1LC,
4.96%,
02/25/71
(g)
.........
1,453‌
1,443,726‌
Series
2026-NQM1,
Class
B1,
6.54%,
02/25/71
(a)
.........
628‌
621,073‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
EverBank
Mortgage
Loan
Trust,
Series
2013-2,
Class
B5,
3.34%,
06/25/43
(a)
(c)
......................
USD
3,943‌
$
2,653,777‌
First
Horizon
Alternative
Mortgage
Securities
Trust
(a)
Series
2005-AA12,
Class
2A1,
4.72%,
02/25/36
..........
74‌
43,439‌
Series
2006-AA7,
Class
A1,
4.62%,
01/25/37
...............
105‌
80,640‌
Gaea
Mortgage
Loan
Trust,
Series
2025-A,
Class
A,
6.75%,
02/25/30
(a)
(c)
......................
2,830‌
2,784,643‌
GCAT
Trust
(c)
Series
2020-NQM2,
Class
B1,
4.85%,
04/25/65
(a)
.........
4,430‌
4,178,041‌
Series
2021-NQM3,
Class
B1,
3.47%,
05/25/66
(a)
.........
3,170‌
2,382,922‌
Series
2021-NQM4,
Class
A1,
1.09%,
08/25/66
(a)
.........
1,512‌
1,278,061‌
Series
2022-NQM2,
Class
M1,
4.19%,
02/25/67
(a)
.........
2,664‌
2,218,756‌
Series
2025-NQM3,
Class
A1,
0.00%,
05/25/70
(g)
.........
12,923‌
12,971,308‌
Series
2025-NQM4,
Class
A1,
0.00%,
06/25/70
(g)
.........
6,369‌
6,390,933‌
Series
2025-NQM4,
Class
B1,
7.20%,
06/25/70
(a)
.........
917‌
921,382‌
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%),
5.91%,
03/25/36
(a)
.....
1,103‌
1,017,035‌
GS
Mortgage-Backed
Securities
Corp.
Trust
(c)
Series
2019-PJ2,
Class
B4,
4.35%,
11/25/49
(a)
..............
2,343‌
2,125,896‌
Series
2019-PJ2,
Class
B5,
4.35%,
11/25/49
(a)
..............
1,592‌
1,172,278‌
Series
2020-PJ2,
Class
B4,
3.52%,
07/25/50
(a)
..............
1,817‌
1,546,352‌
Series
2025-NQM6,
Class
A1,
5.02%,
02/25/66
(g)
.........
14,359‌
14,305,451‌
Series
2025-NQM6,
Class
B1,
6.60%,
02/25/66
(a)
.........
754‌
746,018‌
GS
Mortgage-Backed
Securities
Trust
(c)
Series
2023-CCM1,
Class
B1,
7.36%,
08/25/53
(a)
.........
2,130‌
2,121,925‌
Series
2025-DSC2,
Class
A1,
5.04%,
01/25/66
(g)
.........
4,417‌
4,404,589‌
Series
2025-DSC2,
Class
B1,
6.73%,
01/25/66
(a)
.........
1,780‌
1,768,793‌
Series
2025-NQM2,
Class
A1,
5.65%,
06/25/65
(g)
.........
7,493‌
7,534,681‌
Series
2025-NQM3,
Class
B1,
6.87%,
11/25/65
..........
1,475‌
1,473,377‌
Series
2025-NQM3,
Class
B2,
7.36%,
11/25/65
(a)
.........
1,568‌
1,548,119‌
Series
2025-NQM4,
Class
B1,
6.77%,
10/25/65
(a)
.........
1,658‌
1,652,019‌
Series
2025-NQM4,
Class
B2,
7.25%,
10/25/65
(a)
.........
1,326‌
1,313,296‌
Series
2025-NQM5,
Class
A1,
5.01%,
07/25/65
(g)
.........
7,662‌
7,621,043‌
Series
2025-NQM5,
Class
B1,
6.74%,
07/25/65
(a)
.........
1,667‌
1,657,869‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-RPL3,
Class
A1,
4.10%,
07/25/65
(g)
..............
USD
11,270‌
$
10,941,661‌
Series
2026-NQM1,
Class
A1,
4.87%,
03/25/66
(a)
.........
1,323‌
1,315,007‌
GSMPS
Mortgage
Loan
Trust
(a)(c)
Series
2005-RP1,
Class
1AF,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
4.14%,
01/25/35
...
2,097‌
1,816,043‌
Series
2005-RP2,
Class
1AF,
(1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
0.46%),
4.14%,
03/25/35
...
3,077‌
2,869,080‌
Series
2006-RP1,
Class
1AF1,
(1-
mo.
CME
Term
SOFR
at
0.35%
Floor
and
9.15%
Cap
+
0.46%),
4.14%,
01/25/36
..........
2,024‌
1,623,746‌
GSR
Mortgage
Loan
Trust
Series
2005-AR1,
Class
2A1,
6.33%,
01/25/35
(a)
..............
200‌
197,903‌
Series
2007-1F,
Class
2A4,
5.50%,
01/25/37
...............
33‌
84,204‌
Series
2007-OA2,
Class
2A1,
2.89%,
06/25/47
(a)
.........
1,227‌
692,577‌
HarborView
Mortgage
Loan
Trust
(a)
Series
2005-1,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.64%
Floor
+
0.75%),
4.43%,
03/19/35
...
2,196‌
1,050,711‌
Series
2006-12,
Class
1A1A,
(1-mo.
CME
Term
SOFR
at
0.41%
Floor
+
0.52%),
4.20%,
12/19/36
...
9,854‌
8,273,684‌
Series
2007-3,
Class
1A1A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.51%),
4.19%,
05/19/37
...
2,762‌
2,320,904‌
Series
2007-4,
Class
2A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
and
10.00%
Cap
+
0.61%),
4.04%,
07/19/37
..........
877‌
872,381‌
Homes
Trust
(c)
Series
2025-AFC2,
Class
A1A,
5.47%,
06/25/60
(g)
.........
12,211‌
12,247,239‌
Series
2025-AFC4,
Class
A1A,
5.15%,
11/25/60
(g)
.........
6,633‌
6,620,838‌
Series
2025-NQM2,
Class
A1,
5.42%,
02/25/70
(g)
.........
6,408‌
6,419,377‌
Series
2025-NQM3,
Class
A1,
5.63%,
02/25/70
(a)
.........
12,014‌
12,073,096‌
Series
2025-NQM5,
Class
A1,
5.03%,
09/25/70
(a)
.........
12,378‌
12,315,197‌
Series
2025-NQM5,
Class
B1,
6.79%,
09/25/70
(a)
.........
3,009‌
2,983,688‌
Impac
Secured
Assets
Trust,
Series
2006-3,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.13%,
11/25/36
(a)
...........
2,992‌
2,771,495‌
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2006-AR15,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
4.03%,
07/25/36
...
507‌
508,189‌
Series
2006-AR35,
Class
2A1A,
(1-
mo.
CME
Term
SOFR
at
0.34%
Floor
and
10.50%
Cap
+
0.45%),
4.13%,
01/25/37
..........
917‌
839,521‌
Series
2006-AR41,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
and
11.00%
Cap
+
0.47%),
4.15%,
02/25/37
..........
788‌
764,803‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2007-AR19,
Class
3A1,
3.83%,
09/25/37
..........
USD
4,757‌
$
3,071,252‌
Series
2007-FLX5,
Class
2A2,
(1-
mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
4.27%,
08/25/37
1,208‌
1,127,128‌
J.P.
Morgan
Alternative
Loan
Trust,
Series
2007-A2,
Class
2A1,
4.67%,
05/25/37
(a)
................
601‌
527,104‌
J.P.
Morgan
Mortgage
Trust
Series
2007-A1,
Class
4A1,
6.18%,
07/25/35
(a)
..............
3‌
2,660‌
Series
2021-4,
Class
B3,
2.90%,
08/25/51
(a)(c)
.............
6,171‌
5,027,761‌
Series
2021-4,
Class
B4,
2.90%,
08/25/51
(a)(c)
.............
556‌
443,977‌
Series
2021-4,
Class
B5,
2.90%,
08/25/51
(a)(c)
.............
417‌
327,242‌
Series
2021-4,
Class
B6,
2.90%,
08/25/51
(a)(c)
.............
1,261‌
546,793‌
Series
2021-INV5,
Class
A5A,
2.50%,
12/25/51
(a)(c)
........
15,886‌
13,105,797‌
Series
2021-INV5,
Class
B4,
3.19%,
12/25/51
(a)(c)
.............
2,375‌
1,972,064‌
Series
2021-INV5,
Class
B5,
3.19%,
12/25/51
(a)(c)
.............
831‌
676,231‌
Series
2021-INV5,
Class
B6,
3.07%,
12/25/51
(a)(c)
.............
2,849‌
1,498,973‌
Series
2021-INV7,
Class
A5A,
2.50%,
02/25/52
(a)(c)
........
7,358‌
6,070,680‌
Series
2021-INV7,
Class
B1,
3.27%,
02/25/52
(a)(c)
.............
7,036‌
6,063,158‌
Series
2021-INV7,
Class
B2,
3.27%,
02/25/52
(a)(c)
.............
1,651‌
1,406,049‌
Series
2021-INV7,
Class
B3,
3.27%,
02/25/52
(a)(c)
.............
2,297‌
1,937,142‌
Series
2021-INV7,
Class
B4,
3.27%,
02/25/52
(a)(c)
.............
1,221‌
1,020,890‌
Series
2021-INV7,
Class
B5,
3.27%,
02/25/52
(a)(c)
.............
502‌
414,584‌
Series
2021-INV7,
Class
B6,
2.94%,
02/25/52
(a)(c)
.............
1,645‌
848,680‌
Series
2024-VIS1,
Class
B2,
8.04%,
07/25/64
(a)(c)
.............
1,000‌
1,002,437‌
Series
2024-VIS2,
Class
B1,
7.69%,
11/25/64
(a)(c)
.............
3,191‌
3,221,516‌
Series
2025-DSC2,
Class
B1,
6.92%,
10/25/65
(a)(c)
........
2,000‌
2,029,029‌
Series
2025-NQM5,
Class
A1LC,
5.02%,
05/25/66
(c)(g)
........
3,828‌
3,801,056‌
Series
2025-VIS2,
Class
A1,
5.38%,
12/25/55
(a)(c)
.............
14,337‌
14,360,111‌
Series
2025-VIS2,
Class
A1B,
5.38%,
12/25/55
(c)(g)
........
1,912‌
1,911,538‌
Series
2025-VIS3,
Class
B1,
6.76%,
02/25/66
(a)(c)
.............
2,590‌
2,568,600‌
Series
2025-VIS3,
Class
B2,
7.23%,
02/25/66
(a)(c)
.............
1,647‌
1,607,629‌
Series
2026-NQM1,
Class
A1LC,
4.93%,
06/25/66
(c)(g)
........
4,525‌
4,486,711‌
Legacy
Mortgage
Asset
Trust,
Series
2021-GS2,
Class
A1,
5.75%,
04/25/61
(c)(g)
...............
24,141‌
24,183,037‌
Lehman
XS
Trust,
Series
2007-16N,
Class
AF2,
(1-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.01%),
5.69%,
09/25/47
(a)
................
2,320‌
3,336,129‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
101
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
MASTR
Resecuritization
Trust,
Series
2008-3,
Class
A1,
3.28%,
08/25/37
(a)
(c)
......................
USD
1,251‌
$
369,189‌
MCM
Trust
(d)
  0.00%,
09/25/31
(h)
..........
38,452‌
29,581,544‌
  2.50%,
09/25/31
...........
54,076‌
51,963,249‌
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
4.21%,
04/25/37
(a)
2,196‌
1,775,355‌
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-AF2,
Class
AV1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
4.11%,
09/25/37
(a)
......
1,186‌
582,491‌
MFA
Trust
(c)
Series
2020-NQM1,
Class
A3,
3.30%,
08/25/49
(a)
.........
92‌
89,211‌
Series
2021-INV1,
Class
M1,
2.29%,
01/25/56
(a)
..............
4,189‌
3,997,186‌
Series
2021-NQM1,
Class
B1,
3.51%,
04/25/65
(a)
.........
6,050‌
5,079,611‌
Series
2022-NQM1,
Class
M1,
4.30%,
12/25/66
(a)
.........
4,096‌
3,675,456‌
Series
2024-NPL1,
Class
A1,
6.33%,
09/25/54
(g)
..............
22,197‌
22,224,169‌
Series
2025-NQM3,
Class
A1,
5.26%,
08/25/70
(g)
.........
12,181‌
12,167,368‌
Series
2025-NQM3,
Class
B1,
6.93%,
08/25/70
(a)
.........
1,850‌
1,874,262‌
Morgan
Stanley
Resecuritization
Trust,
Series
2013-R7,
Class
1B,
(1-mo.
CME
Term
SOFR
at
0.16%
Floor
and
10.50%
Cap
+
0.27%),
4.11%,
12/26/46
(a)(c)
...............
970‌
894,069‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
(c)
Series
2014-1A,
Class
B3,
5.88%,
06/25/44
(a)
..............
777‌
783,501‌
Series
2023-NQM1,
Class
B1,
7.33%,
09/25/68
(a)
.........
2,830‌
2,838,757‌
Series
2025-DSC2,
Class
A1,
(SOFR
30
day
Average
+
0.00%),
5.44%,
07/25/70
(a)
.........
15,851‌
15,892,187‌
Series
2025-DSC2,
Class
B1,
7.11%,
07/25/70
(a)
.........
1,557‌
1,564,112‌
Series
2025-NQM4,
Class
A1,
5.59%,
06/25/70
(g)
.........
12,635‌
12,683,094‌
Series
2025-NQM5,
Class
A1,
5.44%,
07/25/70
(a)
.........
4,300‌
4,304,800‌
Series
2025-NQM7,
Class
B1,
6.59%,
09/25/70
(a)
.........
2,712‌
2,689,002‌
Series
2025-SPL1,
Class
M1,
4.25%,
02/25/65
(g)
.........
1,609‌
1,501,905‌
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
9.00%
Cap
+
0.45%),
4.12%,
04/16/36
(a)(c)
...............
3,248‌
3,202,315‌
NACC
Reperforming
Loan
REMIC
Trust
(c)
Series
2004-R1,
Class
A1,
6.50%,
03/25/34
...............
2,385‌
2,179,990‌
Series
2004-R1,
Class
A2,
7.50%,
03/25/34
...............
548‌
515,150‌
NCMF
Trust,
8.44%,
06/10/33
(a)(c)
...
25,735‌
25,892,521‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
New
Residential
Mortgage
Loan
Trust
(c)
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)
..............
USD
1,241‌
$
1,215,442‌
Series
2020-RPL1,
Class
B3,
3.83%,
11/25/59
(a)
..............
10,258‌
8,243,664‌
Series
2024-NQM3,
Class
B1,
7.16%,
11/25/64
(a)
.........
1,596‌
1,613,369‌
Series
2025-NQM4,
Class
A1,
5.35%,
07/25/65
(a)
.........
5,995‌
5,999,155‌
Series
2025-NQM4,
Class
B1,
7.02%,
07/25/65
(a)
.........
1,880‌
1,906,300‌
Series
2025-NQM5,
Class
A1,
5.11%,
08/25/65
(a)
.........
7,433‌
7,407,662‌
Series
2025-NQM5,
Class
B1,
6.83%,
08/25/65
(a)
.........
1,300‌
1,279,673‌
Series
2025-NQM5,
Class
B2,
7.40%,
08/25/65
(a)
.........
833‌
815,774‌
Series
2025-NQM7,
Class
A1LC,
5.16%,
10/26/65
(g)
.........
1,750‌
1,744,394‌
Series
2026-NQM1,
Class
A1,
4.82%,
11/25/65
(a)
.........
1,566‌
1,551,803‌
NLT
Trust,
Series
2021-INV2,
Class
B1,
3.32%,
08/25/56
(a)(c)
..........
1,895‌
1,462,881‌
NMLT
Trust,
Series
2021-INV1,
Class
B1,
3.61%,
05/25/56
(a)(c)
.......
2,642‌
2,100,138‌
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust
Series
2001-R1A,
Class
A,
7.00%,
02/19/30
(a)(c)
.............
513‌
511,764‌
Series
2005-AP1,
Class
2A4,
6.05%,
02/25/35
(g)
..............
482‌
462,831‌
Series
2006-AF1,
Class
1A4,
7.13%,
05/25/36
(g)
..............
1,486‌
254,825‌
Series
2007-2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.84%
Floor
+
0.95%),
4.63%,
06/25/37
(a)
..
569‌
478,438‌
NRZT,
Series
2025-NQM6,
Class
A1,
5.09%,
10/25/65
(a)(c)
..........
14,567‌
14,531,018‌
NYMT
Loan
Trust
(c)
Series
2024-INV1,
Class
A1,
5.38%,
06/25/69
(a)
..............
5,106‌
5,116,894‌
Series
2026-INV1,
Class
A1,
4.77%,
02/25/61
(a)
..............
2,772‌
2,755,071‌
Series
2026-INV1,
Class
A1LC,
4.94%,
02/25/61
(g)
.........
916‌
911,896‌
OBX
Trust
(c)(g)
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
..........
6,537‌
6,515,155‌
Series
2025-NQM11,
Class
A1A,
5.42%,
05/25/65
..........
11,732‌
11,768,593‌
PRKCM
Trust
(a)(c)
Series
2021-AFC2,
Class
A1,
2.07%,
11/25/56
...............
2,665‌
2,362,011‌
Series
2022-AFC1,
Class
A1A,
4.10%,
04/25/57
..........
1,302‌
1,296,527‌
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
...............
8,993‌
8,966,653‌
Series
2023-AFC1,
Class
B1,
7.26%,
02/25/58
..........
4,567‌
4,548,244‌
Series
2026-AFC1,
Class
A1,
4.68%,
02/25/61
...............
19,237‌
19,034,755‌
PRPM
LLC,
Series
2025-RCF3,
Class
A2,
5.25%,
07/25/55
(c)(g)
.......
2,750‌
2,735,493‌
PRPM
Trust
(c)
Series
2022-NQM1,
Class
B1,
5.37%,
08/25/67
(a)
.........
964‌
949,713‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
102
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-NQM1,
Class
B1,
7.39%,
12/25/68
(a)
.........
USD
2,066‌
$
2,077,885‌
Series
2025-NQM3,
Class
A1,
5.61%,
05/25/70
(a)
.........
12,809‌
12,853,835‌
Series
2025-NQM3,
Class
B1,
6.89%,
05/25/70
(a)
.........
4,229‌
4,232,129‌
Series
2025-NQM5,
Class
A1A,
5.18%,
10/25/70
(g)
.........
11,012‌
10,981,490‌
Series
2025-NQM6,
Class
A1,
4.99%,
12/25/70
(a)
.........
12,487‌
12,404,708‌
Series
2025-NQM6,
Class
A1LC,
5.12%,
12/25/70
(g)
.........
634‌
631,587‌
Series
2025-NQM6,
Class
B1,
6.96%,
12/25/70
(a)
.........
547‌
542,818‌
Rain
City
Mortgage
Trust,
Series
2024-
RTL1,
Class
A1,
6.53%,
09/25/29
(c)(g)
6,457‌
6,515,904‌
RALI
Trust
(a)
Series
2006-QA10,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
4.15%,
12/25/36
...
2,742‌
2,503,671‌
Series
2007-QH9,
Class
A1,
3.97%,
11/25/37
...............
503‌
424,426‌
Series
2007-QO2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
3.94%,
02/25/47
...
442‌
128,159‌
RCKT
Mortgage
Trust
(c)
Series
2020-1,
Class
B4,
3.47%,
02/25/50
(a)
..............
1,501‌
1,347,594‌
Series
2024-CES8,
Class
A1A,
5.49%,
11/25/44
(g)
.........
2,864‌
2,874,616‌
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%),
4.15%,
03/25/35
...............
251‌
242,062‌
Series
2005-R2,
Class
1AF1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
9.50%
Cap
+
0.45%),
4.13%,
06/25/35
...............
499‌
485,950‌
Series
2005-R3,
Class
AF,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
and
9.50%
Cap
+
0.51%),
4.19%,
09/25/35
...............
880‌
741,466‌
Residential
Mortgage
Loan
Trust
(a)(c)
Series
2019-2,
Class
B2,
6.04%,
05/25/59
...............
4,847‌
4,774,859‌
Series
2019-3,
Class
B2,
5.66%,
09/25/59
...............
5,659‌
5,620,180‌
Series
2020-1,
Class
B2,
4.66%,
01/26/60
...............
2,129‌
1,973,234‌
RFMSI
Trust
(a)
Series
2006-SA2,
Class
2A1,
5.49%,
08/25/36
...............
6,667‌
4,426,963‌
Series
2006-SA4,
Class
2A1,
5.43%,
11/25/36
...............
365‌
309,711‌
RMF
Buyout
Issuance
Trust,
Series
2021-HB1,
Class
M6,
6.00%,
11/25/31
(a)(c)
...............
4,849‌
4,328,478‌
Saluda
Grade
Alternative
Mortgage
Trust
(c)(g)
Series
2024-RTL4,
Class
A1,
7.50%,
02/25/30
...............
81‌
80,507‌
Series
2024-RTL5,
Class
A1,
7.76%,
04/25/30
...............
10,861‌
10,848,236‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Santander
Mortgage
Asset
Receivable
Trust
(c)
Series
2025-NQM3,
Class
A1,
5.60%,
05/25/65
(g)
.........
USD
12,129‌
$
12,177,133‌
Series
2025-NQM5,
Class
B1,
6.89%,
08/25/65
(a)
.........
3,165‌
3,151,688‌
Series
2025-NQM6,
Class
A1,
5.14%,
11/25/65
(a)
.........
8,834‌
8,808,855‌
Series
2026-NQM1,
Class
A1,
4.95%,
11/25/65
(a)
.........
6,325‌
6,283,936‌
Seasoned
Loans
Structured
Transaction
Trust
(a)(c)
Series
2020-2,
Class
M1,
4.75%,
09/25/60
...............
6,968‌
6,931,478‌
Series
2020-3,
Class
M1,
4.75%,
04/26/60
...............
354‌
350,886‌
Sequoia
Mortgage
Trust,
Series
2007-3,
Class
2AA1,
4.38%,
07/20/37
(a)
..
1,183‌
902,627‌
SG
Residential
Mortgage
Trust
(c)
Series
2019-3,
Class
B1,
4.08%,
09/25/59
(a)
..............
1,593‌
1,522,086‌
Series
2025-1,
Class
A1,
5.10%,
12/25/65
(a)
..............
12,261‌
12,217,755‌
Series
2025-1,
Class
ALCF,
5.23%,
12/25/65
...............
1,911‌
1,908,392‌
Series
2026-1,
Class
A1,
4.78%,
01/25/66
(a)
..............
17,898‌
17,728,576‌
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-SH1,
Class
A3,
4.10%,
07/25/57
(c)(g)
...............
1,527‌
1,493,381‌
STARM
Mortgage
Loan
Trust,
Series
2007-2,
Class
3A3,
5.60%,
04/25/37
(a)
................
267‌
135,844‌
Starwood
Mortgage
Residential
Trust
(c)
Series
2020-3,
Class
B1,
4.75%,
04/25/65
(a)
..............
4,942‌
4,606,068‌
Series
2020-INV1,
Class
M1,
2.50%,
11/25/55
...............
1,545‌
1,461,522‌
Series
2021-2,
Class
M1,
2.18%,
05/25/65
(a)
..............
4,564‌
4,218,413‌
Structured
Adjustable
Rate
Mortgage
Loan
Trust
(a)
Series
2005-11,
Class
1A1,
4.67%,
05/25/35
...............
488‌
405,361‌
Series
2006-3,
Class
4A,
3.98%,
04/25/36
...............
1,260‌
642,128‌
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%),
4.25%,
02/25/36
..........
641‌
605,476‌
Series
2006-AR4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
and
10.50%
Cap
+
0.49%),
4.17%,
06/25/36
..........
3,526‌
3,178,718‌
Series
2006-AR5,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
and
10.50%
Cap
+
0.53%),
4.21%,
05/25/46
..........
843‌
596,674‌
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
(c)
Series
2006-RF3,
Class
1A2,
6.00%,
10/25/36
...............
1,890‌
1,006,605‌
Series
2006-RF4,
Class
2A1,
6.00%,
10/25/36
...............
2,206‌
1,075,595‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
103
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Thornburg
Mortgage
Securities
Trust,
Series
2006-3,
Class
A1,
(1M
Sofr
FWD
at
0.09%
Floor
+
0.20%),
4.21%,
06/25/46
(a)
...........
USD
2,651‌
$
1,091,814‌
Toorak
Mortgage
Trust,
Series
2024-2,
Class
A1,
6.33%,
10/25/31
(c)(g)
...
1,634‌
1,641,581‌
TRK
Trust
(a)(c)
Series
2021-INV1,
Class
B1,
3.29%,
07/25/56
...............
1,876‌
1,554,663‌
Series
2021-INV2,
Class
B1,
4.10%,
11/25/56
...............
6,120‌
5,313,447‌
TVC
DSCR,
Series
2021-1,
Class
A,
2.38%,
02/01/51
(c)(d)
..........
19,733‌
18,626,168‌
TVC
DSCR
Trust,
Series
2021-1,
2.38%,
03/25/28
(d)
...........
12,832‌
9,769,915‌
Verus
Securitization
Trust
(c)
Series
2021-3,
Class
B1,
3.20%,
06/25/66
(a)
..............
3,316‌
2,589,443‌
Series
2021-6,
Class
B1,
4.05%,
10/25/66
(a)
..............
540‌
451,251‌
Series
2021-6,
Class
M1,
2.94%,
10/25/66
(a)
..............
1,567‌
1,211,606‌
Series
2021-8,
Class
A1,
2.82%,
11/25/66
(a)
..............
4,154‌
3,803,468‌
Series
2022-1,
Class
B1,
4.01%,
01/25/67
(a)
..............
2,802‌
2,211,674‌
Series
2022-3,
Class
B1,
4.05%,
02/25/67
(a)
..............
2,034‌
1,637,278‌
Series
2024-7,
Class
B1,
6.50%,
09/25/69
(a)
..............
1,643‌
1,643,757‌
Series
2025-5,
Class
A1,
5.43%,
06/25/70
(g)
..............
8,666‌
8,693,467‌
Series
2025-6,
Class
A1,
5.42%,
07/25/70
(g)
..............
20,140‌
20,208,488‌
Series
2025-7,
Class
B1,
6.62%,
08/25/70
(a)
..............
1,850‌
1,858,055‌
Series
2025-7,
Class
B2,
7.50%,
08/25/70
(a)
..............
1,414‌
1,399,823‌
Series
2025-8,
Class
B1,
6.48%,
09/25/70
...............
1,338‌
1,322,581‌
Series
2025-8,
Class
B2,
7.50%,
09/25/70
(a)
..............
656‌
648,839‌
Series
2025-9,
Class
B1,
6.54%,
10/27/70
(a)
..............
1,250‌
1,240,447‌
Series
2025-9,
Class
B2,
7.38%,
10/27/70
(a)
..............
700‌
695,213‌
Series
2025-12,
Class
A1LC,
5.11%,
12/25/70
(g)
..............
7,398‌
7,347,741‌
Series
2025-12,
Class
B1,
6.56%,
12/25/70
(a)
..............
735‌
729,452‌
Series
2025-R1,
Class
B1,
6.40%,
05/25/65
(a)
..............
389‌
385,660‌
Series
2026-1,
Class
A1LC,
5.02%,
01/25/71
(g)
..............
4,069‌
4,049,435‌
Series
2026-R1,
Class
A1,
4.83%,
10/25/67
(a)
..............
7,067‌
7,004,429‌
Series
2026-R1,
Class
A1LC,
4.94%,
10/25/67
(g)
..............
10,412‌
10,359,890‌
Visio
Trust
(a)(c)
Series
2019-2,
Class
B1,
3.91%,
11/25/54
...............
1,825‌
1,736,936‌
Series
2020-1,
Class
M1,
4.45%,
08/25/55
...............
1,900‌
1,843,870‌
Series
2022-1,
Class
B1,
5.66%,
08/25/57
...............
4,722‌
4,702,248‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Vista
Point
Securitization
Trust
(a)(c)
Series
2020-2,
Class
B1,
4.90%,
04/25/65
...............
USD
1,160‌
$
1,140,843‌
Series
2020-2,
Class
B2,
5.16%,
04/25/65
...............
1,100‌
1,054,617‌
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%),
4.85%,
06/25/46
...............
231‌
216,405‌
Series
2007-HY3,
Class
4A1,
4.86%,
03/25/37
...............
44‌
41,184‌
Series
2007-OA5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.75%
Floor
+
0.75%),
4.61%,
06/25/47
...............
5,849‌
5,047,719‌
Series
2007-OA5,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.25%
Floor
+
0.80%),
4.66%,
06/25/47
...............
1,661‌
1,412,751‌
Washington
Mutual
Mortgage
Pass-
Through
Certificates
WMALT
(a)
Series
2006-AR10,
Class
A2A,
(1-
mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
4.13%,
12/25/36
1,053‌
886,061‌
Series
2007-OA3,
Class
5A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.25%
Floor
+
1.25%),
5.11%,
04/25/47
...............
1,587‌
1,404,416‌
Series
2007-OC2,
Class
A3,
(1-mo.
CME
Term
SOFR
at
0.62%
Floor
+
0.73%),
4.41%,
06/25/37
...
1,490‌
1,447,958‌
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%),
4.34%,
11/25/35
(a)
..............
558‌
421,216‌
Series
2005-9,
Class
5A9,
5.50%,
11/25/35
...............
227‌
186,391‌
Series
2006-1,
Class
4CB,
6.50%,
02/25/36
...............
1,691‌
1,372,056‌
Series
2006-4,
Class
1A1,
6.00%,
04/25/36
...............
2,219‌
2,091,965‌
Series
2006-4,
Class
3A1,
7.00%,
05/25/36
(g)
..............
2,498‌
2,197,136‌
Series
2006-4,
Class
3A5,
6.85%,
05/25/36
(g)
..............
664‌
584,100‌
Series
2007-OA1,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.72%
Floor
+
0.72%),
4.58%,
12/25/46
(a)
..............
4,677‌
3,914,066‌
Western
Alliance
Bank
(a)(c)
Series
2021-CL2,
Class
M1,
(SOFR
30
day
Average
at
0.00%
Floor
+
3.15%),
6.81%,
07/25/59
....
10,460‌
10,931,701‌
Series
2021-CL2,
Class
M2,
(SOFR
30
day
Average
at
0.00%
Floor
+
3.70%),
7.36%,
07/25/59
....
14,286‌
15,153,612‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
104
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
WinWater
Mortgage
Loan
Trust,
Series
2014-3,
Class
B5,
4.00%,
11/20/44
(a)
(c)
......................
USD
1,651‌
$
1,245,823‌
2,712,534,005‌
Commercial
Mortgage-Backed
Securities
—
6.5%
Ireland
—
0.5%
(a)
Aesir
European
Loan
Conduit
No.
41
DAC
Series
41X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.23%),
4.97%,
01/23/36
(b)
..............
GBP
7,430‌
9,811,070‌
Series
41X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.40%),
5.14%,
01/23/36
(b)
..............
1,786‌
2,336,247‌
DBMS
DAC
Series
2025-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.28%),
5.04%,
02/18/36
(b)
..............
9,248‌
12,213,748‌
Series
2025-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.26%,
02/18/36
(b)
..............
1,647‌
2,172,843‌
Series
2025-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.80%),
5.56%,
02/18/36
(b)
..............
1,708‌
2,259,910‌
Lagarino
European
Loan
Conduit
No.
40
DAC
Series
40X,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
and
5.50%
Cap
+
1.50%),
3.61%,
06/22/37
(b)
..............
EUR
11,636‌
13,441,489‌
Series
40X,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.15%),
4.26%,
06/22/37
(b)
...
11,160‌
12,849,113‌
Series
40X,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.65%),
4.76%,
06/22/37
(b)
...
7,091‌
8,161,121‌
Series
40X,
Class
D,
(3-mo.
EURIBOR
at
0.00%
Floor
+
3.55%),
5.66%,
06/22/37
(b)
...
20,159‌
23,217,005‌
Last
Mile
Logistics
Pan
Euro
Finance
DAC
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
0.75%
Floor
+
0.75%),
2.75%,
08/17/33
(b)
...
1,824‌
2,107,372‌
Series
1X,
Class
B,
(3-mo.
EURIBOR
at
1.05%
Floor
+
1.05%),
3.05%,
08/17/33
(b)
...
1,112‌
1,284,061‌
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
1.40%
Floor
+
1.40%),
3.40%,
08/17/33
(b)
...
1,316‌
1,520,284‌
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
3.90%,
08/17/33
(b)
...
1,019‌
1,177,054‌
Series
1X,
Class
E,
(3-mo.
EURIBOR
at
2.70%
Floor
+
2.70%),
4.70%,
08/17/33
(b)
...
13,382‌
15,444,376‌
Last
Mile
Securities
PE
DAC
Series
2021-1X,
Class
A1,
(3-mo.
EURIBOR
at
0.90%
Floor
+
0.90%),
2.90%,
08/17/31
(b)
...
3,245‌
3,750,461‌
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Series
2021-1X,
Class
B,
(3-mo.
EURIBOR
at
1.20%
Floor
+
1.20%),
3.20%,
08/17/31
(b)
...
EUR
939‌
$
1,084,944‌
Series
2021-1X,
Class
C,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
3.60%,
08/17/31
(b)
...
1,061‌
1,225,821‌
Taurus
UK
DAC
Series
2025-UK2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.24%,
02/18/35
(b)
..............
GBP
6,282‌
8,309,564‌
Series
2025-UK2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.74%,
02/18/35
(b)
..............
5,094‌
6,723,725‌
Series
2025-UK2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.24%,
02/18/35
(b)
..............
6,301‌
8,311,312‌
Series
2025-UK2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.20%),
6.94%,
02/18/35
(b)
..............
13,926‌
18,369,273‌
Series
2025-UK4,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
4.99%,
08/18/35
(b)
..............
4,608‌
6,086,957‌
Series
2025-UK4,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.60%),
5.34%,
08/18/35
(b)
..............
1,610‌
2,124,235‌
Series
2025-UK4,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
5.69%,
08/18/35
(b)
..............
2,693‌
3,549,769‌
Thunder
Logistics
DAC
Series
2024-1X,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.50%),
3.50%,
11/17/36
(b)
...
EUR
3,303‌
3,804,879‌
Series
2024-1X,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
2.05%),
4.05%,
11/17/36
(b)
...
1,146‌
1,325,591‌
UK
Logistics
DAC
Series
2024-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
1.65%
Floor
+
1.65%),
5.39%,
05/17/34
(b)
..............
GBP
344‌
455,245‌
Series
2025-1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
4.00%),
7.74%,
05/17/35
(b)
..............
14,146‌
18,664,386‌
Series
2025-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.33%),
5.07%,
08/17/35
(b)
..............
11,011‌
14,611,814‌
Series
2025-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.65%),
5.39%,
08/17/35
(b)
..............
6,468‌
8,580,286‌
Series
2025-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.95%),
5.69%,
08/17/35
(b)
..............
2,693‌
3,572,795‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
105
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ireland
(continued)
Vita
Scientia
DAC,
Series
2022-1X,
Class
B,
(3-mo.
EURIBOR
at
1.80%
Floor
+
1.80%),
3.81%,
02/27/33
(b)
EUR
2,700‌
$
3,118,330‌
221,665,080‌
Italy
—
0.0%
(b)
Cassia
SRL
(a)
Series
2022-1X,
Class
A,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
4.52%,
05/22/34
(b)
...
12,210‌
14,180,874‌
Series
2022-1X,
Class
B,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
5.52%,
05/22/34
(b)
...
5,922‌
6,873,913‌
21,054,787‌
Luxembourg
—
0.0%
(b)
Vanir
Logistics
Finance
SARL
(a)
Series
1X,
Class
A,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.30%),
3.37%,
07/23/37
(b)
...
3,409‌
3,933,354‌
Series
1X,
Class
B,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.60%),
3.67%,
07/23/37
(b)
...
1,485‌
1,710,692‌
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
0.00%
Floor
+
1.90%),
3.97%,
07/23/37
(b)
...
2,170‌
2,498,877‌
8,142,923‌
United
Kingdom
—
0.2%
(a)
Canary
Wharf
Finance
II
plc,
Series
II,
Class
C2,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.49%),
5.25%,
10/22/37
(b)
...........
GBP
2,100‌
2,546,203‌
Sage
AR
Funding
Series
2025-1X,
Class
A2,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.30%),
5.04%,
05/17/37
(b)
..............
11,070‌
14,643,348‌
Series
2025-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.00%),
5.74%,
05/17/37
(b)
..............
6,563‌
8,656,302‌
Series
2025-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.40%),
6.14%,
05/17/37
(b)
..............
5,329‌
7,028,890‌
Series
2025-1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.90%),
7.64%,
05/17/37
(b)
..............
4,591‌
6,053,386‌
Series
2026-1X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.25%),
4.99%,
05/18/38
(b)
..............
11,126‌
14,673,535‌
Series
2026-1X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.50%),
5.24%,
05/18/38
(b)
..............
5,790‌
7,618,275‌
Series
2026-1X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.75%),
5.49%,
05/18/38
(b)
..............
4,067‌
5,348,301‌
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Series
2026-1X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.50%),
6.24%,
05/18/38
(b)
..............
GBP
1,072‌
$
1,409,056‌
UK
Logistics
DAC
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.35%),
5.09%,
02/17/35
(b)
..............
5,385‌
7,143,372‌
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
1.70%),
5.44%,
02/17/35
(b)
..............
3,116‌
4,113,615‌
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
2.10%),
5.84%,
02/17/35
(b)
..............
1,492‌
1,965,440‌
Series
2024-2X,
Class
D,
(Sterling
Overnight
Index
Average
at
0.00%
Floor
+
3.10%),
6.84%,
02/17/35
(b)
..............
3,443‌
4,511,818‌
85,711,541‌
United
States
—
5.8%
1211
Avenue
of
the
Americas
Trust
(a)(c)
Series
2015-1211,
Class
C,
4.14%,
08/10/35
...............
USD
1,100‌
1,028,500‌
Series
2015-1211,
Class
D,
4.14%,
08/10/35
...............
1,235‌
1,117,675‌
Series
2015-1211,
Class
E,
4.14%,
08/10/35
...............
2,360‌
2,118,100‌
1301
Trust
(a)(c)
Series
2025-1301,
Class
A,
5.06%,
08/11/42
...............
4,580‌
4,590,866‌
Series
2025-1301,
Class
E,
7.24%,
08/11/42
...............
3,150‌
3,255,750‌
Series
2025-1301,
Class
F,
8.10%,
08/11/42
...............
20,943‌
21,824,410‌
1345T
(a)(c)
Series
2025-AOA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.27%,
06/15/42
...
8,452‌
8,425,588‌
Series
2025-AOA,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
8.17%,
06/15/42
...
11,864‌
11,950,737‌
245
Park
Avenue
Trust
(a)(c)
Series
2017-245P,
Class
D,
3.66%,
06/05/37
...............
1,100‌
1,070,573‌
Series
2017-245P,
Class
E,
3.66%,
06/05/37
...............
5,691‌
5,495,465‌
280
Park
Avenue
Mortgage
Trust
(a)(c)
Series
2017-280P,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.18%),
4.85%,
09/15/34
...
2,069‌
2,058,655‌
Series
2017-280P,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.38%),
5.05%,
09/15/34
...
1,978‌
1,958,220‌
Series
2017-280P,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.84%),
5.51%,
09/15/34
...
3,660‌
3,605,100‌
Series
2017-280P,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.42%),
6.09%,
09/15/34
...
17,397‌
17,048,964‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
106
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
3650R
Commercial
Mortgage
Trust,
Series
2022-PF2,
Class
A5,
5.29%,
11/15/55
(a)
................
USD
2,100‌
$
2,143,991‌
ALA
Trust,
Series
2025-OANA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.42%,
06/15/40
(a)(c)
7,291‌
7,309,227‌
Alen
Mortgage
Trust,
Series
2021-
ACEN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
4.94%,
04/15/34
(a)(c)
..........
2,178‌
2,058,210‌
Arbor
Multifamily
Mortgage
Securities
Trust
(c)
Series
2020-MF1,
Class
E,
1.75%,
05/15/53
...............
1,165‌
956,470‌
Series
2021-MF3,
Class
A5,
2.57%,
10/15/54
...............
1,605‌
1,437,396‌
AREIT
LLC,
Series
2022-CRE7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.24%
Floor
+
2.24%),
5.92%,
06/17/39
(a)(c)
2,999‌
2,998,840‌
ARES
Commercial
Mortgage
Trust
(a)(c)
Series
2024-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.36%,
07/15/41
...
17,640‌
17,645,513‌
Series
2026-AZURE,
Class
E,
(1-
mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.25%),
6.90%,
03/15/38
5,000‌
5,000,000‌
Series
2026-GCP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
02/15/43
...
1,133‌
1,128,043‌
ARES1,
Series
2024-IND2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.12%,
10/15/34
(a)(c)
25,460‌
25,460,000‌
Ashford
Hospitality
Trust
(a)(c)
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.27%),
5.95%,
04/15/35
...
3,816‌
3,763,530‌
Series
2018-ASHF,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.23%
Floor
+
3.27%),
6.95%,
04/15/35
...
61‌
60,009‌
Atrium
Hotel
Portfolio
Trust
(a)(c)
Series
2017-ATRM,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.25%),
5.92%,
12/15/36
...
8,386‌
8,008,630‌
Series
2024-ATRM,
Class
A,
5.05%,
11/10/29
...............
28,130‌
28,402,608‌
Series
2024-ATRM,
Class
E,
8.60%,
11/10/29
...............
7,793‌
8,004,190‌
Series
2025-ATRM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.32%,
08/15/42
...
14,679‌
14,690,536‌
Series
2025-ATRM,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.50%
Floor
+
5.50%),
9.17%,
08/15/42
...
25,949‌
25,694,690‌
Series
2025-ATRM,
Class
G,
(1-mo.
CME
Term
SOFR
at
6.75%
Floor
+
6.75%),
10.42%,
08/15/42
..
4,871‌
4,824,465‌
BAHA
Trust
(a)(c)
Series
2024-MAR,
Class
A,
5.57%,
12/10/41
...............
54,860‌
55,978,776‌
Series
2024-MAR,
Class
B,
6.39%,
12/10/41
...............
1,980‌
2,040,172‌
Series
2024-MAR,
Class
C,
7.01%,
12/10/41
...............
6,861‌
7,057,230‌
Series
2024-MAR,
Class
D,
8.31%,
12/10/41
...............
3,500‌
3,648,735‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2025-NASH,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.47%,
09/15/40
(a)(c)
...............
USD
10,618‌
$
10,574,864‌
BAMLL
Trust
(a)(c)
Series
2024-BHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
6.02%,
08/15/39
...
11,500‌
11,501,593‌
Series
2025-ASHF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.52%,
02/15/42
...
22,354‌
22,254,111‌
Series
2025-ASHF,
Class
E,
(1-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
8.92%,
02/15/42
...
9,115‌
9,087,063‌
BAY
Mortgage
Trust,
Series
2025-LIVN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
5.47%,
05/15/35
(a)(c)
...............
2,000‌
1,989,379‌
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%),
4.27%,
11/25/35
..........
2,010‌
1,968,457‌
Series
2005-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.56%),
4.24%,
01/25/36
...
3,503‌
3,351,817‌
Series
2005-4A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.70%),
4.37%,
01/25/36
...
82‌
78,630‌
Series
2005-4A,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.79%),
4.46%,
01/25/36
...
220‌
210,593‌
Series
2006-1A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.65%),
4.33%,
04/25/36
...
313‌
296,935‌
Series
2006-2A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.53%),
4.21%,
07/25/36
...
551‌
536,209‌
Series
2006-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.49%),
4.17%,
10/25/36
...
320‌
310,057‌
Series
2006-3A,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.56%),
4.24%,
10/25/36
...
347‌
336,091‌
Series
2006-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.46%),
4.14%,
12/25/36
...
1,271‌
1,225,173‌
Series
2007-1,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.52%),
4.20%,
03/25/37
...
857‌
822,066‌
Series
2007-2A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.52%),
4.20%,
07/25/37
...
1,299‌
1,219,076‌
Series
2007-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
4.47%,
09/25/37
...
3,943‌
3,748,211‌
Series
2007-5A,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.36%),
6.04%,
10/25/37
...
5,360‌
3,077,531‌
Series
2007-6A,
Class
A4A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.36%),
6.04%,
12/25/37
...
5,588‌
5,034,085‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
107
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2008-2,
Class
A4A,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
and
3.75%
Cap
+
3.86%),
7.54%,
04/25/38
...............
USD
1,353‌
$
1,349,580‌
BBCMS
Mortgage
Trust
Series
2018-CHRS,
Class
E,
4.27%,
08/05/38
(a)(c)
.............
1,720‌
1,489,422‌
Series
2018-TALL,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.87%
Floor
+
0.92%),
4.59%,
03/15/37
(a)(c)
.
7,234‌
6,854,480‌
Series
2018-TALL,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.17%),
4.84%,
03/15/37
(a)(c)
.
2,134‌
1,963,396‌
Series
2022-C17,
Class
A5,
4.44%,
09/15/55
...............
539‌
526,465‌
Series
2023-5C23,
Class
D,
7.41%,
12/15/56
(a)(c)
.............
1,148‌
1,093,765‌
Series
2025-C35,
Class
AS,
5.84%,
07/15/58
(a)
..............
5,893‌
6,072,982‌
Series
2025-C35,
Class
D,
4.50%,
07/15/58
(c)
..............
6,500‌
5,064,939‌
Series
2025-C39,
Class
A5,
5.30%,
12/15/58
...............
345‌
349,900‌
Benchmark
Mortgage
Trust
Series
2020-B21,
Class
A5,
1.98%,
12/17/53
...............
4,051‌
3,586,240‌
Series
2024-V11,
Class
D,
4.50%,
11/15/57
(c)
..............
3,928‌
3,499,473‌
BFLD
Commercial
Mortgage
Trust
(a)(c)
Series
2024-UNIV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.17%,
11/15/41
...
7,260‌
7,262,269‌
Series
2024-UNIV,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.64%
Floor
+
3.64%),
7.31%,
11/15/41
...
4,509‌
4,510,409‌
Series
2025-5MW,
Class
A,
4.67%,
10/10/42
...............
8,569‌
8,501,378‌
Series
2025-5MW,
Class
E,
7.91%,
10/10/42
...............
2,565‌
2,611,522‌
Series
2025-5MW,
Class
F,
9.83%,
10/10/42
...............
29,630‌
30,363,165‌
Series
2025-660F,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
11/15/42
...
11,472‌
11,457,690‌
Series
2025-660F,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
6.42%,
11/15/42
...
1,046‌
1,043,385‌
BFLD
Trust
(a)(c)
Series
2020-EYP,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
7.49%,
10/15/35
...
6,517‌
48,943‌
Series
2025-EWEST,
Class
A,
(1-
mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.22%,
06/15/42
22,580‌
22,507,965‌
Series
2025-FPM,
Class
C,
6.21%,
10/10/40
...............
2,370‌
2,366,901‌
BHMS
Commercial
Mortgage
Trust,
Series
2025-ATLS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
5.52%,
08/15/42
(a)(c)
....
20,252‌
20,265,010‌
BLP
Commercial
Mortgage
Trust,
Series
2024-IND2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
5.01%,
03/15/41
(a)(c)
....
2,310‌
2,310,943‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BMP,
Series
2024-MF23,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.39%
Floor
+
3.39%),
7.06%,
06/15/41
(a)(c)
USD
5,092‌
$
5,072,905‌
BOCA
Commercial
Mortgage
Trust,
Series
2025-BOCA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.27%,
12/15/42
(a)(c)
....
12,490‌
12,497,806‌
BPR
Commercial
Mortgage
Trust
(a)(c)
Series
2024-PARK,
Class
A,
4.87%,
11/05/39
...............
3,700‌
3,739,086‌
Series
2024-PARK,
Class
D,
6.53%,
11/05/39
...............
620‌
640,972‌
Series
2025-STAR,
Class
A,
4.62%,
11/05/42
...............
11,730‌
11,630,146‌
Series
2025-STAR,
Class
HRR,
10.37%,
11/05/42
.........
15,000‌
14,785,602‌
BPR
Mortgage
Trust,
Series
2023-
STON,
Class
A,
7.50%,
12/05/39
(c)
2,082‌
2,132,288‌
BPR
Trust
(a)(c)
Series
2022-SSP,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
6.67%,
05/15/39
...
2,870‌
2,870,000‌
Series
2024-PMDW,
Class
A,
5.36%,
11/05/41
...............
1,220‌
1,235,255‌
BRCK
Trust
(a)(c)
Series
2025-830B,
Class
A,
4.48%,
12/10/42
...............
5,360‌
5,306,814‌
Series
2025-830B,
Class
E,
6.78%,
12/10/42
...............
6,797‌
6,936,311‌
Series
2025-830B,
Class
F,
7.59%,
12/10/42
...............
3,500‌
3,590,585‌
BRES
Commercial
Mortgage
Trust,
Series
2025-ATCAP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.17%,
11/15/42
(a)(c)
....
5,800‌
5,786,396‌
BWAY
Mortgage
Trust
(c)
Series
2013-1515,
Class
A2,
3.45%,
03/10/33
...............
2,799‌
2,688,140‌
Series
2013-1515,
Class
C,
3.45%,
03/10/33
...............
2,325‌
2,125,467‌
Series
2013-1515,
Class
D,
3.63%,
03/10/33
...............
9,570‌
8,554,325‌
Series
2013-1515,
Class
E,
3.72%,
03/10/33
...............
650‌
569,166‌
Series
2013-1515,
Class
F,
3.93%,
03/10/33
(a)
..............
1,603‌
1,359,062‌
BWAY
Trust,
Series
2025-1535,
Class
A,
5.89%,
05/05/42
(a)(c)
........
1,875‌
1,897,298‌
BX
Commercial
Mortgage
Trust
(c)
Series
2020-VIV3,
Class
B,
3.54%,
03/09/44
(a)
..............
8,380‌
7,893,754‌
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
...............
2,733‌
2,532,379‌
Series
2021-VIV5,
Class
A,
2.84%,
03/09/44
(a)
..............
2,328‌
2,149,349‌
Series
2024-AIR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.17%,
10/15/41
(a)
..
9,290‌
9,298,369‌
Series
2024-AIR2,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.79%),
5.46%,
10/15/41
(a)
..
3,741‌
3,744,310‌
Series
2024-AIRC,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.36%,
08/15/41
(a)
..
14,670‌
14,684,174‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
108
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-BRBK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.88%
Floor
+
2.88%),
6.56%,
10/15/41
(a)
..
USD
34,140‌
$
34,054,650‌
Series
2024-BRBK,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.93%
Floor
+
3.93%),
7.60%,
10/15/41
(a)
..
3,876‌
3,851,775‌
Series
2024-GPA3,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.31%,
12/15/39
(a)
..
2,766‌
2,765,609‌
Series
2024-KING,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.21%,
05/15/34
(a)
..
8,419‌
8,419,163‌
Series
2024-MDHS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.31%,
05/15/41
(a)
..
16,700‌
16,699,551‌
Series
2024-MF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.11%,
02/15/39
(a)
..
2,056‌
2,055,548‌
Series
2024-MF,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.74%
Floor
+
3.74%),
7.41%,
02/15/39
(a)
..
6,365‌
6,349,875‌
Series
2024-PALM,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.21%,
06/15/37
(a)
..
27,249‌
27,232,200‌
Series
2024-PURE,
Class
A,
(CAONREPO
at
1.90%
Floor
+
1.90%),
4.16%,
11/15/41
(a)
...
CAD
2,547‌
1,848,897‌
Series
2024-XL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.11%,
02/15/39
(a)
..
USD
7,293‌
7,300,842‌
Series
2024-XL4,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
6.81%,
02/15/39
(a)
..
13,366‌
13,398,952‌
Series
2024-XL4,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.19%
Floor
+
4.19%),
7.86%,
02/15/39
(a)
..
7,944‌
7,928,915‌
Series
2024-XL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
03/15/41
(a)
..
251‌
250,914‌
Series
2025-BCAT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
5.05%,
08/15/42
(a)
..
9,223‌
9,223,488‌
Series
2025-BCAT,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
5.22%,
08/15/42
(a)
..
2,530‌
2,523,551‌
Series
2025-BCAT,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
5.57%,
08/15/42
(a)
..
953‌
952,302‌
Series
2025-BCAT,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.50%),
7.17%,
08/15/42
(a)
..
7,642‌
7,661,427‌
Series
2025-JDI,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
11/15/42
(a)
..
10,857‌
10,860,545‌
Series
2025-JDI,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.40%
Floor
+
3.40%),
7.07%,
11/15/42
(a)
..
4,169‌
4,167,280‌
Series
2025-SPOT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.12%,
04/15/40
(a)
..
2,540‌
2,540,806‌
Series
2026-VLT9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
03/15/45
(a)
..
12,412‌
12,351,921‌
Series
2026-XL6,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.00%),
6.67%,
03/15/43
(a)
..
7,565‌
7,517,856‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BX
Trust
(a)(c)
Series
2021-LBA,
Class
AJV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
1.16%),
4.84%,
02/15/36
...
USD
6,553‌
$
6,548,732‌
Series
2021-LBA,
Class
AV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
1.16%),
4.84%,
02/15/36
...
4,118‌
4,115,568‌
Series
2021-LBA,
Class
FJV,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.76%),
6.44%,
02/15/36
...
11,223‌
11,194,943‌
Series
2021-LBA,
Class
FV,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.76%),
6.44%,
02/15/36
...
7,117‌
7,099,495‌
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.36%),
7.04%,
02/15/36
...
2,185‌
2,178,040‌
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.36%),
7.04%,
02/15/36
...
7,383‌
7,359,928‌
Series
2022-VAMF,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
4.95%,
01/15/39
...
1,103‌
1,102,036‌
Series
2024-CNYN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.11%,
04/15/41
...
7,676‌
7,678,178‌
Series
2024-CNYN,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
6.36%,
04/15/41
...
2,959‌
2,956,942‌
Series
2024-CNYN,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.69%
Floor
+
3.69%),
7.36%,
04/15/41
...
4,834‌
4,810,508‌
Series
2024-VLT4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.16%,
06/15/41
...
30,158‌
29,969,513‌
Series
2024-VLT4,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.89%
Floor
+
2.89%),
6.56%,
06/15/41
...
6,070‌
5,956,531‌
Series
2024-VLT4,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.94%
Floor
+
3.94%),
7.61%,
06/15/41
...
15,610‌
15,448,013‌
Series
2025-ARIA,
Class
A,
5.03%,
12/13/42
...............
22,065‌
22,181,177‌
Series
2025-LIFE,
Class
A,
5.88%,
06/13/47
...............
10,071‌
10,099,937‌
Series
2025-LUNR,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
06/15/40
...
2,015‌
2,016,798‌
Series
2025-OMG,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
10/15/42
...
7,346‌
7,327,635‌
Series
2025-ROIC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.94%
Floor
+
2.94%),
6.61%,
03/15/30
...
21,709‌
21,627,133‌
Series
2025-TAIL,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
6.97%,
06/15/35
...
5,278‌
5,277,904‌
Series
2025-VOLT,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
12/15/44
...
17,362‌
17,307,744‌
BXP
Trust
(a)(c)
Series
2017-CC,
Class
D,
3.55%,
08/13/37
...............
1,930‌
1,607,165‌
Series
2017-GM,
Class
D,
3.42%,
06/13/39
...............
1,520‌
1,480,916‌
Series
2017-GM,
Class
E,
3.42%,
06/13/39
...............
3,300‌
3,176,707‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
109
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2021-601L,
Class
D,
2.78%,
01/15/44
...............
USD
3,999‌
$
3,272,819‌
Cali,
Series
2024-SUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
5.56%,
07/15/41
(a)(c)
....
6,660‌
6,660,000‌
CD
Mortgage
Trust,
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(a)
.....
1,143‌
1,082,163‌
CENT,
Series
2025-CITY,
Class
A,
4.92%,
07/10/40
(a)(c)
..........
9,691‌
9,760,498‌
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
C,
4.72%,
05/10/58
(a)
................
3,412‌
3,367,269‌
CFK
Trust
(a)(c)
Series
2019-FAX,
Class
D,
4.64%,
01/15/39
...............
6,897‌
6,591,501‌
Series
2019-FAX,
Class
E,
4.64%,
01/15/39
...............
6,152‌
5,619,924‌
CFSP
Mortgage
Trust,
Series
2024-
AHP1,
Class
A,
6.50%,
04/15/37
.
16,707‌
15,990,763‌
CHI
Commercial
Mortgage
Trust
(a)(c)
Series
2025-110W,
Class
A,
5.10%,
12/13/40
...............
14,355‌
14,258,061‌
Series
2025-110W,
Class
D,
6.63%,
12/13/40
...............
3,069‌
3,001,429‌
CIP
Commercial
Mortgage
Trust
(a)(c)
Series
2025-SBAY,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
10/15/37
...
13,583‌
13,574,511‌
Series
2025-SBAY,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.75%
Floor
+
3.75%),
7.42%,
10/15/37
...
15,516‌
15,457,815‌
Citigroup
Commercial
Mortgage
Trust
(c)
Series
2015-P1,
Class
D,
3.23%,
09/15/48
...............
32‌
30,876‌
Series
2020-420K,
Class
E,
3.31%,
11/10/42
(a)
..............
2,660‌
2,284,694‌
COAST
Commercial
Mortgage
Trust,
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.11%,
08/15/36
(a)(c)
....
7,001‌
6,965,986‌
Commercial
Mortgage
Trust
(c)
Series
2016-667M,
Class
D,
3.18%,
10/10/36
(a)
..............
429‌
329,169‌
Series
2024-CBM,
Class
A2,
5.87%,
12/10/41
(a)
..............
1,640‌
1,644,578‌
Series
2024-WCL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
5.51%,
06/15/41
(a)
..
16,380‌
16,323,653‌
Series
2024-WCL1,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
6.26%,
06/15/41
(a)
..
5,615‌
5,595,684‌
Series
2025-167G,
Class
A,
5.50%,
08/10/40
...............
7,256‌
7,227,289‌
Series
2025-167G,
Class
E,
8.20%,
08/10/40
(a)
..............
3,600‌
3,583,108‌
Series
2025-167G,
Class
F,
9.16%,
08/10/40
(a)
..............
3,129‌
3,114,494‌
Series
2025-SBX,
Class
B,
5.55%,
08/10/41
(a)
..............
4,331‌
4,304,323‌
CONE
Trust
(a)(c)
Series
2024-DFW1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.31%,
08/15/41
...
6,550‌
6,502,922‌
Series
2024-DFW1,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
7.56%,
08/15/41
...
6,477‌
6,417,689‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
CRSNT
Trust,
Series
2026-MOON,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.40%),
5.07%,
02/15/31
(a)(c)
...............
USD
7,760‌
$
7,726,050‌
CRSO
Trust,
7.12%,
07/10/28
(c)
....
4,399‌
4,528,580‌
CSAIL
Commercial
Mortgage
Trust,
Series
2018-CX12,
Class
C,
4.72%,
08/15/51
(a)
................
1,586‌
1,493,451‌
CSMC
Trust
(c)
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
...............
2,190‌
2,083,936‌
Series
2020-FACT,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.86%
Floor
+
5.48%),
9.15%,
10/15/37
(a)
..
4,184‌
3,796,980‌
Series
2021-BHAR,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
4.94%,
11/15/38
(a)
..
1,337‌
1,319,452‌
Series
2021-BHAR,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
5.29%,
11/15/38
(a)
..
2,356‌
2,333,187‌
Series
2022-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.59%
Floor
+
3.44%),
7.11%,
02/15/27
(a)(d)
.
23,200‌
23,097,468‌
CSTL
Commercial
Mortgage
Trust
(a)(c)
Series
2024-GATE,
Class
A,
4.76%,
11/10/41
...............
11,736‌
11,704,862‌
Series
2025-GATE2,
Class
A,
4.56%,
11/10/42
..........
1,550‌
1,523,839‌
Series
2025-GATE2,
Class
D,
5.63%,
11/10/42
..........
4,680‌
4,601,315‌
Series
2026-GATE3,
Class
E,
6.34%,
02/10/43
..........
3,117‌
3,078,801‌
DBC
Mortgage
Trust
(a)(c)
Series
2025-DBC,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
11/15/42
...
14,136‌
14,127,181‌
Series
2025-DBC,
Class
C,
(1-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
5.72%,
11/15/42
...
9,525‌
9,489,299‌
Series
2025-DBC,
Class
HRR,
(1-
mo.
CME
Term
SOFR
at
5.55%
Floor
+
5.55%),
9.22%,
11/15/42
39,000‌
39,147,888‌
DBGS,
Series
2024-SBL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.88%
Floor
+
1.88%),
5.56%,
08/15/34
(a)(c)
1,600‌
1,598,000‌
DBSG
Mortgage
Trust,
Series
2024-
ALTA,
Class
A,
5.95%,
06/10/37
(a)(c)
4,998‌
5,044,323‌
DBWF
Mortgage
Trust,
Series
2024-
LCRS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.41%,
04/15/37
(a)(c)
..........
1,428‌
1,423,538‌
DC
Trust
(a)(c)
Series
2024-HLTN,
Class
A,
5.73%,
04/13/40
...............
1,570‌
1,576,265‌
Series
2024-HLTN,
Class
F,
10.31%,
04/13/40
...............
4,127‌
4,080,816‌
DGWD
Trust,
Series
2025-INFL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.27%,
08/15/35
(a)(c)
1,195‌
1,195,940‌
DK
Trust
(a)(c)
Series
2024-SPBX,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
03/15/34
...
9,090‌
9,087,159‌
Series
2024-SPBX,
Class
E,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
4.00%),
7.67%,
03/15/34
...
26,040‌
26,071,449‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
110
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-LXP,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
5.27%,
08/15/37
...
USD
10,860‌
$
10,860,000‌
Series
2025-LXP,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.89%
Floor
+
2.89%),
6.57%,
08/15/37
...
3,294‌
3,294,000‌
Durst
Commercial
Mortgage
Trust
(a)(c)
Series
2025-151,
Class
A,
4.80%,
08/10/42
...............
3,973‌
4,009,667‌
Series
2025-151,
Class
D,
6.34%,
08/10/42
...............
7,785‌
7,953,452‌
ELM
Trust
(a)(c)
Series
2024-ELM,
Class
A10,
5.41%,
06/10/39
..........
9,410‌
9,428,561‌
Series
2024-ELM,
Class
A15,
5.41%,
06/10/39
..........
9,410‌
9,428,561‌
Series
2024-ELM,
Class
D10,
6.18%,
06/10/39
..........
3,500‌
3,501,244‌
Series
2024-ELM,
Class
E10,
7.27%,
06/10/39
..........
12,317‌
12,329,663‌
EQT
Trust,
Series
2024-EXTR,
Class
A,
5.33%,
07/05/41
(c)
...........
3,313‌
3,350,379‌
Fashion
Show
Mall
LLC,
Series
2024-
SHOW,
Class
A,
4.76%,
10/10/41
(a)(c)
1,004‌
1,010,117‌
Fontainebleau
Miami
Beach
Mortgage
Trust
(a)(c)
Series
2024-FBLU,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.25%),
7.92%,
12/15/39
...
901‌
903,816‌
Series
2024-FBLU,
Class
G,
(1-mo.
CME
Term
SOFR
at
5.65%
Floor
+
5.65%),
9.32%,
12/15/39
...
4,418‌
4,453,985‌
FS
ORL
(a)(c)
Series
2026-ORL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
02/15/41
...
7,320‌
7,306,275‌
Series
2026-ORL,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.25%),
6.92%,
02/15/41
...
4,002‌
3,995,458‌
FS
Trust,
Series
2026-HULA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
5.13%,
03/15/41
(a)(c)
12,457‌
12,453,103‌
GGP
(a)(c)
Series
2026-TY,
Class
A,
4.67%,
03/05/43
...............
3,034‌
2,997,162‌
Series
2026-TY,
Class
HRR,
8.06%,
03/05/43
...............
15,500‌
15,234,122‌
Grace
Trust,
Series
2020-GRCE,
Class
E,
2.68%,
12/10/40
(a)(c)
........
2,546‌
2,221,881‌
Great
Wolf
Trust
(a)(c)
Series
2024-WLF2,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.69%),
5.36%,
05/15/41
..........
16,708‌
16,708,000‌
Series
2024-WOLF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.21%,
03/15/39
...
1,062‌
1,061,668‌
GS
Mortgage
Securities
Corp.
Trust
(c)
Series
2017-375H,
Class
A,
3.48%,
09/10/37
(a)
..............
1,460‌
1,420,395‌
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
...............
5,185‌
4,682,927‌
Series
2021-ROSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
5.09%,
05/15/26
(a)
..
2,320‌
2,209,800‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2023-FUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
5.76%,
03/15/28
(a)
..
USD
11,230‌
$
11,261,584‌
Series
2024-RVR,
Class
E,
6.97%,
08/10/41
(a)
..............
3,613‌
3,586,516‌
Series
2024-RVR,
Class
HRR,
8.32%,
08/10/41
(a)
.........
12,450‌
12,296,417‌
Series
2025-800D,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
6.33%,
11/25/41
(a)
..
13,035‌
13,021,256‌
Series
2025-800D,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.70%
Floor
+
4.70%),
8.38%,
11/25/41
(a)
..
12,276‌
12,207,746‌
GS
Mortgage
Securities
Trust,
Series
2019-GSA1,
Class
C,
3.80%,
11/10/52
(a)
................
570‌
513,674‌
GSAT
Trust,
Series
2025-BMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
07/15/40
(a)(c)
4,387‌
4,382,713‌
Harvest
Commercial
Capital
Loan
Trust,
Series
2020-1,
Class
M4,
5.96%,
04/25/52
(a)(c)
...............
1,181‌
1,160,304‌
HIH
Trust
(a)(c)
Series
2024-61P,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.84%
Floor
+
1.84%),
5.51%,
10/15/41
...
12,213‌
12,213,094‌
Series
2024-61P,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.64%
Floor
+
3.64%),
7.31%,
10/15/41
...
4,602‌
4,601,901‌
HILT
Commercial
Mortgage
Trust
(a)(c)
Series
2024-ORL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.21%,
05/15/37
...
10,515‌
10,508,428‌
Series
2024-ORL,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.19%
Floor
+
3.19%),
6.86%,
05/15/37
...
11,854‌
11,846,591‌
HLTN
Commercial
Mortgage
Trust,
Series
2024-DPLO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.64%
Floor
+
1.64%),
5.31%,
06/15/41
(a)(c)
....
6,118‌
6,118,000‌
HONO
Mortgage
Trust,
Series
2021-
LULU,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
4.94%,
10/15/36
(a)(c)
..........
2,536‌
2,509,055‌
HTL
Commercial
Mortgage
Trust
(a)(c)
Series
2024-T53,
Class
A,
5.88%,
05/10/39
...............
3,390‌
3,416,213‌
Series
2024-T53,
Class
E,
10.26%,
05/10/39
...............
9,477‌
9,631,777‌
Hudson
Yards
Mortgage
Trust,
Series
2019-55HY,
Class
F,
2.94%,
12/10/41
(a)(c)
...............
6,663‌
5,721,130‌
ILPT
Commercial
Mortgage
Trust,
Series
2025-LPF2,
Class
A,
5.29%,
07/13/42
(a)(c)
...............
23,153‌
23,457,680‌
INT
Commercial
Mortgage
Trust,
Series
2025-PLAZA,
Class
A,
4.55%,
11/05/37
(a)(c)
...............
3,698‌
3,685,603‌
INV
Mortgage
Trust,
Series
2024-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.41%,
11/15/41
(a)(c)
...............
9,520‌
9,395,050‌
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(c)
Series
2016-NINE,
Class
B,
2.85%,
09/06/38
...............
6,933‌
6,872,659‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
111
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2018-PHH,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.41%
Floor
+
1.26%),
4.93%,
06/15/35
...
USD
1,222‌
$
794,335‌
Series
2019-MFP,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.16%
Floor
+
2.21%),
5.88%,
07/15/36
...
2,696‌
1,860,130‌
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.79%),
7.46%,
04/15/37
...
10,702‌
10,435,156‌
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
...............
6,152‌
4,758,571‌
Series
2024-IGLG,
Class
A,
5.17%,
11/09/39
...............
15,900‌
15,933,318‌
Series
2024-IGLG,
Class
D,
6.48%,
11/09/39
...............
4,440‌
4,432,542‌
Series
2024-IGLG,
Class
E,
7.25%,
11/09/39
...............
13,516‌
13,482,149‌
Series
2024-IGLG,
Class
F,
8.22%,
11/09/39
...............
11,578‌
11,553,246‌
Series
2024-IGLG,
Class
HRR,
9.65%,
11/09/39
..........
14,700‌
14,544,930‌
Series
2024-OMNI,
Class
A,
5.80%,
10/05/39
...............
4,640‌
4,682,316‌
Series
2025-BHR5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
5.37%,
03/15/40
...
5,300‌
5,298,786‌
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.30%,
12/15/48
(a)(c)
...
2,084‌
1,823,521‌
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR5,
Class
A3,
3.12%,
06/13/52
.....
2,890‌
2,777,370‌
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2018-C8,
Class
AS,
4.42%,
06/15/51
.....
379‌
372,260‌
JW
Commercial
Mortgage
Trust
(a)(c)
Series
2024-MRCO,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
5.29%,
06/15/39
...
7,310‌
7,310,000‌
Series
2024-MRCO,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.19%
Floor
+
3.19%),
6.86%,
06/15/39
...
7,592‌
7,573,020‌
KSL
Commercial
Mortgage
Trust,
Series
2024-HT2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.21%,
12/15/39
(a)(c)
....
8,680‌
8,664,106‌
KSL
Trust
(a)(c)
  (1M
Sofr
FWD
+
1.89%),
5.57%,
06/15/30
...............
2,957‌
2,956,154‌
  (1M
Sofr
FWD
+
4.09%),
7.76%,
06/15/30
...............
10,246‌
10,279,244‌
LBA
Trust
(a)(c)
Series
2024-7IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
5.12%,
10/15/41
...
4,552‌
4,549,486‌
Series
2024-7IND,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.64%
Floor
+
2.64%),
6.31%,
10/15/41
...
1,156‌
1,155,470‌
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%),
4.24%,
09/25/36
...
1,403‌
1,333,506‌
Series
2007-3A,
Class
M2,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.11%),
5.79%,
10/25/37
...
5,850‌
5,163,945‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
LEX
Mortgage
Trust,
Series
2024-BBG,
Class
HRR,
7.93%,
10/13/33
(a)(c)
..
USD
20,050‌
$
19,914,007‌
LEX
Trust
(a)(c)
Series
2026-450,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
5.02%,
03/15/43
...
4,000‌
3,982,500‌
Series
2026-450,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.70%),
7.37%,
03/15/43
...
9,530‌
9,437,452‌
LoanCore
2025
Issuer
LLC,
Series
2025-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.06%,
08/17/42
(a)(c)
....
3,560‌
3,553,342‌
LQR
Trust
(a)(c)
Series
2025-CALI,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
5.27%,
01/15/43
...
4,480‌
4,449,332‌
Series
2025-CALI,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
3.95%),
7.62%,
01/15/43
...
13,299‌
13,298,857‌
LUX
Trust,
Series
2023-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
6.36%,
08/15/40
(a)(c)
4,400‌
4,418,460‌
MAC
Trust,
Series
2025-801B,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
10/15/40
(a)(c)
21,350‌
21,296,367‌
MAD
Commercial
Mortgage
Trust
(a)(c)
Series
2025-11MD,
Class
A,
4.44%,
10/15/42
...............
9,522‌
9,478,614‌
Series
2025-11MD,
Class
E,
6.84%,
10/15/42
...............
4,668‌
4,578,711‌
MAIN
Trust
(a)(c)
Series
2026-OLAS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
5.37%,
01/15/41
...
22,300‌
22,299,881‌
Series
2026-OLAS,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
5.67%,
01/15/41
...
7,560‌
7,559,955‌
Series
2026-OLAS,
Class
C,
(1-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.45%),
6.12%,
01/15/41
...
1,680‌
1,679,989‌
Series
2026-OLAS,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.15%),
6.82%,
01/15/41
...
5,600‌
5,599,952‌
Series
2026-OLAS,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.25%),
7.92%,
01/15/41
...
4,905‌
4,904,943‌
Series
2026-OLAS,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.25%),
8.92%,
01/15/41
...
4,950‌
4,949,927‌
Manhattan
West
Mortgage
Trust,
Series
2020-1MW,
Class
D,
2.33%,
09/10/39
(a)(c)
...............
118‌
112,475‌
MCR
Mortgage
Trust
(c)
Series
2024-HF1,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.79%),
5.47%,
12/15/41
(a)
..
8,113‌
8,112,606‌
Series
2024-HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
5.43%,
02/15/37
(a)
..
573‌
572,131‌
Series
2024-HTL,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.65%
Floor
+
4.65%),
8.33%,
02/15/37
(a)
..
4,594‌
4,543,877‌
Series
2024-TWA,
Class
A,
5.92%,
06/12/39
...............
7,000‌
7,049,856‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
112
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-TWA,
Class
E,
8.73%,
06/12/39
...............
USD
3,924‌
$
3,935,839‌
MHC
Commercial
Mortgage
Trust
(a)(c)
Series
2021-MHC,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.22%),
5.89%,
04/15/38
...
116‌
116,036‌
Series
2021-MHC,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.72%),
6.39%,
04/15/38
...
867‌
865,979‌
MHP
Commercial
Mortgage
Trust
(a)(c)
Series
2021-STOR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
6.54%,
07/15/38
...
7,927‌
7,922,046‌
Series
2021-STOR,
Class
J,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
4.06%),
7.74%,
07/15/38
...
3,438‌
3,427,146‌
Series
2025-MHIL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
5.17%,
09/15/40
...
16,011‌
15,940,122‌
Series
2025-MHIL2,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.50%),
7.17%,
09/15/40
...
4,665‌
4,641,370‌
MIC
Trust
(The),
Series
2023-MIC,
Class
A,
8.44%,
12/05/38
(a)(c)
....
6,126‌
6,519,349‌
MIRA
Trust,
Series
2023-MILE,
Class
A,
6.75%,
06/10/38
(c)
...........
6,775‌
6,954,564‌
MLTI
Trust
(a)(c)
Series
2026-SF75,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
5.07%,
03/15/31
...
11,163‌
11,107,185‌
Series
2026-SF75,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.25%),
6.92%,
03/15/31
...
10,378‌
10,319,741‌
Morgan
Stanley
Capital
I
Trust
(c)
Series
2017-ASHF,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.65%),
8.32%,
11/15/34
(a)
..
2,673‌
2,639,588‌
Series
2017-ASHF,
Class
G,
(1-mo.
CME
Term
SOFR
at
6.90%
Floor
+
7.20%),
10.87%,
11/15/34
(a)
.
2,925‌
2,881,125‌
Series
2018-MP,
Class
E,
4.28%,
07/11/40
(a)
..............
7,057‌
5,382,205‌
Series
2019-H6,
Class
D,
3.00%,
06/15/52
...............
1,190‌
981,151‌
Series
2019-H7,
Class
D,
3.00%,
07/15/52
...............
750‌
634,394‌
Series
2021-230P,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.56%),
5.24%,
12/15/38
(a)
..
4,970‌
4,634,525‌
Series
2024-NSTB,
Class
A,
3.90%,
09/24/57
(a)
..............
5,644‌
5,566,194‌
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-LVL,
Class
D,
4.44%,
08/15/38
(c)
...........
3,140‌
2,885,959‌
NCMF
Trust
(a)(c)
Series
2025-MFS,
Class
A,
4.88%,
06/10/33
...............
12,841‌
12,794,165‌
Series
2025-MFS,
Class
E,
7.53%,
06/10/33
...............
29,171‌
29,329,801‌
NJ
Trust,
Series
2023-GSP,
Class
A,
6.48%,
01/06/29
(a)(c)
..........
4,750‌
4,922,514‌
NRTH
Commercial
Mortgage
Trust,
Series
2025-PARK,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
5.07%,
10/15/40
(a)(c)
....
16,865‌
16,849,197‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
NY
Commercial
Mortgage
Trust,
Series
2025-299P,
Class
B,
5.93%,
02/10/47
(a)(c)
...............
USD
1,856‌
$
1,903,670‌
NYC
Commercial
Mortgage
Trust
(a)(c)
Series
2025-11X,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
5.42%,
10/15/40
...
11,653‌
11,656,642‌
Series
2025-28L,
Class
A,
4.67%,
11/05/38
...............
6,224‌
6,197,692‌
Series
2025-300P,
Class
E,
7.39%,
07/13/42
...............
4,172‌
4,189,444‌
NYC
Trust
(a)(c)
Series
2024-3ELV,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.99%
Floor
+
1.99%),
5.66%,
08/15/29
...
1,220‌
1,221,471‌
Series
2024-3ELV,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.84%
Floor
+
3.84%),
7.51%,
08/15/29
...
4,401‌
4,399,621‌
Series
2025-77C,
Class
A,
4.79%,
01/10/36
...............
13,370‌
13,262,963‌
Olympic
Tower
Mortgage
Trust,
Series
2017-OT,
Class
E,
3.95%,
05/10/39
(a)
(c)
......................
7,856‌
6,978,097‌
One
Bryant
Park
Trust,
Series
2019-
OBP,
Class
A,
2.52%,
09/15/54
(c)
.
4,638‌
4,285,237‌
One
Market
Plaza
Trust,
Series
2017-
1MKT,
Class
D,
4.15%,
02/10/32
(c)
3,310‌
3,046,883‌
One
New
York
Plaza
Trust
(a)(c)
Series
2020-1NYP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.06%),
4.74%,
01/15/36
...
3,211‌
3,090,757‌
Series
2020-1NYP,
Class
AJ,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.36%),
5.04%,
01/15/36
...
1,893‌
1,784,153‌
Series
2020-1NYP,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
5.29%,
01/15/36
...
3,892‌
3,648,750‌
Series
2020-1NYP,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
6.54%,
01/15/36
...
1,660‌
1,535,500‌
ONNI
Commerical
Mortgage
Trust,
Series
2024-APT,
Class
A,
5.20%,
07/15/39
(a)(c)
...............
1,909‌
1,932,030‌
ORL
Trust,
Series
2024-GLKS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
5.17%,
12/15/39
(a)(c)
8,070‌
8,070,000‌
PENN
Commercial
Mortgage
Trust
(a)(c)
Series
2025-P11,
Class
A,
5.34%,
08/10/42
...............
8,922‌
9,065,415‌
Series
2025-P11,
Class
C,
6.51%,
08/10/42
...............
6,624‌
6,871,296‌
PGA
Trust,
Series
2024-RSR2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.89%
Floor
+
1.89%),
5.56%,
06/15/39
(a)(c)
6,634‌
6,611,196‌
PKHL
Commercial
Mortgage
Trust
(a)(c)
Series
2021-MF,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.46%),
7.14%,
07/15/38
...
1,617‌
442,614‌
Series
2021-MF,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.46%),
8.14%,
07/15/38
...
3,533‌
662,896‌
PLYM
Commercial
Mortgage
Trust,
Series
2026-IND,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
5.82%,
03/15/43
(a)(c)
....
5,777‌
5,719,480‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
113
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
PRM5
Trust,
Series
2025-PRM5,
Class
D,
5.25%,
03/10/33
(a)(c)
........
USD
3,600‌
$
3,570,035‌
ROCK
Trust,
Series
2024-CNTR,
Class
A,
5.39%,
11/13/41
(c)
.........
1,570‌
1,596,464‌
SCG
Commercial
Mortgage
Trust
(a)(c)
Series
2025-DLFN,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
5.82%,
03/15/35
...
1,150‌
1,148,563‌
Series
2025-DLFN,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.95%
Floor
+
2.95%),
6.62%,
03/15/35
...
8,474‌
8,483,394‌
Series
2025-DLFN,
Class
HRR,
(1-
mo.
CME
Term
SOFR
at
4.95%
Floor
+
4.95%),
8.62%,
03/15/35
22,850‌
22,645,531‌
Series
2025-FLWR,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
4.92%,
08/15/42
...
3,997‌
3,989,506‌
Series
2025-FLWR,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
6.42%,
08/15/42
...
650‌
645,267‌
SDAL
Trust,
Series
2025-DAL,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.44%
Floor
+
2.44%),
6.11%,
04/15/42
(a)(c)
4,137‌
4,146,179‌
SELF
Commercial
Mortgage
Trust
(a)(c)
Series
2024-STRG,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
5.21%,
11/15/34
...
584‌
583,465‌
Series
2024-STRG,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.19%
Floor
+
4.19%),
7.86%,
11/15/34
...
4,598‌
4,585,830‌
Series
2024-STRG,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.19%
Floor
+
5.19%),
8.86%,
11/15/34
...
4,582‌
4,554,637‌
SG
Commercial
Mortgage
Securities
Trust
(a)(c)
Series
2019-PREZ,
Class
D,
3.48%,
09/15/39
...............
4,690‌
4,153,220‌
Series
2019-PREZ,
Class
E,
3.48%,
09/15/39
...............
3,356‌
2,852,342‌
SHR
Trust
(a)(c)
Series
2024-LXRY,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
5.62%,
10/15/41
...
38,145‌
38,097,318‌
Series
2024-LXRY,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.60%),
7.27%,
10/15/41
...
7,065‌
7,047,378‌
Series
2024-LXRY,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.45%
Floor
+
4.45%),
8.12%,
10/15/41
...
2,246‌
2,243,178‌
SLG
Commercial
Mortgage
Trust
(a)(c)
Series
2026-PAT,
Class
A,
4.45%,
02/15/39
...............
10,248‌
10,163,815‌
Series
2026-PAT,
Class
HRR,
8.41%,
02/15/39
..........
17,000‌
16,705,187‌
SLG
Office
Trust
(a)(c)
Series
2026-OMA,
Class
A,
1.00%,
04/15/41
...............
1,250‌
1,253,672‌
Series
2026-OMA,
Class
E,
1.00%,
04/15/41
...............
2,750‌
2,755,371‌
Series
2026-OMA,
Class
F,
1.00%,
04/15/41
...............
4,500‌
4,508,555‌
TCO
Commercial
Mortgage
Trust,
Series
2024-DPM,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.74%
Floor
+
2.74%),
6.41%,
12/15/39
(a)(c)
....
1,101‌
1,099,624‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
THPT
Mortgage
Trust,
Series
2023-
THL,
Class
A,
7.00%,
12/10/34
(a)(c)
USD
4,026‌
$
4,054,284‌
TYSN
Mortgage
Trust,
Series
2023-
CRNR,
Class
A,
6.58%,
12/10/33
(a)(c)
4,360‌
4,531,004‌
UNIV
Trust
(a)(c)
Series
2025-APTS,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
5.32%,
11/15/42
...
10,568‌
10,530,879‌
Series
2025-APTS,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
5.92%,
11/15/42
...
2,481‌
2,472,317‌
VCC
Trust,
Series
2025-MC1,
Class
A1,
8.16%,
05/25/55
(c)(g)
..........
5,372‌
5,349,908‌
VEGAS,
Series
2024-GCS,
Class
C,
6.22%,
07/10/36
(a)(c)
..........
23,080‌
23,320,152‌
VEGAS
Trust,
Series
2024-GCS,
Class
D,
6.22%,
07/10/36
(a)(c)
........
21,161‌
21,053,629‌
Velocity
Commercial
Capital
Loan
Trust
(c)
Series
2017-2,
Class
M3,
4.24%,
11/25/47
(a)
..............
546‌
513,271‌
Series
2017-2,
Class
M4,
5.00%,
11/25/47
(a)
..............
329‌
299,240‌
Series
2018-1,
Class
M2,
4.26%,
04/25/48
...............
291‌
279,903‌
Series
2020-1,
Class
M1,
2.80%,
02/25/50
(a)
..............
680‌
558,714‌
Series
2020-1,
Class
M2,
2.98%,
02/25/50
(a)
..............
800‌
648,301‌
Series
2020-1,
Class
M3,
3.19%,
02/25/50
(a)
..............
353‌
281,531‌
Series
2020-1,
Class
M4,
3.54%,
02/25/50
(a)
..............
546‌
426,469‌
Series
2020-1,
Class
M5,
4.29%,
02/25/50
(a)
..............
621‌
484,640‌
Series
2021-4,
Class
M4,
4.48%,
12/26/51
(a)
..............
1,696‌
1,383,381‌
Series
2021-4,
Class
M6,
6.88%,
12/26/51
(a)
..............
2,167‌
1,684,046‌
Series
2022-1,
Class
M4,
5.20%,
02/25/52
(a)
..............
1,111‌
930,803‌
Series
2022-4,
Class
M2,
6.97%,
08/25/52
(a)
..............
1,677‌
1,680,230‌
Series
2022-4,
Class
M3,
7.52%,
08/25/52
(a)
..............
1,379‌
1,383,021‌
Series
2022-4,
Class
M4,
7.52%,
08/25/52
(a)
..............
1,863‌
1,779,496‌
Series
2023-1,
Class
M5,
9.64%,
01/25/53
(a)
..............
3,288‌
3,122,937‌
Series
2023-2,
Class
A,
6.22%,
05/25/53
(a)
..............
3,625‌
3,623,548‌
Series
2024-1,
Class
M2,
7.23%,
01/25/54
(a)
..............
977‌
989,434‌
Series
2024-1,
Class
M3,
8.44%,
01/25/54
(a)
..............
969‌
993,542‌
Series
2024-5,
Class
A,
5.49%,
10/25/54
...............
6,455‌
6,422,192‌
Series
2024-5,
Class
M2,
5.96%,
10/25/54
...............
2,847‌
2,830,243‌
Series
2024-5,
Class
M3,
6.76%,
10/25/54
...............
4,052‌
4,028,107‌
Series
2024-5,
Class
M4,
9.47%,
10/25/54
...............
2,544‌
2,543,245‌
Series
2024-6,
Class
M2,
6.55%,
12/25/54
(a)
..............
843‌
843,895‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
114
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2024-6,
Class
M3,
6.92%,
12/25/54
(a)
..............
USD
1,543‌
$
1,545,520‌
Series
2024-6,
Class
M4,
9.67%,
12/25/54
(a)
..............
2,285‌
2,301,783‌
Series
2025-1,
Class
M3,
7.33%,
02/25/55
(a)
..............
3,895‌
3,927,488‌
Series
2025-1,
Class
M4,
10.15%,
02/25/55
...............
1,348‌
1,358,444‌
Series
2025-3,
Class
M3,
7.38%,
06/25/55
(a)
..............
3,624‌
3,650,990‌
Series
2025-4,
Class
M3,
6.31%,
09/25/55
(a)
..............
1,812‌
1,778,512‌
Series
2025-4,
Class
M5,
10.07%,
09/25/55
(a)
..............
1,664‌
1,513,415‌
Series
2025-5,
Class
M2,
6.31%,
12/25/55
(a)
..............
818‌
815,803‌
Series
2025-5,
Class
M3,
6.70%,
12/25/55
(a)
..............
3,519‌
3,467,687‌
Series
2025-5,
Class
M4,
9.19%,
12/25/55
(a)
..............
994‌
979,803‌
Series
2025-P2,
Class
A,
5.46%,
10/25/55
(a)
..............
18,574‌
18,405,508‌
Series
2025-P2,
Class
M1,
6.04%,
10/25/55
(a)
..............
1,677‌
1,660,868‌
Series
2025-P2,
Class
M2,
6.56%,
10/25/55
(a)
..............
1,874‌
1,854,196‌
Series
2025-P2,
Class
M3,
6.85%,
10/25/55
(a)
..............
3,279‌
3,244,910‌
Series
2025-P2,
Class
M4,
9.45%,
10/25/55
(a)
..............
1,949‌
1,928,827‌
Series
2025-P2,
Class
M5,
10.21%,
10/25/55
(a)
..............
710‌
647,122‌
Series
2026-1,
Class
A,
5.10%,
02/25/56
(a)
..............
8,276‌
8,160,206‌
VTR
Commercial
Mortgage
Trust
(a)(c)
Series
2025-STEM,
Class
A,
4.70%,
10/13/39
...............
17,487‌
17,323,535‌
Series
2025-STEM,
Class
D,
6.06%,
10/13/39
...............
3,734‌
3,681,299‌
Wells
Fargo
Commercial
Mortgage
Trust
(c)
Series
2018-1745,
Class
A,
3.75%,
06/15/36
(a)
..............
1,022‌
963,136‌
Series
2019-C49,
Class
D,
3.00%,
03/15/52
...............
988‌
808,113‌
Series
2021-FCMT,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
7.29%,
05/15/31
(a)
..
750‌
749,347‌
Series
2024-1CHI,
Class
A,
4.95%,
07/15/35
(a)
..............
5,640‌
5,664,035‌
Series
2024-BPRC,
Class
B,
6.22%,
07/15/43
...............
10,322‌
10,549,788‌
Series
2024-BPRC,
Class
C,
6.43%,
07/15/43
...............
6,236‌
6,248,282‌
Series
2024-BPRC,
Class
D,
7.08%,
07/15/43
...............
2,520‌
2,520,615‌
Series
2024-BPRC,
Class
HRR,
9.56%,
07/15/43
..........
8,400‌
8,232,454‌
WEST
Trust
(a)(c)
Series
2025-ROSE,
Class
A,
5.28%,
04/10/35
...............
4,758‌
4,777,848‌
Series
2025-ROSE,
Class
HRR,
8.98%,
04/10/35
..........
14,000‌
14,053,978‌
WHARF
Commercial
Mortgage
Trust
(a)(c)
Series
2025-DC,
Class
A,
4.99%,
07/15/40
...............
10,430‌
10,662,431‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Series
2025-DC,
Class
E,
7.21%,
07/15/40
...............
USD
6,082‌
$
6,086,611‌
2,687,878,464‌
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
..........
84,666‌
245,476‌
Series
2024-NQM1,
Class
XS,
2.45%,
01/25/64
..........
57,015‌
1,212,829‌
Series
2024-NQM3,
Class
XS,
0.00%,
06/25/64
..........
75,040‌
1,525,250‌
Series
2024-NQM4,
Class
XS,
0.00%,
12/26/64
..........
97,042‌
3,271,756‌
Series
2025-NQM1,
Class
XS,
0.00%,
01/25/65
..........
97,037‌
2,975,033‌
Series
2025-NQM2,
Class
XS2,
0.00%,
05/25/65
..........
84,087‌
2,145,555‌
CSMC
Trust
(c)
Series
2020-NQM1,
Class
AIOS,
0.42%,
05/25/65
..........
2,989‌
33,888‌
Series
2020-NQM1,
Class
XS,
2.00%,
05/25/65
..........
2,987‌
207,648‌
IndyMac
IMSC
Mortgage
Loan
Trust,
Series
2007-HOA1,
Class
AXPP,
0.00%,
07/25/47
............
9,870‌
8,579‌
J.P.
Morgan
Mortgage
Trust
(c)
Series
2021-INV5,
Class
A2X,
0.50%,
12/25/51
..........
87,075‌
2,443,936‌
Series
2021-INV5,
Class
A5X,
0.50%,
12/25/51
..........
12,649‌
355,024‌
Series
2021-INV5,
Class
AX1,
0.19%,
12/25/51
..........
170,556‌
1,784,549‌
Series
2021-INV7,
Class
A2X,
0.50%,
02/25/52
..........
54,060‌
1,538,466‌
Series
2021-INV7,
Class
A3X,
0.50%,
02/25/52
..........
30,265‌
538,133‌
Series
2021-INV7,
Class
A4X,
0.50%,
02/25/52
..........
15,746‌
653,842‌
Series
2021-INV7,
Class
A5X,
0.50%,
02/25/52
..........
5,887‌
167,524‌
Series
2021-INV7,
Class
AX1,
0.27%,
02/25/52
..........
105,958‌
1,598,816‌
Reperforming
Loan
REMIC
Trust,
Series
2005-R3,
Class
AS,
2.03%,
09/25/35
(c)
................
784‌
29,714‌
Voyager
OPTONE
Delaware
Trust,
Series
2009-1,
Class
SAA7,
1.96%,
02/25/38
(c)
................
29,790‌
6,299,836‌
27,035,854‌
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
United
States
—
0.1%
245
Park
Avenue
Trust,
Series
2017-
245P,
Class
XA,
0.15%,
06/05/37
(a)(c)
25,000‌
42,975‌
BANK,
Series
2019-BN20,
Class
XB,
0.36%,
09/15/62
(a)
...........
86,048‌
1,003,208‌
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2017-BNK3,
Class
XB,
0.59%,
02/15/50
(a)
................
31,555‌
108,846‌
BBCMS
Mortgage
Trust,
Series
2020-
C7,
Class
XB,
0.97%,
04/15/53
(a)
.
2,706‌
97,021‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
115
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
BBCMS
Trust
(a)(c)
Series
2015-SRCH,
Class
XA,
0.82%,
08/10/35
..........
USD
60,853‌
$
443,972‌
Series
2015-SRCH,
Class
XB,
0.20%,
08/10/35
..........
42,790‌
90,213‌
Benchmark
Mortgage
Trust
(a)
Series
2019-B9,
Class
XA,
1.00%,
03/15/52
...............
29,327‌
667,149‌
Series
2020-B17,
Class
XB,
0.52%,
03/15/53
...............
13,340‌
215,925‌
Series
2021-B23,
Class
XA,
1.25%,
02/15/54
...............
47,207‌
2,030,690‌
BMO
Mortgage
Trust,
Series
2023-C5,
Class
XA,
0.73%,
06/15/56
(a)
....
27,596‌
1,077,715‌
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.57%,
05/10/58
(a)
................
18,700‌
290‌
Commercial
Mortgage
Trust,
Series
2018-COR3,
Class
XD,
1.75%,
05/10/51
(a)(c)
...............
8,680‌
264,617‌
CSAIL
Commercial
Mortgage
Trust
(a)
Series
2017-CX10,
Class
XB,
0.23%,
11/15/50
..........
32,800‌
151,775‌
Series
2019-C16,
Class
XA,
1.53%,
06/15/52
...............
64,831‌
2,496,822‌
Series
2019-C17,
Class
XA,
1.31%,
09/15/52
...............
25,024‌
837,178‌
Series
2019-C17,
Class
XB,
0.52%,
09/15/52
...............
41,829‌
644,308‌
CSMC
OA
LLC,
Series
2014-USA,
Class
X2,
0.04%,
09/15/37
(a)(c)
...
598,765‌
5,988‌
DBGS
Mortgage
Trust,
Series
2019-
1735,
Class
X,
0.29%,
04/10/37
(a)(c)
52,590‌
432,238‌
DBJPM
Mortgage
Trust,
Series
2017-
C6,
Class
XD,
1.00%,
06/10/50
(a)(c)
15,440‌
151,056‌
ELM
Trust
(a)(c)
Series
2024-ELM,
Class
XP10,
0.22%,
06/10/39
..........
98,981‌
38,961‌
Series
2024-ELM,
Class
XP15,
1.46%,
06/10/39
..........
90,365‌
236,620‌
GS
Mortgage
Securities
Trust
(a)
Series
2019-GSA1,
Class
XA,
0.80%,
11/10/52
..........
15,450‌
360,745‌
Series
2020-GSA2,
Class
XA,
1.65%,
12/12/53
(c)
.........
30,035‌
1,736,049‌
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(c)
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
...............
37,589‌
49,298‌
Series
2024-IGLG,
Class
X,
0.01%,
11/09/39
...............
218,000‌
28,493‌
JPMBB
Commercial
Mortgage
Securities
Trust
(a)
Series
2014-C22,
Class
XA,
0.40%,
09/15/47
...............
322‌
3‌
Series
2015-C27,
Class
XD,
0.50%,
02/15/48
(c)
..............
31,775‌
160,068‌
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(a)(c)
...
14,670‌
38,099‌
Ladder
Capital
Commercial
Mortgage
Mortgage
Trust,
Series
2013-GCP,
Class
XA,
1.13%,
02/15/36
(a)(c)
...
5,514‌
117,236‌
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
0.87%,
03/10/50
(a)(c)
...............
5,957‌
23,522‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
MCR
Mortgage
Trust,
Series
2024-
TWA,
Class
XA,
0.92%,
06/12/39
(c)
USD
32,439‌
$
193,898‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
(a)(c)
Series
2014-C19,
Class
XD,
1.06%,
12/15/47
...............
37,464‌
375‌
Series
2014-C19,
Class
XF,
1.06%,
12/15/47
...............
13,486‌
150,999‌
Series
2015-C21,
Class
XB,
0.10%,
03/15/48
...............
10,197‌
102‌
Series
2015-C26,
Class
XD,
1.61%,
10/15/48
...............
8,443‌
351‌
Morgan
Stanley
Capital
I
Trust
(a)
Series
2017-H1,
Class
XD,
2.12%,
06/15/50
(c)
..............
8,870‌
197,737‌
Series
2019-H6,
Class
XB,
0.72%,
06/15/52
...............
53,695‌
1,129,936‌
Series
2019-L2,
Class
XA,
0.97%,
03/15/52
...............
20,512‌
486,583‌
MSWF
Commercial
Mortgage
Trust,
Series
2023-2,
Class
XA,
0.92%,
12/15/56
(a)
................
104,638‌
5,642,413‌
Olympic
Tower
Mortgage
Trust,
Series
2017-OT,
Class
XA,
0.38%,
05/10/39
(a)(c)
...............
99,000‌
257,351‌
One
Market
Plaza
Trust
(a)(c)
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
..........
126,326‌
393,316‌
Series
2017-1MKT,
Class
XNCP,
0.09%,
02/10/32
..........
25,265‌
66,081‌
UBS
Commercial
Mortgage
Trust
(a)
Series
2019-C17,
Class
XA,
1.44%,
10/15/52
...............
38,663‌
1,578,684‌
Series
2019-C18,
Class
XA,
0.98%,
12/15/52
...............
65,227‌
1,685,804‌
Wells
Fargo
Commercial
Mortgage
Trust
(a)
Series
2016-BNK1,
Class
XD,
1.41%,
08/15/49
(c)
.........
9,764‌
51,550‌
Series
2019-C50,
Class
XA,
1.39%,
05/15/52
...............
46,638‌
1,485,229‌
Series
2021-C59,
Class
XA,
1.48%,
04/15/54
...............
36,889‌
1,964,895‌
Series
2024-BPRC,
Class
X,
0.09%,
07/15/43
(c)
..............
67,308‌
540,840‌
29,377,224‌
Total
Non-Agency
Mortgage-Backed
Securities
—
14.1%
(Cost:
$6,596,628,872)
...........................
6,533,270,525‌
Preferred
Securities
Capital
Trusts
—
3.7%
Austria
—
0.1%
(b)
Lenzing
AG
(3-Year
EURIBOR
ICE
Swap
Rate
+
12.11%),
9.00%
(a)(b)(q)
.......
EUR
28,200‌
32,179,384‌
Belgium
—
0.0%
Ageas
SA/NV
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.04%),
5.88%
(a)(b)(q)
.
1,800‌
2,015,513‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
116
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Canada
—
0.0%
(a)
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
....
USD
1,510‌
$
1,527,111‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.36%),
7.00%, 09/15/55
....
1,961‌
2,007,121‌
TELUS
Corp.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.69%),
6.38%, 06/09/56
....
221‌
218,787‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.77%),
6.63%, 10/15/55
-
06/09/56
...............
4,831‌
4,777,406‌
8,530,425‌
Chile
—
0.1%
AES
Andes
SA
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.84%),
8.15%, 06/10/55
(a)
(c)
......................
9,576‌
10,038,042‌
Denmark
—
0.0%
(b)
Orsted
A/S
(a)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.14%),
2.50%, 02/18/3021
(b)
.......
GBP
4,754‌
4,767,449‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.59%),
5.13%, 03/14/3024
(b)
..
EUR
2,982‌
3,446,128‌
8,213,577‌
France
—
0.5%
(a)(q)
Agence
France
Locale
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
7.00%
(b)(c)
.................
10,100‌
13,103,974‌
Air
France-KLM
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.58%),
5.75%
(b)
...
1,500‌
1,686,931‌
BNP
Paribas
Cardif
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
6.00%
(b)
..................
48,100‌
53,785,333‌
BNP
Paribas
SA
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.63%
(c)
..........
USD
1,754‌
1,727,103‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.90%),
7.75%
(b)
..........
4,000‌
4,125,952‌
Electricite
de
France
SA
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
2.88%
(b)
..........
EUR
18,800‌
21,538,404‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.07%),
4.38%
(b)
..........
18,800‌
21,063,478‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.94%),
5.13%
(b)
..........
2,600‌
3,030,626‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.78%),
7.38%
(b)
................
GBP
7,200‌
9,594,821‌
(5-Year
EUR
Swap
Annual
+
4.86%),
7.50%
(b)
................
EUR
33,600‌
41,468,068‌
RCI
Banque
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.84%),
6.13%
(b)
...
2,000‌
2,265,986‌
TotalEnergies
SE,
Series
NC7
,
(5-Year
EUR
Swap
Annual
+
1.99%),
1.63%
(b)
..................
55,129‌
61,401,838‌
Security
Par
(000)
Par
(000)
Value
France
(continued)
Unibail-Rodamco-Westfield
SE
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.43%),
4.75%
(b)
..................
EUR
5,700‌
$
6,517,187‌
Veolia
Environnement
SA
(5-Year
EUR
Swap
Annual
+
2.08%),
2.00%
(b)
................
29,900‌
33,449,796‌
(5-Year
EUR
Swap
Annual
+
2.82%),
5.99%
(b)
................
5,800‌
6,974,974‌
281,734,471‌
Germany
—
0.4%
(a)
Aroundtown
Finance
SARL
(q)
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.04%),
5.13%
(b)
..........
10,917‌
11,382,441‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.43%),
5.25%
(b)
..........
27,060‌
28,461,240‌
Bayer
AG
(5-Year
EUR
Swap
Annual
+
3.11%),
3.13%, 11/12/79
(b)
.........
8,200‌
9,276,248‌
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%, 03/25/82
(b)
.........
5,500‌
6,334,389‌
(5-Year
EUR
Swap
Annual
+
4.46%),
5.38%, 03/25/82
(b)
.........
7,100‌
8,166,449‌
Series
NC5,
(5-Year
EUR
Swap
Annual
+
3.43%),
6.63%, 09/25/83
(b)
.........
30,800‌
36,928,143‌
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%, 09/25/83
(b)
.........
15,600‌
19,115,236‌
Deutsche
Bank
AG
(q)
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.55%),
4.50%
(b)
..........
1,200‌
1,367,989‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.75%),
4.63%
(b)
..........
11,000‌
12,292,450‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.04%),
6.75%
(b)
..........
5,800‌
6,611,751‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.60%),
7.13%
(b)
..........
6,000‌
7,052,747‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.11%),
7.38%
(b)
..........
6,400‌
7,658,865‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.26%),
8.13%
(b)
..........
4,200‌
5,097,818‌
Deutsche
Lufthansa
AG
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.86%),
5.25%, 01/15/55
(b)
...........
2,200‌
2,489,686‌
Grand
City
Properties
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.18%),
1.50%
(b)(q)
.................
6,700‌
7,587,881‌
Volkswagen
International
Finance
NV
,
(EUAMDB08
+
3.49%),
5.99%
(b)(q)
.
18,700‌
21,603,696‌
Wintershall
Dea
Finance
2
BV
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.94%),
6.12%
(b)(q)
.................
6,971‌
8,142,557‌
199,569,586‌
Greece
—
0.0%
(a)(b)(q)
Eurobank
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.79%),
6.25%
....
5,425‌
5,971,309‌
National
Bank
of
Greece
SA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.32%),
5.80%
...................
3,275‌
3,612,325‌
9,583,634‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
117
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hong
Kong
—
0.1%
Cas
Capital
No.
2
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.53%),
6.25%
(a)
(b)(q)
.....................
USD
1,666‌
$
1,638,678‌
Elect
Global
Investments
Ltd.,
4.85%
(b)
(q)
......................
4,026‌
3,009,435‌
FWD
Group
Holdings
Ltd.
5.84%, 09/22/35
(c)
...........
11,901‌
11,765,091‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
6.68%
(a)(b)(q)
........
5,215‌
5,170,516‌
Nan
Fung
Treasury
III
Ltd.,
5.00%
(b)(q)
3,125‌
2,378,906‌
Peak
RE
Bvi
Holding
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
5.63%
(a)
(b)(q)
.....................
6,380‌
6,236,450‌
30,199,076‌
India
—
0.1%
(a)(b)(q)
Axis
Bank
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
4.10%
......
15,000‌
14,812,500‌
HDFC
Bank
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.93%),
3.70%
......
15,000‌
14,765,850‌
29,578,350‌
Indonesia
—
0.0%
Bank
Negara
Indonesia
Persero
Tbk.
PT
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.47%),
4.30%
(a)(b)(q)
..........
13,000‌
12,561,250‌
Ireland
—
0.0%
AIB
Group
plc
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.71%),
6.00%
(a)(b)(q)
.
EUR
2,800‌
3,221,994‌
Italy
—
0.3%
(a)(q)
BPER
Banca
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.35%),
6.50%
(b)
3,749‌
4,352,127‌
Enel
SpA
Series
6.5Y,
(5-Year
EUR
Swap
Annual
+
1.72%),
1.38%
(b)
....
34,602‌
38,614,929‌
(5-Year
EUR
Swap
Annual
+
2.68%),
2.25%
(b)
................
14,356‌
16,393,281‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.82%),
4.50%
(b)
..........
1,850‌
2,025,156‌
Eni
SpA
Series
NC6,
(5-Year
EUR
Swap
Annual
+
2.20%),
2.00%
(b)
....
4,427‌
5,026,105‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.64%),
4.13%
(b)
..........
5,940‌
6,608,284‌
(5-Year
EUR
Swap
Annual
+
2.40%),
4.88%
(b)
................
4,225‌
4,838,327‌
Intesa
Sanpaolo
SpA
,
(5-Year
EUR
Swap
Annual
+
7.19%),
7.75%
(b)
..
13,500‌
15,924,481‌
Unipol
Assicurazioni
SpA
,
(5-Year
EUR
Swap
Annual
+
6.74%),
6.38%
(b)
..
4,200‌
4,936,184‌
98,718,874‌
Japan
—
0.1%
(a)(q)
Nomura
Holdings,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
7.00%
USD
1,000‌
1,006,763‌
Rakuten
Group,
Inc.
(5-Year
EUR
Swap
Annual
+
4.74%),
4.25%
(b)
................
EUR
27,126‌
30,400,877‌
Security
Par
(000)
Par
(000)
Value
Japan
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.58%),
5.13%
(b)
..........
USD
3,000‌
$
2,992,801‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.25%),
8.13%
(c)
..........
7,751‌
7,686,811‌
Sumitomo
Mitsui
Financial
Group,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.90%),
6.45%
.............
7,700‌
7,496,600‌
49,583,852‌
Kuwait
—
0.0%
NBK
Tier
1
Ltd.
,
(6-Year
USD
Constant
Maturity
+
2.88%),
3.63%
(a)(b)(q)
...
5,000‌
4,900,000‌
Luxembourg
—
0.0%
(b)
Vivion
Investments
SARL
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.16%),
8.13%
(a)(b)(q)
........
EUR
3,100‌
2,998,578‌
Mexico
—
0.0%
(a)(c)(q)
Banco
Mercantil
del
Norte
SA
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.07%),
8.38%
...................
USD
1,104‌
1,139,328‌
Cemex
SAB
de
CV
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.52%),
7.20%
820‌
832,397‌
1,971,725‌
Netherlands
—
0.0%
(b)(q)
Cooperatieve
Rabobank
UA,
6.50%
(g)
EUR
4,901‌
6,269,325‌
NN
Group
NV
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.45%),
5.75%
(a)
...
2,850‌
3,204,676‌
9,474,001‌
Norway
—
0.0%
Var
Energi
ASA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%, 11/15/83
(a)(b)
..........
8,793‌
10,961,796‌
Portugal
—
0.1%
(b)
EDP
SA
(a)
Series
NC5.,
(5-Year
EUR
Swap
Annual
+
1.89%),
1.50%, 03/14/82
(b)
.........
37,700‌
42,732,898‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.92%),
4.38%, 12/02/55
(b)
...
3,000‌
3,331,992‌
(5-Year
EUR
Swap
Annual
+
3.18%),
5.94%, 04/23/83
(b)
.........
1,200‌
1,431,932‌
47,496,822‌
Qatar
—
0.0%
QIC
Cayman
Ltd.
,
(6-Year
USD
Constant
Maturity
+
2.20%),
6.15%
(a)
(b)(q)
.....................
USD
15,000‌
14,374,200‌
Singapore
—
0.1%
Frasers
Centrepoint
Trust
,
(SDSOA5
+
2.22%),
3.98%
(a)(b)(q)
..........
SGD
8,000‌
6,300,070‌
Keppel
REIT
,
(SDSOA3
+
2.23%),
3.78%
(a)(b)(q)
................
12,500‌
9,790,387‌
Lendlease
Asia
Treasury
Pte.
Ltd.
,
(SDSOA5
+
4.46%),
3.90%
(a)(b)(q)
..
3,500‌
2,688,224‌
Suntec
REIT
(SDSOA5
+
2.66%),
4.48%
(a)(b)(q)
..
10,500‌
8,370,926‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
118
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Singapore
(continued)
United
Overseas
Bank
Ltd.
,
(SDSOA7
+
0.94%),
3.00%
(a)(b)(q)
..........
SGD
22,750‌
$
17,672,523‌
44,822,130‌
Spain
—
0.6%
(a)(q)
Banco
de
Sabadell
SA
,
(5-Year
EUR
Swap
Annual
+
6.83%),
9.38%
(b)
..
EUR
23,400‌
29,413,493‌
CaixaBank
SA
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
(b)
................
8,000‌
9,342,597‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.94%),
6.25%
(b)
..........
3,400‌
3,998,282‌
Iberdrola
Finanzas
SA
,
(5-Year
EUR
Swap
Annual
+
1.68%),
1.58%
(b)
..
17,800‌
19,909,071‌
Iberdrola
International
BV
Series
NC6,
(5-Year
EUR
Swap
Annual
+
1.83%),
1.45%
(b)
....
40,500‌
46,065,554‌
Series
NC5,
(5-Year
EUR
Swap
Annual
+
2.32%),
1.87%
(b)
....
6,500‌
7,489,735‌
Repsol
International
Finance
BV
,
(5-
Year
EUR
Swap
Annual
+
2.77%),
2.50%
(b)
..................
60,763‌
69,402,399‌
Telefonica
Emisiones
SA
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.84%),
4.38%
(b)
..........
3,300‌
3,684,230‌
(EUAMDB08
+
2.13%),
4.88%
(b)
..
4,500‌
4,940,711‌
Telefonica
Europe
BV
(7-Year
EUR
Swap
Annual
+
2.66%),
2.50%
(b)
................
2,200‌
2,517,406‌
(6-Year
EUR
Swap
Annual
+
2.87%),
2.88%
(b)
................
1,200‌
1,347,214‌
(EUAMDB08
+
3.12%),
5.75%
(b)
..
4,900‌
5,787,948‌
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
(b)
................
7,700‌
9,243,603‌
213,142,243‌
Sweden
—
0.1%
Heimstaden
Bostad
AB
,
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
(a)(b)(q)
13,277‌
14,852,482‌
Switzerland
—
0.0%
UBS
Group
AG
(a)(q)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(c)
..........
USD
1,833‌
1,809,939‌
(ADSWAP5
+
2.60%),
7.13%
(b)
...
AUD
11,997‌
8,025,368‌
9,835,307‌
Taiwan
—
0.0%
Shin
Kong
Life
Singapore
Pte.
Ltd.,
6.95%, 06/26/35
(b)
...........
USD
6,000‌
6,225,300‌
Thailand
—
0.0%
(a)(q)
GC
Treasury
Center
Co.
Ltd.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.82%),
6.50%
(b)
..........
14,870‌
14,398,621‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
7.13%
(b)
..........
10,670‌
10,334,962‌
Thaioil
Treasury
Center
Co.
Ltd.
,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.38%),
6.10%
(b)
..................
9,290‌
8,942,141‌
33,675,724‌
Security
Par
(000)
Par
(000)
Value
United
Arab
Emirates
—
0.0%
Emirates
NBD
Bank
PJSC
,
(6-Year
USD
Constant
Maturity
+
3.16%),
4.25%
(a)(b)(q)
................
USD
4,000‌
$
3,869,360‌
United
Kingdom
—
0.6%
(a)
Barclays
Bank
plc
,
(3-mo.
SOFR
+
1.81%),
6.28%
(q)
............
4,000‌
4,125,000‌
Barclays
plc
(q)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
...........
1,754‌
1,663,153‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.56%),
6.13%
(b)
..........
EUR
6,558‌
7,239,022‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.96%),
8.88%
(b)
................
GBP
4,761‌
6,478,106‌
(5-year
SONIA
Mid-Swaps
Rate
+
5.64%),
9.25%
...........
14,825‌
20,652,545‌
British
American
Tobacco
plc
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.96%),
4.20%
(b)(q)
.................
EUR
10,649‌
12,028,379‌
British
Telecommunications
plc
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.99%),
4.25%, 11/23/81
(c)
...
USD
3,252‌
3,210,178‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.99%),
4.25%, 11/23/81
(b)
...
25,562‌
25,233,260‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.49%),
4.88%, 11/23/81
(c)
...
3,628‌
3,458,397‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%, 12/20/83
(b)
.........
GBP
18,789‌
26,093,369‌
Centrica
plc
,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.51%),
6.50%, 05/21/55
(b)
.....
7,105‌
9,427,689‌
Direct
Line
Insurance
Group
plc
,
(BPSWS5
+
3.39%),
4.75%
(b)(q)
..
12,157‌
15,695,413‌
HSBC
Holdings
plc
,
(SDSOA5
+
2.24%),
5.25%
(b)(q)
...........
SGD
9,750‌
7,735,086‌
Lloyds
Banking
Group
plc
,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.44%),
7.50%
(q)
.....
GBP
545‌
716,882‌
Nationwide
Building
Society
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.85%),
7.50%
(b)(q)
...............
7,738‌
10,257,359‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.59%),
7.88%
(b)(q)
...............
1,100‌
1,462,934‌
10.25%, 12/31/79
(b)
..........
2,500‌
4,202,430‌
NatWest
Group
plc
,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.29%),
7.50%
(q)
.....
4,089‌
5,379,592‌
SSE
plc
,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.76%),
3.74%
(b)(q)
...........
13,600‌
17,979,833‌
Standard
Chartered
plc
(q)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.81%),
4.75%
(b)
..........
USD
3,377‌
3,084,923‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.87%),
7.00%
(c)
..........
10,000‌
9,795,700‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
119
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
Kingdom
(continued)
Vodafone
Group
plc
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.77%),
4.13%, 06/04/81
....
USD
10,023‌
$
9,174,171‌
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%, 04/04/79
..........
3,061‌
3,148,411‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.84%),
8.00%, 08/30/86
(b)
.........
GBP
1,452‌
2,010,900‌
210,252,732‌
United
States
—
0.5%
(a)
AES
Corp.
(The)
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
6.95%, 07/15/55
USD
6,100‌
5,691,175‌
American
National
Group,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.18%),
7.00%, 12/01/55
............
2,535‌
2,403,996‌
Aptiv
Swiss
Holdings
Ltd.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.39%),
6.88%, 12/15/54
............
943‌
951,787‌
Bank
of
New
York
Mellon
Corp.
(The),
Series
M
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.03%),
5.63%
(q)
...........
1,000‌
979,310‌
BP
Capital
Markets
plc
(q)
(5-Year
EUR
Swap
Annual
+
3.52%),
3.25%
(b)
................
EUR
92,149‌
106,366,632‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.89%),
4.25%
(b)
................
GBP
15,100‌
19,703,472‌
Citigroup,
Inc.
(q)
Series
GG,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
6.88%
....
USD
1,000‌
1,007,058‌
Series
FF,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.73%),
6.95%
....
1,000‌
1,007,426‌
CMS
Energy
Corp.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.96%),
6.50%, 06/01/55
............
9,408‌
9,577,673‌
CVS
Health
Corp.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.52%),
6.75%, 12/10/54
....
664‌
672,329‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.89%),
7.00%, 03/10/55
....
3,699‌
3,812,145‌
DENTSPLY
SIRONA,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.38%),
8.38%, 09/12/55
............
1,864‌
1,820,251‌
Edison
International
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.66%),
7.88%, 06/15/54
....
1,460‌
1,495,614‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%, 06/15/53
....
2,319‌
2,360,992‌
Energy
Transfer
LP
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.68%),
6.50%, 02/15/56
....
3,052‌
3,015,312‌
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.48%),
6.75%, 02/15/56
....
USD
854‌
$
849,343‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.83%),
7.13%, 10/01/54
....
794‌
806,440‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.02%),
8.00%, 05/15/54
....
287‌
300,602‌
EUSHI
Finance,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.51%),
6.25%, 04/01/56
............
754‌
740,165‌
FMC
Corp.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.37%),
8.45%, 11/01/55
.....
9,259‌
5,961,497‌
Global
Atlantic
Fin
Co.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.95%, 10/15/54
(c)
...........
1,335‌
1,285,421‌
Goldman
Sachs
Group,
Inc.
(The)
,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.46%),
6.85%
(q)
..................
1,000‌
1,019,313‌
HA
Sustainable
Infrastructure
Capital,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.30%),
8.00%, 06/01/56
.....
1,800‌
1,862,608‌
JPMorgan
Chase
&
Co.,
Series
OO
,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.15%),
6.50%
(q)
..................
1,000‌
1,026,135‌
NextEra
Energy
Capital
Holdings,
Inc.
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
1.59%),
4.00%, 05/15/56
.......
EUR
38,600‌
42,956,733‌
PacifiCorp
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.29%),
7.13%, 08/15/56
....
USD
1,020‌
963,572‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
7.38%, 09/15/55
....
2,911‌
2,781,574‌
Paramount
Global
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%, 03/30/62
4,555‌
3,325,150‌
PG&E
Corp.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.23%),
6.85%, 09/15/56
....
352‌
347,821‌
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.88%),
7.38%, 03/15/55
....
5,445‌
5,479,927‌
Stellantis
NV
(q)
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.77%),
6.25%
(b)
..........
EUR
29,971‌
33,065,307‌
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.24%),
6.88%
(b)
..........
11,700‌
12,747,938‌
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.08%),
8.25%
(b)
................
GBP
11,050‌
13,977,155‌
Sunoco
LP
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.23%),
7.88%
(c)(q)
..........
USD
6,623‌
6,762,255‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
120
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Venture
Global
LNG,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.44%),
9.00%
(c)
(q)
......................
USD
6,997‌
$
6,969,335‌
Wells
Fargo
&
Co.,
Series
GG
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.34%),
6.13%
(q)
..................
1,000‌
1,003,764‌
305,097,227‌
Total
Capital
Trusts
—
3.7%  
(Cost:
$1,671,632,051)
...........................
1,709,677,655‌
Shares
Shares
Preferred
Stocks
—
1.4%
Brazil
—
0.1%
(d)
Azul
SA
....................
104,983
682,390‌
Neon
Payments
Ltd.
(f)
...........
28,089
11,950,465‌
12,632,855‌
China
—
0.2%
ByteDance
Ltd.,
Series
E-1,
(Acquired
11/11/20,
cost
$32,477,349)
(d)(f)(m)
.
296,396
85,667,336‌
Finland
—
0.0%
Aiven
OY,
Series
D
(d)(f)
...........
169,258
8,412,123‌
Germany
—
0.0%
Draegerwerk
AG
&
Co.
KGaA
.....
30,094
3,203,013‌
Volocopter
GmbH,
(Acquired
03/03/21,
cost
$11,751,352)
(d)(f)(m)
........
2,211
—‌
3,203,013‌
Sweden
—
0.0%
Volta
Greentech
AB,
Series
C,
(Acquired
02/22/22,
cost
$5,952,131)
(d)(f)(m)
............
50,461
—‌
United
Kingdom
—
0.0%
10x
Future
Technologies
Services
Ltd.,
Series
D,
(Acquired
12/19/23,
cost
$16,122,169)
(d)(f)(m)
...........
425,677
1,487,445‌
United
States
—
1.1%
(d)
Anduril
Engineering
LLC,
Series
F
(f)
.
688,766
45,479,219‌
Anduril
Investors
LLC,
Series
G
(f)
...
176,206
11,634,882‌
Anthropic
PBC,
Series
F,
(Acquired
08/18/25,
cost
$36,911,802)
(f)(m)
..
261,846
67,853,830‌
Breeze
Aviation
Group,
Inc.,
Series
B,
(Acquired
07/30/21,
cost
$7,738,156)
(f)(m)
.............
14,327
1,763,940‌
Bright
Machines,
Inc.,
Series
C
(f)
....
1,958,349
411,253‌
Bright
Machines,
Inc.,
Series
C-1
(f)
..
4,079,305
326,345‌
Cap
Hill
Brands,
Class
E
(f)
........
13,277,076
133‌
Clarify
Health
Solutions,
Inc.
(f)
.....
1,542,267
3,686,018‌
CoreWeave,
Inc.,
10.00%,
(10.00%
Cash
or
10.00%
PIK)
(o)
........
20,264,000
19,250,800‌
Crescent
Midstream
Operating
LLC
(f)(l)
11,350,000
13,279,500‌
Davidson
Homes,
Inc.,
12.00%,
(12.00%
Cash
or
12.00%
PIK)
(o)
..
77,385
85,341,726‌
Dream
Finders
Homes,
Inc.
(Preference),
9.00%
(q)
.........
58,891
58,375,704‌
EXO
Capital
Technologies,
Inc.,
Series
D,
(Acquired
08/14/24,
cost
$284,712)
(f)(m)
..............
466,497
345,208‌
Fluidstack
CS
I,
Inc.,
Series
A
(f)
....
190,539
14,117,429‌
Security
Shares
Shares
Value
United
States
(continued)
HawkEye
360,
Inc.,
Series
D1
(f)
....
1,684,066
$
37,975,688‌
HNG
Hospitality
offshore
LP,
(Acquired
02/16/24,
cost
$26,198,000)
(f)(m)
..
26,198,000
15,718,800‌
JumpCloud,
Inc.,
Series
E-1,
(Acquired
10/30/20,
cost
$8,237,574)
(f)(m)
...
4,516,957
8,266,031‌
JumpCloud,
Inc.,
Series
F,
(Acquired
09/03/21,
cost
$1,779,219)
(f)(m)
...
297,096
724,914‌
Lessen
Holdings,
Inc.,
Series
B
(f)
...
542,406
5‌
Lessen
Holdings,
Inc.,
Series
BX
(f)
..
1,460,424
15‌
Loadsmart,
Inc.,
Series
C,
(Acquired
10/05/20,
cost
$7,500,000)
(f)(m)
...
877,193
5,631,579‌
Loadsmart,
Inc.,
Series
D,
(Acquired
01/27/22,
cost
$2,351,580)
(f)(m)
...
117,579
1,156,977‌
Mythic
AI,
Inc.,
Series
C,
(Acquired
01/26/21,
cost
$4,357,643)
(f)(m)
...
6,343
—‌
Noodle,
Inc.,
Series
C,
(Acquired
08/26/21,
cost
$7,700,677)
(f)(m)
...
862,850
9‌
PsiQuantum
Corp.,
Series
D,
(Acquired
05/21/21,
cost
$3,512,029)
(f)(m)
...
133,913
5,537,302‌
RapidSOS,
Inc.,
Series
C-1
(f)
......
10,953,097
11,610,283‌
RSA
Security
LLC,
Class
A
(f)
......
524,037
5‌
RSA
Security
LLC,
Class
B
(f)
......
1,572,110
16‌
SCI
PH
Parent,
Inc.,
(Acquired
02/10/23,
cost
$7,993,000),
12.50%
(a)(m)
................
7,993
10,866,643‌
Snorkel
AI,
Inc.,
Series
C,
(Acquired
06/30/21,
cost
$2,440,004)
(f)(m)
...
162,454
1,421,472‌
True
Anomaly,
Inc.,
Series
D
(f)
.....
1,263,669
33,079,999‌
Ursa
Major
Technologies,
Inc.,
Series
C,
(Acquired
09/13/21,
cost
$7,831,305)
(f)(m)
.............
1,312,920
6,315,145‌
Ursa
Major
Technologies,
Inc.,
Series
D,
(Acquired
10/14/22,
cost
$1,066,003)
(f)(m)
.............
160,843
794,565‌
Verge
Genomics
(f)
.............
1,583,866
253,419‌
Veritas
Newco
(f)
...............
77,944
1,480,938‌
Veritas
Newco,
Series
G-1
(f)
.......
53,806
1,022,319‌
Versa
Networks,
Inc.,
Series
E,
(Acquired
10/14/22,
cost
$27,065,882),
12.00%,
(12.00%
Cash
or
12.00%
PIK)
(m)(o)
.......
9,274,836
49,620,373‌
513,342,484‌
Total
Preferred
Stocks
—
1.4%  
(Cost:
$594,436,946)
.............................
624,745,256‌
Trust
Preferreds
—
0.0%
United
States
—
0.0%
Boeing
Co.
(The),
6.00%, 10/15/27
(p)
.
80,550
5,226,084‌
Total
Trust
Preferreds
—
0.0%  
(Cost:
$4,027,500)
..............................
5,226,084‌
Total
Preferred
Securities
—
5.1%
(Cost:
$2,270,096,497)
...........................
2,339,648,995‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
121
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
0.1%
Federal
National
Mortgage
Association,
Series
T,
8.25%
(f)(q)
...........
USD
1,500‌
$
15,000,000‌
Tennessee
Valley
Authority,
5.25%, 02/01/55
............
33,500‌
32,981,134‌
47,981,134‌
Collateralized
Mortgage
Obligations
—
3.5%
(a)
Federal
Home
Loan
Mortgage
Corp.
Seasoned
Credit
Risk
Transfer
Trust
Variable
Rate
Notes,
Series
2018-1,
Class
BX,
3.43%, 05/25/57
.....
1,372‌
583,971‌
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
Class
FH,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.16%
,
 06/25/55
.
14,259‌
14,413,457‌
Series
413,
Class
F26,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
4.86%
,
 05/25/54
........
30,908‌
31,162,066‌
Series
5386,
Class
FD,
(SOFR
30
day
Average
at
1.25%
Floor
and
7.00%
Cap
+
1.25%),
4.91%
,
 03/25/54
..
15,752‌
15,902,036‌
Series
5424,
Class
FA,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
4.86%
,
 06/25/54
........
33,990‌
34,268,683‌
Series
5448,
Class
CF,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
4.66%
,
 09/25/54
........
57,739‌
57,906,760‌
Series
5458,
Class
DF,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
4.76%
,
 10/25/54
........
38,559‌
38,675,944‌
Series
5458,
Class
FB,
(SOFR
30
day
Average
at
1.15%
Floor
and
6.50%
Cap
+
1.15%),
4.81%
,
 10/25/54
........
73,275‌
73,557,054‌
Series
5467,
Class
FC,
(SOFR
30
day
Average
at
1.06%
Floor
and
6.50%
Cap
+
1.06%),
4.72%
,
 10/25/54
..
67,126‌
67,288,589‌
Series
5468,
Class
WF,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
4.76%
,
 11/25/54
..
16,735‌
16,785,421‌
Series
5469,
Class
F,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
4.76%
,
 09/25/54
........
16,771‌
16,821,459‌
Series
5470,
Class
AF,
(SOFR
30
day
Average
at
1.10%
Floor
and
6.50%
Cap
+
1.10%),
4.76%
,
 11/25/54
........
22,926‌
22,997,193‌
Series
5478,
Class
FD,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06%
,
 02/25/54
..
9,910‌
9,985,983‌
Series
5478,
Class
FH,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.11%
,
 04/25/54
..
34,072‌
34,365,451‌
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
5479,
Class
FB,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06%
,
 12/25/54
........
USD
8,226‌
$
8,288,833‌
Series
5480,
Class
FA,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.11%
,
 03/25/54
........
32,995‌
33,278,805‌
Series
5482,
Class
FB,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.16%
,
 12/25/54
........
18,114‌
18,308,889‌
Series
5500,
Class
DF,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01%
,
 10/25/54
........
12,891‌
12,989,333‌
Series
5502,
Class
EF,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06%
,
 02/25/55
........
10,262‌
10,349,253‌
Series
5503,
Class
FB,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01%
,
 02/25/55
........
11,241‌
11,320,345‌
Series
5505,
Class
FB,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.16%
,
 02/25/55
........
25,979‌
26,233,601‌
Series
5505,
Class
JF,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.11%
,
 02/25/55
........
64,708‌
65,327,257‌
Series
5508,
Class
FE,
(SOFR
30
day
Average
at
1.60%
Floor
and
6.50%
Cap
+
1.60%),
5.26%
,
 02/25/55
........
13,944‌
14,103,457‌
Series
5511,
Class
QF,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01%
,
 03/25/55
........
101,417‌
102,132,317‌
Series
5515,
Class
FB,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06%
,
 03/25/55
........
10,932‌
11,025,152‌
Series
5539,
Class
FC,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.16%
,
 05/25/55
..
14,203‌
14,355,517‌
Series
5543,
Class
FC,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.16%
,
 06/25/55
..
10,829‌
10,944,499‌
Series
5543,
Class
FG,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.16%
,
 06/25/55
..
10,998‌
11,116,060‌
Series
5543,
Class
FM,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.16%
,
 06/25/55
..
14,541‌
14,697,191‌
Series
5563,
Class
FA,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01%
,
 08/25/55
........
26,131‌
26,317,816‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
122
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
5570,
Class
FA,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06%
,
 05/25/55
........
USD
15,779‌
$
15,914,848‌
Series
5574,
Class
FB,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01%
,
 09/25/55
........
12,446‌
12,542,225‌
Federal
National
Mortgage
Association
Variable
Rate
Notes
Series
2023-35,
Class
FC,
(SOFR
30
day
Average
at
1.10%
Floor
and
7.00%
Cap
+
1.10%),
4.76%
,
 08/25/53
..
20,825‌
20,939,765‌
Series
2023-68,
Class
FB,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
4.71%
,
 01/25/54
..
20,522‌
20,608,016‌
Series
2024-30,
Class
FC,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
4.71%
,
 06/25/54
..
44,490‌
44,676,980‌
Series
2024-38,
Class
FE,
(SOFR
30
day
Average
at
1.05%
Floor
and
7.00%
Cap
+
1.05%),
4.71%
,
 06/25/54
..
41,469‌
41,643,064‌
Series
2024-51,
Class
BF,
(SOFR
30
day
Average
at
1.15%
Floor
and
7.00%
Cap
+
1.15%),
4.81%
,
 08/25/54
..
20,972‌
21,126,833‌
Series
2024-63,
Class
FH,
(SOFR
30
day
Average
at
1.10%
Floor
and
7.00%
Cap
+
1.10%),
4.76%
,
 09/25/54
..
14,772‌
14,853,506‌
Series
2024-75,
Class
FC,
(SOFR
30
day
Average
at
0.95%
Floor
and
7.00%
Cap
+
0.95%),
4.61%
,
 10/25/54
..
46,965‌
47,038,501‌
Series
2024-88,
Class
FC,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06%
,
 12/25/54
..
12,090‌
12,182,554‌
Series
2024-91,
Class
FA,
(SOFR
30
day
Average
at
1.20%
Floor
and
7.00%
Cap
+
1.20%),
4.86%
,
 12/25/54
..
52,712‌
53,139,850‌
Series
2024-94,
Class
FB,
(SOFR
30
day
Average
at
1.42%
Floor
and
6.50%
Cap
+
1.42%),
5.08%
,
 12/25/54
..
63,756‌
64,275,104‌
Series
2024-95,
Class
FC,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06%
,
 12/25/54
..
4,295‌
4,330,699‌
Series
2024-96,
Class
FA,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06%
,
 12/25/54
..
20,511‌
20,668,810‌
Series
2025-1,
Class
FX,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01%
,
 02/25/55
..
14,101‌
14,199,934‌
Series
2025-13,
Class
FB,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
4.96%
,
 03/25/55
..
115,211‌
115,986,579‌
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2025-18,
Class
FH,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06%
,
 08/25/54
..
USD
7,419‌
$
7,481,258‌
Series
2025-2,
Class
FG,
(SOFR
30
day
Average
at
1.45%
Floor
and
6.50%
Cap
+
1.45%),
5.11%
,
 02/25/55
..
27,473‌
27,714,683‌
Series
2025-21,
Class
FB,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
4.96%
,
 07/25/53
..
25,084‌
25,247,759‌
Series
2025-31,
Class
FA,
(SOFR
30
day
Average
at
1.30%
Floor
and
6.50%
Cap
+
1.30%),
4.96%
,
 06/25/54
..
44,774‌
45,068,880‌
Series
2025-32,
Class
FA,
(SOFR
30
day
Average
at
1.25%
Floor
and
6.50%
Cap
+
1.25%),
4.91%
,
 05/25/55
..
36,406‌
36,612,338‌
Series
2025-35,
Class
FJ,
(SOFR
30
day
Average
at
1.60%
Floor
and
6.50%
Cap
+
1.60%),
5.26%
,
 05/25/55
..
17,231‌
17,452,193‌
Series
2025-42,
Class
FA,
(SOFR
30
day
Average
at
1.50%
Floor
and
6.50%
Cap
+
1.50%),
5.16%
,
 06/25/55
..
10,242‌
10,350,946‌
Series
2025-42,
Class
FE,
(SOFR
30
day
Average
at
1.55%
Floor
and
6.50%
Cap
+
1.55%),
5.21%
,
 06/25/55
..
19,053‌
19,281,319‌
Series
2025-63,
Class
DF,
(SOFR
30
day
Average
at
1.40%
Floor
and
6.50%
Cap
+
1.40%),
5.06%
,
 08/25/55
..
10,091‌
10,179,032‌
Series
2025-9,
Class
FG,
(SOFR
30
day
Average
at
1.35%
Floor
and
6.50%
Cap
+
1.35%),
5.01%
,
 03/25/55
..
8,153‌
8,209,827‌
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%),
4.67%
,
 08/20/54
..
36,393‌
36,510,657‌
Series
2024-51,
Class
TF,
(SOFR
30
day
Average
at
1.00%
Floor
and
7.00%
Cap
+
1.00%),
4.67%
,
 03/20/54
..
6,955‌
6,975,738‌
Series
2024-96,
Class
FL,
(SOFR
30
day
Average
at
1.15%
Floor
and
6.50%
Cap
+
1.15%),
4.82%
,
 06/20/54
..
12,250‌
12,302,497‌
Series
2025-9,
Class
FE,
(SOFR
30
day
Average
at
1.25%
Floor
and
6.50%
Cap
+
1.25%),
4.92%
,
 01/20/55
..
11,858‌
11,924,663‌
1,624,941,450‌
Commercial
Mortgage-Backed
Securities
—
0.1%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)(c)
Series
2017-KGX1,
Class
BFX,
3.59%
,
10/25/27
........
2,876‌
2,790,172‌
Series
2018-K80,
Class
B,
4.23%
,
 08/25/50
........
2,888‌
2,826,220‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
123
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2018-W5FX,
Class
CFX,
3.42%
,
 04/25/28
........
USD
10,680‌
$
10,040,321‌
Series
2019-K99,
Class
C,
3.65%
,
 10/25/52
........
1,000‌
945,670‌
Federal
National
Mortgage
Association
Variable
Rate
Notes,
Series
2024-
P015,
Class
A1,
4.30%, 11/25/32
(a)
2,355‌
2,329,165‌
Government
National
Mortgage
Association
Series
2023-119,
Class
AD,
2.25%
,
 04/16/65
........
2,669‌
2,135,006‌
Series
2025-126,
Class
AD,
5.00%
,
 05/16/65
........
4,439‌
4,428,572‌
Series
2025-128,
Class
AD,
5.00%
,
 10/16/56
........
10,264‌
10,303,793‌
Series
2025-129,
Class
AB,
4.75%
,
 09/16/54
........
6,497‌
6,459,725‌
Series
2025-130,
Class
AL,
4.75%
,
08/16/56
........
6,501‌
6,460,700‌
Series
2025-88,
Class
AT,
5.00%
,
 06/16/58
........
9,849‌
9,864,768‌
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2023-118,
Class
BA,
3.75%
,
 05/16/65
........
2,581‌
2,325,891‌
Series
2023-50,
Class
AC,
3.25%
,
 09/16/63
........
2,149‌
1,930,152‌
62,840,155‌
Interest
Only
Collateralized
Mortgage
Obligations
—
0.1%
Federal
Home
Loan
Mortgage
Corp.,
Series
5112,
Class
KI,
3.50%, 06/25/51
............
25,607‌
4,710,556‌
Federal
Home
Loan
Mortgage
Corp.
Seasoned
Credit
Risk
Transfer
Trust
Variable
Rate
Notes,
Series
2017-3,
Class
BIO,
1.53%, 07/25/56
(a)(c)
..
6,531‌
745,831‌
Government
National
Mortgage
Association
Series
2020-149,
Class
IA,
2.50%
,
 10/20/50
........
16,530‌
2,499,700‌
Series
2020-151,
Class
MI,
2.50%
,
 10/20/50
........
—‌
(i)
—‌
Series
2021-140,
Class
JI,
3.00%
,
 08/20/51
........
26,538‌
4,434,969‌
Series
2021-67,
Class
QI,
3.00%
,
 04/20/51
........
19,680‌
3,293,078‌
Series
2021-76,
Class
JI,
3.00%
,
 08/20/50
........
20,221‌
3,377,190‌
Series
2021-96,
Class
MI,
3.00%
,
 06/20/51
........
35,292‌
5,910,615‌
Series
2022-78,
Class
D,
3.00%
,
08/20/51
........
48,975‌
8,192,889‌
33,164,828‌
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.,
Series
2019-KW08,
Class
X2A,
0.10%, 01/25/29
(c)
...........
246,886‌
536,384‌
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-
Through
Certificates
Variable
Rate
Notes,
Series
KL06,
Class
XFX,
1.36%, 12/25/29
(a)
...........
11,337‌
476,038‌
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2009-80,
1.56%
,
 09/16/51
1,847‌
203,405‌
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Series
2013-30,
0.53%
,
 09/16/53
USD
6,127‌
$
87,038‌
Series
2016-36,
0.64%
,
 08/16/57
1,431‌
38,175‌
Series
2016-96,
0.77%
,
 12/16/57
8,011‌
294,547‌
1,635,587‌
Mortgage-Backed
Securities
—
44.6%
Federal
National
Mortgage
Association,
5.81%, 06/01/31
............
10,626‌
10,796,590‌
Government
National
Mortgage
Association
(v)
4.50%
,
 04/15/56
..........
414,754‌
400,611,370‌
5.50%
,
 04/15/56
..........
405,721‌
408,304,932‌
Uniform
Mortgage-Backed
Securities
6.00%
,
 03/01/38
-
11/01/55
(w)
..
80,664‌
82,553,534‌
4.50%
,
 09/01/43
-
11/01/44
(w)
..
90‌
88,648‌
4.00%
,
 09/01/44
-
01/01/46
(w)
..
70‌
67,159‌
5.00%
,
 08/01/52
-
03/01/56
(w)
..
1,475,766‌
1,461,669,304‌
5.50%
,
 04/01/55
..........
12,047‌
12,154,073‌
2.50%
,
 04/25/56
(v)
.........
1,251,235‌
1,051,819,500‌
3.00%
,
 04/25/56
(v)
.........
985,362‌
865,324,659‌
3.50%
,
 04/25/56
(v)
.........
3,284,944‌
3,011,124,693‌
4.50%
,
 04/25/56
(v)
.........
522,466‌
504,182,652‌
5.00%
,
 04/25/56
(v)
.........
3,292,187‌
3,246,513,572‌
5.50%
,
 04/25/56
(v)
.........
2,162,318‌
2,172,277,442‌
6.00%
,
 04/25/56
-
05/25/56
(v)
..
5,511,296‌
5,613,951,071‌
3.50%
,
 05/25/56
(v)
.........
1,949,300‌
1,784,834,440‌
20,626,273,639‌
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)
..........
3,949‌
633,089‌
Total
U.S.
Government
Sponsored
Agency
Securities
—
48.4%  
(Cost:
$22,498,756,519)
...........................
22,397,469,882‌
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
3.00%, 08/15/52
(k)(w)(x)
.........
186,365‌
132,479,308‌
3.63%, 02/15/53
............
3,000‌
2,407,734‌
4.63%, 05/15/54
-
02/15/55
(k)(x)
...
116,215‌
110,841,539‌
4.50%, 11/15/54
(k)(w)(x)(y)
........
150,000‌
140,132,813‌
4.75%, 08/15/55
(k)(w)(x)(y)
........
60,000‌
58,471,875‌
U.S.
Treasury
Notes
3.50%, 01/15/29
(k)(w)(x)(y)
........
260,000‌
257,785,939‌
3.75%, 01/31/31
(k)
...........
13,426‌
13,311,372‌
Total
U.S.
Treasury
Obligations
—
1.6%
(Cost:
$741,904,810)
.............................
715,430,580‌
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
296‌
Germany
—
0.0%
Tonies
SE
(Issued/Exercisable
04/30/21,
1
Share
for
1
Warrant,
Expires
11/26/26,
Strike
Price
EUR
11.50)
(f)
..................
196,295
113,444‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
124
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
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
484,517‌
Daiwa
House
Industry
Co.
Ltd.
(Issued/
Exercisable
01/29/24,
1
Share
for
1
Warrant,
Expires
03/15/29)
(b)
....
14,000,000
881,832‌
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
21,762‌
Nagoya
Railroad
Co.
Ltd.
(Issued/
Exercisable
06/05/24,
1
Share
for
1
Warrant,
Expires
06/06/34)
(b)
....
15,000,000
756,539‌
Nagoya
Railroad
Co.
Ltd.
(
Issued/
Exercisable
06/05/24,
1
Share
for
1
Warrant,
Expires
06/06/33)
(b)
....
11,000,000
415,828‌
Taiyo
Yuden
Co.
Ltd.
(Issued/
Exercisable
03/06/24,
1
Share
for
1
Warrant,
Expires
10/22/30)
(b)
....
8,000,000
894,742‌
Taiyo
Yuden
Co.
Ltd.
(Issued/
Exercisable
03/06/24,
1
Share
for
1
Warrant,
Expires
10/22/30)
(b)
....
2,000,000
268,428‌
3,723,648‌
Luxembourg
—
0.0%
HomeToGo
SE
(Issued/Exercisable
02/17/21,
1
Share
for
1
Warrant,
Expires
09/21/26,
Strike
Price
EUR
11.50)
(f)
..................
109,138
1‌
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
27,153‌
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
9,090‌
Cirkul,
Inc.
(
Issued/Exercisable
05/01/25,
1
Share
for
1
Warrant,
Expires
04/25/35,
Strike
Price
USD
0.01)
(d)
...................
48,605
—‌
Cirkul,
Inc.
(Issued/Exercisable
05/01/25,
1
Share
for
1
Warrant,
Expires
04/25/35,
Strike
Price
USD
35.41)
(d)
..................
49,850
1‌
Crown
PropTech
Acquisitions
(Issued/
Exercisable
01/25/21,
1
Share
for
1
Warrant,
Expires
12/31/27,
Strike
Price
USD
11.50)
............
199,600
9,980‌
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
365,218‌
EVgo,
Inc.
(Issued/Exercisable
11/10/20,
1
Share
for
1
Warrant,
Expires
07/01/26,
Strike
Price
USD
11.50)
...................
213,790
5,131‌
Security
Shares
Shares
Value
United
States
(continued)
Flagstar
Financial,
Inc.,
(Acquired
03/07/24,
cost
$0)
(Issued/
Exercisable
03/11/24,
1,000
Shares
for
1
Warrant,
Expires
03/11/31,
Strike
Price
USD
2.50)
(d)(m)
......
3,551
$
9,341,900‌
FLYR,
Inc.,
Series
D-X
(Issued/
Exercisable
08/18/25,
1
Share
for
1
Warrant,
Expires
12/31/49,
Strike
Price
USD
0.01)
(d)
...........
64,041
1‌
GTT
Communications,
Inc.
(Issued/
Exercisable
11/14/25,
1
Share
for
1
Warrant,
Expires
12/30/27,
Strike
Price
USD
0.01)
(d)(l)
..........
141,923
4,134,217‌
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
10,715,623‌
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
4,252,241‌
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
1,471,816‌
Hippo
Holdings,
Inc.
(Issued/
Exercisable
01/04/21,
1
Share
for
1
Warrant,
Expires
08/02/26,
Strike
Price
USD
11.50)
............
7,405
40‌
Insight
M,
Inc.
(Issued/Exercisable
01/31/24,
1
Share
for
1
Warrant,
Strike
Price
USD
0.34)
(d)
.......
13,198,015
132‌
Latch,
Inc.
(Issued/Exercisable
12/29/20,
1
Share
for
1
Warrant,
Expires
06/04/26,
Strike
Price
USD
11.50)
...................
164,855
66‌
Offerpad
Solutions,
Inc.
(Issued/
Exercisable
10/13/20,
1
Share
for
1
Warrant,
Expires
09/01/26,
Strike
Price
USD
11.50)
............
369,311
2,844‌
Palladyne
AI
Corp.
(Issued/Exercisable
12/21/20,
1
Share
for
1
Warrant,
Expires
09/24/26,
Strike
Price
USD
11.50)
...................
505,097
31,670‌
Palladyne
AI
Corp.
(
Issued/Exercisable
01/15/21,
1
Share
for
1
Warrant,
Expires
06/15/27,
Strike
Price
USD
69.00)
...................
128,364
8,048‌
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
6,376,781‌
Sonder
Enterprises,
Inc.
(Issued/
Exercisable
12/30/24,
1
Share
for
1
Warrant,
Expires
12/30/29,
Strike
Price
USD
0.01)
(d)
...........
103,459
1‌
Sonder
Enterprises,
Inc.
(Issued/
Exercisable
04/11/25,
1
Share
for
1
Warrant,
Expires
04/11/30,
Strike
Price
USD
1.00)
(d)
...........
1,032,088
10‌
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
4,503,984‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
125
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
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
$
2,393‌
41,231,187‌
Total
Warrants
—
0.1%
(Cost:
$6,349,933)
..............................
45,096,839‌
Total
Long-Term
Investments
—
132.0%
(Cost:
$61,622,358,685)
...........................
61,134,563,148‌
Par
(000)
Pa
r
(
000)
Short-Term
Securities
Borrowed
Bond
Agreements
—
0.7%
(z)
Barclays
Bank
plc,
1.00%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
5,275,576,
collateralized
by
Weatherford
International
Ltd.,
8.63%,
due
at
04/30/30,
par
and
fair
value
of
USD
5,034,000
and
$5,129,812,
respectively)
...............
USD
5,273‌
5,272,647‌
Barclays
Bank
plc,
1.05%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
2,372,133,
collateralized
by
Ford
Motor
Co.,
5.29%,
due
at
12/08/46,
par
and
fair
value
of
USD
2,900,000
and
$2,269,622,
respectively)
......
2,371‌
2,370,750‌
Barclays
Bank
plc,
2.00%, 04/09/26
(Purchased
on
03/30/26
to
be
repurchased
at
USD
693,917,
collateralized
by
MGM
Resorts
International,
6.50%,
due
at
04/15/32,
par
and
fair
value
of
USD
672,000
and
$677,547,
respectively)
694‌
693,840‌
Barclays
Bank
plc,
2.00%, 04/09/26
(Purchased
on
03/23/26
to
be
repurchased
at
USD
324,252,
collateralized
by
MGM
Resorts
International,
6.50%,
due
at
04/15/32,
par
and
fair
value
of
USD
312,000
and
$314,576,
respectively)
324‌
324,090‌
Barclays
Bank
plc,
2.00%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
8,825,365,
collateralized
by
Great
Lakes
Dredge
&
Dock
Corp.,
5.25%,
due
at
06/01/29,
par
and
fair
value
of
USD
8,696,000
and
$8,690,534,
respectively)
...............
8,816‌
8,815,570‌
Barclays
Bank
plc,
2.90%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
178,287
,
collateralized
by
JPMorgan
Chase
&
Co.,
1.95%,
due
at
02/04/32,
par
and
fair
value
of
USD
200,000
and
$176,100,
respectively)
........
178‌
178,000‌
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc,
3.00%, 04/09/26
(Purchased
on
03/11/26
to
be
repurchased
at
USD
6,944,425,
collateralized
by
SoftBank
Group
Corp.,
6.88%,
par
and
fair
value
of
USD
7,000,000
and
$6,827,567,
respectively)
(q)
..............
USD
6,933‌
$
6,932,870‌
Barclays
Bank
plc,
3.15%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
100,425
,
collateralized
by
Wells
Fargo
&
Co.,
3.58%,
due
at
05/22/28,
par
and
fair
value
of
USD
100,000
and
$99,055,
respectively)
...............
100‌
100,250‌
Barclays
Bank
plc,
3.20%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
305,793,
collateralized
by
Ford
Motor
Credit
Co.
LLC,
5.11%,
due
at
05/03/29,
par
and
fair
value
of
USD
300,000
and
$297,150,
respectively)
.....
305‌
305,250‌
Barclays
Bank
plc,
3.30%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
386,708,
collateralized
by
Walt
Disney
Co.
(The),
4.63%,
due
at
03/23/40,
par
and
fair
value
of
USD
400,000
and
$374,670,
respectively)
........
386‌
386,000‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
99,938,
collateralized
by
Aviation
Capital
Group
LLC,
3.50%,
due
at
11/01/27,
par
and
fair
value
of
USD
100,000
and
$98,188,
respectively)
.....
100‌
99,750‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
1,183,606,
collateralized
by
JPMorgan
Chase
&
Co.,
2.55%,
due
at
11/08/32,
par
and
fair
value
of
USD
1,300,000
and
$1,155,587,
respectively)
......
1,181‌
1,181,375‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
85,967,
collateralized
by
AstraZeneca
plc,
4.38%,
due
at
08/17/48,
par
and
fair
value
of
USD
100,000
and
$85,066,
respectively)
...............
86‌
85,805‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
436,206,
collateralized
by
AerCap
Ireland
Capital
DAC,
6.15%,
due
at
09/30/30,
par
and
fair
value
of
USD
400,000
and
$420,355,
respectively)
435‌
435,384‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
306,954,
collateralized
by
Targa
Resources
Corp.,
5.20%,
due
at
07/01/27,
par
and
fair
value
of
USD
300,000
and
$302,355,
respectively)
........
306‌
306,375‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
126
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
360,444,
collateralized
by
Telefonica
Emisiones
SA,
5.52%,
due
at
03/01/49,
par
and
fair
value
of
USD
400,000
and
$360,523,
respectively)
USD
360‌
$
359,764‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
2,021,311,
collateralized
by
Mosaic
Co.
(The),
4.05%,
due
at
11/15/27,
par
and
fair
value
of
USD
2,000,000
and
$1,986,869,
respectively)
......
2,018‌
2,017,500‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
1,193,250,
collateralized
by
CDW
LLC,
5.55%,
due
at
08/22/34,
par
and
fair
value
of
USD
1,200,000
and
$1,179,264,
respectively)
...............
1,191‌
1,191,000‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
93,426,
collateralized
by
Bank
of
America
Corp.,
2.50%,
due
at
02/13/31,
par
and
fair
value
of
USD
100,000
and
$92,432,
respectively)
........
93‌
93,250‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
3,640,864,
collateralized
by
CCO
Holdings
LLC,
4.50%,
due
at
05/01/32,
par
and
fair
value
of
USD
3,950,000
and
$3,528,418,
respectively)
......
3,634‌
3,634,000‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
512,842,
collateralized
by
Union
Pacific
Corp.,
3.95%,
due
at
08/15/59,
par
and
fair
value
of
USD
700,000
and
$507,356,
respectively)
........
512‌
511,875‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/23/26
to
be
repurchased
at
USD
6,928,443,
collateralized
by
Valaris
Ltd.,
8.38%,
due
at
04/30/30,
par
and
fair
value
of
USD
6,487,000
and
$6,721,771,
respectively)
...............
6,923‌
6,922,559‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
90,170,
collateralized
by
Bank
of
America
Corp.,
1.92%,
due
at
10/24/31,
par
and
fair
value
of
USD
100,000
and
$88,624,
respectively)
........
90‌
90,000‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
7,476,165,
collateralized
by
Banco
Bilbao
Vizcaya
Argentaria
SA,
7.75%,
par
and
fair
value
of
USD
7,000,000
and
$
7,169,575,
respectively)
(q)
.....
7,462‌
7,462,070‌
Security
Par
(000)
Par
(000)
Value
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
102,694,
collateralized
by
Bank
of
Nova
Scotia
(The),
4.85%,
due
at
02/01/30,
par
and
fair
value
of
USD
100,000
and
$101,146,
respectively)
USD
103‌
$
102,500‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
309,584,
collateralized
by
Charter
Communications
Operating
LLC,
5.05%,
due
at
03/30/29,
par
and
fair
value
of
USD
300,000
and
$301,517,
respectively)
........
309‌
309,000‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
398,752,
collateralized
by
Bank
of
Nova
Scotia
(The),
1.35%,
due
at
06/24/26,
par
and
fair
value
of
USD
400,000
and
$397,574,
respectively)
398‌
398,000‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/12/26
to
be
repurchased
at
USD
1,828,416,
collateralized
by
SMBC
Aviation
Capital
Finance
DAC,
2.30%,
due
at
06/15/28,
par
and
fair
value
of
USD
1,900,000
and
$1,807,828,
respectively)
...............
1,825‌
1,824,969‌
Barclays
Bank
plc,
3.40%, 04/09/26
(Purchased
on
03/26/26
to
be
repurchased
at
USD
4,971,376,
collateralized
by
Open
Text
Holdings,
Inc.,
4.13%,
due
at
12/01/31,
par
and
fair
value
of
USD
5,744,000
and
$4,901,877,
respectively)
......
4,969‌
4,968,560‌
Barclays
Bank
plc,
1.73%, Open
(Purchased
on
01/19/26
to
be
repurchased
at
USD
8,687,392,
collateralized
by
Aegis
Lux
1a
SARL,
5.63%,
due
at
10/29/31,
par
and
fair
value
of
EUR
7,300,000
and
$8,329,305,
respectively)
(aa)
.....
EUR
7,491‌
8,658,266‌
Barclays
Bank
plc,
3.40%, Open
(Purchased
on
01/29/26
to
be
repurchased
at
USD
16,342,869,
collateralized
by
Rivian
Holdings
LLC,
10.00%,
due
at
01/15/31,
par
and
fair
value
of
USD
17,148,000
and
$16,662,288,
respectively)
(aa)
.
USD
16,248‌
16,247,730‌
Barclays
Capital,
Inc.,
3.05%, 04/09/26
(Purchased
on
03/13/26
to
be
repurchased
at
USD
2,655,994,
collateralized
by
INEOS
Finance
plc,
7.50%,
due
at
04/15/29,
par
and
fair
value
of
USD
2,950,000
and
$2,861,820,
respectively)
......
2,652‌
2,651,726‌
Barclays
Capital,
Inc.,
3.40%, 04/09/26
(Purchased
on
03/23/26
to
be
repurchased
at
USD
2,243,530,
collateralized
by
Sirius
XM
Radio
LLC,
5.88%,
due
at
04/15/32,
par
and
fair
value
of
USD
2,270,000
and
$2,254,951,
respectively)
......
2,242‌
2,241,625‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
127
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
BNP
Paribas
SA,
1.15%, Open
(Purchased
on
03/27/26
to
be
repurchased
at
USD
8,703,848,
collateralized
by
Intralot
Capital
Luxembourg
SA,
6.75%,
due
at
10/15/31,
par
and
fair
value
of
EUR
7,600,000
and
$8,391,019,
respectively)
(aa)
.............
EUR
7,530‌
$
8,703,292‌
BNP
Paribas
SA,
1.94%, Open
(Purchased
on
04/29/25
to
be
repurchased
at
USD
41,189,534,
collateralized
by
Bonos
y
Obligaciones
del
Estado,
0.50%,
due
at
10/31/31,
par
and
fair
value
of
EUR
40,000,000
and
$40,327,607,
respectively)
(aa)
.............
34,991‌
40,444,578‌
BNP
Paribas
SA,
1.95%, Open
(Purchased
on
04/29/25
to
be
repurchased
at
USD
41,026,611,
collateralized
by
Bonos
y
Obligaciones
del
Estado,
0.70%,
due
at
04/30/32,
par
and
fair
value
of
EUR
40,000,000
and
$40,201,665,
respectively)
(aa)
.............
34,850‌
40,280,910‌
BNP
Paribas
SA,
2.90%, Open
(Purchased
on
03/24/26
to
be
repurchased
at
USD
6,861,987,
collateralized
by
Altice
France
Lux
3,
10.00%,
due
at
01/15/33,
par
and
fair
value
of
USD
7,200,000
and
$6,543,561,
respectively)
(aa)
.....
USD
6,858‌
6,857,568‌
BNP
Paribas
SA,
3.35%, Open
(Purchased
on
01/28/26
to
be
repurchased
at
USD
539,394,
collateralized
by
Lowe's
Cos.,
Inc.,
1.70%,
due
at
10/15/30,
par
and
fair
value
of
USD
600,000
and
$528,679,
respectively)
(aa)
......
536‌
536,250‌
BNP
Paribas
SA,
3.38%, Open
(Purchased
on
03/26/26
to
be
repurchased
at
USD
558,314,
collateralized
by
Mauser
Packaging
Solutions
Holding
Co.,
9.25%,
due
at
04/15/30,
par
and
fair
value
of
USD
576,000
and
$535,201,
respectively)
(aa)
.............
558‌
558,000‌
BNP
Paribas
SA,
3.41%, Open
(Purchased
on
01/28/26
to
be
repurchased
at
USD
1,854,753,
collateralized
by
Bank
of
America
Corp.,
2.68%,
due
at
06/19/41,
par
and
fair
value
of
USD
2,500,000
and
$1,791,629,
respectively)
(aa)
.....
1,844‌
1,843,750‌
BofA
Securities,
Inc.,
3.35%, 06/03/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
409,957,
collateralized
by
Oncor
Electric
Delivery
Co.
LLC,
4.65%,
due
at
11/01/29,
par
and
fair
value
of
USD
400,000
and
$401,973,
respectively)
410‌
409,500‌
BofA
Securities,
Inc.,
3.37%, 06/03/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
3,880,354,
collateralized
by
Metropolitan
Life
Global
Funding
I,
5.05%,
due
at
01/08/34,
par
and
fair
value
of
USD
3,800,000
and
$3,819,526,
respectively)
...............
3,876‌
3,876,000‌
Security
Par
(000)
Par
(000)
Value
BofA
Securities,
Inc.,
3.37%, 06/03/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
197,722,
collateralized
by
Prologis
LP,
2.13%,
due
at
04/15/27,
par
and
fair
value
of
USD
200,000
and
$196,096,
respectively)
...............
USD
198‌
$
197,500‌
BofA
Securities,
Inc.,
3.40%, 06/03/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
4,824,211,
collateralized
by
Oracle
Corp.,
4.90%,
due
at
02/06/33,
par
and
fair
value
of
USD
5,000,000
and
$4,738,445,
respectively)
......
4,819‌
4,818,750‌
BofA
Securities,
Inc.,
3.40%, 06/03/26
(Purchased
on
03/26/26
to
be
repurchased
at
USD
6,969,732,
collateralized
by
Open
Text
Holdings,
Inc.,
4.13%,
due
at
02/15/30,
par
and
fair
value
of
USD
7,783,000
and
$6,954,329,
respectively)
......
6,966‌
6,965,785‌
BofA
Securities,
Inc.,
3.40%, 06/03/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
90,477,
collateralized
by
QUALCOMM,
Inc.,
4.80%,
due
at
05/20/45,
par
and
fair
value
of
USD
100,000
and
$88,367,
respectively)
...............
90‌
90,375‌
BofA
Securities,
Inc.,
3.41%, 06/03/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
834,948,
collateralized
by
JPMorgan
Chase
&
Co.,
3.33%,
due
at
04/22/52,
par
and
fair
value
of
USD
1,200,000
and
$816,880,
respectively)
........
834‌
834,000‌
BofA
Securities,
Inc.,
3.42%, 06/03/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
440,001,
collateralized
by
Celanese
US
Holdings
LLC,
7.20%,
due
at
11/15/33,
par
and
fair
value
of
USD
400,000
and
$426,694,
respectively)
440‌
439,500‌
BofA
Securities,
Inc.,
3.42%, 06/03/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
6,976,945,
collateralized
by
JPMorgan
Chase
&
Co.,
4.95%,
due
at
10/22/35,
par
and
fair
value
of
USD
6,900,000
and
$6,824,317,
respectively)
......
6,969‌
6,969,000‌
BofA
Securities,
Inc.,
3.43%, 06/03/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
200,980,
collateralized
by
Goldman
Sachs
Group,
Inc.
(The),
5.02%,
due
at
10/23/35,
par
and
fair
value
of
USD
200,000
and
$196,301,
respectively)
201‌
200,750‌
BofA
Securities,
Inc.,
3.43%, 06/03/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
1,219,643,
collateralized
by
Wells
Fargo
&
Co.,
6.49%,
due
at
10/23/34,
par
and
fair
value
of
USD
1,100,000
and
$1,191,029,
respectively)
......
1,218‌
1,218,250‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
128
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Deutsche
Bank
AG,
1.45%, Open
(Purchased
on
09/22/25
to
be
repurchased
at
USD
12,027,992,
collateralized
by
Orsted
A/S,
4.13%,
due
at
03/01/35,
par
and
fair
value
of
EUR
10,000,000
and
$11,410,251,
respectively)
(aa)
.............
EUR
10,323‌
$
11,932,186‌
Deutsche
Bank
AG,
1.77%, Open
(Purchased
on
03/04/26
to
be
repurchased
at
USD
7,218,171,
collateralized
by
SoftBank
Group
Corp.,
6.50%,
due
at
10/29/62,
par
and
fair
value
of
EUR
7,000,000
and
$6,932,682,
respectively)
(aa)
.....
6,237‌
7,208,956‌
Goldman
Sachs
&
Co.
LLC,
3.35%, Open
(Purchased
on
01/21/26
to
be
repurchased
at
USD
8,202,660,
collateralized
by
PBF
Holding
Co.
LLC,
6.00%,
due
at
02/15/28,
par
and
fair
value
of
USD
7,980,000
and
$7,943,710,
respectively)
(aa)
.............
USD
8,150‌
8,149,575‌
J.P.
Morgan
Securities
LLC,
3.10%, 05/01/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
95,724,
collateralized
by
Americold
Realty
Operating
Partnership
LP,
5.41%,
due
at
09/12/34,
par
and
fair
value
of
USD
100,000
and
$95,088,
respectively)
...............
96‌
95,625‌
J.P.
Morgan
Securities
LLC,
3.40%, 05/01/26
(Purchased
on
03/26/26
to
be
repurchased
at
USD
991,812,
collateralized
by
Olympus
Water
US
Holding
Corp.,
7.25%,
due
at
02/15/33,
par
and
fair
value
of
USD
1,000,000
and
$954,101,
respectively)
...............
991‌
991,250‌
J.P.
Morgan
Securities
LLC,
3.41%, 05/01/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
4,062,738,
collateralized
by
OneMain
Finance
Corp.,
6.50%,
due
at
03/15/33,
par
and
fair
value
of
USD
4,300,000
and
$4,110,482,
respectively)
...............
4,058‌
4,058,125‌
J.P.
Morgan
Securities
LLC,
3.42%, 05/01/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
1,293,348,
collateralized
by
Toronto-
Dominion
Bank
(The),
3.63%,
due
at
09/15/31,
par
and
fair
value
of
USD
1,300,000
and
$1,292,455,
respectively)
...............
1,292‌
1,291,875‌
J.P.
Morgan
Securities
LLC,
3.42%, 05/01/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
98,362,
collateralized
by
Mondelez
International,
Inc.,
4.75%,
due
at
08/28/34,
par
and
fair
value
of
USD
100,000
and
$97,802,
respectively)
98‌
98,250‌
Security
Par
(000)
Par
(000)
Value
J.P.
Morgan
Securities
LLC,
3.42%, 05/01/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
973,609,
collateralized
by
United
Parcel
Service,
Inc.,
5.50%,
due
at
05/22/54,
par
and
fair
value
of
USD
1,000,000
and
$954,021
,
respectively)
...............
USD
973‌
$
972,500‌
J.P.
Morgan
Securities
LLC,
3.42%, 05/01/26
(Purchased
on
03/20/26
to
be
repurchased
at
USD
304,472,
collateralized
by
Bank
of
America
Corp.,
5.02%,
due
at
07/22/33,
par
and
fair
value
of
USD
300,000
and
$301,772,
respectively)
304‌
304,125‌
J.P.
Morgan
Securities
plc,
1.70%, Open
(Purchased
on
05/27/25
to
be
repurchased
at
USD
2,991,440,
collateralized
by
Banco
Santander
SA,
3.63%,
par
and
fair
value
of
EUR
2,800,000
and
$3,027,132,
respectively)
(q)(aa)
....
EUR
2,551‌
2,948,018‌
J.P.
Morgan
Securities
plc,
1.70%, Open
(Purchased
on
01/26/26
to
be
repurchased
at
USD
8,526,696,
collateralized
by
Fnac
Darty
SA,
6.00%,
due
at
04/01/29,
par
and
fair
value
of
EUR
7,000,000
and
$8,318,168,
respectively)
(aa)
..
7,355‌
8,501,404‌
J.P.
Morgan
Securities
plc,
1.75%, Open
(Purchased
on
01/05/26
to
be
repurchased
at
USD
2,355,112,
collateralized
by
Discovery
Global
Holdings,
Inc.,
4.69%,
due
at
05/17/33,
par
and
fair
value
of
EUR
2,100,000
and
$2,253,904
,
respectively)
(aa)
.....
2,029‌
2,345,534‌
Morgan
Stanley
&
Co.
LLC,
3.40%, 04/08/26
(Purchased
on
02/12/26
to
be
repurchased
at
USD
3,032,309,
collateralized
by
Discovery
Global
Holdings,
Inc.,
5.05%,
due
at
03/15/42,
par
and
fair
value
of
USD
4,100,000
and
$2,701,103,
respectively)
......
USD
3,019‌
3,018,625‌
Morgan
Stanley
&
Co.
LLC,
3.42%, 04/08/26
(Purchased
on
03/23/26
to
be
repurchased
at
USD
5,036,025,
collateralized
by
Warnermedia
Holdings,
Inc.,
4.28%,
due
at
03/15/32,
par
and
fair
value
of
USD
5,726,000
and
$5,067,510,
respectively)
...............
5,032‌
5,031,723‌
Morgan
Stanley
&
Co.
LLC,
0.25%, Open
(Purchased
on
03/26/26
to
be
repurchased
at
USD
688,079,
collateralized
by
Newell
Brands,
Inc.,
6.63%,
due
at
05/15/32,
par
and
fair
value
of
USD
695,000
and
$665,104,
respectively)
(aa)
.............
688‌
688,050‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
129
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Nomura
Securities
International,
Inc.,
3.00%, Open
(Purchased
on
03/30/26
to
be
repurchased
at
USD
203,204,
collateralized
by
Mizuho
Financial
Group,
Inc.,
3.48%,
due
at
04/12/26,
par
and
fair
value
of
USD
200,000
and
$199,939,
respectively)
(aa)
.............
USD
203‌
$
203,170‌
Nomura
Securities
International,
Inc.,
3.00%, Open
(Purchased
on
03/30/26
to
be
repurchased
at
USD
200,783,
collateralized
by
National
Fuel
Gas
Co.,
4.75%,
due
at
09/01/28,
par
and
fair
value
of
USD
200,000
and
$200,123,
respectively)
(aa)
.............
201‌
200,750‌
Nomura
Securities
International,
Inc.,
3.30%, Open
(Purchased
on
03/30/26
to
be
repurchased
at
USD
543,225,
collateralized
by
Sammons
Financial
Group,
Inc.,
6.88%,
due
at
04/15/34,
par
and
fair
value
of
USD
500,000
and
$529,383,
respectively)
(aa)
.............
543‌
543,125‌
Nomura
Securities
International,
Inc.,
3.35%, Open
(Purchased
on
03/30/26
to
be
repurchased
at
USD
589,110,
collateralized
by
New
York
Life
Insurance
Co.,
3.75%,
due
at
05/15/50,
par
and
fair
value
of
USD
800,000
and
$580,177,
respectively)
(aa)
.............
589‌
589,000‌
Nomura
Securities
International,
Inc.,
3.40%, Open
(Purchased
on
03/30/26
to
be
repurchased
at
USD
461,962
,
collateralized
by
NetApp,
Inc.,
2.70%,
due
at
06/22/30,
par
and
fair
value
of
USD
500,000
and
$459,140,
respectively)
(aa)
......
462‌
461,875‌
Nomura
Securities
International,
Inc.,
3.45%, Open
(Purchased
on
03/30/26
to
be
repurchased
at
USD
105,395,
collateralized
by
Motorola
Solutions,
Inc.,
5.60%,
due
at
06/01/32,
par
and
fair
value
of
USD
100,000
and
$103,572,
respectively)
(aa)
.............
105‌
105,375‌
RBC
Capital
Markets
LLC,
1.65%, Open
(Purchased
on
10/15/25
to
be
repurchased
at
USD
1,319,046,
collateralized
by
Clear
Channel
Outdoor
Holdings,
Inc.,
7.50%,
due
at
06/01/29,
par
and
fair
value
of
USD
1,335,000
and
$1,340,634,
respectively)
(aa)
.....
1,308‌
1,308,300‌
RBC
Capital
Markets
LLC,
3.05%, Open
(Purchased
on
12/02/25
to
be
repurchased
at
USD
894,589,
collateralized
by
Zayo
Group
Holdings,
Inc.,
9.00%,
due
at
09/09/30,
par
and
fair
value
of
USD
994,000
and
$928,786,
respectively)
(aa)
.............
885‌
885,269‌
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
3.20%, Open
(Purchased
on
03/06/26
to
be
repurchased
at
USD
1,272,133,
collateralized
by
McAfee
Corp.,
7.38%,
due
at
02/15/30,
par
and
fair
value
of
USD
1,520,000
and
$1,255,811,
respectively)
(aa)
.....
USD
1,269‌
$
1,269,200‌
RBC
Capital
Markets
LLC,
3.25%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
2,545,521,
collateralized
by
SMBC
Aviation
Capital
Finance
DAC,
5.45%,
due
at
05/03/28,
par
and
fair
value
of
USD
2,400,000
and
$2,433,366,
respectively)
(aa)
.....
2,489‌
2,488,824‌
RBC
Capital
Markets
LLC,
3.25%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
104,196,
collateralized
by
Northwestern
Mutual
Global
Funding,
4.71%,
due
at
01/10/29,
par
and
fair
value
of
USD
100,000
and
$100,877,
respectively)
(aa)
...
102‌
101,875‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
03/10/26
to
be
repurchased
at
USD
7,750,427,
collateralized
by
FMC
Corp.,
3.20%,
due
at
10/01/26,
par
and
fair
value
of
USD
7,783,000
and
$7,706,628,
respectively)
(aa)
.....
7,734‌
7,734,356‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
794,440,
collateralized
by
Marsh
&
McLennan
Cos.,
Inc.,
4.75%,
due
at
03/15/39,
par
and
fair
value
of
USD
800,000
and
$750,589,
respectively)
(aa)
.............
776‌
776,000‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
623,472,
collateralized
by
American
Express
Co.,
4.99%,
due
at
05/26/33,
par
and
fair
value
of
USD
600,000
and
$596,906,
respectively)
(aa)
.............
609‌
609,000‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
238,025,
collateralized
by
Morgan
Stanley,
3.22%,
due
at
04/22/42,
par
and
fair
value
of
USD
300,000
and
$226,170,
respectively)
(aa)
......
233‌
232,500‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
222,413,
collateralized
by
Home
Depot,
Inc.
(The),
5.88%,
due
at
12/16/36,
par
and
fair
value
of
USD
200,000
and
$212,908,
respectively)
(aa)
.............
217‌
217,250‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
130
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
774,989,
collateralized
by
Arch
Capital
Group
US,
Inc.,
5.14%,
due
at
11/01/43,
par
and
fair
value
of
USD
800,000
and
$738,475,
respectively)
(aa)
.............
USD
757‌
$
757,000‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
506,123,
collateralized
by
Duke
Energy
Progress
LLC,
3.45%,
due
at
03/15/29,
par
and
fair
value
of
USD
500,000
and
$489,097,
respectively)
(aa)
.............
494‌
494,375‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
1,650,480,
collateralized
by
AerCap
Ireland
Capital
DAC,
3.40%,
due
at
10/29/33,
par
and
fair
value
of
USD
1,800,000
and
$1,592,550,
respectively)
(aa)
.............
1,612‌
1,612,170‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
154,737,
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
$148,172,
respectively)
(aa)
......
151‌
151,145‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
1,287,638,
collateralized
by
Dominion
Energy,
Inc.,
3.38%,
due
at
04/01/30,
par
and
fair
value
of
USD
1,300,000
and
$1,241,226,
respectively)
(aa)
.............
1,258‌
1,257,750‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
978,107,
collateralized
by
UBS
Group
AG,
5.96%,
due
at
01/12/34,
par
and
fair
value
of
USD
900,000
and
$938,986,
respectively)
(aa)
...
955‌
955,404‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
144,289,
collateralized
by
O'Reilly
Automotive,
Inc.,
1.75%,
due
at
03/15/31,
par
and
fair
value
of
USD
162,000
and
$141,298,
respectively)
(aa)
.............
141‌
140,940‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
615,026,
collateralized
by
Alexandria
Real
Estate
Equities,
Inc.,
4.50%,
due
at
07/30/29,
par
and
fair
value
of
USD
600,000
and
$596,519,
respectively)
(aa)
.............
601‌
600,750‌
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
193,235,
collateralized
by
JPMorgan
Chase
&
Co.,
2.07%,
due
at
06/01/29,
par
and
fair
value
of
USD
200,000
and
$190,299,
respectively)
(aa)
.............
USD
189‌
$
188,750‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
299,451,
collateralized
by
Continental
Resources,
Inc.,
2.27%,
due
at
11/15/26,
par
and
fair
value
of
USD
300,000
and
$295,166,
respectively)
(aa)
.............
293‌
292,500‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
220,365,
collateralized
by
Morgan
Stanley,
6.41%,
due
at
11/01/29,
par
and
fair
value
of
USD
200,000
and
$208,739,
respectively)
(aa)
......
215‌
215,250‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
922,538,
collateralized
by
Cigna
Group
(The),
3.40%,
due
at
03/01/27,
par
and
fair
value
of
USD
900,000
and
$891,679,
respectively)
(aa)
.............
901‌
901,125‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
419,473,
collateralized
by
Cooperatieve
Rabobank
UA,
4.80%,
due
at
01/09/29,
par
and
fair
value
of
USD
400,000
and
$406,267,
respectively)
(aa)
.............
410‌
409,736‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
473,490,
collateralized
by
CSX
Corp.,
4.75%,
due
at
05/30/42,
par
and
fair
value
of
USD
500,000
and
$456,691,
respectively)
(aa)
......
463‌
462,500‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
734,550,
collateralized
by
Canadian
Imperial
Bank
of
Commerce,
4.63%,
due
at
09/11/30,
par
and
fair
value
of
USD
700,000
and
$700,776,
respectively)
(aa)
.............
718‌
717,500‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
305,209,
collateralized
by
Penske
Truck
Leasing
Co.
LP,
3.40%,
due
at
11/15/26,
par
and
fair
value
of
USD
300,000
and
$297,810,
respectively)
(aa)
.............
298‌
298,125‌
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
131
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
2,395,861,
collateralized
by
Blackstone
Private
Credit
Fund,
4.95%,
due
at
09/26/27,
par
and
fair
value
of
USD
2,300,000
and
$2,271,259,
respectively)
(aa)
..
USD
2,340‌
$
2,340,250‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
317,495,
collateralized
by
Essential
Utilities,
Inc.,
4.80%,
due
at
08/15/27,
par
and
fair
value
of
USD
300,000
and
$301,141,
respectively)
(aa)
......
310‌
310,125‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
161,051,
collateralized
by
Met
Tower
Global
Funding,
5.25%,
due
at
04/12/29,
par
and
fair
value
of
USD
150,000
and
$152,883,
respectively)
(aa)
.............
157‌
157,313‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
91,371,
collateralized
by
National
Health
Investors,
Inc.,
3.00%,
due
at
02/01/31,
par
and
fair
value
of
USD
100,000
and
$89,975,
respectively)
(aa)
.............
89‌
89,250‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
165,754,
collateralized
by
Elevance
Health,
Inc.,
6.10%,
due
at
10/15/52,
par
and
fair
value
of
USD
157,000
and
$157,455,
respectively)
(aa)
...
162‌
161,906‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
301,214,
collateralized
by
Nationwide
Building
Society,
3.96%,
due
at
07/18/30,
par
and
fair
value
of
USD
300,000
and
$293,247,
respectively)
(aa)
.............
294‌
294,222‌
RBC
Capital
Markets
LLC,
3.40%, Open
(Purchased
on
08/05/25
to
be
repurchased
at
USD
301,754,
collateralized
by
KKR
Group
Finance
Co.
VI
LLC,
3.75%,
due
at
07/01/29,
par
and
fair
value
of
USD
300,000
and
$290,312,
respectively)
(aa)
.............
295‌
294,750‌
RBC
Europe
Ltd.,
3.73%, Open
(Purchased
on
04/29/25
to
be
repurchased
at
USD
25,269,753,
collateralized
by
U.K.
Treasury
Inflation
Linked
Bonds,
0.13%,
due
at
03/22/46,
par
and
fair
value
of
GBP
28,512,000
and
$25,545,374,
respectively)
(aa)
.............
GBP
18,415‌
24,374,552‌
Total
Borrowed
Bond
Agreements
—
0.7%
(Cost:
$324,844,752)
.............................
325,255,186‌
Security
Par
(000)
Pa
r
(
000)
Value
Foreign
Government
Obligations
—
0.4%
Brazil
—
0.3%
Letras
do
Tesouro
Nacional
Treasury
Bills
(ab)
14.56%,
07/01/26
...........
BRL
163‌
$
30,443,674‌
12.89%,
10/01/26
...........
735‌
132,938,376‌
163,382,050‌
Egypt
—
0.1%
Arab
Republic
of
Egypt
Treasury
Bills
(ab)
21.43%,
05/05/26
...........
EGP
69,250‌
1,243,414‌
22.61%,
06/02/26
...........
49,350‌
870,580‌
22.29%,
06/23/26
...........
1,525,175‌
26,554,770‌
21.32%,
07/21/26
...........
34,475‌
589,818‌
20.05%,
11/17/26
...........
134,450‌
2,131,697‌
31,390,279‌
Total
Foreign
Government
Obligations
—
0.4%
(Cost:
$195,632,623)
.............................
194,772,329‌
Shares
Shares
Money
Market
Funds
—
5.3%
(t)(ac)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.77%
(ad)
......
689,324,338‌
689,462,203‌
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
3.55%
(l)
.....
1,748,303,137‌
1,748,303,137‌
Total
Money
Market
Funds
—
5.3%
(Cost:
$2,437,787,333)
...........................
2,437,765,340‌
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
5.2%
U.S.
Treasury
Bills
(ab)
3.62%
, 04/14/26
(k)
..........
USD
100,000‌
99,868,917‌
3.62%
, 04/21/26
..........
1,145,990‌
1,143,680,587‌
3.63%
, 04/30/26
..........
1,145,990‌
1,142,639,639‌
Total
U.S.
Treasury
Obligations
—
5.2%
(Cost:
$2,386,206,294)
...........................
2,386,189,143‌
Total
Short-Term
Securities
—
11.6%
(Cost:
$
5,344,471,002)
...........................
5,343,981,998‌
Total
Options
Purchased
—
0.2%
(Cost:
$103,218,071
)
.............................
83,247,048‌
Total
Investments
Before
Options
Written,
Borrowed
Bonds,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
143.8%
(Cost:
$67,070,047,758)
...........................
66,561,792,194‌
Total
Options
Written
—
(0.5)%
(Premiums
Received
—
$(190,771,588))
...............
(216,360,249‌)
Borrowed
Bonds
Corporate
Bonds
—
(0.4)%
Canada
—
(0.0)%
Bank
of
Nova
Scotia
(The):
1.35%
,
 06/24/26
............
(400‌)
(397,574‌)
4.85%
,
02/01/30
............
(100‌)
(101,146‌)
Bell
Telephone
Co.
of
Canada
or
Bell
Canada,
5.10%
,
 05/11/33
......
(148‌)
(148,172‌)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
132
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Canada
(continued)
Canadian
Imperial
Bank
of
Commerce,
(1-day
SOFR
+
1.34%),
4.63%
,
 09/11/30
(a)
...........
USD
(700‌)
$
(700,776‌)
Open
Text
Holdings,
Inc.
(c)
:
4.13%
,
 12/01/31
............
(5,744‌)
(4,901,877‌)
4.13%
,
 02/15/30
............
(7,783‌)
(6,954,329‌)
Toronto-Dominion
Bank
(The),
(5-
Year
USD
Swap
Semi
+
2.21%),
3.63%
,
 09/15/31
(a)
...........
(1,300‌)
(1,292,455‌)
(14,496,329‌)
France
—
(0.0)%
Fnac
Darty
SA,
6.00%
,
 04/01/29
...
EUR
(7,000‌)
(8,318,168‌)
Greece
—
(0.0)%
Intralot
Capital
Luxembourg
SA,
6.75%
,
 10/15/31
............
(7,600‌)
(8,391,019‌)
Ireland
—
(0.0)%
AerCap
Ireland
Capital
DAC:
3.40%
,
 10/29/33
............
USD
(1,800‌)
(1,592,550‌)
6.15%
,
 09/30/30
............
(400‌)
(
420,355‌)
SMBC
Aviation
Capital
Finance
DAC
(c)
:
2.30%
,
 06/15/28
............
(1,900‌)
(1,807,828‌)
5.45%
,
 05/03/28
............
(2,400‌)
(2,433,366‌)
(6,254,099‌)
Japan
—
(0.0)%
Mizuho
Financial
Group,
Inc.,
3.48%
,
 04/12/26
(c)
...........
(200‌)
(199,939‌)
SoftBank
Group
Corp.,
(USISOA05
+
4.85%),
6.88%
(a)(q)
...........
(7,000‌)
(6,827,567‌)
(7,027,506‌)
Luxembourg
—
(0.1)%
Aegis
Lux
1a
SARL,
5.63%
,
(5.63%
Cash
or
6.38%
PIK), 10/29/31
(o)
..
EUR
(7,300‌)
(8,329,305‌)
Altice
France
Lux
3,
10.00%
,
 01/15/33
(c)
USD
(7,200‌)
(6,543,561‌)
INEOS
Finance
plc,
7.50%
,
 04/15/29
(c)
(2,950‌)
(
2,861,820‌)
(17,734,686‌)
Netherlands
—
(0.0)%
Cooperatieve
Rabobank
UA,
4.80%
,
 01/09/29
............
(400‌)
(406,267‌)
Spain
—
(0.0)%
Telefonica
Emisiones
SA,
5.52%
,
 03/01/49
............
(400‌)
(360,523‌)
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)
......................
(900‌)
(938,986‌)
United
Kingdom
—
(0.0)%
AstraZeneca
plc,
4.38%
,
 08/17/48
..
(100‌)
(85,066‌)
Nationwide
Building
Society,
(3-mo.
SOFR
+
2.12%),
3.96%
,
 07/18/30
(a)(c)
(300‌)
(293,247‌)
(378,313‌)
United
States
—
(0.3)%
Alexandria
Real
Estate
Equities,
Inc.,
4.50%
,
 07/30/29
............
(600‌)
(596,519‌)
American
Express
Co.,
(1-day
SOFR
+
2.26%),
4.99%
,
 05/26/33
(a)
.....
(600‌)
(596,906‌)
Americold
Realty
Operating
Partnership
LP,
5.41%
,
 09/12/34
..........
(100‌)
(95,088‌)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Arch
Capital
Group
US,
Inc.,
5.14%
,
 11/01/43
............
USD
(800‌)
$
(738,475‌)
Aviation
Capital
Group
LLC,
3.50%
,
 11/01/27
(c)
...........
(100‌)
(98,188‌)
Bank
of
America
Corp.
(a)
:
(1-day
SOFR
+
1.37%),
1.92%
,
 10/24/31
..........
(100‌)
(88,624‌)
(3-mo.
CME
Term
SOFR
+
1.25%),
2.50%
,
 02/13/31
..........
(100‌)
(92,432‌)
(1-day
SOFR
+
1.93%),
2.68%
,
 06/19/41
..........
(2,500‌)
(1,791,629‌)
(1-day
SOFR
+
2.16%),
5.02%
,
 07/22/33
..........
(300‌)
(301,772‌)
Blackstone
Private
Credit
Fund,
4.95%
,
 09/26/27
(c)
...........
(2,300‌)
(2,271,259‌)
CCO
Holdings
LLC,
4.50%
,
 05/01/32
(
3,950‌)
(3,528,418‌)
CDW
LLC,
5.55%
,
 08/22/34
.......
(1,200‌)
(1,179,264‌)
Celanese
US
Holdings
LLC,
7.20%
,
 11/15/33
(g)
...........
(400‌)
(426,694‌)
Charter
Communications
Operating
LLC,
5.05%
,
 03/30/29
.........
(300‌)
(301,517‌)
Cigna
Group
(The),
3.40%
,
 03/01/27
.
(900‌)
(891,679‌)
Clear
Channel
Outdoor
Holdings,
Inc.,
7.50%
,
 06/01/29
(c)
...........
(1,335‌)
(1,340,634‌)
Continental
Resources,
Inc.,
2.27%
,
 11/15/26
(c)
...........
(300‌)
(295,166‌)
CSX
Corp.,
4.75%
,
 05/30/42
......
(
500‌)
(456,691‌)
Discovery
Global
Holdings,
Inc.:
4.69%
,
 05/17/33
............
EUR
(2,100‌)
(2,253,904‌)
5.05%
,
 03/15/42
............
USD
(4,100‌)
(2,701,103‌)
Dominion
Energy,
Inc.,
Series
C,
3.38%
,
 04/01/30
............
(1,300‌)
(1,241,226‌)
Duke
Energy
Progress
LLC,
3.45%
,
 03/15/29
............
(500‌)
(489,097‌)
Elevance
Health,
Inc.,
6.10%
,
 10/15/52
(157‌)
(157,455‌)
Essential
Utilities,
Inc.,
4.80%
,
 08/15/27
(300‌)
(301,141‌)
FMC
Corp.,
3.20%
,
 10/01/26
......
(7,783‌)
(
7,706,628‌)
Ford
Motor
Co.,
5.29%
,
 12/08/46
...
(2,900‌)
(2,269,622‌)
Ford
Motor
Credit
Co.
LLC,
5.11%
,
 05/03/29
............
(300‌)
(297,150‌)
Goldman
Sachs
Group,
Inc.
(The),
(1-day
SOFR
+
1.42%),
5.02%
,
 10/23/35
(a)
...........
(200‌)
(196,301‌)
Great
Lakes
Dredge
&
Dock
Corp.,
5.25%
,
 06/01/29
(c)
...........
(8,696‌)
(8,690,534‌)
Home
Depot,
Inc.
(The),
5.88%
,
 12/16/36
............
(200‌)
(212,908‌)
JPMorgan
Chase
&
Co.
(a)
:
(1-day
SOFR
+
1.07%),
1.95%
,
 02/04/32
..........
(200‌)
(176,100‌)
(1-day
SOFR
+
1.02%),
2.07%
,
 06/01/29
..........
(200‌)
(190,299‌)
(1-day
SOFR
+
1.18%),
2.55%
,
 11/08/32
..........
(1,300‌)
(1,155,587‌)
(1-day
SOFR
+
1.58%),
3.33%
,
 04/22/52
..........
(1,200‌)
(816,880‌)
(1-day
SOFR
+
1.34%),
4.95%
,
 10/22/35
..........
(6,900‌)
(
6,824,317‌)
KKR
Group
Finance
Co.
VI
LLC,
3.75%
,
 07/01/29
(c)
...........
(300‌)
(290,312‌)
Lowe's
Cos.,
Inc.,
1.70%
,
 10/15/30
..
(600‌)
(528,679‌)
Marsh
&
McLennan
Cos.,
Inc.,
4.75%
,
 03/15/39
............
(800‌)
(750,589‌)
Mauser
Packaging
Solutions
Holding
Co.,
9.25%
,
 04/15/30
(c)
........
(576‌)
(535,201‌)
McAfee
Corp.,
7.38%
,
 02/15/30
(c)
...
(1,520‌)
(1,255,811‌)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
133
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Met
Tower
Global
Funding,
5.25%
,
 04/12/29
(c)
...........
USD
(150‌)
$
(152,883‌)
Metropolitan
Life
Global
Funding
I,
5.05%
,
 01/08/34
(c)
...........
(3,800‌)
(3,819,526‌)
MGM
Resorts
International,
6.50%
,
 04/15/32
............
(984‌)
(992,123‌)
Mondelez
International,
Inc.,
4.75%
,
 08/28/34
............
(100‌)
(97,802‌)
Morgan
Stanley
(a)
:
(1-day
SOFR
+
1.49%),
3.22%
,
 04/22/42
..........
(300‌)
(226,170‌)
(1-day
SOFR
+
1.83%),
6.41%
,
 11/01/29
..........
(200‌)
(208,739‌)
Mosaic
Co.
(The),
4.05%
,
 11/15/27
..
(2,000‌)
(1,986,869‌)
Motorola
Solutions,
Inc.,
5.60%
,
 06/01/32
............
(100‌)
(
103,572‌)
National
Fuel
Gas
Co.,
4.75%
,
 09/01/28
(200‌)
(200,123‌)
National
Health
Investors,
Inc.,
3.00%
,
 02/01/31
............
(100‌)
(89,975‌)
NetApp,
Inc.,
2.70%
,
 06/22/30
.....
(500‌)
(459,140‌)
New
York
Life
Insurance
Co.,
3.75%
,
 05/15/50
(c)
...........
(800‌)
(580,177‌)
Newell
Brands,
Inc.,
6.63%
,
 05/15/32
(695‌)
(665,104‌)
Northwestern
Mutual
Global
Funding,
4.71%
,
 01/10/29
(c)
...........
(100‌)
(100,877‌)
Olympus
Water
US
Holding
Corp.,
7.25%
,
 02/15/33
(c)
...........
(1,000‌)
(954,101‌)
Oncor
Electric
Delivery
Co.
LLC,
4.65%
,
 11/01/29
(c)
...........
(400‌)
(401,973‌)
OneMain
Finance
Corp.,
6.50%
,
 03/15/33
............
(4,300‌)
(4,110,482‌)
Oracle
Corp.,
4.90%
,
 02/06/33
.....
(5,000‌)
(4,738,445‌)
O'Reilly
Automotive,
Inc.,
1.75%
,
 03/15/31
............
(162‌)
(141,298‌)
PBF
Holding
Co.
LLC,
6.00%
,
 02/15/28
(7,980‌)
(7,943,710‌)
Penske
Truck
Leasing
Co.
LP,
3.40%
,
 11/15/26
(c)
...........
(300‌)
(297,810‌)
Prologis
LP,
2.13%
,
 04/15/27
......
(200‌)
(196,096‌)
QUALCOMM,
Inc.,
4.80%
,
 05/20/45
.
(100‌)
(88,367‌)
Rivian
Holdings
LLC,
10.00%
,
 01/15/31
(c)
..........
(17,148‌)
(16,662,288‌)
Sammons
Financial
Group,
Inc.,
6.88%
,
 04/15/34
(c)
...........
(500‌)
(
529,383‌)
Sirius
XM
Radio
LLC,
5.88%
,
 04/15/32
(c)
...........
(2,270‌)
(2,254,951‌)
Targa
Resources
Corp.,
5.20%
,
 07/01/27
............
(300‌)
(302,355‌)
Union
Pacific
Corp.,
3.95%
,
 08/15/59
(700‌)
(507,356‌)
United
Parcel
Service,
Inc.,
5.50%
,
 05/22/54
............
(1,000‌)
(954,021‌)
Valaris
Ltd.,
8.38%
,
 04/30/30
(c)
.....
(6,487‌)
(6,721,771‌)
Walt
Disney
Co.
(The),
4.63%
,
 03/23/40
(400‌)
(374,670‌)
Warnermedia
Holdings,
Inc.,
4.28%
,
 03/15/32
............
(
5,726‌)
(5,067,510‌)
Weatherford
International
Ltd.,
8.63%
,
 04/30/30
(c)
...........
(5,034‌)
(5,129,812‌)
Wells
Fargo
&
Co.
(a)
:
(3-mo.
CME
Term
SOFR
+
1.57%),
3.58%
,
 05/22/28
..........
(100‌)
(99,055‌)
(1-day
SOFR
+
2.06%),
6.49%
,
 10/23/34
..........
(1,100‌)
(1,191,029‌)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Zayo
Group
Holdings,
Inc.,
9.00%
,
(9.00%
Cash
or
1.88%
PIK), 09/09/30
(a)(c)(o)
..........
USD
(994‌)
$
(928,786‌)
(123,410,148‌)
Foreign
Agency
Obligations
—
(0.0)%
Denmark
—
(0.0)%
Orsted
A/S,
4.13%
,
 03/01/35
......
EUR
(10,000‌)
(11,410,251‌)
Foreign
Government
Obligations
—
(0.2)%
Spain
—
(0.2)%
Bonos
y
Obligaciones
del
Estado
(c)
:
0.50%
,
 10/31/31
............
(
40,000‌)
(40,327,607‌)
0.70%
,
 04/30/32
............
(40,000‌)
(40,201,665‌)
(80,529,272‌)
United
Kingdom
—
(0.0)%
U.K.
Treasury
Inflation
Linked
Bonds,
0.13%
,
 03/22/46
............
GBP
(28,512‌)
(
25,545,374‌)
Preferred
Securities
—
(0.1)%
Japan
—
(0.0)%
SoftBank
Group
Corp.,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.46%),
6.50%
,
 10/29/62
(a)
...........
EUR
(7,000‌)
(6,932,682‌)
Spain
—
(0.1)%
(a)(q)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.25%),
7.75%
.............
USD
(7,000‌)
(7,169,575‌)
Banco
Santander
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.76%),
3.63%
...................
EUR
(2,800‌)
(3,027,132‌)
(10,196,707‌)
Total
Borrowed
Bonds
—
(0.7)%
(Proceeds:
$(350,905,513))
........................
(322,330,330‌)
TBA
Sale
Commitments
Uniform
Mortgage-Backed
Securities
(v)
3.00%
,
 04/25/56
............
USD
(1,075,963‌)
(944,888,596‌)
3.50%
,
04/25/56
............
(234,612‌)
(215,055,689‌)
5.00%
,
 04/25/56
-
05/25/56
.....
(9,767,412‌)
(9,624,803,897‌)
5.50%
,
 04/25/56
............
(12,051‌)
(12,106,506‌)
6.00%
,
 04/25/56
............
(1,537,800‌)
(1,567,522,598‌)
Total
TBA
Sale
Commitments
—
(26.7)%
(Proceeds:
$(12,431,519,391))
......................
(12,364,377,286‌)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
134
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Investments
Sold
Short
(l)
Common
Stocks
United
States
—
(0.0)%
Ascent
Resources
-
Utica
LLC
(f)(l)
...
(4,293,547)
$
(4,293,547‌)
Total
Common
Stocks
—
(0.0)%
(Proceeds:
$(4,293,547))
..........................
(4,293,547‌)
Total
Investments
Sold
Short
—
(0.0)%
(Proceeds:
$(
4,293,547)
)
..........................
(4,293,547‌)
Total
Investments
Net
of
Options
Written,
Borrowed
Bonds,
TBA
Sale
Commitments
and
Investments
Sold
Short
—
115.9%
(Cost:
$54,092,557,719)
...........................
53,654,430,782‌
Liabilities
in
Excess
of
Other
Assets
—
(15.9)%
...........
(7,341,280,513‌)
Net
Assets
—
100.0%
..............................
$
46,313,150,269‌
(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
this
security
is
on
loan.
(k)
All
or
a
portion
of
the
security
has
been
pledged
and/or
segregated
as
collateral
in
connection
with
outstanding
exchange-traded
options
written.
(l)
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
$676,740,251,
representing
1.46%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$426,094,389.
(n)
Investment
does
not
issue
shares.
(o)
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.
(p)
Convertible
security.
(q)
Perpetual
security
with
no
stated
maturity
date.
(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)
Represents
or
includes
a
TBA
transaction.
(w)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(x)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(y)
All
or
a
portion
of
the
security
has
been
pledged
in
connection
with
outstanding
centrally
cleared
swaps.
(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)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
135
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
March
31,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
12/31/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/26
Shares
Held
at
03/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
410,783,127
$
278,779,650
(a)
$
—
$
(44,581)
$
(55,993)
$
689,462,203
689,324,338
$
1,014,326
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
119,360,640
1,628,942,497
(a)
—
—
—
1,748,303,137
1,748,303,137
10,072,698
—
iShares
0-5
Year
TIPS
Bond
ETF
................
41,129,039
—
—
—
417,758
41,546,797
401,690
—
—
iShares
AAA
CLO
Active
ETF
.
15,523,380
20,730,000
—
—
31,120
36,284,500
700,000
277,801
—
iShares
Bitcoin
Trust
ETF
...
100,685,235
8,144,201
(30,109,469)
(
12,930,399)
(10,188,989)
55,600,579
1,447,178
—
—
iShares
China
Large-Cap
ETF
17,213,614
—
—
—
(1,074,446)
16,139,168
449,559
—
—
iShares
Ethereum
Trust
ETF
.
18,280,450
—
—
—
(
5,379,000)
12,901,450
815,000
—
—
iShares
Flexible
Income
Active
ETF
................
111,344,700
200,023,502
—
—
(5,708,222)
305,659,980
5,886,000
2,147,472
—
iShares
High
Yield
Muni
Active
ETF
................
19,277,280
—
—
—
(277,200)
19,000,080
396,000
160,247
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
....
401,508,454
—
(300,429,393)
(916,850)
(2,607,807)
97,554,404
1,226,174
3,493,191
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
35,490,877
495,679,176
(149,091,968)
(391,956)
(331,427)
381,354,702
3,498,988
226,731
—
iShares
MSCI
Brazil
ETF
...
9,469,493
—
—
—
1,973,184
11,442,677
298,064
—
—
iShares
Russell
2000
ETF
...
—
33,134,448
—
—
97,552
33,232,000
134,000
—
—
$
(14,283,786)
$
(23,103,470)
$
3,448,481,677
$
17,392,466
$
—
—
—
(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.
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
Citigroup
Global
Markets,
Inc.
..............
(4.30)
%
02/25/26
Open  
(a)
$
984,975
$
980,857
Corporate
Bonds
Open/Demand
(a)
(a)
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
136
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bobl
...............................................................
5,120
06/08/26
$
683,109
$
(9,475,190)
Euro-Schatz
.............................................................
1,270
06/08/26
155,234
(1,318,071)
Short
Euro-BTP
...........................................................
5,809
06/08/26
710,712
(3,761,364)
Kosdaq
150
Index
.........................................................
324
06/11/26
3,881
(470,536)
OSE
Nikkei
225
Index
.......................................................
6
06/11/26
1,996
(50,793)
Australia
3-Year
Bond
.......................................................
5,157
06/15/26
368,812
(1,979,492)
U.S.
Treasury
Long
Bond
.....................................................
4,142
06/18/26
470,635
(1,099,554)
U.S.
Treasury
Ultra
Bond
.....................................................
5,656
06/18/26
657,864
(7,802,192)
Canada
10-Year
Bond
.......................................................
1,360
06/19/26
117,327
(2,414,110)
EURO
STOXX
Bank
Index
....................................................
1,481
06/19/26
19,998
(571,621)
U.S.
Treasury
2-Year
Note
....................................................
46,985
06/30/26
9,747,919
(34,337,542)
30-day
Federal
Funds
.......................................................
225
07/31/26
90,359
(258,164)
3-mo.
SOFR
.............................................................
184
09/15/26
44,316
(72,353)
CBOE
Volatility
Index
.......................................................
45
10/21/26
1,103
57,792
CBOE
Volatility
Index
.......................................................
15
11/18/26
362
3,382
90-day
Australia
Bank
Accepted
Bills
.............................................
281
12/10/26
191,603
(289,128)
3-mo.
CORRA
............................................................
261
03/16/27
45,618
(85,047)
3-mo.
SOFR
.............................................................
4,146
03/16/27
998,927
(1,182,161)
3-mo.
SOFR
.............................................................
187
06/15/27
45,062
(164,086)
3-mo.
SOFR
.............................................................
2,527
03/14/28
610,271
(442,648)
3-mo.
SOFR
.............................................................
2,527
03/20/29
609,607
128,076
(65,584,802)
Short
Contracts
CBOE
Volatility
Index
.......................................................
30
04/15/26
751
(
90,554)
CME
Bitcoin
(a)
............................................................
48
04/24/26
16,328
1,655,567
CBOE
Volatility
Index
.......................................................
30
05/19/26
732
8,258
Euro-BTP
...............................................................
534
06/08/26
71,771
2,468,084
Euro-Bund
..............................................................
10,945
06/08/26
1,586,281
31,961,274
Euro-Buxl
...............................................................
170
06/08/26
21,665
(130,877)
Euro-OAT
...............................................................
987
06/08/26
135,404
3,364,829
KOSPI
200
Index
..........................................................
61
06/11/26
7,460
774,909
SGX
Nikkei
225
Index
.......................................................
144
06/11/26
24,027
309,050
Australia
10-Year
Bond
......................................................
1,804
06/15/26
134,118
795,665
Japan
10-Year
Bond
........................................................
100
06/15/26
82,108
899,848
Korea
10-Year
Bond
........................................................
623
06/16/26
44,173
527,680
Korea
3-Year
Bond
.........................................................
633
06/16/26
42,783
284,314
Nasdaq-100
E-Mini
Index
.....................................................
211
06/18/26
100,921
2,062,190
Russell
2000
E-Mini
Index
....................................................
574
06/18/26
72,100
29,232
S&P
500
E-Mini
Index
.......................................................
2,891
06/18/26
949,802
14,338,786
U.S.
Treasury
10-Year
Note
...................................................
44,091
06/18/26
4,893,412
56,619,353
U.S.
Treasury
10-Year
Ultra
Note
...............................................
12,469
06/18/26
1,414,452
24,048,045
EURO
STOXX
50
Index
.....................................................
1,604
06/19/26
101,876
1,691,661
Long
Gilt
................................................................
1,488
06/26/26
172,904
3,837,688
U.S.
Treasury
5-Year
Note
....................................................
41,511
06/30/26
4,490,323
13,632,364
159,087,366
$
93,502,564
(a)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
137
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
BRL
147,703,376
USD
28,274,000
Barclays
Bank
plc
04/02/26
$
240,991
BRL
1,254,711,955
USD
238,950,425
BNP
Paribas
SA
04/02/26
3,278,973
BRL
146,202,324
USD
27,906,000
Citibank
NA
04/02/26
319,205
BRL
196,630,830
USD
37,102,642
Deutsche
Bank
AG
04/02/26
858,077
BRL
127,361,860
USD
24,031,900
HSBC
Bank
plc
04/02/26
556,044
BRL
255,656,929
USD
48,844,231
JPMorgan
Chase
Bank
NA
04/02/26
511,818
BRL
70,752,383
USD
12,855,889
Morgan
Stanley
&
Co.
International
plc
04/02/26
803,268
BRL
93,154,023
USD
17,779,861
State
Street
Bank
and
Trust
Co.
04/02/26
204,062
USD
221,611,872
BRL
1,147,531,285
Citibank
NA
04/02/26
74,321
USD
18,705,000
INR
1,735,453,641
Citibank
NA
04/02/26
407,936
GBP
2,599,500
USD
3,427,424
Barclays
Bank
plc
04/08/26
13,225
GBP
7,798,500
USD
10,284,951
HSBC
Bank
plc
04/08/26
36,997
GBP
2,599,500
USD
3,425,924
JPMorgan
Chase
Bank
NA
04/08/26
14,725
USD
41,999,670
THB
1,324,879,590
Citibank
NA
04/09/26
1,806,739
EUR
116,931
USD
135,075
Credit
Agricole
Corporate
&
Investment
Bank
SA
04/16/26
173
USD
3,194,467
EUR
2,725,715
JPMorgan
Chase
Bank
NA
04/16/26
41,775
USD
15,601,572
EUR
13,312,082
Morgan
Stanley
&
Co.
International
plc
04/16/26
204,178
USD
436,426
EUR
371,456
Societe
Generale
SA
04/16/26
6,782
USD
1,054,325
EUR
899,316
State
Street
Bank
and
Trust
Co.
04/16/26
14,133
ARS
9,604,910,193
USD
6,193,919
Citibank
NA
04/23/26
515,207
COP
62,697,600,420
GBP
12,598,000
Morgan
Stanley
&
Co.
International
plc
04/24/26
285,520
COP
120,450,424,000
USD
32,414,000
HSBC
Bank
plc
04/24/26
167,840
COP
114,954,938,049
USD
30,757,174
Morgan
Stanley
&
Co.
International
plc
04/24/26
338,136
HUF
1,569,160,954
EUR
4,031,000
Morgan
Stanley
&
Co.
International
plc
04/24/26
46,480
HUF
4,660,107,450
USD
13,917,000
Barclays
Bank
plc
04/24/26
73,379
HUF
21,278,539,895
USD
63,349,844
JPMorgan
Chase
Bank
NA
04/24/26
531,694
JPY
2,285,176,410
USD
14,426,800
Bank
of
America
NA
04/24/26
3,111
THB
618,715,802
USD
18,718,900
Morgan
Stanley
&
Co.
International
plc
04/24/26
76,041
USD
23,562,716
AUD
33,531,500
ANZ
Banking
Group
Ltd.
04/24/26
434,080
USD
7,361,446
AUD
10,532,750
Bank
of
America
NA
04/24/26
96,392
USD
27,636,504
AUD
40,059,000
Barclays
Bank
plc
04/24/26
5,469
USD
38,283,000
CAD
52,456,369
JPMorgan
Chase
Bank
NA
04/24/26
537,859
USD
28,622,079
GBP
21,369,300
Natwest
Markets
plc
04/24/26
338,576
USD
13,211,000
SGD
16,803,745
HSBC
Bank
plc
04/24/26
119,439
ZAR
237,666,176
USD
13,917,000
Morgan
Stanley
&
Co.
International
plc
04/24/26
104,092
IDR
454,382,750,161
USD
26,665,654
BNP
Paribas
SA
04/27/26
97,943
IDR
173,533,206,156
USD
10,212,041
Goldman
Sachs
International
04/27/26
9,238
MXN
232,167,251
USD
12,809,966
UBS
AG
04/27/26
116,533
TRY
624,775,954
USD
13,500,787
Barclays
Bank
plc
04/27/26
98,756
TRY
17,609,324
USD
382,600
HSBC
Bank
plc
04/27/26
703
USD
1,506,200
CNY
10,346,570
BNP
Paribas
SA
04/27/26
1,003
USD
5,788,633
CZK
119,415,319
Canadian
Imperial
Bank
of
Commerce
04/27/26
163,037
USD
5,793,507
CZK
119,178,601
Deutsche
Bank
AG
04/27/26
179,063
USD
40,951,939
CZK
845,077,260
HSBC
Bank
plc
04/27/26
1,140,772
USD
25,715,081
HUF
8,413,974,628
Credit
Agricole
Corporate
&
Investment
Bank
SA
04/27/26
460,831
USD
99,094,330
IDR
1,679,589,432,166
BNP
Paribas
SA
04/27/26
164,833
USD
2,112,308
IDR
35,721,655,025
Standard
Chartered
Bank
04/27/26
8,267
USD
35,585,098
INR
3,290,888,504
Bank
of
America
NA
04/27/26
621,833
USD
261,226,760
MXN
4,604,121,637
Citibank
NA
04/27/26
4,880,639
USD
27,375,287
MXN
485,092,756
Toronto
Dominion
Bank
04/27/26
366,521
USD
921,581
PEN
3,167,752
Bank
of
America
NA
04/27/26
12,563
USD
39,766,543
PEN
133,679,212
Societe
Generale
SA
04/27/26
1,405,974
USD
5,552,601
PHP
332,062,222
Bank
of
America
NA
04/27/26
81,075
USD
64,575,720
PHP
3,825,594,131
Citibank
NA
04/27/26
1,539,833
USD
128,129,872
PHP
7,593,809,046
HSBC
Bank
plc
04/27/26
3,003,559
USD
167,923,454
PLN
601,568,982
Deutsche
Bank
AG
04/27/26
5,878,693
USD
2,526,521
PLN
9,337,761
HSBC
Bank
plc
04/27/26
11,206
USD
162,905,190
THB
5,058,043,231
JPMorgan
Chase
Bank
NA
04/27/26
9,214,518
USD
440,931
TRY
20,206,257
Citibank
NA
04/27/26
1,100
USD
8,130,466
UYU
312,363,720
HSBC
Bank
plc
04/27/26
445,297
CZK
832,020,567
USD
39,039,418
Bank
of
America
NA
04/28/26
157,168
EUR
19,892,401
USD
22,831,044
Canadian
Imperial
Bank
of
Commerce
04/28/26
191,830
EUR
6,954,951
USD
7,994,113
Societe
Generale
SA
04/28/26
55,341
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
138
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
IDR
142,030,977,144
USD
8,342,054
Standard
Chartered
Bank
04/28/26
$
23,429
USD
63,322,003
CZK
1,300,230,575
Morgan
Stanley
&
Co.
International
plc
04/28/26
2,067,988
USD
73,545,646
EUR
62,195,388
Barclays
Bank
plc
04/28/26
1,562,551
USD
54,189,908
EUR
45,829,130
Deutsche
Bank
AG
04/28/26
1,148,633
USD
4,960,842
EUR
4,188,179
State
Street
Bank
and
Trust
Co.
04/28/26
113,568
USD
7,844,055
EUR
6,744,592
UBS
AG
04/28/26
38,065
USD
16,449
GBP
12,322
UBS
AG
04/28/26
140
USD
29,996,596
IDR
507,419,422,756
Citibank
NA
04/28/26
110,099
USD
8,528,428
INR
780,099,572
HSBC
Bank
plc
04/28/26
242,323
USD
112,564
MXN
1,993,500
Morgan
Stanley
&
Co.
International
plc
04/28/26
1,580
USD
45,166,781
MXN
786,946,283
State
Street
Bank
and
Trust
Co.
04/28/26
1,355,230
USD
13,492,994
PEN
45,403,924
Societe
Generale
SA
04/28/26
464,557
USD
28,976,104
PHP
1,737,696,943
JPMorgan
Chase
Bank
NA
04/28/26
345,512
USD
906,048
PLN
3,350,579
Citibank
NA
04/28/26
3,504
USD
64,595,857
PLN
230,954,283
HSBC
Bank
plc
04/28/26
2,383,778
USD
112,105
TWD
3,569,700
HSBC
Bank
plc
04/28/26
772
USD
115,388,447
ZAR
1,854,938,516
Barclays
Bank
plc
04/28/26
5,991,654
USD
20,638,911
ZAR
342,309,325
Goldman
Sachs
International
04/28/26
450,888
USD
280,258,873
ZAR
4,568,387,786
Societe
Generale
SA
04/28/26
10,833,786
USD
11,776,436
ZAR
191,064,038
State
Street
Bank
and
Trust
Co.
04/28/26
508,250
USD
13,891,000
PEN
48,083,697
HSBC
Bank
plc
05/04/26
97,994
BRL
188,678,802
USD
35,524,034
Barclays
Bank
plc
05/05/26
663,135
BRL
912,690,943
USD
172,727,933
BNP
Paribas
SA
05/05/26
2,319,297
USD
12,431,737
EGP
681,880,753
Citibank
NA
05/21/26
464,599
INR
12,551,666,376
USD
131,703,433
Citibank
NA
05/27/26
953,723
USD
43,160,100
INR
4,076,881,466
Citibank
NA
05/27/26
71,997
BRL
58,773,865
USD
10,572,360
JPMorgan
Chase
Bank
NA
06/02/26
622,961
USD
9,478,601
CLP
8,407,212,359
Citibank
NA
06/09/26
395,844
USD
46,699,745
CZK
979,795,022
Citibank
NA
06/09/26
521,317
USD
27,213,311
CZK
563,850,824
HSBC
Bank
plc
06/09/26
638,625
USD
12,147,454
HUF
3,957,129,713
Societe
Generale
SA
06/09/26
304,437
USD
53,848,973
IDR
911,446,640,019
HSBC
Bank
plc
06/09/26
258,645
USD
37,333,040
IDR
631,712,369,840
Standard
Chartered
Bank
06/09/26
190,248
USD
53,426,879
INR
4,941,932,881
Goldman
Sachs
International
06/09/26
1,297,518
USD
37,333,040
INR
3,467,866,086
Standard
Chartered
Bank
06/09/26
752,688
USD
53,739,738
MXN
940,469,383
Barclays
Bank
plc
06/09/26
1,582,286
USD
54,386,158
MYR
213,248,126
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/09/26
1,610,321
USD
33,028,147
PEN
113,061,595
Citibank
NA
06/09/26
659,220
USD
23,366,595
PLN
86,288,840
BNP
Paribas
SA
06/09/26
127,315
USD
23,333,150
PLN
85,543,528
HSBC
Bank
plc
06/09/26
294,597
USD
38,965,634
PLN
141,376,033
State
Street
Bank
and
Trust
Co.
06/09/26
890,291
USD
48,105,766
THB
1,509,496,400
Deutsche
Bank
AG
06/09/26
2,082,362
USD
23,366,595
THB
740,253,730
Morgan
Stanley
&
Co.
International
plc
06/09/26
796,818
USD
38,155,292
ZAR
620,951,508
HSBC
Bank
plc
06/09/26
1,648,889
AUD
73,083
USD
50,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
367
BRL
239,284,319
USD
44,655,927
HSBC
Bank
plc
06/17/26
759,194
BRL
852,744,402
USD
159,719,873
JPMorgan
Chase
Bank
NA
06/17/26
2,127,298
BRL
492,740,350
USD
92,101,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
1,418,971
CAD
138,787
USD
100,000
Wells
Fargo
Bank
NA
06/17/26
102
EUR
41,217,002
AUD
67,518,812
JPMorgan
Chase
Bank
NA
06/17/26
1,276,241
EUR
32,970,210
AUD
53,932,175
Wells
Fargo
Bank
NA
06/17/26
1,074,173
EUR
99,386,300
USD
114,917,397
Bank
of
America
NA
06/17/26
362,408
EUR
24,734,071
USD
28,528,552
BNP
Paribas
SA
06/17/26
160,904
EUR
200,043,233
USD
231,122,540
JPMorgan
Chase
Bank
NA
06/17/26
910,899
EUR
43,417
USD
50,000
Standard
Chartered
Bank
06/17/26
360
EUR
37,107,618
USD
42,888,635
Wells
Fargo
Bank
NA
06/17/26
153,103
GBP
75,611
USD
100,000
Natwest
Markets
plc
06/17/26
56
JPY
3,658,282,276
AUD
32,984,581
Citibank
NA
06/17/26
467,869
JPY
7,131,228,750
AUD
65,059,154
Morgan
Stanley
&
Co.
International
plc
06/17/26
387,536
JPY
14,191,500,000
AUD
126,147,227
Natwest
Markets
plc
06/17/26
3,061,833
JPY
7,324,000,000
EUR
39,888,135
BNP
Paribas
SA
06/17/26
180,051
JPY
3,819,887,364
NZD
41,212,763
Citibank
NA
06/17/26
477,762
JPY
23,865,588
USD
150,000
Canadian
Imperial
Bank
of
Commerce
06/17/26
1,350
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
139
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
JPY
3,265,314,208
USD
20,611,726
Citibank
NA
06/17/26
$
96,071
JPY
3,252,334,498
USD
20,581,647
Natwest
Markets
plc
06/17/26
43,836
JPY
7,891,702
USD
50,000
Standard
Chartered
Bank
06/17/26
47
JPY
2,454,137,849
USD
15,495,476
UBS
AG
06/17/26
68,045
JPY
3,267,805,219
USD
20,715,364
Wells
Fargo
Bank
NA
06/17/26
8,230
NOK
485,729
USD
50,000
Bank
of
Montreal
06/17/26
131
NOK
974,500
USD
100,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
576
NZD
348,885
USD
200,000
Goldman
Sachs
International
06/17/26
1,029
SEK
476,187
USD
50,000
Bank
of
Montreal
06/17/26
497
TRY
1,051,004,128
USD
21,441,100
UBS
AG
06/17/26
252,171
USD
100,000
AUD
142,580
Bank
of
Montreal
06/17/26
1,738
USD
3,648,266
AUD
5,167,000
Barclays
Bank
plc
06/17/26
87,317
USD
407,779,835
AUD
577,835,000
HSBC
Bank
plc
06/17/26
9,552,440
USD
50,000
AUD
71,895
JPMorgan
Chase
Bank
NA
06/17/26
452
USD
50,000
AUD
70,649
Morgan
Stanley
&
Co.
International
plc
06/17/26
1,311
USD
28,336,153
AUD
40,196,432
Natwest
Markets
plc
06/17/26
633,919
USD
77,433,348
AUD
109,941,832
UBS
AG
06/17/26
1,664,574
USD
50,000
CAD
68,196
Citibank
NA
06/17/26
812
USD
50,000
CAD
69,313
Natwest
Markets
plc
06/17/26
7
USD
50,000
CAD
68,088
Standard
Chartered
Bank
06/17/26
890
USD
53,350,642
CAD
72,774,000
Wells
Fargo
Bank
NA
06/17/26
861,257
USD
100,000
CHF
78,150
UBS
AG
06/17/26
1,438
USD
137,288,946
EUR
118,184,021
Bank
of
America
NA
06/17/26
205,354
USD
914,881,718
EUR
785,352,036
Societe
Generale
SA
06/17/26
3,938,959
USD
50,000
EUR
43,039
Standard
Chartered
Bank
06/17/26
79
USD
23,987,750
EUR
20,579,038
Wells
Fargo
Bank
NA
06/17/26
117,785
USD
9,690,592
GBP
7,229,000
Barclays
Bank
plc
06/17/26
124,498
USD
100,000
GBP
75,020
Deutsche
Bank
AG
06/17/26
727
USD
83,979,412
GBP
62,523,000
HSBC
Bank
plc
06/17/26
1,243,089
USD
40,494,683
GBP
30,294,711
JPMorgan
Chase
Bank
NA
06/17/26
405,867
USD
225,579,358
GBP
168,267,106
Natwest
Markets
plc
06/17/26
2,912,472
USD
50,000
GBP
37,431
Royal
Bank
of
Canada
06/17/26
468
USD
50,000
GBP
37,334
Standard
Chartered
Bank
06/17/26
596
USD
2,279,982,078
GBP
1,716,673,000
State
Street
Bank
and
Trust
Co.
06/17/26
8,318,653
USD
56,795,730
GBP
42,512,000
Wells
Fargo
Bank
NA
06/17/26
539,847
USD
9,924,602
HKD
77,345,258
Goldman
Sachs
International
06/17/26
20,973
USD
5,813,724
HKD
45,329,664
JPMorgan
Chase
Bank
NA
06/17/26
9,513
USD
176,722,589
HKD
1,378,878,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
164,946
USD
46,045,987
IDR
775,000,000,000
Bank
of
America
NA
06/17/26
494,587
USD
15,385,011
IDR
260,822,100,000
BNP
Paribas
SA
06/17/26
54,931
USD
23,123,551
IDR
389,100,000,000
Citibank
NA
06/17/26
253,809
USD
46,386,236
IDR
781,840,000,000
HSBC
Bank
plc
06/17/26
432,808
USD
23,152,090
IDR
390,460,000,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
202,413
USD
67,728,496
IDR
1,150,741,011,289
UBS
AG
06/17/26
92,543
USD
68,428,633
INR
6,366,600,000
Bank
of
America
NA
06/17/26
1,346,767
USD
74,877,298
INR
6,972,424,235
BNP
Paribas
SA
06/17/26
1,412,148
USD
20,611,726
JPY
3,242,902,543
Citibank
NA
06/17/26
46,059
USD
7,109,346
JPY
1,100,000,000
Goldman
Sachs
International
06/17/26
133,424
USD
44,548,504
JPY
7,020,000,000
HSBC
Bank
plc
06/17/26
29,440
USD
10,229,556
JPY
1,611,319,301
JPMorgan
Chase
Bank
NA
06/17/26
10,977
USD
4,729,384
JPY
745,662,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
584
USD
91,075,478
KRW
135,350,000,000
Citibank
NA
06/17/26
902,060
USD
120,961,018
MXN
2,166,899,306
Barclays
Bank
plc
06/17/26
865,417
USD
32,442,302
MXN
584,399,407
Citibank
NA
06/17/26
53,258
USD
50,000
NOK
483,150
Bank
of
Montreal
06/17/26
135
USD
100,000
NOK
954,229
Standard
Chartered
Bank
06/17/26
1,516
USD
27,120,370
NZD
46,200,000
Goldman
Sachs
International
06/17/26
499,702
USD
200,000
NZD
345,153
Standard
Chartered
Bank
06/17/26
1,121
USD
290,085,345
PHP
17,379,303,100
BNP
Paribas
SA
06/17/26
4,765,642
USD
505,615
PHP
30,303,000
Citibank
NA
06/17/26
8,124
USD
24,734,071
SEK
228,550,236
Citibank
NA
06/17/26
497,627
USD
50,000
SEK
466,563
Morgan
Stanley
&
Co.
International
plc
06/17/26
524
USD
150,000
SEK
1,392,374
Standard
Chartered
Bank
06/17/26
2,347
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
140
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
45,668,066
SGD
58,025,000
State
Street
Bank
and
Trust
Co.
06/17/26
$
293,563
USD
22,616,822
THB
726,000,000
Citibank
NA
06/17/26
465,413
USD
49,143,532
ZAR
827,371,359
Citibank
NA
06/17/26
532,330
USD
20,914,173
ZAR
347,413,693
Goldman
Sachs
International
06/17/26
502,303
USD
13,191,477
ZAR
224,400,215
JPMorgan
Chase
Bank
NA
06/17/26
7,114
USD
12,627,331
ZAR
212,832,401
Morgan
Stanley
&
Co.
International
plc
06/17/26
122,621
USD
7,213,164
ZAR
120,594,004
Societe
Generale
SA
06/17/26
127,809
ZAR
140,885,263
USD
8,244,690
Barclays
Bank
plc
06/17/26
32,853
ZAR
99,025,936
USD
5,771,283
Citibank
NA
06/17/26
46,866
AUD
34,000,000
USD
23,332,840
Goldman
Sachs
International
06/18/26
98,564
CNY
97,000,000
USD
14,105,821
BNP
Paribas
SA
06/18/26
53,699
EUR
2,000,000
USD
2,311,574
UBS
AG
06/18/26
8,358
JPY
800,000,000
USD
5,059,226
Deutsche
Bank
AG
06/18/26
14,592
JPY
1,840,000,000
USD
11,606,709
JPMorgan
Chase
Bank
NA
06/18/26
63,074
SGD
3,300,000
USD
2,576,859
Bank
of
America
NA
06/18/26
3,856
USD
4,943,435
AUD
7,000,000
BNP
Paribas
SA
06/18/26
119,322
USD
326,877,871
AUD
457,617,304
Natwest
Markets
plc
06/18/26
11,506,818
USD
1,406,216
AUD
2,000,000
UBS
AG
06/18/26
27,898
USD
14,176,455
CNY
97,000,000
HSBC
Bank
plc
06/18/26
16,935
USD
93,903,878
EUR
80,950,000
JPMorgan
Chase
Bank
NA
06/18/26
4,636
USD
33,685,703
INR
3,000,385,600
BNP
Paribas
SA
06/18/26
2,076,494
USD
5,708,356
JPY
900,000,000
Societe
Generale
SA
06/18/26
310
USD
20,914,173
MYR
82,642,355
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/18/26
455,913
USD
73,916,185
MYR
289,677,529
Morgan
Stanley
&
Co.
International
plc
06/18/26
2,206,002
USD
87,549,314
SGD
110,870,000
Goldman
Sachs
International
06/18/26
845,125
INR
2,214,849,000
USD
23,180,000
Citibank
NA
07/06/26
97,777
COP
7,577,236,851
USD
1,968,881
JPMorgan
Chase
Bank
NA
07/07/26
48,634
USD
4,938,119
COP
18,493,255,044
JPMorgan
Chase
Bank
NA
07/07/26
14,105
NGN
19,851,378,837
USD
13,289,626
Citibank
NA
07/28/26
429,762
MXN
201,134,800
USD
10,961,345
Goldman
Sachs
International
08/18/26
125,713
MXN
2,029,454,000
USD
107,774,301
Morgan
Stanley
&
Co.
International
plc
08/18/26
4,094,331
USD
125,155,775
MXN
2,230,588,800
HSBC
Bank
plc
08/18/26
2,200,084
USD
1,087,760,512
EUR
905,452,232
BNP
Paribas
SA
09/16/26
33,874,928
USD
1,087,742,402
EUR
905,452,232
Deutsche
Bank
AG
09/16/26
33,856,820
USD
16,748,548
INR
1,500,000,000
Bank
of
America
NA
09/17/26
1,113,588
USD
11,921,293
INR
1,104,000,000
Citibank
NA
09/17/26
413,962
USD
32,596,235
INR
3,000,385,600
Goldman
Sachs
International
09/17/26
1,322,295
USD
335,031,427
HKD
2,587,900,000
Citibank
NA
12/16/26
1,889,761
245,589,582
BRL
777,630,478
USD
150,178,967
Citibank
NA
04/02/26
(52,906)
INR
1,759,018,200
USD
18,705,000
Barclays
Bank
plc
04/02/26
(159,493)
USD
35,524,034
BRL
187,495,851
Barclays
Bank
plc
04/02/26
(673,124)
USD
172,727,933
BRL
906,982,285
BNP
Paribas
SA
04/02/26
(2,370,244)
USD
68,061,434
BRL
380,443,000
Deutsche
Bank
AG
04/02/26
(5,385,287)
USD
56,948,032
BRL
312,411,204
JPMorgan
Chase
Bank
NA
04/02/26
(3,364,757)
USD
27,949,000
BRL
147,039,689
Societe
Generale
SA
04/02/26
(437,862)
USD
17,198,617
GBP
12,997,500
Barclays
Bank
plc
04/08/26
(4,629)
EUR
275,441
USD
322,812
Canadian
Imperial
Bank
of
Commerce
04/16/26
(4,223)
EUR
1,967,260
USD
2,290,727
Wells
Fargo
Bank
NA
04/16/26
(15,299)
THB
2,622,229,533
USD
84,655,863
Barclays
Bank
plc
04/17/26
(5,048,814)
THB
824,984,915
USD
26,625,347
Citibank
NA
04/17/26
(1,580,012)
THB
413,721,131
USD
13,352,304
JPMorgan
Chase
Bank
NA
04/17/26
(792,337)
EGP
29,027,002
USD
548,300
Citibank
NA
04/20/26
(27,233)
EGP
985,696,664
USD
20,054,866
Societe
Generale
SA
04/20/26
(2,360,504)
ARS
398,691,000
USD
279,000
Citibank
NA
04/23/26
(510)
CHF
22,692,875
USD
28,923,100
Natwest
Markets
plc
04/24/26
(469,687)
CLP
113,949,797,376
USD
123,130,400
UBS
AG
04/24/26
(54,819)
CNY
210,017,964
USD
30,563,000
JPMorgan
Chase
Bank
NA
04/24/26
(17,401)
CNY
1,075,158,734
USD
156,386,725
UBS
AG
04/24/26
(12,636)
CZK
564,332,138
USD
26,811,000
HSBC
Bank
plc
04/24/26
(226,640)
CZK
1,234,012,022
USD
58,568,307
Societe
Generale
SA
04/24/26
(436,903)
EUR
12,412,600
HUF
4,851,830,633
Canadian
Imperial
Bank
of
Commerce
04/24/26
(202,975)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
141
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
4,031,000
HUF
1,554,995,335
Citibank
NA
04/24/26
$
(3,953)
EUR
19,297,210
USD
22,443,861
Morgan
Stanley
&
Co.
International
plc
04/24/26
(114,488)
EUR
15,970,564
USD
18,512,956
Natwest
Markets
plc
04/24/26
(32,944)
IDR
102,131,926,800
USD
6,019,800
Barclays
Bank
plc
04/24/26
(3,719)
IDR
422,227,799,345
USD
143,118,762
Citibank
NA
04/24/26
(437,433)
INR
14,095,977,479
USD
150,408,433
JPMorgan
Chase
Bank
NA
04/24/26
(547,246)
KRW
53,816,375,650
USD
35,885,000
HSBC
Bank
plc
04/24/26
(88,069)
MXN
1,495,750,162
USD
84,050,268
Bank
of
America
NA
04/24/26
(749,644)
MXN
2,541,499,472
USD
142,612,618
Goldman
Sachs
International
04/24/26
(1,072,609)
MYR
876,958,827
USD
223,816,759
Credit
Agricole
Corporate
&
Investment
Bank
SA
04/24/26
(7,044,013)
PEN
31,062,577
USD
8,965,000
Citibank
NA
04/24/26
(49,918)
PLN
388,738,502
USD
105,774,004
UBS
AG
04/24/26
(1,058,808)
RON
123,502,088
USD
28,062,438
HSBC
Bank
plc
04/24/26
(96,484)
SGD
16,807,420
USD
13,211,000
Canadian
Imperial
Bank
of
Commerce
04/24/26
(116,576)
THB
6,864,984,564
USD
209,989,740
HSBC
Bank
plc
04/24/26
(1,449,756)
USD
32,378,000
CLP
30,192,485,000
Citibank
NA
04/24/26
(232,480)
USD
2,212,500
COP
8,269,218,750
Morgan
Stanley
&
Co.
International
plc
04/24/26
(24,324)
USD
18,705,000
INR
1,762,946,250
Barclays
Bank
plc
04/24/26
(37,738)
USD
131,703,433
INR
12,480,217,264
Citibank
NA
04/24/26
(979,824)
USD
18,525,000
MXN
336,121,305
Goldman
Sachs
International
04/24/26
(194,112)
USD
16,956,814
MXN
306,188,172
JPMorgan
Chase
Bank
NA
04/24/26
(95,275)
USD
29,498,186
MXN
532,070,582
Morgan
Stanley
&
Co.
International
plc
04/24/26
(133,642)
USD
13,808,000
PEN
48,327,310
Deutsche
Bank
AG
04/24/26
(62,128)
USD
32,271,000
PHP
1,968,208,290
Barclays
Bank
plc
04/24/26
(
167,305)
USD
36,902,000
THB
1,216,105,410
Citibank
NA
04/24/26
(40,050)
USD
7,358,000
TRY
337,353,999
UBS
AG
04/24/26
(17,014)
USD
18,525,000
ZAR
319,096,830
Bank
of
America
NA
04/24/26
(300,085)
ZAR
546,454,390
USD
32,343,000
Citibank
NA
04/24/26
(104,979)
ZAR
2,039,968,970
USD
121,144,774
Goldman
Sachs
International
04/24/26
(797,015)
ZAR
1,033,995,232
USD
61,452,300
HSBC
Bank
plc
04/24/26
(451,858)
IDR
302,921,543,278
USD
17,961,043
Citibank
NA
04/27/26
(118,661)
INR
3,336,833,787
USD
35,858,572
Standard
Chartered
Bank
04/27/26
(407,172)
MXN
504,660,872
USD
28,189,501
Barclays
Bank
plc
04/27/26
(91,230)
MXN
738,857,399
USD
42,516,754
Morgan
Stanley
&
Co.
International
plc
04/27/26
(1,378,999)
PEN
86,707,513
USD
25,818,390
Societe
Generale
SA
04/27/26
(936,813)
PHP
230,039,772
USD
3,890,407
Barclays
Bank
plc
04/27/26
(
99,947)
PHP
606,656,172
USD
10,025,718
Citibank
NA
04/27/26
(29,595)
PHP
424,896,578
USD
7,028,893
Goldman
Sachs
International
04/27/26
(27,697)
PHP
424,928,365
USD
7,033,491
JPMorgan
Chase
Bank
NA
04/27/26
(
31,772)
THB
1,211,114,933
USD
38,303,270
Barclays
Bank
plc
04/27/26
(1,503,057)
USD
1,199,573
CNY
8,255,544
Credit
Agricole
Corporate
&
Investment
Bank
SA
04/27/26
(1,426)
USD
33,436,700
CNY
230,871,018
HSBC
Bank
plc
04/27/26
(149,917)
USD
27,008,574
CNY
187,095,524
UBS
AG
04/27/26
(209,679)
USD
6,322,194
COP
23,603,911,658
JPMorgan
Chase
Bank
NA
04/27/26
(56,928)
USD
119,655,553
COP
450,951,865,578
Morgan
Stanley
&
Co.
International
plc
04/27/26
(2,217,346)
USD
2,090,626
CZK
44,697,208
Morgan
Stanley
&
Co.
International
plc
04/27/26
(15,037)
USD
1,079,838
HUF
372,344,717
Toronto
Dominion
Bank
04/27/26
(37,742)
USD
19,986,186
IDR
340,315,786,998
BNP
Paribas
SA
04/27/26
(58,754)
USD
4,440,930
IDR
75,455,841,006
Morgan
Stanley
&
Co.
International
plc
04/27/26
(3,494)
USD
7,310,633
PLN
27,295,929
UBS
AG
04/27/26
(42,077)
USD
41,970
TRY
1,942,253
Barclays
Bank
plc
04/27/26
(307)
AUD
1,073,656
USD
754,638
State
Street
Bank
and
Trust
Co.
04/28/26
(14,111)
CLP
397,438,600
USD
437,004
Royal
Bank
of
Canada
04/28/26
(7,703)
EUR
4,042,375
USD
4,689,029
HSBC
Bank
plc
04/28/26
(10,504)
EUR
4,498,605
USD
5,219,150
Morgan
Stanley
&
Co.
International
plc
04/28/26
(12,598)
INR
602,528,501
USD
6,487,661
Goldman
Sachs
International
04/28/26
(87,691)
JPY
216,422,311
USD
1,377,952
Barclays
Bank
plc
04/28/26
(10,770)
MXN
210,456,663
USD
11,831,020
HSBC
Bank
plc
04/28/26
(114,295)
PEN
45,403,924
USD
13,119,488
Citibank
NA
04/28/26
(91,051)
USD
743,771
CNY
5,124,200
UBS
AG
04/28/26
(1,746)
USD
77,320,518
COP
290,163,510,498
Citibank
NA
04/28/26
(1,074,699)
USD
219,061
HUF
73,383,700
UBS
AG
04/28/26
(1,181)
USD
12,476,095
ZAR
212,557,402
Goldman
Sachs
International
04/28/26
(59,683)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
142
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
ZAR
327,561,535
USD
19,588,460
Goldman
Sachs
International
04/28/26
$
(270,202)
ZAR
5,783,467
USD
348,028
Morgan
Stanley
&
Co.
International
plc
04/28/26
(6,942)
ZAR
182,832,383
USD
10,844,237
Natwest
Markets
plc
04/28/26
(61,520)
ZAR
327,851,432
USD
19,890,979
UBS
AG
04/28/26
(555,624)
PEN
126,893,880
USD
37,922,900
Citibank
NA
05/04/26
(1,522,869)
USD
11,510,302
TRY
534,560,302
Barclays
Bank
plc
05/04/26
(18,777)
USD
242,086,849
BRL
1,278,931,904
BNP
Paribas
SA
05/05/26
(3,202,632)
USD
46,128,000
BRL
242,831,631
Citibank
NA
05/05/26
(445,272)
USD
25,120,143
BRL
139,997,848
State
Street
Bank
and
Trust
Co.
06/02/26
(1,546,827)
USD
37,891,885
BRL
201,767,164
Bank
of
America
NA
06/09/26
(476,425)
USD
46,666,300
BRL
249,058,043
BNP
Paribas
SA
06/09/26
(694,906)
USD
23,366,595
BRL
125,871,174
Morgan
Stanley
&
Co.
International
plc
06/09/26
(569,234)
USD
53,808,183
CNY
368,895,773
BNP
Paribas
SA
06/09/26
(8,677)
USD
19,168,758
COP
74,117,996,358
Citibank
NA
06/09/26
(682,191)
USD
23,366,595
IDR
397,465,780,950
Barclays
Bank
plc
06/09/26
(3,201)
AUD
33,973,432
EUR
20,579,038
ANZ
Banking
Group
Ltd.
06/17/26
(456,445)
AUD
33,841,117
EUR
20,579,038
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/17/26
(547,633)
AUD
162,996,239
EUR
98,926,601
Wells
Fargo
Bank
NA
06/17/26
(2,414,236)
AUD
32,984,581
JPY
3,645,192,015
Citibank
NA
06/17/26
(384,853)
AUD
63,436,018
JPY
7,060,271,250
Morgan
Stanley
&
Co.
International
plc
06/17/26
(1,056,160)
AUD
33,194,146
USD
23,176,729
JPMorgan
Chase
Bank
NA
06/17/26
(300,271)
AUD
285,762
USD
200,000
Standard
Chartered
Bank
06/17/26
(3,062)
AUD
20,616,158
USD
14,351,299
Wells
Fargo
Bank
NA
06/17/26
(143,231)
CAD
107,609,134
USD
79,646,552
BNP
Paribas
SA
06/17/26
(2,031,782)
CAD
67,666
USD
50,000
Standard
Chartered
Bank
06/17/26
(1,195)
CAD
68,106
USD
50,000
UBS
AG
06/17/26
(877)
CHF
79,271
USD
100,000
JPMorgan
Chase
Bank
NA
06/17/26
(24)
CHF
38,508
USD
50,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
(1,434)
CHF
38,909
USD
50,000
Standard
Chartered
Bank
06/17/26
(928)
CNY
158,700,000
USD
23,201,076
Morgan
Stanley
&
Co.
International
plc
06/17/26
(36,487)
EUR
17,829,000
USD
20,950,762
Deutsche
Bank
AG
06/17/26
(270,611)
EUR
100,000,000
USD
116,646,140
Morgan
Stanley
&
Co.
International
plc
06/17/26
(654,493)
EUR
42,982
USD
50,000
Toronto
Dominion
Bank
06/17/26
(145)
GBP
37,622
USD
50,000
JPMorgan
Chase
Bank
NA
06/17/26
(215)
GBP
37,406
USD
50,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
(500)
GBP
112,469
USD
150,000
Standard
Chartered
Bank
06/17/26
(1,170)
IDR
1,165,460,000,000
USD
68,677,666
Bank
of
America
NA
06/17/26
(176,589)
IDR
217,335,600,000
USD
12,778,734
Goldman
Sachs
International
06/17/26
(4,617)
INR
4,247,000,000
USD
46,624,218
Bank
of
America
NA
06/17/26
(
1,875,579)
INR
2,119,600,000
USD
23,204,335
Morgan
Stanley
&
Co.
International
plc
06/17/26
(871,108)
JPY
15,768,349
USD
100,000
HSBC
Bank
plc
06/17/26
(1)
JPY
10,125,452,360
USD
64,620,770
JPMorgan
Chase
Bank
NA
06/17/26
(407,713)
MXN
1,206,044,957
USD
66,983,891
Bank
of
America
NA
06/17/26
(141,517)
MXN
1,652,872,176
USD
92,101,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
(494,216)
NOK
481,164
USD
50,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
(340)
NZD
41,212,763
JPY
3,813,911,513
Citibank
NA
06/17/26
(439,865)
NZD
257,885
USD
150,000
Standard
Chartered
Bank
06/17/26
(1,405)
SEK
464,690
USD
50,000
Bank
of
Montreal
06/17/26
(722)
SEK
1,403,070
USD
150,000
Standard
Chartered
Bank
06/17/26
(1,213)
SEK
230,202,472
USD
24,734,071
Wells
Fargo
Bank
NA
06/17/26
(322,416)
SGD
39,281,550
USD
30,892,177
BNP
Paribas
SA
06/17/26
(174,714)
SGD
29,130,000
USD
23,127,509
JPMorgan
Chase
Bank
NA
06/17/26
(348,375)
TRY
5,302,700
USD
109,499
HSBC
Bank
plc
06/17/26
(49)
USD
200,000
AUD
290,708
Wells
Fargo
Bank
NA
06/17/26
(347)
USD
94,560,000
BRL
501,640,800
Citibank
NA
06/17/26
(649,238)
USD
97,686,000
BRL
519,347,619
UBS
AG
06/17/26
(883,914)
USD
150,000
CHF
118,951
State
Street
Bank
and
Trust
Co.
06/17/26
(20)
USD
2,813,252
CNY
19,312,000
Citibank
NA
06/17/26
(5,617)
USD
89,388,764
CNY
613,892,740
Goldman
Sachs
International
06/17/26
(217,870)
USD
27,540,047
COP
105,117,605,394
Morgan
Stanley
&
Co.
International
plc
06/17/26
(567,980)
USD
4,136,886
DKK
26,654,000
Morgan
Stanley
&
Co.
International
plc
06/17/26
(3,504)
USD
50,000
EUR
43,139
Barclays
Bank
plc
06/17/26
(38)
USD
114,908,895
EUR
99,383,113
BNP
Paribas
SA
06/17/26
(367,215)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
143
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
19,003,731
EUR
16,485,105
Morgan
Stanley
&
Co.
International
plc
06/17/26
$
(117,614)
USD
22,629,719
EUR
19,523,954
Natwest
Markets
plc
06/17/26
(16,436)
USD
4,632,800,912
EUR
4,018,438,000
Societe
Generale
SA
06/17/26
(28,251,495)
USD
23,035,168
EUR
20,052,000
State
Street
Bank
and
Trust
Co.
06/17/26
(223,477)
USD
1,539,415,991
EUR
1,334,600,000
Toronto
Dominion
Bank
06/17/26
(8,608,526)
USD
28,634,016
EUR
24,734,071
Wells
Fargo
Bank
NA
06/17/26
(55,440)
USD
100,000
GBP
75,870
State
Street
Bank
and
Trust
Co.
06/17/26
(398)
USD
15,508,344
IDR
264,773,950,000
Bank
of
America
NA
06/17/26
(54,010)
USD
20,615,364
JPY
3,251,313,170
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/17/26
(3,642)
USD
100,011,050
JPY
15,793,695,000
Natwest
Markets
plc
06/17/26
(
148,569)
USD
10,671,382
JPY
1,691,710,641
Societe
Generale
SA
06/17/26
(57,019)
USD
150,000
JPY
23,771,157
Standard
Chartered
Bank
06/17/26
(750)
USD
15,495,476
JPY
2,453,576,913
UBS
AG
06/17/26
(64,488)
USD
20,731,647
JPY
3,272,016,789
Wells
Fargo
Bank
NA
06/17/26
(18,656)
USD
50,000
NOK
488,323
Bank
of
Montreal
06/17/26
(399)
USD
50,000
NOK
487,853
Citibank
NA
06/17/26
(350)
USD
100,000
SEK
943,075
Standard
Chartered
Bank
06/17/26
(8)
USD
24,738,866
ZAR
422,601,678
Barclays
Bank
plc
06/17/26
(90,583)
USD
32,442,302
ZAR
555,402,478
Morgan
Stanley
&
Co.
International
plc
06/17/26
(189,697)
ZAR
1,132,630,613
USD
66,983,891
Citibank
NA
06/17/26
(437,552)
ZAR
122,477,582
USD
7,213,164
Deutsche
Bank
AG
06/17/26
(17,142)
ZAR
200,479,327
USD
12,070,895
Goldman
Sachs
International
06/17/26
(291,975)
ZAR
265,002,183
USD
15,664,884
JPMorgan
Chase
Bank
NA
06/17/26
(95,002)
AUD
15,000,000
USD
10,495,410
Goldman
Sachs
International
06/18/26
(158,026)
AUD
17,100,000
USD
12,167,674
JPMorgan
Chase
Bank
NA
06/18/26
(
383,056)
INR
3,000,385,600
USD
32,794,684
Goldman
Sachs
International
06/18/26
(1,185,475)
SGD
21,500,000
USD
16,891,401
Standard
Chartered
Bank
06/18/26
(77,655)
USD
10,745,198
JPY
1,700,000,000
JPMorgan
Chase
Bank
NA
06/18/26
(36,666)
USD
46,882,660
COP
178,944,131,669
JPMorgan
Chase
Bank
NA
07/07/26
(763,005)
NGN
528,525,600
USD
378,600
Citibank
NA
07/28/26
(13,333)
USD
5,558,000
INR
538,125,560
HSBC
Bank
plc
10/01/26
(42,394)
HKD
1,007,101,809
USD
129,891,630
HSBC
Bank
plc
12/16/26
(246,909)
HKD
1,580,798,191
USD
203,894,077
UBS
AG
12/16/26
(397,132)
(117,479,578)
$
128,110,004
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
Deutsche
Bank
AG
05/14/26
USD
1.17
USD
1.20
EUR
82,437
$
151,101
Put
USD
Currency
................
One-Touch
BNP
Paribas
SA
04/03/26
KRW
1,400.00
KRW
1,400.00
USD
1,287
1
USD
Currency
................
One-Touch
HSBC
Bank
plc
04/09/26
KRW
1,415.00
KRW
1,415.00
USD
5,571
25,916
USD
Currency
................
Up
and
In
BNP
Paribas
SA
04/16/26
JPY
159.00
JPY
163.00
USD
100,000
15,553
USD
Currency
................
One-Touch
Standard
Chartered
Bank
05/11/26
INR
89.00
INR
89.00
USD
7,914
108,923
EUR
Currency
................
One-Touch
Bank
of
America
NA
05/14/26
MXN
19.80
MXN
19.80
EUR
3,143
84,657
USD
Currency
................
One-Touch
BNP
Paribas
SA
05/22/26
JPY
150.00
JPY
150.00
USD
6,490
472,718
USD
Currency
................
One-Touch
Barclays
Bank
plc
06/03/26
CNH
6.70
CNH
6.70
USD
2,468
275,024
EUR
Currency
................
One-Touch
Deutsche
Bank
AG
06/04/26
USD
1.13
USD
1.13
EUR
9,695
1,524,859
2,507,651
$
2,658,752
$
–
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
144
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
Invesco
QQQ
Trust,
Series
1
....................
2,992
04/10/26
USD
608.00
USD
172,692
$
97,106
Citizens
Financial
Group,
Inc.
...................
995
04/17/26
USD
65.00
USD
5,967
34,825
EssilorLuxottica
SA
..........................
280
04/17/26
EUR
280.00
EUR
5,555
4,855
Home
Depot,
Inc.
(The)
.......................
180
04/17/26
USD
400.00
USD
5,920
1,890
Invesco
QQQ
Trust,
Series
1
....................
1,201
04/17/26
USD
615.00
USD
69,319
64,296
iShares
Expanded
Tech-Software
Sector
ETF
........
4,002
04/17/26
USD
90.00
USD
32,036
54,069
iShares
MSCI
Emerging
Markets
ETF
..............
10,000
04/17/26
USD
65.00
USD
56,790
25,852
Lowe's
Cos.,
Inc.
............................
280
04/17/26
USD
300.00
USD
6,616
3,360
Sabre
Corp.
...............................
2,024
04/17/26
USD
3.00
USD
293
15,180
Sabre
Corp.
...............................
3,841
04/17/26
USD
2.00
USD
557
38,410
Safran
SA
.................................
249
04/17/26
EUR
350.00
EUR
6,957
4,461
State
Street
SPDR
S&P
500
ETF
Trust
.............
3,198
04/17/26
USD
700.00
USD
207,979
35,586
United
Airlines
Holdings,
Inc.
....................
234
04/17/26
USD
115.00
USD
2,154
10,062
Williams
Cos.,
Inc.
(The)
.......................
1,120
04/17/26
USD
75.00
USD
8,151
106,400
U.S.
Treasury
10-Year
Note
.....................
340
04/24/26
USD
112.50
USD
34,000
69,063
U.S.
Treasury
30-Year
Bond
....................
340
04/24/26
USD
115.00
USD
34,000
270,938
U.S.
Treasury
5-Year
Note
.....................
1,000
04/24/26
USD
108.50
USD
100,000
335,938
Nikkei
225
Index
............................
29
05/08/26
JPY
56,000.00
JPY
1,480,848
264,500
Advanced
Micro
Devices,
Inc.
...................
594
05/15/26
USD
220.00
USD
12,084
570,240
GE
Vernova,
Inc.
............................
93
05/15/26
USD
1,000.00
USD
8,118
216,225
iShares
Expanded
Tech-Software
Sector
ETF
........
3,000
05/15/26
USD
85.00
USD
24,015
541,254
UniCredit
SpA
..............................
160
05/15/26
EUR
68.00
EUR
4,869
82,990
Cheniere
Energy,
Inc.
.........................
300
06/18/26
USD
320.00
USD
8,513
270,000
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.......
29,793
06/18/26
USD
80.00
USD
237,033
1,175,149
Lionsgate
Studios
Corp.
.......................
2,247
06/18/26
USD
12.00
USD
2,155
140,438
EURO
STOXX
50
Index
.......................
431
09/18/26
EUR
6,600.00
EUR
24,006
82,198
EURO
STOXX
50
Index
.......................
431
09/18/26
EUR
6,000.00
EUR
24,006
588,589
EURO
STOXX
Bank
Index
.....................
1,115
09/18/26
EUR
310.00
EUR
13,318
80,548
Nasdaq-100
E-Mini
Index
......................
55
09/18/26
USD
29,500.00
USD
26,538
64,075
Nasdaq-100
Index
...........................
30
09/18/26
USD
29,500.00
USD
71,221
178,416
Russell
2000
E-Mini
Index
......................
170
09/18/26
USD
2,900.00
USD
21,492
365,500
Russell
2000
E-Mini
Index
......................
170
09/18/26
USD
3,300.00
USD
21,492
47,600
5,840,013
Put
EURO
STOXX
50
Index
.......................
162
04/17/26
EUR
5,000.00
EUR
9,023
37,169
EURO
STOXX
50
Index
.......................
286
04/17/26
EUR
5,800.00
EUR
15,929
974,364
iShares
Russell
2000
ETF
......................
1,000
04/17/26
USD
215.00
USD
24,800
44,255
State
Street
Consumer
Staples
Select
Sector
SPDR
ETF
.
11,181
04/17/26
USD
82.00
USD
91,662
1,504,510
State
Street
SPDR
S&P
500
ETF
Trust
.............
1,594
04/17/26
USD
650.00
USD
103,664
1,845,014
Terawulf,
Inc.
..............................
345
04/17/26
USD
12.00
USD
498
14,318
EURO
STOXX
50
Index
.......................
1,368
05/15/26
EUR
5,200.00
EUR
76,194
1,677,656
EURO
STOXX
50
Index
.......................
1,368
05/15/26
EUR
5,600.00
EUR
76,194
3,985,422
10,082,708
$
15,922,721
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/01/26
ZAR
16.60
USD
63,048
$
1,184,763
USD
Currency
...........
UBS
AG
—
04/08/26
ZAR
17.00
USD
20,609
175,068
EUR
Currency
...........
Citibank
NA
—
04/09/26
BRL
6.29
EUR
28,758
15,622
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/09/26
THB
32.00
USD
37,997
697,402
USD
Currency
...........
HSBC
Bank
plc
—
04/13/26
CLP
910.00
USD
27,969
653,970
EUR
Currency
...........
HSBC
Bank
plc
—
04/15/26
USD
1.22
EUR
97,005
2,611
MDAX
Performance
Index
...
Goldman
Sachs
International
1,225
04/17/26
EUR
33,021.04
EUR
34,485
5,762
USD
Currency
...........
JPMorgan
Chase
Bank
NA
—
04/22/26
MXN
18.10
USD
38,988
378,954
USD
Currency
...........
Standard
Chartered
Bank
—
04/22/26
THB
33.00
USD
32,505
200,624
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
145
OTC
Options
Purchased
(continued)
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
USD
Currency
...........
UBS
AG
—
04/27/26
BRL
5.45
USD
75,919
$
327,574
USD
Currency
...........
Bank
of
America
NA
—
05/07/26
IDR
16,900.00
USD
25,840
284,626
KOSPI
200
Index
.........
JPMorgan
Chase
Bank
NA
10,238
05/14/26
USD
870.00
USD
7,623
162,281
USD
Currency
...........
BNP
Paribas
SA
—
05/15/26
NOK
10.00
USD
67,830
384,482
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
05/22/26
COP
3,850.00
USD
51,854
508,705
USD
Currency
...........
UBS
AG
—
05/27/26
COP
3,920.00
USD
61,997
468,737
AUD
Currency
...........
Goldman
Sachs
International
—
07/06/26
USD
0.69
AUD
71,365
1,241,164
6,692,345
Put
AUD
Currency
...........
BNP
Paribas
SA
—
04/01/26
JPY
105.00
AUD
82,320
–
AUD
Currency
...........
HSBC
Bank
plc
—
04/01/26
JPY
108.00
AUD
61,730
1,375
EUR
Currency
...........
Goldman
Sachs
International
—
04/01/26
USD
1.17
EUR
86,992
773,107
USD
Currency
...........
HSBC
Bank
plc
—
04/01/26
HUF
333.00
USD
66,027
268,222
AUD
Currency
...........
BNP
Paribas
SA
—
04/02/26
USD
0.69
AUD
6,662
15,481
GBP
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/02/26
USD
1.33
GBP
25,995
106,164
USD
Currency
...........
Bank
of
America
NA
—
04/08/26
ZAR
16.10
USD
49,343
5,049
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/08/26
ZAR
15.70
USD
74,027
518
USD
Currency
...........
Morgan
Stanley
&
Co.
International
plc
—
04/08/26
HUF
335.00
USD
100,808
1,447,428
USD
Currency
...........
Deutsche
Bank
AG
—
04/13/26
CLP
850.00
USD
27,969
1,727
EUR
Currency
...........
Citibank
NA
—
04/15/26
USD
1.14
EUR
1,840
4,496
EUR
Currency
...........
Societe
Generale
SA
—
04/15/26
USD
1.14
EUR
81,694
199,605
USD
Currency
...........
Goldman
Sachs
International
—
04/22/26
BRL
5.16
USD
13,981
132,087
USD
Currency
...........
Bank
of
America
NA
—
04/27/26
ZAR
16.40
USD
49,455
215,895
EUR
Currency
...........
BNP
Paribas
SA
—
04/28/26
USD
1.14
EUR
75,000
289,642
USD
Currency
...........
Barclays
Bank
plc
—
04/28/26
HUF
333.00
USD
66,027
1,497,014
USD
Currency
...........
UBS
AG
—
04/29/26
JPY
157.00
USD
61,817
449,998
AUD
Currency
...........
HSBC
Bank
plc
—
05/01/26
USD
0.67
AUD
108,000
335,760
USD
Currency
...........
HSBC
Bank
plc
—
05/04/26
IDR
16,400.00
USD
37,549
5,994
USD
Currency
...........
UBS
AG
—
05/14/26
JPY
150.00
USD
61,745
116,977
S&P
500
Index
..........
JPMorgan
Chase
Bank
NA
1,800
05/29/26
USD
6,651.49
USD
11,751
457,443
S&P
500
Index
..........
BNP
Paribas
SA
1,193
06/18/26
USD
6,950.00
USD
7,789
528,187
S&P
500
Index
..........
BNP
Paribas
SA
799
09/18/26
USD
6,950.00
USD
5,216
408,088
USD
Currency
...........
HSBC
Bank
plc
—
01/08/27
INR
92.40
USD
92,970
572,211
7,832,468
$
14,524,813
OTC
Structured
Options
Description
Counterparty
Units
Expiration
Date
Notional
Amount  
(000)
Value
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
$
576,648
Asset
Swapped
Convertible
Option
Transaction.
Call
on
Obara
Group,
Inc.
convertible
corporate
bond.
Exercise
price
or
rate
is
1-day
TONAR
plus
110.00
Nomura
International
plc
720,000,000
03/31/28
JPY
720,000
2,136,171
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
644,206
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
1,847,066
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
655,204
$
5,859,295
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
146
OTC
Dual
Binary
Options
Purchased
Description
(a)
Counterparty
Units
Expiration
Date
Notional
Amount
(000)
Value
Put
Payout
at
expiry
if
S&P
500
Index
<
6515.00
and
10-Year
SOFR
>
4.15
..................
Bank
of
America
NA
9,000,000
04/17/26
USD
58,635,000
$
684,799
Payout
at
expiry
if
S&P
500
Index
<
6536.76
and
Per
Share
NAV
of
United
States
Oil
Fund,
LP
<
USD
85.04
.........................
Barclays
Bank
plc
9,350,643
04/17/26
USD
61,122,909
5,016,941
Payout
at
expiry
if
S&P
500
Index
<=
6573.10
and
10-Year
SOFR
>=
4.13
.................
Bank
of
America
NA
4,500,000
04/17/26
USD
29,578,950
419,444
Payout
at
expiry
if
S&P
500
Index
<=
6594.90
and
10-Year
SOFR
>=
4.00
.................
Bank
of
America
NA
5,680,000
04/17/26
USD
37,459,032
1,141,638
Payout
at
expiry
if
S&P
500
Index
<
6485.70
and
US
10-Year
swap
>
3.95
................
BNP
Paribas
SA
4,500,000
06/18/26
USD
29,185,650
766,247
$
8,029,069
(a)
Option
only
pays
if
both
terms
are
met
on
the
expiration
date.
OTC
Credit
Default
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
(a)
Value
Put
Bought
Protection
on
5-Year
Credit
Default
Swap
......
5.00
%
Markit
CDX
North
American
High
Yield
Index
Series
45.V2
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/15/26
USD
103.00
USD
32,445
$
96,751
(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
3.55%
Annual
Bank
of
America
NA
04/30/26
3.55
%
USD
377,501
$
61,837
1-Year
Interest
Rate
Swap
(a)
.
1-day
TONAR
At
Termination
1.10%
At
Termination
Bank
of
America
NA
05/07/26
1.10
JPY
129,248,590
182,056
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
3.00%
At
Termination
Goldman
Sachs
International
06/08/26
3.00
USD
1,900,000
520,391
3-Year
Interest
Rate
Swap
(a)
.
3-mo.
BBR
Quarterly
4.40%
Quarterly
Bank
of
America
NA
06/09/26
4.40
AUD
454,550
803,055
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.35%
Annual
Goldman
Sachs
International
07/13/26
3.35
USD
45,240
123,508
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
BBR
Quarterly
4.80%
Quarterly
Bank
of
America
NA
09/30/26
4.80
AUD
650,350
1,189,079
1-Year
Interest
Rate
Swap
(a)
.
3-mo.
CD_KSDA
Quarterly
2.85%
Quarterly
Citibank
NA
12/15/26
2.85
KRW
590,882,500
173,278
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.11%
Annual
Deutsche
Bank
AG
03/27/28
4.11
USD
226,012
8,849,899
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.05%
Annual
Deutsche
Bank
AG
03/30/28
4.05
USD
226,011
8,285,655
20,188,758
Put
10-Year
Interest
Rate
Swap
(a)
4.11%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
03/27/28
4.11
USD
226,012
7,728,503
10-Year
Interest
Rate
Swap
(a)
4.05%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
03/30/28
4.05
USD
226,011
8,238,386
15,966,889
$
36,155,647
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
147
(a)
Forward
settling
swaption.
OTC
Barrier
Options
Written
Description
Type
of
Option
Counterparty
Expiration
Date
Exercise
Price
Barrier
Price/Range
Notional
Amount
(000)
Value
Put
USD
Currency
...............
One-Touch
BNP
Paribas
SA
04/03/26
KRW
1,365.00
KRW
1,365.00
USD
1,287
$
—
USD
Currency
...............
One-Touch
Barclays
Bank
plc
06/03/26
CNH
6.70
CNH
6.70
USD
2,468
(275,024)
$
(275,024)
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
...
10,429
04/02/26
USD
113.00
USD
113,666
$
—
iShares
MSCI
Emerging
Markets
ETF
...............
10,000
04/17/26
USD
70.00
USD
56,790
(1,228)
Safran
SA
..................................
249
04/17/26
EUR
380.00
EUR
6,957
(9,210)
Vertiv
Holdings
Co.
...........................
280
04/17/26
USD
290.00
USD
7,016
(62,300)
Advanced
Micro
Devices,
Inc.
....................
1,188
05/15/26
USD
250.00
USD
24,167
(377,190)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
43,968
05/15/26
USD
80.00
USD
349,809
(1,272,889)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
...
31,739
06/18/26
USD
111.00
USD
345,923
(2,184,254)
EURO
STOXX
50
Index
........................
862
09/18/26
EUR
6,300.00
EUR
48,011
(482,230)
Russell
2000
E-Mini
Index
.......................
340
09/18/26
USD
3,100.00
USD
42,985
(266,900)
(4,656,201)
Put
Citizens
Financial
Group,
Inc.
....................
995
04/17/26
USD
57.50
USD
5,967
(101,987)
EssilorLuxottica
SA
...........................
242
04/17/26
EUR
240.00
EUR
4,801
(1,155,086)
Home
Depot,
Inc.
(The)
........................
180
04/17/26
USD
355.00
USD
5,920
(486,900)
Invesco
QQQ
Trust,
Series
1
.....................
1,201
04/17/26
USD
580.00
USD
69,319
(1,580,671)
iShares
MSCI
Emerging
Markets
ETF
...............
10,000
04/17/26
USD
59.00
USD
56,790
(2,929,323)
iShares
Russell
2000
ETF
.......................
1,000
04/17/26
USD
175.00
USD
24,800
(
4,348)
Lowe's
Cos.,
Inc.
.............................
279
04/17/26
USD
260.00
USD
6,592
(670,995)
Safran
SA
..................................
249
04/17/26
EUR
310.00
EUR
6,957
(929,040)
State
Street
Consumer
Staples
Select
Sector
SPDR
ETF
..
11,181
04/17/26
USD
78.00
USD
91,662
(
318,383)
State
Street
SPDR
S&P
500
ETF
Trust
..............
1,594
04/17/26
USD
630.00
USD
103,664
(913,978)
State
Street
SPDR
S&P
500
ETF
Trust
..............
3,549
04/17/26
USD
640.00
USD
230,806
(2,921,688)
State
Street
SPDR
S&P
500
ETF
Trust
..............
6,601
04/17/26
USD
645.00
USD
429,289
(6,470,202)
United
Airlines
Holdings,
Inc.
.....................
234
04/17/26
USD
95.00
USD
2,154
(169,650)
Williams
Cos.,
Inc.
(The)
........................
2,240
04/17/26
USD
65.00
USD
16,303
(
44,800)
U.S.
Treasury
10-Year
Note
......................
340
04/24/26
USD
111.00
USD
34,000
(233,750)
U.S.
Treasury
30-Year
Bond
.....................
170
04/24/26
USD
112.00
USD
17,000
(111,562)
U.S.
Treasury
5-Year
Note
......................
600
04/24/26
USD
107.00
USD
60,000
(84,375)
Nikkei
225
Index
.............................
29
05/08/26
JPY
50,000.00
JPY
1,480,848
(369,112)
EURO
STOXX
50
Index
........................
2,736
05/15/26
EUR
5,400.00
EUR
152,388
(5,210,063)
GE
Vernova,
Inc.
.............................
93
05/15/26
USD
780.00
USD
8,118
(306,435)
iShares
Expanded
Tech-Software
Sector
ETF
.........
3,000
05/15/26
USD
70.00
USD
24,015
(355,908)
State
Street
SPDR
S&P
500
ETF
Trust
..............
1,000
05/15/26
USD
635.00
USD
65,034
(1,301,704)
UniCredit
SpA
...............................
160
05/15/26
EUR
56.00
EUR
4,869
(
233,482)
Cheniere
Energy,
Inc.
..........................
300
06/18/26
USD
260.00
USD
8,513
(313,500)
iShares
Expanded
Tech-Software
Sector
ETF
.........
4,002
06/18/26
USD
75.00
USD
32,036
(1,166,528)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
........
3,723
06/18/26
USD
75.00
USD
29,620
(164,067)
State
Street
SPDR
S&P
500
ETF
Trust
..............
2,699
06/18/26
USD
610.00
USD
175,527
(3,343,727)
State
Street
SPDR
S&P
500
ETF
Trust
..............
3,000
06/18/26
USD
625.00
USD
195,102
(4,716,509)
VanEck
Semiconductor
ETF
.....................
1,250
06/18/26
USD
320.00
USD
47,925
(1,065,004)
(37,672,777)
$
(42,328,978)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
148
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
..............
UBS
AG
—
04/02/26
JPY
159.50
USD
24,727
$
(15,598)
USD
Currency
..............
Bank
of
America
NA
—
04/08/26
ZAR
17.00
USD
20,609
(175,068)
EUR
Currency
..............
HSBC
Bank
plc
—
04/09/26
BRL
6.29
EUR
28,758
(15,622)
USD
Currency
..............
HSBC
Bank
plc
—
04/09/26
KRW
1,480.00
USD
28,691
(547,082)
EUR
Currency
..............
HSBC
Bank
plc
—
04/15/26
USD
1.24
EUR
194,010
(1,531)
MDAX
Performance
Index
......
Goldman
Sachs
International
1,225
04/17/26
EUR
35,243.61
EUR
34,485
(486)
USD
Currency
..............
Societe
Generale
SA
—
04/23/26
CNH
6.88
USD
66,924
(224,476)
USD
Currency
..............
UBS
AG
—
04/27/26
BRL
5.70
USD
113,877
(159,923)
USD
Currency
..............
Bank
of
America
NA
—
05/04/26
ZAR
16.74
USD
100,161
(2,553,129)
USD
Currency
..............
Barclays
Bank
plc
—
05/04/26
BRL
5.65
USD
100,133
(275,359)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
05/04/26
MXN
18.05
USD
100,133
(1,395,033)
USD
Currency
..............
Bank
of
America
NA
—
05/07/26
IDR
17,200.00
USD
25,840
(
122,748)
EUR
Currency
..............
Bank
of
America
NA
—
05/14/26
MXN
20.90
EUR
32,312
(456,635)
EUR
Currency
..............
Deutsche
Bank
AG
—
05/14/26
MXN
20.50
EUR
11,698
(287,182)
USD
Currency
..............
BNP
Paribas
SA
—
05/14/26
CLP
910.00
USD
13,930
(
436,458)
USD
Currency
..............
Citibank
NA
—
05/14/26
INR
92.80
USD
1,254
(23,767)
USD
Currency
..............
Standard
Chartered
Bank
—
05/14/26
INR
92.80
USD
41,906
(794,184)
EUR
Currency
..............
Deutsche
Bank
AG
—
05/15/26
MXN
20.55
EUR
50,722
(
1,175,012)
USD
Currency
..............
BNP
Paribas
SA
—
05/15/26
NOK
10.25
USD
67,830
(174,043)
USD
Currency
..............
HSBC
Bank
plc
—
05/15/26
ZAR
17.50
USD
38,039
(465,858)
USD
Currency
..............
HSBC
Bank
plc
—
05/15/26
CLP
905.00
USD
25,360
(880,693)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
05/22/26
COP
4,000.00
USD
25,927
(106,091)
USD
Currency
..............
UBS
AG
—
05/27/26
COP
4,200.00
USD
90,756
(159,011)
USD
Currency
..............
HSBC
Bank
plc
—
06/04/26
INR
95.50
USD
18,525
(
156,840)
EUR
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
06/08/26
HUF
410.00
EUR
29,034
(266,931)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
06/29/26
BRL
5.35
USD
111,327
(2,639,023)
AUD
Currency
..............
Goldman
Sachs
International
—
07/06/26
USD
0.73
AUD
142,728
(479,356)
USD
Currency
..............
Goldman
Sachs
International
—
09/28/26
ZAR
17.40
USD
7,002
(235,052)
(14,222,191)
Put
AUD
Currency
..............
BNP
Paribas
SA
—
04/01/26
JPY
108.00
AUD
61,740
(1,375)
AUD
Currency
..............
HSBC
Bank
plc
—
04/01/26
JPY
105.00
AUD
102,889
–
USD
Currency
..............
Barclays
Bank
plc
—
04/01/26
HUF
333.00
USD
66,027
(268,222)
AUD
Currency
..............
BNP
Paribas
SA
—
04/02/26
USD
0.68
AUD
6,662
(1,154)
USD
Currency
..............
Bank
of
America
NA
—
04/08/26
ZAR
15.70
USD
74,027
(518)
USD
Currency
..............
JPMorgan
Chase
Bank
NA
—
04/08/26
ZAR
16.70
USD
28,856
(124,691)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
04/08/26
ZAR
16.10
USD
49,351
(5,050)
USD
Currency
..............
HSBC
Bank
plc
—
04/09/26
KRW
1,445.00
USD
28,691
(10,160)
USD
Currency
..............
HSBC
Bank
plc
—
04/13/26
CLP
850.00
USD
27,969
(1,727)
USD
Currency
..............
HSBC
Bank
plc
—
04/16/26
COP
3,700.00
USD
32,414
(398,588)
EUR
Currency
..............
Goldman
Sachs
International
—
04/23/26
BRL
6.15
EUR
40,818
(1,272,492)
USD
Currency
..............
Bank
of
America
NA
—
04/27/26
ZAR
16.00
USD
82,426
(80,823)
EUR
Currency
..............
BNP
Paribas
SA
—
04/28/26
USD
1.12
EUR
75,000
(106,031)
USD
Currency
..............
UBS
AG
—
04/29/26
JPY
154.00
USD
103,028
(
298,600)
AUD
Currency
..............
HSBC
Bank
plc
—
05/01/26
USD
0.65
AUD
108,000
(114,445)
USD
Currency
..............
Barclays
Bank
plc
—
05/04/26
IDR
16,400.00
USD
37,549
(5,994)
USD
Currency
..............
Barclays
Bank
plc
—
05/04/26
COP
3,520.00
USD
25,034
(
38,173)
USD
Currency
..............
Barclays
Bank
plc
—
05/04/26
BRL
5.15
USD
100,133
(1,072,251)
EUR
Currency
..............
Citibank
NA
—
05/14/26
USD
1.12
EUR
920
(2,285)
EUR
Currency
..............
Deutsche
Bank
AG
—
05/14/26
MXN
20.50
EUR
11,698
(74,742)
EUR
Currency
..............
Societe
Generale
SA
—
05/14/26
USD
1.12
EUR
40,847
(101,463)
KOSPI
200
Index
............
JPMorgan
Chase
Bank
NA
10,238
05/14/26
USD
750.00
USD
7,623
(594,545)
USD
Currency
..............
BNP
Paribas
SA
—
05/14/26
CLP
910.00
USD
13,930
(
202,045)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
05/14/26
ZAR
16.30
USD
118,471
(627,773)
USD
Currency
..............
UBS
AG
—
05/14/26
JPY
145.00
USD
102,908
(69,875)
USD
Currency
..............
UBS
AG
—
05/14/26
MXN
17.55
USD
118,199
(
740,083)
EUR
Currency
..............
Deutsche
Bank
AG
—
05/15/26
MXN
20.55
EUR
50,722
(386,817)
USD
Currency
..............
HSBC
Bank
plc
—
05/15/26
CLP
905.00
USD
25,360
(317,711)
USD
Currency
..............
UBS
AG
—
05/18/26
HUF
330.00
USD
66,027
(1,374,437)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
05/22/26
COP
3,600.00
USD
25,927
(204,975)
USD
Currency
..............
Standard
Chartered
Bank
—
05/22/26
THB
32.00
USD
32,505
(334,925)
S&P
500
Index
.............
JPMorgan
Chase
Bank
NA
1,800
05/29/26
USD
5,828.63
USD
11,751
(101,779)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
149
OTC
Options
Written
(continued)
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
S&P
500
Index
.............
BNP
Paribas
SA
1,193
06/18/26
USD
6,225.00
USD
7,789
$
(174,232)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
06/24/26
MXN
17.32
USD
184,202
(1,202,095)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
06/24/26
BRL
5.11
USD
184,202
(2,255,294)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
06/29/26
BRL
5.25
USD
46,128
(1,128,411)
USD
Currency
..............
Morgan
Stanley
&
Co.
International
plc
—
06/29/26
BRL
5.35
USD
65,199
(2,339,014)
S&P
500
Index
.............
BNP
Paribas
SA
799
09/18/26
USD
6,225.00
USD
5,216
(192,640)
(16,225,435)
$
(30,447,626)
OTC
Credit
Default
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate/Reference
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
(a)
Exercise
Price
Notional
Amount
(000)
(b)
Value
Call
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
5.00
%
iTraxx
Europe
Crossover
Index
Series
44.V1
Quarterly
JPMorgan
Chase
Bank
NA
06/17/26
BB-
EUR
300.00
EUR
99,283
$
(922,926)
Put
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
Markit
CDX
North
American
High
Yield
Index
Series
45.V2
5.00
%
Quarterly
Morgan
Stanley
&
Co.
International
plc
04/15/26
B+
USD
98.00
USD
32,445
(18,865)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Crossover
Index
Series
44.V1
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/17/26
BB-
EUR
300.00
EUR
99,283
(2,569,482)
Sold
Protection
on
5-Year
Credit
Default
Swap
.........
iTraxx
Europe
Crossover
Index
Series
44.V1
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
05/20/26
NR
EUR
300.00
EUR
36,424
(814,651)
(3,402,998)
$
(4,325,924)
(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
30-Year
Interest
Rate
Swap
(a)
3.25%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/30/26
3.25
%
USD
377,501
$
(6,439)
5-Year
Interest
Rate
Swap
(a)
.
3.86%
Annual
6-mo.
PRIBOR
Semi-Annual
JPMorgan
Chase
Bank
NA
05/05/26
3.86
CZK
518,656
(12,023)
1-Year
Interest
Rate
Swap
(a)
.
2.50%
At
Termination
1-day
SOFR
At
Termination
Goldman
Sachs
International
06/08/26
2.50
USD
1,900,000
(158,340)
3-Year
Interest
Rate
Swap
(a)
.
4.05%
Quarterly
3-mo.
BBR
Quarterly
Bank
of
America
NA
06/09/26
4.05
AUD
909,120
(470,770)
2-Year
Interest
Rate
Swap
(a)
.
3.05%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
07/13/26
3.05
USD
67,850
(94,619)
1-Year
Interest
Rate
Swap
(a)
.
4.35%
Quarterly
3-mo.
BBR
Quarterly
Bank
of
America
NA
09/30/26
4.35
AUD
975,520
(
740,366)
10-Year
Interest
Rate
Swap
(a)
3.20%
Annual
1-day
SOFR
Annual
Citibank
NA
12/16/26
3.20
USD
150,211
(792,953)
10-Year
Interest
Rate
Swap
(a)
3.71%
Annual
1-day
SOFR
Annual
Citibank
NA
03/04/27
3.71
USD
110,871
(
1,983,190)
10-Year
Interest
Rate
Swap
(a)
3.87%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
03/15/27
3.87
USD
170,677
(4,078,354)
10-Year
Interest
Rate
Swap
(a)
3.87%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
11/08/27
3.87
USD
328,470
(9,344,267)
10-Year
Interest
Rate
Swap
(a)
3.86%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
11/26/27
3.86
USD
286,540
(8,032,384)
10-Year
Interest
Rate
Swap
(a)
4.03%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
12/16/27
4.03
USD
195,182
(6,833,673)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
150
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
4.10%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
01/31/28
4.10
%
USD
232,456
$
(8,951,056)
(41,498,434)
Put
10-Year
Interest
Rate
Swap
(a)
6-mo.
EURIBOR
Semi-Annual
2.94%
Annual
JPMorgan
Chase
Bank
NA
04/23/26
2.94
EUR
371,813
(6,218,753)
1-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
At
Termination
3.50%
At
Termination
Goldman
Sachs
International
06/08/26
3.50
USD
1,900,000
(5,582,375)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.80%
Annual
Morgan
Stanley
&
Co.
International
plc
06/15/26
3.80
USD
49,780
(116,308)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
Deutsche
Bank
AG
06/30/26
4.00
USD
1,689,426
(2,472,656)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.70%
Annual
Morgan
Stanley
&
Co.
International
plc
08/03/26
3.70
USD
1,503,098
(5,886,933)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.80%
Annual
Deutsche
Bank
AG
09/14/26
3.80
USD
1,523,372
(5,687,533)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
3.85%
Annual
Goldman
Sachs
International
10/21/26
3.85
USD
1,792,139
(6,817,955)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.60%
Annual
Citibank
NA
12/16/26
4.60
USD
75,106
(520,163)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.71%
Annual
Citibank
NA
03/04/27
3.71
USD
110,871
(4,037,840)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.87%
Annual
Bank
of
America
NA
03/15/27
3.87
USD
170,677
(5,035,881)
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
(7,782,639)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.87%
Annual
Bank
of
America
NA
11/08/27
3.87
USD
328,470
(12,658,374)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.86%
Annual
Deutsche
Bank
AG
11/26/27
3.86
USD
286,540
(11,431,313)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.00%
Annual
Nomura
International
plc
12/08/27
4.00
USD
800,000
(4,710,422)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.03%
Annual
Morgan
Stanley
&
Co.
International
plc
12/16/27
4.03
USD
195,182
(6,586,923)
2-Year
Interest
Rate
Swap
(a)
.
1-day
SOFR
Annual
4.50%
Annual
Deutsche
Bank
AG
12/16/27
4.50
USD
1,211,708
(4,343,589)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.10%
Annual
Deutsche
Bank
AG
01/31/28
4.10
USD
232,456
(7,594,606)
(97,484,263)
$
(138,982,697)
(a)
Forward
settling
swaption.
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
39.V4
.....................
5.00
%
Quarterly
12/20/27
USD
43,862
$
(1,888,639)
$
—
$
(1,888,639)
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
................
1.00
Quarterly
12/20/27
USD
58,347
(730,885)
—
(730,885)
iTraxx
Europe
Main
Index
Series
42.V1
.....
1.00
Quarterly
12/20/29
EUR
217,150
(4,162,627)
(
4,985,371)
822,744
Markit
CDX
North
American
High
Yield
Index
Series
44.V2
.....................
5.00
Quarterly
06/20/30
USD
111,828
(6,704,325)
(8,002,092)
1,297,767
iTraxx
Europe
Crossover
Index
Series
44.V1
.
5.00
Quarterly
12/20/30
EUR
133,716
(11,473,012)
(15,877,867)
4,404,855
Markit
CDX
North
American
High
Yield
Index
Series
45.V2
.....................
5.00
Quarterly
12/20/30
USD
104,770
(5,691,986)
(4,658,969)
(1,033,017)
Markit
CDX
North
American
Investment
Grade
Index
Series
45.V1
................
1.00
Quarterly
12/20/30
USD
102,270
(1,846,544)
(2,175,732)
329,188
ArcelorMittal
SA
.....................
5.00
Quarterly
06/20/31
EUR
12,675
(2,677,859)
(2,670,542)
(7,317)
Bayerische
Motoren
Werke
AG
..........
1.00
Quarterly
06/20/31
EUR
14,725
(288,361)
(303,911)
15,550
CMA
CGM
SA
......................
5.00
Quarterly
06/20/31
EUR
2,300
(183,358)
(195,070)
11,712
Deutsche
Bank
AG
...................
1.00
Quarterly
06/20/31
EUR
13,600
(517,060)
458,791
(975,851)
Federative
Republic
of
Brazil
............
1.00
Quarterly
06/20/31
USD
77,925
1,403,837
1,742,716
(338,879)
Hapag-Lloyd
AG
....................
5.00
Quarterly
06/20/31
EUR
4,900
(612,893)
(665,195)
52,302
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
151
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx
Asia
ex-Japan
Investment
Grade
Index
Series
45.V1
.....................
1.00
%
Quarterly
06/20/31
USD
36,976
$
(151,221)
$
(232,976)
$
81,755
iTraxx
Australia
Main
Index
Series
45.V1
....
1.00
Quarterly
06/20/31
USD
68,000
(294,200)
(
374,583)
80,383
iTraxx
Europe
Crossover
Index
Series
45.V1
.
5.00
Quarterly
06/20/31
EUR
187,735
(13,968,648)
(14,167,550)
198,902
iTraxx
Europe
Main
Index
Series
45.V1
.....
1.00
Quarterly
06/20/31
EUR
53,621
(871,033)
(
822,355)
(48,678)
iTraxx
Europe
Senior
Financials
Index
Series
45.V1
.........................
1.00
Quarterly
06/20/31
EUR
123,968
(1,573,540)
(1,493,775)
(79,765)
Kingdom
of
Morocco
.................
1.00
Quarterly
06/20/31
USD
13,795
(13,077)
—
(
13,077)
Kingdom
of
Saudi
Arabia
...............
1.00
Quarterly
06/20/31
USD
21,055
149,717
(117,846)
267,563
Markit
CDX
North
American
Emerging
Markets
Index
Series
45.V1
................
1.00
Quarterly
06/20/31
USD
28,736
1,211,222
1,290,433
(
79,211)
Markit
CDX
North
American
Investment
Grade
Index
Series
46.V1
................
1.00
Quarterly
06/20/31
USD
36,761
(646,783)
(576,360)
(70,423)
Mediobanca
Banca
di
Credito
Finanziario
SpA
1.00
Quarterly
06/20/31
EUR
25,375
568,974
542,414
26,560
Oman
Government
International
Bond
......
1.00
Quarterly
06/20/31
USD
13,798
(18,155)
(3,217)
(14,938)
Publicis
Groupe
SA
..................
1.00
Quarterly
06/20/31
EUR
11,475
(202,176)
(172,111)
(30,065)
Republic
of
Colombia
.................
1.00
Quarterly
06/20/31
USD
60,757
3,518,620
3,463,596
55,024
Republic
of
Korea
...................
1.00
Quarterly
06/20/31
USD
1,123
(34,833)
(35,577)
744
Republic
of
Turkiye
(The)
..............
1.00
Quarterly
06/20/31
USD
805
71,708
67,830
3,878
United
Mexican
States
................
1.00
Quarterly
06/20/31
USD
107,335
432,337
262,233
170,104
$
(47,194,800)
$
(49,703,086)
$
2,508,286
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
$
3,541,121
$
—
$
3,541,121
iTraxx
Europe
Crossover
Index
Series
42.V4
..
5.00
Quarterly
12/20/29
BB-
EUR
161,208
13,654,383
9,751,918
3,902,465
iTraxx
Europe
Crossover
Index
Series
43.V3
..
5.00
Quarterly
06/20/30
BB-
EUR
24,249
2,245,385
2,530,156
(284,771)
Alibaba
Group
Holding
Ltd.
1.00
Quarterly
12/20/30
A+
USD
36,000
115,753
249,519
(133,766)
Danske
Bank
A/S
......
1.00
Quarterly
06/20/31
BBB+
EUR
23,475
(446,330)
(406,270)
(40,060)
Markit
CDX
North
American
High
Yield
Index
Series
46.V1
...........
5.00
Quarterly
06/20/31
B+
USD
226,593
11,233,890
8,633,194
2,600,696
Republic
of
Chile
......
1.00
Quarterly
06/20/31
A
USD
622
10,824
12,705
(1,881)
Swedbank
AB
........
1.00
Quarterly
06/20/31
A-
EUR
12,650
(242,355)
(225,805)
(16,550)
Swiss
Reinsurance
Co.
Ltd.
1.00
Quarterly
06/20/31
A+
EUR
34,050
(554,658)
(468,657)
(86,001)
$
29,558,013
$
20,076,760
$
9,481,253
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
Annual
4.40%
Annual
N/A
04/08/26
USD
856,095
$
2,193,762
$
—
$
2,193,762
1-day
SOFR
Annual
4.45%
Annual
N/A
04/09/26
USD
313,413
968,390
—
968,390
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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
SOFR
Annual
4.05%
Annual
N/A
04/18/26
USD
496,227
$
(380,024)
$
—
$
(380,024)
1-day
SOFR
Annual
4.30%
Annual
N/A
04/24/26
USD
597,999
1,113,706
—
1,113,706
8.15%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
05/07/26
ZAR
1,808,159
(374,006)
—
(374,006)
1-day
SOFR
Annual
4.50%
Annual
N/A
05/08/26
USD
496,014
2,061,524
—
2,061,524
1-day
TIIEOIS
Monthly
7.73%
Monthly
N/A
05/11/26
MXN
703,276
53,758
—
53,758
1-day
TIIEOIS
Monthly
7.73%
Monthly
N/A
05/11/26
MXN
163,750
12,579
—
12,579
3.15%
Annual
1-day
SOFR
Annual
N/A
05/27/26
USD
533,651
4,866,605
27,695
4,838,910
7.97%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
06/06/26
ZAR
815,915
(161,930)
—
(
161,930)
7.73%
Monthly
1-day
TIIEOIS
Monthly
N/A
06/19/26
MXN
2,521,114
(288,889)
—
(288,889)
1-day
TIIEOIS
Monthly
7.69%
Monthly
N/A
06/26/26
MXN
66,111
9,707
—
9,707
1-day
SOFR
Annual
4.35%
Annual
N/A
07/22/26
USD
224,700
904,200
—
904,200
1-day
TIIEOIS
Monthly
7.49%
Monthly
N/A
08/04/26
MXN
66,167
9,538
—
9,538
0.40%
Annual
1-day
TONAR
Annual
N/A
08/14/26
JPY
28,618,000
545,802
—
545,802
0.41%
Annual
1-day
TONAR
Annual
N/A
08/14/26
JPY
35,725,000
656,669
—
656,669
1-day
TIIEOIS
Monthly
7.31%
Monthly
N/A
08/26/26
MXN
132,204
16,511
—
16,511
6.91%
Monthly
1-day
TIIEOIS
Monthly
N/A
09/11/26
MXN
3,975,520
(
103,558)
—
(103,558)
6.94%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
253,212
(1,580)
3,146
(4,726)
6.86%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
253,425
4,516
—
4,516
7.03%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
506,171
(16,053)
—
(16,053)
6.94%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
1,015,395
(6,758)
—
(6,758)
6.81%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/26
ZAR
506,355
16,106
—
16,106
4.46%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
44,704
(295,805)
—
(295,805)
4.43%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
22,363
(146,054)
—
(146,054)
4.19%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
44,720
(263,676)
—
(263,676)
4.22%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
22,382
(134,039)
—
(134,039)
4.21%
At
Termination
3-mo.
WIBOR
Quarterly
N/A
09/17/26
PLN
89,677
(533,495)
—
(533,495)
5.16%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/19/26
PLN
225,509
(1,923,803)
—
(1,923,803)
5.24%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/19/26
PLN
114,237
(
998,088)
—
(998,088)
6.92%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/23/26
ZAR
233,829
489
—
489
1-day
SOFR
At
Termination
4.17%
At
Termination
N/A
10/23/26
USD
397,482
1,545,571
—
1,545,571
1-day
SOFR
At
Termination
4.21%
At
Termination
N/A
10/27/26
USD
794,377
3,477,357
—
3,477,357
1-day
SOFR
Annual
4.00%
Annual
N/A
10/28/26
USD
800,722
1,834,444
—
1,834,444
1-day
TIIEOIS
Monthly
7.62%
Monthly
N/A
11/18/26
MXN
71,085
20,941
—
20,941
1-day
TIIEOIS
Monthly
9.26%
Monthly
N/A
11/18/26
MXN
305,296
279,949
—
279,949
13.70%
At
Termination
1-day
BZDIOVER
At
Termination
N/A
01/04/27
BRL
26,329
24,853
—
24,853
13.88%
At
Termination
1-day
BZDIOVER
At
Termination
N/A
01/04/27
BRL
417,732
389,927
—
389,927
14.11%
At
Termination
1-day
BZDIOVER
At
Termination
N/A
01/04/27
BRL
20,017
(301)
—
(301)
1-day
SOFR
Annual
4.07%
Annual
N/A
01/14/27
USD
795,890
2,769,106
—
2,769,106
1-day
SOFR
Annual
4.03%
Annual
N/A
03/07/27
USD
464,406
1,456,553
—
1,456,553
1-day
SOFR
Annual
3.47%
Annual
N/A
03/10/27
USD
200,466
(467,723)
—
(467,723)
6-mo.
BUBOR
Semi-Annual
6.04%
Annual
N/A
03/19/27
HUF
667,014
(17,172)
—
(17,172)
6-mo.
BUBOR
Semi-Annual
6.50%
Annual
N/A
03/19/27
HUF
3,042,557
(38,822)
—
(38,822)
7.25%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/19/27
ZAR
272,753
(9,567)
—
(9,567)
5.14%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
03/19/27
PLN
316,487
(828,192)
—
(828,192)
5.13%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
03/19/27
PLN
189,892
(490,526)
—
(
490,526)
1-day
MIBOR
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/27
INR
3,911,496
169,038
—
169,038
1-day
SOFR
Annual
4.10%
Annual
N/A
05/30/27
USD
590,948
2,579,665
—
2,579,665
1-day
SOFR
Annual
4.15%
Annual
N/A
05/30/27
USD
590,948
3,162,641
—
3,162,641
1-day
MIBOR
At
Termination
5.61%
At
Termination
06/17/26
(a)
06/17/27
INR
56,152,265
(4,064,071)
—
(4,064,071)
1-day
MIBOR
At
Termination
5.62%
At
Termination
06/17/26
(a)
06/17/27
INR
33,826,665
(2,415,612)
—
(2,415,612)
6-mo.
BUBOR
Semi-Annual
5.68%
Annual
N/A
09/17/27
HUF
8,193,489
207,470
—
207,470
6-mo.
BUBOR
Semi-Annual
5.76%
Annual
N/A
09/17/27
HUF
7,394,897
220,655
—
220,655
6-mo.
BUBOR
Semi-Annual
6.02%
Annual
N/A
09/17/27
HUF
3,417,413
153,109
—
153,109
6-mo.
BUBOR
Semi-Annual
6.10%
Annual
N/A
09/17/27
HUF
2,043,235
100,773
—
100,773
6-mo.
BUBOR
Semi-Annual
6.11%
Annual
N/A
09/17/27
HUF
4,085,908
202,671
—
202,671
6-mo.
BUBOR
Semi-Annual
6.20%
Annual
N/A
09/17/27
HUF
2,044,955
112,405
—
112,405
7.02%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
106,735
22,207
—
22,207
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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)
6.79%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
53,439
$
21,361
$
—
$
21,361
6.72%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
106,774
49,120
—
49,120
6.93%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
53,394
14,979
1,365
13,614
6.99%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/27
ZAR
214,114
49,224
—
49,224
3.99%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
60,385
(252,153)
—
(252,153)
3.97%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
121,091
(493,112)
—
(493,112)
4.03%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
30,222
(132,455)
—
(132,455)
4.27%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
60,364
(339,515)
—
(339,515)
4.18%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
09/17/27
PLN
30,197
(155,780)
—
(155,780)
1-day
SOFR
Annual
3.98%
Annual
N/A
10/06/27
USD
482,431
2,348,090
—
2,348,090
1-day
SOFR
Annual
3.30%
Annual
N/A
10/23/27
USD
143,045
(1,157,920)
—
(1,157,920)
1-day
SOFR
Annual
4.20%
Annual
N/A
10/23/27
USD
206,848
1,962,930
—
1,962,930
1-day
SOFR
Annual
3.92%
Annual
N/A
11/03/27
USD
98,149
422,788
—
422,788
1-day
SOFR
Annual
3.95%
Annual
N/A
11/03/27
USD
98,149
480,145
—
480,145
1-day
SOFR
Annual
3.99%
Annual
N/A
11/03/27
USD
196,299
1,094,124
—
1,094,124
1-day
SOFR
Annual
4.07%
Annual
N/A
11/03/27
USD
400,330
2,895,753
—
2,895,753
1-day
SOFR
Annual
3.86%
Annual
N/A
11/10/27
USD
405,709
1,329,239
—
1,329,239
1-day
SOFR
Annual
3.91%
Annual
N/A
11/10/27
USD
410,897
1,687,709
—
1,687,709
3.27%
Annual
1-day
SOFR
Annual
N/A
12/01/27
USD
31,660
251,634
—
251,634
1-day
SOFR
At
Termination
3.23%
At
Termination
12/11/26
(a)
12/11/27
USD
943,325
(3,525,556)
—
(3,525,556)
3.35%
Annual
1-day
SOFR
Annual
N/A
12/16/27
USD
53,039
329,077
8,401
320,676
6-mo.
BUBOR
Semi-Annual
6.15%
Annual
N/A
12/17/27
HUF
4,085,904
(218,849)
—
(218,849)
4.02%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/17/27
PLN
60,385
85,261
—
85,261
1-day
BZDIOVER
At
Termination
13.80%
At
Termination
N/A
01/03/28
BRL
290,127
52,090
—
52,090
1-day
BZDIOVER
At
Termination
13.81%
At
Termination
N/A
01/03/28
BRL
488,757
102,717
—
102,717
1-day
SOFR
Annual
3.48%
Annual
N/A
01/23/28
USD
540,713
(1,818,017)
—
(1,818,017)
1-day
SOFR
Annual
4.00%
Annual
N/A
01/26/28
USD
494,279
3,266,629
—
3,266,629
3.45%
Annual
1-day
SOFR
Annual
N/A
01/26/28
USD
494,279
1,985,545
—
1,985,545
1-day
SOFR
Annual
3.87%
Annual
N/A
02/05/28
USD
500,675
2,136,137
—
2,136,137
3.27%
Annual
1-day
SOFR
Annual
N/A
02/05/28
USD
500,675
3,676,480
—
3,676,480
1-day
SONIA
At
Termination
3.18%
At
Termination
02/10/27
(a)
02/10/28
GBP
347,008
(4,833,603)
—
(4,833,603)
6-mo.
BUBOR
Semi-Annual
5.76%
Annual
N/A
03/18/28
HUF
1,574,588
(119,031)
—
(119,031)
3.33%
Quarterly
3-mo.
KLIBOR
Quarterly
N/A
03/18/28
MYR
190,255
78,328
—
78,328
3.32%
Quarterly
3-mo.
KLIBOR
Quarterly
N/A
03/18/28
MYR
480,000
225,323
—
225,323
3.49%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
03/18/28
PLN
23,148
103,193
—
103,193
1-week
CNREPOFIX_
CFXS
Quarterly
1.58%
Quarterly
N/A
03/19/28
CNY
365,040
110,772
—
110,772
1-day
TIIEOIS
Monthly
7.73%
Monthly
N/A
03/23/28
MXN
1,649,557
303,055
—
303,055
1.39%
Annual
1-day
TONAR
Annual
N/A
03/30/28
JPY
15,219,212
(59,878)
—
(59,878)
1.38%
Annual
1-day
TONAR
Annual
N/A
03/30/28
JPY
14,048,503
(44,835)
—
(44,835)
1.34%
Annual
1-day
TONAR
Annual
N/A
03/30/28
JPY
15,212,095
34,328
—
34,328
1.32%
Annual
1-day
TONAR
Annual
N/A
03/30/28
JPY
15,370,874
67,993
—
67,993
1.32%
Annual
1-day
TONAR
Annual
N/A
03/30/28
JPY
15,129,187
71,139
—
71,139
4.64%
Annual
1-day
SONIA
Annual
N/A
05/26/28
GBP
24,450
(
425,330)
—
(425,330)
1-day
SONIA
Annual
4.86%
Annual
N/A
06/20/28
GBP
124,190
3,198,929
—
3,198,929
1-day
SOFR
Annual
3.50%
Annual
N/A
08/20/28
USD
588,764
(3,193,213)
—
(3,193,213)
4.29%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
495,162
(8,760,853)
—
(8,760,853)
4.25%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
195,737
(3,226,262)
—
(3,226,262)
4.29%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
782,949
(
13,890,061)
—
(13,890,061)
4.26%
Annual
1-day
SOFR
Annual
N/A
08/31/28
USD
981,388
(16,635,934)
—
(16,635,934)
1-week
CNREPOFIX_
CFXS
Quarterly
1.51%
Quarterly
09/16/26
(a)
09/16/28
CNY
319,000
(12,022)
—
(
12,022)
3.48%
Annual
1-day
SOFR
Annual
09/16/26
(a)
09/16/28
USD
46,447
79,122
—
79,122
1.61%
Semi-Annual
1-day
SORA
Semi-Annual
09/16/26
(a)
09/16/28
SGD
59,000
148,665
—
148,665
3.16%
Annual
1-day
SOFR
Annual
N/A
09/19/28
USD
17,900
255,935
—
255,935
1-day
SOFR
Annual
4.40%
Annual
N/A
10/31/28
USD
250,232
5,548,510
—
5,548,510
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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)
1-day
SONIA
Annual
4.12%
Annual
N/A
11/17/28
GBP
121,376
$
(245,578)
$
—
$
(245,578)
1-day
SONIA
Annual
4.12%
Annual
N/A
11/21/28
GBP
120,683
(241,618)
—
(241,618)
1-day
SOFR
Annual
3.25%
Annual
12/15/26
(a)
12/15/28
USD
419,055
(2,311,715)
—
(2,311,715)
1-week
CNREPOFIX_
CFXS
Quarterly
1.59%
Quarterly
N/A
12/17/28
CNY
508,121
171,883
—
171,883
1-day
BZDIOVER
At
Termination
12.90%
At
Termination
N/A
01/02/29
BRL
42,258
(185,097)
—
(185,097)
1-day
BZDIOVER
At
Termination
13.01%
At
Termination
N/A
01/02/29
BRL
215,636
(1,070,482)
—
(1,070,482)
1-day
BZDIOVER
At
Termination
13.11%
At
Termination
N/A
01/02/29
BRL
35,631
(168,264)
—
(168,264)
1-day
BZDIOVER
At
Termination
13.14%
At
Termination
N/A
01/02/29
BRL
107,130
(467,624)
—
(467,624)
1-day
BZDIOVER
At
Termination
13.39%
At
Termination
N/A
01/02/29
BRL
78,325
(198,237)
—
(198,237)
1-day
BZDIOVER
At
Termination
13.49%
At
Termination
N/A
01/02/29
BRL
32,127
(24,132)
—
(24,132)
2.92%
Annual
1-day
SOFR
Annual
N/A
02/16/29
USD
180,919
3,457,632
255,769
3,201,863
6-mo.
EURIBOR
Semi-Annual
3.00%
Annual
N/A
03/05/29
EUR
300,382
2,223,884
—
2,223,884
1-week
CNREPOFIX_
CFXS
Quarterly
1.56%
Quarterly
N/A
03/18/29
CNY
32,012
5,603
—
5,603
3.80%
Annual
1-day
SOFR
Annual
N/A
03/19/29
USD
13,200
(78,346)
—
(78,346)
1-day
MIBOR
Semi-Annual
6.26%
Semi-Annual
N/A
03/20/29
INR
1,210,394
(85,045)
—
(85,045)
1-day
MIBOR
Semi-Annual
6.30%
Semi-Annual
N/A
03/20/29
INR
1,479,370
(88,260)
—
(88,260)
1-day
SOFR
Annual
3.79%
Annual
N/A
03/29/29
USD
732,656
1,458,223
—
1,458,223
1-day
SOFR
Annual
4.00%
Annual
N/A
04/08/29
USD
414,291
4,264,588
—
4,264,588
1-day
SOFR
Annual
4.05%
Annual
N/A
04/09/29
USD
313,413
3,833,530
—
3,833,530
1-day
SOFR
Annual
4.00%
Annual
N/A
04/18/29
USD
496,227
5,220,486
—
5,220,486
1-day
SOFR
Annual
4.00%
Annual
N/A
04/24/29
USD
249,166
2,654,701
—
2,654,701
6-mo.
EURIBOR
Semi-Annual
2.90%
Annual
N/A
04/30/29
EUR
349,347
7,852,671
—
7,852,671
1-day
SOFR
Annual
4.00%
Annual
N/A
05/06/29
USD
501,757
5,490,868
—
5,490,868
6-mo.
EURIBOR
Semi-Annual
2.87%
Annual
N/A
06/11/29
EUR
248,990
4,996,087
—
4,996,087
1-week
CNREPOFIX_
CFXS
Quarterly
1.53%
Quarterly
06/17/26
(a)
06/17/29
CNY
24,330
(1,300)
—
(1,300)
3.39%
Quarterly
3-mo.
KLIBOR
Quarterly
06/18/26
(a)
06/18/29
MYR
331,510
218,037
—
218,037
3.48%
Quarterly
3-mo.
KLIBOR
Quarterly
06/18/26
(a)
06/18/29
MYR
332,880
(
4,165)
—
(4,165)
3.57%
Annual
1-day
SOFR
Annual
N/A
08/05/29
USD
10,553
37,383
—
37,383
1-day
SOFR
Annual
3.66%
Annual
N/A
10/10/29
USD
250,246
358,511
—
358,511
1-day
TIIEOIS
Monthly
7.77%
Monthly
N/A
11/14/29
MXN
34,170
(12,946)
—
(12,946)
1-day
TIIEOIS
Monthly
9.04%
Monthly
N/A
11/14/29
MXN
8,452,869
16,235,996
—
16,235,996
0.77%
Annual
1-day
TONAR
Annual
N/A
11/18/29
JPY
61,997,581
11,430,042
—
11,430,042
7.78%
Monthly
1-day
TIIEOIS
Monthly
N/A
12/14/29
MXN
34,563
13,798
—
13,798
8.97%
Monthly
1-day
TIIEOIS
Monthly
N/A
12/14/29
MXN
467,240
(839,197)
—
(839,197)
1-day
MIBOR
Semi-Annual
6.12%
Semi-Annual
N/A
12/18/29
INR
1,484,007
(1,693)
—
(1,693)
1-day
MIBOR
Semi-Annual
6.12%
Semi-Annual
N/A
12/18/29
INR
1,484,007
(5,494)
—
(5,494)
1-day
SONIA
Annual
4.00%
Annual
N/A
01/16/30
GBP
299,226
(
2,513,295)
—
(2,513,295)
1-day
SONIA
Annual
4.00%
Annual
N/A
01/20/30
GBP
242,415
(2,049,732)
—
(2,049,732)
8.65%
Monthly
1-day
TIIEOIS
Monthly
N/A
02/07/30
MXN
154,427
(186,292)
—
(186,292)
7.80%
Monthly
1-day
TIIEOIS
Monthly
N/A
02/07/30
MXN
35,956
15,304
—
15,304
1-day
SOFR
Annual
3.23%
Annual
N/A
02/19/30
USD
299,521
(4,111,128)
—
(4,111,128)
1-day
MIBOR
Semi-Annual
6.06%
Semi-Annual
N/A
02/21/30
INR
3,780,085
(589,588)
—
(589,588)
1-day
SOFR
Annual
3.90%
Annual
N/A
02/24/30
USD
127,468
1,457,209
—
1,457,209
3.46%
Annual
1-day
SOFR
Annual
N/A
03/18/30
USD
23,200
111,617
—
111,617
6-mo.
PRIBOR
Semi-Annual
3.46%
Annual
N/A
03/19/30
CZK
304,764
(462,930)
—
(462,930)
6-mo.
PRIBOR
Semi-Annual
3.60%
Annual
N/A
03/19/30
CZK
66,813
(84,427)
—
(84,427)
1-day
MIBOR
Semi-Annual
6.00%
Semi-Annual
N/A
03/19/30
INR
4,248,404
(956,954)
—
(956,954)
6-mo.
BUBOR
Semi-Annual
6.15%
Annual
N/A
03/19/30
HUF
288,640
(29,286)
—
(29,286)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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.
BUBOR
Semi-Annual
6.55%
Annual
N/A
03/19/30
HUF
1,316,619
$
(79,631)
$
—
$
(79,631)
7.94%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/19/30
ZAR
1,499,768
(1,191,875)
—
(1,191,875)
3.70%
Annual
1-day
SOFR
Annual
N/A
03/31/30
USD
11,600
(46,597)
—
(46,597)
7.73%
Monthly
1-day
TIIEOIS
Monthly
N/A
05/06/30
MXN
121,226
78,848
—
78,848
7.82%
Monthly
1-day
TIIEOIS
Monthly
N/A
05/06/30
MXN
28,226
13,250
—
13,250
6-mo.
EURIBOR
Semi-Annual
2.20%
Annual
N/A
06/04/30
EUR
78,229
(1,311,126)
—
(1,311,126)
1-day
TIIEOIS
Monthly
7.82%
Monthly
N/A
06/07/30
MXN
188,994
(91,392)
—
(91,392)
1-day
TIIEOIS
Monthly
7.82%
Monthly
N/A
06/07/30
MXN
44,005
(21,235)
—
(21,235)
6-mo.
PRIBOR
Semi-Annual
3.56%
Annual
N/A
06/18/30
CZK
83,183
(49,405)
—
(49,405)
6-mo.
PRIBOR
Semi-Annual
3.62%
Annual
N/A
06/18/30
CZK
45,078
(40,354)
—
(40,354)
6-mo.
PRIBOR
Semi-Annual
3.66%
Annual
N/A
06/18/30
CZK
122,440
(45,571)
12,022
(57,593)
7.77%
Monthly
1-day
TIIEOIS
Monthly
N/A
06/21/30
MXN
10,094
5,901
—
5,901
1-day
TIIEOIS
Monthly
7.72%
Monthly
N/A
06/24/30
MXN
135,925
(94,405)
—
(94,405)
1-day
TIIEOIS
Monthly
7.67%
Monthly
N/A
07/30/30
MXN
80,354
(
67,322)
—
(67,322)
1-day
TIIEOIS
Monthly
7.69%
Monthly
N/A
07/30/30
MXN
1,568,039
(1,248,099)
—
(1,248,099)
1-day
TIIEOIS
Monthly
7.51%
Monthly
N/A
08/21/30
MXN
160,551
(191,201)
—
(191,201)
1-week
CNREPOFIX_
CFXS
Quarterly
1.45%
Quarterly
N/A
09/17/30
CNY
616,503
(483,995)
—
(483,995)
1-week
CNREPOFIX_
CFXS
Quarterly
1.56%
Quarterly
N/A
09/17/30
CNY
24,669
(1,806)
—
(1,806)
1-week
CNREPOFIX_
CFXS
Quarterly
1.62%
Quarterly
N/A
09/17/30
CNY
49,336
15,348
—
15,348
6-mo.
PRIBOR
Semi-Annual
3.41%
Annual
N/A
09/17/30
CZK
400,659
(412,713)
—
(412,713)
6-mo.
PRIBOR
Semi-Annual
3.55%
Annual
N/A
09/17/30
CZK
780,308
(558,426)
—
(558,426)
6-mo.
PRIBOR
Semi-Annual
3.62%
Annual
N/A
09/17/30
CZK
141,497
(81,179)
—
(81,179)
6-mo.
PRIBOR
Semi-Annual
3.64%
Annual
N/A
09/17/30
CZK
170,961
(89,870)
—
(
89,870)
6-mo.
PRIBOR
Semi-Annual
3.70%
Annual
N/A
09/17/30
CZK
282,955
(111,362)
—
(111,362)
6-mo.
PRIBOR
Semi-Annual
3.81%
Annual
N/A
09/17/30
CZK
141,616
(21,565)
—
(21,565)
6-mo.
WIBOR
Semi-Annual
4.14%
Annual
N/A
09/17/30
PLN
12,063
14,608
—
14,608
6-mo.
BUBOR
Semi-Annual
5.96%
Annual
N/A
09/17/30
HUF
1,033,557
(46,806)
—
(46,806)
6-mo.
BUBOR
Semi-Annual
6.21%
Annual
N/A
09/17/30
HUF
773,153
(10,310)
—
(10,310)
6-mo.
BUBOR
Semi-Annual
6.22%
Annual
N/A
09/17/30
HUF
226,585
(2,876)
—
(2,876)
6-mo.
BUBOR
Semi-Annual
6.27%
Annual
N/A
09/17/30
HUF
257,958
(1,464)
—
(1,464)
7.22%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
144,479
128,947
—
128,947
7.37%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
144,358
79,579
13,928
65,651
7.49%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
288,571
76,656
—
76,656
7.60%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
419,921
13,015
—
13,015
7.11%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
09/17/30
ZAR
233,575
265,390
—
265,390
1-day
TIIEOIS
Monthly
7.29%
Monthly
N/A
10/03/30
MXN
160,551
(275,774)
—
(275,774)
3.36%
Annual
1-day
SOFR
Annual
N/A
10/09/30
USD
12,000
152,432
—
152,432
3.45%
Annual
1-day
SOFR
Annual
N/A
12/16/30
USD
24,413
194,971
20,826
174,145
1-week
CNREPOFIX_
CFXS
Quarterly
1.65%
Quarterly
N/A
12/17/30
CNY
49,336
21,100
—
21,100
6-mo.
PRIBOR
Semi-Annual
3.90%
Annual
N/A
12/17/30
CZK
433,976
(390,788)
—
(390,788)
6-mo.
PRIBOR
Semi-Annual
3.91%
Annual
N/A
12/17/30
CZK
1,141,722
(1,010,814)
—
(1,010,814)
6-mo.
BUBOR
Semi-Annual
6.23%
Annual
N/A
12/17/30
HUF
515,411
(58,423)
—
(58,423)
7.04%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
12/17/30
ZAR
233,575
334,264
—
334,264
4.08%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/17/30
PLN
114,201
604,400
—
604,400
4.08%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/17/30
PLN
115,931
610,788
—
610,788
4.10%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/17/30
PLN
115,931
590,013
—
590,013
6-mo.
PRIBOR
Semi-Annual
3.75%
Annual
N/A
12/19/30
CZK
1,030,000
(1,270,795)
—
(1,270,795)
1-day
BZDIOVER
At
Termination
13.06%
At
Termination
N/A
01/02/31
BRL
13,029
(
66,842)
—
(66,842)
1-day
BZDIOVER
At
Termination
13.18%
At
Termination
N/A
01/02/31
BRL
159,000
(650,428)
—
(650,428)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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
BZDIOVER
At
Termination
13.58%
At
Termination
N/A
01/02/31
BRL
4,823
$
(2,561)
$
—
$
(2,561)
1-day
TIIEOIS
Monthly
7.53%
Monthly
N/A
01/03/31
MXN
82,388
(105,060)
—
(105,060)
1-day
TIIEOIS
Monthly
7.98%
Monthly
N/A
03/13/31
MXN
59,321
(18,418)
—
(18,418)
1-week
CNREPOFIX_
CFXS
Quarterly
1.64%
Quarterly
N/A
03/18/31
CNY
26,606
9,034
—
9,034
6-mo.
PRIBOR
Semi-Annual
3.74%
Annual
N/A
03/18/31
CZK
207,202
(277,880)
—
(277,880)
6-mo.
BUBOR
Semi-Annual
5.98%
Annual
N/A
03/18/31
HUF
278,074
(39,657)
—
(39,657)
6.69%
Quarterly
3-mo.
JIBAR
Quarterly
N/A
03/18/31
ZAR
115,217
282,300
—
282,300
3.62%
Annual
6-mo.
PRIBOR
Semi-Annual
N/A
03/18/31
CZK
235,631
379,619
—
379,619
3.58%
Annual
6-mo.
PRIBOR
Semi-Annual
N/A
03/18/31
CZK
234,901
396,060
—
396,060
1-day
TIIEOIS
Monthly
8.05%
Monthly
N/A
03/21/31
MXN
738,936
(121,773)
—
(121,773)
1-day
TIIEOIS
Monthly
8.09%
Monthly
N/A
03/24/31
MXN
469,319
(32,446)
—
(32,446)
1-day
TIIEOIS
Monthly
8.17%
Monthly
04/06/26
(a)
03/31/31
MXN
171,101
—
—
—
1-week
CNREPOFIX_
CFXS
Quarterly
1.58%
Quarterly
06/17/26
(a)
06/17/31
CNY
70,030
(16,862)
—
(16,862)
1-week
CNREPOFIX_
CFXS
Quarterly
1.61%
Quarterly
06/17/26
(a)
06/17/31
CNY
343,720
(8,830)
—
(8,830)
1-week
CNREPOFIX_
CFXS
Quarterly
1.61%
Quarterly
06/17/26
(a)
06/17/31
CNY
20,222
(1,221)
—
(1,221)
1-day
THOR
Quarterly
1.62%
Quarterly
06/17/26
(a)
06/17/31
THB
2,203,383
(498,347)
—
(498,347)
1-day
MIBOR
Semi-Annual
6.51%
Semi-Annual
06/17/26
(a)
06/17/31
INR
5,169,009
(750,640)
—
(750,640)
6.16%
Semi-Annual
1-day
MIBOR
Semi-Annual
06/17/26
(a)
06/17/31
INR
20,330,100
5,969,649
—
5,969,649
7.41%
Quarterly
3-mo.
JIBAR
Quarterly
06/17/26
(a)
06/17/31
ZAR
62,646
54,541
—
54,541
4.40%
Annual
6-mo.
WIBOR
Semi-Annual
06/17/26
(a)
06/17/31
PLN
191,482
485,596
—
485,596
4.39%
Annual
6-mo.
WIBOR
Semi-Annual
06/17/26
(a)
06/17/31
PLN
17,867
47,812
—
47,812
4.12%
Annual
6-mo.
WIBOR
Semi-Annual
06/17/26
(a)
06/17/31
PLN
191,482
1,115,620
—
1,115,620
3.98%
Annual
1-day
SOFR
Annual
N/A
07/02/31
USD
6,800
(104,164)
—
(104,164)
0.02%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/26/31
EUR
157,050
26,130,041
—
26,130,041
2.44%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/10/31
EUR
73,860
1,812,168
(
18,576)
1,830,744
1-week
CNREPOFIX_
CFXS
Quarterly
1.62%
Quarterly
09/16/26
(a)
09/16/31
CNY
478,500
(27,389)
—
(27,389)
1.96%
Semi-Annual
1-day
SORA
Semi-Annual
09/16/26
(a)
09/16/31
SGD
59,000
358,112
—
358,112
1.61%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
09/16/26
(a)
09/16/31
CNY
1,211,340
144,686
—
144,686
2.74%
Quarterly
3-mo.
HIBOR
Quarterly
09/16/26
(a)
09/16/31
HKD
182,000
163,501
—
163,501
2.42%
Quarterly
3-mo.
TWCPBA
Quarterly
09/16/26
(a)
09/16/31
TWD
740,000
(39,487)
—
(39,487)
1-day
SOFR
Annual
3.79%
Annual
N/A
10/14/31
USD
197,460
1,275,227
—
1,275,227
1-day
SOFR
Annual
3.79%
Annual
N/A
11/19/31
USD
251,205
1,618,980
—
1,618,980
1-day
SOFR
Annual
3.78%
Annual
N/A
01/28/32
USD
467,125
2,802,241
—
2,802,241
2.38%
Annual
1-day
SOFR
Annual
N/A
04/08/32
USD
43,962
3,847,271
—
3,847,271
2.60%
Annual
1-day
SOFR
Annual
N/A
05/26/32
USD
53,426
3,871,044
—
3,871,044
1-day
SOFR
Annual
3.47%
Annual
N/A
10/04/32
USD
223,490
(3,448,330)
—
(3,448,330)
1-day
SOFR
Annual
3.42%
Annual
N/A
10/05/32
USD
103,240
(1,930,734)
—
(
1,930,734)
1-day
SOFR
Annual
3.05%
Annual
N/A
10/28/32
USD
249,920
(10,374,681)
—
(10,374,681)
1-day
SOFR
Annual
2.88%
Annual
N/A
11/02/32
USD
250,132
(13,015,211)
—
(13,015,211)
1-day
SOFR
Annual
2.92%
Annual
N/A
11/04/32
USD
249,476
(12,361,414)
—
(12,361,414)
1-day
SOFR
Annual
2.90%
Annual
N/A
11/15/32
USD
400,986
(20,318,572)
—
(20,318,572)
1-day
SOFR
Annual
3.20%
Annual
N/A
11/28/32
USD
239,768
(7,668,448)
—
(
7,668,448)
1-day
ESTR
Annual
2.34%
Annual
01/19/28
(a)
01/19/33
EUR
150,420
(3,235,628)
—
(3,235,628)
1-day
SOFR
Annual
3.14%
Annual
05/12/28
(a)
05/12/33
USD
279,328
(7,626,731)
—
(7,626,731)
1-day
SOFR
Annual
3.75%
Annual
N/A
08/09/33
USD
251,131
(324,506)
—
(324,506)
3.24%
Annual
1-day
SOFR
Annual
N/A
08/09/33
USD
122,861
4,586,711
—
4,586,711
1-day
SOFR
Annual
3.93%
Annual
N/A
10/04/33
USD
249,492
2,963,921
—
2,963,921
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
157
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
Annual
3.50%
Annual
N/A
10/17/33
USD
343,829
$
(6,286,652)
$
—
$
(6,286,652)
4.40%
Annual
1-day
SOFR
Annual
N/A
11/01/33
USD
245,780
(11,045,196)
—
(11,045,196)
1-day
SOFR
Annual
4.00%
Annual
N/A
01/12/34
USD
193,843
3,195,816
—
3,195,816
1-day
SOFR
Annual
4.00%
Annual
N/A
01/17/34
USD
55,662
913,366
—
913,366
1-day
MIBOR
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/34
INR
497,490
(177,365)
—
(
177,365)
1-day
MIBOR
Semi-Annual
6.35%
Semi-Annual
N/A
03/20/34
INR
497,490
(174,247)
—
(174,247)
3.62%
Annual
1-day
SOFR
Annual
10/09/29
(a)
10/09/34
USD
510,800
7,300,611
—
7,300,611
1-day
SOFR
Annual
3.66%
Annual
N/A
10/10/34
USD
168,525
(1,891,557)
—
(1,891,557)
1-day
SOFR
Annual
3.67%
Annual
N/A
12/26/34
USD
310,210
(3,268,972)
—
(3,268,972)
1-day
SOFR
Annual
3.70%
Annual
N/A
01/06/35
USD
242,395
(2,021,860)
—
(
2,021,860)
1-day
SOFR
Annual
3.75%
Annual
N/A
03/27/35
USD
240,187
(1,302,993)
—
(1,302,993)
1-day
SOFR
Annual
3.75%
Annual
N/A
07/09/35
USD
139,689
(1,247,257)
—
(1,247,257)
1-day
THOR
Quarterly
1.38%
Quarterly
N/A
09/17/35
THB
63,030
(119,301)
—
(119,301)
1-day
THOR
Quarterly
1.44%
Quarterly
N/A
09/17/35
THB
4,130
(7,068)
—
(7,068)
1.35%
Quarterly
1-day
THOR
Quarterly
N/A
09/17/35
THB
67,160
131,618
45,982
85,636
1-day
TIIEOIS
Monthly
8.27%
Monthly
N/A
12/05/35
MXN
396,134
(283,083)
—
(283,083)
3.77%
Annual
1-day
SOFR
Annual
N/A
12/16/35
USD
12,262
84,333
14,632
69,701
1-day
TIIEOIS
Monthly
8.00%
Monthly
N/A
12/28/35
MXN
16,001
(27,969)
—
(27,969)
1-day
TIIEOIS
Monthly
8.35%
Monthly
N/A
03/06/36
MXN
12,165
(5,917)
—
(5,917)
5.42%
Semi-Annual
1-day
CLICP
Semi-Annual
06/17/26
(a)
06/17/36
CLP
8,462,323
(80,010)
—
(80,010)
3.83%
Annual
1-day
SOFR
Annual
09/16/26
(a)
09/16/36
USD
11,175
66,387
—
66,387
2.25%
Semi-Annual
1-day
SORA
Semi-Annual
09/16/26
(a)
09/16/36
SGD
30,000
253,486
—
253,486
2.12%
Annual
1-day
TONAR
Annual
09/16/26
(a)
09/16/36
JPY
10,940,000
812,593
—
812,593
3.00%
Quarterly
3-mo.
HIBOR
Quarterly
09/16/26
(a)
09/16/36
HKD
182,000
266,115
—
266,115
2.71%
Quarterly
3-mo.
TWCPBA
Quarterly
09/16/26
(a)
09/16/36
TWD
742,000
(
129,309)
—
(129,309)
5.10%
Semi-Annual
6-mo.
BBR
Semi-Annual
09/16/26
(a)
09/16/36
AUD
6,500
(4,908)
—
(4,908)
3.46%
Annual
1-day
SOFR
Annual
12/15/26
(a)
12/15/36
USD
95,777
3,558,997
—
3,558,997
4.09%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
133,200
(1,001,320)
—
(1,001,320)
4.09%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
167,354
(1,338,826)
—
(1,338,826)
4.02%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
66,600
(
2,873)
—
(2,873)
4.08%
Annual
1-day
SOFR
Annual
N/A
08/15/39
USD
133,200
(865,115)
—
(865,115)
2.93%
Annual
1-day
SOFR
Annual
N/A
11/26/41
USD
32,045
4,439,066
(36,054)
4,475,120
2.81%
Annual
1-day
SOFR
Annual
N/A
01/25/51
USD
62,463
13,314,077
(785,007)
14,099,084
2.81%
Annual
1-day
SOFR
Annual
N/A
01/28/51
USD
111,429
23,752,020
(1,406,551)
25,158,571
2.80%
Annual
1-day
SOFR
Annual
N/A
02/01/51
USD
65,177
13,988,615
(713,411)
14,702,026
2.80%
Annual
1-day
SOFR
Annual
N/A
02/04/51
USD
37,194
7,983,081
(409,140)
8,392,221
2.80%
Annual
1-day
SOFR
Annual
N/A
02/05/51
USD
38,392
8,239,070
(422,294)
8,661,364
2.80%
Annual
1-day
SOFR
Annual
N/A
02/22/51
USD
15,576
3,338,394
(722,853)
4,061,247
2.80%
Annual
1-day
SOFR
Annual
N/A
05/27/51
USD
62,621
14,134,783
(2,976,078)
17,110,861
2.80%
Annual
1-day
SOFR
Annual
N/A
06/07/51
USD
19,517
4,395,721
(929,318)
5,325,039
2.79%
Annual
1-day
SOFR
Annual
N/A
01/21/52
USD
153,727
33,880,821
(7,482,536)
41,363,357
1-day
SOFR
Annual
4.00%
Annual
N/A
11/03/53
USD
99,173
(2,446,274)
—
(
2,446,274)
3.65%
Annual
1-day
SOFR
Annual
N/A
11/03/53
USD
99,173
8,306,890
—
8,306,890
1-day
ESTR
Annual
2.78%
Annual
N/A
07/29/55
EUR
43,870
(1,873,445)
(33,929)
(1,839,516)
2.85%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
07/29/55
EUR
43,870
1,297,177
33,929
1,263,248
1-day
ESTR
Annual
2.77%
Annual
N/A
08/25/55
EUR
48,020
(2,155,298)
(83,936)
(2,071,362)
2.89%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
08/25/55
EUR
48,520
1,400,797
95,054
1,305,743
1-day
ESTR
Annual
2.83%
Annual
N/A
09/30/55
EUR
49,520
(1,633,524)
123,209
(1,756,733)
2.94%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
09/30/55
EUR
49,860
1,081,949
(88,629)
1,170,578
1-day
TONAR
Annual
2.58%
Annual
N/A
10/08/55
JPY
667,050
(328,881)
—
(328,881)
1-day
SONIA
Annual
4.45%
Annual
N/A
12/04/55
GBP
60,554
(4,280,141)
—
(4,280,141)
1-day
TONAR
Annual
2.87%
Annual
N/A
03/30/56
JPY
4,343,149
(846,804)
—
(846,804)
1-day
TONAR
Annual
2.88%
Annual
N/A
03/30/56
JPY
4,348,080
(758,741)
—
(758,741)
1-day
TONAR
Annual
2.89%
Annual
N/A
03/30/56
JPY
4,376,293
(727,263)
—
(
727,263)
1-day
TONAR
Annual
2.95%
Annual
N/A
03/30/56
JPY
4,340,005
(401,896)
—
(401,896)
1-day
TONAR
Annual
2.98%
Annual
N/A
03/30/56
JPY
5,115,344
(244,589)
—
(244,589)
$
126,167,960
$
(
15,452,354)
$
141,620,314
(a)
Forward
swap.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
158
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
2.57%
At
Termination
05/22/30
USD
88,180
$
53,656
$
—
$
53,656
Harmonised
Index
of
Consumer
Prices
ex.
Tobacco
All
Items
Monthly
At
Termination
2.69%
At
Termination
08/15/32
EUR
30,405
365,048
—
365,048
2.52%
At
Termination
U.S.
Consumer
Price
Index
All
Items
Monthly
At
Termination
05/22/35
USD
88,180
(614,557)
—
(614,557)
$
(195,853)
$
—
$
(195,853)
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)
Community
Health
Systems,
Inc.
5.00
%
Quarterly
Goldman
Sachs
International
06/20/26
USD
1,235
$
(11,927)
$
—
$
(11,927)
Community
Health
Systems,
Inc.
5.00
Quarterly
Goldman
Sachs
International
06/20/26
USD
830
(8,016)
6,558
(14,574)
Xerox
Corp.
.............
1.00
Quarterly
Barclays
Bank
plc
12/20/26
USD
575
85,248
104,694
(19,446)
Argentine
Republic
(The)
....
5.00
Quarterly
Bank
of
America
NA
12/20/27
USD
1,778
3,146
265,876
(262,730)
BorgWarner,
Inc.
..........
1.00
Quarterly
BNP
Paribas
SA
12/20/27
USD
3,000
(40,732)
14,329
(55,061)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Bank
of
America
NA
12/20/27
USD
1,620
5,752
149,022
(143,270)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Barclays
Bank
plc
12/20/27
USD
1,030
3,657
92,199
(88,542)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
1,215
4,314
155,580
(151,266)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
980
3,480
95,029
(91,549)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Citibank
NA
12/20/27
USD
650
2,308
61,241
(58,933)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
1,030
3,657
92,251
(
88,594)
Pitney
Bowes,
Inc.
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
2,760
9,800
334,873
(325,073)
Simon
Property
Group
LP
....
1.00
Quarterly
Goldman
Sachs
International
12/20/27
USD
7,485
(98,384)
40,150
(
138,534)
Simon
Property
Group
LP
....
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
4,700
(61,777)
25,259
(87,036)
Xerox
Corp.
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
USD
1,750
759,361
70,563
688,798
Caterpillar,
Inc.
...........
1.00
Quarterly
Citibank
NA
06/20/28
USD
11,800
(232,762)
(132,752)
(100,010)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,496
(45,198)
82,975
(128,173)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,916
(50,628)
97,585
(148,213)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
17,900
(231,419)
647,900
(879,319)
Deutsche
Bank
AG
.........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
10,488
(135,593)
248,926
(384,519)
UBS
Group
AG
...........
1.00
Quarterly
BNP
Paribas
SA
06/20/28
EUR
4,131
(72,955)
81,671
(154,626)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
29,800
(526,277)
462,549
(988,826)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,487
(61,581)
80,396
(141,977)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
3,623
(63,983)
93,458
(157,441)
UBS
Group
AG
...........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
EUR
1,536
(27,126)
36,877
(64,003)
Boeing
Co.
(The)
..........
1.00
Quarterly
Deutsche
Bank
AG
12/20/28
USD
17,500
(241,134)
(46,659)
(194,475)
Gap,
Inc.
(The)
...........
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/28
USD
1,985
(13,725)
168,220
(181,945)
Boeing
Co.
(The)
..........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
17,500
(258,776)
135,360
(394,136)
DXC
Technology
Co.
.......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
2,090
(244,699)
(150,933)
(93,766)
People's
Republic
of
China
...
1.00
Quarterly
Bank
of
America
NA
06/20/30
USD
29,250
(610,686)
(389,571)
(221,115)
People's
Republic
of
China
...
1.00
Quarterly
Bank
of
America
NA
06/20/30
USD
29,700
(620,081)
(395,564)
(
224,517)
Simon
Property
Group
LP
....
1.00
Quarterly
BNP
Paribas
SA
06/20/30
USD
4,940
(100,921)
(22,283)
(78,638)
Ally
Financial,
Inc.
.........
5.00
Quarterly
Goldman
Sachs
International
12/20/30
USD
6,140
(866,169)
(886,259)
20,090
Ally
Financial,
Inc.
.........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
USD
4,095
(577,681)
(603,105)
25,424
DXC
Technology
Co.
.......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
USD
4,175
(517,171)
(577,185)
60,014
American
Airlines
Group,
Inc.
..
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
USD
2,225
69,906
55,730
14,176
American
Airlines
Group,
Inc.
..
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
USD
1,635
51,369
40,952
10,417
Bayerische
Motoren
Werke
AG
1.00
Quarterly
BNP
Paribas
SA
06/20/31
EUR
11,982
(234,644)
(240,512)
5,868
BNP
Paribas
SA
..........
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
EUR
23,400
256,438
232,411
24,027
CMA
CGM
SA
............
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
EUR
6,016
(479,600)
(478,190)
(1,410)
Constellium
SE
...........
5.00
Quarterly
Bank
of
America
NA
06/20/31
EUR
6,016
(826,461)
(827,942)
1,481
Discovery
Global
Holdings,
Inc.
1.00
Quarterly
Bank
of
America
NA
06/20/31
USD
2,625
311,027
310,954
73
HP,
Inc.
................
1.00
Quarterly
Citibank
NA
06/20/31
USD
4,850
22,235
20,101
2,134
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
159
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)
HP,
Inc.
................
1.00
%
Quarterly
Citibank
NA
06/20/31
USD
6,910
$
31,679
$
28,639
$
3,040
Lanxess
AG
.............
1.00
Quarterly
Barclays
Bank
plc
06/20/31
EUR
9,270
572,106
805,776
(233,670)
Mercedes-Benz
Group
AG
....
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
EUR
11,982
(241,163)
(240,512)
(651)
Societe
Generale
SA
.......
1.00
Quarterly
BNP
Paribas
SA
06/20/31
EUR
14,675
75,439
(109,408)
184,847
Southwest
Airlines
Co.
......
1.00
Quarterly
Goldman
Sachs
International
06/20/31
USD
20,380
257,862
308,304
(50,442)
thyssenkrupp
AG
..........
1.00
Quarterly
Barclays
Bank
plc
06/20/31
EUR
8,886
12,007
14,619
(2,612)
UniCredit
SpA
............
1.00
Quarterly
BNP
Paribas
SA
06/20/31
EUR
5,186
(44,133)
(39,816)
(4,317)
United
Group
BV
..........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
EUR
5,927
(290,977)
(329,774)
38,797
Volkswagen
International
Finance
NV
...........
1.00
Quarterly
Citibank
NA
06/20/31
EUR
5,991
33,329
39,275
(5,946)
Volvo
Car
AB
............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/31
EUR
12,103
(1,532,190)
(1,559,980)
27,790
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
203
(16)
81,064
(81,080)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
237
(18)
78,782
(78,800)
CMBX.NA.9.AAA
..........
0.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
—
—
146
(146)
CMBX.NA.9.BBB-
.........
3.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
USD
3,698
1,151,486
139,596
1,011,890
CMBX.NA.9.BBB-
.........
3.00
Monthly
Goldman
Sachs
International
09/17/58
USD
1,106
344,263
97,413
246,850
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,079
335,988
66,589
269,399
CMBX.NA.9.BBB-
.........
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
1,271
395,808
78,445
317,363
CMBX.NA.6.AAA
..........
0.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
19
(2)
(8,660)
8,658
$
–
$
–
$
–
$
(4,566,940)
$
(996,768)
$
(3,570,172)
$
–
$
–
$
–
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
ADLER
Real
Estate
GmbH
5.00
%
Quarterly
Goldman
Sachs
International
06/20/26
NR
EUR
806
$
6,645
$
(1,835)
$
8,480
CMA
CGM
SA
........
5.00
Quarterly
Goldman
Sachs
International
06/20/26
BB+
EUR
310
4,089
3,303
786
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/26
BB+
EUR
410
5,409
2,657
2,752
Barclays
plc
.........
1.00
Quarterly
Goldman
Sachs
International
12/20/26
BBB+
EUR
25,000
142,227
138,890
3,337
SoftBank
Group
Corp.
..
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
NR
JPY
3,140,120
(124,061)
(
79,698)
(44,363)
SoftBank
Group
Corp.
..
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
NR
JPY
2,559,880
(101,137)
(64,971)
(36,166)
Altice
France
SA
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
CCC+
EUR
8,188
312,044
166,040
146,004
Altice
France
SA
......
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
CCC+
EUR
2,079
79,231
56,215
23,016
Altice
France
SA
......
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
CCC+
EUR
3,564
135,824
96,368
39,456
CMA
CGM
SA
........
5.00
Quarterly
Barclays
Bank
plc
06/20/27
BB+
EUR
3,940
245,188
19,965
225,223
CMA
CGM
SA
........
5.00
Quarterly
Barclays
Bank
plc
06/20/27
BB+
EUR
110
6,875
816
6,059
CMA
CGM
SA
........
5.00
Quarterly
Goldman
Sachs
International
06/20/27
BB+
EUR
1,474
91,745
(11,285)
103,030
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB+
EUR
612
38,094
5,476
32,618
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB+
EUR
575
35,809
5,147
30,662
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB+
EUR
163
10,130
1,411
8,719
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB+
EUR
2,104
130,933
55,201
75,732
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
BB+
EUR
4,295
267,273
247,040
20,233
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
160
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)
PacifiCorp
..........
0.13
%
Monthly
JPMorgan
Chase
Bank
NA
09/29/27
BBB+
USD
49,883
$
(32,238)
$
(3,755)
$
(28,483)
ADLER
Real
Estate
GmbH
5.00
Quarterly
Bank
of
America
NA
12/20/27
NR
EUR
631
32,321
(39,416)
71,737
ADLER
Real
Estate
GmbH
5.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
379
19,428
(21,565)
40,993
ADLER
Real
Estate
GmbH
5.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
3,750
192,211
(213,362)
405,573
ADLER
Real
Estate
GmbH
5.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
1,065
54,607
(60,616)
115,223
ADLER
Real
Estate
GmbH
5.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
1,309
67,095
(74,478)
141,573
ADLER
Real
Estate
GmbH
5.00
Quarterly
Citibank
NA
12/20/27
NR
EUR
1,088
55,774
(63,732)
119,506
ADLER
Real
Estate
GmbH
5.00
Quarterly
Citibank
NA
12/20/27
NR
EUR
309
15,845
(18,106)
33,951
ADLER
Real
Estate
GmbH
5.00
Quarterly
Goldman
Sachs
International
12/20/27
NR
EUR
1,501
76,939
112,591
(35,652)
ADLER
Real
Estate
GmbH
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
NR
EUR
647
33,160
(40,213)
73,373
ADLER
Real
Estate
GmbH
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
469
24,043
(29,030)
53,073
ADLER
Real
Estate
GmbH
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
225
11,535
(13,929)
25,464
Altice
France
SA
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
2,615
131,597
125,558
6,039
Altice
France
SA
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
3,957
199,132
73,042
126,090
Altice
France
SA
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
3,056
153,790
146,733
7,057
CMA
CGM
SA
........
5.00
Quarterly
BNP
Paribas
SA
12/20/27
BB+
EUR
285
22,249
(2,794)
25,043
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
BB+
EUR
3,100
242,008
(22,993)
265,001
CMA
CGM
SA
........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
BB+
EUR
958
74,788
79,117
(4,329)
Bellis
Acquisition
Co.
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
NR
EUR
3,294
81,695
24,424
57,271
ZF
Europe
Finance
BV
..
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
BB-
EUR
3,051
218,564
89,757
128,807
iTraxx
Europe
Crossover
Index
Series
40.V4
..
5.00
Quarterly
BNP
Paribas
SA
12/20/28
BB-
EUR
8,600
425,107
494,131
(69,024)
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
B-
EUR
4,703
284,538
387,433
(102,895)
Ziggo
Bond
Co.
BV
....
5.00
Quarterly
Deutsche
Bank
AG
12/20/28
B-
EUR
2,616
115,265
191,768
(76,503)
ADLER
Real
Estate
GmbH
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
NR
EUR
806
87,839
(12,284)
100,123
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
22,791
171,212
1,668,643
(1,497,431)
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
35,315
4,271,118
3,558,945
712,173
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5.00
Quarterly
BNP
Paribas
SA
12/20/29
BB-
EUR
9,702
1,173,394
850,659
322,735
iTraxx
Europe
Crossover
Index
Series
42.V3
..
5.00
Quarterly
Goldman
Sachs
International
12/20/29
BB-
EUR
10,520
79,029
609,633
(530,604)
iTraxx
Europe
Main
Index
Series
42.V1
.......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
A-
EUR
373,960
11,354,851
12,486,587
(1,131,736)
Pitney
Bowes,
Inc.
.....
1.00
Quarterly
Goldman
Sachs
International
12/20/29
B+
USD
500
(20,677)
(27,621)
6,944
Sirius
XM
Radio
LLC
...
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/29
BB+
USD
1,975
252,695
190,336
62,359
CCO
Holdings
LLC
....
5.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
160
16,685
16,767
(82)
CCO
Holdings
LLC
....
5.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
220
22,941
24,452
(1,511)
CCO
Holdings
LLC
....
5.00
Quarterly
Bank
of
America
NA
06/20/30
BB-
USD
1,975
205,952
276,446
(70,494)
CCO
Holdings
LLC
....
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/30
BB-
USD
1,330
138,691
154,684
(
15,993)
Sands
China
Ltd.
......
1.00
Quarterly
BNP
Paribas
SA
06/20/30
BBB-
USD
4,000
(71,264)
(143,856)
72,592
Sands
China
Ltd.
......
1.00
Quarterly
BNP
Paribas
SA
06/20/30
BBB-
USD
11,667
(207,852)
(282,407)
74,555
Sands
China
Ltd.
......
1.00
Quarterly
BNP
Paribas
SA
06/20/30
BBB-
USD
8,333
(148,467)
(201,772)
53,305
Sands
China
Ltd.
......
1.00
Quarterly
BNP
Paribas
SA
06/20/30
BBB-
USD
7,500
(133,619)
(169,772)
36,153
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
161
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)
Vistra
Operations
Co.
LLC
5.00
%
Quarterly
Barclays
Bank
plc
06/20/30
NR
USD
1,975
$
307,402
$
245,463
$
61,939
Vistra
Operations
Co.
LLC
5.00
Quarterly
Citibank
NA
06/20/30
NR
USD
1,335
207,788
149,110
58,678
Zegona
Finance
plc
....
5.00
Quarterly
BNP
Paribas
SA
06/20/30
BB
EUR
1,219
202,558
181,617
20,941
Zegona
Finance
plc
....
5.00
Quarterly
Deutsche
Bank
AG
06/20/30
BB
EUR
1,189
197,600
140,454
57,146
Zegona
Finance
plc
....
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/30
BB
EUR
1,831
304,187
234,222
69,965
Alibaba
Group
Holding
Ltd.
1.00
Quarterly
BNP
Paribas
SA
12/20/30
A+
USD
6,000
19,292
14,044
5,248
Alibaba
Group
Holding
Ltd.
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
A+
USD
8,000
25,723
61,160
(35,437)
Amkor
Technology,
Inc.
..
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB
USD
1,975
329,796
331,664
(1,868)
CCO
Holdings
LLC
....
5.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
1,480
148,164
172,325
(24,161)
CCO
Holdings
LLC
....
5.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
2,960
296,328
344,651
(
48,323)
CCO
Holdings
LLC
....
5.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
6,820
682,756
779,467
(96,711)
CCO
Holdings
LLC
....
5.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
1,560
156,173
182,248
(26,075)
CCO
Holdings
LLC
....
5.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
1,330
133,148
164,712
(31,564)
CCO
Holdings
LLC
....
5.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
USD
1,975
197,719
199,059
(1,340)
CCO
Holdings
LLC
....
5.00
Quarterly
Barclays
Bank
plc
12/20/30
BB-
USD
3,280
328,364
389,785
(61,421)
CCO
Holdings
LLC
....
5.00
Quarterly
Goldman
Sachs
International
12/20/30
BB-
USD
13,380
1,339,484
1,521,895
(182,411)
CCO
Holdings
LLC
....
5.00
Quarterly
Goldman
Sachs
International
12/20/30
BB-
USD
31,510
3,154,495
3,537,170
(382,675)
CCO
Holdings
LLC
....
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
BB-
USD
4,150
415,460
464,619
(
49,159)
CCO
Holdings
LLC
....
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB-
USD
4,940
494,548
572,972
(78,424)
Eutelsat
SA
..........
5.00
Quarterly
Deutsche
Bank
AG
12/20/30
NR
EUR
2,210
367,918
307,446
60,472
Eutelsat
SA
..........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
EUR
5,918
985,222
756,478
228,744
Forvia
SE
...........
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BB-
EUR
1,900
182,124
230,756
(
48,632)
iTraxx
Europe
Crossover
Index
Series
44.V1
..
5.00
Quarterly
BNP
Paribas
SA
12/20/30
BB-
EUR
52,710
10,548,514
11,226,612
(678,098)
iTraxx
Europe
Crossover
Index
Series
44.V1
..
5.00
Quarterly
BNP
Paribas
SA
12/20/30
BB-
EUR
23,773
4,757,538
5,454,314
(696,776)
iTraxx
Europe
Crossover
Index
Series
44.V1
..
5.00
Quarterly
Goldman
Sachs
International
12/20/30
BB-
EUR
22,791
2,424,080
3,339,235
(915,155)
Pitney
Bowes,
Inc.
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
B+
USD
3,225
(209,765)
(134,502)
(75,263)
Pitney
Bowes,
Inc.
.....
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
B+
USD
1,480
(96,264)
(59,651)
(
36,613)
Premier
Foods
Finance
plc
5.00
Quarterly
BNP
Paribas
SA
12/20/30
BB+
EUR
2,209
290,139
328,626
(38,487)
Sands
China
Ltd.
......
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
BBB-
USD
13,000
(328,483)
(
297,286)
(31,197)
Sun
Hung
Kai
Properties
Capital
Market
Ltd.
...
1.00
Quarterly
BNP
Paribas
SA
12/20/30
A+
USD
8,429
(46,240)
(24,988)
(21,252)
Sun
Hung
Kai
Properties
Capital
Market
Ltd.
...
1.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/30
A+
USD
21,071
(115,600)
(58,018)
(57,582)
Vistra
Operations
Co.
LLC
5.00
Quarterly
Bank
of
America
NA
12/20/30
NR
USD
1,335
224,008
221,671
2,337
Vistra
Operations
Co.
LLC
5.00
Quarterly
Bank
of
America
NA
12/20/30
NR
USD
1,975
331,398
327,941
3,457
Vistra
Operations
Co.
LLC
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
USD
1,250
209,746
215,930
(6,184)
Vistra
Operations
Co.
LLC
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
USD
1,335
224,008
230,613
(6,605)
Vistra
Operations
Co.
LLC
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
NR
USD
5,285
886,805
897,795
(
10,990)
WPP
Finance
SA
......
1.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/30
BBB
EUR
5,268
(120,041)
(39,721)
(80,320)
ZF
Europe
Finance
BV
..
5.00
Quarterly
Bank
of
America
NA
12/20/30
BB-
EUR
1,180
69,578
134,655
(
65,077)
Ziggo
Bond
Co.
BV
....
5.00
Quarterly
Deutsche
Bank
AG
12/20/30
B-
EUR
2,352
(75,171)
66,019
(141,190)
Albion
Financing
1
SARL
5.00
Quarterly
Deutsche
Bank
AG
06/20/31
BB-
EUR
2,418
205,342
220,368
(15,026)
Amkor
Technology,
Inc.
..
5.00
Quarterly
Citibank
NA
06/20/31
NR
USD
2,095
365,390
369,374
(3,984)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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)
Commerzbank
AG
.....
1.00
%
Quarterly
BNP
Paribas
SA
06/20/31
NR
EUR
10,000
$
53,906
$
66,228
$
(12,322)
Discovery
Global
Holdings,
Inc.
.............
1.00
Quarterly
Goldman
Sachs
International
06/20/31
BB
USD
1,330
(157,587)
(164,567)
6,980
Discovery
Global
Holdings,
Inc.
.............
1.00
Quarterly
Goldman
Sachs
International
06/20/31
BB
USD
6,560
(
777,272)
(811,700)
34,428
Hutchison
Whampoa
Ltd.
1.00
Quarterly
Deutsche
Bank
AG
06/20/31
A
USD
9,600
17,979
4,440
13,539
MGM
Resorts
International
5.00
Quarterly
Bank
of
America
NA
06/20/31
BB-
USD
1,335
172,515
156,981
15,534
MGM
Resorts
International
5.00
Quarterly
Bank
of
America
NA
06/20/31
BB-
USD
3,315
428,379
389,806
38,573
Muenchener
Rueckversicherungs-
Gesellschaft
AG
....
1.00
Quarterly
BNP
Paribas
SA
06/20/31
A+
EUR
26,050
(195,713)
(248,725)
53,012
NatWest
Group
plc
.....
1.00
Quarterly
BNP
Paribas
SA
06/20/31
A-
EUR
20,000
202,985
221,629
(18,644)
Newell
Brands,
Inc.
....
1.00
Quarterly
Barclays
Bank
plc
06/20/31
B+
USD
1,480
(216,685)
(226,390)
9,705
Newell
Brands,
Inc.
....
1.00
Quarterly
Barclays
Bank
plc
06/20/31
B+
USD
3,455
(505,842)
(528,499)
22,657
Sirius
XM
Radio
LLC
...
5.00
Quarterly
Bank
of
America
NA
06/20/31
BB+
USD
5,430
776,873
758,881
17,992
Sirius
XM
Radio
LLC
...
5.00
Quarterly
Bank
of
America
NA
06/20/31
BB+
USD
1,335
190,999
186,576
4,423
Tenet
Healthcare
Corp.
..
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
B
USD
4,295
719,256
743,204
(23,948)
Tenet
Healthcare
Corp.
..
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/31
B
USD
2,965
496,529
513,062
(16,533)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
BBB-
USD
1,199
(373,204)
(3,253)
(369,951)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Goldman
Sachs
International
09/17/58
BBB-
USD
587
(182,914)
(72,212)
(
110,702)
CMBX.NA.9.BBB-
.....
3.00
Monthly
JPMorgan
Securities
LLC
09/17/58
BBB-
USD
1,033
(321,565)
(262,403)
(59,162)
CMBX.NA.9.BBB-
.....
3.00
Monthly
JPMorgan
Securities
LLC
09/17/58
BBB-
USD
1,271
(395,808)
—
(
395,808)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
BBB-
USD
1,823
(567,467)
2,143
(569,610)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
BBB-
USD
1,242
(
386,587)
(369,722)
(16,865)
CMBX.NA.10.BBB-
....
3.00
Monthly
JPMorgan
Securities
LLC
11/17/59
BBB-
USD
270
(73,848)
—
(73,848)
$
49,904,459
$
54,516,528
$
(4,612,069)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
8.07%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
N/A
09/17/26
COP
8,620,728
$
57,674
$
—
$
57,674
8.61%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
N/A
09/17/26
COP
4,297,403
22,708
—
22,708
8.64%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
N/A
09/17/26
COP
2,151,587
11,229
—
11,229
8.69%
At
Termination
1-day
IBR
At
Termination
Barclays
Bank
plc
N/A
09/17/26
COP
2,149,777
10,912
—
10,912
8.73%
At
Termination
1-day
IBR
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
09/17/26
COP
4,298,962
21,373
—
21,373
7.25%
Quarterly
1-day
IBR
Quarterly
Barclays
Bank
plc
N/A
09/25/26
COP
10,981,700
62,398
—
62,398
1-day
BZDIOVER
At
Termination
10.06%
At
Termination
JPMorgan
Chase
Bank
NA
N/A
01/04/27
BRL
268,512
(6,168,426)
—
(6,168,426)
1-day
BZDIOVER
At
Termination
14.11%
At
Termination
Goldman
Sachs
International
N/A
01/04/27
BRL
146,055
(181,704)
—
(181,704)
10.97%
At
Termination
1-day
BZDIOVER
At
Termination
Barclays
Bank
plc
N/A
01/04/27
BRL
390,651
5,324,410
—
5,324,410
11.57%
At
Termination
1-day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
171,472
1,773,913
—
1,773,913
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
163
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
15.41%
At
Termination
1-day
BZDIOVER
At
Termination
Citibank
NA
N/A
01/04/27
BRL
190,642
$
(919,520)
$
—
$
(919,520)
1-day
BZDIOVER
At
Termination
10.00%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
276,479
(6,475,370)
—
(6,475,370)
1-day
BZDIOVER
At
Termination
10.03%
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
01/04/27
BRL
268,801
(6,245,367)
—
(6,245,367)
1-day
BZDIOVER
At
Termination
10.07%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
241,046
(5,672,056)
—
(5,672,056)
1-day
BZDIOVER
At
Termination
10.16%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
1,830
(41,905)
—
(41,905)
1-day
BZDIOVER
At
Termination
10.32%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
4,687
(81,589)
—
(
81,589)
1-day
BZDIOVER
At
Termination
12.84%
At
Termination
Citibank
NA
N/A
01/04/27
BRL
7,029
(36,602)
—
(36,602)
1-day
BZDIOVER
At
Termination
13.09%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
78,857
(339,420)
—
(
339,420)
1-day
BZDIOVER
At
Termination
14.55%
At
Termination
Bank
of
America
NA
N/A
01/04/27
BRL
142,841
50,845
—
50,845
1-day
BZDIOVER
At
Termination
9.79%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
327,727
(7,007,660)
—
(7,007,660)
1-day
BZDIOVER
At
Termination
9.99%
At
Termination
Citibank
NA
N/A
01/04/27
BRL
269,132
(6,333,432)
—
(6,333,432)
1-day
IBR
Quarterly
9.31%
Quarterly
Goldman
Sachs
International
N/A
12/17/27
COP
72,082,094
(860,126)
—
(860,126)
1-day
IBR
Quarterly
9.31%
Quarterly
Goldman
Sachs
International
N/A
12/17/27
COP
66,035,580
(787,975)
—
(787,975)
1-day
IBR
Quarterly
9.37%
Quarterly
Goldman
Sachs
International
N/A
12/17/27
COP
65,551,964
(
765,302)
—
(765,302)
1-day
IBR
Quarterly
9.37%
Quarterly
Goldman
Sachs
International
N/A
12/17/27
COP
71,554,276
(835,378)
—
(835,378)
1-day
IBR
Quarterly
9.54%
Quarterly
Morgan
Stanley
&
Co.
International
plc
N/A
12/17/27
COP
142,061,707
(1,554,748)
—
(1,554,748)
1-day
IBR
Quarterly
9.54%
Quarterly
Morgan
Stanley
&
Co.
International
plc
N/A
12/17/27
COP
130,144,863
(1,424,328)
—
(
1,424,328)
4.44%
Semi-Annual
1-day
CLICP
Semi-Annual
Bank
of
America
NA
N/A
12/17/27
CLP
66,248,741
566,631
—
566,631
4.44%
Semi-Annual
1-day
CLICP
Semi-Annual
Goldman
Sachs
International
N/A
12/17/27
CLP
66,119,080
565,522
—
565,522
1-day
IBR
Quarterly
10.78%
Quarterly
Goldman
Sachs
International
N/A
03/18/28
COP
16,496,436
(104,193)
—
(104,193)
1-day
BZDIOVER
At
Termination
12.44%
At
Termination
JPMorgan
Chase
Bank
NA
N/A
01/02/29
BRL
553,536
(
6,281,857)
—
(6,281,857)
1-day
BZDIOVER
At
Termination
12.95%
At
Termination
Bank
of
America
NA
N/A
01/02/29
BRL
164,597
(1,059,066)
—
(1,059,066)
1-day
BZDIOVER
At
Termination
13.00%
At
Termination
Bank
of
America
NA
N/A
01/02/29
BRL
191,556
(1,162,475)
—
(1,162,475)
1-day
BZDIOVER
At
Termination
13.00%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
294,701
(1,788,423)
—
(1,788,423)
1-day
BZDIOVER
At
Termination
13.12%
At
Termination
Bank
of
America
NA
N/A
01/02/29
BRL
769,382
(4,079,649)
—
(4,079,649)
1-day
BZDIOVER
At
Termination
13.31%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
17,818
(72,017)
—
(72,017)
1-day
BZDIOVER
At
Termination
13.33%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
28,425
(122,636)
—
(122,636)
1-day
BZDIOVER
At
Termination
13.34%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
97,836
(381,950)
—
(
381,950)
1-day
BZDIOVER
At
Termination
13.34%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
17,833
(62,417)
—
(62,417)
1-day
BZDIOVER
At
Termination
13.35%
At
Termination
Bank
of
America
NA
N/A
01/02/29
BRL
102,804
(397,854)
—
(397,854)
1-day
BZDIOVER
At
Termination
13.42%
At
Termination
Bank
of
America
NA
N/A
01/02/29
BRL
35,618
(119,684)
—
(119,684)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
164
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
13.15%
At
Termination
Goldman
Sachs
International
N/A
01/02/29
BRL
108,452
$
(609,675)
$
—
$
(609,675)
1-day
BZDIOVER
At
Termination
14.03%
At
Termination
Barclays
Bank
plc
N/A
01/02/29
BRL
36,210
54,712
—
54,712
9.36%
Quarterly
1-day
IBR
Quarterly
Goldman
Sachs
International
N/A
12/17/29
COP
36,628,133
719,902
—
719,902
9.36%
Quarterly
1-day
IBR
Quarterly
Goldman
Sachs
International
N/A
12/17/29
COP
40,018,787
786,543
—
786,543
9.42%
Quarterly
1-day
IBR
Quarterly
Goldman
Sachs
International
N/A
12/17/29
COP
36,520,710
699,826
—
699,826
9.42%
Quarterly
1-day
IBR
Quarterly
Goldman
Sachs
International
N/A
12/17/29
COP
39,901,441
764,609
—
764,609
9.54%
Quarterly
1-day
IBR
Quarterly
Morgan
Stanley
&
Co.
International
plc
N/A
12/17/29
COP
78,250,033
1,422,478
—
1,422,478
9.54%
Quarterly
1-day
IBR
Quarterly
Morgan
Stanley
&
Co.
International
plc
N/A
12/17/29
COP
71,620,122
1,301,955
—
1,301,955
10.60%
Quarterly
1-day
IBR
Quarterly
Goldman
Sachs
International
N/A
03/18/30
COP
9,124,479
87,037
—
87,037
1-day
BZDIOVER
At
Termination
13.04%
At
Termination
Barclays
Bank
plc
N/A
01/02/31
BRL
134,002
(1,106,239)
—
(1,106,239)
1-day
IBR
Quarterly
11.03%
Quarterly
HSBC
Bank
plc
N/A
03/18/31
COP
6,191,966
(29,420)
—
(29,420)
5.42%
Semi-Annual
1-day
CLICP
Semi-Annual
BNP
Paribas
SA
06/17/26
(a)
06/17/36
CLP
8,687,652
(82,140)
—
(
82,140)
$
(48,885,926)
$
—
$
(48,885,926)
(a)
Forward
swap.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Microsoft
Corp.
.....
Quarterly
1-day
SOFR
plus
0.25%
Quarterly
JPMorgan
Chase
Bank
NA
06/18/26
USD
10
$
215,608
$
—
$
215,608
Rheinmetall
AG
.....
At
Termination
1-day
ESTR
At
Termination
Citibank
NA
06/19/26
EUR
9
666,291
—
666,291
1-day
SOFR
minus
0.50%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Bank
of
America
NA
06/22/26
USD
4,602
2,691,865
—
2,691,865
1-day
SOFR
minus
0.55%
.........
At
Termination
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
At
Termination
Goldman
Sachs
International
06/22/26
USD
1,043
176,626
—
176,626
1-day
SOFR
minus
0.70%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
JPMorgan
Chase
Bank
NA
06/22/26
USD
4,096
2,409,987
—
2,409,987
1-day
SOFR
minus
0.95%
.........
At
Termination
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
At
Termination
Citibank
NA
06/22/26
USD
507
300,546
—
300,546
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
...........
At
Termination
1-day
SOFR
minus
1.65%
At
Termination
Morgan
Stanley
&
Co.
International
plc
06/22/26
USD
27
(16,246)
—
(16,246)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
165
OTC
Total
Return
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.00%
...........
Quarterly
DB
Variable
Notional
Long-
Short
Cross-
Currency
Carry
Index
v8
Quarterly
Deutsche
Bank
AG
12/11/26
USD
5,175
$
31,455
$
—
$
31,455
0.00%
...........
Quarterly
BNP
Paribas
AIR
Intraday
US
Ultimate
1
bd
ER
Index
Quarterly
BNP
Paribas
SA
12/18/26
USD
1,009
521
—
521
0.00%
...........
Quarterly
Citi
Equity
US
1W
Volatility
Carry
Index
Quarterly
Citibank
NA
12/18/26
USD
2,916
34,102
—
34,102
0.00%
...........
Quarterly
Goldman
Sachs
Systematic
Skew
US
Series
I1D
Excess
Return
Index
Quarterly
Goldman
Sachs
International
12/18/26
USD
3,634
27,528
—
27,528
0.00%
...........
Quarterly
Goldman
Sachs
TY
Weekly
Volatility
Carry
Index
Quarterly
Goldman
Sachs
International
12/18/26
USD
4,907
(61,842)
—
(61,842)
0.00%
...........
Quarterly
J.P.
Morgan
EM
FX
Volatility
Carry
Index
Quarterly
JPMorgan
Chase
Bank
NA
12/18/26
USD
3,024
1,231
—
1,231
$
6,477,672
$
—
$
6,477,672
Equity
Swap
Contracts
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Long
contracts
(a)
3i
Group
plc
...............
Barclays
Bank
plc
USD
910,681
03/26/27
0.25%
1D
OBFR01
Monthly
$
11,645
Accenture
plc
..............
Barclays
Bank
plc
2,040,203
01/25/27
0.20%
1D
OBFR01
Monthly
(17,644)
Accor
SA
.................
Barclays
Bank
plc
1,392,255
03/15/27
0.26%
1D
ESTR
Monthly
41,845
Ackermans
&
van
Haaren
NV
...
Citibank
NA
3,288,536
02/24/27
0.26%
1D
ESTR
Monthly
63,322
Aegon
Ltd.
................
Citibank
NA
1,355,734
02/24/27
0.26%
1D
ESTR
Monthly
69,614
Agilent
Technologies,
Inc.
......
Citibank
NA
2,486,816
02/24/28
0.20%
1D
OBFR01
Monthly
43,540
Air
Liquide
SA
..............
Barclays
Bank
plc
3,377,253
03/15/27
0.26%
1D
ESTR
Monthly
260,641
Airbnb,
Inc.
................
Barclays
Bank
plc
1,969,960
01/25/27
0.20%
1D
OBFR01
Monthly
(88,388)
Airbus
SE
.................
Barclays
Bank
plc
1,172,225
03/15/27
0.26%
1D
ESTR
Monthly
27
Alibaba
Group
Holding
Ltd.
.....
JPMorgan
Chase
Bank
NA
2,428,452
02/10/27
0.30%
HONIA
Monthly
(71,009)
Alibaba
Group
Holding
Ltd.
.....
Merrill
Lynch
International
&
Co.
516,345
02/15/28
0.30%
HONIA
Monthly
15,020
Allegro.eu
SA
..............
JPMorgan
Chase
Bank
NA
1,645,440
02/11/27
0.50%
1D
OBFR01
Monthly
(91,410)
Alps
Alpine
Co.
Ltd.
..........
Citibank
NA
1,233,302
02/24/27
0.15%
1D
P
TONA
Monthly
30,769
Altria
Group,
Inc.
............
Barclays
Bank
plc
1,313,556
01/25/27
0.20%
1D
OBFR01
Monthly
32,640
AMC
Networks,
Inc.
..........
Barclays
Bank
plc
1,247,379
01/25/27
0.20%
1D
OBFR01
Monthly
(25,199)
AMC
Networks,
Inc.
..........
JPMorgan
Chase
Bank
NA
3,365,504
02/09/27
0.20%
1D
OBFR01
Monthly
(526,775)
Amphenol
Corp.
............
Merrill
Lynch
International
&
Co.
1,878,722
02/15/28
0.00%
1D
OBFR01
Monthly
(59,282)
AP
Moller
-
Maersk
A/S
........
Merrill
Lynch
International
&
Co.
1,004,891
02/15/28
0.26%
1D
OBFR01
Monthly
(5,738)
APA
Corp.
................
Merrill
Lynch
International
&
Co.
956,758
02/15/28
0.20%
1D
OBFR01
Monthly
218,830
ARC
Resources
Ltd.
..........
Citibank
NA
1,105,495
02/24/28
0.20%
1D
CORRA
Monthly
(25,411)
Arista
Networks,
Inc.
.........
Citibank
NA
1,076,665
02/24/28
0.20%
1D
OBFR01
Monthly
(57,591)
ASM
International
NV
.........
Barclays
Bank
plc
782,444
03/15/27
0.26%
1D
ESTR
Monthly
(24,491)
Assurant,
Inc.
..............
Barclays
Bank
plc
1,325,246
01/25/27
0.20%
1D
OBFR01
Monthly
3,395
Atlas
Copco
AB
.............
Barclays
Bank
plc
2,285,754
04/26/27
0.28%
1D
STIBOR
Monthly
77,156
AutoZone,
Inc.
..............
JPMorgan
Chase
Bank
NA
2,203,608
02/09/27
0.20%
1D
OBFR01
Monthly
(176,940)
Avolta
AG
.................
Citibank
NA
1,666,083
02/24/27
0.26%
SSARON
Monthly
60,660
AXA
SA
..................
Barclays
Bank
plc
1,603,846
03/15/27
0.26%
1D
ESTR
Monthly
68,791
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
166
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Baidu,
Inc.
................
JPMorgan
Chase
Bank
NA
USD
2,296,848
02/10/27
0.30%
HONIA
Monthly
$
(121,142)
Baidu,
Inc.
................
Merrill
Lynch
International
&
Co.
491,239
02/15/28
0.50%
HONIA
Monthly
(1,192)
Ball
Corp.
.................
Barclays
Bank
plc
1,025,376
01/25/27
0.20%
1D
OBFR01
Monthly
14,960
Banco
BPM
SpA
............
Citibank
NA
1,195,371
02/24/27
0.12%
1D
ESTR
Monthly
38,489
Banco
de
Sabadell
SA
........
JPMorgan
Chase
Bank
NA
1,766,231
02/11/27
0.26%
1D
ESTR
Monthly
38,529
Bandai
Namco
Holdings,
Inc.
....
Barclays
Bank
plc
1,051,517
01/14/27
0.15%
1D
P
TONA
Monthly
(42,497)
Barclays
plc
...............
Citibank
NA
1,342,591
02/24/27
0.25%
1D
SONIA
Monthly
46,376
Barrick
Mining
Corp.
..........
Barclays
Bank
plc
1,713,795
08/25/26
0.20%
CABROVER
Monthly
149,737
BCE,
Inc.
.................
Merrill
Lynch
International
&
Co.
1,874,052
02/15/28
0.20%
CABROVER
Monthly
(16,989)
Bendigo
&
Adelaide
Bank
Ltd.
...
JPMorgan
Chase
Bank
NA
1,315,684
02/10/27
0.25%
1D
AONIA
Monthly
(14,733)
Bilibili,
Inc.
................
JPMorgan
Chase
Bank
NA
1,369,262
02/10/27
0.15%
HONIA
Monthly
(124,094)
Bilibili,
Inc.
................
Merrill
Lynch
International
&
Co.
294,075
02/15/28
0.15%
HONIA
Monthly
(10,509)
Block,
Inc.
................
Citibank
NA
722,983
02/24/28
0.20%
1D
OBFR01
Monthly
41,303
Booking
Holdings,
Inc.
........
Barclays
Bank
plc
2,198,395
01/25/27
0.20%
1D
OBFR01
Monthly
(93,235)
British
Land
Co.
plc
(The)
......
Citibank
NA
1,044,540
02/24/27
0.25%
1D
SONIA
Monthly
24,995
Broadridge
Financial
Solutions,
Inc.
Barclays
Bank
plc
3,682,022
01/25/27
0.20%
1D
OBFR01
Monthly
(156,206)
Bureau
Veritas
SA
...........
Merrill
Lynch
International
&
Co.
2,495,289
02/15/28
0.26%
1D
ESTR
Monthly
(145,673)
BYD
Co.
Ltd.
...............
Merrill
Lynch
International
&
Co.
319,240
02/15/28
0.30%
HONIA
Monthly
8,872
Cencora,
Inc.
..............
Merrill
Lynch
International
&
Co.
1,335,013
02/15/28
0.00%
1D
OBFR01
Monthly
15,789
CGI,
Inc.
.................
JPMorgan
Chase
Bank
NA
2,392,230
02/09/27
0.20%
CABROVER
Monthly
(30,854)
China
Galaxy
Securities
Co.
Ltd.
.
Merrill
Lynch
International
&
Co.
230,324
02/15/28
0.30%
HONIA
Monthly
(26,439)
China
Overseas
Land
&
Investment
Ltd.
...................
JPMorgan
Chase
Bank
NA
2,036,413
02/10/27
0.26%
HONIA
Monthly
(229,708)
China
Overseas
Land
&
Investment
Ltd.
...................
Merrill
Lynch
International
&
Co.
765,647
02/15/28
0.15%
HONIA
Monthly
(79,651)
China
Resources
Land
Ltd.
.....
Merrill
Lynch
International
&
Co.
243,290
02/15/28
0.30%
HONIA
Monthly
(11,644)
Chow
Tai
Fook
Jewellery
Group
Ltd.
Merrill
Lynch
International
&
Co.
1,086,958
02/15/28
0.30%
HONIA
Monthly
(46,827)
Cie
Financiere
Richemont
SA
...
Barclays
Bank
plc
1,303,598
04/02/27
0.26%
SSARON
Monthly
38,305
Cirsa
Enterprises
SA
.........
JPMorgan
Chase
Bank
NA
2,108,789
02/11/27
0.26%
1D
ESTR
Monthly
(40,437)
CITIC
Ltd.
.................
Merrill
Lynch
International
&
Co.
1,134,026
02/15/28
0.30%
HONIA
Monthly
47,698
CMS
Energy
Corp.
...........
Citibank
NA
1,969,968
02/24/28
0.20%
1D
OBFR01
Monthly
78,144
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
...................
Citibank
NA
1,027,561
02/24/27
0.25%
1D
P
TONA
Monthly
(9,068)
Coloplast
A/S
..............
JPMorgan
Chase
Bank
NA
1,735,781
02/11/27
0.25%
DESTR
Monthly
(32,808)
Conagra
Brands,
Inc.
.........
Citibank
NA
1,258,444
02/24/28
0.20%
1D
OBFR01
Monthly
21,164
Cooper
Cos.,
Inc.
(The)
.......
Barclays
Bank
plc
1,481,056
01/25/27
0.19%
1D
OBFR01
Monthly
27,594
Coterra
Energy,
Inc.
..........
Merrill
Lynch
International
&
Co.
1,289,520
02/15/28
0.00%
1D
OBFR01
Monthly
(31,508)
Covivio
SA/France
...........
Barclays
Bank
plc
1,740,023
03/15/27
0.26%
1D
ESTR
Monthly
(24,812)
Credit
Saison
Co.
Ltd.
.........
JPMorgan
Chase
Bank
NA
1,720,055
02/10/27
0.25%
1D
P
TONA
Monthly
(62,803)
CRH
plc
..................
JPMorgan
Chase
Bank
NA
2,253,035
02/09/27
0.20%
1D
OBFR01
Monthly
70,117
CSG
NV
..................
JPMorgan
Chase
Bank
NA
15,365,542
02/11/27
0.26%
1D
ESTR
Monthly
(4,344,840)
Daiichi
Sankyo
Co.
Ltd.
........
JPMorgan
Chase
Bank
NA
816,514
02/10/27
0.25%
1D
P
TONA
Monthly
(2,489)
Darden
Restaurants,
Inc.
......
Barclays
Bank
plc
1,625,625
01/25/27
0.15%
1D
OBFR01
Monthly
1,507
Deckers
Outdoor
Corp.
........
Merrill
Lynch
International
&
Co.
1,853,492
02/15/28
0.00%
1D
OBFR01
Monthly
(11,836)
Denso
Corp.
...............
Citibank
NA
1,864,812
02/24/27
0.15%
1D
P
TONA
Monthly
104,921
Deutsche
Bank
AG
(Registered)
..
Citibank
NA
1,407,971
02/24/27
0.26%
1D
ESTR
Monthly
35,393
Dexus
...................
JPMorgan
Chase
Bank
NA
2,143,042
02/10/27
0.25%
1D
AONIA
Monthly
(27,677)
Digital
Realty
Trust,
Inc.
.......
Citibank
NA
1,147,055
02/24/28
0.20%
1D
OBFR01
Monthly
24,310
Diploma
plc
................
Merrill
Lynch
International
&
Co.
3,250,196
02/15/28
0.25%
1D
SONIA
Monthly
662,061
Dollar
General
Corp.
.........
Merrill
Lynch
International
&
Co.
1,287,773
02/15/28
0.20%
1D
OBFR01
Monthly
(147,965)
DR
Horton,
Inc.
.............
Merrill
Lynch
International
&
Co.
1,273,064
02/15/28
0.00%
1D
OBFR01
Monthly
(10,640)
DWS
Group
GmbH
&
Co.
KGaA
..
JPMorgan
Chase
Bank
NA
1,528,175
02/11/27
0.26%
1D
ESTR
Monthly
17,986
Eagle
Bancorp,
Inc.
..........
JPMorgan
Chase
Bank
NA
1,637,439
02/09/27
0.20%
1D
OBFR01
Monthly
(7,210)
Eaton
Corp.
plc
.............
Barclays
Bank
plc
2,038,301
01/25/27
0.20%
1D
OBFR01
Monthly
418
eBay,
Inc.
.................
JPMorgan
Chase
Bank
NA
1,424,441
02/09/27
0.20%
1D
OBFR01
Monthly
(22,733)
Eisai
Co.
Ltd.
..............
Merrill
Lynch
International
&
Co.
1,337,879
03/15/28
0.00%
1D
P
TONA
Monthly
61,536
Endeavour
Mining
plc
.........
Merrill
Lynch
International
&
Co.
958,836
02/15/28
0.25%
1D
SONIA
Monthly
113,610
Epiroc
AB
.................
Citibank
NA
1,283,495
02/24/27
0.26%
TN
STIBOR
Monthly
55,661
Equinor
ASA
...............
Barclays
Bank
plc
1,536,155
04/26/27
0.15%
NOWA
Monthly
155,239
EXOR
NV
.................
Barclays
Bank
plc
1,413,692
03/15/27
0.26%
1D
ESTR
Monthly
33,061
FactSet
Research
Systems,
Inc.
..
JPMorgan
Chase
Bank
NA
1,266,041
02/09/27
0.20%
1D
OBFR01
Monthly
(7,499)
Far
EasTone
Telecommunications
Co.
Ltd.
................
Merrill
Lynch
International
&
Co.
1,327,007
02/15/28
0.40%
1D
OBFR01
Monthly
(12,793)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
167
Equity
Swap
Contracts
(continued)
Reference
Entity
Counterparty
Notional
Amount
Termination
Date
Spread
Reference
Rate
Payment
Frequency
Value/Unrealized
Appreciation
(Depreciation)
Fastenal
Co.
...............
Barclays
Bank
plc
USD
2,373,002
01/25/27
0.20%
1D
OBFR01
Monthly
$
95,478
FDJ
UNITED
...............
Barclays
Bank
plc
1,289,411
03/15/27
0.26%
1D
ESTR
Monthly
14,290
Ferrari
NV
................
Citibank
NA
916,583
02/24/27
0.05%
1D
ESTR
Monthly
33,468
Ferrovial
SE
...............
JPMorgan
Chase
Bank
NA
2,280,844
02/11/27
0.26%
1D
ESTR
Monthly
9,143
FinecoBank
Banca
Fineco
SpA
..
Merrill
Lynch
International
&
Co.
1,723,213
02/15/28
0.26%
1D
ESTR
Monthly
45,561
First
Financial
Holding
Co.
Ltd.
...
JPMorgan
Chase
Bank
NA
2,212,216
02/11/27
0.35%
1D
OBFR01
Monthly
(34,664)
FirstRand
Ltd.
..............
JPMorgan
Chase
Bank
NA
2,175,971
02/11/27
0.40%
1D
RAONON
Monthly
(48,897)
Flagstar
Bank
NA
............
JPMorgan
Chase
Bank
NA
6,793,566
02/09/27
0.20%
1D
OBFR01
Monthly
346,997
Fomento
Economico
Mexicano
SAB
de
CV
.................
JPMorgan
Chase
Bank
NA
785,054
02/10/27
0.50%
TIIEFONDEO
Monthly
22,052
Ford
Motor
Co.
.............
Merrill
Lynch
International
&
Co.
2,457,929
02/15/28
0.20%
1D
OBFR01
Monthly
(35,683)
Fortis,
Inc.
................
Citibank
NA
4,082,418
02/24/28
0.20%
1D
CORRA
Monthly
96,282
Franklin
Resources,
Inc.
.......
Citibank
NA
2,158,170
02/24/28
0.20%
1D
OBFR01
Monthly
(25,284)
Freeport-McMoRan,
Inc.
.......
Barclays
Bank
plc
1,598,754
01/25/27
0.20%
1D
OBFR01
Monthly
111,744
Fresnillo
plc
...............
Merrill
Lynch
International
&
Co.
1,352,414
02/15/28
0.25%
1D
SONIA
Monthly
(31,499)
Fuyao
Glass
Industry
Group
Co.
Ltd.
Merrill
Lynch
International
&
Co.
1,364,669
02/15/28
0.30%
HONIA
Monthly
16,454
Galderma
Group
AG
..........
JPMorgan
Chase
Bank
NA
3,350,493
02/10/27
0.26%
SSARON
Monthly
309,949
GEA
Group
AG
.............
Citibank
NA
1,768,105
02/24/27
0.26%
1D
ESTR
Monthly
53,525
Goodman
Group
............
Merrill
Lynch
International
&
Co.
1,978,392
02/15/28
0.25%
1D
AONIA
Monthly
37,786
Grupo
Mateus
SA
...........
Merrill
Lynch
International
&
Co.
957,821
02/15/28
0.00%
1D
OBFR01
Monthly
58,164
Guangdong
Huayan
Robotics
Co.
Ltd.
...................
JPMorgan
Chase
Bank
NA
47,349
02/10/27
0.30%
HONIA
Monthly
307
H
World
Group
Ltd.
..........
Merrill
Lynch
International
&
Co.
1,123,445
02/15/28
0.00%
1D
OBFR01
Monthly
13,109
Harmonic
Drive
Systems,
Inc.
...
Merrill
Lynch
International
&
Co.
258,653
03/15/28
0.15%
1D
P
TONA
Monthly
(37,534)
Heineken
Holding
NV
.........
JPMorgan
Chase
Bank
NA
3,599,976
02/11/27
0.26%
1D
ESTR
Monthly
(255,162)
Hesai
Group
...............
Citibank
NA
1,463,379
02/24/27
0.30%
HONIA
Monthly
(200,256)
Hirose
Electric
Co.
Ltd.
........
Barclays
Bank
plc
1,940,367
01/14/27
0.00%
1D
P
TONA
Monthly
10,253
Home
Depot,
Inc.
(The)
.......
Merrill
Lynch
International
&
Co.
1,389,154
02/15/28
0.00%
1D
OBFR01
Monthly
(7,816)
Hon
Precision,
Inc.
...........
JPMorgan
Chase
Bank
NA
1,546,701
02/11/27
0.35%
1D
OBFR01
Monthly
(218,946)
Host
Hotels
&
Resorts,
Inc.
.....
Merrill
Lynch
International
&
Co.
1,960,808
02/15/28
0.20%
1D
OBFR01
Monthly
47,160
Hydro
One
Ltd.
.............
Barclays
Bank
plc
2,458,742
08/25/26
0.20%
CABROVER
Monthly
39,802
Hypera
SA
................
JPMorgan
Chase
Bank
NA
1,593,645
02/10/27
0.40%
1D
OBFR01
Monthly
89,801
Illinois
Tool
Works,
Inc.
........
Citibank
NA
2,355,207
02/24/28
0.20%
1D
OBFR01
Monthly
(12,597)
Incyte
Corp.
...............
Citibank
NA
1,049,187
02/24/28
0.20%
1D
OBFR01
Monthly
42,605
Industria
de
Diseno
Textil
SA
....
Merrill
Lynch
International
&
Co.
907,796
02/15/28
0.26%
1D
OBFR01
Monthly
17,724
INFRONEER
Holdings,
Inc.
.....
Barclays
Bank
plc
1,837,244
01/14/27
0.00%
1D
P
TONA
Monthly
(28,159)
Intact
Financial
Corp.
.........
Merrill
Lynch
International
&
Co.
2,365,815
02/15/28
0.00%
CABROVER
Monthly
(46,338)
Intertek
Group
plc
...........
Citibank
NA
3,298,284
02/24/27
0.25%
1D
SONIA
Monthly
34,855
Intuitive
Surgical,
Inc.
.........
Citibank
NA
1,959,964
02/24/28
0.20%
1D
OBFR01
Monthly
(69,905)
Ipsen
SA
.................
Citibank
NA
754,753
02/24/27
0.26%
1D
ESTR
Monthly
67,535
Isetan
Mitsukoshi
Holdings
Ltd.
..
Citibank
NA
777,361
02/24/27
0.21%
1D
P
TONA
Monthly
38,886
Isuzu
Motors
Ltd.
............
Citibank
NA
2,749,198
02/24/27
0.25%
1D
P
TONA
Monthly
11,429
J
M
Smucker
Co.
(The)
........
JPMorgan
Chase
Bank
NA
2,082,586
02/09/27
0.20%
1D
OBFR01
Monthly
(173,074)
J
Sainsbury
plc
.............
Citibank
NA
2,057,567
02/24/27
0.25%
1D
SONIA
Monthly
87,670
Jacobs
Solutions,
Inc.
.........
Barclays
Bank
plc
1,075,022
01/25/27
0.20%
1D
OBFR01
Monthly
19,586
Japan
Post
Bank
Co.
Ltd.
......
Citibank
NA
1,224,514
02/24/27
0.15%
1D
P
TONA
Monthly
34,635
Japan
Post
Holdings
Co.
Ltd.
....
Citibank
NA
1,482,276
02/24/27
0.25%
1D
P
TONA
Monthly
60,331
Japan
Tobacco,
Inc.
..........
Citibank
NA
1,402,917
02/24/27
0.25%
1D
P
TONA
Monthly
97,110
JB
Hi-Fi
Ltd.
...............
JPMorgan
Chase
Bank
NA
760,401
02/10/27
0.25%
1D
AONIA
Monthly
(46,956)
JD.com,
Inc.
...............
JPMorgan
Chase
Bank
NA
1,976,015
02/10/27
0.30%
HONIA
Monthly
191,577
JD.com,
Inc.
...............
Merrill
Lynch
International
&
Co.
443,578
02/15/28
0.30%
HONIA
Monthly
44,333
JFE
Holdings,
Inc.
...........
Barclays
Bank
plc
1,635,935
01/14/27
0.15%
1D
P
TONA
Monthly
(1,601)
JTEKT
Corp.
...............
JPMorgan
Chase
Bank
NA
1,347,756
02/10/27
0.25%
1D
P
TONA
Monthly
(42,136)
Julius
Baer
Group
Ltd.
........
Merrill
Lynch
International
&
Co.
2,317,308
02/15/28
0.26%
SSARON
Monthly
(357)
Kajima
Corp.
...............
Merrill
Lynch
International
&
Co.
2,131,283
03/15/28
0.25%
1D
P
TONA
Monthly
5,043
Kao
Corp.
.................
Barclays
Bank
plc
2,054,849
01/14/27
0.15%
1D
P
TONA
Monthly
58,918
Kawasaki
Kisen
Kaisha
Ltd.
.....
Merrill
Lynch
International
&
Co.
1,054,093
03/15/28
0.25%
1D
P
TONA
Monthly
13,394
KBC
Group
NV
.............
Merrill
Lynch
International
&
Co.
2,414,755
02/15/28
0.26%
1D
ESTR
Monthly
(3,633)
Keppel
DC
REIT
............
JPMorgan
Chase
Bank
NA
1,809,152
02/10/27
0.30%
1D
OBFR01
Monthly
(79,018)
Kerry
Properties
Ltd.
.........
Merrill
Lynch
International
&
Co.
2,058,531
02/15/28
0.30%
HONIA
Monthly
(98,675)
Keurig
Dr
Pepper,
Inc.
........
Citibank
NA
2,708,100
02/24/28
0.20%
1D
OBFR01
Monthly
(22,440)
Keyence
Corp.
.............
Barclays
Bank
plc
1,448,222
01/14/27
0.15%
1D
P
TONA
Monthly
10,998
Kimco
Realty
Corp.
..........
Citibank
NA
2,029,380
02/24/28
0.20%
1D
OBFR01
Monthly
(20,562)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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)
Kokusai
Electric
Corp.
........
Barclays
Bank
plc
USD
1,352,115
01/14/27
0.15%
1D
P
TONA
Monthly
$
24,143
Kuaishou
Technology
.........
JPMorgan
Chase
Bank
NA
1,299,727
02/10/27
0.86%
HONIA
Monthly
(274,810)
Kuaishou
Technology
.........
Merrill
Lynch
International
&
Co.
259,238
02/15/28
0.00%
HONIA
Monthly
(27,748)
Land
Securities
Group
plc
......
Barclays
Bank
plc
1,551,688
03/26/27
0.15%
1D
SONIA
Monthly
31,254
Lasertec
Corp.
.............
Barclays
Bank
plc
847,918
01/14/27
0.15%
1D
P
TONA
Monthly
86,891
Legrand
SA
...............
Citibank
NA
1,167,000
02/24/27
0.26%
1D
ESTR
Monthly
(1,840)
Lendlease
Corp.
Ltd.
.........
JPMorgan
Chase
Bank
NA
1,187,069
02/10/27
0.25%
1D
AONIA
Monthly
(122,003)
Lenovo
Group
Ltd.
...........
JPMorgan
Chase
Bank
NA
1,456,033
02/10/27
0.15%
HONIA
Monthly
49,763
Lionsgate
Studios
Corp.
.......
JPMorgan
Chase
Bank
NA
1,135,355
02/09/27
0.20%
1D
OBFR01
Monthly
(98,398)
Lojas
Renner
SA
............
JPMorgan
Chase
Bank
NA
967,105
02/10/27
0.40%
1D
OBFR01
Monthly
18,133
London
Stock
Exchange
Group
plc
JPMorgan
Chase
Bank
NA
1,572,587
02/11/27
0.25%
1D
SONIA
Monthly
45,215
Lundin
Gold,
Inc.
............
Barclays
Bank
plc
761,106
08/25/26
0.15%
CABROVER
Monthly
71,889
LVMH
Moet
Hennessy
Louis
Vuitton
SE
...................
JPMorgan
Chase
Bank
NA
2,488,694
02/11/27
0.26%
1D
ESTR
Monthly
(83,436)
LY
Corp.
..................
Merrill
Lynch
International
&
Co.
1,807,182
03/15/28
0.25%
1D
P
TONA
Monthly
(65,138)
Macquarie
Group
Ltd.
.........
Merrill
Lynch
International
&
Co.
1,484,227
02/15/28
0.25%
1D
AONIA
Monthly
92,604
Magellan
Financial
Group
Ltd.
...
Merrill
Lynch
International
&
Co.
1,370,245
02/15/28
0.25%
1D
AONIA
Monthly
(44,078)
Marriott
International,
Inc.
......
Merrill
Lynch
International
&
Co.
1,088,371
02/15/28
0.00%
1D
OBFR01
Monthly
23,667
Mastercard,
Inc.
.............
Barclays
Bank
plc
1,973,114
01/25/27
0.20%
1D
OBFR01
Monthly
25,526
Mercedes-Benz
Group
AG
......
JPMorgan
Chase
Bank
NA
2,146,544
02/11/27
0.26%
1D
ESTR
Monthly
(50,659)
MetLife,
Inc.
...............
Merrill
Lynch
International
&
Co.
2,902,923
02/15/28
0.00%
1D
OBFR01
Monthly
67,317
Metro
Inc/CN
..............
Merrill
Lynch
International
&
Co.
1,192,805
02/15/28
0.00%
CABROVER
Monthly
(2,285)
Mirvac
Group
..............
Merrill
Lynch
International
&
Co.
3,469,135
02/15/28
0.25%
1D
AONIA
Monthly
(81,838)
Mitsubishi
Materials
Corp.
......
Citibank
NA
1,115,481
02/24/27
0.25%
1D
P
TONA
Monthly
59,942
Mitsui
Kinzoku
Co.
Ltd.
........
Citibank
NA
882,441
02/24/27
0.25%
1D
P
TONA
Monthly
28,046
Moderna,
Inc.
..............
Citibank
NA
909,107
02/24/28
0.20%
1D
OBFR01
Monthly
(4,867)
Morinaga
Milk
Industry
Co.
Ltd.
..
Citibank
NA
1,193,582
02/24/27
0.25%
1D
P
TONA
Monthly
50,585
Mr
Price
Group
Ltd.
..........
Merrill
Lynch
International
&
Co.
1,407,365
02/15/28
0.85%
1M
JIBAR
Monthly
(92,215)
MTU
Aero
Engines
AG
........
Citibank
NA
1,181,886
02/24/27
0.26%
1D
ESTR
Monthly
22,016
Muenchener
Rueckversicherungs-
Gesellschaft
AG
(Registered)
..
Merrill
Lynch
International
&
Co.
1,620,600
02/15/28
0.26%
1D
ESTR
Monthly
21,407
National
Grid
plc
............
Merrill
Lynch
International
&
Co.
1,319,824
02/15/28
0.25%
1D
SONIA
Monthly
49,152
NAVER
Corp.
..............
Merrill
Lynch
International
&
Co.
30,575
02/15/28
0.40%
1D
OBFR01
Monthly
(1,984)
Nemetschek
SE
.............
Citibank
NA
730,055
02/24/27
0.26%
1D
ESTR
Monthly
(41,343)
Neoenergia
SA
.............
JPMorgan
Chase
Bank
NA
1,126,322
02/10/27
0.40%
1D
OBFR01
Monthly
22,635
Neoenergia
SA
.............
Merrill
Lynch
International
&
Co.
775,421
02/15/28
0.40%
1D
OBFR01
Monthly
14,165
NetEase,
Inc.
..............
JPMorgan
Chase
Bank
NA
1,897,485
02/10/27
0.30%
HONIA
Monthly
(71,914)
NetEase,
Inc.
..............
Merrill
Lynch
International
&
Co.
413,205
02/15/28
0.50%
HONIA
Monthly
(1,948)
Netflix,
Inc.
................
Merrill
Lynch
International
&
Co.
1,611,752
02/15/28
0.20%
1D
OBFR01
Monthly
22,798
Netmarble
Corp.
............
JPMorgan
Chase
Bank
NA
1,015,045
02/10/27
0.35%
1D
OBFR01
Monthly
(109,541)
NIDEC
Corp.
...............
Citibank
NA
1,470,049
02/24/27
0.20%
1D
P
TONA
Monthly
(68,166)
Ningbo
Joyson
Electronic
Corp.
..
JPMorgan
Chase
Bank
NA
959,565
02/10/27
0.30%
HONIA
Monthly
(36,328)
Nippon
Shokubai
Co.
Ltd.
......
Citibank
NA
2,034,276
02/24/27
0.24%
1D
P
TONA
Monthly
12,170
Nissan
Chemical
Corp.
........
Citibank
NA
1,300,113
02/24/27
0.15%
1D
P
TONA
Monthly
53,129
Nucor
Corp.
...............
Merrill
Lynch
International
&
Co.
1,155,418
02/15/28
0.00%
1D
OBFR01
Monthly
28,282
NVR,
Inc.
.................
Barclays
Bank
plc
1,306,138
01/25/27
0.20%
1D
OBFR01
Monthly
11,828
NXP
Semiconductors
NV
......
Barclays
Bank
plc
1,425,258
01/25/27
0.20%
1D
OBFR01
Monthly
31,506
Occidental
Petroleum
Corp.
.....
Citibank
NA
1,350,944
02/24/28
0.20%
1D
OBFR01
Monthly
105,056
Orkla
ASA
.................
JPMorgan
Chase
Bank
NA
1,304,489
02/11/27
0.26%
NOWA
Monthly
(27,149)
Otis
Worldwide
Corp.
.........
Barclays
Bank
plc
4,015,232
01/25/27
0.20%
1D
OBFR01
Monthly
(99,568)
Otsuka
Corp.
..............
Barclays
Bank
plc
2,144,369
01/14/27
0.24%
1D
P
TONA
Monthly
84,075
Paramount
Skydance
Corp.
.....
JPMorgan
Chase
Bank
NA
966,559
02/09/27
0.20%
1D
OBFR01
Monthly
(187,438)
Partners
Group
Holding
AG
.....
Merrill
Lynch
International
&
Co.
1,111,147
02/15/28
0.26%
SSARON
Monthly
74,478
Pinnacle
West
Capital
Corp.
....
Citibank
NA
2,595,362
02/24/28
0.20%
1D
OBFR01
Monthly
84,588
Powertech
Technology,
Inc.
.....
JPMorgan
Chase
Bank
NA
862,504
02/11/27
0.35%
1D
OBFR01
Monthly
(35,994)
Prudential
Financial,
Inc.
.......
Citibank
NA
1,989,623
02/24/28
0.20%
1D
OBFR01
Monthly
71,636
Prysmian
SpA
..............
Merrill
Lynch
International
&
Co.
360,292
02/15/28
0.26%
1D
ESTR
Monthly
15,356
Publicis
Groupe
SA
..........
JPMorgan
Chase
Bank
NA
2,380,415
02/11/27
0.25%
1D
ESTR
Monthly
(112,530)
Qube
Holdings
Ltd.
..........
Merrill
Lynch
International
&
Co.
2,654,047
02/15/28
0.25%
1D
AONIA
Monthly
(31,117)
Ralph
Lauren
Corp.
..........
Barclays
Bank
plc
1,729,461
01/25/27
0.20%
1D
OBFR01
Monthly
24,888
REA
Group
Ltd.
.............
Merrill
Lynch
International
&
Co.
1,210,721
02/15/28
0.25%
1D
AONIA
Monthly
(49,402)
Recordati
Industria
Chimica
e
Farmaceutica
SpA
.........
Merrill
Lynch
International
&
Co.
951,372
02/15/28
0.26%
1D
ESTR
Monthly
96,460
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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)
Regeneron
Pharmaceuticals,
Inc.
.
Merrill
Lynch
International
&
Co.
USD
832,601
02/15/28
0.20%
1D
OBFR01
Monthly
$
17,303
Region
Group
..............
Merrill
Lynch
International
&
Co.
1,201,754
02/15/28
0.25%
1D
AONIA
Monthly
34,969
RELX
plc
.................
JPMorgan
Chase
Bank
NA
897,425
02/11/27
0.25%
1D
SONIA
Monthly
(55,432)
RELX
plc
.................
Merrill
Lynch
International
&
Co.
1,511,079
02/15/28
0.25%
1D
SONIA
Monthly
(62,982)
Rinnai
Corp.
...............
Merrill
Lynch
International
&
Co.
1,398,779
03/15/28
0.25%
1D
P
TONA
Monthly
(17,737)
Rolls-Royce
Holdings
plc
......
Merrill
Lynch
International
&
Co.
1,586,773
02/15/28
0.25%
1D
SONIA
Monthly
(107,031)
S&P
Global,
Inc.
............
Barclays
Bank
plc
2,686,232
01/25/27
0.20%
1D
OBFR01
Monthly
(6,590)
Safran
SA
.................
JPMorgan
Chase
Bank
NA
1,806,011
02/11/27
0.26%
1D
ESTR
Monthly
(169,864)
Sage
Group
plc
(The)
.........
Barclays
Bank
plc
1,610,424
03/26/27
0.25%
1D
SONIA
Monthly
54,697
SBA
Communications
Corp.
....
Merrill
Lynch
International
&
Co.
1,835,001
02/15/28
0.00%
1D
OBFR01
Monthly
6,576
Schneider
Electric
SE
.........
Merrill
Lynch
International
&
Co.
1,244,687
02/15/28
0.26%
1D
OBFR01
Monthly
35,507
Segro
plc
.................
Merrill
Lynch
International
&
Co.
1,153,223
02/15/28
0.25%
1D
OBFR01
Monthly
3,216
ServiceNow,
Inc.
............
Merrill
Lynch
International
&
Co.
2,692,007
02/15/28
0.00%
1D
OBFR01
Monthly
(224,627)
Seven
&
i
Holdings
Co.
Ltd.
.....
Citibank
NA
1,034,410
02/24/27
0.15%
1D
OBFR01
Monthly
2,558
Shenzhen
Han's
CNC
Technology
Co.
Ltd.
................
JPMorgan
Chase
Bank
NA
1,151,917
02/10/27
0.30%
1D
OBFR01
Monthly
25,690
Shizuoka
Financial
Group,
Inc.
...
Barclays
Bank
plc
1,570,721
01/14/27
0.00%
1D
P
TONA
Monthly
78,112
Siemens
AG
(Registered)
......
Citibank
NA
1,730,710
02/24/27
0.26%
1D
ESTR
Monthly
(908)
Siemens
Healthineers
AG
......
Citibank
NA
1,127,108
02/24/27
0.26%
1D
ESTR
Monthly
7,809
Sika
AG
(Registered)
.........
Citibank
NA
1,236,188
02/24/27
0.26%
SSARON
Monthly
38,303
Singapore
Airlines
Ltd.
........
JPMorgan
Chase
Bank
NA
1,914,299
02/10/27
0.30%
1D
OBFR01
Monthly
17,914
Sino-American
Silicon
Products,
Inc.
Merrill
Lynch
International
&
Co.
1,065,536
02/15/28
0.15%
1D
OBFR01
Monthly
(5,769)
Skyworks
Solutions,
Inc.
.......
Merrill
Lynch
International
&
Co.
1,459,030
02/15/28
0.00%
1D
OBFR01
Monthly
(23,890)
Snowflake,
Inc.
.............
Citibank
NA
900,918
02/24/28
0.20%
1D
OBFR01
Monthly
(101,572)
Southwest
Airlines
Co.
........
Merrill
Lynch
International
&
Co.
402,300
02/15/28
0.20%
1D
OBFR01
Monthly
(26,600)
St
James's
Place
plc
.........
Merrill
Lynch
International
&
Co.
1,073,147
02/15/28
0.25%
1D
SONIA
Monthly
(83,827)
STERIS
plc
................
JPMorgan
Chase
Bank
NA
1,420,969
02/09/27
0.20%
1D
OBFR01
Monthly
(27,850)
Straumann
Holding
AG
(Registered)
Citibank
NA
1,643,944
02/24/27
0.26%
SSARON
Monthly
124,187
Stryker
Corp.
..............
Barclays
Bank
plc
1,428,866
01/25/27
0.20%
1D
OBFR01
Monthly
(15,929)
Sumitomo
Chemical
Co.
Ltd.
....
Merrill
Lynch
International
&
Co.
1,446,428
03/15/28
0.25%
1D
P
TONA
Monthly
77,200
Suncorp
Group
Ltd.
..........
Merrill
Lynch
International
&
Co.
1,043,093
02/15/28
0.25%
1D
AONIA
Monthly
42,140
Sunny
Optical
Technology
Group
Co.
Ltd.
...................
JPMorgan
Chase
Bank
NA
1,250,613
02/10/27
0.27%
HONIA
Monthly
5,091
Sunny
Optical
Technology
Group
Co.
Ltd.
...................
Merrill
Lynch
International
&
Co.
423,822
02/15/28
0.15%
HONIA
Monthly
4,275
Suzuki
Motor
Corp.
..........
Merrill
Lynch
International
&
Co.
1,830,771
03/15/28
0.25%
1D
P
TONA
Monthly
21,915
Sweco
AB
.................
Citibank
NA
1,209,333
02/24/27
(0.05)%
TN
STIBOR
Monthly
18,270
Symrise
AG
...............
Citibank
NA
920,285
02/24/27
0.26%
1D
ESTR
Monthly
53,181
Synthomer
plc
..............
Merrill
Lynch
International
&
Co.
142,369
02/15/28
0.25%
1D
SONIA
Monthly
173,720
Takasago
Thermal
Engineering
Co.
Ltd.
...................
Citibank
NA
2,234,402
02/24/27
0.25%
1D
P
TONA
Monthly
6,343
Take-Two
Interactive
Software,
Inc.
Barclays
Bank
plc
923,864
01/25/27
0.20%
1D
OBFR01
Monthly
(15,364)
Tapestry,
Inc.
...............
JPMorgan
Chase
Bank
NA
1,687,800
02/09/27
0.20%
1D
OBFR01
Monthly
(50,924)
TE
Connectivity
plc
..........
Citibank
NA
1,566,162
02/24/28
0.20%
1D
OBFR01
Monthly
64,194
Techtronic
Industries
Co.
Ltd.
....
Merrill
Lynch
International
&
Co.
929,732
02/15/28
0.30%
HONIA
Monthly
(59,877)
Teck
Resources
Ltd.
..........
Barclays
Bank
plc
865,872
08/25/26
0.20%
CABROVER
Monthly
77,425
Teijin
Ltd.
.................
Barclays
Bank
plc
1,256,199
01/14/27
0.25%
1D
P
TONA
Monthly
132,442
Telefonica
Brasil
SA
..........
Merrill
Lynch
International
&
Co.
2,500,145
02/15/28
0.40%
1D
OBFR01
Monthly
72,708
Tenaris
SA
................
Citibank
NA
1,240,135
02/24/27
0.19%
1D
ESTR
Monthly
49,010
Tencent
Holdings
Ltd.
.........
JPMorgan
Chase
Bank
NA
3,877,105
02/10/27
0.64%
HONIA
Monthly
(143,220)
Tencent
Holdings
Ltd.
.........
Merrill
Lynch
International
&
Co.
535,274
02/15/28
0.30%
HONIA
Monthly
(5,466)
Tencent
Music
Entertainment
Group
Barclays
Bank
plc
1,395,800
01/25/27
0.20%
1D
OBFR01
Monthly
(96,600)
Toda
Corp.
................
JPMorgan
Chase
Bank
NA
1,946,905
02/10/27
0.25%
1D
P
TONA
Monthly
(33,445)
Toyoda
Gosei
Co.
Ltd.
........
Merrill
Lynch
International
&
Co.
1,333,647
03/15/28
0.25%
1D
P
TONA
Monthly
(57,093)
TransDigm
Group,
Inc.
........
Barclays
Bank
plc
2,644,799
01/25/27
0.20%
1D
OBFR01
Monthly
20,809
Transurban
Group
...........
JPMorgan
Chase
Bank
NA
3,551,726
02/10/27
0.25%
1D
AONIA
Monthly
9,767
Truist
Financial
Corp.
.........
Citibank
NA
2,137,128
02/24/28
0.20%
1D
OBFR01
Monthly
55,641
Tyler
Technologies,
Inc.
........
Citibank
NA
1,255,116
02/24/28
0.20%
1D
OBFR01
Monthly
(22,548)
UCB
SA
..................
Barclays
Bank
plc
747,125
03/15/27
0.26%
1D
ESTR
Monthly
36,247
Ulta
Beauty,
Inc.
............
Barclays
Bank
plc
877,387
01/25/27
0.20%
1D
OBFR01
Monthly
11,220
Unilever
plc
................
Merrill
Lynch
International
&
Co.
2,337,839
02/15/28
0.25%
1D
SONIA
Monthly
(174,803)
United
Microelectronics
Corp.
...
Merrill
Lynch
International
&
Co.
930,363
02/15/28
0.15%
1D
OBFR01
Monthly
(46,611)
Universal
Music
Group
NV
.....
Merrill
Lynch
International
&
Co.
3,434,117
02/15/28
0.00%
1D
ESTR
Monthly
(171,158)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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)
Valero
Energy
Corp.
..........
Barclays
Bank
plc
USD
1,258,167
01/25/27
0.20%
1D
OBFR01
Monthly
$
51,357
Valterra
Platinum
Ltd.
.........
Merrill
Lynch
International
&
Co.
783,405
02/15/28
0.85%
1D
OBFR01
Monthly
15,145
Var
Energi
ASA
.............
Barclays
Bank
plc
2,222,779
04/26/27
0.28%
NOWA
Monthly
233,976
Ventas,
Inc.
...............
Barclays
Bank
plc
1,317,785
01/25/27
0.20%
1D
OBFR01
Monthly
(1,127)
Venture
Corp.
Ltd.
...........
JPMorgan
Chase
Bank
NA
2,100,497
02/10/27
0.30%
1D
OBFR01
Monthly
40,358
Veralto
Corp.
...............
Citibank
NA
3,053,475
02/24/28
0.20%
1D
OBFR01
Monthly
5,857
Verizon
Communications,
Inc.
...
JPMorgan
Chase
Bank
NA
2,845,380
02/09/27
0.20%
1D
OBFR01
Monthly
(14,100)
VICI
Properties,
Inc.
..........
Barclays
Bank
plc
3,210,835
01/25/27
0.20%
1D
OBFR01
Monthly
32,049
Vinci
SA
..................
Citibank
NA
1,202,655
02/24/27
0.26%
1D
ESTR
Monthly
30,561
Vodafone
Group
plc
..........
Merrill
Lynch
International
&
Co.
1,595,112
02/15/28
0.25%
1D
SONIA
Monthly
63,623
Voltronic
Power
Technology
Corp.
Merrill
Lynch
International
&
Co.
1,503,970
02/15/28
0.40%
1D
OBFR01
Monthly
(67,033)
VZ
Holding
AG
.............
JPMorgan
Chase
Bank
NA
1,653,415
02/10/27
0.26%
SSARON
Monthly
21,147
Wells
Fargo
&
Co.
...........
Barclays
Bank
plc
1,670,842
01/25/27
0.20%
1D
OBFR01
Monthly
32,812
WH
Group
Ltd.
.............
Merrill
Lynch
International
&
Co.
1,798,315
02/15/28
0.30%
HONIA
Monthly
116,820
Wheaton
Precious
Metals
Corp.
..
Citibank
NA
1,152,420
02/24/28
0.20%
1D
CORRA
Monthly
68,326
Woodside
Energy
Group
Ltd.
....
Merrill
Lynch
International
&
Co.
1,407,207
02/15/28
0.25%
1D
AONIA
Monthly
126,238
Xiaomi
Corp.
...............
JPMorgan
Chase
Bank
NA
1,861,685
02/10/27
0.30%
HONIA
Monthly
(49,977)
Xiaomi
Corp.
...............
Merrill
Lynch
International
&
Co.
403,467
02/15/28
0.00%
HONIA
Monthly
5,514
XPeng,
Inc.
................
JPMorgan
Chase
Bank
NA
1,216,627
02/10/27
0.15%
HONIA
Monthly
(58,429)
XPeng,
Inc.
................
Merrill
Lynch
International
&
Co.
278,295
02/15/28
0.15%
HONIA
Monthly
(17,594)
Zeon
Corp.
................
Barclays
Bank
plc
2,574,796
01/14/27
0.00%
1D
P
TONA
Monthly
60,023
Zurich
Insurance
Group
AG
.....
Barclays
Bank
plc
2,219,083
04/02/27
0.26%
SSARON
Monthly
113,418
Total
long
positions
of
equity
swaps
(3,369,408)
Short
contracts
(b)
adidas
AG
................
Merrill
Lynch
International
&
Co.
(1,026,212)
02/15/28
(0.10)%
1D
ESTR
Monthly
(9,671)
Aeroports
de
Paris
SA
........
JPMorgan
Chase
Bank
NA
(658,817)
02/11/27
(0.26)%
1D
ESTR
Monthly
(763)
Aeroports
de
Paris
SA
........
Merrill
Lynch
International
&
Co.
(1,026,016)
02/15/28
(0.26)%
1D
ESTR
Monthly
(24,621)
Air
Products
&
Chemicals,
Inc.
...
Citibank
NA
(1,052,653)
02/24/28
(0.15)%
1D
OBFR01
Monthly
6,889
Airtel
Africa
plc
.............
Citibank
NA
(
2,851,788)
02/24/27
(0.25)%
1D
SONIA
Monthly
53,165
Ajinomoto
Co.,
Inc.
...........
Merrill
Lynch
International
&
Co.
(1,029,258)
03/15/28
(0.15)%
1D
P
TONA
Monthly
(47,876)
Alamos
Gold,
Inc.
...........
Merrill
Lynch
International
&
Co.
(1,567,208)
02/15/28
(0.20)%
CABROVER
Monthly
36,753
Alexandria
Real
Estate
Equities,
Inc.
Barclays
Bank
plc
(1,485,919)
01/25/27
(0.15)%
1D
OBFR01
Monthly
51,541
Alimentation
Couche-Tard,
Inc.
...
Citibank
NA
(1,708,692)
02/24/28
(0.20)%
1D
CORRA
Monthly
2,571
Alphabet,
Inc.
..............
JPMorgan
Chase
Bank
NA
(2,175,731)
02/09/27
(0.15)%
1D
OBFR01
Monthly
136,156
ALS
Ltd.
..................
JPMorgan
Chase
Bank
NA
(1,338,187)
02/10/27
(0.25)%
1D
AONIA
Monthly
83,082
ALS
Ltd.
..................
Merrill
Lynch
International
&
Co.
(125,960)
02/15/28
0.00%
1D
AONIA
Monthly
(6,156)
American
Express
Co.
........
Merrill
Lynch
International
&
Co.
(1,654,556)
02/15/28
(0.15)%
1D
OBFR01
Monthly
(9,084)
Anheuser-Busch
InBev
SA
.....
Merrill
Lynch
International
&
Co.
(2,398,351)
02/15/28
(0.26)%
1D
ESTR
Monthly
142,884
Ansell
Ltd.
................
JPMorgan
Chase
Bank
NA
(1,113,949)
02/10/27
(0.25)%
1D
AONIA
Monthly
36,555
ANZ
Group
Holdings
Ltd.
......
JPMorgan
Chase
Bank
NA
(1,866,827)
02/10/27
(0.25)%
1D
AONIA
Monthly
16,137
Ares
Management
Corp.
.......
Citibank
NA
(1,563,952)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(28,908)
ASX
Ltd.
.................
JPMorgan
Chase
Bank
NA
(1,400,016)
02/10/27
(0.25)%
1D
AONIA
Monthly
(54,912)
Atos
SE
..................
Merrill
Lynch
International
&
Co.
(897,677)
02/15/28
0.00%
1D
ESTR
Monthly
123,961
AvalonBay
Communities,
Inc.
...
Citibank
NA
(2,106,183)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(1,032)
Ayvens
SA
................
Merrill
Lynch
International
&
Co.
(1,160,684)
02/15/28
(0.26)%
1D
ESTR
Monthly
(15,969)
Baker
Hughes
Co.
...........
Citibank
NA
(
1,056,757)
02/24/28
(0.15)%
1D
OBFR01
Monthly
25,012
Banca
Monte
dei
Paschi
di
Siena
SpA
...................
Citibank
NA
(1,561,786)
02/24/27
(0.12)%
1D
ESTR
Monthly
(63,780)
Bank
of
New
York
Mellon
Corp.
(The)
..................
Citibank
NA
(2,129,388)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(41,541)
Banque
Cantonale
Vaudoise
(Registered)
.............
Merrill
Lynch
International
&
Co.
(1,878,240)
02/15/28
(0.26)%
SSARON
Monthly
(89,768)
Barratt
Redrow
plc
...........
Barclays
Bank
plc
(1,029,913)
03/26/27
(0.25)%
1D
SONIA
Monthly
16,747
BASF
SE
.................
Citibank
NA
(1,897,369)
02/24/27
(0.26)%
1D
ESTR
Monthly
(258,295)
Beiersdorf
AG
..............
Citibank
NA
(1,275,372)
02/24/27
(0.26)%
1D
ESTR
Monthly
(90,916)
BeOne
Medicines
Ltd.
........
JPMorgan
Chase
Bank
NA
(303,466)
02/10/27
(0.15)%
HONIA
Monthly
5,115
BeOne
Medicines
Ltd.
........
Merrill
Lynch
International
&
Co.
(1,426,760)
02/15/28
0.00%
HONIA
Monthly
(8,914)
Berkeley
Group
Holdings
plc
....
Citibank
NA
(
1,362,453)
02/24/27
(0.25)%
1D
SONIA
Monthly
6,508
Berkshire
Hathaway,
Inc.
.......
Barclays
Bank
plc
(1,823,924)
01/25/27
(0.10)%
1D
OBFR01
Monthly
2,964
BioMerieux
................
Citibank
NA
(1,235,972)
02/24/27
(0.26)%
1D
ESTR
Monthly
(46,034)
Bollore
SE
................
Merrill
Lynch
International
&
Co.
(2,829,552)
02/15/28
(0.26)%
1D
ESTR
Monthly
(52,329)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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)
Brambles
Ltd.
..............
JPMorgan
Chase
Bank
NA
USD
(930,861)
02/10/27
(0.25)%
1D
AONIA
Monthly
$
20,593
Brandywine
Realty
Trust
.......
Merrill
Lynch
International
&
Co.
(36,250)
02/15/28
(0.15)%
1D
OBFR01
Monthly
2,375
Brenntag
SE
...............
Barclays
Bank
plc
(2,631,807)
03/15/27
(0.26)%
1D
ESTR
Monthly
(375,772)
Brenntag
SE
...............
Merrill
Lynch
International
&
Co.
(413,119)
02/15/28
(0.26)%
1D
ESTR
Monthly
(33,954)
Brookfield
Corp.
.............
Citibank
NA
(1,494,646)
02/24/28
(0.20)%
1D
CORRA
Monthly
(61,395)
Caixa
Seguridade
Participacoes
SA
Merrill
Lynch
International
&
Co.
(3,353,887)
02/15/28
0.00%
1D
OBFR01
Monthly
(54,548)
Campbell's
Company
(The)
.....
Merrill
Lynch
International
&
Co.
(2,603,003)
02/15/28
(0.66)%
1D
OBFR01
Monthly
(
111,710)
Canadian
Pacific
Kansas
City
Ltd.
Citibank
NA
(1,655,660)
02/24/28
(0.20)%
1D
CORRA
Monthly
(4,765)
Canon
Marketing
Japan,
Inc.
....
Citibank
NA
(1,396,645)
02/24/27
(0.18)%
1D
P
TONA
Monthly
(37,293)
Carnival
Corp.
..............
Merrill
Lynch
International
&
Co.
(1,448,462)
02/15/28
0.00%
1D
OBFR01
Monthly
(49,990)
Chailease
Holding
Co.
Ltd.
.....
JPMorgan
Chase
Bank
NA
(2,110,837)
02/11/27
(0.63)%
1D
OBFR01
Monthly
(217,522)
Challenger
Ltd.
.............
JPMorgan
Chase
Bank
NA
(883,119)
02/10/27
(0.25)%
1D
AONIA
Monthly
(92,216)
China
Merchants
Bank
Co.
Ltd.
..
Merrill
Lynch
International
&
Co.
(1,179,626)
02/15/28
(0.30)%
HONIA
Monthly
4,094
China
Pacific
Insurance
Group
Co.
Ltd.
...................
JPMorgan
Chase
Bank
NA
(10,870,476)
02/10/27
(0.35)%
HONIA
Monthly
368,538
China
Petroleum
&
Chemical
Corp.
Merrill
Lynch
International
&
Co.
(20,011,807)
02/15/28
(0.30)%
HONIA
Monthly
1,102,964
Church
&
Dwight
Co.,
Inc.
......
Merrill
Lynch
International
&
Co.
(1,381,995)
02/15/28
(0.15)%
1D
OBFR01
Monthly
19,523
Cie
Generale
des
Etablissements
Michelin
SCA
............
Merrill
Lynch
International
&
Co.
(1,414,806)
02/15/28
0.00%
1D
ESTR
Monthly
(13,790)
CLP
Holdings
Ltd.
...........
Merrill
Lynch
International
&
Co.
(2,647,586)
02/15/28
(0.15)%
HONIA
Monthly
(26,242)
CMOC
Group
Ltd.
...........
Merrill
Lynch
International
&
Co.
(675,878)
02/15/28
(0.30)%
HONIA
Monthly
70,168
Coca-Cola
Europacific
Partners
plc
Citibank
NA
(1,148,116)
02/24/28
(0.15)%
1D
OBFR01
Monthly
23,808
Coca-Cola
HBC
AG
..........
Merrill
Lynch
International
&
Co.
(1,700,853)
02/15/28
(0.10)%
1D
SONIA
Monthly
67,306
Cochlear
Ltd.
..............
JPMorgan
Chase
Bank
NA
(1,379,230)
02/10/27
(0.25)%
1D
AONIA
Monthly
2,483
Comcast
Corp.
.............
Citibank
NA
(1,838,404)
02/24/28
(0.15)%
1D
OBFR01
Monthly
18,190
Commonwealth
Bank
of
Australia
.
JPMorgan
Chase
Bank
NA
(1,218,213)
02/10/27
(0.25)%
1D
AONIA
Monthly
47,145
Community
Financial
System,
Inc.
JPMorgan
Chase
Bank
NA
(1,675,192)
02/09/27
(0.15)%
1D
OBFR01
Monthly
(10,057)
Constellation
Brands,
Inc.
......
Barclays
Bank
plc
(1,738,044)
01/25/27
(0.15)%
1D
OBFR01
Monthly
28,044
Continental
AG
.............
Barclays
Bank
plc
(1,870,578)
03/15/27
(0.10)%
1D
ESTR
Monthly
(21,196)
CoreWeave,
Inc.
............
JPMorgan
Chase
Bank
NA
(4,950,174)
02/09/27
(0.15)%
1D
OBFR01
Monthly
149,591
Corning,
Inc.
...............
Citibank
NA
(1,335,894)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(51,000)
Corpay,
Inc.
...............
Merrill
Lynch
International
&
Co.
(2,072,863)
02/15/28
(0.15)%
1D
OBFR01
Monthly
123,230
Cosan
SA
.................
Merrill
Lynch
International
&
Co.
(1,525,469)
02/15/28
0.00%
1D
OBFR01
Monthly
(53,647)
CoStar
Group,
Inc.
...........
Barclays
Bank
plc
(1,369,306)
01/25/27
(0.15)%
1D
OBFR01
Monthly
78,426
Croda
International
plc
........
Barclays
Bank
plc
(1,421,665)
03/26/27
(0.10)%
1D
SONIA
Monthly
(72,933)
Crown
Castle,
Inc.
...........
Citibank
NA
(1,625,704)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(496)
CSG
NV
..................
Citibank
NA
(13,193,585)
02/24/27
(0.26)%
1D
ESTR
Monthly
2,172,883
CTS
Eventim
AG
&
Co.
KGaA
...
Merrill
Lynch
International
&
Co.
(1,210,394)
02/15/28
(0.26)%
1D
OBFR01
Monthly
(22,402)
CVB
Financial
Corp.
..........
JPMorgan
Chase
Bank
NA
(1,393,649)
02/09/27
(0.15)%
1D
OBFR01
Monthly
(10,866)
CVS
Health
Corp.
...........
Citibank
NA
(958,014)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(25,920)
Daikin
Industries
Ltd.
.........
Citibank
NA
(
813,748)
02/24/27
(0.25)%
1D
OBFR01
Monthly
(13,886)
Daiwa
House
Industry
Co.
Ltd.
...
Merrill
Lynch
International
&
Co.
(4,415,555)
03/15/28
(0.25)%
1D
P
TONA
Monthly
180,205
Danaher
Corp.
.............
Merrill
Lynch
International
&
Co.
(1,856,483)
02/15/28
(0.15)%
1D
OBFR01
Monthly
17,363
Dassault
Aviation
SA
.........
Barclays
Bank
plc
(1,605,158)
03/15/27
(0.10)%
1D
ESTR
Monthly
4,686
Deere
&
Co.
...............
Citibank
NA
(1,365,672)
02/24/28
(0.15)%
1D
OBFR01
Monthly
13,752
Delivery
Hero
SE
............
Barclays
Bank
plc
(1,203,995)
03/15/27
(0.26)%
1D
ESTR
Monthly
11,085
Demant
A/S
...............
Merrill
Lynch
International
&
Co.
(1,337,005)
02/15/28
0.00%
1W
CIBOR
Monthly
(105,443)
Dentsu
Soken,
Inc.
...........
Merrill
Lynch
International
&
Co.
(1,229,919)
03/15/28
0.00%
1D
P
TONA
Monthly
(29,249)
Descartes
Systems
Group,
Inc.
(The)
..................
Merrill
Lynch
International
&
Co.
(950,787)
02/15/28
0.00%
CABROVER
Monthly
(9,012)
Dexcom,
Inc.
...............
Barclays
Bank
plc
(10,847,789)
01/25/27
(0.10)%
1D
OBFR01
Monthly
516,561
Dexcom,
Inc.
...............
Merrill
Lynch
International
&
Co.
(1,162,379)
02/15/28
0.00%
1D
OBFR01
Monthly
69,659
Diamondback
Energy,
Inc.
......
Barclays
Bank
plc
(1,591,774)
01/25/27
(0.15)%
1D
OBFR01
Monthly
(49,883)
Disco
Corp.
................
Citibank
NA
(493,476)
02/24/27
(0.15)%
1D
P
TONA
Monthly
4,376
Disco
Corp.
................
Merrill
Lynch
International
&
Co.
(83,331)
03/15/28
(0.15)%
1D
P
TONA
Monthly
1,814
Discovery
Ltd.
..............
Merrill
Lynch
International
&
Co.
(1,468,266)
02/15/28
(0.35)%
1M
JIBAR
Monthly
3,815
Dover
Corp.
...............
Merrill
Lynch
International
&
Co.
(1,957,520)
02/15/28
(0.15)%
1D
OBFR01
Monthly
(1,910)
Dr
Ing
hc
F
Porsche
AG
(Preference)
Citibank
NA
(56,070)
02/24/27
(1.00)%
1D
ESTR
Monthly
(3,151)
Dr
Ing
hc
F
Porsche
AG
(Preference)
Barclays
Bank
plc
(1,324,123)
03/15/27
(0.26)%
1D
ESTR
Monthly
(74,395)
DuPont
de
Nemours,
Inc.
......
Merrill
Lynch
International
&
Co.
(1,305,018)
02/15/28
(0.15)%
1D
OBFR01
Monthly
(9,442)
East
Japan
Railway
Co.
.......
Barclays
Bank
plc
(1,486,075)
01/14/27
(0.18)%
1D
P
TONA
Monthly
(30,303)
Eiffage
SA
................
Citibank
NA
(1,581,692)
02/24/27
(0.26)%
1D
ESTR
Monthly
(28,668)
Element
Fleet
Management
Corp.
Merrill
Lynch
International
&
Co.
(1,195,163)
02/15/28
0.00%
CABROVER
Monthly
17,511
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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)
Emmi
AG
(Registered)
........
Merrill
Lynch
International
&
Co.
USD
(304,423)
02/15/28
(0.26)%
SSARON
Monthly
$
(16,305)
Energisa
SA
...............
Merrill
Lynch
International
&
Co.
(1,355,631)
02/15/28
0.00%
1D
OBFR01
Monthly
(80,204)
Engie
Brasil
Energia
SA
.......
JPMorgan
Chase
Bank
NA
(54,075)
02/10/27
(0.50)%
1D
OBFR01
Monthly
(1,133)
Engie
Brasil
Energia
SA
.......
Merrill
Lynch
International
&
Co.
(1,216,652)
02/15/28
0.00%
1D
OBFR01
Monthly
(53,303)
Entain
plc
.................
Merrill
Lynch
International
&
Co.
(908,948)
02/15/28
0.00%
1D
SONIA
Monthly
(57,147)
Expand
Energy
Corp.
.........
Citibank
NA
(1,173,276)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(23,326)
Expedia
Group,
Inc.
..........
Barclays
Bank
plc
(
16,205,082)
01/25/27
(0.15)%
1D
OBFR01
Monthly
394,427
Ezaki
Glico
Co.
Ltd.
..........
Citibank
NA
(1,340,284)
02/24/27
(0.15)%
1D
P
TONA
Monthly
(3,647)
F5,
Inc.
..................
Barclays
Bank
plc
(1,930,411)
01/25/27
(0.10)%
1D
OBFR01
Monthly
(8,100)
FirstEnergy
Corp.
...........
Citibank
NA
(3,057,879)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(118,503)
Franco-Nevada
Corp.
.........
Merrill
Lynch
International
&
Co.
(1,869,411)
02/15/28
0.00%
CABROVER
Monthly
(37,185)
Fujikura
Ltd.
...............
Merrill
Lynch
International
&
Co.
(864,903)
03/15/28
(0.16)%
1D
P
TONA
Monthly
(26,163)
Gen
Digital,
Inc.
.............
Merrill
Lynch
International
&
Co.
(2,053,708)
02/15/28
0.00%
1D
OBFR01
Monthly
149,995
Generac
Holdings,
Inc.
........
Merrill
Lynch
International
&
Co.
(778,508)
02/15/28
0.00%
1D
OBFR01
Monthly
(41,878)
General
Dynamics
Corp.
.......
Merrill
Lynch
International
&
Co.
(1,091,583)
02/15/28
0.00%
1D
OBFR01
Monthly
(6,721)
General
Mills,
Inc.
...........
Merrill
Lynch
International
&
Co.
(2,062,140)
02/15/28
(0.15)%
1D
OBFR01
Monthly
7,596
Genting
Singapore
Ltd.
........
Merrill
Lynch
International
&
Co.
(2,357,295)
02/15/28
0.00%
1D
OBFR01
Monthly
(3,083)
Georg
Fischer
AG
(Registered)
..
Citibank
NA
(1,887,738)
02/24/27
(0.26)%
SSARON
Monthly
(15,904)
Gildan
Activewear,
Inc.
........
Citibank
NA
(2,347,005)
02/24/28
(0.20)%
1D
CORRA
Monthly
19,174
Grifols
SA
.................
Merrill
Lynch
International
&
Co.
(1,229,636)
02/15/28
(0.26)%
1D
ESTR
Monthly
26,503
H
&
M
Hennes
&
Mauritz
AB
....
Barclays
Bank
plc
(1,826,956)
04/26/27
(0.26)%
1D
STIBOR
Monthly
(49,542)
Haier
Smart
Home
Co.
Ltd.
.....
Merrill
Lynch
International
&
Co.
(1,081,387)
02/15/28
(0.15)%
1D
OBFR01
Monthly
(16,983)
Hakuhodo
DY
Holdings,
Inc.
....
Merrill
Lynch
International
&
Co.
(1,226,627)
03/15/28
(0.25)%
1D
P
TONA
Monthly
(
13,901)
Hankyu
Hanshin
Holdings,
Inc.
...
Merrill
Lynch
International
&
Co.
(1,916,190)
03/15/28
(0.25)%
1D
P
TONA
Monthly
(154,127)
HCA
Healthcare,
Inc.
.........
Merrill
Lynch
International
&
Co.
(1,785,646)
02/15/28
(0.15)%
1D
OBFR01
Monthly
176,630
Heiwa
Corp.
...............
Barclays
Bank
plc
(393,371)
01/14/27
(0.20)%
1D
P
TONA
Monthly
4,443
Helvetia
Baloise
Holding
AG
....
Merrill
Lynch
International
&
Co.
(1,675,742)
02/15/28
(0.26)%
SSARON
Monthly
(58,286)
Hewlett
Packard
Enterprise
Co.
..
Merrill
Lynch
International
&
Co.
(947,633)
02/15/28
0.00%
1D
OBFR01
Monthly
(52,387)
Hexagon
AB
...............
Citibank
NA
(791,356)
02/24/27
(0.26)%
TN
STIBOR
Monthly
20,572
Holmen
AB
................
Barclays
Bank
plc
(2,488,444)
04/26/27
(0.26)%
1D
STIBOR
Monthly
(97,057)
Honda
Motor
Co.
Ltd.
.........
Citibank
NA
(2,452,604)
02/24/27
(0.25)%
1D
P
TONA
Monthly
(2,177)
Hoya
Corp.
................
Merrill
Lynch
International
&
Co.
(2,625,554)
03/15/28
(0.15)%
1D
P
TONA
Monthly
7,811
HSBC
Holdings
plc
..........
Citibank
NA
(1,732,144)
02/24/27
(0.25)%
1D
SONIA
Monthly
(95,691)
HUB24
Ltd.
................
JPMorgan
Chase
Bank
NA
(1,723,780)
02/10/27
(0.25)%
1D
AONIA
Monthly
73,324
IAMGOLD
Corp.
............
Merrill
Lynch
International
&
Co.
(1,053,720)
02/15/28
0.00%
CABROVER
Monthly
(136,653)
IDEX
Corp.
................
Merrill
Lynch
International
&
Co.
(1,900,982)
02/15/28
(0.15)%
1D
OBFR01
Monthly
5,482
IMCD
NV
.................
Barclays
Bank
plc
(941,397)
03/15/27
(0.26)%
1D
ESTR
Monthly
(209,708)
Infroneer
Holdings,
Inc.
........
Merrill
Lynch
International
&
Co.
(4,475,790)
03/15/28
0.00%
1D
P
TONA
Monthly
175,051
InPost
SA
.................
Citibank
NA
(2,322,866)
02/24/27
(0.26)%
1D
ESTR
Monthly
(54,777)
International
Flavors
&
Fragrances,
Inc.
...................
Citibank
NA
(2,255,103)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(146,302)
International
Paper
Co.
........
Barclays
Bank
plc
(2,233,168)
01/25/27
(0.15)%
1D
OBFR01
Monthly
(8,792)
International
Paper
Co.
........
Barclays
Bank
plc
(799,472)
03/26/27
(0.75)%
1D
SONIA
Monthly
(18,987)
Invesco
Preferred
ETF
........
JPMorgan
Chase
Bank
NA
(
11,280,000)
02/09/27
(1.02)%
1D
OBFR01
Monthly
400,000
Investment
AB
Latour
.........
Barclays
Bank
plc
(1,727,200)
04/26/27
(0.26)%
1D
STIBOR
Monthly
(109,481)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
...............
Citibank
NA
(42,856,927)
02/24/28
(3.39)%
1D
OBFR01
Monthly
(64,738)
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
.......
JPMorgan
Chase
Bank
NA
(47,977,413)
02/09/27
(3.27)%
1D
OBFR01
Monthly
792,263
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
.......
Merrill
Lynch
International
&
Co.
(37,257,628)
02/15/28
(0.15)%
1D
OBFR01
Monthly
(102,836)
iShares
Preferred
&
Income
Securities
ETF
...........
JPMorgan
Chase
Bank
NA
(15,585,000)
02/09/27
(1.52)%
1D
OBFR01
Monthly
425,000
iShares
Preferred
&
Income
Securities
ETF
...........
Merrill
Lynch
International
&
Co.
(25,061,250)
02/15/28
(0.50)%
1D
OBFR01
Monthly
350,450
J
Front
Retailing
Co.
Ltd.
.......
Citibank
NA
(1,135,846)
02/24/27
(0.15)%
1D
P
TONA
Monthly
(48,348)
Japan
Airlines
Co.
Ltd.
........
Citibank
NA
(1,463,751)
02/24/27
(0.25)%
1D
P
TONA
Monthly
(12,157)
Japan
Steel
Works
Ltd.
(The)
....
Merrill
Lynch
International
&
Co.
(1,179,662)
03/15/28
(0.25)%
1D
P
TONA
Monthly
39,426
JD
Sports
Fashion
plc
.........
Citibank
NA
(1,571,768)
02/24/27
(0.25)%
1D
SONIA
Monthly
(55,314)
JDE
Peet's
NV
.............
Merrill
Lynch
International
&
Co.
(1,058,623)
02/15/28
(0.26)%
1D
ESTR
Monthly
(7,233)
Jeol
Ltd.
..................
Merrill
Lynch
International
&
Co.
(1,250,971)
03/15/28
(0.15)%
1D
P
TONA
Monthly
29,298
Johnson
Controls
International
plc
Barclays
Bank
plc
(3,798,195)
01/25/27
(0.10)%
1D
OBFR01
Monthly
66,120
Kansai
Paint
Co.
Ltd.
.........
Merrill
Lynch
International
&
Co.
(5,130,687)
03/15/28
0.00%
1D
P
TONA
Monthly
200,016
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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)
KDDI
Corp.
................
Merrill
Lynch
International
&
Co.
USD
(1,149,734)
03/15/28
(0.15)%
1D
P
TONA
Monthly
$
(28,516)
KeyCorp
..................
Merrill
Lynch
International
&
Co.
(3,012,212)
02/15/28
(0.15)%
1D
OBFR01
Monthly
(167,718)
Kinder
Morgan,
Inc.
..........
Citibank
NA
(1,318,061)
02/24/28
(0.15)%
1D
OBFR01
Monthly
7,038
Klepierre
SA
...............
Merrill
Lynch
International
&
Co.
(2,461,717)
02/15/28
(0.26)%
1D
ESTR
Monthly
25,229
Kobe
Steel
Ltd.
.............
Barclays
Bank
plc
(1,709,860)
01/14/27
(0.15)%
1D
P
TONA
Monthly
10,799
Koei
Tecmo
Holdings
Co.
Ltd.
...
Citibank
NA
(1,585,347)
02/24/27
(0.25)%
1D
P
TONA
Monthly
108,444
Komatsu
Ltd.
..............
Citibank
NA
(909,458)
02/24/27
(0.25)%
1D
P
TONA
Monthly
(54,200)
LANXESS
AG
..............
JPMorgan
Chase
Bank
NA
(4,768,386)
02/11/27
0.00%
1D
ESTR
Monthly
(2,800,447)
Legal
&
General
Group
plc
.....
Citibank
NA
(1,727,056)
02/24/27
(0.25)%
1D
OBFR01
Monthly
(11,744)
Leidos
Holdings,
Inc.
.........
Citibank
NA
(1,020,528)
02/24/28
(0.15)%
1D
OBFR01
Monthly
40,752
Lennar
Corp.
...............
Merrill
Lynch
International
&
Co.
(962,860)
02/15/28
(0.15)%
1D
OBFR01
Monthly
68,408
Li
Auto,
Inc.
...............
Merrill
Lynch
International
&
Co.
(1,568,634)
02/15/28
(0.30)%
HONIA
Monthly
(49,302)
Lottery
Corp.
Ltd.
(The)
........
JPMorgan
Chase
Bank
NA
(2,903,560)
02/10/27
(0.25)%
1D
AONIA
Monthly
(41,506)
Lotus
Bakeries
NV
...........
Citibank
NA
(
1,113,014)
02/24/27
(0.26)%
1D
ESTR
Monthly
(16,062)
Lululemon
Athletica,
Inc.
.......
Citibank
NA
(1,864,800)
02/24/28
(0.15)%
1D
OBFR01
Monthly
119,460
M&G
plc
..................
Citibank
NA
(1,239,729)
02/24/27
(0.25)%
1D
SONIA
Monthly
(2,564)
Marks
&
Spencer
Group
plc
.....
Citibank
NA
(1,069,985)
02/24/27
(0.25)%
1D
OBFR01
Monthly
(3,729)
MatsukiyoCocokara
&
Co.
......
Citibank
NA
(1,886,437)
02/24/27
(0.25)%
1D
P
TONA
Monthly
(106,287)
Mercari,
Inc.
...............
Merrill
Lynch
International
&
Co.
(1,016,365)
03/15/28
0.00%
1D
P
TONA
Monthly
(80,823)
Merlin
Properties
Socimi
SA
....
Merrill
Lynch
International
&
Co.
(2,028,660)
02/15/28
(0.10)%
1D
ESTR
Monthly
(7,883)
Meta
Platforms,
Inc.
..........
JPMorgan
Chase
Bank
NA
(2,201,126)
02/09/27
(0.15)%
1D
OBFR01
Monthly
255,884
Mid-America
Apartment
Communities,
Inc.
.........
Citibank
NA
(1,799,133)
02/24/28
(0.15)%
1D
OBFR01
Monthly
3,969
Mitsubishi
Chemical
Group
Corp.
.
Citibank
NA
(1,877,150)
02/24/27
(0.25)%
1D
P
TONA
Monthly
(121,641)
Mondi
plc
.................
Citibank
NA
(1,101,256)
02/24/27
(0.25)%
1D
SONIA
Monthly
(46,265)
Morgan
Stanley
.............
Citibank
NA
(3,067,453)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(10,006)
MTR
Corp.
Ltd.
.............
Merrill
Lynch
International
&
Co.
(2,007,637)
02/15/28
(0.30)%
HONIA
Monthly
1,682
Nagoya
Railroad
Co.,
Ltd.
......
Merrill
Lynch
International
&
Co.
(7,782,328)
03/15/28
(0.25)%
1D
P
TONA
Monthly
11,475
National
Australia
Bank
Ltd.
.....
JPMorgan
Chase
Bank
NA
(1,735,697)
02/10/27
(0.25)%
1D
AONIA
Monthly
170,818
Nebius
Group
NV
...........
JPMorgan
Chase
Bank
NA
(3,088,279)
02/09/27
(0.77)%
1D
OBFR01
Monthly
291,532
NEC
Corp.
................
Merrill
Lynch
International
&
Co.
(964,870)
03/15/28
(0.15)%
1D
P
TONA
Monthly
11,847
Nestle
SA
(Registered)
........
Citibank
NA
(1,758,771)
02/24/27
(0.26)%
1D
OBFR01
Monthly
2,941
Nexi
SpA
.................
Merrill
Lynch
International
&
Co.
(1,073,858)
02/15/28
(0.40)%
1D
ESTR
Monthly
(158,716)
NEXTDC
Ltd.
..............
JPMorgan
Chase
Bank
NA
(1,323,191)
02/10/27
(0.25)%
1D
AONIA
Monthly
126,343
NIKE,
Inc.
.................
Merrill
Lynch
International
&
Co.
(2,105,687)
02/15/28
0.00%
1D
OBFR01
Monthly
61,553
Nikkon
Holdings
Co.
Ltd.
.......
Barclays
Bank
plc
(689,376)
01/14/27
(0.20)%
1D
P
TONA
Monthly
(40,990)
Nippon
Steel
Corp.
...........
JPMorgan
Chase
Bank
NA
(1,481,038)
02/10/27
(0.25)%
1D
P
TONA
Monthly
45,108
Nippon
Steel
Corp.
...........
Merrill
Lynch
International
&
Co.
(9,590,576)
03/15/28
(0.25)%
1D
P
TONA
Monthly
(43,875)
NiSource,
Inc.
..............
Citibank
NA
(
1,609,638)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(42,126)
Norsk
Hydro
ASA
............
Citibank
NA
(1,868,496)
02/24/27
(0.26)%
NOWA
Monthly
(338,858)
Northern
Star
Resources
Ltd.
....
JPMorgan
Chase
Bank
NA
(1,047,217)
02/10/27
(0.23)%
1D
AONIA
Monthly
138,667
Obara
Group,
Inc.
...........
Merrill
Lynch
International
&
Co.
(5,113,065)
03/15/28
0.00%
1D
P
TONA
Monthly
228,664
Omnicom
Group,
Inc.
.........
Merrill
Lynch
International
&
Co.
(1,116,766)
02/15/28
(0.15)%
1D
OBFR01
Monthly
47,364
Open
House
Group
Co.
Ltd.
....
Citibank
NA
(170,819)
02/24/27
(0.15)%
1D
OBFR01
Monthly
(2,229)
Open
House
Group
Co.
Ltd.
....
Merrill
Lynch
International
&
Co.
(1,491,651)
03/15/28
(0.25)%
1D
P
TONA
Monthly
11,132
ORLEN
SA
................
JPMorgan
Chase
Bank
NA
(1,796,082)
02/11/27
(0.50)%
1D
OBFR01
Monthly
(222,167)
OSG
Corp.
................
Merrill
Lynch
International
&
Co.
(1,515,885)
03/15/28
0.00%
1D
P
TONA
Monthly
(12,072)
Pagaya
Technologies
Ltd.
......
Barclays
Bank
plc
(4,879,415)
01/25/27
(0.38)%
1D
OBFR01
Monthly
20,852
Pagaya
Technologies
Ltd.
......
JPMorgan
Chase
Bank
NA
(2,377,409)
02/09/27
(0.15)%
1D
OBFR01
Monthly
(14,371)
Panasonic
Holdings
Corp.
......
Citibank
NA
(
1,638,665)
02/24/27
(0.15)%
1D
P
TONA
Monthly
(102,202)
Pandora
A/S
...............
Merrill
Lynch
International
&
Co.
(830,508)
02/15/28
(0.26)%
1W
CIBOR
Monthly
(34,326)
PayPal
Holdings,
Inc.
.........
Citibank
NA
(1,514,817)
02/24/28
0.00%
1D
OBFR01
Monthly
8,658
PDD
Holdings,
Inc.
...........
Merrill
Lynch
International
&
Co.
(1,398,520)
02/15/28
(0.15)%
1D
OBFR01
Monthly
(31,898)
Ping
An
Insurance
Group
Co.
of
China
Ltd.
..............
Merrill
Lynch
International
&
Co.
(44,095,262)
02/15/28
0.00%
HONIA
Monthly
1,388,596
Pirelli
&
C
SpA
..............
Citibank
NA
(2,634,198)
02/24/27
(0.20)%
1D
ESTR
Monthly
(114,210)
PPL
Corp.
................
Citibank
NA
(2,023,843)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(65,697)
Public
Storage
..............
Citibank
NA
(2,143,428)
02/24/28
(0.15)%
1D
OBFR01
Monthly
3,476
QUALCOMM,
Inc.
...........
Citibank
NA
(876,855)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(11,727)
Quanta
Services,
Inc.
.........
Citibank
NA
(907,920)
02/24/28
(0.15)%
1D
OBFR01
Monthly
29,488
Quest
Diagnostics,
Inc.
........
Citibank
NA
(1,603,920)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(3,116)
Randstad
NV
..............
Citibank
NA
(1,352,232)
02/24/27
(0.26)%
1D
ESTR
Monthly
73,340
Randstad
NV
..............
Merrill
Lynch
International
&
Co.
(704,691)
02/15/28
(0.26)%
1D
ESTR
Monthly
10,435
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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)
Realtek
Semiconductor
Corp.
...
JPMorgan
Chase
Bank
NA
USD
(793,597)
02/11/27
(1.37)%
1D
OBFR01
Monthly
$
3,192
Reckitt
Benckiser
Group
plc
.....
Citibank
NA
(1,618,386)
02/24/27
(0.25)%
1D
SONIA
Monthly
(224)
Regency
Centers
Corp.
.......
Citibank
NA
(3,337,029)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(44,973)
Renesas
Electronics
Corp.
.....
Merrill
Lynch
International
&
Co.
(1,593,302)
03/15/28
(0.15)%
1D
P
TONA
Monthly
124,976
Rentokil
Initial
plc
............
Barclays
Bank
plc
(1,417,144)
03/26/27
(0.25)%
1D
SONIA
Monthly
(21,390)
Restaurant
Brands
International,
Inc.
Citibank
NA
(1,273,124)
02/24/28
(0.20)%
1D
CORRA
Monthly
341
Rexel
SA
.................
Citibank
NA
(1,344,987)
02/24/27
(0.26)%
1D
ESTR
Monthly
(69,662)
Rightmove
plc
..............
Citibank
NA
(1,085,643)
02/24/27
(0.25)%
1D
SONIA
Monthly
(20,287)
Rio
Tinto
plc
...............
Citibank
NA
(1,213,183)
02/24/27
(0.25)%
1D
SONIA
Monthly
(113,481)
ROCKWOOL
A/S
............
Merrill
Lynch
International
&
Co.
(1,301,471)
02/15/28
(0.26)%
1W
CIBOR
Monthly
4,391
Rohm
Co.
Ltd.
..............
Merrill
Lynch
International
&
Co.
(955,781)
03/15/28
0.00%
1D
P
TONA
Monthly
39,252
Royal
Bank
of
Canada
........
Merrill
Lynch
International
&
Co.
(1,895,595)
02/15/28
0.00%
CABROVER
Monthly
(44,280)
RTL
Group
SA
..............
Citibank
NA
(813,231)
02/24/27
(1.25)%
1D
ESTR
Monthly
(47,394)
Salesforce,
Inc.
.............
Citibank
NA
(1,458,513)
02/24/28
(0.15)%
1D
OBFR01
Monthly
58,488
Salmar
ASA
...............
Merrill
Lynch
International
&
Co.
(1,284,467)
02/15/28
(0.26)%
NOWA
Monthly
64,946
Sartorius
Stedim
Biotech
.......
Merrill
Lynch
International
&
Co.
(1,654,014)
02/15/28
0.00%
1D
ESTR
Monthly
(79,370)
Sasol
Ltd.
.................
Merrill
Lynch
International
&
Co.
(645,919)
02/15/28
(0.35)%
1M
JIBAR
Monthly
(92,731)
Schroders
plc
..............
Citibank
NA
(1,269,810)
02/24/27
(0.25)%
1D
SONIA
Monthly
(21,406)
Schroders
plc
..............
Merrill
Lynch
International
&
Co.
(1,327,815)
02/15/28
(0.25)%
1D
SONIA
Monthly
(22,687)
Seatrium
Ltd.
..............
JPMorgan
Chase
Bank
NA
(1,009,850)
02/10/27
(0.84)%
1D
OBFR01
Monthly
(42,312)
Sega
Sammy
Holdings,
Inc.
.....
Merrill
Lynch
International
&
Co.
(1,489,175)
03/15/28
(0.25)%
1D
P
TONA
Monthly
109,712
Sekisui
Chemical
Co.
Ltd.
......
Citibank
NA
(1,267,006)
02/24/27
(0.25)%
1D
P
TONA
Monthly
(52,583)
Sembcorp
Industries
Ltd.
......
JPMorgan
Chase
Bank
NA
(1,259,280)
02/10/27
(0.58)%
1D
OBFR01
Monthly
(190,215)
SGH
Ltd.
.................
JPMorgan
Chase
Bank
NA
(790,413)
02/10/27
(0.25)%
1D
AONIA
Monthly
8,011
SGS
SA
(Registered)
.........
Citibank
NA
(1,220,735)
02/24/27
(0.26)%
SSARON
Monthly
8,762
Shandong
Gold
Mining
Co.
Ltd.
..
Merrill
Lynch
International
&
Co.
(1,304,038)
02/15/28
0.00%
HONIA
Monthly
96,703
Sherwin-Williams
Co.
(The)
.....
Citibank
NA
(981,187)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(12,518)
Shimizu
Corp.
..............
Merrill
Lynch
International
&
Co.
(1,017,271)
03/15/28
(0.25)%
1D
OBFR01
Monthly
(28,696)
Shin-Etsu
Chemical
Co.
Ltd.
....
Citibank
NA
(1,794,170)
02/24/27
(0.16)%
1D
P
TONA
Monthly
(103,327)
Shiseido
Co.
Ltd.
............
Merrill
Lynch
International
&
Co.
(1,130,093)
03/15/28
(0.25)%
1D
P
TONA
Monthly
(69,162)
Sigma
Healthcare
Ltd.
........
JPMorgan
Chase
Bank
NA
(1,243,438)
02/10/27
(0.25)%
1D
AONIA
Monthly
15,100
Simon
Property
Group,
Inc.
.....
Citibank
NA
(2,686,052)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(74,592)
Sino
Land
Co.
Ltd.
...........
Merrill
Lynch
International
&
Co.
(1,612,283)
02/15/28
0.00%
HONIA
Monthly
(8,472)
Smurfit
Westrock
plc
.........
Citibank
NA
(1,056,510)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(31,395)
Snap-on,
Inc.
..............
Citibank
NA
(2,356,575)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(4,355)
Sonic
Healthcare
Ltd.
.........
JPMorgan
Chase
Bank
NA
(1,193,970)
02/10/27
(0.25)%
1D
AONIA
Monthly
(45,036)
SPIE
SA
..................
Citibank
NA
(1,125,254)
02/24/27
(0.26)%
1D
ESTR
Monthly
23,590
SSE
plc
..................
Barclays
Bank
plc
(1,864,399)
03/26/27
(0.25)%
1D
SONIA
Monthly
(
85,270)
Standard
Bank
Group
Ltd.
......
Merrill
Lynch
International
&
Co.
(1,652,840)
02/15/28
(0.35)%
1M
JIBAR
Monthly
(4,201)
Standard
Life
plc
............
Citibank
NA
(2,864,091)
02/24/27
(0.25)%
1D
SONIA
Monthly
(132,711)
Stantec,
Inc.
...............
Merrill
Lynch
International
&
Co.
(821,564)
02/15/28
0.00%
CABROVER
Monthly
(16,997)
State
Street
SPDR
Bloomberg
High
Yield
Bond
ETF
...........
Merrill
Lynch
International
&
Co.
(912,597)
02/15/28
(0.25)%
1D
OBFR01
Monthly
(668)
STMicroelectronics
NV
........
Barclays
Bank
plc
(1,514,579)
03/15/27
(0.10)%
1D
ESTR
Monthly
(135,809)
Sumitomo
Corp.
............
Merrill
Lynch
International
&
Co.
(930,372)
03/15/28
0.00%
1D
P
TONA
Monthly
(50,008)
Swedish
Orphan
Biovitrum
AB
...
Barclays
Bank
plc
(1,242,618)
04/26/27
(0.26)%
1D
STIBOR
Monthly
(127,855)
Swiss
Prime
Site
AG
(Registered)
.
Citibank
NA
(2,798,539)
02/24/27
(0.26)%
SSARON
Monthly
(12,142)
Swisscom
AG
(Registered)
.....
Merrill
Lynch
International
&
Co.
(2,002,042)
02/15/28
(0.10)%
SSARON
Monthly
71,966
Syensqo
SA
...............
Citibank
NA
(1,121,842)
02/24/27
(0.26)%
1D
ESTR
Monthly
(119,789)
T
Rowe
Price
Group,
Inc.
......
Merrill
Lynch
International
&
Co.
(1,862,893)
02/15/28
(0.15)%
1D
OBFR01
Monthly
(57,089)
Taisei
Corp.
...............
Merrill
Lynch
International
&
Co.
(1,388,425)
03/15/28
(0.15)%
1D
P
TONA
Monthly
31,242
Taiwan
Mobile
Co.
Ltd.
........
JPMorgan
Chase
Bank
NA
(1,797,558)
02/11/27
(0.56)%
1D
OBFR01
Monthly
(19,704)
Taiyo
Yuden
Co.
Ltd.
.........
Merrill
Lynch
International
&
Co.
(3,043,054)
03/15/28
(0.25)%
1D
P
TONA
Monthly
46,766
Teledyne
Technologies,
Inc.
.....
Merrill
Lynch
International
&
Co.
(1,160,043)
02/15/28
(0.15)%
1D
OBFR01
Monthly
71,025
Teradyne,
Inc.
..............
Merrill
Lynch
International
&
Co.
(928,433)
02/15/28
0.10%
1D
OBFR01
Monthly
9,407
Texas
Instruments,
Inc.
........
Citibank
NA
(1,037,465)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(30,305)
TIS,
Inc.
..................
Citibank
NA
(1,623,027)
02/24/27
(0.25)%
1D
P
TONA
Monthly
(6,238)
TKO
Group
Holdings,
Inc.
......
Citibank
NA
(1,049,112)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(39,798)
Tokio
Marine
Holdings,
Inc.
.....
Citibank
NA
(1,312,909)
02/24/27
(0.25)%
1D
OBFR01
Monthly
(15,521)
TOPPAN
Holdings,
Inc.
........
Barclays
Bank
plc
(895,935)
01/14/27
(0.20)%
1D
P
TONA
Monthly
67,770
Toromont
Industries
Ltd.
.......
Merrill
Lynch
International
&
Co.
(1,161,700)
02/15/28
0.00%
CABROVER
Monthly
(28,337)
TOTVS
SA
................
Merrill
Lynch
International
&
Co.
(200,770)
02/15/28
0.00%
1D
OBFR01
Monthly
(8,692)
Tourmaline
Oil
Corp.
..........
Citibank
NA
(3,580,561)
02/24/28
(0.20)%
1D
CORRA
Monthly
77,106
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
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)
Toyota
Motor
Corp.
..........
Merrill
Lynch
International
&
Co.
USD
(2,597,219)
03/15/28
(0.15)%
1D
P
TONA
Monthly
$
27,903
Trade
Desk,
Inc.
(The)
........
Citibank
NA
(1,377,125)
02/24/28
(0.15)%
1D
OBFR01
Monthly
72,450
UDR,
Inc.
.................
Citibank
NA
(3,921,816)
02/24/28
(0.15)%
1D
OBFR01
Monthly
54,006
Unimicron
Technology
Corp.
....
JPMorgan
Chase
Bank
NA
(818,240)
02/11/27
(1.00)%
1D
OBFR01
Monthly
145,151
United
Overseas
Bank
Ltd.
.....
Merrill
Lynch
International
&
Co.
(2,761,766)
02/15/28
(0.30)%
1D
OBFR01
Monthly
(23,520)
Vanguard
Intermediate-Term
Corporate
Bond
ETF
.......
JPMorgan
Chase
Bank
NA
(155,243,253)
02/09/27
(0.47)%
1D
OBFR01
Monthly
2,200,852
Vanguard
Short-Term
Corporate
Bond
ETF
...............
Barclays
Bank
plc
(142,398,000)
01/25/27
(0.88)%
1D
OBFR01
Monthly
(288,000)
Vend
Marketplaces
ASA
.......
Citibank
NA
(1,363,666)
02/24/27
(0.26)%
NOWA
Monthly
15,082
Visional,
Inc.
...............
Citibank
NA
(760,579)
02/24/27
(0.15)%
1D
OBFR01
Monthly
(5,473)
W
R
Berkley
Corp.
...........
Barclays
Bank
plc
(1,874,730)
01/25/27
(0.15)%
1D
OBFR01
Monthly
(20,878)
Wartsila
OYJ
Abp
............
Barclays
Bank
plc
(1,180,327)
03/15/27
(0.10)%
1D
ESTR
Monthly
(7,884)
Westinghouse
Air
Brake
Technologies
Corp.
........
Merrill
Lynch
International
&
Co.
(1,883,117)
02/15/28
0.00%
1D
OBFR01
Monthly
(66,181)
Wharf
Real
Estate
Investment
Co.
Ltd.
...................
Merrill
Lynch
International
&
Co.
(1,288,567)
02/15/28
(0.30)%
HONIA
Monthly
101,230
Whitbread
plc
..............
Citibank
NA
(1,682,978)
02/24/27
(0.25)%
1D
SONIA
Monthly
4,286
Willis
Towers
Watson
plc
.......
Citibank
NA
(2,523,498)
02/24/28
(0.15)%
1D
OBFR01
Monthly
23,478
Wynn
Macau
Ltd.
............
Merrill
Lynch
International
&
Co.
(1,384,714)
02/15/28
(0.85)%
HONIA
Monthly
7,689
Xero
Ltd.
.................
JPMorgan
Chase
Bank
NA
(2,146,700)
02/10/27
(0.25)%
1D
AONIA
Monthly
180,686
Xero
Ltd.
.................
Merrill
Lynch
International
&
Co.
(328,342)
02/15/28
(0.15)%
1D
AONIA
Monthly
5,958
Xylem,
Inc.
................
Citibank
NA
(1,115,442)
02/24/28
(0.15)%
1D
OBFR01
Monthly
4,092
Yakult
Honsha
Co.
Ltd.
........
Citibank
NA
(1,849,087)
02/24/27
(0.25)%
1D
P
TONA
Monthly
(50,143)
Yamaha
Motor
Co.
Ltd.
........
Citibank
NA
(1,035,074)
02/24/27
(0.25)%
1D
P
TONA
Monthly
(60,145)
Zalando
SE
...............
Barclays
Bank
plc
(762,720)
03/15/27
(0.26)%
1D
ESTR
Monthly
2,924
Zebra
Technologies
Corp.
......
Citibank
NA
(844,067)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(13,161)
Zimmer
Biomet
Holdings,
Inc.
...
Citibank
NA
(1,457,480)
02/24/28
(0.15)%
1D
OBFR01
Monthly
(43,492)
ZTO
Express
Cayman,
Inc.
.....
JPMorgan
Chase
Bank
NA
(9,122,021)
02/10/27
(0.41)%
HONIA
Monthly
(462,240)
      Total
short
positions
of
equity
swaps
3,830,520
Total
long
and
short
position
of
equity
swaps
461,112
Net
dividends
and
financing
fees
(751,544)
Total
equity
swap
contracts
including
dividends
and
financing
fees
$
(290,432)
(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
0.05
%
1-day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0.01
1-day
ESTR
.........................................
Euro
Short-Term
Rate
1.93
1-day
IBR
...........................................
Colombian
Reference
Banking
Indicator
9.64
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
6.98
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
3.65
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
3.73
1-day
SORA
.........................................
Singapore
Overnight
Rate
Average
1.00
1-day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
0.99
1-day
TIIEOIS
........................................
Mexico
Interbank
TIIE
1-day
6.94
1-day
TONAR
........................................
Tokyo
Overnight
Average
Rate
0.73
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
1.49
3-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4.31
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
2.82
3-mo.
HIBOR
........................................
Hong
Kong
Interbank
Offered
Rate
2.36
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
6.75
3-mo.
KLIBOR
........................................
Kuala
Lumpur
Interbank
Offered
Rate
3.37
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
176
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.
Reference
Index
Reference
Rate
3-mo.
TWCPBA
.......................................
Taiwan
Secondary
Markets
Bills
Rate
1.68
%
3-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
3.75
6-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4.78
6-mo.
BUBOR
........................................
Budapest
Interbank
Offered
Rate
6.62
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
2.48
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
3.62
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
3.79
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
Australia
.............................................
$
—
$
92,543,831
$
—
$
92,543,831
Bermuda
.............................................
—
47,154,390
—
47,154,390
Cayman
Islands
........................................
—
2,454,813,029
106,456,776
2,561,269,805
France
..............................................
—
37,794,162
—
37,794,162
Germany
............................................
—
2,178,795
—
2,178,795
Ireland
..............................................
—
616,113,280
2,311,700
618,424,980
Italy
................................................
—
118,162,272
—
118,162,272
Jersey,
Channel
Islands
...................................
—
241,743,155
—
241,743,155
Luxembourg
..........................................
—
121,869,677
—
121,869,677
Netherlands
...........................................
—
57,242,271
—
57,242,271
Portugal
.............................................
—
31,479,704
—
31,479,704
Spain
...............................................
—
77,084,465
—
77,084,465
Switzerland
...........................................
—
495,809
—
495,809
United
Kingdom
........................................
—
296,422,275
49,716,137
346,138,412
United
States
..........................................
—
3,119,600,963
176,637,650
3,296,238,613
Common
Stocks
Argentina
............................................
2,100,560
—
—
2,100,560
Australia
.............................................
—
301,644
—
301,644
Austria
..............................................
—
445,056
—
445,056
Belgium
.............................................
—
1,450,734
—
1,450,734
Brazil
...............................................
9,934,316
—
5,349,564
15,283,880
Canada
.............................................
37,080,355
—
—
37,080,355
Chile
...............................................
—
—
1,905,297
1,905,297
China
...............................................
6,507,894
27,754,569
—
34,262,463
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
177
Level
1
Level
2
Level
3
Total
Czech
Republic
........................................
$
—
$
1,554,501
$
—
$
1,554,501
Egypt
...............................................
—
5,083,121
—
5,083,121
France
..............................................
—
6,683,220
—
6,683,220
Georgia
.............................................
—
2,577,708
—
2,577,708
Germany
............................................
—
20,845,802
130
20,845,932
Greece
..............................................
2,364,227
2,113,838
—
4,478,065
Hong
Kong
...........................................
—
1,349,387
—
1,349,387
Hungary
.............................................
—
3,034,335
—
3,034,335
India
...............................................
3,432,343
6,522,190
—
9,954,533
Indonesia
............................................
379,627
4,484,721
—
4,864,348
Ireland
..............................................
407,486
—
—
407,486
Israel
...............................................
2,240,205
—
17,554
2,257,759
Italy
................................................
—
10,322,019
—
10,322,019
Japan
...............................................
—
9,936,174
—
9,936,174
Kazakhstan
...........................................
2,599,709
4,625,279
—
7,224,988
Luxembourg
..........................................
—
2,287,801
—
2,287,801
Mexico
..............................................
7,080,437
—
—
7,080,437
Norway
..............................................
—
408,661
—
408,661
Philippines
...........................................
1,339,288
428,977
—
1,768,265
Poland
..............................................
—
8,789,348
—
8,789,348
Republic
of
Turkiye
......................................
2,146,895
6,946,100
—
9,092,995
Romania
.............................................
—
1,311,248
—
1,311,248
Singapore
............................................
—
335,780
—
335,780
South
Africa
...........................................
2,169,884
—
—
2,169,884
South
Korea
..........................................
—
6,607,862
—
6,607,862
Spain
...............................................
—
6,287,359
—
6,287,359
Sweden
.............................................
—
1,453,100
—
1,453,100
Switzerland
...........................................
427,237
—
—
427,237
Taiwan
..............................................
—
6,290,107
—
6,290,107
Thailand
.............................................
—
4,391,307
—
4,391,307
United
Kingdom
........................................
5,060,613
828,324
10,600,288
16,489,225
United
States
..........................................
623,778,117
28,008,853
420,872,739
1,072,659,709
Corporate
Bonds
Angola
..............................................
—
17,145,505
—
17,145,505
Argentina
............................................
—
12,777,623
—
12,777,623
Australia
.............................................
—
265,052,865
46,487,127
311,539,992
Austria
..............................................
—
2,299,235
—
2,299,235
Belgium
.............................................
—
29,318,449
—
29,318,449
Brazil
...............................................
—
139,249,402
—
139,249,402
Canada
.............................................
—
251,228,113
—
251,228,113
Chile
...............................................
—
71,537,279
—
71,537,279
China
...............................................
—
288,353,858
—
288,353,858
Colombia
............................................
—
41,780,873
—
41,780,873
Cyprus
..............................................
—
9,381,795
—
9,381,795
Czech
Republic
........................................
—
43,773,987
—
43,773,987
Denmark
.............................................
—
45,471,264
—
45,471,264
Finland
..............................................
—
40,429,353
—
40,429,353
France
..............................................
—
808,903,505
17,382,288
826,285,793
Germany
............................................
—
493,216,563
24,626,015
517,842,578
Greece
..............................................
—
21,642,826
—
21,642,826
Hong
Kong
...........................................
—
85,425,337
—
85,425,337
India
...............................................
—
300,024,673
—
300,024,673
Indonesia
............................................
—
71,920,763
—
71,920,763
Ireland
..............................................
—
60,238,692
—
60,238,692
Israel
...............................................
—
22,341,652
—
22,341,652
Italy
................................................
—
415,518,096
41,251,870
456,769,966
Jamaica
.............................................
—
1,322,281
150,620
1,472,901
Japan
...............................................
—
173,894,684
—
173,894,684
Jersey,
Channel
Islands
...................................
—
34,612,284
—
34,612,284
Jordan
..............................................
—
2,835,854
—
2,835,854
Kazakhstan
...........................................
—
9,820,828
—
9,820,828
Kuwait
..............................................
—
515,627
—
515,627
Luxembourg
..........................................
—
258,160,605
—
258,160,605
Macau
..............................................
—
72,056,369
—
72,056,369
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
178
Level
1
Level
2
Level
3
Total
Mauritius
.............................................
$
—
$
—
$
109,675,456
$
109,675,456
Mexico
..............................................
—
14,387,452
—
14,387,452
Mongolia
.............................................
—
7,535,250
—
7,535,250
Netherlands
...........................................
—
255,328,436
27,732,019
283,060,455
Nigeria
..............................................
—
12,274,096
—
12,274,096
Pakistan
.............................................
—
685,375
—
685,375
Panama
.............................................
—
1,710,475
—
1,710,475
Peru
................................................
—
1,992,470
—
1,992,470
Philippines
...........................................
—
69,083,066
—
69,083,066
Portugal
.............................................
—
69,353,004
—
69,353,004
Qatar
...............................................
—
9,960,500
—
9,960,500
Republic
of
Turkiye
......................................
—
40,853,138
—
40,853,138
Saudi
Arabia
..........................................
—
100,147,325
—
100,147,325
Singapore
............................................
—
26,679,062
14,336,068
41,015,130
Slovenia
.............................................
—
1,739,452
—
1,739,452
South
Africa
...........................................
—
15,476,560
—
15,476,560
South
Korea
..........................................
—
7,086,237
—
7,086,237
Spain
...............................................
—
146,623,197
—
146,623,197
Sweden
.............................................
—
43,038,652
—
43,038,652
Switzerland
...........................................
—
170,711,379
—
170,711,379
Taiwan
..............................................
—
28,141,835
—
28,141,835
Thailand
.............................................
—
25,035,884
—
25,035,884
Ukraine
.............................................
—
36,789,101
—
36,789,101
United
Arab
Emirates
....................................
—
38,823,482
—
38,823,482
United
Kingdom
........................................
—
929,782,462
4,007,536
933,789,998
United
States
..........................................
—
4,043,986,776
581,601,877
4,625,588,653
Uzbekistan
...........................................
—
21,413,179
—
21,413,179
Vietnam
.............................................
—
8,676,824
—
8,676,824
Fixed
Rate
Loan
Interests
Australia
.............................................
—
16,627,795
—
16,627,795
France
..............................................
—
9,167,028
—
9,167,028
India
...............................................
—
—
14,717,780
14,717,780
Jersey,
Channel
Islands
...................................
—
—
1,066
1,066
United
States
..........................................
—
132,460,020
73,977,543
206,437,563
Floating
Rate
Loan
Interests
Australia
.............................................
—
15,523,875
59,124,603
74,648,478
Austria
..............................................
—
7,216,872
—
7,216,872
Belgium
.............................................
—
6,854,180
—
6,854,180
Canada
.............................................
—
31,608,430
—
31,608,430
Cayman
Islands
........................................
—
235,172
14,113,699
14,348,871
Finland
..............................................
—
10,244,618
—
10,244,618
France
..............................................
—
40,381,544
—
40,381,544
Germany
............................................
—
42,335,139
18,137,209
60,472,348
Ireland
..............................................
—
1,480,318
7,953,727
9,434,045
Jersey,
Channel
Islands
...................................
—
—
20,681,746
20,681,746
Luxembourg
..........................................
—
98,410,731
37,160,971
135,571,702
Netherlands
...........................................
—
37,208,438
31,087,442
68,295,880
New
Zealand
..........................................
—
13,937,508
—
13,937,508
Norway
..............................................
—
1,756,803
—
1,756,803
Poland
..............................................
—
—
6,463,981
6,463,981
Spain
...............................................
—
30,244,855
70,341,215
100,586,070
Sweden
.............................................
—
10,529,829
—
10,529,829
United
Kingdom
........................................
—
124,322,001
62,218,707
186,540,708
United
States
..........................................
—
683,781,697
380,805,235
1,064,586,932
Foreign
Agency
Obligations
.................................
—
293,430,320
—
293,430,320
Foreign
Government
Obligations
..............................
—
5,105,490,391
—
5,105,490,391
Grantor
Trust
...........................................
99,482,909
—
—
99,482,909
Investment
Companies
....................................
1,130,002,846
—
—
1,130,002,846
Municipal
Bonds
.........................................
—
268,232,662
—
268,232,662
Non-Agency
Mortgage-Backed
Securities
Australia
.............................................
—
115,807,404
—
115,807,404
Ireland
..............................................
—
226,952,000
—
226,952,000
Italy
................................................
—
31,018,294
—
31,018,294
Japan
...............................................
—
6,898,989
—
6,898,989
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
179
Level
1
Level
2
Level
3
Total
Luxembourg
..........................................
$
—
$
8,142,923
$
—
$
8,142,923
Netherlands
...........................................
—
30,700,676
—
30,700,676
Spain
...............................................
—
4,969,769
—
4,969,769
United
Kingdom
........................................
—
651,954,923
—
651,954,923
United
States
..........................................
—
5,309,216,578
147,608,969
5,456,825,547
Preferred
Securities
Austria
..............................................
—
32,179,384
—
32,179,384
Belgium
.............................................
—
2,015,513
—
2,015,513
Brazil
...............................................
—
—
12,632,855
12,632,855
Canada
.............................................
—
8,530,425
—
8,530,425
Chile
...............................................
—
10,038,042
—
10,038,042
China
...............................................
—
—
85,667,336
85,667,336
Denmark
.............................................
—
8,213,577
—
8,213,577
Finland
..............................................
—
—
8,412,123
8,412,123
France
..............................................
—
281,734,471
—
281,734,471
Germany
............................................
—
202,772,599
—
202,772,599
Greece
..............................................
—
9,583,634
—
9,583,634
Hong
Kong
...........................................
—
30,199,076
—
30,199,076
India
...............................................
—
29,578,350
—
29,578,350
Indonesia
............................................
—
12,561,250
—
12,561,250
Ireland
..............................................
—
3,221,994
—
3,221,994
Italy
................................................
—
98,718,874
—
98,718,874
Japan
...............................................
—
49,583,852
—
49,583,852
Kuwait
..............................................
—
4,900,000
—
4,900,000
Luxembourg
..........................................
—
2,998,578
—
2,998,578
Mexico
..............................................
—
1,971,725
—
1,971,725
Netherlands
...........................................
—
9,474,001
—
9,474,001
Norway
..............................................
—
10,961,796
—
10,961,796
Portugal
.............................................
—
47,496,822
—
47,496,822
Qatar
...............................................
—
14,374,200
—
14,374,200
Singapore
............................................
—
44,822,130
—
44,822,130
Spain
...............................................
—
213,142,243
—
213,142,243
Sweden
.............................................
—
14,852,482
—
14,852,482
Switzerland
...........................................
—
9,835,307
—
9,835,307
Taiwan
..............................................
—
6,225,300
—
6,225,300
Thailand
.............................................
—
33,675,724
—
33,675,724
United
Arab
Emirates
....................................
—
3,869,360
—
3,869,360
United
Kingdom
........................................
—
210,252,732
1,487,445
211,740,177
United
States
..........................................
5,226,084
305,097,227
513,342,484
823,665,795
U.S.
Government
Sponsored
Agency
Securities
....................
15,000,000
22,382,469,882
—
22,397,469,882
U.S.
Treasury
Obligations
...................................
—
715,430,580
—
715,430,580
Warrants
..............................................
172,561
10,442
44,913,836
45,096,839
Short-Term
Securities
Borrowed
Bond
Agreements
.................................
—
325,255,186
—
325,255,186
Foreign
Government
Obligations
..............................
—
194,772,329
—
194,772,329
Money
Market
Funds
......................................
2,437,765,340
—
—
2,437,765,340
U.S.
Treasury
Obligations
...................................
—
2,386,189,143
—
2,386,189,143
Options
Purchased
Credit
contracts
..........................................
—
96,751
—
96,751
Equity
contracts
..........................................
9,681,275
7,127,268
—
16,808,543
Foreign
currency
exchange
contracts
...........................
—
15,621,804
—
15,621,804
Interest
rate
contracts
......................................
675,939
42,014,942
—
42,690,881
Other
contracts
..........................................
—
8,029,069
—
8,029,069
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
705,901
887,293
1,593,194
Liabilities
Investments
Borrowed
Bonds
.........................................
—
(322,330,330)
—
(
322,330,330)
TBA
Sale
Commitments
....................................
—
(12,364,377,286)
—
(12,364,377,286)
Investment
Sold
Short
Common
Stocks
.........................................
—
(4,293,547)
—
(4,293,547)
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
(614)
(436,491)
(437,105)
$
4,407,056,147
$
46,182,466,082
$
3,252,419,485
$
53,841,941,714
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
180
Level
1
Level
2
Level
3
Total
Investments
Valued
at
NAV
(b)
......................................
30,005,406
$
53,871,947,120
Derivative
Financial
Instruments
(c)
Assets
Commodity
contracts
.......................................
$
1,655,567
$
—
$
—
$
1,655,567
Credit
contracts
...........................................
—
25,473,039
—
25,473,039
Equity
contracts
...........................................
18,966,210
32,346,993
—
51,313,203
Foreign
currency
exchange
contracts
............................
—
245,589,582
—
245,589,582
Interest
rate
contracts
.......................................
138,567,220
385,564,544
—
524,131,764
Other
contracts
...........................................
—
418,704
—
418,704
Liabilities
Credit
contracts
...........................................
—
(25,991,665)
—
(25,991,665)
Equity
contracts
...........................................
(12,321,591)
(57,675,589)
—
(69,997,180)
Foreign
currency
exchange
contracts
............................
—
(147,138,546)
—
(
147,138,546)
Interest
rate
contracts
.......................................
(65,241,666)
(431,812,853)
—
(497,054,519)
Other
contracts
...........................................
—
(614,557)
—
(614,557)
$
81,625,740
$
26,159,652
$
—
$
107,785,392
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(c)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
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
$980,857
are
categorized
as
Level
2
within
the
fair
value
hierarchy.
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
181
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,
2025
...........................................
$
194,568,342
$
213,704,674
$
886,278,964
$
74,648,279
$
774,047,289
Transfers
into
Level
3
(a)
........................................................
—
70,444
50,132,000
2,170
25,192,934
Transfers
out
of
Level
3
(b)(c)
......................................................
(1,030,000)
—
(55,652,703)
—
(35,821,813)
Accrued
discounts/premiums
.....................................................
(17,620)
—
521,566
(165,864)
232,390
Net
realized
gain
(loss)
........................................................
122,557
—
276,810
6,470
(546,734)
Net
change
in
unrealized
appreciation
(depreciation)
(d)
....................................
2,581,205
50,537,318
(55,465,176)
145,016
(108,741,688)
Purchases
.................................................................
158,617,052
174,433,136
56,941,697
14,717,780
302,839,088
Sales
....................................................................
(19,719,273)
—
(
15,782,282)
(657,462)
(249,112,931)
Closing
balance,
as
of
March
31,
2026
..............................................
$
335,122,263
$
438,745,572
$
867,250,876
$
88,696,389
$
708,088,535
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2026
(d)
........
$
(2,162,088)
$
43,279,760
$
(13,836,398)
$
150,492
$
(15,315,790)
Non-Agency
Mortgage-
Backed
Securities
Preferred
Securities
Unfunded
Floating
Rate
Loan
Interests
Warrants
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
December
31,
2025
...........................................
$
136,545,601
$
652,680,153
$
249,926
$
43,217,405
$
2,975,940,633
Transfers
into
Level
3
(a)
........................................................
—
—
—
—
75,397,548
Transfers
out
of
Level
3
(b)(c)
......................................................
—
—
—
(56)
(92,504,572)
Accrued
discounts/premiums
.....................................................
163,105
—
—
—
733,577
Net
realized
gain
(loss)
........................................................
46,681
—
—
—
(94,216)
Net
change
in
unrealized
appreciation
(depreciation)
(d)
....................................
(3,767,727)
27,965,428
200,876
1,696,487
(84,848,261)
Purchases
.................................................................
18,879,833
47,879,818
—
—
774,308,404
Sales
....................................................................
(4,258,524)
(106,983,156)
—
—
(396,513,628)
Closing
balance,
as
of
March
31,
2026
..............................................
$
147,608,969
$
621,542,243
$
450,802
$
44,913,836
$
3,252,419,485
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2026
(d)
........
$
(3,733,300)
$
36,631,466
$
200,876
$
1,769,172
$
46,984,190
(a)
As
of
December
31,
2025,
the
Fund
used
observable
inputs
in
determining
the
value
of
certain
investments.
As
of
March
31,
2026,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
2
to
Level
3
in
the
fair
value
hierarchy.
(b)
As
of
December
31,
2025,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
March
31,
2026,
the
Fund
used
observable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
3
to
Level
1
in
the
fair
value
hierarchy.
(c)
As
of
December
31,
2025,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
March
31,
2026,
the
Fund
used
observable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
3
to
Level
2
in
the
fair
value
hierarchy.
(d)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
March
31,
2026
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2026
BlackRock
Strategic
Income
Opportunities
Portfolio
182
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
$807,353,963.
(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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$
177,985,529‌
Income
Discount
Rate
7%
-
8%
8%
Common
Stocks
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
394,883,416‌
Market
Revenue
Multiple
1.00x
-
32.10x
11.78x
Volatility
49%
-
80%
64%
Time
to
Exit
1.0
-
3.0
years
2.0
years
EBITDA
Multiple
3.75x
-
71.43x
60.71x
Discount
for
Lack
of
Marketability
10%
-
11%
10%
NAV
Multiple
1.15x
—
Risk
Free
Rate
4%
—
Income
Discount
Rate
10%
-15%
13%
Corporate
Bonds
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
785,738,531‌
Income
Discount
Rate
5%
-
34%
12%
Market
Revenue
Multiple
0.60x
—
Direct
Profit
Multiple
2.00x
—
Time
to
Exit
0.2
-
1.8
years
1.4
years
Volatility
55%
55%
Fixed
Rate
Loan
Interest
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
73,977,541‌
Income
Discount
Rate
8%
-
8%
7%
Floating
Rate
Loan
Interest
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
377,034,009‌
Income
Discount
Rate
5%
-
21%
10%
Market
EBITDA
Multiple
9.75x
—
Revenue
Multiple
0.63x
—
Non-Agency
Mortgage-Backed
Securities
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
23,097,468‌
Income
Discount
Rate
8%
—
Preferred
Stocks
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
571,158,985‌
Market
Revenue
Multiple
1.60x
-
62.49x
21.23x
Volatility
40%
-
80%
73%
Time
to
Exit
1.0
-
4.0
years
3.1
years
Gross
Profit
Multiple
12.75x
—
EBITDAR
Multiple
8.25x
—
EBITDA
Multiple
8.50x
-
10.75x
9.74x
Market
Adjustment
Multiple
0.20x
-
1.10x
1.06x
Income
Discount
Rate
11%
-
16%
14%
Warrants
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
41,190,043‌
Market
Revenue
Multiple
5.0x
-
9.75x
8.94x
Volatility
50%
-
80%
69%
Time
to
Exit
1.0
-
5.2
years
3.6
years
EBITDA
Multiple
12.00x
—
$
2,445,065,522‌