Schedule of Investments  (unaudited) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities — 5.1%
Ajax Mortgage Loan Trust(a)(b):
Series 2018-E, Class A, 4.38%, 06/25/58	USD	273	$	278,786
Series 2018-F, Class A, 4.38%, 11/25/58(c) .		286		254,397
Series 2018-G, Class A, 4.38%, 06/25/57(c)		373		331,783
Allegro CLO II-S Ltd., Series 2014-1RA, Class B, (LIBOR USD 3 Month + 2.15%), 3.26%, 10/21/28(b)(d)		500		456,034
ALM 2020 Ltd., Series 2020-1A, Class A2, (LIBOR USD 3 Month + 1.85%), 3.36%, 10/15/29(b)(d)		1,000		918,488
ALM VII R-2 Ltd., Series 2013-7R2A, Class BR2, (LIBOR USD 3 Month + 2.20%), 3.42%, 10/15/27(b)(d)		250		228,695
ALM XVI Ltd., Series 2015-16A, Class CR2, (LIBOR USD 3 Month + 2.70%), 3.92%, 07/15/27(b)(d)		1,000		825,483
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class D, (LIBOR USD 3 Month + 2.60%), 3.49%, 01/28/31(b)(d)		250		190,298
Apidos CLO XXIV, Series 2016-24A, Class CR, (LIBOR USD 3 Month + 3.05%), 4.19%, 10/20/30(b)(d)		1,000		761,449
Apidos CLO XXXII, Series 2019-32A, Class C, (LIBOR USD 3 Month + 2.40%), 4.08%, 01/20/33(b)(d)		500		459,824
Ares LI CLO Ltd., Series 2019-51A, Class C, (LIBOR USD 3 Month + 2.70%), 3.92%, 04/15/31(b)(d)		500		481,460
Ares LIII CLO Ltd.(b)(d):
Series 2019-53A, Class C, (LIBOR USD 3 Month + 2.65%), 3.67%, 04/24/31		500		467,500
Series 2019-53A, Class D, (LIBOR USD 3 Month + 3.75%), 4.77%, 04/24/31		500		403,009
Ares XL CLO Ltd., Series 2016-40A, Class CR, (LIBOR USD 3 Month + 3.40%), 4.62%, 01/15/29(b)(d)		500		415,580
Ares XLVI CLO Ltd., Series 2017-46A, Class SUB, (LIBOR USD 3 Month + 0.00%), 0.00%, 01/15/30(b)(d)		750		455,398
Ares XLVII CLO Ltd.(b)(d):
Series 2018-47A, Class D, (LIBOR USD 3 Month + 2.70%), 3.92%, 04/15/30		1,500		1,166,563
Series 2018-47A, Class SUB, (LIBOR USD 3 Month + 0.00%), 0.00%, 04/15/30		500		250,963
Ares XLVIII CLO Ltd., Series 2018-48A, Class D, (LIBOR USD 3 Month + 2.70%), 3.84%, 07/20/30(b)(d)		500		386,574
Ares XXVII CLO Ltd., Series 2013-2A, Class DR, (LIBOR USD 3 Month + 3.75%), 4.64%, 07/28/29(b)(d)		750		632,764
Ares XXXVR CLO Ltd., Series 2015-35RA, Class D, (LIBOR USD 3 Month + 3.00%), 4.22%, 07/15/30(b)(d)		500		392,620
Assurant CLO I Ltd., Series 2017-1A, Class C, (LIBOR USD 3 Month + 2.10%), 3.24%, 10/20/29(b)(d)		500		449,033
Atrium XIV LLC, Series 14A, Class C, (LIBOR USD 3 Month + 1.95%), 3.13%, 08/23/30(b)(d)		250		221,502
Atrium XV, Series 15A, Class D, (LIBOR USD 3 Month + 3.00%), 4.04%, 01/23/31(b)(d)		250		201,251
Bear Stearns Asset-Backed Securities Trust, Series 2004-HE3, Class M2, (LIBOR USD 1 Month + 1.73%), 2.21%, 04/25/34(d)		102		99,371
Canyon Capital CLO Ltd., Series 2014-1A, Class BR, (LIBOR USD 3 Month + 1.80%), 2.56%, 01/30/31(b)(d)		500		437,984

Security	Par (000)		Value
Asset-Backed Securities (continued)
Canyon CLO Ltd., Series 2018-1A, Class B, (LIBOR USD 3 Month + 1.70%), 2.92%, 07/15/31(b)(d)	USD	500	$	472,535
Carlyle Global Market Strategies CLO Ltd.(b)(d):
Series 2015-4A, Class SBB1, (LIBOR USD 3 Month + 8.50%), 9.64%, 07/20/32		216		186,996
Series 2016-1A, Class BR, (LIBOR USD 3 Month + 1.85%), 2.99%, 04/20/27		250		215,906
Carrington Mortgage Loan Trust, Series 2006-NC5, Class A3, (LIBOR USD 1 Month + 0.15%), 0.64%, 01/25/37(d)		132		94,014
Catskill Park CLO Ltd., Series 2017-1A, Class C, (LIBOR USD 3 Month + 3.70%), 4.84%, 04/20/29(b)(d)		250		208,425
CBAM Ltd., Series 2017-2A, Class C1, (LIBOR USD 3 Month + 2.40%), 3.53%, 10/17/29(b)(d)		500		458,881
Cedar Funding IX CLO Ltd., Series 2018-9A, Class SUB, 0.00%, 04/20/31(a)(b)		1,000		448,600
CIFC Funding Ltd.(b)(d):
Series 2015-3A, Class CR, (LIBOR USD 3 Month + 1.65%), 2.79%, 04/19/29		250		224,224
Series 2016-1A, Class BR, (LIBOR USD 3 Month + 1.95%), 3.06%, 10/21/31		1,000		905,085
Series 2017-1A, Class D, (LIBOR USD 3 Month + 3.50%), 4.61%, 04/23/29		500		388,501
Series 2018-1A, Class D, (LIBOR USD 3 Month + 2.65%), 3.79%, 04/18/31		1,000		776,815
Series 2018-3A, Class D, (LIBOR USD 3 Month + 2.85%), 3.99%, 07/18/31		500		393,644
Conseco Finance Corp., Series 1998-8, Class A1, 6.28%, 09/01/30		264		270,236
Cumberland Park CLO Ltd., Series 2015-2A, Class CR, (LIBOR USD 3 Month + 1.80%), 2.94%, 07/20/28(b)(d)		420		381,287
CWHEQ Revolving Home Equity Loan Trust, Series 2006-G, Class 2A, (LIBOR USD 1 Month + 0.15%), 0.96%, 10/15/36(d)		116		105,372
Deer Creek CLO Ltd., Series 2017-1A, Class B, (LIBOR USD 3 Month + 1.65%), 2.79%, 10/20/30(b)(d)		500		457,981
Dryden 36 Senior Loan Fund, Series 2014-36A, Class DR2, (LIBOR USD 3 Month + 3.70%), 4.92%, 04/15/29(b)(d)		500		420,812
Dryden 50 Senior Loan Fund, Series 2017-50A, Class SUB, 0.00%, 07/15/30(a)(b)		1,000		448,941
Dryden 70 CLO Ltd., Series 2018-70A, Class D, (LIBOR USD 3 Month + 3.75%), 4.93%, 01/16/32(b)(d)		250		202,212
First Franklin Mortgage Loan Trust(d):
Series 2006-FF9, Class 2A4, (LIBOR USD 1 Month + 0.25%), 0.74%, 06/25/36		1,750		1,309,292
Series 2006-FF13, Class A1, (LIBOR USD 1 Month + 0.12%), 0.61%, 10/25/36		63		44,060
Flatiron CLO 19 Ltd.(b)(d):
Series 2019-1A, Class C, (LIBOR USD 3 Month + 2.70%), 4.59%, 11/16/32		500		467,500
Series 2019-1A, Class D, (LIBOR USD 3 Month + 3.90%), 5.79%, 11/16/32		1,000		791,942
Galaxy XXIV CLO Ltd., Series 2017-24A, Class C, (LIBOR USD 3 Month + 1.70%), 2.92%, 01/15/31(b)(d)		250		217,847
Greenwood Park CLO Ltd., Series 2018-1A, Class D, (LIBOR USD 3 Month + 2.50%), 3.72%, 04/15/31(b)(d)		650		495,938

1

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities (continued)
GSAA Home Equity Trust(d):
Series 2005-14, Class 1A2, (LIBOR USD 1 Month + 0.35%), 0.84%, 12/25/35	USD	30	$	10,840
Series 2006-5, Class 1A1, (LIBOR USD 1 Month + 0.18%), 0.67%, 03/25/36		70		29,497
GSAMP Trust, Series 2006-FM3, Class A1, (LIBOR USD 1 Month + 0.14%), 0.63%, 11/25/36(d)		133		71,926
Invitation Homes Trust(b)(d):
Series 2018-SFR3, Class A, (LIBOR USD 1 Month + 1.00%), 1.75%, 07/17/37		653		633,983
Series 2018-SFR3, Class E, (LIBOR USD 1 Month + 2.00%), 2.75%, 07/17/37		700		634,022
Series 2018-SFR4, Class A, (LIBOR USD 1 Month + 1.10%), 1.85%, 01/17/38		267		259,926
Jay Park CLO Ltd., Series 2016-1A, Class CR, (LIBOR USD 3 Month + 2.65%), 3.79%, 10/20/27(b)(d)		250		198,776
Kayne CLO III Ltd.(b)(d):
Series 2019-3A, Class A, (LIBOR USD 3 Month + 1.48%), 2.70%, 04/15/32		2,500		2,366,104
Series 2019-3A, Class B1, (LIBOR USD 3 Month + 2.05%), 3.27%, 04/15/32		1,000		927,270
Long Beach Mortgage Loan Trust, Series 2006-4, Class 1A, (LIBOR USD 1 Month + 0.15%), 0.64%, 05/25/36(d)		475		296,607
Madison Park Funding XIII Ltd., Series 2014-13A, Class CR2, (LIBOR USD 3 Month + 1.90%), 3.04%, 04/19/30(b)(d)		500		449,895
Madison Park Funding XXVII Ltd., Series 2018-27A, Class C, (LIBOR USD 3 Month + 2.60%), 3.74%, 04/20/30(b)(d)		500		380,324
Madison Park Funding XXXI Ltd., Series 2018-31A, Class D, (LIBOR USD 3 Month + 3.00%), 4.04%, 01/23/31(b)(d)		500		384,958
Mariner CLO 7 Ltd., Series 2019-1A, Class B, (LIBOR USD 3 Month + 2.00%), 2.76%, 04/30/32(b)(d)		500		457,226
Mastr Asset-Backed Securities Trust, Series 2007-HE1, Class A4, (LIBOR USD 1 Month + 0.28%), 0.77%, 05/25/37(d)		650		472,036
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR2, (LIBOR USD 3 Month + 3.00%), 4.11%, 10/21/30(b)(d)		250		189,410
Neuberger Berman CLO XXI Ltd., Series 2016-21A, Class CR, (LIBOR USD 3 Month + 1.60%), 2.74%, 04/20/27(b)(d)		1,490		1,322,235
Neuberger Berman Loan Advisers CLO Ltd., Series 2017-25A, Class D, (LIBOR USD 3 Month + 3.25%), 4.39%, 10/18/29(b)(d)		500		397,256
Oakwood Mortgage Investors, Inc., Series 1998-D, Class M1, 7.42%, 01/15/29(b)		327		327,401
OCP CLO Ltd.(b)(d):
Series 2014-6A, Class BR, (LIBOR USD 3 Month + 2.15%), 3.28%, 10/17/30		2,000		1,802,139
Series 2015-10A, Class BR, (LIBOR USD 3 Month + 1.85%), 2.84%, 10/26/27		500		467,500
Series 2017-14A, Class B, (LIBOR USD 3 Month + 1.95%), 3.64%, 11/20/30		500		445,671
Octagon Investment Partners 26 Ltd., Series 2016-1, Class AR, (LIBOR USD 3 Month + 2.85%), 4.07%, 04/20/31(d)		500		379,356
Octagon Investment Partners 27 Ltd., Series 2016-1A, Class CR, (LIBOR USD 3 Month + 2.10%), 3.32%, 07/15/30(b)(d)		815		729,612

Security	Par (000)		Value
Asset-Backed Securities (continued)
Octagon Investment Partners 33 Ltd., Series 2017-1A, Class C, (LIBOR USD 3 Month + 2.75%), 3.89%, 01/20/31(b)(d)	USD	500	$	388,394
Octagon Investment Partners 35 Ltd., Series 2018-1A, Class C, (LIBOR USD 3 Month + 2.60%), 3.74%, 01/20/31(b)(d)		400		308,148
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class CR, (LIBOR USD 3 Month + 1.85%), 2.98%, 07/17/30(b)(d)		250		220,506
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class DR2, (LIBOR USD 3 Month + 2.50%), 3.49%, 01/25/31(b)(d)		500		380,894
OHA Credit Funding 2 Ltd., Series 2019-2A, Class D, (LIBOR USD 3 Month + 4.00%), 5.11%, 04/21/31(b)(d)		1,000		809,455
OHA Credit Partners XII Ltd., Series 2015-12A, Class DR, (LIBOR USD 3 Month + 2.90%), 3.94%, 07/23/30(b)(d)		650		502,063
Palmer Square CLO Ltd.(b)(d):
Series 2013-2A, Class BRR, (LIBOR USD 3 Month + 2.20%), 3.33%, 10/17/31		300		269,832
Series 2013-2A, Class CRR, (LIBOR USD 3 Month + 3.20%), 4.33%, 10/17/31		500		393,107
Series 2015-1A, Class BR2, (LIBOR USD 3 Month + 2.25%), 3.95%, 05/21/29		500		457,592
Series 2015-1A, Class CR2, (LIBOR USD 3 Month + 3.15%), 4.85%, 05/21/29		500		403,160
Series 2015-2A, Class BR2, (LIBOR USD 3 Month + 1.95%), 3.09%, 07/20/30		750		684,429
Series 2019-1A, Class B, (LIBOR USD 3 Month + 2.65%), 4.58%, 11/14/32		500		467,500
Progress Residential Trust(b):
Series 2017-SFR2, Class F, 4.84%, 12/17/34		1,500		1,359,097
Series 2018-SFR2, Class F, 4.95%, 08/17/35		500		447,984
Series 2018-SFR3, Class F, 5.37%, 10/17/35		746		682,945
Series 2019-SFR2, Class F, 4.84%, 05/17/36		100		90,726
Recette CLO Ltd., Series 2015-1A, Class CR, (LIBOR USD 3 Month + 1.70%), 2.84%, 10/20/27(b)(d)		300		281,065
Regatta Funding LP(b)(d):
Series 2013-2A, Class A2R2, (LIBOR USD 3 Month + 1.85%), 3.07%, 01/15/29		500		461,034
Series 2013-2A, Class BR2, (LIBOR USD 3 Month + 2.70%), 3.92%, 01/15/29		500		467,959
Series 2013-2A, Class CR2, (LIBOR USD 3 Month + 3.70%), 4.92%, 01/15/29		500		393,389
Regatta IX Funding Ltd., Series 2017-1A, Class D, (LIBOR USD 3 Month + 3.90%), 5.03%, 04/17/30(b)(d)		250		208,055
Regatta VI Funding Ltd., Series 2016-1A, Class CR, (LIBOR USD 3 Month + 2.05%), 3.19%, 07/20/28(b)(d)		250		228,192
Regatta X Funding Ltd., Series 2017-3A, Class C, (LIBOR USD 3 Month + 1.80%), 2.93%, 01/17/31(b)(d)		1,000		881,631
Regatta XIII Funding Ltd., Series 2018-2A, Class B, (LIBOR USD 3 Month + 2.10%), 3.32%, 07/15/31(b)(d)		500		450,533
Regatta XV Funding Ltd., Series 2018-4A, Class C, (LIBOR USD 3 Month + 3.30%), 4.29%, 10/25/31(b)(d)		250		208,905

2

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities (continued)
Regatta XVI Funding Ltd.(b)(d):
Series 2019-2A, Class C, (LIBOR USD 3 Month + 2.70%), 4.60%, 01/15/33	USD	500	$	459,370
Series 2019-2A, Class D, (LIBOR USD 3 Month + 3.90%), 5.80%, 01/15/33		500		393,264
Rockford Tower CLO Ltd.(b)(d):
Series 2018-2A, Class C, (LIBOR USD 3 Month + 2.20%), 3.34%, 10/20/31		300		270,684
Series 2019-1A, Class D, (LIBOR USD 3 Month + 3.85%), 4.99%, 04/20/32		500		405,081
RR 5 Ltd., Series 2018-5A, Class C, (LIBOR USD 3 Month + 3.10%), 4.32%, 10/15/31(b)(d)		550		406,349
Silver Creek CLO Ltd., Series 2014-1A, Class DR, (LIBOR USD 3 Month + 3.35%), 4.49%, 07/20/30(b)(d)		500		412,499
Stewart Park CLO Ltd., Series 2015-1A, Class DR, (LIBOR USD 3 Month + 2.60%), 3.82%, 01/15/30(b)(d)		650		501,439
Symphony CLO XIX Ltd., Series 2018-19A, Class C, (LIBOR USD 3 Month + 1.75%), 2.93%, 04/16/31(b)(d)		500		437,568
TCW CLO Ltd., Series 2018-1A, Class D, (LIBOR USD 3 Month + 2.91%), 3.90%, 04/25/31(b)(d)		500		381,225
TICP CLO V Ltd., Series 2016-5A, Class DR, (LIBOR USD 3 Month + 3.15%), 4.28%, 07/17/31(b)(d)		500		383,626
TICP CLO VII Ltd., Series 2017-7A, Class CR, (LIBOR USD 3 Month + 2.15%), 3.66%, 04/15/33(b)(d)		500		444,282
TICP CLO VIII Ltd., Series 2017-8A, Class C, (LIBOR USD 3 Month + 3.10%), 4.24%, 10/20/30(b)(d)		500		396,054
TICP CLO XI Ltd.(b)(d):
Series 2018-11A, Class C, (LIBOR USD 3 Month + 2.15%), 3.29%, 10/20/31		300		270,723
Series 2018-11A, Class D, (LIBOR USD 3 Month + 3.05%), 4.19%, 10/20/31		300		231,835
TICP CLO XIII Ltd., Series 2019-13A, Class D, (LIBOR USD 3 Month + 3.45%), 4.67%, 07/15/32(b)(d)		500		410,243
TICP CLO XIV Ltd., Series 2019-14A, Class B, (LIBOR USD 3 Month + 2.70%), 3.84%, 10/20/32(b)(d)		500		467,500
Treman Park CLO Ltd., Series 2015-1A, Class DRR, (LIBOR USD 3 Month + 2.65%), 3.79%, 10/20/28(b)(d)		300		241,440
Upland CLO Ltd., Series 2016-1A, Class A2R, (LIBOR USD 3 Month + 1.65%), 2.79%, 04/20/31(b)(d)		1,000		899,753
Voya CLO Ltd., Series 2015-3A, Class A3R, (LIBOR USD 3 Month + 1.70%), 2.84%, 10/20/31(b)(d)		500		436,851
York CLO 1 Ltd.(b)(d):
Series 2014-1A, Class CRR, (LIBOR USD 3 Month + 2.10%), 3.20%, 10/22/29		500		454,375
Series 2014-1A, Class DRR, (LIBOR USD 3 Month + 3.01%), 4.11%, 10/22/29		270		214,462
York CLO-3 Ltd., Series 2016-1A, Class DR, (LIBOR USD 3 Month + 3.60%), 4.74%, 10/20/29(b)(d)		500		412,532
Total Asset-Backed Securities — 5.1% (Cost: $64,688,947)				55,565,575

Security	Shares		Value
Common Stocks — 12.5%
Airlines — 0.1%
Copa Holdings SA, Class A		14,873	$	657,535
Automobiles — 0.3%
Astra International Tbk. PT		3,727,200		953,293
Geely Automobile Holdings Ltd.		534,000		830,649
Maruti Suzuki India Ltd.		14,549		1,032,857
				2,816,799
Banks — 0.9%
Absa Group Ltd.		73,970		365,053
Bank Mandiri Persero Tbk. PT		4,409,800		1,310,863
Bank of the Philippine Islands		824,300		946,751
Bank Polska Kasa Opieki SA		21,973		278,723
China Construction Bank Corp., Class H		1,997,000		1,602,919
Commercial International Bank Egypt SAE		139,523		567,166
Erste Group Bank AG(e)		27,532		596,697
Grupo Financiero Banorte SAB de CV, Class O		216,813		593,557
HDFC Bank Ltd.		75,811		995,531
Industrial & Commercial Bank of China Ltd., Class H		1,861,000		1,247,818
Sberbank of Russia PJSC, ADR		97,873		1,039,064
				9,544,142
Beverages — 0.1%
Fomento Economico Mexicano SAB de CV		59,795		385,823
Fomento Economico Mexicano SAB de CV, ADR		5,952		382,892
				768,715
Biotechnology — 0.1%
Walvax Biotechnology Co. Ltd., Class A		135,800		767,869
Building Products — 0.1%
Beijing New Building Materials plc, Class A		176,000		628,026
Commercial Services & Supplies — 0.1%
S-1 Corp.		13,678		973,043
Construction Materials — 0.1%
Anhui Conch Cement Co. Ltd., Class H		193,500		1,525,821
Consumer Finance — 0.1%
Shriram Transport Finance Co. Ltd.		88,106		903,761
Diversified Telecommunication Services — 0.1%
Hellenic Telecommunications Organization SA		80,775		1,067,160
Telefonica Brasil SA, ADR		30,613		257,149
				1,324,309
Electronic Equipment, Instruments & Components — 0.2%
Hon Hai Precision Industry Co. Ltd.		507,000		1,302,974
Samsung SDI Co. Ltd.		5,406		1,277,091
				2,580,065
Equity Real Estate Investment Trusts (REITs) — 4.9%
Alexandria Real Estate Equities, Inc.		19,309		3,033,251
Allied Properties REIT		46,639		1,493,038
Assura plc		2,833,721		2,717,973
AvalonBay Communities, Inc.		13,568		2,210,906
Boston Properties, Inc.		18,286		1,777,033

3

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Comforia Residential REIT, Inc.		185	$	549,299
Community Healthcare Trust, Inc.		10,717		398,672
Cousins Properties, Inc.		77,620		2,341,795
Cromwell European REIT		3,014,816		1,295,755
Crown Castle International Corp.		13,481		2,149,276
CyrusOne, Inc.		24,026		1,685,424
Dexus		441,541		2,621,132
EPR Properties		46,672		1,373,090
Equinix, Inc.		4,201		2,836,515
Gecina SA		12,214		1,602,611
Goodman Group		246,882		2,102,752
Hudson Pacific Properties, Inc.		44,569		1,095,506
Kenedix Office Investment Corp.		535		2,643,005
Link REIT		139,600		1,244,429
MCUBS MidCity Investment Corp.		1,541		1,069,559
NorthWest Healthcare Properties REIT		74,679		523,630
Omega Healthcare Investors, Inc.		37,760		1,100,704
Prologis, Inc.		35,864		3,200,145
Sabana Shari’ah Compliant Industrial REIT		1,534,700		352,296
Secure Income REIT plc		179,236		620,252
Segro plc		140,953		1,477,403
Spirit Realty Capital, Inc.		60,143		1,849,999
STAG Industrial, Inc.		36,391		955,264
Sun Communities, Inc.		16,839		2,263,162
Target Healthcare REIT plc		832,667		1,131,408
VEREIT, Inc.		183,581		1,006,024
VICI Properties, Inc.		83,607		1,456,434
XYMAX REIT Investment Corp.		392		332,723
				52,510,465
Food & Staples Retailing — 0.2%
Cia Brasileira de Distribuicao		32,075		394,309
Cia Brasileira de Distribuicao, ADR		10,328		126,105
Wal-Mart de Mexico SAB de CV		362,160		874,107
X5 Retail Group NV, GDR		23,338		688,779
				2,083,300
Food Products — 0.1%
China Mengniu Dairy Co. Ltd.(e)		236,000		835,702
Dali Foods Group Co. Ltd.(b)		99,000		61,160
				896,862
Gas Utilities — 0.1%
ENN Energy Holdings Ltd.		144,600		1,629,998
Health Care Equipment & Supplies — 0.0%
Lepu Medical Technology Beijing Co. Ltd., Class A		112,256		597,586
Health Care Providers & Services — 0.1%
Mediclinic International plc		78,864		246,533
Notre Dame Intermedica Participacoes SA		76,751		776,416
				1,022,949
Hotels, Restaurants & Leisure — 0.1%
SJM Holdings Ltd.		647,000		638,811
Household Durables — 0.1%
Haier Electronics Group Co. Ltd.		524,000		1,443,145
Independent Power and Renewable Electricity Producers — 0.1%
China Yangtze Power Co. Ltd., Class A		356,666		875,352

Security	Shares		Value
Industrial Conglomerates — 0.1%
SK Holdings Co. Ltd.		4,809	$	717,821
Insurance — 0.3%
BB Seguridade Participacoes SA		137,388		670,025
China Life Insurance Co. Ltd., Class H		497,000		1,059,951
Ping An Insurance Group Co. of China Ltd., Class H		133,500		1,358,531
Prudential plc		41,423		584,372
				3,672,879
Interactive Media & Services — 0.3%
Tencent Holdings Ltd.		59,100		3,106,854
IT Services — 0.1%
Infosys Ltd.		41,881		391,467
Infosys Ltd., ADR		77,775		717,864
				1,109,331
Metals & Mining — 0.1%
Vale SA(e)		110,727		918,127
Oil, Gas & Consumable Fuels — 1.7%
Cheniere Energy, Inc.(e)		14,460		675,137
CNOOC Ltd.		301,000		332,792
CNOOC Ltd., ADR		3,350		376,440
Ecopetrol SA, ADR		4,482		46,837
Energy Transfer LP		242,888		2,040,259
Enterprise Products Partners LP		138,855		2,438,294
EQM Midstream Partners LP		15,265		307,437
Gibson Energy, Inc.		34,861		496,637
Kinder Morgan, Inc.		51,129		778,695
Magellan Midstream Partners LP		41,129		1,691,636
MPLX LP		98,631		1,785,221
ONEOK, Inc		4,130		123,611
Petroleo Brasileiro SA(e)		241,561		831,575
Petroleo Brasileiro SA, ADR(e)		26,379		182,279
Petronet LNG Ltd.		400,752		1,291,074
Phillips 66 Partners LP		27,756		1,181,018
Plains All American Pipeline LP		161,311		1,424,376
Qatar Gas Transport Co. Ltd.		1,441,100		981,479
Shell Midstream Partners LP		13,792		202,604
Targa Resources Corp.		8,878		115,059
TC PipeLines LP		9,686		324,481
Tupras Turkiye Petrol Rafinerileri A/S		50,598		657,070
Williams Cos., Inc. (The)		25,810		499,940
				18,783,951
Real Estate Management & Development — 1.1%
Aroundtown SA		292,067		1,570,992
CK Asset Holdings Ltd.		494,500		3,124,620
Entra ASA(b)		115,915		1,459,466
ESR Cayman Ltd.(b)(e)		686,400		1,502,635
Hang Lung Properties Ltd.		431,000		921,998
Land & Houses PCL, NVDR		2,484,100		561,320
Vonovia SE		60,305		2,982,014
				12,123,045
Semiconductors & Semiconductor Equipment — 0.3%
Taiwan Semiconductor Manufacturing Co. Ltd.		346,000		3,490,379

4

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail — 0.1%(b)
Topsports International Holdings Ltd.		663,000	$	838,140
Vivo Energy plc		311,575		306,487
				1,144,627
Trading Companies & Distributors — 0.0%
BOC Aviation Ltd.(b)		88,600		605,836
Transportation Infrastructure — 0.2%
Grupo Aeroportuario del Pacifico SAB de CV, Class B		121,766		755,928
Jiangsu Expressway Co. Ltd., Class H		1,206,000		1,439,560
Macquarie Infrastructure Corp.		3,235		89,254
				2,284,742
Wireless Telecommunication Services — 0.3%
Bharti Airtel Ltd.(e)		94,313		642,284
China Mobile Ltd.		200,000		1,607,812
Mobile TeleSystems PJSC		136,095		588,709
Mobile TeleSystems PJSC, ADR		67,399		577,609
				3,416,414
Total Common Stocks — 12.5% (Cost: $156,951,281)				135,562,559
	Par (000)
Corporate Bonds — 25.8%
Aerospace & Defense — 0.5%
Bombardier, Inc.(b):
8.75%, 12/01/21		314		261,248
5.75%, 03/15/22		116		87,000
6.13%, 01/15/23		64		45,760
7.50%, 12/01/24		205		136,243
7.50%, 03/15/25		15		9,675
7.88%, 04/15/27		827		535,483
BWX Technologies, Inc., 5.38%, 07/15/26(b)		57		58,211
F-Brasile SpA, Series XR, 7.38%, 08/15/26(b)		200		136,500
Howmet Aerospace, Inc., 6.88%, 05/01/25		100		101,976
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(b)		284		277,014
SSL Robotics LLC, 9.75%, 12/31/23(b)		68		72,216
TransDigm UK Holdings plc, 6.88%, 05/15/26		349		298,395
TransDigm, Inc.(b):
8.00%, 12/15/25		770		800,800
6.25%, 03/15/26		3,085		3,019,444
				5,839,965
Airlines — 0.1%(b)
Avianca Holdings SA, 9.00%, 05/10/23		400		68,000
Delta Air Lines, Inc., 7.00%, 05/01/25		166		170,375
Latam Finance Ltd., 6.88%, 04/11/24		689		274,954
				513,329
Auto Components — 0.3%
Adient US LLC, 9.00%, 04/15/25(b)		101		105,292
Dealer Tire LLC, 8.00%, 02/01/28(b)		156		109,005
Icahn Enterprises LP:
4.75%, 09/15/24		30		28,216
6.25%, 05/15/26		588		577,780
5.25%, 05/15/27		531		504,455
Panther BF Aggregator 2 LP(b):
6.25%, 05/15/26		926		932,019
8.50%, 05/15/27		1,025		868,688
				3,125,455

Security	Par (000)		Value
Automobiles — 0.1%
Ford Motor Co.:
8.50%, 04/21/23	USD	392	$	386,610
9.00%, 04/22/25		66		64,268
9.63%, 04/22/30		86		85,679
4.75%, 01/15/43		41		26,137
Tesla, Inc., 5.30%, 08/15/25(b)		392		382,200
				944,894
Banks — 4.5%
Australia & New Zealand Banking Group Ltd., (USD Swap Rate 5 Year + 5.17%), 6.75%(b)(d)(f)		2,545		2,729,512
Banco Bilbao Vizcaya Argentaria SA, (USD Swap Semi 5 Year + 3.87%), 6.13%(d)(f)		1,400		1,228,500
Banco Mercantil del Norte SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 6.75%(b)(d)(f)		400		315,800
Bancolombia SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.94%), 4.62%, 12/18/29(d)		458		395,025
Banistmo SA, 3.65%, 09/19/22		400		388,500
Bank Leumi Le-Israel BM, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.63%), 3.27%, 01/29/31(b)(d)		340		313,863
Bank of East Asia Ltd. (The), (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.26%), 5.87%(d)(f)		575		540,500
Barclays plc(d)(f):
(USD Swap Semi 5 Year + 6.77%), 7.88%		1,759		1,741,410
(USD Swap Semi 5 Year + 4.84%), 7.75%		625		603,125
BBVA Bancomer SA, 6.75%, 09/30/22(b)		373		386,987
BNP Paribas SA, (USD Swap Semi 5 Year + 6.31%), 7.63%(b)(d)(f)		2,754		2,802,195
Burgan Bank SAK, (USD Swap Semi 5 Year + 4.01%), 5.75%(d)(f)		400		345,375
Chong Hing Bank Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 5.70%(d)(f)		250		227,266
Citigroup, Inc., Series U, (SOFR + 3.81%), 5.00%(d)(f)		2,575		2,341,460
Credit Agricole SA(b)(d)(f):
(USD Swap Semi 5 Year + 4.90%), 7.88%		350		371,875
(USD Swap Semi 5 Year + 6.19%), 8.12%		3,325		3,690,750
Danske Bank A/S, (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 4.13%), 7.00%(d)(f)		2,355		2,302,013
Emirates NBD Bank PJSC, (USD Swap Semi 6 Year + 3.66%), 6.13%(d)(f)		700		661,062
Gilex Holding SARL, 8.50%, 05/02/23(b)		183		151,434
HSBC Holdings plc(d)(f):
(USD Swap Rate 5 Year + 5.51%), 6.87%		581		582,452
(USD Swap Rate 5 Year + 4.37%), 6.37%		500		496,560
(USD Swap Rate 5 Year + 3.75%), 6.00%		487		476,043
ING Groep NV, (USD Swap Rate 5 Year + 4.20%), 6.75%(d)(f)		925		906,500
JPMorgan Chase & Co., Series W, (LIBOR USD 3 Month + 1.00%), 2.69%, 05/15/47(d) .		2,042		1,579,783
Lloyds Banking Group plc(d)(f):
(USD Swap Semi 5 Year + 4.50%), 7.50%		380		376,200
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.75%		485		468,025
Macquarie Bank Ltd., (USD Swap Semi 5 Year + 3.70%), 6.13%(b)(d)(f)		3,679		3,550,235
Macquarie Group Ltd., (USD Swap Semi 5 Year + 3.70%), 6.13%(d)(f)		200		193,000

5

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Nanyang Commercial Bank Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.21%), 5.00%(d)(f)	USD	600	$	567,102
Nordea Bank Abp, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.11%), 6.63%(b)(d)(f)		3,050		3,069,062
Royal Bank of Scotland Group plc(d)(f):
(USD Swap Semi 5 Year + 7.60%), 8.62%		2,161		2,204,220
(USD Swap Semi 5 Year + 5.72%), 8.00%		1,500		1,560,375
Shinhan Financial Group Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.05%), 5.87%(d)(f)		200		205,813
Societe Generale SA, (USD Swap Rate 5 Year + 5.87%), 8.00%(b)(d)(f)		1,775		1,801,625
Standard Chartered plc, (USD Swap Semi 5 Year + 6.30%), 7.50%(b)(d)(f)		3,110		3,128,660
TMB Bank PCL, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.26%), 4.90%(d)(f)		200		162,000
Truist Financial Corp., Series L, (LIBOR USD 3 Month + 3.10%), 5.05%(d)(f)		2,130		2,001,540
UniCredit SpA, (USD Swap Semi 5 Year + 5.18%), 8.00%(d)(f)		2,340		2,119,989
Wachovia Capital Trust II, (LIBOR USD 3 Month + 0.50%), 1.72%, 01/15/27(d)		115		98,387
Westpac Banking Corp., (USD Swap Rate 5 Year + 2.89%), 5.00%(d)(f)		1,640		1,588,478
				48,672,701
Beverages — 0.0%
Central American Bottling Corp., 5.75%, 01/31/27(b)		335		327,881
Building Products — 0.1%(b)
Advanced Drainage Systems, Inc., 5.00%, 09/30/27		139		136,567
Builders FirstSource, Inc., 6.75%, 06/01/27		48		49,440
CPG Merger Sub LLC, 8.00%, 10/01/21		700		681,310
JELD-WEN, Inc., 6.25%, 05/15/25		99		100,114
				967,431
Capital Markets — 1.2%(f)
Credit Suisse Group AG(b)(d):
(USD Swap Semi 5 Year + 4.60%), 7.50%		875		924,219
(USD Swap Semi 5 Year + 3.46%), 6.25%		3,453		3,539,325
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.37%		600		591,000
Deutsche Bank AG, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.52%), 6.00%(d)		800		580,000
Goldman Sachs Group, Inc. (The)(d):
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.62%), 5.50%		1,655		1,681,894
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%		1,445		1,336,625
UBS Group AG:
(USD Swap Rate 5 Year + 5.50%), 6.87%(d)		2,200		2,208,250
(USD Swap Semi 5 Year + 4.87%), 7.00%(d)		1,627		1,744,957
6.87%		240		248,100
				12,854,370
Chemicals — 0.4%
Atotech Alpha 2 BV, 8.75%, (8.75% Cash or 9.50% PIK), 06/01/23(b)(g)		650		611,000
Atotech Alpha 3 BV, 6.25%, 02/01/25(b)		674		640,165

Security	Par (000)		Value
Chemicals (continued)
Chemours Co. (The), 6.63%, 05/15/23	USD	145	$	135,575
CNAC HK Synbridge Co. Ltd., 5.00%, 05/05/20		218		218,011
Element Solutions, Inc., 5.88%, 12/01/25(b)		1,075		1,065,056
Gates Global LLC, 6.25%, 01/15/26(b)		252		229,348
GCP Applied Technologies, Inc., 5.50%, 04/15/26(b)		151		145,337
Pearl Holding III Ltd., 9.50%, 12/11/22		200		85,500
PQ Corp., 5.75%, 12/15/25(b)		1,077		1,055,891
Rock International Investment, Inc., 6.63%, 03/27/20(e)(h)		200		83,883
Valvoline, Inc., 4.25%, 02/15/30(b)		158		153,655
Yingde Gases Investment Ltd., 6.25%, 01/19/23(b)		200		196,000
				4,619,421
Commercial Services & Supplies — 0.7%
ADT Security Corp. (The), 4.88%, 07/15/32(b)		627		558,030
Allied Universal Holdco LLC(b):
6.63%, 07/15/26		1,443		1,483,548
9.75%, 07/15/27		560		565,600
APX Group, Inc.(b):
8.50%, 11/01/24		62		57,040
6.75%, 02/15/27		196		166,600
Aramark Services, Inc., 6.38%, 05/01/25(b)		164		170,560
Garda World Security Corp., 9.50%, 11/01/27(b)		256		256,000
GFL Environmental, Inc.(b):
7.00%, 06/01/26		613		638,194
5.13%, 12/15/26		206		214,240
8.50%, 05/01/27		201		219,329
IAA, Inc., 5.50%, 06/15/27(b)		359		358,210
KAR Auction Services, Inc., 5.13%, 06/01/25(b)		261		222,294
Mobile Mini, Inc., 5.88%, 07/01/24		1,057		1,067,887
Prime Security Services Borrower LLC(b):
5.75%, 04/15/26		269		265,046
6.25%, 01/15/28		500		443,650
Tuspark Forward Ltd., 7.95%, 08/15/21		400		240,000
Waste Pro USA, Inc., 5.50%, 02/15/26(b)		287		284,130
				7,210,358
Communications Equipment — 0.1%
CommScope, Inc.(b):
5.50%, 03/01/24		31		31,000
6.00%, 03/01/26		813		815,033
Nokia OYJ, 6.63%, 05/15/39		98		104,615
				950,648
Construction & Engineering — 0.2%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)		405		332,100
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(i)		374		230,571
Brand Industrial Services, Inc., 8.50%, 07/15/25(b)		453		335,220
Delhi International Airport Ltd.:
6.45%, 06/04/29(b)		200		174,250
6.45%, 06/04/29		200		174,250
Leader Goal International Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.92%), 4.25%(d)(f)		200		197,563
Zhejiang Baron BVI Co. Ltd., 6.80%, 08/27/21		200		199,000
				1,642,954
Consumer Finance — 0.4%
Ally Financial, Inc., 8.00%, 11/01/31		467		570,907
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)		534		283,020

6

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Consumer Finance (continued)
Credito Real SAB de CV SOFOM ER:
7.25%, 07/20/23(b)	USD	200	$	173,750
7.25%, 07/20/23		200		173,750
Credivalores-Crediservicios SAS, 9.75%, 07/27/22(b)		200		156,062
Ford Motor Credit Co. LLC:
3.35%, 11/01/22		207		186,300
3.81%, 01/09/24		200		177,500
4.13%, 08/04/25		218		185,067
General Motors Financial Co., Inc., Series B, (LIBOR USD 3 Month + 3.44%), 6.50%(d)(f) .		913		739,530
Global Aircraft Leasing Co. Ltd., 6.50%, (6.50% Cash or 7.25% PIK), 09/15/24(b)(g)		215		130,075
King Talent Management Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.52%), 5.60%(d)(f)		200		170,625
Manappuram Finance Ltd., 5.90%, 01/13/23 .		200		156,500
Navient Corp.:
6.13%, 03/25/24		66		60,720
6.75%, 06/15/26		329		296,923
5.00%, 03/15/27		35		29,470
New Lion Bridge Co. Ltd., 9.75%, 10/10/20		200		182,250
Springleaf Finance Corp.:
6.88%, 03/15/25		163		154,149
7.13%, 03/15/26		10		9,425
6.63%, 01/15/28		213		187,972
5.38%, 11/15/29		50		41,510
				4,065,505
Containers & Packaging — 0.3%
ARD Finance SA, 6.50%, (6.50% Cash or 0.00% PIK), 06/30/27(b)(g)		436		404,695
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26		16		17,520
Intertape Polymer Group, Inc., 7.00%, 10/15/26(b)		127		128,754
LABL Escrow Issuer LLC, 6.75%, 07/15/26(b) .		502		518,717
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)		232		213,950
Reynolds Group Issuer, Inc., 7.00%, 07/15/24(b)		188		188,696
Trivium Packaging Finance BV(b)(j):
5.50%, 08/15/26		489		501,225
8.50%, 08/15/27		778		813,010
				2,786,567
Distributors — 0.2%(b)
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26		57		56,430
Core & Main Holdings LP, 8.63%, (8.63% Cash or 9.38% PIK), 09/15/24(g)		359		341,050
Core & Main LP, 6.13%, 08/15/25		1,079		1,035,840
Wolverine Escrow LLC:
8.50%, 11/15/24		130		91,325
9.00%, 11/15/26		323		223,936
				1,748,581
Diversified Consumer Services — 0.1%
Bright Scholar Education Holdings Ltd., 7.45%, 07/31/22		260		254,800
frontdoor, Inc., 6.75%, 08/15/26(b)		349		362,087
Laureate Education, Inc., 8.25%, 05/01/25(b)		89		90,914
ServiceMaster Co. LLC (The), 5.13%, 11/15/24(b)		97		98,959
Sotheby’s, 7.38%, 10/15/27(b)		600		505,128
				1,311,888

Security	Par (000)		Value
Diversified Financial Services — 0.5%(b)
Fairstone Financial, Inc., 7.88%, 07/15/24	USD	154	$	146,300
MPH Acquisition Holdings LLC, 7.13%,
06/01/24		1,188		1,058,769
Operadora de Servicios Mega SA de CV Sofom
ER, 8.25%, 02/11/25		275		174,405
Refinitiv US Holdings, Inc.:
6.25%, 05/15/26		702		748,227
8.25%, 11/15/26		931		1,010,135
Verscend Escrow Corp., 9.75%, 08/15/26		2,157		2,248,673
				5,386,509
Diversified Telecommunication Services — 1.4%
Altice France Holding SA, 10.50%, 05/15/27(b)		1,214		1,311,375
Altice France SA(b):
7.38%, 05/01/26		200		209,000
8.13%, 02/01/27		1,503		1,619,482
5.50%, 01/15/28		857		863,085
CCO Holdings LLC(b):
5.13%, 05/01/27		241		250,242
4.75%, 03/01/30		355		361,106
4.50%, 08/15/30		583		590,462
4.50%, 05/01/32		801		795,744
CenturyLink, Inc.:
Series W, 6.75%, 12/01/23		44		45,962
Series Y, 7.50%, 04/01/24		274		297,290
5.13%, 12/15/26(b)		851		806,323
Series P, 7.60%, 09/15/39		164		167,457
Series U, 7.65%, 03/15/42		562		562,000
Cincinnati Bell, Inc., 7.00%, 07/15/24(b)		616		623,509
Front Range BidCo, Inc.(b):
4.00%, 03/01/27		775		751,618
6.13%, 03/01/28		750		706,890
Frontier Communications Corp.:
8.00%, 04/01/27(b)(e)(h)		1,045		1,065,587
Level 3 Financing, Inc., 4.63%, 09/15/27(b)		136		134,749
Network i2i Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.27%), 5.65%(d)(f)		200		179,500
Oi SA, 10.00%, (10.00% Cash or 4.00% PIK), 07/27/25(g)		399		293,140
Qualitytech LP, 4.75%, 11/15/25(b)		253		254,581
Sprint Capital Corp.:
6.88%, 11/15/28		425		511,849
8.75%, 03/15/32		517		726,385
Telecom Argentina SA(b):
6.50%, 06/15/21		110		99,550
8.00%, 07/18/26		214		171,401
Telecom Italia Capital SA, 6.00%, 09/30/34		518		536,596
Telesat Canada(b):
4.88%, 06/01/27		300		295,500
6.50%, 10/15/27		10		9,407
Virgin Media Finance plc, 5.75%, 01/15/25(b) .		598		604,159
Virgin Media Secured Finance plc, 5.50%, 05/15/29(b)		301		312,498
Ypso Finance Bis SA, 6.00%, 02/15/28(b)		418		380,297
				15,536,744
Electric Utilities — 0.4%
AES Argentina Generacion SA, 7.75%, 02/02/24(b)		200		115,000
Duke Energy Corp., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.39%), 4.88%(d)(f)		2,000		1,980,000
Energuate Trust, 5.88%, 05/03/27(b)		400		369,760
Generacion Mediterranea SA, 9.63%, 07/27/23(b)		301		120,400
Genneia SA, 8.75%, 01/20/22(b)		519		275,232

7

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Greenko Investment Co., 4.88%, 08/16/23	USD	200	$	178,500
Huachen Energy Co. Ltd., 6.63%, 05/18/20(e)(h)		200		78,625
Inkia Energy Ltd.:
5.88%, 11/09/27(b)		200		188,250
5.88%, 11/09/27		258		242,842
Pampa Energia SA, 9.13%, 04/15/29(b)		243		145,800
Southern Co. (The), Series B, (LIBOR USD 3 Month + 3.63%), 5.50%, 03/15/57(d)		175		176,202
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33		317		294,435
Stoneway Capital Corp.(e)(h):
10.00%, 03/01/27(b)		752		109,960
10.00%, 03/01/27		267		38,984
				4,313,990
Electronic Equipment, Instruments & Components — 0.0%
Anixter, Inc., 6.00%, 12/01/25		91		91,910
CDW LLC, 4.13%, 05/01/25		90		90,337
Itron, Inc., 5.00%, 01/15/26(b)		68		68,340
				250,587
Energy Equipment & Services — 0.3%
Anton Oilfield Services Group:
9.75%, 12/05/20		700		609,875
7.50%, 12/02/22		245		131,075
Apergy Corp., 6.38%, 05/01/26		160		131,200
Archrock Partners LP, 6.88%, 04/01/27(b)		402		301,500
Hilong Holding Ltd., 8.25%, 09/26/22		200		130,750
Nabors Industries Ltd.(b):
7.25%, 01/15/26		109		41,420
7.50%, 01/15/28		101		40,400
Transocean, Inc.:
8.37%, 12/15/21(j)		10		3,490
8.00%, 02/01/27(b)		197		78,244
USA Compression Partners LP:
6.88%, 04/01/26		751		604,555
6.88%, 09/01/27		959		767,200
				2,839,709
Entertainment — 0.1%
AMC Entertainment Holdings, Inc., 10.50%, 04/15/25(b)		36		31,725
Live Nation Entertainment, Inc., 4.88%, 11/01/24(b)		9		7,982
Netflix, Inc.:
5.88%, 11/15/28		60		67,851
4.88%, 06/15/30(b)		932		988,759
				1,096,317
Equity Real Estate Investment Trusts (REITs) — 0.1%
Brookfield Property REIT, Inc., 5.75%, 05/15/26(b)		28		22,400
Iron Mountain, Inc., 4.88%, 09/15/29(b)		198		189,585
MGM Growth Properties Operating Partnership LP:
4.50%, 09/01/26		979		947,183
4.50%, 01/15/28		38		35,720
Uniti Group LP(b):
6.00%, 04/15/23		74		68,657
7.88%, 02/15/25		89		85,440
				1,348,985
Food & Staples Retailing — 0.1%
Albertsons Cos., Inc.:
6.63%, 06/15/24		216		223,290
7.50%, 03/15/26(b)		58		63,438
5.88%, 02/15/28(b)		367		383,405
4.88%, 02/15/30(b)		191		193,626

Security	Par (000)		Value
Food & Staples Retailing (continued)
US Foods, Inc., 6.25%, 04/15/25(b)	USD	64	$	65,200
				928,959
Food Products — 0.4%
Arcor SAIC, 6.00%, 07/06/23(b)		400		321,000
BRF SA, 4.88%, 01/24/30		496		429,676
Chobani LLC, 7.50%, 04/15/25(b)		515		512,075
Grupo Bimbo SAB de CV, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.28%), 5.95%(b)(d)(f)		324		321,874
JBS USA LUX SA(b):
5.88%, 07/15/24		37		37,416
5.75%, 06/15/25		424		423,470
6.75%, 02/15/28		616		654,117
6.50%, 04/15/29		438		463,189
MHP Lux SA, 6.25%, 09/19/29(b)		600		503,437
Post Holdings, Inc., 4.63%, 04/15/30(b)		275		269,497
Simmons Foods, Inc., 7.75%, 01/15/24(b)		125		130,000
				4,065,751
Gas Utilities — 0.0%
ENN Energy Holdings Ltd., 3.25%, 07/24/22		200		202,250
Ferrellgas LP, 10.00%, 04/15/25(b)		277		292,761
				495,011
Health Care Equipment & Supplies — 0.2%(b)
Immucor, Inc., 11.13%, 02/15/22		89		80,100
Ortho-Clinical Diagnostics, Inc.:
6.63%, 05/15/22		771		701,610
7.25%, 02/01/28		959		873,045
				1,654,755
Health Care Providers & Services — 0.6%
Acadia Healthcare Co., Inc.:
5.13%, 07/01/22		27		25,920
5.63%, 02/15/23		50		47,875
AHP Health Partners, Inc., 9.75%, 07/15/26(b) .		545		539,550
Centene Corp.(b):
4.25%, 12/15/27		105		109,856
4.63%, 12/15/29		777		850,815
Community Health Systems, Inc.(b):
8.63%, 01/15/24		116		113,100
6.63%, 02/15/25		570		522,975
8.00%, 03/15/26		1,037		994,047
LifePoint Health, Inc.(b):
6.75%, 04/15/25		129		132,922
4.38%, 02/15/27		102		95,880
MEDNAX, Inc., 6.25%, 01/15/27(b)		149		134,911
Molina Healthcare, Inc., 4.88%, 06/15/25(b)		73		73,365
Polaris Intermediate Corp., 8.50%, (8.50% Cash or 9.25% PIK), 12/01/22(b)(g)		327		274,261
Surgery Center Holdings, Inc.(b):
6.75%, 07/01/25		1,223		1,044,992
10.00%, 04/15/27		134		123,950
Tenet Healthcare Corp.:
8.13%, 04/01/22		717		722,593
7.50%, 04/01/25(b)		92		98,946
4.88%, 01/01/26(b)		247		242,974
6.25%, 02/01/27(b)		130		127,998
5.13%, 11/01/27(b)		492		485,850
Vizient, Inc., 6.25%, 05/15/27(b)		140		147,098
				6,909,878
Hotels, Restaurants & Leisure — 0.9%
1011778 BC ULC(b):
5.75%, 04/15/25		163		171,557
5.00%, 10/15/25		1,493		1,500,465
Boyne USA, Inc., 7.25%, 05/01/25(b)		27		27,000

8

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Carnival Corp., 11.50%, 04/01/23(b)	USD	230	$	240,314
Cedar Fair LP, 5.50%, 05/01/25(b)		278		278,000
Churchill Downs, Inc., 4.75%, 01/15/28(b)		542		504,602
Fortune Star BVI Ltd.:
5.95%, 01/29/23		200		190,750
6.75%, 07/02/23		1,300		1,261,812
Golden Nugget, Inc., 6.75%, 10/15/24(b)		1,418		1,106,040
Hilton Domestic Operating Co., Inc.(b):
5.38%, 05/01/25		86		85,463
5.75%, 05/01/28		177		178,345
Las Vegas Sands Corp.:
2.90%, 06/25/25		10		9,321
3.50%, 08/18/26		19		18,080
3.90%, 08/08/29		17		15,639
Marriott International, Inc., Series EE, 5.75%, 05/01/25		53		55,388
Melco Resorts Finance Ltd., 5.63%, 07/17/27		200		194,000
MGM China Holdings Ltd., 5.88%, 05/15/26		200		194,250
Sabre GLBL, Inc., 9.25%, 04/15/25(b)		324		341,690
Scientific Games International, Inc.(b):
5.00%, 10/15/25		574		501,274
8.25%, 03/15/26		855		645,525
7.00%, 05/15/28		92		66,240
7.25%, 11/15/29		33		23,513
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(b)		507		524,644
Station Casinos LLC, 4.50%, 02/15/28(b)		154		123,200
Studio City Co. Ltd., 7.25%, 11/30/21		200		197,375
Studio City Finance Ltd., 7.25%, 02/11/24		400		380,000
Vail Resorts, Inc., 6.25%, 05/15/25(b)		79		81,469
Wynn Las Vegas LLC, 5.25%, 05/15/27(b)		155		134,850
Wynn Resorts Finance LLC(b):
7.75%, 04/15/25		106		107,868
5.13%, 10/01/29		281		263,437
Yum! Brands, Inc.:
7.75%, 04/01/25(b)		231		252,916
4.75%, 01/15/30(b)		173		176,460
5.35%, 11/01/43		115		109,250
				9,960,737
Household Durables — 0.2%
Ashton Woods USA LLC, 6.63%, 01/15/28(b) .		30		24,450
Brookfield Residential Properties, Inc.(b):
6.25%, 09/15/27		140		128,100
4.88%, 02/15/30		333		273,460
Controladora Mabe SA de CV, 5.60%, 10/23/28(b)		337		315,499
Installed Building Products, Inc., 5.75%, 02/01/28(b)		53		50,880
K. Hovnanian Enterprises, Inc., 7.75%, 02/15/26(b)		184		171,120
Mattamy Group Corp.(b):
5.25%, 12/15/27		74		69,375
4.63%, 03/01/30		190		168,226
Tempur Sealy International, Inc., 5.50%, 06/15/26		81		77,196
Williams Scotsman International, Inc.(b):
7.88%, 12/15/22		366		371,032
6.88%, 08/15/23		171		170,573
				1,819,911
Household Products — 0.0%(b)
Energizer Holdings, Inc.:
6.38%, 07/15/26		46		47,835
7.75%, 01/15/27		136		144,364
Spectrum Brands, Inc., 5.00%, 10/01/29		91		86,905
				279,104

Security	Par (000)		Value
Independent Power and Renewable Electricity Producers — 0.3%
Calpine Corp.:
5.75%, 01/15/25	USD	887	$	882,529
5.25%, 06/01/26(b)		255		259,381
5.13%, 03/15/28(b)		1,069		1,042,275
Clearway Energy Operating LLC, 4.75%, 03/15/28(b)		37		37,648
Concord New Energy Group Ltd., 7.90%, 01/23/21		450		443,813
Talen Energy Supply LLC, 10.50%, 01/15/26(b)		18		14,851
				2,680,497
Industrial Conglomerates — 0.0%
CITIC Ltd., 4.00%, 01/11/28		200		213,000
Insurance — 0.5%
Acrisure LLC, 8.13%, 02/15/24(b)		25		25,750
Alliant Holdings Intermediate LLC, 6.75%, 10/15/27(b)		1,092		1,089,379
Ambac Assurance Corp., 5.10%, 06/07/20(b)		4		4,740
Ambac LSNI LLC, (LIBOR USD 3 Month + 5.00%), 6.45%, 02/12/23(b)(d)		13		12,734
AmWINS Group, Inc., 7.75%, 07/01/26(b)		135		139,050
Ardonagh Midco 3 plc, 8.63%, 07/15/23(b)		200		188,500
Asahi Mutual Life Insurance Co., (USD Swap Semi 5 Year + 4.59%), 6.50%(d)(f)		400		409,373
FWD Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.08%), 5.50%(d)(f)		200		184,000
GTCR AP Finance, Inc., 8.00%, 05/15/27(b)		243		227,205
Hartford Financial Services Group, Inc. (The), (LIBOR USD 3 Month + 2.13%), 3.82%, 02/12/47(b)(d)		1,300		1,014,000
Heungkuk Life Insurance Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%(d)(f)		400		360,000
HUB International Ltd., 7.00%, 05/01/26(b)		698		688,542
KDB Life Insurance Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.66%), 7.50%(d)(f)		200		181,063
Nationwide Financial Services, Inc., 6.75%, 05/15/37		175		194,368
NFP Corp., 8.00%, 07/15/25(b)		157		146,041
Union Life Insurance Co. Ltd., 3.00%, 09/19/21		400		324,000
				5,188,745
Interactive Media & Services — 0.0%
Rackspace Hosting, Inc., 8.63%, 11/15/24(b)		175		172,396
Internet & Direct Marketing Retail — 0.1%
Booking Holdings, Inc., 4.10%, 04/13/25		150		159,324
Expedia Group, Inc., 6.25%, 05/01/25(b)		458		467,069
JD.com, Inc., 3.88%, 04/29/26		500		531,250
				1,157,643
IT Services — 0.3%
21Vianet Group, Inc., 7.88%, 10/15/21		595		542,973
Banff Merger Sub, Inc., 9.75%, 09/01/26(b)		1,136		1,019,560
Booz Allen Hamilton, Inc., 5.13%, 05/01/25(b) .		306		302,940
HT Global IT Solutions Holdings Ltd., 7.00%, 07/14/21		200		167,000
Presidio Holdings, Inc., 4.88%, 02/01/27(b)		304		299,440
Science Applications International Corp., 4.88%, 04/01/28(b)		195		190,966
Tempo Acquisition LLC(b):
5.75%, 06/01/25		107		107,000
6.75%, 06/01/25		1,096		1,063,120
				3,692,999

9

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Leisure Products — 0.1%
Mattel, Inc.:
6.75%, 12/31/25(b)	USD	304	$	308,560
5.88%, 12/15/27(b)		599		582,947
6.20%, 10/01/40		18		15,322
5.45%, 11/01/41		74		58,460
				965,289
Life Sciences Tools & Services — 0.2%(b)
Avantor, Inc.:
6.00%, 10/01/24		958		1,010,211
9.00%, 10/01/25		751		814,459
Charles River Laboratories International, Inc.,
4.25%, 05/01/28		192		193,680
				2,018,350
Machinery — 0.2%
Colfax Corp., 6.38%, 02/15/26(b)		109		112,401
EnPro Industries, Inc., 5.75%, 10/15/26		290		282,750
Grinding Media, Inc., 7.38%, 12/15/23(b)		230		226,987
Husky III Holding Ltd., 13.00%, (13.00% Cash or 13.75% PIK), 02/15/25(b)(g)		270		245,700
Navistar International Corp.(b):
9.50%, 05/01/25		30		31,500
6.63%, 11/01/25		300		257,310
RBS Global, Inc., 4.88%, 12/15/25(b)		185		180,375
SPX FLOW, Inc.(b):
5.63%, 08/15/24		48		48,360
5.88%, 08/15/26		34		34,340
Stevens Holding Co., Inc., 6.13%, 10/01/26(b) .		89		89,196
Terex Corp., 5.63%, 02/01/25(b)		176		159,650
Titan Acquisition Ltd., 7.75%, 04/15/26(b)		517		482,102
Wabash National Corp., 5.50%, 10/01/25(b)		130		106,600
				2,257,271
Media — 1.1%
Altice Financing SA(b):
7.50%, 05/15/26		906		944,505
5.00%, 01/15/28		229		223,275
Block Communications, Inc., 4.88%, 03/01/28(b)		78		77,610
Cable Onda SA, 4.50%, 01/30/30		600		570,000
Clear Channel Worldwide Holdings, Inc.(b):
9.25%, 02/15/24		522		434,565
5.13%, 08/15/27		1,387		1,303,225
CSC Holdings LLC:
5.25%, 06/01/24		558		580,264
5.38%, 02/01/28(b)		200		205,500
6.50%, 02/01/29(b)		575		628,130
5.75%, 01/15/30(b)		831		863,981
Diamond Sports Group LLC, 5.38%, 08/15/26(b)		466		354,160
DISH DBS Corp.:
5.88%, 07/15/22		646		647,680
7.75%, 07/01/26		36		35,460
Entercom Media Corp., 6.50%, 05/01/27(b)		187		137,912
GCI LLC, 6.63%, 06/15/24(b)		65		67,275
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b)		600		623,760
Meredith Corp., 6.88%, 02/01/26		39		33,423
Radiate Holdco LLC(b):
6.88%, 02/15/23		23		22,540
6.63%, 02/15/25		129		127,710
Telenet Finance Luxembourg Notes SARL:
5.50%, 03/01/28(b)		400		408,000
Terrier Media Buyer, Inc., 8.88%, 12/15/27(b) .		501		413,325
Univision Communications, Inc.(b):
5.13%, 05/15/23		28		26,600
5.13%, 02/15/25		574		503,685

Security	Par (000)		Value
Media (continued)
ViacomCBS, Inc.(d):
(LIBOR USD 3 Month + 3.90%), 5.87%, 02/28/57	USD	1,583	$	1,441,480
(LIBOR USD 3 Month + 3.90%), 6.25%, 02/28/57		192		188,160
Ziggo Bond Co. BV, 5.13%, 02/28/30(b)		200		197,000
Ziggo BV(b):
5.50%, 01/15/27		180		183,096
4.88%, 01/15/30		400		395,320
				11,637,641
Metals & Mining — 0.9%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24		200		178,375
Allegheny Technologies, Inc., 5.88%, 12/01/27		17		14,025
Arconic Corp.(b):
6.00%, 05/15/25		165		166,856
6.13%, 02/15/28		181		169,688
Big River Steel LLC, 7.25%, 09/01/25(b)		282		264,375
China Hongqiao Group Ltd., 7.13%, 07/22/22		200		169,438
Constellium SE(b):
5.75%, 05/15/24		356		343,540
5.88%, 02/15/26		1,210		1,116,225
Freeport-McMoRan, Inc.:
4.25%, 03/01/30		235		218,808
5.45%, 03/15/43		3,283		2,977,353
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24(b)		254		260,667
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22(b)		229		219,840
Kaiser Aluminum Corp., 4.63%, 03/01/28(b)		101		94,031
New Gold, Inc.(b):
6.25%, 11/15/22		234		232,830
6.38%, 05/15/25		91		87,360
Nexa Resources SA, 5.38%, 05/04/27(b)		643		579,102
Novelis Corp.(b):
5.88%, 09/30/26		801		778,812
4.75%, 01/30/30		471		413,585
Press Metal Labuan Ltd., 4.80%, 10/30/22		200		159,313
Vale Overseas Ltd., 6.25%, 08/10/26		389		424,399
Vedanta Resources Finance II plc, 8.00%, 04/23/23		600		219,000
Vedanta Resources Ltd.:
7.13%, 05/31/23		800		293,000
				9,380,622
Multiline Retail — 0.0%
Future Retail Ltd., 5.60%, 01/22/25		325		81,250
Oil, Gas & Consumable Fuels — 1.8%
Adani Green Energy UP Ltd., 6.25%, 12/10/24		400		384,500
Apache Corp., 3.25%, 04/15/22		4		3,626
Ascent Resources Utica Holdings LLC, 10.00%, 04/01/22(b)		361		296,020
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24		200		184,000
Baytex Energy Corp., 8.75%, 04/01/27(b)		128		48,640
Buckeye Partners LP:
4.13%, 03/01/25(b)		32		29,600
3.95%, 12/01/26		23		20,815
4.50%, 03/01/28(b)		60		54,000
5.85%, 11/15/43		69		50,370
5.60%, 10/15/44		105		74,550

10

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Callon Petroleum Co.:
6.25%, 04/15/23	USD	73	$	15,148
6.13%, 10/01/24		129		24,832
8.25%, 07/15/25		265		47,700
6.38%, 07/01/26		66		10,560
Centennial Resource Production LLC, 6.88%, 04/01/27(b)		170		51,000
Cheniere Energy Partners LP, 5.63%, 10/01/26		215		205,454
Cimarex Energy Co., 4.38%, 06/01/24		15		13,765
Citgo Holding, Inc., 9.25%, 08/01/24(b)		157		141,300
CNX Resources Corp.:
5.88%, 04/15/22		737		725,024
7.25%, 03/14/27(b)		14		12,530
Comstock Resources, Inc.:
7.50%, 05/15/25(b)		198		164,340
9.75%, 08/15/26		120		103,801
Continental Resources, Inc., 5.00%, 09/15/22		83		78,020
Crestwood Midstream Partners LP, 5.63%, 05/01/27(b)		201		130,650
CrownRock LP, 5.63%, 10/15/25(b)		689		558,166
CVR Energy, Inc.(b):
5.25%, 02/15/25		140		114,800
5.75%, 02/15/28		46		38,893
DCP Midstream Operating LP, 6.75%, 09/15/37(b)		230		138,000
Diamondback Energy, Inc., 3.50%, 12/01/29		44		37,806
Enbridge, Inc.(d):
Series 16-A, (LIBOR USD 3 Month + 3.89%), 6.00%, 01/15/77		1,825		1,633,375
(LIBOR USD 3 Month + 3.64%), 6.25%, 03/01/78		1,740		1,592,970
Endeavor Energy Resources LP(b):
5.50%, 01/30/26		16		14,158
5.75%, 01/30/28		308		275,044
EnLink Midstream Partners LP:
4.85%, 07/15/26		17		10,370
5.60%, 04/01/44		64		25,600
5.05%, 04/01/45		14		5,670
Enterprise Products Operating LLC, Series
E, (LIBOR USD 3 Month + 3.03%), 5.25%, 08/16/77(d)		742		667,577
EQM Midstream Partners LP, 4.13%, 12/01/26		16		13,720
EQT Corp.:
3.90%, 10/01/27		35		29,400
7.00%, 02/01/30(j)		65		61,425
Extraction Oil & Gas, Inc.(b):
7.38%, 05/15/24		252		39,604
5.63%, 02/01/26		56		9,240
Genesis Energy LP:
6.00%, 05/15/23		48		42,374
5.63%, 06/15/24		60		50,700
6.50%, 10/01/25		10		8,400
7.75%, 02/01/28		49		41,650
Greenko Dutch BV, 5.25%, 07/24/24		200		176,250
Greenko Solar Mauritius Ltd.:
5.55%, 01/29/25		200		176,500
5.95%, 07/29/26		200		175,500
Hess Midstream Operations LP, 5.13%, 06/15/28(b)		75		65,715
Holly Energy Partners LP, 5.00%, 02/01/28(b)		91		82,783
HPCL-Mittal Energy Ltd.:
5.45%, 10/22/26		200		172,500
5.25%, 04/28/27		400		339,625
Indigo Natural Resources LLC, 6.88%, 02/15/26(b)		267		248,310

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Matador Resources Co., 5.88%, 09/15/26	USD	198	$	99,000
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26		200		122,000
MEG Energy Corp.(b):
7.00%, 03/31/24		30		21,300
6.50%, 01/15/25		176		144,320
7.13%, 02/01/27		225		155,250
Mongolian Mining Corp., 9.25%, 04/15/24		450		270,563
MPLX LP, 6.38%, 05/01/24(b)		53		54,091
Murphy Oil Corp., 5.87%, 12/01/42(j)		11		6,380
Neerg Energy Ltd., 6.00%, 02/13/22		500		451,250
NGPL PipeCo LLC, 7.77%, 12/15/37(b)		174		191,622
NuStar Logistics LP, 6.00%, 06/01/26		82		73,800
Occidental Petroleum Corp.:
Series 1, 4.10%, 02/01/21		63		60,165
4.85%, 03/15/21		62		59,520
2.60%, 08/13/21		362		338,470
2.70%, 08/15/22		290		252,300
4.20%, 03/15/48		149		89,028
Parkland Fuel Corp., 5.88%, 07/15/27(b)		118		113,280
Parsley Energy LLC(b):
5.38%, 01/15/25		114		102,315
5.25%, 08/15/25		216		190,620
5.63%, 10/15/27		22		18,810
PBF Holding Co. LLC:
7.25%, 06/15/25		128		96,000
6.00%, 02/15/28(b)		44		31,324
PDC Energy, Inc.:
6.13%, 09/15/24		69		54,165
6.25%, 12/01/25		48		29,760
5.75%, 05/15/26		94		71,694
Petrobras Global Finance BV:
5.30%, 01/27/25		326		314,967
8.75%, 05/23/26		150		166,800
6.00%, 01/27/28		513		490,454
7.25%, 03/17/44		303		301,163
Puma International Financing SA, 5.13%, 10/06/24(b)		200		144,000
QEP Resources, Inc.:
6.88%, 03/01/21		28		13,440
5.38%, 10/01/22		125		43,125
5.25%, 05/01/23		40		13,400
5.63%, 03/01/26		106		33,920
Range Resources Corp.:
5.88%, 07/01/22		16		13,600
5.00%, 08/15/22		15		13,800
5.00%, 03/15/23		97		85,360
ReNew Power Ltd., 6.45%, 09/27/22		500		435,000
ReNew Power Synthetic, 6.67%, 03/12/24		400		343,250
Saka Energi Indonesia PT, 4.45%, 05/05/24		200		171,750
Santos Finance Ltd., 5.25%, 03/13/29		200		197,034
SM Energy Co.:
6.13%, 11/15/22		105		42,000
5.00%, 01/15/24		98		30,909
5.63%, 06/01/25		41		11,480
6.75%, 09/15/26		59		16,078
6.63%, 01/15/27		35		9,800
Sunoco LP:
5.50%, 02/15/26		39		37,635
6.00%, 04/15/27		4		3,900
Targa Resources Partners LP:
5.88%, 04/15/26		16		14,344
5.50%, 03/01/30(b)		206		175,615
TerraForm Power Operating LLC(b):
5.00%, 01/31/28		57		59,280
4.75%, 01/15/30		120		123,000

11

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Transcanada Trust, Series 16-A, (LIBOR USD 3 Month + 4.64%), 5.87%, 08/15/76(d)	USD	2,646	$	2,504,690
Transportadora de Gas del Sur SA, 6.75%, 05/02/25(b)		200		145,500
Viper Energy Partners LP, 5.38%, 11/01/27(b)		76		68,020
Western Midstream Operating LP:
3.10%, 02/01/25(j)		38		34,675
4.65%, 07/01/26		10		8,850
4.05%, 02/01/30(j)		89		81,212
5.45%, 04/01/44		124		92,690
5.30%, 03/01/48		34		25,585
5.50%, 08/15/48		23		16,934
5.25%, 02/01/50(j)		351		275,974
WPX Energy, Inc.:
8.25%, 08/01/23		112		107,520
4.50%, 01/15/30		269		219,235
Yankuang Group Cayman Ltd., 4.75%, 11/30/20		200		198,510
				19,897,896
Pharmaceuticals — 0.5%
Bausch Health Americas, Inc., 8.50%, 01/31/27(b)		93		102,523
Bausch Health Cos., Inc.(b):
6.13%, 04/15/25		1,007		1,019,588
9.00%, 12/15/25		759		827,690
5.75%, 08/15/27		411		433,441
7.00%, 01/15/28		623		646,362
5.00%, 01/30/28		364		349,326
7.25%, 05/30/29		340		362,841
5.25%, 01/30/30		548		542,525
Catalent Pharma Solutions, Inc., 4.88%, 01/15/26(b)		155		158,875
Endo DAC, 6.00%, 07/15/23(b)		400		299,840
Jubilant Pharma Ltd., 6.00%, 03/05/24		200		180,000
Par Pharmaceutical, Inc., 7.50%, 04/01/27(b)		843		856,699
				5,779,710
Professional Services — 0.2%
Dun & Bradstreet Corp. (The)(b):
6.88%, 08/15/26		632		665,180
10.25%, 02/15/27		793		868,335
Equifax, Inc., 2.60%, 12/15/25		18		18,230
Jaguar Holding Co. II, 6.38%, 08/01/23(b)		668		676,350
				2,228,095
Real Estate Management & Development — 3.6%
Agile Group Holdings Ltd.:
6.70%, 03/07/22		200		199,890
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 9.22%), 6.87%(d)(f)		200		181,562
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 11.29%), 7.88%(d)(f)		200		182,500
Alam Synergy Pte. Ltd., 11.50%, 04/22/21		131		103,705
APL Realty Holdings Pte. Ltd., 5.95%, 06/02/24		400		182,000
Celulosa Arauco y Constitucion SA, 4.20%, 01/29/30		200		193,244
Central China Real Estate Ltd.:
6.50%, 03/05/21		600		592,302
6.75%, 11/08/21		250		243,155
6.88%, 08/08/22		200		191,500
7.25%, 04/24/23		350		331,187
CFLD Cayman Investment Ltd.:
8.63%, 02/28/21		400		400,500
6.90%, 01/13/23		200		181,250
8.60%, 04/08/24		600		539,438

Security	Par (000)		Value
Real Estate Management & Development (continued)
China Aoyuan Group Ltd.:
4.80%, 02/18/21	USD	400	$	394,500
7.50%, 05/10/21		400		401,488
8.50%, 01/23/22		200		204,000
7.95%, 02/19/23		1,200		1,218,000
China Evergrande Group:
6.25%, 06/28/21		200		191,375
11.50%, 01/22/23		390		350,513
4.25%, 02/14/23(k)	HKD	6,000		688,521
10.00%, 04/11/23	USD	300		256,500
12.00%, 01/22/24		520		456,300
China SCE Group Holdings Ltd., 7.25%, 04/19/23		1,100		1,045,000
CIFI Holdings Group Co. Ltd.:
6.38%, 05/02/20		300		300,000
5.50%, 01/23/22		400		394,500
7.63%, 02/28/23		200		205,500
6.55%, 03/28/24		200		198,000
Country Garden Holdings Co. Ltd.:
6.50%, 04/08/24		200		202,375
6.15%, 09/17/25		800		798,314
Easy Tactic Ltd.:
9.13%, 07/28/22		200		187,895
8.63%, 02/27/24		1,000		885,313
8.13%, 07/11/24		200		171,187
Excel Capital Global Ltd., (US Treasury Yield
Curve Rate T Note Constant Maturity 3 Year + 9.34%), 7.00%(d)(f)		700		710,668
Fantasia Holdings Group Co. Ltd.:
8.38%, 03/08/21		200		195,312
15.00%, 12/18/21		400		416,000
11.75%, 04/17/22		600		594,800
12.25%, 10/18/22		200		197,000
Five Point Operating Co. LP, 7.88%, 11/15/25(b)		83		80,199
Gemdale Ever Prosperity Investment Ltd.,
4.95%, 07/26/22		200		191,668
Global Prime Capital Pte. Ltd.:
7.25%, 04/26/21		200		190,420
5.50%, 10/18/23		200		171,688
Greenland Global Investment Ltd.:
(LIBOR USD 3 Month + 4.85%), 6.08%, 09/26/21(d)		200		194,363
5.60%, 11/13/22		200		187,000
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b)		76		69,920
Hopson Capital International Group Co. Ltd.,
6.00%, 02/17/21		400		392,500
Hopson Development Holdings Ltd., 7.50%, 06/27/22		550		516,564
Jababeka International BV, 6.50%, 10/05/23		400		261,000
JGC Ventures Pte. Ltd., 10.75%, 08/30/21		200		159,750
Jingrui Holdings Ltd., 9.45%, 04/23/21		200		186,000
Jinke Properties Group Co. Ltd., 8.38%, 06/20/21		450		432,000
Kaisa Group Holdings Ltd.:
6.75%, 02/18/21		280		271,950
8.50%, 06/30/22		550		508,922
11.95%, 10/22/22		200		195,000
11.50%, 01/30/23		700		670,250
10.88%, 07/23/23		200		186,375
9.38%, 06/30/24		200		171,875
KWG Group Holdings Ltd.:
7.88%, 09/01/23		800		790,000
7.40%, 03/05/24		200		193,500

12

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Management & Development (continued)
Logan Property Holdings Co. Ltd.:
6.88%, 04/24/21	USD	300	$	301,623
6.50%, 07/16/23		700		698,906
5.75%, 01/14/25		200		192,000
MAF Sukuk Ltd., 4.64%, 05/14/29		448		412,720
Modern Land China Co. Ltd., 12.85%, 10/25/21		200		194,250
Modernland Overseas Pte. Ltd., 6.95%, 04/13/24		400		253,188
New Metro Global Ltd., 6.50%, 04/23/21		600		594,936
Newmark Group, Inc., 6.13%, 11/15/23		37		34,071
Overseas Chinese Town Asia Holdings Ltd.,
(US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 7.71%), 4.30%(d)(f)		200		198,750
Powerlong Real Estate Holdings Ltd.:
5.95%, 07/19/20		500		499,460
6.95%, 04/17/21		200		199,154
7.13%, 11/08/22		400		387,500
Redsun Properties Group Ltd.:
11.50%, 03/04/21		400		391,250
9.95%, 04/11/22		200		184,500
10.50%, 10/03/22		500		453,125
RKPF Overseas 2019 A Ltd.:
7.88%, 02/01/23		400		402,000
6.70%, 09/30/24		200		191,562
Ronshine China Holdings Ltd.:
10.50%, 03/01/22		200		206,563
8.75%, 10/25/22		765		766,912
8.95%, 01/22/23		615		614,808
8.10%, 06/09/23		200		194,750
Scenery Journey Ltd.:
11.00%, 11/06/20		600		599,438
11.50%, 10/24/22		235		208,856
Seazen Group Ltd.:
6.50%, 09/12/20		200		199,312
7.50%, 01/22/21		200		200,438
Shimao Property Holdings Ltd.:
6.38%, 10/15/21		550		564,604
6.13%, 02/21/24		200		206,750
5.60%, 07/15/26		200		200,625
Shui On Development Holding Ltd.:
6.25%, 11/28/21		400		394,000
5.75%, 11/12/23		200		188,000
Sunac China Holdings Ltd.:
6.88%, 08/08/20		200		200,000
7.88%, 02/15/22		400		401,579
7.25%, 06/14/22		460		454,058
7.95%, 10/11/23		200		196,438
Times China Holdings Ltd.:
7.63%, 02/21/22		200		202,500
6.75%, 07/16/23		1,000		981,250
VLL International, Inc., 5.75%, 11/28/24		200		184,625
Wanda Group Overseas Ltd., 7.50%, 07/24/22		670		573,688
Xinyuan Real Estate Co. Ltd., 7.75%, 02/28/21		200		158,563
Yango Justice International Ltd.:
7.50%, 11/16/20		500		496,562
6.80%, 03/11/21		400		388,500
Yanlord Land HK Co. Ltd.:
6.75%, 04/23/23		800		780,500
6.80%, 02/27/24		660		631,950
Yuzhou Properties Co. Ltd.:
8.63%, 01/23/22		200		200,000
8.50%, 02/04/23		200		193,000
6.00%, 10/25/23		400		352,500
8.50%, 02/26/24		1,000		926,250
8.38%, 10/30/24		200		180,812

Security	Par (000)		Value
Real Estate Management & Development (continued)
Zhenro Properties Group Ltd.:
5.60%, 02/28/21	USD	200	$	195,750
9.15%, 03/08/22		600		600,184
8.70%, 08/03/22		200		196,000
				38,834,998
Road & Rail — 0.1%
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24(b)		197		183,210
Lima Metro Line 2 Finance Ltd., 4.35%, 04/05/36(b)		200		203,500
Pacific National Finance Pty. Ltd., 4.75%, 03/22/28		200		198,140
Rumo Luxembourg SARL, 5.88%, 01/18/25(b) .		427		421,129
Uber Technologies, Inc.(b):
7.50%, 11/01/23		11		11,026
8.00%, 11/01/26		326		334,153
7.50%, 09/15/27		145		147,915
				1,499,073
Semiconductors & Semiconductor Equipment — 0.0%
Broadcom, Inc., 4.70%, 04/15/25(b)		276		304,332
Global A&T Electronics Ltd., 8.50%, 01/12/23.		200		160,000
				464,332
Software — 0.5%
ACI Worldwide, Inc., 5.75%, 08/15/26(b)		266		264,670
Ascend Learning LLC:
6.88%, 08/01/25(b)		1,352		1,338,480
Castle US Holding Corp., 9.50%, 02/15/28(b) .		255		239,700
Change Healthcare Holdings LLC, 5.75%, 03/01/25(b)		1,791		1,751,097
Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/24(b)		939		988,297
RP Crown Parent LLC, 7.38%, 10/15/24(b)		527		517,778
Solera LLC, 10.50%, 03/01/24(b)		558		555,210
Veritas US, Inc., 7.50%, 02/01/23(b)		222		215,684
				5,870,916
Specialty Retail — 0.3%
Asbury Automotive Group, Inc.(b):
4.50%, 03/01/28		41		34,428
4.75%, 03/01/30		10		8,378
eG Global Finance plc(b):
6.75%, 02/07/25		200		182,000
8.50%, 10/30/25		200		195,000
Gap, Inc. (The)(b):
8.38%, 05/15/23		77		80,192
8.88%, 05/15/27		103		107,377
Murphy Oil USA, Inc., 4.75%, 09/15/29		100		102,970
Penske Automotive Group, Inc., 5.50%, 05/15/26		156		142,740
PetSmart, Inc.(b):
7.13%, 03/15/23		176		168,520
5.88%, 06/01/25		297		299,228
SRS Distribution, Inc., 8.25%, 07/01/26(b)		1,094		1,004,620
Staples, Inc., 7.50%, 04/15/26(b)		426		336,540
				2,661,993
Technology Hardware, Storage & Peripherals — 0.1%(b)
Dell International LLC, 5.85%, 07/15/25		113		122,914
NCR Corp.:
8.13%, 04/15/25		40		42,400
5.75%, 09/01/27		39		39,097
6.13%, 09/01/29		390		387,075
				591,486

13

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc., 5.38%, 05/15/25(b)	USD	63	$	63,000
Levi Strauss & Co., 5.00%, 05/01/25(b)		75		75,686
Prime Bloom Holdings Ltd., 6.95%, 07/05/22 .		200		93,100
				231,786
Thrifts & Mortgage Finance — 0.1%
Mongolian Mortgage Corp. HFC LLC:
9.75%, 01/29/22		800		625,250
Nationstar Mortgage Holdings, Inc.(b):
9.13%, 07/15/26		25		23,906
6.00%, 01/15/27		205		174,886
				824,042
Trading Companies & Distributors — 0.0%
Beacon Roofing Supply, Inc., 4.88%, 11/01/25(b)		26		22,978
Transportation Infrastructure — 0.0%
Royal Capital BV, 5.88%(f)		200		191,750
Wireless Telecommunication Services — 0.5%
Comunicaciones Celulares SA, 6.88%, 02/06/24(b)		273		273,000
Connect Finco SARL, 6.75%, 10/01/26(b)		945		895,388
Gogo Intermediate Holdings LLC, 9.88%, 05/01/24(b)		136		111,520
Millicom International Cellular SA, 5.13%, 01/15/28		527		486,487
SoftBank Group Corp., (USD Swap Rate 5 Year + 4.85%), 6.87%(d)(f)		300		261,300
Sprint Corp.:
7.88%, 09/15/23		35		39,335
7.13%, 06/15/24		45		50,513
7.63%, 02/15/25		274		314,415
7.63%, 03/01/26		173		204,503
T-Mobile USA, Inc., 4.75%, 02/01/28		21		22,050
VEON Holdings BV, 4.00%, 04/09/25(b)		252		258,048
Vodafone Group plc, (USD Swap Semi 5 Year + 4.87%), 7.00%, 04/04/79(d)		2,305		2,640,249
Xplornet Communications, Inc., 9.63%, (9.63%
Cash or 10.63% PIK), 06/01/22(b)(g)		323		326,195
				5,883,003
Total Corporate Bonds — 25.8% (Cost: $298,107,137)				278,896,656
Equity-Linked Notes — 23.9%
Aerospace & Defense — 0.3%
JPMorgan Structured Products BV (Lockheed Martin Corp.), 16.01%, 07/17/20(b)		8		3,123,482
Air Freight & Logistics — 0.4%
Societe Generale SA (FedEx Corp.), 28.33%, 06/23/20		37		4,712,746
Banks — 0.8%
Citigroup Global Markets Holdings, Inc. (Bank of America Corp.), 19.64%, 07/08/20(b)		192		4,605,100
Royal Bank of Canada (JPMorgan Chase & Co.), 18.08%, 07/14/20		42		4,040,018
				8,645,118
Beverages — 0.7%
BNP Paribas SA (Coca-Cola Co. (The)), 16.86%, 07/17/20		66		3,070,164
Citigroup Global Markets Holdings, Inc. (PepsiCo, Inc.), 13.27%, 07/23/20(b)		33		4,418,510
				7,488,674

Security	Par (000)		Value
Capital Markets — 0.4%
JPMorgan Structured Products BV (Nasdaq, Inc.), 14.67%, 06/11/20(b)	USD	39	$	4,224,026
Chemicals — 0.7%(b)
Royal Bank of Canada (Air Products and Chemicals, Inc.), 14.43%, 07/08/20		20		4,594,040
UBS AG (Ecolab, Inc.), 14.90%, 07/23/20		15		3,021,593
				7,615,633
Commercial Services & Supplies — 0.3%
Societe Generale SA (Copart, Inc.), 15.23%, 05/19/20		38		3,100,864
Communications Equipment — 0.3%
Merrill Lynch International & Co. (Cisco Systems, Inc.), 14.59%, 05/13/20		76		3,207,459
Containers & Packaging — 0.3%
UBS AG (Crown Holdings, Inc.), 18.20%, 07/23/20(b)		48		3,014,845
Diversified Financial Services — 1.4%
Goldman Sachs International (Goldman Sachs International), 13.65%, 06/01/20		56		3,423,781
Merrill Lynch International & Co. (Berkshire Hathaway, Inc.), 10.98%, 05/01/20		18		4,009,176
Royal Bank of Canada (Utilities Select Sector SPDR Fund), 17.74%, 05/19/20(b)		68		3,789,794
Royal Bank of Canada (Vanguard Real Estate ETF), 22.32%, 05/19/20(b)		53		3,962,909
				15,185,660
Diversified Telecommunication Services — 1.0%
Citigroup Global Markets Holdings, Inc.
(Telekom Malaysia Bhd), 18.69%, 07/22/20(b)		102		3,106,169
Nomura Holdings, Inc. (Masmovil Ibercom SA),
15.00%, 07/20/20(b)		72		3,001,887
Societe Generale SA (Verizon Communications, Inc.), 8.69%, 06/23/20		78		4,527,880
				10,635,936
Electric Utilities — 0.3%
Nomura Holdings, Inc. (NextEra Energy Capital Holdings, Inc.), 16.76%, 07/22/20		12		2,910,278
Electrical Equipment — 0.3%
JPMorgan Structured Products BV (ABB Ltd.), 10.76%, 07/07/20(b)	CHF	162		3,059,669
Entertainment — 0.3%
Goldman Sachs International (Take-Two Interactive Software, Inc.), 21.77%, 05/13/20	USD	26		3,125,485
Equity Real Estate Investment Trusts (REITs) — 0.6%
BNP Paribas SA (American Tower Corp.), 14.79%, 07/20/20(b)		15		3,473,908
Nomura Holdings, Inc. (Prologis, Inc.), 18.20%, 07/15/20		34		3,064,298
				6,538,206
Food & Staples Retailing — 0.6%
Goldman Sachs International (Costco Wholesale Corp.), 9.94%, 05/27/20		10		3,166,644
Goldman Sachs International (Kroger Co. (The)), 12.99%, 06/01/20		97		3,087,983
				6,254,627
Food Products — 1.1%
BNP Paribas SA (Mondelez International, Inc.), 13.35%, 07/17/20		59		3,022,665
JPMorgan Structured Products BV (Campbell Soup Co.), 22.11%, 06/05/20(b)		60		3,006,771

14

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food Products (continued)
JPMorgan Structured Products BV (General Mills, Inc.), 14.60%, 06/23/20(b)	USD	50	$	3,029,550
JPMorgan Structured Products BV (JM Smucker Co. (The)), 18.14%, 06/04/20(b)		26		2,991,016
				12,050,002
Health Care Equipment & Supplies — 0.3%
Royal Bank of Canada (Medtronic plc), 8.28%, 05/20/20(b)		33		3,213,127
Health Care Providers & Services — 2.2%
Bank of Montreal (Quest Diagnostics, Inc.),
17.12%, 06/11/20(b)		40		4,273,627
BNP Paribas SA (Anthem, Inc.),
16.75%, 07/20/20(b)		16		4,542,011
BNP Paribas SA (CVS Health Corp.),
12.79%, 05/08/20		62		3,811,075
Goldman Sachs International (McKesson
Corp.), 26.75%, 05/07/20		24		3,398,992
Royal Bank of Canada (UnitedHealth Group,
Inc.), 19.68%, 06/03/20(b)		13		3,673,118
UBS AG (Humana, Inc.), 16.70%, 07/20/20(b) .		12		4,551,327
				24,250,150
Hotels, Restaurants & Leisure — 1.6%
Bank of Montreal (Domino’s Pizza, Inc.),
19.49%, 06/11/20(b)		11		4,039,878
Bank of Montreal (Wendy’s Co. (The)),
12.82%, 05/01/20		128		2,614,527
Royal Bank of Canada (McDonald’s Corp.),
13.64%, 07/23/20		22		4,030,582
Royal Bank of Canada (Starbucks Corp.),
18.57%, 07/23/20		53		4,043,853
UBS AG (Yum! Brands, Inc.),
16.70%, 07/20/20(b)		35		3,024,421
				17,753,261
Household Products — 0.3%
Royal Bank of Canada (Kimberly-Clark Corp.),
11.74%, 07/22/20(b)		21		2,998,508
Industrial Conglomerates — 0.7%(b)
Citigroup Global Markets Holdings, Inc. (3M Co.), 14.09%, 07/23/20		29		4,403,268
JPMorgan Structured Products BV (Roper
Technologies, Inc.), 11.35%, 07/23/20		9		3,003,273
				7,406,541
Interactive Media & Services — 0.4%
Royal Bank of Canada (Alphabet, Inc.),
10.79%, 07/23/20		3		4,047,290
IT Services — 0.7%
Merrill Lynch International & Co. (Akamai Technologies, Inc.), 15.68%, 07/20/20		31		2,987,677
Nomura Holdings, Inc. (Mastercard, Inc.),
13.91%, 07/16/20(b)		16		4,517,567
			7,505,244
Life Sciences Tools & Services — 0.4%
Citigroup Global Markets Holdings, Inc. (Thermo Fisher Scientific, Inc.), 12.59%, 07/22/20(b)		9		3,027,041
Credit Suisse AG (Charles River Laboratories International, Inc.), 12.25%, 05/05/20		13		1,903,676
				4,930,717
Machinery — 0.3%
Goldman Sachs International (Deere & Co.),
26.51%, 05/19/20		22		3,185,556

Security	Par (000)		Value
Metals & Mining — 0.2%
Merrill Lynch International & Co. (ArcelorMittal SA), 17.00%, 05/04/20	EUR	207	$	2,279,036
Oil, Gas & Consumable Fuels — 0.2%
Societe Generale SA (TOTAL SA),
11.20%, 05/04/20		76		2,805,749
Personal Products — 0.3%
Nomura Holdings, Inc. (Procter & Gamble Hygiene & Health Care Ltd.), 12.76%, 07/17/20	USD	25		3,000,119
Pharmaceuticals — 1.1%(b)
Bank of Montreal (Eli Lilly and Co.),
16.00%, 06/11/20		25		3,922,764
Citigroup Global Markets Holdings, Inc. (Merck & Co, Inc.), 13.17%, 07/23/20		55		4,411,655
Royal Bank of Canada (Johnson & Johnson),
14.62%, 06/03/20		24		3,593,352
				11,927,771
Professional Services — 0.6%
BNP Paribas SA (TransUnion),
18.36%, 07/17/20		38		3,012,090
JPMorgan Structured Products BV (Equifax, Inc.), 21.42%, 07/17/20(b)		23		3,167,676
				6,179,766
Road & Rail — 0.7%
Citigroup Global Markets Holdings, Inc. (Knight-Swift Transportation Holdings, Inc.), 20.90%, 07/22/20(b)		85		3,129,729
Nomura Holdings, Inc. (Old Dominion Freight Line, Inc.), 16.53%, 06/11/20		29		4,040,156
				7,169,885
Semiconductors & Semiconductor Equipment — 1.2%
BNP Paribas SA (Maxim Integrated Products, Inc.), 17.33%, 07/20/20(b)		52		3,006,937
BNP Paribas SA (QUALCOMM, Inc.),
20.00%, 07/23/20		51		4,036,876
Citigroup Global Markets Holdings, Inc. (Texas Instruments, Inc.), 21.17%, 07/22/20(b)		27		3,159,282
UBS AG (NVIDIA Corp.), 20.60%, 05/13/20		12		3,267,913
				13,471,008
Software — 2.0%
JPMorgan Structured Products BV (Adobe, Inc.), 11.36%, 06/11/20(b)		13		4,650,828
Royal Bank of Canada (Microsoft Corp.), 14.40%, 07/17/20		23		4,028,675
Societe Generale SA (Oracle Corp.), 16.86%, 06/19/20		86		4,576,449
Societe Generale SA (salesforce.com, Inc.), 27.09%, 06/04/20		29		4,673,517
Societe Generale SA (Synopsys, Inc.), 10.74%, 05/19/20		24		3,773,793
				21,703,262
Specialty Retail — 0.7%
BNP Paribas SA (O’Reilly Automotive, Inc.),
15.44%, 06/11/20		11		4,193,776
Royal Bank of Canada (Advance Auto Parts, Inc.)(b):
13.31%, 05/19/20		13		1,589,888
13.33%, 05/20/20		13		1,590,759
				7,374,423

15

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tobacco — 0.2%
HSBC Bank plc (British American Tobacco plc),
16.15%, 07/17/20	GBP	71	$	2,082,419
Total Equity-Linked Notes — 23.9% (Cost: $259,522,077)				258,176,542
Floating Rate Loan Interests — 6.6%(l)
Aerospace & Defense — 0.2%
Arconic Corp., Term Loan B, (LIBOR USD 1 Month + 2.75%), 3.24%, 03/25/27(c)	USD	83		82,170
Bleriot US Bidco, Inc., Term Loan, (LIBOR USD 3 Month + 4.75%), 6.20%, 10/31/26		12		10,644
Bleriot US Bidco, Inc., Term Loan B, (LIBOR USD 3 Month + 4.75%), 6.20%, 10/30/26		74		68,124
Dynasty Acquisition Co., Inc., Term Loan: (LIBOR USD 3 Month + 3.50%), 4.95%, 04/06/26		875		763,341
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, 11/28/21(m)		141		116,784
TransDigm, Inc., Term Loan: (LIBOR USD 1 Month + 2.25%), 2.65%, 08/22/24		919		802,512
12/09/25(m)		27		23,840
				1,867,415
Airlines — 0.1%
American Airlines, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 1.75%), 2.19%, 01/29/27		408		289,618
American Airlines, Inc., Term Loan B, 12/15/23(m)		27		20,410
American Airlines, Inc., Term Loan B1, 06/27/25(m)		44		30,587
American Airlines, Inc., Term Loan B23, 04/28/23(m)		179		136,817
Kestrel Bidco, Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 4.00%, 12/11/26		489		391,401
				868,833
Auto Components — 0.1%
Panther BF Aggregator 2 LP, Term Loan B, (LIBOR USD 1 Month + 3.50%), 3.90%, 04/30/26		849		766,621
Wand Newco 3, Inc., Term Loan, (LIBOR USD 3 Month + 3.00%), 4.07%, 02/05/26		197		174,257
				940,878
Automobiles — 0.0%
Dealer Tire LLC, Term Loan B1, (LIBOR USD 1 Month + 4.25%), 4.65%, 12/12/25(c)		357		312,467
Building Products — 0.1%
CPG Merger Sub LLC, Term Loan, (LIBOR USD 3 Month + 3.75%), 5.93%, 05/05/24		264		238,153
Wilsonart LLC, 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.25%), 4.71%, 12/19/23		492		427,072
				665,225
Capital Markets — 0.1%
Fortress Investment Group LLC, Term Loan B, (LIBOR USD 1 Month + 2.00%), 2.40%, 12/27/22		82		78,532
Greenhill & Co., Inc., Term Loan, (LIBOR USD 1 Month + 3.25%), 3.97%, 04/12/24(c)		231		209,843
Travelport Finance (Luxembourg) SA, 1st Lien Term Loan, (LIBOR USD 3 Month + 5.00%), 6.07%, 05/29/26		358		217,143
				505,518

Security	Par (000)		Value
Chemicals — 0.2%
Alpha 3 BV, Term Loan, (LIBOR USD 3 Month + 3.00%), 4.45%, 01/31/24	USD	441	$	410,111
Ascend Performance Materials LLC, Term Loan B, (LIBOR USD 3 Month + 5.25%), 6.70%, 08/14/26(c)		299		271,635
Axalta Dupont PC, Term Loan, 06/01/24(m)		214		207,481
Chemours Co. (The), 1st Lien Term Loan, (LIBOR USD 1 Month + 1.75%), 2.16%, 04/03/25		119		108,667
Ennis-Flint Road Infrastructure Investment, Term Loan, (LIBOR USD 3 Month + 3.50%), 4.50% - 5.75%, 06/13/23		171		144,233
Greenrock Finance, Inc., Term Loan, 06/28/24(c)(m)		115		100,465
Invictus Co., Term Loan B, (LIBOR USD 3 Month + 3.00%), 4.78%, 03/28/25(c)		199		172,122
Messer Industries GmbH, Term Loan, (LIBOR USD 3 Month + 2.50%), 3.95%, 03/02/26		268		252,626
Momentive Performance Materials, Inc., Term Loan, (LIBOR USD 1 Month + 3.25%), 3.66%, 05/15/24		179		158,979
OXEA Holding Vier GmbH, Term Loan, 10/14/24(m)		306		273,213
				2,099,532
Commercial Services & Supplies — 0.3%
Advanced Disposal Services, Inc., Term Loan, (LIBOR USD 3 Month + 2.25%), 3.00%, 11/10/23		257		253,735
Allied Universal Holdco LLC, Term Loan B, (LIBOR USD 1 Month + 4.25%), 4.65%, 07/10/26		513		476,389
Brand Energy & Infrastructure Services, Inc., Term Loan, 06/21/24(m)		454		382,448
Capri Acquisitions Bidco Ltd., Term Loan, (LIBOR USD 3 Month + 3.00%), 3.76%, 11/01/24		466		425,256
Cast & Crew Payroll LLC, 1st Lien Term Loan, 01/16/26(m)		269		226,604
Diamond (BC) BV, Term Loan, 09/06/24(m)		240		205,645
Prime Security Services Borrower LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%), 4.27%, 09/23/26		283		267,479
Tempo Acquisition LLC, Term Loan, (LIBOR USD 1 Month + 2.75%), 3.15%, 05/01/24		759		710,734
West Corp., Term Loan, (LIBOR USD 3 Month + 4.00%), 5.45%, 10/10/24		323		252,298
				3,200,588
Construction & Engineering — 0.0%
Ply Gem, Inc., Term Loan B, (LIBOR USD 1 Month + 3.75%), 4.58%, 04/01/25		90		76,560
SRS Distribution, Inc., Term Loan B, (LIBOR USD 3 Month + 3.00%), 4.07%, 05/23/25		316		281,477
				358,037
Construction Materials — 0.1%
American Builders And Contractors Supply, Term Loan, (LIBOR USD 1 Month + 2.00%), 2.40%, 01/15/27		357		334,049
Core & Main LP, Term Loan, (LIBOR USD 3 Month + 2.75%), 3.77% - 4.33%, 08/01/24 .		721		676,504
Forterra Finance LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.00%), 4.00%, 10/25/23		199		170,437

16

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Construction Materials (continued)
TAMKO Building Products, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.25%), 3.65%, 05/29/26(c)	USD	75	$	70,698
				1,251,688
Containers & Packaging — 0.2%
Berry Global, Inc., Term Loan, 07/01/26(m)		150		142,501
BWAY Holding Co., Term Loan, (LIBOR USD 3 Month + 3.25%), 4.56%, 04/03/24		394		337,044
Charter NEX US, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.00%), 4.00%, 05/16/24		530		500,446
Flex Acquisition Co., Inc., Term Loan, (LIBOR USD 3 Month + 3.00%), 4.43%, 12/29/23		344		320,780
Pregis TopCo LLC, Term Loan, (LIBOR USD 1 Month + 4.00%), 4.40%, 07/31/26		179		159,880
Reynolds Group Holdings, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.75%), 3.15%, 02/05/23		630		599,529
				2,060,180
Diversified Consumer Services — 0.2%
AlixPartners LLP, 1st Lien Term Loan, (LIBOR USD 1 Month + 2.50%), 2.90%, 04/04/24		529		508,861
Bright Horizons Family Solutions, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 1.75%), 2.50%, 11/07/23		228		217,162
Maverick Purchaser Sub, LLC, Term Loan, (LIBOR USD 1 Month + 4.00%), 4.40%, 01/29/27		54		51,435
Research Now, Inc., Term Loan, (LIBOR USD 3 Month + 5.50%), 7.26%, 12/07/24		149		123,214
SIRVA Worldwide, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 5.50%), 5.90% - 7.11%, 08/04/25		193		133,799
Sotheby’s, Inc., Term Loan B, (LIBOR USD 1 Month + 5.50%), 6.50%, 01/15/27		445		393,800
Spin Holdco, Inc., 1st Lien Term Loan B, 11/14/22(m)		700		639,902
TierPoint LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 4.75%, 05/06/24		131		117,412
Trugreen Ltd. Partnership, 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.75%), 4.74%, 03/19/26		216		203,267
				2,388,852
Diversified Financial Services — 0.3%
Advisor Group Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 5.00%), 5.40%, 07/31/26		335		270,062
Belron Finance LLC, Term Loan B, (LIBOR USD 3 Month + 2.50%), 3.26%, 10/30/26(c)		179		167,839
BW Gas & Convenience Holdings LLC, Term Loan, 11/13/26(m)		107		95,374
Connect Finco SARL, Term Loan B, 12/11/26(m)		1,417		1,291,642
Deerfield Dakota Holding, LLC, Term Loan, (LIBOR USD 6 Month + 3.75%), 4.75%, 04/09/27		308		292,758
Genuine Financial Holdings LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 4.15%, 07/11/25		405		305,891
SMG US Midco 2, Inc., Term Loan, (LIBOR USD 1 Month + 2.50%), 3.12% - 3.52%, 01/23/25(c)		230		160,864
Spring Education Group, Inc., Term Loan, (LIBOR USD 3 Month + 4.25%), 5.70%, 07/30/25		93		80,120

Security	Par (000)		Value
Diversified Financial Services (continued)
VICI Properties 1 LLC, Term Loan B, (LIBOR USD 1 Month + 1.75%), 2.42%, 12/22/24	USD	564	$	521,678
Ziggo Finance Partnership, Term Loan, (LIBOR USD 1 Month + 2.50%), 3.31%, 04/30/28		157		146,206
				3,332,434
Diversified Telecommunication Services — 0.3%
Altice Financing SA, Term Loan, (LIBOR USD 1 Month + 2.75%), 3.37%, 01/31/26		189		173,908
Altice France SA, Term Loan, (LIBOR USD 1 Month + 4.00%), 4.81%, 08/14/26		538		497,825
Iridium Satellite LLC, Term Loan, 11/04/26(m)		199		196,264
Level 3 Financing, Inc., Term Loan, (LIBOR USD 1 Month + 1.75%), 2.15%, 03/01/27		190		181,608
MTN Infrastructure TopCo, Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 4.00%, 11/15/24		331		304,861
Telesat Canada, Term Loan, (LIBOR USD 1 Month + 2.75%), 3.16%, 12/07/26		75		70,534
Zayo Group LLC, Term Loan, 03/09/27(m)		1,753		1,642,494
				3,067,494
Electric Utilities — 0.0%
Calpine Corp., Term Loan B, (LIBOR USD 1 Month + 2.00%), 2.40%, 01/15/25		74		70,601
Edgewater Generation LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 4.15%, 12/13/25		138		126,968
				197,569
Electrical Equipment — 0.1%
Graftech International Ltd., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.50%), 4.50%, 02/12/25(c)		288		260,845
MH Sub I LLC, 1st Lien Term Loan, 09/13/24(m)		499		460,573
				721,418
Entertainment — 0.1%
Creative Artists Agency LLC, Term Loan, 11/27/26(m)		262		233,399
Kingpin Intermediate Holdings LLC, 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.50%), 4.50%, 07/03/24		269		187,993
Renaissance Learning, Inc., Term Loan, (LIBOR USD 3 Month + 3.25%), 4.01%, 05/24/25		8		7,359
William Morris Endeavor Entertainment LLC, Term Loan B, (LIBOR USD 3 Month + 2.75%), 3.16% - 4.37%, 05/18/25		450		333,154
				761,905
Equity Real Estate Investment Trusts (REITs) — 0.1%
Claros Mortgage Trust, Inc., Term Loan B, 08/09/26(c)(m)		126		112,985
DTZ US Borrower LLC, Term Loan, (LIBOR USD 1 Month + 2.75%), 3.15%, 08/21/25		447		411,012
RHP Hotel Properties LP, 1st Lien Term Loan, (LIBOR USD 1 Month + 2.00%), 2.41%, 05/11/24		109		101,810
				625,807
Food & Staples Retailing — 0.0%
H-Food Holdings LLC, Term Loan, (LIBOR USD 1 Month + 3.69%), 4.09%, 05/23/25		275		251,775
US Foods, Inc., Term Loan B, (LIBOR USD 3 Month + 2.00%), 3.07%, 08/14/26		210		186,465
				438,240

17

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food Products — 0.2%
1011778 BC ULC, Term Loan B4, (LIBOR USD 1 Month + 1.75%), 2.15%, 11/19/26	USD	339	$	317,210
8th Avenue Food & Provisions, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 4.33%, 10/01/25		178		170,052
B&G Foods, Inc., Term Loan B, (LIBOR USD 1 Month + 2.50%), 2.90%, 10/10/26		21		20,670
Chobani LLC, Term Loan, 10/10/23(m)		486		461,427
Froneri International Ltd., 2nd Lien Term Loan, (LIBOR USD 1 Month + 5.75%), 5.75%, 01/31/28		23		21,677
Froneri International Ltd., Term Loan, (LIBOR USD 1 Month + 2.25%), 2.25%, 01/29/27		651		600,872
Hostess Brands LLC, Term Loan, 08/03/25(m)		116		110,873
Nomad Foods Ltd., Term Loan, (LIBOR USD 1 Month + 2.25%), 3.06%, 05/15/24		112		108,151
TMK Hawk Parent Corp., Term Loan, (LIBOR USD 3 Month + 3.50%), 4.58%, 08/28/24		428		278,240
			2,089,172
Health Care Equipment & Supplies — 0.2%
Immucor, Inc., 1st Lien Term Loan, 06/15/21(m)		444		390,399
Sotera Health Holdings LLC, Term Loan, (LIBOR USD 1 Month + 4.50%), 5.50%, 11/20/26		1,206		1,155,832
			1,546,231
Health Care Providers & Services — 0.3%
AHP Health Partners, Inc., Term Loan, (LIBOR USD 1 Month + 4.50%), 5.50%, 06/30/25		108		99,503
Azalea TopCo, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 3.90% - 4.26%, 07/24/26		300		280,718
CHG Healthcare Services, Inc., Term Loan B, (LIBOR USD 3 Month + 3.00%), 4.07% - 4.45%, 06/07/23		304		287,401
Dentalcorp Perfect Smile ULC, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.75%), 4.75%, 05/31/25		95		77,155
Envision Healthcare Corp., Term Loan, (LIBOR USD 1 Month + 3.75%), 4.15%, 10/10/25		289		197,167
Eyecare Partners LLC, Term Loan:
02/18/27(m)		32		26,133
(LIBOR USD 3 Month + 3.75%), 4.82%, 02/18/27		136		111,998
HCA, Inc., Term Loan B, 03/13/25(m)		80		78,034
MPH Acquisition Holdings LLC, Term Loan, 06/07/23(m)		43		39,095
nThrive, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 4.50%), 5.50%, 10/20/22(c)		197		157,314
Option Care Health, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 4.50%), 4.90%, 08/06/26		267		249,285
Ortho-Clinical Diagnostics, Inc., Term Loan B, 06/30/25(m)		721		638,619
Team Health Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 3.75%, 02/06/24		147		107,761
WCG Purchaser Corp., Term Loan, (LIBOR USD 3 Month + 4.00%), 5.24%, 01/08/27		203		191,328
Wink Holdco, Inc., Term Loan, (LIBOR USD 3 Month + 3.00%), 4.45%, 12/02/24		227		210,370
WP CityMD Bidco LLC, Term Loan, 08/13/26(m)		208		196,007
				2,947,888

Security	Par (000)		Value
Health Care Technology — 0.1%
Athenahealth, Inc., Term Loan B, 02/05/26(c)(m)	USD	170	$	156,378
Change Healthcare Holdings LLC, Term Loan B, (LIBOR USD 1 Month + 2.50%), 3.50%, 03/01/24		582		559,251
Goodrx, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 3.15%, 10/10/25		222		212,242
				927,871
Hotels, Restaurants & Leisure — 0.2%
Aimbridge Acquisition, Inc., Term Loan B, (LIBOR USD 3 Month + 3.75%), 5.02%, 02/02/26		111		90,359
Caesars Resort Collection LLC, Term Loan, 12/23/24(m)		415		349,297
CityCenter Holdings LLC, Term Loan B, 04/18/24(m)		353		309,607
Golden Nugget, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 2.50%), 3.25% - 3.70%, 10/04/23		181		144,558
IRB Holding Corp., Term Loan, 02/05/25(m)		268		233,494
KFC Holding Co., Term Loan B, (LIBOR USD 1 Month + 1.75%), 2.47%, 04/03/25		109		104,146
Landry’s Finance Acquisition Co., Term Loan, 10/04/23(m)		23		23,938
Playa Resorts Holding BV, 1st Lien Term Loan B, 04/29/24(m)		49		39,434
Playtika Holding Corp., Term Loan B, (LIBOR USD 3 Month + 6.00%), 7.07%, 12/10/24		161		158,950
Scientific Games International, Inc., Term Loan B, 08/14/24(m)		111		91,387
Stars Group Holdings BV, Term Loan, 07/10/25(c)(m)		274		271,692
Station Casinos LLC, Term Loan B, (LIBOR USD 1 Month + 2.25%), 2.66%, 02/08/27		156		137,108
Whatabrands LLC, Term Loan B, (LIBOR USD 1 Month + 2.75%), 3.73%, 07/31/26		404		371,243
				2,325,213
Household Products — 0.0%
Reynolds Consumer Products LLC, Term Loan, (LIBOR USD 1 Month + 1.75%), 2.15%, 02/04/27		185		177,976
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., Term Loan, (LIBOR USD 1 Month + 2.00%), 2.40%, 08/12/26		400		383,754
Industrial Conglomerates — 0.1%
AVSC Holding Corp., 1st Lien Term Loan, (LIBOR USD 3 Month + 3.25%), 4.25% - 4.95%, 03/03/25		553		364,672
Filtration Group Corp., Term Loan B, (LIBOR USD 1 Month + 3.00%), 3.40%, 03/31/25		184		174,516
Vertiv Group Corp., Term Loan, (LIBOR USD 1 Month + 3.00%), 3.99%, 03/02/27(c)		983		921,562
				1,460,750
Insurance — 0.3%
Alliant Holdings Intermediate LLC, Term Loan, 05/09/25(m)		500		466,073
AmWINS Group, Inc., Term Loan, 01/25/24(m) .		445		428,873
AssuredPartners, Inc., Term Loan, 02/12/27(m)		167		155,751
Asurion LLC, 1st Lien Term Loan B6, 11/03/23(m)		129		122,673
Asurion LLC, Term Loan, (LIBOR USD 1 Month + 3.00%), 3.40%, 11/03/24		893		849,721
Asurion LLC, Term Loan B4, 08/04/22(m)		33		31,445

18

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
HUB International Ltd., Term Loan B:
(LIBOR USD + 3.00%), 3.87% - 4.02%, 04/25/25	USD	637	$	595,358
(LIBOR USD 3 Month + 4.00%), 5.69%, 04/25/25		78		74,832
Sedgwick Claims Management Services, Inc., 1st Lien Term Loan, 12/31/25(m)		381		349,364
USI, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.00%), 3.40%, 05/16/24		628		590,175
				3,664,265
IT Services — 0.7%
Ancestry.com Operations, Inc., Term Loan B:
(LIBOR USD 1 Month + 3.75%), 4.75%, 10/19/23(c)		392		356,285
(LIBOR USD 1 Month + 4.25%), 4.66%, 08/27/26		75		64,637
Applied Systems, Inc., Term Loan:
(LIBOR USD 3 Month + 3.25%), 4.70%, 09/19/24		553		528,819
(LIBOR USD 3 Month + 7.00%), 8.45%, 09/19/25		33		31,350
Boxer Parent Co., Inc., Term Loan B, 10/02/25(m)		181		155,993
Camelot U.S. Acquisition 1 Co., Term Loan B, (LIBOR USD 1 Month + 3.25%), 4.24% - 3.65%, 10/30/26		556		531,196
CCC Information Services, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 3.75%, 04/29/24		298		282,526
Epicor Software Corp., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%), 3.66%, 06/01/22		373		359,344
Greeneden US Holdings I LLC, Term Loan B, (LIBOR USD 1 Month + 3.25%), 3.65%, 12/01/23		573		541,251
IG Investments Holdings LLC, Term Loan, 05/23/25(m)		478		400,239
Mitchell International, Inc., 1st Lien Term Loan, 11/29/24(m)		224		195,134
Peak 10 Holding Corp., Term Loan, (LIBOR USD 3 Month + 3.50%), 4.95%, 08/01/24		95		67,679
Presidio Holdings Inc., Term Loan B, (LIBOR USD 3 Month + 3.50%), 5.28%, 01/22/27		161		151,408
Pug LLC, Term Loan, (LIBOR USD 1 Month + 3.50%), 3.90%, 02/12/27		502		406,913
Rackspace Hosting, Inc., Term Loan, (LIBOR USD 3 Month + 3.00%), 4.76%, 11/03/23		199		186,024
Solera LLC, Term Loan B1, (LIBOR USD 3 Month + 2.75%), 4.36%, 03/03/23		649		614,355
Sophia LP, 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.25%), 4.70%, 09/30/22		582		559,728
SS&C Technologies Holdings, Inc., Term Loan B, (LIBOR USD 1 Month + 1.75%), 2.74%, 04/16/25		51		49,298
SS&C Technologies Holdings, Inc., Term Loan B5, 04/16/25(m)		162		155,647
Trans Union LLC, Term Loan B, 11/16/26(m)		438		419,124
Verscend Holding Corp., Term Loan B, 08/27/25(m)		331		310,797
Vertafore, Inc., Term Loan B, 07/02/25(m)		613		561,373
VS Buyer LLC, Term Loan B, (LIBOR USD 3 Month + 3.25%), 4.86%, 02/28/27		242		227,480
WEX, Inc., Term Loan, (LIBOR USD 1 Month + 2.25%), 2.65%, 05/15/26		333		312,651
				7,469,251

Security	Par (000)		Value
Life Sciences Tools & Services — 0.1%
Avantor Funding, Inc., Term Loan, (LIBOR USD 1 Month + 2.25%), 3.25%, 11/21/24	USD	222	$	217,864
eResearchTechnology, Inc., Term Loan, (LIBOR USD 1 Month + 4.50%), 5.50%, 02/04/27		355		332,241
				550,105
Machinery — 0.1%
Clark Equipment Co., Term Loan, (LIBOR USD 3 Month + 1.75%), 3.20%, 05/18/24		74		69,503
Gates Global LLC, Term Loan B, 04/01/24(m)		504		462,945
Ingersoll-Rand Services Co., Term Loan, (LIBOR USD 1 Month + 1.75%), 2.15%, 03/01/27		272		257,584
Titan Acquisition Ltd., Term Loan, 03/28/25(m) .		755		660,779
				1,450,811
Media — 0.3%
Ascend Learning LLC, Term Loan B, (LIBOR USD 1 Month + 3.00%), 4.00%, 07/12/24		230		214,636
Cable One, Inc., Term Loan, (LIBOR USD 1 Month + 1.75%), 2.16%, 05/01/24		55		53,487
Charter Communications Operating, Term Loan B1, (LIBOR USD 1 Month + 1.75%), 2.16%, 04/30/25		217		210,100
Clear Channel Outdoor Holdings, Inc., Term Loan, (LIBOR USD 3 Month + 3.50%), 4.20% - 4.26%, 08/21/26		828		717,462
CSC Holdings LLC, Term Loan B, (LIBOR USD 1 Month + 2.50%), 3.31%, 04/15/27		190		180,083
Diamond Sports Group LLC, Term Loan, (LIBOR USD 1 Month + 3.25%), 3.82%, 08/24/26		79		64,465
Gray Television, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 3.24%, 02/07/24		202		191,185
Intelsat Jackson Holdings SA, Term Loan, (LIBOR USD 3 Month + 2.75%), 6.00%, 11/27/23		75		73,458
LCPR Loan Financing LLC, Term Loan, (LIBOR USD 1 Month + 5.00%), 5.81%, 10/15/26		110		107,525
Learfield Communications LLC, Term Loan, 12/01/23(m)		611		352,001
Lions Gate Capital Holdings LLC, Term Loan, (LIBOR USD 1 Month + 2.25%), 2.65%, 03/24/25		140		129,025
Midcontinent Communications, Term Loan, (LIBOR USD 1 Month + 1.75%), 2.74%, 08/15/26		74		70,716
Nexstar Broadcasting, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 3.74%, 09/18/26		72		67,047
Radiate Holdco LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.00%), 3.75%, 02/01/24		224		213,738
Sinclair Television Group, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 2.66%, 01/03/24		67		62,027
Terrier Media Buyer, Inc., Term Loan, 12/17/26(m)		291		270,308
Trader Corp., Term Loan, (LIBOR USD 1 Month + 3.00%), 4.00%, 09/28/23(c)		541		459,850
				3,437,113

19

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Metals & Mining — 0.1%
Ball Metalpack Finco LLC, Term Loan, (LIBOR USD 3 Month + 4.50%), 6.11%, 07/31/25	USD	203	$	171,230
Equinox Holdings, Inc., Term Loan B, 03/08/24(m)		450		353,535
				524,765
Multiline Retail — 0.0%
Neiman Marcus Group Ltd. LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 6.00%), 7.50%, 10/25/23		160		59,252
Multi-Utilities — 0.0%
ExGen Renewables IV LLC, Term Loan, (LIBOR USD 3 Month + 3.00%), 4.62%, 11/28/24		252		241,635
Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp., Term Loan, (LIBOR USD 3 Month + 10.38%), 11.99%, 12/31/21		208		7,405
CITGO Holding, Inc., Term Loan, (LIBOR USD 6 Month + 7.00%), 8.00%, 08/01/23		199		164,175
Euro Garages Ltd., Term Loan B, (LIBOR USD 6 Month + 4.00%), 5.07%, 02/07/25		341		290,806
				462,386
Personal Products — 0.0%
Sunshine Luxembourg VII SARL, Term Loan, 10/01/26(m)		383		349,567
Pharmaceuticals — 0.2%
Amneal Pharmaceuticals LLC, Term Loan B18, (LIBOR USD 1 Month + 3.50%), 3.94%, 03/21/25		291		259,498
Bausch Health Cos., Inc., Term Loan, 06/02/25(m)		820		792,773
Catalent, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 3.25%, 05/18/26		184		179,851
Elanco Animal Health, Inc., Term Loan B, 02/04/27(m)		182		175,600
Jaguar Holding Co. I, Term Loan, 08/18/22(m) .		912		893,204
Mallinckrodt International Finance SA, 1st Lien Term Loan B, (LIBOR USD 3 Month + 2.75%), 4.20%, 09/24/24		95		65,923
				2,366,849
Professional Services — 0.1%
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B, (LIBOR USD 1 Month + 4.00%), 4.49%, 02/06/26		593		552,509
STG-Fairway Holdings LLC, Term Loan B, (LIBOR USD 3 Month + 3.50%), 4.57%, 01/31/27		124		106,692
				659,201
Real Estate Management & Development — 0.0%
Forest City Enterprises LP, Term Loan, 12/08/25(m)		221		201,156
Road & Rail — 0.1%
Lineage Logistics LLC, Term Loan, 02/27/25(m)		487		469,165
Uber Technologies, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 3.90%, 07/13/23		256		240,865
				710,030
Semiconductors & Semiconductor Equipment — 0.0%
Microchip Technology, Inc., Term Loan, (LIBOR USD 1 Month + 2.00%), 2.41%, 05/29/25		115		110,256

Security	Par (000)		Value
Software — 0.8%
Castle US Holding Corp., Term Loan, (LIBOR USD 3 Month + 3.75%), 5.20%, 01/29/27	USD	363	$	302,651
Cerence, Inc., Term Loan, (LIBOR USD 1 Month + 6.00%), 7.02%, 10/01/24		94		85,694
DTI Holdco, Inc., Term Loan, (LIBOR USD 3 Month + 4.75%), 5.75%, 09/29/23		164		122,883
Ellie Mae, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 3.75%), 5.20%, 04/17/26		540		508,596
Infor US, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 3.75%, 02/01/22		1,128		1,106,261
Informatica LLC, Term Loan:
7.13%, 02/25/25(n)		151		142,695
02/25/27(m)		921		863,745
Kronos, Inc., 1st Lien Term Loan B, 11/01/23(m)		1,022		985,813
Kronos, Inc., 2nd Lien Term Loan B, 11/01/24(m)		89		85,068
McAfee LLC, Term Loan, 09/30/24(m)		461		440,034
PowerSchool, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 3.00%), 4.74%, 07/31/25(c)		451		426,372
Refinitiv US Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 3.25%), 3.65%, 10/01/25		767		749,615
RP Crown Parent LLC, 1st Lien Term Loan, 10/12/23(c)(m)		458		437,382
SolarWinds, Inc., Term Loan B, 02/05/24(m)		465		450,542
SS&C Technologies Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 1.75%), 2.74%, 04/16/25		37		35,177
TIBCO Software, Inc., 1st Lien Term Loan, 06/30/26(m)		539		504,034
TIBCO Software, Inc., 2nd Lien Term Loan, 03/03/28(m)		434		402,502
Ultimate Software Group, Inc. (The), 1st Lien Term Loan, 05/04/26(m)		407		387,267
				8,036,331
Specialty Retail — 0.1%
Belron Finance US LLC, Term Loan B, (LIBOR USD 3 Month + 2.25%), 3.99%, 11/07/24(c).		184		173,935
MED ParentCo LP, Delayed Draw Term Loan, (LIBOR USD 1 Month + 4.25%), 3.65% - 4.82%, 08/31/26		31		26,246
MED ParentCo LP, Term Loan, (LIBOR USD 1 Month + 4.25%), 4.65%, 07/31/26		178		149,591
Midas Intermediate Holdco II LLC, Term Loan B, (LIBOR USD 3 Month + 2.75%), 4.02%, 08/18/21(c)		179		144,782
PetSmart, Inc., Term Loan, 03/11/22(m)		703		680,560
				1,175,114
Technology Hardware, Storage & Peripherals — 0.0%
Electronics for Imaging, Inc., Term Loan, 07/23/26(m)		146		107,152
Western Digital Corp., 1st Lien Term Loan B, (LIBOR USD 1 Month + 1.75%), 2.77%, 04/29/23		105		100,391
				207,543
Trading Companies & Distributors — 0.0%
HD Supply, Inc., Term Loan, 10/17/23(m)		361		346,757
Wireless Telecommunication Services — 0.1%
Digicel International Finance Ltd., Term Loan, (LIBOR USD 3 Month + 3.25%), 4.87%, 05/27/24		178		144,564
Hargray Communications Group, Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 4.00%, 05/16/24		226		213,412

20

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wireless Telecommunication Services (continued)
SBA Senior Finance II LLC, 2nd Lien Term
Loan B, (LIBOR USD 1 Month + 1.75%),
2.16%, 04/06/25	USD	261	$	251,425
T-Mobile USA, Inc., Term Loan, 04/01/27(m)		874		868,223
				1,477,624
Total Floating Rate Loan Interests — 6.6% (Cost: $77,592,796)				71,022,946
Foreign Agency Obligations — 0.4%
Bahrain — 0.1%
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25		538		546,070
China — 0.1%
Chengdu Xingcheng Investment Group Co. Ltd., 2.50%, 03/20/21	EUR	100		107,358
China Cinda Asset Management Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.29%), 4.45%(d)(f)	USD	200		199,312
China Minmetals Corp., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.72%), 3.75%(d)(f)		200		197,438
Guangxi Financial Investment Group Co. Ltd., 5.75%, 01/23/21		200		185,625
				689,733
Colombia — 0.1%
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(b)		453		425,395
India — 0.0%
Power Finance Corp. Ltd., 3.75%, 12/06/27		370		333,116
Indonesia — 0.0%
Perusahaan Listrik Negara PT:
6.15%, 05/21/48		200		217,250
4.88%, 07/17/49		200		192,500
				409,750
Mexico — 0.1%
Petroleos Mexicanos:
6.88%, 08/04/26		1,163		963,545
6.50%, 03/13/27		453		366,930
5.35%, 02/12/28		34		25,373
				1,355,848
Sri Lanka — 0.0%
SriLankan Airlines Ltd., 7.00%, 06/25/24		400		244,000
Total Foreign Agency Obligations — 0.4% (Cost: $4,244,892)				4,003,912
Foreign Government Obligations — 2.2%
Colombia — 0.3%
Republic of Colombia:
8.13%, 05/21/24		451		520,764
4.50%, 01/28/26		2,226		2,283,041
3.88%, 04/25/27		205		202,246
				3,006,051
Dominican Republic — 0.1%
Dominican Republic, 5.95%, 01/25/27		591		531,900
Dominican Republic Government Bond, 5.50%, 01/27/25		359		335,216
				867,116

Security	Par (000)		Value
Egypt — 0.2%
Arab Republic of Egypt:
5.88%, 06/11/25	USD	1,046	$	987,163
7.60%, 03/01/29		1,235		1,171,706
				2,158,869
Indonesia — 0.3%
Pertamina Persero PT, 4.30%, 05/20/23		605		615,209
Republic of Indonesia:
4.75%, 01/08/26		1,130		1,223,225
4.10%, 04/24/28		1,264		1,328,385
				3,166,819
Maldives — 0.0%
Republic of Maldives, 7.00%, 06/07/22		200		164,000
Mexico — 0.2%
United Mexican States:
4.15%, 03/28/27		1,069		1,072,675
3.75%, 01/11/28		650		631,109
8.30%, 08/15/31		35		46,178
				1,749,962
Mongolia — 0.0%
Government of Mongolia, 8.75%, 03/09/24		200		188,250
Pakistan — 0.0%
Islamic Republic of Pakistan, 6.88%, 12/05/27		200		172,750
Panama — 0.1%
Republic of Panama, 3.16%, 01/23/30		1,282		1,305,236
Paraguay — 0.1%
Republic of Paraguay, 5.40%, 03/30/50(b)		555		544,941
Peru — 0.1%
Republic of Peru, 2.78%, 01/23/31		1,051		1,082,530
Qatar — 0.2%
State of Qatar:
4.50%, 04/23/28		1,214		1,390,030
4.00%, 03/14/29(b)		1,095		1,218,187
				2,608,217
Russia — 0.2%
Russian Federation:
4.75%, 05/27/26		1,200		1,329,600
4.25%, 06/23/27		800		868,000
				2,197,600
Saudi Arabia — 0.2%
Kingdom of Saudi Arabia, 4.50%, 04/17/30		1,540		1,724,800
Saudi Arabian Oil Co.:
3.50%, 04/16/29(b)		225		226,406
3.50%, 04/16/29		218		219,363
				2,170,569
South Africa — 0.0%
Republic of South Africa, 5.88%, 05/30/22		425		437,086
Sri Lanka — 0.1%
Democratic Socialist Republic of Sri Lanka:
6.25%, 10/04/20		400		351,000
5.88%, 07/25/22		200		123,421
6.85%, 03/14/24		200		117,376
6.35%, 06/28/24		200		117,987
7.85%, 03/14/29		650		365,566
				1,075,350

21

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Turkey — 0.0%
Republic of Turkey, 4.88%, 04/16/43	USD	200	$	145,250
Ukraine — 0.1%
Ukraine Government Bond:
7.75%, 09/01/22		126		119,700
7.75%, 09/01/23		237		224,558
8.99%, 02/01/24		227		222,006
7.75%, 09/01/25		325		303,550
				869,814
Total Foreign Government Obligations — 2.2%
(Cost: $24,422,137)				23,910,410
	Shares
Investment Companies — 9.5%
BlackRock Allocation Target Shares, Series A*		2,866,785		26,661,098
BlackRock Floating Rate Income Portfolio, Class K Shares*		901,967		8,198,877
Invesco Senior Loan ETF		59,351		1,245,184
iShares iBoxx $ Investment Grade Corporate
Bond ETF*		285,856		36,924,020
iShares MBS ETF*		268,232		29,800,575
Total Investment Companies — 9.5%
(Cost: $104,789,035)				102,829,754
	Par (000)
Non-Agency Mortgage-Backed Securities — 2.7%
Collateralized Mortgage Obligations — 0.3%
Alternative Loan Trust(a):
Series 2005-16, Class A1, 3.52%, 06/25/35		59		50,369
Series 2005-72, Class A3, 1.09%, 01/25/36		112		94,544
Series 2006-OA14, Class 1A1, 3.60%, 11/25/46		104		79,620
Series 2006-OA8, Class 1A1, 0.68%, 07/25/46		249		191,927
Series 2007-OA3, Class 1A1, 0.63%, 04/25/47		286		242,027
American Home Mortgage Assets Trust, Series
2006-5, Class A1, 2.79%, 11/25/46(a)		1,009		411,157
Banc of America Mortgage Trust, Series 2007-
4, Class 1A1, 6.25%, 12/28/37		66		60,664
CitiMortgage Alternative Loan Trust, Series
2007-A2, Class 1A13, 5.75%, 02/25/37		424		391,502
CSMC Trust, Series 2019-JR1, Class A1,
4.10%, 09/27/66(a)(b)		296		277,756
GSR Mortgage Loan Trust, Series 2006-OA1,
Class 1A1, 0.71%, 08/25/46(a)		445		142,427
Impac CMB Trust, Series 2005-6, Class 1A1,
0.99%, 10/25/35(a)		300		259,787
Reperforming Loan REMIC Trust, Series 2005-
R2, Class 1AF1, 0.83%, 06/25/35(a)(b)		68		62,181
Structured Asset Mortgage Investments
II Trust, Series 2006-AR6, Class 2A1,
0.68%, 07/25/46(a)		104		75,193
Washington Mutual Mortgage Pass-Through
Certificates WMALT Trust, Series 2006-4,
Class 3A1, 6.50%, 05/25/36(j)		541		472,442
				2,811,596

Security	Par (000)		Value
Commercial Mortgage-Backed Securities — 2.4%
280 Park Avenue Mortgage Trust, Series 2017-
280P, Class E, 2.93%, 09/15/34(a)(b)	USD	630	$	581,076
Ashford Hospitality Trust, Series 2018-ASHF,
Class D, 2.91%, 04/15/35(a)(b)		540		444,297
Atrium Hotel Portfolio Trust, Series 2017-ATRM,
Class E, 3.86%, 12/15/36(a)(b)		106		75,780
Aventura Mall Trust, Series 2013-AVM, Class E,
3.87%, 12/05/32(a)(b)		700		708,686
BAMLL Commercial Mortgage Securities Trust(a) (b):
Series 2016-ISQ, Class E, 3.73%, 08/14/34		600		490,379
Series 2018-DSNY, Class D, 2.51%, 09/15/34		1,058		835,523
Bayview Commercial Asset Trust, Series 2007-
4A, Class A1, 0.94%, 09/25/37(a)(b)		520		397,748
BBCMS Mortgage Trust, Series 2018-CHRS,
Class E, 4.41%, 08/05/38(a)(b)		200		132,450
BBCMS Trust, Series 2015-STP, Class E,
4.43%, 09/10/28(a)(b)		200		195,363
Bear Stearns Commercial Mortgage Securities
Trust, Series 2007-PW18, Class B,
6.69%, 06/11/50(a)(b)		204		207,010
Benchmark Mortgage Trust(a):
Series 2018-B5, Class D, 3.26%, 07/15/51(b)		550		310,632
Series 2018-B7, Class C, 5.02%, 05/15/53		500		453,050
BWAY Mortgage Trust, Series 2015-1740,
Class E, 4.81%, 01/10/35(a)(b)		500		443,333
BX Commercial Mortgage Trust(a)(b):
Series 2018-IND, Class G, 2.86%, 11/15/35		1,050		944,807
Series 2018-IND, Class H, 3.81%, 11/15/35		1,050		922,021
Series 2019-XL, Class G, 3.11%, 10/15/36		1,194		1,099,332
Series 2019-XL, Class J, 3.46%, 10/15/36		1,194		1,086,602
Citigroup Commercial Mortgage Trust(a):
Series 2016-C1, Class D, 5.12%, 05/10/49(b)		110		80,176
Series 2018-C6, Class C, 5.24%, 11/10/51		361		301,177
Commercial Mortgage Trust:
Series 2013-GAM, Class E, 3.53%, 02/10/28(a)(b)		1,000		964,769
Series 2014-UBS4, Class C,
4.80%, 08/10/47(a)		370		324,298
Series 2015-LC19, Class A4,
3.18%, 02/10/48		465		486,419
Series 2015-LC19, Class D,
2.87%, 02/10/48(b)		266		178,357
Series 2015-LC21, Class C,
4.49%, 07/10/48(a)		700		602,418
Series 2017-COR2, Class D,
3.00%, 09/10/50(b)		700		413,241
Series 2018-HCLV, Class B,
2.21%, 09/15/33(a)(b)		400		371,231
CSAIL Commercial Mortgage Trust, Series
2018-C14, Class D, 5.05%, 11/15/51(a)(b)		457		318,898
DBJPM Mortgage Trust, Series 2016-C3, Class
D, 3.63%, 08/10/49(a)(b)		469		291,647
DBUBS Mortgage Trust, Series 2017-BRBK,
Class F, 3.65%, 10/10/34(a)(b)		420		325,604
GRACE Mortgage Trust, Series 2014-GRCE,
Class F, 3.71%, 06/10/28(a)(b)		500		495,856
GS Mortgage Securities Corp. Trust(a)(b):
Series 2017-500K, Class F, 2.61%, 07/15/32		329		312,690
Series 2017-500K, Class G,
3.31%, 07/15/32		454		429,239
GS Mortgage Securities Trust:
Series 2015-GC32, Class D,
3.35%, 07/10/48		360		182,386

22

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Series 2017-GS7, Class E, 3.00%, 08/10/50(b)	USD	560	$	336,958
JPMCC Commercial Mortgage Securities
Trust, Series 2019-COR5, Class D, 3.00%, 06/13/52(b)		2,000		1,176,610
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class C, 4.51%, 03/15/50(a)		135		111,601
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2015-JP1, Class D, 4.39%, 01/15/49(a)		500		340,157
Series 2015-JP1, Class E, 4.39%, 01/15/49(a)(b)		371		228,020
Series 2015-UES, Class E, 3.74%, 09/05/32(a)(b)		500		488,775
Series 2018-WPT, Class FFX, 5.54%, 07/05/33(b)		490		458,294
LCCM Mortgage Trust, Series 2014-909, Class E, 4.03%, 05/15/31(a)(b)		150		136,781
MAD Mortgage Trust, Series 2017-330M, Class E, 4.17%, 08/15/34(a)(b)		270		221,768
Merrill Lynch Mortgage Trust, Series 2005- CIP1, Class D, 6.20%, 07/12/38(a)		15		15,249
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2015-C25, Class D, 3.07%, 10/15/48		222		128,478
Series 2015-C26, Class D, 3.06%, 10/15/48(b)		450		249,820
Morgan Stanley Capital I Trust:
Series 2014-CPT, Class G, 3.56%, 07/13/29(a)(b)		700		712,726
Series 2015-MS1, Class D, 4.17%, 05/15/48(a)(b)		700		485,535
Series 2017-CLS, Class E, 2.76%, 11/15/34(a)(b)		531		500,565
Series 2017-HR2, Class D, 2.73%, 12/15/50		250		140,825
Series 2018-H3, Class C, 5.01%, 07/15/51(a)		320		263,156
Series 2018-MP, Class E, 4.42%, 07/11/40(a)(b)		330		254,991
Series 2018-SUN, Class F, 3.36%, 07/15/35(a)(b)		450		331,021
Series 2019-L2, Class A4, 4.07%, 03/15/52		500		567,448
Prima Capital CRE Securitization Ltd., Series
2016-6A, Class C, 4.00%, 08/24/40(b)(c)		2,000		1,999,400
USDC, Series 2018-USDC, Class F, 4.64%, 05/13/38(a)(b)		280		192,717
Wells Fargo Commercial Mortgage Trust:
Series 2015-NXS4, Class D, 3.83%, 12/15/48(a)		151		97,818
Series 2016-NXS5, Class B, 5.10%, 01/15/59(a)		250		228,039
Series 2017-C39, Class C, 4.12%, 09/15/50		113		90,458
Series 2017-C41, Class D, 2.60%, 11/15/50(a)(b)		492		275,485
Series 2018-C44, Class C, 5.00%, 05/15/51(a)		170		140,134
Series 2018-C44, Class D, 3.00%, 05/15/51(b)		240		135,590
Series 2018-C45, Class C, 4.73%, 06/15/51		110		89,312
				25,804,226

Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities — 0.0%
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class XD, 1.49%, 10/15/48(a)(b)	USD	4,650	$	300,622
Total Non-Agency Mortgage-Backed Securities — 2.7% (Cost: $32,998,144)				28,916,444
Preferred Securities — 4.0%
Capital Trusts — 2.3%
Banks — 0.8%(f)(l)
Bank of America Corp., Series X, 6.25%		4,543		4,734,715
CIT Group, Inc., Series A, 5.80%		185		145,168
Fifth Third Bancorp, Series J, 4.58%		1,600		1,336,000
JPMorgan Chase & Co., Series HH, 4.60%		2,075		1,861,275
M&T Bank Corp., Series F, 5.13%		625		630,206
Wells Fargo & Co., Series S, 5.90%		200		203,000
				8,910,364
Capital Markets — 0.6%(l)
Bank of New York Mellon Corp. (The), Series F, 4.62%(f)		1,225		1,194,375
Goldman Sachs Group, Inc. (The)(f):
Series M, 5.38%		390		363,117
Series O, 5.30%		145		147,538
Morgan Stanley, Series H, 4.83%(f)		100		90,000
Northern Trust Corp., Series D, 4.60%(f)		1,175		1,116,250
State Street Corp., 1.74%, 06/15/47		3,466		2,772,800
				5,684,080
Consumer Finance — 0.6%(f)(l)
Capital One Financial Corp., Series E, 5.55%		3,515		2,935,025
Discover Financial Services, Series C, 5.50%		1,200		1,014,564
General Motors Financial Co., Inc., Series A, 5.75%		2,908		2,312,747
				6,262,336
Diversified Financial Services — 0.1%
Voya Financial, Inc., Series A, 6.13%(f)(l)		990		980,100
Insurance — 0.1%
Progressive Corp. (The), Series B, 5.38%(f)(l)		760		736,683
Oil, Gas & Consumable Fuels — 0.1%(f)(l)
Energy Transfer Operating LP:
Series B, 6.63%		400		286,524
Series G, 7.13%		1,475		1,153,302
EnLink Midstream Partners LP, Series C, 6.00%		918		247,860
Plains All American Pipeline LP, Series B, 6.13%		164		109,934
				1,797,620
Total Capital Trusts — 2.3% (Cost: $27,318,626)				24,371,183
	Shares
Preferred Stocks — 1.6%
Banks — 0.7%(f)(l)
KeyCorp, Series E, 6.13%		32,500		923,650
US Bancorp, Series F, 6.50%		26,000		702,260
Wells Fargo & Co., Series Q, 5.85%		200,000		5,058,000
				6,683,910
Capital Markets — 0.2%
Morgan Stanley, Series K, 5.85%(f)(l)		83,000		2,189,540
Consumer Finance — 0.0%
SLM Corp., Series B, 2.44%(f)(l)		11,500		471,270

23

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services — 0.0%
Telefonica Brasil SA (Preference)		32,087	$	271,724
Electric Utilities — 0.2%
Entergy Arkansas LLC, 4.88%		26,210		668,355
Entergy Louisiana LLC, 4.88%		4,525		116,338
Entergy Mississippi LLC, 4.90%		25,401		657,632
Entergy Texas, Inc., 5.63%		4,716		123,653
				1,565,978
Insurance — 0.1%
Allstate Corp. (The), Series H, 5.10%(f)		50,000		1,280,000
Oil, Gas & Consumable Fuels — 0.1%
Energy Transfer Operating LP, Series E, 7.60%(f)(l)		75,000		1,586,250
Technology Hardware, Storage & Peripherals — 0.3%
Samsung Electronics Co. Ltd. (Preference)		108,358		3,756,297
Total Preferred Stocks — 1.6% (Cost: $18,194,109)				17,804,969
Trust Preferreds — 0.1%
Commercial Services & Supplies — 0.1%
ILFC E-Capital Trust I, 3.33%, 12/21/65(b)(l)		896,000		430,080
Consumer Finance — 0.0%
ILFC E-Capital Trust II, 3.57%, 12/21/65(b)(l)		397,000		197,507
Total Trust Preferreds — 0.1% (Cost: $1,257,798)				627,587
Total Preferred Securities — 4.0% (Cost: $46,770,533)				42,803,739
	Par (000)
U.S. Government Sponsored Agency Securities — 0.1%
Commercial Mortgage-Backed Securities — 0.1%
Federal Home Loan Mortgage Corp. Variable Rate Notes:
Series 2018-K80, Class B, (LIBOR USD 1 Month + 0.00%), 4.37%, 08/25/50(b)(d)		300		304,792
Series 2018-K732, Class B, 4.19%, 05/25/25(a)(b)		200		203,759
Series 2018-SB52, Class A10F, 3.48%, 06/25/28(a)		319		339,411
				847,962

Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities — 0.0%
Government National Mortgage Association Variable Rate Notes(a):
Series 2013-63, 0.79%, 09/16/51	USD	991	$	41,924
Series 2016-67, 1.07%, 07/16/57		408		25,863
Series 2016-162, 0.98%, 09/16/58		2,587		182,998
Series 2017-44, 0.70%, 04/17/51		2,498		125,196
				375,981
Total U.S. Government Sponsored Agency Securities — 0.1% (Cost: $1,263,367)				1,223,943
Total Long-Term Investments — 92.8% (Cost: $1,071,350,346)				1,002,912,480
Short-Term Securities — 16.8%
Foreign Government Obligations — 0.1%
Egypt — 0.1%
Arab Republic of Egypt Treasury Bills, 18.50%, 05/26/20(o)	EGP	5,925		373,372
Total Foreign Government Obligations — 0.1% (Cost: $355,424)				373,372
	Shares
Money Market Funds — 16.7%(p)
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.12%*		180,440,392		180,440,392
JPMorgan U.S. Treasury Plus Money Market Fund, Agency Class, 0.11%		172,123		172,123
Total Money Market Funds — 16.7% (Cost: $180,612,515)				180,612,515
Total Short-Term Securities — 16.8% (Cost: $180,967,939)				180,985,887
Total Investments — 109.6% (Cost: $1,252,318,285)				1,183,898,367
Liabilities in Excess of Other Assets — (9.6)%				(103,492,404	)
Net Assets — 100.0%			$	1,080,405,963

^(a)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(b)  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.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(e)  Non-income producing security.

^(f)  Perpetual security with no stated maturity date.

^(g)  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.

^(h)  Issuer filed for bankruptcy and/or is in default.

⁽ⁱ⁾  Zero-coupon bond.

^(j)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(k)  Convertible security.

^(l)  Variable rate security. Rate shown is the rate in effect as of period end.

^(m)  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.

⁽ⁿ⁾  Fixed rate.

^(o)  Rates are discount rates or a range of discount rates as of period end.

^(p)  Annualized 7-day yield as of period end.

24

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio

^*  Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 07/31/19		Shares Purchased		Shares Sold			Shares Held at 04/30/20		Value at 04/30/20		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class(b)		58,036,285		122,404,108		—			180,440,392	$	180,440,392	$	801,685		$	267		$	—
SL Liquidity Series, LLC, Money Market Series(b)(c)		10,990,880		—		(10,990,880	)		—		—		49,272	(d)		(2,176	)		(94	)
BlackRock Allocation Target Shares, Series A		5,844,479		3,201,400		(6,179,094	)		2,866,785		26,661,098		1,894,843			345,685			(2,184,820	)
BlackRock Floating Rate Income Portfolio, Class K Shares		8,771,178		2,058,925		(9,928,136	)		901,967		8,198,877		1,874,806			(2,885,919	)		(113,334	)
iShares Core Dividend Growth ETF(c)		548,436		635,196		(1,183,632	)		—		—		134,777			2,854,871			(2,010,094	)
iShares Core S&P 500 ETF(c)		49,905		76,851		(126,756	)		—		—		125,445			2,723,717			(43,153	)
iShares Edge MSCI USA Value Factor ETF(c)		—		291,548		(291,548	)		—		—		176,178			473,886			—
iShares iBoxx $ High Yield Corporate Bond ETF(c)		397,114		4,000		(401,114	)		—		—		837,193			1,040,432			(717,142	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		—		285,856		—			285,856		36,924,020		—			—			(127,978	)
iShares MBS ETF		—		268,232		—			268,232		29,800,575		193,896			—			800,246
										$	282,024,962	$	6,088,095		$	4,550,763		$	(4,396,369	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

^(c)  As of period end, the entity is no longer held by the Fund.

^(d)  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

25

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio

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 STOXX 50 Index		532		06/19/20	$	16,831	$	2,143,968
S&P 500 E-Mini Index		933		06/19/20		135,397		6,185,761
U.S. Treasury 10 Year Note		142		06/19/20		19,747		903,389
U.S. Treasury Long Bond		324		06/19/20		58,654		4,796,516
U.S. Treasury Ultra Bond		158		06/19/20		35,515		436,844
U.S. Treasury 2 Year Note		106		06/30/20		23,366		367,514
								14,833,992
Short Contracts
Euro-Schatz		1		06/08/20		123		107
EUR Currency		111		06/15/20		15,210		490,683
GBP Currency		96		06/15/20		7,561		260,106
JPY Currency		42		06/15/20		4,900		135,674
MSCI Emerging Markets E-Mini Index		483		06/19/20		21,877		(1,732,209	)
U.S. Treasury 5 Year Note		118		06/30/20		14,807		(7,815	)
								(853,454	)
							$	13,980,538

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	695,053	TRY	4,470,000	Nomura International plc		06/11/20	$	61,174
HKD	954,420	USD	122,905	Bank of America NA		06/16/20		131
USD	115,358	EUR	102,823	Bank of America NA		06/16/20		2,580
EUR	117,178	USD	128,148	HSBC Bank plc		06/17/20		378
USD	156,813	EUR	141,000	UBS AG		06/17/20		2,158
								66,421
USD	737,683	HKD	5,732,424	Bank of America NA		06/16/20		(1,292	)
	Net Unrealized Appreciation						$	65,129

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)
CDX.NA.HY.34.V1		5.00	%		Quarterly		06/20/25		USD 74,148	$	3,429,926	$	3,412,909	$	17,017

OTC Credit Default Swaps — 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)
Australia & New Zealand
Banking Group Ltd.		1.00	%		Quarterly		JPMorgan Chase Bank NA		12/20/20	USD	120	$	(835	)	$	(100	)	$	(735	)
Australia & New Zealand
Banking Group Ltd.		1.00			Quarterly		JPMorgan Chase Bank NA		12/20/20	USD	80		(551	)		(70	)		(481	)
Standard Chartered Bank		1.00			Quarterly		BNP Paribas SA		12/20/20	EUR	40		(280	)		103			(383	)
Standard Chartered Bank		1.00			Quarterly		BNP Paribas SA		12/20/20	EUR	20		(140	)		57			(197	)

26

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio

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)
Standard Chartered Bank		1.00	%		Quarterly		Morgan Stanley & Co. International plc		12/20/20	EUR	10	$	(70	)	$	29	$	(99	)
												$	(1,876	)	$	19	$	(1,895	)

OTC Total Return Swaps ^(a)

Reference Entity	Counterparty	Termination Date		Net Notional		Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	HSBC Bank plc		02/10/23		$266,880	$	(18,832	)(b)	$	248,324		0.0	%
	JPMorgan Chase Bank NA		02/08/23		504,772		50,341	(c)		546,675		0.0
						$	31,509		$	794,999

^(a)  The Fund receives the total return on the underlying portfolio and pays a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 60-95 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The specified benchmarks used in determining the variable rate of interest are Intercontinental Exchange USD LIBOR 1 month and USD Overnight Bank Funding Rate.

^(b)  Amount includes $(276) of net dividends and financing fees.

^(c)  Amount includes $8,438 of net dividends and financing fees.

The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank plc, as of April 30, 2020, expiration date 02/10/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Switzerland
Mediclinic International plc		76,375	$	248,324		100.0	%
Total Reference Entity — Long				248,324
Net Value of Reference Entity — HSBC Bank plc			$	248,324

The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA, as of April 30, 2020, expiration date 02/08/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Egypt
Commercial International Bank
Egypt SAE		17,449	$	70,931		13.0	%
United Kingdom
Prudential plc		33,723		475,744		87.0
Total Reference Entity — Long				546,675
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	546,675

27

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio

Glossary of Terms Used in this Report

Currency

CHF	Swiss Franc
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
TRY	Turkish Lira
USD	United States Dollar

Portfolio Abbreviations

ADR	American Depositary Receipts
CLO	Collateralized Loan Obligation
CSMC	Credit Suisse Mortgage Capital
DAC	Designated Activity Company
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipts
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
NVDR	Non-Voting Depository Receipts
OTC	Over-the-counter
PCL	Public Company Limited
PIK	Payment-In-Kind
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
S&P	Standard & Poor’s
SOFR	Secured Overnight Financing Rate

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. 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 for identical assets or liabilities that the Fund has the ability to access

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—	$	54,979,395	$	586,180	$	55,565,575
Common Stocks:
Airlines		657,535		—		—		657,535
Automobiles		—		2,816,799		—		2,816,799
Banks		593,557		8,950,585		—		9,544,142
Beverages		768,715		—		—		768,715
Biotechnology		—		767,869		—		767,869

28

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio

	Level 1		Level 2		Level 3		Total
Building Products	$	—	$	628,026	$	—	$	628,026
Commercial Services & Supplies		—		973,043		—		973,043
Construction Materials		—		1,525,821		—		1,525,821
Consumer Finance		—		903,761		—		903,761
Diversified Telecommunication Services		257,149		1,067,160		—		1,324,309
Electronic Equipment, Instruments & Components		—		2,580,065		—		2,580,065
Equity Real Estate Investment Trusts (REITs)		32,749,868		19,760,597		—		52,510,465
Food & Staples Retailing		1,394,521		688,779		—		2,083,300
Food Products		—		896,862		—		896,862
Gas Utilities		—		1,629,998		—		1,629,998
Health Care Equipment & Supplies		—		597,586		—		597,586
Health Care Providers & Services		776,416		246,533		—		1,022,949
Hotels, Restaurants & Leisure		—		638,811		—		638,811
Household Durables		—		1,443,145		—		1,443,145
Independent Power and Renewable Electricity Producers		—		875,352		—		875,352
Industrial Conglomerates		—		717,821		—		717,821
Insurance		670,025		3,002,854		—		3,672,879
Interactive Media & Services		—		3,106,854		—		3,106,854
IT Services		717,864		391,467		—		1,109,331
Metals & Mining		918,127		—		—		918,127
Oil, Gas & Consumable Fuels		16,503,015		2,280,936		—		18,783,951
Real Estate Management & Development		—		12,123,045		—		12,123,045
Semiconductors & Semiconductor Equipment		—		3,490,379		—		3,490,379
Specialty Retail		306,487		838,140		—		1,144,627
Trading Companies & Distributors		—		605,836		—		605,836
Transportation Infrastructure		845,182		1,439,560		—		2,284,742
Wireless Telecommunication Services		577,609		2,838,805		—		3,416,414
Corporate Bonds (a)		—		278,896,656		—		278,896,656
Equity-Linked Notes (a)		—		258,176,542		—		258,176,542
Floating Rate Loan Interests:
Aerospace & Defense		—		1,785,245		82,170		1,867,415
Airlines		—		868,833		—		868,833
Auto Components		—		940,878		—		940,878
Automobiles		—		—		312,467		312,467
Building Products		—		665,225		—		665,225
Capital Markets		—		295,675		209,843		505,518
Chemicals		—		1,555,310		544,222		2,099,532
Commercial Services & Supplies		—		3,200,588		—		3,200,588
Construction & Engineering		—		358,037		—		358,037
Construction Materials		—		1,180,990		70,698		1,251,688
Containers & Packaging		—		2,060,180		—		2,060,180
Diversified Consumer Services		—		2,388,852		—		2,388,852
Diversified Financial Services		—		3,003,731		328,703		3,332,434
Diversified Telecommunication Services		—		3,067,494		—		3,067,494
Electric Utilities		—		197,569		—		197,569
Electrical Equipment		—		460,573		260,845		721,418
Entertainment		—		761,905		—		761,905
Equity Real Estate Investment Trusts (REITs)		—		512,822		112,985		625,807
Food & Staples Retailing		—		438,240		—		438,240
Food Products		—		2,089,172		—		2,089,172
Health Care Equipment & Supplies		—		1,546,231		—		1,546,231
Health Care Providers & Services		—		2,790,574		157,314		2,947,888
Health Care Technology		—		771,493		156,378		927,871
Hotels, Restaurants & Leisure		—		2,053,521		271,692		2,325,213
Household Products		—		177,976		—		177,976
Independent Power and Renewable Electricity Producers		—		383,754		—		383,754
Industrial Conglomerates		—		539,188		921,562		1,460,750
Insurance		—		3,664,265		—		3,664,265
IT Services		—		7,112,966		356,285		7,469,251
Life Sciences Tools & Services		—		550,105		—		550,105
Machinery		—		1,450,811		—		1,450,811
Media		—		2,977,263		459,850		3,437,113
Metals & Mining		—		524,765		—		524,765
Multiline Retail		—		59,252		—		59,252
Multi-Utilities		—		241,635		—		241,635
Oil, Gas & Consumable Fuels		—		462,386		—		462,386

29

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Dynamic High Income Portfolio

	Level 1			Level 2			Level 3		Total
Personal Products	$	—		$	349,567		$	—	$	349,567
Pharmaceuticals		—			2,366,849			—		2,366,849
Professional Services		—			659,201			—		659,201
Real Estate Management & Development		—			201,156			—		201,156
Road & Rail		—			710,030			—		710,030
Semiconductors & Semiconductor Equipment		—			110,256			—		110,256
Software		—			7,172,577			863,754		8,036,331
Specialty Retail		—			856,397			318,717		1,175,114
Technology Hardware, Storage & Peripherals		—			207,543			—		207,543
Trading Companies & Distributors		—			346,757			—		346,757
Wireless Telecommunication Services		—			1,477,624			—		1,477,624
Foreign Agency Obligations (a)		—			4,003,912			—		4,003,912
Foreign Government Obligations (a)		—			23,910,410			—		23,910,410
Investment Companies		102,829,754			—			—		102,829,754
Non-Agency Mortgage-Backed Securities		—			26,917,044			1,999,400		28,916,444
Preferred Securities:
Banks		6,683,910			8,910,364			—		15,594,274
Capital Markets		2,189,540			5,684,080			—		7,873,620
Commercial Services & Supplies		—			430,080			—		430,080
Consumer Finance		471,270			6,459,843			—		6,931,113
Diversified Financial Services		—			980,100			—		980,100
Diversified Telecommunication Services		271,724			—			—		271,724
Electric Utilities		1,565,978			—			—		1,565,978
Insurance		1,280,000			736,683			—		2,016,683
Oil, Gas & Consumable Fuels		1,586,250			1,797,620			—		3,383,870
Technology Hardware, Storage & Peripherals		—			3,756,297			—		3,756,297
U.S. Government Sponsored Agency Securities		—			1,223,943			—		1,223,943
Short-Term Securities:
Foreign Government Obligations (a)		—			373,372			—		373,372
Money Market Funds		180,612,515			—			—		180,612,515
Liabilities:
Unfunded Floating Rate Loan Interests (b)		—			(2,102	)		—		(2,102	)
	$	355,227,011		$	820,656,189		$	8,013,065	$	1,183,896,265
Derivative Financial Instruments (c)
Assets:
Credit contracts	$	—		$	17,017		$	—	$	17,017
Equity contracts		8,329,729			50,341			—		8,380,070
Foreign currency exchange contracts		886,463			66,421			—		952,884
Interest rate contracts		6,504,370			—			—		6,504,370
Liabilities:
Credit contracts		—			(1,895	)		—		(1,895	)
Equity contracts		(1,732,209	)		(18,832	)		—		(1,751,041	)
Foreign currency exchange contracts		—			(1,292	)		—		(1,292	)
Interest rate contracts		(7,815	)		—			—		(7,815	)
	$	13,980,538		$	111,760		$	—	$	14,092,298

^(a)  See above Schedule of Investments for values in each industry or country.

^(b)  Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

^(c)  Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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