UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23339

Name of Fund: BlackRock Funds V

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

BlackRock Strategic Income Opportunities Portfolio

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds V, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2019

Date of reporting period: 06/30/2019

Item 1 – Report to Stockholders

JUNE 30, 2019

  SEMI-ANNUAL REPORT (UNAUDITED)  

BlackRock Funds V

▶ BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

▶ BlackRock Strategic Income Opportunities Portfolio

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call 1-800-441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at www.blackrock. com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured - May Lose Value - No Bank Guarantee

The Markets in Review

Dear Shareholder,

Investment performance in the 12 months ended June 30, 2019 was a tale of two markets. The first half of the reporting period was characterized by restrictive monetary policy, deteriorating economic growth, equity market volatility, and rising fear of an imminent recession. During the second half of the reporting period, stocks and bonds rebounded sharply, as restrained inflation and weak economic growth led the U.S. Federal Reserve (the “Fed”) to stop raising interest rates, which led to broad-based optimism that stimulative monetary policy could help forestall a recession.

After the dust settled, the U.S. equity and bond markets posted mixed returns while weathering significant volatility. Less volatile U.S. large cap equities and U.S. bonds advanced, while equities at the high end of the risk spectrum — emerging markets, international developed, and U.S. small cap — posted relatively flat returns.

Fixed-income securities delivered modest positive returns with relatively low volatility. Short-term U.S. Treasury yields rose, while longer-term yields declined. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Investment grade and high yield corporate bonds also posted positive returns, as the credit fundamentals in corporate markets remained relatively solid.

In the U.S. equity market, volatility spiked in late 2018, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil. These risks manifested in a broad-based sell-off in December, leading to the worst December performance on record since 1931.

Volatility also rose in emerging markets, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, particularly in mainland China, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe led to modest performance for European equities.

As equity performance faltered and global economic growth slowed, the Fed shifted to a more patient perspective on the economy in January 2019. In its last four meetings, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Similarly, the European Central Bank signaled a continuation of accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending.

The outpouring of global economic stimulus led to a sharp rally in risk assets throughout the world. Hopes continued to remain high thereafter, as the current economic expansion became the longest in U.S. history. Looking ahead, markets are pricing in three interest rate cuts by the Fed over the next year, as investors anticipate a steady shift toward more stimulative monetary policy.

We expect a slowing expansion with additional room to run, as opposed to an economic recession. However, escalating trade tensions and the resulting disruptions in global supply chains have become the greatest risk to the global expansion.

We believe U.S. and emerging market equities remain relatively attractive. Within U.S. equities, companies with high-quality earnings and strong balance sheets offer the most attractive risk/reward trade-off. For bonds, U.S. Treasuries are likely to help buffer against volatility in risk assets, while income from other types of bonds can continue to offer steady returns.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of June 30, 2019
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	18.54%	10.42%
U.S. small cap equities (Russell 2000® Index)	16.98	(3.31)
International equities (MSCI Europe, Australasia, Far East Index)	14.03	1.08
Emerging market equities (MSCI Emerging Markets Index)	10.58	1.21
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	1.24	2.31
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	7.45	10.38
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	6.11	7.87
Tax-exempt municipal bonds (S&P Municipal Bond Index)	4.94	6.39
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	9.94	7.48
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summaries		4
About Fund Performance		10
Disclosure of Expenses		10
The Benefits and Risks of Leveraging		11
Derivative Financial Instruments		11
Financial Statements:
Schedules of Investments		12
Statements of Assets and Liabilities		142
Statements of Operations		145
Statements of Changes in Net Assets		147
Financial Highlights		148
Notes to Financial Statements		156
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements		174
Trustee and Officer Information		178
Additional Information		179
Glossary of Terms Used in this Report		181

3

Fund Summary  as of June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

Investment Objective

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio’s (the “Fund”) investment objective is to seek maximum long term total return.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended June 30, 2019, the Fund underperformed its reference benchmark, a custom blend of 50% J.P. Morgan EMBI Global Diversified Index/50% J.P. Morgan GBI-EM Global Diversified Index.

Performance is reviewed on an absolute basis due to the nature of the Fund’s strategy. The Fund has the flexibility to invest in fixed income securities and derivatives of any maturity, and denominated in any currency, from issuers located in the emerging markets. As such, the Fund is not managed specifically to a benchmark. The index listed above is for reference purposes only.

What factors influenced performance?

Emerging-market bonds produced strong returns in the first half of 2019, as the U.S. Fed’s shift to a more accommodative monetary policy provided a tailwind for higher-risk assets.

In the early part of the year, the Fund’s long positioning in high-yield corporate issues added value as easing geopolitical tensions, rising oil prices, and favorable global central bank policies led to gains for the broader market. Long positions in government bonds in Egypt, Ukraine, Nigeria, Angola and Kazakhstan further aided results, as did holdings in Euro-denominated Romanian government issues.

The Fund used derivatives as a means to manage risk and/or take outright views on interest rates, credit risk and/or foreign exchange trends. The specific instruments that the Fund employed included currency forward contracts, which were used to manage currency risk, and credit default swaps, which were used to manage the risk of changing yield spreads. The Fund also used interest-rate futures and derivatives linked to developed-market government bonds in order to manage the portfolio’s duration. While the Fund’s efforts to manage credit risk contributed in May during a brief interval of “risk-off” sentiment in the markets, the use of derivatives detracted from Fund performance for the period.

Describe recent portfolio activity.

The Fund’s investment adviser team increased the portfolio’s risk exposure in the first calendar quarter of 2019 as the global macroeconomic backdrop became more supportive. This was accomplished by increasing the Fund’s weighting in local currency bonds and adding to its long position in emerging market currencies.

The Fund started to reduce its risk in April when the escalating trade rhetoric between the United States and China began to pressure investor sentiment. As part of this process, the investment adviser raised the portfolio’s duration (interest-rate sensitivity) using U.S. Treasury futures. In addition, exposure to emerging market currencies was reduced and the Fund increased its positions in the U.S. dollar and Japanese yen, both of which are traditional risk-off currencies. The Fund also decreased its allocation to high-yield issues in favor of investment-grade securities. Near the end of the period, the investment adviser rebuilt the portfolio’s risk exposure in response to dovish Fed commentary and upbeat news from the G20 summit.

Cash holdings were slightly above average at period end. While the investment adviser had a positive view on the emerging markets and was long in both emerging markets currencies and corporate bonds, the Fund held cash as a way to capitalize on the possibility of a re-emergence of market volatility in the second half of the year. The Fund’s cash position had no material impact on Fund performance during the period.

Describe portfolio positioning at period end.

The Fund closed the period positioned for a favorable market environment with positive global growth and an apparent synchronized easing cycle by world central banks as the investment adviser believes these factors should continue to provide a strong underpinning for sentiment and investors’ search for higher-yielding assets. Accordingly, the Fund was long in both emerging market currencies and bonds, with the majority of the latter position allocated to hard-currency assets. The Fund was long in select higher-yielding countries, such as Angola, Nigeria and Ukraine. Most of the position in local-currency bonds was invested in Hungary. In addition, the Fund maintained positions designed to help manage the risk of rising yield spreads.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

4 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of June 30, 2019 (continued) BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

Performance Summary for the Period Ended June 30, 2019

										Average Annual Total Returns (a) (b)
										1 Year						5 Years						10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		5.85	%		5.44	%		9.90	%		5.12	%		N/A			3.99	%		N/A			5.60	%		N/A
Investor A		5.37			4.91			9.77			4.98			0.78	%		3.73			2.88	%		5.31			4.88	%
Investor C		4.86			4.24			9.37			4.20			3.20			2.95			2.95			4.53			4.53
Class K		5.90			5.52			9.93			5.29			N/A			4.09			N/A			5.69			N/A
J.P. Morgan GBI-EM Global Diversified Index (c)		—			—			8.72			8.99			N/A			(0.45	)		N/A			3.41			N/A
JP Morgan EMBI Global Diversified Index (d)		—			—			11.31			12.45			N/A			5.30			N/A			7.78			N/A
50% J.P. Morgan GBI-EM Global Diversified Index/50% J.P.Morgan EMBI Global Diversified Index (e)		—			—			10.03			10.77			N/A			2.46			N/A			5.65			N/A
3-Months LIBOR USD (f)		—			—			1.43			2.60			N/A			1.12			N/A			0.74			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 10 for a detailed description of share classes, including any related sales charges and fees.

^(b)  The Fund invests primarily in a global portfolio of fixed income securities and derivatives of any maturity of issuers located in emerging markets that may be denominated in any currency (on a hedged or un-hedged basis). On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Emerging Markets Flexible Dynamic Bond Portfolio (the “Predecessor Fund”), a series of BlackRock Funds II, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization. The Predecessor Fund’s returns from September 3, 2012 through January 2, 2014 are the returns of the Predecessor Fund when it followed different investment strategies under the name “BlackRock Emerging Market Local Debt Portfolio.” The Predecessor Fund’s returns prior to September 3, 2012 are the returns of the Predecessor Fund when it followed different investment strategies under the name “BlackRock Emerging Market Debt Portfolio.”

^(c)  An unmanaged index that tracks local currency bonds.

^(d)  An index that tracks total returns for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, including Brady bonds, loans and Eurobonds.

^(e)  A customized weighted index comprised of the returns of 50% J.P. Morgan GBI-EM Global Diversified Index/50% J.P. Morgan EMBI Global Diversified Index.

^(f)  The average interest rate at which a selection of banks in London are prepared to lend to one another in U.S. dollars with a maturity of 3 months.

N/A — Not applicable as share class and Index do not have a sales charge.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual						Hypothetical (a)
	Beginning Account Value (01/01/19)		Ending Account Value (06/30/19)		Expenses Paid During the Period (b)		Beginning Account Value (01/01/19)		Ending Account Value (06/30/19)		Expenses Paid During the Period (b)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,099.00	$	3.54	$	1,000.00	$	1,021.42	$	3.41		0.68%
Investor A		1,000.00		1,097.70		4.84		1,000.00		1,020.18		4.66		0.93
Investor C		1,000.00		1,093.70		8.72		1,000.00		1,016.46		8.40		1.68
Class K		1,000.00		1,099.30		3.28		1,000.00		1,021.67		3.16		0.63

^(a)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

^(b)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.

FUND SUMMARY 5

Fund Summary  as of June 30, 2019 (continued) BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

Portfolio Information

PORTFOLIO COMPOSITION

Asset Type	Percent of Total Investments	(a)
Foreign Government Obligations	83	%
Corporate Bonds	10
Foreign Agency Obligations	7

^(a)  Total Investments exclude short-term securities, options purchased and options written.

GEOGRAPHIC ALLOCATION

Country	Percent of Total Investments	(a)
Hungary	11	%
Nigeria	10
Ukraine	9
Romania	7
Egypt	7
Argentina	6
Angola	5
Kazakhstan	5
Saudi Arabia	5
Venezuela	5
Gabon	4
Brazil	4
Mexico	3
Turkey	3
Qatar	3
Ecuador	3
Indonesia	2
Poland	1
Other (b)	7

^(a)  Total Investments exclude short-term securities, options purchased and options written.

^(b)  Includes holdings within countries and geographic regions that are 1% or less of long-term investments. Please refer to Schedule of Investments for such countries.

6 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Investment Objective

BlackRock Strategic Income Opportunities Portfolio’s (the “Fund”) investment objective is to seek total return as is consistent with preservation of capital.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended June 30, 2019, the Fund’s Institutional Shares returned 5.02%, Investor A Shares returned 4.87%, Investor C Shares returned 4.50%, and Class K Shares returned 5.17%. For the same period, the Bloomberg Barclays U.S. Universal Index returned 6.54%, and the ICE BofAML 3-Month Treasury Bill Index returned 1.24%.

The Fund’s performance is reviewed on an absolute basis due to the nature of its strategy. The Fund has an unconstrained strategy (i.e., flexibility to invest across all fixed income asset classes) that is managed within a risk-controlled framework. As such, the Fund is not managed specifically to a benchmark. The index returns listed above are for reference purposes only.

What factors influenced performance?

The Fund’s positioning with respect to overall portfolio duration (and corresponding sensitivity to interest rate changes) contributed positively as interest rates declined over the period. Exposures to U.S. and foreign corporate credit also added to performance as price performance for the asset class was supported by narrowing spreads (the incremental yield provided by lower quality bonds relative to U.S. Treasuries) over the period. The Fund’s allocation to securitized assets including non-agency residential mortgage-backed securities (“MBS”) and commercial mortgage-backed securities added to performance as well. An allocation to emerging market debt proved beneficial as the asset class was supported by the outlook for stable-to-lower U.S. interest rates. Finally, absolute return strategies provided positive performance.

There were no material detractors from the Fund’s performance over the six-month period.

Describe recent portfolio activity.

Entering 2019, the investment adviser increased the Fund’s duration while moving some of the exposure into the front end of the yield curve on the view that the shift by the Fed to a dovish stance and a near-neutral policy rate are likely to keep U.S. interest rates range-bound in the near term. After the sharp decline in spread assets in late 2018, the investment adviser took the opportunity to add to the Fund’s investment grade credit allocation. Also, the Fund added opportunistically in emerging markets as an accommodative Fed is likely to take upward pressure off the U.S. dollar and allow for easier local monetary policy in those countries. Given the decline in interest rates and higher prepayment rates, the Fund reduced its exposure to agency MBS while maintaining diversified exposure to securitized assets as a source of high-quality income.

In the second quarter of 2019, with the Fed committed to maintaining the economic expansion, the investment adviser further increased duration while moving some exposure from the front end to the middle of the curve. In corporate credit, the Fund continued to hold a higher quality bias in credit selection, while taking profits on some U.S. investment grade and high yield credit exposures. Additionally, the Fund started to add global sovereign exposures, mainly in the 10-year German bund on the view that it could benefit from quantitative easing with the European Central Bank becoming more dovish. Finally, the investment adviser tactically added some emerging market exposure, mostly in local currency bonds, as the asset class could benefit from central bank policy easing.

Describe portfolio positioning at period end.

At the end of the period, the Fund maintained a long duration stance on the view that interest rates are likely to stay low or move lower. The Fund remained constructive on high quality spread assets such as investment grade credit, municipals and certain areas within high yield credit. The Fund also had meaningful exposure to emerging markets, while maintaining a cautious stance around security selection within the asset class.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

FUND SUMMARY 7

Fund Summary  as of June 30, 2019 (continued) BlackRock Strategic Income Opportunities Portfolio

Performance Summary for the Period Ended June 30, 2019

										Average Annual Total Returns (a) (b)
										1 Year						5 Years						10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		3.52	%		3.51	%		5.02	%		4.94	%		N/A			2.63	%		N/A			5.40	%		N/A
Investor A		3.10			3.09			4.87			4.64			0.45	%		2.33			1.50	%		5.11			4.68	%
Investor C		2.50			2.49			4.50			3.89			2.89			1.57			1.57			4.32			4.32
Class K		3.60			3.59			5.17			5.13			N/A			2.70			N/A			5.44			N/A
Bloomberg Barclays U.S. Universal Index (c)		—			—			6.54			8.07			N/A			3.18			N/A			4.37			N/A
ICE BofAML 3-Month U.S. Treasury Bill Index (d)		—			—			1.24			2.31			N/A			0.87			N/A			0.49			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 10 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)  Under normal market conditions, the Fund will invest in a combination of fixed income securities, including, but not limited to: high yield securities, international securities, emerging markets debt and mortgages. Depending on market conditions, the Fund may invest in other market sectors. On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Strategic Income Opportunities Portfolio (the “Predecessor Fund”), a series of BlackRock Funds II, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.

^(c)  An unmanaged, market value weighted index of fixed income securities issued in U.S. dollars, including U.S. government and investment grade debt, non-investment grade debt, asset-backed and mortgage-backed securities, Eurobonds, 144A securities and emerging market debt with maturities of at least one year.

^(d)  An unmanaged index that tracks 3-month U.S. Treasury securities.

N/A — Not applicable as share class and Index do not have a sales charge.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual								Hypothetical (a)
					Including interest expense		Excluding interest expense				Including interest expense				Excluding interest expense
	Beginning Account Value (01/01/19)		Ending Account Value (06/30/19)		Expenses Paid During the Period (b)		Expenses Paid During the Period  (c)		Beginning Account Value (01/01/19)		Ending Account Value (06/30/19)		Expenses Paid During the Period (b)		Ending Account Value (06/30/19)		Expenses Paid During the Period (c)
Institutional	$	1,000.00	$	1,050.20	$	3.61	$	3.05	$	1,000.00	$	1,021.27	$	3.56	$	1,021.82	$	3.01
Investor A		1,000.00		1,048.70		5.13		4.57		1,000.00		1,019.79		5.06		1,020.33		4.51
Investor C		1,000.00		1,045.00		8.82		8.26		1,000.00		1,016.17		8.70		1,016.71		8.15
Class K		1,000.00		1,051.70		3.20		2.65		1,000.00		1,021.67		3.16		1,022.22		2.61

^(a)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

^(b)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.71% for Institutional, 1.01% for Investor A, 1.74% for Investor C and 0.63% for Class K), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

^(c)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.60% for Institutional, 0.90% for Investor A, 1.63% for Investor C and 0.52% for Class K), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.

8 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of June 30, 2019 (continued) BlackRock Strategic Income Opportunities Portfolio

Portfolio Information

PORTFOLIO COMPOSITION

Asset Type	Percent of Total Investments	(a)
U.S. Government Sponsored Agency Obligations	34	%
Corporate Bonds	29
Asset-Backed Securities	12
Foreign Government Obligations	9
Non-Agency Mortgage-Backed Securities	6
Municipal Bonds	4
Floating Rate Loan Interests	3
U.S. Treasury Obligations	1
Common Stocks	1
Foreign Agency Obligations	1
Investment Companies	—	(b)
Preferred Securities	—	(b)
Warrants	—	(b)

^(a)  Total Investments exclude short-term securities, options purchased, options written, borrowed bonds, TBA sale commitments and investments sold short.

^(b)  Represents less than 1% of the Fund’s total investments.

CREDIT QUALITY ALLOCATION

Credit Rating (a)	Percent of Total Investments	(b)
AAA/Aaa (c)	41	%
AA/Aa	5
A	10
BBB/Baa	15
BB/Ba	10
B	6
CCC/Caa	1
CC/Ca	1
C	—	(d)
NR	11

^(a)  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings (“S&P”) or Moody’s Investors Service if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated NR are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)  Total Investments exclude short-term securities, options purchased, options written, borrowed bonds, TBA sale commitments and investments sold short.

^(c)  The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.

^(d)  Represents less than 1% of the Fund’s total investments.

FUND SUMMARY 9

About Fund Performance

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. BlackRock Strategic Income Opportunities Portfolio’s Class K Share performance shown prior to the Class K inception date of March 28, 2016 is that of Institutional Shares. The performance of BlackRock Strategic Income Portfolio’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares for BlackRock Strategic Income Opportunities Portfolio would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares. On the close of business on September 1, 2015, the BlackRock Emerging Markets Flexible Dynamic Bond Portfolio’s BlackRock Shares were redesignated as Class K Shares. Prior to September 1, 2015, performance is that of the BlackRock Emerging Markets Flexible Dynamic Bond Portfolio’s BlackRock Shares.

Investor A Shares are subject to a maximum initial sales charge (front-end load) of 4.00% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. Effective November 8, 2018, each Fund adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares of the applicable Fund.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend/payable date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver and/or reimbursement, each Fund’s performance would have been lower. The Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver may be reduced or discontinued at any time after the applicable termination date of such agreement. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements. The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown on the previous pages (which are based on a hypothetical investment of $1,000 invested on January 1, 2019 and held through June 30, 2019) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

10 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance returns and NAV. However, there is no guarantee that these objectives can be achieved in all interest rate environments.

The Funds may utilize leverage by entering into reverse repurchase agreements.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by each Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Funds’ shareholders benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is distributed to the Funds’ shareholders, and the value of these portfolio holdings is reflected in the Funds’ per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other ongoing costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Funds had not used leverage.

Furthermore, the value of each Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence each Fund’s NAV positively or negatively in addition to the impact on each Fund’s performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that a Fund’s leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Fund’s NAV and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of a Fund’s shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of the leverage instruments, which may cause the Funds to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by each Fund’s shareholders and may reduce income.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

THE BENEFITS AND RISKS OF LEVERAGING/DERIVATIVE FINANCIAL INSTRUMENTS 11

Schedule of Investments  (unaudited)  June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Corporate Bonds — 9.4%
Argentina — 0.5%(a)(b)
Banco de Galicia y Buenos Aires SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.16%), 8.25%, 07/19/26		USD	296	$	285,362
Tarjeta Naranja SA, (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days +3.50%), 18.49%, 04/11/22			580		198,496
					483,858
Brazil — 3.3%
Petrobras Global Finance BV, 6.85%, 06/05/2115			3,217		3,356,939
Kazakhstan — 4.7%
Development Bank of Kazakhstan JSC, 8.95%, 05/04/23(a)		KZT	258,500		649,082
Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/42		USD	630		783,405
KazMunayGas National Co. JSC:
5.75%, 04/19/47(a)			2,287		2,578,592
6.38%, 10/24/48			718		854,712
					4,865,791
Supranational — 0.8%
European Bank for Reconstruction & Development, 16.95%, 04/03/20		UAH	12,800		481,535
International Finance Corp., 15.75%, 05/13/20(c)			9,700		371,982
					853,517
Ukraine — 0.1%
State Savings Bank of Ukraine, 9.38%, 03/10/23(d)		USD	80		83,450
Total Corporate Bonds — 9.4% (Cost: $8,880,751)					9,643,555
Foreign Agency Obligations — 6.1%
Argentina — 0.7%
YPF SA:
8.50%, 07/28/25			482		480,626
6.95%, 07/21/27(a)			286		258,968
					739,594
Indonesia — 0.9%
Jasa Marga Persero Tbk. PT, 7.50%, 12/11/20(a)		IDR	3,000,000		207,785
Pertamina Persero PT, 6.45%, 05/30/44		USD	248		303,180
Wijaya Karya Persero Tbk. PT, 7.70%, 01/31/21(a)		IDR	5,420,000		374,365
					885,330
Saudi Arabia — 0.5%
Saudi Arabian Oil Co., 4.38%, 04/16/49(a)		USD	504		509,977
Ukraine — 0.2%
Ukreximbank Via Biz Finance plc: 9.63%, 04/27/22			195		203,530
Venezuela — 3.8%
Petroleos de Venezuela SA(e)(f):
8.50%, 10/27/20(a)			1,741		1,514,235

Security	Par (000)			Value
Venezuela (continued)
9.75%, 05/17/35		USD	10,106	$	2,425,461
					3,939,696
Total Foreign Agency Obligations — 6.1% (Cost: $6,920,843)					6,278,127
Foreign Government Obligations — 75.7%
Angola — 5.0%
Republic of Angola:
7.00%, 08/17/19			232		232,934
9.50%, 11/12/25			985		1,127,825
8.25%, 05/09/28			1,143		1,223,010
9.38%, 05/08/48			2,257		2,486,932
					5,070,701
Argentina — 4.7%
Province of Salta Argentina, 9.13%, 07/07/24(a)			294		230,790
Provincia de Buenos Aires:
10.88%, 01/26/21			133		126,340
(Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days +3.83%), 56.64%, 05/31/22(b)		ARS	3,927		75,653
6.50%, 02/15/23		USD	280		233,800
9.13%, 03/16/24(a)			668		554,440
(Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days +3.75%), 54.50%, 04/12/25(a)(b)		ARS	14,851		276,512
9.63%, 04/18/28		USD	227		182,593
Republic of Argentina:
(Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days +0.00%), 65.95%, 06/21/20(b)		ARS	16,523		379,255
6.25%, 11/09/47		EUR	1,332		1,102,357
6.88%, 01/11/48		USD	726		538,148
7.13%, 06/28/2117			1,447		1,088,415
					4,788,303
Benin — 0.8%
Republic of Benin, 5.75%, 03/26/26(a)		EUR	680		790,626
Dominican Republic — 0.5%
Dominican Republic Government Bond, 6.40%, 06/05/49		USD	484		505,175
Ecuador — 2.3%
Republic of Ecuador:
8.88%, 10/23/27			219		228,307
7.88%, 01/23/28			237		234,334
10.75%, 01/31/29(a)			1,654		1,869,537
					2,332,178
Egypt — 6.4%
Arab Republic of Egypt:
14.95%, 03/20/21		EGP	11,146		649,066
14.85%, 04/10/23			12,015		697,358
6.38%, 04/11/31(a)		EUR	955		1,104,934
8.50%, 01/31/47(a)		USD	957		1,013,224
7.90%, 02/21/48			2,360		2,383,600
8.70%, 03/01/49(a)			610		654,225
					6,502,407
El Salvador — 0.7%
Republic of El Salvador:
7.38%, 12/01/19			531		536,310

12 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
El Salvador (continued)
6.38%, 01/18/27	USD		216	$	216,202
					752,512
Gabon — 3.5%
Republic of Gabon:
6.38%, 12/12/24			1,162		1,146,321
6.95%, 06/16/25			2,416		2,414,490
					3,560,811
Ghana — 0.7%
Republic of Ghana:
16.50%, 02/17/20	GHS		920		169,143
8.95%, 03/26/51	USD		497		514,240
					683,383
Hungary — 9.9%
Republic of Hungary:
7.50%, 11/12/20	HUF		377,480		1,462,523
2.50%, 10/27/21			27,060		99,379
7.00%, 06/24/22			84,870		352,719
3.00%, 10/27/27			1,109,160		4,135,798
6.75%, 10/22/28			850,260		4,063,582
					10,114,001
Indonesia — 0.7%
Republic of Indonesia:
8.25%, 05/15/29	IDR		3,482,000		261,446
8.38%, 04/15/39			3,531,000		259,972
5.35%, 02/11/49	USD		200		239,625
					761,043
Ivory Coast — 0.5%
Republic of Cote d’Ivoire, 6.63%, 03/22/48	EUR		492		545,642
Mexico — 3.1%
United Mexican States:
2.88%, 04/08/39			875		1,036,005
4.60%, 02/10/48	USD		200		206,500
5.75%, 10/12/2110			806		880,555
4.00%, 03/15/2115	EUR		938		1,082,932
					3,205,992
Mozambique — 0.4%
Republic of Mozambique,
10.50%, 01/18/23(e)(f)	USD		383		385,633
Nigeria — 8.9%
Federal Republic of Nigeria:
14.50%, 07/15/21	NGN		484,760		1,351,285
12.75%, 04/27/23			189,691		504,182
16.29%, 03/17/27			391,001		1,175,617
6.50%, 11/28/27	USD		229		229,286
13.98%, 02/23/28	NGN		344,385		933,999
7.88%, 02/16/32(a)	USD		866		904,970
7.88%, 02/16/32			1,648		1,722,160
7.63%, 11/28/47(a)			1,554		1,550,115
9.25%, 01/21/49			652		738,309
					9,109,923
Poland — 1.1%
Republic of Poland, 5.75%, 09/23/22	PLN		3,753		1,129,564
Qatar — 2.4%
State of Qatar:
5.10%, 04/23/48	USD		200		238,312
4.82%, 03/14/49(a)			1,945		2,227,025
					2,465,337

Security		Par (000)		Value
Romania — 6.6%
Republic of Romania,
4.63%, 04/03/49(a)	EUR		4,908	$	6,749,385
Saudi Arabia — 4.0%
Kingdom of Saudi Arabia:
5.00%, 04/17/49	USD		1,244		1,362,180
5.25%, 01/16/50(a)			2,438		2,771,701
					4,133,881
Serbia — 0.8%
Republic of Serbia, 1.50%, 06/26/29(a)	EUR		692		780,972
South Africa — 0.6%
Republic of South Africa:
4.30%, 10/12/28	USD		231		227,463
5.00%, 10/12/46			400		385,250
					612,713
Turkey — 2.8%
Republic of Turkey:
7.25%, 12/23/23			447		462,086
4.63%, 03/31/25	EUR		2,120		2,409,145
					2,871,231
Ukraine — 8.2%
Republic of Ukraine:
7.75%, 09/01/19	USD		360		362,340
7.75%, 09/01/20			319		329,567
7.75%, 09/01/24			1,400		1,462,300
7.75%, 09/01/25			216		223,776
6.75%, 06/20/26	EUR		620		749,164
7.75%, 09/01/26	USD		200		206,400
7.75%, 09/01/27			628		647,821
9.75%, 11/01/28(a)			1,405		1,586,772
7.38%, 09/25/32(a)			2,294		2,256,723
0.00%, 05/31/40(g)			782		560,352
					8,385,215
Uruguay — 0.7%
Oriental Republic of Uruguay,
9.88%, 06/20/22(a)	UYU		26,000		731,666
Venezuela — 0.4%
Bolivarian Republic of Venezuela(e)(f):
11.75%, 10/21/26	USD		335		67,020
9.25%, 09/15/27			330		66,000
9.25%, 05/07/28			95		19,020
11.95%, 08/05/31			1,328		265,560
					417,600
Total Foreign Government Obligations — 75.7% (Cost: $74,321,565)					77,385,894
Total Long-Term Investments — 91.2% (Cost: $90,123,159)					93,307,576
Short-Term Securities — 5.7%
Foreign Government Obligations — 4.3%(h)
Egypt — 4.3%
Arab Republic of Egypt Treasury Bills:
17.60%, 07/02/19	EGP		6,300		379,034
18.34%, 07/16/19			11,350		676,601
19.35%, 07/30/19			5,025		297,521
17.64%, 08/06/19 - 09/17/19			20,625		1,173,746
19.40%, 08/13/19			9,125		536,727
17.64%, 10/08/19			6,375		364,805

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Egypt (continued)
17.61%, 11/26/19	EGP		18,625	$	1,009,353
					4,437,787
Total Foreign Government Obligations — 4.3% (Cost: $4,394,653)					4,437,787
Time Deposits — 1.4%
Australia — 0.0%
Brown Brothers Harriman &Co., 0.52%, 07/01/19	AUD		9		6,408
Canada — 0.0%
Brown Brothers Harriman &Co., 0.81%, 07/02/19	CAD		2		1,418
France — 0.7%
Citibank NA, (0.58)%, 07/01/19	EUR		629		715,112
New Zealand — 0.0%
Brown Brothers Harriman &Co., 0.65%, 07/01/19	NZD		1		647
Norway — 0.0%
Brown Brothers Harriman &Co., 0.52%, 07/01/19	NOK		25		2,897
South Africa — 0.0%
Brown Brothers Harriman &Co., 5.69%, 07/01/19	ZAR		6		461

Security		Par (000)		Value
Switzerland — 0.0%
Brown Brothers Harriman & Co., (1.58)%, 07/01/19	CHF		5	$	4,982
United Kingdom — 0.1%
Citibank NA, 0.36%, 07/01/19	GBP		40		51,147
United States — 0.6%
Sumitomo Mitsui Financial Group, Inc., 2.41%, 07/01/19	USD		648		647,850
Total Time Deposits — 1.4% (Cost: $1,430,922)					1,430,922
Total Short-Term Securities — 5.7% (Cost: $5,825,575)					5,868,709
Total Options Purchased — 0.5% (Cost: $477,972)					494,681
Total Investments Before Options Written — 97.4% (Cost: $96,426,706)					99,670,966
Total Options Written — 0.0% (Premiums Received — $69,612)					(54,162	)
Total Investments Net of Options Written — 97.4% (Cost: $96,357,094)					99,616,804
Other Assets Less Liabilities — 2.6%					2,665,745
Net Assets — 100.0%				$	102,282,549

^(a)  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.

^(b)  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.

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

^(d)  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.

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

^(f)  Non-income producing security.

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

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

During the six months ended June 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliated Persons and/or Related Parties	Shares Held at 12/31/18		Shares Purchased		Shares Sold			Shares Held at 06/30/19		Value at 06/30/19		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
iShares J.P.Morgan EM Local Currency Bond ETF(b)		44,882		—		(44,882	)		—	$	—	$	—	$	107,691	$	(35,457	)

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

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

14 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
Euro-BTP		33		09/06/19	$	5,040	$	(164,478	)
Euro-Bund		12		09/06/19		2,357		(11,317	)
							$	(175,795	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	826,354	JPY	61,660,559	Bank of America NA		07/03/19	$	8,204
AUD	3,700,000	JPY	276,127,300	Barclays Bank plc		07/03/19		36,342
AUD	5,180,000	JPY	389,859,750	Citibank NA		07/03/19		20,440
AUD	880,000	JPY	65,655,568	HSBC Bank plc		07/03/19		8,810
AUD	895,000	JPY	67,295,982	JPMorgan Chase Bank NA		07/03/19		4,125
AUD	653,646	JPY	48,778,300	Morgan Stanley & Co. International plc		07/03/19		6,445
JPY	329,218,130	USD	3,047,385	HSBC Bank plc		07/09/19		7,922
NZD	2,355,680	USD	1,551,219	Citibank NA		07/09/19		31,586
NZD	3,745,000	USD	2,448,874	Goldman Sachs International		07/09/19		67,428
NZD	893,845	USD	582,376	Natwest Markets plc		07/09/19		18,208
AUD	3,666,483	USD	2,531,160	Natwest Markets plc		07/12/19		43,802
JPY	274,348,442	USD	2,541,489	Bank of America NA		07/12/19		5,205
CNY	16,727,207	USD	2,412,755	Citibank NA		07/15/19		21,880
CNY	17,633,056	USD	2,543,902	HSBC Bank plc		07/15/19		22,579
ARS	3,360,000	USD	75,846	BNP Paribas SA		07/26/19		284
AUD	3,022,833	USD	2,092,545	JPMorgan Chase Bank NA		07/26/19		31,478
BRL	20,309,104	USD	5,226,115	BNP Paribas SA		07/26/19		50,787
CHF	9,316,612	USD	9,471,471	Morgan Stanley &Co. International plc		07/26/19		94,645
CLP	846,853,353	USD	1,245,739	BNP Paribas SA		07/26/19		4,468
CLP	713,010,000	USD	1,041,271	Natwest Markets plc		07/26/19		11,344
CNH	46,765,892	USD	6,801,520	JPMorgan Chase Bank NA		07/26/19		4,919
CZK	524,620	USD	23,147	Morgan Stanley &Co. International plc		07/26/19		326
EUR	240,000	USD	271,834	BNP Paribas SA		07/26/19		1,630
EUR	4,527,774	USD	5,143,347	HSBC Bank plc		07/26/19		15,753
HUF	692,150,000	USD	2,424,776	Barclays Bank plc		07/26/19		15,280
HUF	447,230,949	USD	1,573,399	BNP Paribas SA		07/26/19		3,237
HUF	459,882,986	USD	1,607,713	Citibank NA		07/26/19		13,526
HUF	786,635,040	USD	2,761,121	State Street Bank and Trust Co.		07/26/19		12,027
IDR	73,639,374,138	USD	5,196,117	Standard Chartered Bank		07/26/19		2,970
INR	708,170,431	USD	10,174,151	Standard Chartered Bank		07/26/19		61,852
KRW	1,210,485,729	USD	1,046,228	Standard Chartered Bank		07/26/19		323
MXN	330,000	USD	17,120	State Street Bank and Trust Co.		07/26/19		4
NZD	2,484,157	USD	1,659,355	Citibank NA		07/26/19		10,454
NZD	2,122,739	USD	1,418,658	Goldman Sachs International		07/26/19		8,212
NZD	4,628,237	USD	3,063,661	JPMorgan Chase Bank NA		07/26/19		47,363
NZD	5,131,895	USD	3,382,007	Morgan Stanley &Co. International plc		07/26/19		67,568
PHP	38,534,246	USD	748,049	JPMorgan Chase Bank NA		07/26/19		3,353
PHP	254,853,828	USD	4,949,868	Standard Chartered Bank		07/26/19		19,680
PLN	4,855,000	USD	1,300,981	BNP Paribas SA		07/26/19		245
PLN	8,729,520	USD	2,338,841	Morgan Stanley &Co. International plc		07/26/19		824
PLN	596,087	USD	158,354	Natwest Markets plc		07/26/19		1,408
RUB	414,832,909	USD	6,533,368	JPMorgan Chase Bank NA		07/26/19		6,690
THB	909,808	USD	29,425	Goldman Sachs International		07/26/19		260
TRY	6,075,418	USD	1,032,514	Bank of America NA		07/26/19		2,529
TRY	6,086,379	USD	1,030,367	HSBC Bank plc		07/26/19		6,544
USD	5,188,152	CHF	5,050,069	JPMorgan Chase Bank NA		07/26/19		2,839
USD	4,314,070	CHF	4,195,450	UBS AG		07/26/19		6,263
USD	2,231,474	CNY	15,306,282	BNP Paribas SA		07/26/19		3,755

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	12,977,015	CNY	88,937,973	Goldman Sachs International		07/26/19	$	32,732
USD	4,573,746	CNY	31,403,337	JPMorgan Chase Bank NA		07/26/19		3,215
USD	970,561	COP	3,102,882,023	Goldman Sachs International		07/26/19		6,774
USD	342,152	EUR	300,000	BNP Paribas SA		07/26/19		322
USD	4,629,721	EUR	4,056,266	HSBC Bank plc		07/26/19		7,872
USD	742,382	EUR	650,000	State Street Bank and Trust Co.		07/26/19		1,750
USD	124,716	GBP	97,900	Morgan Stanley & Co. International plc		07/26/19		234
USD	4,210,894	JPY	452,777,234	Toronto Dominion Bank		07/26/19		3,236
USD	2,558,257	KRW	2,955,042,485	Standard Chartered Bank		07/26/19		3,413
USD	1,059,310	MXN	20,284,189	Goldman Sachs International		07/26/19		6,745
USD	1,571,060	MXN	29,847,656	HSBC Bank plc		07/26/19		22,238
USD	2,043,754	MXN	39,070,044	Morgan Stanley & Co. International plc		07/26/19		16,373
USD	2,108,558	MYR	8,711,509	UBS AG		07/26/19		1,235
USD	1,657,702	TRY	9,718,695	Citibank NA		07/26/19		1,969
USD	1,788,025	TWD	55,133,738	Bank of America NA		07/26/19		5,729
ZAR	29,339,642	USD	2,059,547	Bank of America NA		07/26/19		17,139
ZAR	14,686,167	USD	1,021,981	Citibank NA		07/26/19		17,519
ZAR	15,160,360	USD	1,059,535	Goldman Sachs International		07/26/19		13,528
ZAR	29,550,974	USD	2,080,891	HSBC Bank plc		07/26/19		10,753
ZAR	12,306,313	USD	861,137	Natwest Markets plc		07/26/19		9,915
ZAR	330,000	USD	22,941	State Street Bank and Trust Co.		07/26/19		417
AUD	6,337,532	USD	4,420,553	Bank of America NA		08/02/19		33,687
AUD	7,316,024	USD	5,118,074	HSBC Bank plc		08/02/19		23,885
AUD	13,195,839	USD	9,205,559	JPMorgan Chase Bank NA		08/02/19		68,941
AUD	4,710,000	USD	3,288,114	Morgan Stanley & Co. International plc		08/02/19		22,240
JPY	402,786,724	USD	3,729,185	Bank of America NA		08/02/19		15,961
JPY	483,696,821	USD	4,492,514	HSBC Bank plc		08/02/19		4,941
JPY	549,760,442	USD	5,110,407	JPMorgan Chase Bank NA		08/02/19		1,314
USD	5,874,797	JPY	627,387,741	Citibank NA		08/02/19		41,290
USD	1,658,106	JPY	176,972,127	Goldman Sachs International		08/02/19		12,603
USD	7,568,169	JPY	809,303,953	HSBC Bank plc		08/02/19		43,190
USD	4,744,543	JPY	507,043,430	Morgan Stanley & Co. International plc		08/02/19		30,009
ARS	11,562,609	USD	222,572	BNP Paribas SA		08/22/19		29,246
UAH	4,153,622	USD	142,004	Citibank NA		09/17/19		11,763
KZT	536,404,744	USD	1,371,879	Citibank NA		09/25/19		15,880
								1,353,874
JPY	456,840,000	AUD	6,075,000	Bank of America NA		07/03/19		(27,494	)
JPY	452,175,990	AUD	6,060,000	Deutsche Bank AG		07/03/19		(60,226	)
USD	2,459,192	JPY	265,680,000	Goldman Sachs International		07/09/19		(6,450	)
USD	586,823	JPY	63,538,130	Natwest Markets plc		07/09/19		(2,842	)
USD	1,406,907	NZD	2,154,304	Citibank NA		07/09/19		(40,591	)
USD	1,622,781	NZD	2,484,541	HSBC Bank plc		07/09/19		(46,607	)
USD	263,178	AUD	381,139	Goldman Sachs International		07/12/19		(4,495	)
USD	2,268,432	AUD	3,285,344	HSBC Bank plc		07/12/19		(38,858	)
USD	2,539,511	JPY	274,348,442	Natwest Markets plc		07/12/19		(7,183	)
USD	2,227,072	CNH	15,312,232	JPMorgan Chase Bank NA		07/15/19		(1,614	)
USD	2,747,246	CNY	19,048,031	UBS AG		07/15/19		(25,183	)
BRL	7,869,131	USD	2,045,524	Barclays Bank plc		07/26/19		(892	)
BRL	3,929,231	USD	1,024,344	Citibank NA		07/26/19		(3,415	)
CNY	31,388,303	USD	4,569,094	JPMorgan Chase Bank NA		07/26/19		(752	)
COP	1,670,750,000	USD	521,897	Barclays Bank plc		07/26/19		(2,946	)
COP	3,341,505,000	USD	1,040,967	Citibank NA		07/26/19		(3,062	)
COP	1,670,750,943	USD	520,749	Deutsche Bank AG		07/26/19		(1,797	)
COP	3,275,648,087	USD	1,028,784	Natwest Markets plc		07/26/19		(11,335	)
EUR	11,415,000	USD	13,009,105	BNP Paribas SA		07/26/19		(2,463	)
EUR	4,596,156	USD	5,245,340	Citibank NA		07/26/19		(8,322	)
EUR	2,246,739	USD	2,565,345	HSBC Bank plc		07/26/19		(5,333	)
HUF	5,940,000	USD	20,963	Goldman Sachs International		07/26/19		(22	)
JPY	269,005,000	USD	2,502,322	BNP Paribas SA		07/26/19		(2,458	)
JPY	292,160,000	USD	2,717,130	Toronto Dominion Bank		07/26/19		(2,088	)
KRW	1,180,813,344	USD	1,022,526	Standard Chartered Bank		07/26/19		(1,629	)
MXN	230,000	USD	12,085	Goldman Sachs International		07/26/19		(151	)

16 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

Forward Foreign Currency Exchange Contracts (continued)

	Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
MXN		19,683,637	USD		1,030,649	HSBC Bank plc		07/26/19	$	(9,246	)
MXN		39,610,381	USD		2,057,052	Morgan Stanley &Co. International plc		07/26/19		(1,632	)
MXN		147,080,137	USD		7,740,792	State Street Bank and Trust Co.		07/26/19		(108,666	)
TRY		27,890,793	USD		4,763,606	Citibank NA		07/26/19		(11,968	)
TRY		3,054,054	USD		523,941	Deutsche Bank AG		07/26/19		(3,635	)
TRY		8,900,994	USD		1,526,690	HSBC Bank plc		07/26/19		(10,264	)
USD		41,904	AUD		60,000	State Street Bank and Trust Co.		07/26/19		(255	)
USD		42,021	AUD		60,000	Westpac Banking Corp.		07/26/19		(138	)
USD		4,380,306	BRL		16,942,760	Bank of America NA		07/26/19		(21,921	)
USD		45,661	CAD		60,218	HSBC Bank plc		07/26/19		(350	)
USD		2,025,799	CHF		1,979,994	JPMorgan Chase Bank NA		07/26/19		(7,220	)
USD		3,369,690	CLP		2,304,193,793	Bank of America NA		07/26/19		(31,985	)
USD		4,572,618	CNH		31,459,610	JPMorgan Chase Bank NA		07/26/19		(6,102	)
USD		4,139,283	COP		13,465,251,795	BNP Paribas SA		07/26/19		(43,159	)
USD		374,949	EUR		331,332	Bank of America NA		07/26/19		(2,582	)
USD		25,810	EUR		22,663	BNP Paribas SA		07/26/19		(12	)
USD		4,290,564	EUR		3,770,298	Goldman Sachs International		07/26/19		(5,443	)
USD		18,793,986	EUR		16,590,663	HSBC Bank plc		07/26/19		(109,984	)
USD		1,887,771	EUR		1,657,009	JPMorgan Chase Bank NA		07/26/19		(282	)
USD		3,868,143	EUR		3,418,114	State Street Bank and Trust Co.		07/26/19		(26,573	)
USD		45,338	EUR		40,000	Toronto Dominion Bank		07/26/19		(239	)
USD		2,082,813	GBP		1,641,587	Goldman Sachs International		07/26/19		(4,514	)
USD		2,073,537	HUF		589,475,487	BNP Paribas SA		07/26/19		(4,558	)
USD		18,597,836	HUF		5,323,091,460	State Street Bank and Trust Co.		07/26/19		(167,812	)
USD		2,982,644	INR		207,836,571	Standard Chartered Bank		07/26/19		(21,458	)
USD		1,517,525	JPY		164,074,786	Bank of America NA		07/26/19		(7,222	)
USD		1,519,246	JPY		164,074,787	HSBC Bank plc		07/26/19		(5,501	)
USD		75,729	KRW		87,764,145	Barclays Bank plc		07/26/19		(150	)
USD		2,602,330	KRW		3,023,646,761	Standard Chartered Bank		07/26/19		(11,828	)
USD		2,003,373	MXN		38,720,196	Bank of America NA		07/26/19		(5,854	)
USD		3,842,930	NZD		5,759,635	Goldman Sachs International		07/26/19		(28,601	)
USD		2,963,885	NZD		4,410,149	JPMorgan Chase Bank NA		07/26/19		(544	)
USD		518,561	PHP		26,695,536	Standard Chartered Bank		07/26/19		(1,991	)
USD		4,638,014	PLN		17,410,410	BNP Paribas SA		07/26/19		(28,282	)
USD		1,247,252	PLN		4,695,000	Natwest Markets plc		07/26/19		(11,090	)
USD		1,364,578	RUB		86,643,187	JPMorgan Chase Bank NA		07/26/19		(1,397	)
USD		2,055,829	TRY		12,171,740	Citibank NA		07/26/19		(17,820	)
USD		2,033,957	TRY		11,984,073	HSBC Bank plc		07/26/19		(7,720	)
USD		5,105,399	ZAR		73,488,193	Bank of America NA		07/26/19		(96,161	)
USD		1,034,394	ZAR		14,782,288	Natwest Markets plc		07/26/19		(11,909	)
JPY		275,871,699	USD		2,570,531	Citibank NA		08/02/19		(5,452	)
USD		4,214,155	AUD		6,057,666	Bank of America NA		08/02/19		(43,385	)
USD		120,875	AUD		174,937	BNP Paribas SA		08/02/19		(2,077	)
USD		2,286,724	AUD		3,310,063	Goldman Sachs International		08/02/19		(39,705	)
USD		10,037,703	AUD		14,386,475	JPMorgan Chase Bank NA		08/02/19		(73,616	)
USD		85,882	AUD		123,741	Toronto Dominion Bank		08/02/19		(1,087	)
USD		2,544,416	JPY		275,259,940	HSBC Bank plc		08/02/19		(14,976	)
										(1,324,574	)
Net Unrealized Appreciation									$	29,300

OTC Currency Options Purchased

Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
AUD Currency	Bank of America NA		07/01/19		JPY	75.45		AUD	15,000	$	51,680
AUD Currency	Deutsche Bank AG		07/01/19		JPY	74.90		AUD	15,000		109,193
											160,873

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

OTC Currency Options Purchased (continued)

Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)			Value
Put
NZD Currency	Goldman Sachs International		07/05/19		JPY	69.90		NZD	14,000	$	1,131
AUD Currency	NatWest Markets plc		07/10/19		JPY	73.75		AUD	10,950		9,295
USD Currency	UBS AG		07/11/19		CNH	6.87		USD	10,150		52,086
EUR Currency	BNP Paribas SA		09/27/19		USD	1.15		EUR	22,700		271,296
											333,808
										$	494,681

OTC Currency Options Written

Description

Counterparty

Expiration Date

Exercise Price

Notional Amount (000)

Value

Put

AUD Currency

Bank of America NA

07/31/19

JPY

75.50

AUD

7,300

$

(54,162

)

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.32.V1		5.00	%		Quarterly		06/20/24		USD	30,474	$	(2,360,432	)	$	(1,889,084	)	$	(471,348	)
CDX.NA.IG.32.V1		1.00	%		Quarterly		06/20/24		USD	7,482		(163,866	)		(115,348	)		(48,518	)
ITRAXX.EUR.CROSSOVER.31.V1		5.00	%		Quarterly		06/20/24		EUR	9,830		(1,285,935	)		(1,083,185	)		(202,750	)
											$	(3,810,233	)	$	(3,087,617	)	$	(722,616	)

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1.88%	Semi-Annual	3 month LIBOR	Quarterly		06/14/24		USD	5,369	$	(30,902	)	$	—	$	(30,902	)
1.82%	Semi-Annual	3 month LIBOR	Quarterly		06/20/24		USD	5,319		(17,052	)		—		(17,052	)
28 day MXIBTIIE	Monthly	8.96%	Monthly		12/11/28		MXN	29,700		153,902			—		153,902
3 month JIBAR	Quarterly	8.22%	Quarterly		12/21/28		ZAR	10,800		30,175			—		30,175
3 month JIBAR	Quarterly	8.20%	Quarterly		01/02/29		ZAR	5,200		14,751			—		14,751
28 day MXIBTIIE	Monthly	7.78%	Monthly		05/29/29		MXN	30,170		23,155			—		23,155
28 day MXIBTIIE	Monthly	7.57%	Monthly		06/08/29		MXN	29,523		(64	)		—		(64	)
1.94%	Semi-Annual	3 month LIBOR	Quarterly		06/24/29		USD	5,633		8,201			—		8,201
0.23%	Annual	6 month EURIBOR	Semi-Annual		06/25/29		EUR	1,825		(11,942	)		—		(11,942	)
3 month LIBOR	Quarterly	2.19%	Semi-Annual		06/24/49		USD	1,140		(4,244	)		—		(4,244	)
0.77%	Annual	6 month EURIBOR	Semi-Annual		06/25/49		EUR	1,653		(24,994	)		—		(24,994	)
									$	140,986		$	—	$	140,986

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)
Republic of Colombia		1.00	%		Quarterly	BNP Paribas SA		06/20/24	USD	4,729	$	(20,936	)	$	35,557	$	(56,493	)
Republic of Turkey		1.00	%		Quarterly	Barclays Bank plc		06/20/24	USD	2,221		280,961			211,927		69,034
Republic of Turkey		1.00	%		Quarterly	Deutsche Bank AG		06/20/24	USD	260		32,890			35,769		(2,879	)

18 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond 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)
Republic of Turkey		1.00	%		Quarterly	Deutsche Bank AG		06/20/24		USD	2,520	$	318,785	$	316,446	$	2,339
Republic of Turkey		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24		USD	1,407		177,988		213,409		(35,421	)
Republic of Turkey		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24		USD	1,174		148,471		178,017		(29,546	)
United Mexican States		1.00	%		Quarterly	Barclays Bank plc		06/20/24		USD	1,095		5,373		12,369		(6,996	)
United Mexican States		1.00	%		Quarterly	Barclays Bank plc		06/20/24		USD	1,091		5,352		10,565		(5,213	)
United Mexican States		1.00	%		Quarterly	Citibank NA		06/20/24		USD	8,651		42,449		133,786		(91,337	)
												$	991,333	$	1,147,845	$	(156,512	)

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Argentine Republic		5.00	%		Quarterly	Barclays Bank plc		06/20/24	B		USD	242	$	(39,408	)	$	(50,909	)	$	11,501
Argentine Republic		5.00	%		Quarterly	Barclays Bank plc		06/20/24	B		USD	340		(55,368	)		(71,525	)		16,157
Argentine Republic		5.00	%		Quarterly	BNP Paribas SA		06/20/24	B		USD	336		(54,716	)		(82,967	)		28,251
Argentine Republic		5.00	%		Quarterly	BNP Paribas SA		06/20/24	B		USD	338		(54,991	)		(83,383	)		28,392
Argentine Republic		5.00	%		Quarterly	BNP Paribas SA		06/20/24	B		USD	334		(54,391	)		(82,473	)		28,082
Argentine Republic		5.00	%		Quarterly	BNP Paribas SA		06/20/24	B		USD	336		(54,768	)		(81,729	)		26,961
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	283		(46,085	)		(67,112	)		21,027
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	328		(53,414	)		(76,180	)		22,766
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	325		(52,925	)		(75,483	)		22,558
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	166		(27,032	)		(38,555	)		11,523
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	297		(48,366	)		(62,479	)		14,113
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	328		(53,414	)		(67,395	)		13,981
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	327		(53,250	)		(67,190	)		13,940
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	165		(26,870	)		(33,903	)		7,033
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	326		(53,087	)		(67,021	)		13,934
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	330		(53,739	)		(68,651	)		14,912
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	327		(53,180	)		(69,214	)		16,034
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	669		(108,944	)		(135,899	)		26,955
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	328		(53,414	)		(67,432	)		14,018
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	327		(53,250	)		(67,263	)		14,013
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	343		(55,788	)		(70,468	)		14,680
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	371		(60,488	)		(79,132	)		18,644
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	328		(53,414	)		(69,878	)		16,464
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	327		(53,250	)		(68,864	)		15,614
Argentine Republic		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	328		(53,414	)		(68,271	)		14,857
Argentine Republic		5.00	%		Quarterly	Standard Chartered Bank		06/20/24	B		USD	92		(14,982	)		(20,693	)		5,711
													$	(1,341,948	)	$	(1,794,069	)	$	452,121

^(a)  Using S&P Global Rating’s rating of the issuer or the underlying securities of the index, as applicable.

^(b)  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

SCHEDULES OF INVESTMENTS 19

Schedule of Investments(unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund				Termination Date			Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate		Frequency	Counterparty
1 day BZDIOVER	At Termination		7.08%	At Termination	Citibank NA		01/02/23	BRL		5,900	$	27,626	$	—	$	27,626
1 day BZDIOVER	At Termination		7.28%	At Termination	BNP Paribas SA		01/02/23	BRL		11,125		71,683		—		71,683
1 day BZDIOVER	At Termination		8.48%	At Termination	Bank of America NA		01/02/23	BRL		6,803		138,264		—		138,264
1 day BZDIOVER	At Termination		7.39%	At Termination	Bank of America NA		01/04/27	BRL		2,700		9,356		—		9,356
1 day BZDIOVER	At Termination		8.25%	At Termination	JPMorgan Chase Bank NA		01/04/27	BRL		2,700		54,366		—		54,366
											$	301,295	$	—	$	301,295

The following reference rates, and their values as of period end, are used for security descriptions:

Reference Index		Reference Rate
1 day BZDIOVER	Overnight Brazil CETIP — Interbank Rate		0.25	%
28 day MXIBTIIE	Mexico Interbank TIIE 28-Day		8.49	%
3 month JIBAR	Johannesburg Interbank Average Rate		7.03	%
3 month LIBOR	London Interbank Offered Rate		2.32	%
6 month EURIBOR	Euro Interbank Offered Rate		(0.31	%)

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written

	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps (a)	$	—	$	(3,087,617	)	$	230,184	$	(811,814	)	$	—
OTC Swaps		1,147,845		(1,794,069	)		824,789		(227,885	)		—
Options Written		N/A		N/A			15,450		—			(54,162	)

^(a) Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

20 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments(unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,353,874	$	—	$	—	$	1,353,874
Options purchased
Investments at value — unaffiliated (a)		—		—		—		494,681		—		—		494,681
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps (b)		—		—		—		—		230,184		—		230,184
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		1,671,339		—		—		301,295		—		1,972,634
	$	—	$	1,671,339	$	—	$	1,848,555	$	531,479	$	—	$	4,051,373
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts (b)		—		—		—		—		175,795		—		175,795
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		1,324,574		—		—		1,324,574
Options written
Options written at value		—		—		—		54,162		—		—		54,162
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps (b)		—		722,616		—		—		89,198		—		811,814
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		2,021,954		—		—		—		—		2,021,954
	$	—	$	2,744,570	$	—	$	1,378,736	$	264,993	$	—	$	4,388,299

^(a)  Includes options purchased at value as reported in the Schedule of Investments.

^(b)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended June 30, 2019, the effect of derivative financial instruments in the Statements of Operations were as follows:

	Commodity Contracts		Credit         Contracts			Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	—	$	—		$	(684,990	)	$	—	$	(684,990	)
Forward foreign currency exchange contracts		—		—			—		(1,544,733	)		—			—		(1,544,733	)
Options purchased (a)		—		—			—		(633,785	)		—			—		(633,785	)
Options written		—		—			—		248,416			7,453			—		255,869
Swaps		—		(2,227,578	)		—		—			1,645,253			—		(582,325	)
	$	—	$	(2,227,578	)	$	—	$	(1,930,102	)	$	967,716		$	—	$	(3,189,964	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		—		—			—		—			12,430			—		12,430
Forward foreign currency exchange contracts		—		—			—		1,021,171			—			—		1,021,171
Options purchased (b)		—		—			—		87,562			—			—		87,562
Options written		—		—			—		(16,402	)		—			—		(16,402	)
Swaps		—		(322,339	)		—		—			(346,899	)		—		(669,238	)
	$	—	$	(322,339	)	$	—	$	1,092,331		$	(334,469	)	$	—	$	435,523

^(a)  Options purchased are included in net realized gain (loss) from investments — unaffiliated.

^(b)  Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments(unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,084,641
Average notional value of contracts — short		7,173,306
Forward foreign currency exchange contracts:
Average amounts purchased — in USD		222,643,597
Average amounts sold — in USD		191,695,070
Options:
Average value of option contracts purchased		345,442
Average value of option contracts written		27,081
Credit default swaps:
Average notional value — buy protection		71,631,431
Average notional value — sell protection		4,120,291
Interest rate swaps:
Average notional value — pays fixed rate		14,630,384
Average notional value — receives fixed rate		16,735,517

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	22,006
Forward foreign currency exchange contracts		1,353,874		1,324,574
Options (a)		494,681		54,162
Swaps — Centrally cleared		—		73,833
Swaps — OTC (b)		1,972,634		2,021,954
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	3,821,189	$	3,496,529
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(95,839	)
Total derivative assets and liabilities subject to an MNA	$	3,821,189	$	3,400,690

^(a)  Includes options purchased at value which is included in Investments at value – unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

^(b)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Received		Cash Collateral Received (b)			Net Amount of Derivative Assets (c)
Bank of America NA	$	287,754	$	(287,754	)	$	—	$	—		$	—
Barclays Bank plc		383,175		(138,631	)		—		(244,544	)		—
BNP Paribas SA		584,196		(470,054	)		—		—			114,142
Citibank NA		654,785		(654,785	)		—		—			—
Deutsche Bank AG		463,747		(68,537	)		—		(395,210	)		—
Goldman Sachs International		149,413		(89,381	)		—		—			60,032
HSBC Bank plc		174,487		(174,487	)		—		—			—
JPMorgan Chase Bank NA		620,029		(156,494	)		—		(260,000	)		203,535
Morgan Stanley & Co. International plc		238,664		(1,632	)		—		—			237,032
NatWest Markets plc		93,972		(44,359	)		—		—			49,613
Standard Chartered Bank		93,949		(57,599	)		—		—			36,350
State Street Bank and Trust Co.		14,198		(14,198	)		—		—			—
Toronto Dominion Bank		3,236		(3,236	)		—		—			—
UBS AG		59,584		(25,183	)		—		—			34,401
	$	3,821,189	$	(2,186,330	)	$	—	$	(899,754	)	$	735,105

22 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments(unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged		Cash Collateral Pledged (d)			Net Amount of Derivative Liabilities (e)
Bank of America NA	$	290,766	$	(287,754	)	$	—	$	—		$	3,012
Barclays Bank plc		138,631		(138,631	)		—		—			—
BNP Paribas SA		470,054		(470,054	)		—		—			—
Citibank NA		1,502,357		(654,785	)		—		(847,572	)		—
Deutsche Bank AG		68,537		(68,537	)		—		—			—
Goldman Sachs International		89,381		(89,381	)		—		—			—
HSBC Bank plc		248,839		(174,487	)		—		—			74,352
JPMorgan Chase Bank NA		156,494		(156,494	)		—		—			—
Morgan Stanley & Co. International plc		1,632		(1,632	)		—		—			—
NatWest Markets plc		44,359		(44,359	)		—		—			—
Standard Chartered Bank		57,599		(57,599	)		—		—			—
State Street Bank and Trust Co.		303,306		(14,198	)		—		—			289,108
Toronto Dominion Bank		3,414		(3,236	)		—		—			178
UBS AG		25,183		(25,183	)		—		—			—
Westpac Banking Corp.		138		—			—		—			138
	$	3,400,690	$	(2,186,330	)	$	—	$	(847,572	)	$	366,788

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(e)  Net amount represents the net amount payable due to the counterparty in the event of default.

SCHEDULES OF INVESTMENTS 23

Schedule of Investments(unaudited) (continued) June 30, 2019 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

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:
Corporate Bonds
Argentina	$	—		$	483,858		$	—	$	483,858
Brazil		—			3,356,939			—		3,356,939
Kazakhstan		—			4,865,791			—		4,865,791
Supranational		—			481,535			371,982		853,517
Ukraine		—			83,450			—		83,450
Foreign Agency Obligations (a)		—			6,278,127			—		6,278,127
Foreign Government Obligations (a)		—			77,385,894			—		77,385,894
Short-Term Securities:
Foreign Government Obligations (a)		—			4,437,787			—		4,437,787
Time Deposits (a)		1,430,922			—			—		1,430,922
Options Purchased:
Foreign currency exchange contracts		—			494,681			—		494,681
	$	1,430,922		$	97,868,062		$	371,982	$	99,670,966
Derivative Financial Instruments (b)
Assets:
Credit contracts	$	—		$	523,494		$	—	$	523,494
Foreign currency exchange contracts		—			1,353,874			—		1,353,874
Interest rate contracts		—			531,479			—		531,479
Liabilities:
Credit contracts		—			(950,501	)		—		(950,501	)
Foreign currency exchange contracts		—			(1,378,736	)		—		(1,378,736	)
Interest rate contracts		(175,795	)		(89,198	)		—		(264,993	)
	$	(175,795	)	$	(9,588	)	$	—	$	(185,383	)

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

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

See notes to financial statements.

24 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Asset-Backed Securities — 14.9%
Cayman Islands — 7.1%
ACIS CLO Ltd., Series 2014-4A, Class A, (LIBOR USD 3 Month + 1.42%), 4.00%, 05/01/26(a)(b)		USD	12,079	$	12,102,453
Adams Mill CLO Ltd.(a)(b):
Series 2014-1A, Class A1R, (LIBOR USD 3 Month + 1.10%), 3.70%, 07/15/26			1,183		1,183,078
Series 2014-1A, Class A2R, (LIBOR USD 3 Month + 1.10%), 3.70%, 07/15/26			5,432		5,433,083
AIMCO CLO, Series 2017-AA, Class A, (LIBOR USD 3 Month + 1.26%), 3.85%, 07/20/29(a)(b)			250		250,204
AIMCO CLO 10 Ltd., Series 2019-10A, Class SUB, (LIBOR USD 3 Month + 0.00%), 0.00%, 07/22/32(a)			7,900		6,527,912
Allegro CLO I Ltd.(a)(b):
Series 2013-1A, Class A1R, (LIBOR USD 3 Month + 1.22%), 3.80%, 01/30/26			689		690,564
Series 2013-1A, Class A2R, (LIBOR USD 3 Month +1.65%), 4.23%, 01/30/26			13,550		13,569,737
Series 2013-1A, Class C, (LIBOR USD 3 Month + 3.45%), 6.03%, 01/30/26			9,020		9,022,361
Allegro CLO II-S Ltd.(a)(b):
Series 2014-1RA, Class A1, (LIBOR USD 3 Month + 1.08%), 3.67%, 10/21/28			11,500		11,488,183
Series 2014-1RA, Class B, (LIBOR USD 3 Month + 2.15%), 4.74%, 10/21/28			2,740		2,716,102
Series 2014-1RA, Class C, (LIBOR USD 3 Month + 3.00%), 5.59%, 10/21/28			7,480		7,351,122
Allegro CLO IV Ltd.(a)(b):
Series 2016-1A, Class AR, (LIBOR USD 3 Month + 1.15%), 0.00%, 01/15/30			2,330		2,330,000
Series 2016-1A, Class BR, (LIBOR USD 3 Month + 1.70%), 0.00%, 01/15/30			6,210		6,210,000
Series 2016-1A, Class C, (LIBOR USD 3 Month + 2.60%), 5.20%, 01/15/29			2,750		2,750,606
Series 2016-1A, Class CR, (LIBOR USD 3 Month + 2.30%), 0.00%, 01/15/30			7,950		7,950,000
Series 2016-1A, Class D, (LIBOR USD 3 Month + 3.85%), 6.45%, 01/15/29			750		749,274
Allegro CLO VI Ltd., Series 2017-2A, Class A, (LIBOR USD 3 Month + 1.13%), 3.72%, 01/17/31(a)(b)			250		248,640
ALM V Ltd.(a)(b):
Series 2012-5A, Class A1R3, (LIBOR USD 3 Month + 0.91%), 3.51%, 10/18/27			6,420		6,413,974
Series 2012-5A, Class BR3, (LIBOR USD 3 Month + 1.65%), 4.25%, 10/18/27			1,310		1,295,612

Security	Par (000)			Value
Cayman Islands (continued)
ALM VI Ltd.(a)(b):
Series 2012-6A, Class A2R3, (LIBOR USD 3 Month + 1.40%), 4.00%, 07/15/26		USD	3,364	$	3,339,482
Series 2012-6A, Class CR3, (LIBOR USD 3 Month + 2.70%), 5.30%, 07/15/26			5,965		5,904,390
Series 2012-6A, Class DR3, (LIBOR USD 3 Month + 5.05%), 7.65%, 07/15/26			3,100		2,979,397
ALM VII Ltd.(a):
Series 2012-7A, Class A1A2, (LIBOR USD 3 Month + 1.17%), 0.00%, 07/15/29(b)			17,750		17,750,000
Series 2012-7A, Class A1R, (LIBOR USD 3 Month + 1.48%), 4.08%, 10/15/28(b)			12,430		12,442,266
Series 2012-7A, Class SUB, 0.00%, 10/15/2116(c)			17,700		7,808,567
ALM VII R Ltd., Series 2013-7RA, Class A1R, (LIBOR USD 3 Month + 1.41%), 4.01%, 10/15/28(a)(b)			4,060		4,058,664
ALM VIII Ltd.(a)(b):
Series 2013-8A, Class A1R, (LIBOR USD 3 Month + 1.49%), 4.09%, 10/15/28			18,565		18,562,334
Series 2013-8A, Class A2R, (LIBOR USD 3 Month + 1.80%), 4.40%, 10/15/28			400		399,454
ALM XII Ltd.(a)(b):
Series 2015-12A, Class A1R2, (LIBOR USD 3 Month + 0.89%), 3.49%, 04/16/27			21,640		21,594,794
Series 2015-12A, Class BR2, (LIBOR USD 3 Month + 1.65%), 4.25%, 04/16/27			4,957		4,926,200
Series 2015-12A, Class C1R2, (LIBOR USD 3 Month + 2.65%), 5.25%, 04/16/27			4,100		4,100,107
Series 2015-12A, Class C2R2, (LIBOR USD 3 Month + 2.65%), 5.25%, 04/16/27			1,450		1,376,325
ALM XVI Ltd.(a)(b):
Series 2015-16A, Class A2R2, (LIBOR USD 3 Month + 1.50%), 4.10%, 07/15/27			8,949		8,920,153
Series 2015-16A, Class BR2, (LIBOR USD 3 Month + 1.90%), 4.50%, 07/15/27			4,371		4,302,299
Series 2015-16A, Class CR2, (LIBOR USD 3 Month + 2.70%), 5.30%, 07/15/27			7,500		7,452,103
Series 2015-16A, Class DR2, (LIBOR USD 3 Month + 5.10%), 7.70%, 07/15/27			1,160		1,115,143
ALM XVIII Ltd., Series 2016-18A, Class A2R, (LIBOR USD 3 Month + 1.65%), 4.25%, 01/15/28(a)(b)			1,880		1,880,192
AMMC CLO 19 Ltd., Series 2016-19A, Class C, (LIBOR USD 3 Month + 2.80%), 5.40%, 10/15/28(a)(b)			890		889,508
AMMC CLO 20 Ltd., Series 2017-20A, Class E, (LIBOR USD 3 Month + 5.81%), 8.40%, 04/17/29(a)(b)			750		714,046

CONSOLIDATED SCHEDULES OF INVESTMENTS 25

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Cayman Islands (continued)
AMMC CLO 21 Ltd., Series 2017-21A, Class A, (LIBOR USD 3 Month + 1.25%), 3.83%, 11/02/30(a)(b)		USD	1,720	$	1,716,703
AMMC CLO XII Ltd., Series 2013-12A, Class AR, (LIBOR USD 3 Month + 1.20%), 3.75%, 11/10/30(a)(b)			1,675		1,667,793
AMMC CLO XIII Ltd., Series 2013-13A, Class A1LR, (LIBOR USD 3 Month + 1.26%), 3.84%, 07/24/29(a)(b)			2,500		2,512,605
AMMC CLO XIV Ltd., Series 2014-14A, Class A1LR, (LIBOR USD 3 Month + 1.25%), 3.83%, 07/25/29(a)(b)			10,125		10,134,494
Anchorage Capital CLO 1-R Ltd., Series 2018-1RA, Class A1, (LIBOR USD 3 Month + 0.99%), 3.59%, 04/13/31(a)(b)			6,650		6,592,689
Anchorage Capital CLO 3-R Ltd.(a)(b):
Series 2014-3RA, Class A, (LIBOR USD 3 Month + 1.05%), 3.63%, 01/28/31			2,950		2,930,626
Series 2014-3RA, Class B, (LIBOR USD 3 Month + 1.50%), 4.08%, 01/28/31			5,550		5,491,303
Series 2014-3RA, Class D, (LIBOR USD 3 Month + 2.60%), 5.18%, 01/28/31			1,050		1,003,863
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, (LIBOR USD 3 Month + 1.05%), 3.63%, 01/28/31(a)(b)			6,580		6,535,227
Anchorage Capital CLO 5-R Ltd.(a)(b):
Series 2014-5RA, Class B, (LIBOR USD 3 Month + 1.45%), 4.05%, 01/15/30			15,535		15,315,223
Series 2014-5RA, Class C, (LIBOR USD 3 Month + 1.85%), 4.45%, 01/15/30			3,700		3,593,794
Anchorage Capital CLO 6 Ltd.(a)(b):
Series 2015-6A, Class AR, (LIBOR USD 3 Month + 1.27%), 3.87%, 07/15/30			5,250		5,239,505
Series 2015-6A, Class DR, (LIBOR USD 3 Month + 3.55%), 6.15%, 07/15/30			2,660		2,633,429
Anchorage Capital CLO 7 Ltd.(a)(b):
Series 2015-7A, Class AR, (LIBOR USD 3 Month + 0.96%), 3.56%, 10/15/27			39,870		39,809,218
Series 2015-7A, Class B1R, (LIBOR USD 3 Month + 1.30%), 3.90%, 10/15/27			1,500		1,492,892
Series 2015-7A, Class CR, (LIBOR USD 3 Month + 1.70%), 4.30%, 10/15/27			5,047		4,992,055
Series 2015-7A, Class DR, (LIBOR USD 3 Month + 2.70%), 5.30%, 10/15/27			4,335		4,296,863
Series 2015-7A, Class ER, (LIBOR USD 3 Month + 5.60%), 8.20%, 10/15/27			2,250		2,245,901
Anchorage Capital CLO 8 Ltd.(a)(b):
Series 2016-8A, Class AR, (LIBOR USD 3 Month + 1.00%), 3.58%, 07/28/28			7,600		7,585,036
Series 2016-8A, Class BR, (LIBOR USD 3 Month + 1.60%), 4.18%, 07/28/28			7,480		7,429,303

Security	Par (000)			Value
Cayman Islands (continued)
Series 2016-8A, Class CR, (LIBOR USD 3 Month + 2.10%), 4.68%, 07/28/28		USD	17,190	$	16,969,836
Series 2016-8A, Class DR, (LIBOR USD 3 Month + 3.00%), 5.58%, 07/28/28			5,650		5,556,386
Series 2016-8A, Class ER, (LIBOR USD 3 Month + 5.75%), 8.33%, 07/28/28			7,970		7,934,196
Anchorage Capital CLO 9 Ltd.(a)(b):
Series 2016-9A, Class C, (LIBOR USD 3 Month + 2.80%), 5.40%, 01/15/29			6,415		6,418,501
Series 2016-9A, Class D, (LIBOR USD 3 Month + 4.00%), 6.60%, 01/15/29			1,860		1,858,173
Series 2016-9A, Class E, (LIBOR USD 3 Month + 7.25%), 9.85%, 01/15/29			1,910		1,889,691
Anchorage Capital CLO Ltd.(a)(b):
Series 2013-1A, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.85%, 10/13/30			2,910		2,898,777
Series 2013-1A, Class BR, (LIBOR USD 3 Month + 2.15%), 4.75%, 10/13/30			1,160		1,148,119
Series 2013-1A, Class CR, (LIBOR USD 3 Month + 3.20%), 5.80%, 10/13/30			1,333		1,322,964
Series 2013-1A, Class DR, (LIBOR USD 3 Month + 6.80%), 9.40%, 10/13/30			3,210		3,202,771
Apidos CLO XI, Series 2012-11A, Class AR, (LIBOR USD 3 Month + 1.44%), 4.03%, 01/17/28(a)(b)			1,160		1,159,771
Apidos CLO XV, Series 2013-15A, Class A1RR, (LIBOR USD 3 Month + 1.01%), 3.60%, 04/20/31(a)(b)			4,630		4,576,988
Apidos CLO XVI, Series 2013-16A, Class CR, (LIBOR USD 3 Month + 3.00%), 5.59%, 01/19/25(a)(b)			2,775		2,777,441
Apidos CLO XVIII, Series 2018-18A, Class A1, (LIBOR USD 3 Month + 1.14%), 3.73%, 10/22/30(a)(b)			250		249,067
Apidos CLO XXI, Series 2015-21A, Class CR, (LIBOR USD 3 Month + 2.45%), 5.05%, 07/18/27(a)(b)			500		477,067
Apidos CLO XXII(a)(b):
Series 2015-22A, Class C, (LIBOR USD 3 Month + 3.80%), 6.39%, 10/20/27			1,500		1,499,706
Series 2015-22A, Class D, (LIBOR USD 3 Month + 6.00%), 8.59%, 10/20/27			2,870		2,870,045
Apidos CLO XXIII, Series 2015-23A, Class D2, (LIBOR USD 3 Month + 5.95%), 8.55%, 01/15/27(a)(b)			3,752		3,735,384
Apidos CLO XXIX, Series 2018-29A, Class D, (LIBOR USD 3 Month + 5.25%), 7.83%, 07/25/30(a)(b)			1,860		1,713,267
Apres Static CLO Ltd.(a)(b):
Series 2019-1A, Class C, (LIBOR USD 3 Month + 3.65%), 6.26%, 01/15/27			6,000		5,999,551

26 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Cayman Islands (continued)
Series 2019-1A, Class D, (LIBOR USD 3 Month + 6.65%), 9.26%, 01/15/27		USD	1,500	$	1,499,786
Arbor Realty Collateralized Loan Obligation Ltd., Series 2017-FL3, Class A, (LIBOR USD 1 Month + 0.99%), 3.38%, 12/15/27(a)(b)			9,740		9,733,263
Arbor Realty Commercial Real Estate Notes Ltd., Series 2017-FL2, Class A, (LIBOR USD 1 Month + 0.99%), 3.38%, 08/15/27(a)(b)			4,410		4,408,722
Ares XLI CLO Ltd., Series 2016-41A, Class D, (LIBOR USD 3 Month + 4.20%), 6.80%, 01/15/29(a)(b)			1,400		1,403,962
Ares XLIV CLO Ltd., Series 2017-44A, Class D, (LIBOR USD 3 Month + 6.55%), 9.15%, 10/15/29(a)(b)			550		551,860
Ares XLV CLO Ltd., Series 2017-45A, Class C, (LIBOR USD 3 Month + 2.05%), 4.65%, 10/15/30(a)(b)			1,125		1,099,835
Ares XXIX CLO Ltd.(a)(b):
Series 2014-1A, Class A1R, (LIBOR USD 3 Month +1.19%), 3.78%, 04/17/26			614		615,252
Series 2014-1A, Class BR, (LIBOR USD 3 Month + 2.30%), 4.89%, 04/17/26			4,700		4,695,909
Ares XXXIV CLO Ltd., Series 2015-2A, Class BR, (LIBOR USD 3 Month + 1.50%), 4.08%, 07/29/26(a)(b)			585		584,547
Ares XXXVII CLO Ltd.(a)(b):
Series 2015-4A, Class A1R, (LIBOR USD 3 Month + 1.17%), 3.77%, 10/15/30			1,500		1,497,991
Series 2015-4A, Class DR, (LIBOR USD 3 Month + 6.15%), 8.75%, 10/15/30			2,440		2,387,137
ASSURANT CLO I Ltd., Series 2017- 1A, Class B, (LIBOR USD 3 Month + 1.70%), 4.29%, 10/20/29(a)(b)			960		956,662
ASSURANT CLO III Ltd., Series 2018- 2A, Class C, (LIBOR USD 3 Month + 2.25%), 4.84%, 10/20/31(a)(b)			1,130		1,107,852
Atrium VIII, Series 8A, Class SUB, 0.00%, 10/23/24(a)(c)			13,300		4,205,287
Atrium XII(a)(b):
Series 12A, Class AR, (LIBOR USD 3 Month + 0.83%), 3.42%, 04/22/27			6,765		6,749,794
Series 12A, Class CR, (LIBOR USD 3 Month + 1.65%), 4.24%, 04/22/27			4,365		4,321,532
Atrium XIII, Series 13A, Class E, (LIBOR USD 3 Month + 6.05%), 8.64%, 11/21/30(a)(b)			936		905,232
Avery Point IV CLO Ltd.(a)(b):
Series 2014-1A, Class AR, (LIBOR USD 3 Month + 1.10%), 3.68%, 04/25/26			9,472		9,479,766
Series 2014-1A, Class D, (LIBOR USD 3 Month + 3.50%), 6.08%, 04/25/26			3,750		3,749,937
Avery Point V CLO Ltd.(a)(b):
Series 2014-5A, Class AR, (LIBOR USD 3 Month + 0.98%), 3.57%, 07/17/26			5,244		5,246,261

Security	Par (000)			Value
Cayman Islands (continued)
Series 2014-5A, Class BR, (LIBOR USD 3 Month + 1.50%), 4.09%, 07/17/26		USD	1,730	$	1,723,121
Avery Point VI CLO Ltd.(a)(b):
Series 2015-6A, Class AR, (LIBOR USD 3 Month + 1.05%), 3.62%, 08/05/27			20,200		20,179,899
Series 2015-6A, Class BR, (LIBOR USD 3 Month + 1.50%), 4.07%, 08/05/27			9,070		9,006,025
Avery Point VII CLO Ltd., Series 2015- 7A, Class AR, (LIBOR USD 3 Month + 1.14%), 3.45%, 01/15/28(a)(b)			15,000		15,000,000
Babson CLO Ltd.(a)(b):
Series 2015-2A, Class AR, (LIBOR USD 3 Month + 1.19%), 3.78%, 10/20/30			3,750		3,737,609
Series 2015-IA, Class BR, (LIBOR USD 3 Month + 1.40%), 3.99%, 01/20/31			250		244,446
Bain Capital Credit CLO, Series 2018- 2A, Class A1, (LIBOR USD 3 Month + 1.08%), 3.67%, 07/19/31(a)(b)			5,210		5,165,815
Ballyrock CLO Ltd.(a)(b):
Series 2016-1A, Class AR, (LIBOR USD 3 Month + 1.35%), 3.95%, 10/15/28			25,250		25,253,750
Series 2016-1A, Class B1R, (LIBOR USD 3 Month + 1.65%), 4.25%, 10/15/28			18,000		18,000,614
Series 2016-1A, Class CR, (LIBOR USD 3 Month + 2.40%), 5.00%, 10/15/28			5,750		5,747,074
Series 2016-1A, Class DR, (LIBOR USD 3 Month + 3.50%), 6.10%, 10/15/28			9,050		9,051,483
Barings CLO Ltd., Series 2018-3A, Class A1, (LIBOR USD 3 Month + 0.95%), 3.54%, 07/20/29(a)(b)			2,210		2,197,173
Battalion CLO VII Ltd.(a)(b):
Series 2014-7A, Class A1RR, (LIBOR USD 3 Month + 1.04%), 3.63%, 07/17/28			1,870		1,864,592
Series 2014-7A, Class BRR, (LIBOR USD 3 Month + 2.50%), 5.09%, 07/17/28			11,862		11,849,440
Battalion CLO X Ltd.(a)(b):
Series 2016-10A, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.78%, 01/24/29			37,000		37,011,241
Series 2016-10A, Class A2R, (LIBOR USD 3 Month + 1.80%), 4.33%, 01/24/29			22,300		22,301,690
Series 2016-10A, Class CR, (LIBOR USD 3 Month + 3.45%), 5.98%, 01/24/29			5,000		5,001,576
Series 2016-10A, Class DR, (LIBOR USD 3 Month + 6.65%), 9.18%, 01/24/29			2,500		2,470,688
Battalion CLO XI Ltd., Series 2017-11A, Class E, (LIBOR USD 3 Month + 5.98%), 8.56%, 10/24/29(a)(b)			2,420		2,309,266
BDS Ltd., Series 2019-FL3, Class A, (LIBOR USD 1 Month + 1.40%), 3.79%, 12/15/35(a)(b)			12,520		12,547,448

CONSOLIDATED SCHEDULES OF INVESTMENTS 27

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Cayman Islands (continued)
Bean Creek CLO Ltd., Series 2015-1A, Class ER, (LIBOR USD 3 Month + 5.75%), 8.34%, 04/20/31(a)(b)		USD	370	$	338,292
Benefit Street Partners CLO II Ltd.(a)(b):
Series 2013-IIA, Class A2R, (LIBOR USD 3 Month + 1.75%), 4.35%, 07/15/29			18,935		18,897,476
Series 2013-IIA, Class CR, (LIBOR USD 3 Month + 3.70%), 6.30%, 07/15/29			1,500		1,500,665
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.84%, 07/20/29(a)(b)			250		251,182
Benefit Street Partners CLO IV Ltd.(a)(b):
Series 2014-IVA, Class A1RR, (LIBOR USD 3 Month + 1.25%), 3.84%, 01/20/29			25,180		25,240,508
Series 2014-IVA, Class A2RR, (LIBOR USD 3 Month + 1.75%), 4.34%, 01/20/29			2,500		2,499,785
Benefit Street Partners CLO VI Ltd.(a)(b):
Series 2015-VIA, Class A1R, (LIBOR USD 3 Month + 1.24%), 3.84%, 10/18/29			19,287		19,250,387
Series 2015-VIA, Class A2R, (LIBOR USD 3 Month + 1.72%), 4.32%, 10/18/29			3,868		3,852,676
Series 2015-VIA, Class BR, (LIBOR USD 3 Month + 2.40%), 5.00%, 10/18/29			2,750		2,746,831
Series 2015-VIA, Class CR, (LIBOR USD 3 Month + 3.45%), 6.05%, 10/18/29			2,640		2,641,912
Benefit Street Partners CLO VII Ltd.(a)(b):
Series 2015-VIIA, Class A1AR, (LIBOR USD 3 Month + 0.78%), 3.38%, 07/18/27			4,980		4,964,691
Series 2015-VIIA, Class D, (LIBOR USD 3 Month + 5.35%), 7.95%, 07/18/27			7,930		7,902,480
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, (LIBOR USD 3 Month + 1.10%), 3.69%, 01/20/31(a)(b)			3,140		3,118,215
Benefit Street Partners CLO X Ltd.(a)(b):
Series 2016-10A, Class A1, (LIBOR USD 3 Month + 1.49%), 4.09%, 01/15/29			750		750,468
Series 2016-10A, Class B, (LIBOR USD 3 Month + 2.80%), 5.40%, 01/15/29			3,442		3,440,036
Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class D, (LIBOR USD 3 Month + 6.41%), 9.01%, 10/15/30(a)(b)			1,055		1,028,464
Black Diamond CLO Ltd., Series 2014-1A, Class A1R, (LIBOR USD 3 Month + 1.15%), 3.74%, 10/17/26(a)(b)			1,856		1,858,371
BlueMountain CLO Ltd.(a)(b):
Series 2013-1A, Class A1R2, (LIBOR USD 3 Month + 1.23%), 3.82%, 01/20/29			13,443		13,451,445
Series 2013-2A, Class A1R, (LIBOR USD 3 Month + 1.18%), 3.77%, 10/22/30			9,405		9,395,542

Security	Par (000)			Value
Cayman Islands (continued)
Series 2015-1A, Class C, (LIBOR USD 3 Month + 3.75%), 6.35%, 04/13/27		USD	2,670	$	2,674,407
Series 2015-1A, Class D, (LIBOR USD 3 Month + 5.45%), 8.05%, 04/13/27			3,611		3,597,012
Series 2015-3A, Class A1R, (LIBOR USD 3 Month + 1.00%), 3.59%, 04/20/31			1,470		1,460,229
Series 2016-2A, Class D, (LIBOR USD 3 Month + 7.00%), 9.52%, 08/20/28			750		747,427
Bristol Park CLO Ltd., Series 2016-1A, Class E, (LIBOR USD 3 Month + 7.25%), 9.85%, 04/15/29(a)(b)			750		752,392
Burnham Park CLO Ltd., Series 2016-1A, Class ER, (LIBOR USD 3 Month + 5.40%), 7.99%, 10/20/29(a)(b)			750		709,502
Carlyle Global Market Strategies CLO Ltd.(a)(b):
Series 2014-1A, Class A1R2, (LIBOR USD 3 Month + 0.97%), 3.56%, 04/17/31			5,730		5,649,899
Series 2014-3RA, Class A1A, (LIBOR USD 3 Month + 1.05%), 3.63%, 07/27/31			1,540		1,527,873
Series 2015-1A, Class BR, (LIBOR USD 3 Month + 1.50%), 4.09%, 04/20/27			1,236		1,230,579
Series 2015-1A, Class CR, (LIBOR USD 3 Month + 2.00%), 4.59%, 04/20/27			5,606		5,611,455
Series 2015-1A, Class DR, (LIBOR USD 3 Month + 3.00%), 5.59%, 04/20/27			2,475		2,478,538
Series 2015-1A, Class E1, (LIBOR USD 3 Month + 5.30%), 7.89%, 04/20/27			2,265		2,264,847
Series 2015-2A, Class CR, (LIBOR USD 3 Month + 2.25%), 4.83%, 04/27/27			750		738,567
Series 2015-2A, Class DR, (LIBOR USD 3 Month + 4.35%), 6.93%, 04/27/27			1,250		1,213,508
Series 2015-3A, Class A2R, (LIBOR USD 3 Month + 1.60%), 4.18%, 07/28/28			7,120		7,117,104
Series 2015-4A, Class SBB1, (LIBOR USD 3 Month + 8.50%), 11.09%, 07/20/32			1,351		1,290,437
Series 2016-1A, Class DR, (LIBOR USD 3 Month + 5.20%), 7.79%, 04/20/27			2,100		2,022,308
Series 2016-2A, Class D2R, (LIBOR USD 3 Month + 5.17%), 7.77%, 07/15/27			750		707,723
Series 2016-3A, Class D, (LIBOR USD 3 Month + 7.00%), 9.59%, 10/20/29			750		752,184
Carlyle US CLO Ltd.(a)(b):
Series 2016-4A, Class CR, (LIBOR USD 3 Month + 2.80%), 5.39%, 10/20/27			3,250		3,134,245
Series 2017-4A, Class A1, (LIBOR USD 3 Month + 1.18%), 3.78%, 01/15/30			4,750		4,735,917

28 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Cayman Islands (continued)
CBAM Ltd.(a)(b):
Series 2017-1A, Class A1, (LIBOR USD 3 Month + 1.25%), 3.84%, 07/20/30		USD	6,700	$	6,684,426
Series 2017-2A, Class B1, (LIBOR USD 3 Month + 1.75%), 4.34%, 10/17/29			2,595		2,590,133
Series 2017-3A, Class B1, (LIBOR USD 3 Month + 1.70%), 4.29%, 10/17/29			450		446,558
Series 2017-3A, Class E1, (LIBOR USD 3 Month + 6.50%), 9.09%, 10/17/29			1,530		1,483,096
Series 2018-6A, Class A, (LIBOR USD 3 Month + 0.94%), 3.54%, 07/15/31			1,110		1,107,877
Series 2018-6A, Class B1, (LIBOR USD 3 Month + 1.50%), 4.10%, 07/15/31			1,860		1,829,816
Cedar Funding II CLO Ltd.(a)(b):
Series 2013-1A, Class A1R, (LIBOR USD 3 Month + 1.23%), 3.68%, 06/09/30			1,734		1,732,653
Series 2013-1A, Class BR, (LIBOR USD 3 Month + 1.75%), 4.20%, 06/09/30			4,900		4,886,577
Cedar Funding IV CLO Ltd., Series 2014-4A, Class AR, (LIBOR USD 3 Month + 1.23%), 3.82%, 07/23/30(a)(b)			1,500		1,499,685
Cedar Funding IX CLO Ltd.(a)(b):
Series 2018-9A, Class A1, (LIBOR USD 3 Month + 0.98%), 3.57%, 04/20/31			3,390		3,359,976
Series 2018-9A, Class E, (LIBOR USD 3 Month + 5.35%), 7.94%, 04/20/31			1,670		1,536,429
Cedar Funding VI CLO Ltd.(a)(b):
Series 2016-6A, Class AR, (LIBOR USD 3 Month + 1.09%), 3.68%, 10/20/28			17,830		17,819,780
Series 2016-6A, Class DR, (LIBOR USD 3 Month + 3.00%), 5.59%, 10/20/28			3,800		3,719,255
Series 2016-6A, Class ER, (LIBOR USD 3 Month + 5.90%), 8.49%, 10/20/28			3,300		3,130,690
Cedar Funding VII CLO Ltd., Series 2018-7A, Class E, (LIBOR USD 3 Month + 4.55%), 7.14%, 01/20/31(a)(b)			2,963		2,573,617
Cedar Funding VIII CLO Ltd.(a)(b):
Series 2017-8A, Class A1, (LIBOR USD 3 Month + 1.25%), 3.84%, 10/17/30			30,739		30,714,234
Series 2017-8A, Class B, (LIBOR USD 3 Month + 1.70%), 4.29%, 10/17/30			1,920		1,903,118
Series 2017-8A, Class C, (LIBOR USD 3 Month + 2.25%), 4.84%, 10/17/30			250		245,021
Series 2017-8A, Class D, (LIBOR USD 3 Month + 3.25%), 5.84%, 10/17/30			250		246,897
Cent CLO 17 Ltd., Series C17A, Class A1AR, (LIBOR USD 3 Month + 1.03%), 3.61%, 04/30/31(a)(b)			9,600		9,495,686

Security	Par (000)			Value
Cayman Islands (continued)
Cent CLO 24 Ltd., Series 2015-24A, Class A1R, (LIBOR USD 3 Month + 1.07%), 3.67%, 10/15/26(a)(b)		USD	15,620	$	15,622,598
CIFC Funding Ltd.(a)(b):
Series 2013-1A, Class A2R, (LIBOR USD 3 Month + 1.75%), 4.35%, 07/16/30			500		498,527
Series 2013-2A, Class A1LR, (LIBOR USD 3 Month + 1.21%), 3.81%, 10/18/30			10,950		10,925,816
Series 2014-1A, Class A1R2, (LIBOR USD 3 Month + 1.10%), 3.70%, 01/18/31			630		622,937
Series 2014-4RA, Class A1A, (LIBOR USD 3 Month + 1.13%), 3.72%, 10/17/30			1,000		998,369
Series 2015-2A, Class AR, (LIBOR USD 3 Month + 0.78%), 3.38%, 04/15/27			3,530		3,524,649
Series 2015-2A, Class CR, (LIBOR USD 3 Month + 1.70%), 4.30%, 04/15/27			5,675		5,622,585
Series 2016-1A, Class E, (LIBOR USD 3 Month + 6.75%), 9.34%, 10/21/28			3,310		3,311,343
Series 2017-1A, Class B, (LIBOR USD 3 Month + 1.70%), 4.29%, 04/23/29			2,120		2,115,256
Series 2017-1A, Class C, (LIBOR USD 3 Month + 2.45%), 5.04%, 04/23/29			9,270		9,267,852
Series 2017-2A, Class A, (LIBOR USD 3 Month + 1.24%), 3.83%, 04/20/30			7,750		7,748,735
Clear Creek CLO, Series 2015-1A, Class ER, (LIBOR USD 3 Month + 6.30%), 8.89%, 10/20/30(a)(b)			1,375		1,356,165
Cumberland Park CLO Ltd.(a)(b):
Series 2015-2A, Class CR, (LIBOR USD 3 Month + 1.80%), 4.39%, 07/20/28			1,470		1,438,682
Series 2015-2A, Class ER, (LIBOR USD 3 Month + 5.65%), 8.24%, 07/20/28			834		825,206
Cutwater Ltd., Series 2014-1A, Class A1AR, (LIBOR USD 3 Month + 1.25%), 3.85%, 07/15/26(a)(b)			4,001		4,001,455
CVP Cascade CLO-1 Ltd., Series 2013- CLO1, Class A1R, (LIBOR USD 3 Month + 1.15%), 3.75%, 01/16/26(a)(b)			322		322,016
Deer Creek CLO Ltd.(a)(b):
Series 2017-1A, Class A, (LIBOR USD 3 Month + 1.18%), 3.77%, 10/20/30			1,250		1,243,133
Series 2017-1A, Class E, (LIBOR USD 3 Month + 6.35%), 8.94%, 10/20/30			500		481,722
Dewolf Park CLO Ltd., Series 2017-1A, Class E, (LIBOR USD 3 Month + 6.20%), 8.80%, 10/15/30(a)(b)			1,000		985,389
Dryden 53 CLO Ltd., Series 2017-53A, Class A, (LIBOR USD 3 Month + 1.12%), 3.72%, 01/15/31(a)(b)			15,459		15,455,645
Dryden 55 CLO Ltd., Series 2018-55A, Class A1, (LIBOR USD 3 Month + 1.02%), 3.62%, 04/15/31(a)(b)			1,415		1,406,666

CONSOLIDATED SCHEDULES OF INVESTMENTS 29

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Cayman Islands (continued)
Dryden Senior Loan Fund, Series 2017- 47A, Class E, (LIBOR USD 3 Month + 6.20%), 8.80%, 04/15/28(a)(b)		USD	500	$	489,026
Dryden XXV Senior Loan Fund(a)(b):
Series 2012-25A, Class ARR, (LIBOR USD 3 Month + 0.90%), 3.50%, 10/15/27			19,920		19,877,849
Series 2012-25A, Class CRR, (LIBOR USD 3 Month + 1.85%), 4.45%, 10/15/27			1,500		1,488,538
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, (LIBOR USD 3 Month + 0.90%), 3.50%, 04/15/29(a)(b)			1,470		1,460,386
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1LR, (LIBOR USD 3 Month + 1.20%), 3.72%, 08/15/30(a)(b)			23,925		23,863,738
Elm CLO Ltd.(a)(b):
Series 2014-1A, Class ARR, (LIBOR USD 3 Month + 1.17%), 3.52%, 01/17/29			11,970		11,970,000
Series 2014-1A, Class BRR, (LIBOR USD 3 Month + 1.75%), 4.10%, 01/17/29			1,000		1,000,000
Elmwood CLO I Ltd., Series 2019-1A, Class A, (LIBOR USD 3 Month + 1.35%), 3.96%, 04/20/30(a)(b)			7,250		7,250,626
Emerson Park CLO Ltd.(a)(b):
Series 2013-1A, Class B1R, (LIBOR USD 3 Month + 1.45%), 4.05%, 07/15/25			1,000		999,223
Series 2013-1A, Class DR, (LIBOR USD 3 Month + 3.40%), 6.00%, 07/15/25			1,859		1,857,386
Flatiron CLO Ltd.(a)(b):
Series 2013-1A, Class A2R, (LIBOR USD 3 Month + 1.65%), 4.24%, 01/17/26			3,990		3,989,929
Series 2015-1A, Class AR, (LIBOR USD 3 Month + 0.89%), 3.49%, 04/15/27			5,030		5,031,879
Series 2015-1A, Class CR, (LIBOR USD 3 Month + 1.90%), 4.50%, 04/15/27			3,025		3,010,807
Galaxy XV CLO Ltd., Series 2013-15A, Class AR, (LIBOR USD 3 Month + 1.20%), 3.80%, 10/15/30(a)(b)			1,795		1,787,626
Galaxy XXIX CLO Ltd.(a)(b):
Series 2018-29A, Class B, (LIBOR USD 3 Month + 1.40%), 3.92%, 11/15/26			250		248,416
Series 2018-29A, Class C, (LIBOR USD 3 Month + 1.68%), 4.20%, 11/15/26			4,650		4,612,014
Series 2018-29A, Class D, (LIBOR USD 3 Month + 2.40%), 4.92%, 11/15/26			6,420		6,324,171
Gilbert Park CLO Ltd., Series 2017-1A, Class E, (LIBOR USD 3 Month + 6.40%), 9.00%, 10/15/30(a)(b)			1,500		1,488,070
GLG Ore Hill CLO Ltd., Series 2013-1A, Class A, (LIBOR USD 3 Month + 1.12%), 3.72%, 07/15/25(a)(b)			181		180,645

Security	Par (000)			Value
Cayman Islands (continued)
GoldenTree Loan Opportunities IX Ltd.(a)(b):
Series 2014-9A, Class AR2, (LIBOR USD 3 Month + 1.11%), 3.69%, 10/29/29		USD	6,130	$	6,120,559
Series 2014-9A, Class ER2, (LIBOR USD 3 Month + 5.66%), 8.24%, 10/29/29			2,250		2,192,802
GoldenTree Loan Opportunities XI Ltd., Series 2015-11A, Class AR2, (LIBOR USD 3 Month + 1.07%), 3.67%, 01/18/31(a)(b)			1,001		993,999
Greystone Commercial Real Estate Notes Ltd., Series 2017-FL1A, Class A, (LIBOR USD 1 Month + 1.55%), 3.94%, 03/15/27(a)(b)			2,870		2,861,326
Halcyon Loan Advisors Funding Ltd.(a)(b):
Series 2013-2A, Class A, (LIBOR USD 3 Month + 1.20%), 3.78%, 08/01/25			701		700,959
Series 2013-2A, Class C, (LIBOR USD 3 Month + 2.70%), 5.28%, 08/01/25			250		252,073
Series 2014-3A, Class B1R, (LIBOR USD 3 Month + 1.70%), 4.29%, 10/22/25			2,220		2,221,232
Highbridge Loan Management Ltd.(a)(b):
Series 12A-18, Class A1B, (LIBOR USD 3 Month + 1.25%), 3.85%, 07/18/31			930		928,432
Series 12A-18, Class D, (LIBOR USD 3 Month + 5.15%), 7.75%, 07/18/31			1,860		1,691,922
Series 2013-2A, Class DR, (LIBOR USD 3 Month + 6.60%), 9.19%, 10/20/29			500		494,007
Series 6A-2015, Class A1R, (LIBOR USD 3 Month + 1.00%), 3.57%, 02/05/31			8,145		8,073,111
Series 7A-2015, Class BR, (LIBOR USD 3 Month + 1.18%), 3.70%, 03/15/27			580		570,050
Series 7A-2015, Class CR, (LIBOR USD 3 Month + 1.70%), 4.22%, 03/15/27			1,670		1,642,400
Series 7A-2015, Class DR, (LIBOR USD 3 Month + 2.40%), 4.92%, 03/15/27			1,160		1,126,717
Series 7A-2015, Class ER, (LIBOR USD 3 Month + 5.00%), 7.52%, 03/15/27			740		710,334
HPS Loan Management Ltd.(a)(b):
Series 10A-16, Class C, (LIBOR USD 3 Month + 3.65%), 6.24%, 01/20/28			1,250		1,248,757
Series 10A-16, Class D, (LIBOR USD 3 Month + 6.50%), 9.09%, 01/20/28			4,000		3,924,853
Series 14A-19, Class A1, (LIBOR USD 3 Month + 1.27%), 3.54%, 07/25/30			1,000		1,000,000
ICG US CLO Ltd., Series 2015-1A, Class A1R, (LIBOR USD 3 Month + 1.14%), 3.73%, 10/19/28(a)(b)			4,550		4,545,283

30 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Cayman Islands (continued)
Kayne CLO II Ltd., Series 2018-2A, Class A, (LIBOR USD 3 Month + 1.24%), 3.84%, 10/15/31(a)(b)		USD	6,400	$	6,384,095
KKR CLO Ltd.(a)(b):
Series 16, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.69%, 01/20/29			7,200		7,199,961
Series 16, Class A2R, (LIBOR USD 3 Month + 1.80%), 4.24%, 01/20/29			5,700		5,698,785
LCM 26 Ltd., Series 26A, Class A1, (LIBOR USD 3 Month + 1.07%), 3.66%, 01/20/31(a)(b)			13,480		13,407,038
LCM XVIII LP, Series 18A, Class INC, 0.00%, 04/20/31(a)(c)			2,122		1,190,769
LCM XX LP(a)(b):
Series 20A, Class AR, (LIBOR USD 3 Month + 1.04%), 3.63%, 10/20/27			8,350		8,349,159
Series 20A, Class BR, (LIBOR USD 3 Month + 1.55%), 4.14%, 10/20/27			2,000		1,986,100
LCM XXI LP(a)(b):
Series 21A, Class AR, (LIBOR USD 3 Month + 0.88%), 3.47%, 04/20/28			3,670		3,653,763
Series 21A, Class ER, (LIBOR USD 3 Month + 5.75%), 8.34%, 04/20/28			1,470		1,459,868
LCM XXIV Ltd., Series 24A, Class A, (LIBOR USD 3 Month + 1.31%), 3.90%, 03/20/30(a)(b)			1,350		1,352,615
Limerock CLO III LLC(a)(b):
Series 2014-3A, Class A1R, (LIBOR USD 3 Month + 1.20%), 3.79%, 10/20/26			4,778		4,777,155
Series 2014-3A, Class C, (LIBOR USD 3 Month + 3.60%), 6.19%, 10/20/26			8,490		8,232,350
LoanCore Issuer Ltd., Series 2018- CRE1, Class A, (LIBOR USD 1 Month + 1.13%), 3.52%, 05/15/28(a)(b)			20,720		20,719,957
Madison Park Funding X Ltd.:
Series 2012-10A, Class AR2, (LIBOR USD 3 Month + 1.22%), 3.66%, 01/20/29(a)(b)			9,500		9,500,298
Series 2012-10A, Class BR2, (LIBOR USD 3 Month + 1.80%), 4.24%, 01/20/29(a)(b)			31,600		31,594,650
Series 2012-10A, Class CR2, (LIBOR USD 3 Month + 2.35%), 4.79%, 01/20/29(a)(b)			32,060		32,040,841
Series 2012-10A, Class DR2, (LIBOR USD 3 Month + 3.25%), 5.69%, 01/20/29(a)(b)			1,600		1,586,291
Series 2012-10A, Class ER2, (LIBOR USD 3 Month + 6.40%), 8.84%, 01/20/29(a)(b)			5,250		5,250,281
Series 2012-10X, Class SUB, 0.00%, 01/20/29(c)			2,750		1,921,279
Madison Park Funding XI Ltd.(a)(b):
Series 2013-11A, Class AR, (LIBOR USD 3 Month + 1.16%), 3.75%, 07/23/29			10,237		10,238,107

Security	Par (000)			Value
Cayman Islands (continued)
Series 2013-11A, Class ER, (LIBOR USD 3 Month + 6.45%), 9.04%, 07/23/29		USD	1,070	$	1,051,726
Madison Park Funding XII Ltd., Series 2014-12A, Class E, (LIBOR USD 3 Month + 5.10%), 7.69%, 07/20/26(a)(b)			1,140		1,138,100
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, (LIBOR USD 3 Month + 0.95%), 3.54%, 04/19/30(a)(b)			9,230		9,198,228
Madison Park Funding XIX Ltd.(a)(b):
Series 2015-19A, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.75%, 01/22/28			2,000		2,000,554
Series 2015-19A, Class A2R, (LIBOR USD 3 Month + 1.75%), 4.25%, 01/22/28			5,000		5,000,425
Madison Park Funding XV Ltd., Series 2014-15A, Class CR, (LIBOR USD 3 Month + 3.45%), 6.03%, 01/27/26(a)(b)			1,160		1,159,801
Madison Park Funding XVI Ltd.(a)(b):
Series 2015-16A, Class A1R, (LIBOR USD 3 Month + 1.33%), 3.92%, 04/20/26			4,240		4,244,146
Series 2015-16A, Class A2R, (LIBOR USD 3 Month + 1.90%), 4.49%, 04/20/26			500		500,248
Series 2015-16A, Class C, (LIBOR USD 3 Month + 3.70%), 6.29%, 04/20/26			1,200		1,202,475
Series 2015-16A, Class D, (LIBOR USD 3 Month + 5.50%), 8.09%, 04/20/26			4,030		4,030,057
Madison Park Funding XVIII Ltd., Series 2015-18A, Class A1R, (LIBOR USD 3 Month + 1.19%), 3.78%, 10/21/30(a)(b)			17,320		17,287,336
Madison Park Funding XXI Ltd., Series 2016-21A, Class A1, (LIBOR USD 3 Month + 1.53%), 4.11%, 07/25/29(a)(b)			5,090		5,089,228
Madison Park Funding XXIII Ltd.(a)(b):
Series 2017-23A, Class A, (LIBOR USD 3 Month + 1.21%), 3.79%, 07/27/30			4,500		4,496,344
Series 2017-23A, Class E, (LIBOR USD 3 Month + 6.25%), 8.83%, 07/27/30			1,000		989,126
Madison Park Funding XXV Ltd., Series 2017-25A, Class D, (LIBOR USD 3 Month + 6.10%), 8.68%, 04/25/29(a)(b)			1,500		1,458,319
Madison Park Funding XXVI Ltd.,
Series 2017-26A, Class ER, (LIBOR USD 3 Month + 6.50%), 9.08%, 07/29/30(a)(b)			525		515,976
Madison Park Funding XXX Ltd.(b):
Series 2018-30A, Class D, (LIBOR USD 3 Month + 2.50%), 5.10%, 04/15/29(a)			1,750		1,694,662
Series 2018-30A, Class E, (LIBOR USD 3 Month + 4.95%), 7.55%, 04/15/29(a)			2,050		2,001,092
Series 2018-30X, Class E, (LIBOR USD 3 Month + 4.95%), 7.55%, 04/15/29			1,000		976,142

CONSOLIDATED SCHEDULES OF INVESTMENTS 31

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Cayman Islands (continued)
Madison Park Funding XXXIV Ltd., Series 2019-34A, Class SUB, 0.00%, 04/25/48(a)(c)		USD	12,450	$	11,110,330
Marathon CLO VII Ltd., Series 2014-7A, Class A1R, (LIBOR USD 3 Month + 1.32%), 3.90%, 10/28/25(a)(b)			729		729,185
Marathon CRE Ltd., Series 2018-FL1, Class A, (LIBOR USD 1 Month + 1.15%), 3.54%, 06/15/28(a)(b)			4,790		4,789,991
Mariner CLO LLC(a)(b):
Series 2015-1A, Class CR, (LIBOR USD 3 Month + 2.50%), 5.09%, 04/20/29			5,500		5,472,449
Series 2016-3A, Class DR, (LIBOR USD 3 Month + 3.80%), 6.39%, 07/23/29			1,500		1,503,834
Series 2017-4A, Class A, (LIBOR USD 3 Month + 1.21%), 3.80%, 10/26/29			2,310		2,304,377
MidOcean Credit CLO III, Series 2014-3A, Class A3A2, (LIBOR USD 3 Month + 0.97%), 3.56%, 04/21/31(a)(b)			9,380		9,236,697
Mountain Hawk II CLO Ltd., Series 2013-2A, Class BR, (LIBOR USD 3 Month + 1.60%), 4.19%, 07/20/24(a)(b)			12,080		12,082,567
Mountain Hawk III CLO Ltd., Series 2014-3A, Class AR, (LIBOR USD 3 Month + 1.20%), 3.80%, 04/18/25(a)(b)			30,584		30,642,611
MP CLO VII Ltd., Series 2015-1A, Class ARR, (LIBOR USD 3 Month + 1.08%), 3.68%, 10/18/28(a)(b)			6,005		5,968,622
MP CLO VIII Ltd., Series 2015-2A, Class BR, (LIBOR USD 3 Month + 1.42%), 4.00%, 10/28/27(a)(b)			11,750		11,637,225
Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR, (LIBOR USD 3 Month + 3.65%), 6.24%, 04/22/29(a)(b)			1,432		1,426,701
Neuberger Berman CLO XVI-S Ltd.(a)(b):
Series 2017-16SA, Class A, (LIBOR USD 3 Month + 0.85%), 3.45%, 01/15/28			2,220		2,211,905
Series 2017-16SA, Class D, (LIBOR USD 3 Month + 2.50%), 5.10%, 01/15/28			1,650		1,611,563
Neuberger Berman CLO XX Ltd.(a)(b):
Series 2015-20A, Class AR, (LIBOR USD 3 Month + 0.80%), 3.40%, 01/15/28			1,311		1,303,570
Series 2015-20A, Class DR, (LIBOR USD 3 Month + 2.40%), 5.00%, 01/15/28			1,750		1,716,936
Series 2015-20A, Class ER, (LIBOR USD 3 Month + 5.00%), 7.60%, 01/15/28			3,663		3,507,758
Neuberger Berman Loan Advisers CLO Ltd., Series 2017-26A, Class A, (LIBOR USD 3 Month + 1.17%), 3.77%, 10/18/30(a)(b)			9,050		9,048,422
Oaktree CLO Ltd.(a)(b):
Series 2014-2A, Class A1AR, (LIBOR USD 3 Month + 1.22%), 3.81%, 10/20/26			619		619,668
Series 2014-2A, Class A2AR, (LIBOR USD 3 Month + 1.65%), 4.24%, 10/20/26			11,840		11,840,841

Security	Par (000)			Value
Cayman Islands (continued)
Series 2015-1A, Class A1R, (LIBOR USD 3 Month + 0.87%), 3.46%, 10/20/27		USD	10,390	$	10,382,948
Series 2015-1A, Class DR, (LIBOR USD 3 Month + 5.20%), 7.79%, 10/20/27			2,000		1,971,411
OCP CLO Ltd.(a)(b):
Series 2014-5A, Class A1R, (LIBOR USD 3 Month + 1.08%), 3.67%, 04/26/31			1,410		1,397,381
Series 2015-8A, Class A1R, (LIBOR USD 3 Month + 0.85%), 3.44%, 04/17/27			6,229		6,222,088
Series 2015-10A, Class BR, (LIBOR USD 3 Month + 1.85%), 4.44%, 10/26/27			1,750		1,741,287
Series 2016-12A, Class A1R, (LIBOR USD 3 Month + 1.12%), 3.72%, 10/18/28			7,793		7,783,919
Series 2016-12A, Class A2R, (LIBOR USD 3 Month + 1.60%), 4.20%, 10/18/28			1,500		1,484,518
Series 2016-12A, Class CR, (LIBOR USD 3 Month + 3.00%), 5.60%, 10/18/28			3,160		3,104,265
Series 2017-13A, Class D, (LIBOR USD 3 Month + 6.63%), 9.23%, 07/15/30			3,080		3,034,718
Octagon Investment Partners 30 Ltd., Series 2017-1A, Class D, (LIBOR USD 3 Month + 6.20%), 8.79%, 03/17/30(a)(b)			500		496,757
Octagon Investment Partners 31 LLC, Series 2017-1A, Class E, (LIBOR USD 3 Month + 6.30%), 8.89%, 07/20/30(a)(b)			1,000		984,585
Octagon Investment Partners 33 Ltd., Series 2017-1A, Class A1, (LIBOR USD 3 Month + 1.19%), 3.78%, 01/20/31(a)(b)			1,625		1,619,994
Octagon Investment Partners Ltd., Series 2018-18A, Class A1A, (LIBOR USD 3 Month + 0.96%), 3.56%, 04/16/31(a)(b)			14,800		14,639,214
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, (LIBOR USD 3 Month + 1.00%), 3.58%, 01/25/31(a)(b)			20,165		19,944,913
Octagon Investment Partners XXIII Ltd.(a)(b):
Series 2015-1A, Class CR, (LIBOR USD 3 Month + 1.85%), 4.45%, 07/15/27			1,470		1,455,627
Series 2015-1A, Class ER, (LIBOR USD 3 Month + 5.75%), 8.35%, 07/15/27			3,130		3,105,608
OFSI Fund VI Ltd.(a)(b):
Series 2014-6A, Class A2R, (LIBOR USD 3 Month + 1.13%), 3.73%, 03/20/25			19,506		19,460,992
Series 2014-6A, Class BR, (LIBOR USD 3 Month + 1.50%), 4.10%, 03/20/25			10,400		10,214,672
Series 2014-6A, Class CR, (LIBOR USD 3 Month + 2.50%), 5.10%, 03/20/25			7,830		7,822,314

32 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Cayman Islands (continued)
OFSI Fund VII Ltd., Series 2014-7A, Class AR, (LIBOR USD 3 Month + 0.90%), 3.50%, 10/18/26(a)(b)		USD	2,214	$	2,211,867
OHA Credit Partners IX Ltd., Series 2013-9A, Class A1R, (LIBOR USD 3 Month + 1.01%), 3.60%, 10/20/25(a)(b)			408		408,797
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, (LIBOR USD 3 Month + 7.15%), 9.74%, 01/21/30(a)(b)			740		741,351
OHA Loan Funding Ltd.(a)(b):
Series 2013-2A, Class AR, (LIBOR USD 3 Month + 1.04%), 3.56%, 05/23/31			10,470		10,379,078
Series 2015-1A, Class AR, (LIBOR USD 3 Month + 1.41%), 3.93%, 08/15/29			2,050		2,055,338
Series 2016-1A, Class B1, (LIBOR USD 3 Month + 1.80%), 4.39%, 01/20/28			1,157		1,156,776
Series 2016-1A, Class C, (LIBOR USD 3 Month + 2.55%), 5.14%, 01/20/28			11,605		11,608,759
Series 2016-1A, Class D, (LIBOR USD 3 Month + 3.75%), 6.34%, 01/20/28			12,830		12,817,400
Series 2016-1A, Class E, (LIBOR USD 3 Month + 6.50%), 9.09%, 01/20/28			5,338		5,270,195
OZLM Funding III Ltd., Series 2013-3A, Class BR, (LIBOR USD 3 Month + 3.00%), 5.59%, 01/22/29(a)(b)			17,095		17,089,089
OZLM Funding IV Ltd.(a)(b):
Series 2013-4A, Class A1R, (LIBOR USD 3 Month + 1.25%), 3.84%, 10/22/30			9,995		9,964,742
Series 2013-4A, Class A2R, (LIBOR USD 3 Month + 1.70%), 4.29%, 10/22/30			960		950,482
OZLM Funding Ltd.:
Series 2012-1A, Class A1R2, (LIBOR USD 3 Month + 1.23%), 3.82%, 07/22/29(a)(b)			500		498,583
Series 2012-1A, Class A2R2, (LIBOR USD 3 Month + 1.85%), 4.44%, 07/22/29(a)(b)			625		625,303
Series 2012-1A, Class CR2, (LIBOR USD 3 Month + 3.60%), 6.19%, 07/22/29(a)(b)			350		348,731
Series 2012-1X, Class SUB, 0.00%, 07/22/29(c)			4,610		1,668,995
OZLM VI Ltd., Series 2014-6A, Class SUB, 0.00%, 04/17/31(a)(c)			3,200		1,355,347
OZLM VIII Ltd.(a)(b):
Series 2014-8A, Class BRR, (LIBOR USD 3 Month + 2.20%), 4.79%, 10/17/29			4,750		4,638,800
Series 2014-8A, Class CRR, (LIBOR USD 3 Month + 3.15%), 5.74%, 10/17/29			4,735		4,690,154
OZLM XIV Ltd.(a)(b):
Series 2015-14A, Class A2AR, (LIBOR USD 3 Month + 1.70%), 4.30%, 01/15/29			8,000		7,952,958
Series 2015-14A, Class B1R, (LIBOR USD 3 Month + 2.10%), 4.70%, 01/15/29			8,870		8,765,918

Security	Par (000)			Value
Cayman Islands (continued)
Series 2015-14A, Class CR, (LIBOR USD 3 Month + 3.00%), 5.60%, 01/15/29		USD	9,535	$	9,319,843
Series 2015-14A, Class DR, (LIBOR USD 3 Month + 5.80%), 8.40%, 01/15/29			4,340		4,286,025
OZLM XIX Ltd., Series 2017-19A, Class A1, (LIBOR USD 3 Month + 1.22%), 3.82%, 11/22/30(a)(b)			2,250		2,251,010
OZLM XV Ltd.(a)(b):
Series 2016-15A, Class A1, (LIBOR USD 3 Month + 1.49%), 4.08%, 01/20/29			7,880		7,878,821
Series 2016-15A, Class A2A, (LIBOR USD 3 Month + 2.10%), 4.69%, 01/20/29			2,920		2,917,118
Series 2016-15A, Class C, (LIBOR USD 3 Month + 4.00%), 6.59%, 01/20/29			1,560		1,560,009
Series 2016-15A, Class D, (LIBOR USD 3 Month + 7.15%), 9.74%, 01/20/29			1,560		1,555,165
Palmer Square CLO Ltd.(a)(b):
Series 2014-1A, Class A1R2, (LIBOR USD 3 Month + 1.13%), 3.72%, 01/17/31			1,670		1,661,717
Series 2015-1A, Class A1R2, (LIBOR USD 3 Month + 1.22%), 3.74%, 05/21/29(d)			8,250		8,250,000
Series 2015-1A, Class A2R2, (LIBOR USD 3 Month + 1.65%), 4.17%, 05/21/29(d)			1,000		1,000,000
Series 2015-1A, Class CR2, (LIBOR USD 3 Month + 3.15%), 5.67%, 05/21/29(d)			1,500		1,500,000
Series 2015-2A, Class CR, (LIBOR USD 3 Month + 3.70%), 6.29%, 07/20/30			420		417,814
Series 2015-2A, Class DR, (LIBOR USD 3 Month + 6.50%), 9.09%, 07/20/30			2,120		2,078,432
Series 2018-1A, Class A1, (LIBOR USD 3 Month + 1.03%), 3.63%, 04/18/31			5,910		5,856,196
Series 2018-3A, Class A2, (LIBOR USD 3 Month + 1.35%), 3.87%, 08/15/26			10,427		10,376,060
Palmer Square Loan Funding Ltd.(a):
Series 2017-1A, Class A2, (LIBOR USD 3 Month + 1.30%), 3.90%, 10/15/25(b)			4,220		4,197,475
Series 2018-4A, Class A1, (LIBOR USD 3 Month + 0.90%), 3.42%, 11/15/26(b)			7,345		7,346,429
Series 2018-4A, Class B, (LIBOR USD 3 Month + 1.90%), 4.42%, 11/15/26(b)			12,720		12,629,072
Series 2018-4A, Class C, (LIBOR USD 3 Month + 2.55%), 5.07%, 11/15/26(b)			7,050		6,710,154
Series 2018-5A, Class B, (LIBOR USD 3 Month + 1.90%), 4.49%, 01/20/27(b)			11,488		11,441,738
Series 2018-5A, Class C, (LIBOR USD 3 Month + 2.55%), 5.14%, 01/20/27(b)			7,255		7,225,835

CONSOLIDATED SCHEDULES OF INVESTMENTS 33

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Cayman Islands (continued)
Series 2018-5A, Class D, (LIBOR USD 3 Month + 4.25%), 6.84%, 01/20/27(b)		USD	11,900	$	11,849,814
Series 2018-5A, Class SUB, (LIBOR USD 3 Month + 0.00%), 0.00%, 01/20/27			4,750		3,900,097
Series 2019-3A, Class A2, (LIBOR USD 3 Month + 1.60%), 0.00%, 08/20/27(b)			4,750		4,750,000
Series 2019-3A, Class C, (LIBOR USD 3 Month + 3.40%), 0.00%, 08/20/27(b)			2,000		2,000,000
Parallel Ltd.(a)(b):
Series 2015-1A, Class AR, (LIBOR USD 3 Month + 0.85%), 3.44%, 07/20/27			4,810		4,804,508
Series 2015-1A, Class C1R, (LIBOR USD 3 Month + 1.75%), 4.34%, 07/20/27			1,670		1,619,552
Series 2015-1A, Class DR, (LIBOR USD 3 Month + 2.55%), 5.14%, 07/20/27			3,250		3,163,887
Park Avenue Institutional Advisers CLO Ltd.(a)(b):
Series 2016-1A, Class DR, (LIBOR USD 3 Month + 5.85%), 8.37%, 08/23/31			4,250		4,011,295
Series 2017-1A, Class A1, (LIBOR USD 3 Month + 1.22%), 3.75%, 11/14/29			8,065		8,046,117
Series 2017-1A, Class A2, (LIBOR USD 3 Month + 1.70%), 4.23%, 11/14/29			1,820		1,810,461
Series 2017-1A, Class B, (LIBOR USD 3 Month + 2.15%), 4.68%, 11/14/29			2,000		1,971,714
Series 2017-1A, Class D, (LIBOR USD 3 Month + 6.22%), 8.75%, 11/14/29			5,270		5,091,290
Series 2018-1A, Class D, (LIBOR USD 3 Month + 6.15%), 8.74%, 10/20/31			2,000		1,924,452
Race Point IX CLO Ltd., Series 2015- 9A, Class A1AR, (LIBOR USD 3 Month + 1.21%), 3.81%, 10/15/30(a)(b)			2,070		2,071,797
Regatta Funding LP, Series 2013-2A, Class A1R2, (LIBOR USD 3 Month + 1.25%), 3.75%, 01/15/29(a)(b)			700		700,166
Regatta VI Funding Ltd.(a)(b):
Series 2016-1A, Class DR, (LIBOR USD 3 Month + 2.70%), 5.29%, 07/20/28			3,000		2,912,740
Series 2016-1A, Class ER, (LIBOR USD 3 Month + 5.00%), 7.59%, 07/20/28			3,000		2,872,926
Rockford Tower CLO Ltd.(a):
Series 2017-1A, Class B, (LIBOR USD 3 Month + 1.80%), 4.40%, 04/15/29(b)			5,670		5,659,583
Series 2017-1A, Class C, (LIBOR USD 3 Month + 2.55%), 5.15%, 04/15/29(b)			5,750		5,761,400
Series 2017-1A, Class D, (LIBOR USD 3 Month + 3.25%), 5.85%, 04/15/29(b)			6,860		6,848,643

Security	Par (000)			Value
Cayman Islands (continued)
Series 2017-1A, Class E, (LIBOR USD 3 Month + 5.40%), 8.00%, 04/15/29(b)		USD	7,800	$	7,206,699
Series 2017-2A, Class B, (LIBOR USD 3 Month + 1.75%), 4.35%, 10/15/29(b)			5,700		5,672,048
Series 2017-2A, Class C, (LIBOR USD 3 Month + 2.30%), 4.90%, 10/15/29(b)			1,250		1,234,485
Series 2017-2A, Class D, (LIBOR USD 3 Month + 3.45%), 6.05%, 10/15/29(b)			5,360		5,358,035
Series 2017-2A, Class E, (LIBOR USD 3 Month + 6.08%), 8.68%, 10/15/29(b)			9,010		8,624,410
Series 2017-3A, Class A, (LIBOR USD 3 Month + 1.19%), 3.78%, 10/20/30(b)			18,245		18,224,376
Series 2017-3A, Class B, (LIBOR USD 3 Month + 1.47%), 4.06%, 10/20/30(b)			1,150		1,124,225
Series 2017-3A, Class E, (LIBOR USD 3 Month + 5.75%), 8.34%, 10/20/30(b)			5,555		5,217,324
Series 2017-3A, Class SUB, 0.00%, 10/20/30(c)			2,000		1,880,284
Series 2018-1A, Class E, (LIBOR USD 3 Month + 5.85%), 8.37%, 05/20/31(b)			740		693,776
Series 2018-1A, Class SUB, 0.00%, 05/20/31(c)			2,000		1,779,326
Series 2018-2A, Class E, (LIBOR USD 3 Month + 6.00%), 8.59%, 10/20/31(b)			1,690		1,606,123
Series 2018-2A, Class SUB, 0.00%, 10/20/31(c)			2,000		1,780,086
Romark WM-R Ltd., Series 2018-1A, Class A1, (LIBOR USD 3 Month + 1.03%), 3.62%, 04/20/31(a)(b)			2,520		2,491,464
RR 2 Ltd.(a)(b):
Series 2017-2A, Class B, (LIBOR USD 3 Month + 2.00%), 4.60%, 10/15/29			500		492,064
Series 2017-2A, Class D, (LIBOR USD 3 Month + 6.20%), 8.80%, 10/15/29			1,340		1,293,499
RR 3 Ltd., Series 2018-3A, Class A1R2, (LIBOR USD 3 Month + 1.09%), 3.69%, 01/15/30(a)(b)			500		496,449
RR 6 Ltd., Series 2019-6A, Class A1A, (LIBOR USD 3 Month + 1.25%), 3.63%, 04/15/30(a)(b)			8,500		8,500,000
Seneca Park CLO Ltd.(a):
Series 2014-1A, Class AR, (LIBOR USD 3 Month + 1.12%), 3.71%, 07/17/26(b)			164		164,297
Series 2014-1A, Class CR, (LIBOR USD 3 Month + 2.15%), 4.74%, 07/17/26(b)			2,000		2,003,457
Series 2014-1A, Class D, (LIBOR USD 3 Month + 3.50%), 6.09%, 07/17/26(b)			11,660		11,660,055
Series 2014-1A, Class SUB, 0.00%, 07/17/26(c)			2,000		283,560

34 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Cayman Islands (continued)
Shackleton CLO Ltd.(a)(b):
Series 2013-3A, Class AR, (LIBOR USD 3 Month + 1.12%), 3.72%, 07/15/30		USD	8,880	$	8,826,504
Series 2016-9A, Class A, (LIBOR USD 3 Month + 1.50%), 4.09%, 10/20/28			1,032		1,031,861
Silver Creek CLO Ltd.(a)(b):
Series 2014-1A, Class AR, (LIBOR USD 3 Month + 1.24%), 3.83%, 07/20/30			3,750		3,748,033
Series 2014-1A, Class DR, (LIBOR USD 3 Month + 3.35%), 5.94%, 07/20/30			500		499,257
Series 2014-1A, Class E1R, (LIBOR USD 3 Month + 5.62%), 8.21%, 07/20/30			500		464,957
Sound Point CLO IX Ltd.(a)(b):
Series 2015-2A, Class DR, (LIBOR USD 3 Month + 2.65%), 5.24%, 07/20/27			1,300		1,298,124
Series 2015-2A, Class E, (LIBOR USD 3 Month + 5.50%), 8.09%, 07/20/27			1,300		1,300,516
Sound Point CLO XI Ltd., Series 2016- 1A, Class CR, (LIBOR USD 3 Month + 2.25%), 4.84%, 07/20/28(a)(b)			4,670		4,663,165
Sound Point CLO XIV Ltd.(a)(b):
Series 2016-3A, Class C, (LIBOR USD 3 Month + 2.65%), 5.24%, 01/23/29			1,560		1,560,400
Series 2016-3A, Class E, (LIBOR USD 3 Month + 6.65%), 9.24%, 01/23/29			1,710		1,715,107
Sound Point CLO XV Ltd., Series 2017- 1A, Class C, (LIBOR USD 3 Month + 2.50%), 5.09%, 01/23/29(a)(b)			5,338		5,302,250
Sound Point CLO XXIII Ltd., Series 2019-2A, Class A1, (LIBOR USD 3 Month + 1.40%), 3.88%, 04/15/32(a)(b)			22,720		22,729,960
Staniford Street CLO Ltd., Series 2014- 1A, Class AR, (LIBOR USD 3 Month + 1.18%), 3.59%, 06/15/25(a)(b)			756		756,698
Steele Creek CLO Ltd., Series 2017- 1A, Class A, (LIBOR USD 3 Month + 1.25%), 3.85%, 01/15/30(a)(b)			420		419,257
Strata CLO I Ltd.(a):
Series 2018-1A, Class E, (LIBOR USD 3 Month + 7.08%), 9.90%, 01/15/31(b)			1,690		1,566,883
Series 2018-1A, Class USUB, 0.00%, 01/15/2118(c)			7,680		6,643,254
Sudbury Mill CLO Ltd.(a)(b):
Series 2013-1A, Class A1R, (LIBOR USD 3 Month + 1.15%), 3.74%, 01/17/26			504		504,088
Series 2013-1A, Class A2R, (LIBOR USD 3 Month + 1.17%), 3.76%, 01/17/26			874		873,749
Symphony CLO XII Ltd., Series 2013-12A, Class AR, (LIBOR USD 3 Month + 1.03%), 3.63%, 10/15/25(a)(b)			815		815,199
Symphony CLO XIV Ltd., Series 2014-14A, Class A1R, (LIBOR USD 3 Month + 1.28%), 3.88%, 07/14/26(a)(b)			1,878		1,878,481

Security	Par (000)			Value
Cayman Islands (continued)
Symphony CLO XVII Ltd., Series 2016-17A, Class AR, (LIBOR USD 3 Month + 0.88%), 3.48%, 04/15/28(a)(b)		USD	5,170	$	5,148,809
Symphony CLO XVIII Ltd., Series 2016-18A, Class D, (LIBOR USD 3 Month + 4.00%), 6.59%, 01/23/28(a)(b)			750		750,006
TCI-Symphony CLO Ltd., Series 2017-1A, Class E, (LIBOR USD 3 Month + 6.45%), 9.05%, 07/15/30(a)(b)			1,921		1,880,799
Thacher Park CLO Ltd.(a)(b):
Series 2014-1A, Class AR, (LIBOR USD 3 Month + 1.16%), 3.75%, 10/20/26			7,042		7,045,309
Series 2014-1A, Class CR, (LIBOR USD 3 Month + 2.20%), 4.79%, 10/20/26			500		499,685
Series 2014-1A, Class D1R, (LIBOR USD 3 Month + 3.40%), 5.99%, 10/20/26			4,340		4,335,129
THL Credit Wind River CLO Ltd.(a)(b):
Series 2012-1A, Class BR2, (LIBOR USD 3 Month + 1.45%), 0.00%, 01/15/26			2,650		2,650,000
Series 2016-1A, Class AR, (LIBOR USD 3 Month + 1.05%), 3.65%, 07/15/28			1,500		1,498,984
TIAA CLO II Ltd.(a)(b):
Series 2017-1A, Class A, (LIBOR USD 3 Month + 1.28%), 3.87%, 04/20/29			250		250,355
Series 2017-1A, Class E, (LIBOR USD 3 Month + 5.85%), 8.44%, 04/20/29			500		477,795
TIAA CLO III Ltd.(a)(b):
Series 2017-2A, Class A, (LIBOR USD 3 Month + 1.15%), 3.75%, 01/16/31			269		266,983
Series 2017-2A, Class B, (LIBOR USD 3 Month + 1.50%), 4.10%, 01/16/31			750		735,083
TICP CLO VI Ltd.(a)(b):
Series 2016-6A, Class BR, (LIBOR USD 3 Month + 1.70%), 4.08%, 01/15/29			1,000		998,750
Series 2016-6A, Class ER, (LIBOR USD 3 Month + 6.40%), 8.78%, 01/15/29			2,000		1,990,000
TICP CLO VII Ltd., Series 2017-7A, Class E, (LIBOR USD 3 Month + 6.51%), 9.11%, 07/15/29(a)(b)			6,830		6,699,923
TICP CLO XII Ltd., Series 2018-12A, Class E, (LIBOR USD 3 Month + 5.50%), 8.31%, 01/15/31(a)(b)			1,250		1,216,304
Treman Park CLO Ltd., Series 2015-1A, Class DRR, (LIBOR USD 3 Month + 2.65%), 5.24%, 10/20/28(a)(b)			7,560		7,408,744
TRESTLES CLO II Ltd., Series 2018-2A, Class D, (LIBOR USD 3 Month + 5.75%), 8.33%, 07/25/31(a)(b)			3,860		3,627,909
TRESTLES CLO Ltd.(a)(b):
Series 2017-1A, Class A1A, (LIBOR USD 3 Month + 1.29%), 3.87%, 07/25/29			17,350		17,366,023
Series 2017-1A, Class B, (LIBOR USD 3 Month + 2.55%), 5.13%, 07/25/29			3,127		3,132,542

CONSOLIDATED SCHEDULES OF INVESTMENTS 35

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Cayman Islands (continued)
Triaxx Prime CDO Ltd., Series 2006-1A, Class A2, (LIBOR USD 3 Month + 0.45%), 2.97%, 03/03/39(a)(b)		USD	50,060	$	3,310,208
Trinitas CLO II Ltd., Series 2014-2A, Class A1R, (LIBOR USD 3 Month + 1.18%), 3.78%, 07/15/26(a)(b)			1,400		1,401,527
Venture XXIV CLO Ltd.(a)(b):
Series 2016-24A, Class A1D, (LIBOR USD 3 Month + 1.42%), 4.01%, 10/20/28			2,968		2,970,890
Series 2016-24A, Class E, (LIBOR USD 3 Month + 6.72%), 9.31%, 10/20/28			2,696		2,680,514
Vibrant CLO IV Ltd.(a)(b):
Series 2016-4A, Class C, (LIBOR USD 3 Month + 3.30%), 5.89%, 07/20/28			4,440		4,437,144
Series 2016-4A, Class D, (LIBOR USD 3 Month + 4.50%), 7.09%, 07/20/28			1,680		1,687,337
Vibrant CLO V Ltd., Series 2016-5A, Class A, (LIBOR USD 3 Month + 1.55%), 4.14%, 01/20/29(a)(b)			2,920		2,919,651
Vibrant CLO VII Ltd., Series 2017-7A, Class A1, (LIBOR USD 3 Month + 1.27%), 3.86%, 09/15/30(a)(b)			3,746		3,725,963
Voya CLO Ltd.(a)(b):
Series 2015-2A, Class BR, (LIBOR USD 3 Month + 1.50%), 4.09%, 07/23/27			750		743,150
Series 2016-2A, Class D, (LIBOR USD 3 Month + 6.95%), 9.54%, 07/19/28			975		968,689
Series 2017-4A, Class A1, (LIBOR USD 3 Month + 1.13%), 3.73%, 10/15/30			3,500		3,489,662
Series 2019-1A, Class A, (LIBOR USD 3 Month + 1.17%), 3.81%, 04/15/29			22,100		22,118,133
West CLO Ltd.(a)(b):
Series 2013-1A, Class A1AR, (LIBOR USD 3 Month + 1.16%), 3.73%, 11/07/25			1,623		1,623,038
Series 2013-1A, Class C, (LIBOR USD 3 Month + 3.65%), 6.22%, 11/07/25			1,025		1,025,353
Westcott Park CLO Ltd.(a)(b):
Series 2016-1A, Class AR, (LIBOR USD 3 Month + 1.21%), 3.68%, 07/20/28			14,200		14,200,828
Series 2016-1A, Class DR, (LIBOR USD 3 Month + 3.25%), 5.72%, 07/20/28			2,315		2,297,231
Series 2016-1A, Class ER, (LIBOR USD 3 Month + 6.40%), 8.87%, 07/20/28			4,375		4,375,127
York CLO-3 Ltd.(a):
Series 2016-1A, Class AR, (LIBOR USD 3 Month + 1.25%), 3.84%, 10/20/29(b)			6,540		6,533,068
Series 2016-1A, Class BR, (LIBOR USD 3 Month + 1.75%), 4.34%, 10/20/29(b)			13,480		13,420,412
Series 2016-1A, Class DR, (LIBOR USD 3 Month + 3.60%), 6.19%, 10/20/29(b)			9,678		9,680,686

Security	Par (000)			Value
Cayman Islands (continued)
Series 2016-1A, Class ER, (LIBOR USD 3 Month + 6.40%), 8.99%, 10/20/29(b)		USD	7,052	$	6,878,737
Series 2016-1A, Class FR, (LIBOR USD 3 Month + 7.25%), 9.84%, 10/20/29(b)			2,917		2,606,977
Series 2016-1A, Class SUB, 0.00%, 10/20/29(c)			9,100		6,502,976
York CLO-4 Ltd.(a):
Series 2016-2A, Class A, (LIBOR USD 3 Month + 1.63%), 4.22%, 01/20/30(b)			1,885		1,892,134
Series 2016-2A, Class D, (LIBOR USD 3 Month + 4.10%), 6.69%, 01/20/30(b)			5,890		5,927,369
Series 2016-2A, Class E, (LIBOR USD 3 Month + 6.94%), 9.53%, 01/20/30(b)			6,180		6,196,162
Series 2016-2A, Class SUB, 0.00%, 01/20/30(c)			11,990		8,040,986
					2,356,347,780
France — 0.0%
FCT Noria(b):
Series 2018-1, Class D, (EURIBOR 1 Month + 1.50%), 1.10%, 06/25/38		EUR	1,700		1,946,122
Series 2018-1, Class E, (EURIBOR 1 Month + 2.65%), 2.25%, 06/25/38			1,800		2,062,260
					4,008,382
Ireland — 0.2%
Anchorage Capital Europe CLO 2 DAC, Series 2X, Class E, (EURIBOR 3 Month + 5.66%), 5.66%, 05/15/31(b)			1,580		1,761,841
Aqueduct European CLO DAC(b):
Series 2017-2X, Class B1, (EURIBOR 3 Month + 1.20%), 1.20%, 10/15/30			2,518		2,822,057
Series 2017-2X, Class E, (EURIBOR 3 Month + 4.40%), 4.40%, 10/15/30			534		553,061
Arbour CLO IV DAC, Series 4X, Class E, (EURIBOR 3 Month + 5.60%), 5.60%, 01/15/30(b)			2,200		2,492,905
Aurium CLO II DAC, Series 2X, Class ER, (EURIBOR 3 Month + 5.10%), 5.10%, 10/13/29(b)			450		509,947
Avoca(b):
Series 2018X, Class B1, (EURIBOR 3 Month + 1.25%), 1.25%, 04/15/31			5,800		6,476,789
Series 2018X, Class E, (EURIBOR 3 Month + 4.60%), 4.60%, 04/15/31			2,300		2,440,910
Avoca CLO XV DAC:
Series 15X, Class ER, (EURIBOR 3 Month + 4.13%), 4.13%, 04/15/31(b)			2,610		2,718,095
Series 15X, Class FR, (EURIBOR 3 Month + 5.84%), 5.84%, 04/15/31(b)			1,760		1,743,501
Series 15X, Class M1, 0.00%, 04/15/31(c)			3,100		2,776,213

36 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Ireland (continued)
Avoca CLO XX DAC, Series 20X, Class E, (EURIBOR 3 Month + 5.75%), 5.75%, 07/15/32(b)	EUR		783	$	852,176
BILB, Series 1X, Class A2A, (EURIBOR 3 Month + 1.30%), 1.30%, 07/20/31(b)			4,300		4,840,411
Bilbao CLO I DAC, Series 1X, Class D, (EURIBOR 3 Month + 4.73%), 4.73%, 07/20/31(b)			1,400		1,483,532
Cadogan Square CLO X DAC, Series 10X, Class M, 0.00%, 10/25/30(c) .			600		592,230
Cadogan Square CLO XI DAC, Series 11X, Class C, (EURIBOR 3 Month + 1.85%), 1.85%, 02/15/31(b)			1,350		1,514,155
CVC Cordatus Loan Fund IV Ltd., Series 4X, Class SUB, 0.00%, 04/22/30(c)			10,200		7,984,711
CVC Cordatus Loan Fund VI DAC:
Series 6X, Class ER, (EURIBOR 3 Month + 4.51%), 4.51%, 04/15/32(b)			1,340		1,410,464
Series 6X, Class SUB, 0.00%, 04/15/32(c)			2,925		2,324,341
CVC Cordatus Loan Fund VIII DAC, Series 8X, Class E, (EURIBOR 3 Month + 5.70%), 5.70%, 04/23/30(b)			700		797,980
Euro-Galaxy VII CLO DAC, Series 2019-7X, Class A1, (EURIBOR 3 Month + 1.14%), 1.14%, 04/25/32(b)			2,975		3,405,416
GLGE, Series 4X, (EURIBOR 3 Month + 1.05%), 1.03%, 10/15/30(b)			3,581		3,942,950
Harvest CLO XVI DAC, Series 16X, Class ER, (EURIBOR 3 Month + 5.57%), 5.57%, 10/15/31(b)			880		978,775
Invesco Euro CLO I DAC, Series 1X, Class B, (EURIBOR 3 Month + 1.85%), 1.85%, 07/15/31(b)			2,860		3,263,736
OCP Euro CLO DAC(b):
Series 2017-2X, Class B, (EURIBOR 3 Month + 1.35%), 1.35%, 01/15/32			1,500		1,688,436
Series 2017-2X, Class E, (EURIBOR 3 Month + 5.00%), 5.00%, 01/15/32			897		992,112
Series 2017-2X, Class F, (EURIBOR 3 Month + 6.40%), 6.40%, 01/15/32			600		613,694
OCP Euro DAC, Series 2017-1X, Class E, (EURIBOR 3 Month + 5.35%), 5.35%, 06/18/30(b)			400		442,900
OZLME, Series 4X, Class B1, (EURIBOR 3 Month + 1.35%), 1.35%, 10/15/31(b)			2,890		3,273,387
OZLME II DAC, Series 2X, Class E, (EURIBOR 3 Month + 4.90%), 4.90%, 10/15/30(b)			862		940,775
Providus CLO III DAC, Series 3X, Class E, (EURIBOR 3 Month + 5.78%), 0.00%, 07/20/32(b)			1,600		1,765,325
Voya Euro CLO I DAC(b):
Series 1X, Class A, (EURIBOR 3 Month + 0.75%), 0.75%, 10/15/30			3,420		3,872,472
Series 1X, Class SUB, (EURIBOR 3 Month + 0.00%), 0.00%, 10/15/30			1,749		1,825,425
					73,100,722

Security		Par (000)		Value
Netherlands — 0.1%
ALME Loan Funding V BV, Series 5X, Class B1R, (EURIBOR 3 Month + 1.60%), 1.60%, 07/15/31(b)	EUR		2,900	$	3,308,334
Avoca CLO XIV DAC:
Series 14X, Class ER, (EURIBOR 3 Month + 4.70%), 4.70%, 01/12/31(b)			2,240		2,428,614
Series 14X, Class FR, (EURIBOR 3 Month + 6.35%), 6.35%, 01/12/31(b)			1,100		1,128,028
Series 14X, Class SUB, 0.00%, 01/12/31(c)			4,510		3,659,806
Cairn CLO IX BV(b):
Series 2018-9X, Class B1, (EURIBOR 3 Month + 1.00%), 1.00%, 03/21/32			2,600		2,900,076
Series 2018-9X, Class E, (EURIBOR 3 Month + 4.13%), 4.13%, 04/25/32			1,240		1,266,828
Dryden 46 Euro CLO BV,Series 2016-46X, Class E, (EURIBOR 3 Month + 5.75%), 5.75%, 01/15/30(b)			780		892,536
Dryden 56 Euro CLO BV,Series 2017-56X, Class E, (EURIBOR 3 Month + 4.72%), 4.72%, 01/15/32(b)			1,225		1,304,036
Halcyon Loan Advisors European Funding, Series 2018-1X, Class B1, (EURIBOR 3 Month + 1.48%), 1.48%, 10/18/31(b)			2,600		2,908,392
OZLME III DAC:
Series 3X, Class E, (EURIBOR 3 Month + 4.80%), 4.80%, 08/24/30(b)			1,000		1,058,390
Series 3X, Class SUB, 0.00%, 08/24/30(c)			3,000		2,609,433
					23,464,473
Portugal — 0.1%
TAGUS -Sociedade de Titularizacao de Creditos SA:
Series 4, Class SNR, 2.42%, 02/12/21			8,405		9,683,344
Series 5, Class SEN, 0.85%, 02/12/22			18,118		20,597,201
Series 7, 0.70%, 02/12/24(d)			14,400		16,374,239
					46,654,784
United Kingdom — 0.1%
Motor plc:
Series 2016-1, Class C, 3.75%, 11/25/25	GBP		6,720		8,649,803
Series 2016-1, Class D, 4.25%, 11/25/25			1,325		1,700,566
Series 2016-1, Class E, 5.25%, 11/25/25			1,112		1,430,490
Newday Funding plc(b):
Series 2017-1, Class C, (LIBOR GBP 1 Month + 1.90%), 2.63%, 07/15/25			3,800		4,833,893
Series 2017-1, Class D, (LIBOR GBP 1 Month + 2.25%), 2.98%, 07/15/25			3,900		4,970,893
PCL Funding II plc(b):
Series 2017-1, Class B, (LIBOR GBP 1 Month + 1.75%), 2.48%, 06/15/22			904		1,149,715

CONSOLIDATED SCHEDULES OF INVESTMENTS 37

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United Kingdom (continued)
Series 2017-1, Class C, (LIBOR GBP 1 Month + 2.25%), 2.98%, 06/15/22	GBP		556	$	702,776
PCL Funding III plc(b):
Series 2017-2, Class B, (LIBOR GBP 1 Month + 1.40%), 2.13%, 06/15/23			821		1,019,048
Series 2017-2, Class C, (LIBOR GBP 1 Month + 1.85%), 2.58%, 06/15/23			635		780,795
Trafford Centre Finance Ltd. (The), Series B2, (LIBOR GBP 3 Month + 0.83%), 1.64%, 07/28/35(b)			3,400		3,765,123
Turbo Finance 8 plc, Series 8, Class C, (LIBOR GBP 1 Month + 1.95%), 2.67%, 02/20/26(b)			1,275		1,629,863
Unique Pub Finance Co. plc (The), Series A4, 5.66%, 06/30/27			8,841		12,507,278
					43,140,243
United States — 7.3%
Accredited Mortgage Loan Trust, Series 2006-1, Class M2, (LIBOR USD 1 Month + 0.34%), 2.74%, 04/25/36(b)	USD		14,870		8,044,752
ACE Securities Corp. Home Equity Loan Trust, Series 2007-HE4, Class A2A, (LIBOR USD 1 Month + 0.13%), 2.53%, 05/25/37(b)			8,289		2,292,105
ACE Securities Manufactured Housing Loan Trust, Series 2003-MH1, Class B2, 0.00%, 08/15/30(a)(d)			4,541		3,485,233
Ajax Mortgage Loan Trust(a):
Series 2017-D, Class A, 3.75%, 12/25/57			27,335		28,087,179
Series 2017-D, Class B, 0.00%, 12/25/57(c)(d)			4,551		2,048,093
Series 2018-A, Class A, 3.85%, 04/25/58(d)			27,993		27,544,803
Series 2018-A, Class B, 0.00%, 04/25/58(d)			7,311		4,240,270
Series 2018-B, Class A, 3.75%, 02/26/57(d)			18,397		18,376,556
Series 2018-B, Class B, 0.00%, 02/26/57(d)			9,060		2,536,729
Series 2018-D, Class A, 3.75%, 08/25/58(c)(d)			31,905		31,825,180
Series 2018-D, Class B, 0.00%, 08/25/58(c)(d)			7,906		4,427,624
Series 2018-E, Class A, 4.38%, 06/25/58(c)			13,428		13,578,294
Series 2018-E, Class B, 5.25%, 06/25/58(c)			2,263		2,330,724
Series 2018-E, Class C, 0.00%, 06/25/58(c)(d)			5,854		1,748,110
Series 2018-F,Class A, 4.38%, 11/25/58(c)(d)			46,887		47,238,215
Series 2018-F,Class B, 5.25%, 11/25/58(c)(d)			6,598		6,524,281
Series 2018-F,Class C, 0.00%, 11/25/58(d)			16,085		7,790,204
Series 2018-G, Class A, 4.38%, 06/25/57(c)(d)			42,785		42,789,435
Series 2018-G, Class B, 5.25%, 06/25/57(c)(d)			5,510		5,411,206
Series 2018-G, Class C, 5.25%, 06/25/57(d)			14,226		13,195,626

Security		Par (000)		Value
United States (continued)
Series 2019-A, Class A, 3.75%, 08/25/57(c)	USD		40,848	$	41,050,992
Series 2019-A, Class B, 5.25%, 08/25/57(c)(d)			4,203		4,116,798
Series 2019-A, Class C, 0.00%, 08/25/57			10,602		8,565,325
Series 2019-B, Class A, 3.75%, 01/25/59(c)			66,633		67,017,232
Series 2019-B, Class B, 5.25%, 01/25/59(c)			6,949		6,810,327
Series 2019-B, Class C, 0.00%, 01/25/59(d)			17,873		12,927,742
Series 2019-C, Class A, 3.95%, 10/25/58(c)(d)			17,552		17,627,722
ALM VII R-2 Ltd., Series 2013-7R2A, Class CR2, (LIBOR USD 3 Month + 3.00%), 5.60%, 10/15/27(a)(b)			1,750		1,709,792
ALM XVII Ltd.(a)(b):
Series 2015-17A, Class A1AR, (LIBOR USD 3 Month + 0.93%), 3.53%, 01/15/28			250		249,374
Series 2015-17A, Class BR, (LIBOR USD 3 Month + 2.10%), 4.70%, 01/15/28			2,350		2,340,149
Series 2015-17A, Class CR, (LIBOR USD 3 Month + 2.80%), 5.40%, 01/15/28			2,530		2,498,900
American Homes 4 Rent Trust(a):
Series 2014-SFR2, Class E, 6.23%, 10/17/36			8,624		9,666,021
Series 2015-SFR1, Class XS, 0.00%, 04/17/52(c)			23,156		232
Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (LIBOR USD 1 Month + 0.48%), 2.88%, 05/25/35(b)			8,873		7,692,678
B2R Mortgage Trust(a):
Series 2015-1, Class A1, 2.52%, 05/15/48			468		466,079
Series 2015-2, Class A, 3.34%, 11/15/48			2,315		2,316,863
Series 2015-2, Class XA, 2.47%, 11/15/48(c)			27,927		688,682
BankAmerica Manufactured Housing Contract Trust(c):
Series 1997-2, Class B1, 7.07%, 02/10/22			4,500		3,558,101
Series 1998-2, Class B1, 7.93%, 12/10/25			8,475		5,118,891
Bayview Financial Revolving Asset Trust(a)(b):
Series 2004-B, Class A1, (LIBOR USD 1 Month + 1.00%), 3.40%, 05/28/39			28,891		26,671,413
Series 2004-B, Class A2, (LIBOR USD 1 Month + 1.30%), 3.70%, 05/28/39			1,601		1,349,827
Series 2005-A, Class A1, (LIBOR USD 1 Month + 1.00%), 3.40%, 02/28/40			7,227		6,999,154
Series 2005-E, Class A1, (LIBOR USD 1 Month + 1.00%), 3.40%, 12/28/40			3,370		3,185,436
BCMSC Trust(c):
Series 2000-A, Class A2, 7.58%, 06/15/30			7,777		2,683,600

38 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Series 2000-A, Class A3, 7.83%, 06/15/30	USD		7,219	$	2,575,119
Series 2000-A, Class A4, 8.29%, 06/15/30			5,207		1,966,445
Bear Stearns Asset-Backed Securities I Trust(b):
Series 2004-HE7, Class M2, (LIBOR USD 1 Month + 1.73%), 4.13%, 08/25/34			652		652,132
Series 2006-HE1, Class 1M4, (LIBOR USD 1 Month + 0.68%), 3.08%, 12/25/35			4,575		5,948,249
Series 2006-HE7, Class 1A2, (LIBOR USD 1 Month + 0.17%), 2.57%, 09/25/36			6,308		7,377,739
Series 2007-FS1, Class 1A3, (LIBOR USD 1 Month + 0.17%), 2.57%, 05/25/35			5,301		5,646,529
Series 2007-HE1, Class 21A2, (LIBOR USD 1 Month + 0.16%), 2.56%, 01/25/37			3,076		3,020,076
Series 2007-HE2, Class 1A4, (LIBOR USD 1 Month + 0.32%), 2.72%, 03/25/37			2,798		1,957,158
Series 2007-HE2, Class 22A, (LIBOR USD 1 Month + 0.14%), 2.54%, 03/25/37			4,333		4,284,622
Series 2007-HE2, Class 23A, (LIBOR USD 1 Month + 0.14%), 2.54%, 03/25/37			7,632		7,940,701
Series 2007-HE3, Class 1A3, (LIBOR USD 1 Month + 0.25%), 2.65%, 04/25/37			2,954		3,132,858
Series 2007-HE3, Class 1A4, (LIBOR USD 1 Month + 0.35%), 2.75%, 04/25/37			18,705		15,947,980
Bear Stearns Asset-Backed Securities Trust, Series 2005-4, Class M2, (LIBOR USD 1 Month + 1.20%), 3.60%, 01/25/36(b)			492		491,400
Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M1, (LIBOR USD 1 Month + 1.20%), 3.60%, 01/25/36(a)(b)			109		109,258
Carlyle Global Market Strategies CLO Ltd., Series 2013-2A, Class AR, (LIBOR USD 3 Month + 0.89%), 3.49%, 01/18/29(a)(b)			3,630		3,611,841
Carrington Mortgage Loan Trust(b):
Series 2006-FRE1, Class A4, (LIBOR USD 1 Month + 0.25%), 2.65%, 04/25/36			9,244		7,873,890
Series 2006-FRE2, Class A2, (LIBOR USD 1 Month + 0.12%), 2.52%, 10/25/36			3,504		2,711,263
Series 2006-FRE2, Class A3, (LIBOR USD 1 Month + 0.16%), 2.56%, 10/25/36			9,628		7,486,064
Series 2006-FRE2, Class A5, (LIBOR USD 1 Month + 0.08%), 2.48%, 03/25/35			4,110		3,164,945
Series 2006-NC1, Class M2, (LIBOR USD 1 Month + 0.42%), 2.82%, 01/25/36			1,620		1,254,893

Security		Par (000)		Value
United States (continued)
Series 2006-NC3, Class A4, (LIBOR USD 1 Month + 0.24%), 2.64%, 08/25/36	USD		9,267	$	7,245,900
Series 2006-NC4, Class A3, (LIBOR USD 1 Month + 0.16%), 2.56%, 10/25/36			3,089		2,865,674
Series 2006-NC5, Class A3, (LIBOR USD 1 Month + 0.15%), 2.55%, 01/25/37			1,372		1,131,988
Series 2007-RFC1, Class A4, (LIBOR USD 1 Month + 0.22%), 2.62%, 10/25/36			5,940		4,098,231
C-BASS Trust:
Series 2006-CB7, Class A4, (LIBOR USD 1 Month + 0.16%), 2.56%, 10/25/36(b)			1,867		1,437,635
Series 2007-CB1, Class AF4, 3.57%, 01/25/37(e)			1,227		539,901
Citicorp Residential Mortgage Trust, Series 2007-2, Class M1, 5.02%, 06/25/37(e)			7,650		7,444,545
Citigroup Mortgage Loan Trust(b):
Series 2007-AHL2, Class A3B, (LIBOR USD 1 Month + 0.20%), 2.60%, 05/25/37			19,041		14,022,279
Series 2007-AHL2, Class A3C, (LIBOR USD 1 Month + 0.27%), 2.67%, 05/25/37			8,650		6,430,369
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH4, Class M3, (LIBOR USD 1 Month + 0.32%), 2.72%, 11/25/36(b)			7,880		6,945,875
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.55%, 12/05/22(a)(c)			88,590		89,749,651
Conseco Finance Corp.:
Series 1996-10, Class B1, 7.24%, 11/15/28(c)			3,628		3,033,631
Series 1997-3, Class M1, 7.53%, 03/15/28(c)			5,991		6,009,960
Series 1997-6, Class M1, 7.21%, 01/15/29(c)			4,480		4,562,199
Series 1998-4, Class M1, 6.83%, 04/01/30(c)			1,003		915,598
Series 1998-6, Class M1, 6.63%, 06/01/30(c)			3,000		2,853,701
Series 1998-8, Class A1, 6.28%, 09/01/30			3,241		3,440,089
Series 1998-8, Class M1, 6.98%, 09/01/30(c)			7,379		6,524,876
Series 1999-5, Class A5, 7.86%, 03/01/30(c)			4,680		3,332,008
Series 1999-5, Class A6, 7.50%, 03/01/30(c)			3,426		2,357,363
Conseco Finance Securitizations Corp.:
Series 2000-1, Class A5, 8.06%, 09/01/29(c)			4,623		2,052,877
Series 2000-4, Class A5, 7.97%, 05/01/32			16,315		6,893,896
Series 2000-4, Class A6, 8.31%, 05/01/32(c)			5,761		2,538,257
Series 2000-5, Class A6, 7.96%, 05/01/31			6,794		3,811,438
Series 2000-5, Class A7, 8.20%, 05/01/31			12,371		7,136,794

CONSOLIDATED SCHEDULES OF INVESTMENTS 39

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Countrywide Asset-Backed Certificates, Series 2006-S3, Class A4, 6.66%, 01/25/29(e)	USD		1,420	$	1,568,007
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B, 2.50%, 01/25/30(a)			6,056		5,879,712
Credit-Based Asset Servicing & Securitization LLC:
Series 2006-CB2, Class AF4, 3.43%, 12/25/36(e)			1,439		1,321,156
Series 2006-MH1, Class B1, 6.25%, 10/25/36(a)(e)			2,397		2,464,411
Series 2006-SL1, Class A2, 6.06%, 09/25/36(a)(e)			13,422		1,965,668
Series 2007-CB6, Class A4, (LIBOR USD 1 Month + 0.34%), 2.74%, 07/25/37(a)(b)			2,211		1,503,615
CWABS Asset-Backed Certificates Trust:
Series 2005-16, Class 1AF, 5.69%, 05/25/36(c)			10,317		10,252,731
Series 2005-16, Class 2AF3, 5.67%, 05/25/36(c)			2,257		2,296,791
Series 2005-17, Class 1AF4, 6.05%, 05/25/36(e)			7,487		7,586,113
Series 2006-11, Class 3AV2, (LIBOR USD 1 Month + 0.16%), 2.56%, 09/25/46(b)			778		767,141
CWABS Revolving Home Equity Loan Trust, Series 2004-U, Class 2A, (LIBOR USD 1 Month + 0.27%), 2.66%, 03/15/34(b)			739		705,583
CWHEQ Home Equity Loan Trust:
Series 2006-S2, Class A3, 5.84%, 07/25/27			245		511,361
Series 2006-S5, Class A5, 6.16%, 06/25/35			2,544		2,760,668
CWHEQ Revolving Home Equity Loan Resuritization Trust(a)(b):
Series 2006-RES, Class 4Q1B, (LIBOR USD 1 Month + 0.30%), 2.69%, 12/15/33			80		76,357
Series 2006-RES, Class 5B1A, (LIBOR USD 1 Month + 0.19%), 2.58%, 05/15/35			1,164		1,098,484
Series 2006-RES, Class 5B1B, (LIBOR USD 1 Month + 0.19%), 2.58%, 05/15/35(d)			818		789,029
Series 2006-RES, Class 5F1A, (LIBOR USD 1 Month + 0.24%), 2.63%, 12/15/35			2,809		2,741,124
CWHEQ Revolving Home Equity Loan Trust(b):
Series 2005-B, Class 2A, (LIBOR USD 1 Month + 0.18%), 2.57%, 05/15/35			2,493		2,415,233
Series 2006-C, Class 2A, (LIBOR USD 1 Month + 0.18%), 2.57%, 05/15/36			9,349		9,079,656
Series 2006-H, Class 1A, (LIBOR USD 1 Month + 0.15%), 2.54%, 11/15/36			5,358		4,402,632
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44(a)			37,815		39,741,533

Security		Par (000)		Value
United States (continued)
Dorchester Park CLO DAC(a)(b):
Series 2015-1A, Class BR, (LIBOR USD 3 Month + 1.45%), 4.04%, 04/20/28	USD		4,243	$	4,196,493
Series 2015-1A, Class CR, (LIBOR USD 3 Month + 1.75%), 4.34%, 04/20/28			1,860		1,845,324
EDvestinU Private Education Loan Issue No. 1 LLC, Series 2019-A, Class A, 3.58%, 11/25/38(a)(c)			22,317		22,683,742
FCI Funding LLC, Series 2019-1A, Class A, 3.63%, 02/18/31(a)			27,998		28,217,368
Finance of America Structured Securities Trust, Series 2018-HB1, Class M5, 6.00%, 09/25/28(a)(c)(d)			3,915		3,872,718
First Franklin Mortgage Loan Trust(b):
Series 2004-FFH3, Class M3, (LIBOR USD 1 Month + 1.05%), 3.45%, 10/25/34			2,818		2,604,975
Series 2006-FF13, Class A1, (LIBOR USD 1 Month + 0.12%), 2.52%, 10/25/36			6,491		5,295,042
Series 2006-FF16, Class 2A4, (LIBOR USD 1 Month + 0.21%), 2.61%, 12/25/36			7,035		4,135,671
Fremont Home Loan Trust(b):
Series 2006-3, Class 1A1, (LIBOR USD 1 Month + 0.14%), 2.54%, 02/25/37			18,860		14,467,602
Series 2006-3, Class 2A3, (LIBOR USD 1 Month + 0.17%), 2.57%, 02/25/37			7,058		3,580,551
GAM Resecuritization Trust, Series 2018-B, Class A1, (US Prime Rate - 2.00%), 3.50%, 08/27/51(a)(b)			16,796		16,307,018
GE-WMC Asset-Backed Pass-Through Certificates(b):
Series 2005-2, Class A2C, (LIBOR USD 1 Month + 0.25%), 2.65%, 12/25/35			1,156		1,152,199
Series 2005-2, Class M1, (LIBOR USD 1 Month + 0.44%), 2.84%, 12/25/35			13,236		7,807,795
Greenpoint Manufactured Housing(c):
Series 1999-5, Class M1B, 8.29%, 12/15/29			3,550		3,789,775
Series 1999-5, Class M2, 9.23%, 12/15/29			4,044		3,407,773
GSAA Home Equity Trust:
Series 2005-14, Class 1A2, (LIBOR USD 1 Month + 0.35%), 2.75%, 12/25/35(b)			1,962		860,596
Series 2006-4, Class 1A1, 4.06%, 03/25/36(c)			7,124		6,181,882
Series 2007-2, Class AF3, 5.92%, 03/25/37(c)			1,671		572,950
GSAMP Trust(b):
Series 2006-FM3, Class A1, (LIBOR USD 1 Month + 0.14%), 2.54%, 11/25/36			12,922		7,562,528
Series 2007-H1, Class A1B, (LIBOR USD 1 Month + 0.20%), 2.60%, 01/25/47			4,229		2,596,815
Series 2007-HS1, Class M6, (LIBOR USD 1 Month + 2.25%), 4.65%, 02/25/47			3,414		3,518,322

40 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
Home Equity Asset Trust, Series 2007-1, Class 2A3, (LIBOR USD 1 Month + 0.15%), 2.55%, 05/25/37(b)		USD	6,615	$	5,498,258
Home Equity Mortgage Loan Asset-Backed Trust(b):
Series 2004-A, Class M2, (LIBOR USD 1 Month + 2.03%), 4.43%, 07/25/34			1,895		1,906,093
Series 2007-A, Class 2A2, (LIBOR USD 1 Month + 0.19%), 2.59%, 04/25/37			5,666		4,267,500
Series 2007-B, Class 2A3, (LIBOR USD 1 Month + 0.20%), 2.60%, 07/25/37			8,800		6,021,987
Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.87%, 07/25/36(e)			10,736		3,346,631
Home Loan Mortgage Loan Trust, Series 2005-1, Class A3, (LIBOR USD 1 Month + 0.72%), 3.11%, 04/15/36(b)			5,078		4,722,910
Home Partners of America Trust, Series 2016-2, Class A, (LIBOR USD 1 Month + 1.15%), 3.54%, 10/17/33(a)(b)			2,153		2,153,811
Invitation Homes Trust(a)(b):
Series 2018-SFR1, Class E, (LIBOR USD 1 Month + 2.00%), 4.39%, 03/17/37			1,084		1,085,404
Series 2018-SFR3, Class A, (LIBOR USD 1 Month + 1.00%), 3.39%, 07/17/37			7,744		7,722,296
Series 2018-SFR3, Class E, (LIBOR USD 1 Month + 2.00%), 4.39%, 07/17/37			6,617		6,626,954
Irwin Home Equity Loan Trust(a):
Series 2006-3, Class 2A3, 6.53%, 09/25/37(e)			1,722		1,707,451
Series 2006-P1, Class 1A, (LIBOR USD 1 Month + 0.28%), 2.68%, 12/25/36(b)			317		303,092
JPMorgan Mortgage Acquisition Trust, Series 2006-CW1, Class M1, (LIBOR USD 1 Month + 0.27%), 2.67%, 05/25/36(b)			3,380		3,266,826
Legacy Mortgage Asset Trust(a):
Series 2019-GS2, Class A1, 3.75%, 01/25/59(e)			6,748		6,745,249
Series 2019-SL1, Class A, 4.00%, 12/28/54(c)			27,355		27,481,481
Lehman ABS Manufactured Housing Contract Trust:
Series 2001-B, Class M1, 6.63%, 04/15/40(c)			19,005		20,072,596
Series 2002-A, Class C, 0.00%, 06/15/33			1,280		1,070,929
Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (LIBOR USD 1 Month + 0.09%), 2.49%, 06/25/37(a)(b)			1,428		1,033,773
Lendmark Funding Trust(a):
Series 2017-1A, Class A, 2.83%, 12/22/25			44,105		43,984,304
Series 2017-1A, Class B, 3.77%, 12/22/25			2,200		2,226,269
Series 2017-2A, Class A, 2.80%, 05/20/26			54,546		54,571,609

Security	Par (000)				Value
United States (continued)
Series 2017-2A, Class B, 3.38%, 05/20/26		USD	1,840		$	1,855,447
Series 2017-2A, Class C, 4.33%, 05/20/26			500			502,571
Series 2018-1A, Class A, 3.81%, 12/21/26			3,733			3,813,800
Series 2018-2A, Class A, 4.23%, 04/20/27			8,000			8,302,461
Litigation Fee Residual Funding LLC, Series 2015-1, Class A, 4.00%, 10/30/27(d)			15,058			15,001,519
Long Beach Mortgage Loan Trust(b):
Series 2006-2, Class 1A, (LIBOR USD 1 Month + 0.18%), 2.58%, 03/25/46			17,746			14,214,382
Series 2006-2, Class 2A3, (LIBOR USD 1 Month + 0.19%), 2.59%, 03/25/46			—	(f)		—
Series 2006-4, Class 2A3, (LIBOR USD 1 Month +0.16%), 2.56%, 05/25/36			28,237			12,365,515
Series 2006-4, Class 2A4, (LIBOR USD 1 Month + 0.26%), 2.66%, 05/25/36			6,526			2,934,089
Series 2006-5, Class 2A3, (LIBOR USD 1 Month + 0.15%), 2.55%, 06/25/36			10,871			6,020,433
Series 2006-7, Class 2A3, (LIBOR USD 1 Month + 0.16%), 2.56%, 08/25/36			17,872			9,257,253
Series 2006-8, Class 2A3, (LIBOR USD 1 Month + 0.16%), 2.56%, 09/25/36			7,958			3,306,292
Series 2006-9, Class 2A2, (LIBOR USD 1 Month + 0.11%), 2.51%, 10/25/36			4,249			1,814,633
Series 2006-9, Class 2A3, (LIBOR USD 1 Month + 0.16%), 2.56%, 10/25/36			29,895			12,887,718
Series 2006-9, Class 2A4, (LIBOR USD 1 Month + 0.23%), 2.63%, 10/25/36			5,683			2,481,689
Series 2006-10, Class 2A2, (LIBOR USD 1 Month + 0.11%), 2.51%, 11/25/36			1,600			709,479
Series 2006-10, Class 2A3, (LIBOR USD 1 Month + 0.16%), 2.56%, 11/25/36			16,343			7,319,943
Series 2006-10, Class 2A4, (LIBOR USD 1 Month + 0.22%), 2.62%, 11/25/36			8,752			3,967,121
Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (LIBOR USD 1 Month + 3.25%), 5.65%, 03/25/32(b)			4,765			4,844,378
Mariner Finance Issuance Trust(a):
Series 2019-AA, Class A, 2.96%, 07/20/32			33,870			33,863,612
Series 2019-AA, Class B, 3.51%, 07/20/32			5,530			5,528,866
Series 2019-AA, Class C, 4.01%, 07/20/32			4,920			4,919,712

CONSOLIDATED SCHEDULES OF INVESTMENTS 41

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
MASTR Asset-Backed Securities Trust(b):
Series 2006-AM2, Class A4, (LIBOR USD 1 Month + 0.26%), 2.66%, 06/25/36(a)	USD		5,821	$	5,224,260
Series 2006-HE2, Class A3, (LIBOR USD 1 Month + 0.15%), 2.55%, 06/25/36			5,054		2,842,256
Series 2007-HE1, Class A4, (LIBOR USD 1 Month +0.28%), 2.68%, 05/25/37			5,000		4,364,920
MASTR Specialized Loan Trust, Series 2006-3, Class A, (LIBOR USD 1 Month + 0.26%), 2.66%, 06/25/46(a)(b)			1,865		1,775,897
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C, (LIBOR USD 1 Month + 0.24%), 2.64%, 05/25/37(b)			5,434		4,111,557
Merrill Lynch Mortgage Investors Trust(b):
Series 2006-OPT1, Class M1, (LIBOR USD 1 Month + 0.26%), 2.66%, 08/25/37			1,174		555,010
Series 2006-RM3, Class A2B, (LIBOR USD 1 Month + 0.09%), 2.49%, 06/25/37			3,149		938,335
Mill City Solar Loan Ltd., Series 2019- 1A, Class A, 4.34%, 03/20/43(a)			20,663		21,340,596
Morgan Stanley ABS Capital I, Inc. Trust(b):
Series 2005-HE5, Class M4, (LIBOR USD 1 Month + 0.87%), 3.27%, 09/25/35			10,595		5,608,429
Series 2007-NC1, Class A1, (LIBOR USD 1 Month + 0.13%), 2.53%, 11/25/36			35,817		21,390,871
Morgan Stanley Mortgage Loan Trust, Series 2007-9SL, Class A, (LIBOR USD 1 Month + 0.32%), 2.72%, 07/25/37(b)			3,504		3,349,392
Mosaic Solar Loan Trust(a):
Series 2018-2GS, Class A, 4.20%, 02/22/44			14,605		15,015,313
Series 2019-1A, Class A, 4.37%, 12/21/43			31,443		32,934,482
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV3, (LIBOR USD 1 Month + 0.18%), 2.58%, 06/25/37(b)			593		590,644
Navient Private Education Loan Trust(a):
Series 2014-AA, Class B, 3.50%, 08/15/44			14,970		15,192,168
Series 2014-CTA, Class B, (LIBOR USD 1 Month + 1.75%), 4.14%, 10/17/44(b)			21,595		21,730,465
Series 2015-AA, Class B, 3.50%, 12/15/44			10,722		10,768,490
Series 2015-BA, Class A3, (LIBOR USD 1 Month + 1.45%), 3.84%, 07/16/40(b)			3,100		3,131,909
Series 2015-CA, Class B, 3.25%, 05/15/40			1,972		1,972,617
Navient Private Education Refi Loan Trust(a):
Series 2018-DA, Class A2A, 4.00%, 12/15/59			21,270		22,254,705

Security	Par (000)			Value
United States (continued)
Series 2019-A, Class A2A, 3.42%, 01/15/43		USD	41,110	$	42,345,964
Series 2019-CA, Class A2, 3.13%, 02/15/68			17,360		17,729,514
Series 2019-D, Class A2A, 3.01%, 12/15/59			7,400		7,397,110
Series 2019-D, Class A2B, (LIBOR USD 1 Month + 1.05%), 3.42%, 12/15/59(b)			29,430		29,182,597
Navient Student Loan Trust(a):
Series 2018-EA, Class A2, 4.00%, 12/15/59			14,010		14,783,687
Series 2019-BA, Class A2A, 3.39%, 12/15/59			19,210		19,832,851
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (LIBOR USD 1 Month + 0.40%), 2.80%, 10/25/36(a)(b)			459		428,242
Oakwood Mortgage Investors, Inc.(c):
Series 2001-D, Class A2, 5.26%, 01/15/19			2,493		1,821,649
Series 2001-D, Class A4, 6.93%, 09/15/31			2,039		1,703,828
OneMain Financial Issuance Trust(a):
Series 2015-1A, Class C, 5.12%, 03/18/26			11,400		11,502,373
Series 2016-1A, Class B, 4.57%, 02/20/29			2,740		2,784,979
Series 2016-2A, Class B, 5.94%, 03/20/28			464		466,095
Series 2019-1A, Class B, 3.79%, 02/14/31			8,900		9,161,770
Option One Mortgage Loan Trust:
Series 2006-3, Class 1A1, (LIBOR USD 1 Month + 0.14%), 2.54%, 02/25/37(b)			2,402		1,745,931
Series 2007-CP1, Class 2A3, (LIBOR USD 1 Month + 0.21%), 2.61%, 03/25/37(b)			6,755		4,654,482
Series 2007-FXD1, Class 1A1, 5.87%, 01/25/37(e)			8,242		7,913,123
Series 2007-FXD1, Class 2A1, 5.87%, 01/25/37(e)			20,211		19,354,787
Series 2007-FXD2, Class 1A1, 5.82%, 03/25/37(e)			33,418		34,010,380
Origen Manufactured Housing Contract Trust:
Series 2001-A, Class M1, 7.82%, 03/15/32(c)			4,628		4,665,099
Series 2007-B, Class A1, (LIBOR USD 1 Month + 1.20%), 3.59%, 10/15/37(a)(b)(d)			6,169		6,054,509
Ownit Mortgage Loan Trust, Series 2006-2, Class A2C, 6.00%, 01/25/37(e)			5,324		5,088,508
Progress Residential Trust(a):
Series 2015-SFR2, Class A, 2.74%, 06/12/32			9,677		9,668,352
Series 2015-SFR3, Class F, 6.64%, 11/12/32			2,110		2,133,084
Series 2017-SFR1, Class A, 2.77%, 08/17/34			7,017		7,061,979
Series 2018-SFR1, Class F, 4.78%, 03/17/35			4,287		4,372,222

42 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Series 2018-SFR2, Class E, 4.66%, 08/17/35	USD		2,350	$	2,435,939
Series 2018-SFR2, Class F, 4.95%, 08/17/35			2,873		2,955,313
PRPM LLC, Series 2017-1A, Class A1, 4.25%, 01/25/22(a)(e)			449		453,842
SACO I Trust, Series 2006-9, Class A1, (LIBOR USD 1 Month + 0.30%), 2.70%, 08/25/36(b)			1,813		1,776,327
Saxon Asset Securities Trust, Series 2007-1, Class M1, (LIBOR USD 1 Month + 0.29%), 2.69%, 01/25/47(b)			3,392		2,533,892
Securitized Asset-Backed Receivables LLC Trust(b):
Series 2006-WM4, Class A1, (LIBOR USD 1 Month + 0.19%), 2.59%, 11/25/36(a)			7,698		4,504,018
Series 2006-WM4, Class A2A, (LIBOR USD 1 Month + 0.08%), 2.48%, 11/25/36			3,667		1,401,799
Series 2006-WM4, Class A2C, (LIBOR USD 1 Month + 0.16%), 2.56%, 11/25/36			10,979		4,256,752
Security National Mortgage Loan Trust, Series 2007-1A, Class 2A, (LIBOR USD 1 Month + 0.35%), 2.75%, 04/25/37(a)(b)			1,931		1,908,339
SG Mortgage Securities Trust(b):
Series 2006-FRE2, Class A2C, (LIBOR USD 1 Month + 0.16%), 2.56%, 07/25/36			2,623		806,738
Series 2006-OPT2, Class A3D, (LIBOR USD 1 Month + 0.21%), 2.61%, 10/25/36			4,623		3,764,918
SLM Private Credit Student Loan Trust(b):
Series 2004-A, Class A3, (LIBOR USD 3 Month + 0.40%), 2.81%, 06/15/33			18,594		18,344,639
Series 2004-B, Class A4, (LIBOR USD 3 Month + 0.43%), 2.84%, 09/15/33			3,770		3,647,968
Series 2004-B, Class B, (LIBOR USD 3 Month + 0.47%), 2.88%, 09/15/33			2,797		2,768,915
Series 2005-A, Class A4, (LIBOR USD 3 Month + 0.31%), 2.72%, 12/15/38			12,330		12,024,582
Series 2005-B, Class A4, (LIBOR USD 3 Month + 0.33%), 2.74%, 06/15/39			15,588		15,273,047
Series 2005-B, Class B, (LIBOR USD 3 Month + 0.40%), 2.81%, 06/15/39			9,952		9,793,762
Series 2006-B, Class A5, (LIBOR USD 3 Month + 0.27%), 2.68%, 12/15/39			2,509		2,449,504
Series 2006-BW,Class A5, (LIBOR USD 3 Month + 0.20%), 2.61%, 12/15/39			2,557		2,502,325
Series 2007-A, Class A4A, (LIBOR USD 3 Month + 0.24%), 2.65%, 12/16/41			24,633		24,012,228
SLM Private Education Loan Trust(a):
Series 2013-B, Class B, 3.00%, 05/16/44			15,415		15,404,922

Security		Par (000)		Value
United States (continued)
Series 2013-C, Class B, 3.50%, 06/15/44	USD		19,840	$	19,828,772
Series 2014-A, Class B, 3.50%, 11/15/44			16,505		16,673,214
SMB Private Education Loan Trust(a):
Series 2015-B, Class B, 3.50%, 12/17/40			10,350		10,584,592
Series 2015-C, Class B, 3.50%, 09/15/43			6,210		6,319,073
Series 2017-B, Class A2A, 2.82%, 10/15/35			30,430		30,700,212
Series 2018-A, Class A2B, (LIBOR USD 1 Month + 0.80%), 3.19%, 02/15/36(b)			8,000		7,981,778
Series 2019-A, Class A2A, 3.44%, 07/15/36			11,570		12,000,352
Series 2019-B, Class A2A, 2.84%, 06/15/37			34,420		34,688,122
SoFi Professional Loan Program LLC(a):
Series 2019-A, Class A2FX, 3.69%, 06/15/48			35,380		37,134,636
Series 2019-B, Class A2FX, 3.09%, 08/17/48			9,740		9,898,273
SoFi Professional Loan Program Trust, Series 2018-C, Class A2FX, 3.59%, 01/25/48(a)			13,930		14,500,424
Soundview Home Loan Trust, Series 2004-WMC1, Class M2, (LIBOR USD 1 Month + 0.80%), 3.20%, 01/25/35(b)			164		161,875
SpringCastle Funding Asset-Backed Notes, Series 2019-A, Class A, 3.20%, 05/27/36(a)			65,308		66,057,151
Springleaf Funding Trust, Series 2016-AA, Class B, 3.80%, 11/15/29(a)			1,660		1,674,190
Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 06/30/54(a)			22,230		22,603,022
Thayer Park CLO Ltd., Series 2017-1A, Class D, (LIBOR USD 3 Month + 6.10%), 8.69%, 04/20/29(a)(b)			805		780,053
Towd Point Mortgage Trust(a):
Series 2019-HY2, Class A1, (LIBOR USD 1 Month +1.00%), 3.40%, 05/25/58(b)			5,328		5,358,847
Series 2019-SJ2, Class A2, 4.25%, 11/25/58(c)			8,100		8,343,197
Series 2019-SJ2, Class M1, 4.50%, 11/25/58(c)			20,440		21,245,822
Tricon American Homes Trust(a):
Series 2017-SFR2, Class F, 5.10%, 01/17/36			5,382		5,593,210
Series 2018-SFR1, Class E, 4.56%, 05/17/37			2,360		2,469,008
Series 2018-SFR1, Class F, 4.96%, 05/17/37			1,630		1,691,477
Velocity Commercial Capital Loan Trust:
Series 2016-2, Class M1, 3.66%, 10/25/46(c)			1,094		1,121,431
Series 2016-2, Class M2, 4.46%, 10/25/46(c)			589		601,181
Series 2017-1, Class M2, (LIBOR USD 1 Month + 0.00%), 4.45%, 05/25/47(a)			1,110		1,122,317

CONSOLIDATED SCHEDULES OF INVESTMENTS 43

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Series 2017-1, Class M3, (LIBOR USD 1 Month + 0.00%), 5.35%, 05/25/47(a)	USD		1,110	$	1,141,533
Vericrest Opportunity Loan Trust(a)(e):
Series 2019-NPL2, Class A1, 3.97%, 02/25/49			3,972		4,009,417
Series 2019-NPL3, Class A1, 3.97%, 03/25/49			24,170		24,344,735
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, (LIBOR USD 1 Month + 0.13%), 2.53%, 07/25/37(a)(b)			7,625		7,193,258
WaMu Asset-Backed Certificates Trust(b):
Series 2007-HE2, Class 2A3, (LIBOR USD 1 Month + 0.25%), 2.65%, 04/25/37			25,623		13,482,907
Series 2007-HE2, Class 2A4, (LIBOR USD 1 Month + 0.36%), 2.76%, 04/25/37			2,746		1,468,249
Washington Mutual Asset-Backed CertificatesTrust(b):
Series 2006-HE4, Class 2A2, (LIBOR USD 1 Month + 0.18%), 2.58%, 09/25/36			16,702		7,814,186
Series 2006-HE5, Class 1A, (LIBOR USD 1 Month + 0.16%), 2.56%, 10/25/36			6,275		5,075,455
Series 2006-HE5, Class 2A2, (LIBOR USD 1 Month + 0.18%), 2.58%, 10/25/36			21,080		10,941,528
Series 2007-HE2, Class 2A2, (LIBOR USD 1 Month + 0.22%), 2.62%, 02/25/37			15,660		6,789,332
Yale Mortgage Loan Trust, Series 2007-1, Class A, (LIBOR USD 1 Month + 0.40%), 2.80%, 06/25/37(a)(b)			6,789		2,844,878
					2,417,877,233
Total Asset-Backed Securities — 14.9% (Cost: $5,010,225,652)					4,964,593,617
		Shares
Common Stocks — 1.8%
Canada — 0.0%(g)
Largo Resources Ltd.(h)			1,110,300		1,534,606
Northern Graphite Corp.			435,208		46,526
					1,581,132
France — 0.0%
Engie SA			323,000		4,897,809
Orange SA			313,049		4,937,753
					9,835,562
Germany — 0.1%
Daimler AG (Registered)			485,845		27,096,453
Ghana — 0.0%
Tullow Oil plc			356,805		954,507
Italy — 0.1%
Enel SpA			696,665		4,859,761
Snam SpA			941,398		4,683,288

Security	Shares		Value
Italy (continued)
UniCredit SpA		521,200	$	6,415,363
				15,958,412
Netherlands — 0.1%
ABN AMRO Group NV, CVA(a)		150,000		3,209,625
Altice Europe NV(g)		519,641		1,861,177
ING Groep NV		678,400		7,858,411
Koninklijke KPN NV		1,501,433		4,610,598
NXP Semiconductors NV		172,800		16,867,008
Royal Dutch Shell plc, Class A		110,000		3,581,954
				37,988,773
Spain — 0.0%
Iberdrola SA		487,965		4,858,267
Telefonica SA		600,573		4,938,693
				9,796,960
Sweden — 0.0%
Telia Co. AB		1,115,000		4,943,150
United Kingdom — 0.0%
BAE Systems plc		801,580		5,037,839
National Grid plc		458,500		4,876,089
				9,913,928
United States — 1.5%
AbbVie, Inc.		61,815		4,495,187
Advanced Micro Devices, Inc.(g)		111,619		3,389,869
Alphabet, Inc., Class A(g)		7,161		7,753,931
Altice USA, Inc., Class A		1,004,957		24,470,703
Analog Devices, Inc.		30,421		3,433,618
Applied Materials, Inc.		332,400		14,928,084
AT&T, Inc.		14,858		497,892
Bank of America Corp.		363,370		10,537,730
Beazer Homes USA, Inc.(g)		115,877		1,113,578
Biogen, Inc.(g)		16,241		3,798,283
BorgWarner, Inc.		136,705		5,738,876
Broadcom, Inc.		11,984		3,449,714
Caesars Entertainment Corp.(g)		2,680,882		31,688,025
CBS Corp. (Non-Voting), Class B		46,000		2,295,400
Centene Corp.(g)		120,303		6,308,689
Centennial Resource Development, Inc., Class A(g)		225,200		1,709,268
Century Communities, Inc.(g)		199,551		5,304,066
Cisco Systems, Inc.		59,531		3,258,132
Corning, Inc.		102,021		3,390,158
Delta Air Lines, Inc.		549,326		31,174,250
Diamondback Energy, Inc.		224,015		24,410,915
DR Horton, Inc.		523,527		22,579,719
Everi Holdings, Inc.(g)		138,121		1,647,784
FedEx Corp.		127,200		20,884,968
Golden Entertainment, Inc.(g)		96,416		1,349,824
HCA Healthcare, Inc.		124,041		16,766,622
Humana, Inc.		25,727		6,825,373
Intelsat SA(g)		82,140		1,597,623
International Game Technology plc		111,614		1,447,634
JPMorgan Chase &Co.		198,300		22,169,940
Lam Research Corp.		72,292		13,579,329
Lennar Corp., Class A		495,574		24,015,516
Liberty Oilfield Services, Inc., Class A		306,493		4,959,057
Lions Gate Entertainment Corp., Class A		391,750		4,798,937
M/I Homes, Inc.(g)		199,269		5,687,137
Microchip Technology, Inc.		72,810		6,312,627
Mohawk Industries, Inc.(g)		28,300		4,173,401
Mylan NV(g)		281,250		5,355,000
NVIDIA Corp.		88,690		14,565,559

44 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Shares		Value
United States (continued)
PACCAR, Inc.			88,161	$	6,317,617
Packaging Corp. of America			59,437		5,665,535
PulteGroup, Inc.			458,964		14,512,442
Rattler Midstream LP			718,997		13,941,352
Scientific Games Corp., Class A(g)			42,977		851,804
Sciplay Corp., Class A(g)			165,642		2,270,952
Sunoco LP			360,151		11,265,523
Target Hospitality Corp.(g)			659,535		6,001,768
Taylor Morrison Home Corp., Class A(g)			525,097		11,006,033
Texas Instruments, Inc.			180,674		20,734,148
Toll Brothers, Inc.			131,200		4,804,544
Vantage Drilling Co.(g)			1,556,671		17,590
Vistra Energy Corp.			118,070		2,673,105
Walt Disney Co. (The)			39,975		5,582,109
Westrock Co.			131,213		4,785,338
William Lyon Homes, Class A(g)			239,556		4,367,106
Xilinx, Inc.			29,526		3,481,706
					490,141,090
Total Common Stocks — 1.8% (Cost: $594,565,967)					608,209,967
		Par             (000)
Corporate Bonds — 36.9%
Argentina — 0.2%
Banco Hipotecario SA, (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 4.00%), 51.25%, 11/07/22(a)(b)	ARS		360,060		6,950,979
Generacion Mediterranea SA, 9.63%, 07/27/23(a)	USD		13,368		11,153,925
Stoneway Capital Corp.:
10.00%, 03/01/27			10,177		9,578,963
10.00%, 03/01/27(a)			23,138		21,778,289
Tarjeta Naranja SA, (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 3.50%), 18.49%, 04/11/22(a)(b)			16,330		5,588,685
					55,050,841
Australia — 0.1%
Origin Energy Finance Ltd., (EUR Swap Annual 5 Year + 3.67%), 4.00%, 09/16/74(b)	EUR		2,616		2,994,197
Pacific National Finance Pty. Ltd., 4.75%, 03/22/28	USD		12,000		12,220,488
QBE Insurance Group Ltd., (USD Swap Semi 10 Year + 4.40%), 5.87%, 06/17/46(b)			2,817		2,951,049
Santos Finance Ltd.:
4.13%, 09/14/27			3,281		3,234,751
5.25%, 03/13/29			13,300		13,893,963
					35,294,448
Austria — 0.2%(b)
BAWAG Group AG:
(EUR Swap Annual 5 Year + 4.42%), 5.00%(i)	EUR		7,000		7,909,108
(EUR Swap Annual 5 Year + 2.30%), 2.38%, 03/26/29			14,400		16,649,457
Erste Group Bank AG(i):
(EUR Swap Annual 5 Year + 9.02%), 8.88%			17,800		23,225,834

Security		Par (000)		Value
Austria (continued)
(EUR Swap Annual 5 Year + 6.20%), 6.50%	EUR		2,000	$	2,603,959
(EUR Swap Annual 5 Year + 4.85%), 5.13%			14,000		16,795,921
Raiffeisen Bank International AG, (EUR Swap Annual 5 Year +5.95%), 6.12%(i)			14,200		16,801,572
					83,985,851
Belgium — 0.3%
Anheuser-Busch Cos. LLC, 3.65%, 02/01/26	USD		16,000		16,823,268
Anheuser-Busch InBev Worldwide, Inc.:
4.15%, 01/23/25			16,355		17,716,117
4.75%, 01/23/29			15,721		17,846,576
KBC Group NV:
1.00%, 04/26/21	EUR		7,300		8,461,234
(EUR Swap Annual 5 Year + 4.69%), 4.75%(b)(i)			10,600		12,776,455
(EUR Swap Annual 5 Year + 3.59%), 4.25%(b)(i)			6,600		7,337,201
Solvay Finance SA(b)(i):
(EUR Swap Annual 5 Year + 3.70%), 5.42%			7,094		9,355,628
(EUR Swap Annual 5 Year + 5.22%), 5.87%			900		1,202,442
Solvay SA, (EUR Swap Annual 5 Year + 3.92%), 4.25%(b)(i)			2,700		3,360,301
					94,879,222
Brazil — 0.8%
Azul Investments LLP, 5.88%, 10/26/24(a)	USD		1,177		1,156,035
Braskem Netherlands Finance BV, 4.50%, 01/10/28(a)			5,113		5,155,023
BRF GmbH, 4.35%, 09/29/26(a)			11,000		10,563,300
Eldorado Intl. Finance GmbH, 8.63%, 06/16/21(a)			10,000		10,484,062
Gol Finance, Inc., 7.00%, 01/31/25(a) .			16,669		16,252,275
Itau Unibanco Holding SA(a)(b)(i):
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.98%), 6.13%			7,819		7,961,697
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 6.50%			4,821		4,956,590
Klabin Austria GmbH, 5.75%, 04/03/29(a)			8,000		8,507,200
Klabin Finance SA, 4.88%, 09/19/27(a)			16,379		16,614,448
Marfrig Holdings Europe BV, 8.00%, 06/08/23(a)			8,000		8,320,000
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 12/01/21(a)			5,217		5,112,524
Odebrecht Offshore Drilling Finance Ltd.(a):
6.72%, 12/01/22			5,512		5,299,692
7.72%, (7.72% Cash or 7.72% PIK), 12/01/26(j)			200		48,786
Odebrecht Oil & Gas Finance Ltd., 0.00%(a)(i)(k)			1,010		8,582
Oi SA, 10.00%, (10.00% Cash or 4.00% PIK), 07/27/25(j)			20,000		20,675,000
Petrobras Global Finance BV:
8.75%, 05/23/26			10,500		12,968,550
6.00%, 01/27/28			7,972		8,476,229
7.25%, 03/17/44			50,450		56,094,094

CONSOLIDATED SCHEDULES OF INVESTMENTS 45

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Brazil (continued)
Rumo Luxembourg SARL, 5.88%, 01/18/25(a)	USD		11,185	$	11,855,680
Suzano Austria GmbH(a):
6.00%, 01/15/29			17,217		18,809,572
5.00%, 01/15/30			5,000		5,074,000
7.00%, 03/16/47			9,994		11,368,175
Vale Overseas Ltd., 4.38%, 01/11/22			8,000		8,247,500
					254,009,014
Canada — 0.5%
1011778 BC ULC(a):
4.63%, 01/15/22			11,929		11,929,000
4.25%, 05/15/24			3,784		3,826,570
Air Canada Pass-Through Trust, Series 2015-2, Class B, 5.00%, 12/15/23(a)			10,994		11,477,023
Brookfield Residential Properties, Inc.(a):
6.50%, 12/15/20			9,700		9,712,125
6.13%, 07/01/22			1,254		1,275,945
Cenovus Energy, Inc., 3.80%, 09/15/23			3,740		3,848,124
Enbridge, Inc., 4.00%, 10/01/23			10,361		10,886,685
Entertainment One Ltd., 4.63%, 07/15/26	GBP		2,365		3,087,528
Gran Tierra Energy, Inc., 7.75%, 05/23/27(a)	USD		8,000		7,872,000
Hammerhead Resources, Inc., Series AI, 9.00%, 07/10/22			41,000		37,412,500
Largo Resources Ltd., 9.25%, 06/01/21(a)			1,796		1,881,130
Mattamy Group Corp., 6.50%, 10/01/25(a)			1,000		1,053,750
NOVA Chemicals Corp.(a):
5.25%, 08/01/23			21,874		22,174,768
4.88%, 06/01/24			16,606		17,187,210
Seven Generations Energy Ltd., 5.38%, 09/30/25(a)			1,720		1,655,500
Suncor Energy, Inc., 6.50%, 06/15/38			19,800		26,533,888
					171,813,746
Cayman Islands — 0.0%
Ambac LSNI LLC, (LIBOR USD 3 Month +5.00%), 7.32%, 02/12/23(a)(b)			8,488		8,625,906
Pearl Holding III Ltd., 9.50%, 12/11/22			7,000		5,701,500
					14,327,406
Chile — 0.1%(a)
Celulosa Arauco y Constitucion SA, 4.25%, 04/30/29			6,175		6,483,750
Empresa Nacional de Telecomunicaciones SA, 4.75%, 08/01/26			6,000		6,327,000
Latam Finance Ltd., 7.00%, 03/01/26			11,000		11,497,750
Sociedad Quimica y Minera de Chile SA, 4.25%, 05/07/29			8,256		8,672,928
					32,981,428
China — 2.1%
21Vianet Group, Inc., 7.88%, 10/15/21			4,825		4,957,688
Agile Group Holdings Ltd.:
8.50%, 07/18/21			3,459		3,673,312
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 9.22%), 6.87%(b)(i)			2,602		2,552,399
Anton Oilfield Services Group, 9.75%, 12/05/20			5,062		5,171,974
Baoxin Auto Finance I Ltd.:
7.90%, 02/09/20			3,260		3,219,250

Security		Par (000)		Value
China (continued)
(US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 8.91%), 5.63%(b)(i)	USD		8,180	$	7,415,681
Baozun, Inc., 1.63%, 05/01/24(a)(l)			2,577		2,991,356
Beijing Environment Bvi Co. Ltd., 5.30%, 10/18/21			7,725		7,824,669
Bi Hai Co. Ltd., 6.25%, 03/05/22			4,575		4,680,341
CCTI Ltd., 3.63%, 08/08/22			18,215		17,964,544
Central China Real Estate Ltd.:
7.33%, 01/27/20			4,595		4,629,463
6.88%, 10/23/20			5,300		5,372,875
6.50%, 03/05/21			1,670		1,680,418
Central Huijin Investment Ltd., 3.83%, 05/22/24	CNY		40,000		5,807,373
CFLD Cayman Investment Ltd.:
8.63%, 02/28/21	USD		9,000		9,337,500
8.60%, 04/08/24			1,708		1,727,215
Chalco Hong Kong Investment Co. Ltd., 4.88%, 09/07/21			8,395		8,654,322
Chalieco Hong Kong Corp. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year +8.29%), 5.70%(b)(i)			5,374		5,397,356
Chang Development International Ltd., 3.63%, 01/20/20			7,375		7,338,480
China Aoyuan Group Ltd.:
7.95%, 09/07/21			6,305		6,585,107
8.50%, 01/23/22			6,460		6,820,909
7.95%, 02/19/23			6,000		6,251,640
China Cinda Finance 2017 I Ltd., 4.75%, 02/21/29			7,335		7,916,767
China City Construction International Co. Ltd., 5.35%, 07/03/17(d)(g)(m)	CNY		2,990		304,582
China Conch Venture Holdings International Ltd., 0.00%, 09/05/23(k)(l)	HKD		51,000		6,658,675
China Construction Bank Corp., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year +1.88%), 4.25%, 02/27/29(b)	USD		8,470		8,745,275
China Education Group Holdings Ltd., 2.00%, 03/28/24(l)	HKD		73,000		10,127,597
China Evergrande Group:
7.00%, 03/23/20	USD		12,000		12,063,750
6.25%, 06/28/21			3,217		3,103,399
9.50%, 04/11/22			4,630		4,583,700
4.25%, 02/14/23(l)	HKD		150,000		17,995,843
10.00%, 04/11/23	USD		6,000		5,833,260
7.50%, 06/28/23			8,000		7,200,000
8.75%, 06/28/25			15,000		13,293,750
China Railway Construction Corp. Ltd., 1.50%, 12/21/21(l)	CNY		58,000		8,452,196
China Reinsurance Finance Corp. Ltd., 3.38%, 03/09/22	USD		13,838		13,816,378
China SCE Group Holdings Ltd.:
8.75%, 01/15/21			8,000		8,380,000
7.45%, 04/17/21			4,732		4,841,916
7.38%, 04/09/24			699		685,675
China Singyes Solar Technologies Holdings Ltd.(g)(m):
6.75%, 10/17/19			321		250,380
0.00%, 02/15/20(n)			2,391		1,864,980
Chinalco Capital Holdings Ltd., 4.25%, 04/21/22			11,875		11,759,219

46 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
China (continued)
Chong Hing Bank Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.03%), 3.88%, 07/26/27(b)	USD		7,245	$	7,224,623
CIFI Holdings Group Co. Ltd.:
6.38%, 05/02/20			8,000		8,060,000
6.88%, 04/23/21			8,443		8,639,627
5.50%, 01/23/22			12,608		12,487,233
CNAC HK Finbridge Co. Ltd., 4.63%, 03/14/23			18,345		19,184,651
CNAC HK Synbridge Co. Ltd., 5.00%, 05/05/20			31,237		31,440,041
Ctrip.com International Ltd., 1.25%, 09/15/22(l)			2,028		2,020,395
Easy Tactic Ltd.:
7.00%, 04/25/21			2,800		2,856,000
9.13%, 07/28/22			6,400		6,784,000
European TopSoho SARL, 4.00%, 09/21/21(l)	EUR		1,800		2,017,102
Fantasia Holdings Group Co. Ltd.:
8.38%, 03/08/21	USD		5,085		4,856,175
11.75%, 04/17/22			1,920		1,881,600
7.95%, 07/05/22			5,938		5,310,799
Future Land Development Holdings Ltd.:
5.00%, 02/16/20			4,475		4,475,000
6.50%, 09/12/20			7,500		7,575,000
7.50%, 01/22/21			7,100		7,295,250
GLP China Holdings Ltd., 4.97%, 02/26/24			9,560		10,011,131
Guojing Capital BVI Ltd., 3.95%, 12/11/22			5,739		5,722,859
Harvest International Co., 0.00%, 11/21/22(k)(l)	HKD		96,000		12,296,939
HBIS Group Hong Kong Co. Ltd., 4.25%, 04/07/20	USD		7,829		7,809,428
Huachen Energy Co. Ltd., 6.63%, 05/18/20(g)(m)			6,372		4,106,945
Hubei Science & Technology Investment Group Hong Kong Ltd., 4.38%, 03/05/21			1,606		1,603,880
Jingrui Holdings Ltd., 9.45%, 04/23/21			7,000		6,679,750
Kaisa Group Holdings Ltd.:
7.25%, 06/30/20			869		870,358
8.50%, 06/30/22			4,146		3,962,021
King Talent Management Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.52%), 5.60%(b)(i)			6,420		5,585,400
Knight Castle Investments Ltd., 7.99%, 01/23/21			6,000		4,205,160
Leader Goal International Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.92%), 4.25%(b)(i)			7,900		7,974,063
Logan Property Holdings Co. Ltd.:
6.88%, 04/24/21			3,771		3,843,398
7.50%, 08/25/22			4,529		4,687,515
Luye Pharma Group Ltd., 1.50%, 07/09/24(l)			9,500		9,500,000
New Metro Global Ltd., 6.50%, 04/23/21			4,735		4,782,350
Nickel Resources International Holdings Co. Ltd., Series 1, 12.00%, 12/12/18(g)(m)	HKD		8,000		102,410

Security		Par (000)		Value
China (continued)
PetroChina Co. Ltd.:
3.66%, 02/22/24	CNY		60,000	$	8,596,789
3.96%, 04/23/24			100,000		14,590,507
Poseidon Finance 1 Ltd., 0.00%, 02/01/25(k)(l)	USD		17,671		17,352,922
Powerlong Real Estate Holdings Ltd., 6.95%, 04/17/21			6,000		6,000,000
Prime Bloom Holdings Ltd., 6.95%, 07/05/22			11,147		8,694,660
Redco Group, 13.50%, 01/21/20			4,865		5,010,950
Rock International Investment, Inc., 6.63%, 03/27/20			6,111		4,842,968
Rongshi International Finance Ltd., 3.75%, 05/21/29			17,935		18,640,412
Ronshine China Holdings Ltd.:
11.25%, 08/22/21			2,630		2,810,812
10.50%, 03/01/22			2,000		2,093,125
8.75%, 10/25/22			5,260		5,194,819
Shandong Iron and Steel Xinheng International Co. Ltd., 6.50%, 06/14/21			2,421		2,416,645
Shandong Iron And Steel Xinheng International Co. Ltd., 8.50%, 12/05/21			400		411,184
Shanghai Port Group BVI Holding Co. Ltd., 0.00%, 08/09/22(k)(l)			737		747,443
Shui On Development Holding Ltd., (USD Swap Semi 5 Year + 8.81%), 7.50%(b)(i)(l)			7,000		7,253,750
Sino-Ocean Land Treasure IV Ltd., 5.25%, 04/30/22			4,795		4,963,949
Sunac China Holdings Ltd., 7.25%, 06/14/22			5,420		5,426,775
Tencent Holdings Ltd.:
3.98%, 04/11/29			14,000		14,603,085
4.53%, 04/11/49			2,575		2,821,559
Tewoo Group No. 5 Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 8.37%), 5.80%(b)(i)			2,506		1,276,494
Times China Holdings Ltd.:
7.63%, 02/21/22			8,000		8,240,000
5.75%, 04/26/22			5,000		4,900,000
Union Life Insurance Co. Ltd., 3.00%, 09/19/21			4,289		3,660,393
Vertex Capital Investment Ltd., 4.75%, 04/03/24			5,715		5,867,360
Weichai International Hong Kong Energy Group Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.08%), 3.75%(b)(i)			6,329		6,227,975
Xinyuan Real Estate Co. Ltd.:
8.13%, 08/30/19			783		782,021
9.88%, 03/19/20			3,785		3,724,677
Yankuang Group Cayman Ltd., 4.75%, 11/30/20			7,915		7,896,083
Yuzhou Properties Co. Ltd.:
8.63%, 01/23/22			7,100		7,419,500
8.50%, 02/26/24			7,000		7,161,875
YY, Inc., 0.75%, 06/15/25(a)(l)			1,667		1,681,492
					695,092,541
Colombia — 0.1%
Avianca Holdings SA, 8.38%, 05/10/20			1,736		1,666,903
Credivalores-Crediservicios SAS, 9.75%, 07/27/22(a)			9,200		9,067,750

CONSOLIDATED SCHEDULES OF INVESTMENTS 47

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Colombia (continued)
Frontera Energy Corp., 9.70%, 06/25/23(a)	USD		7,000	$	7,444,062
Millicom International Cellular SA, 6.63%, 10/15/26(a)			6,000		6,537,413
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28(a)			8,374		9,408,189
					34,124,317
Czech Republic — 0.0%
Residomo SRO, 3.38%, 10/15/24	EUR		8,238		9,724,141
Denmark — 0.1%
DKT Finance ApS:
7.00%, 06/17/23			10,906		13,543,562
9.38%, 06/17/23(a)	USD		2,900		3,139,250
Nykredit Realkredit A/S, 0.75%, 07/14/21	EUR		7,368		8,487,638
					25,170,450
Dominican Republic — 0.0%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(a)	USD		5,000		5,256,250
France — 0.5%
Altice France SA:
6.25%, 05/15/24(a)			1,109		1,142,270
7.38%, 05/01/26(a)			8,200		8,405,000
5.88%, 02/01/27	EUR		8,400		10,339,650
8.13%, 02/01/27(a)	USD		9,800		10,290,000
BNP Paribas SA(b)(i):
(EUR Swap Annual 5 Year +5.23%), 6.12%	EUR		1,618		2,053,660
(USD Swap Semi 5 Year + 4.15%), 6.63%	USD		32,825		34,179,031
(USD Swap Semi 5 Year + 5.15%), 7.38%			14,600		16,224,250
Caisse Nationale de Reassurance Mutuelle Agricole Groupama:
(EURIBOR 3 Month + 5.77%), 6.37%(b)(i)	EUR		700		923,565
6.00%, 01/23/27			2,200		3,111,840
Casino Guichard Perrachon SA, (EUR Swap Annual 5 Year + 3.82%), 3.99%(b)(i)			400		234,243
CMA CGM SA, 6.50%, 07/15/22			900		890,181
Credit Agricole Assurances SA, (EUR Swap Annual 5 Year + 4.35%), 4.50%(b)(i)			400		502,242
Credit Agricole SA(b)(i):
(EUR Swap Annual 5 Year + 5.12%), 6.50%			5,198		6,461,730
(USD Swap Semi 5 Year + 4.32%), 6.87%(a)	USD		7,540		7,917,000
Credit Mutuel Arkea SA:
3.50%, 02/09/29	EUR		3,700		4,728,904
3.38%, 03/11/31			5,900		7,372,130
Engie SA(b)(i):
Series NC10, (EUR Swap Annual 10 Year + 2.65%), 3.88%			1,100		1,397,065
(EUR Swap Annual 5 Year + 3.17%), 3.25%			7,000		8,680,864
Loxam SAS:
3.50%, 04/15/22			235		272,429
3.50%, 05/03/23			1,000		1,158,705
Orano SA, 3.38%, 04/23/26			2,400		2,827,176
Paprec Holding SA, 4.00%, 03/31/25			720		787,421

Security		Par (000)		Value
France (continued)
Parts Europe SA:
(EURIBOR 3 Month + 4.38%), 4.38%, 05/01/22(b)	EUR		1,156	$	1,316,140
4.38%, 05/01/22			4,778		5,462,185
(EURIBOR 3 Month + 5.50%), 5.50%, 05/01/22(b)			5,069		5,792,779
Rexel SA, 2.63%, 06/15/24			1,310		1,534,289
Societe Generale SA, (USD Swap Semi 5 Year + 6.24%), 7.38%(a)(b)(i)	USD		600		630,780
SPIE SA:
3.13%, 03/22/24	EUR		700		860,642
2.63%, 06/18/26			1,700		1,979,599
Teleperformance, 1.88%, 07/02/25			2,200		2,630,473
TOTAL SA(b)(i):
(EUR Swap Annual 5 Year + 1.86%), 2.25%			181		211,990
(EUR Swap Annual 5 Year + 2.75%), 2.71%			440		534,721
					150,852,954
Germany — 0.8%
ADLER Real Estate AG:
1.88%, 04/27/23			1,500		1,724,583
2.13%, 02/06/24			3,668		4,247,885
3.00%, 04/27/26			2,200		2,595,290
AT Securities BV, (USD Swap Semi 5 Year + 3.55%), 5.25%(b)(i)	USD		2,250		2,201,625
ATF Netherlands BV, (EUR Swap Annual 5 Year + 4.38%), 3.75%(b)(i)	EUR		8,100		9,602,601
Bayer US Finance II LLC(a):
3.50%, 06/25/21	USD		2,030		2,059,403
4.25%, 12/15/25			42,310		44,767,280
Bayer US Finance LLC, 3.38%, 10/08/24(a)			7,247		7,281,227
Consus Real Estate AG, 9.63%, 05/15/24	EUR		6,962		7,738,369
Deutsche Bank AG:
1.13%, 08/30/23			8,875		10,403,597
(USD Swap Semi 5 Year + 2.25%), 4.30%, 05/24/28(b)	USD		3,200		2,939,989
Deutsche Pfandbriefbank AG:
Series 3529, (EURIBOR Swap Rate 5 Year + 5.38%), 5.75%(b)(i)	EUR		6,800		7,897,132
4.60%, 02/22/27			300		371,473
Encavis Finance BV, (EUR Swap Annual 5 Year + 1.10%), 5.25%(b)(i)(l)			2,400		2,841,245
IHO Verwaltungs GmbH(j):
3.62%, (3.62% Cash or 4.38% PIK), 05/15/25			7,014		8,155,070
3.88%, (3.88% Cash or 4.63% PIK), 05/15/27(n)			2,664		3,074,673
IKB Deutsche Industriebank AG, (EUR Swap Annual 5 Year + 3.62%), 4.00%, 01/31/28(b)			9,200		10,286,783
Merck KGaA, (EUR Swap Annual 5 Year + 2.94%), 2.87%, 06/25/79(b)			11,900		13,972,005
Nidda BondCo GmbH:
5.00%, 09/30/25			800		891,131
7.25%, 09/30/25			1,972		2,350,663
Platin 1426 GmbH, 5.38%, 06/15/23			5,152		5,894,309
RWE AG, (EUR Swap Annual 5 Year + 2.64%), 2.75%, 04/21/75(b)			6,042		7,011,832
Schaeffler AG:
1.13%, 03/26/22			4,905		5,708,546
1.88%, 03/26/24			2,450		2,908,112

48 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Germany (continued)
SGL Carbon SE, 4.63%, 09/30/24	EUR		1,078	$	1,271,246
Summit Properties Ltd., 2.00%, 01/31/25			848		924,292
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26			1,400		1,688,985
Tele Columbus AG, 3.88%, 05/02/25			300		317,357
thyssenkrupp AG, 2.88%, 02/22/24			9,986		11,836,762
Unitymedia GmbH:
6.13%, 01/15/25(a)	USD		7,738		8,049,455
3.75%, 01/15/27	EUR		5,600		6,741,929
Unitymedia Hessen GmbH &Co. KG:
5.00%, 01/15/25(a)	USD		26,591		27,388,730
3.50%, 01/15/27	EUR		326		392,336
6.25%, 01/15/29			2,723		3,443,152
Volkswagen Bank GmbH, 0.63%, 09/08/21			7,300		8,379,023
Volkswagen Financial Services AG:
0.38%, 04/12/21			7,388		8,439,807
2.25%, 10/01/27			2,000		2,409,638
Volkswagen International Finance NV:
2.00%, 03/26/21			3,325		3,911,448
0.50%, 03/30/21			7,300		8,356,263
(EUR Swap Annual 5 Year + 2.54%), 2.70%(b)(i)			7,800		8,989,162
(EUR Swap Annual 10 Year + 3.35%), 5.13%(b)(i)			2,700		3,431,621
(EUR Swap Annual 10 Year + 3.98%), 4.62%(b)(i)			800		971,083
ZF North America Capital, Inc., 4.50%, 04/29/22(a)	USD		9,904		10,093,133
					283,960,245
Ghana — 0.0%
Tullow Oil plc, 6.25%, 04/15/22(a)			3,500		3,525,156
Greece — 0.0%
OTE plc, 3.50%, 07/09/20	EUR		1,481		1,736,116
Guatemala — 0.0%
Energuate Trust, 5.88%, 05/03/27(a)	USD		5,000		5,112,500
Guernsey — 0.0%
Doric Nimrod Air Alpha Pass-Through Trust, Series 2013-1, Class A, 5.25%, 05/30/23(a)			1,749		1,798,194
Hong Kong — 0.1%
Bagan Capital Ltd., 0.00%, 09/23/21(k)(l)			14,650		14,503,500
Bank of East Asia Ltd. (The), (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.68%), 5.63%(b)(i)			4,563		4,545,070
FWD Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.08%), 5.50%(b)(i)			2,067		1,923,504
Hongkong &Shanghai Banking Corp. Ltd. (The), Series 3H, (LIBOR USD 3 Month + 0.00%), 2.81%(b)(i)			5,430		3,799,588
Joy Treasure Assets Holdings, Inc., 4.50%, 03/20/29			4,235		4,453,367
New Lion Bridge Co. Ltd., 9.75%, 10/10/20			4,805		4,513,097
REXLot Holdings Ltd.(g)(l)(m):
6.00%, 04/28/17(d)	HKD		1,103		107,292
4.50%, 04/17/19			15,091		1,545,478
					35,390,896

Security		Par (000)		Value
India — 0.2%
Adani Ports &Special Economic Zone Ltd.:
4.00%, 07/30/27	USD		650	$	649,391
4.38%, 07/03/29(a)			5,289		5,364,509
4.38%, 07/03/29			5,700		5,683,071
Adani Transmission Ltd., 4.00%, 08/03/26			7,159		7,150,051
Greenko Investment Co., 4.88%, 08/16/23			7,528		7,339,800
Jubilant Pharma Ltd., 6.00%, 03/05/24			7,000		7,150,290
ReNew Power Synthetic, 6.67%, 03/12/24			8,000		8,165,480
Suzlon Energy Ltd., 5.75%, 07/16/19(e)(l)			5,000		3,006,250
UPL Corp. Ltd., 4.50%, 03/08/28			12,282		12,453,978
Vedanta Resources Finance II plc, 8.00%, 04/23/23			4,000		4,045,000
Vedanta Resources Ltd., 6.38%, 07/30/22			10,000		9,884,375
Videocon Industries Ltd., 2.84%, 12/31/20(e)(g)(l)(m)			735		205,271
					71,097,466
Indonesia — 0.1%
Alam Synergy Pte. Ltd., 6.63%, 04/24/22			4,110		4,017,525
Bukit Makmur Mandiri Utama PT, 7.75%, 02/13/22			5,000		5,162,500
Global Prime Capital Pte. Ltd., 7.25%, 04/26/21			3,903		4,044,093
LLPL Capital Pte. Ltd., 6.88%, 02/04/39			6,925		7,885,844
Medco Straits Services Pte. Ltd., 8.50%, 08/17/22			13,062		14,070,223
					35,180,185
Ireland — 0.4%
Allied Irish Banks plc(b):
(EUR Swap Annual 5 Year + 7.34%), 7.38%(i)	EUR		11,889		14,583,601
(EUR Swap Annual 5 Year + 3.95%), 4.13%, 11/26/25			2,389		2,844,730
Ardagh Packaging Finance plc:
4.25%, 09/15/22(a)	USD		10,308		10,411,080
4.13%, 05/15/23	EUR		5,868		6,889,359
4.63%, 05/15/23(a)	USD		24,674		25,074,952
6.75%, 05/15/24	EUR		1,874		2,285,417
7.25%, 05/15/24(a)	USD		1,176		1,239,210
4.75%, 07/15/27	GBP		13,119		16,243,962
Bank of Ireland, (EUR Swap Annual 5 Year + 6.96%), 7.38%(b)(i)	EUR		6,846		8,212,598
Bank of Ireland Group plc(b):
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 2.70%), 3.12%, 09/19/27	GBP		600		748,178
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.50%), 4.12%, 09/19/27	USD		5,725		5,573,754
C&W Senior Financing DAC, 6.88%, 09/15/27(a)			16,820		17,368,332
eircom Finance DAC, 3.50%, 05/15/26	EUR		1,657		1,945,410
Europcar Mobility Drive DAC, 4.00%, 04/30/26			2,333		2,711,482
Virgin Media Receivables Financing Notes I DAC:
5.50%, 09/15/24	GBP		2,686		3,520,650

CONSOLIDATED SCHEDULES OF INVESTMENTS 49

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Ireland (continued)
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23	GBP		6,523	$	8,563,051
					128,215,766
Israel — 0.1%
Teva Pharmaceutical Finance IV LLC, 2.25%, 03/18/20	USD		6,329		6,249,097
Teva Pharmaceutical Finance
Netherlands III BV:
1.70%, 07/19/19			9,048		9,023,683
2.20%, 07/21/21			4,815		4,556,194
					19,828,974
Italy — 0.8%
Assicurazioni Generali SpA:
4.13%, 05/04/26	EUR		1,600		2,029,605
(EURIBOR 3 Month + 7.11%), 7.75%, 12/12/42(b)			4,400		6,000,717
(EURIBOR 3 Month + 5.35%), 5.50%, 10/27/47(b)			2,038		2,655,131
Banca Carige SpA, 0.75%, 07/26/20			11,300		12,880,233
Banco BPM SpA:
1.75%, 04/24/23			1,790		2,013,133
2.50%, 06/21/24			3,700		4,209,138
Buzzi Unicem SpA, 2.13%, 04/28/23			5,356		6,318,694
Diocle Spa, (EURIBOR 3 Month + 3.88%), 3.88%, 06/30/26(b)			2,509		2,882,940
Intesa Sanpaolo SpA:
5.15%, 07/16/20			1,750		2,089,222
(EUR Swap Annual 5 Year + 6.88%), 7.00%(b)(i)			13,611		16,290,263
(EUR Swap Annual 5 Year + 7.19%), 7.75%(b)(i)			26,330		33,697,531
Leonardo US Holdings, Inc.(a):
7.38%, 07/15/39	USD		676		726,700
6.25%, 01/15/40			478		466,050
Nexi Capital SpA, 4.13%, 11/01/23	EUR		2,653		3,123,705
Rossini SARL, 6.75%, 10/30/25			9,919		12,249,669
Sisal Group SpA, 7.00%, 07/31/23			5,410		6,320,366
Telecom Italia Capital SA:
6.38%, 11/15/33	USD		3,455		3,584,562
7.72%, 06/04/38			780		879,450
Telecom Italia Finance SA, 7.75%, 01/24/33	EUR		1,039		1,618,192
Telecom Italia SpA:
4.88%, 09/25/20			1,035		1,246,051
1.13%, 03/26/22(l)			8,800		9,869,691
5.88%, 05/19/23	GBP		800		1,104,734
4.00%, 04/11/24	EUR		11,251		13,810,493
5.30%, 05/30/24(a)	USD		3,782		3,914,370
2.75%, 04/15/25	EUR		6,828		7,834,787
UniCredit SpA:
(EUR Swap Annual 5 Year + 6.10%), 6.75%(b)(i)			1,415		1,609,778
6.57%, 01/14/22(a)	USD		11,575		12,304,890
(EUR Swap Annual 5 Year + 9.30%), 9.25%(b)(i)	EUR		8,651		10,992,905
(EUR Swap Annual 5 Year + 6.39%), 6.62%(b)(i)			5,155		5,832,441
(EURIBOR 3 Month + 1.55%), 1.25%, 06/25/25(b)			3,625		4,128,080
(EUR Swap Annual 5 Year + 4.10%), 5.75%, 10/28/25(b)			5,839		6,989,071
(EURIBOR Swap Rate 5 Year + 7.33%), 7.50%(b)(i)			18,880		22,641,740

Security		Par (000)		Value
Italy (continued)
(EUR Swap Annual 5 Year + 4.32%), 4.38%, 01/03/27(b)	EUR		2,175	$	2,581,518
(EUR Swap Annual 5 Year + 4.74%), 4.87%, 02/20/29(b)			11,350		13,617,313
Wind Tre SpA:
(EURIBOR 3 Month + 2.75%), 2.75%, 01/20/24(b)			800		897,148
3.13%, 01/20/25			2,700		3,061,266
5.00%, 01/20/26(a)	USD		9,550		9,244,400
					251,715,977
Jamaica — 0.0%(a)
Digicel Group Two Ltd.:
8.25%, 09/30/22			6,063		1,297,945
7.13%, (7.13% Cash or 9.13% PIK), 04/01/24(j)			3,067		674,584
Digicel Ltd., 6.75%, 03/01/23			1,198		678,368
					2,650,897
Japan — 0.6%
ANA Holdings, Inc.(k)(l):
0.00%, 09/16/22	JPY		70,000		643,173
0.00%, 09/19/24			540,000		4,970,306
Daio Paper Corp., 0.00%, 09/17/20(k)(l)			1,540,000		14,354,362
Ezaki Glico Co. Ltd., 0.00%, 01/30/24(k)(l)			120,000		1,099,178
HIS Co. Ltd.(k)(l):
0.00%, 08/30/19			120,000		983,073
0.00%, 11/15/24			440,000		4,025,427
Iida Group Holdings Co. Ltd., 0.00%, 06/18/20(k)(l)			940,000		8,537,938
Kansai Paint Co. Ltd., 0.00%, 06/17/22(k)(l)			750,000		7,105,159
LINE Corp., 0.00%, 09/19/25(k)(l)			750,000		6,248,342
LIXIL Group Corp.(k)(l):
0.00%, 03/04/20			840,000		7,685,491
0.00%, 03/04/22			370,000		3,360,102
Mitsubishi Chemical Holdings Corp.(k)(l):
0.00%, 03/30/22			1,560,000		14,489,454
0.00%, 03/29/24			420,000		3,891,539
Mitsubishi UFJ Financial Group, Inc., 3.76%, 07/26/23	USD		30,295		31,678,595
Mitsui Sumitomo Insurance Co. Ltd., (USD Swap Semi 5 Year + 3.26%), 4.95%(b)(i)			20,000		21,525,000
SBI Holdings, Inc., 0.00%, 09/13/23(k)(l)	JPY		530,000		5,382,476
Shimizu Corp., 0.00%, 10/16/20(k)(l)			500,000		4,651,042
Shizuoka Bank Ltd. (The), (LIBOR USD 3 Month - 0.50%), 2.08%, 01/25/23(b)(l)	USD		1,900		1,784,164
SoftBank Group Corp.:
4.00%, 04/20/23	EUR		14,728		18,166,969
(USD Swap Rate 5 Year + 4.23%), 6.00%(b)(i)	USD		6,954		6,641,070
4.75%, 09/19/24			510		520,021
4.50%, 04/20/25	EUR		600		758,803
4.75%, 07/30/25			1,935		2,475,324
5.00%, 04/15/28			1,600		2,061,910
4.00%, 09/19/29			4,200		5,021,459
T&D Holdings, Inc., 0.00%, 06/05/20(k)(l)	JPY		780,000		7,162,269
Tohoku Electric Power Co., Inc., 0.00%, 12/03/20(k)(l)			1,070,000		9,824,764
Transcosmos, Inc., 0.00%, 12/22/20(k)(l)			420,000		3,860,574

50 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Japan (continued)
Yamaguchi Financial Group, Inc.,
(LIBOR USD 3 Month -0.50%), 1.83%, 03/26/20(b)(l)	USD		10,200	$	9,960,807
					208,868,791
Jersey — 0.1%
LHC3 plc, 4.12%, (4.12% Cash or 9.00% PIK), 08/15/24(j)	EUR		15,727		18,301,200
Luxembourg — 0.5%
Altice Financing SA:
5.25%, 02/15/23			1,400		1,637,708
6.63%, 02/15/23(a)	USD		4,464		4,575,600
7.50%, 05/15/26(a)			10,840		10,895,284
Altice Finco SA:
7.63%, 02/15/25(a)			700		672,000
4.75%, 01/15/28	EUR		11,630		11,498,943
Altice Luxembourg SA:
8.00%, 05/15/27			3,136		3,626,010
10.50%, 05/15/27(a)	USD		10,550		10,840,125
ArcelorMittal:
5.25%, 08/05/20			570		584,510
3.00%, 04/09/21	EUR		2,525		3,017,504
Dragon Aviation Finance Luxembourg SA, Series 1401, 4.00%, 11/28/22	USD		11,468		11,578,096
Garfunkelux Holdco 2 SA, 11.00%, 11/01/23	GBP		700		731,874
Garfunkelux Holdco 3 SA:
7.50%, 08/01/22	EUR		9,236		9,642,750
8.50%, 11/01/22	GBP		6,300		7,176,614
(EURIBOR 3 Month + 4.50%), 4.50%, 09/01/23(b)	EUR		640		607,486
Horizon Parent Holdings SARL, 8.25%, (8.25% Cash or 9.00% PIK), 02/15/22(j)			1,025		1,199,025
INEOS Group Holdings SA, 5.38%, 08/01/24			3,700		4,322,970
Intelsat Connect Finance SA, 9.50%, 02/15/23(a)	USD		5,487		4,855,995
Intelsat Jackson Holdings SA:
9.50%, 09/30/22(a)			2,000		2,333,280
5.50%, 08/01/23			4,899		4,470,338
8.00%, 02/15/24(a)			9,200		9,591,000
8.50%, 10/15/24(a)			11,827		11,708,730
9.75%, 07/15/25(a)			5,895		6,012,900
Matterhorn Telecom SA:
3.88%, 05/01/22	EUR		1,117		1,282,842
(EURIBOR 3 Month + 3.25%), 3.25%, 02/01/23(b)			213		241,681
4.00%, 11/15/27			10,630		12,014,534
Monitchem HoldCo 3 SA, 5.25%, 06/15/21			445		506,541
SES SA(b)(i):
(EUR Swap Annual 5 Year + 4.66%), 4.62%			600		718,420
(EUR Swap Annual 5 Year + 5.40%), 5.63%			7,900		9,881,398
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27			6,422		7,924,242
					154,148,400
Macau — 0.0%
Studio City Finance Ltd., 7.25%, 02/11/24	USD		9,900		10,271,250

Security		Par (000)		Value
Malaysia — 0.2%
1MDB Energy Ltd., 5.99%, 05/11/22	USD		15,000	$	15,637,576
Cindai Capital Ltd., 0.00%, 02/08/23(k)(l)			25,238		24,891,737
Press Metal Labuan Ltd., 4.80%, 10/30/22			1,446		1,425,666
TNB Global Ventures Capital Bhd., 4.85%, 11/01/28			1,250		1,383,320
Top Glove Labuan Ltd., 2.00%, 03/01/24(l)			8,000		8,045,223
					51,383,522
Mexico — 0.3%
Axtel SAB de CV, 6.38%, 11/14/24(a)			7,500		7,647,656
Banco Mercantil del Norte SA(a)(b)(i):
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%			5,000		5,048,844
(US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.35%), 7.63%			5,000		5,137,500
CEMEX Finance LLC, 4.63%, 06/15/24	EUR		500		597,016
Cemex SAB de CV:
3.72%, 03/15/20(l)	USD		2,709		2,704,767
3.13%, 03/19/26	EUR		1,700		1,978,021
Credito Real SAB de CV SOFOM ER, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.03%), 9.12%(a)(b)(i)	USD		2,417		2,444,947
Cydsa SAB de CV, 6.25%, 10/04/27(a)			13,286		13,290,152
Grupo Bimbo SAB de CV, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.28%), 5.95%(a)(b)(i)			10,000		10,499,000
Grupo KUO SAB de CV, 5.75%, 07/07/27(a)			17,892		18,160,380
Grupo Televisa SAB, 5.25%, 05/24/49			15,047		15,460,040
PLA Administradora Industrial S de RL de CV, 5.25%, 11/10/22(a)			7,472		7,745,195
Trust F/1401(a):
4.87%, 01/15/30			8,436		8,507,706
6.39%, 01/15/50			8,071		8,280,039
Unifin Financiera SAB de CV SOFOM ENR, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.31%), 8.88%(a)(b)(i)			10,000		9,137,500
					116,638,763
Mongolia — 0.0%
Mongolian Mortgage Corp. Hfc LLC:
9.75%, 01/29/22			8,000		8,097,500
					8,097,500
Netherlands — 0.9%
ABN AMRO Bank NV:
(EUR Swap Annual 5 Year + 5.45%), 5.75%(b)(i)	EUR		7,700		9,205,798
6.38%, 04/27/21			7,368		9,343,785
(EUR Swap Annual 5 Year + 3.90%), 4.75%(b)(i)			2,200		2,573,666
Aegon NV, (EUR Swap Annual 5 Year + 5.21%), 5.63%(b)(i)			1,475		1,859,577
Cooperatieve Rabobank UA(b)(i):
(EUR Swap Annual 5 Year + 6.70%), 6.62%			1,800		2,264,005
(EUR Swap Annual 5 Year + 4.10%), 4.62%			3,200		3,899,616

CONSOLIDATED SCHEDULES OF INVESTMENTS 51

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Netherlands (continued)
ING Groep NV(b):
(USD Swap Semi 5 Year + 4.20%), 6.75%(i)	USD		19,480	$	20,246,343
(USD Swap Semi 5 Year + 1.94%), 4.70%, 03/22/28			5,100		5,309,539
Intertrust Group BV, 3.38%, 11/15/25	EUR		3,336		4,019,450
InterXion Holding NV, 4.75%, 06/15/25			2,723		3,368,799
LeasePlan Corp. NV, (EURIBOR Swap Rate 5 Year + 7.56%), 7.38%(b)(i)			3,500		4,185,735
Lincoln Financing SARL:
3.63%, 04/01/24			1,026		1,207,031
(EURIBOR 3 Month + 3.88%), 3.88%, 04/01/24(b)			4,754		5,432,802
NN Group NV:
(EURIBOR 3 Month + 3.90%), 4.38%(b)(i)			750		935,034
1.63%, 06/01/27			10,000		12,125,533
NXP BV(a):
4.13%, 06/01/21	USD		38,229		39,112,090
4.63%, 06/15/22			350		366,625
3.88%, 09/01/22			23,654		24,321,989
4.63%, 06/01/23			1,615		1,702,371
4.30%, 06/18/29			4,560		4,700,813
OCI NV, 5.00%, 04/15/23	EUR		7,751		9,319,566
Summer BidCo BV, 0.00%, (0.00% Cash or 9.75% PIK), 11/15/25(j)			7,011		8,315,810
United Group BV:
4.38%, 07/01/22			3,134		3,643,454
4.88%, 07/01/24			18,535		21,860,073
UPC Holding BV:
5.50%, 01/15/28(a)	USD		5,230		5,256,150
3.88%, 06/15/29	EUR		12,420		14,828,920
UPCB Finance IV Ltd., 4.00%, 01/15/27			1,179		1,410,038
UPCB Finance VII Ltd., 3.63%, 06/15/29			13,780		16,609,391
Ziggo Bond Co. BV:
7.13%, 05/15/24			211		249,187
4.63%, 01/15/25			2,300		2,700,328
5.88%, 01/15/25(a)	USD		3,500		3,536,470
6.00%, 01/15/27(a)			5,462		5,475,655
Ziggo BV:
4.25%, 01/15/27	EUR		7,214		8,695,221
5.50%, 01/15/27(a)	USD		29,094		29,594,708
					287,675,572
Norway — 0.0%
DNB Bank ASA, (USD Swap Semi 5 Year + 4.08%), 5.75%(b)(i)			1,392		1,404,790
Peru — 0.1%(a)
Inkia Energy Ltd., 5.88%, 11/09/27			5,385		5,512,893
Orazul Energy Egenor S en C por A, 5.63%, 04/28/27			10,000		10,185,000
Telefonica del Peru SAA, 7.38%, 04/10/27	PEN		23,000		7,070,066
					22,767,959
Philippines — 0.0%
Royal Capital BV, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.93%), 4.88%(b)(i)	USD		1,849		1,832,821
Portugal — 0.0%
Banco Espirito Santo SA(g)(m):
2.63%, 05/08/17	EUR		6,100		1,525,988
4.75%, 01/15/18			15,500		3,877,511

Security		Par (000)		Value
Portugal (continued)
4.00%, 01/21/19	EUR		19,000	$	4,753,077
EDP -Energias de Portugal SA, (EUR Swap Annual 5 Year + 4.29%), 4.50%, 04/30/79(b)			900		1,118,054
					11,274,630
Russia — 0.1%(a)
Evraz plc, 5.25%, 04/02/24	USD		9,269		9,639,760
Novolipetsk Steel Via Steel Funding DAC, 4.70%, 05/30/26			10,000		10,183,150
					19,822,910
Saudi Arabia — 0.1%
SABIC Capital II BV:
4.00%, 10/10/23(a)			10,307		10,672,899
4.50%, 10/10/28			7,782		8,338,413
Saudi Electricity Global Sukuk Co. 4, 4.22%, 01/27/24			7,855		8,232,040
					27,243,352
Singapore — 0.1%
Mulhacen Pte. Ltd., 6.50%, (6.50% Cash or 7.25% PIK), 08/01/23(j)	EUR		15,543		16,768,635
Puma International Financing SA, 5.00%, 01/24/26(a)	USD		16,356		14,557,033
United Overseas Bank Ltd., (USD Swap Semi 5 Year + 1.79%), 3.88%(b)(i)			10,261		10,219,315
					41,544,983
South Africa — 0.0%
Sappi Papier Holding GmbH, 4.00%, 04/01/23	EUR		1,840		2,148,169
South Korea — 0.2%
Heungkuk Life Insurance Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%(b)(i)	USD		10,000		9,650,000
Kakao Corp., Series 11, 0.00%, 05/11/21(k)(l)	KRW		5,200,000		5,103,062
KDB Life Insurance Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.66%), 7.50%(b)(i)	USD		9,300		9,050,063
Kookmin Bank, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.64%), 4.35%(b)(i)			15,800		15,927,564
LG Chem Ltd., 0.00%, 04/16/21(k)(l)	EUR		3,300		3,818,097
Shinhan Financial Group Co. Ltd., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.05%), 5.87%(b)(i)	USD		9,100		9,643,156
Woori Bank, 5.13%, 08/06/28			6,200		6,866,395
					60,058,337
Spain — 1.1%
Banco Bilbao Vizcaya Argentaria SA(b)(i):
(EUR Swap Annual 5 Year + 9.18%), 8.88%	EUR		13,800		17,476,942
(EUR Swap Annual 5 Year + 6.04%), 6.00%			23,600		28,174,330
Banco de Sabadell SA:
(EUR Swap Annual 5 Year + 6.41%), 6.50%(b)(i)			6,200		7,027,685
1.75%, 05/10/24			3,400		3,928,361
5.63%, 05/06/26			8,900		11,612,917

52 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Spain (continued)
(EUR Swap Annual 5 Year + 5.10%), 5.38%, 12/12/28(b)	EUR		8,000	$	9,994,290
Banco Santander SA: (EUR Swap Annual 5 Year + 6.80%), 6.75%(b)(i)			7,800		9,663,810
2.71%, 06/27/24	USD		16,000		16,030,400
(EUR Swap Annual 5 Year + 4.10%), 4.75%(b)(i)	EUR		12,400		13,322,958
3.31%, 06/27/29	USD		4,000		4,028,119
Bankia SA(b): (EUR Swap Annual 5 Year + 5.82%), 6.00%(i)	EUR		4,800		5,601,977
(EUR Swap Annual 5 Year + 6.22%), 6.37%(i)			9,800		11,684,377
(EUR Swap Annual 5 Year + 3.62%), 3.75%, 02/15/29			4,300		5,178,452
CaixaBank SA: 1.75%, 10/24/23			3,300		3,915,285
(EUR Swap Annual 5 Year + 6.50%), 6.75%(b)(i)			26,000		31,925,804
(EUR Swap Annual 5 Year + 4.50%), 5.25%(b)(i)			9,000		9,605,825
(EUR Swap Annual 5 Year + 2.35%), 2.75%, 07/14/28(b)			900		1,072,395
(EUR Swap Annual 5 Year + 1.68%), 2.25%, 04/17/30(b)			3,800		4,350,008
Cellnex Telecom SA, 0.50%, 07/05/28(l)			2,500		2,824,505
Cirsa Finance International SARL:
6.25%, 12/20/23			1,036		1,279,429
4.75%, 05/22/25			633		755,773
Codere Finance 2 Luxembourg SA:
6.75%, 11/01/21			800		905,150
7.63%, 11/01/21(a)	USD		7,800		7,563,317
ContourGlobal Power Holdings SA:
3.38%, 08/01/23	EUR		5,495		6,482,615
4.13%, 08/01/25			700		842,534
Distribuidora Internacional de Alimentacion SA:
1.50%, 07/22/19			1,100		1,237,989
1.00%, 04/28/21			4,600		4,289,141
El Corte Ingles SA, 3.00%, 03/15/24			4,033		4,810,341
Ferrovial Netherlands BV, (EUR Swap Annual 5 Year + 2.13%), 2.12%(b)(i)			1,100		1,181,202
Hipercor SA, 3.88%, 01/19/22			10,100		12,290,131
Iberdrola International BV, (EUR Swap Annual 5 Year + 2.97%), 3.25%(b)(i)			13,900		17,066,351
Mapfre SA, (EURIBOR 3 Month + 4.30%), 4.13%, 09/07/48(b)			1,400		1,751,334
Naturgy Finance BV(b)(i): (EUR Swap Annual 8 Year + 3.35%), 4.13%			11,200		13,834,314
(EUR Swap Annual 9 Year + 3.08%), 3.38%			1,700		2,032,217
NH Hotel Group SA, 3.75%, 10/01/23			879		1,026,243
Repsol International Finance BV(b): (EUR Swap Annual 6 Year + 3.56%), 3.88%(i)			7,331		8,773,724
(EUR Swap Annual 10 Year + 4.20%), 4.50%, 03/25/75			2,296		2,965,654
Telefonica Europe BV(b)(i): (GBP Swap 5 Year + 4.46%), 6.75%	GBP		1,400		1,885,673
(EUR Swap Annual 5 Year + 3.86%), 3.75%	EUR		14,100		16,935,324
(EUR Swap Annual 5 Year + 2.33%), 2.63%			1,400		1,609,849

Security		Par (000)		Value
Spain (continued)
(EUR Swap Annual 10 Year + 4.30%), 5.88%	EUR		6,300	$	8,309,926
(EUR Swap Annual 6 Year + 4.11%), 4.38%			35,700		44,020,640
Tendam Brands SAU, 5.00%, 09/15/24			1,839		2,136,274
					361,403,585
Sweden — 0.1%
Intrum AB, 2.75%, 07/15/22			1,592		1,827,540
Telefonaktiebolaget LM Ericsson, 1.88%, 03/01/24			1,200		1,426,469
Telia Co. AB, 4.75%, 11/16/21			6,000		7,606,687
Verisure Holding AB, 3.50%, 05/15/23			7,972		9,427,559
Verisure Midholding AB, 5.75%, 12/01/23			6,189		7,275,182
					27,563,437
Switzerland — 0.4%(b)
Credit Suisse Group AG(i):
(USD Swap Semi 5 Year + 5.11%), 7.13%	USD		12,125		12,867,656
(USD Swap Semi 5 Year + 4.60%), 7.50%(a)			19,555		20,886,109
(USD Swap Semi 5 Year + 4.60%), 7.50%(a)			3,100		3,410,000
(USD Swap Semi 5 Year + 4.60%), 7.50%			7,592		8,351,200
(USD Swap Semi 5 Year + 3.46%), 6.25%(a)			7,235		7,533,444
(USD Swap Semi 5 Year + 3.46%), 6.25%			6,100		6,351,625
(USD Swap Semi 5 Year + 4.33%), 7.25%(a)			3,650		3,923,750
EFG International Guernsey Ltd.,
(USD Swap Semi 5 Year + 2.98%), 5.00%, 04/05/27			6,300		6,320,485
Holcim Finance Luxembourg SA, (EUR Swap Annual 5 Year + 3.07%), 3.00%(i)	EUR		4,325		5,078,626
UBS Group Funding Switzerland AG(i):
(USD Swap Semi 5 Year + 5.46%), 7.13%	USD		7,956		8,105,175
(USD Swap Rate 5 Year + 5.50%), 6.87%			1,392		1,447,680
(USD Swap Semi 5 Year + 5.88%), 7.13%			1,253		1,315,650
(EUR Swap Annual 5 Year + 5.29%), 5.75%	EUR		2,583		3,232,616
(USD Swap Semi 5 Year + 2.43%), 5.00%	USD		3,800		3,482,229
(USD Swap Semi 5 Year + 4.34%), 7.00%(a)			53,975		57,338,722
					149,644,967
Taiwan — 0.0%(k)(l)
Bizlink Holding, Inc., 0.00%, 02/01/23			7,750		8,110,196
Hon Hai Precision Industry Co. Ltd., 0.00%, 11/06/22			6,400		6,032,634
					14,142,830
Thailand — 0.0%
Singha Estate PCL, 2.00%, 07/20/22(l)			9,700		9,612,094

CONSOLIDATED SCHEDULES OF INVESTMENTS 53

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Turkey — 0.0%
Turkish Airlines Pass-Through
Trust, Series 2015-1, Class A, 4.20%, 03/15/27(a)		USD	6,559	$	5,979,019
United Arab Emirates — 0.1%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47			10,000		10,987,500
Emirates NBD PJSC, (USD Swap Semi 6 Year + 3.66%), 6.13%(b)(i)			15,290		15,763,034
					26,750,534
United Kingdom — 2.0%
AA Bond Co. Ltd.:
4.25%, 07/31/20		GBP	1,318		1,697,743
2.88%, 01/31/22			1,832		2,213,432
2.75%, 07/31/23			7,535		8,730,685
Arrow Global Finance plc:
5.13%, 09/15/24			6,871		8,562,217
(EURIBOR 3 Month + 3.75%), 3.75%, 03/01/26(b)		EUR	522		581,980
Ashtead Capital, Inc.(a):
5.63%, 10/01/24		USD	5,491		5,683,185
4.13%, 08/15/25			2,606		2,638,575
5.25%, 08/01/26			870		906,975
4.38%, 08/15/27			750		750,937
B&M European Value Retail SA, 4.13%, 02/01/22		GBP	2,379		3,056,257
Barclays plc:
1.88%, 03/23/21		EUR	7,368		8,629,919
(U.K. Government Bonds 5 Year
Note Generic Bid Yield +6.58%), 7.13%(b)(i)		GBP	31,680		41,992,165
(EUR Swap Annual 5 Year + 2.45%), 2.63%, 11/11/25(b)		EUR	6,939		7,991,080
(EUR Swap Annual 5 Year + 1.90%), 2.00%, 02/07/28(b)			5,300		5,915,782
(LIBOR USD 3 Month + 3.05%), 5.09%, 06/20/30(b)		USD	10,000		10,227,512
BAT Capital Corp.:
2.76%, 08/15/22			41,265		41,327,608
3.22%, 08/15/24			6,891		6,936,255
Boparan Finance plc, 5.50%, 07/15/21		GBP	397		277,217
Cabot Financial Luxembourg II SA,
(EURIBOR 3 Month + 6.38%), 6.37%, 06/14/24(b)		EUR	1,024		1,176,034
Cabot Financial Luxembourg SA, 7.50%, 10/01/23		GBP	8,487		11,128,352
Channel Link Enterprises Finance plc(b):
Series A7, (EURIBOR 6 Month + 5.55%), 1.76%, 06/30/50		EUR	6,525		7,462,299
Series A8, (EURIBOR 6 Month + 5.90%), 2.71%, 06/30/50			4,400		5,186,978
Series A5, (LIBOR GBP 6 Month + 5.78%), 3.04%, 06/30/50		GBP	3,075		3,999,119
Corral Petroleum Holdings AB, 11.75%, (11.75% Cash or 13.25% PIK), 05/15/21(j)(n)		EUR	2,000		2,402,874
CPUK Finance Ltd.:
4.25%, 08/28/22		GBP	11,316		14,383,935
4.88%, 08/28/25			612		777,394
Dignity Finance plc:
Series A, 3.55%, 12/31/34			2,041		2,772,819
Series B, 4.70%, 12/31/49			485		496,909
EC Finance plc, 2.38%, 11/15/22		EUR	1,797		2,081,682
eG Global Finance plc:
3.63%, 02/07/24			12,572		14,252,734

Security	Par (000)			Value
United Kingdom (continued)
4.38%, 02/07/25		EUR	6,677	$	7,558,250
EI Group plc:
6.38%, 02/15/22		GBP	1,820		2,364,517
6.00%, 10/06/23			6,106		8,251,873
EnQuest plc, 0.00%, (0.00% Cash or 7.00% PIK), 04/15/22(a)(j)(n)		USD	5,001		4,050,648
Fiat Chrysler Automobiles NV:
4.50%, 04/15/20			1,591		1,608,819
5.25%, 04/15/23			1,000		1,056,270
GKN Holdings Ltd.:
5.38%, 09/19/22		GBP	4,245		5,866,634
4.62%, 05/12/32			11,300		14,154,982
Greene King Finance plc:
Series A5, (LIBOR GBP 3 Month + 2.50%), 3.29%, 12/15/33(b)			24,880		31,482,003
Series A6, 4.06%, 03/15/35			4,348		5,927,278
HBOS Capital Funding LP, 6.85%(i)		USD	7,996		8,134,609
HSBC Holdings plc(b):
(USD Swap Rate 5 Year + 5.51%), 6.87%(i)			6,772		7,144,460
(LIBOR USD 3 Month + 1.21%), 3.80%, 03/11/25			13,785		14,362,736
(LIBOR USD 3 Month + 1.53%), 4.58%, 06/19/29			10,180		11,133,479
Iceland Bondco plc, 4.63%, 03/15/25		GBP	900		1,029,802
Imperial Brands Finance plc, 2.13%, 02/12/27		EUR	7,700		9,140,814
Intu Jersey 2 Ltd., 2.88%, 11/01/22(l)		GBP	2,000		2,126,838
Jaguar Land Rover Automotive plc, 4.50%, 10/01/27(a)		USD	10,500		8,662,500
Jerrold Finco plc, 6.25%, 09/15/21		GBP	4,069		5,264,316
Ladbrokes Group Finance plc:
5.13%, 09/16/22			600		796,655
5.13%, 09/08/23			2,457		3,259,119
Leeds Building Society, 2.63%, 04/01/21		EUR	873		1,035,847
Lloyds Bank plc, 1.00%, 11/19/21			26,111		30,434,037
Mitchells & Butlers Finance plc, Series D1, (LIBOR GBP 3 Month + 2.13%), 2.91%, 06/15/36(b)		GBP	2,225		1,964,093
National Westminster Bank plc, Series C, (LIBOR USD 3 Month + 0.25%), 2.81%(b)(i)		USD	4,300		3,407,750
Neptune Energy Bondco plc, 6.63%, 05/15/25(a)			9,766		9,912,490
New Look Secured Issuer plc:
6.50%, 07/01/22(m)		GBP	1,075		402,733
8.00%, (8.00% Cash or 14.00% PIK), 05/03/24(a)(j)(n)			1,614		1,815,959
Nomad Foods Bondco plc, 3.25%, 05/15/24		EUR	1,100		1,294,338
Pinnacle Bidco plc, 6.38%, 02/15/25		GBP	7,850		10,539,340
Premier Foods Finance plc, 6.25%, 10/15/23			900		1,208,103
Reynolds American, Inc., 4.45%, 06/12/25		USD	29,390		31,165,158
Royal Bank of Scotland Group plc(b):
(USD Swap Semi 5 Year + 7.60%), 8.62%(i)			10,000		10,777,500
(LIBOR USD 3 Month + 1.76%), 4.27%, 03/22/25			15,308		15,831,397
Shop Direct Funding plc, 7.75%, 11/15/22		GBP	3,370		3,948,052

54 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United Kingdom (continued)
Spirit Issuer plc, Series A2, (LIBOR GBP 3 Month + 2.70%), 3.47%, 12/28/31(b)	GBP		14,430	$	17,959,323
Stonegate Pub Co. Financing plc:
4.88%, 03/15/22			1,275		1,659,795
(LIBOR GBP 3 Month + 4.38%), 5.16%, 03/15/22(b)			550		698,405
(LIBOR GBP 3 Month + 6.25%), 7.04%, 03/15/22(b)			4,741		6,048,859
Synlab Bondco plc, 6.25%, 07/01/22	EUR		1,698		1,961,688
Synlab Unsecured Bondco plc, 8.25%, 07/01/23			603		715,375
Tesco Corporate Treasury Services plc:
1.38%, 10/24/23			5,356		6,295,522
2.50%, 05/02/25	GBP		1,729		2,247,379
Tesco plc, 5.13%, 04/10/47	EUR		900		1,459,287
Tesco Property Finance 1 plc, 7.62%, 07/13/39	GBP		3,197		5,954,822
Tesco Property Finance 3 plc, 5.74%, 04/13/40			6,891		11,409,855
Tesco Property Finance 4 plc, 5.80%, 10/13/40			3,251		5,443,928
Tullow Oil Jersey Ltd., 6.63%, 07/12/21(l)	USD		12,400		14,428,599
Unique Pub Finance Co. plc (The):
Series M, 7.40%, 03/28/24	GBP		14,699		20,850,729
Series N, 6.46%, 03/30/32			4,512		5,807,076
Virgin Media Secured Finance plc:
5.13%, 01/15/25			500		657,726
4.88%, 01/15/27			1,854		2,419,236
5.00%, 04/15/27			3,700		4,839,121
6.25%, 03/28/29			2,477		3,322,056
Vodafone Group plc:
0.00%, 11/26/20(k)(l)			1,800		2,234,740
3.75%, 01/16/24	USD		25,318		26,470,936
(EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/03/78(b)	EUR		4,050		4,863,011
(GBP Swap 5 Year + 3.27%), 4.87%, 10/03/78(b)	GBP		575		744,968
(EUR Swap Annual 5 Year + 2.67%), 3.10%, 01/03/79(b)	EUR		1,600		1,869,756
(USD Swap Semi 5 Year + 4.87%), 7.00%, 04/04/79(b)	USD		5,500		5,939,341
Worldpay Finance plc, 3.75%, 11/15/22	EUR		1,900		2,405,442
					660,061,027
United States — 22.4%
AbbVie, Inc.:
3.75%, 11/14/23	USD		27,090		28,204,264
4.25%, 11/14/28			36,359		38,867,509
Allergan Funding SCS, 3.80%, 03/15/25			54,603		56,665,500
Allergan Sales LLC, 5.00%, 12/15/21(a)			5,285		5,526,663
Allstate Corp. (The), 3.85%, 08/10/49			1,850		1,934,978
Altria Group, Inc.:
2.85%, 08/09/22			30,115		30,433,106
4.00%, 01/31/24			15,060		15,782,231
3.80%, 02/14/24			9,823		10,239,683
4.40%, 02/14/26			10,172		10,884,551
4.80%, 02/14/29			20,975		22,564,724
6.20%, 02/14/59			14,395		16,406,245
Ambac Assurance Corp., 5.10%, 06/07/20(a)			1,407		1,991,493
American Airlines Group, Inc.:
5.50%, 10/01/19(a)			838		841,771
4.63%, 03/01/20(a)			10,610		10,676,313

Security		Par (000)		Value
United States (continued)
5.00%, 06/01/22(a)	USD		55,707	$	57,394,922
Series 2017-1C, 5.18%, 08/15/23(d)			3,492		3,540,365
American Airlines Pass-Through Trust:
Series 2019-1, Class C, 4.13%, 06/15/22			36,175		36,175,000
Series 2011-1, Class B, 4.87%, 04/22/25(d)			3,768		3,862,655
4.00%, 12/15/25(d)			6,840		6,840,000
3.50%, 12/15/27(d)			44,128		44,128,000
American Airlines, Inc., Series 2017-2C, 5.18%, 10/15/23(d)			3,369		3,414,972
American Tower Corp.:
5.00%, 02/15/24			15,280		16,822,306
3.38%, 05/15/24			52,720		54,232,990
3.95%, 03/15/29			20,435		21,390,559
American University (The), 3.67%, 04/01/49			14,782		15,288,499
Amsted Industries, Inc., 5.00%, 03/15/22(a)			1,509		1,527,862
Anadarko Petroleum Corp., 0.00%, 10/10/36(k)			5,000		2,362,251
Andeavor Logistics LP:
5.50%, 10/15/19			29,275		29,411,098
6.25%, 10/15/22			10,000		10,250,000
6.38%, 05/01/24			556		582,410
5.25%, 01/15/25			11,313		11,970,619
Antero Resources Corp.:
5.38%, 11/01/21			19,570		19,325,375
5.13%, 12/01/22			8,148		7,822,080
5.63%, 06/01/23			6,623		6,392,520
Aon Corp., 4.50%, 12/15/28			10,995		12,101,273
Aon plc, 3.88%, 12/15/25			5,805		6,175,461
Arconic, Inc.:
6.15%, 08/15/20			14,400		14,904,400
5.40%, 04/15/21			838		868,680
5.87%, 02/23/22			5,549		5,910,850
5.13%, 10/01/24			3,151		3,327,677
5.90%, 02/01/27			26,394		28,737,787
ARI Investments LLC, (LIBOR USD 1 Month + 2.90%), 5.32%, 01/06/25(b)(d)			7,932		7,931,958
Arrow Bidco LLC, 9.50%, 03/15/24(a)			16,599		16,702,744
Ashton Woods USA LLC(a):
6.75%, 08/01/25			2,857		2,757,005
9.88%, 04/01/27			18,106		19,079,197
AT&T, Inc.:
0.00%, 11/27/22(a)(k)			1,000		913,159
3.40%, 05/15/25			30,562		31,417,898
4.13%, 02/17/26			16,880		17,955,973
4.35%, 03/01/29			40,190		43,287,889
AvalonBay Communities, Inc., 3.30%, 06/01/29			33,915		35,290,591
Avantor, Inc.(a):
6.00%, 10/01/24			18,676		19,871,264
9.00%, 10/01/25			5,775		6,439,125
Avis Budget Finance plc:
4.13%, 11/15/24	EUR		1,001		1,183,766
4.75%, 01/30/26			3,884		4,646,596
Axalta Coating Systems Dutch Holding
B BV, 3.75%, 01/15/25			2,616		3,093,342
Banff Merger Sub, Inc., 8.38%, 09/01/26			4,960		4,678,573
Bank of America Corp.:
(EURIBOR 3 Month + 0.83%), 0.74%, 02/07/22(b)			29,583		34,026,837
3.30%, 01/11/23	USD		9,790		10,091,303

CONSOLIDATED SCHEDULES OF INVESTMENTS 55

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
(LIBOR USD 3 Month + 0.78%), 3.55%, 03/05/24(b)	USD		9,790	$	10,149,088
(LIBOR USD 3 Month + 0.97%), 3.46%, 03/15/25(b)			11,873		12,324,867
4.45%, 03/03/26			35,770		38,583,058
(LIBOR USD 3 Month + 1.06%), 3.56%, 04/23/27(b)			8,470		8,841,964
3.25%, 10/21/27			1,329		1,361,683
(LIBOR USD 3 Month + 1.58%), 3.82%, 01/20/28(b)			15,800		16,725,063
(LIBOR USD 3 Month + 1.51%), 3.71%, 04/24/28(b)			7,490		7,869,757
(LIBOR USD 3 Month + 1.37%), 3.59%, 07/21/28(b)			4,360		4,545,956
(LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/28(b)			4,991		5,135,719
(LIBOR USD 3 Month + 1.07%), 3.97%, 03/05/29(b)			34,180		36,531,931
(LIBOR USD 3 Month + 1.31%), 4.27%, 07/23/29(b)			79,612		86,951,911
Bank of America NA, 6.00%, 10/15/36			2,420		3,190,368
Bausch Health Americas, Inc., 8.50%, 01/31/27(a)			3,920		4,310,118
Bausch Health Cos., Inc.:
6.50%, 03/15/22(a)			23,923		24,790,209
4.50%, 05/15/23	EUR		9,841		11,334,554
5.88%, 05/15/23(a)	USD		773		781,982
7.00%, 03/15/24(a)			32,072		34,079,707
5.50%, 11/01/25(a)			113		117,802
9.00%, 12/15/25(a)			7,845		8,765,219
7.00%, 01/15/28(a)			3,000		3,108,750
Baylor Scott & White Holdings, 4.19%, 11/15/45			6,325		6,954,165
Beacon Roofing Supply, Inc., 6.38%, 10/01/23			366		380,182
Beazer Homes USA, Inc., 8.75%, 03/15/22			12,708		13,216,320
Belden, Inc.:
2.88%, 09/15/25	EUR		920		1,080,269
4.13%, 10/15/26			4,348		5,259,644
Berkshire Hathaway Energy Co., 6.13%, 04/01/36	USD		6,020		8,055,236
Boston Properties LP, 3.40%, 06/21/29			13,072		13,389,658
Boyd Gaming Corp.:
6.88%, 05/15/23			17,278		17,839,535
6.38%, 04/01/26			1,000		1,057,880
Brinker International, Inc., 5.00%, 10/01/24(a)			13,057		13,301,819
Bristow Group, Inc., 8.75%, 03/01/23(a)			16,525		16,029,250
Broadcom Corp.:
2.38%, 01/15/20			32,860		32,802,878
2.20%, 01/15/21			10,914		10,819,219
3.88%, 01/15/27			27,010		26,467,133
Broadcom, Inc.(a):
3.13%, 04/15/21			48,207		48,519,142
3.63%, 10/15/24			44,340		44,560,408
4.25%, 04/15/26			11,080		11,244,820
4.75%, 04/15/29			22,770		23,379,837
Bruin E&P Partners LLC, 8.88%, 08/01/23(a)			19,311		16,221,240
Builders FirstSource, Inc., 5.63%, 09/01/24(a)			1,661		1,711,943
BWAY Holding Co., 5.50%, 04/15/24(a)			14,877		14,884,439
Callon Petroleum Co., 6.13%, 10/01/24			7,880		7,958,800

Security		Par (000)		Value
United States (continued)
Calpine Corp.:
6.00%, 01/15/22(a)	USD		7,520	$	7,557,600
5.38%, 01/15/23			8,090		8,183,925
5.88%, 01/15/24(a)			6,720		6,871,200
Capital One Financial Corp., 3.90%, 01/29/24			41,611		43,730,764
Carlson Travel, Inc.(a):
6.75%, 12/15/23			8,210		8,312,625
9.50%, 12/15/24			575		573,562
Carpenter Technology Corp., 4.45%, 03/01/23			12,790		12,981,257
Carrizo Oil & Gas, Inc., 6.25%, 04/15/23			4,438		4,282,670
CCO Holdings LLC:
5.25%, 09/30/22			28,943		29,380,039
5.13%, 02/15/23			847		860,382
5.13%, 05/01/23(a)			845		862,692
5.75%, 01/15/24			423		432,465
CDK Global, Inc.:
3.80%, 10/15/19			10,556		10,569,195
5.00%, 10/15/24			3,702		3,877,845
Celgene Corp., 3.88%, 08/15/25			24,323		26,061,459
Centennial Resource Production LLC(a):
5.38%, 01/15/26			32,080		30,476,000
6.88%, 04/01/27			18,398		18,581,980
CenterPoint Energy, Inc., 3.85%, 02/01/24			13,750		14,406,177
Century Communities, Inc., 6.75%, 06/01/27(a)			13,410		13,594,387
Charter Communications Operating LLC:
(LIBOR USD 3 Month + 1.65%), 4.23%, 02/01/24(b)			557		559,290
4.91%, 07/23/25			43,938		47,700,999
5.05%, 03/30/29			39,226		43,330,689
Chemours Co. (The), 4.00%, 05/15/26	EUR		1,000		1,137,100
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24	USD		34,960		40,207,496
5.88%, 03/31/25			9,104		10,139,580
5.13%, 06/30/27			30,288		32,900,340
Cheniere Energy Partners LP:
5.25%, 10/01/25			22,660		23,424,775
5.63%, 10/01/26(a)			2,771		2,923,405
Cheniere Energy, Inc., 0.00%, (0.00% Cash or 4.88% PIK), 05/28/21(a)(j)(l)			43,153		45,098,352
Chesapeake Energy Corp.:
6.63%, 08/15/20			20,577		20,731,327
6.13%, 02/15/21			760		771,400
5.50%, 09/15/26(l)			5,438		4,340,495
CHRISTUS Health, Series C, 4.34%, 07/01/28			9,278		10,309,258
Cigna Corp.(a):
3.75%, 07/15/23			10,650		11,088,068
4.13%, 11/15/25			8,913		9,491,823
Cimarex Energy Co.:
4.38%, 06/01/24			26,830		28,416,695
4.38%, 03/15/29			7,161		7,613,610
Citigroup, Inc.:
1.38%, 10/27/21	EUR		14,764		17,373,982
(LIBOR USD 3 Month + 0.90%), 3.35%, 04/24/25(b)	USD		9,628		9,945,526
3.30%, 04/27/25			968		1,001,488
(LIBOR USD 3 Month + 1.56%), 3.89%, 01/10/28(b)			1,509		1,596,472

56 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
(LIBOR USD 3 Month + 1.19%), 4.07%, 04/23/29(b)	USD		45,456	$	48,831,463
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/24(a)			2,920		3,168,200
Comcast Corp.:
3.95%, 10/15/25			8,165		8,809,055
4.15%, 10/15/28			8,290		9,136,827
4.25%, 10/15/30			4,495		5,016,496
4.00%, 03/01/48			930		983,768
4.00%, 11/01/49			12,265		12,933,694
4.95%, 10/15/58			31,884		38,918,855
Commercial Metals Co.:
4.88%, 05/15/23			9,935		10,009,513
5.75%, 04/15/26			5,469		5,459,429
5.38%, 07/15/27			22,403		22,290,985
CommonSpirit Health, 4.35%, 11/01/42			4,455		4,479,026
CommScope, Inc.(a):
5.50%, 03/01/24			13,665		14,023,706
5.50%, 06/15/24			7,095		6,768,630
6.00%, 03/01/26			1,450		1,486,250
8.25%, 03/01/27			18,475		18,841,729
Continental Resources, Inc., 5.00%, 09/15/22			16,544		16,679,759
Cox Communications, Inc.(a):
3.25%, 12/15/22			9,790		9,992,955
3.50%, 08/15/27			5,109		5,204,669
Crown Castle International Corp.:
3.65%, 09/01/27			37,370		38,483,369
4.30%, 02/15/29			3,745		4,046,825
Crown European Holdings SA:
2.25%, 02/01/23	EUR		2,921		3,499,998
2.25%, 02/01/23(a)			300		359,466
3.38%, 05/15/25			432		545,262
CrownRock LP, 5.63%, 10/15/25(a)	USD		2,913		2,920,283
CSC Holdings LLC:
5.13%, 12/15/21(a)			250		250,000
5.38%, 07/15/23(a)			18,342		18,846,405
5.25%, 06/01/24			360		373,950
6.63%, 10/15/25(a)			21,705		23,224,350
10.88%, 10/15/25(a)			28,609		32,793,066
5.50%, 05/15/26(a)			3,683		3,862,362
5.50%, 04/15/27(a)			3,219		3,379,950
5.38%, 02/01/28(a)			2,457		2,552,209
6.50%, 02/01/29(a)			4,301		4,693,466
CVR Refining LLC, 6.50%, 11/01/22			833		849,244
CVS Health Corp.:
3.50%, 07/20/22			11,300		11,612,752
3.70%, 03/09/23			15,060		15,574,244
4.10%, 03/25/25			24,708		26,059,285
Danaher Corp., 3.35%, 09/15/25			9,130		9,555,979
DaVita, Inc., 5.75%, 08/15/22			7,660		7,736,600
DCP Midstream Operating LP:
5.35%, 03/15/20(a)			18,618		18,873,998
5.38%, 07/15/25			1,000		1,053,750
Dell International LLC(a):
4.42%, 06/15/21			8,260		8,511,438
5.88%, 06/15/21			1,270		1,291,081
7.13%, 06/15/24			995		1,050,449
Dell, Inc., 4.63%, 04/01/21			170		174,777
Diamondback Energy, Inc.:
4.75%, 11/01/24			12,801		13,169,029
4.75%, 11/01/24(a)			6,931		7,130,266
5.38%, 05/31/25			25,402		26,703,852
Dignity Health:
2.64%, 11/01/19			6,670		6,662,767

Security		Par (000)		Value
United States (continued)
3.81%, 11/01/24	USD		4,620	$	4,865,844
Discover Financial Services, 4.10%, 02/09/27			7,025		7,317,654
Discovery Communications LLC, 2.95%, 03/20/23			9,361		9,446,333
DISH DBS Corp., 7.88%, 09/01/19			854		857,203
Dominion Energy, Inc., 2.72%, 08/15/21(e)			3,137		3,144,035
DPL, Inc., 4.35%, 04/15/29(a)			3,520		3,582,049
DTE Energy Co., Series B, 2.60%, 06/15/22			3,410		3,425,438
Duke Energy Corp., 3.15%, 08/15/27			4,449		4,512,872
Dun & Bradstreet Corp. (The)(a):
6.88%, 08/15/26			2,920		3,084,250
10.25%, 02/15/27			1,920		2,037,600
DuPont de Nemours, Inc.:
4.21%, 11/15/23			15,060		16,120,719
4.49%, 11/15/25			8,990		9,947,973
Edison International, 5.75%, 06/15/27			1,452		1,559,549
Elanco Animal Health, Inc.(a):
3.91%, 08/27/21			2,551		2,606,348
4.27%, 08/28/23			3,825		4,014,570
4.90%, 08/28/28			3,776		4,217,091
Eldorado Resorts, Inc.:
7.00%, 08/01/23			803		839,135
6.00%, 04/01/25			1,000		1,051,250
EMC Corp., 2.65%, 06/01/20			860		855,287
Endeavor Energy Resources LP(a):
5.50%, 01/30/26			5,026		5,208,192
5.75%, 01/30/28			2,551		2,684,928
Energen Corp., 4.63%, 09/01/21			30,276		30,578,760
Energy Transfer Operating LP:
7.50%, 10/15/20			16,279		17,267,292
4.25%, 03/15/23			11,742		12,257,663
4.50%, 04/15/24			6,640		7,065,768
5.25%, 04/15/29			20,110		22,469,809
Ensco Jersey Finance Ltd., 3.00%, 01/31/24(l)			2,840		2,207,609
Enterprise Products Operating LLC:
3.90%, 02/15/24			23,593		24,991,857
3.75%, 02/15/25			15,060		15,932,108
4.15%, 10/16/28			10,775		11,728,291
3.13%, 07/31/29			6,293		6,306,591
4.20%, 01/31/50			2,450		2,505,206
Equinix, Inc.:
5.38%, 01/01/22			1,685		1,729,231
5.38%, 04/01/23			9,368		9,555,360
2.88%, 03/15/24	EUR		5,631		6,691,145
5.75%, 01/01/25	USD		750		780,750
2.88%, 10/01/25	EUR		2,195		2,602,137
5.88%, 01/15/26	USD		1,000		1,058,750
2.88%, 02/01/26	EUR		5,100		6,071,401
ERP Operating LP:
3.25%, 08/01/27	USD		4,211		4,363,290
3.00%, 07/01/29			17,275		17,493,746
ESH Hospitality, Inc., 5.25%, 05/01/25(a)			6,637		6,794,629
Extraction Oil & Gas, Inc., 7.38%, 05/15/24(a)			8,705		7,442,775
FedEx Corp., 4.95%, 10/17/48			16,897		18,452,220
Fidelity National Information Services, Inc.:
3.00%, 08/15/26			13,390		13,548,610
1.50%, 05/21/27	EUR		4,490		5,326,191
3.75%, 05/21/29	USD		2,360		2,507,152
2.00%, 05/21/30	EUR		8,780		10,639,469

CONSOLIDATED SCHEDULES OF INVESTMENTS 57

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
3.36%, 05/21/31	GBP		3,270	$	4,396,203
2.95%, 05/21/39	EUR		6,960		8,771,072
First Data Corp., 5.00%, 01/15/24(a)	USD		37,790		38,715,855
FirstEnergy Corp., Series B, 3.90%, 07/15/27			5,216		5,478,127
Fiserv, Inc.:
3.80%, 10/01/23			12,000		12,622,685
2.75%, 07/01/24			14,839		14,971,243
3.20%, 07/01/26			42,110		42,980,839
4.20%, 10/01/28			2,945		3,188,199
3.50%, 07/01/29			42,312		43,491,811
4.40%, 07/01/49			2,440		2,567,054
Five Point Operating Co. LP, 7.88%, 11/15/25(a)			19,646		19,744,623
Ford Motor Credit Co. LLC:
2.43%, 06/12/20			5,750		5,728,175
3.16%, 08/04/20			5,750		5,771,517
4.25%, 09/20/22			16,980		17,415,116
1.51%, 02/17/23	EUR		12,525		14,332,472
5.58%, 03/18/24	USD		38,183		40,984,784
2.39%, 02/17/26	EUR		2,350		2,681,564
Forestar Group, Inc., 8.00%, 04/15/24(a)	USD		22,464		23,559,120
Fox Corp., 4.03%, 01/25/24(a)			5,310		5,647,975
Freeport-McMoRan, Inc., 4.00%, 11/14/21			9,700		9,881,875
Frontier Communications Corp.(a):
8.50%, 04/01/26			5,341		5,180,770
8.00%, 04/01/27			9,972		10,370,880
Gates Global LLC, 6.00%, 07/15/22(a)			2,203		2,204,377
General Electric Co., 3.15%, 09/07/22			4,240		4,294,202
General Mills, Inc., 4.20%, 04/17/28	.		3,725		4,021,576
General Motors Co., (LIBOR USD 3 Month + 0.90%), 3.35%, 09/10/21(b)			10,000		9,970,233
General Motors Financial Co., Inc.:
3.55%, 04/09/21			4,535		4,601,035
4.20%, 11/06/21			7,095		7,305,626
3.15%, 06/30/22			13,990		14,075,474
5.10%, 01/17/24			18,545		19,831,281
George Washington University (The), Series 2018, 4.13%, 09/15/48			8,806		9,888,937
Gilead Sciences, Inc.:
3.50%, 02/01/25			7,530		7,901,231
3.65%, 03/01/26			27,860		29,413,063
4.80%, 04/01/44			7,530		8,555,602
GLP Capital LP:
4.88%, 11/01/20			22,149		22,533,507
4.38%, 04/15/21			4,208		4,281,093
5.38%, 11/01/23			18,721		20,072,282
5.25%, 06/01/25			15,841		16,972,047
Golden Entertainment, Inc., 7.63%, 04/15/26(a)			3,070		3,139,075
Goldman Sachs Group, Inc. (The):
2.50%, 10/18/21	EUR		14,764		17,775,118
5.75%, 01/24/22	USD		1,063		1,148,873
(LIBOR USD 3 Month + 1.05%), 2.91%, 06/05/23(b)			7,225		7,302,705
(LIBOR USD 3 Month + 0.99%), 2.90%, 07/24/23(b)			1,430		1,443,829
(LIBOR USD 3 Month + 1.30%), 4.22%, 05/01/29(b)			18,610		19,959,381
Graphic Packaging International LLC, 4.75%, 04/15/21			277		281,847
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/22			5,768		6,106,870

Security		Par (000)		Value
United States (continued)
Great Western Petroleum LLC, 9.00%, 09/30/21(a)	USD		2,350	$	1,909,375
H&E Equipment Services, Inc., 5.63%, 09/01/25			2,333		2,399,490
Halliburton Co.:
3.80%, 11/15/25			3,763		3,945,623
5.00%, 11/15/45			22,500		24,548,410
Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24	EUR		885		1,103,183
HCA Healthcare, Inc., 6.25%, 02/15/21	USD		2,195		2,299,263
HCA, Inc.:
4.25%, 10/15/19			2,553		2,563,358
6.50%, 02/15/20			49,285		50,419,329
4.75%, 05/01/23			12,888		13,795,335
5.00%, 03/15/24			7,568		8,244,868
5.38%, 02/01/25			6,556		7,076,383
5.25%, 04/15/25			12,443		13,786,316
5.88%, 02/15/26			4,784		5,286,320
5.25%, 06/15/26			2,911		3,223,084
5.38%, 09/01/26			2,521		2,716,378
5.63%, 09/01/28			854		924,455
5.88%, 02/01/29			6,260		6,862,525
4.13%, 06/15/29			23,828		24,494,707
HD Supply, Inc., 5.38%, 10/15/26(a)			2,893		3,052,115
Herc Rentals, Inc.(a):
7.50%, 06/01/22			17,738		18,420,913
7.75%, 06/01/24			17,164		18,180,109
Hertz Corp. (The), 7.38%, 01/15/21			8,995		9,006,244
Hertz Holdings Netherlands BV, 5.50%, 03/30/23	EUR		8,091		9,717,202
Hilton Domestic Operating Co., Inc., 4.25%, 09/01/24	USD		4,468		4,535,020
Hilton Worldwide Finance LLC:
4.63%, 04/01/25			8,750		8,957,812
4.88%, 04/01/27			1,482		1,531,573
Hologic, Inc., 4.38%, 10/15/25(a)			2,395		2,427,931
Home Depot, Inc. (The), 2.95%, 06/15/29			4,932		5,059,350
Huntsman International LLC, 5.13%, 11/15/22			5,549		5,866,840
Hyundai Capital America(a):
3.95%, 02/01/22			18,183		18,647,757
3.40%, 06/20/24			27,334		27,436,776
Infor US, Inc., 6.50%, 05/15/22			6,210		6,319,296
Informatica LLC, 7.13%, 07/15/23(a)			16,460		16,750,848
Intelsat SA, 4.50%, 06/15/25(a)(l)			7,707		10,662,011
International Business Machines Corp.:
0.88%, 01/31/25	EUR		25,240		29,623,611
3.30%, 05/15/26	USD		13,295		13,781,765
1.25%, 01/29/27	EUR		21,190		25,444,092
3.50%, 05/15/29	USD		45,030		47,127,397
4.25%, 05/15/49			13,355		14,389,361
International Game Technology plc:
6.25%, 02/15/22(a)			16,044		16,946,475
4.75%, 02/15/23	EUR		4,725		5,985,296
3.50%, 07/15/24			1,364		1,649,499
6.50%, 02/15/25(a)	USD		2,703		2,953,027
3.50%, 06/15/26	EUR		3,108		3,666,636
6.25%, 01/15/27(a)	USD		1,844		2,016,875
Interpublic Group of Cos., Inc. (The), 4.65%, 10/01/28			13,810		15,081,863
IQVIA, Inc.:
3.25%, 03/15/25(a)	EUR		1,050		1,229,707
3.25%, 03/15/25			6,875		8,051,651
Iron Mountain UK plc, 3.88%, 11/15/25	GBP		1,819		2,288,870

58 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Iron Mountain US Holdings, Inc., 5.38%, 06/01/26(a)	USD		3,925	$	3,939,719
Iron Mountain, Inc.:
4.38%, 06/01/21(a)			4,589		4,634,890
6.00%, 08/15/23			4,687		4,815,892
3.00%, 01/15/25	EUR		8,320		9,765,116
Jagged Peak Energy LLC, 5.88%, 05/01/26	USD		8,197		8,074,045
JBS USA LUX SA(a):
5.88%, 07/15/24			2,271		2,336,246
5.75%, 06/15/25			2,649		2,761,583
6.75%, 02/15/28			2,211		2,396,171
JPMorgan Chase & Co.(b):
(LIBOR USD 3 Month + 0.73%), 3.56%, 04/23/24			34,000		35,250,253
(LIBOR USD 3 Month + 0.89%), 3.80%, 07/23/24			5,629		5,903,449
(LIBOR USD 3 Month + 1.34%), 3.78%, 02/01/28			18,755		19,882,368
(LIBOR USD 3 Month + 1.12%), 4.01%, 04/23/29			36,350		39,211,679
(LIBOR USD 3 Month + 1.26%), 4.20%, 07/23/29			33,465		36,589,361
(LIBOR USD 3 Month + 1.33%), 4.45%, 12/05/29			44,574		49,701,687
(LIBOR USD 3 Month + 1.16%), 3.70%, 05/06/30			17,900		18,873,226
Kaiser Aluminum Corp., 5.88%, 05/15/24			16,741		17,410,640
Kaiser Foundation Hospitals, 3.50%, 04/01/22			7,365		7,621,221
KAR Auction Services, Inc., 5.13%, 06/01/25(a)			534		543,345
KB Home:
8.00%, 03/15/20			443		457,486
7.63%, 05/15/23			4,682		5,232,135
Keurig Dr Pepper, Inc., 4.06%, 05/25/23			8,010		8,409,515
KFC Holding Co.(a):
5.00%, 06/01/24			18,074		18,683,998
5.25%, 06/01/26			2,649		2,778,112
Kinder Morgan Energy Partners LP:
3.50%, 03/01/21			7,525		7,642,021
5.80%, 03/01/21			3,765		3,968,678
Kraft Heinz Foods Co.:
3.50%, 06/06/22			2,521		2,588,060
5.00%, 06/04/42			14,085		14,544,265
Lamar Media Corp., 5.38%, 01/15/24			3,438		3,536,843
Lamb Weston Holdings, Inc.(a):
4.63%, 11/01/24			2,101		2,177,161
4.88%, 11/01/26			2,101		2,185,040
Lennar Corp.:
4.50%, 11/15/19			3,680		3,693,800
2.95%, 11/29/20			55		54,725
8.38%, 01/15/21			2,042		2,195,150
4.75%, 04/01/21			6,025		6,183,156
4.13%, 01/15/22			3,056		3,135,303
4.75%, 11/15/22			32,238		33,729,008
4.88%, 12/15/23			3,655		3,851,456
4.50%, 04/30/24			2,636		2,771,095
5.88%, 11/15/24			10,976		12,032,440
4.75%, 05/30/25			1,263		1,337,201
5.25%, 06/01/26			172		183,180
4.75%, 11/29/27			2,271		2,390,228
Level 3 Financing, Inc.:
6.13%, 01/15/21			3,280		3,296,400

Security		Par (000)		Value
United States (continued)
5.38%, 08/15/22	USD		19,212	$	19,236,015
5.63%, 02/01/23			9,957		10,081,064
5.13%, 05/01/23			13,263		13,373,746
5.38%, 01/15/24			3,265		3,338,463
5.38%, 05/01/25			2,015		2,080,487
5.25%, 03/15/26			1,954		2,022,390
LGI Homes, Inc., 6.88%, 07/15/26(a)			2,857		2,921,282
Lions Gate Capital Holdings LLC, 5.88%, 11/01/24(a)			3,091		3,168,275
Lockheed Martin Corp.:
3.80%, 03/01/45			1,395		1,484,833
4.09%, 09/15/52			25,855		28,766,564
Lowe’s Cos., Inc., 4.55%, 04/05/49			40,395		43,367,360
Marriott Ownership Resorts, Inc., 6.50%, 09/15/26			3,825		4,102,313
Marsh & McLennan Cos., Inc., 4.38%, 03/15/29			17,855		19,699,377
Masonite International Corp.(a):
5.63%, 03/15/23			15,135		15,589,050
5.75%, 09/15/26			350		360,500
Massachusetts Institute of Technology, 3.96%, 07/01/38			8,375		9,211,728
MassMutual Global Funding II, 3.40%, 03/08/26(a)			13,300		13,929,694
McDonald’s Corp.:
3.80%, 04/01/28			7,529		8,084,247
4.70%, 12/09/35			1,640		1,868,201
4.88%, 12/09/45			15,438		17,723,762
Medtronic Global Holdings SCA:
1.13%, 03/07/27	EUR		2,850		3,377,371
1.63%, 03/07/31			4,260		5,202,030
2.25%, 03/07/39			3,570		4,589,854
Meritor, Inc., 6.25%, 02/15/24	USD		10,523		10,825,536
MGM Growth Properties Operating
Partnership LP:
5.63%, 05/01/24			25,977		27,990,218
4.50%, 09/01/26			1,236		1,268,445
5.75%, 02/01/27(a)			1,854		1,997,685
MGM Resorts International:
5.25%, 03/31/20			415		421,744
4.63%, 09/01/26			1,000		1,005,000
Microchip Technology, Inc.:
3.92%, 06/01/21			41,630		42,377,085
4.33%, 06/01/23			14,860		15,495,288
Micron Technology, Inc., 5.33%, 02/06/29			7,085		7,509,542
Mid-America Apartments LP, 3.95%, 03/15/29			10,736		11,360,873
Montefiore Obligated Group, Series 18-C, 5.25%, 11/01/48			9,296		10,311,402
Morgan Stanley:
2.38%, 03/31/21	EUR		29,655		35,172,037
3.13%, 01/23/23	USD		8,290		8,477,079
(LIBOR USD 3 Month + 0.85%), 3.74%, 04/24/24(b)			38,855		40,507,271
(LIBOR USD 3 Month + 1.14%), 3.77%, 01/24/29(b)			55,015		57,718,486
(LIBOR USD 3 Month + 1.63%), 4.43%, 01/23/30(b)			82,311		91,057,343
MPT Operating Partnership LP, 3.33%, 03/24/25	EUR		4,000		4,925,826
Mylan NV, 3.15%, 06/15/21	USD		4,165		4,165,846
NBCUniversal Media LLC, 4.45%, 01/15/43			7,530		8,301,127
NCL Corp. Ltd., 4.75%, 12/15/21(a)			2,849		2,888,174

CONSOLIDATED SCHEDULES OF INVESTMENTS 59

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
NCR Corp., 5.00%, 07/15/22	USD		3,736	$	3,767,607
Netflix, Inc., 3.88%, 11/15/29	EUR		4,698		5,786,921
Newfield Exploration Co.:
5.63%, 07/01/24	USD		29,045		32,115,057
5.38%, 01/01/26			26,365		28,889,995
Nexstar Escrow, Inc., 5.63%, 07/15/27(a)			6,569		6,725,014
NGPL PipeCo LLC(a):
4.38%, 08/15/22			17,849		18,384,470
4.88%, 08/15/27			2,330		2,466,888
7.77%, 12/15/37			21,468		27,264,360
Nielsen Finance LLC:
4.50%, 10/01/20			310		310,736
5.00%, 04/15/22(a)			20,626		20,574,435
Northern Oil and Gas, Inc., 8.50%, (8.50% Cash or 1.00% PIK), 05/15/23(j)			4,146		4,280,384
NRG Energy, Inc.:
3.75%, 06/15/24(a)			2,752		2,827,289
7.25%, 05/15/26			2,521		2,776,251
6.63%, 01/15/27			3,097		3,364,116
5.75%, 01/15/28			2,071		2,221,148
2.75%, 06/01/48(l)			7,928		8,467,747
Ochsner Clinic Foundation, 5.90%, 05/15/45			4,955		6,469,972
Oncor Electric Delivery Co. LLC(a):
3.70%, 11/15/28			9,043		9,738,428
3.80%, 06/01/49			9,575		10,105,678
Oracle Corp., 6.13%, 07/08/39			7,530		10,322,522
Outfront Media Capital LLC:
5.25%, 02/15/22			1,409		1,427,881
5.63%, 02/15/24			804		827,115
5.88%, 03/15/25			250		258,437
Pacific Drilling SA, 8.38%, 10/01/23(a)			13,266		13,133,340
Panther BF Aggregator 2 LP:
4.38%, 05/15/26	EUR		17,206		20,200,802
6.25%, 05/15/26(a)	USD		1,150		1,194,562
Parker-Hannifin Corp., 2.70%, 06/14/24			2,140		2,165,838
Parsley Energy LLC(a):
6.25%, 06/01/24			17,007		17,687,280
5.38%, 01/15/25			21,382		21,916,550
5.25%, 08/15/25			4,255		4,318,825
5.63%, 10/15/27			3,522		3,680,490
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48			1,293		1,562,126
Plains All American Pipeline LP, 2.60%, 12/15/19			2,800		2,797,636
Post Holdings, Inc., 5.50%, 03/01/25(a)			18,687		19,294,328
Prime Security Services Borrower LLC, 5.25%, 04/15/24(a)			1,470		1,495,725
Providence St. Joseph Health Obligated Group, Series A, 3.93%, 10/01/48			5,957		6,237,267
PulteGroup, Inc.:
4.25%, 03/01/21			425		432,969
5.50%, 03/01/26			9,803		10,587,240
5.00%, 01/15/27			556		582,303
7.88%, 06/15/32			10,834		12,892,460
6.00%, 02/15/35			141		144,525
Qorvo, Inc., 5.50%, 07/15/26			3,492		3,695,584
Quicken Loans, Inc.(a):
5.75%, 05/01/25			43,691		45,056,344
5.25%, 01/15/28			3,482		3,464,590
Realogy Group LLC, 9.38%, 04/01/27(a)			1,092		956,865
Refinitiv US Holdings, Inc.:
4.50%, 05/15/26	EUR		14,661		17,044,253
6.88%, 11/15/26			3,562		4,114,021

Security		Par (000)		Value
United States (continued)
8.25%, 11/15/26(a)	USD		1,825	$	1,877,013
Reynolds Group Issuer, Inc.:
6.87%, 02/15/21			1,957		1,962,136
5.13%, 07/15/23(a)			1,000		1,018,750
7.00%, 07/15/24(a)			418		432,220
Rockies Express Pipeline LLC, 5.63%, 04/15/20(a)			32,979		33,514,909
Ryder System, Inc., 3.65%, 03/18/24			8,405		8,787,575
Sabine Pass Liquefaction LLC:
6.25%, 03/15/22			846		918,301
5.63%, 04/15/23			2,292		2,496,379
5.75%, 05/15/24			33,270		36,999,313
5.63%, 03/01/25			10,984		12,302,873
5.88%, 06/30/26			13,615		15,558,340
Sable Permian Resources Land LLC, 13.00%, 11/30/20(a)(m)			21,980		20,881,000
Sabre GLBL, Inc.(a):
5.38%, 04/15/23			11,780		12,045,050
5.25%, 11/15/23			8,729		8,990,870
Scientific Games International, Inc., 10.00%, 12/01/22			13,459		14,115,126
SEACOR Holdings, Inc., 3.25%, 05/15/30(l)			12,666		11,964,888
Sealed Air Corp., 4.50%, 09/15/23	EUR		745		961,503
Shea Homes LP, 5.88%, 04/01/23(a)	USD		154		157,080
Silgan Holdings, Inc., 3.25%, 03/15/25	EUR		1,090		1,280,749
Silversea Cruise Finance Ltd., 7.25%, 02/01/25(a)	USD		8,502		9,137,099
Sirius XM Radio, Inc.(a):
3.88%, 08/01/22			5,095		5,107,738
4.63%, 07/15/24			12,288		12,574,065
6.00%, 07/15/24			7,646		7,858,177
5.38%, 04/15/25			2,521		2,599,781
5.38%, 07/15/26			2,521		2,612,386
5.00%, 08/01/27			3,686		3,750,136
5.50%, 07/01/29			8,172		8,377,934
Sprint Capital Corp., 8.75%, 03/15/32			1,873		2,167,998
Sprint Communications, Inc.:
7.00%, 03/01/20(a)			10,133		10,386,325
7.00%, 08/15/20			2,910		3,015,488
Sprint Corp.:
7.25%, 09/15/21			8,599		9,136,438
7.88%, 09/15/23			18,767		20,385,654
7.13%, 06/15/24			6,281		6,659,744
Sprint Spectrum Co. LLC, 3.36%, 09/20/21(a)			30,377		30,384,585
SSM Health Care Corp., Series 2018, 3.69%, 06/01/23			22,510		23,468,163
Standard Industries, Inc.(a):
5.50%, 02/15/23			1,263		1,297,732
5.38%, 11/15/24			2,771		2,867,985
6.00%, 10/15/25			37,253		39,534,746
5.00%, 02/15/27			1,263		1,278,788
4.75%, 01/15/28			2,457		2,438,573
Staples, Inc.(a):
7.50%, 04/15/26			10,000		9,941,100
10.75%, 04/15/27			14,270		14,198,650
Steel Dynamics, Inc.:
5.13%, 10/01/21			28,590		28,887,908
5.25%, 04/15/23			833		847,577
5.50%, 10/01/24			20,685		21,434,831
4.13%, 09/15/25			185		184,075
5.00%, 12/15/26			6,635		6,916,988
Summit Materials LLC, 6.13%, 07/15/23			5,759		5,830,988

60 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
Sunoco Logistics Partners Operations LP, 4.25%, 04/01/24		USD	3,701	$	3,881,551
Sunoco LP:
4.88%, 01/15/23			23,514		24,013,672
5.50%, 02/15/26			3,578		3,725,593
6.00%, 04/15/27(a)			1,474		1,547,700
5.88%, 03/15/28			10,464		10,843,320
SunTrust Banks, Inc., (LIBOR USD 3 Month + 0.74%), 3.69%, 08/02/24(b)			9,780		10,199,370
Sutter Health, Series 2018, 3.70%, 08/15/28			8,337		8,899,541
Synchrony Financial, 4.38%, 03/19/24			12,880		13,487,159
Talen Energy Supply LLC:
6.50%, 06/01/25			12,477		10,449,487
10.50%, 01/15/26(a)			6,453		6,436,868
7.25%, 05/15/27(a)			43,347		44,430,675
Talos Production LLC, 11.00%, 04/03/22			14,140		14,935,375
Targa Resources Partners LP:
5.25%, 05/01/23			2,000		2,027,700
4.25%, 11/15/23			2,000		2,000,000
6.75%, 03/15/24			375		390,000
5.13%, 02/01/25			427		440,878
5.88%, 04/15/26			12,610		13,366,600
6.50%, 07/15/27(a)			1,789		1,952,246
Taylor Morrison Communities, Inc.:
6.63%, 05/15/22			2,000		2,067,500
5.88%, 06/15/27(a)			16,816		17,110,280
Tempur Sealy International, Inc., 5.50%, 06/15/26			1,474		1,529,275
Tenet Healthcare Corp.:
4.75%, 06/01/20			1,539		1,554,390
6.00%, 10/01/20			37,027		38,116,982
4.50%, 04/01/21			571		580,279
4.63%, 07/15/24			4,712		4,770,900
Toledo Hospital (The), 5.75%, 11/15/38			14,600		16,887,763
Toll Brothers Finance Corp.:
5.88%, 02/15/22			2,000		2,125,000
4.38%, 04/15/23			10,500		10,854,375
4.88%, 11/15/25			4,261		4,447,419
4.88%, 03/15/27			2,000		2,098,100
4.35%, 02/15/28			2,000		1,995,000
Total System Services, Inc., 3.80%, 04/01/21			9,670		9,848,916
TransDigm, Inc.:
6.00%, 07/15/22			16,459		16,623,590
6.50%, 07/15/24			1,925		1,946,656
6.25%, 03/15/26(a)			40,458		42,582,045
Transocean Guardian Ltd., 5.88%, 01/15/24(a)			3,174		3,225,837
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24(a)			23,615		25,208,479
Transocean Proteus Ltd., 6.25%, 12/01/24(a)			2,756		2,841,609
Transocean, Inc., 9.00%, 07/15/23(a)			3,928		4,183,320
TRI Pointe Group, Inc.:
4.88%, 07/01/21			3,767		3,842,340
5.25%, 06/01/27			6,270		6,034,875
Tyson Foods, Inc.:
4.00%, 03/01/26			5,978		6,358,118
4.35%, 03/01/29			30,773		33,652,697
UGI International LLC, 3.25%, 11/01/25		EUR	1,481		1,789,298
United Airlines Pass-Through Trust, Series 2013-1, Class B, 5.38%, 08/15/21		USD	14,410		14,909,971

Security	Par (000)			Value
United States (continued)
United Rentals North America, Inc.:
4.63%, 07/15/23		USD	7,645	$	7,803,634
5.50%, 07/15/25			9,495		9,886,669
4.63%, 10/15/25			1,893		1,923,761
5.88%, 09/15/26			2,521		2,684,865
6.50%, 12/15/26			2,771		2,999,608
5.50%, 05/15/27			2,521		2,653,352
4.88%, 01/15/28			4,210		4,294,200
United Technologies Corp.:
3.65%, 08/16/23			39,180		41,032,872
3.95%, 08/16/25			14,870		16,035,828
2.65%, 11/01/26			3,540		3,540,076
4.13%, 11/16/28			28,330		31,123,382
UnitedHealth Group, Inc.:
3.70%, 12/15/25			8,285		8,823,512
4.25%, 06/15/48			10,460		11,620,418
University of Notre Dame du Lac, Series 2017, 3.39%, 02/15/48			6,490		6,666,235
University of Southern California, 3.03%, 10/01/39			942		921,532
US Concrete, Inc., 6.38%, 06/01/24			1,474		1,532,960
Vantiv LLC:
3.88%, 11/15/25(a)		GBP	1,548		2,050,534
3.88%, 11/15/25			4,800		6,358,243
Venator Finance SARL, 5.75%, 07/15/25(a)		USD	5,917		5,428,847
Ventas Realty LP:
3.50%, 04/15/24			20,240		20,989,943
2.65%, 01/15/25			8,469		8,434,518
VeriSign, Inc.:
4.63%, 05/01/23			43,306		44,011,888
5.25%, 04/01/25			1,230		1,313,025
4.75%, 07/15/27			2,000		2,082,500
Verizon Communications, Inc.:
3.38%, 02/15/25			12,325		12,864,633
4.13%, 03/16/27			23,666		25,738,804
3.88%, 02/08/29			3,660		3,925,801
4.27%, 01/15/36			3,770		4,083,297
5.01%, 04/15/49			843		1,004,004
4.67%, 03/15/55			32,291		36,617,132
Viacom, Inc.:
4.25%, 09/01/23			1,495		1,581,573
(LIBOR USD 3 Month + 3.90%), 5.87%, 02/28/57(b)			6,008		6,131,164
ViaSat, Inc., 5.63%, 04/15/27(a)			2,920		3,036,800
Vistra Energy Corp.:
7.38%, 11/01/22			29,169		30,226,376
5.88%, 06/01/23			3,377		3,452,982
7.63%, 11/01/24			28,547		30,187,882
Vistra Operations Co. LLC(a):
3.55%, 07/15/24			37,389		37,608,947
5.50%, 09/01/26			2,521		2,662,806
5.63%, 02/15/27			3,277		3,469,524
5.00%, 07/31/27			21,647		22,431,704
Washington Mutual Escrow Bonds(d)(g)(m):
0.00%, 11/06/09			45,161		5
0.00%, 09/19/17(k)			2,631		—
Washington Mutual, Inc.(d)(g)(m):
0.00%, 09/21/17(n)			25,126		2
0.00%, 09/21/17(k)			15,753		2
0.00%, 10/03/17(n)			14,745		2
Waste Management, Inc., 3.20%, 06/15/26			4,985		5,185,716
Weekley Homes LLC:
6.00%, 02/01/23			11,052		10,913,850

CONSOLIDATED SCHEDULES OF INVESTMENTS 61

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
6.63%, 08/15/25		USD	5,948	$	5,873,650
Wells Fargo & Co.:
3.75%, 01/24/24			155,660		163,654,807
3.55%, 09/29/25			29,900		31,235,538
3.00%, 04/22/26			14,510		14,668,790
(LIBOR USD 3 Month + 1.17%), 3.20%, 06/17/27(b)			47,258		48,160,420
4.15%, 01/24/29			26,425		28,786,981
4.75%, 12/07/46			7,455		8,497,783
Welltower, Inc.:
3.63%, 03/15/24			5,611		5,839,258
4.13%, 03/15/29			10,375		11,003,898
WESCO Distribution, Inc., 5.38%, 12/15/21			1,500		1,511,250
Wesleyan University, 4.78%, 07/01/2116			4,035		4,545,457
Western Digital Corp., 1.50%, 02/01/24(a)(l)			5,815		5,222,049
Whiting Petroleum Corp., 1.25%, 04/01/20(l)			2,733		2,644,177
William Lyon Homes, Inc.:
6.00%, 09/01/23			3,470		3,522,050
6.63%, 07/15/27(a)			1,859		1,854,353
Williams Cos., Inc. (The):
4.00%, 09/15/25			3,622		3,832,892
3.75%, 06/15/27			3,024		3,122,171
WMG Acquisition Corp.:
4.13%, 11/01/24		EUR	8,210		9,741,563
3.63%, 10/15/26			1,142		1,369,990
WPX Energy, Inc.:
8.25%, 08/01/23		USD	1,229		1,401,060
5.25%, 09/15/24			1,598		1,639,947
5.75%, 06/01/26			1,229		1,276,624
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(a)			1,236		1,293,165
XPO Logistics, Inc.(a):
6.50%, 06/15/22			520		530,400
6.13%, 09/01/23			754		781,333
Zayo Group LLC:
6.00%, 04/01/23			10,815		11,058,338
6.38%, 05/15/25			3,760		3,835,012
Zekelman Industries, Inc., 9.88%, 06/15/23(a)			1,027		1,084,127
					7,465,299,238
Vietnam — 0.1%(l)
No Va Land Investment Group Corp., 5.50%, 04/27/23			15,100		14,061,875
Vinpearl JSC, 3.50%, 06/14/23			8,000		8,735,706
					22,797,581
Zambia — 0.0%
First Quantum Minerals Ltd.(a):
7.25%, 05/15/22			6,000		5,947,500
7.25%, 04/01/23			6,000		5,842,500
					11,790,000
Total Corporate Bonds — 36.9% (Cost: $12,033,939,279)					12,301,302,242

Security	Par (000)			Value
Floating Rate Loan Interests — 3.4%(n)
Brazil — 0.0%
Samarco Mineracao SA, Term Loan, (LIBOR USD 3 Month + 0.00%), 0.00%, 12/02/25(d)(g)(m)		USD	10,000	$	7,000,000
Canada — 0.0%
Bausch Health Cos., Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.41%, 06/02/25			4,766		4,763,531
Valeant Pharmaceuticals International, Inc., Term Loan, 11/14/25(o)			4,504		4,475,125
					9,238,656
Denmark — 0.0%
Evergood 4 ApS, Term Loan B, (EURIBOR 3 Month + 3.25%), 3.25%, 02/06/25		EUR	2,646		2,982,251
France — 0.1%
CEVA Sante Animale SA, Term Loan B, (EURIBOR 3 Month + 4.75%), 4.75%, 03/28/26			3,300		3,777,571
Flamingo LUX II, 1st Lien Term Loan B, (EURIBOR 3 Month + 3.25%), 3.25%, 09/07/23			1,500		1,695,297
HomeVi SAS, Term Loan, (EURIBOR 3 Month + 3.00%), 3.00%, 10/31/24			3,000		3,398,507
Oberthur Technologies SA, Facility B Term Loan, (EURIBOR 3 Month + 3.75%), 3.75%, 01/10/24			2,000		2,199,265
THOM Europe SAS, Term Loan, (EURIBOR 3 Month + 4.25%), 4.25%, 08/07/24			1,500		1,700,328
Verallia SA, Term Loan, (EURIBOR 1 Month + 2.75%), 2.75%, 08/01/25			1,000		1,136,588
					13,907,556
Germany — 0.0%
HENSOLDT Holding GmbH, Term Loan B3, (EURIBOR 3 Month + 3.25%), 0.00%, 02/28/24			1,000		1,114,892
Rain Carbon GmbH, Term Loan, (EURIBOR 6 Month + 3.00%), 3.00%, 12/11/24			2,500		2,758,661
Springer Science+business Media LLC, Term Loan B14, (EURIBOR 3 Month + 3.25%), 3.75%, 08/15/22			4,352		4,944,377
TigerLuxOne SARL, Term Loan, (EURIBOR 3 Month + 4.50%), 5.50%, 02/22/24			2,200		2,516,480
					11,334,410
Indonesia — 0.0%
MNC Sky Vision Tbk PT, Term Loan, (LIBOR USD 6 Month + 6.82%), 0.00%, 11/07/19(d)		USD	8,250		7,755,000
Ireland — 0.0%
Eircom Finco SARL, Term Loan B, (EURIBOR 3 Month + 0.00%), 0.00%, 03/25/26		EUR	6,250		7,099,128

62 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Luxembourg — 0.2%
Allnex (Luxembourg) & Cy SCA, Term Loan B1, (EURIBOR 3 Month + 3.25%), 3.25%, 09/13/23		EUR	1,471	$	1,648,039
Gol Luxco SA, Term Loan, (LIBOR USD 6 Month + 6.50%), 6.50%, 08/31/20(d)		USD	31,442		31,756,420
Intelsat Jackson Holdings SA, Term Loan:
(LIBOR USD 1 Month + 3.75%), 6.15%, 11/27/23			3,435		3,396,356
01/02/24(o)			3,350		3,356,359
ION Trading Technologies SARL, Term Loan, (EURIBOR 3 Month + 3.25%), 4.25%, 11/21/24		EUR	1,476		1,631,380
JBS USA LLC, Term Loan B, (LIBOR USD 1 Month + 2.50%), 4.90%, 05/01/26		USD	11,302		11,273,421
Logoplaste USA, Inc., Term Loan B, (EURIBOR 6 Month + 3.50%), 0.00%, 10/04/23(d)		EUR	1,700		1,916,155
LSF10 XL Bidco SCA, Term Loan B, (EURIBOR 3 Month + 3.75%), 0.00%, 04/11/24			1,333		1,499,466
					56,477,596
Netherlands — 0.1%
Action Holding BV, Term Loan B, (EURIBOR 3 Month + 3.25%), 3.25%, 03/07/25			4,500		5,050,327
Bach Finance Ltd., Term Loan, (EURIBOR 3 Month + 3.25%), 3.25%, 08/30/24			2,000		2,264,853
Kloeckner Pentaplast, Term Loan, 06/30/22(o)			2,500		2,525,300
Sapphire Bidco BV, Term Loan B, (EURIBOR 3 Month + 3.25%), 3.25%, 05/05/25			2,500		2,648,505
Stars Group Holdings BV, Term Loan, (LIBOR USD 3 Month + 3.50%), 5.83%, 07/10/25		USD	27,033		27,018,603
					39,507,588
Norway — 0.0%
Silk Bidco AS, 1st Lien Term Loan B, (EURIBOR 6 Month + 3.75%), 0.00%, 02/24/25		EUR	2,500		2,819,667
Poland — 0.0%
Pfleiderer Group SA, Term Loan, 08/01/24(o)			3,000		3,315,374
Spain — 0.1%
Dorna Sports SL, 1st Lien Term Loan, (EURIBOR 6 Month + 2.75%), 0.00%, 05/03/24			3,826		4,294,838
Masmovil Holdphone SA, Term Loan B2, 05/22/26(o)			483		481,822
Masmovil Holdphone, Term Loan B, 05/22/26(o)			3,017		3,424,248
Promotora de Informaciones SA, 1st Lien Term Loan 2, (EURIBOR 6 Month + 4.00%), 4.00%, 11/30/22			7,944		8,954,070

Security	Par (000)			Value
Spain (continued)
Promotora de Informaciones SA, Term Loan, (EURIBOR 6 Month + 4.00%), 4.00%, 12/31/22		EUR	2,834	$	3,175,256
					20,330,234
Sweden — 0.1%
Diaverum AB, 1st Lien Term Loan B, (EURIBOR 6 Month + 3.25%), 3.25%, 07/04/24			3,500		3,929,186
Verisure Holding AB, 1st Lien Term Loan B, (EURIBOR 3 Month + 3.50%), 3.50%, 10/21/22			4,000		4,546,853
Verisure Holding AB, Term Loan B1, 10/21/22(o)			6,800		7,652,869
					16,128,908
Switzerland — 0.0%
Swissport Financing SARL, Term Loan, (EURIBOR 3 Month + 4.38%), 4.38%, 02/09/22			4,681		5,338,964
Swissport International AG, Term Loan, (EURIBOR 3 Month + 4.75%), 4.75%, 02/08/22			2,000		2,281,773
					7,620,737
United Kingdom — 0.1%
Froneri Ltd., Term Loan, 01/20/25(d)(o)			2,000		2,271,357
Theramex SpA, Term Loan, (EURIBOR 3 Month + 4.00%), 4.00%, 01/31/25			2,500		2,813,128
Vue International Bidco plc, Term Loan, 06/19/26(o)			11,000		12,539,370
					17,623,855
United States — 2.7%
Aligned Energy LLC, Term Loan, 10/09/23(o)		USD	40,000		40,000,000
Allegiant Travel Co., Term Loan, (LIBOR USD 6 Month + 4.50%), 7.07%, 02/05/24			19,524		19,511,963
Ascend Performance Materials Operations LLC, 1st Lien Term Loan B, (LIBOR USD 1 Month + 5.25%), 7.65%, 08/12/22			1,964		1,961,048
BCP Raptor II LLC, Term Loan, (LIBOR USD 1 Month + 4.75%), 7.15%, 10/22/25			26,543		25,193,819
Beacon Roofing Supply, Inc., Term Loan B, 0.00%, 01/02/25			10,192		10,059,492
Bristow Group, Inc., Term Loan, (LIBOR USD 6 Month + 0.00%), 0.00%, 05/10/22(d)			4,886		4,701,386
Caliber Home Loans, Inc., Term Loan, (LIBOR USD 6 Month + 3.00%), 0.00% -5.69%, 04/24/21(d)			38,747		38,649,933
California Resources Corp., Term Loan:
(LIBOR USD 1 Month + 10.38%), 12.78%, 12/31/21			21,090		21,364,170
(LIBOR USD 1 Month + 4.75%), 7.15%, 12/31/22			23,249		22,186,288
Charter Communications Operating LLC, Term Loan, (LIBOR USD 3 Month + 1.50%), 3.83%, 03/31/23			18,770		18,683,794
Charter Communications Operating LLC, Term Loan B, (LIBOR USD 3 Month + 2.00%), 4.33%, 04/30/25			9,899		9,883,995

CONSOLIDATED SCHEDULES OF INVESTMENTS 63

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
United States (continued)
Chemours Co. (The), Tranche B2 Term Loan, (EURIBOR 3 Month + 2.00%), 2.50%, 04/03/25		EUR	2,701	$	3,073,999
Chimera Special Holding LLC, Term Loan, (LIBOR USD 6 Month + 2.00%), 4.43%, 10/06/19(d)		USD	87,398		87,397,615
Diamond (BC) BV, Term Loan, 09/06/24(o)		EUR	2,992		3,117,691
Dun & Bradstreet Corp. (The), 1st Lien Term Loan B, (LIBOR USD 1 Month + 5.00%), 7.40%, 02/06/26		USD	7,760		7,757,594
Foundation Building Materials, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.40%, 08/13/25(d)			10,836		10,781,372
Gates Global LLC, Term Loan, (EURIBOR 3 Month + 3.00%), 0.00%, 04/01/24		EUR	1,472		1,661,801
Goldman Sachs Bank USA, Term Loan, (LIBOR USD 1 Month + 2.10%), 0.00% -4.59%, 09/17/19(d)		USD	31,989		31,829,040
Goldman Sachs Lending Partners LLC, Term Loan, (LIBOR USD 1 Month + 2.10%), 0.00% -4.59%, 09/17/19(d)			13,391		13,323,566
Hilton Washington Dupont Hotel, Term Loan, (LIBOR USD 6 Month + 0.00%), 0.00%, 04/01/24(d)			30,000		29,925,000
Houston Center, Term Loan, 12/09/22(d)(o)			33,000		33,000,000
Informatica LLC, Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.65%, 08/05/22			9,034		9,037,331
LSTAR Securities Investment Ltd., Term Loan, (LIBOR USD 6 Month + 2.00%), 4.44%, 05/02/22(d)			66,851		66,850,690
McAfee LLC, Term Loan:
(LIBOR USD 1 Month + 3.75%), 0.00%, 09/30/24			14,253		14,223,990
(LIBOR USD 1 Month + 8.50%), 10.86%, 09/29/25			11,651		11,767,342
MGM Growth Properties LLC, Term Loan B, 03/21/25(o)			29,796		29,586,991
Midcoast Operating LP, Term Loan, (LIBOR USD 3 Month + 5.50%), 7.83%, 06/30/25			10,257		10,270,309
National Response Corp., Term Loan, (LIBOR USD 3 Month + 5.25%), 7.58%, 06/05/24			21,182		21,049,329
Panther BF Aggregator 2 LP, Term Loan B, (EURIBOR 1 Month + 3.75%), 3.75%, 04/30/26		EUR	7,000		7,963,998
Park Avenue Tower, Term Loan, (LIBOR USD 6 Month + 0.00%), 0.00%, 03/09/24		USD	43,000		43,000,000
PCI Gaming Authority, 1st Lien Term Loan, 5.40%, 05/15/26			17,516		17,534,217
Pioneer Energy Services Corp., Term Loan, (LIBOR USD 1 Month + 7.75%), 10.15%, 11/08/22			31,064		29,200,518
PLH Infrastructure Services, Inc., Term Loan, (LIBOR USD 3 Month + 6.00%), 8.57%, 08/15/23(d)			7,429		7,280,060
Ply Gem, Inc., Term Loan B, (LIBOR USD 3 Month + 3.75%), 6.35%, 04/01/25			8,320		8,070,491

Security	Par (000)			Value
United States (continued)
Riata Corporate Park, Term Loan, (LIBOR USD 6 Month + 6.29%), 7.77%, 06/09/22(d)		USD	20,000	$	20,000,000
RNTR Seer Financing, Term Loan, (LIBOR USD 6 Month + 0.00%), 0.00%, 12/20/21			18,050		18,050,000
Robertshaw US Holdings Corp., Term Loan B25, (LIBOR USD 1 Month + 3.50%), 5.94%, 02/14/25(d)			7,061		6,495,775
Robertshaw US Holdings Corp., Term Loan B26, (LIBOR USD 1 Month + 8.00%), 10.44%, 02/27/26			4,760		4,081,700
Roundpoint Mortgage Servicing Corp., Term Loan, (LIBOR USD 6 Month + 0.00%), 0.00%, 08/08/20(d)			57,699		57,716,052
Sabre GLBL, Inc., Term Loan, (LIBOR USD 1 Month + 2.00%), 4.40%, 02/22/24			9,508		9,480,189
Sprint Communications, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.50%), 4.94%, 02/02/24			9,531		9,375,752
Staples, Inc., Term Loan, (LIBOR USD 6 Month + 4.50%), 7.10%, 09/12/24(d)			4,991		4,741,200
Staples, Inc., Term Loan B, (LIBOR USD 3 Month + 5.00%), 7.60%, 04/16/26			7,090		6,796,403
Starwood Austin, Term Loan, (LIBOR USD 6 Month + 4.70%), 0.00%, 11/01/24(d)			12,000		12,000,000
Tamko Building Products, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.58% - 5.65%, 05/03/26(d)			8,945		8,911,456
Ultimate Software Group, Inc. (The), 1st Lien Term Loan, (LIBOR USD 3 Month + 3.75%), 6.08%, 05/04/26			2,910		2,913,638
VeriFone Systems, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 4.00%), 6.52%, 08/20/25			2,913		2,818,020
VICI Properties 1 LLC, Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.40%, 12/20/24			7,625		7,529,688
Wynn Resorts Ltd., Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.69%, 10/22/24			11,036		10,936,682
					891,745,387
Total Floating Rate Loan Interests — 3.4% (Cost: $1,123,916,284)					1,114,886,347
Foreign Agency Obligations — 1.8%
Argentina — 0.0%
YPF SA, 7.00%, 12/15/47			9,807		8,412,567
China — 0.7%
Chengdu Xingcheng Investment Group Co. Ltd., 2.50%, 03/20/21		EUR	8,600		9,601,814
China Development Bank:
3.30%, 02/01/24		CNY	837,400		120,490,144
4.04%, 07/06/28			325,000		47,810,609
China Minmetals Corp., (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.72%), 3.75%(b)(i)		USD	3,179		3,160,125
China National Petroleum Corp.:
Series B, 4.16%, 08/16/25		CNY	100,000		14,678,424

64 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
China (continued)
China Southern Power Grid Co. Ltd.: 3.76%, 01/14/24	CNY		60,000	$	8,626,417
China State Railway Group Co. Ltd., 4.88%, 10/17/24			40,000		6,097,632
Guangxi Financial Investment Group Co. Ltd., 5.75%, 01/23/21	USD		5,700		5,505,345
Inner Mongolia High-Grade High Way Construction and Development Co. Ltd., 4.38%, 12/04/20			2,832		2,791,899
State Grid Corp. of China, 5.38%, 08/19/24	CNY		20,000		3,161,884
Xi’an Municipal Infrastructure Construction Investment Group Corp. Ltd., 4.00%, 06/24/22	USD		5,875		5,895,562
					227,819,855
Colombia — 0.0%
Ecopetrol SA, 5.88%, 05/28/45			7,952		8,754,357
Finland — 0.1%
Fortum OYJ, 2.13%, 02/27/29	EUR		13,905		16,729,667
France — 0.0%
Electricite de France SA(b)(i): (EUR Swap Annual 6 Year +3.44%), 4.00%			1,600		1,962,816
(EUR Swap Annual 12 Year + 3.04%), 5.00%			3,000		3,820,656
(GBP Swap 13 Year +3.96%), 6.00%	GBP		3,300		4,489,893
					10,273,365
India — 0.2%
Food Corp. of India, Series 6, 9.95%, 03/07/22	INR		1,500,000		22,772,481
Oil India Ltd., 5.13%, 02/04/29	USD		9,570		10,460,488
Power Finance Corp. Ltd.:
3.75%, 06/18/24			9,455		9,527,781
3.75%, 12/06/27			15,023		14,731,929
4.50%, 06/18/29			12,885		13,175,083
Rural Electrification Corp. Ltd., 4.63%, 03/22/28			6,872		7,058,832
					77,726,594
Indonesia — 0.2%
Bank Mandiri Persero Tbk. PT, 3.75%, 04/11/24			7,005		7,138,533
Indonesia Asahan Aluminium Persero PT, 5.71%, 11/15/23			19,875		21,787,969
Jasa Marga Persero Tbk. PT, 7.50%, 12/11/20	IDR		62,140,000		4,303,920
Perusahaan Listrik Negara PT:
5.45%, 05/21/28	USD		3,000		3,326,250
5.38%, 01/25/29			3,000		3,303,750
6.15%, 05/21/48			2,000		2,363,750
Wijaya Karya Persero Tbk. PT, 7.70%, 01/31/21	IDR		108,840,000		7,517,683
					49,741,855
Mexico — 0.4%
Petroleos Mexicanos:
6.38%, 02/04/21	USD		25,000		25,681,250
6.88%, 08/04/26			22,000		22,184,800
6.50%, 03/13/27			15,000		14,845,500
5.35%, 02/12/28			29,376		26,735,098
5.63%, 01/23/46			24,592		19,808,856

Security		Par (000)		Value
Mexico (continued)
6.75%, 09/21/47	USD		2,500	$	2,217,656
					111,473,160
Panama — 0.0%
AES Panama SRL, 6.00%, 06/25/22(a)			2,623		2,697,592
Saudi Arabia — 0.1%(a)
Saudi Arabian Oil Co., 3.50%, 04/16/29			28,642		28,964,223
Saudi Telecom Co., 3.89%, 05/13/29			8,000		8,268,000
					37,232,223
South Africa — 0.1%
Eskom Holdings SOC Ltd.(a):
5.75%, 01/26/21			12,381		12,504,810
6.75%, 08/06/23			12,079		12,667,851
7.13%, 02/11/25			12,572		13,184,885
					38,357,546
Total Foreign Agency Obligations — 1.8% (Cost: $585,991,312)					589,218,781
Foreign Government Obligations — 11.0%
Argentina — 0.2%
Bonos de la Nacion Argentina con Ajuste por CER, 4.00%, 03/06/20	ARS		379,164		7,455,439
Republic of Argentina:
(Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days +3.25%), 56.01%, 03/01/20(b)			111,681		2,524,997
3.38%, 10/12/20	CHF		2,100		1,936,751
6.88%, 04/22/21	USD		14,472		12,699,180
4.63%, 01/11/23			10,019		8,030,854
7.13%, 07/06/36			5,799		4,443,484
6.88%, 01/11/48			25,000		18,531,250
					55,621,955
Brazil — 0.3%
Federative Republic of Brazil:
4.50%, 05/30/29			83,425		85,693,117
5.63%, 02/21/47			6,411		6,843,743
					92,536,860
Chile — 0.0%
Tesoreria General de LA Republica,
4.50%, 03/01/26	CLP		5,635,000		9,002,281
China — 1.4%
People’s Republic of China:
3.30%, 07/04/23	CNY		38,000		5,575,410
3.29%, 10/18/23			1,151,800		168,607,799
3.19%, 04/11/24			1,035,200		150,909,159
3.54%, 08/16/28			123,100		18,182,634
3.25%, 11/22/28			201,900		29,250,096
3.29%, 05/23/29			270,000		39,304,092
4.08%, 10/22/48			328,000		49,193,937
					461,023,127
Colombia — 0.3%
Republic of Colombia:
4.38%, 07/12/21	USD		32,940		34,092,900
10.00%, 07/24/24	COP		49,422,700		18,587,611
7.00%, 06/30/32			127,623,000		41,958,320
					94,638,831
Egypt — 0.3%
Arab Republic of Egypt:
5.75%, 04/29/20	USD		22,037		22,367,555

CONSOLIDATED SCHEDULES OF INVESTMENTS 65

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Egypt (continued)
4.75%, 04/11/25(a)	EUR		13,496	$	15,691,592
4.75%, 04/16/26(a)			9,714		11,111,373
6.38%, 04/11/31(a)			11,994		13,877,048
6.88%, 04/30/40	USD		15,762		15,013,305
8.70%, 03/01/49(a)			10,252		10,995,270
					89,056,143
France — 1.0%
Republic of France:
2.05%, 07/25/27	EUR		30,441		43,302,734
0.10%, 07/25/47(a)			10,022		13,023,817
1.50%, 05/25/50(a)			227,573		297,847,286
					354,173,837
Germany — 0.3%
Federal Republic of Germany:
0.00%, 10/13/23			16,300		19,104,023
0.10%, 04/15/26			49,083		61,288,711
0.25%, 08/15/28			8,710		10,475,906
					90,868,640
Greece — 0.4%
Hellenic Republic of Greece:
3.50%, 01/30/23			4,914		6,058,824
3.45%, 04/02/24(a)			24,550		30,662,506
3.38%, 02/15/25(a)			685		854,133
3.75%, 01/30/28			1,196		1,509,773
3.88%, 03/12/29(a)			63,490		80,955,317
3.90%, 01/30/33			1,249		1,590,412
4.00%, 01/30/37			3,900		4,999,954
4.20%, 01/30/42			3,673		4,771,469
					131,402,388
Indonesia — 2.3%
Republic of Indonesia:
4.88%, 05/05/21	USD		32,940		34,226,719
3.70%, 01/08/22			17,040		17,423,400
3.75%, 04/25/22			32,940		33,835,556
8.13%, 05/15/24	IDR		1,583,362,000		117,848,533
8.38%, 09/15/26			150,000,000		11,281,189
7.00%, 05/15/27			150,000,000		10,447,708
6.13%, 05/15/28			2,142,293,000		139,736,188
8.25%, 05/15/29			1,907,223,000		143,203,726
6.63%, 05/15/33			289,648,000		18,429,629
8.38%, 03/15/34			854,484,000		64,112,762
8.25%, 05/15/36			347,950,000		25,737,586
7.50%, 05/15/38			883,099,000		60,571,121
8.38%, 04/15/39			1,058,024,000		77,897,827
7.38%, 05/15/48			480,484,000		30,566,979
					785,318,923
Italy — 0.3%
Republic of Italy(a):
4.75%, 09/01/44	EUR		26,992		40,432,223
2.70%, 03/01/47			27,620		30,693,579
3.45%, 03/01/48			22,610		28,324,519
3.85%, 09/01/49			4,680		6,149,833
					105,600,154
Japan — 0.6%
Japan Government CPI Linked Bond,
Series 23, 0.10%, 03/10/28	JPY		19,859,180		192,192,637
Malaysia — 0.3%
Federation of Malaysia:
3.76%, 04/20/23	MYR		226,923		55,566,400

Security		Par (000)		Value
Malaysia (continued)
3.91%, 07/15/26	MYR		178,453	$	44,088,709
					99,655,109
Maldives — 0.0%
Republic of Maldives, 7.00%, 06/07/22	USD		8,507		8,166,720
Mexico — 0.5%
United Mexican States:
5.75%, 03/05/26	MXN		2,128		10,061,193
7.50%, 06/03/27			3,610		18,743,641
8.50%, 05/31/29			10,673		58,968,556
7.75%, 11/23/34			3,216		16,805,503
10.00%, 11/20/36			4,000		25,195,497
7.75%, 11/13/42			6,000		30,913,472
					160,687,862
Nigeria — 0.1%
Federal Republic of Nigeria:
13.98%, 02/23/28	NGN		2,444,500		6,629,675
9.25%, 01/21/49	USD		15,951		18,062,514
					24,692,189
Qatar — 0.1%
State of Qatar:
4.50%, 04/23/28			7,526		8,410,305
4.82%, 03/14/49(a)			18,114		20,740,530
					29,150,835
Russia — 0.9%
Russian Federation:
7.40%, 07/17/24	RUB		3,228,740		51,421,397
7.05%, 01/19/28			4,221,340		65,922,630
6.90%, 05/23/29			2,951,906		45,423,490
8.50%, 09/17/31			7,684,720		132,673,792
					295,441,309
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia:
4.50%, 10/26/46	USD		11,000		11,181,500
5.00%, 04/17/49			16,988		18,601,860
5.25%, 01/16/50			7,758		8,819,876
					38,603,236
South Africa — 0.6%
Republic of South Africa:
8.00%, 01/31/30	ZAR		248,818		16,680,528
6.25%, 03/31/36			779,384		40,654,900
9.00%, 01/31/40			1,466,412		97,958,133
8.75%, 01/31/44			621,213		40,179,386
8.75%, 02/28/48			121,015		7,818,004
					203,290,951
Spain — 0.6%
Kingdom of Spain(a):
1.40%, 07/30/28	EUR		101,330		126,322,163
2.70%, 10/31/48			62,670		93,688,220
					220,010,383
Sri Lanka — 0.0%
Democratic Socialist Republic of Sri Lanka:
11.00%, 08/01/21	LKR		1,534,000		8,955,720
11.60%, 12/15/23			545,000		3,282,823
6.85%, 03/14/24	USD		4,775		4,870,500
					17,109,043
Turkey — 0.1%
Republic of Turkey, 7.63%, 04/26/29			23,554		24,113,407

66 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Ukraine — 0.1%
Republic of Ukraine, 9.75%, 11/01/28	USD		22,573	$	25,493,382
United Kingdom — 0.2%
U.K. Treasury Bonds, 3.50%, 01/22/45	GBP		33,536		60,938,445
Total Foreign Government Obligations — 11.0% (Cost: $3,522,904,566)					3,668,788,647
		Shares
Investment Companies — 0.6%
Financial Select Sector SPDR Fund(h)			1,781,704		49,175,030
Invesco QQQ Trust, Series 1			210,219		39,256,296
iShares China Large-Cap ETF(h)*			354,992		15,183,008
iShares iBoxx $High Yield Corporate Bond ETF(h)*			79,197		6,904,394
iShares J.P.Morgan USD Emerging Markets Bond ETF(h)*			4,443		503,348
iShares MSCI Brazil ETF*			346,094		15,131,230
iShares MSCI South Korea ETF(h)*			155,050		9,282,843
VanEck Vectors J.P.Morgan EM Local Currency Bond ETF			1,337,850		46,423,395
Total Investment Companies — 0.6% (Cost: $170,484,359)					181,859,544
		Par (000)
Municipal Bonds — 5.4%
Aldine Independent School District (The Permanent School Fund Guarantee Program), Series 2018, GO, 5.00%, 02/15/43	USD		2,340		2,814,903
American Municipal Power,Inc.
Series 2009B, RB, 6.45%, 02/15/44			2,545		3,563,280
Series 2010B, RB, 7.83%, 02/15/41			4,015		6,346,029
Arizona Health Facilities Authority
(Banner Health), Series 2007B, RB, VRDN, 2.55%, 01/01/37(p)			10,240		10,128,855
Arizona State University,Series 2017B, RB, 5.00%, 07/01/43			3,115		3,725,291
Bay Area Toll Authority
Series 2010S-1, RB, 6.92%, 04/01/40			12,435		18,077,133
Series 2010S-1, RB, 7.04%, 04/01/50			21,990		35,556,950
Berks County Industrial Development Authority
Series 2017, RB, 5.00%, 11/01/47			4,760		5,425,162
Series 2017, RB, 5.00%, 11/01/50			5,070		5,776,302
Buckeye Tobacco Settlement Financing Authority,Series 2007A-2, RB, 5.88%, 06/01/47			15,200		14,886,728
California Educational Facilities Authority,Series V-1, RB, 5.00%, 05/01/49			3,150		4,632,894
California Health Facilities Financing Authority
Series 2016A, RB, 5.00%, 08/15/33			3,535		4,267,346
Series 2017A, RB, 5.00%, 08/15/47			4,460		5,147,286
Series 2017A, Sub-Series 2017A-2, RB, 5.00%, 11/01/47(q)			4,775		6,853,796

Security		Par (000)		Value
Municipal Bonds (continued)
California Pollution Control Financing Authority (Poseidon Resources Channelside LP Desalination Project), Series 2012, RB, 5.00%, 11/21/45(a)	USD		11,555	$	12,331,843
California State Public Works Board (Various Capital Projects), Series 2009G, Sub-Series G-2, RB, 8.36%, 10/01/34			7,255		11,285,007
Canaveral Port Authority
Series 2018A, RB, 5.00%, 06/01/45			5,120		5,899,622
Series 2018B, RB, 5.00%, 06/01/48			5,120		6,000,691
Central Puget Sound Regional Transit Authority, Series 2015S-1, RB, 5.00%, 11/01/50			4,800		5,585,040
Central Texas Regional Mobility Authority
Series 2015A, RB, 5.00%, 01/01/45			2,510		2,814,538
Series 2016, RB, 5.00%, 01/01/46			3,715		4,186,582
Chesapeake Bay Bridge &Tunnel District
Series 2016, RB, 5.00%, 07/01/41			2,560		2,974,669
Series 2016, RB, 5.00%, 07/01/51			2,060		2,327,326
City &County of Denver
Series 2016A, RB, 5.00%, 08/01/44			7,910		9,212,856
Series 2018A-1, RB, 5.00%, 08/01/48			6,010		6,984,401
City of Atlanta
Series 2015, RB, 5.00%, 11/01/40			2,365		2,734,460
Series 2018A, RB, 5.00%, 11/01/41			4,570		5,489,118
City of Aurora
Series 2016, RB, 5.00%, 08/01/41			9,550		11,388,948
Series 2016, RB, 5.00%, 08/01/46			4,880		5,771,918
City of Austin Water &Wastewater System, Series 2014, RB, 5.00%, 11/15/43			4,450		5,057,247
City of Columbia Waterworks & Sewer System, Series 2018, RB, 5.00%, 02/01/42			3,625		4,374,505
City of Detroit Sewage Disposal System, Series 2006D, RB, VRDN, 2.34%, 07/01/32(p)			5,685		5,598,969
City of New York, Series 2019D, Sub-Series D-2, GO, 3.76%, 12/01/27			7,150		7,769,118
City of Philadelphia
Series 2017B, RB, 5.00%, 07/01/42			3,500		4,060,490
Series 2017B, RB, 5.00%, 07/01/47			5,000		5,742,350
City of Riverside, Series 2010A, RB, 7.61%, 10/01/40			3,805		5,906,502
City of San Antonio Electric &Gas Systems, Series 2013, RB, 5.00%, 02/01/48(q)			2,750		3,004,953
Colorado Health Facilities Authority (Catholic Health Initiatives), Series 2011A, RB, 5.25%, 02/01/31			2,745		2,883,540
Commonwealth Financing Authority
Series 2016A, RB, 4.14%, 06/01/38			5,165		5,592,300
Series 2018A, RB, 3.86%, 06/01/38			5,975		6,163,033
Series 2019A, RB, 3.81%, 06/01/41			26,065		27,371,117
Commonwealth of Puerto Rico, Series 2014A, GO, Default, 8.00%, 07/01/35(g)(m)			28,840		15,141,000
Connecticut State Health & Educational Facilities Authority
Series 2015F,RB, 5.00%, 07/01/45			4,850		5,300,516

CONSOLIDATED SCHEDULES OF INVESTMENTS 67

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Municipal Bonds (continued)
Series 2015L, RB, 5.00%, 07/01/45	USD		6,375	$	7,226,636
Contra Costa Community College
District, Series 2010B, GO, 6.50%, 08/01/34			3,205		4,192,076
County of Clark Department of Aviation(q)
Series 2019B, RB, 5.00%, 07/01/32			1,850		2,327,614
Series 2019B, RB, 5.00%, 07/01/33			1,855		2,324,296
Series 2019B, RB, 5.00%, 07/01/35			3,960		4,925,171
Series 2019B, RB, 5.00%, 07/01/40			1,960		2,407,860
Series 2019B, RB, 5.00%, 07/01/41			5,085		6,230,244
Series 2019B, RB, 5.00%, 07/01/42			6,630		8,092,445
County of King, Series 2015A, RB, 5.00%, 07/01/47			4,820		5,526,949
County of Miami-Dade
Series 2017B, RB, 5.00%, 10/01/40			4,530		5,310,428
Series 2017D, RB, 3.35%, 10/01/29			1,485		1,549,226
Series 2017D, RB, 3.45%, 10/01/30			2,725		2,855,119
Series 2017D, RB, 3.50%, 10/01/31			2,555		2,675,264
Series 2018C, RB, 4.06%, 10/01/31			4,765		5,228,777
Dallas Area Rapid Transit
Series 2016A, RB, 5.00%, 12/01/41			4,965		5,784,821
Series 2016A, RB, 5.00%, 12/01/46			6,590		7,639,721
Dallas/Fort Worth International
Airport, Series 2013A, RB, 5.00%, 11/01/43(q)			4,170		4,317,159
Dallas-Fort Worth International Airport
Facilities Improvement Corp., Series 2012D, RB, 5.00%, 11/01/42			3,440		3,642,547
District of Columbia
Series 2015, RB, 5.00%, 07/15/34			3,280		3,834,943
Series 2015, RB, 5.00%, 07/15/35			3,280		3,832,746
DuBois Hospital Authority (Penn Highlands Healthcare), Series 2018, RB, 5.00%, 07/15/43			3,540		4,094,116
Dutchess County Local Development
Corp. (Health Quest Systems, Inc. Project), Series 2016B, RB, 5.00%, 07/01/46			8,380		9,548,256
General Authority of Southcentral
Pennsylvania (WellSpan Health Obligated Group), Series 2014A, RB, 5.00%, 06/01/44			2,595		2,872,873
Golden State Tobacco Securitization
Corp., Series 2017A-1, RB, 5.00%, 06/01/27			5,000		5,991,900
Grand Parkway Transportation Corp.
(Grand Parkway Project), Series 2018A, RB, 5.00%, 10/01/43			8,850		10,524,154
Grant County Public Utility District No.
2 (The Priest Rapids Project), Series 2015M, RB, 4.58%, 01/01/40			2,550		2,875,227
Great Lakes Water Authority
Water Supply System, RB, 5.25%, 07/01/33			2,535		3,036,955
Health &Educational Facilities Authority of the State of Missouri
Series 2016, RB, 5.00%, 11/15/29			2,685		3,195,848
Series 2016A, RB, 3.65%, 01/15/46			1,605		1,670,757
Series 2016B, RB, 3.09%, 09/15/51			10,295		9,589,998
Idaho Health Facilities Authority (Trinity Health Credit Group), Series 2017A, RB, 5.00%, 12/01/47			3,180		3,755,930

Security		Par (000)		Value
Municipal Bonds (continued)
Indiana Finance Authority (CWA Authority Project), Series 2015A, RB, 5.00%, 10/01/45	USD		8,650	$	9,783,496
Indiana Housing & Community
Development Authority,Series 2018A, RB, 3.80%, 07/01/38			2,530		2,651,491
JobsOhio Beverage System, Series
2013B, RB, 3.99%, 01/01/29			12,270		13,379,821
Kansas City Industrial Development
Authority (Kansas City International Airport Terminal Modernization Project), Series 2019B, RB, 5.00%, 03/01/49			14,000		16,514,400
Kentucky Economic Development
Finance Authority (Owensboro Health, Inc.), Series 2015A, RB, 5.25%, 06/01/50			2,910		3,157,059
Kentucky Turnpike Authority
(Revitalization Projects), Series 2010A, RB, 5.00%, 07/01/20			3,615		3,738,778
Las Vegas Valley Water District, Series 2016A, GO, 5.00%, 06/01/46			2,825		3,297,368
Lexington County Health Services
District, Inc., Series 2016, RB, 5.00%, 11/01/41			2,995		3,434,007
Los Angeles Community College
District, Series 2010E, GO, 6.60%, 08/01/42			5,690		8,533,293
Los Angeles Department of Water
& Power System (Water System Revenue Bonds), Series 2010A, RB, 6.60%, 07/01/50			8,555		13,495,855
Louisiana Public Facilities Authority, Series 2018E, RB, 5.00%, 07/01/48			3,055		3,562,405
Louisville & Jefferson County
Metropolitan Sewer District, Series 2017B, RB, 5.00%, 05/15/25			5,000		5,974,700
Maryland Community Development
Administration, Series 2018A, RB, 3.85%, 09/01/33			4,535		4,888,186
Maryland Economic Development Corp.
(Purple Line Light Rail Project), Series 2016D, RB, 5.00%, 03/31/41			3,325		3,741,656
Maryland Health & Higher Educational
Facilities Authority,Series 2014, RB, 5.25%, 07/01/27			4,105		4,711,637
Maryland Stadium Authority (Baltimore City Public Schools Construction & Revitalization Program), Series 2016, RB, 5.00%, 05/01/41			4,260		4,967,117
Massachusetts Bay Transportation Authority
Series 2017A, Sub-Series A-1, RB, 5.00%, 07/01/39			2,530		3,033,925
Series 2017A, Sub-Series A-1, RB, 5.00%, 07/01/40			2,660		3,185,456
Massachusetts Development Finance Agency
Series 2016Q, RB, 5.00%, 07/01/47			6,715		7,867,965
Series 2018J-2, RB, 5.00%, 07/01/43			6,420		7,491,819
Series 2018J-2, RB, 5.00%, 07/01/48			10,880		12,621,888
Series 2018J-2, RB, 5.00%, 07/01/53			6,740		7,759,358

68 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Municipal Bonds (continued)
Massachusetts Educational Financing Authority, Series 2015A, RB, 5.00%, 01/01/22		USD	3,250	$	3,502,785
Massachusetts Housing Finance Agency
Series 2014B, RB, 4.30%, 12/01/34			3,055		3,167,210
Series 2014B, RB, 4.50%, 12/01/39			2,505		2,591,122
Series 2014B, RB, 4.60%, 12/01/44			2,650		2,794,080
Series 2014B, RB, 4.70%, 12/01/47			2,750		2,834,947
Series 2014E, RB, 3.80%, 12/01/29			100		104,853
Series 2014E, RB, 4.05%, 12/01/34			105		109,563
Series 2014E, RB, 4.20%, 12/01/39			110		114,301
Series 2015A, RB, 4.25%, 12/01/35			1,965		2,073,704
Series 2015A, RB, 4.35%, 12/01/40			980		1,027,942
Series 2015A, RB, 4.50%, 12/01/48			3,100		3,234,137
Massachusetts Port Authority, Series 2016B, RB, 5.00%, 07/01/43			4,340		4,990,653
Massachusetts Water Resources Authority, Series 2016C, RB, 5.00%, 08/01/40			2,240		2,674,358
Matagorda County Navigation District No. 1 (Central Power and Light Company Project), Series 2001A, RB, 2.60%, 11/01/29(q)			7,340		7,447,678
Mesquite Independent School District (The Permanent School Fund Guarantee Program), Series 2017B, GO, 5.00%, 08/15/42			4,460		5,269,891
Metropolitan Atlanta Rapid Transit Authority
Series 2015A, RB, 5.00%, 07/01/41			6,310		7,318,149
Series 2015B, RB, 5.00%, 07/01/45			3,740		4,439,081
Metropolitan Government Nashville &Davidson County Health & Educational Facilities Board
Series 2016A, RB, 5.00%, 07/01/40			2,560		2,950,989
Series 2016A, RB, 5.00%, 07/01/46			5,000		5,717,050
Metropolitan St Louis Sewer District
Series 2017A, RB, 5.00%, 05/01/42			8,130		9,664,619
Series 2017A, RB, 5.00%, 05/01/47			2,240		2,649,181
Metropolitan Transportation Authority
Series 2010C-1, RB, 6.69%, 11/15/40			4,830		6,726,306
Series 2015A, Sub-Series 2015A-1, RB, 5.00%, 11/15/45			2,440		2,772,499
Series 2019B, RB, 5.00%, 11/15/52			7,960		9,441,834
Series 2019B, Sub-Series 2019B-1, BAN, RB, 5.00%, 05/15/22			24,060		26,473,459
Metropolitan Washington Airports Authority, Series 2016A, RB, 5.00%, 10/01/32			7,080		8,422,368
Metropolitan Washington Airports Authority Dulles Toll Road
Series 2009D, RB, 7.46%, 10/01/46			4,495		7,146,870
Series 2014A, RB, 5.00%, 10/01/53			3,400		3,617,056
Miami-Dade County Educational Facilities Authority, Series 2018A, RB, 5.00%, 04/01/53			4,330		5,062,419
Michigan Finance Authority
Series 2014, RB, 5.00%, 06/01/39			4,160		4,672,221
Series 2016, RB, 5.00%, 11/15/41			2,620		3,025,104
Series 2017A-MI, RB, 5.00%, 12/01/47			14,950		16,260,816

Security	Par (000)			Value
Municipal Bonds (continued)
Michigan State Housing Development Authority
Series 2018A, RB, 4.00%, 10/01/43		USD	2,710	$	2,879,267
Series 2018A, RB, 4.05%, 10/01/48			1,250		1,322,700
Series 2018A, RB, 4.15%, 10/01/53			6,460		6,837,006
Series 2018B, RB, 3.55%, 10/01/33			2,830		2,973,934
Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Health Corp.), Series 2016A, RB, 5.00%, 09/01/46			4,590		5,070,527
New Hope Cultural Education Facilities Finance Corp. (Children’s Health System of Texas Project), Series 2017A, RB, 5.00%, 08/15/47			3,790		4,472,731
New Jersey Economic Development Authority (College Avenue Redevelopment Project), Series 2013, RB, 5.00%, 06/15/38			5,000		5,598,250
New Jersey Educational Facilities Authority
Series 2017A, RB, 5.00%, 07/01/33			1,000		1,191,330
Series 2017A, RB, 5.00%, 07/01/34			1,000		1,186,760
New Jersey Transportation Trust Fund Authority
Series 2010C, RB, 5.75%, 12/15/28			7,835		9,015,735
Series 2016A, Sub-Series A-1, RB, 5.00%, 06/15/29			3,670		4,292,469
Series 2016A-1, Sub-Series A-2, RB, 5.00%, 06/15/27			4,600		5,451,552
New Orleans Aviation Board (North Terminal Project), Series 2015B, RB, 5.00%, 01/01/40			1,240		1,381,236
New York City Housing Development Corp.
Series 2018C-1-A, RB, 3.70%, 11/01/38			2,940		3,031,258
Series 2018C-1-A, RB, 4.00%, 11/01/53			9,425		9,783,150
Series 2018C-1-B, RB, 3.85%, 11/01/43			8,840		9,080,890
New York City Transitional Finance Authority Building Aid, Series 2015S-2, RB, 5.00%, 07/15/40			2,650		3,065,759
New York City Transitional Finance Authority Future Tax Secured
Series 2014A, Sub-Series A-2, RB, 3.65%, 11/01/24			9,180		9,669,753
Series 2014A, Sub-Series A-2, RB, 3.75%, 11/01/25			9,180		9,665,897
Series 2017A, Sub-Series A-1, RB, 5.00%, 05/01/36			2,810		3,337,268
Series 2017F,Sub-Series F-2, RB, 3.05%, 05/01/27			12,445		12,863,028
Series 2018, Sub-Series C-4, RB, 3.55%, 05/01/25			13,745		14,594,029
Series 2019B, Sub-Series B-3, RB, 3.90%, 08/01/31			12,540		13,612,421
Series 2019C, Sub-Series C-3, RB, 3.35%, 11/01/30			14,430		15,112,683
New York City Water &Sewer System
Series 2010AA, RB, 5.75%, 06/15/41			5,525		7,644,114
Series 2011AA, RB, 5.44%, 06/15/43			4,775		6,361,971

CONSOLIDATED SCHEDULES OF INVESTMENTS 69

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Municipal Bonds (continued)
New York Convention Center Development Corp.
Series 2015, RB, 5.00%, 11/15/40		USD	2,670	$	3,115,650
Series 2016A, RB, 5.00%, 11/15/46			6,730		7,905,798
New York Liberty Development Corp. (3 World Trade Centre Project), Series 2014, RB, 5.00%, 11/15/44(a)			5,800		6,334,876
New York State Dormitory Authority
Series 2017B, RB, 5.00%, 02/15/36			4,900		5,906,117
Series 2017B, RB, 5.00%, 02/15/37			2,440		2,941,249
Series 2017B, RB, 5.00%, 02/15/38			2,480		2,989,739
Series 2017B, RB, 5.00%, 02/15/40			2,445		2,931,800
New York State Urban Development Corp.
Series 2017B, RB, 3.12%, 03/15/25			7,650		7,927,466
Series 2017D, RB, 3.32%, 03/15/29			10,345		10,830,491
Series 2019B, RB, 3.25%, 03/15/25			6,205		6,483,915
New York Transportation Development Corp.
Series 2016, RB, 5.00%, 08/01/20			6,000		6,216,960
Series 2016A, RB, 5.00%, 07/01/41			945		1,035,484
Series 2016A, RB, 5.00%, 07/01/46			3,480		3,802,700
Series 2016A, RB, 5.25%, 01/01/50			10,150		11,276,041
North Carolina Capital Facilities Finance Agency (Duke University Project), Series 2015B, RB, 5.00%, 10/01/55			5,000		5,833,900
North Carolina Turnpike Authority, Series 2018, RB, 5.00%, 01/01/35			3,540		4,284,391
Ohio Turnpike & Infrastructure Commission, Series 2013A, RB, 5.00%, 02/15/48			5,020		5,495,996
Oklahoma Development Finance Authority
Series 2018B, RB, 5.25%, 08/15/43			1,150		1,357,862
Series 2018B, RB, 5.25%, 08/15/48			3,000		3,510,900
Series 2018B, RB, 5.50%, 08/15/57			13,360		15,822,916
Orange County Local Transportation Authority, Series 2010A, RB, 6.91%, 02/15/41			11,590		16,429,520
Oregon School Boards Association
Series 2002B, GO, 5.55%, 06/30/28			16,755		19,837,250
Series 2003B, GO, 5.68%, 06/30/28			11,965		14,435,414
Series 2005A, GO, 4.76%, 06/30/28			21,520		23,840,717
Pennsylvania Economic Development Financing Authority
Series 2015, RB, 5.00%, 12/31/22			3,000		3,277,770
Series 2015, RB, 5.00%, 12/31/38			3,440		3,877,224
Pennsylvania Turnpike Commission
Series 2016A-1, RB, 5.00%, 12/01/41			7,835		9,014,246
Series 2016A-1, RB, 5.00%, 12/01/46			3,000		3,445,200
Series 2017B, Sub-Series B-1, RB, 5.25%, 06/01/47			5,445		6,321,373
Series 2018A, RB, 5.00%, 12/01/48			10,000		11,858,900
Series 2018B, RB, 5.00%, 12/01/43			9,410		11,161,671
Port Authority of New York & New Jersey
Series 174, RB, 4.46%, 10/01/62			9,300		11,163,162
Series 180-1, RB, 5.00%, 11/15/47			2,240		2,644,118
Series 181, RB, 4.96%, 08/01/46			1,705		2,156,774
Port of Seattle, Series 2018A, RB, 5.00%, 05/01/43			2,495		2,877,933

Security	Par (000)			Value
Municipal Bonds (continued)
Public Finance Authority (Denver International Airport Great Hall Project), Series 2017, RB, 5.00%, 09/30/49		USD	8,225	$	9,300,254
Public Power Generation Agency, Series 2016A, RB, 5.00%, 01/01/35			2,790		3,236,679
Railsplitter Tobacco Settlement Authority, Series 2017, RB, 5.00%, 06/01/25			3,000		3,527,550
Royal Oak Hospital Finance Authority (William Beaumont Hospital Obligated Group), Series 2014D, RB, 5.00%, 09/01/39			4,280		4,758,333
Sacramento County Sanitation Districts Financing Authority, Series 2035B, RB, VRDN, 2.22%, 12/01/35(p)			21,475		20,406,468
Salt Lake City Corp.
Series 2017A, RB, 5.00%, 07/01/47			8,740		10,074,074
Series 2017B, RB, 5.00%, 07/01/47			3,020		3,564,295
Salt River Project Agricultural Improvement & Power District
Series 2015A, RB, 5.00%, 12/01/45			17,230		19,874,460
Series 2017A, RB, 5.00%, 01/01/36			5,000		6,122,600
San Antonio Water System, Series 2015B, RB, 5.00%, 05/15/39			4,410		5,102,414
San Diego County Regional Airport Authority, Series 2017A, RB, 5.00%, 07/01/47			4,410		5,230,922
San Diego Public Facilities Financing Authority, Series 2016A, RB, 5.00%, 05/15/39			3,535		4,247,338
San Francisco City &County Airport Comm-San Francisco International Airport, Series 2016B, RB, 5.00%, 05/01/46			8,920		10,246,850
San Jose Redevelopment Agency Successor Agency, Series 2017A-T, 2.96%, 08/01/24			9,610		9,941,929
South Carolina Ports Authority, Series 2018, RB, 5.00%, 07/01/55			2,580		3,002,372
South Carolina Public Service Authority
Series 2015, RB, 5.00%, 12/01/29			1,120		1,304,106
Series 2016D, RB, 2.39%, 12/01/23			18,865		18,649,562
South Jersey Port Corp., Series 2017B, RB, 5.00%, 01/01/48			1,500		1,646,250
State of California
Series 2009, GO, 7.50%, 04/01/34			9,165		13,830,352
Series 2009, GO, 7.55%, 04/01/39			4,840		7,638,924
Series 2009, GO, 7.30%, 10/01/39			7,375		11,093,327
Series 2009, GO, 7.35%, 11/01/39			2,270		3,430,787
Series 2019, GO, 2.65%, 04/01/26			24,135		24,625,906
State of Connecticut
Series 2008A, GO, 5.85%, 03/15/32			13,935		17,608,684
Series 2017A, GO, 2.99%, 01/15/23			8,550		8,725,360
Series 2017A, GO, 3.31%, 01/15/26			12,185		12,692,505
State of Illinois
Series 2003, GO, 5.10%, 06/01/33			20,695		21,786,868
Series 2017A, GO, 5.00%, 12/01/24			2,380		2,679,571
Series 2017D, GO, 5.00%, 11/01/22			2,270		2,479,771
Series 2017D, GO, 5.00%, 11/01/24			11,930		13,436,043
Series 2017D, GO, 5.00%, 11/01/25			32,105		36,449,449
Series 2017D, GO, 5.00%, 11/01/26			9,480		10,845,120
Series 2018A, GO, 5.00%, 05/01/20			3,750		3,849,675

70 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Municipal Bonds (continued)
State of Maryland Department of Transportation, Series 2016, RB, 5.00%, 11/01/21		USD	5,000	$	5,426,150
State of New York Mortgage Agency, Series 188, RB, 3.85%, 10/01/34			2,825		2,905,767
State of Ohio
Series 2017A, GO, 5.00%, 05/01/36			7,370		8,619,436
Series 2017A, GO, 5.00%, 05/01/37			5,625		6,570,956
State of Oregon, Series 2003, GO, 5.89%, 06/01/27			18,550		22,373,340
State of Texas
Series 2016, GO, 5.00%, 04/01/40			3,580		4,241,656
Series 2016, GO, 5.00%, 04/01/43			5,730		6,769,880
State of Washington
Series 2016A-1, GO, 5.00%, 08/01/40			7,030		8,184,326
Series 2017D, GO, 5.00%, 02/01/41			4,880		5,795,634
Series 2018B, GO, 5.00%, 08/01/40			2,980		3,559,223
Series 2018B, GO, 5.00%, 08/01/41			3,130		3,731,962
State of West Virginia, Series 2018B, GO, 5.00%, 12/01/40			2,350		2,826,557
State of Wisconsin
Series 2017B, GO, 5.00%, 05/01/36			3,940		4,617,168
Series 2017B, GO, 5.00%, 05/01/38			3,975		4,641,449
Series 2017C, RB, 3.15%, 05/01/27			5,090		5,315,538
Series 2019A, RB, 5.00%, 05/01/25			4,840		5,805,290
Sumter Landing Community Development District, Series 2016, RB, 4.17%, 10/01/47			2,555		2,837,046
Tennessee Housing Development Agency
Series 2018-3, RB, 3.75%, 07/01/38			2,650		2,764,215
Series 2018-3, RB, 3.85%, 07/01/43			1,245		1,290,007
Series 2018-3, RB, 3.95%, 01/01/49			1,000		1,044,340
Texas A&M University, Series 2017B, RB, 2.84%, 05/15/27			5,965		6,134,883
Texas Municipal Gas Acquisition & Supply Corp., Series 2006B, RB, VRDN, 2.31%, 12/15/26(p)			5,095		5,048,941
Texas Municipal Gas Acquisition & Supply Corp. I, Series 2008D, RB, 6.25%, 12/15/26			2,055		2,401,494
Texas Private Activity Bond Surface Transportation Corp.
Series 2016, RB, 5.00%, 12/31/50			4,095		4,493,280
Series 2016, RB, 5.00%, 12/31/55			3,580		3,918,346
Tobacco Settlement Finance Authority, Series 2007A, RB, 7.47%, 06/01/47			18,990		19,060,263
Tobacco Settlement Financing Corp., Series 2007A-1, RB, 6.71%, 06/01/46			12,495		11,824,518
TSASC, Inc., Series 2017A, RB, 5.00%, 06/01/41			4,460		4,866,752
University of California
Series 2013AJ, RB, 4.60%, 05/15/31			5,115		5,911,099
Series 2017AX, RB, 3.06%, 07/01/25			4,795		4,970,113
Series 2019BD, RB, 3.35%, 07/01/29			19,660		20,899,760
University of California Medical Center
Series 2009F,RB, 6.58%, 05/15/49			11,840		16,979,034
Series 2016L, RB, 5.00%, 05/15/47			4,095		4,747,784
University of Delaware
Series 2010A, RB, 5.87%, 11/01/40			7,500		9,929,700
Series 2018, RB, 4.22%, 11/01/58			5,850		6,685,439

Security	Par (000)			Value
Municipal Bonds (continued)
University of Houston, Series 2017A, RB, 5.00%, 02/15/36		USD	6,840	$	8,083,649
University of Massachusetts Building Authority,Series 2013-1, RB, 5.00%, 11/01/39(q)			5,000		5,508,100
University of Oregon, Series 2016A, RB, 5.00%, 04/01/46			3,430		3,996,087
University of Texas System (The), Series 2019A, RB, 5.00%, 08/15/39			3,890		4,834,298
Virginia Small Business Financing Authority
Series 2017, RB, 5.00%, 12/31/47			2,900		3,273,781
Series 2017, RB, 5.00%, 12/31/52			6,800		7,651,768
Series 2017, RB, 5.00%, 12/31/56			5,720		6,393,587
Washington Metropolitan Area Transit Authority,Series 2017B, RB, 5.00%, 07/01/36			2,860		3,433,487
Washington State Convention Center Public Facilities District, Series 2018, RB, 5.00%, 07/01/58			4,610		5,305,787
Weld County School District No. 4, Series 2016, GO, 5.25%, 12/01/41			4,165		5,024,531
West Virginia Hospital Finance Authority
Series 2016A, RB, 5.00%, 06/01/20			3,065		3,161,486
Series 2016A, RB, 5.00%, 06/01/21			3,050		3,247,640
Series 2016A, RB, 5.00%, 06/01/22			3,335		3,657,361
Series 2016A, RB, 5.00%, 06/01/23			2,765		3,115,049
Series 2016A, RB, 5.00%, 06/01/24			2,955		3,410,247
Wisconsin Health &Educational Facilities Authority (Thedacare, Inc.), Series 2015, RB, 5.00%, 12/15/44			2,350		2,591,204
Total Municipal Bonds — 5.4% (Cost: $1,776,963,938)					1,858,453,042
Non-Agency Mortgage-Backed Securities — 7.5%
Collateralized Mortgage Obligations — 3.0%
Ireland — 0.0%(c)
CGMSE, Series 2014-2X, 5.70%, 11/17/31		EUR	1,635		1,787,230
RFTE, 1.03%, 12/20/31			5,690		6,524,057
					8,311,287
Netherlands — 0.0%
Paragon Mortgages No. 25 plc(c):
Series 25, Class B, 1.75%, 05/15/50		GBP	3,805		4,742,784
Series 25, Class C, 2.10%, 05/15/50			2,985		3,662,114
					8,404,898
Spain — 0.0%
SRF FT(c):
Series 2017-1, Class B, 1.59%, 04/26/63		EUR	3,400		3,917,880
Series 2017-1, Class C, 2.19%, 04/26/63			800		911,647
Series 2017-1, Class D, 2.29%, 04/26/63			1,200		1,372,972
					6,202,499

CONSOLIDATED SCHEDULES OF INVESTMENTS 71

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Collateralized Mortgage Obligations (continued)
United Kingdom — 0.6%(c)
Eurosail plc:
Series 2006-2X, Class A2C, 0.95%, 12/15/44		GBP	7,035	$	8,854,095
Series 2006-4X, Class A3A, 0.00%, 12/10/44		EUR	1,023		1,153,626
Series 2006-4X, Class A3C, 0.94%, 12/10/44		GBP	815		1,024,765
Eurosail UK plc:
Series 2007-4X, Class A3, 1.74%, 06/13/45			1,688		2,113,275
Series 2007-4X, Class A4, 1.74%, 06/13/45			3,300		4,101,639
Finsbury Square plc:
Series 2016-2, Class B, 2.61%, 08/16/58			2,890		3,679,386
Series 2016-2, Class C, 3.11%, 08/16/58			3,448		4,394,503
Series 2017-1, Class C, 2.74%, 03/12/59			3,360		4,282,878
Series 2018-1, Class B, 1.79%, 09/12/65			1,982		2,505,695
Series 2018-1, Class C, 2.09%, 09/12/65			1,857		2,346,332
Series 2018-1, Class D, 2.39%, 09/12/65			1,273		1,605,249
Series 2018-2, Class C, 2.89%, 09/12/68			5,982		7,646,030
Series 2018-2, Class D, 3.39%, 09/12/68			950		1,219,459
Gemgarto plc:
Series 2018-1, Class C, 2.09%, 09/16/65			976		1,218,858
Series 2018-1, Class D, 2.39%, 09/16/65			335		417,365
Gosforth Funding plc, Series 2014-1, Class A2, 1.40%, 10/19/56			1,073		1,362,878
Great Hall Mortgages No. 1 plc, Series 2007-2X, Class BA, 1.08%, 06/18/39			12,300		14,067,999
Hawksmoor Mortgages plc, Series 2016-1, Class B, 2.39%, 05/25/53			11,696		14,882,744
Newgate Funding plc, Series 2006-1, Class BB, 0.00%, 12/01/50		EUR	1,610		1,687,145
Paragon Mortgages No. 10 plc, Series 10X, Class B1B, 0.22%, 06/15/41			198		212,463
Paragon Mortgages No. 11 plc, Series 11X, Class BB, 0.17%, 10/15/41			782		840,097
Paragon Mortgages No. 12 plc, Series 12X, Class B1B, 0.17%, 11/15/38			1,004		1,067,640
Paragon Mortgages No. 13 plc:
Series 13X, Class A2C, 2.78%, 01/15/39		USD	3,388		3,178,322
Series 13X, Class B1B, 0.07%, 01/15/39		EUR	2,564		2,699,248
Paragon Mortgages No. 14 plc, Series 14X, Class BB, 0.04%, 09/15/39			6,666		6,599,318
Paragon Mortgages No. 23 plc, Series 23, Class C, 3.02%, 01/15/43		GBP	4,450		5,665,462
Residential Mortgage Securities plc:
Series 29, Class B, 2.18%, 12/20/46			10,055		12,767,138
Series 29, Class C, 2.48%, 12/20/46			2,504		3,183,246
Series 30, Class C, 2.48%, 03/20/50			610		775,221
Series 31, Class C, 2.78%, 09/20/65			1,075		1,373,931

Security	Par (000)			Value
Collateralized Mortgage Obligations (continued)
United Kingdom (continued)
Ripon Mortgages plc:
Series 1X, Class B2, 2.00%, 08/20/56		GBP	1,991	$	2,513,616
Series 1X, Class C1, 2.30%, 08/20/56			11,572		14,618,002
RMAC No.2 plc, Series 2018-2, Class C, 2.64%, 06/12/46			420		535,601
RMAC Securities No.1 plc:
Series 2006-NS1X, Class M1C, 0.00%, 06/12/44		EUR	182		192,590
Series 2007-NS1X, Class M1C, 0.00%, 06/12/44			3,149		3,318,490
Trinity Square plc, Series 2015-1X, Class B, 2.22%, 07/15/51		GBP	875		1,116,332
Twin Bridges plc, Series 2019-1, Class C, 2.53%, 12/12/52			550		698,913
Warwick Finance Residential Mortgages No. 1 plc:
Series 1, Class A, 1.77%, 09/21/49			8,045		10,253,678
Series 1, Class B, 1.97%, 09/21/49			26,155		33,281,939
Warwick Finance Residential Mortgages No. 2 plc, Series 2, Class C, 2.57%, 09/21/49			12,700		16,178,491
					199,633,659
United States — 2.4%
Alternative Loan Trust:
Series 2005-72, Class A3, 3.00%, 01/25/36(c)		USD	3,473		3,001,033
Series 2005-22T1, Class A1, 2.75%, 06/25/35(c)			12,296		10,741,072
Series 2006-11CB, Class 3A1, 6.50%, 05/25/36			4,988		3,900,322
Series 2006-15CB, Class A1, 6.50%, 06/25/36			908		687,571
Series 2006-23CB, Class 2A5, 2.80%, 08/25/36(c)			9,762		3,448,047
Series 2006-34, Class A3, 3.10%, 11/25/46(c)			7,068		4,148,501
Series 2006-45T1, Class 2A2, 6.00%, 02/25/37			3,699		3,068,367
Series 2006-J7, Class 2A1, 2.59%, 11/20/46(c)			7,289		5,140,859
Series 2006-OA6, Class 1A2, 2.61%, 07/25/46(c)			10,245		9,935,922
Series 2006-OA11, Class A4, 2.59%, 09/25/46(c)			5,379		4,823,534
Series 2006-OA14, Class 1A1, 4.23%, 11/25/46(c)			18,003		15,817,413
Series 2006-OA16, Class A4C, 2.74%, 10/25/46(c)			11,438		7,517,934
Series 2006-OA21, Class A1, 2.57%, 03/20/47(c)			6,184		5,322,493
Series 2006-OC7, Class 2A3, 2.65%, 07/25/46(c)			7,664		6,192,201
Series 2006-OC10, Class 2A3, 2.63%, 11/25/36(c)			4,386		3,568,985
Series 2007-25, Class 1A3, 6.50%, 11/25/37			28,559		20,818,612
Series 2007-3T1, Class 1A1, 6.00%, 04/25/37			1,123		802,150
Series 2007-9T1, Class 1A1, 6.00%, 05/25/37			5,632		3,860,244

72 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Collateralized Mortgage Obligations (continued)
United States (continued)
Series 2007-OA3, Class 1A1, 2.54%, 04/25/47(c)		USD	5,575	$	5,296,584
Series 2007-OA3, Class 2A2, 2.58%, 04/25/47(c)			573		181,639
Series 2007-OA8, Class 2A1, 2.58%, 06/25/47(c)			1,164		919,147
Series 2007-OH2, Class A2A, 2.64%, 08/25/47(c)			1,584		1,224,823
American Home Mortgage Assets Trust(c):
Series 2006-3, Class 2A11, 3.44%, 10/25/46			3,997		3,573,859
Series 2006-4, Class 1A12, 2.61%, 10/25/46			8,848		6,201,896
Series 2006-5, Class A1, 3.42%, 11/25/46			12,691		6,328,065
APS Resecuritization Trust(a)(c):
Series 2016-1, Class 1MZ, 4.04%, 07/31/57			18,019		6,766,177
Series 2016-3, Class 3A, 5.25%, 09/27/46(d)			18,516		18,791,976
Series 2016-3, Class 4A, 5.00%, 04/27/47(d)			4,180		4,107,526
Banc of America Funding Trust(a)(c):
Series 2014-R2, Class 1C, 0.00%, 11/26/36			11,110		2,484,129
Series 2016-R2, Class 1A1, 4.70%, 05/01/33(d)			4,590		4,738,126
Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, 2 .72%, 11/25/36(c)			3,679		3,741,370
Bear Stearns Asset-Backed Securities I Trust(e):
Series 2005-AC9, Class A5, 6.25%, 12/25/35			3,680		3,639,033
Series 2006-AC1, Class 1A2, 6.25%, 02/25/36			5,185		4,826,085
Bear Stearns Mortgage Funding Trust(c):
Series 2006-SL1, Class A1, 2.68%, 08/25/36			4,402		4,400,600
Series 2007-AR2, Class A1, 2.57%, 03/25/37			239		221,724
Series 2007-AR3, Class 1A1, 2.54%, 03/25/37			3,162		3,017,571
Series 2007-AR4, Class 2A1, 2.61%, 06/25/37			2,551		2,453,673
Chase Mortgage Finance Trust,
Series 2007-S6, Class 1A1, 6.00%, 12/25/37			71,552		52,882,517
CHL Mortgage Pass-Through Trust:
Series 2005-22, Class 2A1, 4.01%, 11/25/35(c)			1,996		1,796,427
Series 2006-OA4, Class A1, 3.46%, 04/25/46(c)			33,966		16,813,022
Series 2006-OA5, Class 3A1, 2.60%, 04/25/46(c)			2,056		1,935,845
Series 2007-15, Class 2A2, 6.50%, 09/25/37			18,818		13,742,596
CIM Trust(a)(c):
Series 2017-6, Class A1, 3.02%, 06/25/57			4,375		4,374,972
Series 2019-INV1, Class A1, 4.00%, 02/25/49			15,703		16,078,931

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
United States (continued)
Citicorp Mortgage Securities Trust:
Series 2007-9, Class 1A1, 6.25%, 12/25/37	USD		6,298	$	5,667,262
Series 2008-2, Class 1A1, 6.50%, 06/25/38			7,785		6,773,327
Credit Suisse Mortgage Capital Certificates(a):
Series 2009-12R, Class 3A1, 6.50%, 10/27/37			21,079		12,111,536
Series 2019-RPL4, Class A1, 3.83%, 08/26/58			15,037		15,178,216
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, 3.75%, 11/25/35(c)			3,449		1,098,155
CSMC Trust:
Series 2009-5R, Class 4A4, 4.30%, 06/25/36(a)(c)			5,549		5,162,607
Series 2011-5R, Class 3A1, 4.12%, 09/27/47(a)(c)			75		74,278
Series 2014-4R, Class 16A3, 2.63%, 02/27/36(a)(c)(d)			3,750		3,444,233
Series 2014-9R, Class 9A1, 2.55%, 08/27/36(a)(c)(d)			4,898		4,359,315
Series 2014-11R, Class 16A1, 4.10%, 09/27/47(a)(c)			8,940		9,081,444
Series 2015-4R, Class 1A2, 2.58%, 11/27/36(a)(c)(d)			2,334		2,028,879
Series 2015-4R, Class 1A4, 2.58%, 10/27/36(a)(c)(d)			6,805		4,427,850
Series 2015-6R, Class 5A1, 2.79%, 03/27/36(a)(c)			847		840,598
Series 2015-6R, Class 5A2, 2.79%, 03/27/36(a)(c)			11,966		9,144,277
Series 2017-2, 0.00%, 02/01/47(a)(d)			7,366		7,161,182
Series 2017-FHA1, 0.00%, 09/27/66(d)(k)			10,290		8,505,940
Series 2019-JR1, 0.00%, 03/25/59(c)(d)			4,550		2,002,000
Series 2019-JR1, 4.10%, 09/27/66(c)			107,286		108,072,283
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class A2A, 2.57%, 08/25/47(c)			3,944		2,714,879
Deutsche Alt-A Securities, Inc., Series 2007-RS1, Class A2, 2.93%, 01/27/37(a)(c)			602		580,563
Deutsche Alt-B Securities Mortgage Loan Trust(c):
Series 2006-AB3, Class A3, 6.51%, 07/25/36			1,641		1,535,630
Series 2006-AB3, Class A8, 6.36%, 07/25/36			1,043		976,503
GreenPoint Mortgage Funding Trust,
Series 2006-AR2, Class 4A1, 4.50%, 03/25/36(c)			2,777		2,733,108
GSMPS Mortgage Loan Trust(a)(c):
Series 2005-RP1, Class 1AF, 2.75%, 01/25/35			4,576		4,225,812
Series 2005-RP2, Class 1AF, 2.75%, 03/25/35			5,492		5,091,002
Series 2006-RP1, Class 1AF1, 2.75%, 01/25/36			4,221		3,671,649
GSR Mortgage Loan Trust:
Series 2005-AR1, Class 2A1, 4.65%, 01/25/35(c)			820		842,470

CONSOLIDATED SCHEDULES OF INVESTMENTS 73

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
United States (continued)
Series 2006-OA1, Class 1A1, 2.62%, 08/25/46(c)	USD		43,956	$	17,681,216
Series 2007-1F,Class 2A4, 5.50%, 01/25/37			784		862,784
HarborView Mortgage Loan Trust,
Series 2007-4, Class 2A2, 2.64%, 07/19/47(c)			2,284		2,067,934
IndyMac INDX Mortgage Loan Trust(c):
Series 2007-AR19, Class 3A1, 3.74%, 09/25/37			7,065		5,048,640
Series 2007-FLX5, Class 2A2, 2.64%, 08/25/37			3,234		2,881,736
JPMorgan Alternative Loan Trust,
Series 2007-A2, Class 2A1, 4.35%, 05/25/37(c)			1,824		1,659,348
JPMorgan Madison Avenue Securities Trust, Series 2014-CH1, Class M2, 6.65%, 11/25/24(a)(c)(d)			4,486		4,868,703
JPMorgan Mortgage Trust, Series 2007-A1, Class 4A1, 4.66%, 07/25/35(c)			49		50,508
LSTAR Securities Investment Trust(a)(c):
Series 2019-1, Class A1, 4.14%, 03/01/24			9,565		9,593,818
Series 2019-2, Class A1, 3.94%, 04/01/24			11,544		11,567,282
MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.86%, 08/25/37(a)(c)(d)			2,844		2,239,559
MCM Trust(a)(d):
Series 2018-NPL1, Class A, 4.00%, 05/28/58			16,755		16,710,944
Series 2018-NPL1, Class B, 2.40%, 05/28/58			30,304		4,242,602
Series 2018-NPL2, Class A, 4.00%, 10/25/28			33,159		33,105,778
Series 2018-NPL2, Class B, 0.00%, 10/25/28			53,570		11,785,400
Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, 2.61%, 04/25/37(c)			7,045		6,129,102
Mortgage Loan Resecuritization Trust,
Series 2009-RS1, Class A85, 2.78%, 04/16/36(a)(c)			27,094		23,662,482
New Residential Mortgage Loan Trust(a):
Series 2019-2A, Class A1, 4.25%, 12/25/57(c)			5,964		6,196,658
Series 2019-RPL1, Class A1, 4.33%, 02/26/24(e)			18,324		18,588,748
Nomura Asset Acceptance Corp. Alternative Loan Trust:
Series 2001-R1A, Class A, 7.00%, 02/19/30(a)(c)			1,337		1,368,053
Series 2006-AF1, Class 1A4, 6.63%, 05/25/36(e)			1,841		711,124
Series 2007-2, Class A4, 2.82%, 06/25/37(c)			1,243		1,027,207
RALI Trust, Series 2007-QH9, Class A1, 3.75%, 11/25/37(c)			1,106		1,021,028
Reperforming Loan REMIC Trust(a)(c):
Series 2005-R2, Class 1AF1, 2.74%, 06/25/35			2,524		2,419,562
Series 2005-R3, Class AF, 2.80%, 09/25/35			4,032		3,703,098

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
United States (continued)
Seasoned Credit Risk Transfer Trust(c):
Series 2017-3, Class M2, 4.75%, 07/25/56(a)	USD		4,085	$	4,027,988
Series 2018-1, Class BX, 6.32%, 05/25/57(d)			1,476		776,450
Series 2018-1, Class M, 4.75%, 05/25/57			1,340		1,310,553
Series 2018-3, Class M, 4.75%, 08/25/57(a)			7,320		7,201,864
STACR Trust, Series 2018-DNA2, Class M2, 4.55%, 12/25/30(a)(c)			3,817		3,807,469
STARM Mortgage Loan Trust,
Series 2007-2, Class 3A3, 4.71%, 04/25/37(c)			1,324		1,117,745
Structured Adjustable Rate Mortgage Loan Trust(c):
Series 2005-11, Class 1A1, 4.18%, 05/25/35			1,458		1,289,743
Series 2006-3, Class 4A, 4.11%, 04/25/36			2,777		2,324,213
Structured Asset Mortgage Investments II Trust(c):
Series 2006-AR2, Class A1, 2.63%, 02/25/36			2,982		2,915,344
Series 2006-AR4, Class 3A1, 2.59%, 06/25/36(d)			7,297		6,640,722
Series 2006-AR5, Class 2A1, 2.61%, 05/25/46			1,952		1,681,722
WaMu Mortgage Pass-Through Certificates Trust(c):
Series 2005-AR2, Class B1, 2.93%, 01/25/45			1,666		1,261,100
Series 2007-OA5, Class 1A, 3.25%, 06/25/47			5,027		4,792,046
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust:
Series 2006-1, Class 4CB, 6.50%, 02/25/36			3,722		3,296,855
Series 2006-4, Class 1A1, 6.00%, 04/25/36			6,932		6,494,152
Series 2006-4, Class 3A1, 6.50%, 05/25/36(e)			6,006		5,436,581
Series 2006-4, Class 3A5, 6.35%, 05/25/36(e)			1,597		1,445,268
Series 2007-OA1, Class 2A, 3.22%, 12/25/46(c)			8,424		7,430,419
					783,282,119
					1,005,834,462
Commercial Mortgage-Backed Securities — 4.3%
Cayman Islands — 0.2%(a)
Exantas Capital Corp. Ltd.(c):
Series 2018-RSO6, Class A, 3.22%, 06/15/35			12,672		12,688,583
Series 2019-RSO7, Class AS, 3.89%, 04/15/36			8,519		8,518,979
GPMT Ltd., Series 2018-FL1, Class A, 3.28%, 11/21/35(c)			7,381		7,381,181
PFP Ltd.(c):
Series 2019-5, Class A, 3.37%, 04/14/36			3,671		3,670,992
Series 2019-5, Class AS, 3.82%, 04/14/36			2,140		2,140,000

74 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Cayman Islands (continued)
Prima Capital CRE Securitization Ltd.(d):
Series 2015-4A, Class C, 4.00%, 08/24/49	USD		2,420	$	2,412,740
Series 2016-6A, Class C, 4.00%, 08/24/40			16,840		16,728,856
					53,541,331
Ireland — 0.0%(c)
Scorpio European Loan Conduit No. 34 DAC, Series 34A, Class C, 2.91%, 05/17/29(a)	GBP		2,750		3,492,362
Taurus DEU DAC:
Series 2016-DE2, Class C, 2.85%, 01/03/27	EUR		1,839		2,091,184
Series 2016-DE2, Class D, 3.75%, 01/03/27			2,010		2,285,968
Taurus FR DAC:
Series 2019-1FR, Class B, 1.45%, 02/02/31			575		652,885
Series 2019-1FR, Class C, 1.95%, 02/02/31			610		692,625
Taurus UK DAC:
Series 2017-UK2, Class B, 2.20%, 11/17/27	GBP		3,621		4,590,985
Series 2017-UK2, Class C, 2.65%, 11/17/27			2,008		2,544,874
					16,350,883
Italy — 0.0%
Taurus IT SRL, Series 2018-IT1, Class A, 1.00%, 05/18/30(c)	EUR		7,735		8,673,815
United Kingdom — 0.1%
Canary Wharf Finance II plc(c):
Class C2, 2.20%, 10/22/37	GBP		2,100		2,248,287
Class D2, 2.92%, 10/22/37			14,689		15,698,295
					17,946,582
United States — 4.0%
1211 Avenue of the Americas Trust,
Series 2015-1211, Class D, 4.28%, 08/10/35(a)(c)	USD		1,530		1,610,409
245 Park Avenue Trust(a)(c):
Series 2017-245P, Class D, 3.78%, 06/05/37			1,100		1,122,269
Series 2017-245P, Class E, 3.78%, 06/05/37			4,688		4,583,453
280 Park Avenue Mortgage Trust(a)(c):
Series 2017-280P, Class D, 3.93%, 09/15/34			6,940		6,952,960
Series 2017-280P, Class E, 4.51%, 09/15/34			15,305		15,343,339
Americold LLC, Series 2010-ARTA, Class C, 6.81%, 01/14/29(a)			1,850		1,937,805
AREIT Trust, Series 2018-CRE1, Class A, 3.25%, 02/14/35(a)(c)(d)			607		607,480
Ashford Hospitality Trust, Series 2018- ASHF,Class D, 4.49%, 04/15/35(a)(c)			9,380		9,418,057
Asset Securitization Corp., Series 1997- D5, Class B2, 6.93%, 02/14/43			366		373,505

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
United States (continued)
Atrium Hotel Portfolio Trust(a)(c):
Series 2017-ATRM, Class D, 4.34%, 12/15/36	USD		12,415	$	12,449,762
Series 2017-ATRM, Class E, 5.44%, 12/15/36			2,345		2,362,661
Series 2018-ATRM, Class E, 5.79%, 06/15/35			4,370		4,391,808
BAMLL Commercial Mortgage
Securities Trust(a)(c):
Series 2015-200P,Class F, 3.72%, 04/14/33			3,131		3,121,779
Series 2016-ISQ, Class C, 3.73%, 08/14/34			1,530		1,573,479
Series 2016-ISQ, Class E, 3.73%, 08/14/34			18,000		17,525,030
Series 2017-SCH, Class BF, 3.79%, 11/15/33			4,940		4,924,587
Series 2017-SCH, Class CL, 3.89%, 11/15/32			2,560		2,560,000
Series 2017-SCH, Class DL, 4.39%, 11/15/32			5,070		5,070,000
Series 2018-DSNY,Class D, 4.09%, 09/15/34			8,762		8,793,175
Series 2019-AHT,Class C, 4.39%, 03/15/34			2,098		2,106,792
Banc of America Commercial Mortgage Trust, Series 2007-1, Class AMFX, 5.48%, 01/15/49(c)			1,059		1,062,110
Bancorp Commercial Mortgage Trust (The), Series 2018-CR3, Class A, 3.24%, 01/15/33(a)(c)			4,980		4,957,054
BANK, Series 2019-BN16, Class C, 4.79%, 02/15/52(c)			2,965		3,289,294
Barclays Commercial Mortgage Trust:
Series 2019-C3, Class C, 4.18%, 05/15/52			3,525		3,638,005
Series 2019-C3, Class D, 3.00%, 05/15/52(a)			2,730		2,415,327
Series 2019-C3, Class XA, 1.35%, 05/15/52(c)			46,078		4,903,400
Bayview Commercial Asset Trust(a)(c):
Series 2005-2A, Class A1, 2.71%, 08/25/35			4,599		4,416,565
Series 2005-4A, Class A1, 2.70%, 01/25/36			900		867,547
Series 2005-4A, Class A2, 2.79%, 01/25/36			253		245,285
Series 2005-4A, Class M1, 2.85%, 01/25/36			677		653,040
Series 2006-1A, Class A2, 2.76%, 04/25/36			1,028		991,670
Series 2006-3A, Class A1, 2.65%, 10/25/36			1,647		1,574,676
Series 2006-3A, Class A2, 2.70%, 10/25/36			1,786		1,711,757
Series 2006-4A, Class A1, 2.63%, 12/25/36			2,341		2,276,440
Series 2007-2A, Class A1, 2.67%, 07/25/37			4,017		3,813,341
Series 2007-4A, Class A1, 2.85%, 09/25/37			16,833		15,998,320
Series 2007-6A, Class A4A, 3.90%, 12/25/37			5,310		4,547,318

CONSOLIDATED SCHEDULES OF INVESTMENTS 75

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
United States (continued)
BBCMS Mortgage Trust(a)(c):
Series 2018-CHRS, Class E, 4.41%, 08/05/38	USD		2,640	$	2,393,265
Series 2018-TALL, Class A, 3.12%, 03/15/37			2,453		2,443,773
Series 2018-TALL, Class D, 3.84%, 03/15/37			3,030		3,029,034
BBCMS Trust(a)(c):
Series 2015-STP, Class E, 4.43%, 09/10/28			220		217,069
Series 2019-CLP, Class D, 4.12%, 12/15/31			11,841		11,766,859
Series 2019-CLP, Class E, 4.51%, 12/15/31			21,411		21,450,849
BB-UBS Trust, Series 2012-SHOW, Class E, 4.16%, 11/05/36(a)(c)			2,313		2,303,354
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-T26, Class AM, 5.51%, 01/12/45(c)			2,643		2,636,843
Benchmark Mortgage Trust:
Series 2018-B3, Class D, 3.06%, 04/10/51(a)			570		518,714
Series 2019-B9, Class C, 4.97%, 03/15/52(c)			7,824		8,722,280
Series 2019-B10, Class 3CCA, 4.03%, 03/15/62(a)(c)			12,194		12,516,165
BHMS, Series 2018-ATLS, Class A, 3.64%, 07/15/35(a)(c)			18,444		18,449,812
BWAY Mortgage Trust(a):
Series 2013-1515, Class A2, 3.45%, 03/10/33			7,835		8,216,169
Series 2013-1515, Class D, 3.63%, 03/10/33			9,570		9,760,799
Series 2013-1515, Class E, 3.72%, 03/10/33			650		659,065
Series 2013-1515, Class F, 4.06%, 03/10/33(c)			601		605,971
Series 2015-1740, Class E, 4.81%, 01/10/35(c)			9,438		9,844,811
BX Commercial Mortgage Trust(a)(c):
Series 2018-BIOA, Class E, 4.35%, 03/15/37			3,790		3,804,274
Series 2018-IND, Class G, 4.44%, 11/15/35			447		448,345
Series 2018-IND, Class H, 5.39%, 11/15/35			35,604		35,714,663
BXP Trust(a)(c):
Series 2017-CC, Class D, 3.67%, 08/13/37			1,930		1,916,390
Series 2017-CC, Class E, 3.67%, 08/13/37			3,820		3,614,134
Series 2017-GM, Class D, 3.54%, 06/13/39			1,520		1,537,248
Series 2017-GM, Class E, 3.54%, 06/13/39			3,300		3,181,438
CAMB Commercial Mortgage Trust(a)(c):
Series 2019-LIFE, Class D, 4.14%, 12/15/37			13,710		13,795,568
Series 2019-LIFE, Class E, 4.54%, 12/15/37			20,019		20,193,968
Cantor Commercial Real Estate Lending(a)(c):
Series 2019-CF1, Class 65B, 4.14%, 05/15/52			3,000		3,065,336

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
United States (continued)
Series 2019-CF1, Class 65C, 4.12%, 05/15/52	USD		3,700	$	3,691,385
CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class D, 5.67%, 04/10/29(a)(c)			1,760		1,802,125
CD Mortgage Trust:
Series 2006-CD3, Class AM, 5.65%, 10/15/48			3,735		3,879,643
Series 2017-CD4, Class A4, 3.51%, 05/10/50(c)			150		158,819
CFCRE Commercial Mortgage Trust:
Series 2016-C3, Class A3, 3.87%, 01/10/48			1,090		1,166,023
Series 2016-C3, Class C, 4.91%, 01/10/48(c)			2,200		2,327,994
Series 2016-C4, Class C, 5.04%, 05/10/58(c)			8,553		9,102,695
Series 2018-TAN, Class C, 5.29%, 02/15/33(a)			3,020		3,228,872
CFK Trust(a):
Series 2019-FAX, Class D, 4.64%, 01/15/39			6,897		7,623,903
Series 2019-FAX, Class E, 4.64%, 01/15/39			6,152		6,497,930
CGBAM Commercial Mortgage Trust(a)(c):
Series 2015-SMRT, Class E, 3.91%, 04/10/28			10,086		10,166,076
Series 2015-SMRT, Class F, 3.91%, 04/10/28			670		675,680
CGDBB Commercial Mortgage Trust(a)(c):
Series 2017-BIOC, Class A, 3.18%, 07/15/32			8,510		8,510,010
Series 2017-BIOC, Class D, 3.99%, 07/15/32			8,490		8,505,992
Series 2017-BIOC, Class E, 4.54%, 07/15/32			18,230		18,229,989
CHC Commercial Mortgage Trust,
Series 2019-CHC, Class B, 3.90%, 06/15/34(a)(c)			16,530		16,530,000
Citigroup Commercial Mortgage Trust(c):
Series 2014-GC19, Class C, 5.26%, 03/10/47			1,156		1,244,930
Series 2015-GC27, Class C, 4.57%, 02/10/48			14,540		14,973,019
Series 2015-SHP2, Class F, 7.59%, 07/15/27(a)			1,080		1,080,082
Series 2016-C1, Class C, 5.12%, 05/10/49			4,100		4,482,911
Series 2016-C1, Class D, 5.12%, 05/10/49(a)			1,180		1,196,009
Series 2016-GC37, Class C, 5.09%, 04/10/49			2,110		2,262,417
Series 2016-P3, Class C, 4.99%, 04/15/49			340		366,437
Series 2016-P3, Class D, 2.80%, 04/15/49(a)			945		816,975
Series 2019-SMRT, Class D, 4.90%, 01/10/24(a)			12,165		12,888,022
Series 2019-SMRT, Class E, 4.90%, 01/10/24(a)			1,081		1,120,620
CLNS Trust, Series 2017-IKPR, Class E, 5.91%, 06/11/32(a)(c)			1,762		1,770,801

76 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
United States (continued)
Commercial Mortgage Trust:
Series 2005-C6, Class F,
5.90%, 06/10/44(a)(c)	USD		1,156	$	1,180,478
Series 2013-300P, Class D,
4.54%, 08/10/30(a)(c)			750		782,805
Series 2013-GAM, Class A2,
3.37%, 02/10/28(a)			845		850,212
Series 2014-CR15, Class C,
4.90%, 02/10/47(c)			670		722,273
Series 2014-LC15, Class A4,
4.01%, 04/10/47			3,572		3,812,567
Series 2014-UBS4, Class C,
4.78%, 08/10/47(c)			6,519		6,750,640
Series 2015-CR23, Class A4,
3.50%, 05/10/48			1,860		1,959,342
Series 2015-CR23, Class CMC,
3.81%, 05/10/48(a)(c)			580		581,402
Series 2015-CR23, Class CMD,
3.81%, 05/10/48(a)(c)			18,523		18,542,347
Series 2015-CR23, Class CME,
3.81%, 05/10/48(a)(c)			15,050		15,024,565
Series 2015-CR24, Class A5,
3.70%, 08/10/48			3,145		3,352,101
Series 2015-CR25, Class A4,
3.76%, 08/10/48			965		1,030,946
Series 2015-CR25, Class C,
4.69%, 08/10/48(c)			290		301,581
Series 2015-LC19, Class A4,
3.18%, 02/10/48			4,783		4,960,268
Series 2015-LC19, Class C,
4.40%, 02/10/48(c)			1,207		1,267,842
Series 2015-LC19, Class D,
2.87%, 02/10/48(a)			3,879		3,570,693
Series 2015-LC21, Class C,
4.44%, 07/10/48(c)			6,490		6,771,858
Series 2015-LC23, Class A4,
3.77%, 10/10/48			2,008		2,151,167
Series 2016-667M, Class D,
3.28%, 10/10/36(a)(c)			1,840		1,754,534
Series 2017-COR2, Class A3,
3.51%, 09/10/50			3,170		3,345,435
Series 2017-COR2, Class D,
3.00%, 09/10/50(a)			2,237		2,039,659
Series 2018-HCLV, Class B,
3.79%, 09/15/33(a)(c)			3,955		3,938,861
Core Industrial Trust(a)(c):
Series 2015-CALW, Class G,
3.98%, 02/10/34			29,865		30,398,834
Series 2015-TEXW, Class D,
3.98%, 02/10/34			4,140		4,281,766
Series 2015-TEXW, Class F,
3.98%, 02/10/34			16,810		17,194,062
Series 2015-WEST, Class E,
4.37%, 02/10/37			1,476		1,561,174
Credit Suisse First Boston Mortgage
Securities Corp.:
Series 2004-C4, Class F,
5.23%, 10/15/39(a)(c)			1,792		1,789,260
Series 2005-C2, Class AMFX,
4.88%, 04/15/37			67		65,601
Series 2005-C3, Class C,
4.95%, 07/15/37(c)			18		17,969

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
United States (continued)
CSAIL Commercial Mortgage Trust:
Series 2015-C2, Class A4,
3.50%, 06/15/57	USD		3,010	$	3,148,979
Series 2018-C14, Class C,
5.06%, 11/15/51(c)			2,890		3,156,412
Series 2019-C15, Class C,
5.15%, 03/15/52(c)			7,122		7,725,430
Series 2019-C15, Class D,
3.00%, 03/15/52(a)			3,323		2,914,541
Series 2019-C16, Class A3,
3.33%, 06/15/52			6,050		6,274,836
Series 2019-C16, Class C,
4.24%, 06/15/52(c)			8,219		8,508,360
Series 2019-C16, Class XA,
1.57%, 06/15/52(c)			116,089		14,547,716
CSMC Trust(a):
Series 2017-CHOP, Class E,
5.69%, 07/15/32(c)			2,963		2,975,010
Series 2017-PFHP, Class A,
3.34%, 12/15/30(c)			2,310		2,301,253
Series 2017-TIME, Class A,
3.65%, 11/13/39			2,190		2,274,522
CSWF, Series 2018-TOP, Class A, 3.39%, 08/15/35(a)(c)			3,777		3,779,315
DBGS Mortgage Trust(a)(c):
Series 2019-1735, Class F,
4.33%, 04/10/37			2,873		2,753,364
Series 2019-1735, Class X,
0.43%, 04/10/37			52,590		1,471,468
DBJPM Mortgage Trust, Series 2016-C1, Class A4, 3.28%, 05/10/49			3,365		3,506,770
DBUBS Mortgage Trust(a):
Series 2017-BRBK, Class A,
3.45%, 10/10/34			6,680		7,006,351
Series 2017-BRBK, Class E,
3.65%, 10/10/34(c)			11,280		11,323,797
Series 2017-BRBK, Class F,
3.65%, 10/10/34(c)			2,300		2,273,114
Eleven Madison Mortgage Trust, Series 2015-11MD, Class A, 3.67%, 09/10/35(a)(c)			3,210		3,400,123
GRACE Mortgage Trust, Series 2014-GRCE, Class F, 3.71%, 06/10/28(a)(c)			28,606		28,628,038
GS Mortgage Securities Corp. II(a):
Series 2005-ROCK, Class A,
5.37%, 05/03/32			7,340		8,440,194
Series 2005-ROCK, Class X1,
0.39%, 05/03/32(c)			24,000		361,327
Series 2013-KING, Class E,
3.55%, 12/10/27(c)			14,850		14,795,401
Series 2017-375H, Class A,
3.59%, 09/10/37(c)			1,460		1,529,627
GS Mortgage Securities Corp. Trust(a):
Series 2016-RENT, Class C,
4.20%, 02/10/29(c)			1,450		1,470,073
Series 2016-RENT, Class E,
4.20%, 02/10/29(c)			6,000		6,041,926
Series 2017-500K, Class D,
3.69%, 07/15/32(c)			620		618,089
Series 2017-500K, Class E,
3.89%, 07/15/32(c)			1,270		1,269,603
Series 2017-500K, Class F,
4.19%, 07/15/32(c)			1,435		1,429,139

CONSOLIDATED SCHEDULES OF INVESTMENTS 77

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
United States (continued)
Series 2017-500K, Class G,
4.89%, 07/15/32(c)	USD		963	$	956,637
Series 2017-GPTX, Class A,
2.86%, 05/10/34			6,110		6,136,113
Series 2018-HULA, Class D,
4.19%, 07/15/25(c)			3,278		3,295,702
Series 2019-BOCA, Class A,
3.65%, 06/15/38(c)			3,284		3,285,263
Series 2019-SOHO, Class E,
4.32%, 06/15/36(c)			9,280		9,259,120
GS Mortgage Securities Trust:
Series 2014-GC20, Class B,
4.53%, 04/10/47(c)			370		382,416
Series 2015-590M, Class E,
3.93%, 10/10/35(a)(c)			3,340		3,373,033
Series 2015-GC28, Class B,
3.98%, 02/10/48			1,520		1,588,879
Series 2015-GS1, Class A3,
3.73%, 11/10/48			1,780		1,894,579
Series 2017-GS6, Class A3,
3.43%, 05/10/50			3,340		3,514,019
Series 2017-GS7, Class A4,
3.43%, 08/10/50			7,888		8,216,559
Series 2017-GS7, Class D,
3.00%, 08/10/50(a)			3,909		3,504,107
Series 2017-GS7, Class E,
3.00%, 08/10/50(a)			3,926		3,493,199
Hudson Yards Mortgage Trust(a):
Series 2016-10HY, Class A,
2.84%, 08/10/38			5,230		5,299,373
Series 2019-30HY, Class E,
1.00%, 07/10/39(c)			14,170		13,672,029
IMT Trust(a):
Series 2017-APTS, Class AFX,
3.48%, 06/15/34			4,090		4,283,233
Series 2017-APTS, Class DFX,
3.61%, 06/15/34(c)			1,350		1,361,288
Series 2017-APTS, Class EFX,
3.61%, 06/15/34(c)			2,090		2,066,301
InTown Hotel Portfolio Trust, Series 2018-STAY, Class A, 3.09%, 01/15/33(a)(c)			1,670		1,667,391
J.P. Morgan Chase Commercial Mortgage Securities Corp.(a)(c):
Series 2019-MFP, Class C,
3.74%, 07/15/36			2,040		2,040,000
Series 2019-MFP, Class E,
4.54%, 07/15/36			5,580		5,580,000
Series 2019-MFP, Class F,
5.38%, 07/15/36			2,015		2,015,000
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C22, Class A4,
3.80%, 09/15/47			1,600		1,696,296
Series 2015-C33, Class D1,
4.27%, 12/15/48(a)(c)			4,979		4,951,424
JPMCC Commercial Mortgage
Securities Trust:
Series 2017-JP5, Class C,
4.05%, 03/15/50(c)			3,120		3,201,886
Series 2017-JP5, Class D,
4.80%, 03/15/50(a)(c)			4,720		4,827,493
Series 2017-JP6, Class A5,
3.49%, 07/15/50			3,130		3,297,113

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
United States (continued)
Series 2017-JP7, Class B,
4.05%, 09/15/50	USD		840	$	885,551
Series 2019-COR5, Class C,
3.75%, 06/13/52			6,999		7,019,161
JPMDB Commercial Mortgage Securities Trust:
Series 2017-C5, Class A5,
3.69%, 03/15/50			4,330		4,638,233
Series 2017-C5, Class C,
4.51%, 03/15/50(c)			605		641,190
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2012-CBX, Class A4FL,
3.69%, 06/15/45(a)(c)			1,140		1,160,643
Series 2014-C20, Class A5,
3.80%, 07/15/47			5,340		5,631,515
Series 2015-JP1, Class A5,
3.91%, 01/15/49			504		542,287
Series 2015-JP1, Class C,
4.89%, 01/15/49(c)			1,650		1,754,354
Series 2015-JP1, Class D,
4.39%, 01/15/49(c)			7,843		7,932,045
Series 2015-UES, Class E,
3.74%, 09/05/32(a)(c)			17,360		17,384,556
Series 2015-UES, Class F,
3.74%, 09/05/32(a)(c)			820		816,860
Series 2016-NINE, Class A,
2.95%, 10/06/38(a)(c)			24,506		24,904,686
Series 2018-WPT, Class FFX,
5.54%, 07/05/33(a)			2,430		2,485,965
Series 2019-OSB, Class E,
3.78%, 06/05/39(a)(c)			3,216		3,256,369
KNDL Mortgage Trust, Series 2019- KNSQ, Class E, 4.19%, 05/15/36(a)(c)			26,361		26,360,900
LB-UBS Commercial Mortgage Trust:
Series 2006-C4, Class F,
6.36%, 06/15/38(c)			640		652,572
Series 2007-C6, Class AMFL,
6.11%, 07/15/40(a)			48		47,547
LCCM Mortgage Trust, Series 2014- 909, Class E, 4.03%, 05/15/31(a)(c).			10,892		10,918,499
Lehman Brothers Small Balance Commercial Mortgage Trust(a)(c):
Series 2006-2A, Class M2,
2.79%, 09/25/36			1,800		1,750,444
Series 2007-1A, Class 1A,
2.65%, 03/25/37			3,509		3,408,256
LSTAR Commercial Mortgage Trust, Series 2015-3, Class AS, 3.27%, 04/20/48(a)(c)			5,540		5,632,783
MAD Mortgage Trust(a)(c):
Series 2017-330M, Class D,
4.11%, 08/15/34			2,925		2,985,821
Series 2017-330M, Class E,
4.17%, 08/15/34			8,020		7,928,858
Madison Avenue Trust, Series 2013- 650M, Class D, 4.17%, 10/12/32(a)(c)			8,002		8,085,042
Merrill Lynch Mortgage Trust(c):
Series 2005-CIP1, Class D,
5.79%, 07/12/38			2,660		2,704,344
Series 2005-MKB2, Class F,
6.53%, 09/12/42(a)			3,650		3,695,536

78 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
United States (continued)
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C16, Class A5,
3.89%, 06/15/47	USD		3,610	$	3,842,856
Series 2015-C23, Class A4,
3.72%, 07/15/50			2,748		2,923,316
Series 2015-C23, Class D,
4.27%, 07/15/50(a)(c)			3,338		3,260,807
Series 2015-C25, Class C,
4.68%, 10/15/48(c)			720		768,521
Series 2015-C26, Class A5,
3.53%, 10/15/48			759		800,990
Series 2015-C26, Class D,
3.06%, 10/15/48(a)			3,937		3,647,328
Series 2017-C33, Class C,
4.56%, 05/15/50(c)			2,270		2,408,826
Morgan Stanley Capital Barclays Bank Trust, Series 2016-MART, Class A, 2.20%, 09/13/31(a)			2,200		2,197,393
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50			1,115		991,197
Morgan Stanley Capital I Trust:
Series 2006-IQ11, Class C,
6.38%, 10/15/42(c)			4,210		4,335,799
Series 2007-T27, Class AJ,
6.14%, 06/11/42(c)			6,007		6,378,845
Series 2014-150E, Class F,
4.44%, 09/09/32(a)(c)			6,850		7,022,256
Series 2014-CPT, Class E,
3.56%, 07/13/29(a)(c)			630		634,934
Series 2014-CPT, Class F,
3.56%, 07/13/29(a)(c)			15,216		15,243,004
Series 2014-CPT, Class G,
3.56%, 07/13/29(a)(c)			6,825		6,775,037
Series 2015-MS1, Class A4,
3.78%, 05/15/48(c)			950		1,014,258
Series 2015-MS1, Class C,
4.17%, 05/15/48(c)			3,053		3,152,022
Series 2015-MS1, Class D,
4.17%, 05/15/48(a)(c)			830		801,706
Series 2017-CLS, Class F,
4.99%, 11/15/34(a)(c)			15,877		15,806,608
Series 2017-H1, Class D,
2.55%, 06/15/50(a)			7,340		6,172,867
Series 2017-JWDR, Class D,
4.34%, 11/15/34(a)(c)			2,660		2,673,755
Series 2017-JWDR, Class E,
5.44%, 11/15/34(a)(c)			3,164		3,189,692
Series 2018-H3, Class C,
5.01%, 07/15/51(c)			3,800		4,102,263
Series 2018-H3, Class D,
3.00%, 07/15/51(a)			2,620		2,312,082
Series 2018-MP, Class E,
4.42%, 07/11/40(a)(c)			6,910		6,794,478
Series 2018-SUN, Class F,
4.94%, 07/15/35(a)(c)			2,723		2,751,696
Series 2019-AGLN, Class D,
4.14%, 03/15/34(a)(c)			9,030		9,029,901
Series 2019-AGLN, Class F,
4.99%, 03/15/34(a)(c)			9,590		9,602,045
Series 2019-H6, Class A4,
3.42%, 06/15/52			4,299		4,502,168
Series 2019-H6, Class XB,
0.72%, 06/15/52(c)			53,695		3,399,210

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
United States (continued)
Multi Security Asset Trust LP Commercial Mortgage-Backed Securities Pass-Through, Series 2005-RR4A, Class N, 4.78%, 11/28/35(a)(c)	USD		2,167	$	2,171,109
Natixis Commercial Mortgage Securities Trust(a)(c):
Series 2018-FL1, Class A,
3.34%, 06/15/35			2,112		2,105,394
Series 2018-FL1, Class MCR1,
4.74%, 06/15/35			1,672		1,663,578
Series 2019-10K, Class D,
4.27%, 05/15/39			9,410		9,626,036
Olympic Tower Mortgage Trust, Series 2017-OT, Class E, 4.08%, 05/10/39(a) (c)			7,856		7,684,134
RAIT Trust, Series 2017-FL7, Class C, 4.89%, 06/15/37(a)(c)			1,440		1,435,872
RSO Repo SPE Trust, 3.82%, 09/15/20(c)(d)			23,567		23,331,336
USDC(a)(c):
Series 2018-USDC, Class E,
4.64%, 05/13/38			2,730		2,845,358
Series 2018-USDC, Class F,
4.64%, 05/13/38			3,780		3,778,757
Velocity Commercial Capital Loan Trust:
Series 2016-1, Class M4,
8.91%, 04/25/46(a)(c)			970		1,109,895
Series 2016-2, Class M3,
5.50%, 10/25/46(c)			2,250		2,359,772
Series 2016-2, Class M4,
7.23%, 10/25/46(c)			1,110		1,172,078
Series 2017-2, Class M3,
4.24%, 11/25/47(a)(c)			1,646		1,665,846
Series 2017-2, Class M4,
5.00%, 11/25/47(a)(c)			988		1,000,756
Series 2018-1, Class M2,
4.26%, 04/25/48(a)			929		959,877
VNDO Mortgage Trust(a)(c):
Series 2013-PENN, Class D,
4.08%, 12/13/29			1,400		1,410,954
Series 2013-PENN, Class E,
4.08%, 12/13/29			4,115		4,079,583
Wells Fargo Commercial Mortgage Trust:
Series 2013-BTC, Class F,
3.67%, 04/16/35(a)(c)			8,491		8,186,399
Series 2014-LC18, Class A5,
3.41%, 12/15/47			1,488		1,556,026
Series 2015-C27, Class C,
3.89%, 02/15/48			5,879		5,855,661
Series 2015-C28, Class A4,
3.54%, 05/15/48			2,490		2,624,239
Series 2015-C30, Class A4,
3.66%, 09/15/58			3,910		4,152,109
Series 2015-NXS1, Class A5,
3.15%, 05/15/48			919		949,637
Series 2015-NXS4, Class A4,
3.72%, 12/15/48			1,610		1,716,615
Series 2015-NXS4, Class D,
3.75%, 12/15/48(c)			1,516		1,503,777
Series 2015-P2, Class D,
3.24%, 12/15/48(a)			1,687		1,477,838

CONSOLIDATED SCHEDULES OF INVESTMENTS 79

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
United States (continued)
Series 2016-C34, Class C,
5.20%, 06/15/49(c)	USD		2,490	$	2,669,128
Series 2016-NXS5, Class D,
5.04%, 01/15/59(c)			1,000		1,029,054
Series 2017-C39, Class C,
4.12%, 09/15/50			1,570		1,594,076
Series 2017-C39, Class D,
4.50%, 09/15/50(a)(c)			1,553		1,534,770
Series 2017-HSDB, Class A,
3.26%, 12/13/31(a)(c)			3,928		3,913,583
Series 2018-1745, Class A,
3.87%, 06/15/36(a)(c)			2,490		2,667,595
Series 2018-BXI, Class E,
4.55%, 12/15/36(a)(c)			2,297		2,293,088
Series 2018-C44, Class D,
3.00%, 05/15/51(a)			3,000		2,712,440
Series 2018-C45, Class C,
4.73%, 06/15/51			1,450		1,531,497
Series 2019-C50, Class XA,
1.63%, 05/15/52(c)			50,634		5,482,705
WFRBS Commercial Mortgage Trust(c):
Series 2011-C3, Class A3FL,
3.34%, 03/15/44(a)			134		134,664
Series 2014-C24, Class B,
4.20%, 11/15/47			1,770		1,821,856
					1,323,645,496
					1,420,158,107
Interest Only Collateralized Mortgage Obligations — 0.0%
United States — 0.0%(c)
IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 1.43%, 07/25/47			28,711		991,653
Reperforming Loan REMIC Trust, Series 2005-R3, Class AS,
3.63%, 09/25/35(a)			3,322		380,582
Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.09%, 07/25/56(a)			8,609		1,043,148
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 5.19%, 02/25/38(a)			34,730		12,928,009
					15,343,392
Interest Only Commercial Mortgage-Backed Securities — 0.2%
United States — 0.2%(c)
245 Park Avenue Trust, Series 2017- 245P, Class XA, 0.27%, 06/05/37(a)			25,000		346,250
BAMLL Commercial Mortgage Securities Trust, Series 2016-SS1, Class XA, 0.70%, 12/15/35(a)			19,140		655,545
Banc of America Commercial Mortgage Trust:
Series 2017-BNK3, Class XB,
0.78%, 02/15/50			31,555		1,395,653
Series 2017-BNK3, Class XD,
1.44%, 02/15/50(a)			12,290		1,028,427
BBCMS Trust(a):
Series 2015-SRCH, Class XA,
1.12%, 08/10/35			73,430		4,500,525
Series 2015-SRCH, Class XB,
0.30%, 08/10/35			42,790		661,533

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
United States (continued)
Benchmark Mortgage Trust, Series 2019-B9, Class XA, 1.22%, 03/15/52	USD		51,475	$	4,261,406
CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class X, 1.54%, 04/10/29(a)(d)			84,430		2,405,411
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class XB, 0.89%, 05/10/58			18,700		862,257
Commercial Mortgage Trust:
Series 2013-CR6, Class XA, 1.19%, 03/10/46			26,143		733,881
Series 2015-CR25, Class XA, 1.05%, 08/10/48			27,400		1,147,883
Series 2018-COR3, Class XD, 1.75%, 05/10/51(a)			8,680		1,113,147
Core Industrial Trust(a):
Series 2015-TEXW, Class XA, 0.90%, 02/10/34			57,049		963,604
Series 2015-WEST, Class XA, 1.08%, 02/10/37			39,120		1,854,340
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class XB, 0.22%, 11/15/50			32,800		549,538
CSMC OA LLC, Series 2014-USA, Class X2, 0.19%, 09/15/37(a)			598,765		2,850,121
DBJPM Mortgage Trust, Series 2017- C6, Class XD, 1.00%, 06/10/50			15,440		953,266
GS Mortgage Securities Trust, Series 2014-GC20, Class XA, 1.23%, 04/10/47			4,009		141,221
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C22, Class XA, 1.01%, 09/15/47			6,179		220,672
Series 2014-C26, Class XA, 1.20%, 01/15/48			7,203		272,938
Series 2015-C27, Class XD, 0.50%, 02/15/48(a)			31,775		756,881
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class XC, 0.75%, 12/15/49(a)			14,670		695,434
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class XC, 0.75%, 08/15/49(a)			37,589		1,716,690
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 1.27%, 03/10/50(a)			9,766		422,748
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C19, Class XD, 1.33%, 12/15/47(a)			51,913		3,064,648
Series 2014-C19, Class XF, 1.33%, 12/15/47(a)			13,486		687,516
Series 2015-C21, Class XB, 0.44%, 03/15/48(a)			15,696		276,385
Series 2015-C26, Class XD, 1.49%, 10/15/48(a)			18,660		1,403,978
Series 2016-C31, Class XA, 1.57%, 11/15/49			7,722		586,738
Morgan Stanley Capital I Trust:
Series 2017-H1, Class XD, 2.36%, 06/15/50(a)			8,870		1,315,510

80 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Interest Only Commercial Mortgage-Backed Securities (continued)
United States (continued)
Series 2018-H4, Class XA, 1.04%, 12/15/51	USD		37,793		$	2,514,450
Series 2019-L2, Class XA, 1.20%, 03/15/52			22,874			1,893,886
Olympic Tower Mortgage Trust, Series 2017-OT, Class XA, 0.51%, 05/10/39(a)			99,000			2,868,030
One Market Plaza Trust(a):
Series 2017-1MKT, Class XCP, 0.22%, 02/10/32			152,049			583,868
Series 2017-1MKT, Class XNCP, 0.00%, 02/10/32(d)			30,410			304
UBS Commercial Mortgage Trust, Series 2018-C14, Class XA, 1.18%, 12/15/51			13,658			1,032,228
Wells Fargo Commercial Mortgage Trust:
Series 2015-NXS1, Class XB, 0.49%, 05/15/48			13,786			396,461
Series 2016-BNK1, Class XD, 1.41%, 08/15/49(a)			9,764			715,604
Series 2018-C44, Class XA, 0.92%, 05/15/51			65,811			3,529,376
						51,378,353
Principal Only Collateralized Mortgage Obligations — 0.0%
United States — 0.0%
Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56(a)(k)			4,259			366,548
Total Non-Agency Mortgage-Backed Securities — 7.5% (Cost: $2,474,374,663)						2,493,080,862
Preferred Securities — 0.4%
Capital Trusts — 0.4%
Luxembourg — 0.0%
Novartex Holding Luxembourg SCA(d)	EUR		—	(f)		—
Netherlands — 0.0%
ING Groep NV, 6.00%(i)(n)	USD		1,253			1,265,154
United Kingdom — 0.0%(i)(n)
HSBC Holdings plc, 6.37%			1,492			1,544,220
Lloyds Banking Group plc:
6.41%(a)			1,000			1,042,500
6.66%			437			461,035
6.66%(a)			2,363			2,492,965
						5,540,720
United States — 0.4%
Bank of America Corp.(i)(n):
Series X, 6.25%			20,000			21,789,400
Series DD, 6.30%			3,010			3,360,063
Series Z, 6.50%			11,758			12,963,195
Capital One Financial Corp., Series E, 5.55%(i)(n)			7,551			7,679,896
JPMorgan Chase & Co.(i)(n):
Series Z, 5.30%			13,730			13,888,856
Series S, 6.75%			17,439			19,274,106
Morgan Stanley, Series J, 5.55%(i)(n)			5,950			6,015,450
NBCUniversal Enterprise, Inc., 5.25%(a)(g)(i)			4,900			5,017,600

Security		Par (000)		Value
United States (continued)
Prudential Financial, Inc., 5.87%, 09/15/42(n)	USD		6,205	$	6,567,930
State Street Corp., Series F, 5.25%(i)(n)			7,055		7,236,948
SunTrust Banks, Inc., Series G, 5.05%(i)(n)			2,370		2,346,300
Wells Fargo & Co.(i)(n):
Series U, 5.87%			16,668		18,118,783
Series S, 5.90%			3,275		3,426,469
					127,684,996
Total Capital Trusts — 0.4% (Cost: $133,340,867)					134,490,870
		Shares
Preferred Stocks — 0.0%
United States — 0.0%(i)(n)
Federal Home Loan Mortgage Corp., Series Z, 7.88%(g)(h)			249,600		3,095,040
Federal National Mortgage Association, Series S, 8.25%(g)(h)			249,600		3,110,016
Morgan Stanley, Series E, 7.13%			33,813		941,354
					7,146,410
Total Preferred Stocks — 0.0% (Cost: $5,104,214)					7,146,410
Total Preferred Securities — 0.4% (Cost: $138,445,081)					141,637,280
		Par (000)
U.S. Government Sponsored Agency Securities — 44.1%
Collateralized Mortgage Obligations — 0.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes(b):
Series 2015-DN1, Class B, (LIBOR USD 1 Month + 11.50%), 13.90%, 01/25/25			1,474		2,062,477
Series 2015-HQ2, Class B, (LIBOR USD 1 Month + 7.95%), 10.35%, 05/25/25			1,585		1,931,863
Series 2017-DNA2, Class B1, (LIBOR USD 1 Month + 5.15%), 7.55%, 10/25/29			3,125		3,557,621
Series 2017-DNA3, Class B1, (LIBOR USD 1 Month + 4.45%), 6.85%, 03/25/30			5,034		5,453,522
Series 2017-HRP1, Class M2, (LIBOR USD 1 Month + 2.45%), 4.85%, 12/25/42			2,060		2,080,507
					15,085,990

CONSOLIDATED SCHEDULES OF INVESTMENTS 81

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities — 0.1%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K076, Class A2, 3.90%, 04/25/28	USD		3,342	$	3,711,617
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Variable Rate Notes(n):
Series KL4F, Class A2AS, 3.68%, 10/25/25			4,408		4,682,027
Series KW06, Class A2, 3.80%, 06/25/28			2,790		3,027,729
Federal Home Loan Mortgage Corp. Variable Rate Notes:
Series 2016-K54, Class B, 4.19%, 04/25/48(a)(n)			3,410		3,576,033
Series 2017-K64, Class B, 4.12%, 05/25/50(a)(n)			2,026		2,120,179
Series 2017-KGX1, Class BFX, 3.71%, 10/25/27(a)(n)			2,746		2,656,123
Series 2018-K732, Class B, 4.19%, 05/25/25(a)(n)			4,990		5,202,076
Series 2018-K74, Class B, 4.23%, 02/25/51(a)(n)			1,200		1,264,922
Series 2018-K77, Class B, 4.30%, 05/25/51(a)(n)			2,060		2,167,807
Series 2018-K80, Class B, (LIBOR USD 1 Month + 0.00%), 4.37%, 08/25/50(a)(b)			4,180		4,422,332
Series 2018-SB52, Class A10F, 3.48%, 06/25/28(n)			6,815		7,166,640
Series 2018-SB53, Class A10F, 3.66%, 06/25/28(n)			4,081		4,343,039
Government National Mortgage Association:
Series 2015-97, Class VA, 2.25%, 12/16/38			2,993		2,889,676
Series 2016-158, Class VA, 2.00%, 03/16/35			1,862		1,757,302
					48,987,502
Interest Only Commercial Mortgage-Backed Securities — 0.2%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Variable Rate Notes(n):
Series K718, Class X1, 0.74%, 01/25/22			26,511		357,092
Series KW01, Class X1, 1.11%, 01/25/26			95,923		4,994,436
Series KW03, Class X1, 0.98%, 06/25/27			20,458		1,057,520
Federal Home Loan Mortgage Corp. Variable Rate Notes, Series 2015-K718, Class X2A, 0.10%, 02/25/48(a)(n)			415,704		821,722
Federal National Mortgage Association ACES Variable Rate Notes, Series 2017-M12, Class X, 0.44%, 06/25/27(n)			34,857		953,342
Government National Mortgage Association:
Series 2014-40, Class AI, 1.00%, 02/16/39			13,109		154,420
Series 2014-52, Class AI, 0.83%, 08/16/41			18,775		392,964

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Government National Mortgage Association Variable Rate Notes:
Series 2009-80, 0.69%, 09/16/51(n)	USD		4,875	$	414,317
Series 2012-23, 0.56%, 06/16/53(n)			9,305		218,568
Series 2013-145, Class SI, (LIBOR USD 1 Month + 6.25%), 3.86%, 04/16/40(b)			16,446		971,610
Series 2013-191, 0.74%, 11/16/53(n)			7,667		259,082
Series 2013-30, 0.79%, 09/16/53(n)			34,545		1,419,024
Series 2013-63, 0.79%, 09/16/51(n)			46,212		2,459,694
Series 2013-78, 0.78%, 10/16/54(n)			39,974		1,718,047
Series 2015-173, 0.89%, 09/16/55(n)			17,269		1,148,493
Series 2015-22, 0.73%, 03/16/55(n)			27,561		1,396,931
Series 2015-37, 0.76%, 10/16/56(n)			6,541		373,189
Series 2015-48, 0.69%, 02/16/50(n)			14,172		641,407
Series 2016-110, 1.03%, 05/16/58(n)			18,463		1,412,478
Series 2016-113, (LIBOR USD 1 Month + 0.00%), 1.18%, 02/16/58(b)			23,375		2,160,139
Series 2016-119, (LIBOR USD 1 Month + 0.00%), 1.12%, 04/16/58(b)			29,827		2,320,734
Series 2016-125, 1.06%, 12/16/57(n)			27,270		2,181,258
Series 2016-128, 0.95%, 09/16/56(n)			36,239		2,712,691
Series 2016-13, 0.88%, 04/16/57(n)			36,266		2,295,920
Series 2016-152, 0.93%, 08/15/58(n)			25,842		1,929,596
Series 2016-162, 1.00%, 09/16/58(n)			71,001		5,800,088
Series 2016-165, 0.96%, 12/16/57(n)			17,691		1,416,257
Series 2016-175, 0.92%, 09/16/58(n)			30,199		2,214,302
Series 2016-26, 0.96%, 02/16/58(n)			90,144		6,502,584
Series 2016-36, 0.94%, 08/16/57(n)			11,984		873,570
Series 2016-67, 1.17%, 07/16/57(n)			14,018		1,123,825
Series 2016-87, 1.00%, 08/16/58(n)			73,736		5,599,196
Series 2016-92, 1.01%, 04/16/58(n)			23,061		1,687,270
Series 2016-96, 0.98%, 12/16/57(n)			46,545		3,513,387
Series 2016-97, 1.04%, 07/16/56(n)			26,878		2,233,720
Series 2018-106, 0.49%, 04/16/60(n)			30,337		1,690,891

82 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Series 2018-85, 0.52%, 07/16/60(n)	USD		32,079	$	1,848,567
					69,268,331
Mortgage-Backed Securities — 43.7%
Federal Home Loan Mortgage Corp.:
4.00%, 11/01/41 - 07/01/48			31,428		33,203,837
4.50%, 09/01/44 - 10/01/48			490,875		530,483,283
Federal National Mortgage Association, 5.00%, 09/01/44			25,598		27,952,649
Government National Mortgage Association, 3.00%, 07/15/49(r)			1,342,200		1,371,613,051
Uniform Mortgage-Backed Securities:
4.00%, 11/01/19 - 07/01/49			846,280		896,957,231
3.00%, 07/25/34 - 07/25/49(r)			2,275,678		2,295,165,765
6.00%, 03/01/38			3		2,934
4.50%, 09/01/43 - 03/01/49			443,418		481,559,531
4.00%, 03/01/48(s)			162,416		173,483,614
3.50%, 06/25/49 - 07/25/49(r)			2,102,927		2,149,998,524
4.00%, 06/25/49 - 07/25/49(r)			519,548		536,877,528
4.50%, 07/25/49 - 08/25/49(r)			5,817,952		6,078,593,646
					14,575,891,593
Total U.S. Government Sponsored Agency Securities — 44.1% (Cost: $14,633,194,407)					14,709,233,416
U.S. Treasury Obligations — 1.9%
U.S. Treasury Inflation Linked Notes:
0.63%, 04/15/23(t)(u)			160,031		161,915,457
0.50%, 04/15/24			463,259		469,042,983
U.S. Treasury Notes:
2.75%, 09/15/21			1,500		1,533,281
2.63%, 12/31/23			65		67,448
2.13%, 03/31/24			4,950		5,032,758
3.13%, 11/15/28			2,000		2,193,672
Total U.S. Treasury Obligations — 1.9% (Cost: $632,328,160)					639,785,599
		Shares
Warrants — 0.0%
United States — 0.0%(g)
Pure Acquisition Corp. (Issued/ exercisable 05/28/18, 1 share for 1 warrant, Expires 04/17/23, Strike Price USD 11.50)			55,300		59,724
Sentinel Energy Services, Inc. (Issued/ exercisable 03/05/18, 1 share for 1 warrant, Expires 12/22/22, Strike Price USD 11.50)			380,846		293,251
Target Hospitality Corp. (Issued/ exercisable 03/05/19, 100 shares for 1 warrant, Expires 03/15/24, Strike Price USD 11.50)			22,811		45,622
Total Warrants — 0.0%					398,597
Total Long-Term Investments — 129.7% (Cost: $42,697,333,668)					43,271,447,941

Security		Par (000)		Value
Short-Term Securities — 3.7%
Borrowed Bond Agreements — 2.1%(v)
Bank of America Securities, Inc., 2.30%, 07/01/19 (Purchased on 06/28/19 to be repurchased at USD 3,825,733, collateralized by U.S. Treasury Notes, 2.63%, due at 02/15/29, par and fair value of USD 3,600,000 and $3,796,313, respectively)	USD		3,825	$	3,825,000
Barclays Bank plc, (3.35)%, Open (Purchased on 06/13/19 to be repurchased at USD 8,821,772, collateralized by Quorum Health Corp., 11.62%, due at 04/15/23, par and fair value of USD 9,900,000 and $8,613,000, respectively)(w)			8,836		8,835,750
Barclays Bank plc, (2.50)%, Open (Purchased on 12/11/18 to be repurchased at EUR 809,133, collateralized by Auchan Holding SADIR, 2.25%, due at 04/06/23, par and fair value of EUR 800,000 and $944,444, respectively)(w)	EUR		817		929,359
Barclays Bank plc, (2.50)%, Open (Purchased on 12/14/18 to be repurchased at EUR 1,209,758, collateralized by Auchan Holding SADIR, 2.25%, due at 04/06/23, par and fair value of EUR 1,200,000 and $1,416,667, respectively)(w)			1,226		1,394,499
Barclays Bank plc, (2.50)%, Open (Purchased on 01/16/19 to be repurchased at EUR 407,751, collateralized by Auchan Holding SADIR, 2.25%, due at 04/06/23, par and fair value of EUR 400,000 and $472,222, respectively)(w)			411		466,971
Barclays Bank plc, (2.50)%, Open (Purchased on 01/23/19 to be repurchased at EUR 2,266,204, collateralized by Gestamp Automocion SA, 3.25%, due at 04/30/26, par and fair value of EUR 2,600,000 and $2,897,331, respectively)(w)			2,275		2,587,119
Barclays Bank plc, (1.90)%, Open (Purchased on 03/22/19 to be repurchased at EUR 2,884,434, collateralized by Casino Guichard Perrachon SA, 5.98%, due at 05/26/21, par and fair value of EUR 2,600,000 and $2,756,899, respectively)(w)			2,907		3,305,271
Barclays Bank plc, (1.65)%, Open (Purchased on 05/22/19 to be repurchased at EUR 809,684, collateralized by eDreams ODIGEO SA, 5.50%, due at 09/01/23, par and fair value of EUR 800,000 and $948,887, respectively)(w)			811		922,298

CONSOLIDATED SCHEDULES OF INVESTMENTS 83

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
Barclays Bank plc, (1.50)%, Open (Purchased on 11/20/18 to be repurchased at EUR 534,682, collateralized by Hema Bondco I BV, 6.25%, due at 07/15/22, par and fair value of EUR 600,000 and $608,815, respectively)(w)	EUR		540	$	613,611
Barclays Bank plc, (1.40)%, Open (Purchased on 01/30/19 to be repurchased at EUR 1,571,855, collateralized by Telenet Finance Luxembourg Notes SARL, 3.50%, due at 03/01/28, par and fair value of EUR 1,600,000 and $1,883,001, respectively)(w)			1,581		1,797,843
Barclays Bank plc, (1.35)%, Open (Purchased on 01/11/19 to be repurchased at EUR 1,867,063, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 407,470 and $474,945, respectively)(w)			1,888		2,146,940
Barclays Bank plc, (1.35)%, Open (Purchased on 01/23/19 to be repurchased at EUR 1,298,810, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 278,795 and $324,962, respectively)(w)			1,310		1,489,216
Barclays Bank plc, (1.30)%, Open (Purchased on 11/09/18 to be repurchased at EUR 1,917,804, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 2,000,000 and $2,391,903, respectively)(w)			1,934		2,198,999
Barclays Bank plc, (1.25)%, Open (Purchased on 12/13/18 to be repurchased at USD 960,775, collateralized by SRS Distribution, Inc., 8.25%, due at 07/01/26, par and fair value of USD 976,000 and $949,160, respectively)(w)	USD		967		967,460
Barclays Bank plc, (1.20)%, Open (Purchased on 01/24/19 to be repurchased at EUR 536,121, collateralized by Valeo SA, 3.25%, due at 01/22/24, par and fair value of EUR 500,000 and $639,215, respectively)(w)	EUR		539		612,768
Barclays Bank plc, (1.10)%, Open (Purchased on 05/13/19 to be repurchased at EUR 1,951,887, collateralized by INEOS Finance plc, 2.88%, due at 05/01/26, par and fair value of EUR 2,000,000 and $2,301,945, respectively)(w)			1,955		2,222,683
Barclays Bank plc, (1.00)%, Open (Purchased on 11/16/18 to be repurchased at EUR 18,110,606, collateralized by Airbus Finance BV, 0.88%, due at 05/13/26, par and fair value of EUR 18,400,000 and $21,768,800, respectively)(w)			18,224		20,722,509

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
Barclays Bank plc, (1.00)%, Open (Purchased on 02/12/19 to be repurchased at EUR 702,898, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 720,000 and $861,085, respectively)(w)	EUR		706	$	802,341
Barclays Bank plc, (1.00)%, Open (Purchased on 02/12/19 to be repurchased at EUR 663,848, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 680,000 and $813,247, respectively)(w)			666		757,766
Barclays Bank plc, (1.00)%, Open (Purchased on 11/16/18 to be repurchased at EUR 4,918,984, collateralized by Airbus Finance BV, 0.88%, due at 05/13/26, par and fair value of EUR 5,000,000 and $5,915,435, respectively)(w)			4,950		5,628,240
Barclays Bank plc, (1.00)%, Open (Purchased on 02/12/19 to be repurchased at EUR 532,055, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 545,000 and $651,794, respectively)(w)			534		607,327
Barclays Bank plc, (0.95)%, Open (Purchased on 05/31/19 to be repurchased at EUR 2,212,426, collateralized by Banco Bilbao Vizcaya Argentaria SA, 3.50%, due at 02/10/27, par and fair value of EUR 2,000,000 and $2,611,464, respectively)(w)			2,214		2,517,543
Barclays Bank plc, (0.95)%, Open (Purchased on 05/14/19 to be repurchased at EUR 3,859,518, collateralized by Banco Bilbao Vizcaya Argentaria SA, 3.50%, due at 02/10/27, par and fair value of EUR 3,500,000 and $4,570,061, respectively)(w)			3,864		4,393,991
Barclays Bank plc, (0.95)%, Open (Purchased on 12/05/18 to be repurchased at EUR 4,866,316, collateralized by Aviva plc, 1.88%, due at 11/13/27, par and fair value of EUR 5,000,000 and $6,065,291, respectively)(w)			4,893		5,563,733
Barclays Bank plc, (0.95)%, Open (Purchased on 01/16/19 to be repurchased at EUR 558,144, collateralized by Eni SpA, 3.63%, due at 01/29/29, par and fair value of EUR 475,000 and $676,685, respectively)(w)			561		637,441

84 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Borrowed Bond Agreements (continued)
Barclays Bank plc, (0.90)%, Open (Purchased on 03/11/19 to be repurchased at EUR 4,304,880, collateralized by Schaeffler Finance BV, 3.25%, due at 05/15/25, par and fair value of EUR 4,200,000 and $4,942,591, respectively)(w)		EUR	4,317	$	4,908,577
Barclays Bank plc, (0.90)%, Open (Purchased on 06/19/19 to be repurchased at EUR 16,599,699, collateralized by Carlsberg Breweries A/S, 2.50%, due at 05/28/24, par and fair value of EUR 15,000,000 and $18,886,286, respectively)(w)			16,604		18,880,709
Barclays Bank plc, (0.90)%, Open (Purchased on 02/06/19 to be repurchased at EUR 653,016, collateralized by Faurecia SA, 3.63%, due at 06/15/23, par and fair value of EUR 640,000 and $741,389, respectively)(w)			658		748,533
Barclays Bank plc, (0.90)%, Open (Purchased on 02/01/19 to be repurchased at EUR 816,003, collateralized by Faurecia SA, 3.63%, due at 06/15/23, par and fair value of EUR 800,000 and $926,736, respectively)(w)			823		935,464
Barclays Bank plc, (0.90)%, Open (Purchased on 02/01/19 to be repurchased at EUR 714,792, collateralized by Faurecia SA, 3.63%, due at 06/15/23, par and fair value of EUR 700,000 and $810,895, respectively)(w)			720		818,977
Barclays Bank plc, (0.90)%, Open (Purchased on 02/06/19 to be repurchased at EUR 469,355, collateralized by Faurecia SA, 3.63%, due at 06/15/23, par and fair value of EUR 460,000 and $532,873, respectively)(w)			473		538,008
Barclays Bank plc, (0.85)%, Open (Purchased on 01/31/19 to be repurchased at EUR 2,558,261, collateralized by Telenet Finance Luxembourg Notes SARL, 3.50%, due at 03/01/28, par and fair value of EUR 2,600,000 and $3,059,877, respectively)(w)			2,573		2,925,723
Barclays Bank plc, (0.85)%, Open (Purchased on 01/14/19 to be repurchased at EUR 1,743,539, collateralized by Raiffeisen Bank International AG, 6.00%, due at 10/16/23, par and fair value of EUR 1,500,000 and $2,030,883, respectively)(w)			1,750		1,990,380
Barclays Bank plc, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 1,368,982, collateralized by Allergan Funding SCS, 2.13%, due at 06/01/29, par and fair value of EUR 1,440,000 and $1,725,543, respectively)(w)			1,374		1,562,758

Security	Par (000)			Value
Borrowed Bond Agreements (continued)
Barclays Bank plc, (0.75)%, Open (Purchased on 08/16/18 to be repurchased at EUR 33,610,765, collateralized by Portuguese Republic, 2.13%, due at 10/17/28, par and fair value of EUR 32,565,000 and $42,928,484, respectively)(w)		EUR	33,817	$	38,453,170
Barclays Bank plc, (0.50)%, Open (Purchased on 04/01/19 to be repurchased at USD 3,053,010, collateralized by Pacific Drilling SA, 11.00%, due at 04/01/24, par and fair value of USD 3,078,833 and $3,024,953, respectively)(w)		USD	3,057		3,056,873
Barclays Bank plc, (0.30)%, Open (Purchased on 06/11/19 to be repurchased at USD 9,383,264, collateralized by Intelsat Luxembourg SA, 8.13%, due at 06/01/23, par and fair value of USD 12,900,000 and $9,965,250, respectively)(w)			9,385		9,384,750
Barclays Bank plc, 0.25%, Open (Purchased on 02/22/19 to be repurchased at USD 1,844,484, collateralized by Calumet Specialty Products Partners LP, 7.63%, due at 01/15/22, par and fair value of USD 1,980,000 and $1,915,650, respectively)(w)			1,836		1,836,450
Barclays Bank plc, 0.65%, Open (Purchased on 12/13/18 to be repurchased at USD 12,716,101, collateralized by Washington Prime Group LP, 5.95%, due at 08/15/24, par and fair value of USD 13,365,000 and $12,663,338, respectively)(w)			12,663		12,663,338
Barclays Bank plc, 1.00%, Open (Purchased on 06/03/19 to be repurchased at USD 4,271,613, collateralized by Rackspace Hosting, Inc., 8.63%, due at 11/15/24, par and fair value of USD 4,890,000 and $4,486,575, respectively)(w)			4,267		4,266,525
Barclays Bank plc, 1.00%, Open (Purchased on 06/13/19 to be repurchased at USD 4,091,813, collateralized by YPF SA, 8.50%, due at 03/23/21, par and fair value of USD 3,995,000 and $4,062,416, respectively)(w)			4,090		4,089,881
Barclays Bank plc, 1.80%, Open (Purchased on 01/11/19 to be repurchased at USD 2,173,228, collateralized by Royal Bank of Scotland Group plc, 8.00%, due at 0, par and fair value of USD 2,100,000 and $2,270,625, respectively)(w)			2,155		2,155,125

CONSOLIDATED SCHEDULES OF INVESTMENTS 85

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Borrowed Bond Agreements (continued)
Barclays Bank plc, 1.85%, Open (Purchased on 12/13/18 to be repurchased at USD 9,730,265, collateralized by Sally Holdings LLC, 5.63%, due at 12/01/25, par and fair value of USD 10,005,000 and $9,816,906, respectively)(w)		USD	9,642	$	9,642,319
Barclays Bank plc, 1.85%, Open (Purchased on 12/13/18 to be repurchased at USD 4,720,415, collateralized by Athabasca Oil Corp., 9.88%, due at 02/24/22, par and fair value of USD 4,950,000 and $4,752,000, respectively)(w)			4,678		4,677,750
Barclays Bank plc, 1.95%, Open (Purchased on 05/24/19 to be repurchased at USD 4,401,842, collateralized by First Quantum Minerals Ltd., 6.88%, due at 03/01/26, par and fair value of USD 5,000,000 and $4,656,250, respectively)(w)			4,394		4,393,750
Barclays Bank plc, 1.95%, Open (Purchased on 03/08/19 to be repurchased at USD 4,135,689, collateralized by Telenet Finance Luxembourg Notes SARL, 5.50%, due at 03/01/28, par and fair value of USD 4,200,000 and $4,263,000, respectively)(w)			4,111		4,110,750
Barclays Bank plc, 2.00%, Open (Purchased on 05/30/19 to be repurchased at USD 19,834,100, collateralized by Cenovus Energy, Inc., 4.25%, due at 04/15/27, par and fair value of USD 19,800,000 and $20,510,298, respectively)(w)			19,800		19,800,000
Barclays Bank plc, 2.05%, Open (Purchased on 11/15/18 to be repurchased at USD 1,096,051, collateralized by Southwestern Energy Co., 7.50%, due at 04/01/26, par and fair value of USD 1,038,000 and $983,380, respectively)(w)			1,083		1,083,413
Barclays Bank plc, 2.05%, Open (Purchased on 01/09/19 to be repurchased at USD 23,167,966, collateralized by Canadian Natural Resources Ltd., 6.25%, due at 03/15/38, par and fair value of USD 19,800,000 and $24,447,285, respectively)(w)			22,943		22,943,250
Barclays Bank plc, 2.05%, Open (Purchased on 04/24/19 to be repurchased at USD 10,502,417, collateralized by Cemex SAB de CV, 5.70%, due at 01/11/25, par and fair value of USD 10,000,000 and $10,389,500, respectively)(w)			10,463		10,462,500
Barclays Bank plc, 2.05%, Open (Purchased on 04/22/19 to be repurchased at USD 13,522,941, collateralized by Kraft Heinz Foods Co., 5.00%, due at 07/15/35, par and fair value of USD 13,403,000 and $14,059,223, respectively)(w)			13,470		13,470,015

Security	Par (000)			Value
Borrowed Bond Agreements (continued)
Barclays Bank plc, 2.05%, Open (Purchased on 06/12/19 to be repurchased at USD 8,883,246, collateralized by Sprint Capital Corp., 6.88%, due at 11/15/28, par and fair value of USD 8,830,000 and $9,075,474, respectively)(w)		USD	8,874	$	8,874,150
Barclays Capital, Inc., 1.45%, Open (Purchased on 01/24/19 to be repurchased at USD 9,178,270, collateralized by Transocean, Inc., 5.80%, due at 10/15/22, par and fair value of USD 9,224,000 and $9,062,580, respectively)(w)			9,120		9,120,230
Barclays Capital, Inc., 2.05%, Open (Purchased on 12/14/18 to be repurchased at USD 5,803,610, collateralized by Vine Oil & Gas LP, 8.75%, due at 04/15/23, par and fair value of USD 6,730,000 and $4,374,500, respectively)(w)			5,746		5,745,738
BNP Paribas SA, (1.50)%, Open (Purchased on 05/07/19 to be repurchased at EUR 604,404, collateralized by Tasty Bondco 1 SA, 6.25%, due at 05/15/26, par and fair value of EUR 600,000 and $719,784, respectively)(w)		EUR	606		688,789
BNP Paribas SA, (0.80)%, Open (Purchased on 05/14/19 to be repurchased at EUR 1,956,458, collateralized by INEOS Finance plc, 2.88%, due at 05/01/26, par and fair value of EUR 2,000,000 and $2,301,945, respectively)(w)			1,958		2,226,964
BNP Paribas SA, (0.65)%, Open (Purchased on 08/14/18 to be repurchased at EUR 26,353,279, collateralized by Portuguese Republic, 2.88%, due at 07/21/26, par and fair value of EUR 23,985,000 and $32,531,805, respectively)(w)			26,473		30,102,349
BNP Paribas SA, 0.65%, Open (Purchased on 10/17/18 to be repurchased at USD 926,445, collateralized by Washington Prime Group LP, 5.95%, due at 08/15/24, par and fair value of USD 990,000 and $938,025, respectively)(w)		USD	923		923,175
BNP Paribas SA, 0.70%, Open (Purchased on 07/13/18 to be repurchased at GBP 25,871,354, collateralized by U.K. Treasury Bonds, 0.13%, due at 03/22/46, par and fair value of GBP 16,630,773 and $35,621,202, respectively)(w)		GBP	25,784		32,743,905
BNP Paribas SA, 2.15%, Open (Purchased on 03/04/19 to be repurchased at USD 2,538,159, collateralized by Kraft Heinz Foods Co., 5.00%, due at 07/15/35, par and fair value of USD 2,622,000 and $2,750,376, respectively)(w)		USD	2,520		2,520,398

86 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
BNP Paribas SA, 2.15%, Open (Purchased on 06/03/19 to be repurchased at USD 11,100,371, collateralized by Continental Resources, Inc., 3.80%, due at 06/01/24, par and fair value of USD 11,000,000 and $11,310,076, respectively)(w)	USD		11,083	$	11,082,500
BNP Paribas SA, 2.20%, Open (Purchased on 10/17/18 to be repurchased at USD 7,512,784, collateralized by DISH DBS Corp., 7.75%, due at 07/01/26, par and fair value of USD 7,808,000 and $7,573,760, respectively)(w)			7,408		7,407,840
Citigroup Global Markets, Inc., 0.95%, Open (Purchased on 01/24/19 to be repurchased at USD 3,270,889, collateralized by Transocean, Inc., 5.80%, due at 10/15/22, par and fair value of USD 3,691,000 and $3,626,408, respectively)(w)			3,257		3,257,307
Citigroup Global Markets, Inc., 1.70%, Open (Purchased on 11/15/18 to be repurchased at USD 890,872, collateralized by Everi Payments, Inc., 7.50%, due at 12/15/25, par and fair value of USD 861,000 and $899,745, respectively)(w)			883		882,525
Citigroup Global Markets, Inc., 1.75%, Open (Purchased on 04/09/19 to be repurchased at USD 9,800,940, collateralized by Swedbank AB, 6.00%, due at 0, par and fair value of USD 10,000,000 and $10,000,000, respectively)(w)			9,763		9,762,500
Citigroup Global Markets, Inc., 1.90%, Open (Purchased on 06/17/19 to be repurchased at USD 5,151,857, collateralized by Netflix, Inc., 4.38%, due at 11/15/26, par and fair value of USD 5,110,000 and $5,226,508, respectively)(w)			5,148		5,148,325
Citigroup Global Markets, Inc., 2.05%, Open (Purchased on 05/14/19 to be repurchased at USD 3,677,015, collateralized by Mylan, Inc., 4.55%, due at 04/15/28, par and fair value of USD 3,840,000 and $3,765,844, respectively)(w)			3,667		3,667,200
Citigroup Global Markets, Inc., 2.05%, Open (Purchased on 05/30/19 to be repurchased at USD 11,181,748, collateralized by Mylan NV, 3.95%, due at 06/15/26, par and fair value of USD 11,765,000 and $11,376,621, respectively)(w)			11,162		11,162,044

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
Citigroup Global Markets, Inc., 2.05%, Open (Purchased on 12/13/18 to be repurchased at USD 7,495,880, collateralized by Ford Motor Credit Co. LLC, 4.39%, due at 01/08/26, par and fair value of USD 8,000,000 and $8,041,660, respectively)(w)	USD		7,420	$	7,420,000
Credit Suisse Securities USA LLC, 2.00%, Open (Purchased on 04/16/19 to be repurchased at USD 7,186,411, collateralized by Southwestern Energy Co., 7.75%, due at 10/01/27, par and fair value of USD 6,890,000 and $6,597,175, respectively)(w)			7,157		7,156,988
Credit Suisse Securities USA LLC, 2.00%, Open (Purchased on 05/15/19 to be repurchased at USD 10,902,792, collateralized by Royal Bank of Scotland Group plc, 8.00%, due at 0, par and fair value of USD 10,000,000 and $10,812,500, respectively)(w)			10,875		10,875,000
Deutsche Bank AG, 0.62%, Open (Purchased on 07/13/18 to be repurchased at GBP 5,582,297, collateralized by U.K. Treasury Bonds, 0.13%, due at 03/22/46, par and fair value of GBP 3,588,652 and $7,686,478, respectively)(w)	GBP		5,562		7,063,827
Goldman Sachs International, (2.25)%, Open (Purchased on 04/03/19 to be repurchased at EUR 1,564,278, collateralized by Casino Guichard Perrachon SA, 5.98%, due at 05/26/21, par and fair value of EUR 1,400,000 and $1,484,484, respectively)(w)	EUR		1,573		1,788,465
Goldman Sachs International, (1.60)%, Open (Purchased on 12/21/18 to be repurchased at EUR 562,649, collateralized by Faurecia SA, 2.63%, due at 06/15/25, par and fair value of EUR 600,000 and $711,237, respectively)(w)			567		645,121
Goldman Sachs International, (1.35)%, Open (Purchased on 06/06/19 to be repurchased at EUR 1,295,326, collateralized by Starfruit Finco BV, 6.50%, due at 10/01/26, par and fair value of EUR 1,300,000 and $1,492,421, respectively)(w)			1,297		1,474,298
Goldman Sachs International, (0.95)%, Open (Purchased on 12/05/18 to be repurchased at EUR 4,866,067, collateralized by Aviva plc, 1.88%, due at 11/13/27, par and fair value of EUR 5,000,000 and $6,065,291, respectively)(w)			4,893		5,563,448

CONSOLIDATED SCHEDULES OF INVESTMENTS 87

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Borrowed Bond Agreements (continued)
J.P. Morgan Securities plc, (1.85)%, Open (Purchased on 04/03/19 to be repurchased at EUR 2,255,132, collateralized by Casino Guichard Perrachon SA, 5.98%, due at 05/26/21, par and fair value of EUR 2,000,000 and $2,120,691, respectively)(w)		EUR	2,265	$	2,575,827
J.P. Morgan Securities plc, (1.60)%, Open (Purchased on 04/05/19 to be repurchased at EUR 4,403,325, collateralized by Cellnex Telecom SA, 2.38%, due at 01/16/24, par and fair value of EUR 4,300,000 and $5,149,936, respectively)(w)			4,420		5,025,560
J.P. Morgan Securities plc, (1.50)%, Open (Purchased on 11/16/18 to be repurchased at EUR 4,945,815, collateralized by Airbus Finance BV, 0.88%, due at 05/13/26, par and fair value of EUR 5,000,000 and $5,915,435, respectively)(w)			4,972		5,653,654
J.P. Morgan Securities plc, (1.50)%, Open (Purchased on 06/05/18 to be repurchased at EUR 1,508,612, collateralized by Cellnex Telecom SA, 2.88%, due at 04/18/25, par and fair value of EUR 1,500,000 and $1,844,120, respectively)(w)			1,510		1,717,160
J.P. Morgan Securities plc, (1.50)%, Open (Purchased on 06/06/18 to be repurchased at EUR 601,317, collateralized by Cellnex Telecom SA, 2.88%, due at 04/18/25, par and fair value of EUR 600,000 and $737,649, respectively)(w)			602		684,414
J.P. Morgan Securities plc, (1.45)%, Open (Purchased on 09/27/18 to be repurchased at EUR 618,748, collateralized by Cellnex Telecom SA, 2.88%, due at 04/18/25, par and fair value of EUR 600,000 and $737,649, respectively)(w)			626		711,487
J.P. Morgan Securities plc, (1.40)%, Open (Purchased on 08/15/18 to be repurchased at EUR 933,652, collateralized by Cellnex Telecom SA, 2.88%, due at 04/18/25, par and fair value of EUR 900,000 and $1,106,473, respectively)(w)			945		1,074,991
J.P. Morgan Securities plc, (1.35)%, Open (Purchased on 08/29/18 to be repurchased at EUR 2,027,868, collateralized by Iliad SA, 1.88%, due at 04/25/25, par and fair value of EUR 2,100,000 and $2,338,709, respectively)(w)			2,051		2,332,568

Security	Par (000)			Value
Borrowed Bond Agreements (continued)
J.P. Morgan Securities plc, (1.35)%, Open (Purchased on 08/15/18 to be repurchased at EUR 2,084,447, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 450,361 and $524,939, respectively)(w)		EUR	2,134	$	2,426,120
J.P. Morgan Securities plc, (1.35)%, Open (Purchased on 08/28/18 to be repurchased at EUR 927,470, collateralized by Cellnex Telecom SA, 2.88%, due at 04/18/25, par and fair value of EUR 900,000 and $1,106,473, respectively)(w)			938		1,066,827
J.P. Morgan Securities plc, (1.35)%, Open (Purchased on 11/22/18 to be repurchased at EUR 1,043,588, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 230,542 and $268,719, respectively)(w)			1,061		1,206,296
J.P. Morgan Securities plc, (1.35)%, Open (Purchased on 01/07/19 to be repurchased at EUR 737,626, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 165,776 and $193,228, respectively)(w)			748		851,096
J.P. Morgan Securities plc, (1.35)%, Open (Purchased on 08/06/18 to be repurchased at EUR 2,700,490, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 559,306 and $651,925, respectively)(w)			2,769		3,148,172
J.P. Morgan Securities plc, (1.35)%, Open (Purchased on 07/25/18 to be repurchased at EUR 170,755, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 35,171 and $40,995, respectively)(w)			173		196,673
J.P. Morgan Securities plc, (1.35)%, Open (Purchased on 08/15/18 to be repurchased at EUR 297,508, collateralized by Altice Luxembourg SA, 7.25%, due at 05/15/22, par and fair value of EUR 64,337 and $74,991, respectively)(w)			305		346,588
J.P. Morgan Securities plc, (1.30)%, Open (Purchased on 01/16/19 to be repurchased at EUR 1,556,574, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 1,640,000 and $1,961,361, respectively)(w)			1,566		1,780,589

88 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
J.P. Morgan Securities plc, (1.25)%, Open (Purchased on 09/28/18 to be repurchased at EUR 1,022,841, collateralized by Faurecia SA, 2.63%, due at 06/15/25, par and fair value of EUR 1,000,000 and $1,185,395, respectively)(w)	EUR		1,033	$	1,174,203
J.P. Morgan Securities plc, (1.15)%, Open (Purchased on 11/09/18 to be repurchased at EUR 5,770,943, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 6,000,000 and $7,175,710, respectively)(w)			5,814		6,610,709
J.P. Morgan Securities plc, (1.05)%, Open (Purchased on 01/23/19 to be repurchased at EUR 2,024,204, collateralized by Gestamp Automocion SA, 3.25%, due at 04/30/26, par and fair value of EUR 2,300,000 and $2,563,023, respectively)(w)			2,034		2,312,379
J.P. Morgan Securities plc, (1.00)%, Open (Purchased on 01/24/19 to be repurchased at EUR 1,725,426, collateralized by Valeo SA, 3.25%, due at 01/22/24, par and fair value of EUR 1,600,000 and $2,045,488, respectively)(w)			1,733		1,970,411
J.P. Morgan Securities plc, (0.95)%, Open (Purchased on 01/16/19 to be repurchased at EUR 1,366,994, collateralized by Cie de Saint-Gobain, 1.38%, due at 06/14/27, par and fair value of EUR 1,400,000 and $1,683,508, respectively)(w)			1,373		1,561,207
J.P. Morgan Securities plc, (0.95)%, Open (Purchased on 05/21/19 to be repurchased at EUR 2,099,341, collateralized by INEOS Finance plc, 2.88%, due at 05/01/26, par and fair value of EUR 2,100,000 and $2,417,042, respectively)(w)			2,102		2,389,619
J.P. Morgan Securities plc, (0.95)%, Open (Purchased on 06/26/19 to be repurchased at EUR 2,280,588, collateralized by Casino Guichard Perrachon SA, 4.41%, due at 08/06/19, par and fair value of EUR 2,200,000 and $2,482,788, respectively)(w)			2,281		2,593,530
J.P. Morgan Securities plc, (0.90)%, Open (Purchased on 08/09/18 to be repurchased at EUR 3,574,727, collateralized by Eni SpA, 3.63%, due at 01/29/29, par and fair value of EUR 3,000,000 and $4,273,799, respectively)(w)			3,604		4,097,809

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
J.P. Morgan Securities plc, (0.90)%, Open (Purchased on 04/01/19 to be repurchased at EUR 2,209,567, collateralized by Intesa Sanpaolo SpA, 6.63%, due at 09/13/23, par and fair value of EUR 1,800,000 and $2,432,344, respectively)(w)	EUR		2,214	$	2,518,101
J.P. Morgan Securities plc, (0.90)%, Open (Purchased on 04/01/19 to be repurchased at EUR 2,319,121, collateralized by Intesa Sanpaolo SpA, 6.63%, due at 09/13/23, par and fair value of EUR 1,890,000 and $2,553,961, respectively)(w)			2,324		2,642,953
J.P. Morgan Securities plc, (0.90)%, Open (Purchased on 02/21/19 to be repurchased at EUR 1,415,014, collateralized by Europcar Mobility Group, 4.13%, due at 11/15/24, par and fair value of EUR 1,400,000 and $1,659,916, respectively)(w)			1,419		1,614,097
J.P. Morgan Securities plc, (0.90)%, Open (Purchased on 04/23/19 to be repurchased at EUR 382,009, collateralized by Intesa Sanpaolo SpA, 6.63%, due at 09/13/23, par and fair value of EUR 310,000 and $418,904, respectively)(w)			383		435,122
J.P. Morgan Securities plc, (0.85)%, Open (Purchased on 03/08/19 to be repurchased at EUR 591,676, collateralized by Raiffeisen Bank International AG, 6.00%, due at 10/16/23, par and fair value of EUR 500,000 and $676,961, respectively)(w)			593		674,579
J.P. Morgan Securities plc, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 551,689, collateralized by AbbVie, Inc., 2.13%, due at 11/17/28, par and fair value of EUR 540,000 and $673,246, respectively)(w)			554		629,779
J.P. Morgan Securities plc, (0.85)%, Open (Purchased on 01/16/19 to be repurchased at EUR 1,856,417, collateralized by BHP Billiton Finance Ltd., 1.50%, due at 04/29/30, par and fair value of EUR 1,840,000 and $2,235,149, respectively)(w)			1,864		2,119,188
J.P. Morgan Securities plc, (0.85)%, Open (Purchased on 08/09/18 to be repurchased at EUR 566,247, collateralized by Italgas SpA, 1.63%, due at 01/18/29, par and fair value of EUR 600,000 and $720,238, respectively)(w)			571		648,813

CONSOLIDATED SCHEDULES OF INVESTMENTS 89

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
J.P. Morgan Securities plc, (0.85)%, Open (Purchased on 01/10/19 to be repurchased at EUR 4,190,486, collateralized by Danske Bank A/S, 5.88%, , par and fair value of EUR 4,100,000 and $4,918,525, respectively)(i)(w)	EUR		4,207	$	4,783,978
J.P. Morgan Securities plc, (0.85)%, Open (Purchased on 06/19/19 to be repurchased at EUR 1,601,794, collateralized by Arkema SA, 1.50%, due at 04/20/27, par and fair value of EUR 1,500,000 and $1,833,454, respectively)(w)			1,602		1,821,873
J.P. Morgan Securities plc, (0.85)%, Open (Purchased on 11/16/18 to be repurchased at EUR 701,005, collateralized by Gestamp Funding Luxembourg SA, 3.50%, due at 05/15/23, par and fair value of EUR 700,000 and $809,833, respectively)(w)			705		801,332
J.P. Morgan Securities plc, (0.75)%, Open (Purchased on 11/15/18 to be repurchased at EUR 813,069, collateralized by UniCredit SpA, 1.00%, due at 01/18/23, par and fair value of EUR 900,000 and $1,013,713, respectively)(w)			817		928,876
J.P. Morgan Securities plc, (0.75)%, Open (Purchased on 03/14/19 to be repurchased at EUR 2,456,947, collateralized by Matterhorn Telecom Holding SA, 4.88%, due at 05/01/23, par and fair value of EUR 2,400,000 and $2,758,890, respectively)(w)			2,462		2,799,919
J.P. Morgan Securities plc, (0.75)%, Open (Purchased on 11/16/18 to be repurchased at EUR 370,030, collateralized by Unione di Banche Italiane SpA, 1.75%, due at 04/12/23, par and fair value of EUR 400,000 and $449,115, respectively)(w)			372		422,725
J.P. Morgan Securities plc, 0.00%, Open (Purchased on 06/28/19 to be repurchased at EUR 505,997, collateralized by Casino Guichard Perrachon SA, 5.24%, due at 03/09/20, par and fair value of EUR 500,000 and $557,889, respectively)(w)			506		575,369
J.P. Morgan Securities plc, 0.00%, Open (Purchased on 06/28/19 to be repurchased at EUR 513,559, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 484,000 and $578,841, respectively)(w)			514		583,967

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
J.P. Morgan Securities plc, 0.35%, Open (Purchased on 05/09/19 to be repurchased at GBP 1,003,677, collateralized by William Hill plc, 4.75%, due at 05/01/26, par and fair value of GBP 1,000,000 and $1,275,030, respectively)(w)	GBP		1,003	$	1,274,012
Merrill Lynch International, (1.50)%, Open (Purchased on 03/18/19 to be repurchased at EUR 1,321,863, collateralized by Cellnex Telecom SA, 2.38%, due at 01/16/24, par and fair value of EUR 1,300,000 and $1,556,958, respectively)(w)	EUR		1,328		1,509,568
Merrill Lynch International, (1.35)%, Open (Purchased on 05/21/19 to be repurchased at EUR 1,214,735, collateralized by eDreams ODIGEO SA, 5.50%, due at 09/01/23, par and fair value of EUR 1,200,000 and $1,423,331, respectively)(w)			1,217		1,383,350
Merrill Lynch International, (1.35)%, Open (Purchased on 03/22/19 to be repurchased at EUR 2,171,871, collateralized by Starfruit Finco BV, 6.50%, due at 10/01/26, par and fair value of EUR 2,100,000 and $2,410,834, respectively)(w)			2,180		2,478,650
Merrill Lynch International, (1.35)%, Open (Purchased on 05/09/19 to be repurchased at EUR 1,218,876, collateralized by Starfruit Finco BV, 6.50%, due at 10/01/26, par and fair value of EUR 1,200,000 and $1,377,619, respectively)(w)			1,221		1,388,536
Nomura International plc, 1.90%, Open (Purchased on 01/15/19 to be repurchased at USD 3,880,162, collateralized by Eskom Holdings SOC Ltd., 5.75%, due at 01/26/21, par and fair value of USD 3,910,000 and $3,949,100, respectively)(w)	USD		3,846		3,846,463
Nomura Securities International, Inc., 1.00%, Open (Purchased on 05/02/19 to be repurchased at USD 5,899,367, collateralized by YPF SA, 8.50%, due at 03/23/21, par and fair value of USD 6,005,000 and $6,106,334, respectively)(w)			5,885		5,884,900
RBC Capital Markets, LLC, (1.50)%, Open (Purchased on 10/10/18 to be repurchased at USD 1,848,067, collateralized by AK Steel Corp., 7.00%, due at 03/15/27, par and fair value of USD 1,950,000 and $1,569,750, respectively)(w)			1,872		1,872,000
RBC Capital Markets, LLC, (1.50)%, Open (Purchased on 06/17/19 to be repurchased at USD 897,324, collateralized by Rackspace Hosting, Inc., 8.63%, due at 11/15/24, par and fair value of USD 975,000 and $894,563, respectively)(w)			897		897,000

90 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
RBC Capital Markets, LLC, 0.00%, Open (Purchased on 05/10/19 to be repurchased at USD 3,157,075, collateralized by CenturyLink, Inc., 7.50%, due at 04/01/24, par and fair value of USD 2,930,000 and $3,241,312, respectively)(w)	USD		3,157	$	3,157,075
RBC Capital Markets, LLC, 0.25%, Open (Purchased on 02/22/19 to be repurchased at USD 2,769,137, collateralized by Calumet Specialty Products Partners LP, 7.63%, due at 01/15/22, par and fair value of USD 2,970,000 and $2,873,475, respectively)(w)			2,755		2,754,675
RBC Capital Markets, LLC, 0.65%, Open (Purchased on 10/18/18 to be repurchased at USD 465,284, collateralized by Washington Prime Group LP, 5.95%, due at 08/15/24, par and fair value of USD 495,000 and $469,012, respectively)(w)			463		462,825
RBC Capital Markets, LLC, 1.20%, Open (Purchased on 11/15/18 to be repurchased at USD 1,062,825, collateralized by Chesapeake Energy Corp., 8.00%, due at 06/15/27, par and fair value of USD 1,038,000 and $914,737, respectively)(w)			1,056		1,056,165
RBC Capital Markets, LLC, 1.65%, Open (Purchased on 06/13/19 to be repurchased at USD 6,366,832, collateralized by Teva Pharmaceutical Finance Netherlands III BV, 6.75%, due at 03/01/28, par and fair value of USD 6,750,000 and $6,177,304, respectively)(w)			6,362		6,361,875
RBC Capital Markets, LLC, 1.70%, Open (Purchased on 10/10/18 to be repurchased at USD 9,659,479, collateralized by Range Resources Corp., 4.88%, due at 05/15/25, par and fair value of USD 10,005,000 and $8,779,387, respectively)(w)			9,555		9,554,775
RBC Capital Markets, LLC, 1.90%, Open (Purchased on 06/19/19 to be repurchased at USD 22,724,760, collateralized by Whiting Petroleum Corp., 6.63%, due at 01/15/26, par and fair value of USD 23,970,000 and $23,116,069, respectively)(w)			22,712		22,711,575
RBC Capital Markets, LLC, 1.95%, Open (Purchased on 05/08/19 to be repurchased at USD 24,631,059, collateralized by Tenet Healthcare Corp., 6.75%, due at 06/15/23, par and fair value of USD 23,730,000 and $23,818,988, respectively)(w)			24,561		24,560,550

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
RBC Capital Markets, LLC, 2.05%, Open (Purchased on 12/04/18 to be repurchased at USD 7,142,285, collateralized by Southwestern Energy Co., 6.20%, due at 01/23/25, par and fair value of USD 7,174,000 and $6,546,275, respectively)(w)	USD		7,066	$	7,066,390
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 04/29/19 to be repurchased at USD 6,684,313, collateralized by SESI LLC, 7.75%, due at 09/15/24, par and fair value of USD 8,910,000 and $5,724,675, respectively)(w)			6,660		6,660,225
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 06/17/19 to be repurchased at USD 2,363,491, collateralized by Lam Research Corp., 4.00%, due at 03/15/29, par and fair value of USD 2,260,000 and $2,410,188, respectively)(w)			2,362		2,361,700
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 06/17/19 to be repurchased at USD 2,346,528, collateralized by KLA-Tencor Corp., 4.10%, due at 03/15/29, par and fair value of USD 2,260,000 and $2,377,550, respectively)(w)			2,345		2,344,750
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 06/05/19 to be repurchased at USD 3,598,640, collateralized by Teva Pharmaceutical Finance Netherlands III BV, 3.15%, due at 10/01/26, par and fair value of USD 4,520,000 and $3,491,700, respectively)(w)			3,593		3,593,400
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 10/11/18 to be repurchased at USD 1,748,300, collateralized by Penn National Gaming, Inc., 5.63%, due at 01/15/27, par and fair value of USD 1,787,000 and $1,764,663, respectively)(w)			1,724		1,724,455
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 09/20/18 to be repurchased at USD 9,877,985, collateralized by Bausch Health Cos., Inc., 6.13%, due at 04/15/25, par and fair value of USD 9,900,000 and $10,110,078, respectively)(w)			9,752		9,751,500
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 06/21/19 to be repurchased at USD 2,807,396, collateralized by Anadarko Petroleum Corp., 5.55%, due at 03/15/26, par and fair value of USD 2,500,000 and $2,809,698, respectively)(w)			2,806		2,806,250

CONSOLIDATED SCHEDULES OF INVESTMENTS 91

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 06/24/19 to be repurchased at USD 6,113,927, collateralized by Teva Pharmaceutical Finance Netherlands III BV, 2.80%, due at 07/21/23, par and fair value of USD 6,965,000 and $5,988,812, respectively)(w)	USD		6,112	$	6,111,788
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 12/13/18 to be repurchased at USD 1,025,302, collateralized by Transocean, Inc., 7.50%, due at 01/15/26, par and fair value of USD 1,038,000 and $988,695, respectively)(w)			1,015		1,014,645
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 06/12/19 to be repurchased at USD 5,104,955, collateralized by Panther BF Aggregator 2 LP, 8.50%, due at 05/15/27, par and fair value of USD 4,880,000 and $5,026,400, respectively)(w)			5,100		5,099,600
RBC Capital Markets, LLC, 2.10%, Open (Purchased on 05/17/19 to be repurchased at USD 972,502, collateralized by TransDigm, Inc., 6.38%, due at 06/15/26, par and fair value of USD 975,000 and $982,313, respectively)(w)			970		970,125
RBC Europe Ltd., (1.50)%, Open (Purchased on 11/27/18 to be repurchased at EUR 297,016, collateralized by Gestamp Funding Luxembourg SA, 3.50%, due at 05/15/23, par and fair value of EUR 300,000 and $347,070, respectively)(w)	EUR		299		339,766
RBC Europe Ltd., (1.50)%, Open (Purchased on 11/16/18 to be repurchased at EUR 696,621, collateralized by Gestamp Funding Luxembourg SA, 3.50%, due at 05/15/23, par and fair value of EUR 700,000 and $809,833, respectively)(w)			701		797,562
RBC Europe Ltd., (1.50)%, Open (Purchased on 11/28/18 to be repurchased at EUR 740,344, collateralized by Gestamp Funding Luxembourg SA, 3.50%, due at 05/15/23, par and fair value of EUR 750,000 and $867,678, respectively)(w)			745		846,855
RBC Europe Ltd., (1.10)%, Open (Purchased on 11/12/18 to be repurchased at EUR 3,705,489, collateralized by Valeo SA, 1.50%, due at 06/18/25, par and fair value of EUR 3,800,000 and $4,440,291, respectively)(w)			3,732		4,243,202

Security		Par (000)		Value
Borrowed Bond Agreements (continued)
RBC Europe Ltd., (1.00)%, Open (Purchased on 08/20/18 to be repurchased at EUR 1,023,920, collateralized by Italgas SpA, 1.63%, due at 01/18/29, par and fair value of EUR 1,100,000 and $1,320,438, respectively)(w)	EUR		1,033	$	1,174,511
RBC Europe Ltd., (1.00)%, Open (Purchased on 01/16/19 to be repurchased at EUR 535,965, collateralized by Italgas SpA, 1.63%, due at 01/18/29, par and fair value of EUR 571,000 and $685,427, respectively)(w)			538		612,252
RBC Europe Ltd., (0.90)%, Open (Purchased on 08/21/18 to be repurchased at EUR 1,584,345, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75%, due at 04/24/28, par and fair value of EUR 1,600,000 and $1,913,523, respectively)(w)			1,597		1,815,721
RBC Europe Ltd., (0.90)%, Open (Purchased on 12/04/18 to be repurchased at EUR 1,135,533, collateralized by British Telecommunications plc, 2.13%, due at 09/26/28, par and fair value of EUR 1,160,000 and $1,423,339, respectively)(w)			1,141		1,297,931
Total Borrowed Bond Agreements — 2.1% (Cost: $693,637,798)					692,343,934
Commercial Paper — 0.2%
Ford Motor Credit Co. LLC, 3.33%, 07/01/19(x)	USD		75,390		75,373,131
Total Commercial Paper — 0.2% (Cost: $75,390,000)					75,373,131
Foreign Government Obligations — 0.3%(x)
Egypt - 0.2%
Arab Republic of Egypt Treasury Bills:
18.20%, 07/30/19	EGP		177,475		10,507,966
19.40%, 08/06/19			180,800		10,670,828
19.19%, 08/20/19			177,475		10,405,169
21.35%, 08/27/19			190,850		10,755,732
18.32%, 09/10/19			350,525		20,322,472
19.33%, 11/05/19			177,475		10,033,104
					72,695,271
Nigeria - 0.1%
Federal Republic of Nigeria Treasury Bills:
13.38%, 07/04/19	NGN		1,047,642		2,903,655
14.36%, 08/15/19			2,095,284		5,745,303
14.40%, 09/12/19			1,396,856		3,787,298
14.34%, 10/03/19			698,428		1,883,937
12.29%, 11/28/19			1,396,856		3,693,562
14.70%, 01/16/20			1,396,856		3,626,094

92 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Nigeria (continued)
13.56%, 05/28/20		NGN	1,396,856	$	3,469,975
					25,109,824
Total Foreign Government Obligations — 0.3% (Cost: $94,410,714)					97,805,095
	Shares
Money Market Funds — 1.1%(y)*
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.26%			318,482,438		318,482,438
SL Liquidity Series, LLC, Money Market Series, 2.55%(z)			62,569,834		62,588,605
Total Money Market Funds — 1.1% (Cost: $381,066,861)					381,071,043
	Par (000)
U.S. Treasury Obligations — 0.0%
U.S. Treasury Bills, 2.38%, 07/18/19(x)		USD	13,780		13,766,652
Total U.S. Treasury Obligations — 0.0% (Cost: $13,764,884)					13,766,652
Total Short-Term Securities — 3.7% (Cost: $1,258,270,257)					1,260,359,855
Total Options Purchased — 1.0% (Cost: $301,907,519)					378,283,820
Total Investments Before Options Written, TBA Sale Commitments, Borrowed Bonds and Investments Sold Short — 134.4% (Cost: $44,257,511,444)					44,910,091,616
Total Options Written — (1.2)% (Premiums Received — $339,964,843)					(483,955,263	)
Borrowed Bonds — (2.1)%
Corporate Bonds — (1.7)%
Australia — (0.0)%
BHP Billiton Finance Ltd., Series 17, 1.50%, 04/29/30		EUR	1,840		(2,235,149	)
Austria — (0.0)%
Raiffeisen Bank International AG, 6.00%, 10/16/23			2,000		(2,707,844	)
Belgium — (0.0)%
Telenet Finance Luxembourg Notes SARL:
3.50%, 03/01/28			4,200		(4,942,878	)
5.50%, 03/01/28(a)		USD	4,200		(4,263,000	)
					(9,205,878	)
Canada — (0.2)%
Athabasca Oil Corp., 9.88%, 02/24/22(a)			4,950		(4,752,000	)
Canadian Natural Resources Ltd., 6.25%, 03/15/38			19,800		(24,447,285	)
Cenovus Energy, Inc., 4.25%, 04/15/27			19,800		(20,510,298	)
					(49,709,583	)

Security		Par (000)		Value
Denmark — (0.1)%
Carlsberg Breweries A/S, 2.50%, 05/28/24	EUR		15,000	$	(18,886,286	)
Danske Bank A/S, (EUR Swap Annual 7 Year + 5.47%), 5.88%,(b)(i)			4,100		(4,918,525	)
					(23,804,811	)
France — (0.2)%
Airbus Finance BV, 0.88%, 05/13/26			28,400		(33,599,670	)
Arkema SA, 1.50%, 04/20/27			1,500		(1,833,454	)
Auchan Holding SADIR, 2.25%, 04/06/23			2,400		(2,833,333	)
Casino Guichard Perrachon SA:
4.41%, 08/06/19			2,200		(2,482,788	)
5.98%, 05/26/21			6,000		(6,362,074	)
Cie de Saint-Gobain, 1.38%, 06/14/27			1,400		(1,683,508	)
Europcar Mobility Group, 4.13%, 11/15/24			1,400		(1,659,916	)
Faurecia SA:
2.63%, 06/15/25			1,600		(1,896,632	)
3.63%, 06/15/23			2,600		(3,011,893	)
Iliad SA, 1.88%, 04/25/25			2,100		(2,338,709	)
Valeo SA:
1.50%, 06/18/25			3,800		(4,440,291	)
3.25%, 01/22/24			2,100		(2,684,703	)
					(64,826,971)
Germany — (0.1)%
HeidelbergCement Finance Luxembourg SA, 1.75%, 04/24/28			13,185		(15,768,623	)
Schaeffler Finance BV, 3.25%, 05/15/25			4,200		(4,942,591	)
					(20,711,214	)
Israel — (0.1)%
Teva Pharmaceutical Finance Netherlands III BV:
2.80%, 07/21/23	USD		6,965		(5,988,812	)
3.15%, 10/01/26			4,520		(3,491,700	)
6.75%, 03/01/28			6,750		(6,177,304	)
					(15,657,816	)
Italy — (0.0)%
Eni SpA, 3.63%, 01/29/29	EUR		3,475		(4,950,484	)
Intesa Sanpaolo SpA, 6.63%, 09/13/23			4,000		(5,405,209	)
Italgas SpA, 1.63%, 01/18/29			2,271		(2,726,103	)
UniCredit SpA, 1.00%, 01/18/23			900		(1,013,713	)
Unione di Banche Italiane SpA, 1.75%, 04/12/23			400		(449,115	)
					(14,544,624	)
Luxembourg — (0.1)%
Altice Luxembourg SA, 7.25%, 05/15/22			2,192		(2,554,704	)
INEOS Finance plc, 2.88%, 05/01/26			6,100		(7,020,932	)
Intelsat Luxembourg SA, 8.13%, 06/01/23	USD		12,900		(9,965,250	)
Matterhorn Telecom Holding SA, 4.88%, 05/01/23	EUR		2,400		(2,758,890	)
					(22,299,776	)
Mexico — (0.0)%
Cemex SAB de CV, 5.70%, 01/11/25(a)	USD		10,000		(10,389,500	)
Netherlands — (0.0)%
Hema Bondco I BV, (EURIBOR 3 Month + 6.25%), 6.25%, 07/15/22(b)	EUR		600		(608,815	)
Starfruit Finco BV, 6.50%, 10/01/26			4,600		(5,280,874	)
					(5,889,689	)

CONSOLIDATED SCHEDULES OF INVESTMENTS 93

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Spain — (0.1)%
Banco Bilbao Vizcaya Argentaria SA, 3.50%, 02/10/27		EUR	5,500	$	(7,181,525)
Cellnex Telecom SA:
2.38%, 01/16/24			5,600		(6,706,894	)
2.88%, 04/18/25			4,500		(5,532,364	)
eDreams ODIGEO SA, 5.50%, 09/01/23			2,000		(2,372,218	)
Gestamp Automocion SA, 3.25%, 04/30/26			4,900		(5,460,354	)
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23			2,450		(2,834,414	)
Tasty Bondco 1 SA, 6.25%, 05/15/26			600		(719,784	)
					(30,807,553	)
Sweden — (0.0)%
Swedbank AB, (USD Swap Semi 5 Year + 4.11%), 6.00%,(b)(i)		USD	10,000		(10,000,000	)
United Kingdom — (0.1)%
Aviva plc, 1.88%, 11/13/27		EUR	10,000		(12,130,582	)
British Telecommunications plc, 2.13%, 09/26/28			1,160		(1,423,339	)
Royal Bank of Scotland Group plc, (USD Swap Semi 5 Year + 5.72%), 8.00%,(b)(i)		USD	12,100		(13,083,125	)
William Hill plc, 4.75%, 05/01/26		GBP	1,000		(1,275,030	)
					(27,912,076	)
United States — (0.7)%
AbbVie, Inc., 2.13%, 11/17/28		EUR	540		(673,246	)
AK Steel Corp., 7.00%, 03/15/27		USD	1,950		(1,569,750	)
Allergan Funding SCS, 2.13%, 06/01/29		EUR	1,440		(1,725,543	)
Anadarko Petroleum Corp., 5.55%, 03/15/26		USD	2,500		(2,809,698	)
Bausch Health Cos., Inc., 6.13%, 04/15/25(a)			9,900		(10,110,078	)
Calumet Specialty Products Partners LP, 7.63%, 01/15/22			4,950		(4,789,125	)
CenturyLink, Inc., Series Y, 7.50%, 04/01/24			2,930		(3,241,312	)
Chesapeake Energy Corp., 8.00%, 06/15/27			1,038		(914,737	)
Continental Resources, Inc., 3.80%, 06/01/24			11,000		(11,310,076	)
DISH DBS Corp., 7.75%, 07/01/26			7,808		(7,573,760	)
Everi Payments, Inc., 7.50%, 12/15/25(a)			861		(899,745	)
Ford Motor Credit Co. LLC, 4.39%, 01/08/26			8,000		(8,041,660	)
KLA-Tencor Corp., 4.10%, 03/15/29 .			2,260		(2,377,550	)
Kraft Heinz Foods Co., 5.00%, 07/15/35			16,025		(16,809,599	)
Lam Research Corp., 4.00%, 03/15/29			2,260		(2,410,188	)
Mylan NV, 3.95%, 06/15/26			11,765		(11,376,621	)
Mylan, Inc., 4.55%, 04/15/28			3,840		(3,765,844	)
Netflix, Inc., 4.38%, 11/15/26			5,110		(5,226,508	)
Pacific Drilling SA, 11.00%, (11.00% Cash or 12.00% PIK), 04/01/24(a)(j)			3,079		(3,024,953	)
Panther BF Aggregator 2 LP, 8.50%, 05/15/27(a)			4,880		(5,026,400	)
Penn National Gaming, Inc., 5.63%, 01/15/27(a)			1,787		(1,764,663	)
Quorum Health Corp., 11.63%, 04/15/23			9,900		(8,613,000	)
Rackspace Hosting, Inc., 8.63%, 11/15/24(a)			5,865		(5,381,138	)
Range Resources Corp., 4.88%, 05/15/25			10,005		(8,779,387	)

Security	Par (000)			Value
United States (continued)
Sally Holdings LLC, 5.63%, 12/01/25		USD	10,005	$	(9,816,906)
SESI LLC, 7.75%, 09/15/24			8,910		(5,724,675	)
Southwestern Energy Co.:
6.20%, 01/23/25			7,174		(6,546,275	)
7.50%, 04/01/26			1,038		(983,380	)
7.75%, 10/01/27			6,890		(6,597,175	)
Sprint Capital Corp., 6.88%, 11/15/28			8,830		(9,075,474	)
SRS Distribution, Inc., 8.25%, 07/01/26(a)			976		(949,160	)
Tenet Healthcare Corp., 6.75%, 06/15/23			23,730		(23,818,988	)
TransDigm, Inc., 6.38%, 06/15/26			975		(982,313	)
Transocean, Inc.:
5.80%, 10/15/22			12,915		(12,688,988	)
7.50%, 01/15/26(a)			1,038		(988,695	)
Vine Oil & Gas LP, 8.75%, 04/15/23(a)			6,730		(4,374,500	)
Washington Prime Group LP, 5.95%, 08/15/24			14,850		(14,070,375	)
Whiting Petroleum Corp., 6.63%, 01/15/26			23,970		(23,116,069	)
					(247,947,554	)
Zambia — (0.0)%
First Quantum Minerals Ltd., 6.88%, 03/01/26(a)			5,000		(4,656,250	)
Total Corporate Bonds — (1.7)% (Proceeds: $552,234,089)					(563,306,288	)
Foreign Agency Obligations — (0.0)%
Argentina — (0.0)%
YPF SA, 8.50%, 03/23/21(a)			10,000		(10,168,750	)
South Africa — (0.0)%
Eskom Holdings SOC Ltd., 5.75%, 01/26/21			3,910		(3,949,100	)
Total Foreign Agency Obligations — (0.0)% (Proceeds: $13,640,906)					(14,117,850	)
Foreign Government Obligations — (0.4)%
Portugal — (0.2)%
Portuguese Republic(a):
2.13%, 10/17/28		EUR	32,565		(42,928,484	)
2.88%, 07/21/26			23,985		(32,531,805	)
					(75,460,289	)
United Kingdom — (0.2)%
U.K. Treasury Bonds, 0.13%, 03/22/46		GBP	20,219		(43,307,680	)
Total Foreign Government Obligations — (0.4)% (Proceeds: $103,772,918)					(118,767,969	)
U.S. Treasury Obligations — (0.0)%
United States — (0.0)%
U.S. Treasury Notes, 2.63%, 02/15/29		USD	3,600		(3,796,313	)
Total U.S. Treasury Obligations — (0.0)% (Proceeds: $3,648,480)					(3,796,313	)
Total Borrowed Bonds — (2.1)% (Proceeds: $673,296,393)					(699,988,420	)

94 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Par (000)			Value
TBA Sale Commitments — (36.6)%(r)
Government National Mortgage Association, 3.00%, 07/15/49		USD	1,342,200	$	(1,371,613,051	)
Uniform Mortgage-Backed Securities:
3.00%, 07/25/34 - 07/25/49			2,934,839		(2,959,952,803	)
3.50%, 06/25/49 - 08/25/49			4,406,778		(4,505,089,392	)
4.00%, 06/25/49 - 07/25/49			461,332		(476,709,246	)
4.50%, 07/25/49			2,760,399		(2,884,482,247	)
Total TBA Sale Commitments — (36.6)% (Proceeds: $12,151,188,438)					(12,197,846,739	)
Investments Sold Short — (0.3)%
Corporate Bonds — (0.0)%
France — (0.0)%
Casino Guichard Perrachon SA, 5.24%, 03/09/20		EUR	500		(557,890	)
Total Corporate Bonds — (0.0)% (Proceeds: $558,786)					(557,890	)

Security	Par (000)			Value
U.S. Treasury Obligations — (0.3)%
U.S. Treasury Notes, 2.38%, 05/15/29		USD	109,745	$	(113,410,312	)
Total U.S. Treasury Obligations — (0.3)% (Proceeds: $113,203,146)					(113,410,312	)
Total Investments Sold Short — (0.3)% (Proceeds: $113,761,932)					(113,968,202	)
Total Investments Net of Options Written, Borrowed Bonds, TBA Sale Commitments and Investments Sold Short — 94.2% (Cost: $30,979,299,838)					31,414,332,992
Other Assets Less Liabilities — 5.8%					1,949,081,610
Net Assets — 100.0%				$	33,363,414,602

^(a)  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.

^(b)  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.

^(c)  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.

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

^(e)  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.

^(f)  Amount is less than $500.

^(g)  Non-income producing security.

^(h)  Security, or a portion of the security, is on loan.

⁽ⁱ⁾  Perpetual security with no stated maturity date.

^(j)  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.

^(k)  Zero-coupon bond.

^(l)  Convertible security.

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

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

^(o)  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.

^(p)  Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(q)  When-issued security.

^(r)  Represents or includes a TBA transaction.

^(s)  All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

^(t)  All or a portion of the security has been pledged as collateral in connection with outstanding borrowed bonds.

^(u)  All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

^(v)  Certain agreements have no stated maturity and can be terminated by either party at any time.

^(w)  The amount to be repurchased assumes the maturity will be the day after the period end.

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

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

^(z)  Security was purchased with the cash collateral from loaned securities.

CONSOLIDATED SCHEDULES OF INVESTMENTS 95

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

* During the six months ended June 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliated Persons and/or Related Parties	Par/Shares Held at 12/31/18		Shares Purchased			Shares Sold			Par/Shares Held at 06/30/19		Value at 06/30/19		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		557,975,842		—			(239,493,404	)(b)		318,482,438	$	318,482,438	$	8,694,606		$	—		$	—
SL Liquidity Series, LLC, Money Market Series		—		62,569,834	(c)		—			62,569,834		62,588,605		264,594	(d)		(31,626	)		4,182
iShares China Large-Cap ETF		—		1,403,800			(1,048,808	)		354,992		15,183,008		258,176			(1,820,938	)		(351,562	)
iShares iBoxx $ High Yield Corporate Bond ETF		25,816		6,574,056			(6,520,675	)		79,197		6,904,394		1,513,603			1,309,910			294,486
iShares iBoxx $ Investment Grade Corporate Bond ETF(e)		—		5,990,000			(5,990,000	)		—		—		2,919,838			11,332,506			—
iShares J.P. Morgan USD Emerging Markets Bond ETF		1,106,180		2,741,263			(3,843,000	)		4,443		503,348		5,234,593			7,682,996			3,909,164
iShares MSCI Brazil ETF		406,984		400,790			(461,680	)		346,094		15,131,230		183,830			(1,068,385	)		2,280,071
iShares MSCI Emerging Markets ETF(e)		—		1,532,240			(1,532,240	)		—		—		—			283,210			—
iShares MSCI South Korea ETF		—		483,000			(327,950	)		155,050		9,282,843		—			(1,377,597	)		275,662
Sentinel Energy Services, Inc.(f)		1,142,538		380,846			(1,142,538	)		380,846		N/A		—			136,865			(342,761	)
											$	428,075,866	$	19,069,240		$	16,446,941		$	6,069,242

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

^(b)  Represents net shares sold.

^(c)  Represents net shares purchased.

^(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.

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

^(f)  As of period end, the entity is no longer an affiliate of the Fund.

96 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities 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-BTP		1,923		09/06/19	$	293,666	$	5,633,246
Euro-Buxl		41		09/06/19		9,459		37,642
Euro-Schatz		4		09/06/19		511		962
TOPIX Index		134		09/12/19		19,277		43,158
U.S. Treasury 10 Year Ultra Note		25,706		09/19/19		3,550,641		39,899,896
DAX Index		78		09/20/19		27,468		222,548
EURO STOXX 50 Index		222		09/20/19		8,749		42,887
MSCI Emerging Markets E-Mini Index		1,380		09/20/19		72,685		943,761
NASDAQ 100 E-Mini Index		178		09/20/19		27,390		467,046
STOXX 600 Banks Index		830		09/20/19		6,262		121,409
Long Gilt		2,440		09/26/19		403,758		(1,140,927)
U.S. Treasury 2 Year Note		61,028		09/30/19		13,131,986		26,241,140
U.S. Treasury 5 Year Note		24,887		09/30/19		2,940,555		5,686,360
90-day Eurodollar		7,496		12/16/19		1,838,207		1,643,768
90-day Eurodollar		4,931		12/14/20		1,213,581		8,585,335
								88,428,231
Short Contracts
Euro-Bobl		2,326		09/06/19		355,580		(900,099)
Euro-BTP		1,977		09/06/19		250,657		(2,136,226)
Euro-Bund		979		09/06/19		192,298		(175,329)
Euro-OAT		1,130		09/06/19		211,845		(2,504,058)
Japan 10 Year Bond		187		09/12/19		266,846		(694,683)
Australia 10 Year Bond		1,150		09/16/19		115,977		(1,114,734)
Korea 10 Year Bond		900		09/17/19		102,304		11,080
Canada 10 Year Bond		1,018		09/19/19		111,109		(426,512)
U.S. Treasury 10 Year Note		15,851		09/19/19		2,028,433		(4,021,280)
U.S. Treasury Long Bond		8,714		09/19/19		1,355,844		(27,391,657)
U.S. Treasury Ultra Bond		299		09/19/19		53,091		(305,828)
FTSE 250 Index		62		09/20/19		3,047		(53,940)
S&P 500 E-Mini Index		7,221		09/20/19		1,063,003		(5,847,469)
90-day Eurodollar		15,101		03/16/20		3,710,693		(34,583,477)
90-day Eurodollar		3,553		03/15/21		874,660		(8,996,257)
								(89,140,469)
							$	(712,238)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement  Date		Unrealized Appreciation (Depreciation)
NOK	64,248,213	USD	7,490,000	Morgan Stanley & Co. International plc		07/01/19	$	41,632
BRL	231,981,999	USD	59,854,000	Bank of America NA		07/02/19		558,766
BRL	63,768,746	USD	16,277,000	BNP Paribas SA		07/02/19		329,661
BRL	123,226,559	USD	31,920,000	Citibank NA		07/02/19		170,666
BRL	195,959,046	USD	50,188,000	Credit Suisse International		07/02/19		843,666
BRL	51,850,364	USD	13,423,000	Deutsche Bank AG		07/02/19		79,875
BRL	53,246,302	USD	13,359,000	Goldman Sachs International		07/02/19		507,405
BRL	57,611,106	USD	14,860,000	JPMorgan Chase Bank NA		07/02/19		143,088
BRL	259,965,200	USD	66,892,000	Morgan Stanley & Co. International plc		07/02/19		808,151
BRL	71,879,430	USD	18,550,000	Natwest Markets plc		07/02/19		168,846
USD	8,895,000	BRL	34,151,463	Citibank NA		07/02/19		1,274
GBP	529,630,000	USD	671,371,964	State Street Bank and Trust Co.		07/03/19		1,266,438
NZD	13,093,000	USD	8,772,400	State Street Bank and Trust Co.		07/03/19		23,682
USD	20,031,181	EUR	17,609,000	Goldman Sachs International		07/03/19		6,291
USD	24,917,168	EUR	21,847,000	State Street Bank and Trust Co.		07/03/19		72,839
USD	2,898,813	GBP	2,274,000	State Street Bank and Trust Co.		07/03/19		10,797

CONSOLIDATED SCHEDULES OF INVESTMENTS 97

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	40,668,093	MXN	779,099,000	Deutsche Bank AG		07/03/19	$	83,386
ZAR	323,495,000	USD	22,713,358	Citibank NA		07/03/19		251,097
AUD	102,281,218	USD	71,460,000	Morgan Stanley & Co. International plc		07/05/19		353,978
AUD	16,236,000	USD	11,165,741	Royal Bank of Canada		07/05/19		233,926
CAD	93,957,395	USD	71,460,000	Bank of America NA		07/05/19		293,132
GBP	56,322,487	USD	71,460,000	Natwest Markets plc		07/05/19		77,844
TWD	633,401,180	USD	20,038,000	BNP Paribas SA		07/05/19		383,243
TWD	158,760,572	USD	5,054,356	UBS AG		07/05/19		64,182
USD	71,460,000	EUR	62,788,566	Standard Chartered Bank		07/05/19		44,962
USD	71,460,000	GBP	56,220,129	Bank of America NA		07/05/19		52,166
TRY	59,266,557	USD	10,090,135	UBS AG		07/08/19		111,435
ZAR	262,187,600	USD	18,083,400	Citibank NA		07/08/19		517,234
TRY	34,853,620	USD	5,545,943	Citibank NA		07/10/19		446,708
TRY	47,833,121	USD	7,525,000	UBS AG		07/10/19		699,315
AUD	11,235,000	JPY	844,085,550	BNP Paribas SA		07/16/19		53,599
IDR	431,516,800,000	USD	30,176,000	BNP Paribas SA		07/16/19		332,669
COP	66,073,658,000	USD	20,126,000	UBS AG		07/17/19		414,185
EGP	122,351,902	USD	6,987,544	Citibank NA		07/17/19		300,951
EGP	94,628,869	USD	5,410,456	JPMorgan Chase Bank NA		07/17/19		226,580
INR	3,164,595,451	USD	45,434,446	Bank of America NA		07/17/19		368,250
INR	534,522,551	USD	7,668,903	Goldman Sachs International		07/17/19		67,496
INR	3,775,400,000	USD	54,103,553	HSBC Bank plc		07/17/19		539,609
MYR	9,200,000	USD	2,202,274	UBS AG		07/17/19		23,521
TWD	1,198,698,387	USD	38,730,158	Citibank NA		07/17/19		2,732
USD	59,051,555	CNY	400,899,527	HSBC Bank plc		07/17/19		701,348
USD	29,533,267	CNY	200,460,000	JPMorgan Chase Bank NA		07/17/19		356,674
USD	20,126,000	COP	64,443,452,000	Natwest Markets plc		07/17/19		92,593
USD	35,711,840	INR	2,465,723,883	Citibank NA		07/17/19		24,245
USD	28,511,861	MYR	116,769,395	Goldman Sachs International		07/17/19		261,344
USD	9,167,684	MYR	37,541,667	Morgan Stanley & Co. International plc		07/17/19		85,069
USD	9,116,132	MYR	37,549,348	UBS AG		07/17/19		31,658
BRL	39,333,690	USD	10,117,470	HSBC Bank plc		07/18/19		110,438
COP	33,262,480,420	USD	10,221,714	Natwest Markets plc		07/18/19		117,562
IDR	48,519,242,220	USD	3,399,134	HSBC Bank plc		07/18/19		30,254
INR	254,000,000	USD	3,645,602	Credit Suisse International		07/18/19		30,116
INR	207,818,670	USD	2,979,479	Standard Chartered Bank		07/18/19		27,933
PLN	12,712,180	USD	3,377,001	Barclays Bank plc		07/18/19		29,322
PLN	25,334,120	USD	6,778,516	Goldman Sachs International		07/18/19		9,949
USD	3,275,425	MXN	62,780,040	BNP Paribas SA		07/18/19		13,271
USD	6,937,828	MXN	132,114,920	UBS AG		07/18/19		72,919
EUR	14,795,000	MXN	321,565,717	Bank of America NA		07/19/19		141,580
EUR	10,358,000	MXN	224,007,287	Morgan Stanley & Co. International plc		07/19/19		157,376
ARS	152,927,500	USD	3,350,000	BNP Paribas SA		07/24/19		126,248
CLP	14,039,280,000	USD	20,128,000	Morgan Stanley & Co. International plc		07/24/19		597,431
IDR	956,309,425,000	USD	66,665,000	Bank of America NA		07/24/19		871,484
IDR	711,325,781,670	USD	50,201,900	Citibank NA		07/24/19		33,349
KRW	35,432,996,300	USD	30,251,000	Bank of America NA		07/24/19		379,869
MXN	489,055,370	USD	25,339,000	Bank of America NA		07/24/19		47,188
MXN	384,188,500	USD	19,912,000	Morgan Stanley & Co. International plc		07/24/19		30,693
PLN	101,118,169	USD	26,901,000	Bank of America NA		07/24/19		198,926
PLN	24,487,941	USD	6,437,729	BNP Paribas SA		07/24/19		125,102
PLN	61,209,924	USD	16,094,322	Deutsche Bank AG		07/24/19		310,093
PLN	9,987,300	USD	2,625,950	JPMorgan Chase Bank NA		07/24/19		50,672
TRY	59,544,140	USD	10,130,000	Bank of America NA		07/24/19		25,987
TRY	119,169,762	USD	20,194,000	BNP Paribas SA		07/24/19		131,871
USD	20,128,000	CLP	13,630,681,600	Credit Suisse International		07/24/19		5,761
USD	35,323,000	KRW	40,858,114,100	Bank of America NA		07/24/19		2,264
USD	52,288,000	KRW	60,418,271,200	BNP Paribas SA		07/24/19		58,035
USD	20,194,000	MXN	387,270,435	Bank of America NA		07/24/19		91,328
USD	9,582,150	MXN	184,259,934	Barclays Bank plc		07/24/19		17,472
USD	39,140,500	MXN	753,266,543	BNP Paribas SA		07/24/19		39,476
USD	20,179,000	MXN	385,120,251	Citibank NA		07/24/19		187,941
USD	25,158,000	PLN	93,797,351	Deutsche Bank AG		07/24/19		20,072

98 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	20,275,000	RUB	1,279,352,500	BNP Paribas SA		07/24/19	$	100,482
ZAR	460,146,379	USD	31,446,958	Bank of America NA		07/24/19		1,130,953
ZAR	766,281,534	USD	53,511,183	BNP Paribas SA		07/24/19		740,797
ZAR	92,599,393	USD	6,431,183	Morgan Stanley & Co. International plc		07/24/19		124,763
ZAR	165,697,742	USD	11,373,676	UBS AG		07/24/19		357,562
BRL	388,367,819	USD	100,603,000	Credit Suisse International		08/02/19		238,391
BRL	78,392,713	USD	20,220,000	HSBC Bank plc		08/02/19		135,008
USD	2,755,470,298	EUR	2,414,855,000	UBS AG		08/06/19		1,386,709
USD	94,765,033	JPY	10,176,997,000	Barclays Bank plc		08/06/19		110,932
USD	125,456,846	JPY	13,477,151,500	Natwest Markets plc		08/06/19		108,704
ARS	236,927,000	USD	5,041,000	BNP Paribas SA		08/21/19		126,368
USD	82,842,981	MXN	1,601,756,653	Barclays Bank plc		08/21/19		106,522
EGP	365,091,250	USD	20,005,000	Citibank NA		09/09/19		1,385,788
ARS	177,535,800	USD	3,372,000	BNP Paribas SA		09/18/19		342,336
ARS	202,776,500	USD	4,208,000	Citibank NA		09/18/19		34,413
AUD	6,000,000	JPY	451,710,000	Citibank NA		09/18/19		8,186
AUD	3,250,000	USD	2,266,576	JPMorgan Chase Bank NA		09/18/19		20,543
AUD	31,265,000	USD	21,663,333	Natwest Markets plc		09/18/19		338,753
AUD	3,250,000	USD	2,264,717	Nomura International plc		09/18/19		22,402
BRL	398,395,413	USD	102,666,000	Morgan Stanley & Co. International plc		09/18/19		296,082
CAD	16,671,875	USD	12,472,875	Barclays Bank plc		09/18/19		276,589
CAD	26,961,387	USD	20,126,000	BNP Paribas SA		09/18/19		492,152
CAD	6,840,131	USD	5,220,000	Citibank NA		09/18/19		10,846
CAD	9,754,616	USD	7,458,000	Deutsche Bank AG		09/18/19		1,637
CAD	556,039	USD	416,000	Goldman Sachs International		09/18/19		9,219
CAD	39,136,474	USD	29,868,000	Royal Bank of Canada		09/18/19		60,793
CAD	8,813,585	USD	6,710,000	UBS AG		09/18/19		30,003
CHF	104,745,000	JPY	11,517,125,609	Citibank NA		09/18/19		624,285
CHF	14,546,184	USD	15,000,000	BNP Paribas SA		09/18/19		8,250
CNY	77,320,000	USD	11,241,149	HSBC Bank plc		09/18/19		7,000
EUR	16,268,076	GBP	14,578,799	Goldman Sachs International		09/18/19		34,526
EUR	3,267,436	GBP	2,928,701	Natwest Markets plc		09/18/19		6,227
EUR	13,229,975	USD	15,133,361	Bank of America NA		09/18/19		5,103
EUR	19,100,000	USD	21,737,825	BNP Paribas SA		09/18/19		117,444
EUR	136,143,297	USD	155,673,996	Citibank NA		09/18/19		108,640
EUR	3,852,283	USD	4,400,520	Deutsche Bank AG		09/18/19		7,473
EUR	115,585,000	USD	130,462,948	HSBC Bank plc		09/18/19		1,795,756
EUR	45,604,446	USD	52,167,199	JPMorgan Chase Bank NA		09/18/19		15,912
EUR	32,450,000	USD	36,981,123	Natwest Markets plc		09/18/19		149,949
GBP	8,900,000	USD	11,281,907	Deutsche Bank AG		09/18/19		60,911
GBP	8,089,000	USD	10,257,894	Morgan Stanley & Co. International plc		09/18/19		51,326
IDR	32,164,942,500	USD	2,245,842	Bank of America NA		09/18/19		8,149
IDR	1,425,861,291,000	USD	98,434,441	BNP Paribas SA		09/18/19		1,484,215
IDR	49,303,999,000	USD	3,445,504	UBS AG		09/18/19		9,523
INR	263,730,000	USD	3,747,768	Deutsche Bank AG		09/18/19		36,739
JPY	37,119,980,712	USD	344,733,000	Citibank NA		09/18/19		1,574,519
JPY	1,609,092,339	USD	14,914,000	Standard Chartered Bank		09/18/19		97,882
JPY	2,157,824,800	USD	20,000,000	State Street Bank and Trust Co.		09/18/19		131,232
KRW	4,341,235,000	USD	3,755,718	Bank of America NA		09/18/19		3,709
KRW	9,481,362,800	USD	8,204,000	HSBC Bank plc		09/18/19		6,680
MXN	67,847,749	USD	3,379,000	Goldman Sachs International		09/18/19		109,153
NOK	92,589,295	USD	10,857,000	JPMorgan Chase Bank NA		09/18/19		20,803
NZD	86,990,000	SEK	532,977,204	Bank of America NA		09/18/19		806,356
NZD	1,710,000	USD	1,129,234	Citibank NA		09/18/19		21,255
NZD	1,710,000	USD	1,130,325	Standard Chartered Bank		09/18/19		20,165
PHP	97,037,500	USD	1,873,311	BNP Paribas SA		09/18/19		13,221
PHP	97,025,000	USD	1,872,166	UBS AG		09/18/19		14,123
SEK	41,795,453	USD	4,439,000	Natwest Markets plc		09/18/19		87,382
TRY	2,605,932	USD	419,000	Citibank NA		09/18/19		12,372
TRY	20,449,723	USD	3,370,000	HSBC Bank plc		09/18/19		15,135
USD	15,000,000	CHF	14,507,805	Royal Bank of Canada		09/18/19		31,348
USD	25,571,651	EUR	22,315,000	Standard Chartered Bank		09/18/19		37,603
USD	28,653,775	EUR	25,000,000	UBS AG		09/18/19		47,402

CONSOLIDATED SCHEDULES OF INVESTMENTS 99

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	11,413,290	GBP	8,900,000	BNP Paribas SA		09/18/19	$	70,472
USD	101,378,000	JPY	10,832,019,199	Bank of America NA		09/18/19		321,651
USD	6,000,000	KRW	6,905,700,000	BNP Paribas SA		09/18/19		19,795
USD	26,142,000	MXN	506,441,123	Citibank NA		09/18/19		105,114
USD	23,460,000	MXN	455,367,984	HSBC Bank plc		09/18/19		48,859
USD	10,441,000	NOK	88,463,983	Natwest Markets plc		09/18/19		47,857
USD	34,914,000	SEK	320,922,505	Bank of America NA		09/18/19		158,595
ZAR	12,510,356	USD	835,000	HSBC Bank plc		09/18/19		44,389
ZAR	292,210,000	USD	19,527,267	JPMorgan Chase Bank NA		09/18/19		1,013,026
AUD	38,500,000	USD	26,908,728	Deutsche Bank AG		09/20/19		186,159
AUD	30,000,000	USD	20,954,043	HSBC Bank plc		09/20/19		158,856
AUD	28,380,000	USD	19,823,402	JPMorgan Chase Bank NA		09/20/19		149,401
CAD	35,970,000	USD	26,938,654	JPMorgan Chase Bank NA		09/20/19		569,408
CAD	35,970,000	USD	26,938,271	Natwest Markets plc		09/20/19		569,792
CNY	185,920,000	USD	26,998,925	Citibank NA		09/20/19		47,197
CNY	185,560,000	USD	26,712,733	JPMorgan Chase Bank NA		09/20/19		281,020
EUR	47,730,000	USD	54,191,210	Morgan Stanley & Co. International plc		09/20/19		432,032
GBP	21,120,000	USD	26,634,508	HSBC Bank plc		09/20/19		284,445
IDR	14,589,375,004	USD	1,020,950	Bank of America NA		09/20/19		1,138
IDR	214,912,084,115	USD	14,867,664	Morgan Stanley & Co. International plc		09/20/19		188,432
INR	1,867,800,000	USD	26,580,333	Natwest Markets plc		09/20/19		215,539
JPY	2,898,000,000	USD	26,944,993	Standard Chartered Bank		09/20/19		95,416
KRW	61,300,000,000	USD	51,884,956	JPMorgan Chase Bank NA		09/20/19		1,203,235
MYR	111,350,000	USD	26,757,179	UBS AG		09/20/19		150,874
NZD	20,570,000	USD	13,455,372	HSBC Bank plc		09/20/19		384,534
NZD	20,570,000	USD	13,458,447	Standard Chartered Bank		09/20/19		381,459
PHP	1,406,000,000	USD	26,940,027	Bank of America NA		09/20/19		391,914
TWD	587,527,500	USD	19,041,565	Citibank NA		09/20/19		1,859
USD	26,981,125	GBP	21,120,000	Citibank NA		09/20/19		62,173
USD	26,160,776	KRW	30,200,000,000	Bank of America NA		09/20/19		6,398
USD	49,646,032	CNH	333,901,831	JPMorgan Chase Bank NA		10/18/19		1,090,769
USD	117,456,320	EUR	90,560,000	Deutsche Bank AG		12/13/19		13,144,492
USD	118,217,024	EUR	90,560,000	Deutsche Bank AG		02/25/20		13,362,804
JPY	12,064,650,000	USD	111,792,532	JPMorgan Chase Bank NA		03/16/20		2,200,073
USD	120,429,726	JPY	12,064,650,000	HSBC Bank plc		03/16/20		6,437,122
								76,025,190
NOK	62,944,278	USD	7,398,000	Citibank NA		07/01/19		(19,224	)
BRL	43,024,938	USD	11,230,000	BNP Paribas SA		07/02/19		(25,443	)
USD	42,502,000	BRL	163,952,476	Bank of America NA		07/02/19		(194,514	)
USD	53,671,885	BRL	207,529,950	BNP Paribas SA		07/02/19		(373,076	)
USD	100,603,000	BRL	387,220,945	Credit Suisse International		07/02/19		(237,101	)
USD	14,940,000	BRL	57,762,873	HSBC Bank plc		07/02/19		(102,611	)
USD	7,385,000	BRL	28,450,713	JPMorgan Chase Bank NA		07/02/19		(24,136	)
USD	48,579,115	BRL	188,505,763	Morgan Stanley & Co. International plc		07/02/19		(511,566	)
USD	19,977,000	BRL	80,037,613	Royal Bank of Canada		07/02/19		(866,400	)
BRL	34,479,797	USD	8,990,000	BNP Paribas SA		07/03/19		(11,587	)
EUR	2,414,855,000	USD	2,747,863,505	UBS AG		07/03/19		(1,699,210	)
GBP	959,000	USD	1,217,947	State Street Bank and Trust Co.		07/03/19		(2	)
JPY	10,176,997,000	USD	94,520,266	Barclays Bank plc		07/03/19		(119,347	)
JPY	13,477,151,500	USD	125,133,368	Natwest Markets plc		07/03/19		(120,510	)
MXN	970,832,000	USD	50,742,328	Citibank NA		07/03/19		(169,894	)
USD	631,882	AUD	914,000	Citibank NA		07/03/19		(9,814	)
USD	8,990,000	BRL	34,756,239	HSBC Bank plc		07/03/19		(60,397	)
USD	9,649,430	EUR	8,487,000	ANZ Banking Group Ltd.		07/03/19		(1,955	)
USD	70,126,928	EUR	61,677,000	Bank of America NA		07/03/19		(11,931	)
USD	27,249,134	EUR	24,125,000	Commonwealth Bank of Australia		07/03/19		(185,728	)
USD	18,572,196	EUR	16,429,000	Deutsche Bank AG		07/03/19		(110,803	)
USD	2,469,309,520	EUR	2,209,756,000	HSBC Bank plc		07/03/19		(43,616,940	)
USD	4,237,945	EUR	3,774,000	JPMorgan Chase Bank NA		07/03/19		(53,834	)
USD	11,829,801	EUR	10,403,000	JPMorgan Chase Bank NA		07/03/19		(453	)
USD	20,567,101	EUR	18,338,000	State Street Bank and Trust Co.		07/03/19		(286,805	)
USD	636,980,242	GBP	505,800,000	JPMorgan Chase Bank NA		07/03/19		(5,393,687	)

100 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Forward Foreign Currency Exchange Contracts  (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	40,511,858	GBP	31,899,000	Royal Bank of Canada		07/03/19	$	(372	)
USD	244,183,060	JPY	26,525,850,000	Barclays Bank plc		07/03/19		(1,868,364	)
USD	9,665,402	JPY	1,042,993,000	JPMorgan Chase Bank NA		07/03/19		(9,309	)
USD	385,307	NOK	3,366,000	UBS AG		07/03/19		(9,293	)
USD	8,519,576	NZD	13,093,000	ANZ Banking Group Ltd.		07/03/19		(276,507	)
EUR	62,827,888	USD	71,460,000	Standard Chartered Bank		07/05/19		(238	)
USD	11,380,186	AUD	16,236,000	Deutsche Bank AG		07/05/19		(19,480	)
USD	71,460,000	AUD	101,915,297	Morgan Stanley &Co. International plc		07/05/19		(97,057	)
USD	71,460,000	CAD	93,578,799	Royal Bank of Canada		07/05/19		(4,008	)
USD	25,092,356	TWD	785,139,819	BNP Paribas SA		07/05/19		(221,034	)
USD	10,090,135	TRY	59,417,657	Citibank NA		07/08/19		(137,444	)
USD	12,057,350	ZAR	174,451,769	BNP Paribas SA		07/08/19		(318,954	)
USD	3,603,000	ZAR	51,906,086	Citibank NA		07/08/19		(79,425	)
USD	10,777,050	ZAR	156,660,167	Goldman Sachs International		07/08/19		(337,047	)
USD	7,525,000	TRY	49,108,150	BNP Paribas SA		07/10/19		(918,540	)
USD	20,194,000	IDR	286,613,442,000	UBS AG		07/15/19		(72,723	)
JPY	446,622,000	AUD	6,000,000	Barclays Bank plc		07/16/19		(67,234	)
JPY	1,670,972,027	AUD	22,373,000	National Australia Bank Ltd.		07/16/19		(198,769	)
JPY	4,810,687,185	AUD	64,525,000	UBS AG		07/16/19		(652,104	)
USD	15,088,000	IDR	218,504,416,000	JPMorgan Chase Bank NA		07/16/19		(360,481	)
USD	15,088,000	IDR	220,662,000,000	UBS AG		07/16/19		(513,024	)
CNY	399,904,527	USD	59,810,415	Bank of America NA		07/17/19		(1,605,029	)
CNY	201,455,000	USD	30,128,617	Citibank NA		07/17/19		(807,204	)
TWD	193,080,665	USD	6,246,544	BNP Paribas SA		07/17/19		(7,633	)
TWD	1,186,066,942	USD	38,365,419	Goldman Sachs International		07/17/19		(40,682	)
USD	86,850,607	CNY	603,681,194	BNP Paribas SA		07/17/19		(1,014,107	)
USD	93,492,673	CNY	650,120,000	Citibank NA		07/17/19		(1,131,125	)
USD	8,791,801	CNY	61,117,939	Goldman Sachs International		07/17/19		(103,805	)
USD	221,277,741	CNY	1,535,317,338	HSBC Bank plc		07/17/19		(2,184,937	)
USD	14,621,053	CNY	100,549,861	JPMorgan Chase Bank NA		07/17/19		(13,798	)
USD	28,913,253	IDR	413,604,081,000	Citibank NA		07/17/19		(324,833	)
USD	71,284,010	IDR	1,018,577,212,998	HSBC Bank plc		07/17/19		(720,232	)
USD	59,656,884	IDR	855,002,356,149	JPMorgan Chase Bank NA		07/17/19		(784,087	)
USD	55,791,793	IDR	799,413,965,000	UBS AG		07/17/19		(719,578	)
USD	17,833,840	INR	1,232,675,000	Bank of America NA		07/17/19		(7,252	)
USD	19,251,504	MYR	79,990,000	Goldman Sachs International		07/17/19		(100,817	)
USD	19,255,114	MYR	80,005,000	Morgan Stanley &Co. International plc		07/17/19		(100,836	)
USD	19,238,908	MYR	80,005,000	UBS AG		07/17/19		(117,042	)
USD	53,864,482	SGD	73,630,000	BNP Paribas SA		07/17/19		(571,500	)
USD	27,075,655	TWD	850,690,000	Bank of America NA		07/17/19		(412,229	)
USD	27,074,666	TWD	850,685,994	BNP Paribas SA		07/17/19		(413,089	)
USD	27,930,848	TWD	876,470,000	HSBC Bank plc		07/17/19		(390,052	)
BRL	25,213,210	USD	6,567,308	Goldman Sachs International		07/18/19		(11,137	)
COP	19,969,049,980	USD	6,220,888	Citibank NA		07/18/19		(13,728	)
TRY	40,328,470	USD	6,902,369	Bank of America NA		07/18/19		(80	)
USD	10,011,394	IDR	143,363,163,100	Credit Suisse International		07/18/19		(121,658	)
USD	9,855,487	MXN	190,127,130	Goldman Sachs International		07/18/19		(23,831	)
USD	10,083,554	PLN	38,050,640	JPMorgan Chase Bank NA		07/18/19		(112,396	)
USD	45,327	RUB	2,940,500	Bank of America NA		07/18/19		(1,076	)
USD	12,690,909	TRY	74,919,510	Morgan Stanley &Co. International plc		07/18/19		(131,697	)
USD	6,899,249	TRY	40,442,310	UBS AG		07/18/19		(22,523	)
USD	6,798,774	ZAR	96,151,000	Bank of America NA		07/18/19		(13,855	)
MXN	543,971,355	EUR	25,153,000	HSBC Bank plc		07/19/19		(382,166	)
MXN	386,932,621	USD	20,128,000	Bank of America NA		07/24/19		(42,864	)
MXN	817,435,384	USD	42,509,450	Barclays Bank plc		07/24/19		(77,511	)
MXN	580,084,101	USD	30,251,000	Citibank NA		07/24/19		(139,637	)
MXN	771,714,256	USD	40,097,000	JPMorgan Chase Bank NA		07/24/19		(38,381	)
MXN	385,245,361	USD	20,179,000	Morgan Stanley &Co. International plc		07/24/19		(181,446	)
RUB	1,279,859,375	USD	20,275,000	Deutsche Bank AG		07/24/19		(92,489	)
TRY	157,946,774	USD	26,981,000	Bank of America NA		07/24/19		(41,232	)
USD	50,201,900	IDR	720,146,255,500	Bank of America NA		07/24/19		(656,269	)
USD	49,999,000	IDR	708,450,830,700	Citibank NA		07/24/19		(33,215	)
USD	16,666,000	IDR	239,390,424,000	JPMorgan Chase Bank NA		07/24/19		(240,231	)

CONSOLIDATED SCHEDULES OF INVESTMENTS 101

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	20,171,000	IDR	289,816,928,000	UBS AG		07/24/19	$	(296,451	)
USD	33,565,800	MXN	646,760,588	Bank of America NA		07/24/19		(6,647	)
USD	20,164,000	MXN	388,671,182	Deutsche Bank AG		07/24/19		(11,384	)
USD	10,063,000	TRY	60,102,777	Citibank NA		07/24/19		(188,269	)
USD	28,576,000	ZAR	405,236,256	Bank of America NA		07/24/19		(114,329	)
USD	20,143,000	ZAR	296,873,843	BNP Paribas SA		07/24/19		(875,377	)
USD	17,114,000	ZAR	248,309,018	Goldman Sachs International		07/24/19		(466,035	)
USD	28,576,000	ZAR	405,653,466	HSBC Bank plc		07/24/19		(143,868	)
USD	3,351,000	ZAR	48,806,011	UBS AG		07/24/19		(104,418	)
USD	673,698,716	GBP	530,589,000	State Street Bank and Trust Co.		08/06/19		(1,318,351	)
USD	8,778,779	NZD	13,093,000	State Street Bank and Trust Co.		08/06/19		(24,146	)
USD	77,450,930	IDR	1,138,761,022,102	Standard Chartered Bank		08/07/19		(2,811,224	)
USD	68,128,965	RUB	4,427,892,300	HSBC Bank plc		08/07/19		(1,559,537	)
USD	52,580,700	RUB	3,456,421,681	Morgan Stanley &Co. International plc		08/07/19		(1,818,287	)
USD	28,230,162	IDR	411,031,158,207	Goldman Sachs International		08/08/19		(736,026	)
USD	26,577,709	IDR	389,840,656,879	UBS AG		08/08/19		(895,142	)
USD	77,034,400	IDR	1,138,761,022,102	Citibank NA		08/14/19		(3,149,180	)
USD	24,102,000	ARS	1,242,458,100	Bank of America NA		08/21/19		(2,995,960	)
USD	109,960,309	ZAR	1,622,486,347	Bank of America NA		08/21/19		(4,488,885	)
USD	80,116,750	ZAR	1,172,649,000	BNP Paribas SA		08/21/19		(2,601,193	)
ZAR	964,017,749	USD	68,005,908	Bank of America NA		08/21/19		(4,686	)
ARS	469,896,300	USD	10,138,000	Citibank NA		09/03/19		(81,914	)
USD	3,862,734	CHF	3,835,301	Bank of America NA		09/09/19		(91,416	)
USD	28,982,691	EUR	25,490,000	Bank of America NA		09/09/19		(165,250	)
USD	10,690,942	EUR	9,471,731	JPMorgan Chase Bank NA		09/09/19		(140,029	)
AUD	7,459,000	JPY	563,334,261	Standard Chartered Bank		09/18/19		(6,462	)
EUR	18,610,085	GBP	16,725,182	Deutsche Bank AG		09/18/19		(21,126	)
EUR	6,258,630	GBP	5,624,818	Natwest Markets plc		09/18/19		(7,217	)
EUR	99,410,000	USD	113,788,662	Bank of America NA		09/18/19		(38,281	)
EUR	44,632,000	USD	51,181,634	Citibank NA		09/18/19		(111,249	)
EUR	16,034,000	USD	18,359,876	Deutsche Bank AG		09/18/19		(12,892	)
EUR	3,970,000	USD	4,547,250	Natwest Markets plc		09/18/19		(4,558	)
EUR	3,965,000	USD	4,541,081	Standard Chartered Bank		09/18/19		(4,110	)
GBP	9,060,000	EUR	10,094,071	Barclays Bank plc		09/18/19		(3,456	)
GBP	18,130,000	EUR	20,362,664	Goldman Sachs International		09/18/19		(193,866	)
GBP	35,015,000	EUR	39,297,041	Natwest Markets plc		09/18/19		(340,127	)
GBP	1,180,000	USD	1,510,152	Natwest Markets plc		09/18/19		(6,273	)
GBP	1,180,000	USD	1,509,497	Nomura International plc		09/18/19		(5,618	)
JPY	3,860,826,779	CHF	34,914,000	Citibank NA		09/18/19		(3,823	)
JPY	7,653,449,146	CHF	69,831,000	HSBC Bank plc		09/18/19		(647,048	)
JPY	8,981,831,720	USD	83,920,000	Bank of America NA		09/18/19		(124,809	)
JPY	1,861,441,792	USD	17,458,000	Citibank NA		09/18/19		(91,846	)
JPY	401,355,000	USD	3,758,672	HSBC Bank plc		09/18/19		(14,266	)
JPY	401,295,000	USD	3,760,578	Natwest Markets plc		09/18/19		(16,732	)
KRW	8,584,158,000	USD	7,458,000	BNP Paribas SA		09/18/19		(24,282	)
KRW	4,341,885,000	USD	3,762,791	JPMorgan Chase Bank NA		09/18/19		(2,801	)
MXN	16,273,032	USD	838,000	Goldman Sachs International		09/18/19		(1,379	)
MXN	3,744,179,244	USD	192,582,000	JPMorgan Chase Bank NA		09/18/19		(88,215	)
RUB	214,478,999	USD	3,370,000	Goldman Sachs International		09/18/19		(15,404	)
SEK	227,765,925	NZD	36,990,000	Bank of America NA		09/18/19		(220,213	)
SEK	307,840,000	NZD	50,000,000	Citibank NA		09/18/19		(301,456	)
SEK	322,111,676	USD	34,914,000	Bank of America NA		09/18/19		(29,810	)
TWD	46,270,000	USD	1,501,785	Bank of America NA		09/18/19		(2,180	)
TWD	46,260,000	USD	1,500,584	Citibank NA		09/18/19		(1,303	)
USD	12,093,876	AUD	17,252,000	Standard Chartered Bank		09/18/19		(46,856	)
USD	6,820,000	BRL	26,848,430	Standard Chartered Bank		09/18/19		(118,760	)
USD	25,346,000	CAD	33,631,576	Bank of America NA		09/18/19		(373,037	)
USD	23,240,000	CAD	30,645,426	Deutsche Bank AG		09/18/19		(195,443	)
USD	12,715,848	CAD	16,671,875	Royal Bank of Canada		09/18/19		(33,617	)
USD	11,140,000	CHF	11,024,777	Bank of America NA		09/18/19		(234,983	)
USD	174,424,733	CNY	1,211,310,000	Bank of America NA		09/18/19		(1,790,937	)
USD	2,784,836	CNY	19,312,000	BNP Paribas SA		09/18/19		(24,583	)
USD	5,919,000	CNY	41,080,222	HSBC Bank plc		09/18/19		(57,157	)

102 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	333,680,380	EUR	294,346,809	Citibank NA		09/18/19	$	(3,127,404	)
USD	41,744,206	EUR	36,736,230	Deutsche Bank AG		09/18/19		(291,405	)
USD	31,178,293	EUR	27,447,000	HSBC Bank plc		09/18/19		(228,072	)
USD	11,698,279	EUR	10,328,961	JPMorgan Chase Bank NA		09/18/19		(120,685	)
USD	332,694,560	EUR	293,586,000	Natwest Markets plc		09/18/19		(3,242,664	)
USD	397,991,316	EUR	349,055,919	Standard Chartered Bank		09/18/19		(1,417,636	)
USD	95,618,602	IDR	1,384,174,887,241	BNP Paribas SA		09/18/19		(1,378,837	)
USD	2,756,195	IDR	39,960,942,780	UBS AG		09/18/19		(44,108	)
USD	34,914,000	JPY	3,750,496,794	JPMorgan Chase Bank NA		09/18/19		(75,922	)
USD	8,204,000	KRW	9,619,600,200	JPMorgan Chase Bank NA		09/18/19		(126,391	)
USD	67,480,674	RUB	4,421,435,000	Barclays Bank plc		09/18/19		(1,673,540	)
USD	3,550,000	RUB	231,492,529	BNP Paribas SA		09/18/19		(70,699	)
USD	11,869,000	SEK	110,901,562	Citibank NA		09/18/19		(141,466	)
USD	75,003,676	SGD	101,465,000	Bank of America NA		09/18/19		(79,390	)
USD	3,728,000	ZAR	53,285,795	Bank of America NA		09/18/19		(17,614	)
USD	22,496,019	ZAR	323,495,000	Citibank NA		09/18/19		(243,387	)
TWD	94,636,150	USD	3,070,608	BNP Paribas SA		09/20/19		(3,184	)
TWD	581,336,350	USD	18,859,249	Goldman Sachs International		09/20/19		(16,497	)
USD	15,548,218	AUD	22,550,000	HSBC Bank plc		09/20/19		(321,644	)
USD	37,924,373	AUD	55,000,000	Standard Chartered Bank		09/20/19		(782,609	)
USD	27,349,744	CAD	35,970,000	HSBC Bank plc		09/20/19		(158,319	)
USD	27,339,973	CAD	35,970,000	Royal Bank of Canada		09/20/19		(168,089	)
USD	53,972,986	CHF	53,190,000	HSBC Bank plc		09/20/19		(915,805	)
USD	13,950,274	CNY	97,097,674	UBS AG		09/20/19		(174,702	)
USD	15,292,322	EUR	13,469,021	Morgan Stanley &Co. International plc		09/20/19		(121,916	)
USD	25,627,098	EUR	22,730,000	Natwest Markets plc		09/20/19		(385,605	)
USD	28,183,738	EUR	25,000,000	Standard Chartered Bank		09/20/19		(426,802	)
USD	24,361,094	HKD	190,790,000	Bank of America NA		09/20/19		(71,389	)
USD	24,358,051	HKD	190,791,742	HSBC Bank plc		09/20/19		(74,655	)
USD	13,118,326	INR	921,300,000	JPMorgan Chase Bank NA		09/20/19		(98,848	)
USD	24,034,280	INR	1,688,888,888	Natwest Markets plc		09/20/19		(194,893	)
USD	106,604,326	JPY	11,478,780,716	Bank of America NA		09/20/19		(500,894	)
USD	4,456,164	KRW	5,264,779,507	JPMorgan Chase Bank NA		09/20/19		(103,340	)
USD	40,257,757	PHP	2,108,500,000	Standard Chartered Bank		09/20/19		(730,436	)
USD	27,120,970	THB	849,700,000	Bank of New York		09/20/19		(639,295	)
USD	26,525,573	THB	827,200,000	HSBC Bank plc		09/20/19		(499,602	)
USD	46,092,073	TWD	1,446,184,890	Goldman Sachs International		09/20/19		(782,862	)
CNY	333,901,831	USD	49,597,729	HSBC Bank plc		10/18/19		(1,042,467	)
USD	33,346,087	CNY	230,950,000	Bank of America NA		10/18/19		(238,148	)
EUR	90,560,000	USD	110,801,971	JPMorgan Chase Bank NA		12/13/19		(6,490,143	)
EUR	90,560,000	USD	111,601,163	JPMorgan Chase Bank NA		02/25/20		(6,746,943	)
								(138,588,150	)
Net Unrealized Depreciation							$	(62,562,960	)

Interest Rate Caps Purchased

Description	Exercise Rate			Counterparty	Expiration Date		Notional Amount (000)			Value		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
5Y-30Y CMS Index Cap		0.35	%	Goldman Sachs International		07/26/19		USD	2,086,000	$	2,444,250	$	1,053,430	$	1,390,820
5Y-30Y CMS Index Cap		0.45	%	Goldman Sachs International		10/03/19		USD	457,775		400,471		383,615		16,856
2Y-10Y CMS Index Cap		0.50	%	Citibank NA		03/13/20		USD	5,200,220		3,730,638		2,002,085		1,728,553
2Y-10Y CMS Index Cap		0.40	%	Goldman Sachs International		03/31/20		USD	2,000,000		2,619,980		1,670,000		949,980
2Y-10Y CMS Index Cap		0.22	%	Goldman Sachs International		05/29/20		USD	3,145,483		7,489,615		4,875,498		2,614,117
5Y-30Y CMS Index Cap		0.35	%	Morgan Stanley &Co. International plc		06/22/20		USD	1,032,732		2,187,326		1,296,079		891,247
										$	18,872,280	$	11,280,707	$	7,591,573

CONSOLIDATED SCHEDULES OF INVESTMENTS 103

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Interest Rate Floors Purchased

Description	Exercise Rate			Counterparty	Expiration Date		Notional Amount (000)			Value		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
5Y-30Y CMS Index Cap		0.40	%	Nomura International plc		06/29/20		USD	549,120	$	750,372	$	589,471	$	160,901

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
SPDR S&P 500 ETF Trust		7,436		07/05/19	USD	294.00	USD	217,875	$	1,937,078
SPDR S&P 500 ETF Trust		29,001		07/05/19	USD	296.00	USD	849,729		4,596,658
Texas Instruments, Inc.		800		07/05/19	USD	120.00	USD	9,181		24,400
U.S. Treasury 10 Year Note		1,098		07/05/19	USD	129.00	USD	109,800		85,781
CBOE Volatility Index		350		07/17/19	USD	24.00	USD	528		7,875
SPDR S&P 500 ETF Trust		5,002		07/17/19	USD	300.00	USD	146,559		522,709
Altice Europe NV		2,865		07/19/19	EUR	3.20	EUR	902		47,238
EURO STOXX 50 Index		772		07/19/19	EUR	3,500.00	EUR	26,817		247,990
First Quantum Minerals Ltd.		500		07/19/19	CAD	19.00	CAD	622		1,527
iShares China Large-Cap ETF		40,061		07/19/19	USD	42.00	USD	171,341		5,588,510
Liberty Global plc		2,871		07/19/19	USD	27.50	USD	7,749		193,793
Liberty Global plc		5,724		07/19/19	USD	30.00	USD	15,449		100,170
Lions Gate Entertainment Corp.		450		07/19/19	USD	15.00	USD	551		6,750
Mylan NV		650		07/19/19	USD	25.00	USD	1,238		2,600
Mylan NV		1,000		07/19/19	USD	22.50	USD	1,904		4,500
Mylan NV		1,000		07/19/19	USD	32.50	USD	1,904		3,000
NXP Semiconductors NV		850		07/19/19	USD	115.00	USD	8,297		15,300
NXP Semiconductors NV		1,650		07/19/19	USD	105.00	USD	16,106		157,575
QUALCOMM, Inc.		750		07/19/19	USD	90.00	USD	5,705		6,375
SPDR S&P 500 ETF Trust		4,315		07/19/19	USD	290.00	USD	126,430		2,925,570
SPDR S&P 500 ETF Trust		5,581		07/19/19	USD	293.00	USD	163,523		2,584,003
SPDR S&P 500 ETF Trust		19,547		07/19/19	USD	300.00	USD	572,727		2,374,961
SPDR S&P 500 ETF Trust		21,689		07/19/19	USD	299.00	USD	635,488		3,350,951
SPDR S&P Oil &Gas Exploration &Production ETF		3,374		07/19/19	USD	30.00	USD	9,194		33,740
VanEck Vectors Semiconductor ETF		15,244		07/19/19	USD	117.00	USD	169,971		1,044,214
Walt Disney Co. (The)		1,300		07/19/19	USD	150.00	USD	18,153		33,150
Xerox Corp.		500		07/19/19	USD	37.00	USD	1,771		15,750
iShares MSCI Emerging Markets ETF		5,000		07/26/19	USD	43.00	USD	21,455		510,000
SPDR S&P 500 ETF Trust		4,465		07/26/19	USD	296.00	USD	130,825		1,547,122
U.S. Treasury 30 Year Bond		1,000		07/26/19	USD	155.50	USD	100,000		1,265,625
Altice Europe NV		5,062		08/16/19	EUR	3.60	EUR	1,599		80,584
CVS Health Corp.		3,023		08/16/19	USD	57.50	USD	16,472		288,696
iShares 20+ Year Treasury Bond ETF		350		08/16/19	USD	134.00	USD	4,648		47,425
Mylan NV		1,000		08/16/19	USD	32.50	USD	1,904		4,500
Telecom Italia SpA		5,310		08/16/19	EUR	0.50	EUR	2,543		79,702
Walt Disney Co. (The)		650		08/16/19	USD	155.00	USD	9,077		44,850
Altice Europe NV		2,725		09/20/19	EUR	3.50	EUR	861		68,169
CBS Corp.		650		09/20/19	USD	55.00	USD	3,244		41,925
CBS Corp.		1,150		09/20/19	USD	60.00	USD	5,739		17,825
DAX Index		2,968		09/20/19	EUR	12,400.00	EUR	183,998		5,408,297
EURO STOXX 50 Index		11,124		09/20/19	EUR	3,550.00	EUR	386,413		5,445,437
EURO STOXX Bank Index		24,091		09/20/19	EUR	105.00	EUR	105,880		205,454
Intelsat SA		350		09/20/19	USD	30.00	USD	681		10,500
Intelsat SA		850		09/20/19	USD	32.00	USD	1,679		17,000
Lions Gate Entertainment Corp.		150		09/20/19	USD	17.50	USD	184		3,000
Pfizer,Inc.		19,984		09/20/19	USD	42.00	USD	86,571		4,456,432
SPDR S&P 500 ETF Trust		1,515		09/20/19	USD	303.00	USD	44,390		548,430
EURO STOXX 50 Index		2,453		10/18/19	EUR	3,600.00	EUR	85,210		994,388
Walt Disney Co. (The)		750		10/18/19	USD	160.00	USD	10,473		87,000
SPDR S&P 500 ETF Trust		447		12/20/19	USD	285.00	USD	13,097		832,984
SPDR S&P 500 ETF Trust		582		12/20/19	USD	290.00	USD	17,053		876,492
SPDR S&P 500 ETF Trust		9,200		12/20/19	USD	300.00	USD	269,560		8,059,200
Alphabet, Inc.		296		01/17/20	USD	1,100.00	USD	31,995		2,077,920
Apple, Inc.		2,000		01/17/20	USD	195.00	USD	39,584		3,390,000

104 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Exchange-Traded Options Purchased (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Caesars Entertainment Corp.		5,294		01/17/20	USD	12.00	USD	6,258	$	248,818
Emerson Electric Co.		5,997		01/17/20	USD	65.00	USD	40,012		3,088,455
Lowe’s Cos., Inc.		4,999		01/17/20	USD	100.00	USD	50,445		4,161,667
Microsoft Corp.		2,525		01/17/20	USD	130.00	USD	33,825		2,859,562
QUALCOMM, Inc.		5,997		01/17/20	USD	70.00	USD	45,619		6,146,925
Taiwan Semiconductor Manufacturing Co. Ltd.		4,999		01/17/20	USD	40.00	USD	19,581		1,412,217
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		10,125		01/17/20	USD	37.00	USD	35,134		151,875
90-day Eurodollar March 2020 Futures		10,237		03/16/20	USD	97.75	USD	2,559,250		14,715,687
EURO STOXX 50 Index		893		03/20/20	EUR	3,600.00	EUR	31,020		839,253
										95,945,584
Put
SPDR S&P 500 ETF Trust		3,500		07/01/19	USD	290.00	USD	102,550		176,750
U.S. Treasury 10 Year Note		5,005		07/05/19	USD	127.50	USD	500,500		1,016,641
SPDR S&P 500 ETF Trust		350		07/08/19	USD	280.00	USD	10,255		8,400
90-day Eurodollar December 2019 Futures		10,002		07/12/19	USD	98.25	USD	2,500,500		500,100
90-day Eurodollar July 2019 Futures		1,303		07/12/19	USD	97.25	USD	325,750		8,144
90-day Eurodollar July 2019 Futures		1,304		07/12/19	USD	97.13	USD	326,000		8,150
90-day Eurodollar July 2019 Futures		2,200		07/12/19	USD	98.00	USD	550,000		13,750
90-day Eurodollar July 2019 Futures		3,911		07/12/19	USD	97.00	USD	977,750		24,444
90-day Eurodollar July 2019 Futures		5,018		07/12/19	USD	98.13	USD	1,254,500		94,088
Invesco QQQ Trust, Series 1		350		07/12/19	USD	184.00	USD	6,536		54,250
SPDR S&P 500 ETF Trust		350		07/12/19	USD	288.00	USD	10,255		44,625
Advanced Micro Devices, Inc.		250		07/19/19	USD	26.00	USD	759		4,875
Bausch Health Cos., Inc.		200		07/19/19	USD	20.00	USD	504		800
Casino Guichard Perrachon SA		1,431		07/19/19	EUR	25.00	EUR	4,293		82,173
Dell Technologies, Inc.		590		07/19/19	USD	50.00	USD	2,997		89,975
EURO STOXX 50 Index		773		07/19/19	EUR	3,450.00	EUR	26,852		281,713
First Quantum Minerals Ltd.		350		07/19/19	CAD	10.00	CAD	435		1,203
Ford Motor Co.		1,125		07/19/19	USD	9.00	USD	1,151		2,813
Industrial Select Sector SPDR Fund		500		07/19/19	USD	74.00	USD	3,871		22,250
Invesco QQQ Trust, Series 1		300		07/19/19	USD	160.00	USD	5,602		2,250
Invesco QQQ Trust, Series 1		350		07/19/19	USD	183.00	USD	6,536		61,775
Invesco Senior Loan ETF		2,000		07/19/19	USD	21.00	USD	4,532		15,000
iShares iBoxx $ High Yield Corporate Bond ETF		600		07/19/19	USD	86.00	USD	5,231		13,200
iShares iBoxx $ High Yield Corporate Bond ETF		950		07/19/19	USD	84.00	USD	8,282		6,650
iShares iBoxx $ High Yield Corporate Bond ETF		2,000		07/19/19	USD	83.00	USD	17,436		9,000
iShares iBoxx $ Investment Grade Corporate Bond ETF		500		07/19/19	USD	120.00	USD	6,219		5,000
iShares iBoxx $ Investment Grade Corporate Bond ETF		1,125		07/19/19	USD	116.00	USD	13,992		14,063
Netflix, Inc.		55		07/19/19	USD	300.00	USD	2,020		5,720
S&P 500 Index		38		07/19/19	USD	2,900.00	USD	11,179		86,450
S&P 500 Index		79		07/19/19	USD	2,910.00	USD	23,240		200,265
S&P 500 Index		197		07/19/19	USD	2,725.00	USD	57,953		80,770
S&P 500 Index		374		07/19/19	USD	2,850.00	USD	110,022		501,160
Sprint Corp.		1,700		07/19/19	USD	6.00	USD	1,117		41,650
VanEck Vectors Semiconductor ETF		200		07/19/19	USD	93.00	USD	2,230		2,300
VanEck Vectors Semiconductor ETF		450		07/19/19	USD	100.00	USD	5,018		23,400
Walgreens Boots Alliance, Inc.		667		07/19/19	USD	47.50	USD	3,646		3,669
90-day Eurodollar August 2019 Futures		1,018		08/16/19	USD	97.88	USD	254,500		108,162
Avantor, Inc.		350		08/16/19	USD	15.00	USD	668		4,375
Bausch Health Cos., Inc.		350		08/16/19	USD	19.00	USD	883		4,550
CommScope Holding Co., Inc.		350		08/16/19	USD	15.00	USD	551		29,750
CommScope Holding Co., Inc.		700		08/16/19	USD	17.00	USD	1,101		136,500
iShares iBoxx $ High Yield Corporate Bond ETF		500		08/16/19	USD	86.00	USD	4,359		27,250
iShares iBoxx $ High Yield Corporate Bond ETF		650		08/16/19	USD	85.00	USD	5,667		22,425
S&P 500 Index		79		08/16/19	USD	2,800.00	USD	23,240		173,010
S&P Global, Inc.		325		08/16/19	USD	150.00	USD	7,403		9,750
Sprint Corp.		1,250		08/16/19	USD	6.00	USD	821		45,625
U.S. Treasury 10 Year Note		975		08/23/19	USD	124.00	USD	97,500		60,937
U.S. Treasury 5 Year Note		252		08/23/19	USD	117.25	USD	25,200		51,188
90-day Eurodollar September 2019 Futures		6,484		09/13/19	USD	97.50	USD	1,621,000		81,050
Teva Pharmaceutical Industries Ltd.		1,125		09/20/19	USD	9.00	USD	1,038		104,625
First Quantum Minerals Ltd.		500		10/18/19	CAD	9.00	CAD	622		9,545

CONSOLIDATED SCHEDULES OF INVESTMENTS 105

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Exchange-Traded Options Purchased (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Invesco Senior Loan ETF		3,250		10/18/19	USD	22.00	USD	7,365	$	56,875
CommScope Holding Co., Inc		100		11/15/19	USD	15.00	USD	157		13,250
90-day Eurodollar December 2019 Futures		5,882		12/13/19	USD	97.50	USD	1,470,500		110,287
90-day Eurodollar December 2019 Futures		6,246		12/16/19	USD	97.63	USD	1,561,500		390,375
Caesars Entertainment Corp		1,136		01/17/20	USD	10.00	USD	1,343		19,880
										4,966,875
									$	100,912,459

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Expiration Date

Exercise Price

Barrier Price/Range

Notional Amount (000)

Value

Call

USD Currency

Down and Out

Deutsche Bank AG

07/01/19

MXN

20.25

MXN

20.25

USD

1,605

$

—

USD Currency

Up and In

HSBC Bank plc

07/01/19

MXN

20.50

MXN

20.25

USD

1,475

—

EURO STOXX 50 Index

One Touch

Citibank NA

03/20/20

EUR

105.00

EUR

105.00

EUR

2,397

247,734

EURO STOXX 50 Index

One Touch

Citibank NA

03/20/20

EUR

107.00

EUR

107.00

EUR

2,352

275,700

EURO STOXX 50 Index

One Touch

Citibank NA

03/20/20

EUR

103.00

EUR

103.00

EUR

2,443

217,001

740,435

Put

USD Currency

Down and Out

BNP Paribas SA

07/01/19

KRW

1,180.00

KRW

1,148.00

USD

50,094

222,847

GBP Currency

Up and In

Citibank NA

07/02/19

USD

1.36

USD

1.36

GBP

962

1

GBP Currency

Up and In

JPMorgan Chase Bank NA

07/02/19

USD

1.37

USD

1.37

GBP

962

1

USD Currency

Down and Out

Citibank NA

07/03/19

JPY

107.80

JPY

106.50

USD

80,605

308,488

EUR Currency

Down and Out

HSBC Bank plc

07/09/19

USD

1.13

USD

1.11

EUR

74,260

33,580

AUD Currency

Down and In

Barclays Bank plc

07/11/19

JPY

75.00

JPY

75.00

AUD

600

121,543

AUD Currency

Down and In

Citibank NA

07/11/19

JPY

75.00

JPY

75.00

AUD

1,387

280,967

AUD Currency

Down and In

Barclays Bank plc

07/11/19

JPY

75.00

JPY

75.00

AUD

1,480

299,806

AUD Currency

Down and In

Citibank NA

07/11/19

JPY

77.00

JPY

75.00

AUD

25,000

241,154

USD Currency

Down and Out

Deutsche Bank AG

07/11/19

BRL

3.87

BRL

3.74

USD

40,332

200,269

EUR Currency

Down and Out

HSBC Bank plc

07/18/19

USD

1.11

USD

1.11

EUR

1,500

27,413

EUR Currency

Down and Out

HSBC Bank plc

07/18/19

USD

1.11

USD

1.11

EUR

11,045

201,852

EUR Currency

Down and Out

Citibank NA

07/18/19

USD

1.11

USD

1.11

EUR

13,624

248,985

AUD Currency

Down and Out

Bank of America NA

07/30/19

JPY

70.00

JPY

70.00

AUD

15,000

395,010

USD Currency

Up and In

Deutsche Bank AG

08/07/19

CNH

6.80

CNH

6.85

USD

40,172

138,180

USD Currency

Up and In

Morgan Stanley &Co. International plc

08/07/19

CNH

6.70

CNH

6.95

USD

84,975

97,587

EUR Currency

Down and Out

Bank of America NA

08/08/19

USD

1.10

USD

1.10

EUR

1,850

55,312

EUR Currency

Down and Out

HSBC Bank plc

08/09/19

USD

1.10

USD

1.10

EUR

1,250

38,825

USD Currency

Up and In

Deutsche Bank AG

08/09/19

CNH

7.10

CNH

7.10

USD

1,480

91,776

USD Currency

Up and In

Deutsche Bank AG

08/09/19

CNH

7.10

CNH

7.10

USD

2,250

139,525

USD Currency

Up and In

Morgan Stanley &Co. International plc

08/12/19

CNH

6.81

CNH

6.92

USD

40,172

166,923

USD Currency

Down and In

HSBC Bank plc

08/14/19

BRL

3.80

BRL

3.80

USD

2,959

1,185,472

USD Currency

Down and Out

Bank of America NA

08/14/19

BRL

3.80

BRL

3.80

USD

1,480

592,936

EUR Currency

Up and In

Bank of America NA

08/28/19

USD

1.20

USD

1.20

EUR

5,000

361,333

USD Currency

Down and Out

Bank of America NA

09/17/19

CHF

0.96

CHF

0.96

USD

1,118

291,004

EUR Currency

Down and In

Bank of America NA

11/27/19

USD

1.09

USD

1.09

EUR

2,620

202,356

USD Currency

Up and Out

BNP Paribas SA

11/29/19

CNH

6.80

CNH

7.00

USD

80,344

528,535

EUR Currency

Up and In

BNP Paribas SA

12/20/19

USD

1.11

USD

1.16

EUR

101,700

183,872

EURO STOXX 50 Index

One Touch

Citibank NA

03/20/20

EUR

105.00

EUR

105.00

EUR

2,397

247,983

EURO STOXX 50 Index

One Touch

Citibank NA

03/20/20

EUR

103.00

EUR

103.00

EUR

2,443

216,901

EURO STOXX 50 Index

One Touch

Citibank NA

03/20/20

EUR

107.00

EUR

107.00

EUR

2,352

275,950

7,396,386

$

8,136,821

106 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Options Purchased

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
USD Currency	Morgan Stanley & Co. International plc		—		07/01/19		BRL	4.00		USD	33,244	$	29
USD Currency	Bank of America NA		—		07/02/19		BRL	4.05		USD	32,778		26
USD Currency	Morgan Stanley & Co. International plc		—		07/02/19		MXN	20.09		USD	32,778		9
USD Currency	Bank of America NA		—		07/03/19		IDR	14,760.00		USD	32,778		14
USD Currency	BNP Paribas SA		—		07/03/19		MXN	20.25		USD	40,305		13
USD Currency	Citibank NA		—		07/03/19		ZAR	15.00		USD	32,778		96
USD Currency	Deutsche Bank AG		—		07/03/19		MXN	20.05		USD	40,305		192
USD Currency	Deutsche Bank AG		—		07/03/19		CNH	6.91		USD	81,184		154,902
USD Currency	Morgan Stanley & Co. International plc		—		07/04/19		JPY	112.50		USD	83,088		8
USD Currency	Morgan Stanley & Co. International plc		—		07/05/19		KRW	1,195.00		USD	20,097		1,207
AUD Currency	HSBC Bank plc		—		07/08/19		JPY	76.50		AUD	55,930		65,181
AUD Currency	Deutsche Bank AG		—		07/11/19		JPY	79.00		AUD	36,990		1,263
USD Currency	BNP Paribas SA		—		07/11/19		TWD	31.60		USD	50,198		19,727
USD Currency	HSBC Bank plc		—		07/11/19		TWD	31.20		USD	40,158		76,863
EUR Currency	Bank of America NA		—		07/12/19		USD	1.14		EUR	650,152		3,884,218
USD Currency	Deutsche Bank AG		—		07/12/19		TRY	6.65		USD	23,474		679
AUD Currency	Bank of America NA		—		07/18/19		USD	0.71		AUD	149,146		265,162
USD Currency	Bank of America NA		—		07/18/19		SEK	9.65		USD	73,980		12,865
USD Currency	Bank of America NA		—		07/18/19		ZAR	15.00		USD	249,627		321,634
USD Currency	BNP Paribas SA		—		07/18/19		TWD	31.50		USD	50,136		47,193
USD Currency	Citibank NA		—		07/18/19		ZAR	15.75		USD	74,574		6,671
USD Currency	Morgan Stanley & Co. International plc		—		07/18/19		ZAR	15.20		USD	55,930		38,706
USD Currency	Bank of America NA		—		07/19/19		CAD	1.36		USD	40,332		2,790
USD Currency	Deutsche Bank AG		—		07/19/19		TWD	31.00		USD	75,000		354,821
USD Currency	Bank of America NA		—		07/24/19		TWD	31.10		USD	50,622		199,814
USD Currency	BNP Paribas SA		—		07/25/19		CNH	7.02		USD	629,571		1,014,692
USD Currency	Morgan Stanley & Co. International plc		—		07/26/19		CNH	7.03		USD	1,105,116		1,706,189
Hang Seng China Enterprises Index	Citibank NA		420		07/30/19		HKD	11,245.54		HKD	228,519		205,437
USD Currency	Bank of America NA		—		07/30/19		CAD	1.33		USD	40,473		89,318
USD Currency	JPMorgan Chase Bank NA		—		07/30/19		TWD	31.10		USD	219,227		960,359
AUD Currency	HSBC Bank plc		—		07/31/19		USD	0.71		AUD	43,397		186,150
USD Currency	BNP Paribas SA		—		08/02/19		JPY	110.00		USD	147,667		152,401
USD Currency	Citibank NA		—		08/02/19		JPY	110.00		USD	37,430		38,215
AUD Currency	Barclays Bank plc		—		08/08/19		JPY	80.00		AUD	36,990		5,172
AUD Currency	Morgan Stanley & Co. International plc		—		08/14/19		JPY	80.00		AUD	221,943		45,422
USD Currency	Citibank NA		—		08/21/19		ZAR	16.00		USD	18,643		29,045
USD Currency	Citibank NA		—		08/21/19		ZAR	15.50		USD	61,223		207,458
USD Currency	Bank of America NA		—		08/23/19		CAD	1.40		USD	110,970		2,591
USD Currency	Royal Bank of Scotland		—		08/28/19		SEK	9.65		USD	124,574		201,059
USD Currency	BNP Paribas SA		—		09/04/19		CHF	1.02		USD	92,475		20,922
USD Currency	UBS AG		—		09/25/19		CAD	1.35		USD	111,859		213,209
USD Currency	Bank of America NA		—		04/15/20		MXN	20.75		USD	80,435		2,372,053
USD Currency	Bank of America NA		—		03/14/24		JPY	113.00		USD	50,000		494,708
USD Currency	Barclays Bank plc		—		12/12/33		JPY	115.00		USD	75,000		1,470,284
													14,868,767
Put
USD Currency	Bank of America NA		—		07/02/19		MXN	19.00		USD	30,201		16,634
AUD Currency	Bank of America NA		—		07/03/19		USD	0.68		AUD	43,074		482
AUD Currency	BNP Paribas SA		—		07/03/19		USD	0.68		AUD	43,074		541
AUD Currency	Royal Bank of Canada		—		07/03/19		USD	0.69		AUD	121,020		9,110
USD Currency	Deutsche Bank AG		—		07/03/19		JPY	107.00		USD	14,796		22,239
USD Currency	JPMorgan Chase Bank NA		—		07/03/19		PLN	3.75		USD	40,332		261,955
USD Currency	HSBC Bank plc		—		07/04/19		JPY	110.00		USD	66,470		1,406,501
USD Currency	JPMorgan Chase Bank NA		—		07/05/19		KRW	1,165.00		USD	40,193		360,564
USD Currency	JPMorgan Chase Bank NA		—		07/05/19		KRW	1,150.00		USD	60,289		135,598
USD Currency	Morgan Stanley & Co. International plc		—		07/05/19		KRW	1,140.00		USD	60,289		37,881
USD Currency	Bank of America NA		—		07/08/19		JPY	107.00		USD	229,675		606,877
USD Currency	Deutsche Bank AG		—		07/09/19		MXN	19.06		USD	40,546		119,991
USD Currency	Morgan Stanley & Co. International plc		—		07/10/19		ZAR	14.25		USD	50,000		757,407
AUD Currency	Barclays Bank plc		—		07/11/19		JPY	78.50		AUD	53,189		1,449,650
AUD Currency	BNP Paribas SA		—		07/11/19		JPY	74.50		AUD	92,476		181,929

CONSOLIDATED SCHEDULES OF INVESTMENTS 107

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Options Purchased (continued)

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
AUD Currency	JPMorgan Chase Bank NA		—		07/11/19		JPY	76.00		AUD	73,980	$	527,718
USD Currency	BNP Paribas SA		—		07/11/19		IDR	14,100.00		USD	60,177		226,770
USD Currency	Citibank NA		—		07/11/19		JPY	107.00		USD	272,538		886,871
USD Currency	Deutsche Bank AG		—		07/11/19		IDR	14,400.00		USD	40,118		772,633
USD Currency	Deutsche Bank AG		—		07/11/19		BRL	3.78		USD	40,332		162,890
USD Currency	Bank of America NA		—		07/15/19		NOK	8.50		USD	73,980		432,333
EUR Currency	Morgan Stanley & Co. International plc		—		07/17/19		MXN	21.50		EUR	55,487		110,591
EUR Currency	Morgan Stanley & Co. International plc		—		07/17/19		MXN	21.20		EUR	74,250		55,691
USD Currency	BNP Paribas SA		—		07/17/19		MXN	18.75		USD	48,085		55,458
USD Currency	BNP Paribas SA		—		07/17/19		MXN	19.00		USD	55,487		188,465
USD Currency	HSBC Bank plc		—		07/17/19		MXN	18.75		USD	44,390		51,589
AUD Currency	Royal Bank of Scotland		—		07/18/19		USD	0.69		AUD	111,859		132,238
USD Currency	Bank of America NA		—		07/19/19		BRL	4.02		USD	40,098		1,938,245
USD Currency	JPMorgan Chase Bank NA		—		07/22/19		ZAR	14.00		USD	67,116		594,891
USD Currency	BNP Paribas SA		—		07/24/19		CNH	6.84		USD	80,793		342,509
EUR Currency	Citibank NA		—		07/25/19		CZK	25.00		EUR	92,835		1,070
USD Currency	Bank of America NA		—		07/25/19		NOK	8.30		USD	83,070		109,587
USD Currency	Deutsche Bank AG		—		08/05/19		JPY	108.00		USD	57,841		631,553
AUD Currency	Barclays Bank plc		—		08/08/19		USD	0.70		AUD	74,511		403,883
GBP Currency	Barclays Bank plc		—		08/08/19		USD	1.28		GBP	40,205		530,334
USD Currency	HSBC Bank plc		—		08/08/19		CNH	6.75		USD	73,980		137,764
USD Currency	HSBC Bank plc		—		08/09/19		KRW	1,125.00		USD	40,000		61,990
USD Currency	HSBC Bank plc		—		08/12/19		KRW	1,125.00		USD	149,544		256,767
GBP Currency	Bank of America NA		—		08/13/19		USD	1.27		GBP	160,900		1,181,025
GBP Currency	HSBC Bank plc		—		08/13/19		USD	1.29		GBP	80,450		1,660,935
USD Currency	Bank of America NA		—		08/14/19		BRL	3.83		USD	33,292		549,150
USD Currency	HSBC Bank plc		—		08/14/19		BRL	3.70		USD	92,476		434,401
USD Currency	Morgan Stanley & Co. International plc		—		08/14/19		BRL	3.83		USD	9,695		160,046
USD Currency	Deutsche Bank AG		—		08/23/19		KRW	1,125.00		USD	40,498		95,383
USD Currency	BNP Paribas SA		—		09/03/19		KRW	1,125.00		USD	55,487		167,237
USD Currency	JPMorgan Chase Bank NA		—		09/03/19		KRW	1,125.00		USD	210,686		635,005
USD Currency	Bank of America NA		—		09/17/19		CHF	0.98		USD	111,859		1,658,727
USD Currency	Deutsche Bank AG		—		09/20/19		CAD	1.27		USD	224,725		453,967
EUR Currency	BNP Paribas SA		—		11/27/19		USD	1.11		EUR	133,090		535,895
EUR Currency	Bank of America NA		—		12/20/19		GBP	0.87		EUR	246,493		2,303,961
EUR Currency	Bank of America NA		—		04/23/20		USD	1.15		EUR	177,438		3,619,252
EUR Currency	JPMorgan Chase Bank NA		—		04/29/20		USD	1.16		EUR	35,773		784,097
													28,218,280
												$	43,087,047

OTC Credit Default Swaptions Purchased

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Exercise Price

Notional Amount (000)(a)

Value

Rate/Reference

Frequency

Rate/Reference

Frequency

Call

Bought Protection on 5-Year Credit Default Swap

1.00%

Quarterly

iTraxx Europe Series 31 Version 2

Quarterly

Citibank NA

07/17/19

EUR

57.50

EUR

262,000

$

860,751

Bought Protection on 5-Year Credit Default Swap

1.00%

Quarterly

iTraxx Europe Series 31 Version 2

Quarterly

Citibank NA

07/17/19

EUR

65.00

EUR

262,000

1,901,470

Bought Protection on 5-Year Credit Default Swap

5.00%

Quarterly

iTraxx Europe Crossover Series 31 V1

Quarterly

Citibank NA

07/17/19

EUR

237.50

EUR

75,400

70,421

108 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Credit Default Swaptions Purchased (continued)

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Exercise Price

Notional Amount (000)(a)

Value

Rate/Reference

Frequency

Rate/Reference

Frequency

Bought Protection on 5-Year Credit Default Swap

5.00%

Quarterly

iTraxx Europe Crossover Series 31 V1

Quarterly

Citibank NA

08/21/19

EUR

250.00

EUR

41,500

$

359,857

3,192,499

Put

Bought Protection on 5-Year Credit Default Swap

5.00%

Quarterly

CDX.NA.HY.32.V1

Quarterly

JPMorgan Chase Bank NA

07/17/19

USD

1.05

USD

12,500

7,817

Bought Protection on 5-Year Credit Default Swap

5.00%

Quarterly

iTraxx Europe Crossover Series 31 V1

Quarterly

Citibank NA

07/17/19

EUR

275.00

EUR

37,800

68,383

Bought Protection on 5-Year Credit Default Swap

5.00%

Quarterly

iTraxx Europe Crossover Series 31 V1

Quarterly

Deutsche Bank AG

07/17/19

EUR

287.50

EUR

18,700

19,696

Bought Protection on 5-Year Credit Default Swap

5.00%

Quarterly

iTraxx Europe Crossover Series 31 V1

Quarterly

Barclays Bank plc

07/17/19

EUR

300.00

EUR

18,700

12,917

Bought Protection on 5-Year Credit Default Swap

5.00%

Quarterly

iTraxx Europe Crossover Series 31 V1

Quarterly

JPMorgan Chase Bank NA

07/17/19

EUR

375.00

EUR

28,120

1,993

Bought Protection on 5-Year Credit Default Swap

5.00%

Quarterly

CDX.NA.HY.32.V1

Quarterly

JPMorgan Chase Bank NA

08/21/19

USD

1.03

USD

5,000

7,505

Bought Protection on 5-Year Credit Default Swap

5.00%

Quarterly

CDX.NA.HY.32.V1

Quarterly

BNP Paribas SA

08/21/19

USD

1.05

USD

10,000

32,685

Bought Protection on 5-Year Credit Default Swap

1.00%

Quarterly

iTraxx Europe Senior Financials Series 31 Version 2

Quarterly

Citibank NA

08/21/19

EUR

70.00

EUR

37,700

82,218

Bought Protection on 5-Year Credit Default Swap

1.00%

Quarterly

iTraxx Europe Series 31 Version 2

Quarterly

JPMorgan Chase Bank NA

09/18/19

EUR

75.00

EUR

157,100

115,109

Bought Protection on 5-Year Credit Default Swap

5.00%

Quarterly

iTraxx Europe Crossover Series 31 V1

Quarterly

Citibank NA

09/18/19

EUR

287.50

EUR

43,500

281,561

629,884

$

3,822,383

^(a)  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

CONSOLIDATED SCHEDULES OF INVESTMENTS 109

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Interest Rate Swaptions Purchased

	Paid by the Fund			Received by the Fund
Description	Rate		Frequency	Rate		Frequency	Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)			Value
Call
10-Year Interest Rate Swap		3 month LIBOR	Quarterly		2.59%	Semi-Annual	Goldman Sachs International		07/23/19		2.59	%		USD	447,400	$	26,305,196
5-Year Interest Rate Swap		3 month LIBOR	Quarterly		2.26%	Semi-Annual	Morgan Stanley & Co. International plc		10/23/19		2.26	%		USD	498,194		13,143,309
5-Year Interest Rate Swap		3 month LIBOR	Quarterly		3.09%	Semi-Annual	Morgan Stanley & Co. International plc		11/27/19		3.09	%		USD	616,760		40,202,082
30-Year Interest Rate Swap		3 month LIBOR	Quarterly		2.00%	Semi-Annual	Citibank NA		12/13/19		2.00	%		USD	55,280		1,064,580
10-Year Interest Rate Swap		3 month LIBOR	Quarterly		1.98%	Semi-Annual	Nomura International plc		12/27/19		1.98	%		USD	110,320		1,960,373
5-Year Interest Rate Swap		3 month LIBOR	Quarterly		2.52%	Semi-Annual	Citibank NA		02/26/20		2.52	%		USD	285,390		11,086,642
1-Year Interest Rate Swap		3 month LIBOR	Quarterly		2.09%	Semi-Annual	UBS AG		05/13/20		2.09	%		USD	1,225,791		6,890,147
2-Year Interest Rate Swap		3 month LIBOR	Quarterly		1.50%	Semi-Annual	Barclays Bank plc		06/01/20		1.50	%		USD	1,105,710		5,180,108
30-Year Interest Rate Swap		3 month LIBOR	Quarterly		1.85%	Semi-Annual	Barclays Bank plc		06/11/20		1.85	%		USD	110,700		2,446,313
15-Year Interest Rate Swap		6 month JPY LIBOR	Semi-Annual		0.66%	Semi-Annual	Barclays Bank plc		09/14/20		0.66	%		JPY	4,414,000		2,738,016
15-Year Interest Rate Swap		6 month JPY LIBOR	Semi-Annual		0.66%	Semi-Annual	Morgan Stanley & Co. International plc		09/14/20		0.66	%		JPY	4,414,000		2,738,016
5-Year Interest Rate Swap		6 month EURIBOR	Semi-Annual		0.55%	Annual	Barclays Bank plc		02/15/21		0.55	%		EUR	165,590		5,785,012
5-Year Interest Rate Swap		6 month EURIBOR	Semi-Annual		0.47%	Annual	Barclays Bank plc		03/12/21		0.47	%		EUR	165,590		5,019,666
20-Year Interest Rate Swap		6 month JPY LIBOR	Semi-Annual		0.78%	Semi-Annual	JPMorgan Chase Bank NA		04/16/21		0.78	%		JPY	3,288,800		2,783,446
10-Year Interest Rate Swap		3 month LIBOR	Quarterly		2.98%	Semi-Annual	Barclays Bank plc		03/07/24		2.98	%		USD	104,172		8,477,169
10-Year Interest Rate Swap		3 month LIBOR	Quarterly		2.95%	Semi-Annual	Barclays Bank plc		03/12/24		2.95	%		USD	104,170		8,302,768
10-Year Interest Rate Swap		3 month LIBOR	Quarterly		3.18%	Semi-Annual	JPMorgan Chase Bank NA		05/02/28		3.18	%		USD	68,266		6,206,586
10-Year Interest Rate Swap		3 month LIBOR	Quarterly		3.05%	Semi-Annual	Citibank NA		06/27/28		3.05	%		USD	70,870		5,965,313
10-Year Interest Rate Swap		3 month LIBOR	Quarterly		3.04%	Semi-Annual	Nomura International plc		01/10/29		3.04	%		USD	31,100		2,607,912
10-Year Interest Rate Swap		3 month LIBOR	Quarterly		3.04%	Semi-Annual	Morgan Stanley & Co. International plc		01/11/29		3.04	%		USD	31,050		2,599,353
10-Year Interest Rate Swap		3 month LIBOR	Quarterly		3.08%	Semi-Annual	Barclays Bank plc		01/29/29		3.08	%		USD	31,350		2,698,703
10-Year Interest Rate Swap		3 month LIBOR	Quarterly		2.99%	Semi-Annual	JPMorgan Chase Bank NA		04/27/38		2.99	%		USD	29,470		2,440,871
10-Year Interest Rate Swap		3 month LIBOR	Quarterly		2.86%	Semi-Annual	JPMorgan Chase Bank NA		02/22/39		2.86	%		USD	27,653		2,145,462
																	168,787,043
Put
10-Year Interest Rate Swap		2.35%	Semi-Annual		3 month LIBOR	Quarterly	JPMorgan Chase Bank NA		08/28/19		2.35	%		USD	185,232		145,731
5-Year Interest Rate Swap		3.09%	Semi-Annual		3 month LIBOR	Quarterly	Morgan Stanley & Co. International plc		11/27/19		3.09	%		USD	616,760		27,014
10-Year Interest Rate Swap		1.98%	Semi-Annual		3 month LIBOR	Quarterly	Nomura International plc		12/27/19		1.98	%		USD	110,320		1,733,513
30-Year Interest Rate Swap		4.00%	Semi-Annual		3 month LIBOR	Quarterly	Goldman Sachs International		02/03/20		4.00	%		USD	64,000		8,408
5-Year Interest Rate Swap		2.52%	Semi-Annual		3 month LIBOR	Quarterly	Citibank NA		02/26/20		2.52	%		USD	285,390		282,707
1-Year Interest Rate Swap		2.09%	Semi-Annual		3 month LIBOR	Quarterly	UBS AG		05/13/20		2.09	%		USD	1,225,791		835,033
15-Year Interest Rate Swap		0.66%	Semi-Annual		6 month JPY LIBOR	Semi-Annual	Barclays Bank plc		09/14/20		0.66	%		JPY	4,414,000		55,185
15-Year Interest Rate Swap		0.66%	Semi-Annual		6 month JPY LIBOR	Semi-Annual	Morgan Stanley & Co. International plc		09/14/20		0.66	%		JPY	4,414,000		55,185
5-Year Interest Rate Swap		0.55%	Annual		6 month EURIBOR	Semi-Annual	Barclays Bank plc		02/15/21		0.55	%		EUR	165,590		385,551
5-Year Interest Rate Swap		0.47%	Annual		6 month EURIBOR	Semi-Annual	Barclays Bank plc		03/12/21		0.47	%		EUR	165,590		535,046
20-Year Interest Rate Swap		0.78%	Semi-Annual		6 month JPY LIBOR	Semi-Annual	JPMorgan Chase Bank NA		04/16/21		0.78	%		JPY	3,288,800		155,624
30-Year Interest Rate Swap		3.80%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		06/07/21		3.80	%		USD	116,110		402,113
15-Year Interest Rate Swap		3.25%	Semi-Annual		3 month LIBOR	Quarterly	Goldman Sachs International		05/03/22		3.25	%		USD	118,060		1,414,854
30-Year Interest Rate Swap		2.85%	Semi-Annual		3 month LIBOR	Quarterly	Nomura International plc		05/09/22		2.85	%		USD	138,240		4,853,047
10-Year Interest Rate Swap		2.98%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		03/07/24		2.98	%		USD	104,172		2,380,332
10-Year Interest Rate Swap		2.95%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		03/12/24		2.95	%		USD	104,170		2,454,826
10-Year Interest Rate Swap		2.50%	Semi-Annual		3 month LIBOR	Quarterly	Morgan Stanley & Co. International plc		06/13/24		2.50	%		USD	110,550		4,265,261

110 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Interest Rate Swaptions Purchased (continued)

Description

Paid by the Fund

Received by the Fund

Rate

Frequency

Rate

Frequency

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

10-Year Interest Rate Swap

2.50%

Semi-Annual

3 month LIBOR

Quarterly

Morgan Stanley & Co. International plc

06/20/24

2.50

%

USD

110,550

$

4,277,604

20-Year Interest Rate Swap

3.00%

Annual

6 month EURIBOR

Semi-Annual

UBS AG

01/18/28

3.00

%

EUR

71,170

1,381,278

10-Year Interest Rate Swap

3.18%

Semi-Annual

3 month LIBOR

Quarterly

JPMorgan Chase Bank NA

05/02/28

3.18

%

USD

68,266

2,248,242

10-Year Interest Rate Swap

3.04%

Semi-Annual

3 month LIBOR

Quarterly

Nomura International plc

01/10/29

3.04

%

USD

31,100

1,179,863

10-Year Interest Rate Swap

3.04%

Semi-Annual

3 month LIBOR

Quarterly

Morgan Stanley & Co. International plc

01/11/29

3.04

%

USD

31,050

1,181,219

10-Year Interest Rate Swap

3.08%

Semi-Annual

3 month LIBOR

Quarterly

Barclays Bank plc

01/29/29

3.08

%

USD

31,350

1,158,327

10-Year Interest Rate Swap

2.99%

Semi-Annual

3 month LIBOR

Quarterly

JPMorgan Chase Bank NA

04/27/38

2.99

%

USD

29,470

1,256,914

10-Year Interest Rate Swap

2.86%

Semi-Annual

3 month LIBOR

Quarterly

JPMorgan Chase Bank NA

02/22/39

2.86

%

USD

27,653

1,242,538

33,915,415

$

202,702,458

Interest Rate Caps Sold

Description	Exercise Rate			Counterparty	Expiration Date		Notional Amount (000)			Value			Premiums Paid(Received)			Unrealized Appreciation (Depreciation)
5Y-30Y CMS Index Cap		0.45	%	Goldman Sachs International		07/26/2019		USD	2,086,000	$	(853,923	)	$	(479,780	)	$	(374,143	)
5Y-30Y CMS Index Cap		0.55	%	Goldman Sachs International		10/03/2019		USD	457,775		(202,387	)		(219,000	)		16,613
2Y-10Y CMS Index Cap		0.72	%	Goldman Sachs International		05/29/2020		USD	3,145,483		(1,311,320	)		(1,415,467	)		104,147
										$	(2,367,630)		$	(2,114,247	)	$	(253,383	)

Interest Rate Floors Sold

Description	Exercise Rate			Counterparty	Expiration Date		Notional Amount (000)			Value		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)
5Y-30Y CMS Index Cap		0.30	%	Nomura International plc		06/29/20		USD	1,098,240	$	(671,737)	$	(724,703)	$	52,966

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
iShares China Large-Cap ETF		40,061		07/19/19	USD	44.00	USD	171,341	$	(1,762,684	)
iShares iBoxx $ High Yield Corporate Bond ETF		3,057		07/19/19	USD	88.00	USD	26,651		(16,814	)
Liberty Global plc		4,792		07/19/19	USD	35.00	USD	12,934		(47,920	)
NXP Semiconductors NV		1,650		07/19/19	USD	110.00	USD	16,106		(58,575	)
VanEck Vectors Semiconductor ETF		15,244		07/19/19	USD	121.00	USD	169,971		(335,368	)
BAE Systems plc		802		09/20/19	GBP	5.00	GBP	5,041		(136,224	)
DAX Index		2,968		09/20/19	EUR	13,000.00	EUR	183,998		(1,209,906	)
Enel SpA		1,393		09/20/19	EUR	6.20	EUR	4,277		(114,839	)
Engie SA		32,300		09/20/19	EUR	13.61	EUR	4,309		(119,367	)
EURO STOXX 50 Index		11,124		09/20/19	EUR	3,700.00	EUR	386,413		(904,411	)
Iberdrola SA		4,880		09/20/19	EUR	8.75	EUR	4,859		(105,432	)
Koninklijke KPN NV		15,015		09/20/19	EUR	2.80	EUR	4,054		(136,588	)
National Grid plc		458		09/20/19	GBP	8.50	GBP	3,835		(103,968	)
Orange SA		3,129		09/20/19	EUR	14.00	EUR	4,338		(126,308	)
Pfizer, Inc.		19,984		09/20/19	USD	44.00	USD	86,571		(2,188,248	)
Snam SpA		942		09/20/19	EUR	4.60	EUR	4,686		(56,342	)
Telefonica SA		6,005		09/20/19	EUR	7.42	EUR	4,380		(103,449	)
Telia Co. AB		11,150		09/20/19	SEK	42.00	SEK	45,983		(90,053	)
90-day Eurodollar December 2019 Futures		31,690		12/13/19	USD	98.38	USD	7,922,500		(20,400,438	)
90-day Eurodollar December 2019 Futures		8,000		12/16/19	USD	98.38	USD	2,000,000		(1,350,000	)
Alphabet, Inc.		296		01/17/20	USD	1,160.00	USD	31,995		(1,326,080	)

CONSOLIDATED SCHEDULES OF INVESTMENTS 111

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Apple, Inc.		2,000		01/17/20	USD	220.00	USD	39,584	$	(1,360,000	)
Emerson Electric Co.		5,997		01/17/20	USD	75.00	USD	40,012		(689,655	)
Lowe’s Cos., Inc.		4,999		01/17/20	USD	115.00	USD	50,445		(1,349,730	)
Microsoft Corp.		2,525		01/17/20	USD	140.00	USD	33,825		(1,590,750	)
QUALCOMM, Inc.		5,997		01/17/20	USD	85.00	USD	45,619		(2,083,958	)
90-day Eurodollar March 2020 Futures		10,237		03/16/20	USD	97.88	USD	2,559,250		(12,156,438	)
90-day Eurodollar December 2020 Futures		1,253		12/14/20	USD	98.00	USD	313,250		(1,840,344	)
										(51,763,889	)
Put
U.S. Treasury 10 Year Note		5,005		07/05/19	USD	127.00	USD	500,500		(391,016	)
SPDR S&P 500 ETF Trust		350		07/08/19	USD	270.00	USD	10,255		(2,625	)
90-day Eurodollar July 2019 Futures		5,018		07/12/19	USD	97.88	USD	1,254,500		(31,363	)
Invesco QQQ Trust, Series 1		197		07/12/19	USD	173.00	USD	3,679		(4,925	)
Invesco QQQ Trust, Series 1		350		07/12/19	USD	166.00	USD	6,536		(2,975	)
SPDR S&P 500 ETF Trust		350		07/12/19	USD	280.00	USD	10,255		(16,625	)
Dell Technologies, Inc.		295		07/19/19	USD	45.00	USD	1,499		(8,850	)
EURO STOXX 50 Index		773		07/19/19	EUR	3,350.00	EUR	26,852		(100,204	)
Industrial Select Sector SPDR Fund		500		07/19/19	USD	70.00	USD	3,871		(7,000	)
Invesco QQQ Trust, Series 1		153		07/19/19	USD	173.00	USD	2,857		(6,579	)
Invesco QQQ Trust, Series 1		300		07/19/19	USD	150.00	USD	5,602		(750	)
iShares iBoxx $ High Yield Corporate Bond ETF		750		07/19/19	USD	79.00	USD	6,539		(2,625	)
S&P 500 Index		79		07/19/19	USD	2,825.00	USD	23,240		(82,160	)
S&P 500 Index		177		07/19/19	USD	2,750.00	USD	52,069		(90,270	)
S&P 500 Index		197		07/19/19	USD	2,775.00	USD	57,953		(127,065	)
S&P 500 Index		197		07/19/19	USD	2,800.00	USD	57,953		(160,555	)
VanEck Vectors Semiconductor ETF		200		07/19/19	USD	83.00	USD	2,230		(1,000	)
VanEck Vectors Semiconductor ETF		450		07/19/19	USD	92.00	USD	5,018		(4,050	)
iShares iBoxx $ High Yield Corporate Bond ETF		650		08/16/19	USD	81.00	USD	5,667		(6,500	)
S&P Global, Inc.		325		08/16/19	USD	140.00	USD	7,403		(8,125	)
U.S. Treasury 10 Year Note		373		08/23/19	USD	126.00	USD	37,300		(81,594	)
U.S. Treasury 10 Year Note		1,949		08/23/19	USD	122.00	USD	194,900		(60,906	)
90-day Eurodollar September 2019 Futures		4,323		09/13/19	USD	97.63	USD	1,080,750		(27,019	)
90-day Eurodollar December 2019 Futures		5,882		12/13/19	USD	97.38	USD	1,470,500		(73,525	)
90-day Eurodollar December 2019 Futures		6,246		12/16/19	USD	97.38	USD	1,561,500		(78,075	)
Microsoft Corp.		2,525		01/17/20	USD	105.00	USD	33,825		(387,588	)
Taiwan Semiconductor Manufacturing Co. Ltd.		4,999		01/17/20	USD	34.00	USD	19,581		(549,890	)
										(2,313,859	)
									$	(54,077,748	)

OTC Barrier Options Written

Description	Type of Option	Counterparty	Expiration Date		Exercise Price			Barrier Price/Range		Notional Amount (000)			Value
Call
AUD Currency	Down and In	Citibank NA		07/11/19		JPY	75.00	JPY	75.00		AUD	600	$	(134,794	)
Put
GBP Currency	Up and In	Bank of America NA		07/02/19		USD	1.36	USD	1.36		GBP	962		(1	)
AUD Currency	Down and In	Barclays Bank plc		07/11/19		JPY	77.00	JPY	75.00		AUD	98,980		(920,560	)
USD Currency	Down and In	Deutsche Bank AG		08/05/19		JPY	106.00	JPY	103.00		USD	83,088		(203,432	)
USD Currency	Down and Out	Morgan Stanley & Co. International plc		08/14/19		BRL	3.80	BRL	3.80		USD	739		(296,068	)
USD Currency	Up and Out	Morgan Stanley & Co. International plc		11/29/19		CNH	6.80	CNH	7.00		USD	80,344		(528,535	)
														(1,948,596	)
													$	(2,083,390	)

112 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
USD Currency	Deutsche Bank AG		—		07/01/19		BRL	4.00		USD	33,244	$	(34	)
USD Currency	BNP Paribas SA		—		07/03/19		MXN	20.85		USD	40,305		(4	)
USD Currency	Deutsche Bank AG		—		07/03/19		MXN	20.65		USD	40,305		(4	)
USD Currency	Deutsche Bank AG		—		07/04/19		CAD	1.33		USD	37,286		(8,995	)
USD Currency	HSBC Bank plc		—		07/04/19		JPY	112.50		USD	83,088		(8	)
USD Currency	JPMorgan Chase Bank NA		—		07/05/19		KRW	1,195.00		USD	20,097		(1,194	)
AUD Currency	Barclays Bank plc		—		07/11/19		JPY	79.00		AUD	36,990		(1,263	)
AUD Currency	BNP Paribas SA		—		07/11/19		JPY	74.50		AUD	18,643		(220,643	)
USD Currency	Deutsche Bank AG		—		07/11/19		BRL	3.95		USD	40,332		(83,584	)
USD Currency	HSBC Bank plc		—		07/11/19		TWD	31.60		USD	50,198		(19,703	)
USD Currency	UBS AG		—		07/11/19		CAD	1.33		USD	37,286		(33,175	)
USD Currency	Deutsche Bank AG		—		07/12/19		TRY	7.20		USD	23,474		(2	)
AUD Currency	Royal Bank of Scotland		—		07/18/19		USD	0.71		AUD	74,574		(184,768	)
USD Currency	Bank of America NA		—		07/18/19		ZAR	15.60		USD	249,627		(41,238	)
USD Currency	Citibank NA		—		07/18/19		ZAR	15.20		USD	29,960		(20,973	)
USD Currency	Morgan Stanley & Co. International plc		—		07/18/19		ZAR	15.75		USD	74,574		(6,576	)
USD Currency	HSBC Bank plc		—		07/19/19		TWD	31.00		USD	75,000		(354,821	)
USD Currency	JPMorgan Chase Bank NA		—		07/22/19		ZAR	14.50		USD	11,185		(70,812	)
USD Currency	BNP Paribas SA		—		07/25/19		CNH	6.95		USD	209,857		(615,145	)
Hang Seng China Enterprises Index	Citibank NA		420		07/30/19		HKD	11,791.44		HKD	228,519		(38,870	)
USD Currency	Citibank NA		—		08/21/19		ZAR	16.00		USD	73,652		(114,811	)
USD Currency	Bank of America NA		—		08/22/19		TWD	31.60		USD	50,622		(113,276	)
USD Currency	Deutsche Bank AG		—		08/23/19		KRW	1,195.00		USD	40,498		(101,185	)
USD Currency	Morgan Stanley &Co. International plc		—		04/15/20		MXN	20.75		USD	80,435		(2,374,602	)
													(4,405,686	)
Put
AUD Currency	Citibank NA		—		07/03/19		USD	0.68		AUD	86,148		(1,040	)
USD Currency	Bank of America NA		—		07/03/19		JPY	107.80		USD	80,605		(316,219	)
USD Currency	BNP Paribas SA		—		07/03/19		JPY	107.00		USD	14,796		(22,239	)
USD Currency	Deutsche Bank AG		—		07/04/19		CAD	1.31		USD	37,286		(165,741	)
USD Currency	Morgan Stanley &Co. International plc		—		07/04/19		JPY	110.00		USD	66,470		(1,412,697	)
USD Currency	JPMorgan Chase Bank NA		—		07/05/19		KRW	1,140.00		USD	60,289		(38,246	)
AUD Currency	HSBC Bank plc		—		07/08/19		JPY	75.00		AUD	18,643		(51,071	)
USD Currency	Deutsche Bank AG		—		07/10/19		ZAR	14.25		USD	50,000		(746,882	)
AUD Currency	BNP Paribas SA		—		07/11/19		JPY	76.00		AUD	44,260		(324,159	)
AUD Currency	Citibank NA		—		07/11/19		JPY	78.50		AUD	33,392		(908,822	)
AUD Currency	HSBC Bank plc		—		07/11/19		JPY	76.00		AUD	29,720		(219,182	)
AUD Currency	HSBC Bank plc		—		07/11/19		JPY	78.50		AUD	16,098		(438,136	)
AUD Currency	JPMorgan Chase Bank NA		—		07/11/19		JPY	78.50		AUD	3,699		(99,937	)
AUD Currency	JPMorgan Chase Bank NA		—		07/11/19		JPY	74.50		AUD	92,476		(175,801	)
USD Currency	Deutsche Bank AG		—		07/11/19		IDR	14,100.00		USD	60,177		(226,419	)
USD Currency	UBS AG		—		07/11/19		CAD	1.31		USD	29,831		(149,906	)
USD Currency	BNP Paribas SA		—		07/12/19		KRW	1,150.00		USD	29,831		(106,525	)
USD Currency	Bank of America NA		—		07/15/19		NOK	8.40		USD	93,216		(197,430	)
EUR Currency	HSBC Bank plc		—		07/17/19		MXN	21.20		EUR	74,250		(54,142	)
EUR Currency	HSBC Bank plc		—		07/17/19		MXN	21.50		EUR	55,487		(113,426	)
USD Currency	BNP Paribas SA		—		07/17/19		MXN	18.75		USD	92,475		(107,408	)
USD Currency	BNP Paribas SA		—		07/17/19		MXN	19.00		USD	55,487		(187,735	)
AUD Currency	Royal Bank of Scotland		—		07/18/19		USD	0.68		AUD	149,146		(63,028	)
USD Currency	Bank of America NA		—		07/19/19		BRL	3.92		USD	60,148		(1,571,318	)
USD Currency	JPMorgan Chase Bank NA		—		07/22/19		ZAR	13.70		USD	119,317		(351,778	)
USD Currency	BNP Paribas SA		—		07/24/19		CNH	6.74		USD	80,793		(82,896	)
USD Currency	BNP Paribas SA		—		07/24/19		CNH	6.77		USD	80,793		(130,086	)
AUD Currency	HSBC Bank plc		—		07/31/19		USD	0.69		AUD	43,397		(68,093	)
USD Currency	BNP Paribas SA		—		08/07/19		CNH	6.80		USD	40,172		(132,457	)
AUD Currency	Bank of America NA		—		08/08/19		USD	0.70		AUD	74,511		(403,897	)
GBP Currency	Barclays Bank plc		—		08/08/19		USD	1.24		GBP	40,205		(70,580	)
USD Currency	BNP Paribas SA		—		08/12/19		CNH	6.81		USD	40,172		(160,846	)
GBP Currency	Bank of America NA		—		08/13/19		USD	1.29		GBP	80,450		(1,643,578	)
GBP Currency	HSBC Bank plc		—		08/13/19		USD	1.27		GBP	160,900		(1,191,773	)
USD Currency	Bank of America NA		—		08/14/19		BRL	3.70		USD	92,476		(437,352	)
USD Currency	Deutsche Bank AG		—		08/14/19		BRL	3.83		USD	9,695		(160,872	)

CONSOLIDATED SCHEDULES OF INVESTMENTS 113

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Options Written  (continued)

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
USD Currency	HSBC Bank plc		—		08/14/19		BRL	3.83		USD	92,476	$	(1,518,859	)
USD Currency	Bank of America NA		—		09/17/19		CHF	0.96		USD	149,146		(1,210,970	)
USD Currency	BNP Paribas SA		—		09/17/19		CHF	0.98		USD	18,720		(279,759	)
EUR Currency	BNP Paribas SA		—		11/27/19		USD	1.09		EUR	178,400		(329,296	)
													(15,870,601	)
												$	(20,276,287	)

OTC Credit Default Swaptions Written

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Credit Rating (a)

Exercise Price

Notional Amount (000) (b)

Value

Rate/Reference

Frequency

Rate/Reference

Frequency

Call

Sold Protection on 5-Year Credit Default Swap

iTraxx Europe Series 31 Version 2

Quarterly

1.00%

Quarterly

Citibank NA

07/17/19

NR

EUR

60.00

EUR

262,000

$

(1,193,316

)

Sold Protection on 5-Year Credit Default Swap

iTraxx Europe Series 31 Version 2

Quarterly

1.00%

Quarterly

Citibank NA

07/17/19

NR

EUR

62.50

EUR

262,000

(1,542,860

)

Sold Protection on 5-Year Credit Default Swap

CDX.NA.IG.32.V1

Quarterly

1.00%

Quarterly

Bank of America NA

07/17/19

NR

USD

72.50

USD

500,000

(4,088,890

)

(6,825,066

)

Put

Sold Protection on 5-Year Credit Default Swap

iTraxx Europe Crossover Series 31 V1

Quarterly

5.00%

Quarterly

Citibank NA

07/17/19

NR

EUR

312.50

EUR

37,800

(18,917

)

Sold Protection on 5-Year Credit Default Swap

iTraxx Europe Crossover Series 31 V1

Quarterly

5.00%

Quarterly

Deutsche Bank AG

07/17/19

NR

EUR

337.50

EUR

18,700

(5,813

)

Sold Protection on 5-Year Credit Default Swap

iTraxx Europe Crossover Series 31 V1

Quarterly

5.00%

Quarterly

Barclays Bank plc

07/17/19

NR

EUR

350.00

EUR

37,400

(7,146

)

Sold Protection on 5-Year Credit Default Swap

CDX.NA.HY.32.V1

Quarterly

5.00%

Quarterly

JPMorgan Chase Bank NA

08/21/19

NR

USD

0.99

USD

5,000

(2,610

)

Sold Protection on 5-Year Credit Default Swap

iTraxx Europe Series 31 Version 2

Quarterly

1.00%

Quarterly

JPMorgan Chase Bank NA

09/18/19

NR

EUR

90.00

EUR

157,100

(62,997

)

Sold Protection on 5-Year Credit Default Swap

iTraxx Europe Crossover Series 31 V1

Quarterly

5.00%

Quarterly

Citibank NA

09/18/19

NR

EUR

325.00

EUR

43,500

(147,822

)

(245,305

)

$

(7,070,371

)

^(a) Using S&P Global Rating’s rating of the issuer or the underlying securities of the index, as applicable.

^(b) The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Interest Rate Swaptions Written

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

2-Year Interest Rate Swap

3 month LIBOR

Quarterly

2.10%

Semi-Annual

Barclays Bank plc

07/01/19

2.10

%

USD

523,480

$

(3,274,922

)

2-Year Interest Rate Swap

3 month LIBOR

Quarterly

2.10%

Semi-Annual

JPMorgan Chase Bank NA

07/03/19

2.10

%

USD

1,732,815

(10,865,166

)

114 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Interest Rate Swaptions Written (continued)

Description	Paid by the Fund		Received by the Fund		Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)		Value
	Rate	Frequency	Rate	Frequency
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.10%	Semi-Annual	Nomura International plc		07/03/19		2.10	%	USD	577,605	$	(3,621,722	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.15%	Semi-Annual	JPMorgan Chase Bank NA		07/08/19		2.15	%	USD	922,180		(6,803,143	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.46%	Semi-Annual	Citibank NA		07/23/19		2.46	%	USD	992,655		(13,652,937	)
5-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.34%	Semi-Annual	Citibank NA		07/24/19		2.34	%	USD	992,740		(28,389,177	)
5-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.56%	Semi-Annual	Goldman Sachs International		07/25/19		1.56	%	USD	556,975		(630,379	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.81%	Semi-Annual	JPMorgan Chase Bank NA		07/25/19		1.81	%	USD	236,715		(511,489	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.84%	Semi-Annual	JPMorgan Chase Bank NA		07/26/19		1.84	%	USD	139,255		(397,346	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.18%	Semi-Annual	Goldman Sachs International		07/30/19		2.18	%	USD	1,392,318		(11,764,071	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.34%	Semi-Annual	JPMorgan Chase Bank NA		07/31/19		2.34	%	USD	1,697,281		(19,612,303	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.48%	Semi-Annual	JPMorgan Chase Bank NA		07/31/19		2.48	%	USD	649,172		(31,629,263	)
5-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.15%	Semi-Annual	Bank of America NA		08/07/19		2.15	%	USD	355,637		(6,965,172	)
5-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.16%	Semi-Annual	Bank of America NA		08/07/19		2.16	%	USD	595,007		(12,065,855	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.20%	Semi-Annual	Morgan Stanley & Co. International plc		08/07/19		2.20	%	USD	1,367,830		(12,161,103	)
5-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.13%	Semi-Annual	JPMorgan Chase Bank NA		08/08/19		2.13	%	USD	328,636		(6,149,874	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.16%	Semi-Annual	Barclays Bank plc		08/08/19		2.16	%	USD	801,050		(6,644,277	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.15%	Semi-Annual	Nomura International plc		09/03/19		2.15	%	USD	268,310		(2,347,340	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.01%	Semi-Annual	Citibank NA		09/04/19		2.01	%	USD	134,249		(1,785,100	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.02%	Semi-Annual	Citibank NA		09/05/19		2.02	%	USD	134,249		(1,831,034	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.00%	Semi-Annual	JPMorgan Chase Bank NA		09/23/19		2.00	%	USD	363,500		(2,450,244	)
5-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.50%	Semi-Annual	Goldman Sachs International		09/25/19		1.50	%	USD	299,375		(1,030,446	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.76%	Semi-Annual	JPMorgan Chase Bank NA		09/25/19		1.76	%	USD	113,483		(664,834	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.79%	Semi-Annual	JPMorgan Chase Bank NA		09/26/19		1.79	%	USD	69,628		(463,651	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.97%	Semi-Annual	Nomura International plc		09/26/19		1.97	%	USD	110,320		(1,439,134	)
5-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.54%	Semi-Annual	Citibank NA		09/30/19		1.54	%	USD	114,929		(428,481	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.78%	Semi-Annual	Citibank NA		09/30/19		1.78	%	USD	139,308		(821,233	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.34%	Semi-Annual	Morgan Stanley & Co. International plc		10/23/19		2.34	%	USD	498,194		(19,073,726	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.30%	Semi-Annual	Morgan Stanley & Co. International plc		11/01/19		2.30	%	USD	75,100		(2,656,873	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	3.30%	Semi-Annual	Deutsche Bank AG		11/07/19		3.30	%	USD	374,620		(11,933,426	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.90%	Semi-Annual	Barclays Bank plc		12/10/19		1.90	%	USD	82,960		(1,144,084	)
5-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.40%	Semi-Annual	Goldman Sachs International		12/27/19		1.40	%	USD	250,639		(1,152,894	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.66%	Semi-Annual	JPMorgan Chase Bank NA		12/27/19		1.66	%	USD	89,813		(667,904	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.70%	Semi-Annual	JPMorgan Chase Bank NA		12/27/19		1.70	%	USD	52,917		(440,477	)
5-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.45%	Semi-Annual	Citibank NA		12/30/19		1.45	%	USD	125,378		(608,550	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.69%	Semi-Annual	Citibank NA		12/30/19		1.69	%	USD	129,557		(976,661	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.35%	Semi-Annual	UBS AG		02/21/20		2.35	%	USD	317,300		(4,664,688	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.46%	Semi-Annual	Citibank NA		02/26/20		2.46	%	USD	689,480		(11,575,638	)
1-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.50%	Semi-Annual	Deutsche Bank AG		04/06/20		1.50	%	USD	1,361,990		(2,862,045	)
1-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.50%	Semi-Annual	Deutsche Bank AG		04/06/20		1.50	%	USD	1,361,990		(2,862,045	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.88%	Semi-Annual	Deutsche Bank AG		04/14/20		2.88	%	USD	522,660		(13,055,921	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.94%	Semi-Annual	Bank of America NA		04/17/20		2.94	%	USD	517,360		(13,535,276	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.90%	Semi-Annual	Goldman Sachs International		04/27/20		1.90	%	USD	845,752		(7,066,013	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.00%	Semi-Annual	Barclays Bank plc		06/01/20		1.00	%	USD	2,211,420		(4,674,566	)
1-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.76%	Semi-Annual	Nomura International plc		06/10/20		1.76	%	USD	1,357,880		(4,973,005	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.20%	Semi-Annual	Barclays Bank plc		06/11/20		2.20	%	USD	147,110		(4,945,131	)
2-Year Interest Rate Swap	3 month LIBOR	Quarterly	3.05%	Semi-Annual	Deutsche Bank AG		11/30/20		3.05	%	USD	320,220		(8,908,498	)
2-Year Interest Rate Swap	6 month EURIBOR	Semi-Annual	0.21%	Annual	Barclays Bank plc		02/15/21		0.21	%	EUR	510,535		(6,137,118	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	2.79%	Semi-Annual	Barclays Bank plc		03/08/21		2.79	%	USD	156,257		(11,564,535	)
2-Year Interest Rate Swap	6 month EURIBOR	Semi-Annual	0.16%	Annual	Barclays Bank plc		03/12/21		0.16	%	EUR	510,535		(5,534,790	)
10-Year Interest Rate Swap	3 month LIBOR	Quarterly	1.90%	Semi-Annual	Morgan Stanley & Co. International plc		06/20/22		1.90	%	USD	307,608		(8,491,996	)

CONSOLIDATED SCHEDULES OF INVESTMENTS 115

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Interest Rate Swaptions Written  (continued)

Description	Paid by the Fund		Received by the Fund			Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)			Value
	Rate	Frequency	Rate		Frequency
10-Year Interest Rate Swap	3 month LIBOR	Quarterly		3.05%	Semi-Annual	Barclays Bank plc		03/12/29		3.05	%		USD	83,640	$	(7,062,525	)
																(344,968,081	)
Put
2-Year Interest Rate Swap	2.90%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		07/01/19		2.90	%		USD	523,480		—
2-Year Interest Rate Swap	2.90%	Semi-Annual		3 month LIBOR	Quarterly	JPMorgan Chase Bank NA		07/03/19		2.90	%		USD	1,732,815		—
2-Year Interest Rate Swap	2.90%	Semi-Annual		3 month LIBOR	Quarterly	Nomura International plc		07/03/19		2.90	%		USD	577,605		—
2-Year Interest Rate Swap	0.40%	Annual		6 month EURIBOR	Semi-Annual	JPMorgan Chase Bank NA		07/08/19		0.40	%		EUR	38,215		—
2-Year Interest Rate Swap	2.95%	Semi-Annual		3 month LIBOR	Quarterly	JPMorgan Chase Bank NA		07/08/19		2.95	%		USD	922,180		—
2-Year Interest Rate Swap	2.96%	Semi-Annual		3 month LIBOR	Quarterly	Citibank NA		07/23/19		2.96	%		USD	992,655		—
2-Year Interest Rate Swap	2.70%	Semi-Annual		3 month LIBOR	Quarterly	Nomura International plc		08/26/19		2.70	%		USD	348,420		(137	)
10-Year Interest Rate Swap	2.45%	Semi-Annual		3 month LIBOR	Quarterly	JPMorgan Chase Bank NA		08/28/19		2.45	%		USD	111,139		(43,708	)
10-Year Interest Rate Swap	2.55%	Semi-Annual		3 month LIBOR	Quarterly	JPMorgan Chase Bank NA		08/28/19		2.55	%		USD	74,080		(14,772	)
2-Year Interest Rate Swap	2.55%	Semi-Annual		3 month LIBOR	Quarterly	Nomura International plc		09/03/19		2.55	%		USD	268,310		(1,130	)
10-Year Interest Rate Swap	2.21%	Semi-Annual		3 month LIBOR	Quarterly	Citibank NA		09/04/19		2.21	%		USD	134,249		(327,697	)
10-Year Interest Rate Swap	2.22%	Semi-Annual		3 month LIBOR	Quarterly	Citibank NA		09/05/19		2.22	%		USD	134,249		(324,812	)
2-Year Interest Rate Swap	3.30%	Semi-Annual		3 month LIBOR	Quarterly	Goldman Sachs International		09/06/19		3.30	%		USD	383,940		(38	)
2-Year Interest Rate Swap	3.35%	Semi-Annual		3 month LIBOR	Quarterly	Deutsche Bank AG		09/12/19		3.35	%		USD	1,655,410		(166	)
2-Year Interest Rate Swap	2.60%	Semi-Annual		3 month LIBOR	Quarterly	JPMorgan Chase Bank NA		09/23/19		2.60	%		USD	363,500		(2,645	)
10-Year Interest Rate Swap	2.65%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		09/23/19		2.65	%		USD	75,265		(23,632	)
10-Year Interest Rate Swap	1.97%	Semi-Annual		3 month LIBOR	Quarterly	Nomura International plc		09/26/19		1.97	%		USD	110,320		(1,222,124	)
2-Year Interest Rate Swap	2.55%	Semi-Annual		3 month LIBOR	Quarterly	Morgan Stanley & Co. International plc		10/10/19		2.55	%		USD	209,280		(4,315	)
2-Year Interest Rate Swap	2.55%	Semi-Annual		3 month LIBOR	Quarterly	Morgan Stanley & Co. International plc		10/11/19		2.55	%		USD	209,280		(4,460	)
10-Year Interest Rate Swap	2.80%	Semi-Annual		3 month LIBOR	Quarterly	Morgan Stanley & Co. International plc		11/01/19		2.80	%		USD	75,100		(30,703	)
2-Year Interest Rate Swap	2.70%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		11/04/19		2.70	%		USD	314,860		(5,028	)
2-Year Interest Rate Swap	2.70%	Semi-Annual		3 month LIBOR	Quarterly	JPMorgan Chase Bank NA		11/06/19		2.70	%		USD	1,040,000		(17,326	)
2-Year Interest Rate Swap	3.30%	Semi-Annual		3 month LIBOR	Quarterly	Deutsche Bank AG		11/07/19		3.30	%		USD	374,620		(315	)
10-Year Interest Rate Swap	2.55%	Semi-Annual		3 month LIBOR	Quarterly	JPMorgan Chase Bank NA		11/08/19		2.55	%		USD	127,660		(166,984	)
10-Year Interest Rate Swap	2.75%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		11/13/19		2.75	%		USD	407,390		(249,791	)
10-Year Interest Rate Swap	2.40%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		12/10/19		2.40	%		USD	82,960		(277,953	)
2-Year Interest Rate Swap	2.70%	Semi-Annual		3 month LIBOR	Quarterly	JPMorgan Chase Bank NA		12/16/19		2.70	%		USD	214,390		(7,176	)
2-Year Interest Rate Swap	2.80%	Semi-Annual		3 month LIBOR	Quarterly	Goldman Sachs International		01/03/20		2.80	%		USD	273,870		(6,975	)
2-Year Interest Rate Swap	2.85%	Semi-Annual		3 month LIBOR	Quarterly	JPMorgan Chase Bank NA		01/21/20		2.85	%		USD	527,700		(14,163	)
2-Year Interest Rate Swap	0.20%	Annual		6 month EURIBOR	Semi-Annual	Barclays Bank plc		01/23/20		0.20	%		EUR	317,240		(15,822	)
2-Year Interest Rate Swap	3.15%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		02/03/20		3.15	%		USD	1,033,250		(9,186	)
2-Year Interest Rate Swap	3.20%	Semi-Annual		3 month LIBOR	Quarterly	Deutsche Bank AG		02/07/20		3.20	%		USD	313,730		(2,413	)
2-Year Interest Rate Swap	3.35%	Semi-Annual		3 month LIBOR	Quarterly	Deutsche Bank AG		02/14/20		3.35	%		USD	316,460		(1,525	)
2-Year Interest Rate Swap	3.35%	Semi-Annual		3 month LIBOR	Quarterly	UBS AG		02/21/20		3.35	%		USD	317,300		(1,698	)
2-Year Interest Rate Swap	2.46%	Semi-Annual		3 month LIBOR	Quarterly	Citibank NA		02/26/20		2.46	%		USD	689,480		(161,207	)
1-Year Interest Rate Swap	2.32%	Semi-Annual		3 month LIBOR	Quarterly	Goldman Sachs International		04/06/20		2.32	%		USD	1,361,990		(336,575	)
1-Year Interest Rate Swap	2.35%	Semi-Annual		3 month LIBOR	Quarterly	Goldman Sachs International		04/06/20		2.35	%		USD	1,361,990		(294,966	)
2-Year Interest Rate Swap	2.88%	Semi-Annual		3 month LIBOR	Quarterly	Deutsche Bank AG		04/14/20		2.88	%		USD	522,660		(31,945	)
2-Year Interest Rate Swap	2.94%	Semi-Annual		3 month LIBOR	Quarterly	Bank of America NA		04/17/20		2.94	%		USD	517,360		(24,880	)
2-Year Interest Rate Swap	3.15%	Semi-Annual		3 month LIBOR	Quarterly	Goldman Sachs International		05/05/20		3.15	%		USD	281,000		(7,306	)
2-Year Interest Rate Swap	2.90%	Semi-Annual		3 month LIBOR	Quarterly	Deutsche Bank AG		05/29/20		2.90	%		USD	283,190		(22,709	)
2-Year Interest Rate Swap	3.35%	Semi-Annual		3 month LIBOR	Quarterly	Goldman Sachs International		05/29/20		3.35	%		USD	398,160		(6,140	)
2-Year Interest Rate Swap	3.45%	Semi-Annual		3 month LIBOR	Quarterly	Goldman Sachs International		06/08/20		3.45	%		USD	397,210		(4,671	)
1-Year Interest Rate Swap	1.76%	Semi-Annual		3 month LIBOR	Quarterly	Nomura International plc		06/10/20		1.76	%		USD	1,357,880		(2,534,551	)
10-Year Interest Rate Swap	2.20%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		06/11/20		2.20	%		USD	147,110		(2,016,959	)
30-Year Interest Rate Swap	2.85%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		06/11/20		2.85	%		USD	110,700		(1,022,588	)

116 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Interest Rate Swaptions Written (continued)

	Paid by the Fund		Received by the Fund
Description	Rate	Frequency	Rate	Frequency	Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)		Value
10-Year Interest Rate Swap	2.30%	Semi-Annual	3 month LIBOR	Quarterly	Citibank NA		06/15/20		2.30	%	USD	110,550	$	(1,205,402	)
2-Year Interest Rate Swap	3.35%	Semi-Annual	3 month LIBOR	Quarterly	Goldman Sachs International		06/15/20		3.35	%	USD	254,300		(4,445	)
2-Year Interest Rate Swap	3.50%	Semi-Annual	3 month LIBOR	Quarterly	Barclays Bank plc		08/24/20		3.50	%	USD	515,320		(12,460	)
2-Year Interest Rate Swap	3.55%	Semi-Annual	3 month LIBOR	Quarterly	Bank of America NA		10/05/20		3.55	%	USD	2,495,529		(83,151	)
2-Year Interest Rate Swap	3.75%	Semi-Annual	3 month LIBOR	Quarterly	Bank of America NA		10/13/20		3.75	%	USD	2,002,359		(41,889	)
2-Year Interest Rate Swap	3.05%	Semi-Annual	3 month LIBOR	Quarterly	Deutsche Bank AG		11/30/20		3.05	%	USD	320,220		(70,042	)
2-Year Interest Rate Swap	0.60%	Annual	6 month EURIBOR	Semi-Annual	JPMorgan Chase Bank NA		12/14/20		0.60	%	EUR	550,420		(121,014	)
2-Year Interest Rate Swap	0.55%	Annual	6 month EURIBOR	Semi-Annual	Barclays Bank plc		12/21/20		0.55	%	EUR	255,670		(66,689	)
2-Year Interest Rate Swap	3.25%	Semi-Annual	3 month LIBOR	Quarterly	Citibank NA		12/29/20		3.25	%	USD	443,850		(67,803	)
2-Year Interest Rate Swap	0.21%	Annual	6 month EURIBOR	Semi-Annual	Barclays Bank plc		02/15/21		0.21	%	EUR	510,535		(440,929	)
2-Year Interest Rate Swap	0.30%	Annual	6 month EURIBOR	Semi-Annual	JPMorgan Chase Bank NA		03/08/21		0.30	%	EUR	381,850		(281,098	)
10-Year Interest Rate Swap	2.79%	Semi-Annual	3 month LIBOR	Quarterly	Barclays Bank plc		03/08/21		2.79	%	USD	156,257		(1,201,018	)
2-Year Interest Rate Swap	0.16%	Annual	6 month EURIBOR	Semi-Annual	Barclays Bank plc		03/12/21		0.16	%	EUR	510,535		(562,695	)
2-Year Interest Rate Swap	0.10%	Annual	6 month EURIBOR	Semi-Annual	Barclays Bank plc		03/29/21		0.10	%	EUR	528,070		(725,900	)
2-Year Interest Rate Swap	0.12%	Annual	6 month EURIBOR	Semi-Annual	Barclays Bank plc		04/08/21		0.12	%	EUR	822,310		(1,111,988	)
2-Year Interest Rate Swap	0.10%	Annual	6 month EURIBOR	Semi-Annual	Citibank NA		04/12/21		0.10	%	EUR	412,820		(596,428	)
2-Year Interest Rate Swap	0.16%	Annual	6 month EURIBOR	Semi-Annual	Goldman Sachs International		04/12/21		0.16	%	EUR	412,820		(507,422	)
2-Year Interest Rate Swap	0.15%	Annual	6 month EURIBOR	Semi-Annual	Morgan Stanley & Co. International plc		04/19/21		0.15	%	EUR	410,860		(532,067	)
10-Year Interest Rate Swap	2.15%	Annual	6 month EURIBOR	Semi-Annual	JPMorgan Chase Bank NA		04/19/21		2.15	%	EUR	131,500		(54,216	)
10-Year Interest Rate Swap	2.00%	Annual	6 month EURIBOR	Semi-Annual	Barclays Bank plc		05/04/21		2.00	%	EUR	79,200		(49,965	)
2-Year Interest Rate Swap	0.11%	Annual	6 month EURIBOR	Semi-Annual	Barclays Bank plc		05/17/21		0.11	%	EUR	268,637		(426,465	)
1-Year Interest Rate Swap	2.35%	Semi-Annual	3 month LIBOR	Quarterly	Citibank NA		05/17/21		2.35	%	USD	1,301,800		(1,296,723	)
1-Year Interest Rate Swap	2.15%	Semi-Annual	3 month LIBOR	Quarterly	Barclays Bank plc		05/27/21		2.15	%	USD	1,769,060		(2,689,254	)
2-Year Interest Rate Swap	0.08%	Annual	6 month EURIBOR	Semi-Annual	Morgan Stanley & Co. International plc		05/31/21		0.08	%	EUR	176,910		(317,828	)
1-Year Interest Rate Swap	2.40%	Semi-Annual	3 month LIBOR	Quarterly	Morgan Stanley & Co. International plc		06/01/21		2.40	%	USD	2,184,400		(2,036,778	)
10-Year Interest Rate Swap	3.87%	Semi-Annual	3 month LIBOR	Quarterly	Barclays Bank plc		06/07/21		3.87	%	USD	245,920		(318,198	)
2-Year Interest Rate Swap	0.05%	Annual	6 month EURIBOR	Semi-Annual	Barclays Bank plc		06/10/21		0.05	%	EUR	273,650		(549,509	)
2-Year Interest Rate Swap	0.00%	Annual	6 month EURIBOR	Semi-Annual	Barclays Bank plc		06/14/21		0.00	%	EUR	120,640		(278,240	)
2-Year Interest Rate Swap	0.00%	Annual	6 month EURIBOR	Semi-Annual	Bank of America NA		06/14/21		0.00	%	EUR	123,820		(285,575	)
2-Year Interest Rate Swap	0.00%	Annual	6 month EURIBOR	Semi-Annual	Goldman Sachs International		06/18/21		0.00	%	EUR	124,520		(291,230	)
2-Year Interest Rate Swap	0.00%	Annual	6 month EURIBOR	Semi-Annual	Citibank NA		06/21/21		0.00	%	EUR	145,350		(342,195	)
2-Year Interest Rate Swap	0.00%	Annual	6 month EURIBOR	Semi-Annual	Nomura International plc		06/25/21		0.00	%	EUR	135,350		(323,093	)
5-Year Interest Rate Swap	3.25%	Semi-Annual	3 month LIBOR	Quarterly	Goldman Sachs International		05/03/22		3.25	%	USD	295,110		(1,063,402	)
10-Year Interest Rate Swap	2.75%	Semi-Annual	3 month LIBOR	Quarterly	Nomura International plc		05/09/22		2.75	%	USD	301,430		(5,080,349	)
10-Year Interest Rate Swap	2.40%	Semi-Annual	3 month LIBOR	Quarterly	Morgan Stanley & Co. International plc		06/20/22		2.40	%	USD	307,608		(8,584,936	)
10-Year Interest Rate Swap	3.00%	Semi-Annual	3 month LIBOR	Quarterly	Morgan Stanley & Co. International plc		06/13/24		3.00	%	USD	110,550		(2,618,627	)
10-Year Interest Rate Swap	3.50%	Semi-Annual	3 month LIBOR	Quarterly	Morgan Stanley & Co. International plc		06/13/24		3.50	%	USD	110,550		(1,572,060	)

CONSOLIDATED SCHEDULES OF INVESTMENTS 117

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Interest Rate Swaptions Written (continued)

	Paid by the Fund		Received by the Fund
Description	Rate	Frequency	Rate		Frequency	Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)			Value
10-Year Interest Rate Swap	3.00%	Semi-Annual		3 month LIBOR	Quarterly	Morgan Stanley & Co. International plc		06/20/24		3.00	%		USD	110,550	$	(2,629,183	)
10-Year Interest Rate Swap	3.50%	Semi-Annual		3 month LIBOR	Quarterly	Morgan Stanley & Co. International plc		06/20/24		3.50	%		USD	110,550		(1,580,232	)
10-Year Interest Rate Swap	3.05%	Semi-Annual		3 month LIBOR	Quarterly	Barclays Bank plc		03/12/29		3.05	%		USD	83,640		(3,178,330	)
																(52,440,019	)
															$	(397,408,100	)

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)
ITRAXX.EUR.23.V2		1.00%		Quarterly		06/20/20		EUR	9,984		$(103,442)		$ (36,832)		$ (66,610)
ITRAXX.EUR.25.V2		1.00%		Quarterly		06/20/21		EUR	23,005		(468,417)		(95,592)		(372,825)
ITRAXX.EUR.CROSSOVER.25.V2		5.00%		Quarterly		06/20/21		EUR	29,092		(2,193,799)		(985,560)		(1,208,239)
ITRAXX.FINSR.25.V2		1.00%		Quarterly		06/20/21		EUR	138,370		(2,697,060)		(259,279)		(2,437,781)
CDX.NA,HY.30.V3		5.00%		Quarterly		06/20/23		USD	77,738		(6,600,492)		(4,642,606)		(1,957,886)
CDX.NA.IG.31.V1		1.00%		Quarterly		12/20/23		USD	927,117		(21,243,556)		(16,555,783)		(4,687,773)
CDX.NA.IG.32.V1		1.00%		Quarterly		06/20/24		USD	465,229		(10,189,704)		(9,421,390)		(768,314)
ITRAXX.EUR.31.V2		1.00%		Quarterly		06/20/24		EUR	229,475		(6,314,797)		(5,010,976)		(1,303,821)
ITRAXX.EUR.CROSSOVER.31.V1		5.00%		Quarterly		06/20/24		EUR	127,166		(16,635,526)		(15,701,657)		(933,869)
ITRAXX.FINSUB.31.V1		1.00%		Quarterly		06/20/24		EUR	22,480		396,810		473,564		(76,754)
											$    (66,049,983)		$    (52,236,111)		$    (13,813,872)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Termination Date		Credit Rating  (a)		Notional Amount (000) (b)			Value		Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
ITRAXX.EUR.23.V2		1.00	%		Quarterly		06/20/20		NR		EUR	9,984	$	103,442	$	27,816		$	75,626
ITRAXX.EUR.25.V2		1.00	%		Quarterly		06/20/21		NR		EUR	23,005		468,417		138,842			329,575
ITRAXX.EUR. CROSSOVER.25.V2		5.00	%		Quarterly		06/20/21		NR		EUR	29,092		2,193,799		706,821			1,486,978
ITRAXX.FINSR.25.V2		1.00	%		Quarterly		06/20/21		BBB+		EUR	138,370		2,697,060		(317,158	)		3,014,218
ITRAXX.FINSR.28.V2		1.00	%		Quarterly		12/20/22		NR		EUR	150,831		3,854,609		1,641,336			2,213,273
CDX.NA.HY.32.V1		5.00	%		Quarterly		06/20/24		BB+		USD	589,418		45,654,974		37,649,221			8,005,753
ITRAXX.FINSR.31.V2		1.00	%		Quarterly		06/20/24		A-		EUR	114,181		2,376,576		1,282,599			1,093,977
													$	57,348,877	$	41,129,477		$	16,219,400

^(a)  Using S&P Global Rating’s rating of the issuer or the underlying securities of the index, as applicable.

^(b)  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

Centrally Cleared Inflation Swaps

Paid by the Fund		Received by the Fund
Reference	Frequency	Rate	Frequency	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
UK Retail Price Index All Items Monthly	At Termination	3.45%	At Termination		03/15/24		GBP	100,340	$	(1,081,689	)	$	—	$	(1,081,689	)
2.13%	At Termination	1 month USCPI	At Termination		03/13/29		USD	87,830		(1,767,535	)		—		(1,767,535	)

118 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Paid by the Fund		Received by the Fund
Reference	Frequency	Rate	Frequency	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1.29%	At Termination	1 month HICPXT	At Termination		03/15/29		EUR	27,080	$	(714,322	)	$	—	$	(714,322	)
1.32%	At Termination	1 month HICPXT	At Termination		03/15/29		EUR	61,910		(1,894,613	)		—		(1,894,613	)
UK Retail Price Index All Items Monthly	At Termination	3.49%	At Termination		03/15/29		GBP	21,040		(379,247	)		—		(379,247	)
2.07%	At Termination	1 month USCPI	At Termination		03/28/29		USD	22,830		(301,172	)		—		(301,172	)
2.16%	At Termination	1 month USCPI	At Termination		04/16/29		USD	29,320		(662,354	)		—		(662,354	)
									$	(6,800,932	)	$	—	$	(6,800,932	)

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund
Rate	Frequency		Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
28 day MXIBTIIE Monthly		8.21%	Monthly		N/A			10/07/20	MXN	3,695,000	$	920,261		$	—		$	920,261
28 day MXIBTIIE Monthly		8.51%	Monthly		N/A			11/04/20	MXN	5,600,000		2,812,426			—			2,812,426
3 month LIBOR	Quarterly	3.15%	Semi-Annual		N/A			12/10/20	USD	1,653,584		29,933,144			—			29,933,144
3.05%	Semi-Annual	3 month LIBOR	Quarterly		N/A			12/10/20	USD	3,589,657		(59,684,940	)		—			(59,684,940	)
2.74%	Semi-Annual	3 month LIBOR	Quarterly		N/A			01/11/21	USD	297,260		(6,016,777	)		—			(6,016,777	)
3 month LIBOR	Quarterly	2.78%	Semi-Annual		N/A			02/16/21	USD	862,615		18,553,176			—			18,553,176
2.95%	Semi-Annual	3 month LIBOR	Quarterly		N/A			02/22/21	USD	2,369,530		(59,990,647	)		—			(59,990,647	)
3 month LIBOR	Quarterly	3.05%	Semi-Annual		N/A			02/22/21	USD	871,160		23,770,873			—			23,770,873
3 month LIBOR	Quarterly	2.20%	Semi-Annual		N/A			05/29/21	USD	196,660		1,365,275			—			1,365,275
3 month LIBOR	Quarterly	1.83%	Semi-Annual		N/A			06/07/21	USD	263,277		(10,147	)		—			(10,147	)
3 month LIBOR	Quarterly	1.86%	Semi-Annual		N/A			06/07/21	USD	130,323		75,446			—			75,446
3 month LIBOR	Quarterly	1.84%	Semi-Annual		N/A			06/07/21	USD	134,275		26,409			—			26,409
3 month LIBOR	Quarterly	1.84%	Semi-Annual		N/A			06/07/21	USD	131,641		12,991			—			12,991
3 month LIBOR	Quarterly	1.84%	Semi-Annual		N/A			06/11/21	USD	245,650		94,364			—			94,364
1.84%	Annual	1 day Fed Funds	Annual		10/03/19	(a)		06/15/21	USD	669,710		(4,116,895	)		73,717			(4,190,612	)
1.77%	Semi-Annual	3 month LIBOR	Quarterly		06/15/20	(a)		06/15/21	USD	1,106,653		(2,092,393	)		—			(2,092,393	)
		6 month
0.14%	Annual	EURIBOR	Semi-Annual		N/A			06/18/21	EUR	243,185		(2,862,077	)		—			(2,862,077	)
3 month LIBOR	Quarterly	1.85%	Semi-Annual		N/A			06/20/21	USD	170,990		152,361			—			152,361
3 month LIBOR	Quarterly	1.82%	Semi-Annual		N/A			06/21/21	USD	171,470		47,423			—			47,423
3 month BA	Semi-Annual	1.76%	Semi-Annual		N/A			06/26/21	CAD	128,215		(35,632	)		—			(35,632	)
3 month BA	Semi-Annual	1.77%	Semi-Annual		N/A			06/26/21	CAD	128,215		(6,971	)		—			(6,971	)
2.70%	Semi-Annual	3 month LIBOR	Quarterly		N/A			06/27/21	USD	2,011,850		(35,986,544	)		—			(35,986,544	)
3 month LIBOR	Quarterly	1.72%	Semi-Annual		N/A			06/27/21	USD	172,390		(236,586	)		—			(236,586	)
3 month LIBOR	Quarterly	1.79%	Semi-Annual		07/02/19	(a)		07/02/21	USD	173,270		—			—			—
3 month LIBOR	Quarterly	2.03%	Semi-Annual		07/02/19	(a)		07/02/21	USD	171,290		808,321			—			808,321
3 month LIBOR	Quarterly	1.97%	Semi-Annual		07/02/19	(a)		07/02/21	USD	171,290		627,197			—			627,197
3 month LIBOR	Quarterly	2.01%	Semi-Annual		07/02/19	(a)		07/02/21	USD	341,945		1,536,643			—			1,536,643
3 month LIBOR	Quarterly	2.08%	Semi-Annual		07/02/19	(a)		07/02/21	USD	342,630		1,999,304			—			1,999,304
3 month LIBOR	Quarterly	1.88%	Semi-Annual		07/05/19	(a)		07/05/21	USD	170,690		332,395			—			332,395
3 month LIBOR	Quarterly	1.86%	Semi-Annual		07/05/19	(a)		07/05/21	USD	113,809		183,694			—			183,694
3 month LIBOR	Quarterly	1.84%	Semi-Annual		07/05/19	(a)		07/05/21	USD	170,790		207,020			—			207,020
3 month LIBOR	Quarterly	1.89%	Semi-Annual		07/05/19	(a)		07/05/21	USD	170,690		379,248			—			379,248
3 month LIBOR	Quarterly	1.88%	Semi-Annual		07/05/19	(a)		07/05/21	USD	151,748		285,095			—			285,095
3 month LIBOR	Quarterly	1.91%	Semi-Annual		07/08/19	(a)		07/08/21	USD	113,660		305,477			—			305,477
3 month LIBOR	Quarterly	2.33%	Semi-Annual		08/01/19	(a)		08/01/21	USD	838,829		9,602,168			—			9,602,168
3 month LIBOR	Quarterly	2.59%	Semi-Annual		08/02/19	(a)		08/02/21	USD	869,053		14,290,447			—			14,290,447
3 month LIBOR	Quarterly	2.35%	Semi-Annual		08/09/19	(a)		08/09/21	USD	410,350		4,839,532			—			4,839,532
3 month LIBOR	Quarterly	2.31%	Semi-Annual		08/12/19	(a)		08/12/21	USD	251,954		2,816,402			—			2,816,402
3 month LIBOR	Quarterly	2.21%	Semi-Annual		08/15/19	(a)		08/15/21	USD	134,805		1,252,673			—			1,252,673
3 month LIBOR	Quarterly	2.21%	Semi-Annual		08/15/19	(a)		08/15/21	USD	134,805		1,244,756			—			1,244,756
3 month LIBOR	Quarterly	2.16%	Semi-Annual		08/19/19	(a)		08/19/21	USD	134,740		1,141,618			(1	)		1,141,619
3 month LIBOR	Quarterly	2.17%	Semi-Annual		08/19/19	(a)		08/19/21	USD	134,740		1,154,785			(1	)		1,154,786
3 month LIBOR	Quarterly	2.24%	Semi-Annual		08/22/19	(a)		08/22/21	USD	176,130		1,773,360			—			1,773,360

CONSOLIDATED SCHEDULES OF INVESTMENTS 119

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
2.10%	Quarterly	3 month BBR	Quarterly		N/A			08/23/21	AUD	28,008	$	(464,998	)	$	—		$	(464,998	)
6.73%	Quarterly	3 month JIBAR	Quarterly		09/18/19	(a)		09/18/21	ZAR	2,640,618		(158,685	)		—			(158,685	)
6.74%	Quarterly	3 month JIBAR	Quarterly		09/18/19	(a)		09/18/21	ZAR	2,640,618		(193,117	)		—			(193,117	)
3 month LIBOR	Quarterly	2.50%	Semi-Annual		09/20/19	(a)		09/20/21	USD	173,710		2,722,890			—			2,722,890
3 month LIBOR	Quarterly	2.24%	Semi-Annual		11/01/19	(a)		11/01/21	USD	824,780		9,255,722			—			9,255,722
2.29%	Semi-Annual	6 month BBR	Semi-Annual		N/A			11/02/21	AUD	13,976		(274,172	)		—			(274,172	)
3 month LIBOR	Quarterly	2.31%	Semi-Annual		11/04/19	(a)		11/04/21	USD	8,575		108,573			—			108,573
3 month LIBOR	Quarterly	2.27%	Semi-Annual		11/05/19	(a)		11/05/21	USD	108,787		1,287,111			—			1,287,111
3 month LIBOR	Quarterly	2.29%	Semi-Annual		11/05/19	(a)		11/05/21	USD	108,787		1,324,209			—			1,324,209
2.58%	Semi-Annual	3 month BA	Semi-Annual		N/A			12/03/21	CAD	43,261		(665,779	)		—			(665,779	)
6 month NIBOR	Semi-Annual	1.67%	Annual		N/A			12/06/21	NOK	342,250		272,399			—			272,399
6 month CIBOR	Semi-Annual	0.12%	Annual		N/A			12/06/21	DKK	255,083		420,988			5,358			415,630
3 month STIBOR Quarterly		0.17%	Annual		N/A			12/06/21	SEK	354,804		252,721			4,086			248,635
3.01%	Semi-Annual	3 month LIBOR	Quarterly		N/A			12/07/21	USD	32,769		(978,373	)		(7,197	)		(971,176	)
3 month LIBOR	Quarterly	2.53%	Semi-Annual		01/06/20	(a)		01/06/22	USD	304,895		5,304,371			—			5,304,371
3 month LIBOR	Quarterly	2.53%	Semi-Annual		01/06/20	(a)		01/06/22	USD	304,895		5,286,590			—			5,286,590
3 month LIBOR	Quarterly	2.41%	Semi-Annual		01/07/20	(a)		01/07/22	USD	168,345		2,525,927			—			2,525,927
3 month LIBOR	Quarterly	2.49%	Semi-Annual		01/07/20	(a)		01/07/22	USD	168,030		2,778,899			—			2,778,899
3 month LIBOR	Quarterly	2.34%	Semi-Annual		01/07/20	(a)		01/07/22	USD	451,850		6,235,155			—			6,235,155
3 month LIBOR	Quarterly	2.41%	Semi-Annual		01/07/20	(a)		01/07/22	USD	168,345		2,522,655			—			2,522,655
6 month EURIBOR	Semi-Annual	0.03%	Annual		02/07/20	(a)		02/07/22	EUR	125,110		1,176,386			—			1,176,386
6 month EURIBOR	Semi-Annual	-0.02%	Annual		02/13/20	(a)		02/13/22	EUR	92,560		778,686			—			778,686
6 month EURIBOR	Semi-Annual	0.06%	Annual		03/16/21	(a)		03/16/22	EUR	183,485		838,963			—			838,963
3 month LIBOR	Quarterly	2.03%	Semi-Annual		03/30/20	(a)		03/30/22	USD	549,060		4,584,294			—			4,584,294
3 month LIBOR	Quarterly	2.21%	Semi-Annual		04/15/20	(a)		04/15/22	USD	109,730		1,302,038			—			1,302,038
3 month LIBOR	Quarterly	2.25%	Semi-Annual		04/27/20	(a)		04/27/22	USD	630,890		7,954,488			(1	)		7,954,489
1.87%	Semi-Annual	3 month LIBOR	Quarterly		06/03/21	(a)		06/03/22	USD	678,230		(1,664,621	)		—			(1,664,621	)
3 month LIBOR	Quarterly	1.74%	Semi-Annual		06/16/20	(a)		06/16/22	USD	218,720		620,968			—			620,968
6 month JPY LIBOR	Semi-Annual	0.11%	Semi-Annual		N/A			10/06/22	JPY	3,784,000		269,340			—			269,340
7.11%	Monthly	28 day MXIBTIIE	Monthly		N/A			10/14/22	MXN	582,388		159,327			—			159,327
7.11%	Monthly	28 day MXIBTIIE	Monthly		N/A			10/14/22	MXN	767,612		215,929			—			215,929
0.42%	Annual	6 month EURIBOR	Semi-Annual		12/17/20	(a)		12/17/22	EUR	206,140		(3,429,450	)		—			(3,429,450	)
6 month EURIBOR	Semi-Annual	0.36%	Annual		12/21/20	(a)		12/21/22	EUR	114,740		1,752,055			—			1,752,055
2.73%	Semi-Annual	3 month LIBOR	Quarterly		12/22/20	(a)		12/22/22	USD	86,160		(1,840,117	)		(111,867	)		(1,728,250	)
2.53%	Semi-Annual	3 month LIBOR	Quarterly		02/05/21	(a)		02/05/23	USD	247,500		(4,269,667	)		—			(4,269,667	)
2.53%	Semi-Annual	3 month LIBOR	Quarterly		02/08/21	(a)		02/08/23	USD	284,800		(4,902,957	)		—			(4,902,957	)
2.50%	Semi-Annual	3 month LIBOR	Quarterly		02/08/21	(a)		02/08/23	USD	175,880		(2,926,812	)		—			(2,926,812	)
2.55%	Semi-Annual	3 month LIBOR	Quarterly		02/16/21	(a)		02/16/23	USD	126,500		(2,221,279	)		—			(2,221,279	)
2.54%	Semi-Annual	3 month LIBOR	Quarterly		03/05/21	(a)		03/05/23	USD	214,765		(3,715,089	)		—			(3,715,089	)
2.43%	Semi-Annual	3 month LIBOR	Quarterly		03/15/21	(a)		03/15/23	USD	388,450		(5,873,403	)		(8,499	)		(5,864,904	)
0.04%	Annual	6 month EURIBOR	Semi-Annual		03/30/21	(a)		03/30/23	EUR	118,870		(820,967	)		—			(820,967	)
0.10%	Annual	6 month EURIBOR	Semi-Annual		04/12/21	(a)		04/12/23	EUR	385,300		(3,132,898	)		—			(3,132,898	)
0.10%	Annual	6 month EURIBOR	Semi-Annual		04/14/21	(a)		04/14/23	EUR	163,850		(1,336,817	)		—			(1,336,817	)
0.05%	Annual	6 month EURIBOR	Semi-Annual		04/14/21	(a)		04/14/23	EUR	163,850		(1,143,050	)		—			(1,143,050	)
0.11%	Annual	6 month EURIBOR	Semi-Annual		04/21/21	(a)		04/21/23	EUR	200,520		(1,663,805	)		—			(1,663,805	)
6 month EURIBOR	Semi-Annual	0.08%	Annual		05/26/22	(a)		05/26/23	EUR	73,860		203,119			—			203,119
6 month EURIBOR	Semi-Annual	-0.14%	Annual		06/08/21	(a)		06/08/23	EUR	147,980		306,854			—			306,854

120 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Centrally Cleared Interest Rate Swaps  (continued)

Paid by the Fund		Received by the Fund		Effective Date			Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
6 month EURIBOR	Semi-Annual	-0.11%	Annual		06/08/21	(a)		06/08/23	EUR	46,065		$        122,439		$     —		$        122,439
6 month EURIBOR	Semi-Annual	-0.14%	Annual		06/14/21	(a)		06/14/23	EUR	229,330		472,679		—		472,679
6 month EURIBOR	Semi-Annual	-0.24%	Annual		06/22/21	(a)		06/22/23	EUR	46,360		(19,849)		—		(19,849)
6 month EURIBOR	Semi-Annual	-0.24%	Annual		06/22/21	(a)		06/22/23	EUR	46,360		(17,704)		—		(17,704)
6 month EURIBOR	Semi-Annual	-0.20%	Annual		06/22/21	(a)		06/22/23	EUR	230,920		136,079		—		136,079
6 month JPY LIBOR	Semi-Annual	0.15%	Semi-Annual		N/A			08/09/23	JPY	1,887,000		203,846		—		203,846
6 month JPY LIBOR	Semi-Annual	0.14%	Semi-Annual		N/A			09/20/23	JPY	3,902,000		414,876		—		414,876
3.13%	Semi-Annual	3 month LIBOR	Quarterly		N/A			11/16/23	USD	524,075		(30,944,333)		—		(30,944,333)
3.05%	Semi-Annual	3 month LIBOR	Quarterly		N/A			11/29/23	USD	53,929		(2,999,018)		—		(2,999,018)
3.04%	Semi-Annual	3 month LIBOR	Quarterly		N/A			11/30/23	USD	2,313,984		(127,521,506)		39,164		(127,560,670)
1.75%	Annual	1 day Fed Funds	Annual		10/03/19	(a)		11/30/23	USD	535,320		(6,309,630)		88,855		(6,398,485)
2.05%	Semi-Annual	3 month LIBOR	Quarterly		10/03/19	(a)		11/30/23	USD	440,764		(6,201,646)		27,762		(6,229,408)
2.62%	Semi-Annual	3 month BA	Semi-Annual		N/A			12/03/23	CAD	26,558		(792,885)		(2,494)		(790,391)
3 month LIBOR	Quarterly	3.08%	Semi-Annual		N/A			12/04/23	USD	796,593		45,568,075		—		45,568,075
6 month EURIBOR	Semi-Annual	0.28%	Annual		N/A			12/04/23	EUR	20,712		621,942		2,551		619,391
6 month CIBOR	Semi-Annual	0.42%	Annual		N/A			12/06/23	DKK	154,092		708,896		11,587		697,309
3 month STIBOR	Quarterly	0.51%	Annual		N/A			12/06/23	SEK	215,183		538,068		6,404		531,664
3.00%	Semi-Annual	3 month LIBOR	Quarterly		N/A			12/07/23	USD	20,216		(1,088,572)		(9,106)		(1,079,466)
3 month LIBOR	Quarterly	3.04%	Semi-Annual		N/A			12/18/23	USD	1,795,825		100,369,090		—		100,369,090
3 month LIBOR	Quarterly	3.06%	Semi-Annual		N/A			12/20/23	USD	1,009,235		57,346,267		—		57,346,267
3.21%	Semi-Annual	3 month LIBOR	Quarterly		N/A			12/20/23	USD	262,350		(16,634,322)		—		(16,634,322)
3 month LIBOR	Quarterly	3.05%	Semi-Annual		N/A			12/28/23	USD	807,973		45,752,788		—		45,752,788
2.94%	Semi-Annual	3 month LIBOR	Quarterly		N/A			12/31/23	USD	335,365		(17,343,844)		—		(17,343,844)
28 day MXIBTIIE	Monthly	8.39%	Monthly		N/A			01/18/24	MXN	1,705,555		3,974,790		—		3,974,790
3 month LIBOR	Quarterly	2.94%	Semi-Annual		N/A			02/25/24	USD	1,154,413		70,374,910		1		70,374,909
2.74%	Semi-Annual	3 month LIBOR	Quarterly		N/A			02/25/24	USD	1,179,824		(60,549,512)		—		(60,549,512)
6 month JPY LIBOR	Semi-Annual	0.00%	Semi-Annual		N/A			03/06/24	JPY	16,555,000		817,618		—		817,618
3 month LIBOR	Quarterly	2.18%	Semi-Annual		N/A			03/29/24	USD	233,260		5,829,014		—		5,829,014
28 day MXIBTIIE	Monthly	7.81%	Monthly		N/A			05/27/24	MXN	1,658,070		1,966,660		—		1,966,660
1.77%	Annual	6 month NIBOR	Semi-Annual		N/A			06/05/24	NOK	155,000		(26,099)		—		(26,099)
1.79%	Semi-Annual	3 month LIBOR	Quarterly		N/A			06/20/24	USD	69,970		(92,065)		—		(92,065)
3 month LIBOR	Quarterly	1.72%	Semi-Annual		N/A			06/27/24	USD	334,185		(613,229)		—		(613,229)
0.54%	Annual	6 month EURIBOR	Semi-Annual		N/A			06/28/24	EUR	409,559		(18,270,478)		—		(18,270,478)
3 month LIBOR	Quarterly	1.76%	Semi-Annual		07/02/19	(a)		07/02/24	USD	35,875		—		—		—
3 month LIBOR	Quarterly	2.64%	Semi-Annual		07/26/19	(a)		07/26/24	USD	272,650		11,625,390		—		11,625,390
3 month LIBOR	Quarterly	2.31%	Semi-Annual		08/09/19	(a)		08/09/24	USD	184,657		4,983,130		—		4,983,130
3 month LIBOR	Quarterly	2.30%	Semi-Annual		08/09/19	(a)		08/09/24	USD	110,793		2,910,327		—		2,910,327
3 month LIBOR	Quarterly	2.28%	Semi-Annual		08/12/19	(a)		08/12/24	USD	108,175		2,741,589		—		2,741,589
6 month WIBOR	Semi-Annual	2.15%	Annual		09/18/19	(a)		09/18/24	PLN	360,960		1,183,483		—		1,183,483
3.10%	Semi-Annual	3 month LIBOR	Quarterly		11/19/19	(a)		11/19/24	USD	391,328		(25,516,949)		—		(25,516,949)
1.87%	Semi-Annual	3 month LIBOR	Quarterly		12/16/19	(a)		12/16/24	USD	89,010		(605,552)		—		(605,552)
3 month LIBOR	Quarterly	2.51%	Semi-Annual		02/13/20	(a)		02/13/25	USD	210,160		7,763,674		—		7,763,674
3 month LIBOR	Quarterly	2.62%	Semi-Annual		02/18/20	(a)		02/18/25	USD	200,210		8,439,094		—		8,439,094
2.62%	Semi-Annual	3 month LIBOR	Quarterly		03/06/20	(a)		03/06/25	USD	36,420		(1,537,328)		—		(1,537,328)
2.16%	Semi-Annual	3 month LIBOR	Quarterly		03/31/20	(a)		03/31/25	USD	22,620		(457,886)		—		(457,886)
2.31%	Semi-Annual	3 month LIBOR	Quarterly		04/03/20	(a)		04/03/25	USD	103,330		(2,826,651)		—		(2,826,651)
2.35%	Semi-Annual	3 month LIBOR	Quarterly		04/27/20	(a)		04/27/25	USD	169,410		(4,913,493)		—		(4,913,493)
28 day MXIBTIIE	Monthly	6.32%	Monthly		N/A			07/17/25	MXN	604,966		(1,566,673)		—		(1,566,673)
3 month LIBOR	Quarterly	2.13%	Semi-Annual		N/A			08/25/25	USD	19,850		479,459		1,258,239		(778,780)

CONSOLIDATED SCHEDULES OF INVESTMENTS 121

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Centrally Cleared Interest Rate Swaps  (continued)

Paid by the Fund		Received by the Fund		Effective Date			Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
2.27%	Semi-Annual	3 month LIBOR	Quarterly		N/A			09/11/25	USD	15,182		$   (500,751)		$ (1,113,566)		$      612,815
0.14%	Annual	6 month EURIBOR	Semi-Annual		06/14/21	(a)		06/14/26	EUR	92,040		(518,596)		—		(518,596)
0.09%	Annual	6 month EURIBOR	Semi-Annual		06/22/21	(a)		06/22/26	EUR	92,370		(205,656)		—		(205,656)
2.91%	Semi-Annual	3 month LIBOR	Quarterly		N/A			08/23/26	USD	10,069		(800,010)		—		(800,010)
28 day MXIBTIIE	Monthly	7.49%	Monthly		N/A			04/14/27	MXN	1,412,000		244,452		—		244,452
0.29%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			10/06/27	JPY	1,530,000		(390,288)		—		(390,288)
0.38%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			08/09/28	JPY	938,000		(326,352)		—		(326,352)
0.15%	Annual	6 month EURIBOR	Semi-Annual		09/10/19	(a)		08/15/28	EUR	111,970		(380,854)		—		(380,854)
0.15%	Annual	6 month EURIBOR	Semi-Annual		09/10/19	(a)		08/15/28	EUR	110,470		(399,789)		—		(399,789)
0.13%	Annual	6 month EURIBOR	Semi-Annual		09/10/19	(a)		08/15/28	EUR	51,695		(60,842)		—		(60,842)
0.21%	Annual	6 month EURIBOR	Semi-Annual		09/10/19	(a)		08/15/28	EUR	110,790		(1,018,499)		24,770		(1,043,269)
0.13%	Annual	6 month EURIBOR	Semi-Annual		09/10/19	(a)		08/15/28	EUR	51,695		(72,840)		—		(72,840)
0.19%	Annual	6 month EURIBOR	Semi-Annual		09/10/19	(a)		08/15/28	EUR	111,300		(804,088)		(67,535)		(736,553)
2.93%	Semi-Annual	3 month LIBOR	Quarterly		N/A			08/24/28	USD	22,270		(2,046,383)		—		(2,046,383)
0.35%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			09/20/28	JPY	1,895,000		(603,719)		—		(603,719)
3.16%	Semi-Annual	3 month LIBOR	Quarterly		N/A			10/03/28	USD	12,489		(1,322,111)		—		(1,322,111)
2.75%	Semi-Annual	3 month BA	Semi-Annual		N/A			12/03/28	CAD	14,131		(873,486)		(5,954)		(867,532)
6 month EURIBOR	Semi-Annual	0.88%	Annual		N/A			12/04/28	EUR	10,707		940,635		1,598		939,037
3 month STIBOR	Quarterly	1.16%	Annual		N/A			12/06/28	SEK	112,148		828,429		18,621		809,808
6 month CIBOR	Semi-Annual	1.03%	Annual		N/A			12/06/28	DKK	79,458		1,029,499		21,330		1,008,169
3.08%	Semi-Annual	3 month LIBOR	Quarterly		N/A			12/07/28	USD	10,829		(1,076,907)		(5,736)		(1,071,171)
28 day MXIBTIIE	Monthly	8.72%	Monthly		N/A			01/03/29	MXN	445,500		1,919,714		—		1,919,714
0.19%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			01/04/29	JPY	3,027,670		(531,644)		—		(531,644)
3.04%	Semi-Annual	3 month LIBOR	Quarterly		N/A			02/16/29	USD	190,900		(19,855,056)		—		(19,855,056)
1.37%	Annual	6 month EURIBOR	Semi-Annual		N/A			02/20/29	EUR	76,370		(10,910,975)		—		(10,910,975)
1.38%	Annual	6 month EURIBOR	Semi-Annual		N/A			02/22/29	EUR	4,150		(597,378)		—		(597,378)
0.18%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			03/06/29	JPY	8,250,000		(1,286,338)		—		(1,286,338)
6 month EURIBOR	Semi-Annual	0.56%	Annual		N/A			03/12/29	EUR	43,250		2,080,976		—		2,080,976
3 month STIBOR	Quarterly	1.02%	Annual		N/A			03/20/29	SEK	441,130		2,463,518		—		2,463,518
2.34%	Semi-Annual	3 month LIBOR	Quarterly		N/A			03/29/29	USD	28,299		(1,136,524)		—		(1,136,524)
28 day MXIBTIIE	Monthly	7.96%	Monthly		N/A			05/24/29	MXN	512,509		751,172		—		751,172
28 day MXIBTIIE	Monthly	7.98%	Monthly		N/A			05/24/29	MXN	490,228		755,696		—		755,696
28 day MXIBTIIE	Monthly	7.96%	Monthly		N/A			05/24/29	MXN	1,002,738		1,479,194		—		1,479,194
3 month LIBOR	Quarterly	2.30%	Semi-Annual		N/A			05/28/29	USD	114,430		3,412,024		—		3,412,024
1.86%	Annual	6 month NIBOR	Semi-Annual		N/A			06/05/29	NOK	85,000		(24,179)		—		(24,179)
3 month LIBOR	Quarterly	2.58%	Semi-Annual		N/A			06/19/29	USD	31,170		1,765,298		—		1,765,298
3 month LIBOR	Quarterly	2.58%	Semi-Annual		N/A			06/19/29	USD	31,165		1,763,581		—		1,763,581
3 month LIBOR	Quarterly	2.59%	Semi-Annual		N/A			06/19/29	USD	15,583		883,224		—		883,224
3 month LIBOR	Quarterly	2.59%	Semi-Annual		N/A			06/19/29	USD	15,583		883,941		—		883,941
2.21%	Semi-Annual	3 month LIBOR	Quarterly		N/A			06/26/29	USD	380,289		(8,519,592)		—		(8,519,592)
3 month LIBOR	Quarterly	1.96%	Semi-Annual		N/A			06/27/29	USD	118,359		(106,094)		—		(106,094)
3 month LIBOR	Quarterly	1.99%	Semi-Annual		N/A			06/28/29	USD	73,805		161,241		—		161,241
3 month LIBOR	Quarterly	1.97%	Semi-Annual		07/02/19	(a)		07/02/29	USD	39,012		—		—		—
3 month LIBOR	Quarterly	1.98%	Semi-Annual		07/30/19	(a)		07/30/29	USD	37,420		—		—		—

122 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective Date			Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
3 month LIBOR	Quarterly	2.73%	Semi-Annual		08/02/19	(a)		08/02/29	USD	194,752		$ 13,658,926		$          —		$ 13,658,926
6 month JPY LIBOR	Semi-Annual	0.10%	Semi-Annual		09/18/19	(a)		09/18/29	JPY	4,877,000		324,206		—		324,206
2.36%	Semi-Annual	3 month LIBOR	Quarterly		03/30/20	(a)		03/29/30	USD	120,060		(4,029,210)		—		(4,029,210)
3 month LIBOR	Quarterly	2.45%	Semi-Annual		05/18/21	(a)		05/18/31	USD	24,530		794,543		—		794,543
3 month LIBOR	Quarterly	2.10%	Semi-Annual		06/22/21	(a)		06/22/31	USD	11,990		11,187		—		11,187
0.36%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			02/04/34	JPY	686,850		(192,726)		—		(192,726)
0.34%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			02/08/34	JPY	2,063,230		(523,013)		—		(523,013)
0.34%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			03/14/34	JPY	832,160		(206,882)		—		(206,882)
2.33%	Semi-Annual	3 month LIBOR	Quarterly		06/24/24(a)			06/24/34	USD	8,600		(1,396)		—		(1,396)
0.62%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			12/14/38	JPY	745,100		(462,985)		—		(462,985)
0.41%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			04/03/39	JPY	957,530		(236,804)		—		(236,804)
0.33%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			06/10/39	JPY	765,570		(68,254)		—		(68,254)
0.30%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		N/A			06/17/39	JPY	762,350		(19,227)		—		(19,227)
0.72%	Semi-Annual	6 month JPY LIBOR	Semi-Annual		03/21/24	(a)		03/21/44	JPY	511,110		(215,568)		—		(215,568)
6 month EURIBOR	Semi-Annual	1.92%	Annual		01/20/28	(a)		01/20/48	EUR	5,940		1,093,384		—		1,093,384
3.35%	Semi-Annual	3 month LIBOR	Quarterly		N/A			11/09/48	USD	57,820		(14,508,637)		—		(14,508,637)
2.91%	Semi-Annual	3 month BA	Semi-Annual		N/A			12/03/48	CAD	5,986		(841,771)		(1,478)		(840,293)
6 month EURIBOR	Semi-Annual	1.46%	Annual		N/A			12/04/48	EUR	4,198		1,015,851		89		1,015,762
1.73%	Semi-Annual	6 month GBP LIBOR	Semi-Annual		N/A			12/04/48	GBP	3,137		(498,229)		4,362		(502,591)
3 month STIBOR	Quarterly	1.68%	Annual		N/A			12/06/48	SEK	44,677		813,330		6,208		807,122
6 month CIBOR	Semi-Annual	1.53%	Annual		N/A			12/06/48	DKK	30,806		1,075,619		1,770		1,073,849
3.19%	Semi-Annual	3 month LIBOR	Quarterly		N/A			12/07/48	USD	4,688		(1,001,391)		(4,192)		(997,199)
2.85%	Semi-Annual	3 month LIBOR	Quarterly		N/A			01/09/49	USD	7,298		(1,059,105)		—		(1,059,105)
2.37%	Semi-Annual	3 month LIBOR	Quarterly		06/15/20	(a)		06/15/50	USD	44,280		(1,261,199)		—		(1,261,199)
3 month LIBOR	Quarterly	3.08%	Semi-Annual		02/20/23	(a)		02/20/53	USD	12,220		1,982,387		—		1,982,387
												$    (18,579,086)		$     258,845		$    (18,837,931)

^(a)  Forward Swap.

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)
Frontier Communications Corp.		5.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/19	USD	2,843	$	384,323		$	138,378		$	245,945
Beazer Homes USA, Inc.		5.00	%		Quarterly	Barclays Bank plc		06/20/20	USD	5,480		(229,133	)		(222,572	)		(6,561	)
Boparan Finance plc		5.00	%		Quarterly	Credit Suisse International		06/20/20	EUR	780		247,489			41,668			205,821
HCA, Inc.		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/20	USD	2,550		(123,647	)		(115,002	)		(8,645	)
HCA, Inc.		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/20	USD	8,510		(412,639	)		(382,048	)		(30,591	)
United Mexican States		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/20	USD	61,427		(399,808	)		134,411			(534,219	)
United Mexican States		1.00	%		Quarterly	Bank of America NA		09/20/20	USD	61,427		(448,663	)		224,474			(673,137	)
Australia & New Zealand Banking Group Ltd.		1.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/20	USD	10,000		(127,255	)		(1,400	)		(125,855	)
Australia & New Zealand Banking Group Ltd.		1.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/20	USD	7,952		(101,196	)		(12,153	)		(89,043	)

CONSOLIDATED SCHEDULES OF INVESTMENTS 123

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities 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)
Australia & New Zealand Banking Group Ltd.		1.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/20	USD	12,048	$	(153,313	)	$	(16,732	)	$	(136,581	)
Commonwealth Bank of Australia		1.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/20	USD	10,000		(130,331	)		(8,368	)		(121,963	)
Commonwealth Bank of Australia		1.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/20	USD	11,500		(149,881	)		(12,763	)		(137,118	)
ITOCHU Corp.		1.00	%		Quarterly	Goldman Sachs International		12/20/20	JPY	293,255		(37,271	)		(5,311	)		(31,960	)
ITOCHU Corp.		1.00	%		Quarterly	Goldman Sachs International		12/20/20	JPY	293,255		(37,271	)		(4,167	)		(33,104	)
ITOCHU Corp.		1.00	%		Quarterly	Goldman Sachs International		12/20/20	JPY	293,255		(37,271	)		(5,626	)		(31,645	)
ITOCHU Corp.		1.00	%		Quarterly	Goldman Sachs International		12/20/20	JPY	320,235		(40,700	)		(6,389	)		(34,311	)
Mitsubishi Corp.		1.00	%		Quarterly	Barclays Bank plc		12/20/20	JPY	475,732		(61,389	)		(20,675	)		(40,714	)
Mitsubishi Corp.		1.00	%		Quarterly	Goldman Sachs International		12/20/20	JPY	293,255		(37,842	)		(11,009	)		(26,833	)
Mitsui & Co. Ltd.		1.00	%		Quarterly	Goldman Sachs International		12/20/20	JPY	293,255		(37,615	)		(3,193	)		(34,422	)
Mitsui & Co. Ltd.		1.00	%		Quarterly	Goldman Sachs International		12/20/20	JPY	586,510		(75,230	)		(8,739	)		(66,491	)
National Australia Bank Ltd.		1.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/20	USD	10,000		(128,624	)		(4,190	)		(124,434	)
Standard Chartered Bank		1.00	%		Quarterly	BNP Paribas SA		12/20/20	EUR	8,220		(127,556	)		54,245			(181,801	)
Standard Chartered Bank		1.00	%		Quarterly	BNP Paribas SA		12/20/20	EUR	4,650		(72,158	)		32,184			(104,342	)
Standard Chartered Bank		1.00	%		Quarterly	Goldman Sachs International		12/20/20	EUR	6,050		(93,883	)		18,207			(112,090	)
Standard Chartered Bank		1.00	%		Quarterly	Morgan Stanley & Co. International plc		12/20/20	EUR	2,410		(37,398	)		17,006			(54,404	)
Sumitomo Corp.		1.00	%		Quarterly	Barclays Bank plc		12/20/20	JPY	249,377		(31,569	)		3,152			(34,721	)
Sumitomo Corp.		1.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/20	JPY	253,165		(32,049	)		5,543			(37,592	)
Westpac Banking Corp.		1.00	%		Quarterly	Citibank NA		12/20/20	USD	10,000		(128,572	)		(9,766	)		(118,806	)
Wind Tre SpA		5.00	%		Quarterly	Credit Suisse International		12/20/20	EUR	2,600		(199,021	)		(127,517	)		(71,504	)
Boparan Finance plc		5.00	%		Quarterly	Credit Suisse International		06/20/21	EUR	580		256,565			159,367			97,198
Frontier Communications Corp.		5.00	%		Quarterly	Barclays Bank plc		06/20/21	USD	1,650		519,426			406,926			112,500
Frontier Communications Corp.		5.00	%		Quarterly	Barclays Bank plc		06/20/21	USD	3,826		1,204,440			990,503			213,937
Frontier Communications Corp.		5.00	%		Quarterly	Barclays Bank plc		06/20/21	USD	2,843		894,856			874,758			20,098
ITRAXX.JPN.25.V1		1.00	%		Quarterly	Bank of America NA		06/20/21	JPY	769,231		(120,660	)		(29,304	)		(91,356	)
ITRAXX.JPN.25.V1		1.00	%		Quarterly	Bank of America NA		06/20/21	JPY	1,230,769		(193,056	)		(44,265	)		(148,791	)
ITRAXX.JPN.25.V1		1.00	%		Quarterly	Barclays Bank plc		06/20/21	JPY	461,538		(72,396	)		(17,914	)		(54,482	)
ITRAXX.JPN.25.V1		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/21	JPY	384,615		(60,330	)		(15,472	)		(44,858	)
ITRAXX.JPN.25.V1		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/21	JPY	769,231		(120,660	)		(30,943	)		(89,717	)
ITRAXX.JPN.25.V1		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/21	JPY	384,615		(60,330	)		(18,757	)		(41,573	)
Jaguar Land Rover Automotive plc		5.00	%		Quarterly	Credit Suisse International		06/20/21	EUR	2,100		(61,740	)		(40,531	)		(21,209	)
Jaguar Land Rover Automotive plc		5.00	%		Quarterly	Credit Suisse International		06/20/21	EUR	1,600		(47,039	)		(30,360	)		(16,679	)
Jaguar Land Rover Automotive plc		5.00	%		Quarterly	Goldman Sachs International		06/20/21	EUR	910		(26,753	)		(19,121	)		(7,632	)
Jaguar Land Rover Automotive plc		5.00	%		Quarterly	Goldman Sachs International		06/20/21	EUR	910		(26,753	)		(23,045	)		(3,708	)
Wind Tre SpA		5.00	%		Quarterly	Credit Suisse International		06/20/21	EUR	3,750		(368,555	)		(338,117	)		(30,438	)
Boparan Finance plc		5.00	%		Quarterly	Goldman Sachs International		12/20/21	EUR	760		349,843			223,724			126,119
Frontier Communications Corp.		5.00	%		Quarterly	Goldman Sachs International		12/20/21	USD	1,920		661,857			574,177			87,680
Wind Tre SpA		5.00	%		Quarterly	Citibank NA		12/20/21	EUR	750		(86,365	)		(45,494	)		(40,871	)
Ally Financial, Inc.		5.00	%		Quarterly	Credit Suisse International		06/20/22	USD	4,940		(632,593	)		(332,252	)		(300,341	)
Altice Luxembourg SA		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/22	EUR	1,870		(119,071	)		(57,445	)		(61,626	)
Transocean, Inc.		1.00	%		Quarterly	Morgan Stanley & Co. International plc		06/20/22	USD	4,966		357,286			478,725			(121,439	)
Cable & Wireless International Finance BV		5.00	%		Quarterly	Goldman Sachs International		06/20/23	EUR	1,500		(256,766	)		(225,698	)		(31,068	)
Smurfit Kappa Acquisitions ULC		5.00	%		Quarterly	Barclays Bank plc		06/20/23	EUR	500		(100,255	)		(100,425	)		170
Smurfit Kappa Acquisitions ULC		5.00	%		Quarterly	BNP Paribas SA		06/20/23	EUR	800		(160,407	)		(151,792	)		(8,615	)
Smurfit Kappa Acquisitions ULC		5.00	%		Quarterly	Credit Suisse International		06/20/23	EUR	4,000		(802,037	)		(708,572	)		(93,465	)
Smurfit Kappa Acquisitions ULC		5.00	%		Quarterly	Credit Suisse International		06/20/23	EUR	800		(160,407	)		(149,157	)		(11,250	)
Smurfit Kappa Acquisitions ULC		5.00	%		Quarterly	Goldman Sachs International		06/20/23	EUR	800		(160,407	)		(140,792	)		(19,615	)
Smurfit Kappa Acquisitions ULC		5.00	%		Quarterly	Goldman Sachs International		06/20/23	EUR	800		(160,407	)		(143,357	)		(17,050	)
Unitymedia GmbH		5.00	%		Quarterly	Barclays Bank plc		06/20/23	EUR	740		(154,370	)		(143,717	)		(10,653	)
Unitymedia GmbH		5.00	%		Quarterly	Credit Suisse International		06/20/23	EUR	2,360		(492,315	)		(456,285	)		(36,030	)
UPC Holding BV		5.00	%		Quarterly	Citibank NA		06/20/23	EUR	830		(174,550	)		(122,600	)		(51,950	)
UPC Holding BV		5.00	%		Quarterly	Credit Suisse International		06/20/23	EUR	900		(189,271	)		(142,021	)		(47,250	)
UPC Holding BV		5.00	%		Quarterly	Credit Suisse International		06/20/23	EUR	1,400		(294,422	)		(203,259	)		(91,163	)
UPC Holding BV		5.00	%		Quarterly	Goldman Sachs International		06/20/23	EUR	550		(115,666	)		(80,260	)		(35,406	)
UPC Holding BV		5.00	%		Quarterly	Goldman Sachs International		06/20/23	EUR	600		(126,181	)		(92,416	)		(33,765	)

124 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities 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)
Cable & Wireless International Finance BV		5.00	%		Quarterly	Goldman Sachs International		12/20/23	EUR	1,538	$	(282,298	)	$	(276,959	)	$	(5,339	)
Cable & Wireless International Finance BV		5.00	%		Quarterly	Goldman Sachs International		12/20/23	EUR	1,460		(267,900	)		(275,817	)		7,917
Cable & Wireless International Finance BV		5.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/23	EUR	1,000		(183,493	)		(189,294	)		5,801
DISH DBS Corp.		5.00	%		Quarterly	Goldman Sachs International		12/20/23	USD	5,660		(173,472	)		261,100			(434,572	)
DISH DBS Corp.		5.00	%		Quarterly	Goldman Sachs International		12/20/23	USD	5,680		(174,084	)		182,793			(356,877	)
INEOS Group Holdings SA		5.00	%		Quarterly	Barclays Bank plc		12/20/23	EUR	2,900		(439,249	)		(199,095	)		(240,154	)
INEOS Group Holdings SA		5.00	%		Quarterly	Citibank NA		12/20/23	EUR	3,780		(572,538	)		(245,269	)		(327,269	)
Jaguar Land Rover Automotive plc		5.00	%		Quarterly	Credit Suisse International		12/20/23	EUR	3,780		173,307			289,576			(116,269	)
KB Home		5.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/23	USD	5,714		(793,405	)		(429,742	)		(363,663	)
NXP BV		5.00	%		Quarterly	BNP Paribas SA		12/20/23	EUR	865		(158,117	)		(178,630	)		20,513
NXP BV		5.00	%		Quarterly	Goldman Sachs International		12/20/23	EUR	339		(61,967	)		(67,006	)		5,039
NXP BV		5.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/23	EUR	725		(132,526	)		(141,951	)		9,425
Realogy Group LLC		5.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/23	USD	2,856		239,087			(25,103	)		264,190
RR Donnelley & Sons Co.		5.00	%		Quarterly	JPMorgan Chase Bank NA		12/20/23	USD	2,860		357,771			129,950			227,821
SoftBank Group Corp.		1.00	%		Quarterly	Goldman Sachs International		12/20/23	JPY	717,212		136,337			294,216			(157,879	)
Sunrise Communications Holdings SA		5.00	%		Quarterly	Citibank NA		12/20/23	EUR	1,970		(441,308	)		(437,678	)		(3,630	)
Synlab Unsecured Bondco plc		5.00	%		Quarterly	Goldman Sachs International		12/20/23	EUR	1,890		(324,977	)		(324,388	)		(589	)
UPC Holding BV		5.00	%		Quarterly	Citibank NA		12/20/23	EUR	1,590		(369,624	)		(227,387	)		(142,237	)
UPC Holding BV		5.00	%		Quarterly	Credit Suisse International		12/20/23	EUR	3,150		(732,275	)		(565,804	)		(166,471	)
UPC Holding BV		5.00	%		Quarterly	Credit Suisse International		12/20/23	EUR	822		(191,185	)		(158,100	)		(33,085	)
Altice Finco SA		5.00	%		Quarterly	Credit Suisse International		06/20/24	EUR	1,950		(106,352	)		(89,566	)		(16,786	)
Altice France SA		5.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	700		(81,781	)		(40,928	)		(40,853	)
Altice France SA		5.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	300		(35,048	)		(12,017	)		(23,031	)
Altice France SA		5.00	%		Quarterly	Citibank NA		06/20/24	EUR	50		(5,841	)		(2,567	)		(3,274	)
Altice France SA		5.00	%		Quarterly	Citibank NA		06/20/24	EUR	100		(11,683	)		(3,938	)		(7,745	)
Altice France SA		5.00	%		Quarterly	Goldman Sachs International		06/20/24	EUR	2,709		(316,491	)		(184,999	)		(131,492	)
Altice France SA		5.00	%		Quarterly	Goldman Sachs International		06/20/24	EUR	1,161		(135,639	)		(79,285	)		(56,354	)
Altice Luxembourg SA		5.00	%		Quarterly	Citibank NA		06/20/24	EUR	1,122		(2,614	)		25,531			(28,145	)
Ardagh Packaging Finance plc		5.00	%		Quarterly	Citibank NA		06/20/24	EUR	3,800		(659,405	)		(551,405	)		(108,000	)
Argentine Republic		5.00	%		Quarterly	Barclays Bank plc		06/20/24	USD	5,489		893,863			730,867			162,996
Argentine Republic		5.00	%		Quarterly	Goldman Sachs International		06/20/24	USD	3,156		513,943			401,223			112,720
Argentine Republic		5.00	%		Quarterly	HSBC Bank plc		06/20/24	USD	5,870		955,907			715,006			240,901
Barclays plc		1.00	%		Quarterly	Citibank NA		06/20/24	EUR	3,750		144,473			266,608			(122,135	)
BMW Finance NV		1.00	%		Quarterly	Barclays Bank plc		06/20/24	EUR	7,470		(212,564	)		(147,990	)		(64,574	)
British Telecommunications plc		1.00	%		Quarterly	Barclays Bank plc		06/20/24	EUR	3,735		(62,621	)		(22,395	)		(40,226	)
British Telecommunications plc		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	EUR	3,735		(62,621	)		(30,516	)		(32,105	)
Caterpillar, Inc.		1.00	%		Quarterly	Goldman Sachs International		06/20/24	USD	4,860		(139,000	)		(117,767	)		(21,233	)
Caterpillar, Inc.		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	USD	7,750		(221,657	)		(198,246	)		(23,411	)
CBS Corp.		1.00	%		Quarterly	Citibank NA		06/20/24	USD	8,000		(124,019	)		(113,730	)		(10,289	)
Chesapeake Energy Corp.		5.00	%		Quarterly	Barclays Bank plc		06/20/24	USD	1,920		232,875			77,060			155,815
CMA CGM SA		5.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	540		137,621			126,949			10,672
CMA CGM SA		5.00	%		Quarterly	Credit Suisse International		06/20/24	EUR	1,600		407,769			444,930			(37,161	)
CMA CGM SA		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	EUR	1,900		484,224			525,844			(41,620	)
Commerzbank AG		1.00	%		Quarterly	Barclays Bank plc		06/20/24	EUR	4,151		(72,614	)		(24,893	)		(47,721	)
Commerzbank AG		1.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	10,849		(189,776	)		(35,609	)		(154,167	)
Daimler AG		1.00	%		Quarterly	Barclays Bank plc		06/20/24	EUR	7,470		(194,490	)		(123,008	)		(71,482	)
Deutsche Bank AG		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	EUR	7,570		(129,820	)		(126,980	)		(2,840	)
Deutsche Lufthansa AG		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	EUR	6,070		(126,375	)		(142,715	)		16,340
Devon Energy Corp.		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	USD	6,818		(42,761	)		(40,467	)		(2,294	)
Elis SA		5.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	700		(156,486	)		(133,061	)		(23,425	)
Elis SA		5.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	1,700		(380,038	)		(332,198	)		(47,840	)
Elis SA		5.00	%		Quarterly	Citibank NA		06/20/24	EUR	1,130		(252,613	)		(220,778	)		(31,835	)
Enel SpA		1.00	%		Quarterly	Morgan Stanley & Co. International plc		06/20/24	EUR	3,700		(57,447	)		(16,137	)		(41,310	)
Enel SpA		1.00	%		Quarterly	Morgan Stanley & Co. International plc		06/20/24	EUR	3,760		(58,378	)		(18,456	)		(39,922	)
Federative Republic of Brazil		1.00	%		Quarterly	BNP Paribas SA		06/20/24	USD	86,350		1,971,669			2,775,295			(803,626	)
Federative Republic of Brazil		1.00	%		Quarterly	BNP Paribas SA		06/20/24	USD	24,000		548,003			771,362			(223,359	)
Federative Republic of Brazil		1.00	%		Quarterly	Citibank NA		06/20/24	USD	108,170		2,469,895			3,513,989			(1,044,094	)

CONSOLIDATED SCHEDULES OF INVESTMENTS 125

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities 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)
Federative Republic of Brazil		1.00	%		Quarterly	Citibank NA		06/20/24	USD	29,977	$	684,479		$	973,826		$	(289,347	)
Federative Republic of Brazil		1.00	%		Quarterly	Citibank NA		06/20/24	USD	188,829		4,311,620			5,628,775			(1,317,155	)
Ford Motor Co.		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	USD	4,860		(668,175	)		(629,119	)		(39,056	)
Freeport-McMoRan, Inc.		1.00	%		Quarterly	Barclays Bank plc		06/20/24	USD	1,940		70,754			127,282			(56,528	)
Freeport-McMoRan, Inc.		1.00	%		Quarterly	BNP Paribas SA		06/20/24	USD	4,850		176,885			153,669			23,216
Freeport-McMoRan, Inc.		1.00	%		Quarterly	BNP Paribas SA		06/20/24	USD	2,910		106,131			88,768			17,363
Hapag-Lloyd AG		5.00	%		Quarterly	Citibank NA		06/20/24	EUR	400		(7,097	)		13,779			(20,876	)
Hapag-Lloyd AG		5.00	%		Quarterly	Credit Suisse International		06/20/24	EUR	3,350		(59,431	)		122,784			(182,215	)
INTESA SANPAOLO SPA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	EUR	7,050		714,968			844,710			(129,742	)
ITV plc		5.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	2,680		(563,905	)		(534,694	)		(29,211	)
ITV plc		5.00	%		Quarterly	Goldman Sachs International		06/20/24	EUR	1,800		(378,742	)		(349,986	)		(28,756	)
Jaguar Land Rover Automotive plc		5.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	1,122		71,855			47,025			24,830
Jaguar Land Rover Automotive plc		5.00	%		Quarterly	Credit Suisse International		06/20/24	EUR	1,890		121,040			150,164			(29,124	)
Jaguar Land Rover Automotive plc		5.00	%		Quarterly	Credit Suisse International		06/20/24	EUR	748		47,904			31,350			16,554
Jaguar Land Rover Automotive plc		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	EUR	1,870		119,759			84,269			35,490
JPMorgan Structured Products BV		1.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	2,443		270,680			234,060			36,620
Kraft Heinz Foods Co.		1.00	%		Quarterly	BNP Paribas SA		06/20/24	USD	344		111			5,787			(5,676	)
Kraft Heinz Foods Co.		1.00	%		Quarterly	BNP Paribas SA		06/20/24	USD	1,721		558			30,599			(30,041	)
Ladbrokes Group Finance plc		1.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	1,098		11,337			34,882			(23,545	)
Lloyds Banking Group plc		1.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	5,620		137,336			290,916			(153,580	)
Lloyds Banking Group plc		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	EUR	3,750		91,639			226,655			(135,016	)
Marks & Spencer plc		1.00	%		Quarterly	Barclays Bank plc		06/20/24	EUR	8,880		370,701			332,894			37,807
Marks & Spencer plc		1.00	%		Quarterly	Citibank NA		06/20/24	EUR	1,900		79,317			92,916			(13,599	)
Marks & Spencer plc		1.00	%		Quarterly	Morgan Stanley & Co. International plc		06/20/24	EUR	1,825		76,186			78,357			(2,171	)
Next Group plc		1.00	%		Quarterly	Barclays Bank plc		06/20/24	EUR	12,200		58,205			248,149			(189,944	)
OI European Group BV		5.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	1,300		(245,263	)		(226,226	)		(19,037	)
OTE plc		5.00	%		Quarterly	Goldman Sachs International		06/20/24	EUR	3,800		(1,001,587	)		(882,559	)		(119,028	)
Rallye SA		5.00	%		Quarterly	Credit Suisse International		06/20/24	EUR	1,107		1,106,017			954,917			151,100
Republic of Colombia		1.00	%		Quarterly	Citibank NA		06/20/24	USD	134,968		(597,535	)		1,256,453			(1,853,988	)
Republic of Italy		1.00	%		Quarterly	Citibank NA		06/20/24	USD	1,860		80,711			80,480			231
Republic of South Africa		1.00	%		Quarterly	Goldman Sachs International		06/20/24	USD	133,600		4,129,267			5,645,943			(1,516,676	)
Republic of South Africa		1.00	%		Quarterly	Goldman Sachs International		06/20/24	USD	3,780		116,831			143,003			(26,172	)
Republic of the Philippines		1.00	%		Quarterly	Citibank NA		06/20/24	USD	106,000		(2,647,057	)		(1,600,336	)		(1,046,721	)
Republic of Turkey		1.00	%		Quarterly	BNP Paribas SA		06/20/24	USD	28,865		3,651,477			2,746,587			904,890
Republic of Turkey		1.00	%		Quarterly	Morgan Stanley & Co. International plc		06/20/24	USD	33,190		4,198,597			3,181,870			1,016,727
Royal Bank of Scotland Group plc		1.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	7,590		(21,981	)		41,045			(63,026	)
Royal Bank of Scotland Group plc		1.00	%		Quarterly	Credit Suisse International		06/20/24	EUR	5,600		(16,218	)		95,921			(112,139	)
Santander Issuances SAU		1.00	%		Quarterly	BNP Paribas SA		06/20/24	EUR	31,000		229,711			1,211,282			(981,571	)
Sprint Communications, Inc.		5.00	%		Quarterly	Citibank NA		06/20/24	USD	1,875		(214,169	)		(150,656	)		(63,513	)
Standard Chartered plc		1.00	%		Quarterly	Citibank NA		06/20/24	EUR	10,500		20,524			227,805			(207,281	)
Staples, Inc.		5.00	%		Quarterly	Barclays Bank plc		06/20/24	USD	810		23,436			27,076			(3,640	)
Staples, Inc.		5.00	%		Quarterly	Barclays Bank plc		06/20/24	USD	4,860		140,620			145,080			(4,460	)
Staples, Inc.		5.00	%		Quarterly	Barclays Bank plc		06/20/24	USD	1,000		28,934			17,015			11,919
Staples, Inc.		5.00	%		Quarterly	Goldman Sachs International		06/20/24	USD	1,100		31,828			57,886			(26,058	)
State of Qatar		1.00	%		Quarterly	Morgan Stanley & Co. International plc		06/20/24	USD	20,000		(353,007	)		(290,912	)		(62,095	)
STMicroelectronics NV		1.00	%		Quarterly	Barclays Bank plc		06/20/24	EUR	3,500		(90,269	)		(63,887	)		(26,382	)
Sudzucker International Finance BV		1.00	%		Quarterly	Barclays Bank plc		06/20/24	EUR	2,800		7,542			57,245			(49,703	)
Sudzucker International Finance BV		1.00	%		Quarterly	Citibank NA		06/20/24	EUR	2,820		7,595			57,467			(49,872	)
TDC A/S		1.00	%		Quarterly	Credit Suisse International		06/20/24	EUR	1,823		58,173			31,596			26,577
TDC A/S		1.00	%		Quarterly	Credit Suisse International		06/20/24	EUR	1,870		59,661			35,202			24,459
Telia Co. AB		1.00	%		Quarterly	Barclays Bank plc		06/20/24	EUR	7,000		(257,351	)		(215,022	)		(42,329	)
Tenet Healthcare Corp.		5.00	%		Quarterly	Goldman Sachs International		06/20/24	USD	2,750		(10,367	)		(98,820	)		88,453
Tenet Healthcare Corp.		5.00	%		Quarterly	Goldman Sachs International		06/20/24	USD	2,750		(10,367	)		(98,820	)		88,453

126 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities 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)
Tenet Healthcare Corp.		5.00	%		Quarterly	Goldman Sachs International		06/20/24		USD	2,785	$	(10,498	)	$	(100,165	)	$	89,667
Tenet Healthcare Corp.		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24		USD	1,000		(3,770	)		(13,718	)		9,948
Tesco plc		1.00	%		Quarterly	Morgan Stanley & Co. International plc		06/20/24		EUR	5,590		(17,276	)		78,931			(96,207	)
thyssenkrupp AG		1.00	%		Quarterly	Goldman Sachs International		06/20/24		EUR	5,600		327,930			388,844			(60,914	)
TWDC Enterprises 18 Corp.		1.00	%		Quarterly	BNP Paribas SA		06/20/24		USD	6,199		(244,378	)		(233,548	)		(10,830	)
TWDC Enterprises 18 Corp.		1.00	%		Quarterly	BNP Paribas SA		06/20/24		USD	6,080		(239,704	)		(234,300	)		(5,404	)
UniCredit SpA		1.00	%		Quarterly	BNP Paribas SA		06/20/24		EUR	1,840		176,035			217,925			(41,890	)
UniCredit SpA		1.00	%		Quarterly	Citibank NA		06/20/24		EUR	6,210		594,118			793,574			(199,456	)
United Group BV		5.00	%		Quarterly	Goldman Sachs International		06/20/24		EUR	2,660		(361,137	)		(245,673	)		(115,464	)
United Mexican States		1.00	%		Quarterly	Citibank NA		06/20/24		USD	85,706		420,546			1,434,290			(1,013,744	)
United Mexican States		1.00	%		Quarterly	Citibank NA		06/20/24		USD	23,168		113,684			387,723			(274,039	)
United Mexican States		1.00	%		Quarterly	HSBC Bank plc		06/20/24		USD	137,693		675,642			2,379,823			(1,704,181	)
United Mexican States		1.00	%		Quarterly	HSBC Bank plc		06/20/24		USD	37,222		182,643			643,323			(460,680	)
UPC Holding BV		5.00	%		Quarterly	BNP Paribas SA		06/20/24		EUR	287		(71,694	)		(71,078	)		(616	)
UPC Holding BV		5.00	%		Quarterly	BNP Paribas SA		06/20/24		EUR	31		(7,737	)		(7,670	)		(67	)
UPC Holding BV		5.00	%		Quarterly	BNP Paribas SA		06/20/24		EUR	774		(193,418	)		(191,757	)		(1,661	)
UPC Holding BV		5.00	%		Quarterly	Citibank NA		06/20/24		EUR	1,830		(465,603	)		(370,612	)		(94,991	)
UPC Holding BV		5.00	%		Quarterly	Citibank NA		06/20/24		EUR	3,700		(941,384	)		(768,869	)		(172,515	)
UPC Holding BV		5.00	%		Quarterly	Credit Suisse International		06/20/24		EUR	3,750		(954,105	)		(880,488	)		(73,617	)
UPC Holding BV		5.00	%		Quarterly	Credit Suisse International		06/20/24		EUR	3,750		(954,105	)		(878,963	)		(75,142	)
UPC Holding BV		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24		EUR	1,750		(445,249	)		(411,599	)		(33,650	)
Virgin Media Finance plc		5.00	%		Quarterly	Credit Suisse International		06/20/24		EUR	1,870		(403,996	)		(363,145	)		(40,851	)
Virgin Media Finance plc		5.00	%		Quarterly	Credit Suisse International		06/20/24		EUR	5,210		(1,125,572	)		(926,196	)		(199,376	)
Xerox Corp.		1.00	%		Quarterly	Barclays Bank plc		06/20/24		USD	4,920		194,918			275,450			(80,532	)
CMBX.NA.7.AA		1.50	%		Monthly	Goldman Sachs International		01/17/47		USD	2,292		(69,265	)		144,521			(213,786	)
CMBX.NA.9.AAA		0.50	%		Monthly	Credit Suisse International		09/17/58		USD	12,070		(123,257	)		140,921			(264,178	)
CMBX.NA.9.AAA		0.50	%		Monthly	Deutsche Bank AG		09/17/58		USD	9,670		(98,748	)		114,407			(213,155	)
CMBX.NA.9.AAA		0.50	%		Monthly	Morgan Stanley & Co. International plc		09/17/58		USD	6,760		(69,032	)		78,926			(147,958	)
CMBX.NA.9.AAA		0.50	%		Monthly	Morgan Stanley & Co. International plc		09/17/58		USD	8,150		(83,227	)		95,157			(178,384	)
CMBX.NA.9.AAA		0.50	%		Monthly	Morgan Stanley & Co. International plc		09/17/58		USD	7,820		(79,857	)		98,433			(178,290	)
CMBX.NA.9.AAA		0.50	%		Monthly	Morgan Stanley & Co. International plc		09/17/58		USD	7,000		(71,483	)		97,922			(169,405	)
CMBX.NA.9.BBB-		3.00	%		Monthly	Citigroup Global Markets, Inc.		09/17/58		USD	4,870		159,877			168,605			(8,728	)
CMBX.NA.9.BBB-		3.00	%		Monthly	Morgan Stanley & Co. International plc		09/17/58		USD	1,421		46,650			80,416			(33,766	)
CMBX.NA.9.BBB-		3.00	%		Monthly	Morgan Stanley & Co. International plc		09/17/58		USD	1,674		54,956			94,733			(39,777	)
CMBX.NA.6.AAA		0.50	%		Monthly	Deutsche Bank AG		05/11/63		USD	7,010		(60,634	)		(1,028	)		(59,606	)
CMBX.NA.6.AAA		0.50	%		Monthly	Deutsche Bank AG		05/11/63		USD	16,226		(140,345	)		(12,207	)		(128,138	)
CMBX.NA.6.BBB-		3.00	%		Monthly	JPMorgan Securities LLC		05/11/63		USD	2,440		244,347			229,105			15,242
												$	6,796,970		$	27,423,347		$	(20,626,377	)

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%		Quarterly	Bank of America NA		06/20/20	BBB+		USD	61,427	$	399,808		$	(151,430	)	$	551,238
People’s Republic of China		1.00	%		Quarterly	Barclays Bank plc		09/20/20	A+		USD	10,000		111,710			(19,461	)		131,171
People’s Republic of China		1.00	%		Quarterly	Goldman Sachs International		09/20/20	A+		USD	10,000		111,710			(20,598	)		132,308
United Mexican States		1.00	%		Quarterly	JPMorgan Chase Bank NA		09/20/20	BBB+		USD	61,427		448,663			(199,770	)		648,433
ITRAXX.ASIA.XJ.IG.24.V1		1.00	%		Quarterly	Goldman Sachs International		12/20/20	A-		USD	20,000		277,728			(163,924	)		441,652
CMA CGM SA		5.00	%		Quarterly	Credit Suisse International		06/20/21	B-		EUR	1,600		(247,908	)		(262,666	)		14,758
CMA CGM SA		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/21	B-		EUR	1,850		(286,643	)		(270,840	)		(15,803	)
Beazer Homes USA, Inc.		5.00	%		Quarterly	Barclays Bank plc		06/20/23	B-		USD	5,480		275,234			352,860			(77,626	)
Beazer Homes USA, Inc.		5.00	%		Quarterly	Goldman Sachs International		06/20/23	B-		USD	2,790		140,132			100,378			39,754

CONSOLIDATED SCHEDULES OF INVESTMENTS 127

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Credit Default Swaps — Sell Protection (continued)

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Beazer Homes USA, Inc.		5.00	%		Quarterly	Goldman Sachs International		06/20/23	B-		USD	1,674	$	84,080		$	61,517		$	22,563
Boparan Finance plc		5.00	%		Quarterly	Barclays Bank plc		06/20/23	CCC+		EUR	930		(461,584	)		(69,981	)		(391,603	)
Boparan Finance plc		5.00	%		Quarterly	Citibank NA		06/20/23	CCC+		EUR	1,450		(719,674	)		(88,988	)		(630,686	)
Boparan Finance plc		5.00	%		Quarterly	Credit Suisse International		06/20/23	CCC+		EUR	1,070		(531,069	)		(75,129	)		(455,940	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Bank of America NA		06/20/23	B		EUR	31		(7,881	)		(3,859	)		(4,022	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Bank of America NA		06/20/23	B		EUR	1,270		(324,645	)		(107,311	)		(217,334	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Bank of America NA		06/20/23	B		EUR	311		(79,603	)		(38,974	)		(40,629	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Barclays Bank plc		06/20/23	B		EUR	92		(23,438	)		(9,412	)		(14,026	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Barclays Bank plc		06/20/23	B		EUR	548		(139,961	)		(57,954	)		(82,007	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Barclays Bank plc		06/20/23	B		EUR	78		(20,019	)		(8,289	)		(11,730	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Barclays Bank plc		06/20/23	B		EUR	124		(31,775	)		(13,157	)		(18,618	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Barclays Bank plc		06/20/23	B		EUR	1,292		(330,390	)		(132,672	)		(197,718	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Barclays Bank plc		06/20/23	B		EUR	200		(51,125	)		(20,942	)		(30,183	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	BNP Paribas SA		06/20/23	B		EUR	240		(61,350	)		(19,622	)		(41,728	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	BNP Paribas SA		06/20/23	B		EUR	230		(58,794	)		(18,804	)		(39,990	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	BNP Paribas SA		06/20/23	B		EUR	1,180		(301,639	)		(147,237	)		(154,402	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	BNP Paribas SA		06/20/23	B		EUR	20		(5,112	)		(1,635	)		(3,477	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	BNP Paribas SA		06/20/23	B		EUR	1,070		(273,520	)		(87,481	)		(186,039	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	BNP Paribas SA		06/20/23	B		EUR	20		(5,112	)		(1,635	)		(3,477	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Citibank NA		06/20/23	B		EUR	620		(158,488	)		(66,229	)		(92,259	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Citibank NA		06/20/23	B		EUR	1,051		(268,722	)		(119,663	)		(149,059	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Citibank NA		06/20/23	B		EUR	699		(178,578	)		(82,447	)		(96,131	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Citibank NA		06/20/23	B		EUR	9		(2,343	)		(1,082	)		(1,261	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Citibank NA		06/20/23	B		EUR	254		(64,864	)		(28,884	)		(35,980	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Citibank NA		06/20/23	B		EUR	851		(217,635	)		(87,394	)		(130,241	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Citibank NA		06/20/23	B		EUR	703		(179,754	)		(83,780	)		(95,974	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Citibank NA		06/20/23	B		EUR	31		(7,876	)		(3,507	)		(4,369	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Goldman Sachs International		06/20/23	B		EUR	20		(5,112	)		(1,651	)		(3,461	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Goldman Sachs International		06/20/23	B		EUR	240		(61,350	)		(19,810	)		(41,540	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B		EUR	20		(5,112	)		(1,619	)		(3,493	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B		EUR	738		(188,742	)		(81,738	)		(107,004	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B		EUR	12		(3,153	)		(1,314	)		(1,839	)

128 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Credit Default Swaps — Sell Protection (continued)

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating  (a)	Notional Amount (000) (b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B	EUR	250	$	(63,906	)	$	(20,241	)	$	(43,665	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B	EUR	19		(4,731	)		(1,972	)		(2,759	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B	EUR	102		(25,970	)		(10,825	)		(15,145	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B	EUR	152		(38,956	)		(16,238	)		(22,718	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B	EUR	1,420		(362,988	)		(227,611	)		(135,377	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B	EUR	976		(249,410	)		(78,996	)		(170,414	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B	EUR	31		(7,884	)		(3,511	)		(4,373	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B	EUR	555		(141,860	)		(59,131	)		(82,729	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B	EUR	254		(64,927	)		(28,912	)		(36,015	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Morgan Stanley & Co. International plc		06/20/23	B	EUR	2,463		(629,534	)		(292,209	)		(337,325	)
Garfunkelux Holdco 2 SA		5.00	%		Quarterly	Credit Suisse International		06/20/23	B-	EUR	1,000		(139,120	)		10,992			(150,112	)
Garfunkelux Holdco 2 SA		5.00	%		Quarterly	Credit Suisse International		06/20/23	B-	EUR	900		(125,208	)		(2,125	)		(123,083	)
Garfunkelux Holdco 2 SA		5.00	%		Quarterly	Morgan Stanley & Co. International plc		06/20/23	B-	EUR	1,350		(187,812	)		(10,440	)		(177,372	)
Hema Bondco I BV		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/23	B-	EUR	1,200		(83,699	)		40,598			(124,297	)
Thomas Cook Group plc		5.00	%		Quarterly	Citibank NA		06/20/23	CCC+	EUR	351		(248,712	)		38,220			(286,932	)
Thomas Cook Group plc		5.00	%		Quarterly	Goldman Sachs International		06/20/23	CCC+	EUR	649		(460,578	)		69,255			(529,833	)
Thomas Cook Group plc		5.00	%		Quarterly	Goldman Sachs International		06/20/23	CCC+	EUR	898		(636,742	)		94,896			(731,638	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Goldman Sachs International		12/20/23	B	EUR	1,485		(411,157	)		(210,806	)		(200,351	)
Garfunkelux Holdco 2 SA		5.00	%		Quarterly	Credit Suisse International		12/20/23	B-	EUR	175		(27,600	)		3,011			(30,611	)
Garfunkelux Holdco 2 SA		5.00	%		Quarterly	Credit Suisse International		12/20/23	B-	EUR	765		(120,336	)		13,128			(133,464	)
UniCredit SpA		1.00	%		Quarterly	BNP Paribas SA		12/20/23	NR	EUR	3,041		(13,502	)		(112,016	)		98,514
UniCredit SpA		1.00	%		Quarterly	Citibank NA		12/20/23	NR	EUR	3,600		(15,984	)		(176,668	)		160,684
UniCredit SpA		1.00	%		Quarterly	HSBC Bank plc		12/20/23	NR	EUR	379		(1,682	)		(14,836	)		13,154
21st Century Fox America, Inc.		1.00	%		Quarterly	BNP Paribas SA		06/20/24	A	USD	6,147		230,365			204,750			25,615
21st Century Fox America, Inc.		1.00	%		Quarterly	BNP Paribas SA		06/20/24	A	USD	6,108		228,896			214,628			14,268
Advanced Micro Devices, Inc.		5.00	%		Quarterly	Barclays Bank plc		06/20/24	BB-	USD	3,890		785,420			758,980			26,440
Advanced Micro Devices, Inc.		5.00	%		Quarterly	Credit Suisse International		06/20/24	BB-	USD	4,910		991,366			903,821			87,545
Advanced Micro Devices, Inc.		5.00	%		Quarterly	Goldman Sachs International		06/20/24	BB-	USD	2,910		587,551			551,053			36,498
Casino Guichard Perrachon SA		1.00	%		Quarterly	Barclays Bank plc		06/20/24	B	EUR	1,365		(405,141	)		(314,716	)		(90,425	)
Casino Guichard Perrachon SA		1.00	%		Quarterly	Barclays Bank plc		06/20/24	B	EUR	1,365		(405,141	)		(297,011	)		(108,130	)
Dell, Inc.		1.00	%		Quarterly	Bank of America NA		06/20/24	BB-	USD	2,235		(144,533	)		(146,038	)		1,505
Dell, Inc.		1.00	%		Quarterly	BNP Paribas SA		06/20/24	BB-	USD	2,230		(144,209	)		(176,698	)		32,489
Dell, Inc.		1.00	%		Quarterly	BNP Paribas SA		06/20/24	BB-	USD	2,450		(158,436	)		(160,284	)		1,848
Dell, Inc.		1.00	%		Quarterly	BNP Paribas SA		06/20/24	BB-	USD	2,430		(157,143	)		(162,924	)		5,781
Federative Republic of Brazil		1.00	%		Quarterly	Bank of America NA		06/20/24	BB-	USD	113		(2,580	)		(3,426	)		846

CONSOLIDATED SCHEDULES OF INVESTMENTS 129

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Credit Default Swaps — Sell Protection (continued)

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Garfunkelux Holdco 2 SA		5.00	%		Quarterly	BNP Paribas SA		06/20/24	B-		EUR	1,117	$	(194,353	)	$	(241,292	)	$	46,939
Garfunkelux Holdco 2 SA		5.00	%		Quarterly	Credit Suisse International		06/20/24	B-		EUR	770		(133,976	)		(160,380	)		26,404
Garfunkelux Holdco 2 SA		5.00	%		Quarterly	Credit Suisse International		06/20/24	B-		EUR	783		(136,236	)		(172,717	)		36,481
HCA, Inc.		5.00	%		Quarterly	Barclays Bank plc		06/20/24	BB-		USD	1,920		349,072			323,349			25,723
HCA, Inc.		5.00	%		Quarterly	Barclays Bank plc		06/20/24	BB-		USD	4,860		883,588			856,165			27,423
HCA, Inc.		5.00	%		Quarterly	Goldman Sachs International		06/20/24	BB-		USD	2,945		535,425			487,415			48,010
HCA, Inc.		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	BB-		USD	2,160		392,706			363,574			29,132
HCA, Inc.		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	BB-		USD	1,215		220,897			198,145			22,752
HCA, Inc.		5.00	%		Quarterly	JPMorgan Chase Bank NA		06/20/24	BB-		USD	750		136,357			120,475			15,882
Sprint Communications, Inc.		5.00	%		Quarterly	BNP Paribas SA		06/20/24	B		USD	1,965		224,449			111,937			112,512
Sprint Communications, Inc.		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	3,920		447,756			248,105			199,651
Sprint Communications, Inc.		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	4,910		560,838			344,542			216,296
Sprint Communications, Inc.		5.00	%		Quarterly	Citibank NA		06/20/24	B		USD	975		111,368			100,059			11,309
Sunrise Communications Holdings SA		5.00	%		Quarterly	BNP Paribas SA		06/20/24	BBB-		EUR	1,760		428,902			427,152			1,750
Telecom Italia SpA		1.00	%		Quarterly	BNP Paribas SA		06/20/24	BB+		EUR	3,230		(194,362	)		(291,767	)		97,405
Telecom Italia SpA		1.00	%		Quarterly	Credit Suisse International		06/20/24	BB+		EUR	3,750		(225,652	)		(339,268	)		113,616
Telecom Italia SpA		1.00	%		Quarterly	Goldman Sachs International		06/20/24	BB+		EUR	130		(7,823	)		(11,884	)		4,061
Telecom Italia SpA		1.00	%		Quarterly	Goldman Sachs International		06/20/24	BB+		EUR	1,170		(70,403	)		(106,953	)		36,550
Virgin Media Finance plc		5.00	%		Quarterly	Credit Suisse International		06/20/25	B		EUR	2,830		650,312			447,623			202,689
Tesco plc		1.00	%		Quarterly	Barclays Bank plc		12/20/25	BB+		EUR	1,000		(21,944	)		(27,520	)		5,576
Telecom Italia SpA		1.00	%		Quarterly	Citibank NA		06/20/26	BB+		EUR	581		(74,327	)		(86,454	)		12,127
Telecom Italia SpA		1.00	%		Quarterly	Citibank NA		06/20/26	BB+		EUR	66		(8,476	)		(9,859	)		1,383
Telecom Italia SpA		1.00	%		Quarterly	Citibank NA		06/20/26	BB+		EUR	2,014		(257,536	)		(299,554	)		42,018
Virgin Media Finance plc		5.00	%		Quarterly	Credit Suisse International		06/20/26	B		EUR	1,772		429,976			312,141			117,835
Virgin Media Finance plc		5.00	%		Quarterly	Credit Suisse International		06/20/26	B		EUR	9,130		2,215,555			1,861,252			354,303
Ziggo Bond Co. BV		5.00	%		Quarterly	Citibank NA		12/20/26	B-		EUR	2,500		505,837			308,550			197,287
Tesco plc		1.00	%		Quarterly	Morgan Stanley & Co. International plc		12/20/28	BB+		EUR	380		(25,014	)		(36,573	)		11,559
Tesco plc		1.00	%		Quarterly	Morgan Stanley & Co. International plc		12/20/28	BB+		EUR	3,510		(231,047	)		(337,819	)		106,772
Tesco plc		1.00	%		Quarterly	Morgan Stanley & Co. International plc		12/20/28	BB+		EUR	12,770		(840,592	)		(1,229,046	)		388,454
Virgin Media Finance plc .		5.00	%		Quarterly	Credit Suisse International		06/20/29	B		EUR	3,660		1,053,948			900,748			153,200
CMBX.NA.7.AA		1.50	%		Monthly	Credit Suisse International		01/17/47	NR		USD	2,292		69,267			(169,599	)		238,866
CMBX.NA.4.AM		0.50	%		Monthly	Deutsche Bank AG		02/17/51	NR		USD	—		(2	)		(61	)		59
CMBX.NA.8.A		2.00	%		Monthly	Goldman Sachs International		10/17/57	NR		USD	4,101		61,510			(218,752	)		280,262
CMBX.NA.8.A		2.00	%		Monthly	Morgan Stanley & Co. International plc		10/17/57	NR		USD	150		2,250			(17,058	)		19,308
CMBX.NA.9.BBB-		3.00	%		Monthly	Goldman Sachs International		09/17/58	NR		USD	3,788		(124,357	)		(370,882	)		246,525
CMBX.NA.9.BBB-		3.00	%		Monthly	Goldman Sachs International		09/17/58	NR		USD	7,185		(235,878	)		(810,173	)		574,295
CMBX.NA.9.BBB-		3.00	%		Monthly	Goldman Sachs International		09/17/58	NR		USD	685		(22,488	)		(72,274	)		49,786
CMBX.NA.9.BBB-		3.00	%		Monthly	JPMorgan Securities LLC		09/17/58	NR		USD	2,564		(84,174	)		(221,129	)		136,955
CMBX.NA.9.BBB-		3.00	%		Monthly	JPMorgan Securities LLC		09/17/58	NR		USD	1,674		(54,955	)		(173,525	)		118,570

130 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Credit Default Swaps — Sell Protection (continued)

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty		Termination Date		Credit Rating  (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.9.BBB-		3.00	%		Monthly		JPMorgan Securities LLC		09/17/58	NR		USD	3,780	$	(124,094	)	$	(454,988	)	$	330,894
CMBX.NA.10.BBB-		3.00	%		Monthly		JPMorgan Securities LLC		11/17/59	NR		USD	270		(8,588	)		(22,757	)		14,169
CMBX.NA.6.BBB-		3.00	%		Monthly		Credit Suisse International		05/11/63	BBB		USD	2,440		(244,347	)		(189,556	)		(54,791	)
														$	(150,400	)	$	(341,044	)	$	190,644

^(a)  Using S&P Global Rating’s rating of the issuer or the underlying securities of the index, as applicable.

^(b)  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund		Counterparty	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1 day BZDIOVER	At Termination	9.48%	At Termination	Citibank NA		N/A			01/02/20	BRL	223,443	$	4,276,410		$	—	$	4,276,410
1 day BZDIOVER	At Termination	12.17%	At Termination	JPMorgan Chase Bank NA		N/A			01/04/21	BRL	58,515		3,818,091			—		3,818,091
3.27%	Semi-Annual	3 month LIBOR	Quarterly	Deutsche Bank AG		N/A			05/16/21	USD	5,230		(144,263	)		—		(144,263	)
3 month KLIBOR	Quarterly	3.44%	Quarterly	Citibank NA		09/18/19	(a)		09/18/22	MYR	309,350		256,592			—		256,592
3 month KLIBOR	Quarterly	3.47%	Quarterly	Citibank NA		09/18/19	(a)		09/18/22	MYR	264,847		271,275			—		271,275
3 month KLIBOR	Quarterly	3.46%	Quarterly	JPMorgan Chase Bank NA		09/18/19	(a)		09/18/22	MYR	261,872		239,586			—		239,586
1 day BZDIOVER	At Termination	12.40%	At Termination	JPMorgan Chase Bank NA		N/A			01/02/23	BRL	29,476		3,337,103			—		3,337,103
1 day BZDIOVER	At Termination	8.20%	At Termination	JPMorgan Chase Bank NA		N/A			01/02/23	BRL	91,201		1,511,332			—		1,511,332
1 day BZDIOVER	At Termination	8.26%	At Termination	JPMorgan Chase Bank NA		N/A			01/02/23	BRL	90,667		1,534,296			—		1,534,296
1 day BZDIOVER	At Termination	8.27%	At Termination	JPMorgan Chase Bank NA		N/A			01/02/23	BRL	307,031		5,226,539			—		5,226,539
1 day BZDIOVER	At Termination	8.38%	At Termination	JPMorgan Chase Bank NA		N/A			01/02/23	BRL	74,851		1,448,591			—		1,448,591
1 day BZDIOVER	At Termination	9.45%	At Termination	JPMorgan Chase Bank NA		N/A			01/02/23	BRL	17,491		733,021			—		733,021
1 day BZDIOVER	At Termination	9.45%	At Termination	JPMorgan Chase Bank NA		N/A			01/02/23	BRL	82,529		3,458,712			—		3,458,712
3.12%	Quarterly	1 week CNREPOFI	Quarterly	Bank of America NA		09/18/19	(a)		09/18/24	CNY	704,208		(830,464	)		—		(830,464	)
2.99%	Quarterly	1 week CNREPOFI	Quarterly	BNP Paribas SA		09/18/19	(a)		09/18/24	CNY	634,790		(210,540	)		—		(210,540	)
3.11%	Quarterly	1 week CNREPOFI	Quarterly	BNP Paribas SA		09/18/19	(a)		09/18/24	CNY	256,431		(293,781	)		—		(293,781	)
2.99%	Quarterly	1 week CNREPOFI	Quarterly	Citibank NA		09/18/19	(a)		09/18/24	CNY	719,190		(252,563	)		—		(252,563	)
3.08%	Quarterly	1 week CNREPOFI	Quarterly	Citibank NA		09/18/19	(a)		09/18/24	CNY	267,888		(243,832	)		—		(243,832	)
3.09%	Quarterly	1 week CNREPOFI	Quarterly	Citibank NA		09/18/19	(a)		09/18/24	CNY	241,099		(243,778	)		—		(243,778	)
3.09%	Quarterly	1 week CNREPOFI	Quarterly	Citibank NA		09/18/19	(a)		09/18/24	CNY	160,733		(162,519	)		—		(162,519	)
3.10%	Quarterly	1 week CNREPOFI	Quarterly	Citibank NA		09/18/19	(a)		09/18/24	CNY	495,555		(517,729	)		—		(517,729	)

CONSOLIDATED SCHEDULES OF INVESTMENTS 131

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund			Counterparty	Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate		Frequency
3.10%	Quarterly		1 week CNREPOFI	Quarterly	HSBC Bank plc		09/18/19	(a)		09/18/24		CNY	260,460	$	(284,380	)	$	—	$	(284,380	)
3.10%	Quarterly		1 week CNREPOFI	Quarterly	HSBC Bank plc		09/18/19	(a)		09/18/24		CNY	268,046		(293,564	)		—		(293,564	)
3.08%	Quarterly		1 week CNREPOFI	Quarterly	JPMorgan Chase Bank NA		09/18/19	(a)		09/18/24		CNY	245,300		(223,273	)		—		(223,273	)
1 day BZDIOVER	At Termination		7.32%	At Termination	Citibank NA		N/A			01/02/25		BRL	76,200		397,714			—		397,714
1 day BZDIOVER	At Termination		8.67%	At Termination	Citibank NA		N/A			01/02/25		BRL	224,042		6,352,336			—		6,352,336
28 day MXIBTIIE	Monthly		6.33%	Monthly	Citibank NA		N/A			07/17/25		MXN	301,428		(776,682	)		—		(776,682	)
28 day MXIBTIIE	Monthly		6.32%	Monthly	Goldman Sachs International		N/A			08/06/25		MXN	904,077		(2,386,463	)		—		(2,386,463	)
6.31%	Monthly		28 day MXIBTIIE	Monthly	Bank of America NA		N/A			08/11/25		MXN	309,728		824,067			—		824,067
6.31%	Monthly		28 day MXIBTIIE	Monthly	Bank of America NA		N/A			08/11/25		MXN	309,728		824,067			—		824,067
6.31%	Monthly		28 day MXIBTIIE	Monthly	Deutsche Bank AG		N/A			08/11/25		MXN	1,149,713		3,067,409			—		3,067,409
28 day MXIBTIIE	Monthly		6.27%	Monthly	Bank of America NA		N/A			12/05/25		MXN	35,971		(105,249	)		—		(105,249	)
28 day MXIBTIIE	Monthly		6.02%	Monthly	Citibank NA		N/A			03/24/26		MXN	969,089		(3,690,203	)		—		(3,690,203	)
7.64%	Monthly		28 day MXIBTIIE	Monthly	UBS AG		N/A			11/18/26		MXN	517,782		(362,387	)		—		(362,387	)
7.71%	Monthly		28 day MXIBTIIE	Monthly	BNP Paribas SA		N/A			11/19/26		MXN	1,002,958		(917,673	)		—		(917,673	)
														$	25,637,798		$	—	$	25,637,798

^(a)  Forward Swap.

OTC Total Return Swaps

Paid by the Fund

Received by the Fund

Counterparty

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Rate (Amount)/Reference

Frequency

Rate/Reference

Frequency

1 month LIBOR plus 0.31%

At Termination

iShares iBoxx $ Investment Grade Corporate Bond ETF

At Termination

JPMorgan Chase Bank NA

07/12/19

USD

1,400

$

7,559,787

$

—

$

7,559,787

Charter Communications, Inc.

Monthly

1 month LIBOR plus 0.10%

Monthly

Citibank NA

08/06/19

USD

4

(28,981

)

—

(28,981

)

SPDR S&P Oil & Gas Exploration & Production ETF

Monthly

1 month LIBOR minus 0.70%

Monthly

BNP Paribas SA

08/06/19

USD

56

(85,801

)

—

(85,801

)

Charter Communications, Inc.

Monthly

1 month LIBOR plus 0.05%

Monthly

BNP Paribas SA

08/27/19

USD

8

(137,430

)

—

(137,430

)

1 month LIBOR plus 0.25%

Monthly

iShares iBoxx $ Investment Grade Corporate Bond ETF

Monthly

JPMorgan Chase Bank NA

09/20/19

USD

900

542,360

—

542,360

132 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Total Return Swaps (continued)

Paid by the Fund		Received by the Fund		Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate (Amount)/Reference	Frequency	Rate/Reference	Frequency
3 month LIBOR	Quarterly	iBoxx USD Liquid High Yield Total Return Index	At Termination	JPMorgan Chase Bank NA		09/20/19	USD	4,389	$	336,048		$	(63	)	$	336,111
3 month LIBOR plus 0.24%	At Termination	iShares iBoxx $ Investment Grade Corporate Bond ETF	At Termination	Citibank NA		09/20/19	USD	2,090		2,194,500			—			2,194,500
Superior Energy Services, Inc.	Quarterly	3 month LIBOR minus 0.30%	Quarterly	Merrill Lynch International		10/15/19	USD	197		740,187			—			740,187
Consumer Staples Select Sector SPDR Fund	Monthly	1 month LIBOR	Monthly	Merrill Lynch International		11/13/19	USD	230		134,281			—			134,281
Energy Select Sector SPDR Fund	Monthly	1 month LIBOR minus 0.10%	Quarterly	Merrill Lynch International		11/13/19	USD	182		(516,664	)		—			(516,664	)
Materials Select Sector SPDR Fund	Monthly	1 month LIBOR minus 0.05%	Monthly	Merrill Lynch International		11/13/19	USD	208		(142,353	)		—			(142,353	)
Utilities Select Sector SPDR Fund	Monthly	1 month LIBOR minus 0.15%	Monthly	Merrill Lynch International		11/13/19	USD	255		27,011			—			27,011
1 month LIBOR minus 0.40%	Monthly	iShares iBoxx High Yield Corporate Bond ETF	Monthly	Citibank NA		11/21/19	USD	1,100		(181,045	)		—			(181,045	)
1 month LIBOR minus 0.10%	Monthly	SPDR Bloomberg Barclays High Yield Bond ETF	Monthly	Citibank NA		11/25/19	USD	2,000		(541,936	)		—			(541,936	)
Canadian Natural Resources Ltd.	Quarterly	3 month LIBOR minus 0.45%	Quarterly	BNP Paribas SA		11/27/19	USD	56		(52,813	)		—			(52,813	)
1 month LIBOR plus 0.35%	Monthly	iShares JP Morgan USD Emerging Markets Bond ETF	Monthly	Citibank NA		12/11/19	USD	2,460		4,826,743			—			4,826,743
Superior Energy Services, Inc.	Quarterly	3 month LIBOR minus 0.45%	Quarterly	BNP Paribas SA		01/31/20	USD	175		402,908			—			402,908
SPDR S&P Oil & Gas Exploration & Production ETF	Monthly	1 month LIBOR minus 0.47%	Monthly	Merrill Lynch International		03/17/20	USD	121		(234,700	)		—			(234,700	)
Occidental Petroleum Corp.	Quarterly	3 month LIBOR	Quarterly	BNP Paribas SA		05/15/20	USD	129		347,407			—			347,407
Superior Energy Services, Inc.	Quarterly	3 month LIBOR minus 0.15%	Quarterly	Citibank NA		05/15/20	USD	763		1,026,612			—			1,026,612
Intelsat SA	Quarterly	3 month LIBOR minus 0.52%	Quarterly	Credit Suisse International		06/11/20	USD	219		(7,799	)		—			(7,799	)
Quorum Health Corp.	Quarterly	3 month LIBOR minus 1.25%	Quarterly	JPMorgan Chase Bank NA		06/11/20	USD	548		15,757			—			15,757
Sprint Corp.	Quarterly	3 month LIBOR	Quarterly	Citibank NA		06/11/20	USD	548		7,812			—			7,812
									$	16,231,891		$	(63	)	$	16,231,954

CONSOLIDATED SCHEDULES OF INVESTMENTS 133

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

OTC Total Return — Correlation Swaps

Reference	Strike Correlation rate			Counterparty	Termination Date			Notional Amount (000)		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
GBP/USD - GBP/EUR		75.00	% (a)	Citibank NA		01/15/22	GBP		25	$	(197,469	)	$	(148	)	$	(197,321	)
GBP/USD - GBP/EUR		76.50	% (a)	Citibank NA		01/15/22	GBP		34		(202,173	)		—			(202,173	)
										$	(399,642	)	$	(148	)	$	(399,494	)

^(a)  At expiration, the Fund pays or receives an amount based on the difference between the strike correlation rate and the realized price correlation.

OTC Total Return Swaps ^(a)

Reference Entity	Counterparty	Termination Date		Net Notional Amount			Unrealized Appreciation (Depreciation)			Net Value of Reference Entities			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Merrill Lynch International		02/15/23	$	(11,891,845	)	$	(766,068	)(b)	$	(12,631,653	)		0.2	%

^(a) The Fund receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 20-1100 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

1-Month Canada Bankers Acceptance

Euro Interbank Offer Rate:

EUR 1 Week

Intercontinental Exchange LIBOR:

GBP 1 Week

USD 1 Week

^(b)  Amount includes $(26,260) of net dividends and financing fees.

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Merrill Lynch International, as of June 30, 2019, expiration date 02/15/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Austria
Erste Group Bank AG		15,417	$	571,727		(4.5	)%
France
BNP Paribas SA		57,203		2,711,725		(21.5	)
Casino Guichard Perrachon SA		22,221		758,025		(6.0	)
Credit Agricole SA		65,692		783,884		(6.2	)
Europcar Mobility Group		157,491		1,120,916		(8.9	)
				5,374,550
Germany
Tele Columbus AG		498,346		1,000,738		(7.9	)
Greece
National Bank of Greece SA		135,312		370,678		(2.9	)
Ireland
Smurfit Kappa Group plc		42,688		1,293,551		(10.2	)
Italy
Telecom Italia SpA		6,595,283		3,600,733		(28.5	)
Luxembourg
SES SA		154,312		2,412,687		(19.1	)

	Shares			Value			% of Basket Value
Netherlands
Altice NV		327,695		$	1,173,692			(9.3	)%
Spain
Banco de Sabadell SA		1,065,780			1,104,714			(8.8	)
CaixaBank SA		237,219			680,346			(5.4	)
					1,785,060
United Kingdom
Arrow Global Group plc		697,536			2,010,847			(15.9	)
Liberty Global plc		119,290			3,219,637			(25.5	)
					5,230,484
United States
AMC Entertainment Holdings, Inc.		112,045			1,045,380			(8.3	)
Constellium NV		115,987			1,164,509			(9.2	)
					2,209,889
Total Reference Entity — Long					25,023,789
Reference Entity — Short
France
Casino Guichard Perrachon SA		(54,668	)		(1,864,890	)		14.8	%
Ghana
Tullow Oil plc		(1,784,022	)		(4,772,528	)		37.8
Israel
Teva Pharmaceutical Industries Ltd., ADR		(181,000	)		(1,670,630	)		13.2

134 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

	Shares			Value			% of Basket Value
Spain
Distribuidora Internacional de Alimentacion SA		(100,000	)	$	(60,266	)		0.5	%
United States
Bausch Health Cos., Inc.		(25,000	)		(630,500	)		5.0
CommScope Holding Co., Inc.		(72,500	)		(1,140,425	)		9.0
Discovery, Inc.		(87,500	)		(2,686,250	)		21.3
Industrial Select Sector SPDR Fund		(23,250	)		(1,800,015	)		14.2
Invesco QQQ Trust		(5,000	)		(933,700	)		7.4
Invesco Senior Loan ETF		(190,000	)		(4,305,400	)		34.1
iShares iBoxx $High Yield Corporate Bond ETF		(37,500	)		(3,269,250	)		25.9
iShares J.P.Morgan USD Emerging Markets Bond ETF		(72,000	)		(8,156,880	)		64.6

	Shares			Value			% of Basket Value
United States (continued)
iShares Russell 2000 ETF		(13,500	)	$	(2,099,250	)		16.6	%
Micron Technology, Inc.		(15,000	)		(578,850	)		4.6
SPDR S&P 500 ETF Trust		(7,500	)		(2,197,500	)		17.4
Sprint Corp.		(57,500	)		(377,775	)		3.0
VanEck Vectors Semiconductor ETF		(7,500	)		(826,350	)		6.5
					(29,002,145	)
Zambia
First Quantum Minerals Ltd.		(30,000	)		(284,983	)		2.2
Total Reference Entity — Short					(37,655,442	)
Net Value of Reference Entity — Merrill Lynch International				$	(12,631,653	)

The following reference rates, and their values as of period end, are used for security descriptions:

Reference Index		Reference Rate
1 day BZDIOVER	Overnight Brazil CETIP — Interbank Rate		0.25%
1 day Fed Funds	1 day Fed Funds		2.40%
1 month LIBOR	London Interbank Offered Rate		2.40%
1 week CNREPOFI	7 Day China Fixing Repo Rates		2.63%
28 day MXIBTIIE	Mexico Interbank TIIE 28-Day		8.49%
3 month BA	3 month Canadian Bankers Acceptances		1.97%
3 month BBR	Australian Bank Bill Rate		1.20%
3 month JIBAR	Johannesburg Interbank Average Rate		7.03%
3 month KLIBOR	Kuala Lumpur Interbank Offered Rate		3.46%
3 month LIBOR	London Interbank Offered Rate		2.32%
3 month STIBOR	Stockholm Interbank Offered Rate		(0.03%	)
6 month BBR	Australian Bank Bill Rate		1.22%
6 month CIBOR	Copenhagen Interbank Offered Rate		(0.24%	)
6 month EURIBOR	Euro Interbank Offered Rate		(0.31%	)
6 month LIBOR GBP	London Interbank Offered Rate		0.85%
6 month LIBOR JPY	London Interbank Offered Rate		(0.02%	)
6 month NIBOR	Nigerian Interbank Offered rate		1.72%
6 month WIBOR	Warsaw Interbank Offered Rate		1.69%

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written

	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps (a)	$	43,516,671	$	(54,364,460	)	$	616,754,307	$	(639,987,642	)	$	—
OTC Swaps		60,537,584		(33,455,492	)		67,869,633		(47,601,176	)		—
Options Written		N/A		N/A			148,734,561		(292,724,981	)		(483,955,263	)

^(a) Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

CONSOLIDATED SCHEDULES OF INVESTMENTS 135

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts (a)	$	—	$	—	$	1,840,809	$	—	$	87,739,429	$	—	$	89,580,238
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		76,025,190		—		—		76,025,190
Options purchased
Investments at value — unaffiliated (b)		33,740		3,822,383		83,879,141		49,689,037		240,859,519		—		378,283,820
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps (a)		—		16,219,400		—		—		600,534,907		—		616,754,307
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		72,668,600		17,825,365		—		37,913,252		—		128,407,217
	$	33,740	$	92,710,383	$	103,545,315	$	125,714,227	$	967,047,107	$	—	$	1,289,050,772
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts (a)		—		—		5,901,409		—		84,391,067		—		90,292,476
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		138,588,150		—		—		138,588,150
Options written
Options written at value		—		7,070,371		17,625,900		22,320,807		436,938,185		—		483,955,263
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps (a)		—		13,813,872		—		—		619,372,838		6,800,932		639,987,642
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		66,022,030		2,695,590		399,642		11,939,406		—		81,056,668
	$	—	$	86,906,273	$	26,222,899	$	161,308,599	$	1,152,641,496	$	6,800,932	$	1,433,880,199

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

^(b) Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the six months ended June 30, 2019, the effect of derivative financial instruments in the Statements of Operations were as follows:

	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	785	$	—		$	(60,241,829	)	$	—		$	115,644,356		$	—		$	55,403,312
Forward foreign currency exchange contracts		—		—			—			23,450,421			—			—			23,450,421
Options purchased (a)		—		(2,077,149	)		(71,831,845	)		(140,075,760	)		(9,147,400	)		—			(223,132,154	)
Options written		—		2,147,999			25,827,608			128,453,156			(495,305	)		—			155,933,458
Swaps		—		(64,352,079	)		13,467,931			477,850			(119,317,508	)		(1,804,817	)		(171,528,623	)
	$	785	$	(64,281,229	)	$	(92,778,135	)	$	12,305,667		$	(13,315,857	)	$	(1,804,817	)	$	(159,873,586	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		—		—			207,532			—			(99,055,003	)		—			(98,847,471	)
Forward foreign currency exchange contracts		—		—			—			(6,022,902	)		—			—			(6,022,902	)
Options purchased (b)		—		1,117,498			22,237,366			14,506,792			36,405,909			—			74,267,565
Options written		—		(4,375,486	)		(1,013,057	)		(8,451,470	)		(121,130,155	)		—			(134,970,168	)
Swaps		—		(10,533,290	)		6,769,816			33,460			113,008,008			(6,800,932	)		102,477,062
	$	—	$	(13,791,278	)	$	28,201,657		$	65,880		$	(70,771,241	)	$	(6,800,932	)	$	(63,095,914	)

^(a) Options purchased are included in net realized gain (loss) from investments — unaffiliated.

^(b) Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

136 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	21,852,209,971
Average notional value of contracts — short		10,829,625,417
Forward foreign currency exchange contracts:
Average amounts purchased — in USD		13,797,013,789
Average amounts sold — in USD		8,396,588,404
Options:
Average value of option contracts purchased		142,320,160
Average value of option contracts written		68,369,350
Average notional value of swaption contracts purchased		13,192,813,028
Average notional value of swaption contracts written		64,223,850,834
Credit default swaps:
Average notional value — buy protection		4,358,653,808
Average notional value — sell protection		1,931,927,870
Interest rate swaps:
Average notional value — pays fixed rate		28,454,547,933
Average notional value — receives fixed rate		28,252,639,854
Currency swaps:
Average notional value — pays fixed rate		—	(a)
Average notional value — receives fixed rate		—	(a)
Inflation swaps:
Average notional value — pays fixed rate		234,061,521
Average notional value — receives fixed rate		454,633,463
Total return swaps:
Average notional value		44,663,632

^(a)  Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	11,452,853		$	10,658,867
Forward foreign currency exchange contracts		76,025,190			138,588,150
Options (a)		378,283,820			483,955,263
Swaps — Centrally cleared		—			848,272
Swaps — OTC (b)		128,407,217			81,056,668
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	594,169,080		$	715,107,220
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(112,365,312	)		(65,584,887	)
Total derivative assets and liabilities subject to an MNA	$	481,803,768		$	649,522,333

^(a)  Includes options purchased at value which is included in Investments at value –unaffiliated in the Statements of Assets and Liabilities and reported in the Consolidated Schedule of Investments.

^(b) Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.

CONSOLIDATED SCHEDULES OF INVESTMENTS 137

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Received (b)			Cash Collateral Received (b)			Net Amount of Derivative Assets (c)(d)
Bank of America NA	$	30,250,520	$	(30,250,520	)	$	—		$	—		$	—
Barclays Bank plc		60,389,947		(60,389,947	)		—			—			—
BNP Paribas SA		21,076,985		(20,461,584	)		—			(615,401	)		—
Citibank NA		71,866,784		(71,866,784	)		—			—			—
Citigroup Global Markets, Inc.		168,605		(8,728	)		—			—			159,877	(e)
Credit Suisse International		9,936,452		(9,936,452	)		—			—			—
Deutsche Bank AG		33,835,475		(33,835,475	)		—			—			—
Goldman Sachs International		53,906,620		(42,926,640	)		—			—			10,979,980
HSBC Bank plc		20,516,923		(20,516,923	)		—			—			—
JPMorgan Chase Bank NA		64,464,227		(64,464,227	)		—			—			—
JPMorgan Securities LLC		844,935		(844,935	)		—			—			—
Merrill Lynch International		901,479		(901,479	)		—			—			—
Morgan Stanley & Co. International plc		82,944,326		(73,804,645	)		—			(5,910,000	)		3,229,681
Natwest Markets plc		1,981,048		(1,981,048	)		—			—			—
Nomura International plc		13,107,482		(13,107,482	)		—			—			—
Royal Bank of Canada		335,177		(335,177	)		—			—			—
Royal Bank of Scotland		333,297		(247,796	)		—			—			85,501
Standard Chartered Bank		705,420		(705,420	)		—			—			—
State Street Bank and Trust Co.		1,504,988		(1,504,988	)		—			—			—
UBS AG		12,733,078		(10,532,172	)		(2,200,906	)		—			—
	$	481,803,768	$	(458,622,422	)	$	(2,200,906	)	$	(6,525,401	)	$	14,455,039
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged (f)			Cash Collateral Pledged (f)			Net Amount of Derivative Liabilities (d)(g)
ANZ Banking Group Ltd.	$	278,462	$	—		$	—		$	—		$	278,462
Bank of America NA		60,236,745		(30,250,520	)		—			(29,986,225	)		—
Bank of New York		639,295		—			—			—			639,295
Barclays Bank plc		75,383,128		(60,389,947	)		(2,111,974	)		(11,760,000	)		1,121,207
BNP Paribas SA		20,461,584		(20,461,584	)		—			—			—
Citibank NA		102,044,916		(71,866,784	)		—			(30,018,618	)		159,514
Citigroup Global Markets, Inc.		8,728		(8,728	)		—			—			—
Commonwealth Bank of Australia		185,728		—			—			—			185,728
Credit Suisse International		11,142,075		(9,936,452	)		—			(1,205,623	)		—
Deutsche Bank AG		42,767,493		(33,835,475	)		—			(8,932,018	)		—
Goldman Sachs International		42,926,640		(42,926,640	)		—			—			—
HSBC Bank plc		59,906,630		(20,516,923	)		—			—			39,389,707
JPMorgan Chase Bank NA		110,639,901		(64,464,227	)		—			(30,670,000	)		15,505,674
JPMorgan Securities LLC		872,399		(844,935	)		—			(27,464	)		—
Merrill Lynch International		1,659,785		(901,479	)		—			—			758,306
Morgan Stanley & Co. International plc		73,804,645		(73,804,645	)		—			—			—
National Australia Bank Ltd.		198,769		—			—			—			198,769
Natwest Markets plc		4,318,579		(1,981,048	)		—			—			2,337,531
Nomura International plc		22,219,940		(13,107,482	)		—			(5,384,139	)		3,728,319
Royal Bank of Canada		1,072,486		(335,177	)		—			(737,309	)		—
Royal Bank of Scotland		247,796		(247,796	)		—			—			—
Standard Chartered Bank		6,345,133		(705,420	)		—			(3,160,000	)		2,479,713
State Street Bank and Trust Co.		1,629,304		(1,504,988	)		—			—			124,316
UBS AG		10,532,172		(10,532,172	)		—			—			—
	$	649,522,333	$	(458,622,422	)	$	(2,111,974	)	$	(121,881,396	)	$	66,906,541

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

138 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

^(e)  Net receivable is subject to set-off provision with net payable under the Master Repurchase Agreement.

^(f)  Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(g)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

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 (a)	$	—	$	4,657,897,776	$	306,695,841	$	4,964,593,617
Common Stocks:
Canada		1,581,132		—		—		1,581,132
France		—		9,835,562		—		9,835,562
Germany		—		27,096,453		—		27,096,453
Ghana		—		954,507		—		954,507
Italy		—		15,958,412		—		15,958,412
Netherlands		16,867,008		21,121,765		—		37,988,773
Spain		—		9,796,960		—		9,796,960
Sweden		—		4,943,150		—		4,943,150
United Kingdom		—		9,913,928		—		9,913,928
United States		490,141,090		—		—		490,141,090
Corporate Bonds
Argentina		—		55,050,841		—		55,050,841
Australia		—		35,294,448		—		35,294,448
Austria		—		83,985,851		—		83,985,851
Belgium		—		94,879,222		—		94,879,222
Brazil		—		254,009,014		—		254,009,014
Canada		—		171,813,746		—		171,813,746
Cayman Islands		—		14,327,406		—		14,327,406
Chile		—		32,981,428		—		32,981,428
China		—		694,787,959		304,582		695,092,541
Colombia		—		34,124,317		—		34,124,317
Czech Republic		—		9,724,141		—		9,724,141
Denmark		—		25,170,450		—		25,170,450
Dominican Republic		—		5,256,250		—		5,256,250
France		—		150,852,954		—		150,852,954
Germany		—		283,960,245		—		283,960,245
Ghana		—		3,525,156		—		3,525,156
Greece		—		1,736,116		—		1,736,116
Guatemala		—		5,112,500		—		5,112,500
Guernsey		—		1,798,194		—		1,798,194
Hong Kong		—		35,283,604		107,292		35,390,896
India		—		71,097,466		—		71,097,466
Indonesia		—		35,180,185		—		35,180,185
Ireland		—		128,215,766		—		128,215,766
Israel		—		19,828,974		—		19,828,974
Italy		—		251,715,977		—		251,715,977
Jamaica		—		2,650,897		—		2,650,897
Japan		—		208,868,791		—		208,868,791
Jersey		—		18,301,200		—		18,301,200
Luxembourg		—		154,148,400		—		154,148,400
Macau		—		10,271,250		—		10,271,250
Malaysia		—		51,383,522		—		51,383,522
Mexico		—		116,638,763		—		116,638,763
Mongolia		—		8,097,500		—		8,097,500
Netherlands		—		287,675,572		—		287,675,572
Norway		—		1,404,790		—		1,404,790
Peru		—		22,767,959		—		22,767,959
Philippines		—		1,832,821		—		1,832,821
Portugal		—		11,274,630		—		11,274,630
Russia		—		19,822,910		—		19,822,910

CONSOLIDATED SCHEDULES OF INVESTMENTS 139

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

	Level 1		Level 2			Level 3		Total
Saudi Arabia	$	—	$	27,243,352		$	—	$	27,243,352
Singapore		—		41,544,983			—		41,544,983
South Africa		—		2,148,169			—		2,148,169
South Korea		—		60,058,337			—		60,058,337
Spain		—		361,403,585			—		361,403,585
Sweden		—		27,563,437			—		27,563,437
Switzerland		—		149,644,967			—		149,644,967
Taiwan		—		14,142,830			—		14,142,830
Thailand		—		9,612,094			—		9,612,094
Turkey		—		5,979,019			—		5,979,019
United Arab Emirates		—		26,750,534			—		26,750,534
United Kingdom		—		660,061,027			—		660,061,027
United States		—		7,395,581,277			69,717,961		7,465,299,238
Vietnam		—		22,797,581			—		22,797,581
Zambia		—		11,790,000			—		11,790,000
Floating Rate Loan Interests:
Brazil		—		—			7,000,000		7,000,000
Canada		—		9,238,656			—		9,238,656
Denmark		—		2,982,251			—		2,982,251
France		—		13,907,556			—		13,907,556
Germany		—		11,334,410			—		11,334,410
Indonesia		—		—			7,755,000		7,755,000
Ireland		—		7,099,128			—		7,099,128
Luxembourg		—		22,805,021			33,672,575		56,477,596
Netherlands		—		39,507,588			—		39,507,588
Norway		—		2,819,667			—		2,819,667
Poland		—		3,315,374			—		3,315,374
Spain		—		20,330,234			—		20,330,234
Sweden		—		16,128,908			—		16,128,908
Switzerland		—		7,620,737			—		7,620,737
United Kingdom		—		15,352,498			2,271,357		17,623,855
United States		—		458,142,242			433,603,145		891,745,387
Foreign Agency Obligations(a)		—		589,218,781			—		589,218,781
Foreign Government Obligations(a)		—		3,668,788,647			—		3,668,788,647
Investment Companies		181,859,544		—			—		181,859,544
Municipal Bonds		—		1,858,453,042			—		1,858,453,042
Non-Agency Mortgage-Backed Securities(a)		—		2,307,657,550			185,423,312		2,493,080,862
Preferred Securities:
Netherlands		—		1,265,154			—		1,265,154
United Kingdom		—		5,540,720			—		5,540,720
United States		7,146,410		127,684,996			—		134,831,406
U.S. Government Sponsored Agency Securities		—		14,709,233,416			—		14,709,233,416
U.S. Treasury Obligations		—		639,785,599			—		639,785,599
Warrants(a)		398,597		—			—		398,597
Short-Term Securities:
Borrowed Bond Agreements		—		692,343,934			—		692,343,934
Commercial Paper		—		75,373,131			—		75,373,131
Foreign Government Obligations(a)		—		97,805,095			—		97,805,095
Money Market Funds		318,482,438		—			—		318,482,438
U.S. Treasury Obligations		—		13,766,652			—		13,766,652
Options Purchased:
Credit contracts		—		3,822,383			—		3,822,383
Equity contracts		82,378,050		1,686,706			—		84,064,756
Foreign currency exchange contracts		—		49,537,162			—		49,537,162
Interest rate contracts		18,534,409		222,325,110			—		240,859,519
Liabilities:
Investments:
Borrowed Bonds		—		(699,988,420	)		—		(699,988,420	)
TBA Sale Commitments		—		(12,197,846,739	)		—		(12,197,846,739	)
Investment Sold Short
Corporate Bonds(a)		—		(557,890	)		—		(557,890	)
U.S. Treasury Obligations		—		(113,410,312	)		—		(113,410,312	)
Subtotal	$	1,117,388,678	$	29,671,759,907		$	1,046,551,065	$	31,835,699,650

140 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 BlackRock Strategic Income Opportunities Portfolio

	Level 1			Level 2			Level 3		Total
Investments valued at NAV (b)										62,588,605
Total Investments									$	31,898,288,255
Derivative Financial Instruments (c)
Assets:
Credit contracts	$	—		$	28,350,416		$	—	$	28,350,416
Equity contracts		1,840,809			17,825,365			—		19,666,174
Foreign currency exchange contracts		—			76,025,190			—		76,025,190
Interest rate contracts		87,739,429			638,448,159			—		726,187,588
Liabilities:
Credit contracts		—			(53,450,992	)		—		(53,450,992	)
Equity contracts		(23,488,439	)		(2,734,460	)		—		(26,222,899	)
Foreign currency exchange contracts		—			(161,308,451	)		—		(161,308,451	)
Interest rate contracts		(120,881,785	)		(1,031,759,648	)		—		(1,152,641,433	)
Other contracts		—			(6,800,932	)		—		(6,800,932	)
	$	(54,789,986	)	$	(495,405,353	)	$	—	$	(550,195,339	)

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

^(b)  Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset- Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			Preferred Securities			Unfunded Floating Rate Loan Interests			U.S. Government Sponsored Agency Securities			Warrants			Total
Investments:
Assets/Liabilities:
Opening balance, as of December 31, 2018	$	123,457,998		$	632,529		$	20,131,614		$	558,794,096		$	264,744,952		$	169,957		$	(36,306	)	$	1,722,395		$	6,158		$	969,623,393
Transfers into level 3		141,255,786			—			304,689			18,545,537			—			—			—			—			—			160,106,012
Transfers out of level 3		(23,802,989	)		—			—			(52,739,454	)		(13,211,977	)		—			—			(1,722,395	)		—			(91,476,815	)
Other (a)		57,358,841			—			—			—			(57,358,841	)		—			—			—			—			—
Accrued discounts/premiums		820,975			—			—			349,913			1,807,413			—			—			—			—			2,978,301
Net realized gain (loss)		(1,631,013	)		(987,644	)		—			1,382,902			546,747			(733,861	)		—			—			(341,996	)		(1,764,865	)
Net change in unrealized appreciation (depreciation) (b)(c)		6,262,202			997,554			197,151			(755,166	)		3,224,374			736,524			36,306			—			335,838			11,034,783
Purchases		63,179,507			—			50,968,000			140,292,775			27,158,524			—			—			—			—			281,598,806
Sales		(60,205,466	)		(642,439	)		(1,471,619	)		(181,568,526	)		(41,487,880	)		(172,620	)		—			—			—			(285,548,550	)
Closing balance, as of June 30, 2019	$	306,695,841		$	—		$	70,129,835		$	484,302,077		$	185,423,312		$	—		$	—		$	—		$	—		$	1,046,551,065
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2019 (c)	$	2,773,570		$	—		$	153,558		$	(301,358	)	$	(2,206,577	)	$	—		$	—		$	—		$	—		$	419,193

^(a) Certain Level 3 investments were re-classified between Asset-Backed Securities and Non-Agency Mortgage-Backed Securities.

^(b) Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

^(c) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2019 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

See notes to financial statements.

CONSOLIDATED SCHEDULES OF INVESTMENTS 141

Statements of Assets and Liabilities  (unaudited) 

June 30, 2019

	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio		BlackRock Strategic Income Opportunities Portfolio (a)
ASSETS
Investments at value — unaffiliated (b)(c)	$	99,670,966	$	44,482,015,750
Investments at value — affiliated (d)		—		428,075,866
Cash		13,687		9,740,776
Cash pledged:
Collateral — borrowed bond agreements		—		21,626,310
Collateral — OTC derivatives		1,000,000		177,836,000
Futures contracts		136,000		165,278,170
Centrally cleared swaps		2,087,000		116,731,080
Foreign currency at value (e)		109,817		105,256,472
Receivables:
Investments sold		—		5,921,075,273
Securities lending income — affiliated		—		49,533
Swaps		—		206,955
TBA sale commitments		—		12,151,188,438
Capital shares sold		85,954		56,161,670
Dividends — affiliated		—		1,094,011
Dividends — unaffiliated		—		1,813,349
Interest — unaffiliated		1,747,743		311,750,674
From the Manager		1,855		—
Variation margin on futures contracts		—		11,452,853
Swap premiums paid		1,147,845		60,537,584
Unrealized appreciation on:
Forward foreign currency exchange contracts		1,353,874		76,025,190
OTC swaps		824,789		67,869,633
Prepaid expenses		42,800		639,002
Total assets		108,222,330		64,166,424,589
LIABILITIES
Investments sold short, at value(f)		—		113,968,202
Cash received:
Collateral — OTC derivatives		1,100,000		11,160,000
Collateral — TBA commitments		—		7,678,000
Borrowed bonds at value(g)		—		699,988,420
Cash collateral on securities loaned at value		—		62,616,048
Options written at value(h)		54,162		483,955,263
TBA sale commitments at value(i)		—		12,197,846,739
Payables:
Investments purchased		774,946		16,874,093,207
Swaps		—		853,216
Accounting services fees		20,452		573,265
Administration fees		3,549		1,404,372
Board realignment and consolidation		—		776,371
Capital shares redeemed		100,685		70,724,397
Custodian fees		70,632		1,060,593
Income dividend distributions		207,475		14,000,619
Interest expense		—		9,341,124
Investment advisory fees		20,531		12,238,879
Trustees’ and Officer’s fees		5,793		64,731
Other affiliates		200		62,698
Printing fees		53,593		235,793
Professional fees		59,495		444,944
Registration fees		2,434		134,800
Service and distribution fees		3,439		750,811
Transfer agent fees		20,028		7,617,900
Other accrued expenses		—		267,638
Variation margin on futures contracts		22,006		10,658,867
Variation margin on centrally cleared swaps		73,833		848,272
Swap premiums received		1,794,069		33,455,492

142 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) (continued)

June 30, 2019

	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio			BlackRock Strategic Income Opportunities Portfolio (a)
Unrealized depreciation on:
Forward foreign currency exchange contracts		1,324,574			138,588,150
OTC swaps		227,885			47,601,176
Total liabilities		5,939,781			30,803,009,987
NET ASSETS	$	102,282,549		$	33,363,414,602
NET ASSETS CONSIST OF
Paid-in capital	$	117,671,971		$	34,049,167,160
Accumulated loss		(15,389,422	)		(685,752,558	)
NET ASSETS	$	102,282,549		$	33,363,414,602
(a) Consolidated Statement of Assets and Liabilities.
(b) Investments at cost — unaffiliated	$	96,426,706		$	43,831,948,879
(c)  Securities loaned at value	$	—		$	61,474,778
(d) Investments at cost — affiliated	$	—		$	425,562,565
(e) Foreign currency at cost	$	104,046		$	105,343,886
(f)  Proceeds received from investments sold short at value — unaffiliated	$	—		$	113,761,932
(g) Proceeds received from borrowed bonds	$	—		$	673,296,393
(h) Premiums received	$	69,612		$	339,964,843
(i)  Proceeds from TBA sale commitments	$	—		$	12,151,188,438

See notes to financial statements.

FINANCIAL STATEMENTS 143

Statements of Assets and Liabilities  (unaudited) (continued)

June 30, 2019

	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio		BlackRock Strategic Income Opportunities Portfolio (a)
NET ASSET VALUE
Institutional
Net assets	$	22,734,537	$	22,578,960,194
Share outstanding (j)		2,626,792		2,278,074,951
Net asset value	$	8.65	$	9.91
Investor A
Net assets	$	8,598,400	$	1,572,493,578
Share outstanding (j)		995,349		158,681,986
Net asset value	$	8.64	$	9.91
Investor C
Net assets	$	2,122,789	$	481,657,469
Share outstanding (j)		245,626		48,649,049
Net asset value	$	8.64	$	9.90
Class K
Net assets	$	68,826,823	$	8,730,303,361
Share outstanding (j)		7,959,821		880,148,654
Net asset value	$	8.65	$	9.92
(j)  Unlimited number of shares authorized, $0.001 par value.

See notes to financial statements.

144 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended June 30, 2019

	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio			BlackRock Strategic Income Opportunities Portfolio (a)
INVESTMENT INCOME
Dividends — affiliated	$	—		$	18,804,646
Dividends — unaffiliated		—			9,619,322
Interest — unaffiliated		3,039,712			691,994,747
Securities lending income — affiliated — net		—			264,594
Foreign taxes withheld		(98,672	)		(2,388,115	)
Total investment income		2,941,040			718,295,194
EXPENSES
Investment advisory		303,567			75,098,360
Professional		49,470			228,585
Accounting services		41,078			870,334
Custodian		38,747			889,372
Registration		34,232			357,596
Administration		21,503			5,202,754
Service and distribution — class specific		21,415			4,522,202
Transfer agent — class specific		19,680			10,676,318
Administration — class specific		10,118			3,298,856
Printing		8,205			120,651
Trustees and Officer		4,263			214,723
Recoupment of past waived and/or reimbursed fees — class specific		—			308
Miscellaneous		18,210			452,705
Total expenses excluding interest expense		570,488			101,932,764
Interest expense		—			18,798,689
Total expenses		570,488			120,731,453
Less:
Fees waived and/or reimbursed by the Manager		(199,587	)		(1,288,726	)
Transfer agent fees waived and/or reimbursed — class specific		(10,914	)		(8,185	)
Administration fees waived — class specific		(10,082	)		(84,874	)
Total expenses after fees waived and/or reimbursed		349,905			119,349,668
Net investment income		2,591,135			598,945,526

FINANCIAL STATEMENTS 145

Statements of Operations  (unaudited) (continued)

Six Months Ended June 30, 2019

	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio			BlackRock Strategic Income Opportunities Portfolio (a)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated	$	107,691		$	16,446,941
Investments — unaffiliated		(1,161,365	)		(126,328,068	)
Borrowed bonds		—			2,244,156
Forward foreign currency exchange contracts		(1,544,733	)		23,450,421
Foreign currency transactions		94,151			(6,596,866	)
Futures contracts		(684,990	)		55,403,312
Options written		255,869			155,933,458
Short sales — unaffiliated		—			(10,866,621	)
Swaps		(582,325	)		(171,528,623	)
		(3,515,702	)		(61,841,890	)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		(35,457	)		6,069,242
Investments — unaffiliated		10,238,367			1,286,546,763
Borrowed bonds		—			(39,640,515	)
Forward foreign currency exchange contracts		1,021,171			(6,022,902	)
Foreign currency translations		49,801			(89,613	)
Futures contracts		12,430			(98,847,471	)
Options written		(16,402	)		(134,970,168	)
Short sales — unaffiliated		—			(243,219	)
Swaps		(669,238	)		102,477,062
Unfunded floating rate loan interests		—			36,306
		10,600,672			1,115,315,485
Net realized and unrealized gain		7,084,970			1,053,473,595
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,676,105		$	1,652,419,121

(a) Consolidated Statement of Operations.

See notes to financial statements.

146 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio						BlackRock Strategic Income Opportunities Portfolio (a)
	Six Months Ended 06/30/19 (unaudited)			Year Ended 12/31/18			Six Months Ended 06/30/19 (unaudited)			Year Ended 12/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,591,135		$	7,441,950		$	598,945,526		$	1,178,282,484
Net realized loss		(3,515,702	)		(11,146,059	)		(61,841,890	)		(240,353,522	)
Net change in unrealized appreciation (depreciation)		10,600,672			(11,245,906	)		1,115,315,485			(1,143,629,202	)
Net increase (decrease) in net assets resulting from operations		9,676,105			(14,950,015	)		1,652,419,121			(205,700,240	)
DISTRIBUTIONS TO SHAREHOLDERS (b)
From net investment income:
Institutional		(501,728	)		(19,542	)		(395,825,461	)		(803,831,675	)
Investor A		(155,815	)		(5,998	)		(26,295,755	)		(64,337,565	)
Investor C		(34,628	)		(1,223	)		(6,049,741	)		(12,980,268	)
Class K		(1,366,885	)		(33,765	)		(145,915,928	)		(226,046,178	)
From return of capital:
Institutional		—			(1,929,745	)		—			(7,497,397	)
Investor A		—			(592,347	)		—			(600,081	)
Investor C		—			(120,739	)		—			(121,068	)
Class K		—			(3,334,257	)		—			(2,108,349	)
Decrease in net assets resulting from distributions to shareholders		(2,059,056	)		(6,037,616	)		(574,086,885	)		(1,117,522,581	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(6,898,734	)		(14,732,477	)		(1,704,453,709	)		3,584,884,128
NET ASSETS
Total increase (decrease) in net assets		718,315			(35,720,108	)		(626,121,473	)		2,261,661,307
Beginning of period		101,564,234			137,284,342			33,989,536,075			31,727,874,768
End of period	$	102,282,549		$	101,564,234		$	33,363,414,602		$	33,989,536,075

^(a)  Consolidated Statements of Changes in Net Assets.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 147

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio
	Institutional
	Six Months Ended 06/30/19 (unaudited)			Year Ended December 31,
					2018			2017			2016			2015			2014
Net asset value, beginning of period	$	8.03			$	9.45		$	9.51		$	8.79		$	8.73		$	9.14
Net investment income (a)		0.21				0.52			0.63			0.58			0.43			0.51
Net realized and unrealized gain (loss)		0.58				(1.52	)		(0.10	)		0.56			(0.10	)		(0.50)
Net increase (decrease) from investment operations		0.79				(1.00	)		0.53			1.14			0.33			0.01
Distributions (b)
From net investment income		(0.17	)			(0.00	)(c)		(0.59	)		(0.42	)		(0.27	)		—
From return of capital		—				(0.42	)		—			—			—			(0.42)
Total distributions		(0.17	)			(0.42	)		(0.59	)		(0.42	)		(0.27	)		(0.42)
Net asset value, end of period	$	8.65			$	8.03		$	9.45		$	9.51		$	8.79		$	8.73
Total Return (d)
Based on net asset value		9.90%(e)				(10.84)%			5.66%			13.27%			3.80%			0.09%
Ratios to Average Net Assets (f)
Total expenses (g)		1.13%(h)				1.13%			1.13%			1.48%			1.50%			1.30%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.68%(h)				0.71%			0.78%			0.91%			0.97%			0.98%
Net investment income		5.10%(h)				5.89%			6.68%			6.34%			4.86%			5.79%
Supplemental Data
Net assets, end of period (000)	$	22,735			$	26,314		$	43,693		$	24,097		$	19,339		$	24,177
Portfolio turnover rate		51%				165%			187%			276%			421%			449%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Amount is greater than $(0.005) per share.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e) Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/19 (unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Investments in underlying funds		—	%		0.01	%		0.00	%		0.01	%		0.02	%		0.01	%

^(g) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

	Six Months Ended 06/30/19 (unaudited)		Year Ended December 31,
			2018		2017			2016			2015			2014
Expense ratios		N/A		N/A		1.13	%		1.48	%		1.48	%		1.29	%

^(h) Annualized.

See notes to financial statements.

148 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio
	Investor A
	Six Months Ended 06/30/19 (unaudited)			Year Ended December 31,
					2018			2017			2016			2015			2014
Net asset value, beginning of period	$	8.02			$	9.43		$	9.50		$	8.78		$	8.72		$	9.13
Net investment income (a)		0.20				0.49			0.61			0.55			0.40			0.48
Net realized and unrealized gain (loss)		0.58				(1.51	)		(0.12	)		0.56			(0.10	)		(0.49)
Net increase (decrease) from investment operations		0.78				(1.02	)		0.49			1.11			0.30			(0.01)
Distributions (b)
From net investment income		(0.16	)			(0.00	)(c)		(0.56	)		(0.39	)		(0.24	)		—
From return of capital		—				(0.39	)		—			—			—			(0.40)
Total distributions		(0.16	)			(0.39	)		(0.56	)		(0.39	)		(0.24	)		(0.40)
Net asset value, end of period	$	8.64			$	8.02		$	9.43		$	9.50		$	8.78		$	8.72
Total Return (d)
Based on net asset value		9.77%(e)				(10.99)%			5.29%			12.96%			3.51%			(0.14)%
Ratios to Average Net Assets (f)
Total expenses (g)		1.44%(h)				1.46%			1.45%			1.79%			1.81%			1.65%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.93%(h)				0.96%			1.03%			1.20%			1.25%			1.25%
Net investment income		4.89%(h)				5.64%			6.48%			6.05%			4.60%			5.42%
Supplemental Data
Net assets, end of period (000)	$	8,598			$	8,102		$	14,756		$	15,293		$	14,110		$	12,063
Portfolio turnover rate		51%				165%			187%			276%			421%			449%

^(a) Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c) Amount is greater than $(0.005) per share.

^(d) Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e) Aggregate total return.

^(f) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/19 (unaudited)			Year Ended December 31,
					2018			2017			2016			2015			2014
Investments in underlying funds		—	%			0.01	%		0.00	%		0.01	%		0.02	%		0.01%

^(g) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

	Six Months Ended 06/30/19 (unaudited)		Year Ended December 31,
				2018		2017			2016			2015			2014
Expense ratios		N/A			N/A		1.45	%		1.79	%		1.81	%		1.59%

^(h) Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 149

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio
	Investor C
	Six Months Ended 06/30/19 (unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period	$	8.02		$	9.44		$	9.50		$	8.78		$	8.73		$	9.14
Net investment income (a)		0.17			0.43			0.54			0.48			0.34			0.41
Net realized and unrealized gain (loss)		0.58			(1.52	)		(0.11	)		0.56			(0.11	)		(0.50)
Net increase (decrease) from investment operations		0.75			(1.09	)		0.43			1.04			0.23			(0.09)
Distributions (b)
From net investment income		(0.13	)		(0.00	)(c)		(0.49	)		(0.32	)		(0.18	)		—
From return of capital		—			(0.33	)		—			—			—			(0.32)
Total distributions		(0.13	)		(0.33	)		(0.49	)		(0.32	)		(0.18	)		(0.32)
Net asset value, end of period	$	8.64		$	8.02		$	9.44		$	9.50		$	8.78		$	8.73
Total Return (d)
Based on net asset value		9.37%	(e)		(11.74	)%		4.62%			12.12%			2.65%			(0.93)%
Ratios to Average Net Assets (f)
Total expenses		2.32%	(g)		2.30%			2.30%			2.63%	(h)		2.64%	(h)		2.45%(h)
Total expenses after fees waived and/or reimbursed and paid indirectly		1.68%	(g)		1.71%			1.78%			1.96%			2.00%			2.00%
Net investment income		4.11%	(g)		4.85%			5.74%			5.30%			3.85%			4.63%
Supplemental Data
Net assets, end of period (000)	$	2,123		$	2,411		$	3,823		$	4,892		$	6,060		$	7,358
Portfolio turnover rate		51%			165%			187%			276%			421%			449%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.005) per share.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/19 (unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Investments in underlying funds		—	%		0.01	%		0.00	%		0.01	%		0.02	%		0.01	%

^(g)  Annualized.

^(h)  Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

See notes to financial statements.

150 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Emerging Markets Flexible Dynamic Bond Portfolio
	Class K
	Six Months Ended 06/30/19 (unaudited)			Year Ended December 31,
					2018			2017			2016			2015			2014
Net asset value, beginning of period	$	8.03			$	9.44		$	9.51		$	8.79		$	8.73		$	9.14
Net investment income (a)		0.21				0.51			0.64			0.58			0.44			0.50
Net realized and unrealized gain (loss)		0.58				(1.50	)		(0.12	)		0.56			(0.10	)		(0.48)
Net increase (decrease) from investment operations		0.79				(0.99	)		0.52			1.14			0.34			0.02
Distributions (b)
From net investment income		(0.17	)			(0.00	)(c)		(0.59	)		(0.42	)		(0.28	)		—
From return of capital		—				(0.42	)		—			—			—			(0.43)
Total distributions		(0.17	)			(0.42	)		(0.59	)		(0.42	)		(0.28	)		(0.43)
Net asset value, end of period	$	8.65			$	8.03		$	9.44		$	9.51		$	8.79		$	8.73
Total Return (d)
Based on net asset value		9.93%	(e)			(10.70	)%		5.60%			13.37%			3.91%			0.20%
Ratios to Average Net Assets (f)
Total expenses		1.05%	(g)			1.08%			1.03%			1.39%	(h)		1.37%			1.23%(h)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.63%	(g)			0.66%			0.73%			0.83%			0.85%			0.85%
Net investment income		5.19%	(g)			5.91%			6.70%			6.44%			4.99%			5.57%
Supplemental Data
Net assets, end of period (000)	$	68,827			$	64,736		$	75,012		$	11,106		$	13,088		$	19,803
Portfolio turnover rate		51%				165%			187%			276%			421%			449%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/19 (unaudited)			Year Ended December 31,
				2018			2017			2016			2015			2014
Investments in underlying funds		—	%		0.01	%		0.00	%		0.01	%		0.02	%		0.01	%

^(g)  Annualized.

^(h)  Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 151

Consolidated Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Strategic Income Opportunities Portfolio
	Institutional
	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)		2018			2017			2016			2015			2014
Net asset value, beginning of period	$	9.60	$	9.96		$	9.83		$	9.77		$	10.11		$	10.17
Net investment income (a)		0.18		0.33			0.35			0.26			0.21			0.24
Net realized and unrealized gain (loss)		0.30		(0.37	)		0.12			0.09			(0.24	)		0.15
Net increase (decrease) from investment operations		0.48		(0.04	)		0.47			0.35			(0.03	)		0.39
Distributions (b)
From net investment income		(0.17)		(0.32	)		(0.31	)		(0.25	)		(0.29	)		(0.41	)
From net realized gain		—		—			—			—			(0.02	)		(0.04	)
From return of capital		—		(0.00	)(c)		(0.03	)		(0.04	)		—			—
Total distributions		(0.17)		(0.32	)		(0.34	)		(0.29	)		(0.31	)		(0.45	)
Net asset value, end of period	$	9.91	$	9.60		$	9.96		$	9.83		$	9.77		$	10.11
Total Return (d)
Based on net asset value		5.02%(e)		(0.46	)%(f)		4.88%			3.61%			(0.30	)%		3.79%
Ratios to Average Net Assets (g)
Total expenses (h)		0.72%(i)		1.09%			0.90%			0.74%			0.77%			0.78%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.71%(i)		1.09%			0.89%			0.73%			0.75%			0.77%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense		0.60%(i)		0.62%			0.61%			0.60%			0.59%			0.60%
Net investment income		3.64%(i)		3.40%			3.49%			2.66%			2.09%			2.34%
Supplemental Data
Net assets, end of period (000)	$	22,578,960	$	23,621,298		$	23,089,643		$	17,994,587		$	24,173,415		$	20,070,188
Portfolio turnover rate (j)		1,243%		2,337%			1,576%			1,541%			1,856%			1,396%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e) Aggregate total return.

^(f)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)			2018		2017		2016		2015		2014
Investments in underlying funds		0.01%			0.01%		0.01%		0.02%		0.03%		0.02%
(h) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)			2018		2017		2016		2015		2014
Expense ratios		N/A			N/A		0.90%		0.73%		0.77%		0.77%
(i)  Annualized. (j)  Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)			2018		2017		2016		2015		2014
Portfolio turnover rate (excluding MDRs)		916%			1,565%		1,060%		1,098%		1,242%		1,067%

See notes to financial statements.

152 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Strategic Income Opportunities Portfolio
	Investor A
	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)		2018			2017			2016			2015			2014
Net asset value, beginning of period	$	9.60	$	9.96		$	9.83		$	9.77		$	10.11		$	10.17
Net investment income (a)		0.16		0.29			0.31			0.23			0.18			0.22
Net realized and unrealized gain (loss)		0.31		(0.36	)		0.14			0.09			(0.24	)		0.14
Net increase (decrease) from investment operations		0.47		(0.07	)		0.45			0.32			(0.06	)		0.36
Distributions (b)
From net investment income		(0.16)		(0.29	)		(0.29	)		(0.22	)		(0.26	)		(0.38	)
From net realized gain		—		—			—			—			(0.02	)		(0.04	)
From return of capital		—		(0.00	)(c)		(0.03	)		(0.04	)		—			—
Total distributions		(0.16)		(0.29	)		(0.32	)		(0.26	)		(0.28	)		(0.42	)
Net asset value, end of period	$	9.91	$	9.60		$	9.96		$	9.83		$	9.77		$	10.11
Total Return (d)
Based on net asset value		4.87%(e)		(0.74	)%(f)		4.59%			3.30%			(0.60	)%		3.48%
Ratios to Average Net Assets (g)
Total expenses (h)		1.03%(i)		1.39%			1.22%			1.07%			1.12%			1.09%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.01%(i)		1.38%			1.16%			1.03%			1.06%			1.06%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense		0.90%(i)		0.91%			0.90%			0.90%			0.90%			0.90%
Net investment income		3.34%(i)		3.00%			3.09%			2.38%			1.77%			2.10%
Supplemental Data
Net assets, end of period (000)	$	1,572,494	$	2,023,700		$	2,234,189		$	4,380,500		$	5,632,067		$	4,047,716
Portfolio turnover rate (j)		1,243%		2,337%			1,576%			1,541%			1,856%			1,396%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.005) per share.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)			2018		2017		2016		2015		2014
Investments in underlying funds		0.01%			0.01%		0.01%		0.02%		0.03%		0.02%
(h) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)			2018		2017		2016		2015		2014
Expense ratios		N/A			N/A		N/A		N/A		1.10%		1.08%
(i)  Annualized. (j)  Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)			2018		2017		2016		2015		2014
Portfolio turnover rate (excluding MDRs)		916%			1,565%		1,060%		1,098%		1,242%		1,067%

See notes to financial statements.

FINANCIAL HIGHLIGHTS 153

Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Strategic Income Opportunities Portfolio
	Investor C
	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)		2018			2017			2016			2015			2014
Net asset value, beginning of period	$	9.59	$	9.95		$	9.82		$	9.76		$	10.10		$	10.16
Net investment income (a)		0.13		0.24			0.24			0.16			0.10			0.14
Net realized and unrealized gain (loss)		0.30		(0.38	)		0.13			0.08			(0.24	)		0.14
Net increase (decrease) from investment operations		0.43		(0.14	)		0.37			0.24			(0.14	)		0.28
Distributions (b)
From net investment income		(0.12)		(0.22	)		(0.21	)		(0.15	)		(0.18	)		(0.30	)
From net realized gain		—		—			—			—			(0.02	)		(0.04	)
From return of capital		—		(0.00	)(c)		(0.03	)		(0.03	)		—			—
Total distributions		(0.12)		(0.22	)		(0.24	)		(0.18	)		(0.20	)		(0.34	)
Net asset value, end of period	$	9.90	$	9.59		$	9.95		$	9.82		$	9.76		$	10.10
Total Return (d)
Based on net asset value		4.50%(e)		(1.47	)%(f)		3.81%			2.53%			(1.34	)%		2.70%
Ratios to Average Net Assets (g)
Total expenses (h)		1.75%(i)		2.11%			1.93%			1.79%			1.83%			1.83%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.74%(i)		2.11%			1.91%			1.78%			1.81%			1.81%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense		1.63%(i)		1.64%			1.65%			1.65%			1.65%			1.65%
Net investment income		2.62%(i)		2.41%			2.41%			1.63%			1.03%			1.33%
Supplemental Data
Net assets, end of period (000)	$	481,657	$	514,268		$	655,874		$	872,501		$	1,119,341		$	1,085,448
Portfolio turnover rate (j)		1,243%		2,337%			1,576%			1,541%			1,856%			1,396%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.005) per share.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)			2018		2017		2016		2015		2014
Investments in underlying funds		0.01%			0.01%		0.01%		0.02%		0.03%		0.02%
(h) Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:
	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)			2018		2017		2016		2015		2014
Expense ratios		1.75%			2.11%		1.92%		1.78%		1.81%		1.83%
(i)  Annualized. (j)  Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
	Six Months Ended		Year Ended December 31,
	06/30/19 (unaudited)			2018		2017		2016		2015		2014
Portfolio turnover rate (excluding MDRs)		916%			1,565%		1,060%		1,098%		1,242%		1,067%

See notes to financial statements.

154 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Strategic Income Opportunities Portfolio
	Class K
	Six Months Ended		Year Ended December 31,				Period from
	06/30/19 (unaudited)		2018		2017		03/28/16 (a) to 12/31/16
Net asset value, beginning of period	$	9.60	$	9.97	$	9.84	$	9.65
Net investment income (b)		0.18		0.34		0.36		0.22
Net realized and unrealized gain (loss)		0.31		(0.39)		0.12		0.21
Net increase (decrease) from investment operations		0.49		(0.05)		0.48		0.43
Distributions (c)
From net investment income		(0.17)		(0.32)		(0.32)		(0.20)
From return of capital		—		(0.00)(d)		(0.03)		(0.04)
Total distributions		(0.17)		(0.32)		(0.35)		(0.24)
Net asset value, end of period	$	9.92	$	9.60	$	9.97	$	9.84
Total Return (e)
Based on net asset value		5.17%(f)		(0.47)%(g)		4.97%		4.47%(f)
Ratios to Average Net Assets (h)
Total expenses		0.64%(i)		1.01%		0.82%		0.69%(i)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.63%(i)		1.00%		0.81%		0.68%(i)
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense .		0.52%(i)		0.53%		0.53%		0.53%(i)
Net investment income		3.73%(i)		3.47%		3.58%		2.93%(i)
Supplemental Data
Net assets, end of period (000)	$	8,730,303	$	7,830,270	$	5,748,169	$	3,651,094
Portfolio turnover rate (j)		1,243%		2,337%		1,576%		1,541%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Amount is greater than $(0.005) per share.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Aggregate total return.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended		Year Ended December 31,						Period from
	06/30/19 (unaudited)		2018			2017			03/28/16 (a) to 12/31/16
Investments in underlying funds		0.01%		0.01%			0.01%			0.02%
(i)  Annualized. (j)  Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
	Six Months Ended		Year Ended December 31,						Period from
	06/30/19 (unaudited)		2018			2017			03/28/16 (a) to 12/31/16
Portfolio turnover rate (excluding MDRs)		916%		1,565	%		1,060	%		1,098	%

See notes to financial statements.

FINANCIAL HIGHLIGHTS 155

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

BlackRock Funds V (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:

Fund Name	Herein Referred To As	Diversification Classification
BlackRock Emerging Markets Flexible Dynamic Bond Portfolio	Emerging Markets Flexible Dynamic Bond	Non-diversified
BlackRock Strategic Income Opportunities Portfolio	Strategic Income Opportunities	Diversified

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares are generally available through financial intermediaries. Effective November 8, 2018, the Funds adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A distribution and service plan).

Share Class	Initial Sales Charge	CDSC	Conversion Privilege
Institutional and Class K Shares	No	No	None
Investor A Shares	Yes	No(a)	None
Investor C Shares	No	Yes	To Investor A Shares after approximately 10 years

^(a)  Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

Basis of Consolidation: The accompanying consolidated financial statements of Strategic Income Opportunities include the account of BlackRock Cayman Strategic Income Opportunities Portfolio I, Ltd. (the “Subsidiary”), which is a wholly-owned subsidiary of Strategic Income Opportunities and primarily invested in commodity-related instruments and other derivatives. Effective November 30, 2018, Strategic Income Opportunities no longer invested in the Subsidiary. The Subsidiary enabled Strategic Income Opportunities to hold these commodity-related instruments and other derivatives while allowing its investors to satisfy regulated investment company tax requirements. Prior to November 30, 2018, Strategic Income Opportunities invested up to 25% of its total assets in the Subsidiary. The Subsidiary was subject to the same investment policies and restrictions that applied to Strategic Income Opportunities, except that the Subsidiary may have invested without limitation in commodity-related instruments and other derivatives.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

156 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., dollar rolls, TBA sale commitments, futures contracts, forward foreign currency exchange contracts, options written, swaps and short sales) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowings to be excluded from treatment as a”senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset Strategic Income Opportunities’ ordinary income and/or capital gains for that year.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Fund’s Board effective January 1, 2019, the trustees who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan.

Recent Accounting Standards: The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended June 30, 2019. The cost basis of securities at December 31, 2018 has been adjusted to the following:

Emerging Markets Flexible Dynamic Bond	$	106,476,920
Strategic Income Opportunities		32,309,806,944

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the NAV of the Funds.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods.

Emerging Markets Flexible Dynamic Bond has an arrangement with its custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. Emerging Markets Flexible Dynamic Bond may incur charges on certain uninvested cash balances and overdrafts, subject to certain conditions.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time) (or if the reporting date falls on a day the NYSE is closed, investments are valued at fair value as of the period end). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of each Fund (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

• Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round

NOTES TO FINANCIAL STATEMENTS 157

Notes to Financial Statements  (unaudited) (continued)

lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Municipal investments (including commitments to purchase such investments on a“when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

• Investments in open-end U.S. mutual funds are valued at NAV each business day.

• The Funds value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

• Futures contracts traded on exchanges are valued at their last sale price.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. OTC options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

• Swap agreements are valued utilizing quotes received daily by the Funds’ pricing service or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

• To- be- announced (“TBA”) commitments are valued on the basis of last available bid prices or current market quotations provided by pricing services.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

  158 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by third party pricing services utilize one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii)   market multiples of comparable issuers.
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii)   other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)   relevant news and other public sources; and (iv)   known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair Value Hierarchy: 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 statement purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each 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 each Fund’s own 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 Private Companies. 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.

As of June 30, 2019, certain investments of the Funds were valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to

NOTES TO FINANCIAL STATEMENTS 159

Notes to Financial Statements  (unaudited) (continued)

the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

Inflation-Indexed Bonds: Inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation- indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.

Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more

160 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, certain funds may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, Strategic Income Opportunities had no outstanding unfunded floating rate loan interests.

Forward Commitments, When-Issued and Delayed Delivery Securities: Certain funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A fund may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

In order to better define contractual rights and to secure rights that will help a fund mitigate their counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

Mortgage Dollar Roll Transactions: Certain funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and realize gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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Notes to Financial Statements  (unaudited) (continued)

Borrowed Bond Agreements: Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a fund and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A fund may also experience delays in gaining access to the collateral.

Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the six months ended June 30, 2019, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for Strategic Income Opportunities were $410,903 and (6.06)%, respectively.

Borrowed bond agreements, reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/ or posted to the counterparty and create one single net payment due to or from a fund. With borrowed bond agreements and reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

As of period end, the following table is a summary of Strategic Income Opportunities open borrowed bond agreements and reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:

Counterparty	Borrowed Bond Agreements (a)		Borrowed Bond at Value including Accrued Interest (b)			Exposure Due (to) / from Counterparty before Collateral			Non-cash Collateral Received			Cash Collateral Received			Non-cash Collateral Pledged		Cash Collateral Pledged		Net Collateral (Received) / Pledged			Net Exposure Due (to) / from Counterparty  (c)
Barclays Bank plc	$	280,794,815	$	(293,164,316	)	$	(12,369,501	)	$	—		$	—		$	—	$	11,303,589	$	11,303,589		$	(1,065,912	)
Barclays Capital, Inc.		14,865,968		(13,673,912	)		1,192,056			—			(1,192,056	)		—		—		(1,192,056	)		—
BNP Paribas SA		87,695,921		(94,934,067	)		(7,238,146	)		—			—			—		7,238,146		7,238,146			—
Bank of America Securities, Inc.		3,825,000		(3,831,815	)		(6,815	)		—			—			—		—		—			(6,815	)
Citigroup Global Markets, Inc.		41,299,901		(43,412,780	)		(2,112,879	)		—			—			—		1,679,202		1,679,202			(433,677	) (d)
Credit Suisse Securities (USA) LLC		18,031,988		(17,544,662	)		487,326			—			(292,000	)		—		—		(292,000	)		195,326
Deutsche Bank AG		7,063,827		(7,688,055	)		(624,228	)		—			—			624,228		—		624,228			—
Goldman Sachs International		9,471,332		(9,854,700	)		(383,368	)		—			—			—		383,368		383,368			—
JP Morgan Securities plc		78,782,572		(73,844,844	)		4,937,728			—			—			—		—		—			4,937,728	(e)
Merrill Lynch International		6,760,105		(6,870,429	)		(110,324	)		—			—			—		—		—			(110,324	)
Nomura International plc		3,846,463		(4,045,986	)		(199,523	)		—			—			—		—		—			(199,523	)
Nomura Securities International, Inc.		5,884,900		(6,244,687	)		(359,787	)		—			—			—		271,000		271,000			(88,787	)
RBC Capital Markets, LLC		122,893,342		(122,249,309	)		644,033			(581,708	)		—			—		—		(581,708	)		62,325
RBC Europe Ltd.		11,127,800		(11,859,932	)		(732,132	)		—			—			—		655,000		655,000			(77,132	)
	$	692,343,934	$	(709,219,494	)	$	(16,875,560	)	$	(581,708	)	$	(1,484,056	)	$	624,228	$	21,530,305	$	20,088,769		$	3,213,209

^(a)  Included in Investments at value-unaffiliated in the Statements of Assets and Liabilities.

^(b)  Includes accrued interest on borrowed bonds in the amount of $9,231,074 which is included in interest expense payable in the Statements of Assets and Liabilities.

^(c)  Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

^(d)  Net receivable (payable) is subject to set-off provision with net payable (receivable) under the ISDA Master Agreement.

^(e)  Borrowed bond agreements with a value of $8,174,945 have been sold subsequent to period end.

162 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

When a fund enters into an MRA and International Swaps and Derivatives Association, Inc. (an “ISDA”) and/or Master Securities Lending Agreements (“MSLA”) with the same counterparty, the agreements may contain a set-off provision allowing a fund to offset a net amount payable with a net amount receivable upon default of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. For example, regardless of the contractual rights included in an MRA, such laws may prohibit a fund from setting off amounts owed to a defaulting counterparty under an MRA against amounts owed to a fund by affiliates of the defaulting counterparty. However, the insolvency regimes of many jurisdictions generally permit set-off of simultaneous payables and receivables with the same legal entity under certain types of financial contracts. These rules would apply upon a default of the legal entity, regardless of the existence of a contractual set-off right in those contracts.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.

Short Sale Transactions: In short sale transactions, a fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a fund makes a short sale, it will borrow the security sold short (borrowed bond) and deliver the fixed-income security to the counterparty to which it sold the security short. An amount equal to the proceeds received by a fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. A fund is required to repay the counterparty interest on the security sold short, which, if applicable, is included in interest expense in the Statements of Operations. A fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a fund sold the security short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that a fund will be able to close out a short position at a particular time or at an acceptable price.

Securities Lending: Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of any securities on loan, all of which were classified as common stocks and investment companies in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value — unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

Securities lending transactions are entered into by the Funds under MSLA, which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Strategic Income Opportunities securities lending agreements by counterparty which are subject to offset under an MSLA:

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount (b)
BNP Paribas Securities Corp.	$	14,097,578	$	(14,097,578	)	$	—
Citigroup Global Markets Inc		2,129,266		(2,129,266	)		—
Credit Suisse Securities (USA) LLC		2,455,827		(2,455,827	)		—
Jefferies & Co. LLC		8,408,582		(8,408,582	)		—
Merrill Lynch, Pierce, Fenner & Smith		33,837,600		(33,837,600	)		—
Morgan Stanley & Co. LLC		545,925		(540,887	)		5,038
	$	61,474,778	$	(61,469,740	)	$	5,038

^(a)  Cash collateral with a value of $62,616,048 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty, if any, is not shown for financial reporting purposes in the table above.

^(b)  The market value of the loaned securities is determined as of June 30, 2019. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

NOTES TO FINANCIAL STATEMENTS 163

Notes to Financial Statements  (unaudited) (continued)

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amounts reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities.

Options: Certain Funds purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, such option is covered by cash in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

• Swaptions — Certain Funds purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Funds’ holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

• Interest rate caps and floors — Interest rate caps and floors are entered into to gain or reduce exposure to interest rates (interest rate risk and/or other risk). Caps are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes exceed a specified rate, or “cap.” Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes fall below a specified rate, or “floor.” The maximum potential amount of future payments that a Fund would be required to make under an interest rate cap would be the notional amount times

164 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

the percentage increase in interest rates determined by the difference between the interest rate index current value and the value at the time the cap was entered into.

• Foreign currency options — Certain Funds purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

• Barrier options — Certain Funds may purchase and write a variety of options with non-standard payout structures or other features (“barrier options”) that are generally traded OTC.

The Funds may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option’s expiration date. One-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Funds’ counterparty on the swap agreement becomes the CCP. The Funds are required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statements of Operations.

• Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Funds may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Funds will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Funds will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one market (e.g., fixed-income) with another market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that each Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends

NOTES TO FINANCIAL STATEMENTS 165

Notes to Financial Statements  (unaudited) (continued)

received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

• Correlation swaps — Correlation swaps are entered into to gain or mitigate exposure to the underlying reference securities.

Correlation swaps involve two parties agreeing to exchange cash flows based on the measured correlation of two specified underlying securities. At inception, the strike correlation rate is generally chosen such that the fair value of the swap is zero. At the maturity date, a net cash flow is exchanged where the payoff amount is based on the difference between the realized price correlation of the underlying securities and the strike correlation rate. As a receiver (or payor) of the realized price correlation rate, a fund would receive (or owe) the payoff amount when the realized price correlation rate of the underlying securities is greater than the strike correlation rate and would owe (or receive) the payoff amount when the realized price correlation rate of the underlying securities is less than the strike correlation rate. This type of agreement is essentially a forward contract on the future realized price correlation of the underlying securities.

• Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

• Currency swaps — Currency swaps are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

Currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Currency swaps may also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate.

• Forward swaps — Certain Funds enter into forward interest rate swaps and forward total return swaps. In a forward swap, each Fund and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

• Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party’s variable payments based on an inflation index, such as the Consumer Price Index.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define their contractual rights and to secure rights that will help them mitigate their counterparty risk, the Funds may enter into an ISDA or similar agreement with their counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from their counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, they bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

166 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, Emerging Markets Flexible Dynamic Bond pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Emerging Markets Flexible Dynamic Bond’s net assets:

Average Daily Net Assets	Investment Advisory Fees
First $1 Billion		0.600	%
$1 Billion — $2 Billion		0.550
$2 Billion — $3 Billion		0.525
Greater than $3 Billion		0.500

For such services, Strategic Income Opportunities pays the Manager a monthly fee, based on the average daily net assets that are attributable to Strategic Income Opportunities’ direct investments in fixed-income and equity securities and instruments, including ETFs advised by the Manager or other investment advisers, other investments, and cash and cash equivalents (including money market funds, whether advised by the Manager or other investment advisers) and excludes investments in other BlackRock equity and/or fixed-income mutual funds, at the following annual rates:

Average Daily Net Assets	Investment Advisory Fees
First $1 Billion		0.550	%
$1 Billion — $2 Billion		0.500
$2 Billion — $3 Billion		0.475
$3 Billion — $35 Billion		0.450
Greater than $35 Billion		0.430

The Manager provided investment management and other services to the Subsidiary. The Manager did not receive separate compensation from the Subsidiary for providing investment management or administrative services. However, the Strategic Income Opportunities pays the Manager based on the Fund’s net assets, which included the assets of the Subsidiary.

With respect to each Fund, the Manager entered into a sub-advisory agreement with BlackRock International Limited (“BIL”), an affiliate of the Manager. With respect to Strategic Income Opportunities, the Manager has also entered into a separate sub-advisory agreement with BlackRock (Singapore) Limited (“BRS”), which is also an affiliate of the Manager. The Manager pays BIL and BRS, for services they provide for that portion of the Fund for which they serve as sub-adviser, a monthly fee that is a percentage of the investment advisory fees paid by each Fund to the Manager.

Service and Distribution Fees: The Trust, on behalf of the Funds, entered into a Distribution Agreement and a Distribution and Service Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

	Distribution Fees			Service Fees
Investor A		—	%		0.25	%
Investor C		0.75			0.25

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended June 30, 2019, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

	Investor A		Investor C		Total
Emerging Markets Flexible Dynamic Bond	$	10,147	$	11,268	$	21,415
Strategic Income Opportunities		2,067,930		2,454,272		4,522,202

Administration: The Trust, on behalf of the Funds, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

Average Daily Net Assets	Administration Fees
First $500 Million		0.0425	%
$500 Million — $1 Billion		0.0400
$1 Billion — $2 Billion		0.0375
$2 Billion — $4 Billion		0.0350
$4 Billion — $13 Billion		0.0325
Greater than $13 Billion		0.0300

NOTES TO FINANCIAL STATEMENTS 167

Notes to Financial Statements  (unaudited) (continued)

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration – class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended June 30, 2019, the following table shows the class specific administration fees borne directly by each share class of each Fund:

	Institutional		Investor A		Investor C		Class K		Total
Emerging Markets Flexible Dynamic Bond	$	2,468	$	812	$	225	$	6,613	$	10,118
Strategic Income Opportunities		2,269,094		165,421		49,082		815,259		3,298,856

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended June 30, 2019, Strategic Income Opportunities paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

	Institutional		Investor A		Total
Strategic Income Opportunities	$	799,366	$	—	$	799,366

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended June 30, 2019, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

	Institutional		Investor A		Investor C		Class K		Total
Emerging Markets Flexible Dynamic Bond	$	52	$	327	$	173	$	62	$	614
Strategic Income Opportunities		27,117		8,601		3,598		7,716		47,032

For the six months ended June 30, 2019, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

	Institutional		Investor A		Investor C		Class K		Total
Emerging Markets Flexible Dynamic Bond	$	10,532	$	5,771	$	3,029	$	348	$	19,680
Strategic Income Opportunities		9,229,339		1,162,977		265,017		18,985		10,676,318

Other Fees: For the six months ended June 30, 2019, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

Emerging Markets Flexible Dynamic Bond	$	175
Strategic Income Opportunities		11,115

For the six months ended June 30, 2019, affiliates received CDSCs as follows:

	Investor A		Investor C
Emerging Markets Flexible Dynamic Bond	$	402	$	5
Strategic Income Opportunities		18,143		15,247

Expense Limitations, Waivers, Reimbursements and Recoupments: With respect to each Fund, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2019, the amount waived on Strategic Income Opportunities was $266,540.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of Emerging Markets Flexible Dynamic Bond’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through April 30, 2020. The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of Strategic Income Opportunities’ assets invested in affiliated equity and fixed-income exchange-traded funds that have a contractual management fee through April 30, 2020. These contractual agreements may be terminated upon 90 days’ notice by a veto of a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2019, the Manager waived $1,672 and $1,022,186 in investment advisory fees with respect to Emerging Markets Flexible Dynamic Bond and Strategic Income Opportunities, respectively, pursuant to this arrangement.

168 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets is as follows:

	Institutional			Investor A			Investor C			Class K
Emerging Markets Flexible Dynamic Bond		0.68	%		0.93	%		1.68	%	0.63%
Strategic Income Opportunities		0.65			0.90			1.65		N/A

The Manager has agreed not to reduce or discontinue these contractual expense limitations through April 30, 2020, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended June 30, 2019, the amounts included in fees waived by the Manager were as follows:

Emerging Markets Flexible Dynamic Bond $     197,915

These amounts waived and/or reimbursed are included in fees waived and/or reimbursed by the Manager, administration fees waived — class specific and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statements of Operations. For the six months ended June 30, 2019, class specific expense waivers and/or reimbursements were as follows:

Administration Fees Waived	Institutional		Investor A		Investor C		Class K		Total
Emerging Markets Flexible Dynamic Bond	$	2,468	$	812	$	225	$	6,577	$	10,082
Strategic Income Opportunities		—		84,874		—		—		84,874

Transfer Agent Fees Waived and/or Reimbursed	Institutional		Investor A		Investor C		Class K		Total
Emerging Markets Flexible Dynamic Bond	$	4,332	$	3,760	$	2,475	$	347	$	10,914
Strategic Income Opportunities		—		8,185		—		—		8,185

With respect to the contractual expense limitation, if during a Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement, and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

(1) each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

(2) the Manager or an affiliate continues to serve as a Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time.

For the six months ended June 30, 2019, the Manager recouped the following class specific waivers and/or reimbursements previously recorded by the Funds:

	Investor C
Strategic Income Opportunities	$	308

As of June 30, 2019, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

	Expiring December 31,
	2019		2020		2021
Emerging Markets Flexible Dynamic Bond
Fund Level	$	318,992	$	421,809	$	197,915
Institutional		20,097		9,126		6,800
Investor A		16,359		13,976		4,572
Investor C		8,934		6,281		2,700
Class K		11,097		14,560		6,924
Strategic Income Opportunities
Investor A	$	1,445,212	$	258,499	$	93,059
Investor C		38,135		—		—

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment adviser to the private investment company will not charge any advisory fees with respect to shares

NOTES TO FINANCIAL STATEMENTS 169

Notes to Financial Statements  (unaudited) (continued)

purchased by the Funds. The private investment company in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended June 30, 2019, the Strategic Income Opportunities Fund paid BIM $57,949 for securities lending agent services.

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the six months ended June 30, 2019, the Funds did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Trust are trustees and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2019, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

	Purchases		Sales		Net Realized Gain (Loss)
Strategic Income Opportunities	$	45,157,873	$	14,630,351	$	(32,771)

7. PURCHASES AND SALES

For the six months ended June 30, 2019, purchases and sales of investments, including paydowns and mortgage dollar rolls and excluding short-term securities, were as follows:

	Emerging Markets Flexible Dynamic Bond		Strategic Income Opportunities
Purchases
Non-U.S. Government Securities	$	44,225,199	$	311,682,856,164
U.S. Government Securities		2,012,297		51,255,637,527
	$	46,237,496	$	362,938,493,691
Sales
Non-U.S. Government Securities	$	50,430,640	$	308,893,764,370
U.S. Government Securities		2,027,407		53,345,279,681
	$	52,458,047	$	362,239,044,051

For the six months ended June 30, 2019, purchases and sales related to mortgage dollar rolls were as follows:

	Strategic Income Opportunities
Purchases	$	95,447,059,829
Sales		95,450,361,737

170 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

8. INCOME TAX INFORMATION

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for each of the four years ended December 31, 2018. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of June 30, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of December 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

Emerging Markets Flexible Dynamic Bond		Strategic Income Opportunities
$	13,887,607	$	728,778,575

As of June 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Emerging Markets Flexible Dynamic Bond			Strategic Income Opportunities
Tax cost	$	97,295,616		$	44,342,829,098
Gross unrealized appreciation	$	7,898,131		$	2,061,439,230
Gross unrealized depreciation		(5,638,552	)		(1,777,963,806	)
Net unrealized appreciation	$	2,259,579		$	283,475,424

9. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2020 unless extended or renewed. Prior to April 18, 2019, Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2019, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Fund’s ability to buy or sell bonds. As a result, a Fund may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

In the normal course of business, certain Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; and (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

NOTES TO FINANCIAL STATEMENTS 171

Notes to Financial Statements  (unaudited) (continued)

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that they believe the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by such Fund.

For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each Fund deposits collateral with its counterparty to a written option.

With exchange-traded options purchased, futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: Certain Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

172 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 06/30/19						Year Ended 12/31/18
	Shares			Amount			Shares			Amount
Emerging Markets Flexible Dynamic Bond
Institutional
Shares sold		226,213		$	1,881,203			2,419,913		$	21,623,147
Shares issued in reinvestment of distributions		48,216			406,020			180,037			1,567,114
Shares redeemed		(922,853	)		(7,731,035	)		(3,948,929	)		(33,671,470)
Net decrease		(648,424	)	$	(5,443,812	)		(1,348,979	)	$	(10,481,209)
Investor A
Shares sold and automatic conversion of shares		106,806		$	897,193			356,350		$	3,170,560
Shares issued in reinvestment of distributions		17,569			147,694			64,900			562,354
Shares redeemed		(139,508	)		(1,161,979	)		(975,171	)		(8,147,700)
Net decrease		(15,133	)	$	(117,092	)		(553,921	)	$	(4,414,786)
Investor C
Shares sold		1,892		$	16,306			49,802		$	445,151
Shares issued in reinvestment of distributions		3,553			29,877			12,286			106,761
Shares redeemed and automatic conversion of shares		(60,424	)		(503,187	)		(166,601	)		(1,434,289)
Net decrease		(54,979	)	$	(457,004	)		(104,513)		$	(882,377)
Class K
Shares sold		6,879		$	56,838			562,437		$	5,005,822
Shares issued in reinvestment of distributions		58,580			492,857			130,615			1,123,257
Shares redeemed		(170,987	)		(1,430,521	)		(572,144	)		(5,083,184)
Net increase (decrease)		(105,528	)	$	(880,826	)		120,908		$	1,045,895
Total Net Decrease		(824,064	)	$	(6,898,734	)		(1,886,505	)	$	(14,732,477	)
Strategic Income Opportunities
Institutional
Shares sold		317,232,898		$	3,086,663,969			1,012,341,877		$	9,962,714,892
Shares issued in reinvestment of distributions		34,739,168			339,668,766			70,138,512			686,635,620
Shares redeemed		(535,364,261	)		(5,208,702,611	)		(939,409,503	)		(9,159,811,978)
Net increase (decrease)		(183,392,195	)	$	(1,782,369,876	)		143,070,886		$	1,489,538,534
Investor A
Shares sold and automatic conversion of shares		18,642,770		$	181,278,298			71,981,134		$	708,941,011
Shares issued in reinvestment of distributions		2,597,153			25,372,235			6,423,127			62,911,676
Shares redeemed		(73,464,747	)		(712,664,626	)		(91,854,372	)		(899,301,243)
Net decrease		(52,224,824	)	$	(506,014,093	)		(13,450,111	)	$	(127,448,556)
Investor C
Shares sold		1,803,888		$	17,552,854			6,974,335		$	68,474,776
Shares issued in reinvestment of distributions		568,436			5,553,064			1,231,025			12,055,415
Shares redeemed and automatic conversion of shares		(7,364,299	)		(71,609,240	)		(20,482,538	)		(200,467,610)
Net decrease		(4,991,975	)	$	(48,503,322	)		(12,277,178	)	$	(119,937,419)
Class K
Shares sold		137,611,821		$	1,342,420,879			301,539,871		$	2,957,304,217
Shares issued in reinvestment of distributions		14,645,047			143,316,312			22,929,557			224,325,700
Shares redeemed		(87,513,725	)		(853,303,609	)		(85,832,621	)		(838,898,348)
Net increase		64,743,143		$	632,433,582			238,636,807		$	2,342,731,569
Total Net Increase (Decrease)		(175,865,851	)	$	(1,704,453,709	)		355,980,404		$	3,584,884,128

As of June 30, 2019, BlackRock HoldCo 2, Inc., an affiliate of the Funds, owned 4,072,600 Class K Shares of Emerging Markets Flexible Dynamic Bond.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

NOTES TO FINANCIAL STATEMENTS 173

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Funds V (the “Trust”) met in person on May 1, 2019 (the “May Meeting”) and June 5-6, 2019 (the “June Meeting”) to consider the approval of the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of BlackRock Emerging Markets Flexible Dynamic Bond Portfolio (the “Emerging Markets Flexible Dynamic Bond Portfolio”) and BlackRock Strategic Income Opportunities Portfolio (the “Strategic Income Opportunities Portfolio”) (each, a” Fund” and collectively, the “Funds”), each a series of the Trust, and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval of the sub-advisory agreements (the “Sub-Advisory Agreements”) between the Manager and, with respect to each Fund, BlackRock International Limited and, with respect to the Strategic Income Opportunities Portfolio, BlackRock (Singapore) Limited (together, the “Sub-Advisors”). The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

Activities and Composition of the Board

On the date of the June Meeting, the Board consisted of eleven individuals, nine of whom were not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of each Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Co-Chairs of the Board are Independent Board Members. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreements

Consistent with the requirements of the 1940 Act, the Board considers the continuation of the Agreements on an annual basis. The Board has four quarterly meetings per year, each typically extending for two days, and additional in-person and telephonic meetings throughout the year, as needed. While the Board also has a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements, the Board’s consideration entails a year-long deliberative process whereby the Board and its committees assess BlackRock’s services to each Fund. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management; accounting, administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of management.

During the year, the Board, acting directly and through its committees, considers information that is relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreements.” Among the matters the Board considered were: (a) investment performance for one- year, three- year, five- year, ten- year, and/or since inception periods, as applicable, against peer funds, applicable benchmarks, and performance metrics, as applicable, as well as senior management’s and portfolio managers’ analyses of the reasons for any over-performance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock and each Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (k) an analysis of management fees for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the May Meeting, the Board requested and received materials specifically relating to the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”), the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”) and other metrics, as applicable; (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the June Meeting. Topics covered included: (a) the methodology for measuring estimated fund profitability;

174 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements  (continued)

(b) economies of scale; (c) fund expenses and potential fee waivers; and (d) differences in services provided and management fees between open-end funds and other product channels.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared with Performance Peers and other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to Expense Peers; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance and each Fund’s investment objective, strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of other service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of each Fund and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of each Fund. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included a comprehensive analysis of each Fund’s performance as of December 31, 2018. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and the Performance Peer funds (for example, the investment objective(s) and investment strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to affect long-term performance disproportionately.

The Board noted that for the one-, three- and five-year periods reported, the Emerging Markets Flexible Dynamic Bond Portfolio ranked in the fourth, third, and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Emerging Markets Flexible Dynamic Bond Portfolio’s underperformance during the applicable periods.

The Board noted that for the one-, three- and five-year periods reported, the Strategic Income Opportunities Portfolio ranked in the second, third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Strategic Income Opportunities Portfolio’s underperformance during the applicable period.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund: The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense

DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS 175

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements  (continued)

reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2018 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, the Board considered the estimated cost of the services provided to each Fund by BlackRock, and BlackRock’s and its affiliates’ estimated profits relating to the management of each Fund and the other funds advised by BlackRock and its affiliates. As part of its analysis, the Board reviewed BlackRock’s methodology in allocating its costs of managing the Funds, to each Fund. The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Emerging Markets Flexible Dynamic Bond Portfolio’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Emerging Markets Flexible Dynamic Bond Portfolio’s Expense Peers. The Board also noted that the Emerging Markets Flexible Dynamic Bond Portfolio has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Emerging Markets Flexible Dynamic Bond Portfolio increases above certain contractually specified levels. The Board noted that if the size of the Emerging Markets Flexible Dynamic Bond Portfolio were to decrease, the Emerging Markets Flexible Dynamic Bond Portfolio could lose the benefit of one or more breakpoints. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Emerging Markets Flexible Dynamic Bond Portfolio’s total expenses as a percentage of the Emerging Markets Flexible Dynamic Bond Portfolio’s average daily net assets on a class-by-class basis. In addition, the Board noted that BlackRock proposed, and the Board agreed to, a lower contractual expense cap on a class-by-class basis. This expense cap reduction was implemented on March 29, 2018.

The Board noted that the Strategic Income Opportunities Portfolio’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Strategic Income Opportunities Portfolio’s Expense Peers. The Board also noted that the Strategic Income Opportunities Portfolio has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Strategic Income Opportunities Portfolio increases above certain contractually specified levels. The Board noted that if the size of the Strategic Income Opportunities Portfolio were to decrease, the Strategic Income Opportunities Portfolio could lose the benefit of one or more breakpoints. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Strategic Income Opportunities Portfolio’s total expenses as a percentage of the Strategic Income Opportunities Portfolio’s average daily net assets on a class-by-class basis, as applicable.

D. Economies of Scale: The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and expense caps had been approved by the Board. The Board also considered the extent to which each Fund benefits from such economies in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate. In its consideration, the Board Members took into account the existence of any expense caps and further considered the continuation and/or implementation, as applicable, of such caps.

E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

176 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements  (continued)

Conclusion

The Board, including the Independent Board Members, approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2020, and the Sub-Advisory Agreements between the Manager and the Sub-Advisors, with respect to each Fund, for a one-year term ending June 30, 2020. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS 177

Trustee and Officer Information

Richard E. Cavanagh, Co-Chair of the Board and Trustee

Karen P. Robards, Co-Chair of the Board and Trustee

Michael J. Castellano, Trustee

Cynthia L. Egan, Trustee

Frank J. Fabozzi, Trustee

Henry Gabbay, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Catherine A. Lynch, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

John MacKessy, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisers

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited ^(a)

079912 Singapore

Accounting Agent

JPMorgan Chase Bank, N.A.

New York, NY 10179

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Custodians

JPMorgan Chase Bank, N.A. ^(a)

New York, NY 10179

Brown Brothers Harriman & Co. ^(b)

Boston, MA 02109

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

^(a) for Strategic Income Opportunities only.

^(b) for Emerging Markets Flexible Dynamic Bond only.

178 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information

General Information

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-PORT and N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com; or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

BlackRock’s Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit http://www.blackrock.com for more information.

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at http://www.blackrock.com.

Automatic Investment Plans

Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

ADDITIONAL INFORMATION 179

Additional Information  (continued)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

180 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report

Currency
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Offshore
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
GHS	Ghanaian Cedi
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
KZT	Kazakhstani Tenge
LKR	Sri Lankan Rupee
MXN	Mexican Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RUB	New Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan New Dollar
UAH	Ukrainian Hryvnia
USD	United States Dollar
UYU	Uruguayan Peso
ZAR	South African Rand

Portfolio Abbreviations
ABS	Asset-Backed Security
ADR	American Depositary Receipts
BA	Canadian Bankers Acceptances
BAN	Bond Anticipation Notes
BBR	Australian Bank Bill Rate
BZDIOVER	Overnight Brazil CETIP — Interbank Rate
CDO	Collateralized Debt Obligation
CDX	Credit Default Swap Index
CIBOR	Copenhagen Interbank Offered Rate
CLO	Collateralized Loan Obligation
CNREPOFI	Day China Fixing Repo Rates
CSMC	Credit Suisse Mortgage Capital
CVA	Certification Van Aandelon (Dutch Certificate)
CWABS	Countrywide Asset-Backed Certificates
DAC	Designated Activity Company
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
GO	General Obligations Bonds
JIBAR	Johannesburg Interbank Agreed Rate
KLIBOR	Kuala Lumpur Interbank Offered Rate
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MXIBTIIE	Mexico Interbank TIIE 28-Day
NIBOR	Norwegian Interbank Offered Rate
OTC	Over-the-counter
PCL	Public Company Limited
PIK	Payment-In-Kind
PJSC	Public Joint Stock Company
RB	Revenue Bonds
REMIC	Real Estate Mortgage Investment Conduit
S&P	S&P Global Ratings
SCA	Svenska Cellulosa Aktiebolaget
SPDR	Standard &Poor’s Depositary Receipts
STIBOR	Stockholm Interbank Offered Rate
TBA	To-be-announced
VRDN	Variable Rate Demand Notes
WIBOR	Warsaw Interbank Offered Rate

2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS 181

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

EMDSIP-6/19-SAR

Item 2 –  Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrants – Not Applicable

Item 6 –  Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 –  Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 –  Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 –  Controls and Procedures

(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –  Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies – Not Applicable

Item 13 –  Exhibits attached hereto

(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

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(a)(4) – Not Applicable

(b) – Certifications – Attached hereto

3

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds V
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds V

Date: September 3, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds V

Date: September 3, 2019

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds V

Date: September 3, 2019

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