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 Floating Rate Income 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, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 07/31/2025
 
Date of reporting period: 01/31/2025
 
Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.
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BlackRock Floating Rate Income Portfolio

Image

Institutional Shares BFRIX

Semi-Annual Shareholder Report — January 31, 2025

This semi-annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2024 to January 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$35
0.68%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns
6-Month Total Returns
1 Year
5 years
10 Years
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.01%
8.36%
5.39%
4.76%
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.66
2.90
(0.18)
1.60
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.37
8.97
5.88
5.19

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Floating Rate Income 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. 

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$4,505,527,358
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
504
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20%

Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of January 31, 2025) 

Portfolio composition

Credit quality allocation

Investment Type
Percent of Total InvestmentsFootnote Reference(a)
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
92.8%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.7
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
-
Credit RatingFootnote Reference(c)
Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.4
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
28.3
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
53.4
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.5
FootnoteDescription
Footnote(a)
Excludes short-term securities.
Footnote(b)
Rounds to less than 0.1%.
Footnote(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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 N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Morningstar, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

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BlackRock Floating Rate Income Portfolio

Institutional Shares BFRIX

Semi-Annual Shareholder Report — January 31, 2025

BFRIX-01/25-SAR

BlackRock Floating Rate Income Portfolio

Image

Investor A Shares BFRAX

Semi-Annual Shareholder Report — January 31, 2025

This semi-annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2024 to January 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor A Shares
$48
0.93%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns
6-Month Total Returns
1 Year
5 years
10 Years
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.88%
8.09%
5.13%
4.47%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.28
5.39
4.60
4.21
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.66
2.90
(0.18)
1.60
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.37
8.97
5.88
5.19

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Floating Rate Income 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. 

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$4,505,527,358
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
504
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20%

Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of January 31, 2025) 

Portfolio composition

Credit quality allocation

Investment Type
Percent of Total InvestmentsFootnote Reference(a)
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
92.8%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.7
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
-
Credit RatingFootnote Reference(c)
Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.4
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
28.3
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
53.4
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.5
FootnoteDescription
Footnote(a)
Excludes short-term securities.
Footnote(b)
Rounds to less than 0.1%.
Footnote(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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 N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Morningstar, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

Image

BlackRock Floating Rate Income Portfolio

Investor A Shares BFRAX

Semi-Annual Shareholder Report — January 31, 2025

BFRAX-01/25-SAR

BlackRock Floating Rate Income Portfolio

Image

Investor C Shares BFRCX

Semi-Annual Shareholder Report — January 31, 2025

This semi-annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2024 to January 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor C Shares
$86
1.68%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns
6-Month Total Returns
1 Year
5 years
10 Years
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.49%
7.29%
4.33%
3.85%
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.49
6.29
4.33
3.85
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.66
2.90
(0.18)
1.60
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.37
8.97
5.88
5.19

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Floating Rate Income 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. 

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$4,505,527,358
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
504
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20%

Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of January 31, 2025) 

Portfolio composition

Credit quality allocation

Investment Type
Percent of Total InvestmentsFootnote Reference(a)
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
92.8%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.7
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
-
Credit RatingFootnote Reference(c)
Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.4
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
28.3
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
53.4
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.5
FootnoteDescription
Footnote(a)
Excludes short-term securities.
Footnote(b)
Rounds to less than 0.1%.
Footnote(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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 N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Morningstar, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

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BlackRock Floating Rate Income Portfolio

Investor C Shares BFRCX

Semi-Annual Shareholder Report — January 31, 2025

BFRCX-01/25-SAR

BlackRock Floating Rate Income Portfolio

Image

Class K Shares BFRKX

Semi-Annual Shareholder Report — January 31, 2025

This semi-annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2024 to January 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class K Shares
$31
0.59%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns
6-Month Total Returns
1 Year
5 years
10 Years
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.05%
8.56%
5.49%
4.78%
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.66
2.90
(0.18)
1.60
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.37
8.97
5.88
5.19

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Floating Rate Income 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. 

Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Investor A Shares. The performance of Class K Shares would be substantially similar to Investor A Shares because Class K Shares and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Investor A Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Investor A Shares because Class K Shares have lower expenses than the Investor A Shares.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$4,505,527,358
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
504
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20%

Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of January 31, 2025) 

Portfolio composition

Credit quality allocation

Investment Type
Percent of Total InvestmentsFootnote Reference(a)
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
92.8%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.7
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
-
Credit RatingFootnote Reference(c)
Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.4
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
28.3
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
53.4
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.5
FootnoteDescription
Footnote(a)
Excludes short-term securities.
Footnote(b)
Rounds to less than 0.1%.
Footnote(c)
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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 N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Morningstar, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

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BlackRock Floating Rate Income Portfolio

Class K Shares BFRKX

Semi-Annual Shareholder Report — January 31, 2025

BFRKX-01/25-SAR

 (b) Not Applicable
 
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 Registrant – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies
 
              (a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.
January
31,
2025
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2025
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
BlackRock
Funds
V
BlackRock
Floating
Rate
Income
Portfolio
Table
of
Contents
Page
2
Derivative
Financial
Instruments
.............................................................................................
3
Schedule
of
Investments
..................................................................................................
4
Statement
of
Assets
and
Liabilities
............................................................................................
23
Statement
of
Operations
..................................................................................................
25
Statements
of
Changes
in
Net
Assets
..........................................................................................
26
Financial
Highlights
.....................................................................................................
27
Notes
to
Financial
Statements
...............................................................................................
31
Additional
Information
....................................................................................................
43
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
45
Derivative
Financial
Instruments
3
Derivative
Financial
Instruments
The
Fund
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. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
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 the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(a)
(b)
720
East
CLO
V
Ltd.,
Series
2024-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.50%),
7.79%,
07/20/37
.............
USD
1,000‌
$
1,026,587‌
Bryant
Park
Funding
Ltd.,
Series
2024-23A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.85%
Floor
+
3.85%),
8.37%,
05/15/37
.......
1,000‌
1,028,842‌
Eaton
Vance
CLO
Ltd.,
Series
2019-1A,
Class
D1R2,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.35%),
7.65%,
07/15/37
.......
1,355‌
1,391,771‌
Generate
CLO
5
Ltd.,
Series
5A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.70%),
7.99%,
07/22/37
.............
3,000‌
3,061,832‌
Madison
Park
Funding
LXIX
Ltd.,
Series
2024-
69A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.35%),
7.65%,
07/25/37
..
1,660‌
1,704,377‌
Oaktree
CLO
Ltd.,
Series
2024-26A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.45%),
7.74%,
04/20/37
.............
1,500‌
1,526,203‌
Sycamore
Tree
CLO
Ltd.,
Series
2023-3A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.25%),
8.54%,
04/20/37
..
2,000‌
2,053,465‌
Total
Asset-Backed
Securities
0
.2
%
(Cost:
$
11,515,000
)
...............................
11,793,077‌
Shares
Shares
Common
Stocks
Broadline
Retail
0.0%
NMG
Parent
LLC
(c)
(d)
..................
16,173
—‌
Construction
&
Engineering
0.0%
Mcdermott
International
Ltd.
(c)
...........
4,331
41,145‌
Ground
Transportation
0.0%
SIRVA,
Inc.
(c)
.......................
8,136
20,342‌
Health
Care
Providers
&
Services
0.1%
Envision
Healthcare
Corp.
,
(Acquired
11/03/23
,
cost
$
1,942,390
)
(c)
(e)
................
240,234
2,762,691‌
Hotels,
Restaurants
&
Leisure
0.0%
Hurtigruten
Global
Sales
A/S
(c)
(d)
..........
112,028
1‌
Household
Durables
0.0%
Svp
Singer
(c)
.......................
52,276
248,311‌
IT
Services
0.1%
Travelport
Technology
Ltd.
(c)
(d)
...........
1,636
5,271,519‌
Machinery
0.0%
Ameriforge
Group,
Inc.
(c)
(d)
..............
5,385
—‌
Media
0.1%
Learfield
Communications
LLC
,
(Acquired
09/06/23
,
cost
$
533,396
)
(c)
(d)
(e)
.........
52,257
3,971,532‌
Trading
Companies
&
Distributors
0.0%
TMK
Hawk
Parent
Corp.
(c)
(d)
.............
94,283
848,547‌
Transportation
Infrastructure
0.0%
(d)
Incora
Top
Holdco
LLC
(b)
...............
37,466
936,650‌
Incora
Top
Holdco
LLC
................
787,130
168,051‌
Total
Common
Stocks
0
.3
%
(Cost:
$
14,206,937
)
...............................
14,268,789‌
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Aerospace
&
Defense
0.0%
Wolverine
Escrow
LLC,
0.00%,
11/15/26
(b)
(c)
(d)
(f)
USD
2,628‌
$
—‌
Chemicals
0.2%
(b)
Illuminate
Buyer
LLC,
9.00%,
07/01/28
.....
156‌
157,389‌
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
..
10,674‌
9,975,780‌
10,133,169‌
Commercial
Services
&
Supplies
0.2%
(b)
Allied
Universal
Holdco
LLC,
7.88%,
02/15/31
4,076‌
4,179,094‌
Madison
IAQ
LLC,
5.88%,
06/30/29
.......
5,477‌
5,279,396‌
9,458,490‌
Construction
&
Engineering
0.0%
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
(b)
.....................
2,084‌
2,147,422‌
Diversified
Consumer
Services
0.1%
Sotheby's,
7.38%,
10/15/27
(b)
...........
3,638‌
3,580,407‌
Diversified
Telecommunication
Services
0.1%
Level
3
Financing,
Inc.,
11.00%,
11/15/29
(b)
..
2,655‌
3,009,629‌
Electric
Utilities
0.0%
Texas
Competitive
Electric
Holdings
Co.
LLC,
5.03%,
12/31/49
(a)
(c)
(d)
(f)
.............
8,430‌
1‌
Food
Products
0.1%
Chobani
Holdco
II
LLC,
8.75%,
(8.75%
Cash
or
9.50%
PIK),
10/01/29
(b)
(g)
............
3,977‌
3,664,945‌
Hotels,
Restaurants
&
Leisure
0.2%
Fertitta
Entertainment
LLC,
6.75%,
01/15/30
(b)
7,262‌
6,840,605‌
Household
Durables
0.0%
SWF
Holdings
I
Corp.,
6.50%,
10/06/29
(b)
(d)
..
2,650‌
1,908,131‌
Machinery
0.0%
Husky
Injection
Molding
Systems
Ltd.,
9.00%,
02/15/29
(b)
.....................
1,585‌
1,661,849‌
Media
0.1%
Sinclair
Television
Group,
Inc.,
8.13%,
02/15/33
(b)
.....................
2,325‌
2,337,930‌
Software
0.4%
(b)
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
..
6,790‌
6,569,596‌
Cloud
Software
Group,
Inc.,
9.00%,
09/30/29
.
5,318‌
5,446,440‌
Ellucian
Holdings,
Inc.,
6.50%,
12/01/29
....
2,942‌
2,959,734‌
UKG,
Inc.,
6.88%,
02/01/31
............
4,853‌
4,954,724‌
19,930,494‌
Specialty
Retail
0.1%
eG
Global
Finance
plc,
12.00%,
11/30/28
(b)
..
3,816‌
4,278,106‌
Wireless
Telecommunication
Services
0.0%
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/24
(b)
(c)
(f)
(g)
........
1,623‌
584,194‌
Total
Corporate
Bonds
1
.5
%
(Cost:
$
66,950,581
)
...............................
69,535,372‌
Fixed
Rate
Loan
Interests
Health
Care
Technology
0.3%
Cotiviti
Corp.,
1st
Lien
Term
Loan
,
7.63
%
,
05/01/31
..................
11,733‌
11,816,377‌
Media
0.1%
Clear
Channel
International
BV,
1st
Lien
Term
Loan
,
7.50
%
,
08/12/27
(d)
.............
6,120‌
6,127,650‌
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
0.3%
Clover
Holdings
2
LLC,
1st
Lien
Term
Loan
,
7.75
%
,
11/03/31
(d)
.................
USD
12,556‌
$
12,556,000‌
Total
Fixed
Rate
Loan
Interests
0
.7
%
(Cost:
$
30,398,697
)
...............................
30,500,027‌
Floating
Rate
Loan
Interests
Aerospace
&
Defense
3.2%
(a)
Bleriot
US
Bidco,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.08
%
,
10/31/30
............
8,202‌
8,234,338‌
Cobham
Ultra
SeniorCo
SARL,
Facility
1st
Lien
Term
Loan
B
,
08/03/29
(h)
.............
9,015‌
8,972,260‌
Cubic
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.03
%
,
05/25/28
..................
21,999‌
15,108,007‌
Cubic
Corp.,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.03
%
,
05/25/28
..................
4,479‌
3,075,928‌
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
10/31/31
.......
15,875‌
15,928,900‌
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
10/31/31
.......
6,038‌
6,058,190‌
GOAT
Holdco
LLC,
1st
Lien
Term
Loan
B
,
12/10/31
(h)
......................
3,468‌
3,474,936‌
Ovation
Parent,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.83
%
,
04/19/31
..................
3,084‌
3,084,481‌
Peraton
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.16
%
,
02/01/28
..................
16,025‌
14,973,213‌
Peraton
Corp.,
2nd
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
12.36
%
,
02/01/29
.................
4,586‌
3,856,108‌
Propulsion
BC
Newco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.58
%
,
09/14/29
............
1,505‌
1,517,718‌
Setanta
Aircraft
Leasing
DAC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.08
%
,
11/06/28
.......
3,581‌
3,593,940‌
Signia
Aerospace
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.40
%
,
11/21/31
.............
2,195‌
2,200,673‌
TransDigm,
Inc.,
1st
Lien
Term
Loan
J
,
02/28/31
(h)
......................
38,226‌
38,368,235‌
TransDigm,
Inc.,
1st
Lien
Term
Loan
K
,
03/22/30
(h)
......................
8,988‌
9,021,767‌
TransDigm,
Inc.,
1st
Lien
Term
Loan
L
,
01/19/32
(h)
......................
6,168‌
6,195,111‌
143,663,805‌
Automobile
Components
1.5%
(a)
Champions
Financing,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.27
%
,
02/06/29
............
10,337‌
9,338,665‌
Clarios
Global
LP,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.81
%
,
05/06/30
..........
22,765‌
22,725,514‌
01/14/32
(h)
......................
11,251‌
11,265,064‌
Garrett
Motion
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
01/16/32
(d)
(h)
................
698‌
697,127‌
Gates
Global
LLC,
1st
Lien
Term
Loan
B4
,
11/16/29
(h)
......................
2,000‌
2,002,080‌
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
Gates
Global
LLC,
1st
Lien
Term
Loan
B5
,
06/04/31
(h)
......................
USD
9,279‌
$
9,285,803‌
RealTruck
Group,
Inc.,
1st
Lien
Term
Loan
,
01/31/28
(h)
......................
3,086‌
3,078,285‌
Tenneco,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
9.43
%
-
9.62
%
,
11/17/28
.............
8,169‌
7,868,972‌
66,261,510‌
Automobiles
0.2%
Dealer
Tire
Financial
LLC,
1st
Lien
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.31
%
,
07/02/31
(a)
..........
9,607‌
9,614,727‌
Beverages
0.4%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.43
%
,
01/24/29
..................
18,707‌
13,599,695‌
Naked
Juice
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
10.43
%
,
01/24/30
.................
11,155‌
3,597,517‌
17,197,212‌
Biotechnology
0.3%
Parexel
International,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.81
%
,
11/15/28
(a)
...........
12,166‌
12,214,413‌
Broadline
Retail
0.7%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.67
%
,
11/23/28
.
3,239‌
3,234,689‌
StubHub
Holdco
Sub
LLC,
1st
Lien
Term
Loan
B
,
03/15/30
(h)
....................
25,525‌
25,572,496‌
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.34
%
,
12/21/27
..................
1,113‌
688,497‌
29,495,682‌
Building
Products
1.2%
(a)
AZEK
Group
LLC
(The),
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.31
%
,
09/26/31
............
5,648‌
5,665,523‌
AZZ,
Inc.,
1st
Lien
Term
Loan
,
05/14/29
(h)
...
978‌
982,598‌
Chariot
Buyer
LLC,
1st
Lien
Term
Loan
,
11/03/28
(h)
......................
19,632‌
19,723,000‌
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.81
%
,
10/02/28
............
5,154‌
5,169,715‌
Wilsonart
LLC,
1st
Lien
Term
Loan
,
08/05/31
(h)
21,390‌
21,441,166‌
52,982,002‌
Capital
Markets
1.9%
(a)
Aretec
Group,
Inc.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.81
%
,
08/09/30
............
4,010‌
4,027,452‌
Axalta
Coating
Systems
US
Holdings,
Inc.,
Facility
1st
Lien
Term
Loan
B7
,
12/20/29
(h)
.
13,496‌
13,543,443‌
Azalea
Topco,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.56
%
,
04/30/31
..................
4,196‌
4,206,596‌
BCPE
Pequod
Buyer,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.79
%
,
11/25/31
.............
7,702‌
7,783,872‌
Citadel
Securities
LP,
Facility
1st
Lien
Term
Loan
,
10/31/31
(h)
..................
4,465‌
4,488,352‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Edelman
Financial
Engines
Center
LLC
(The),
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.31
%
,
04/07/28
.
USD
8,191‌
$
8,250,363‌
Focus
Financial
Partners
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.56
%
,
09/15/31
.......
10,110‌
10,116,185‌
Grant
Thornton
Advisors
LLC,
1st
Lien
Term
Loan
,
06/02/31
(h)
..................
4,081‌
4,092,259‌
Jane
Street
Group
LLC,
1st
Lien
Term
Loan
,
12/15/31
(h)
......................
9,602‌
9,586,153‌
Jefferies
Finance
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.30
%
,
10/21/31
............
4,943‌
4,964,650‌
Learning
Care
Group
US
No.
2,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.30
%
-
8.52
%
,
08/11/28
..................
1,371‌
1,379,270‌
NGP
XI
Midstream
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.33
%
,
07/25/31
(d)
......
1,149‌
1,159,054‌
Osaic
Holdings,
Inc.,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.86
%
,
08/17/28
............
7,705‌
7,742,496‌
OVG
Business
Services
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.31
%
,
06/25/31
(d)
......
4,749‌
4,772,843‌
86,112,988‌
Chemicals
3.4%
(a)
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.41
%
,
11/24/27
.......
2,339‌
2,333,404‌
Chemours
Co.
(The),
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.31
%
,
08/18/28
............
7,344‌
7,393,433‌
Derby
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.33
%
,
11/01/30
..................
13,138‌
13,180,584‌
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.04
%
,
10/04/29
............
1,108‌
1,109,841‌
Ecovyst
Catalyst
Technologies
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.29
%
,
06/12/31
..
8,909‌
8,932,264‌
Element
Solutions,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
,
12/18/30
............
10,359‌
10,390,987‌
HB
Fuller
Co.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.31
%
,
02/15/30
..................
5,861‌
5,871,716‌
Ineos
US
Finance
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.56
%
,
02/18/30
............
4,160‌
4,157,860‌
Ineos
US
Petrochem
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.56
%
,
10/07/31
(d)
...........
4,222‌
4,227,278‌
Lonza
Group
AG,
Facility
1st
Lien
Term
Loan
B
,
07/03/28
(h)
......................
9,042‌
8,805,913‌
LSF11
A5
HoldCo
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.93
%
,
10/16/28
............
10,640‌
10,677,526‌
Minerals
Technologies,
Inc.,
1st
Lien
Term
Loan
B
,
11/21/31
(d)
(h)
...................
6,043‌
6,050,646‌
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan
,
03/29/28
(h)
...........
USD
13,738‌
$
13,858,558‌
Nouryon
Finance
BV,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.66
%
,
04/03/28
............
10,121‌
10,193,422‌
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B6
,
06/23/31
(h)
............
13,511‌
13,526,471‌
OQ
Chemicals
International
Holding
GmbH,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
8.00%),
12.30
%
,
06/23/25
1,217‌
1,249,037‌
OQ
Chemicals
International
Holding
GmbH,
1st
Lien
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.90
%
,
12/31/26
.
10,806‌
9,207,828‌
Paint
Intermediate
III
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.52
%
,
10/09/31
............
3,540‌
3,548,850‌
Potters
Borrower
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.06
%
,
12/14/27
..................
6,134‌
6,184,743‌
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan
,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.34
%
,
08/02/30
............
9,533‌
9,602,861‌
W.R.
Grace
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.58
%
,
09/22/28
............
4,631‌
4,666,145‌
155,169,367‌
Commercial
Services
&
Supplies
4.5%
(a)
Action
Environmental
Group,
Inc.
(The),
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.08
%
,
10/24/30
(d)
.
4,388‌
4,415,082‌
Allied
Universal
Holdco
LLC,
1st
Lien
Term
Loan
,
05/12/28
(h)
..................
29,244‌
29,337,579‌
Aramark
Services,
Inc.,
1st
Lien
Term
Loan
B8
,
06/24/30
(h)
......................
15,741‌
15,804,201‌
Ascensus
Group
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.31
%
,
08/02/28
.......
21,541‌
21,540,642‌
Asplundh
Tree
Expert
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.16
%
,
09/06/27
............
5,864‌
5,845,562‌
Clean
Harbors,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
,
10/10/28
..................
8,811‌
8,882,999‌
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B4
,
09/30/31
(h)
................
31,375‌
31,421,083‌
Garda
World
Security
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.81
%
,
02/01/29
.......
5,192‌
5,199,710‌
Garda
World
Security
Corp.,
1st
Lien
Term
Loan
B
,
02/01/29
(h)
....................
2,866‌
2,870,299‌
GFL
Environmental,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.31
%
,
07/03/31
............
4,964‌
4,963,262‌
JFL-Tiger
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.34
%
,
10/17/30
.......
4,275‌
4,300,872‌
LABL,
Inc.,
1st
Lien
Term
Loan
B
,
10/30/28
(h)
.
9,368‌
8,751,792‌
Madison
Safety
&
Flow
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.56
%
,
09/26/31
.......
2,493‌
2,510,675‌
Minimax
Viking
GmbH,
Facility
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
7.32
%
,
07/31/28
.......
1,343‌
1,347,026‌
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.33
%
,
10/15/30
..
USD
4,192‌
$
4,200,353‌
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.55
%
,
11/30/28
...........
10,714‌
10,737,222‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.83
%
,
11/30/28
...........
185‌
185,365‌
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
C
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.55
%
,
11/30/28
...........
823‌
824,910‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.83
%
,
11/30/28
...........
10‌
10,180‌
Ryan
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.81
%
,
11/14/30
..................
597‌
598,979‌
Skopima
Consilio
Parent
LLC,
1st
Lien
Term
Loan
,
05/12/28
(h)
..................
3,580‌
3,589,952‌
Tempo
Acquisition
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
6.12
%
,
08/31/28
............
22,433‌
22,420,991‌
TruGreen
LP,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.41
%
,
11/02/27
..................
5,380‌
5,213,080‌
Vestis
Corp.,
1st
Lien
Term
Loan
B1
,
02/24/31
(h)
8,897‌
8,899,614‌
203,871,430‌
Communications
Equipment
0.3%
(a)
Ciena
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.05
%
,
10/24/30
...
9,971‌
10,014,839‌
Viasat,
Inc.,
1st
Lien
Term
Loan
03/02/29
(h)
......................
3,029‌
2,722,438‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.92
%
,
05/30/30
..........
2,489‌
2,177,890‌
14,915,167‌
Construction
&
Engineering
1.0%
(a)
AECOM,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
,
04/18/31
..................
7,830‌
7,896,755‌
Arcosa,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
08/15/31
..................
5,065‌
5,096,214‌
Brand
Industrial
Services,
Inc.,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.07
%
,
08/01/30
.......
21,614‌
21,281,445‌
Construction
Partners,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.81
%
,
11/03/31
.............
2,025‌
2,026,681‌
Pike
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.43
%
,
01/21/28
..................
7,303‌
7,364,699‌
Refficiency
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
7.91
%
,
12/16/27
............
1,416‌
1,420,946‌
45,086,740‌
Construction
Materials
1.5%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
,
01/31/31
..................
8,746‌
8,784,765‌
NEW
AMI
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
10.31
%
,
03/08/29
.................
7,069‌
6,942,807‌
Security
Par
(000)
Par
(000)
Value
Construction
Materials
(continued)
Oldcastle
BuildingEnvelope,
Inc.,
1st
Lien
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.50
%
,
04/30/29
.......
USD
7,603‌
$
7,575,376‌
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
01/30/32
(h)
......................
4,981‌
5,005,905‌
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
03/19/29
............
3,841‌
3,849,946‌
Smyrna
Ready
Mix
Concrete
LLC,
Facility
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
7.30
%
,
03/30/29
(d)
...........
3,395‌
3,412,247‌
Standard
Building
Solutions,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
6.05
%
,
09/22/28
.......
1,068‌
1,071,143‌
Summit
Materials
LLC,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
,
01/12/29
............
4,720‌
4,720,330‌
White
Cap
Supply
Holdings
LLC,
Facility
1st
Lien
Term
Loan
C
,
10/19/29
(h)
.........
24,494‌
24,533,246‌
65,895,765‌
Consumer
Staples
Distribution
&
Retail
0.3%
(a)
EG
Finco
Ltd.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.61
%
,
02/07/28
..................
2,293‌
2,319,762‌
US
Foods,
Inc.,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.11
%
,
11/22/28
...........
1,674‌
1,687,495‌
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
,
10/03/31
..........
8,026‌
8,089,807‌
12,097,064‌
Containers
&
Packaging
0.9%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan
,
11/29/30
(h)
..................
24,672‌
24,823,000‌
Mauser
Packaging
Solutions
Holding
Co.,
Facility
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.34
%
,
04/15/27
..................
7,708‌
7,746,130‌
Pregis
TopCo
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.31
%
,
07/31/26
..................
2,374‌
2,387,851‌
Trident
TPI
Holdings,
Inc.,
1st
Lien
Term
Loan
B7
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.19
%
,
09/15/28
...........
7,402‌
7,473,517‌
42,430,498‌
Distributors
0.2%
Pai
HoldCo,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.30
%
,
10/28/27
(a)
.................
9,515‌
8,335,535‌
Diversified
Consumer
Services
1.3%
(a)
Bright
Horizons
Family
Solutions
LLC,
1st
Lien
Term
Loan
B
,
11/24/28
(h)
.............
12,390‌
12,411,351‌
Kuehg
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.54
%
,
06/12/30
..................
5,453‌
5,506,472‌
OMNIA
Partners
LLC,
1st
Lien
Term
Loan
B
,
07/25/30
(h)
......................
4,244‌
4,261,595‌
PG
Polaris
BidCo
SARL,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.33
%
,
03/26/31
............
4,408‌
4,434,756‌
Planet
US
Buyer
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.52
%
,
02/07/31
............
869‌
873,344‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
Spring
Education
Group,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.33
%
,
09/30/30
.......
USD
7,336‌
$
7,363,918‌
Verde
Purchaser
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.83
%
,
11/30/30
.............
7,848‌
7,852,519‌
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.06
%
,
01/30/31
9,365‌
9,362,581‌
WCG
Intermediate
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
7.81
%
,
01/08/27
............
5,604‌
5,631,931‌
57,698,467‌
Diversified
Telecommunication
Services
2.3%
(a)
Altice
Financing
SA,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.43
%
,
01/30/26
..................
8,327‌
7,952,146‌
Connect
Finco
SARL,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.81
%
,
09/13/29
............
6,377‌
5,532,095‌
Iridium
Satellite
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
6.56
%
,
09/20/30
............
4,798‌
4,769,684‌
Level
3
Financing,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
6.56%),
10.87
%
,
04/16/29
............
4,897‌
4,957,777‌
Level
3
Financing,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
6.56%),
10.87
%
,
04/15/30
............
4,932‌
4,986,210‌
Lumen
Technologies,
Inc.,
1st
Lien
Term
Loan
A
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
6.00%),
10.31
%
,
06/01/28
............
629‌
629,170‌
Lumen
Technologies,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.35%),
6.78
%
,
04/16/29
...........
6,570‌
6,149,007‌
Lumen
Technologies,
Inc.,
1st
Lien
Term
Loan
B2
,
04/15/30
(h)
....................
6,717‌
6,255,589‌
Orbcomm,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
8.68
%
,
09/01/28
..................
4,898‌
4,392,972‌
Radiate
Holdco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
7.72
%
,
09/25/26
............
20,314‌
18,150,381‌
UPC
Financing
Partnership,
Facility
1st
Lien
Term
Loan
AX
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.93%),
7.23
%
,
01/31/29
..
2,917‌
2,916,908‌
Virgin
Media
Bristol
LLC,
Facility
1st
Lien
Term
Loan
Q
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.67
%
,
01/31/29
.......
3,996‌
3,935,625‌
Zayo
Group
Holdings,
Inc.,
1st
Lien
Term
Loan
,
03/09/27
(h)
......................
32,742‌
31,467,284‌
102,094,848‌
Electric
Utilities
0.5%
(a)
Hamilton
Projects
Acquiror
LLC,
1st
Lien
Term
Loan
05/22/31
(h)
......................
505‌
508,575‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.11
%
,
05/30/31
...........
2,423‌
2,440,442‌
NRG
Energy,
Inc.,
1st
Lien
Term
Loan
,
(1-
mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%;
3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%
at
0.00%
Floor
+
0.00%),
6.04
%
,
04/16/31
..................
9,486‌
9,497,399‌
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Vistra
Operations
Co.
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
,
12/20/30
............
USD
8,261‌
$
8,265,421‌
20,711,837‌
Electrical
Equipment
0.3%
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%;
6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%
at
0.75%
Floor
+
0.00%),
9.05
%
-
9.57
%
,
06/23/28
(a)
...........
13,731‌
13,741,558‌
Electronic
Equipment,
Instruments
&
Components
0.4%
(a)
Celestica,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
,
06/20/31
(d)
.................
3,184‌
3,187,980‌
Coherent
Corp.,
1st
Lien
Term
Loan
B2
,
07/02/29
(h)
......................
13,518‌
13,556,367‌
16,744,347‌
Entertainment
3.6%
(a)
Aristocrat
Technologies,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.68
%
,
05/24/29
.......
842‌
843,787‌
City
Football
Group
Ltd.,
1st
Lien
Term
Loan
,
07/22/30
(h)
......................
11,257‌
11,205,410‌
Creative
Artists
Agency
LLC,
1st
Lien
Term
Loan
B
,
10/01/31
(h)
.................
24,527‌
24,591,687‌
Delta
2
(Lux)
SARL,
1st
Lien
Term
Loan
B
,
09/30/31
(h)
......................
15,025‌
15,047,157‌
Liberty
Media
Corp.,
1st
Lien
Term
Loan
,
08/01/31
(h)
......................
7,512‌
7,523,762‌
Live
Nation
Entertainment,
Inc.,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.15
%
,
10/19/26
.......
15,699‌
15,667,869‌
Motion
Finco
SARL,
Facility
1st
Lien
Term
Loan
B3
,
11/13/29
(h)
....................
11,211‌
11,052,710‌
NEP
Group,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.68
%
,
08/19/26
..................
6,758‌
6,051,233‌
Playtika
Holding
Corp.,
Facility
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.18
%
,
03/13/28
.......
10,360‌
10,394,991‌
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B4
,
11/21/31
(h)
......................
15,627‌
15,708,417‌
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.18
%
,
05/19/25
..
22,226‌
22,221,436‌
WMG
Acquisition
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.04
%
,
01/24/31
............
23,582‌
23,575,799‌
163,884,258‌
Financial
Services
3.4%
(a)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
12/21/28
..
10,895‌
10,941,772‌
APi
Group
DE,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31
%
,
01/03/29
..................
8,152‌
8,170,635‌
Belron
Finance
US
LLC,
1st
Lien
Term
Loan
,
10/16/31
(h)
......................
17,812‌
17,949,663‌
Boost
Newco
Borrower
LLC,
1st
Lien
Term
Loan
B1
,
01/31/31
(h)
....................
26,784‌
26,844,136‌
CPI
Holdco
B
LLC,
1st
Lien
Term
Loan
05/19/31
(h)
......................
12,172‌
12,164,093‌
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
05/19/31
..........
USD
6,988‌
$
6,995,268‌
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan
,
04/09/27
(h)
..................
17,697‌
17,407,199‌
Deerfield
Holdings
Corp.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
11.34
%
,
04/07/28
............
7,119‌
6,905,632‌
FinCo
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
06/27/29
..................
4,235‌
4,254,236‌
Guardian
US
Holdco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.83
%
,
01/31/30
............
828‌
825,840‌
Hyperion
Refinance
SARL,
1st
Lien
Term
Loan
,
02/18/31
(h)
......................
12,619‌
12,667,362‌
Neon
Maple
US
Debt
Mergersub,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.31
%
,
11/17/31
...
11,399‌
11,422,710‌
Preferred
SPV
Borrower,
1st
Lien
Term
Loan
B
,
(12-mo.
CME
Term
SOFR
+
5.00%),
9.17
%
,
06/30/31
..................
374‌
376,003‌
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.56
%
,
05/30/31
.......
15,277‌
15,299,016‌
WEX,
Inc.,
1st
Lien
Term
Loan
B2
,
04/03/28
(h)
.
3,000‌
3,001,170‌
155,224,735‌
Food
Products
1.1%
(a)
Chobani
LLC,
1st
Lien
Term
Loan
B
,
10/25/27
(h)
22,483‌
22,603,170‌
H-Food
Holdings
LLC,
1st
Lien
Term
Loan
,
(US
Prime
Rate
at
0.00%
Floor
+
4.69%),
12.19
%
,
05/23/25
(c)
(f)
...............
2,940‌
1,455,447‌
Nomad
Foods
US
LLC,
Facility
1st
Lien
Term
Loan
B4
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.97
%
,
11/13/29
.......
5,766‌
5,797,271‌
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.84
%
,
03/31/28
............
6,259‌
6,281,030‌
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan
B
,
01/29/32
(h)
......................
13,766‌
13,802,858‌
49,939,776‌
Gas
Utilities
0.1%
NGL
Energy
Operating
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.06
%
,
02/03/31
(a)
......
4,378‌
4,395,150‌
Ground
Transportation
0.9%
(a)
Avis
Budget
Car
Rental
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.18
%
,
08/06/27
.......
6,974‌
6,915,688‌
Genesee
&
Wyoming,
Inc.,
1st
Lien
Term
Loan
,
04/10/31
(h)
......................
27,112‌
27,079,610‌
Hertz
Corp.
(The),
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.93
%
,
06/30/28
..................
5,922‌
5,327,715‌
Hertz
Corp.
(The),
1st
Lien
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.93
%
,
06/30/28
..................
1,157‌
1,040,486‌
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
8.00%),
12.52
%
,
08/20/29
(d)
...........
4,856‌
1,845,385‌
42,208,884‌
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
0.5%
Bausch
+
Lomb
Corp.,
1st
Lien
Term
Loan
(a)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.66
%
,
05/10/27
..........
USD
17,838‌
$
17,917,572‌
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.33
%
,
09/29/28
..........
5,631‌
5,676,612‌
23,594,184‌
Health
Care
Providers
&
Services
3.0%
(a)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.40
%
,
09/29/28
.......
9,342‌
9,403,960‌
CNT
Holdings
I
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.09
%
,
11/08/27
.............
10,241‌
10,258,380‌
Concentra
Health
Services,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
07/26/31
(d)
......
2,618‌
2,621,711‌
Ensemble
RCM
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.29
%
,
08/01/29
............
4,094‌
4,126,037‌
Examworks
Bidco,
Inc.,
1st
Lien
Term
Loan
,
11/01/28
(h)
......................
14,952‌
15,054,191‌
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
A
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.75%),
10.04
%
,
08/31/28
............
2,443‌
2,489,286‌
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.00%),
5.39
%
,
11/30/28
.............
8,263‌
6,385,084‌
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.75%),
11.14
%
,
11/30/28
(c)
(d)
(f)
.........
212‌
42,395‌
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.89
%
,
11/01/28
.......
5,120‌
3,592,786‌
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.00%),
11.39
%
,
11/01/29
(d)
.....
3,196‌
1,598,037‌
Medline
Borrower
LP,
1st
Lien
Term
Loan
,
10/23/28
(h)
......................
56,303‌
56,545,620‌
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.56
%
,
10/27/28
............
7,323‌
7,373,766‌
Raven
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.56
%
,
11/19/31
.......
3,663‌
3,674,831‌
Surgery
Center
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.06
%
,
12/19/30
.......
7,885‌
7,911,107‌
Vizient,
Inc.,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.31
%
,
08/01/31
..................
3,247‌
3,272,132‌
134,349,323‌
Health
Care
Technology
2.1%
(a)
AthenaHealth
Group,
Inc.,
1st
Lien
Term
Loan
,
02/15/29
(h)
......................
30,008‌
30,016,985‌
Cotiviti,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.09
%
,
05/01/31
..................
18,319‌
18,433,252‌
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.43
%
,
10/01/27
............
13,054‌
12,401,453‌
PointClickCare
Technologies,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.58
%
,
11/03/31
.......
6,428‌
6,468,208‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Technology
(continued)
Polaris
Newco
LLC,
1st
Lien
Term
Loan
,
06/02/28
(h)
......................
USD
22,242‌
$
22,258,511‌
Waystar
Technologies,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
10/22/29
............
2,947‌
2,956,635‌
92,535,044‌
Hotel
&
Resort
REITs
0.1%
RHP
Hotel
Properties
LP,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31
%
,
05/18/30
(a)
...........
2,298‌
2,301,324‌
Hotels,
Restaurants
&
Leisure
5.9%
(a)
1011778
BC
ULC,
1st
Lien
Term
Loan
B5
,
09/20/30
(h)
......................
12,409‌
12,353,005‌
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.60
%
,
02/02/26
.......
12,788‌
7,949,962‌
Alterra
Mountain
Co.,
1st
Lien
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.31
%
,
05/31/30
............
6,302‌
6,341,690‌
Bally's
Corp.,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.80
%
,
10/02/28
............
10,429‌
9,840,573‌
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.56
%
,
02/06/30
.......
6,602‌
6,618,184‌
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B1
,
02/06/31
(h)
................
22,363‌
22,409,817‌
Carnival
Corp.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
+
2.00%),
6.32
%
,
08/09/27
................
4,563‌
4,578,809‌
10/18/28
(h)
......................
4,485‌
4,490,606‌
Churchill
Downs,
Inc.,
Facility
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.41
%
,
03/17/28
.......
9,122‌
9,116,523‌
Crown
Finance
US,
Inc.,
1st
Lien
Term
Loan
,
12/02/31
(h)
......................
4,505‌
4,494,999‌
Fertitta
Entertainment
LLC,
1st
Lien
Term
Loan
B
,
01/29/29
(h)
....................
26,952‌
27,078,645‌
Flutter
Financing
BV,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
6.08
%
,
12/02/30
............
22,283‌
22,266,756‌
Four
Seasons
Hotels
Ltd.,
1st
Lien
Term
Loan
B
,
11/30/29
(h)
.....................
20,255‌
20,303,579‌
Great
Canadian
Gaming
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.09
%
,
11/01/29
.......
5,923‌
5,933,726‌
Herschend
Entertainment
Co.
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.31
%
,
08/28/28
..
1,146‌
1,148,144‌
Hilton
Domestic
Operating
Co.,
Inc.,
1st
Lien
Term
Loan
B4
,
11/08/30
(h)
............
15,802‌
15,896,577‌
Hurtigruten
Group
AS,
1st
Lien
Term
Loan
,
0.02
%
,
02/28/29
..................
EUR
1,817‌
6,297‌
Hurtigruten
Group
AS,
Facility
1st
Lien
Term
Loan
B
,
(6-mo.
EURIBOR
at
0.00%
Floor
+
6.50%),
9.91
%
,
09/30/27
............
289‌
13,119‌
IRB
Holding
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.86
%
,
12/15/27
............
USD
10,843‌
10,875,863‌
Light
&
Wonder
International,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.55
%
,
04/16/29
.......
8,172‌
8,195,545‌
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Packers
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
7.66
%
,
03/02/28
............
USD
7,092‌
$
3,587,168‌
Penn
Entertainment,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.81
%
,
05/03/29
............
9,891‌
9,947,338‌
Playa
Resorts
Holding
BV,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.06
%
,
01/05/29
............
3,154‌
3,163,966‌
Scientific
Games
Holdings
LP,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.30
%
,
04/04/29
.......
3,891‌
3,903,544‌
SeaWorld
Parks
&
Entertainment,
Inc.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.31
%
,
12/04/31
..
4,085‌
4,081,032‌
Station
Casinos
LLC,
Facility
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31
%
,
03/14/31
.......
11,361‌
11,376,411‌
Whatabrands
LLC,
1st
Lien
Term
Loan
B
,
08/03/28
(h)
......................
20,436‌
20,505,378‌
Wyndham
Hotels
&
Resorts,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
,
05/24/30
.......
9,479‌
9,499,472‌
265,976,728‌
Household
Durables
1.2%
(a)
ACProducts
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.84
%
,
05/17/28
............
3,315‌
2,542,634‌
Hunter
Douglas,
Inc.,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.55
%
,
01/16/32
............
17,186‌
17,257,252‌
Serta
Simmons
Bedding
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
11.94
%
,
06/29/28
......
1,630‌
1,477,498‌
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
A1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.86
%
,
12/19/29
............
1,850‌
1,870,033‌
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
A2
,
10/06/28
(h)
......................
13,384‌
11,760,795‌
Tempur
Sealy
International,
Inc.,
1st
Lien
Term
Loan
B
,
(1-day
SOFR
at
0.00%
Floor
+
2.50%),
2.50
%
,
10/24/31
............
3,734‌
3,744,903‌
Weber-Stephen
Products
LLC,
1st
Lien
Term
Loan
B
,
10/29/27
(h)
.................
17,063‌
16,995,829‌
55,648,944‌
Household
Products
0.0%
Energizer
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.30
%
,
12/22/27
(a)
...........
1,464‌
1,462,331‌
Independent
Power
and
Renewable
Electricity
Producers
0.6%
(a)
Calpine
Construction
Finance
Co.
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31
%
,
07/19/30
..
11,380‌
11,384,831‌
Calpine
Corp.,
Facility
1st
Lien
Term
Loan
,
01/31/31
(h)
......................
4,467‌
4,464,310‌
Constellation
Renewables
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.25%),
6.76
%
,
12/15/27
.......
5,609‌
5,617,055‌
Talen
Energy
Supply
LLC,
1st
Lien
Term
Loan
B
,
12/11/31
(h)
.....................
4,351‌
4,363,705‌
25,829,901‌
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Industrial
Conglomerates
0.6%
(a)
Cube
Industrial
Buyer,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.79
%
,
10/18/31
............
USD
1,814‌
$
1,823,632‌
EMRLD
Borrower
LP,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.83
%
,
08/04/31
............
10,030‌
10,062,058‌
EMRLD
Borrower
LP,
1st
Lien
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.93
%
,
05/31/30
............
14,264‌
14,301,116‌
SVP
Singer
Intermediate
Holdings
III
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
7.76%),
12.09
%
,
12/01/32
..
658‌
546,385‌
26,733,191‌
Insurance
5.4%
(a)
Alliant
Holdings
Intermediate
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.05
%
,
09/19/31
.......
40,908‌
41,025,994‌
AmWINS
Group,
Inc.,
1st
Lien
Term
Loan
B
,
01/23/32
(h)
......................
23,459‌
23,500,053‌
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.34
%
,
12/29/31
.......
15,829‌
15,804,337‌
Ardonagh
Finco
BV,
1st
Lien
Term
Loan
B
,
02/15/31
(h)
......................
13,337‌
13,320,329‌
AssuredPartners,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.81
%
,
02/14/31
............
29,809‌
29,825,926‌
Baldwin
Insurance
Group
Holdings
LLC
(The),
1st
Lien
Term
Loan
B1
,
05/27/31
(h)
......
9,641‌
9,683,250‌
HUB
International
Ltd.,
1st
Lien
Term
Loan
B-1
,
06/20/30
(h)
......................
36,831‌
36,956,109‌
Jones
Deslauriers
Insurance
Management,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.56
%
,
03/15/30
.
5,826‌
5,827,854‌
Ryan
Specialty
Group
LLC,
1st
Lien
Term
Loan
B1
,
09/15/31
(h)
....................
15,752‌
15,795,047‌
Truist
Insurance
Holdings
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.08
%
,
05/06/31
.......
16,794‌
16,815,388‌
Truist
Insurance
Holdings
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
9.08
%
,
05/06/32
.......
4,377‌
4,431,553‌
USI,
Inc.,
1st
Lien
Term
Loan
,
09/27/30
(h)
....
12,504‌
12,500,988‌
USI,
Inc.,
1st
Lien
Term
Loan
D
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.58
%
,
11/21/29
..................
19,848‌
19,839,625‌
245,326,453‌
Interactive
Media
&
Services
0.3%
Camelot
US
Acquisition
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.06
%
,
01/31/31
(a)
......
13,318‌
13,331,093‌
IT
Services
3.7%
(a)
Asurion
LLC,
1st
Lien
Term
Loan
B11
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.66
%
,
08/21/28
..................
5,226‌
5,230,113‌
Asurion
LLC,
1st
Lien
Term
Loan
B12
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.68
%
,
09/19/30
..................
998‌
995,475‌
Asurion
LLC,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.68
%
,
12/23/26
..................
12,229‌
12,220,706‌
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Asurion
LLC,
1st
Lien
Term
Loan
B9
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.68
%
,
07/30/27
..................
USD
2,481‌
$
2,477,917‌
Asurion
LLC,
2nd
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.68
%
,
01/31/28
..................
7,467‌
7,284,082‌
Asurion
LLC,
2nd
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.68
%
,
01/19/29
..................
3,571‌
3,466,437‌
Central
Parent
LLC,
1st
Lien
Term
Loan
,
07/06/29
(h)
......................
21,303‌
20,313,983‌
Epicor
Software
Corp.,
1st
Lien
Term
Loan
E
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
7.06
%
,
05/30/31
............
9,479‌
9,551,181‌
Fortress
Intermediate
3,
Inc.,
1st
Lien
Term
Loan
,
06/27/31
(h)
..................
4,035‌
4,037,942‌
Go
Daddy
Operating
Co.
LLC,
1st
Lien
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.11
%
,
05/30/31
.......
13,989‌
13,995,281‌
Go
Daddy
Operating
Co.
LLC,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.11
%
,
11/09/29
.......
6,396‌
6,402,381‌
Magenta
Security
Holdings
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
1.50%),
6.35
%
,
07/27/28
..........
3,370‌
1,862,647‌
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
1.50%),
6.35
%
,
07/27/28
(c)
(f)
.........
6,230‌
2,095,261‌
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
6.25%),
10.84
%
,
07/27/28
..........
1,002‌
1,019,783‌
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
11.60
%
,
07/27/28
..........
2,551‌
2,332,196‌
Mitchell
International,
Inc.,
1st
Lien
Term
Loan
,
06/17/31
(h)
......................
17,274‌
17,253,670‌
Mitchell
International,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
9.56
%
,
06/07/32
............
3,980‌
3,926,708‌
Modena
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.86
%
,
07/01/31
..................
5,423‌
5,108,199‌
Project
Alpha
Intermediate
Holding,
Inc.,
1st
Lien
Term
Loan
B
,
10/28/30
(h)
.........
1,681‌
1,696,230‌
Project
Boost
Purchaser
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.31
%
,
07/16/31
.......
9,101‌
9,165,435‌
Quartz
Acquireco
LLC,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.08
%
,
06/28/30
(d)
...........
9,838‌
9,887,467‌
Sedgwick
Claims
Management
Services,
Inc.,
1st
Lien
Term
Loan
,
07/31/31
(h)
........
26,873‌
27,016,021‌
167,339,115‌
Leisure
Products
0.2%
(a)
Fender
Musical
Instruments
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.41
%
,
12/01/28
..
3,772‌
3,684,346‌
Hayward
Industries,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.93
%
,
05/30/28
............
2,135‌
2,141,667‌
SRAM
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.18
%
,
05/18/28
..................
933‌
941,775‌
6,767,788‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
0.6%
(a)
Avantor
Funding,
Inc.,
1st
Lien
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.41
%
,
11/08/27
.............
USD
503‌
$
505,312‌
Fortrea
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.49
%
,
07/01/30
............
715‌
717,895‌
ICON
Luxembourg
SARL,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.33
%
,
07/03/28
............
3,275‌
3,301,700‌
IQVIA,
Inc.,
1st
Lien
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.33
%
,
01/02/31
..................
7,709‌
7,760,621‌
Maravai
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.29
%
,
10/19/27
..
3,567‌
3,560,051‌
Pra
Health
Sciences,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.33
%
,
07/03/28
............
816‌
822,622‌
Star
Parent,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.33
%
,
09/27/30
..................
9,801‌
9,669,388‌
26,337,589‌
Machinery
4.0%
(a)
AI
Aqua
Merger
Sub,
Inc.,
1st
Lien
Term
Loan
B
,
07/31/28
(h)
....................
13,435‌
13,464,185‌
Albion
Financing
3
SARL,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.80
%
,
08/17/29
............
12,012‌
12,079,468‌
Chart
Industries,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.81
%
,
03/15/30
............
3,327‌
3,339,954‌
Clark
Equipment
Co.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.33
%
,
04/20/29
............
1,183‌
1,186,308‌
Columbus
McKinnon
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.83
%
,
05/15/28
(d)
...........
2,338‌
2,350,124‌
Filtration
Group
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
7.31
%
,
10/23/28
..................
19,074‌
19,215,007‌
Generac
Power
Systems,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
,
06/12/31
.......
1,947‌
1,958,148‌
Husky
Injection
Molding
Systems
Ltd.,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.78
%
,
02/15/29
..
25,613‌
25,815,555‌
Madison
IAQ
LLC,
1st
Lien
Term
Loan
,
06/21/28
(h)
......................
19,133‌
19,161,555‌
Rexnord
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.47
%
,
10/04/28
..................
1,929‌
1,941,128‌
Roper
Industrial
Products
Investment
Co.
LLC,
1st
Lien
Term
Loan
D
,
11/22/29
(h)
.......
12,313‌
12,343,672‌
SPX
FLOW,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.31
%
,
04/05/29
..................
9,851‌
9,935,304‌
TK
Elevator
Midco
GmbH,
1st
Lien
Term
Loan
C
,
04/30/30
(h)
....................
30,498‌
30,710,934‌
Vertiv
Group
Corp.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
1.75%),
6.09
%
,
03/02/27
............
16,225‌
16,265,145‌
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Vortex
Opco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.69
%
,
12/18/28
..................
USD
6,166‌
$
3,865,802‌
WEC
US
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.59
%
,
01/27/31
............
8,413‌
8,434,972‌
182,067,261‌
Media
2.5%
(a)
Altice
France
SA,
1st
Lien
Term
Loan
B14
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.50%),
9.80
%
,
08/15/28
............
14,647‌
12,339,893‌
Charter
Communications
Operating
LLC,
1st
Lien
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31
%
,
12/09/30
.
7,577‌
7,566,568‌
Charter
Communications
Operating
LLC,
1st
Lien
Term
Loan
B5
,
12/15/31
(h)
.........
7,351‌
7,341,496‌
Clear
Channel
Outdoor
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.43
%
,
08/23/28
..
4,021‌
4,032,533‌
CSC
Holdings
LLC,
1st
Lien
Term
Loan
B5
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
7.17
%
,
04/15/27
............
13,835‌
12,859,893‌
DIRECTV
Financing
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
9.55
%
,
08/02/27
............
4,432‌
4,435,388‌
ECL
Entertainment
LLC,
Facility
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.81
%
,
08/30/30
.......
4,561‌
4,586,747‌
Endeavor
Operating
Co.
LLC,
1st
Lien
Term
Loan
B
,
01/28/32
(h)
.................
23,513‌
23,542,391‌
Fleet
Midco
I
Ltd.,
1st
Lien
Term
Loan
B2
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.58
%
,
02/21/31
(d)
...........
2,465‌
2,480,228‌
Gray
Television,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.59
%
,
05/23/29
............
2,263‌
2,137,054‌
Learfield
Communications
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
5.00%),
9.31
%
,
06/30/28
.......
5,595‌
5,652,809‌
Sinclair
Television
Group,
Inc.,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.16
%
,
04/23/29
.......
3,182‌
2,687,803‌
Speedster
Bidco
GmbH,
Facility
1st
Lien
Term
Loan
B
,
11/13/31
(h)
.................
16,370‌
16,458,725‌
Ziggo
Financing
Partnership,
1st
Lien
Term
Loan
I
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.92
%
,
04/28/28
.......
6,060‌
6,019,693‌
112,141,221‌
Oil,
Gas
&
Consumable
Fuels
0.7%
(a)
Buckeye
Partners
LP,
1st
Lien
Term
Loan
B6
,
11/22/30
(h)
......................
2,240‌
2,243,024‌
Freeport
LNG
Investments
LLLP,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.54
%
,
12/21/28
.......
17,205‌
17,229,656‌
GIP
Pilot
Acquisition
Partners
LP,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.30
%
,
10/04/30
.......
1,691‌
1,697,555‌
M6
ETX
Holdings
II
Midco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.91
%
,
09/19/29
.......
1,641‌
1,646,881‌
New
Fortress
Energy,
Inc.,
1st
Lien
Term
Loan
,
10/30/28
(h)
......................
1,804‌
1,793,462‌
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Oryx
Midstream
Services
Permian
Basin
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.55
%
,
10/05/28
.
USD
8,659‌
$
8,688,633‌
33,299,211‌
Passenger
Airlines
1.2%
(a)
AAdvantage
Loyalty
IP
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.30
%
,
04/20/28
............
6,084‌
6,226,685‌
Air
Canada,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.00%),
6.34
%
,
03/21/31
..................
10,581‌
10,637,037‌
American
Airlines,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.17
%
,
01/29/27
..........
5,041‌
5,026,593‌
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
02/15/28
..........
8,794‌
8,796,474‌
06/04/29
(h)
......................
9,275‌
9,282,388‌
Jetblue
Airways
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.50%),
9.85
%
,
08/13/29
............
5,703‌
5,727,172‌
United
Airlines,
Inc.,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.30
%
,
02/24/31
............
7,041‌
7,054,320‌
52,750,669‌
Pharmaceuticals
1.1%
(a)
Amneal
Pharmaceuticals
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.50%),
9.81
%
,
05/04/28
.......
7,903‌
8,119,926‌
Bausch
Health
Cos.,
Inc.,
1st
Lien
Term
Loan
,
02/01/27
(h)
......................
6,929‌
6,713,222‌
Elanco
Animal
Health,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.19
%
,
08/02/27
............
10,189‌
10,180,478‌
Jazz
Financing
Lux
SARL,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.56
%
,
05/05/28
...........
10,464‌
10,491,516‌
Organon
&
Co.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.55
%
,
05/19/31
..................
6,184‌
6,199,392‌
Perrigo
Investments
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31
%
,
04/20/29
............
5,761‌
5,762,726‌
Precision
Medicine
Group
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.43
%
,
11/18/27
.......
3,867‌
3,864,072‌
51,331,332‌
Professional
Services
3.7%
(a)
AlixPartners
LLP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.93
%
,
02/04/28
..................
10,181‌
10,211,979‌
Amentum
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
09/29/31
............
11,692‌
11,639,386‌
Celestial-
Saturn
Parent,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.50%),
10.97
%
,
06/04/29
......
7,690‌
7,457,764‌
CoreLogic,
Inc.,
1st
Lien
Term
Loan
,
06/02/28
(h)
16,904‌
16,825,131‌
Corpay
Technologies
Operating
Co.
LLC,
1st
Lien
Term
Loan
B4
,
04/28/28
(h)
.........
17,805‌
17,834,120‌
Dayforce,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.79
%
,
02/28/31
(d)
.................
13,290‌
13,389,892‌
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
Dun
&
Bradstreet
Corp.
(The),
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
01/18/29
.......
USD
38,925‌
$
38,979,707‌
Element
Materials
Technology
Group
US
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.08
%
,
06/22/29
..................
4,163‌
4,186,119‌
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
9.04
%
,
04/30/29
............
4,312‌
3,792,806‌
Trans
Union
LLC,
1st
Lien
Term
Loan
B9
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
6.11
%
,
01/24/31
.............
12,264‌
12,264,639‌
TransUnion
LLC,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.06
%
,
06/24/31
..................
13,974‌
13,972,470‌
Zelis
Cost
Management
Buyer,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
7.06
%
,
09/28/29
..
2,005‌
2,009,662‌
Zelis
Payments
Buyer,
Inc.,
1st
Lien
Term
Loan
,
11/26/31
(h)
......................
12,368‌
12,414,380‌
164,978,055‌
Real
Estate
Management
&
Development
0.1%
Cushman
&
Wakefield
US
Borrower
LLC,
1st
Lien
Term
Loan
(a)
(1-mo.
CME
Term
SOFR
+
2.75%),
7.06
%
,
01/31/30
(d)
...............
1,672‌
1,678,170‌
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.56
%
,
01/31/30
..........
3,466‌
3,484,614‌
5,162,784‌
Semiconductors
&
Semiconductor
Equipment
0.4%
(a)
Entegris,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
6.07
%
,
07/06/29
..................
4,637‌
4,658,210‌
MKS
Instruments,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.00%),
6.30
%
,
08/17/29
..................
10,965‌
11,010,484‌
15,668,694‌
Software
9.4%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.33
%
,
02/24/31
............
25,948‌
26,186,263‌
Barracuda
Networks,
Inc.,
1st
Lien
Term
Loan
,
08/15/29
(h)
......................
7,393‌
6,484,838‌
Boxer
Parent
Co.,
Inc.,
1st
Lien
Term
Loan
B
,
07/30/31
(h)
......................
10,711‌
10,750,095‌
Capstone
Borrower,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.58
%
,
06/17/30
............
1,110‌
1,117,782‌
CCC
Intelligent
Solutions,
Inc.,
1st
Lien
Term
Loan
,
09/21/28
(h)
..................
19,100‌
19,148,212‌
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B
,
03/21/31
(h)
....................
22,731‌
22,885,116‌
Cloud
Software
Group,
Inc.,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.83
%
,
03/30/29
..
27,626‌
27,795,711‌
Cloudera,
Inc.,
1st
Lien
Term
Loan
,
10/09/28
(h)
13,348‌
13,304,780‌
Cloudera,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
10.41
%
,
10/10/29
.................
4,550‌
4,413,376‌
Clover
Holdings
2
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
8.43
%
,
12/09/31
(d)
...........
32,814‌
33,101,122‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
DS
Admiral
Bidco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.56
%
,
06/26/31
............
USD
4,952‌
$
4,611,168‌
Ellucian
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
10/09/29
(h)
......................
20,183‌
20,289,692‌
Ellucian
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
9.06
%
,
11/15/32
.............
3,516‌
3,597,325‌
Flexera
Software
LLC,
1st
Lien
Term
Loan
B3
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.35
%
,
03/03/28
............
2,965‌
2,985,725‌
Gen
Digital,
Inc.,
1st
Lien
Term
Loan
B
,
09/12/29
(h)
......................
22,888‌
22,895,184‌
Genesys
Cloud
Services,
Inc.,
1st
Lien
Term
Loan
B
,
01/30/32
(h)
.................
28,300‌
28,321,260‌
Informatica
LLC,
1st
Lien
Term
Loan
B
,
10/27/28
(h)
......................
23,459‌
23,575,919‌
McAfee
Corp.,
1st
Lien
Term
Loan
B1
,
03/01/29
(h)
......................
17,679‌
17,719,201‌
MH
Sub
I
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.61
%
,
05/03/28
..........
7,307‌
7,213,323‌
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.61
%
,
12/31/31
..........
4,945‌
4,786,829‌
Planview
Parent,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.83
%
,
12/17/27
............
1,852‌
1,862,875‌
Proofpoint,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.31
%
,
08/31/28
..................
23,550‌
23,678,894‌
RealPage,
Inc.,
1st
Lien
Term
Loan
,
04/24/28
(h)
13,424‌
13,406,333‌
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B1
(h)
12/17/27
.......................
1,456‌
1,410,971‌
11/15/29
.......................
6,672‌
6,663,522‌
Sabre
GLBL,
Inc.,
1st
Lien
Term
Loan
B2
12/17/27
(h)
......................
830‌
804,441‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
9.41
%
,
06/30/28
..........
358‌
351,863‌
11/15/29
(h)
......................
2,025‌
1,973,953‌
SS&C
Technologies,
Inc.,
1st
Lien
Term
Loan
,
05/09/31
(h)
......................
21,731‌
21,787,916‌
Thunder
Generation
Funding
LLC,
1st
Lien
Term
Loan
,
09/26/31
(h)
..............
6,338‌
6,379,388‌
UKG,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.30
%
,
02/10/31
..................
24,049‌
24,182,044‌
Voyage
Australia
Pty.
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.05
%
,
07/20/28
............
1,527‌
1,531,310‌
VS
Buyer
LLC,
1st
Lien
Term
Loan
,
04/14/31
(h)
20,217‌
20,305,390‌
425,521,821‌
Specialty
Retail
0.8%
(a)
LS
Group
OpCo
Acquistion
LLC,
1st
Lien
Term
Loan
B
,
04/23/31
(h)
.................
5,376‌
5,384,786‌
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.31
%
,
05/04/28
.
15,690‌
15,745,692‌
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B5
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.33
%
,
07/01/31
...........
5,139‌
5,160,841‌
PetSmart
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.16
%
,
02/11/28
..................
4,560‌
4,566,551‌
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Restoration
Hardware,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.93
%
,
10/20/28
..........
USD
3,567‌
$
3,544,413‌
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.66
%
,
10/20/28
..........
2,261‌
2,256,475‌
36,658,758‌
Textiles,
Apparel
&
Luxury
Goods
0.0%
Hanesbrands,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.06
%
,
03/08/30
(a)
(d)
..........
1,090‌
1,099,581‌
Trading
Companies
&
Distributors
1.2%
(a)
Beacon
Roofing
Supply,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31
%
,
05/19/28
.......
9,363‌
9,387,680‌
Core
&
Main
LP,
1st
Lien
Term
Loan
D
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31
%
,
07/27/28
..................
11,251‌
11,279,274‌
Core
&
Main
LP,
1st
Lien
Term
Loan
E
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
6.31
%
,
02/10/31
..................
6,735‌
6,759,834‌
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan
,
01/29/31
(h)
..............
17,119‌
16,805,564‌
Gulfside
Supply,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
7.33
%
,
06/17/31
............
3,516‌
3,530,757‌
GYP
Holdings
III
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.56
%
,
05/13/30
............
1,965‌
1,967,123‌
TMK
Hawk
Parent
Corp.,
1st
Lien
Term
Loan
,
(US
Prime
Rate
+
11.00%),
18.50
%
,
12/15/31
.................
231‌
124,957‌
TMK
Hawk
Parent
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.25%),
9.57
%
,
06/30/29
............
7,223‌
3,900,166‌
53,755,355‌
Transportation
Infrastructure
1.1%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
(h)
09/22/28
.......................
11,186‌
11,243,360‌
09/22/28
.......................
6,758‌
6,797,815‌
Brown
Group
Holding
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.81
%
,
07/01/31
............
15,340‌
15,381,374‌
Brown
Group
Holding
LLC,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%;
3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%
at
0.50%
Floor
+
0.03%),
6.79
%
-
6.81
%
,
07/01/31
............
9,874‌
9,899,579‌
OLA
Netherlands
BV,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
10.66
%
,
12/15/26
(d)
...........
5,049‌
5,023,780‌
Rand
Parent
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
8.08
%
,
03/18/30
..................
2,108‌
2,111,001‌
50,456,909‌
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
0.3%
(a)
Gogo
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.18
%
,
05/01/28
.......
USD
4,096‌
$
3,855,042‌
SBA
Senior
Finance
II
LLC,
1st
Lien
Term
Loan
B
,
01/27/31
(h)
....................
9,310‌
9,317,511‌
13,172,553‌
Total
Floating
Rate
Loan
Interests
86
.1
%
(Cost:
$
3,895,679,735
)
............................
3,877,584,977‌
Shares
Shares
Investment
Companies
Invesco
Senior
Loan
ETF
(i)
.............
4,666,257
98,224,710‌
iShares
0-5
Year
High
Yield
Corporate
Bond
ETF
(j)
..........................
51,012
2,202,188‌
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
(i)
(j)
.........................
196,241
7,317,827‌
SPDR
Blackstone
Senior
Loan
ETF
.......
1,591,353
66,773,172‌
Total
Investment
Companies
3
.9
%
(Cost:
$
174,905,864
)
..............................
174,517,897‌
Beneficial
Interest
(000)
Other
Interests
(k)
Capital
Markets
0.0%
Millennium
Corp.
Claim
(d)
...............
15,011‌
—‌
Total
Other
Interests
0.0
%
(Cost:
$
)
.....................................
—‌
Shares
Shares
Preferred
Securities
Preferred
Stocks
0.0%
IT
Services
0.0%
(c)
Veritas
Newco
......................
14,627
329,108‌
Veritas
Newco,
Series
G-1
..............
10,105
227,362‌
556,470‌
Machinery
0.0%
Sirva-Bgrs
Holdings,
Inc.
,
15.25
%
(c)
........
1,870
373,986‌
Total
Preferred
Securities
0.0
%
(Cost:
$
1,789,736
)
...............................
930,456‌
Warrants
Diversified
Consumer
Services
0.0
%
Service
King
Midas
International
(
Issued/
Exercisable
07/14/22
,
1
Share
for
1
Warrant,
Expires
04/26/27
,
Strike
Price
USD
10.00
)
(c)
(d)
.......................
16,956
—‌
Total
Warrants
0.0
%
(Cost:
$
)
.....................................
—‌
Total
Long-Term
Investments
92.7%
(Cost:
$
4,195,446,550
)
............................
4,179,130,595‌
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
13.1%
(j)(l)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.54
%
(m)
..................
17,281,677
$
17,290,318‌
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
4.26
%
....................
572,229,180
572,229,180‌
Total
Short-Term
Securities
13
.1
%
(Cost:
$
589,517,941
)
..............................
589,519,498‌
Total
Investments
105
.8
%
(Cost:
$
4,784,964,491
)
............................
4,768,650,093‌
Liabilities
in
Excess
of
Other
Assets
(
5.8
)
%
.............
(
263,122,735‌
)
Net
Assets
100.0%
...............................
$
4,505,527,358‌
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
16
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
Non-income
producing
security.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$6,734,223,
representing
0.15%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$2,475,786.
(f)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(g)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(h)
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.
(i)
All
or
a
portion
of
this
security
is
on
loan.
(j)
Affiliate
of
the
Fund.
(k)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(l)
Annualized
7-day
yield
as
of
period
end.
(m)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/25
Shares
Held
at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
9,972,987
$
7,311,410
(a)
$
$
5,133
$
788
$
17,290,318
17,281,677
$
48,467
(b)
$
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
556,120,299
16,108,881
(a)
572,229,180
572,229,180
10,181,473
iShares
0-5
Year
High
Yield
Corporate
Bond
ETF
....
2,179,743
22,445
2,202,188
51,012
77,041
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
....
1,152,793
6,121,186
43,848
7,317,827
196,241
112,104
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(c)
...
6,549,922
(
6,474,577
)
387,025
(
462,370
)
34,109
$
392,158
$
(
395,289
)
$
599,039,513
$
10,453,194
$
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
17
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
108,882
EUR
103,207
Standard
Chartered
Bank
03/19/25
$
1,607
USD
755,522
EUR
716,147
Toronto
Dominion
Bank
03/19/25
11,144
USD
1,319,385
EUR
1,251,646
UBS
AG
03/19/25
18,397
$
31,148
Centrally
Cleared
Credit
Defa
ul
t
Swaps
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
43.V1
...........
5
.00
%
Quarterly
12/20/29
B+
USD
80,000
$
6,988,715
$
6,570,179
$
418,536
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
Barclays
Bank
plc
03/20/25
USD
65,000
$
1,977,323
$
(
214,104
)
$
2,191,427
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
Barclays
Bank
plc
06/20/25
USD
24,750
27,717
(
207,161
)
234,878
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
06/20/25
USD
25,000
791,115
(
157,137
)
948,252
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
06/20/25
USD
25,000
68,252
(
205,694
)
273,946
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
Barclays
Bank
plc
09/20/25
USD
20,000
(
118,206
)
(
85,945
)
(
32,261
)
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
09/20/25
USD
65,000
159,414
(
594,649
)
754,063
$
2,905,615
$
(
1,464,690
)
$
4,370,305
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
18
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
4
.32
%
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
..........................................................
$
6,570,179
$
$
418,536
$
OTC
Swaps
...................................................................
(
1,464,690
)
4,402,566
(
32,261
)
(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
Statement
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
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
......................
$
$
$
$
31,148
$
$
$
31,148
Swaps
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
418,536
418,536
Swaps
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
4,402,566
4,402,566
$
$
418,536
$
$
31,148
$
4,402,566
$
$
4,852,250
Liabilities
Derivative
Financial
Instruments
Swaps
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
$
$
$
$
$
1,496,951
$
$
1,496,951
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
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
period
ended
January
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Forward
foreign
currency
exchange
contracts
....
$
$
$
$
368
$
$
$
368
Swaps
..............................
6,775,679
4,555,110
11,330,789
$
$
6,775,679
$
$
368
$
4,555,110
$
$
11,331,157
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Forward
foreign
currency
exchange
contracts
....
$
$
$
$
93,485
$
$
$
93,485
Swaps
..............................
(
5,625,378
)
786,767
(
4,838,611
)
$
$
(5,625,378)
$
$
93,485
$
786,767
$
$
(4,745,126)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
19
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
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
in
USD
....................................................................................
$
3,416,321
Credit
default
swaps
Average
notional
value
sell
protection
...................................................................................
72,500,000
Total
return
swaps
Average
notional
value
...............................................................................................
209,875,000
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
Forward
f
oreign
currency
exchange
contracts
.................................................................
$
31,148
$
Swaps
centrally
cleared
..............................................................................
36,039
Swaps
OTC
(a)
.....................................................................................
4,402,566
1,496,951
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
4,469,753
$
1,496,951
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
36,039
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
4,433,714
$
1,496,951
(a)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
paid/(received)
in
the
Statement
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)(d)
Barclays
Bank
plc
................................
$
2,426,305
$
(
539,471
)
$
$
(
1,886,834
)
$
JPMorgan
Chase
Bank
NA
..........................
948,252
(
157,137
)
(
710,000
)
81,115
Morgan
Stanley
&
Co.
International
plc
..................
1,028,009
(
800,343
)
227,666
Standard
Chartered
Bank
...........................
1,607
1,607
Toronto
Dominion
Bank
............................
11,144
11,144
UBS
AG
......................................
18,397
18,397
$
4,433,714
$
(
1,496,951
)
$
$
(
2,596,834
)
$
339,929
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
Barclays
Bank
plc
................................
$
539,471
$
(
539,471
)
$
$
$
JPMorgan
Chase
Bank
NA
..........................
157,137
(
157,137
)
Morgan
Stanley
&
Co.
International
plc
..................
800,343
(
800,343
)
$
1,496,951
$
(
1,496,951
)
$
$
$
(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/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
20
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
$
11,793,077
$
$
11,793,077
Common
Stocks
Broadline
Retail
........................................
Construction
&
Engineering
................................
41,145
41,145
Ground
Transportation
...................................
20,342
20,342
Health
Care
Providers
&
Services
............................
2,762,691
2,762,691
Hotels,
Restaurants
&
Leisure
..............................
1
1
Household
Durables
.....................................
248,311
248,311
IT
Services
...........................................
5,271,519
5,271,519
Machinery
............................................
Media
...............................................
3,971,532
3,971,532
Trading
Companies
&
Distributors
............................
848,547
848,547
Transportation
Infrastructure
...............................
1,104,701
1,104,701
Corporate
Bonds
Aerospace
&
Defense
....................................
Chemicals
............................................
10,133,169
10,133,169
Commercial
Services
&
Supplies
.............................
9,458,490
9,458,490
Construction
&
Engineering
................................
2,147,422
2,147,422
Diversified
Consumer
Services
..............................
3,580,407
3,580,407
Diversified
Telecommunication
Services
........................
3,009,629
3,009,629
Electric
Utilities
........................................
1
1
Food
Products
.........................................
3,664,945
3,664,945
Hotels,
Restaurants
&
Leisure
..............................
6,840,605
6,840,605
Household
Durables
.....................................
1,908,131
1,908,131
Machinery
............................................
1,661,849
1,661,849
Media
...............................................
2,337,930
2,337,930
Software
.............................................
19,930,494
19,930,494
Specialty
Retail
........................................
4,278,106
4,278,106
Wireless
Telecommunication
Services
.........................
584,194
584,194
Fixed
Rate
Loan
Interests
Health
Care
Technology
..................................
11,816,377
11,816,377
Media
...............................................
6,127,650
6,127,650
Software
.............................................
12,556,000
12,556,000
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
143,663,805
143,663,805
Automobile
Components
..................................
65,564,383
697,127
66,261,510
Automobiles
..........................................
9,614,727
9,614,727
Beverages
...........................................
17,197,212
17,197,212
Biotechnology
.........................................
12,214,413
12,214,413
Broadline
Retail
........................................
29,495,682
29,495,682
Building
Products
.......................................
52,982,002
52,982,002
Capital
Markets
........................................
80,181,091
5,931,897
86,112,988
Chemicals
............................................
144,891,443
10,277,924
155,169,367
Commercial
Services
&
Supplies
.............................
199,456,348
4,415,082
203,871,430
Communications
Equipment
................................
14,915,167
14,915,167
Construction
&
Engineering
................................
45,086,740
45,086,740
Construction
Materials
....................................
62,483,518
3,412,247
65,895,765
Consumer
Staples
Distribution
&
Retail
........................
12,097,064
12,097,064
Containers
&
Packaging
..................................
42,430,498
42,430,498
Distributors
...........................................
8,335,535
8,335,535
Diversified
Consumer
Services
..............................
57,698,467
57,698,467
Diversified
Telecommunication
Services
........................
102,094,848
102,094,848
Electric
Utilities
........................................
20,711,837
20,711,837
Electrical
Equipment
.....................................
13,741,558
13,741,558
Electronic
Equipment,
Instruments
&
Components
.................
13,556,367
3,187,980
16,744,347
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
21
Level
1
Level
2
Level
3
Total
Entertainment
.........................................
$
$
163,884,258
$
$
163,884,258
Financial
Services
......................................
155,224,735
155,224,735
Food
Products
.........................................
49,939,776
49,939,776
Gas
Utilities
...........................................
4,395,150
4,395,150
Ground
Transportation
...................................
40,363,499
1,845,385
42,208,884
Health
Care
Equipment
&
Supplies
...........................
23,594,184
23,594,184
Health
Care
Providers
&
Services
............................
130,087,180
4,262,143
134,349,323
Health
Care
Technology
..................................
92,535,044
92,535,044
Hotel
&
Resort
REITs
....................................
2,301,324
2,301,324
Hotels,
Restaurants
&
Leisure
..............................
265,976,728
265,976,728
Household
Durables
.....................................
55,648,944
55,648,944
Household
Products
.....................................
1,462,331
1,462,331
Independent
Power
and
Renewable
Electricity
Producers
............
25,829,901
25,829,901
Industrial
Conglomerates
..................................
26,733,191
26,733,191
Insurance
............................................
245,326,453
245,326,453
Interactive
Media
&
Services
...............................
13,331,093
13,331,093
IT
Services
...........................................
157,451,648
9,887,467
167,339,115
Leisure
Products
.......................................
6,767,788
6,767,788
Life
Sciences
Tools
&
Services
..............................
26,337,589
26,337,589
Machinery
............................................
179,717,137
2,350,124
182,067,261
Media
...............................................
109,660,993
2,480,228
112,141,221
Oil,
Gas
&
Consumable
Fuels
...............................
33,299,211
33,299,211
Passenger
Airlines
......................................
52,750,669
52,750,669
Pharmaceuticals
.......................................
51,331,332
51,331,332
Professional
Services
....................................
151,588,163
13,389,892
164,978,055
Real
Estate
Management
&
Development
.......................
3,484,614
1,678,170
5,162,784
Semiconductors
&
Semiconductor
Equipment
....................
15,668,694
15,668,694
Software
.............................................
392,420,699
33,101,122
425,521,821
Specialty
Retail
........................................
36,658,758
36,658,758
Textiles,
Apparel
&
Luxury
Goods
............................
1,099,581
1,099,581
Trading
Companies
&
Distributors
............................
53,755,355
53,755,355
Transportation
Infrastructure
...............................
45,433,129
5,023,780
50,456,909
Wireless
Telecommunication
Services
.........................
13,172,553
13,172,553
Investment
Companies
....................................
174,517,897
174,517,897
Other
Interests
..........................................
Preferred
Securities
.......................................
930,456
930,456
Warrants
..............................................
Short-Term
Securities
Money
Market
Funds
......................................
589,519,498
589,519,498
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
30,037
12,584
42,621
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
(
22
)
(
22
)
$
764,078,540
$
3,869,773,337
$
134,840,815
$
4,768,692,692
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
$
418,536
$
$
418,536
Foreign
currency
exchange
contracts
............................
31,148
31,148
Interest
rate
contracts
.......................................
4,402,566
4,402,566
Liabilities
Interest
rate
contracts
.......................................
(
32,261
)
(
32,261
)
$
$
4,819,989
$
$
4,819,989
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Derivative
financial
instruments
are
swaps
and
forward
foreign
currency
exchange
contracts.
Swaps
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2025
BlackRock
Floating
Rate
Income
Portfolio
22
See
notes
to
financial
statements.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Common
Stocks
Corporate
Bonds
Fixed
Rate
Loan
Interests
Floating
Rate
Loan
Interests
Unfunded
Floating
Rate
Loan
Interests
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
July
31,
2024
................................................
$
9,350,936
$
$
$
163,793,922
$
$
173,144,858
Transfers
into
Level
3
..........................................................
54
54
Transfers
out
of
Level
3
.........................................................
(
11,370,503
)
(
11,370,503
)
Accrued
discounts/premiums
......................................................
12,820
7,579
78,448
98,847
Net
realized
gain
(loss)
.........................................................
(
129,081
)
14,069
(
115,012
)
Net
change
in
unrealized
appreciation
(depreciation)
(a)
(b)
....................................
1,342,736
(
12,820
)
53,267
1,121,005
12,584
2,516,772
Purchases
..................................................................
1,104,701
1,908,132
18,622,804
108,459,068
130,094,705
Sales
.....................................................................
(
473,046
)
(
159,055,860
)
(
159,528,906
)
Closing
balance,
as
of
January
31,
2025
..............................................
$
11,196,300
$
1,908,132
$
18,683,650
$
103,040,149
$
12,584
$
134,840,815
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
January
31,
2025
(b)
........
$
1,342,790
$
(
12,820
)
$
53,267
$
(
2,076,019
)
$
$
(
692,782
)
(a)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statement
of
Operations.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
January
31,
2025
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Statement
of
Assets
and
Liabilities
(unaudited)

January
31,
2025
23
Statement
of
Assets
and
Liabilities
BlackRock
Floating
Rate
Income
Portfolio
ASSETS
Investments,
at
value
unaffiliated
(a)
(b)
.......................................................................................
$
4,169,610,580‌
Investments,
at
value
affiliated
(c)
..........................................................................................
599,039,513‌
Cash
.............................................................................................................
17,888,966‌
Cash
pledged:
–‌
Collateral
OTC
derivatives
............................................................................................
50,000‌
Centrally
cleared
swaps
................................................................................................
6,275,000‌
Foreign
currency,
at
value
(d)
...............................................................................................
41,824‌
Receivables:
–‌
Investments
sold
....................................................................................................
59,322,571‌
Securities
lending
income
affiliated
......................................................................................
6,757‌
Capital
shares
sold
...................................................................................................
9,200,469‌
Dividends
affiliated
.................................................................................................
1,900,342‌
Interest
unaffiliated
.................................................................................................
14,194,683‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
36,039‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
31,148‌
OTC
swaps
........................................................................................................
4,402,566‌
Unfunded
floating
rate
loan
interests
.......................................................................................
42,621‌
Prepaid
e
xpenses
.....................................................................................................
193,071‌
Total
a
ssets
.........................................................................................................
4,882,236,150‌
LIABILITIES
Cash
received:
–‌
Collateral
OTC
derivatives
............................................................................................
2,690,000‌
Collateral
on
securities
loaned
.............................................................................................
17,380,714‌
Payables:
–‌
Investments
purchased
................................................................................................
330,589,584‌
Swaps  
..........................................................................................................
840‌
Administration
fees
...................................................................................................
215,155‌
Capital
shares
redeemed
...............................................................................................
17,036,518‌
Income
dividend
distributions
............................................................................................
3,505,969‌
Interest
expense
....................................................................................................
168,121‌
Investment
advisory
fees
..............................................................................................
1,819,583‌
Trustees'
and
Officer's
fees
.............................................................................................
83,821‌
Other
affiliate
fees
...................................................................................................
10,956‌
Professional
fees
....................................................................................................
53,515‌
Service
and
distribution
fees
.............................................................................................
103,323‌
Other
accrued
expenses
...............................................................................................
1,553,720‌
Swap
premiums
received
................................................................................................
1,464,690‌
Unrealized
depreciation
on:
–‌
OTC
swaps
........................................................................................................
32,261‌
Unfunded
floating
rate
loan
interests
.......................................................................................
22‌
Total
li
abilities
........................................................................................................
376,708,792‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
4,505,527,358‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
4,939,990,544‌
Accumulated
loss
.....................................................................................................
(
434,463,186‌
)
NET
ASSETS
........................................................................................................
$
4,505,527,358‌
(a)
  Investments,
at
cost
unaffiliated
.................................................................................
$
4,186,109,122‌
(b)
  Securities
loaned,
at
value
......................................................................................
$
16,882,947‌
(c)
  Investments,
at
cost
affiliated
...................................................................................
$
598,855,369‌
(d)
  Foreign
currency,
at
cost
.......................................................................................
$
41,841‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2025
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
24
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................................
$
2,661,043,590‌
Shares
outstanding
...................................................................................................
274,525,179‌
Net
asset
value
.....................................................................................................
$
9.69‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Investor
A
Net
assets
.........................................................................................................
$
335,802,627‌
Shares
outstanding
...................................................................................................
34,652,605‌
Net
asset
value
.....................................................................................................
$
9.69‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Investor
C
Net
assets
.........................................................................................................
$
31,951,457‌
Shares
outstanding
...................................................................................................
3,296,981‌
Net
asset
value
.....................................................................................................
$
9.69‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Class
K
Net
assets
.........................................................................................................
$
1,476,729,684‌
Shares
outstanding
...................................................................................................
152,435,340‌
Net
asset
value
.....................................................................................................
$
9.69‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
January
31,
2025
25
Statement
of
Operations
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
INVESTMENT
INCOME
Dividends
unaffiliated
...............................................................................................
$
4,156,983‌
Dividends
affiliated
.................................................................................................
10,404,727‌
Interest
unaffiliated
.................................................................................................
162,828,647‌
Securities
lending
income
affiliated
net
.................................................................................
48,467‌
Total
investment
income
.................................................................................................
177,438,824‌
EXPENSES
Investment
advisory
..................................................................................................
10,550,699‌
Transfer
agent
class
specific
..........................................................................................
1,390,539‌
Administration
.....................................................................................................
792,802‌
Service
and
distribution
class
specific
....................................................................................
581,447‌
Administration
class
specific
..........................................................................................
429,711‌
Accounting
services
..................................................................................................
291,547‌
Professional
.......................................................................................................
127,790‌
Registration
.......................................................................................................
51,633‌
Trustees
and
Officer
..................................................................................................
29,507‌
Printing
and
postage
.................................................................................................
27,085‌
Custodian
.........................................................................................................
16,864‌
Miscellaneous
......................................................................................................
31,218‌
Total
expenses
excluding
interest
expense
.....................................................................................
14,320,842‌
Interest
expense
....................................................................................................
508,793‌
Total
expenses
.......................................................................................................
14,829,635‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(
177,225‌
)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
14,652,410‌
Net
investment
income
..................................................................................................
162,786,414‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
4,624,115‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
unaffiliated
...........................................................................................
(
27,775,759‌
)
Investments
affiliated
.............................................................................................
392,158‌
Forward
foreign
currency
exchange
contracts
...............................................................................
368‌
Foreign
currency
transactions
.........................................................................................
14,616‌
Swaps
.........................................................................................................
11,330,789‌
A
(16,037,828‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
...........................................................................................
25,876,714‌
Investments
affiliated
.............................................................................................
(
395,289‌
)
Forward
foreign
currency
exchange
contracts
...............................................................................
93,485‌
Foreign
currency
translations
..........................................................................................
(
116,956‌
)
Swaps
.........................................................................................................
(
4,838,611‌
)
Unfunded
floating
rate
loan
interests
.....................................................................................
42,599‌
A
20,661,942‌
Net
realized
and
unrealized
gain
...........................................................................................
4,624,114‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
167,410,528‌
Statements
of
Changes
in
Net
Assets

2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
26
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
Six
Months
Ended
01/31/25
(unaudited)
Year
Ended
07/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
162,786,414
$
349,175,522
Net
realized
loss
..................................................................................
(
16,037,828
)
(
32,541,507
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
20,661,942
55,735,462
Net
increase
in
net
assets
resulting
from
operations
.............................................................
167,410,528
372,369,477
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(
100,026,876
)
(
230,174,538
)
Investor
A
......................................................................................
(
12,419,891
)
(
28,485,101
)
Investor
C
......................................................................................
(
1,059,051
)
(
2,457,488
)
Class
K
.......................................................................................
(
49,998,966
)
(
93,137,636
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(163,504,784
)
(354,254,763
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
86,197,266
200,404,747
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
90,103,010
218,519,461
Beginning
of
period
..................................................................................
4,415,424,348
4,196,904,887
End
of
period
......................................................................................
$
4,505,527,358
$
4,415,424,348
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
27
Financial
Highlights
BlackRock
Floating
Rate
Income
Portfolio
Institutional
Six
Months
Ended
01/31/25
(unaudited)
Year
Ended
07/31/24
Period
from
09/01/22
to
07/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Net
asset
value,
beginning
of
period
.
$
9.68
$
9.63
$
9.53
$
9.93
$
9.61
$
9.95
$
10.15
Net
investment
income
(a)
.........
0
.37
0
.83
0
.67
0
.38
0
.36
0
.43
0
.51
Net
realized
and
unrealized
gain
(loss)
0
.01
0
.06
0
.11
(
0
.41
)
0
.32
(
0
.35
)
(
0
.20
)
Net
increase
(decrease)
from
investment
operations
................
0.38
0.89
0.78
(0.03
)
0.68
0.08
0.31
Distributions
(b)
From
net
investment
income
......
(
0
.37
)
(
0
.84
)
(
0
.68
)
(
0
.37
)
(
0
.36
)
(
0
.42
)
(
0
.51
)
Return
of
capital
...............
(
0
.00
)
(c)
Total
distributions
...............
(0.37
)
(0.84
)
(0.68
)
(0.37
)
(0.36
)
(0.42
)
(0.51
)
Net
asset
value,
end
of
period
......
$
9.69
$
9.68
$
9.63
$
9.53
$
9.93
$
9.61
$
9.95
Total
Return
(d)
Based
on
net
asset
value
..........
4.01
%
(e)
9.59
%
8.57
%
(e)
(0.27
)%
7.14
%
0.87
%
3.13
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.................
0.69
%
(g)
0.69
%
0.68
%
(g)
0.67
%
0.70
%
0.68
%
0.67
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.68
%
(g)
0.68
%
0.67
%
(g)
0.66
%
0.69
%
0.67
%
0.66
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
....................
0.66
%
(g)
0.68
%
0.67
%
(g)
0.66
%
0.69
%
0.67
%
0.66
%
Net
investment
income
...........
7.59
%
(g)
8.54
%
7.69
%
(g)
3.89
%
3.64
%
4.49
%
5.08
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
2,661,044
$
2,774,795
$
2,726,042
$
3,099,810
$
2,282,592
$
1,434,116
$
2,204,716
Portfolio
turnover
rate
.............
20
%
41
%
(i)
25
%
41
%
47
%
80
%
52
%
(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)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
28
BlackRock
Floating
Rate
Income
Portfolio
Investor
A
Six
Months
Ended
01/31/25
(unaudited)
Year
Ended
07/31/24
Period
from
09/01/22
to
07/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Net
asset
value,
beginning
of
period
.
$
9.68
$
9.63
$
9.52
$
9.93
$
9.61
$
9.95
$
10.15
Net
investment
income
(a)
.........
0
.36
0
.80
0
.65
0
.35
0
.34
0
.41
0
.48
Net
realized
and
unrealized
gain
(loss)
0
.01
0
.06
0
.12
(
0
.41
)
0
.31
(
0
.36
)
(
0
.20
)
Net
increase
(decrease)
from
investment
operations
................
0.37
0.86
0.77
(0.06
)
0.65
0.05
0.28
Distributions
(b)
From
net
investment
income
......
(
0
.36
)
(
0
.81
)
(
0
.66
)
(
0
.35
)
(
0
.33
)
(
0
.39
)
(
0
.48
)
Return
of
capital
...............
(
0
.00
)
(c)
Total
distributions
...............
(0.36
)
(0.81
)
(0.66
)
(0.35
)
(0.33
)
(0.39
)
(0.48
)
Net
asset
value,
end
of
period
......
$
9.69
$
9.68
$
9.63
$
9.52
$
9.93
$
9.61
$
9.95
Total
Return
(d)
Based
on
net
asset
value
..........
3.88
%
(e)
9.32
%
8.45
%
(e)
(0.61
)%
6.89
%
0.60
%
2.84
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.................
0.94
%
(g)
0.94
%
0.92
%
(g)
0.91
%
0.94
%
0.95
%
0.95
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.93
%
(g)
0.92
%
0.91
%
(g)
0.90
%
0.94
%
0.94
%
0.95
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
....................
0.90
%
(g)
0.92
%
0.91
%
(g)
0.90
%
0.94
%
0.94
%
0.95
%
Net
investment
income
...........
7.34
%
(g)
8.31
%
7.45
%
(g)
3.62
%
3.43
%
4.20
%
4.79
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
335,803
$
339,424
$
339,621
$
386,590
$
319,889
$
292,670
$
370,351
Portfolio
turnover
rate
.............
20
%
41
%
(i)
25
%
41
%
47
%
80
%
52
%
(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)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
29
Financial
Highlights
BlackRock
Floating
Rate
Income
Portfolio
Investor
C
Six
Months
Ended
01/31/25
(unaudited)
Year
Ended
07/31/24
Period
from
09/01/22
to
07/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Net
asset
value,
beginning
of
period
$
9.68
$
9.63
$
9.53
$
9.93
$
9.61
$
9.95
$
10.15
Net
investment
income
(a)
........
0
.32
0
.73
0
.58
0
.28
0
.26
0
.33
0
.41
Net
realized
and
unrealized
gain
(loss)
0
.01
0
.06
0
.12
(
0
.40
)
0
.32
(
0
.35
)
(
0
.21
)
Net
increase
(decrease)
from
investment
operations
...............
0.33
0.79
0.70
(0.12
)
0.58
(0.02
)
0.20
Distributions
(b)
From
net
investment
income
.....
(
0
.32
)
(
0
.74
)
(
0
.60
)
(
0
.28
)
(
0
.26
)
(
0
.32
)
(
0
.40
)
Return
of
capital
..............
(
0
.00
)
(c)
Total
distributions
..............
(0.32
)
(0.74
)
(0.60
)
(0.28
)
(0.26
)
(0.32
)
(0.40
)
Net
asset
value,
end
of
period
.....
$
9.69
$
9.68
$
9.63
$
9.53
$
9.93
$
9.61
$
9.95
Total
Return
(d)
Based
on
net
asset
value
.........
3.49
%
(e)
8.50
%
7.57
%
(e)
(1.26
)%
6.06
%
(0.16
)%
2.09
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
................
1.68
%
(g)
1.70
%
1.69
%
(g)
1.67
%
1.72
%
1.72
%
1.69
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
1.68
%
(g)
1.69
%
1.68
%
(g)
1.66
%
1.71
%
1.71
%
1.69
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
...................
1.65
%
(g)
1.69
%
1.68
%
(g)
1.66
%
1.71
%
1.71
%
1.69
%
Net
investment
income
..........
6.58
%
(g)
7.54
%
6.68
%
(g)
2.86
%
2.67
%
3.47
%
4.06
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....
$
31,951
$
31,921
$
34,067
$
38,141
$
36,581
$
45,261
$
84,631
Portfolio
turnover
rate
............
20
%
41
%
(i)
25
%
41
%
47
%
80
%
52
%
(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)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
30
BlackRock
Floating
Rate
Income
Portfolio
Class
K
Six
Months
Ended
01/31/25
(unaudited)
Year
Ended
07/31/24
Period
from
09/01/22
to
07/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Net
asset
value,
beginning
of
period
.
$
9.68
$
9.63
$
9.52
$
9.92
$
9.61
$
9.95
$
10.15
Net
investment
income
(a)
.........
0
.37
0
.83
0
.67
0
.39
0
.36
0
.43
0
.51
Net
realized
and
unrealized
gain
(loss)
0
.02
0
.07
0
.13
(
0
.41
)
0
.32
(
0
.35
)
(
0
.20
)
Net
increase
(decrease)
from
investment
operations
................
0.39
0.90
0.80
(0.02
)
0.68
0.08
0.31
Distributions
(b)
From
net
investment
income
......
(
0
.38
)
(
0
.85
)
(
0
.69
)
(
0
.38
)
(
0
.37
)
(
0
.42
)
(
0
.51
)
Return
of
capital
...............
(
0
.00
)
(c)
Total
distributions
...............
(0.38
)
(0.85
)
(0.69
)
(0.38
)
(0.37
)
(0.42
)
(0.51
)
Net
asset
value,
end
of
period
......
$
9.69
$
9.68
$
9.63
$
9.52
$
9.92
$
9.61
$
9.95
Total
Return
(d)
Based
on
net
asset
value
..........
4.05
%
(e)
9.68
%
8.76
%
(e)
(0.18
)%
7.12
%
0.92
%
3.19
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.................
0.60
%
(g)
0.61
%
0.60
%
(g)
0.57
%
0.61
%
0.63
%
0.61
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.59
%
(g)
0.60
%
0.59
%
(g)
0.57
%
0.61
%
0.62
%
0.61
%
Total
expenses
after
fees
waived
and/
or
reimbursed
and
excluding
interest
expense
....................
0.57
%
(g)
0.60
%
0.59
%
(g)
0.57
%
0.61
%
0.62
%
0.61
%
Net
investment
income
...........
7.64
%
(g)
8.59
%
7.70
%
(g)
3.96
%
3.68
%
4.46
%
5.12
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
1,476,730
$
1,269,285
$
1,097,174
$
1,617,756
$
1,429,784
$
569,739
$
424,275
Portfolio
turnover
rate
.............
20
%
41
%
(i)
25
%
41
%
47
%
80
%
52
%
(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)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
31
Notes
to
Financial
Statements
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.
BlackRock
Floating
Rate
Income
Portfolio
(the
“Fund”)
is
a
series
of
the
Trust.
The
Fund
is
classified
as
diversified.
The 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
without
a
sales
charge
and
only
to
certain
eligible
investors.
Investor
A
and
Investor
C
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
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
Shares
distribution
and
service
plan).
(a)
 Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
 A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Fixed-Income
Complex.
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.
The
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.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
and
payment-in-kind
interest
are
recognized
daily
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.
Cash:
The
Fund
may
maintain
cash
at its
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Fund
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Fund is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statement
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions: 
Distributions
from
net
investment
income
are
declared daily
and
paid
monthly.
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
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.
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”), the 
trustees
who
are
not
“interested
persons”
of
the
Fund,
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
the
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the Trustees’
and
Officer’s
fees
payable
in
the
Statement
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Fund
until
such
amounts
are
distributed
in
accordance
with
the
Plan.
Net
appreciation
(depreciation)
in
the
value
of
participants’
deferral
accounts
is
allocated
among
the
participating
funds
in
the
BlackRock
Fixed-Income
Complex
and
reflected
as
Trustee
and
Officer
expense
on
the
Statement
of
Operations.
The
Trustee
and
Officer
expense
may
be
negative
as
a
result
of
a
decrease
in
value
of
the
deferred
accounts.
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Share
Class
Initial
Sales
Charge
Contingent
Deferred
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
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
32
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
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.  
Segment
Reporting:
The
Fund
adopted
Financial
Accounting
Standards
Board
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”)
during
the
period.
The
Fund's
adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund's
financial
position
or
results
of
operations.
The
Chief
Financial
Officer
acts
as
the
Fund's
Chief
Operating
Decision
Maker
(“CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
the
Fund.
The
CODM
has
concluded
that
the
Fund
operates
as
a
single
operating
segment
since
the
Fund
has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Fund's
financial
statements. 
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
trade
or
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
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
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),
market
data, 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.
Exchange-traded
funds
(“ETFs”)
and
closed-end
funds traded
on
a
recognized
securities
exchange
are
valued at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
ETFs
and
closed-end
funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
trade
or last
available
bid
(long
positions)
or
ask
(short
positions)
price. 
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
net
asset
value
(“NAV”).
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
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Interest
rate,
credit
default,
inflation
and
currency
swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
market
data
and discounted
cash
flows.
Total
return
swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent
pricing
services
or
through
brokers,
which
are
derived
using
models
that
incorporate
market
trades
and
fair
value
of
the
underlying
reference
instruments.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which occurs
after
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that 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
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee 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
Valuation
Committee
seeks
to
determine
the
price
that
the
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
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
Notes
to
Financial
Statements
(unaudited)
(continued)
33
Notes
to
Financial
Statements
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
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs:
(i)
recent
market
transactions,
including
secondary
market
transactions,
merger
or
acquisition
activity
and
subsequent
rounds
of
financing
in
the
underlying
investment
or
comparable
issuers
(ii)
recapitalizations
and
other
transactions
across
the
capital
structure
(iii)
market
or
relevant
indices
multiples
of
comparable
issuers
(iv)
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks
(v)
quoted
prices
for
similar
investments
or
assets
in
active
markets
(vi)
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
recovery
rates,
liquidation
amounts
and/
or default
rates
(vii) audited
or
unaudited
financial
statements,
investor
communications
and
Private
Company
financial
or
operational
metrics
(viii) relevant
market
news
and
other
public
sources.
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
a
market
approach to
determine 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.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involves
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. 
Private
Companies
are
not
subject
to
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Certain
information
made
available
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3 —
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for the
asset
or
liability
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
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
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
34
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. 
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
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
Secured
Overnight
Financing
Rate
(“SOFR”),
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. 
Notes
to
Financial
Statements
(unaudited)
(continued)
35
Notes
to
Financial
Statements
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.
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
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
the
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
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
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.
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
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
 Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
 Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“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
Fund,
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
the
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.
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
BlackRock
Floating
Rate
Income
Portfolio
Grant
Thornton
Advisors
LLC,
Delayed
Draw
1st
Lien
Term
Loan
.
$
119,467‌
$
119,513‌
$
119,802‌
$
289‌
BlackRock
Floating
Rate
Income
Portfolio
H-Food
Holdings
LLC,
1st
Lien
Term
Loan
................
209,764‌
204,542‌
204,520‌
(
22‌
)
BlackRock
Floating
Rate
Income
Portfolio
Kaman
Corp.,
1st
Lien
Term
Loan
B
....................
4,599,656‌
4,593,906‌
4,605,405‌
11,499‌
BlackRock
Floating
Rate
Income
Portfolio
Kaman
Corp.,
Delayed
Draw
1st
Lien
Term
Loan
............
433,930‌
433,387‌
434,472‌
1,085‌
BlackRock
Floating
Rate
Income
Portfolio
Raven
Acquisition
Holdings
LLC,
Delayed
Draw
1st
Lien
Term
Loan
260,741‌
259,437‌
261,557‌
2,120‌
BlackRock
Floating
Rate
Income
Portfolio
Signia
Aerospace
LLC,
Delayed
Draw
1st
Lien
Term
Loan
.....
182,932‌
182,475‌
183,389‌
914‌
BlackRock
Floating
Rate
Income
Portfolio
SWF
Holdings
I
Corp.,
Delayed
Draw
1st
Lien
Term
Loan
......
2,466,664‌
2,466,664‌
2,493,378‌
26,714‌
$
42,599‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
36
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
Fund
benefits
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.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
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
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
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
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter
(“OTC”).
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
Fund
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
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
amount(s)
reflected
in
the
 Statement
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
Statement
of
Assets
and
Liabilities. The
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Fund
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
Statement
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
Statement
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statement
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Fund’s
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
CCP
becomes
the Fund’s
counterparty
on
the
swap.
The
Fund
is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap,
the
Fund
is
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
Schedule
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities. Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
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
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Statement
of
Operations,
including
those
at
termination.
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
Fund
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
Fund
will
either
(i)
receive
from
the
seller
an
amount
equal
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
BofA
Securities,
Inc.
...............................
$
6,152,850‌
$
(
6,152,850‌
)
$
—‌
$
—‌
J.P.
Morgan
Securities
LLC
..........................
1,164,977‌
(
1,164,977‌
)
—‌
—‌
UBS
Securities
LLC
...............................
9,565,120‌
(
9,565,120‌
)
—‌
—‌
$
16,882,947‌
$
(
16,882,947‌
)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
37
Notes
to
Financial
Statements
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
Fund
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
security
or market
(e.g.,
fixed-income)
with
another
security
or
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
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Fund
receives
payment
from
or
makes
a
payment
to
the
counterparty.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statement
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
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between the
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, the
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.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
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(s)
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
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
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
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
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears 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
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
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 the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
The
Manager
entered
into a
sub-advisory
agreement
with
BlackRock
International
Limited
(“BIL”),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it provides
for
that
portion
of
the
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by the
Fund
to
the
Manager.
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
-
$10
billion
....................................................................................................
0.450
Greater
than
$10
billion
...................................................................................................
0.440
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
38
Service
and
Distribution
Fees:
 The
Trust
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution 
and
Service
Plan
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,
the
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
the
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Fund.
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
January
31,
2025,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Administration:
The
Trust,
on
behalf
of
the
Fund,
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
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statement
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statement
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
six
months
ended
January
31,
2025,
the
Fund
paid
the
following
to
the
Manager
in
return
for
these
services,
which
are
included
in
administration —
class
specific
in
the
Statement
of
Operations:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Fund
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 
January
31,
2025
,
the
Fund
paid
the
following
amounts
to
affiliates
of
BlackRock
in
return
for
these
services,
which
are
included
in
transfer
agent
class
specific
in
the
Statement
of
Operations:
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Fund.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the six
months
ended
January
31,
2025,
the
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
Statement
of
Operations:
For
the
six
months ended
January
31,
2025,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Other
Fees:
For
the
six
months
 ended 
January
31,
2025
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the Fund's
Investor
A
Shares for
a
total
of
$7,885
.
For
the six
months
ended
January
31,
2025,
affiliates
received
CDSCs
as
follows:
Expense
Limitations,
Waivers,
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2026.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent 
Trustees
,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
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
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0
.25‌
%
—‌
%
Investor
C
.................................................................................................
0
.25‌
0
.75‌
Share
Class
Service
and
Distribution
Fees
Class
Specific
Investor
A
........................................................................................................
$
421,375‌
Investor
C
........................................................................................................
160,072‌
$
581,447‌
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
Institutional
Investor
A
Investor
C
Class
K
Total
Administration
fees
-
class
specific
..........................................
$
262,486‌
$
33,710‌
$
3,201‌
$
130,314‌
$
429,711‌
Fund
Name
Institutional
BlackRock
Floating
Rate
Income
Portfolio
.........................................................................................
$
2,292‌
Institutional
Investor
A
Investor
C
Class
K
Total
Reimbursed
Amount
....................................................
$
4,106‌
$
3,396‌
$
1,141‌
$
864‌
$
9,507‌
Institutional
Investor
A
Investor
C
Class
K
Total
Transfer
agent
fees
-
class
specific
..........................................
$
1,201,485‌
$
150,004‌
$
13,790‌
$
25,260‌
$
1,390,539‌
Investor
A
$
3,383‌
Investor
C
3,147‌
Notes
to
Financial
Statements
(unaudited)
(continued)
39
Notes
to
Financial
Statements
the
affiliated
money
market
fund
waiver.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
ended
January
31,
2025
,
the
amount
waived
was
$
162,557
.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2026.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
ended
January
31,
2025,
the
Manager
waived
$14,668
in
investment
advisory
fees
pursuant
to
this
arrangement.
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
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2026,
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 the
Fund. For
the
six
months
ended
January
31,
2025,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
agreement.
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
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional,
managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
the
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
reinvested
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
the
money
market
fund
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund's
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund's
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
The
money
market
fund
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
the
money
market
fund
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
The
Fund
retains
a
portion
of
the
securities
lending
income
and
remits the
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.  
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
specified
thresholds,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
84%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Prior
to
January
1,
2025,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Fixed-Income
Complex
in
a
calendar
year
exceeded
a
specified
threshold,
the
Fund
would
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
of
securities
lending
income
(which
excluded
collateral
investment
fees
),
and
this
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees. 
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
affiliated
net
in
the
Statement
of
Operations.
For
the six
months
ended January
31,
2025,
the
Fund
paid
BIM $11,168
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
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
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow
and
lend 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 period
ended
January
31,
2025,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Institutional
Investor
A
Investor
C
Class
K
Expense
Limitations
................................................
0
.70‌
%
1
.05‌
%
1
.80‌
%
0
.65‌
%
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
40
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the 
Trust
 are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Fund’s
Chief
Compliance
Officer,
which
is
included
in
Trustees
 and
Officer
in
the
Statement
of
Operations. 
7.
PURCHASES
AND
SALES 
For
the six
months
ended
January
31,
2025,
purchases
and
sales
of
investments,
including
paydowns/payups
excluding
short-term
securities,
were $1,078,421,973
and
$808,106,014,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
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. 
The
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
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
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 Fund
as
of
January
31,
2025,
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
Fund’s
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect
which
may
impact
the
Fund's
NAV.
As
of
July
31,
2024, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains of
$402,835,453.
As
of
January
31,
2025, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.40
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Of
the
aggregate
$2.40
billion
commitment
amount,
$650
million
is
specifically
designated
to
the
Fund
and
another
participating
Fund.
The
remaining
$1.75
billion
commitment
is
available
to
all
Participating
Funds,
but
the
Fund can
borrow
up
to
an
additional
$350
million
in
the
aggregate
of
the
remaining
aggregate
commitment,
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)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(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
or
(c)
the
sum
of
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
0.80%
per
annum. The
agreement
expires
in
April
2025
unless
extended
or
renewed.
Prior
to
April
30,
2024,
the
aggregate
commitment
amount
was
$2.50
billion
and
the
fee
was
0.10%
per
annum. The
Fund
paid
an
upfront
commitment
fee
of
0.04%
on
new
commitments
of
$250
million,
in
addition
to
administration,
legal
and
arrangement
fees,
which
are
included
in
miscellaneous
expenses
in
the
Statement
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
January
31,
2025,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
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.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
mandatory
and
discretionary
liquidity
fees
under
certain
circumstances.  
Market Risk:
The
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
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Floating
Rate
Income
Portfolio
.................................
$
4,788,315,742‌
$
49,528,168‌
$
(
64,373,828‌
)
$
(
14,845,660‌
)
Notes
to
Financial
Statements
(unaudited)
(continued)
41
Notes
to
Financial
Statements
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. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
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. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
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
the
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 the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. The
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.
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
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
the
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 the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Fund
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,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
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
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
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.
With
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Fund
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, the
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 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
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features. 
The
Fund
invests
a
significant
portion
of
its
assets
in fixed-income securities and/or uses
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
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
during
a
period
of
historically
low
interest
rates.
Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
and
could
negatively
impact
the
Fund’s
performance.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
42
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management's
evaluation
of
the
impact
of
all
subsequent
events
on
the
Fund's
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
item
was
noted:
Effective
March
3,
2025,
the
Interfund
Lending
Program was
discontinued.
Year
Ended
01/31/25
Year
Ended
07/31/24
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Floating
Rate
Income
Portfolio
Institutional
Shares
sold
.............................................
51,762,510‌
$
501,421,730‌
106,812,491‌
$
1,033,910,137‌
Shares
issued
in
reinvestment
of
distributions
........................
9,164,774‌
88,756,710‌
20,934,718‌
202,509,100‌
Shares
redeemed
.........................................
(
72,999,010‌
)
(
706,356,654‌
)
(
124,151,037‌
)
(
1,199,514,900‌
)
(
12,071,726‌
)
$
(
116,178,214‌
)
3,596,172‌
$
36,904,337‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
4,991,755‌
$
48,333,516‌
8,176,319‌
$
79,039,102‌
Shares
issued
in
reinvestment
of
distributions
........................
1,090,608‌
10,558,338‌
2,504,273‌
24,217,245‌
Shares
redeemed
.........................................
(
6,498,145‌
)
(
62,922,090‌
)
(
10,880,518‌
)
(
105,135,639‌
)
(
415,782‌
)
$
(
4,030,236‌
)
(
199,926‌
)
$
(
1,879,292‌
)
Investor
C
Shares
sold
.............................................
657,183‌
$
6,365,281‌
1,020,787‌
$
9,863,391‌
Shares
issued
in
reinvestment
of
distributions
........................
99,992‌
968,032‌
233,236‌
2,255,543‌
Shares
redeemed
and
automatic
conversion
of
shares
..................
(
757,936‌
)
(
7,338,765‌
)
(
1,493,629‌
)
(
14,426,478‌
)
(
761‌
)
$
(
5,452‌
)
(
239,606‌
)
$
(
2,307,544‌
)
Class
K
Shares
sold
.............................................
48,274,325‌
$
467,425,793‌
83,086,873‌
$
805,217,735‌
Shares
issued
in
reinvestment
of
distributions
........................
4,790,621‌
46,372,728‌
8,286,345‌
80,091,418‌
Shares
redeemed
.........................................
(
31,794,139‌
)
(
307,387,353‌
)
(
74,167,256‌
)
(
717,621,907‌
)
21,270,807‌
$
206,411,168‌
17,205,962‌
$
167,687,246‌
8,782,538‌
$
86,197,266‌
20,362,602‌
$
200,404,747‌
Additional
Information
43
Additional
Information
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
Compensation
to
the
independent
directors/trustees
of
the
Company
is
paid
by
the
Company,
on
behalf
of
the
Fund.
General
Information 
Quarterly
performance,
shareholder
reports,
semi-annual
and
annual
financial
statements,
current
net
asset
value
and
other
information
regarding
the
Fund
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Fund
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
of
quarterly
statements,
annual
and
semi-annual
shareholder
reports
and
prospectuses
by
enrolling
in
the
electronic
delivery
program.
To
enroll
in
electronic
delivery:
Shareholders
Who
Hold
Accounts
with
Investment
Advisors,
Banks
or
Brokerages:
Please
contact
your
financial
advisor.
Please
note
that
not
all
investment
advisors,
banks
or
brokerages
may
offer
this
service.
Shareholders
Who
Hold
Accounts
Directly
with
BlackRock:
1.
Access
the
BlackRock
website
at
blackrock.com
2.
Select
"Access
Your
Account"
3.
Next,
select
"eDelivery"
in
the
"Related
Resources"
box
and
follow
the
sign-up
instructions.
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
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
visit
blackrock.com
for
more
information.
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
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
44
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Adviser
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Willkie
Farr
&
Gallagher
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
this
Report
45
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Portfolio
Abbreviation
CLO
Collateralized
Loan
Obligation
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
OTC
Over-the-counter
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
Want
to
know
more?
blackrock.com
|
800-441-7762
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
Fund
unless
preceded
or
accompanied
by
the
Fund’s
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.
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
 
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7
 
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable
 
Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 16 – 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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable
Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 19 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report.
              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
              (a)(3) Section 302 Certifications are attached
              <<section302>>
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
<<section906>>
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: March 24, 2025 
 
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: March 24, 2025 
 
By:     /s/ Trent Walker                                  
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds V 
 
Date: March 24, 2025