BlackRock Funds V 提交财务披露
BlackRock Funds V (0001738078) (Filer)
BlackRock Funds V旗下 BlackRock Floating Rate Income Portfolio 截至2026年7月31日的年度报告显示，基金净资产为22.70亿美元，各份额类别年度回报为2.64%至3.67%。
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: 07/31/2026
Date of reporting period: 07/31/2026
Item 1 – Reports to Stockholders
(a) The Reports to Shareholders are
attached herewith.
BlackRock Floating Rate Income Portfolio
Institutional Shares | BFRIX
Annual Shareholder Report — July 31, 2026
This annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2025 to July 31, 2026. 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 year?
(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 | $71 | 0.70% |
How did the Fund perform last year?
For the reporting period ended July 31, 2026, the Fund's Institutional Shares returned 3.67%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02% and Morningstar LSTA Leveraged Loan Index, returned 4.28%.
What contributed to performance?
With respect to credit tiers, BB and B rated securities were the leading contributors to the Fund’s absolute performance. At the sector level, the largest contributions came from property & casualty insurance and media & entertainment issues. The Fund used derivatives to manage its portfolio positioning, which was an additional contributor. Its cash position also added modestly to absolute returns. The Fund's cash position had no material impact on performance.
What detracted from performance?
Holdings in issues rated CCC and below detracted, as did positions in the aerospace & defense sector. The packaging and construction machinery sectors also had very small negative effects on results, as did the Fund’s modest allocation to common stocks.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2016 through July 31, 2026
Initial Investment of $10,000
Institutional Shares | Bloomberg U.S. Universal Index | Morningstar LSTA Leveraged Loan Index | |
|---|---|---|---|
Jul 16 | $10,000 | $10,000 | $10,000 |
Aug 16 | $10,057 | $10,011 | $10,075 |
Sep 16 | $10,123 | $10,013 | $10,162 |
Oct 16 | $10,171 | $9,947 | $10,246 |
Nov 16 | $10,206 | $9,723 | $10,273 |
Dec 16 | $10,322 | $9,752 | $10,392 |
Jan 17 | $10,368 | $9,786 | $10,450 |
Feb 17 | $10,409 | $9,862 | $10,503 |
Mar 17 | $10,415 | $9,859 | $10,511 |
Apr 17 | $10,460 | $9,940 | $10,557 |
May 17 | $10,495 | $10,017 | $10,595 |
Jun 17 | $10,488 | $10,009 | $10,591 |
Jul 17 | $10,576 | $10,059 | $10,664 |
Aug 17 | $10,561 | $10,145 | $10,659 |
Sep 17 | $10,605 | $10,110 | $10,701 |
Oct 17 | $10,663 | $10,122 | $10,765 |
Nov 17 | $10,658 | $10,106 | $10,777 |
Dec 17 | $10,697 | $10,151 | $10,820 |
Jan 18 | $10,800 | $10,053 | $10,924 |
Feb 18 | $10,793 | $9,958 | $10,946 |
Mar 18 | $10,812 | $10,008 | $10,977 |
Apr 18 | $10,853 | $9,941 | $11,022 |
May 18 | $10,864 | $9,996 | $11,041 |
Jun 18 | $10,861 | $9,981 | $11,053 |
Jul 18 | $10,936 | $10,002 | $11,135 |
Aug 18 | $10,979 | $10,051 | $11,180 |
Sep 18 | $11,043 | $10,008 | $11,256 |
Oct 18 | $11,032 | $9,924 | $11,253 |
Nov 18 | $10,934 | $9,969 | $11,151 |
Dec 18 | $10,645 | $10,125 | $10,868 |
Jan 19 | $10,915 | $10,265 | $11,144 |
Feb 19 | $11,093 | $10,276 | $11,322 |
Mar 19 | $11,064 | $10,461 | $11,302 |
Apr 19 | $11,245 | $10,476 | $11,489 |
May 19 | $11,193 | $10,637 | $11,464 |
Jun 19 | $11,240 | $10,787 | $11,492 |
Jul 19 | $11,334 | $10,819 | $11,584 |
Aug 19 | $11,323 | $11,064 | $11,552 |
Sep 19 | $11,390 | $11,016 | $11,606 |
Oct 19 | $11,354 | $11,052 | $11,554 |
Nov 19 | $11,429 | $11,049 | $11,621 |
Dec 19 | $11,586 | $11,066 | $11,807 |
Jan 20 | $11,617 | $11,264 | $11,873 |
Feb 20 | $11,426 | $11,433 | $11,716 |
Mar 20 | $10,238 | $11,210 | $10,267 |
Apr 20 | $10,677 | $11,434 | $10,729 |
May 20 | $11,021 | $11,541 | $11,136 |
Jun 20 | $11,080 | $11,637 | $11,263 |
Jul 20 | $11,293 | $11,842 | $11,483 |
Aug 20 | $11,422 | $11,774 | $11,655 |
Sep 20 | $11,491 | $11,752 | $11,729 |
Oct 20 | $11,482 | $11,710 | $11,752 |
Nov 20 | $11,746 | $11,863 | $12,014 |
Dec 20 | $11,889 | $11,904 | $12,176 |
Jan 21 | $11,985 | $11,829 | $12,321 |
Feb 21 | $12,040 | $11,677 | $12,393 |
Mar 21 | $12,040 | $11,541 | $12,393 |
Apr 21 | $12,098 | $11,638 | $12,456 |
May 21 | $12,158 | $11,682 | $12,529 |
Jun 21 | $12,205 | $11,767 | $12,575 |
Jul 21 | $12,178 | $11,886 | $12,573 |
Aug 21 | $12,238 | $11,878 | $12,633 |
Sep 21 | $12,297 | $11,776 | $12,714 |
Oct 21 | $12,331 | $11,767 | $12,748 |
Nov 21 | $12,288 | $11,781 | $12,728 |
Dec 21 | $12,372 | $11,773 | $12,809 |
Jan 22 | $12,392 | $11,515 | $12,856 |
Feb 22 | $12,324 | $11,358 | $12,790 |
Mar 22 | $12,337 | $11,053 | $12,796 |
Apr 22 | $12,300 | $10,641 | $12,824 |
May 22 | $12,026 | $10,699 | $12,496 |
Jun 22 | $11,728 | $10,486 | $12,225 |
Jul 22 | $12,046 | $10,749 | $12,486 |
Aug 22 | $12,192 | $10,470 | $12,674 |
Sep 22 | $11,931 | $10,019 | $12,385 |
Oct 22 | $12,102 | $9,909 | $12,509 |
Nov 22 | $12,265 | $10,278 | $12,658 |
Dec 22 | $12,316 | $10,243 | $12,710 |
Jan 23 | $12,630 | $10,561 | $13,049 |
Feb 23 | $12,670 | $10,301 | $13,125 |
Mar 23 | $12,707 | $10,543 | $13,121 |
Apr 23 | $12,835 | $10,608 | $13,259 |
May 23 | $12,812 | $10,498 | $13,234 |
Jun 23 | $13,101 | $10,481 | $13,534 |
Jul 23 | $13,251 | $10,492 | $13,708 |
Aug 23 | $13,376 | $10,429 | $13,868 |
Sep 23 | $13,459 | $10,180 | $14,002 |
Oct 23 | $13,434 | $10,027 | $13,999 |
Nov 23 | $13,632 | $10,478 | $14,170 |
Dec 23 | $13,864 | $10,876 | $14,404 |
Jan 24 | $13,938 | $10,850 | $14,501 |
Feb 24 | $14,067 | $10,719 | $14,633 |
Mar 24 | $14,199 | $10,825 | $14,757 |
Apr 24 | $14,269 | $10,572 | $14,846 |
May 24 | $14,383 | $10,747 | $14,986 |
Jun 24 | $14,421 | $10,845 | $15,038 |
Jul 24 | $14,521 | $11,091 | $15,140 |
Aug 24 | $14,622 | $11,255 | $15,236 |
Sep 24 | $14,705 | $11,409 | $15,345 |
Oct 24 | $14,832 | $11,150 | $15,477 |
Nov 24 | $14,938 | $11,267 | $15,605 |
Dec 24 | $15,001 | $11,097 | $15,693 |
Jan 25 | $15,103 | $11,164 | $15,802 |
Feb 25 | $15,104 | $11,395 | $15,819 |
Mar 25 | $15,036 | $11,392 | $15,769 |
Apr 25 | $15,044 | $11,433 | $15,761 |
May 25 | $15,293 | $11,375 | $16,005 |
Jun 25 | $15,396 | $11,552 | $16,134 |
Jul 25 | $15,519 | $11,535 | $16,275 |
Aug 25 | $15,561 | $11,674 | $16,348 |
Sep 25 | $15,649 | $11,798 | $16,420 |
Oct 25 | $15,702 | $11,875 | $16,456 |
Nov 25 | $15,749 | $11,947 | $16,515 |
Dec 25 | $15,846 | $11,939 | $16,620 |
Jan 26 | $15,778 | $11,957 | $16,569 |
Feb 26 | $15,651 | $12,139 | $16,440 |
Mar 26 | $15,748 | $11,921 | $16,528 |
Apr 26 | $15,912 | $11,958 | $16,741 |
May 26 | $15,995 | $12,000 | $16,825 |
Jun 26 | $15,956 | $12,031 | $16,838 |
Jul 26 | $16,089 | $11,884 | $16,972 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.67% | 5.73% | 4.87% |
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.02 | 0.00 | 1.74 |
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.28 | 6.18 | 5.43 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $2,269,858,640 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 473 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $14,374,112 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44% |
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.
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 July 31, 2026)
Portfolio composition
Credit quality allocation
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 93.2% |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.4 |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.5 |
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | - |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | - |
Credit RatingFootnote Reference(b) | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1% |
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.6 |
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 29.7 |
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 51.0 |
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.4 |
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.0Footnote Reference(c) |
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.2 |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | 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. |
Footnote(c) | Rounds to less than 0.1%. |
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
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.
©2026 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.
BlackRock Floating Rate Income Portfolio
Institutional Shares | BFRIX
Annual Shareholder Report — July 31, 2026
BFRIX-07/26-AR
BlackRock Floating Rate Income Portfolio
Investor A Shares | BFRAX
Annual Shareholder Report — July 31, 2026
This annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2025 to July 31, 2026. 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 year?
(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 | $97 | 0.95% |
How did the Fund perform last year?
For the reporting period ended July 31, 2026, the Fund's Investor A Shares returned 3.41%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02% and Morningstar LSTA Leveraged Loan Index, returned 4.28%.
What contributed to performance?
With respect to credit tiers, BB and B rated securities were the leading contributors to the Fund’s absolute performance. At the sector level, the largest contributions came from property & casualty insurance and media & entertainment issues. The Fund used derivatives to manage its portfolio positioning, which was an additional contributor. Its cash position also added modestly to absolute returns. The Fund's cash position had no material impact on performance.
What detracted from performance?
Holdings in issues rated CCC and below detracted, as did positions in the aerospace & defense sector. The packaging and construction machinery sectors also had very small negative effects on results, as did the Fund’s modest allocation to common stocks.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2016 through July 31, 2026
Initial Investment of $10,000
Investor A Shares | Bloomberg U.S. Universal Index | Morningstar LSTA Leveraged Loan Index | |
|---|---|---|---|
Jul 16 | $9,750 | $10,000 | $10,000 |
Aug 16 | $9,812 | $10,011 | $10,075 |
Sep 16 | $9,875 | $10,013 | $10,162 |
Oct 16 | $9,919 | $9,947 | $10,246 |
Nov 16 | $9,951 | $9,723 | $10,273 |
Dec 16 | $10,051 | $9,752 | $10,392 |
Jan 17 | $10,103 | $9,786 | $10,450 |
Feb 17 | $10,141 | $9,862 | $10,503 |
Mar 17 | $10,144 | $9,859 | $10,511 |
Apr 17 | $10,175 | $9,940 | $10,557 |
May 17 | $10,217 | $10,017 | $10,595 |
Jun 17 | $10,207 | $10,009 | $10,591 |
Jul 17 | $10,290 | $10,059 | $10,664 |
Aug 17 | $10,273 | $10,145 | $10,659 |
Sep 17 | $10,304 | $10,110 | $10,701 |
Oct 17 | $10,368 | $10,122 | $10,765 |
Nov 17 | $10,360 | $10,106 | $10,777 |
Dec 17 | $10,395 | $10,151 | $10,820 |
Jan 18 | $10,482 | $10,053 | $10,924 |
Feb 18 | $10,484 | $9,958 | $10,946 |
Mar 18 | $10,499 | $10,008 | $10,977 |
Apr 18 | $10,536 | $9,941 | $11,022 |
May 18 | $10,544 | $9,996 | $11,041 |
Jun 18 | $10,539 | $9,981 | $11,053 |
Jul 18 | $10,609 | $10,002 | $11,135 |
Aug 18 | $10,648 | $10,051 | $11,180 |
Sep 18 | $10,707 | $10,008 | $11,256 |
Oct 18 | $10,693 | $9,924 | $11,253 |
Nov 18 | $10,597 | $9,969 | $11,151 |
Dec 18 | $10,313 | $10,125 | $10,868 |
Jan 19 | $10,573 | $10,265 | $11,144 |
Feb 19 | $10,742 | $10,276 | $11,322 |
Mar 19 | $10,712 | $10,461 | $11,302 |
Apr 19 | $10,874 | $10,476 | $11,489 |
May 19 | $10,832 | $10,637 | $11,464 |
Jun 19 | $10,864 | $10,787 | $11,492 |
Jul 19 | $10,963 | $10,819 | $11,584 |
Aug 19 | $10,950 | $11,064 | $11,552 |
Sep 19 | $11,012 | $11,016 | $11,606 |
Oct 19 | $10,975 | $11,052 | $11,554 |
Nov 19 | $11,045 | $11,049 | $11,621 |
Dec 19 | $11,194 | $11,066 | $11,807 |
Jan 20 | $11,222 | $11,264 | $11,873 |
Feb 20 | $11,034 | $11,433 | $11,716 |
Mar 20 | $9,885 | $11,210 | $10,267 |
Apr 20 | $10,306 | $11,434 | $10,729 |
May 20 | $10,625 | $11,541 | $11,136 |
Jun 20 | $10,690 | $11,637 | $11,263 |
Jul 20 | $10,894 | $11,842 | $11,483 |
Aug 20 | $11,016 | $11,774 | $11,655 |
Sep 20 | $11,069 | $11,752 | $11,729 |
Oct 20 | $11,069 | $11,710 | $11,752 |
Nov 20 | $11,321 | $11,863 | $12,014 |
Dec 20 | $11,457 | $11,904 | $12,176 |
Jan 21 | $11,535 | $11,829 | $12,321 |
Feb 21 | $11,598 | $11,677 | $12,393 |
Mar 21 | $11,595 | $11,541 | $12,393 |
Apr 21 | $11,637 | $11,638 | $12,456 |
May 21 | $11,705 | $11,682 | $12,529 |
Jun 21 | $11,736 | $11,767 | $12,575 |
Jul 21 | $11,720 | $11,886 | $12,573 |
Aug 21 | $11,763 | $11,878 | $12,633 |
Sep 21 | $11,830 | $11,776 | $12,714 |
Oct 21 | $11,848 | $11,767 | $12,748 |
Nov 21 | $11,817 | $11,781 | $12,728 |
Dec 21 | $11,895 | $11,773 | $12,809 |
Jan 22 | $11,911 | $11,515 | $12,856 |
Feb 22 | $11,844 | $11,358 | $12,790 |
Mar 22 | $11,854 | $11,053 | $12,796 |
Apr 22 | $11,816 | $10,641 | $12,824 |
May 22 | $11,551 | $10,699 | $12,496 |
Jun 22 | $11,250 | $10,486 | $12,225 |
Jul 22 | $11,565 | $10,749 | $12,486 |
Aug 22 | $11,703 | $10,470 | $12,674 |
Sep 22 | $11,450 | $10,019 | $12,385 |
Oct 22 | $11,599 | $9,909 | $12,509 |
Nov 22 | $11,765 | $10,278 | $12,658 |
Dec 22 | $11,812 | $10,243 | $12,710 |
Jan 23 | $12,112 | $10,561 | $13,049 |
Feb 23 | $12,148 | $10,301 | $13,125 |
Mar 23 | $12,181 | $10,543 | $13,121 |
Apr 23 | $12,301 | $10,608 | $13,259 |
May 23 | $12,263 | $10,498 | $13,234 |
Jun 23 | $12,550 | $10,481 | $13,534 |
Jul 23 | $12,692 | $10,492 | $13,708 |
Aug 23 | $12,809 | $10,429 | $13,868 |
Sep 23 | $12,872 | $10,180 | $14,002 |
Oct 23 | $12,859 | $10,027 | $13,999 |
Nov 23 | $13,033 | $10,478 | $14,170 |
Dec 23 | $13,253 | $10,876 | $14,404 |
Jan 24 | $13,334 | $10,850 | $14,501 |
Feb 24 | $13,454 | $10,719 | $14,633 |
Mar 24 | $13,578 | $10,825 | $14,757 |
Apr 24 | $13,643 | $10,572 | $14,846 |
May 24 | $13,748 | $10,747 | $14,986 |
Jun 24 | $13,782 | $10,845 | $15,038 |
Jul 24 | $13,875 | $11,091 | $15,140 |
Aug 24 | $13,955 | $11,255 | $15,236 |
Sep 24 | $14,046 | $11,409 | $15,345 |
Oct 24 | $14,149 | $11,150 | $15,477 |
Nov 24 | $14,263 | $11,267 | $15,605 |
Dec 24 | $14,319 | $11,097 | $15,693 |
Jan 25 | $14,413 | $11,164 | $15,802 |
Feb 25 | $14,412 | $11,395 | $15,819 |
Mar 25 | $14,328 | $11,392 | $15,769 |
Apr 25 | $14,348 | $11,433 | $15,761 |
May 25 | $14,567 | $11,375 | $16,005 |
Jun 25 | $14,677 | $11,552 | $16,134 |
Jul 25 | $14,791 | $11,535 | $16,275 |
Aug 25 | $14,828 | $11,674 | $16,348 |
Sep 25 | $14,908 | $11,798 | $16,420 |
Oct 25 | $14,955 | $11,875 | $16,456 |
Nov 25 | $14,996 | $11,947 | $16,515 |
Dec 25 | $15,086 | $11,939 | $16,620 |
Jan 26 | $15,019 | $11,957 | $16,569 |
Feb 26 | $14,895 | $12,139 | $16,440 |
Mar 26 | $14,984 | $11,921 | $16,528 |
Apr 26 | $15,137 | $11,958 | $16,741 |
May 26 | $15,214 | $12,000 | $16,825 |
Jun 26 | $15,173 | $12,031 | $16,838 |
Jul 26 | $15,296 | $11,884 | $16,972 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.41% | 5.47% | 4.61% |
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.83 | 4.94 | 4.34 |
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.02 | 0.00 | 1.74 |
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.28 | 6.18 | 5.43 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $2,269,858,640 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 473 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $14,374,112 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44% |
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.
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 July 31, 2026)
Portfolio composition
Credit quality allocation
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 93.2% |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.4 |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.5 |
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | - |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | - |
Credit RatingFootnote Reference(b) | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1% |
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.6 |
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 29.7 |
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 51.0 |
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.4 |
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.0Footnote Reference(c) |
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.2 |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | 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. |
Footnote(c) | Rounds to less than 0.1%. |
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
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.
©2026 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.
BlackRock Floating Rate Income Portfolio
Investor A Shares | BFRAX
Annual Shareholder Report — July 31, 2026
BFRAX-07/26-AR
BlackRock Floating Rate Income Portfolio
Investor C Shares | BFRCX
Annual Shareholder Report — July 31, 2026
This annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2025 to July 31, 2026. 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 year?
(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 | $173 | 1.71% |
How did the Fund perform last year?
For the reporting period ended July 31, 2026, the Fund's Investor C Shares returned 2.64%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02% and Morningstar LSTA Leveraged Loan Index, returned 4.28%.
What contributed to performance?
With respect to credit tiers, BB and B rated securities were the leading contributors to the Fund’s absolute performance. At the sector level, the largest contributions came from property & casualty insurance and media & entertainment issues. The Fund used derivatives to manage its portfolio positioning, which was an additional contributor. Its cash position also added modestly to absolute returns. The Fund's cash position had no material impact on performance.
What detracted from performance?
Holdings in issues rated CCC and below detracted, as did positions in the aerospace & defense sector. The packaging and construction machinery sectors also had very small negative effects on results, as did the Fund’s modest allocation to common stocks.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2016 through July 31, 2026
Initial Investment of $10,000
Investor C Shares | Bloomberg U.S. Universal Index | Morningstar LSTA Leveraged Loan Index | |
|---|---|---|---|
Jul 16 | $10,000 | $10,000 | $10,000 |
Aug 16 | $10,048 | $10,011 | $10,075 |
Sep 16 | $10,116 | $10,013 | $10,162 |
Oct 16 | $10,155 | $9,947 | $10,246 |
Nov 16 | $10,181 | $9,723 | $10,273 |
Dec 16 | $10,278 | $9,752 | $10,392 |
Jan 17 | $10,315 | $9,786 | $10,450 |
Feb 17 | $10,358 | $9,862 | $10,503 |
Mar 17 | $10,344 | $9,859 | $10,511 |
Apr 17 | $10,381 | $9,940 | $10,557 |
May 17 | $10,417 | $10,017 | $10,595 |
Jun 17 | $10,401 | $10,009 | $10,591 |
Jul 17 | $10,479 | $10,059 | $10,664 |
Aug 17 | $10,444 | $10,145 | $10,659 |
Sep 17 | $10,480 | $10,110 | $10,701 |
Oct 17 | $10,538 | $10,122 | $10,765 |
Nov 17 | $10,524 | $10,106 | $10,777 |
Dec 17 | $10,543 | $10,151 | $10,820 |
Jan 18 | $10,636 | $10,053 | $10,924 |
Feb 18 | $10,631 | $9,958 | $10,946 |
Mar 18 | $10,640 | $10,008 | $10,977 |
Apr 18 | $10,671 | $9,941 | $11,022 |
May 18 | $10,662 | $9,996 | $11,041 |
Jun 18 | $10,651 | $9,981 | $11,053 |
Jul 18 | $10,726 | $10,002 | $11,135 |
Aug 18 | $10,758 | $10,051 | $11,180 |
Sep 18 | $10,812 | $10,008 | $11,256 |
Oct 18 | $10,791 | $9,924 | $11,253 |
Nov 18 | $10,687 | $9,969 | $11,151 |
Dec 18 | $10,395 | $10,125 | $10,868 |
Jan 19 | $10,650 | $10,265 | $11,144 |
Feb 19 | $10,815 | $10,276 | $11,322 |
Mar 19 | $10,777 | $10,461 | $11,302 |
Apr 19 | $10,934 | $10,476 | $11,489 |
May 19 | $10,874 | $10,637 | $11,464 |
Jun 19 | $10,910 | $10,787 | $11,492 |
Jul 19 | $10,992 | $10,819 | $11,584 |
Aug 19 | $10,983 | $11,064 | $11,552 |
Sep 19 | $11,038 | $11,016 | $11,606 |
Oct 19 | $10,994 | $11,052 | $11,554 |
Nov 19 | $11,058 | $11,049 | $11,621 |
Dec 19 | $11,200 | $11,066 | $11,807 |
Jan 20 | $11,220 | $11,264 | $11,873 |
Feb 20 | $11,026 | $11,433 | $11,716 |
Mar 20 | $9,871 | $11,210 | $10,267 |
Apr 20 | $10,274 | $11,434 | $10,729 |
May 20 | $10,596 | $11,541 | $11,136 |
Jun 20 | $10,655 | $11,637 | $11,263 |
Jul 20 | $10,851 | $11,842 | $11,483 |
Aug 20 | $10,965 | $11,774 | $11,655 |
Sep 20 | $11,011 | $11,752 | $11,729 |
Oct 20 | $11,004 | $11,710 | $11,752 |
Nov 20 | $11,247 | $11,863 | $12,014 |
Dec 20 | $11,374 | $11,904 | $12,176 |
Jan 21 | $11,456 | $11,829 | $12,321 |
Feb 21 | $11,500 | $11,677 | $12,393 |
Mar 21 | $11,489 | $11,541 | $12,393 |
Apr 21 | $11,524 | $11,638 | $12,456 |
May 21 | $11,583 | $11,682 | $12,529 |
Jun 21 | $11,607 | $11,767 | $12,575 |
Jul 21 | $11,583 | $11,886 | $12,573 |
Aug 21 | $11,630 | $11,878 | $12,633 |
Sep 21 | $11,677 | $11,776 | $12,714 |
Oct 21 | $11,688 | $11,767 | $12,748 |
Nov 21 | $11,649 | $11,781 | $12,728 |
Dec 21 | $11,718 | $11,773 | $12,809 |
Jan 22 | $11,727 | $11,515 | $12,856 |
Feb 22 | $11,654 | $11,358 | $12,790 |
Mar 22 | $11,657 | $11,053 | $12,796 |
Apr 22 | $11,611 | $10,641 | $12,824 |
May 22 | $11,344 | $10,699 | $12,496 |
Jun 22 | $11,041 | $10,486 | $12,225 |
Jul 22 | $11,344 | $10,749 | $12,486 |
Aug 22 | $11,471 | $10,470 | $12,674 |
Sep 22 | $11,216 | $10,019 | $12,385 |
Oct 22 | $11,367 | $9,909 | $12,509 |
Nov 22 | $11,510 | $10,278 | $12,658 |
Dec 22 | $11,548 | $10,243 | $12,710 |
Jan 23 | $11,834 | $10,561 | $13,049 |
Feb 23 | $11,862 | $10,301 | $13,125 |
Mar 23 | $11,887 | $10,543 | $13,121 |
Apr 23 | $11,996 | $10,608 | $13,259 |
May 23 | $11,952 | $10,498 | $13,234 |
Jun 23 | $12,224 | $10,481 | $13,534 |
Jul 23 | $12,353 | $10,492 | $13,708 |
Aug 23 | $12,460 | $10,429 | $13,868 |
Sep 23 | $12,526 | $10,180 | $14,002 |
Oct 23 | $12,492 | $10,027 | $13,999 |
Nov 23 | $12,654 | $10,478 | $14,170 |
Dec 23 | $12,858 | $10,876 | $14,404 |
Jan 24 | $12,929 | $10,850 | $14,501 |
Feb 24 | $13,038 | $10,719 | $14,633 |
Mar 24 | $13,149 | $10,825 | $14,757 |
Apr 24 | $13,203 | $10,572 | $14,846 |
May 24 | $13,297 | $10,747 | $14,986 |
Jun 24 | $13,322 | $10,845 | $15,038 |
Jul 24 | $13,403 | $11,091 | $15,140 |
Aug 24 | $13,480 | $11,255 | $15,236 |
Sep 24 | $13,568 | $11,409 | $15,345 |
Oct 24 | $13,668 | $11,150 | $15,477 |
Nov 24 | $13,778 | $11,267 | $15,605 |
Dec 24 | $13,832 | $11,097 | $15,693 |
Jan 25 | $13,923 | $11,164 | $15,802 |
Feb 25 | $13,922 | $11,395 | $15,819 |
Mar 25 | $13,841 | $11,392 | $15,769 |
Apr 25 | $13,860 | $11,433 | $15,761 |
May 25 | $14,072 | $11,375 | $16,005 |
Jun 25 | $14,178 | $11,552 | $16,134 |
Jul 25 | $14,288 | $11,535 | $16,275 |
Aug 25 | $14,323 | $11,674 | $16,348 |
Sep 25 | $14,401 | $11,798 | $16,420 |
Oct 25 | $14,447 | $11,875 | $16,456 |
Nov 25 | $14,487 | $11,947 | $16,515 |
Dec 25 | $14,573 | $11,939 | $16,620 |
Jan 26 | $14,508 | $11,957 | $16,569 |
Feb 26 | $14,388 | $12,139 | $16,440 |
Mar 26 | $14,475 | $11,921 | $16,528 |
Apr 26 | $14,622 | $11,958 | $16,741 |
May 26 | $14,696 | $12,000 | $16,825 |
Jun 26 | $14,657 | $12,031 | $16,838 |
Jul 26 | $14,776 | $11,884 | $16,972 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 2.64% | 4.68% | 3.98% |
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.66 | 4.68 | 3.98 |
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.02 | 0.00 | 1.74 |
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.28 | 6.18 | 5.43 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $2,269,858,640 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 473 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $14,374,112 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44% |
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.
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 July 31, 2026)
Portfolio composition
Credit quality allocation
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 93.2% |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.4 |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.5 |
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | - |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | - |
Credit RatingFootnote Reference(b) | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1% |
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.6 |
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 29.7 |
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 51.0 |
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.4 |
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.0Footnote Reference(c) |
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.2 |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | 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. |
Footnote(c) | Rounds to less than 0.1%. |
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
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.
©2026 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.
BlackRock Floating Rate Income Portfolio
Investor C Shares | BFRCX
Annual Shareholder Report — July 31, 2026
BFRCX-07/26-AR
BlackRock Floating Rate Income Portfolio
Class K Shares | BFRKX
Annual Shareholder Report — July 31, 2026
This annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2025 to July 31, 2026. 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 year?
(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 | $64 | 0.62% |
How did the Fund perform last year?
For the reporting period ended July 31, 2026, the Fund's Class K Shares returned 3.64%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02% and Morningstar LSTA Leveraged Loan Index, returned 4.28%.
What contributed to performance?
With respect to credit tiers, BB and B rated securities were the leading contributors to the Fund’s absolute performance. At the sector level, the largest contributions came from property & casualty insurance and media & entertainment issues. The Fund used derivatives to manage its portfolio positioning, which was an additional contributor. Its cash position also added modestly to absolute returns. The Fund's cash position had no material impact on performance.
What detracted from performance?
Holdings in issues rated CCC and below detracted, as did positions in the aerospace & defense sector. The packaging and construction machinery sectors also had very small negative effects on results, as did the Fund’s modest allocation to common stocks.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: August 1, 2016 through July 31, 2026
Initial Investment of $10,000
Class K Shares | Bloomberg U.S. Universal Index | Morningstar LSTA Leveraged Loan Index | |
|---|---|---|---|
Jul 16 | $10,000 | $10,000 | $10,000 |
Aug 16 | $10,057 | $10,011 | $10,075 |
Sep 16 | $10,134 | $10,013 | $10,162 |
Oct 16 | $10,182 | $9,947 | $10,246 |
Nov 16 | $10,218 | $9,723 | $10,273 |
Dec 16 | $10,324 | $9,752 | $10,392 |
Jan 17 | $10,371 | $9,786 | $10,450 |
Feb 17 | $10,423 | $9,862 | $10,503 |
Mar 17 | $10,418 | $9,859 | $10,511 |
Apr 17 | $10,464 | $9,940 | $10,557 |
May 17 | $10,510 | $10,017 | $10,595 |
Jun 17 | $10,503 | $10,009 | $10,591 |
Jul 17 | $10,591 | $10,059 | $10,664 |
Aug 17 | $10,565 | $10,145 | $10,659 |
Sep 17 | $10,611 | $10,110 | $10,701 |
Oct 17 | $10,679 | $10,122 | $10,765 |
Nov 17 | $10,674 | $10,106 | $10,777 |
Dec 17 | $10,702 | $10,151 | $10,820 |
Jan 18 | $10,806 | $10,053 | $10,924 |
Feb 18 | $10,810 | $9,958 | $10,946 |
Mar 18 | $10,829 | $10,008 | $10,977 |
Apr 18 | $10,869 | $9,941 | $11,022 |
May 18 | $10,870 | $9,996 | $11,041 |
Jun 18 | $10,868 | $9,981 | $11,053 |
Jul 18 | $10,955 | $10,002 | $11,135 |
Aug 18 | $10,998 | $10,051 | $11,180 |
Sep 18 | $11,062 | $10,008 | $11,256 |
Oct 18 | $11,051 | $9,924 | $11,253 |
Nov 18 | $10,944 | $9,969 | $11,151 |
Dec 18 | $10,665 | $10,125 | $10,868 |
Jan 19 | $10,936 | $10,265 | $11,144 |
Feb 19 | $11,114 | $10,276 | $11,322 |
Mar 19 | $11,086 | $10,461 | $11,302 |
Apr 19 | $11,257 | $10,476 | $11,489 |
May 19 | $11,205 | $10,637 | $11,464 |
Jun 19 | $11,253 | $10,787 | $11,492 |
Jul 19 | $11,347 | $10,819 | $11,584 |
Aug 19 | $11,348 | $11,064 | $11,552 |
Sep 19 | $11,415 | $11,016 | $11,606 |
Oct 19 | $11,381 | $11,052 | $11,554 |
Nov 19 | $11,456 | $11,049 | $11,621 |
Dec 19 | $11,614 | $11,066 | $11,807 |
Jan 20 | $11,634 | $11,264 | $11,873 |
Feb 20 | $11,454 | $11,433 | $11,716 |
Mar 20 | $10,264 | $11,210 | $10,267 |
Apr 20 | $10,692 | $11,434 | $10,729 |
May 20 | $11,037 | $11,541 | $11,136 |
Jun 20 | $11,109 | $11,637 | $11,263 |
Jul 20 | $11,324 | $11,842 | $11,483 |
Aug 20 | $11,453 | $11,774 | $11,655 |
Sep 20 | $11,511 | $11,752 | $11,729 |
Oct 20 | $11,514 | $11,710 | $11,752 |
Nov 20 | $11,779 | $11,863 | $12,014 |
Dec 20 | $11,912 | $11,904 | $12,176 |
Jan 21 | $12,008 | $11,829 | $12,321 |
Feb 21 | $12,077 | $11,677 | $12,393 |
Mar 21 | $12,065 | $11,541 | $12,393 |
Apr 21 | $12,124 | $11,638 | $12,456 |
May 21 | $12,186 | $11,682 | $12,529 |
Jun 21 | $12,234 | $11,767 | $12,575 |
Jul 21 | $12,220 | $11,886 | $12,573 |
Aug 21 | $12,268 | $11,878 | $12,633 |
Sep 21 | $12,342 | $11,776 | $12,714 |
Oct 21 | $12,364 | $11,767 | $12,748 |
Nov 21 | $12,334 | $11,781 | $12,728 |
Dec 21 | $12,419 | $11,773 | $12,809 |
Jan 22 | $12,440 | $11,515 | $12,856 |
Feb 22 | $12,373 | $11,358 | $12,790 |
Mar 22 | $12,375 | $11,053 | $12,796 |
Apr 22 | $12,350 | $10,641 | $12,824 |
May 22 | $12,077 | $10,699 | $12,496 |
Jun 22 | $11,765 | $10,486 | $12,225 |
Jul 22 | $12,086 | $10,749 | $12,486 |
Aug 22 | $12,246 | $10,470 | $12,674 |
Sep 22 | $11,985 | $10,019 | $12,385 |
Oct 22 | $12,144 | $9,909 | $12,509 |
Nov 22 | $12,321 | $10,278 | $12,658 |
Dec 22 | $12,374 | $10,243 | $12,710 |
Jan 23 | $12,678 | $10,561 | $13,049 |
Feb 23 | $12,731 | $10,301 | $13,125 |
Mar 23 | $12,770 | $10,543 | $13,121 |
Apr 23 | $12,899 | $10,608 | $13,259 |
May 23 | $12,863 | $10,498 | $13,234 |
Jun 23 | $13,154 | $10,481 | $13,534 |
Jul 23 | $13,319 | $10,492 | $13,708 |
Aug 23 | $13,447 | $10,429 | $13,868 |
Sep 23 | $13,516 | $10,180 | $14,002 |
Oct 23 | $13,506 | $10,027 | $13,999 |
Nov 23 | $13,693 | $10,478 | $14,170 |
Dec 23 | $13,927 | $10,876 | $14,404 |
Jan 24 | $14,002 | $10,850 | $14,501 |
Feb 24 | $14,146 | $10,719 | $14,633 |
Mar 24 | $14,280 | $10,825 | $14,757 |
Apr 24 | $14,352 | $10,572 | $14,846 |
May 24 | $14,452 | $10,747 | $14,986 |
Jun 24 | $14,507 | $10,845 | $15,038 |
Jul 24 | $14,608 | $11,091 | $15,140 |
Aug 24 | $14,696 | $11,255 | $15,236 |
Sep 24 | $14,796 | $11,409 | $15,345 |
Oct 24 | $14,909 | $11,150 | $15,477 |
Nov 24 | $15,017 | $11,267 | $15,605 |
Dec 24 | $15,096 | $11,097 | $15,693 |
Jan 25 | $15,200 | $11,164 | $15,802 |
Feb 25 | $15,187 | $11,395 | $15,819 |
Mar 25 | $15,120 | $11,392 | $15,769 |
Apr 25 | $15,144 | $11,433 | $15,761 |
May 25 | $15,380 | $11,375 | $16,005 |
Jun 25 | $15,501 | $11,552 | $16,134 |
Jul 25 | $15,626 | $11,535 | $16,275 |
Aug 25 | $15,653 | $11,674 | $16,348 |
Sep 25 | $15,743 | $11,798 | $16,420 |
Oct 25 | $15,813 | $11,875 | $16,456 |
Nov 25 | $15,845 | $11,947 | $16,515 |
Dec 25 | $15,960 | $11,939 | $16,620 |
Jan 26 | $15,894 | $11,957 | $16,569 |
Feb 26 | $15,767 | $12,139 | $16,440 |
Mar 26 | $15,865 | $11,921 | $16,528 |
Apr 26 | $16,031 | $11,958 | $16,741 |
May 26 | $16,099 | $12,000 | $16,825 |
Jun 26 | $16,078 | $12,031 | $16,838 |
Jul 26 | $16,195 | $11,884 | $16,972 |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.64% | 5.79% | 4.94% |
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.02 | 0.00 | 1.74 |
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.28 | 6.18 | 5.43 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $2,269,858,640 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 473 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $14,374,112 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 44% |
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.
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 July 31, 2026)
Portfolio composition
Credit quality allocation
Investment Type | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 93.2% |
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.4 |
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.5 |
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.4 |
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1 |
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | - |
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | - |
Credit RatingFootnote Reference(b) | Percent of Total InvestmentsFootnote Reference(a) |
|---|---|
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.1% |
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.6 |
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 29.7 |
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 51.0 |
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.4 |
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.0Footnote Reference(c) |
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 6.2 |
| Footnote | Description |
Footnote(a) | Excludes short-term securities. |
Footnote(b) | 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. |
Footnote(c) | Rounds to less than 0.1%. |
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.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
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.
©2026 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.
BlackRock Floating Rate Income Portfolio
Class K Shares | BFRKX
Annual Shareholder Report — July 31, 2026
BFRKX-07/26-AR
(b) Not Applicable
Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The
registrant’s board of trustees (the “board of trustees”), has determined that
(i) the registrant has the following audit committee financial experts serving
on its audit committee and (ii) each audit committee financial expert is
independent:
Lorenzo A. Flores
Arthur P. Steinmetz
Under applicable
securities laws, a person determined to be an audit committee financial expert
will not be deemed an “expert” for any purpose, including without limitation
for the purposes of Section 11 of the Securities Act of 1933, as a result of
being designated or identified as an audit committee financial expert. The
designation or identification of a person as an audit committee financial
expert does not impose on such person any duties, obligations, or liabilities
greater than the duties, obligations, and liabilities imposed on such person as
a member of the audit committee and board of trustees in the absence of such
designation or identification. The designation or identification of a person
as an audit committee financial expert does not affect the duties, obligations,
or liability of any other member of the audit committee or board of trustees.
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
|
(a) Audit Fees |
(b) Audit-Related Fees1 |
(c) Tax Fees2 |
(d) All Other Fees |
|||||
|
Entity Name |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
|
BlackRock Floating Rate Income Portfolio |
$83,945 |
$83,538 |
$0 |
$0 |
$19,800 |
$19,800 |
$416 |
$0 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
|
Current Fiscal Year End |
Previous Fiscal Year End |
|
|
(b) Audit-Related Fees1 |
$0 |
$0 |
|
(c) Tax Fees2 |
$0 |
$0 |
|
(d) All Other Fees3 |
$2,277,000 |
$2,149,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Non-audit fees of $2,277,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored or advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were
approved by the Committee pursuant to the de minimis exception in paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
|
Entity Name |
Current Fiscal Year End |
Previous Fiscal Year End |
|
BlackRock Floating Rate Income Portfolio |
$20,216 |
$19,800 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
|
Current Fiscal Year End |
Previous Fiscal Year End |
|
$2,277,000 |
$2,149,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) – Not Applicable
(j) – Not Applicable
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.
July
31,
2026
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2026
Annual
Financial
Statements
and
Additional
Information
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
............................................................................................
22
Statement
of
Operations
..................................................................................................
24
Statements
of
Changes
in
Net
Assets
..........................................................................................
25
Financial
Highlights
.....................................................................................................
26
Notes
to
Financial
Statements
...............................................................................................
30
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
42
Important
Tax
Information
.................................................................................................
43
Additional
Information
....................................................................................................
44
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
...................................................................
46
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
49
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.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Construction
&
Engineering
—
0.1%
United
Site
Services
(a)
(b)
................
262,518
$
2,625,180
Financial
Services
—
0.0%
(a)
Aimbridge
Topco,
Inc.
(b)
................
18,147
695,629
Labels
Buyer
LLC
...................
2,750
93,826
789,455
Food
Products
—
0.0%
H-Food
Holdings
LLC
(a)
................
39,929
682,787
Ground
Transportation
—
0.0%
SIRVA,
Inc.
(a)
(b)
......................
8,136
6,777
Hotels,
Restaurants
&
Leisure
—
0.1%
(a)(b)
Fortrex
Holdings
LLC
.................
51,119
817,904
Hurtigruten
Global
Sales
A/S
............
112,028
1
817,905
Household
Durables
—
0.0%
Svp
Singer
(a)
(b)
......................
52,276
339,794
IT
Services
—
0.1%
Travelport
Technology
Ltd.
(a)
(b)
...........
1,636
1,102,779
Machinery
—
0.0%
Ameriforge
Group,
Inc.
(a)
(b)
..............
5,385
—
Trading
Companies
&
Distributors
—
0.0%
TMK
Hawk
Parent
Corp.
(a)
(b)
.............
94,283
188,566
Transportation
Infrastructure
—
0.0%
Incora
Top
Holdco
LLC
(a)
(b)
..............
37,442
259,847
Wireless
Telecommunication
Services
—
0.1%
Altice
France
Lux
3
(a)
.................
66,137
1,265,099
Total
Common
Stocks
—
0
.4
%
(Cost:
$
12,982,589
)
...............................
8,078,189
Par
(000)
Par
(000)
Corporate
Bonds
Chemicals
—
0.0%
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
....
USD
34
33,852
Electric
Utilities
—
0.0%
Texas
Competitive
Electric
Holdings
Co.
LLC,
5.03%,
12/31/49
(a)
(b)
(d)
(e)
.............
8,430
1
Pharmaceuticals
—
0.3%
1261229
BC
Ltd.,
10.00%,
04/15/32
(c)
.....
7,495
7,661,749
Professional
Services
—
0.1%
CoreLogic,
Inc.,
12.00%,
02/01/32
(c)
......
1,899
1,779,092
Transportation
Infrastructure
—
0.0%
Incora
Top
Holdco
LLC,
6.00%,
01/31/33
(a)
(b)
(d)
787
218,822
Wireless
Telecommunication
Services
—
0.1%
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/24
(a)
(c)
(d)
(f)
.........
2,087
939,193
Total
Corporate
Bonds
—
0
.5
%
(Cost:
$
11,713,565
)
...............................
10,632,709
Security
Par
(000)
Par
(000)
Value
Fixed
Rate
Loan
Interests
Health
Care
Technology
—
0.2%
Cotiviti,
Inc.,
1st
Lien
Term
Loan
,
7.63
%
,
05/01/31
..................
USD
4,941
$
4,652,598
Software
—
0.1%
Clover
Holdings
2
LLC,
1st
Lien
Term
Loan
,
7.75
%
,
12/09/31
..................
3,119
2,962,751
Total
Fixed
Rate
Loan
Interests
—
0
.3
%
(Cost:
$
8,059,480
)
...............................
7,615,349
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
2.7%
(e)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
8.43
%
05/25/29
.............
18,002
1,047,335
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
1.25%),
5.18
%
05/25/29
.............
2,634
152,074
Bleriot
US
Bidco,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
10/31/30
............
7,004
7,009,821
Cobham
Ultra
SeniorCo
SARL,
Facility
1st
Lien
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.79
%
,
08/03/29
..
5,482
5,499,984
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
10/31/31
............
6,981
6,996,937
Dynasty
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
10/31/31
............
2,655
2,660,767
Kaman
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.67
%
,
02/26/32
..................
3,008
3,005,121
Peraton
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
7.51
%
,
02/01/28
..................
6,404
5,818,899
Propulsion
BC
Finco
SARL,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.23
%
,
12/01/32
............
2,244
2,252,620
Setanta
Aircraft
Leasing
DAC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
11/06/28
.......
2,506
2,511,923
TransDigm,
Inc.,
1st
Lien
Term
Loan
J
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
02/28/31
..................
6,632
6,640,349
TransDigm,
Inc.,
1st
Lien
Term
Loan
K
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
03/22/30
..................
4,846
4,846,943
TransDigm,
Inc.,
1st
Lien
Term
Loan
L
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
01/19/32
..................
1,100
1,101,412
TransDigm,
Inc.,
1st
Lien
Term
Loan
M
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
08/19/32
..................
6,075
6,083,681
TransDigm,
Inc.,
1st
Lien
Term
Loan
N
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
02/14/33
..................
5,743
5,748,063
61,375,929
Air
Freight
&
Logistics
—
0.1%
Clue
Opco
LLC,
1st
Lien
Term
Loan
B
,
12/19/30
(e)
(g)
.....................
1,320
1,267,794
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobile
Components
—
1.5%
(e)
Allison
Transmission,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.43
%
,
01/03/33
............
USD
4,528
$
4,531,410
Clarios
Global
LP,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
05/06/30
..........
10,398
10,408,200
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
01/28/32
..........
6,095
6,102,364
Garrett
Motion
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.57
%
,
01/30/32
.......
588
586,902
Gates
Corp.,
1st
Lien
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.48
%
,
06/04/31
..................
5,140
5,130,567
Gates
Global
LLC,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.48
%
,
11/16/29
.............
1,613
1,611,412
RealTruck
Group,
Inc.,
1st
Lien
Term
Loan
A
,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
4.75%),
8.65
%
,
01/31/31
............
428
253,095
RealTruck
Group,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.00%),
9.90
%
,
01/31/31
............
1,894
1,120,777
Tenneco,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
8.74
%
-
8.83
%
,
11/17/28
.............
5,184
5,180,146
34,924,873
Automobiles
—
0.3%
(e)
Bombardier
Recreational
Products,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
01/22/31
.......
2,740
2,742,046
Dealer
Tire
Financial
LLC,
1st
Lien
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.73
%
,
07/02/31
............
5,208
5,110,365
7,852,411
Beverages
—
0.3%
(e)
Naked
Juice
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.08
%
,
01/24/29
..........
1,019
683,118
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.23
%
,
01/24/29
..........
3,364
3,415,328
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.00%),
4.83
%
,
01/24/30
..........
2,299
850,604
Sazerac
Co.,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.68
%
,
07/09/32
..................
2,137
2,133,637
7,082,687
Biotechnology
—
0.6%
(e)
Biomarin
Pharmaceutical,
1st
Lien
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.43
%
,
04/27/33
............
3,732
3,726,887
PAREXEL
International
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.23
%
,
12/12/31
.......
10,486
10,500,945
14,227,832
Security
Par
(000)
Par
(000)
Value
Broadline
Retail
—
0.6%
(e)
Boots
Group
Finco
LP,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.92
%
,
08/30/32
............
USD
6,643
$
6,659,226
StubHub
Holdco
Sub
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.48
%
,
03/15/30
............
6,202
6,199,222
12,858,448
Building
Products
—
1.3%
(e)
AZZ,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.48
%
,
05/14/29
..................
376
377,082
Chariot
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.73
%
,
09/08/32
..................
11,104
11,110,400
CP
Atlas
Buyer,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
8.98
%
,
07/08/30
............
1,845
1,596,767
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.73
%
,
10/27/32
..................
7,663
7,356,763
Gibraltar
Industries,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.91
%
-
5.93
%
,
02/02/33
(b)
......
1,552
1,551,538
Wilsonart
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.98
%
,
08/05/31
..................
8,437
7,626,704
29,619,254
Capital
Markets
—
4.4%
(e)
Allspring
Buyer
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.75
%
,
11/01/30
..................
1,357
1,362,169
Ardonagh
Group
Finco
Pty.
Ltd.,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%;
6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%
at
0.00%
Floor
+
3.00%),
6.73
%
-
6.83
%
,
02/18/31
.....
7,137
7,030,311
Aretec
Group,
Inc.,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.73
%
,
08/09/30
............
3,960
3,966,646
Ascensus
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.73
%
,
11/25/32
.............
4,733
4,629,624
Axalta
Coating
Systems
US
Holdings,
Inc.,
Facility
1st
Lien
Term
Loan
B7
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.48
%
,
12/20/29
..................
6,632
6,633,566
BCPE
Pequod
Buyer,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
11/25/31
.............
5,563
5,449,319
Chicago
US
MidCo
III
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
10/29/32
............
6,368
6,354,274
Citadel
Securities
LP,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66
%
,
06/10/33
..................
11,692
11,677,158
Focus
Financial
Partners
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
09/15/31
.......
12,946
12,766,016
GTCR
Everest
Borrower
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
09/05/31
.......
2,603
2,597,726
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Hudson
River
Trading
LLC,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17
%
,
03/18/30
............
USD
9,499
$
9,479,236
Jane
Street
Group
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67
%
,
12/15/31
............
15,822
15,752,242
Jump
Financial
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.23
%
,
02/26/32
(b)
...........
480
479,755
Jupiter
Borrower,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
06/30/33
............
2,603
2,616,015
Neon
Maple
US
Debt
Mergersub,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
11/17/31
...
2,090
2,034,887
Osaic
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.17
%
,
07/30/32
............
7,342
7,291,751
100,120,695
Chemicals
—
4.0%
(e)
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
7.77
%
,
11/24/27
.......
2,303
2,153,291
BASF
Coatings,
1st
Lien
Term
Loan
B
,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
0.00%),
7.24
%
,
04/06/33
..................
5,345
5,366,006
Chemours
Co.
LLC,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.23
%
,
10/15/32
............
5,523
5,500,541
Derby
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.43
%
,
11/01/30
..................
5,381
5,398,906
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.48
%
,
10/04/29
............
6,153
6,122,392
Ecovyst
Catalyst
Technologies
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
06/12/31
.......
4,569
4,558,062
Element
Solutions,
Inc.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor/0.75%
Cap
+
1.75%),
5.48
%
,
12/18/30
3,619
3,623,030
Fortis
333,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
03/29/32
..................
3,755
3,747,058
HB
Fuller
Co.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.48
%
,
02/15/30
..................
835
836,138
INEOS
US
Petrochem
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.89
%
,
10/07/31
............
945
769,564
Lonza
Group
AG,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.93%),
7.76
%
,
07/03/28
............
5,801
5,508,746
Minerals
Technologies,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
11/26/31
(b)
...........
3,812
3,802,084
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
11/03/32
.......
3,473
3,471,474
Olympus
Water
US
Holding
Corp.,
1st
Lien
Term
Loan
B6
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.73
%
,
06/23/31
.......
5,514
5,505,526
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
OQ
Chemicals
International
Holding
GmbH,
1st
Lien
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.60
%
,
04/08/31
(b)
USD
10,309
$
6,710,715
Paint
Intermediate
III
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.65
%
,
10/09/31
............
3,496
3,496,379
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(SOFR12
at
0.00%
Floor
+
2.75%),
6.72
%
,
07/30/31
..................
5,695
5,659,406
Solstice
Advanced
Materials,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.57
%
,
10/29/32
.......
4,656
4,656,382
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
6.66
%
,
08/02/30
............
5,485
5,473,873
Stonepeak
Motion
Finco
LLC,
1st
Lien
Term
Loan
B
,
06/24/33
(g)
.................
1,733
1,733,364
WR
Grace
Holdings
LLC,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.73
%
,
08/19/32
............
6,364
6,355,868
90,448,805
Commercial
Services
&
Supplies
—
3.6%
(e)
Action
Environmental
Group,
Inc.
(The),
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.73
%
,
10/24/30
.......
4,003
3,960,945
Allied
Universal
Holdco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
08/20/32
............
15,080
15,118,952
Anticimex
Global
AB,
Facility
1st
Lien
Term
Loan
B8
,
11/17/31
(g)
....................
1,972
1,976,311
Asplundh
Tree
Expert
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
05/30/33
............
5,480
5,471,499
Citrin
Cooperman
Advisors
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.73
%
,
04/01/32
.......
4,310
4,221,217
Citrin
Cooperman
Advisors
LLC,
Delayed
Draw
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.73
%
,
04/01/32
(b)
156
150,228
Clean
Harbors,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.50%),
5.23
%
,
10/11/32
..................
2,353
2,357,599
EnergySolutions
LLC,
1st
Lien
Term
Loan
B
,
07/25/33
(g)
......................
2,481
2,484,101
Garda
World
Security
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.51
%
,
02/01/29
............
4,678
4,671,186
Grant
Thornton
Advisors
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
06/02/31
.......
7,541
7,089,690
Innio
North
America
Holding,
Inc.,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40
%
,
11/03/31
...
6,199
6,152,319
JFL-Tiger
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.64
%
,
10/17/30
(b)
......
4,211
4,210,696
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.42
%
,
11/01/30
...........
2,848
327,486
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.25%),
9.17
%
,
11/01/30
...........
2,627
1,767,166
Schedule
of
Investments
(continued)
July
31,
2026
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)
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
7.00%),
10.80
%
,
11/03/31
..........
USD
2,374
$
324,460
MX
Holdings
US,
Inc.,
Facility
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
03/17/32
(b)
......
2,340
2,348,775
Novelis,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
03/11/32
..................
7,705
7,677,715
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66
%
,
10/15/30
..
1,047
1,044,176
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.41
%
,
03/08/32
..
3,395
3,361,981
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.99
%
,
01/15/31
............
1,903
1,901,056
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.92
%
,
01/15/31
............
3,242
3,241,945
Reworld
Holding
Corp.,
1st
Lien
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.92
%
,
01/15/31
............
528
528,136
Summer
BC
Holdco
B
SARL,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
5.00%),
8.99
%
,
02/15/29
..
1,921
1,588,622
81,976,261
Communications
Equipment
—
0.3%
QTS
Thunder
Managing
Issuer
LLC,
1st
Lien
Term
Loan
B
,
07/22/33
(e)
(g)
............
7,530
7,417,050
Construction
&
Engineering
—
1.4%
(e)
Azuria
Water
Solutions,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.39
%
,
04/25/33
............
7,945
7,910,950
Azuria
Water
Solutions,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.46
%
,
04/25/33
..
39
38,424
Brand
Industrial
Services,
Inc.,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.16
%
,
08/01/30
.......
8,235
6,542,006
Construction
Partners,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.75
%
,
11/03/31
.............
4,679
4,678,695
DG
Investment
Intermediate
Holdings
2,
Inc.,
1st
Lien
Term
Loan
,
(SOFR1M
at
0.00%
Floor
+
3.00%),
6.73
%
,
07/09/32
............
2,702
2,705,016
Dycom
Industries,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40
%
,
01/27/33
............
2,246
2,246,696
Legence
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.00%),
5.73
%
,
12/16/31
............
7,725
7,697,380
31,819,167
Construction
Materials
—
1.8%
(e)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
01/31/31
..................
7,629
7,630,326
Knife
River
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40
%
,
03/08/32
..................
824
822,221
Security
Par
(000)
Par
(000)
Value
Construction
Materials
(continued)
MSOF
Beacon
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17
%
,
12/23/32
..................
USD
1,664
$
1,667,158
NEW
AMI
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
9.73
%
,
03/08/29
..................
1,318
1,193,374
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
04/14/31
............
3,910
3,911,017
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
03/19/29
............
5,301
5,308,305
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
02/10/32
............
5,493
5,494,824
Standard
Industries,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.42
%
,
09/22/28
............
992
991,966
White
Cap
Supply
Holdings
LLC,
Facility
1st
Lien
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
10/19/29
..
13,590
13,565,059
40,584,250
Consumer
Staples
Distribution
&
Retail
—
1.0%
(e)
BCPE
Empire
Holdings,
Inc.,
1st
Lien
Term
Loan
,
12/11/30
(g)
......................
1,180
1,164,141
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.23
%
,
12/29/32
..........
9,784
9,662,171
EG
America
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.92
%
,
02/10/31
..................
9,169
9,194,765
US
Foods,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
10/03/31
..................
1,483
1,492,806
21,513,883
Containers
&
Packaging
—
2.5%
(e)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
6.17
%
,
11/29/30
.......
8,167
8,173,927
Clydesdale
Acquisition
Holdings,
Inc.,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.18%),
6.91
%
,
04/13/29
..........
1,070
1,043,785
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
04/01/32
..........
6,235
5,949,679
Colossus
Acquireco
LLC,
1st
Lien
Term
Loan
,
(1-day
SOFR
at
0.00%
Floor
+
1.75%),
5.37
%
,
01/31/33
..................
12,204
12,145,995
Graham
Packaging
Co.,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
01/26/33
.......
4,343
4,342,290
Mauser
Packaging
Solutions
Holding
Co.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.15
%
,
04/15/30
..
5,634
5,587,440
Multi-Color
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.38%),
8.52
%
(
6.02
%
Cash
or
2.50
%
PIK),
05/11/33
(f)
...
5,446
4,540,536
Pregis
TopCo
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.48
%
,
02/01/29
..................
2,616
2,623,617
ProAmpac
PG
Borrower
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.67
%
-
7.82
%
,
03/07/33
.
4,468
4,365,398
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Ring
Container
Technologies
Group
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.23
%
,
09/15/32
..
USD
4,088
$
4,092,474
Trident
TPI
Holdings,
Inc.,
1st
Lien
Term
Loan
B7
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.48
%
,
09/15/28
............
3,676
3,443,923
56,309,064
Diversified
Consumer
Services
—
0.9%
(e)
Bright
Horizons
Family
Solutions
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.48
%
,
08/23/32
..
3,026
3,019,960
OMNIA
Partners
LLC,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42
%
,
12/31/32
............
2,439
2,442,086
Rosen
International
SARL,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
03/26/31
............
7,107
7,095,978
Wand
NewCo
3,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
01/30/31
..................
6,643
6,657,433
19,215,457
Diversified
REITs
—
0.1%
RHP
Hotel
Properties
LP,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
05/18/30
(e)
...........
2,264
2,261,058
Diversified
Telecommunication
Services
—
1.4%
(e)
Coral-US
Co-Borrower
LLC,
1st
Lien
Term
Loan
B6
,
10/15/29
(g)
....................
1,650
1,629,111
Level
3
Financing,
Inc.,
1st
Lien
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
03/29/32
............
9,689
9,716,226
Radiate
Holdco
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
7.73
%
,
06/26/29
..........
194
194,050
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.35
%
09/25/29
...........
7,880
6,994,491
Radiate
Holdco
LLC,
Delayed
Draw
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
7.73
%
,
06/26/29
.......
194
194,050
Sunrise
Financing
Partnership,
Facility
1st
Lien
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.47%),
6.34
%
,
02/16/32
..
2,258
2,215,979
Virgin
Media
Bristol
LLC,
Facility
1st
Lien
Term
Loan
Q
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.04
%
,
01/31/29
.......
3,076
2,761,421
Zayo
Group
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.85
%
03/11/30
.............
8,426
8,429,072
32,134,400
Electric
Utilities
—
0.8%
(e)
Alpha
Generation
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
09/30/31
............
3,991
3,969,625
NRG
Energy,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.49
%
,
04/16/31
..........
8,665
8,654,967
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
04/28/33
..........
1,295
1,291,919
Pathfinder
Power
LLC,
1st
Lien
Term
Loan
B
,
06/22/33
(g)
......................
3,707
3,697,733
17,614,244
Security
Par
(000)
Par
(000)
Value
Electrical
Equipment
—
0.1%
(e)(g)
Dwyer
Instruments
LLC,
1st
Lien
Term
Loan
B
,
07/25/33
.......................
USD
1,793
$
1,790,393
Dwyer
Instruments
LLC,
Delayed
Draw
1st
Lien
Term
Loan
,
07/18/33
...............
122
122,072
1,912,465
Electronic
Equipment,
Instruments
&
Components
—
0.8%
(e)
Belden,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
07/01/33
(b)
.................
3,867
3,881,501
Celestica,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.47
%
,
06/20/31
(b)
.................
3,136
3,143,840
Coherent
Corp.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.48
%
,
07/02/29
..................
6,038
6,038,328
CoorsTek,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
10/28/32
..................
803
805,999
Sanmina
Corp.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40
%
,
10/27/32
..................
4,792
4,795,577
18,665,245
Energy
Equipment
&
Services
—
0.3%
(b)(e)
Covia
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.50
%
,
02/26/32
..................
5,576
5,568,544
Deep
Blue
Operating
I
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.90
%
,
10/01/32
............
2,066
2,063,240
7,631,784
Entertainment
—
3.4%
(e)
City
Football
Group
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.93
%
,
07/22/30
............
4,346
4,329,382
Creative
Artists
Agency
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
10/01/31
............
8,577
8,565,000
Delta
2
(Lux)
SARL,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.48
%
,
09/30/31
............
10,722
10,719,862
EOC
Borrower
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
03/24/32
............
10,897
10,913,697
Live
Nation
Entertainment,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67
%
,
10/21/32
.......
6,500
6,492,209
Motion
Finco
SARL,
Facility
1st
Lien
Term
Loan
B3
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.23
%
,
11/13/29
.............
6,942
5,692,684
Oak-Eagle
AcquireCo,
Inc.,
1st
Lien
Term
Loan
B1
,
03/23/33
(g)
....................
16,540
16,624,850
TKO
Worldwide
Holdings
LLC,
1st
Lien
Term
Loan
B7
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.41
%
,
11/21/31
.......
13,489
13,459,496
76,797,180
Financial
Services
—
3.2%
(e)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
12/21/28
.......
7,068
7,077,434
Aggreko
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.63
%
,
05/21/31
............
7,287
7,310,968
Schedule
of
Investments
(continued)
July
31,
2026
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)
Apex
Group
Treasury
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.15
%
,
02/27/32
............
USD
7,707
$
7,314,186
APi
Group
DE,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
05/16/33
..................
9,960
9,975,774
Avolon
TLB
Borrower
1
US
LLC,
1st
Lien
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.42
%
,
06/22/30
.......
1,170
1,170,737
CPI
Holdco
B
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
05/19/31
..................
8,296
8,278,786
Gryphon
Acquire
NewCo
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.41
%
,
09/13/32
.......
4,549
4,554,286
ITT
Holdings
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.98%),
5.71
%
,
10/11/30
..................
2,337
2,335,945
LBM
Acquisition
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
7.57
%
,
06/06/31
..................
2,522
2,009,266
Nexus
Buyer
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.23
%
,
07/31/31
..........
719
695,702
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.73
%
,
07/31/31
..........
3,091
3,019,528
Orion
US
Finco,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.26
%
,
10/08/32
..................
4,636
4,648,389
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
05/30/31
............
6,894
6,908,692
Summit
Acquisition,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.23
%
,
10/16/31
............
950
949,548
WEX,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
04/03/28
..................
2,955
2,950,041
WEX,
Inc.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
03/05/32
..................
3,693
3,687,304
72,886,586
Food
Products
—
1.3%
(e)
Chobani
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
10/28/32
..................
11,449
11,487,448
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B4
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.88
%
,
09/30/31
.......
7,437
7,389,826
Froneri
US,
Inc.,
Facility
1st
Lien
Term
Loan
B6
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.13
%
,
09/30/32
............
2,793
2,776,242
MP
Midco
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
6.50%),
10.23
%
,
03/29/30
............
944
949,128
Treehouse
Foods,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.98
%
,
02/11/33
.............
4,495
4,504,709
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
01/29/32
............
1,221
1,221,240
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Wellness
Pet
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
7.74
%
,
12/31/29
..................
USD
429
$
77,204
28,405,797
Gas
Utilities
—
0.6%
(e)
Bip
Pipeco
Holding
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
12/05/30
............
1,015
1,013,788
EPZ
T1
Financeco
LLC,
1st
Lien
Term
Loan
,
(12-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.06
%
,
07/14/33
............
1,543
1,541,071
M6
ETX
Holdings
II
Midco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
04/01/32
.......
3,843
3,855,274
NGL
Energy
Operating
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.18
%
,
03/11/33
.............
2,775
2,787,200
Venture
Global
Calcasieu
Pass
LLC,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.95
%
,
04/11/33
.......
4,302
4,328,199
13,525,532
Ground
Transportation
—
0.9%
(e)
Carrix,
Inc.,
1st
Lien
Term
Loan
B
,
07/18/33
(g)
.
3,938
3,927,954
Carrix,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
,
07/18/33
(g)
......................
788
785,590
Genesee
&
Wyoming,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
04/10/31
............
9,939
9,910,395
Hertz
Corp.
(The),
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.58
%
,
06/30/28
..................
2,294
1,255,824
Hertz
Corp.
(The),
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.58
%
,
06/30/28
..................
418
228,931
Pods
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.18
%
,
05/14/31
..................
2,898
2,799,584
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
3.00%),
6.64
%
,
08/20/29
............
4,329
1,709,813
20,618,091
Health
Care
Equipment
&
Supplies
—
1.3%
(e)
Bausch
+
Lomb
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.48
%
,
01/15/31
............
9,131
9,153,651
Hologic,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.99
%
,
04/07/33
..................
19,082
18,758,752
QuidelOrtho
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.73
%
,
08/20/32
..................
2,557
2,531,831
30,444,234
Health
Care
Providers
&
Services
—
2.8%
(e)
AHP
Health
Partners,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.98
%
,
09/20/32
............
896
897,215
Charlotte
Buyer,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.15
%
,
06/30/31
..................
2,426
2,427,795
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.82
%
,
09/29/31
.......
USD
5,229
$
5,222,249
CNT
Holdings
I
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
6.07
%
,
11/08/32
.............
6,934
6,946,200
Concentra
Health
Services,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
07/28/31
.......
2,586
2,582,475
DaVita,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
05/09/31
..................
2,300
2,297,316
Examworks
Bidco,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.23
%
,
02/07/33
............
4,644
4,657,777
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.75%),
10.58
%
,
11/30/28
(a)
(d)
..........
249
40,279
LifePoint
Health,
Inc.,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.50
%
,
05/19/31
............
9,258
8,818,445
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
06/09/32
..................
2,504
2,504,000
Medline
Borrower
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.50%),
5.23
%
,
05/30/33
..................
9,830
9,791,048
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.48
%
,
09/22/32
............
5,062
5,065,020
Raven
Acquisition
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.73
%
,
11/19/31
.......
3,618
3,594,384
Surgery
Center
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
12/19/30
.......
5,918
5,906,885
Team
Health
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.82
%
,
06/30/28
............
2,486
2,486,898
63,237,986
Health
Care
Technology
—
1.0%
(e)
Cotiviti,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.40
%
,
05/01/31
..................
6,546
6,133,175
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
7.83
%
,
10/01/27
............
2,877
2,848,519
PointClickCare
Technologies,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.57
%
,
11/03/31
.......
3,642
3,618,798
Polaris
Newco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.08
%
,
06/02/28
..................
6,780
6,032,461
Waystar
Technologies,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.64
%
,
10/22/29
(b)
...........
3,149
3,141,188
21,774,141
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
—
5.7%
(e)
1011778
BC
ULC,
1st
Lien
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
09/20/30
..................
USD
6,972
$
6,964,865
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.50%),
9.28
%
,
03/11/30
...........
1,424
1,394,477
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
11.28
%
,
03/11/30
..........
1,344
1,307,297
Allwyn
Entertainment
Financing
(Us)
LLC,
1st
Lien
Term
Loan
B
,
06/02/31
(g)
.........
1,190
1,168,437
Alterra
Mountain
Co.,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
05/31/30
............
4,980
4,975,690
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.98
%
,
02/06/30
............
3,778
3,638,148
Caesars
Entertainment,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.98
%
,
02/06/31
............
6,604
6,279,002
Crown
Finance
US,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.17
%
,
12/02/31
............
3,236
3,245,563
DK
Crown
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.43
%
,
03/04/32
............
4,649
4,635,860
Entain
Holdings
(Gibraltar)
Ltd.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
10/31/29
.......
2,330
2,331,468
Fertitta
Entertainment
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
6.98
%
,
01/29/29
............
6,963
6,962,882
Flutter
Financing
BV,
1st
Lien
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.48
%
,
12/02/30
..........
9,508
9,412,681
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.73
%
,
06/04/32
..........
4,825
4,794,806
Fortrex
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
4.83
%
,
03/10/31
..................
519
487,670
Four
Seasons
Hotels
Ltd.,
1st
Lien
Term
Loan
B
,
07/08/33
(g)
......................
1,205
1,205,253
Gaia
Purchaser,
Inc.,
1st
Lien
Term
Loan
B
,
06/23/33
(g)
......................
2,473
2,466,817
Great
Canadian
Gaming
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.75%),
8.43
%
,
11/01/29
.......
5,678
5,613,719
Herschend
Entertainment
Co.
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
05/27/32
.......
4,767
4,778,518
Hilton
Domestic
Operating
Co.,
Inc.,
1st
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.47
%
,
11/08/30
...
5,382
5,386,771
Hilton
Grand
Vacations
Borrower
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
07/18/33
.......
460
455,303
IRB
Holding
Corp.,
1st
Lien
Term
Loan
B
,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.16
%
,
12/16/30
............
6,618
6,628,280
Light
&
Wonder
International,
Inc.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.67
%
,
04/16/29
.......
3,120
3,119,632
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Ontario
Gaming
GTA
LP,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
7.98
%
,
08/01/30
............
USD
1,950
$
1,864,413
Penn
Entertainment,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.73
%
,
05/30/33
............
4,790
4,777,117
Pioneer
OpCo,
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.00
%
,
05/16/33
............
5,313
5,341,478
Scientific
Games
Holdings
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%;
3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%
at
0.50%
Floor
+
3.00%),
6.75
%
,
04/04/29
..................
4,181
4,059,323
SeaWorld
Parks
&
Entertainment,
Inc.,
1st
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.73
%
,
12/04/31
..
3,652
3,621,527
Station
Casinos
LLC,
Facility
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
03/14/31
............
6,427
6,431,790
TRQ
Sales
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
12/30/32
..................
4,194
4,168,272
Voyager
Parent
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.98
%
,
07/01/32
............
4,636
4,639,282
Whatabrands
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.23
%
,
08/03/28
..................
3,562
3,561,496
Wyndham
Hotels
&
Resorts,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
05/24/30
.......
3,396
3,399,957
129,117,794
Household
Durables
—
0.3%
(e)
Somnigroup
International,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.89
%
,
10/24/31
.......
1,231
1,236,222
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
A1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.14
%
,
12/19/29
............
495
490,533
SWF
Holdings
I
Corp.,
Delayed
Draw
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
8.14
%
,
12/19/29
.......
741
733,762
Weber-Stephen
Products
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.48
%
,
10/01/32
.......
5,089
5,039,167
7,499,684
Household
Products
—
0.2%
Lavender
Dutch
Borrower
Co.
BV,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
12/30/32
(e)
.
4,264
4,255,048
Independent
Power
and
Renewable
Electricity
Producers
—
0.9%
(e)
Calpine
Construction
Finance
Co.
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
07/31/30
.......
4,226
4,224,436
Constellation
Renewables
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.00%),
5.67
%
,
12/15/27
.......
4,615
4,607,772
Talen
Energy
Supply
LLC,
1st
Lien
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
12/15/31
..........
4,286
4,267,006
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
(continued)
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.82
%
,
11/25/32
...........
USD
7,076
$
6,987,205
20,086,419
Industrial
Conglomerates
—
2.4%
(e)
ACI
Rover
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
06/09/33
............
2,824
2,816,234
Arcwood
Environmental,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.82
%
,
04/01/33
(b)
......
1,166
1,170,372
Beach
Acquisition
Bidco
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
09/13/32
............
1,886
1,891,043
Chromalloy
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
03/27/31
..................
306
306,851
EMRLD
Borrower
LP,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.07
%
,
08/04/31
..................
5,074
5,072,112
EMRLD
Borrower
LP,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92
%
,
05/31/30
............
12,774
12,768,344
FCG
Acquisitions,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
03/04/33
............
824
827,280
LSF12
Crown
US
Commercial
Bidco
LLC,
1st
Lien
Term
Loan
B
,
(SOFR1M
at
0.00%
Floor
+
2.50%),
6.24
%
,
12/02/31
...........
3,065
3,068,651
Pinnacle
Buyer
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
10/01/32
............
4,368
4,382,852
Resideo
Funding,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.67
%
,
08/13/32
............
4,683
4,682,615
Resilience
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
02/28/33
............
9,070
9,051,134
SVP-Singer
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
1.50%),
5.23
%
,
10/15/29
(b)
.................
763
660,336
Sword
Purchaser
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.73
%
,
04/11/33
.............
6,820
6,558,180
Tulip
Holdco
De
LLC,
1st
Lien
Term
Loan
B
,
07/21/33
(g)
......................
1,118
1,114,512
54,370,516
Insurance
—
3.9%
(e)
Acrisure
LLC,
1st
Lien
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.73
%
,
11/06/30
..................
1,120
1,023,120
Alliant
Holdings
Intermediate
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.14
%
,
09/19/31
.......
14,576
14,511,613
AmWINS
Group,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.00%),
5.73
%
,
01/30/32
..................
9,065
8,981,908
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
12/29/31
.......
5,983
5,944,436
CRC
Insurance
Group
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
05/06/31
............
10,393
10,211,352
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
HUB
International
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
5.98
%
,
06/20/30
............
USD
13,273
$
13,277,946
Hyperion
Refinance
SARL,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.48
%
,
04/18/30
..........
1,472
1,416,175
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.48
%
,
02/17/31
..........
9,831
9,425,835
Jones
DesLauriers
Insurance
Management,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.82
%
,
02/02/33
.
6,569
6,416,425
OneDigital
Borrower
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.73
%
,
07/02/31
............
1,198
1,173,080
Ryan
Specialty
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
09/15/31
............
4,836
4,830,329
USI,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
09/27/30
..................
691
690,286
USI,
Inc.,
1st
Lien
Term
Loan
D
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
11/21/29
..................
9,733
9,720,360
87,622,865
Interactive
Media
&
Services
—
0.1%
Camelot
US
Acquisition
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
01/31/31
(e)
...........
2,648
2,462,854
IT
Services
—
3.1%
(e)
Asurion
LLC,
1st
Lien
Term
Loan
B12
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.07
%
,
09/19/30
..................
1,515
1,477,235
Asurion
LLC,
1st
Lien
Term
Loan
B13
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.07
%
,
09/19/30
..................
8,169
7,963,341
Asurion
LLC,
1st
Lien
Term
Loan
B14
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.57
%
,
02/23/33
..................
2,925
2,737,022
Central
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
07/06/29
..................
8,422
5,362,083
CoreWeave
Financing
DDTL
V
LLC,
Delayed
Draw
1st
Lien
Term
Loan
,
11/17/31
(g)
.....
3,467
3,457,986
Epicor
Software
Corp.,
1st
Lien
Term
Loan
E
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
6.48
%
,
05/30/31
............
9,402
8,962,798
Galileo
Parent,
Inc.,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.12
%
,
03/03/33
..................
3,273
3,285,568
Go
Daddy
Operating
Co.
LLC,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
11/09/29
.......
3,962
3,904,420
ION
Platform
Finance
US,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.48
%
,
10/07/32
.......
7,169
5,649,925
Iron
Mountain,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
01/31/31
..................
2,490
2,482,408
Mitchell
International,
Inc.,
1st
Lien
Term
Loan
,
(12-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.64
%
,
06/17/31
............
1,450
1,406,500
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Mitchell
International,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
8.98
%
,
06/07/32
............
USD
2,153
$
1,958,517
Modena
Buyer
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.07
%
,
07/01/31
..................
2,257
2,086,643
Neptune
Bidco
US,
Inc.,
1st
Lien
Term
Loan
B
,
02/03/33
(g)
......................
700
695,387
Project
Boost
Purchaser
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
07/16/31
.......
3,779
3,694,254
Sedgwick
Claims
Management
Services,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
07/31/31
.
10,731
10,652,573
Shift4
Payments
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
07/06/32
............
4,539
4,530,171
70,306,831
Leisure
Products
—
0.1%
Hayward
Industries,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
06/23/33
(e)
...........
2,676
2,674,003
Life
Sciences
Tools
&
Services
—
0.4%
(e)
ICON
Luxembourg
SARL,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.73
%
,
07/03/28
............
3,121
3,123,118
PRA
Health
Sciences,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.73
%
,
07/03/28
............
778
778,128
Star
Parent,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.73
%
,
09/27/30
..................
4,246
4,260,201
8,161,447
Machinery
—
3.2%
(e)
AI
Aqua
Merger
Sub,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.15
%
,
07/05/33
............
9,493
9,493,000
Columbus
McKinnon
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.23
%
,
02/03/33
............
6,255
6,265,691
CompoSecure
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.92
%
,
01/14/33
.......
3,907
3,890,825
Engineered
Machinery
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.49
%
,
11/26/32
.......
505
506,192
ESCO
Technologies,
Inc.,
1st
Lien
Term
Loan
B
,
06/01/33
(b)
(g)
.....................
1,760
1,755,600
Filtration
Group
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.23
%
,
10/23/28
............
5,439
5,441,454
Indicor
LLC,
1st
Lien
Term
Loan
E
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
11/22/29
..................
2,816
2,816,844
LSF12
Helix
Parent
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.23
%
,
02/10/33
............
5,913
5,842,829
Madison
IAQ
LLC,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.47
%
,
05/06/32
..................
3,250
3,245,417
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Rexnord
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.85
%
,
10/04/28
..................
USD
1,929
$
1,944,446
Tega
Mc
Australia
Holdings
Pty.
Ltd.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.50%),
7.16
%
,
06/01/33
..
2,624
2,635,493
TK
Elevator
Midco
GmbH,
1st
Lien
Term
Loan
B1
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
6.70
%
,
04/30/30
............
17,861
17,922,852
WEC
US
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.65
%
,
01/27/31
............
10,496
10,480,539
72,241,182
Media
—
1.9%
(e)
Altice
France
SA,
1st
Lien
Term
Loan
B14
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
6.88%),
10.62
%
,
05/30/31
............
11,023
11,204,053
Clear
Channel
Outdoor
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.85
%
,
08/23/28
.......
4,021
4,023,647
CMG
Media
Corp.,
Facility
1st
Lien
Term
Loan
,
06/18/29
(g)
......................
186
172,343
CSC
Holdings
LLC,
1st
Lien
Term
Loan
B5
,
(US
Prime
Rate
at
0.00%
Floor
+
1.50%),
8.25
%
,
04/15/27
..................
7,871
4,943,158
Discovery
Global
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
06/03/33
.......
6,573
6,577,257
ECL
Entertainment
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.73
%
,
08/30/30
............
3,504
3,508,492
NEP
Group,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.23
%
,
10/17/31
..................
5,861
5,475,636
Nexstar
Media,
Inc.,
1st
Lien
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
03/18/33
............
2,740
2,735,059
Outfront
Media
Capital
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.49
%
,
09/24/32
............
3,630
3,628,475
42,268,120
Multi-Utilities
—
0.4%
GFL
Environmental
Services,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.16
%
,
03/03/32
(e)
......
9,777
9,780,810
Oil,
Gas
&
Consumable
Fuels
—
1.4%
(e)
Blackfin
Pipeline
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.75
%
,
09/29/32
............
3,721
3,723,510
Buckeye
Partners
LP,
1st
Lien
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
11/22/32
.............
2,820
2,825,950
Crescent
Midstream
Operating
LLC,
1st
Lien
Term
Loan
,
(SOFR12
at
0.00%
Floor
+
3.75%),
7.24
%
,
02/18/33
............
1,407
1,411,404
Freeport
LNG
Investments
LLLP,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
02/11/33
.......
6,953
6,972,426
Hilcorp
Energy
I
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42
%
,
02/11/30
..................
5,761
5,753,874
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Meade
Pipeline
Co.
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.68
%
,
09/22/32
............
USD
1,340
$
1,340,335
Murphy
USA,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.40
%
,
04/07/32
..................
2,141
2,152,297
TransMontaigne
Operating
Co.
LP,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.98
%
,
03/18/30
.......
3,496
3,498,670
WhiteWater
Matterhorn
Holdings
LLC,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.50
%
,
06/16/32
..
3,943
3,908,984
31,587,450
Passenger
Airlines
—
1.7%
(e)
AAdvantage
Loyalty
IP
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
04/20/28
............
8,453
8,448,640
Air
Canada,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.57
%
,
03/21/31
..................
5,845
5,832,283
American
Airlines,
Inc.,
1st
Lien
Term
Loan
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.94
%
,
02/15/28
..........
1,268
1,257,897
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.91
%
,
06/04/29
..........
4,974
4,923,822
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.67
%
,
05/30/33
..........
3,040
3,015,923
AS
Mileage
Plan
IP
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
05/12/33
............
3,110
3,102,429
Jetblue
Airways
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
8.43
%
,
08/27/29
............
5,453
4,730,241
Stonepeak
Nile
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66
%
,
04/09/32
............
1,150
1,147,125
United
Airlines,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
02/24/31
............
6,934
6,909,845
39,368,205
Pharmaceuticals
—
1.3%
(e)
Amneal
Pharmaceuticals
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.73
%
,
08/02/32
.......
8,833
8,854,657
Elanco
Animal
Health,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.40
%
,
10/29/32
............
3,030
3,028,143
Endo
Finance
Holdings
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.48
%
,
04/23/31
............
1,924
1,925,228
Grifols
International
Services
USA,
Inc.,
1st
Lien
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.19
%
,
04/14/33
..
5,237
5,245,621
Jazz
Financing
Lux
SARL,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
5.98
%
,
05/05/28
............
4,447
4,456,751
OPAL
US
LLC,
Facility
1st
Lien
Term
Loan
B6
,
04/28/32
(g)
......................
3,515
3,520,026
Perrigo
Investments
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
04/20/29
............
3,021
3,014,777
30,045,203
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Professional
Services
—
1.9%
(e)
AlixPartners
LLP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
08/12/32
..................
USD
3,665
$
3,651,592
CoreLogic,
Inc.,
1st
Lien
Term
Loan
B
,
07/25/31
(g)
......................
9,726
9,323,022
Corpay
Technologies
Operating
Co.
LLC,
1st
Lien
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
11/05/32
.
5,331
5,322,002
Element
Materials
Technology
Group
US
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.23
%
,
06/22/29
..................
4,528
4,539,306
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66
%
07/31/30
.............
4,424
4,049,665
Trans
Union
LLC,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
06/24/31
..................
4,232
4,219,862
Trans
Union
LLC,
1st
Lien
Term
Loan
B9
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.58
%
,
06/24/31
..................
3,090
3,080,410
Zelis
Payments
Buyer,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
11/26/31
.............
7,133
6,994,583
Zelis
Payments
Buyer,
Inc.,
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
09/28/29
............
2,975
2,916,606
44,097,048
Real
Estate
Management
&
Development
—
0.0%
Cushman
&
Wakefield
US
Borrower
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
06/13/33
(e)
.
782
782,144
Semiconductors
&
Semiconductor
Equipment
—
0.5%
(e)
Entegris,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
07/06/29
..................
1,102
1,105,180
Qnity
Electronics,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
11/01/32
.............
10,029
10,021,103
11,126,283
Software
—
6.6%
(e)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
02/24/31
............
9,273
9,109,196
Avalara,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
03/26/32
..................
4,808
4,523,049
Barracuda
Networks,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.32
%
,
08/15/29
............
2,106
1,398,829
Boxer
Parent
Co.,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.42
%
,
07/30/31
............
11,629
10,579,990
Capstone
Borrower,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
06/17/30
............
1,200
1,165,302
CCC
Intelligent
Solutions,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.64
%
,
01/23/32
.......
1,873
1,854,074
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Cloud
Software
Group
LLC,
1st
Lien
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
03/21/31
..........
USD
8,271
$
7,483,715
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.98
%
,
08/16/32
..........
7,866
7,029,580
Cloudera,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
7.49
%
,
10/09/28
..................
2,372
2,091,805
Clover
Holdings
2
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.75%),
7.43
%
,
12/09/31
............
4,211
4,116,607
CoreWeave
Financing
DDTL
V
LLC
Delayed
Draw
Loan
First
Lien
,
09/30/31
(g)
.......
4,706
4,711,882
Darktrace
Finco
US
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
6.99
%
,
10/09/31
............
3,286
3,002,172
Dayforce
Bidco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.82
%
,
02/04/33
..................
9,240
8,589,874
DS
Admiral
Bidco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
7.98
%
,
06/26/31
............
2,432
2,311,672
Ellucian
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.23
%
,
10/09/29
............
6,926
6,669,498
Gen
Digital,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
5.48
%
,
09/12/29
..................
6,171
6,106,237
Genesys
Cloud
Services,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
01/30/32
.......
6,939
6,678,539
Kaseya,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.25%),
7.07
%
,
03/22/32
..................
11,887
8,889,072
McAfee
Corp.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.73
%
,
03/01/29
..................
5,700
5,139,989
MH
Sub
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
7.98
%
,
12/31/31
..................
1,824
1,626,598
MKS
Instruments,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.42
%
,
02/04/33
............
4,393
4,387,205
Ping
Identity
Holding
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.43
%
,
11/15/32
(b)
...........
2,470
2,420,414
Proofpoint,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.73
%
,
08/31/28
..................
8,943
8,780,911
Quartz
AcquireCo
LLC,
1st
Lien
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
06/28/30
............
2,208
1,856,593
RealPage,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.99
%
,
04/24/28
..................
6,517
6,225,901
SS&C
Technologies,
Inc.,
1st
Lien
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
05/09/31
............
6,775
6,766,300
UKG,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.07
%
,
02/10/31
..................
10,329
9,906,732
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
VS
Buyer
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
6.07
%
,
04/14/31
..................
USD
6,724
$
6,448,491
149,870,227
Specialty
Retail
—
2.0%
(e)
Belron
Finance
2019
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
5.66
%
,
10/16/31
............
14,629
14,601,309
Hunter
Douglas,
Inc.,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
6.73
%
,
01/16/32
............
7,262
7,248,875
LS
Group
OpCo
Acquistion
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.17
%
,
04/23/31
.......
5,309
5,287,054
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
6.67
%
,
05/04/28
..
8,407
8,385,737
Peer
Holding
III
BV,
Facility
1st
Lien
Term
Loan
B8
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.25%),
5.98
%
,
09/29/32
............
1,092
1,091,989
Project
Aurora
US
Finco,
Inc.,
Facility
1st
Lien
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.75%),
6.48
%
,
12/06/32
(b)
.
1,196
1,199,973
Pye-Barker
Fire
&
Safety
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
12/16/32
.......
5,055
5,071,532
Pye-Barker
Fire
&
Safety
LLC,
Delayed
Draw
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
12/16/32
..
119
118,919
Restoration
Hardware,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
6.35
%
,
10/20/28
............
3,511
3,423,622
46,429,010
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Finastra
USA,
Inc.,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.75
%
,
09/15/32
(e)
.................
7,766
7,440,928
Trading
Companies
&
Distributors
—
1.6%
(e)
Core
&
Main
LP,
1st
Lien
Term
Loan
E
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.66
%
,
02/10/31
..................
6,633
6,633,307
Core
&
Main
LP,
1st
Lien
Term
Loan
F
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.48
%
,
07/01/33
..................
3,915
3,916,644
Gulfside
Supply,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
3.00%),
6.73
%
,
06/17/31
..................
4,805
4,168,733
Herc
Holdings,
Inc.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
1.75%),
5.43
%
,
06/02/32
............
1,602
1,601,085
Hobbs
&
Associates
LLC,
1st
Lien
Term
Loan
,
07/23/31
(g)
......................
3,420
3,411,450
QXO
Building
Products,
Inc.,
1st
Lien
Term
Loan
B
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
04/30/32
..........
4,101
4,094,958
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.00%),
5.73
%
,
07/01/33
..........
9,462
9,443,644
TMK
Hawk
Parent
Corp.,
1st
Lien
Term
Loan
,
(US
Prime
Rate
+
0.00%),
11.00
%
,
12/15/31
(b)
273
—
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
TMK
Hawk
Parent
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
7.73
%
,
06/29/29
............
USD
5,005
$
2,502,708
35,772,529
Transportation
Infrastructure
—
1.2%
(e)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
2.50%),
6.23
%
,
09/23/31
..................
11,124
11,148,544
GB
AIT
Buyer,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.25%),
8.07
%
,
04/29/33
..................
3,043
3,037,462
OLA
Netherlands
BV,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
10.08
%
,
12/15/26
(b)
................
4,964
4,938,772
Rand
Parent
LLC,
1st
Lien
Term
Loan
B
,
03/18/30
(g)
......................
8,062
8,070,816
27,195,594
Wireless
Telecommunication
Services
—
0.3%
(e)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.50%),
8.23
%
,
08/09/32
.......
2,692
2,705,506
Windstream
Services
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.00%
Floor
+
4.00%),
7.64
%
,
10/06/32
(b)
...........
5,097
5,096,805
7,802,311
Total
Floating
Rate
Loan
Interests
—
86
.7
%
(Cost:
$
2,015,396,018
)
............................
1,968,887,108
Shares
Shares
Investment
Companies
Invesco
Senior
Loan
ETF
(h)
.............
1,820,000
37,109,800
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
(h)
(i)
.........................
1,521,241
55,951,244
Janus
Henderson
AAA
CLO
ETF
.........
180,000
9,090,000
State
Street
Blackstone
Senior
Loan
ETF
(h)
..
335,000
13,534,000
Total
Investment
Companies
—
5
.1
%
(Cost:
$
116,041,854
)
..............................
115,685,044
Beneficial
Interest
(000)
Other
Interests
(j)
Capital
Markets
—
0.0%
Millennium
Corp.
Claim
(b)
...............
15,011
—
Total
Other
Interests
—
0.0
%
(Cost:
$
—
)
.....................................
—
Shares
Shares
Preferred
Securities
Preferred
Stocks
—
0.1%
Financial
Services
—
0.1%
Labels
Buyer
LLC
,
12.00
%
.............
1,885
1,498,575
IT
Services
—
0.0%
(a)
Veritas
Newco
(b)
.....................
14,627
292,540
Veritas
Newco,
Series
G-1
..............
10,105
202,100
494,640
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
July
31,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Machinery
—
0.0%
Sirva-Bgrs
Holdings,
Inc.
,
15.25
%
(b)
.......
1,870
$
373,986
Total
Preferred
Securities
—
0
.1
%
(Cost:
$
3,335,736
)
...............................
2,367,201
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
)
(a)
(b)
16,956
—
Total
Warrants
—
0.0
%
(Cost:
$
—
)
.....................................
—
Total
Long-Term
Investments
—
93.1%
(Cost:
$
2,167,529,242
)
............................
2,113,265,600
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
11.2%
(i)(k)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.81
%
(l)
...................
57,436,794
$
57,454,025
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
3.58
%
....................
197,129,101
197,129,101
Total
Short-Term
Securities
—
11
.2
%
(Cost:
$
254,577,984
)
..............................
254,583,126
Total
Investments
—
104
.3
%
(Cost:
$
2,422,107,226
)
............................
2,367,848,726
Liabilities
in
Excess
of
Other
Assets
—
(
4.3
)
%
.............
(
97,990,086
)
Net
Assets
—
100.0%
...............................
$
2,269,858,640
(a)
Non-income
producing
security.
(b)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(e)
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.
(f)
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.
(g)
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.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
Affiliate
of
the
Fund.
(j)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(k)
Annualized
7-day
yield
as
of
period
end.
(l)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
07/31/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/26
Shares
Held
at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
64,614,273
$
—
$
(
7,170,294
)
(a)
$
7,307
$
2,739
$
57,454,025
57,436,794
$
307,865
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
328,860,244
—
(
131,731,143
)
(a)
—
—
197,129,101
197,129,101
10,349,425
—
iShares
0-5
Year
High
Yield
Corporate
Bond
ETF
(c)
...
2,195,557
—
(
2,195,210
)
110,033
(
110,380
)
—
—
25,746
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
(c)
..............
—
—
—
—
—
—
—
16,180
—
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
....
11,637,301
88,747,958
(
43,511,832
)
(
557,104
)
(
365,079
)
55,951,244
1,521,241
2,518,588
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(c)
...
—
—
—
—
—
—
—
8,784
—
$
(
439,764
)
$
(
472,720
)
$
310,534,370
$
13,226,588
$
—
—
—
(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
(continued)
July
31,
2026
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
1,291,411
EUR
1,108,000
HSBC
Bank
plc
09/16/26
$
11,474
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
46.V2
...........
5.00
%
Quarterly
06/20/31
B+
USD
29,700
$
2,412,410
$
2,114,990
$
297,420
(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
09/20/26
USD
18,712
$
71,855
$
(82,749)
$
154,604
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
09/20/26
USD
46,288
269,004
(204,694)
473,698
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
09/20/26
USD
25,000
574,984
(61,258)
636,242
$
915,843
$
(348,701)
$
1,264,544
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
3.62
%
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
..........................................................
$
2,114,990
$
—
$
297,420
$
—
OTC
Swaps
...................................................................
—
(348,701)
1,264,544
—
(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.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
18
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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
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
......................
$
—
$
—
$
—
$
11,474
$
—
$
—
$
11,474
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
297,420
—
—
—
—
297,420
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
—
—
1,264,544
—
1,264,544
$
—
$
297,420
$
—
$
11,474
$
1,264,544
$
—
$
1,573,438
Liabilities
—
Derivative
Financial
Instruments
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
$
—
$
—
$
—
$
—
$
348,701
$
—
$
348,701
(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
July
31,
2026,
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
....
$
—
$
—
$
—
$
62,448
$
—
$
—
$
62,448
Swaps
..............................
—
4,762,209
(288,186)
—
1,069,974
—
5,543,997
$
—
$
4,762,209
$
(288,186)
$
62,448
$
1,069,974
$
—
$
5,606,445
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Forward
foreign
currency
exchange
contracts
....
$
—
$
—
$
—
$
7,012
$
—
$
—
$
7,012
Swaps
..............................
—
(2,152,744)
—
—
(1,711,755)
—
(
3,864,499)
$
—
$
(2,152,744)
$
—
$
7,012
$
(1,711,755)
$
—
$
(3,857,487)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
762,348
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
65,813,000
Total
return
swaps
Average
notional
value
...............................................................................................
114,050,000
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Forward
foreign
currency
exchange
contracts
.................................................................
$
11,474
$
—
Swaps
—
centrally
cleared
..............................................................................
132,734
—
Swaps
—
OTC
(a)
.....................................................................................
1,264,544
348,701
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
1,408,752
$
348,701
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(132,734)
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
1,276,018
$
348,701
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
19
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.
(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
................................
$
154,604
$
(82,749)
$
—
$
—
$
71,855
HSBC
Bank
plc
..................................
11,474
—
—
—
11,474
Morgan
Stanley
&
Co.
International
plc
..................
1,109,940
(265,952)
—
(600,000)
243,988
$
1,276,018
$
(348,701)
$
—
$
(600,000)
$
327,317
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
................................
$
82,749
$
(82,749)
$
—
$
—
$
—
Morgan
Stanley
&
Co.
International
plc
..................
265,952
(265,952)
—
—
—
$
348,701
$
(348,701)
$
—
$
—
$
—
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Construction
&
Engineering
................................
$
—
$
—
$
2,625,180
$
2,625,180
Financial
Services
......................................
—
93,826
695,629
789,455
Food
Products
.........................................
—
682,787
—
682,787
Ground
Transportation
...................................
—
—
6,777
6,777
Hotels,
Restaurants
&
Leisure
..............................
—
—
817,905
817,905
Household
Durables
.....................................
—
—
339,794
339,794
IT
Services
...........................................
—
—
1,102,779
1,102,779
Machinery
............................................
—
—
—
—
Trading
Companies
&
Distributors
............................
—
—
188,566
188,566
Transportation
Infrastructure
...............................
—
—
259,847
259,847
Wireless
Telecommunication
Services
.........................
—
1,265,099
—
1,265,099
Corporate
Bonds
Chemicals
............................................
—
33,852
—
33,852
Electric
Utilities
........................................
—
—
1
1
Pharmaceuticals
.......................................
—
7,661,749
—
7,661,749
Professional
Services
....................................
—
1,779,092
—
1,779,092
Transportation
Infrastructure
...............................
—
—
218,822
218,822
Wireless
Telecommunication
Services
.........................
—
939,193
—
939,193
Fixed
Rate
Loan
Interests
...................................
—
7,615,349
—
7,615,349
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
61,375,929
—
61,375,929
Air
Freight
&
Logistics
....................................
—
1,267,794
—
1,267,794
Automobile
Components
..................................
—
34,924,873
—
34,924,873
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
20
Level
1
Level
2
Level
3
Total
Automobiles
..........................................
$
—
$
7,852,411
$
—
$
7,852,411
Beverages
...........................................
—
7,082,687
—
7,082,687
Biotechnology
.........................................
—
14,227,832
—
14,227,832
Broadline
Retail
........................................
—
12,858,448
—
12,858,448
Building
Products
.......................................
—
28,067,716
1,551,538
29,619,254
Capital
Markets
........................................
—
99,640,940
479,755
100,120,695
Chemicals
............................................
—
79,936,006
10,512,799
90,448,805
Commercial
Services
&
Supplies
.............................
—
75,266,562
6,709,699
81,976,261
Communications
Equipment
................................
—
7,417,050
—
7,417,050
Construction
&
Engineering
................................
—
31,819,167
—
31,819,167
Construction
Materials
....................................
—
40,584,250
—
40,584,250
Consumer
Staples
Distribution
&
Retail
........................
—
21,513,883
—
21,513,883
Containers
&
Packaging
..................................
—
56,309,064
—
56,309,064
Diversified
Consumer
Services
..............................
—
19,215,457
—
19,215,457
Diversified
REITs
.......................................
—
2,261,058
—
2,261,058
Diversified
Telecommunication
Services
........................
—
32,134,400
—
32,134,400
Electric
Utilities
........................................
—
17,614,244
—
17,614,244
Electrical
Equipment
.....................................
—
1,912,465
—
1,912,465
Electronic
Equipment,
Instruments
&
Components
.................
—
11,639,904
7,025,341
18,665,245
Energy
Equipment
&
Services
..............................
—
—
7,631,784
7,631,784
Entertainment
.........................................
—
76,797,180
—
76,797,180
Financial
Services
......................................
—
72,886,586
—
72,886,586
Food
Products
.........................................
—
28,405,797
—
28,405,797
Gas
Utilities
...........................................
—
13,525,532
—
13,525,532
Ground
Transportation
...................................
—
20,618,091
—
20,618,091
Health
Care
Equipment
&
Supplies
...........................
—
30,444,234
—
30,444,234
Health
Care
Providers
&
Services
............................
—
63,237,986
—
63,237,986
Health
Care
Technology
..................................
—
18,632,953
3,141,188
21,774,141
Hotels,
Restaurants
&
Leisure
..............................
—
129,117,794
—
129,117,794
Household
Durables
.....................................
—
7,499,684
—
7,499,684
Household
Products
.....................................
—
4,255,048
—
4,255,048
Independent
Power
and
Renewable
Electricity
Producers
............
—
20,086,419
—
20,086,419
Industrial
Conglomerates
..................................
—
52,539,808
1,830,708
54,370,516
Insurance
............................................
—
87,622,865
—
87,622,865
Interactive
Media
&
Services
...............................
—
2,462,854
—
2,462,854
IT
Services
...........................................
—
70,306,831
—
70,306,831
Leisure
Products
.......................................
—
2,674,003
—
2,674,003
Life
Sciences
Tools
&
Services
..............................
—
8,161,447
—
8,161,447
Machinery
............................................
—
70,485,582
1,755,600
72,241,182
Media
...............................................
—
42,268,120
—
42,268,120
Multi-Utilities
..........................................
—
9,780,810
—
9,780,810
Oil,
Gas
&
Consumable
Fuels
...............................
—
31,587,450
—
31,587,450
Passenger
Airlines
......................................
—
39,368,205
—
39,368,205
Pharmaceuticals
.......................................
—
30,045,203
—
30,045,203
Professional
Services
....................................
—
44,097,048
—
44,097,048
Real
Estate
Management
&
Development
.......................
—
782,144
—
782,144
Semiconductors
&
Semiconductor
Equipment
....................
—
11,126,283
—
11,126,283
Software
.............................................
—
147,449,813
2,420,414
149,870,227
Specialty
Retail
........................................
—
45,229,037
1,199,973
46,429,010
Technology
Hardware,
Storage
&
Peripherals
....................
—
7,440,928
—
7,440,928
Trading
Companies
&
Distributors
............................
—
35,772,529
—
35,772,529
Transportation
Infrastructure
...............................
—
22,256,822
4,938,772
27,195,594
Wireless
Telecommunication
Services
.........................
—
2,705,506
5,096,805
7,802,311
Investment
Companies
....................................
115,685,044
—
—
115,685,044
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
Financial
Services
......................................
—
1,498,575
—
1,498,575
IT
Services
...........................................
—
202,100
292,540
494,640
Machinery
............................................
—
—
373,986
373,986
Warrants
..............................................
—
—
—
—
Short-Term
Securities
Money
Market
Funds
......................................
254,583,126
—
—
254,583,126
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
—
35,988
—
35,988
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(continued)
July
31,
2026
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
21
The
Fund's
financial
instruments
that
are
categorized
as
Level
3
were
valued
utilizing
third-party
pricing
information
without
adjustment.
Such
valuations
are
based
on
unobservable
inputs.
A
significant
change
in
third-party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
financial
instruments.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
...........................
$
—
$
(13,669)
$
(1,579)
$
(15,248)
$
370,268,170
$
1,936,386,673
$
61,214,623
$
2,367,869,466
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
297,420
$
—
$
297,420
Foreign
currency
exchange
contracts
............................
—
11,474
—
11,474
Interest
rate
contracts
.......................................
—
1,264,544
—
1,264,544
$
—
$
1,573,438
$
—
$
1,573,438
(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.
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
year
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
Floating
Rate
Loan
Interests
Preferred
Securities
Unfunded
Floating
Rate
Loan
Interests
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
July
31,
2025
................................................
$
13,537,786
$
760,054
$
59,813,927
$
556,470
$
457
$
74,668,694
Transfers
into
Level
3
(a)
.........................................................
8,136
—
22,954,982
327,238
—
23,290,356
Transfers
out
of
Level
3
(b)
........................................................
—
—
(15,346,672)
(227,362)
—
(15,574,034)
Accrued
discounts/premiums
......................................................
—
(7,860)
92,269
—
—
84,409
Net
realized
gain
(loss)
.........................................................
3,409,865
—
(3,722,486)
—
—
(312,621)
Net
change
in
unrealized
appreciation
(depreciation)
(c)(d)
....................................
(8,218,342)
(533,371)
(513,696)
10,180
(2,036)
(9,257,265)
Purchases
..................................................................
4,178,802
—
41,322,156
—
—
45,500,958
Sales
.....................................................................
(6,879,770)
—
(50,306,104)
—
—
(57,185,874)
Closing
balance,
as
of
July
31,
2026
.................................................
$
6,036,477
$
218,823
$
54,294,376
$
666,526
$
(1,579)
$
61,214,623
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
July
31,
2026
(d)
..........
$
(5,547,606)
$
84,328
$
(2,864,022)
$
10,180
$
(2,036)
$
(8,319,156)
(a)
As
of
July
31,
2025,
the
Fund
used
observable
inputs
in
determining
the
value
of
certain
investments.
As
of
July
31,
2026,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
2
to
Level
3
in
the
fair
value
hierarchy.
(b)
As
of
July
31,
2025,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
July
31,
2026,
the
Fund
used
observable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
3
to
Level
2
in
the
fair
value
hierarchy.
(c)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statement
of
Operations.
(d)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
July
31,
2026
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statement
of
Assets
and
Liabilities
July
31,
2026
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
22
BlackRock
Floating
Rate
Income
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
2,057,314,356
Investments,
at
value
—
affiliated
(c)
..........................................................................................
310,534,370
Cash
.............................................................................................................
20,964,814
Cash
pledged:
–
Centrally
cleared
swaps
................................................................................................
2,261,000
Foreign
currency,
at
value
(d)
...............................................................................................
1,275
Receivables:
–
Investments
sold
....................................................................................................
44,236,152
Securities
lending
income
—
affiliated
......................................................................................
3,738
Capital
shares
sold
...................................................................................................
2,779,138
Dividends
—
unaffiliated
...............................................................................................
35,886
Dividends
—
affiliated
.................................................................................................
650,585
Interest
—
unaffiliated
.................................................................................................
7,345,226
From
the
Manager
...................................................................................................
169
Variation
margin
on
centrally
cleared
swaps
..................................................................................
132,734
Unrealized
appreciation
on:
–
Forward
foreign
currency
exchange
contracts
.................................................................................
11,474
OTC
swaps
........................................................................................................
1,264,544
Unfunded
floating
rate
loan
interests
.......................................................................................
35,988
Prepaid
e
xpenses
.....................................................................................................
145,544
Total
a
ssets
.........................................................................................................
2,447,716,993
LIABILITIES
Cash
received:
–
Collateral
—
OTC
derivatives
............................................................................................
600,000
Collateral
on
securities
loaned
.............................................................................................
57,542,814
Payables:
–
Investments
purchased
................................................................................................
101,253,146
Swaps
..........................................................................................................
231
Administration
fees
...................................................................................................
115,489
Capital
shares
redeemed
...............................................................................................
12,674,612
Income
dividend
distributions
............................................................................................
2,558,067
Interest
expense
....................................................................................................
24,138
Investment
advisory
fees
..............................................................................................
979,991
Trustees'
and
Officer's
fees
.............................................................................................
126,703
Other
affiliate
fees
...................................................................................................
7,842
Professional
fees
....................................................................................................
165,939
Service
and
distribution
fees
.............................................................................................
82,902
Other
accrued
expenses
...............................................................................................
1,362,530
Swap
premiums
received
................................................................................................
348,701
Unrealized
depreciation
on:
–
Unfunded
floating
rate
loan
interests
.......................................................................................
15,248
Total
li
abilities
........................................................................................................
177,858,353
Commitments
and
contingent
liabilities
$
–
NET
ASSETS
........................................................................................................
$
2,269,858,640
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
2,838,519,553
Accumulated
loss
.....................................................................................................
(
568,660,913
)
NET
ASSETS
........................................................................................................
$
2,269,858,640
(a)
Investments,
at
cost
—
unaffiliated
.................................................................................
$
2,111,422,618
(b)
Securities
loaned,
at
value
......................................................................................
$
56,277,346
(c)
Investments,
at
cost
—
affiliated
...................................................................................
$
310,684,608
(d)
Foreign
currency,
at
cost
.......................................................................................
$
1,210
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(continued)
July
31,
2026
23
Statement
of
Assets
and
Liabilities
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................................
$
1,533,715,196
Shares
outstanding
...................................................................................................
164,069,722
Net
asset
value
.....................................................................................................
$
9.35
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Investor
A
Net
assets
.........................................................................................................
$
278,549,100
Shares
outstanding
...................................................................................................
29,803,242
Net
asset
value
.....................................................................................................
$
9.35
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Investor
C
Net
assets
.........................................................................................................
$
22,188,106
Shares
outstanding
...................................................................................................
2,373,886
Net
asset
value
.....................................................................................................
$
9.35
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Class
K
Net
assets
.........................................................................................................
$
435,406,238
Shares
outstanding
...................................................................................................
46,600,072
Net
asset
value
.....................................................................................................
$
9.34
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Statement
of
Operations
Year
Ended
July
31,
2026
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
24
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
5,014,162
Dividends
—
affiliated
.................................................................................................
12,918,723
Interest
—
unaffiliated
.................................................................................................
180,258,477
Securities
lending
income
—
affiliated
—
net
.................................................................................
307,865
Payment-in-kind
interest
—
unaffiliated
.....................................................................................
2,783,604
Total
investment
income
.................................................................................................
201,282,831
EXPENSES
Investment
advisory
..................................................................................................
14,773,315
Transfer
agent
—
class
specific
..........................................................................................
2,049,239
Administration
.....................................................................................................
1,104,636
Service
and
distribution
—
class
specific
....................................................................................
1,010,489
Administration
—
class
specific
..........................................................................................
581,220
Accounting
services
..................................................................................................
512,427
Professional
.......................................................................................................
255,088
Registration
.......................................................................................................
150,654
Printing
and
postage
.................................................................................................
60,002
Trustees
and
Officer
..................................................................................................
54,401
Custodian
.........................................................................................................
30,261
Miscellaneous
......................................................................................................
88,314
Total
expenses
excluding
interest
expense
.....................................................................................
20,670,046
Interest
expense
....................................................................................................
645,393
Total
expenses
.......................................................................................................
21,315,439
Less:
–
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(
2,177
)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(
399,203
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................................................
(
1,001
)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
20,913,058
Net
investment
income
..................................................................................................
180,369,773
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(
78,364,357
)
Net
realized
gain
(loss)
from:
$
–
Investments
—
unaffiliated
...........................................................................................
(
48,963,060
)
Investments
—
affiliated
.............................................................................................
(
439,764
)
Forward
foreign
currency
exchange
contracts
...............................................................................
62,448
Foreign
currency
transactions
.........................................................................................
(
26,998
)
Swaps
.........................................................................................................
5,543,997
A
(43,823,377)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(
30,234,532
)
Investments
—
affiliated
.............................................................................................
(
472,720
)
Forward
foreign
currency
exchange
contracts
...............................................................................
7,012
Foreign
currency
translations
..........................................................................................
(
745
)
Swaps
.........................................................................................................
(
3,864,499
)
Unfunded
floating
rate
loan
interests
.....................................................................................
24,504
A
(34,540,980)
Net
realized
and
unrealized
loss
............................................................................................
(78,364,357)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
102,005,416
Statements
of
Changes
in
Net
Assets
25
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
Year
Ended
07/31/26
Year
Ended
07/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
180,369,773
$
294,614,693
Net
realized
loss
..................................................................................
(
43,823,377
)
(
54,008,639
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(
34,540,980
)
14,114,063
Net
increase
in
net
assets
resulting
from
operations
.............................................................
102,005,416
254,720,117
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(
127,503,770
)
(
183,738,602
)
Investor
A
......................................................................................
(
18,487,545
)
(
23,207,664
)
Investor
C
......................................................................................
(
1,472,855
)
(
1,998,387
)
Class
K
.......................................................................................
(
41,251,025
)
(
89,357,668
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(188,715,195
)
(298,302,321
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(1,215,575,797
)
(799,697,928
)
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(
1,302,285,576
)
(
843,280,132
)
Beginning
of
year
....................................................................................
3,572,144,216
4,415,424,348
End
of
year
........................................................................................
$
2,269,858,640
$
3,572,144,216
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
26
BlackRock
Floating
Rate
Income
Portfolio
Institutional
Year
Ended
07/31/26
Year
Ended
07/31/25
Year
Ended
07/31/24
Period
from
09/01/22
to
07/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Net
asset
value,
beginning
of
period
...........
$
9.62
$
9.68
$
9.63
$
9.53
$
9.93
$
9.61
Net
investment
income
(a)
...................
0
.59
0
.70
0
.83
0
.67
0
.38
0
.36
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.25
)
(
0
.06
)
0
.06
0
.11
(
0
.41
)
0
.32
Net
increase
(decrease)
from
investment
operations
..
0.34
0.64
0.89
0.78
(0.03
)
0.68
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.61
)
(
0
.70
)
(
0
.84
)
(
0
.68
)
(
0
.37
)
(
0
.36
)
Return
of
capital
.........................
—
—
—
(
0
.00
)
(c)
—
—
Total
distributions
..........................
(0.61
)
(0.70
)
(0.84
)
(0.68
)
(0.37
)
(0.36
)
Net
asset
value,
end
of
period
................
$
9.35
$
9.62
$
9.68
$
9.63
$
9.53
$
9.93
Total
Return
(d)
Based
on
net
asset
value
....................
3.67
%
6.87
%
9.59
%
8.57
%
(e)
(0.27
)%
7.14
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
0.72
%
0.69
%
0.69
%
0.68
%
(g)
0.67
%
0.70
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.70
%
0.68
%
0.68
%
0.67
%
(g)
0.66
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.68
%
0.66
%
0.68
%
0.67
%
(g)
0.66
%
0.69
%
Net
investment
income
.....................
6.22
%
7.22
%
8.54
%
7.69
%
(g)
3.89
%
3.64
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
1,533,715
$
2,277,179
$
2,774,795
$
2,726,042
$
3,099,810
$
2,282,592
Portfolio
turnover
rate
.......................
44
%
47
%
41
%
(h)
25
%
41
%
47
%
(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)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
27
Financial
Highlights
BlackRock
Floating
Rate
Income
Portfolio
Investor
A
Year
Ended
07/31/26
Year
Ended
07/31/25
Year
Ended
07/31/24
Period
from
09/01/22
to
07/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Net
asset
value,
beginning
of
period
...........
$
9.62
$
9.68
$
9.63
$
9.52
$
9.93
$
9.61
Net
investment
income
(a)
...................
0
.56
0
.67
0
.80
0
.65
0
.35
0
.34
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.24
)
(
0
.05
)
0
.06
0
.12
(
0
.41
)
0
.31
Net
increase
(decrease)
from
investment
operations
..
0.32
0.62
0.86
0.77
(0.06
)
0.65
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.59
)
(
0
.68
)
(
0
.81
)
(
0
.66
)
(
0
.35
)
(
0
.33
)
Return
of
capital
.........................
—
—
—
(
0
.00
)
(c)
—
—
Total
distributions
..........................
(0.59
)
(0.68
)
(0.81
)
(0.66
)
(0.35
)
(0.33
)
Net
asset
value,
end
of
period
................
$
9.35
$
9.62
$
9.68
$
9.63
$
9.52
$
9.93
Total
Return
(d)
Based
on
net
asset
value
....................
3.41
%
6.60
%
9.32
%
8.45
%
(e)
(0.61
)%
6.89
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
0.96
%
0.95
%
0.94
%
0.92
%
(g)
0.91
%
0.94
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.95
%
0.94
%
0.92
%
0.91
%
(g)
0.90
%
0.94
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.93
%
0.92
%
0.92
%
0.91
%
(g)
0.90
%
0.94
%
Net
investment
income
.....................
5.95
%
6.95
%
8.31
%
7.45
%
(g)
3.62
%
3.43
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
278,549
$
323,196
$
339,424
$
339,621
$
386,590
$
319,889
Portfolio
turnover
rate
.......................
44
%
47
%
41
%
(h)
25
%
41
%
47
%
(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)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
28
BlackRock
Floating
Rate
Income
Portfolio
Investor
C
Year
Ended
07/31/26
Year
Ended
07/31/25
Year
Ended
07/31/24
Period
from
09/01/22
to
07/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Net
asset
value,
beginning
of
period
...........
$
9.62
$
9.68
$
9.63
$
9.53
$
9.93
$
9.61
Net
investment
income
(a)
...................
0
.49
0
.60
0
.73
0
.58
0
.28
0
.26
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.24
)
(
0
.05
)
0
.06
0
.12
(
0
.40
)
0
.32
Net
increase
(decrease)
from
investment
operations
..
0.25
0.55
0.79
0.70
(0.12
)
0.58
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.52
)
(
0
.61
)
(
0
.74
)
(
0
.60
)
(
0
.28
)
(
0
.26
)
Return
of
capital
.........................
—
—
—
(
0
.00
)
(c)
—
—
Total
distributions
..........................
(0.52
)
(0.61
)
(0.74
)
(0.60
)
(0.28
)
(0.26
)
Net
asset
value,
end
of
period
................
$
9.35
$
9.62
$
9.68
$
9.63
$
9.53
$
9.93
Total
Return
(d)
Based
on
net
asset
value
....................
2.64
%
5.82
%
8.50
%
7.57
%
(e)
(1.26
)%
6.06
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
1.72
%
1.68
%
1.70
%
1.69
%
(g)
1.67
%
1.72
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.71
%
1.68
%
1.69
%
1.68
%
(g)
1.66
%
1.71
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
1.69
%
1.66
%
1.69
%
1.68
%
(g)
1.66
%
1.71
%
Net
investment
income
.....................
5.20
%
6.21
%
7.54
%
6.68
%
(g)
2.86
%
2.67
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
22,188
$
31,360
$
31,921
$
34,067
$
38,141
$
36,581
Portfolio
turnover
rate
.......................
44
%
47
%
41
%
(h)
25
%
41
%
47
%
(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)
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
Class
K
Year
Ended
07/31/26
Year
Ended
07/31/25
Year
Ended
07/31/24
Period
from
09/01/22
to
07/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Net
asset
value,
beginning
of
period
...........
$
9.62
$
9.68
$
9.63
$
9.52
$
9.92
$
9.61
Net
investment
income
(a)
...................
0
.60
0
.70
0
.83
0
.67
0
.39
0
.36
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.26
)
(
0
.05
)
0
.07
0
.13
(
0
.41
)
0
.32
Net
increase
(decrease)
from
investment
operations
..
0.34
0.65
0.90
0.80
(0.02
)
0.68
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.62
)
(
0
.71
)
(
0
.85
)
(
0
.69
)
(
0
.38
)
(
0
.37
)
Return
of
capital
.........................
—
—
—
(
0
.00
)
(c)
—
—
Total
distributions
..........................
(0.62
)
(0.71
)
(0.85
)
(0.69
)
(0.38
)
(0.37
)
Net
asset
value,
end
of
period
................
$
9.34
$
9.62
$
9.68
$
9.63
$
9.52
$
9.92
Total
Return
(d)
Based
on
net
asset
value
....................
3.64
%
6.97
%
9.68
%
8.76
%
(e)
(0.18
)%
7.12
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
0.64
%
0.60
%
0.61
%
0.60
%
(g)
0.57
%
0.61
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.62
%
0.59
%
0.60
%
0.59
%
(g)
0.57
%
0.61
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.60
%
0.58
%
0.60
%
0.59
%
(g)
0.57
%
0.61
%
Net
investment
income
.....................
6.33
%
7.31
%
8.59
%
7.70
%
(g)
3.96
%
3.68
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
435,406
$
940,409
$
1,269,285
$
1,097,174
$
1,617,756
$
1,429,784
Portfolio
turnover
rate
.......................
44
%
47
%
41
%
(h)
25
%
41
%
47
%
(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)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
30
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
a diversified fund
under
the
1940
Act.
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
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
and
payment-in-kind
interest
is
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.
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
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
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
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
(continued)
31
Notes
to
Financial
Statements
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.
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
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.
Recent
Accounting
Standard:
The
Fund
adopted
Financial
Accounting
Standards
Board
Update
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Tax
Disclosures
(“ASU
2023-09”)
during
the
period.
ASU
2023-09
enhances
income
tax
disclosures,
including
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
Fund’s
adoption
of
the
new
standard
did
not
have
a
material
impact
on financial
statement
disclosures
and
did
not
affect
the
Fund’s
financial
position
or
results
of
operations.
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
(except
ETF
options,
equity
index
options
or
those
that
are
customized) 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
or,
if
a
reported
closing
price
is
not
available,
the
last
traded
price
on
the
exchange
or
market
on
which
the
security
or
instrument
is
primarily
traded
at
the
time
of
valuation
or
last
available
bid
(long
positions)
or
ask
(short
positions)
price.
Fixed-income investments
and
certain
derivative
instruments for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
(including
evaluated
prices) 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
of
securities
in
certain
asset
classes
may
trade
at
lower
prices
than
institutional
round
lots,
and
the
value
ultimately
realized
when
the
securities
are
sold
could
differ
from
the
prices
used
by
a
fund.
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.
Shares
of
underlying
exchange-traded
closed-end
funds
or
other
exchange-traded
funds
(“ETFs”)
are
valued
at
their
most
recent
closing
price.
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
and
equity 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.
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
32
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.
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.
Notes
to
Financial
Statements
(continued)
33
Notes
to
Financial
Statements
4.
SECURITIES
AND
OTHER
INVESTMENTS
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.
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.
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
34
In
connection
with
floating
rate
loan
interests,
the
Fund
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
the
fund
earns
a
commitment
fee,
typically
set
as
a
percentage
of
the
commitment
amount.
Such
fee
income,
which
is
included
in
interest
income
in
the
Statement
of
Operations,
is
recognized
ratably
over
the
commitment
period.
Unfunded
floating
rate
loan
interests
are
marked-to-market
daily,
and
any
unrealized
appreciation
(depreciation)
is
included
in
the
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations.
As
of
period
end, the
Fund
had
the
following
unfunded
floating
rate
loan
interests:
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
an
approved 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
market
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
is
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
Azuria
Water
Solutions,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
..
$
789,846
$
788,541
$
786,489
$
(
2,052
)
BlackRock
Floating
Rate
Income
Portfolio
Chicago
US
MidCo
III
LP,
Delayed
Draw
1st
Lien
Term
Loan
....
948,041
948,041
946,069
(
1,972
)
BlackRock
Floating
Rate
Income
Portfolio
Citrin
Cooperman
Advisors
LLC,
Delayed
Draw
1st
Lien
Term
Loan
63,187
62,555
60,976
(
1,579
)
BlackRock
Floating
Rate
Income
Portfolio
CoreWeave
Financing
DDTL
V
LLC,
Delayed
Draw
1st
Lien
Term
Loan
.........................................
5,119,347
5,075,729
5,106,549
30,820
BlackRock
Floating
Rate
Income
Portfolio
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
.......
225,908
225,908
216,872
(
9,036
)
BlackRock
Floating
Rate
Income
Portfolio
Kaman
Corp.,
Delayed
Draw
1st
Lien
Term
Loan
............
348,880
348,443
348,569
126
BlackRock
Floating
Rate
Income
Portfolio
Pinnacle
Buyer
LLC,
Delayed
Draw
1st
Lien
Term
Loan
B
......
842,047
842,047
844,969
2,922
BlackRock
Floating
Rate
Income
Portfolio
Pye-Barker
Fire
&
Safety
LLC,
Delayed
Draw
1st
Lien
Term
Loan
636,776
636,776
638,896
2,120
BlackRock
Floating
Rate
Income
Portfolio
Radiate
Holdco
LLC,
Delayed
Draw
1st
Lien
Term
Loan
.......
388,341
388,341
388,100
(
241
)
BlackRock
Floating
Rate
Income
Portfolio
Raven
Acquisition
Holdings
LLC,
Delayed
Draw
1st
Lien
Term
Loan
260,741
259,437
259,069
(
368
)
$
20,740
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
Barclays
Capital,
Inc.
..............................
$
4,888,400
$
(
4,888,400
)
$
—
$
—
Citigroup
Global
Markets,
Inc.
........................
30,082,803
(
30,082,803
)
—
—
Morgan
Stanley
..................................
20,388,593
(
20,388,593
)
—
—
National
Financial
Services
LLC
.......................
917,550
(
917,550
)
—
—
$
56,277,346
$
(
56,277,346
)
$
—
$
—
(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
(continued)
35
Notes
to
Financial
Statements
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
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
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).
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
36
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
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
counterparty
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,
majority-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.
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.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.550%
In
excess
of
$1
billion
but
not
exceeding
$2
billion
.................................................................................
0.500
In
excess
of
$2
billion
but
not
exceeding
$3
billion
................................................................................
0.475
In
excess
of
$3
billion
but
not
exceeding
$10
billion
................................................................................
0.450
Greater
than
$10
billion
...................................................................................................
0.440
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0
.25
%
—
%
Investor
C
.................................................................................................
0
.25
0
.75
Notes
to
Financial
Statements
(continued)
37
Notes
to
Financial
Statements
For
the year
ended
July
31,
2026,
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,
majority-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
year
ended
July
31,
2026,
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
year
ended
July
31,
2026
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
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 year
ended
July
31,
2026,
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
year ended
July
31,
2026,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Other
Fees:
For
the
year
ended
July
31,
2026
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the Fund's
Investor
A
Shares for
a
total
of
$13,083
.
For
the year
ended
July
31,
2026,
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,
2027.
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
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
year
ended
July
31,
2026
,
the
amount
waived
was
$
208,750
.
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,
2027.
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
year
ended
July
31,
2026,
the
Manager
waived
$187,105
in
investment
advisory
fees
pursuant
to
this
arrangement.
Investor
A
Investor
C
Total
Service
and
distribution
-
class
specific
.............................................................
$
741,728
$
268,761
$
1,010,489
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
......................................................................................................
0.0425%
In
excess
of
$500
million
but
not
exceeding
$1
billion
..............................................................................
0.0400
In
excess
of
$1
billion
but
not
exceeding
$2
billion
...............................................................................
0.0375
In
excess
of
$2
billion
but
not
exceeding
$4
billion
................................................................................
0.0350
In
excess
of
$4
billion
but
not
exceeding
$13
billion
...............................................................................
0.0325
Greater
than
$13
billion
..................................................................................................
0.0300
Institutional
Investor
A
Investor
C
Class
K
Total
Administration
fees
-
class
specific
..........................................
$
391,692
$
59,338
$
5,375
$
124,815
$
581,220
Institutional
Investor
A
Investor
C
Class
K
Total
Reimbursed
Amount
....................................................
$
2,838
$
5,289
$
2,421
$
1,516
$
12,064
Institutional
Investor
A
Investor
C
Class
K
Total
Transfer
agent
fees
-
class
specific
..........................................
$
1,710,388
$
254,525
$
25,287
$
59,039
$
2,049,239
Investor
A
$
5,760
Investor
C
11,782
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
38
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit net
total
annual
operating
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses
(“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,
2027,
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
year
ended
July
31,
2026,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$3,348,
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
and
transfer
agent
fees
waived
and/or
reimbursed
—
class
specific,
respectively,
in
the
Statement
of
Operations.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
by
the
Manager
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific,
respectively,
in
the
Statement
of
Operations.
For
the
year ended
July
31,
2026,
class
specific
expense
waivers
and/or
reimbursements are as
follows:
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
securities
lending
agreement
effective
as
of
January
1,
2026,
the
Fund
retains
82%
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 a
specific
threshold, 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
85%
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,
2026,
the
Fund
retained
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.
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
exceeded a
specific
threshold,
the
Fund
would
retain
for
the
remainder
of
that
calendar
year
84%
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 year
ended July
31,
2026,
the
Fund
paid
BIM $61,414
for
securities
lending agent
services.
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 year
ended
July
31,
2026,
purchases
and
sales
of
investments,
including
paydowns/payups excluding
short-term
securities, were $1,195,562,929
and
$2,327,852,598,
respectively.
Institutional
Investor
A
Investor
C
Class
K
Expense
Limitations
................................................
0
.70
%
1
.05
%
1
.80
%
0
.65
%
Share
Class
Administration
Fees
Waived
by
the
Manager
—
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
—
Class
Specific
Institutional
....................................................................................
$
490
$
123
Class
K
......................................................................................
1,687
878
$
2,177
$
1,001
Notes
to
Financial
Statements
(continued)
39
Notes
to
Financial
Statements
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
July
31,
2026,
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
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Fund’s
NAV.
The
tax
character
of
distributions
paid
was
as
follows:
As
of
July
31,
2026,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
foreign
currency
exchange
contracts,
the
accrual
of
income
on
securities
in
default,
the
timing
and
recognition
of
partnership
income,
the
accounting
for
swap
agreements
and
the
deferral
of
compensation
to
Trustees.
(c)
The
Fund
has
elected
to
defer
these
qualified
late-year
losses
and
recognize
such
losses
in
the
next
taxable
year.
As
of
July
31,
2026, 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
2027
unless
extended
or
renewed. 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 year
ended
July
31,
2026,
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,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
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.
Fund
Name
Year
Ended
07/31/26
Year
Ended
07/31/25
BlackRock
Floating
Rate
Income
Portfolio
Ordinary
income
......................................................................................
$
188,715,195
$
298,302,321
Fund
Name
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Qualified
Late-Year
Ordinary
Losses
(c)
Total
BlackRock
Floating
Rate
Income
Portfolio
.......................................
$
(
513,757,383
)
$
(
54,743,857
)
$
(
159,673
)
$
(
568,660,913
)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Floating
Rate
Income
Portfolio
.................................
$
2,422,980,056
$
11,846,862
$
(
66,462,482
)
$
(
54,615,620
)
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
40
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.
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.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
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
(continued)
41
Notes
to
Financial
Statements
11.
CAPITAL
SHARE
TRANSACTIONS
Transactions
in
capital
shares
for
each
class
were
as
follows:
12.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
07/31/26
Year
Ended
07/31/25
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Floating
Rate
Income
Portfolio
Institutional
Shares
sold
.............................................
55,395,056
$
525,085,554
94,559,264
$
911,680,107
Shares
issued
in
reinvestment
of
distributions
........................
11,506,444
108,972,878
16,685,464
160,801,110
Shares
redeemed
.........................................
(
139,461,612
)
(
1,319,504,066
)
(
161,211,799
)
(
1,545,198,342
)
(
72,560,112
)
$
(
685,445,634
)
(
49,967,071
)
$
(
472,717,125
)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
.......................
5,925,033
$
56,069,058
9,883,066
$
95,228,786
Shares
issued
in
reinvestment
of
distributions
........................
1,656,411
15,673,865
2,025,128
19,505,388
Shares
redeemed
.........................................
(
11,370,917
)
(
107,740,202
)
(
13,383,866
)
(
128,781,140
)
(
3,789,473
)
$
(
35,997,279
)
(
1,475,672
)
$
(
14,046,966
)
Investor
C
Shares
sold
.............................................
464,891
$
4,416,239
1,187,486
$
11,441,315
Shares
issued
in
reinvestment
of
distributions
........................
141,030
1,335,148
187,706
1,807,722
Shares
redeemed
and
automatic
conversion
of
shares
..................
(
1,491,416
)
(
14,132,074
)
(
1,413,553
)
(
13,604,823
)
(
885,495
)
$
(
8,380,687
)
(
38,361
)
$
(
355,786
)
Class
K
Shares
sold
.............................................
9,460,036
$
90,005,568
63,114,301
$
609,627,245
Shares
issued
in
reinvestment
of
distributions
........................
3,696,217
34,994,187
8,511,978
82,000,507
Shares
redeemed
.........................................
(
64,337,056
)
(
610,751,952
)
(
105,009,937
)
(
1,004,205,803
)
(
51,180,803
)
$
(
485,752,197
)
(
33,383,658
)
$
(
312,578,051
)
(
128,415,883
)
$
(
1,215,575,797
)
(
84,864,762
)
$
(
799,697,928
)
Report
of
Independent
Registered
Public
Accounting
Firm
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
42
To
the
Shareholders
of
BlackRock
Floating
Rate
Income
Portfolio
and
the
Board
of
Trustees
of
BlackRock
Funds
V:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
BlackRock
Floating
Rate
Income
Portfolio
of
BlackRock
Funds
V
(the
“Fund”),
including
the
schedule
of
investments,
as
of
July
31,
2026,
the
related
statement
of
operations
for
the
year
then
ended,
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
financial
highlights
for
each
of
the
three
years
in
the
period
ended
July
31,
2026,
for
the
period
from
September
1,
2022
through
July
31,
2023,
and
for
each
of
the
two
years
in
the
period
ended
August
31,
2022,
and
the
related
notes
(collectively
referred
to
as
the
“financial
statements
and
financial
highlights”).
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
July
31,
2026,
and
the
results
of
its
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
periods
listed
above,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Fund
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
its
internal
control
over
financial
reporting.
As
part
of
our
audits,
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Fund’s
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2026,
by
correspondence
with
custodians
or
counterparties;
when
replies
were
not
received,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
Deloitte
&
Touche
LLP
Boston,
Massachusetts
September
22,
2026
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
43
Important
Tax
Information
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
July
31,
2026:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
July
31,
2026:
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest-related
dividends
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended July
31,
2026:
Fund
Name
Federal
Obligation
Interest
BlackRock
Floating
Rate
Income
Portfolio
..................................................................................
$
4,680,146
Fund
Name
Interest
Dividends
BlackRock
Floating
Rate
Income
Portfolio
..................................................................................
$
177,480,309
Fund
Name
Interest-Related
Dividends
BlackRock
Floating
Rate
Income
Portfolio
..................................................................................
$
149,823,365
Additional
Information
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
44
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
Trust
is
paid
by
the
Trust,
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
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)
45
Additional
Information
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Adviser
BlackRock
International
Limited
Edinburgh,
EH3
5PP
United
Kingdom
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Westborough,
MA
01581
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02110
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
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
46
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
V
(the
“Trust”)
met
on
May
7,
2026
(the
“May
Meeting”)
and
June
4-5,
2026
(the
“June
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Floating
Rate
Income
Portfolio
(the
“Fund”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
the
Manager
and
BlackRock
International
Limited
(the
“Sub-Advisor”),
with
respect
to
the
Fund.
The
Manager
and
the
Sub-Advisor
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreement
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
the
Fund
on
an
annual
basis.
The
Board
Members
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
Members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
the
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
during
the
year,
as
well
as
numerous
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
held
the
May
Meeting
to
consider
specific
information
regarding
the
renewal
of
the
Agreements.
In
considering
the
renewal
of
the
Agreements,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
provided
additional
information
to
the
Board
in
response
to
specific
questions
and
requests
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-
year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
investment
performance
analyses,
and
the
reasons
for
any
material
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
applicable
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Fund’s
development
and
application
of
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
applicable;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
the
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
May
Meeting,
the
Board
prepared
and
submitted
questions,
requested
specific
materials,
and
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
May
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
the
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
the
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees,
as
applicable;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
the
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
the
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Fund’s
operations.
At
the
May
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
June
Meeting,
and
such
responses
were
reviewed
by
the
Board
Members.
At
the
June
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Fund;
(d)
the
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Fund;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
or
benefits
that
inure
to
BlackRock
or
its
affiliates,
including
relating
to,
as
applicable,
securities
lending
and
cash
management
activities
of
the
Fund.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
paragraphs
provide
more
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
47
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
the
Fund.
Throughout
the
year,
the
Board
compared
Fund
performance
to
the
performance
of
a
comparable
group
of
funds,
relevant
benchmarks,
and
performance
metrics,
as
applicable.
Throughout
the
year,
the
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
the
Fund’s
portfolio
management
team
discussing
the
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
the
Fund’s
portfolio
management
team
(including
the
tenure
of
or
changes
in
the
portfolio
management
team);
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
certain
trading,
portfolio
management,
operations
and/or
information
systems
owned
by
BlackRock;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks,
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group,
and
BlackRock’s
policies
and
procedures
for
third-party
vendor
oversight.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
the
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
the
Fund.
BlackRock
and
its
affiliates
provide
the
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
the
Fund
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information,
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
net
asset
value;
and
services
related
to
the
valuation
and
pricing
of
the
Fund’s
portfolio
holdings;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
the
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
the
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
also
considered
the
operation
of
BlackRock’s
business
continuity
plans.
The
Board
noted
that
the
engagement
of
the
Sub-Advisor
with
respect
to
the
Fund
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
located
outside
of
the
United
States.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
the
Fund
and
its
shareholders.
B.
The
Investment
Performance
of
the
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
Fund
throughout
the
year
and
at
the
May
Meeting.
The
Board
was
provided
with
Fund
performance
reporting
and
analysis,
relative
to
applicable
performance
metrics,
by
BlackRock
throughout
the
year
and
at
the
May
Meeting.
In
preparation
for
the
May
Meeting,
the
Board
was
also
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund’s
performance
as
of
December
31,
2025,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers.
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
the
Fund
throughout
the
year.
The
Board
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
the
Fund
ranked
in
the
second
quartile
against
its
Performance
Peers.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Costs
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
the
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
the
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
that
the
fee
and
expense
information
in
the
Broadridge
report
for
the
Fund
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
period
of
market
volatility.
The
Board
also
noted
that
while
it
found
the
expense
comparison
provided
by
Broadridge
generally
useful,
it
recognized
that
the
comparison
is
subject
to
Broadridge’s
defined
peer
selection
criteria
and
methodology.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
48
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
the
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
the
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2025
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
the
limitations
of
calculating
and
comparing
profitability
at
the
individual
fund
level.
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
BlackRock’s
technology
business,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
information
for
other
advisors
is
not
publicly
available.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
Fund’s
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
second
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
any
economies
of
scale
might
benefit
the
Fund
in
a
variety
of
ways
as
the
assets
of
the
Fund
increase.
The
Board
considered
multiple
factors,
including
the
advisory
fee
rate
and
breakpoints,
unitary
fee
structure,
fee
waivers,
and/or
expense
caps,
as
applicable.
The
Board
considered
the
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Fund,
including
for
administrative,
distribution,
securities
lending,
and
cash
management
services.
The
Board
also
noted
the
revenue
received
by
BlackRock
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BlackRock
and/or
its
affiliates.
With
respect
to
securities
lending,
during
the
year
the
Board
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
The
Board
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
Throughout
the
year,
the
Board
also
received
information
and
reporting,
as
applicable,
regarding
BlackRock’s
soft
dollar,
brokerage,
and
trade
execution
practices.
Conclusion
At
the
June
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
May
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
the
Fund,
for
a
one-year
term
ending
June
30,
2027,
and
the
Sub-Advisory
Agreement
between
the
Manager
and
the
Sub-Advisor,
with
respect
to
the
Fund,
for
a
one-year
term
ending
June
30,
2027.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
Glossary
of
Terms
Used
in
these
Financial
Statements
49
Glossary
of
Terms
Used
in
these
Financial
Statements
Currency
Abbreviation
EUR
Euro
USD
United
States
Dollar
Portfolio
Abbreviation
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
OTC
Over-the-counter
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
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This
report
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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
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results
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in
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report
should
not
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considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
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will
fluctuate
so
that
shares,
when
redeemed,
may
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worth
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or
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than
their
original
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Statements
and
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dated
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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 – See Item 7
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 (the “Exchange Act”).
(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 – See Item 2
(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
(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
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Funds V
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds V
Date: September 22, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds V
Date: September 22, 2026
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds V
Date: September 22, 2026
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