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: 08/31/2023
 
Date of reporting period: 02/28/2023
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
(b)
   
Not Applicable
 
 
FEBRUARY
28,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
V
BlackRock
Floating
Rate
Income
Portfolio
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
February
28,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strong
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
accelerated
the
reduction
of
its
balance
sheet.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
shortly
following
the
end
of
the
period
highlighted
the
potential
for
the
knock-on
effects
of
substantially
higher
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
several
factors
lead
us
to
take
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession
in
a
business
environment
characterized
by
higher
costs
and
reduced
pricing
power.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
a
weaker
U.S.
dollar
provides
a
supportive
backdrop.
We
also
see
long-term
opportunities
in
credit,
where
valuations
are
appealing
and
higher
yields
provide
attractive
income,
although
we
are
neutral
on
credit
in
the
near
term,
as
we
believe
that
troubles
in
the
banking
sector
will
likely
lead
to
reduced
lending.
However,
we
believe
there
are
still
some
strong
opportunities
for
a
six-
to
twelve-month
horizon,
particularly
short-term
U.S.
Treasuries,
global
inflation-
linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
February
28,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
1.26%
(7.69
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.63
(6.02
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
12.58
(3.14
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(2.29
)
(15.28
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.74
2.11
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(4.81
)
(14.06
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.13
)
(9.72
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.66
(5.10
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
2.52
)
(5.45
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
6
Disclosure
of
Expenses
...................................................................................................
7
Derivative
Financial
Instruments
.............................................................................................
7
Financial
Statements:
Schedule
of
Investments
................................................................................................
8
Statement
of
Assets
and
Liabilities
..........................................................................................
25
Statement
of
Operations
................................................................................................
27
Statements
of
Changes
in
Net
Assets
........................................................................................
28
Financial
Highlights
.....................................................................................................
29
Notes
to
Financial
Statements
...............................................................................................
33
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
44
Additional
Information
....................................................................................................
45
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
47
Fund
Summary
as
of
February
28,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Floating
Rate
Income
Portfolio
Investment
Objective
BlackRock
Floating
Rate
Income
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
provide
high
current
income,
with
a
secondary
objective
of
long-term
capital
appreciation.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ending
February
28,
2023,
the
Fund
outperformed
its
benchmark,
the
Morningstar
LSTA
Leveraged
Loan
Index.
What
factors
influenced
performance?
Contributions
to
the
Fund’s
relative
performance
were
led
by
security
selection
within
single-Bs.
Security
selection
within
CCCs
was
also
accretive
to
performance
over
the
period.
By
sector,
our
security
selection
in
Healthcare
and
Leisure
were
the
largest
drivers
of
relative
performance,
followed
by
selection
in
wirelines
and
consumer
products.
Finally,
out-of-benchmark
exposure
to
high
yield
corporate
bonds
contributed
positively
throughout
the
6-month
period.
Security
selection
within
both
the
retail
and
packaging
sectors
detracted,
along
with
an
underweight
in
midstream
energy.
The
Fund’s
cash
position
acted
as
a
modest
drag
on
return
over
the
period.
Describe
recent
portfolio
activity.
Throughout
the
period
the
Fund
continued
to
trim
exposure
to
technology,
although
the
sector
remains
a
meaningful
component
of
the
portfolio
given
its
representation
within
the
benchmark
index.
The
Fund
also
modestly
decreased
exposure
to
healthcare,
though
it’s
important
to
note
that
sector
positioning
is
largely
informed
by
single
name
credit
conviction.
From
a
credit
quality
perspective,
the
Fund
rotated
some
exposure
out
of
richly
traded
BBs
and
into
CCC
and
B3
ratings
categories
on
the
basis
of
relative
value,
while
increasing
its
cash
position.
The
Fund’s
cash
position
at
period
end
was
approximately
5.3%.
Given
the
relative
richness
of
higher
credit
quality
BB-rated
loans
and
idiosyncratic
opportunities
in
the
lower
credit
quality
portion
of
the
market,
the
Fund
held
a
barbelled
stance
with
an
elevated
cash
position
balanced
by
lower
quality
loans
as
a
more
efficient
allocation
of
its
risk
budget.
While
the
cash
position
was
a
modest
drag
on
performance
in
a
period
of
positive
performance
for
loans,
selection
within
lower-rated
loans
contributed
strongly.
Describe
portfolio
positioning
at
period
end.
The
Fund’s
overall
positioning
was
relatively
unchanged
with
an
underweight
to
technology
and
a
barbelled
stance
comprised
of
an
elevated
cash
position
paired
with
lower
quality
loans.
The
Fund
continues
to
be
underweight
BBs
(21.9%
vs
23.1%)
and
Bs
(58.8%
vs
64.2%),
while
slightly
overweight
CCCs
(7.8%
vs
6.2%).
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.
Performance
N/A
—
Not
Applicable
as
share
class
and
index
do
not
have
a
sales
charge.
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.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............
8.01‌%
8.00‌%
3.81‌%
2.81‌%
N/A‌
3.26‌%
N/A‌
3.54‌%
N/A‌
Investor
A
...............
7.59‌
7.57‌
3.80‌
2.56‌
0.00‌%
2.99‌
2.47‌%
3.26‌
3.00‌%
Investor
C
...............
6.99‌
6.98‌
3.29‌
1.78‌
0.81‌
2.21‌
2.21‌
2.65‌
2.65‌
Class
K
................
8.10‌
8.08‌
3.96‌
2.90‌
N/A‌
3.33‌
N/A‌
3.49‌
N/A‌
Morningstar
LSTA
Leveraged
Loan
Index
(c)
............
—‌
—‌
3.56‌
2.62‌
N/A‌
3.70‌
N/A‌
3.85‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
The
Fund
normally
invests
at
least
80%
of
its
assets
in
floating
rate
investments
and
investments
that
are
the
economic
equivalent
of
floating
rate
investments,
which
effectively
enables
the
Fund
to
achieve
a
floating
rate
of
income.
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.
(c)
An
unmanaged
market
value-weighted
index
designed
to
measure
the
performance
of
the
U.S.
leveraged
loan
market
based
upon
spreads,
interest
payments
and
market
weightings
subject
to
a
single
loan
facility
weight
cap
of
2%.
Fund
Summary
as
of
February
28,
2023
(continued)
5
Fund
Summary
BlackRock
Floating
Rate
Income
Portfolio
Expense
Example
E
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(09/01/22)
Ending
Account
Value
(02/28/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(09/01/22)
Ending
Account
Value
(02/28/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,038.10‌
$
3.39‌
$
1,000.00‌
$
1,021.47‌
$
3.36‌
0.67‌%
Investor
A
................................
1,000.00‌
1,038.00‌
4.55‌
1,000.00‌
1,020.33‌
4.51‌
0.90‌
Investor
C
................................
1,000.00‌
1,032.90‌
8.47‌
1,000.00‌
1,016.46‌
8.40‌
1.68‌
Class
K
..................................
1,000.00‌
1,039.60‌
2.98‌
1,000.00‌
1,021.87‌
2.96‌
0.59‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Floating
Rate
Loan
Interests
...........................
95.0‌
%
Investment
Companies
...............................
3.6‌
Corporate
Bonds
...................................
1.3‌
Common
Stocks
...................................
0.1‌
Preferred
Stocks
...................................
0.0‌
(b)
Warrants
........................................
0.0‌
(b)
Other
Interests
....................................
—‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
A
............................................
0.1‌
%
BBB/Baa
.......................................
4.2‌
BB/Ba
.........................................
30.7‌
B
............................................
55.1‌
CCC/
Caa
.......................................
5.5‌
NR
...........................................
4.4‌
(a)
Excludes
short-term
securities.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
(c)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
About
Fund
Performance
2023
BlackRock
Semi-Annual
Report
to
Shareholders
6
Institutional
and
Class
K Shares
are
not
subject
to
any
sales
charge.
These
shares
bear
no
ongoing
distribution
or
service
fees
and
are
available
only
to
certain
eligible
investors. Class
K
Shares
performance
results
shown
prior
to
the
Class
K
Shares
inception
date
of
March
28,
2016
is
that
of
Investor
A
Shares.
The
performance
of
the
Fund’s
Class
K
Shares
would
be
substantially
similar
to
Investor
A
Shares
because
Class
K
Shares
and
Investor
A
Shares
invest
in
the
same
portfolio
of
securities
and
performance
would
only
differ
to
the
extent
that
Class
K
Shares
have
different
expenses
than
Investor
A
Shares.
The
actual
returns
of
Class
K
Shares
would
have
been
higher
than
those
of
the
Investor
A
Shares
because
Class
K
Shares
have
lower
expenses
than
the
Investor
A
Shares.
Investor
A
Shares
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of 
2.50
%
and
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee).
Certain
redemptions
of
these
shares
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
These
shares
are
generally
available
through
financial
intermediaries.
Investor
C
Shares
 are
subject
to
a 1.00%
CDSC
if
redeemed
within
one
year
of
purchase.
In
addition,
these
shares
are
subject
to
a
distribution
fee
of
0.75
%
per
year
and
a
service
fee
of 
0.25%
per
year.
These
shares
are
generally
available
through
financial
intermediaries.
These
shares
automatically
convert
to
Investor
A
Shares
after
approximately eight
years.
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
the
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
(“NAV”)
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Fund’s
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
the
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
the
Fund’s
performance
would
have
been
lower.
With
respect
to
the
Fund’s
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time.
With
respect
to
the
Fund’s
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such
agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements. 
Disclosure
of
Expenses
7
Disclosure
of
Expenses
/
Derivative
Financial
Instruments
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses,
such
as
sales
charges;
and
(b)
operating
expenses,
including
investment
advisory
fees, administration
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
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.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
February
28,
2023
Security
Shares
Shares
Value
Common
Stocks
Construction
&
Engineering
—
0.0%
Mcdermott
International
Ltd.
(a)
..........
541,445
$
221,993
Energy
Equipment
&
Services
—
0.0%
(a)(b)
Project
Investor
Holdings
LLC
(Acquired
02/12/19,
cost
$0)
(c)
...............
42,521
—
Proppants
Holdings
LLC
..............
42,521
8,929
8,929
Industrial
Conglomerates
—
0.0%
Ameriforge
Group,
Inc.
(a)
..............
5,385
2,693
Professional
Services
—
0.1%
NMG,
Inc.
(a)
.......................
16,173
2,345,085
Software
—
0.0%
Avaya
Holdings
Corp.
(a)
...............
277
3
Total
Common
Stocks
—
0.1%
(Cost:
$5,523,767)
..............................
2,578,703
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.0%
Wesco
Aircraft
Holdings,
Inc.,
9.00%,
11/15/26
(d)
....................
USD
2,628
1,771,850
Capital
Markets
—
0.0%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(d)
....................
1,402
1,419,268
Chemicals
—
0.1%
(d)
Illuminate
Buyer
LLC,
9.00%,
07/01/28
....
168
150,360
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
.
3,708
2,973,085
3,123,445
Commercial
Services
&
Supplies
—
0.1%
Madison
IAQ
LLC,
5.88%,
06/30/29
(d)
.....
8,438
6,717,734
Diversified
Consumer
Services
—
0.1%
Sotheby's,
7.38%,
10/15/27
(d)
..........
5,000
4,716,900
Electric
Utilities
—
0.0%
Texas
Competitive
Electric
Holdings
Co.
LLC,
5.03%,
10/10/19
(a)(b)(e)(f)
............
8,430
—
Electrical
Equipment
—
0.2%
Vertiv
Group
Corp.,
4.13%,
11/15/28
(d)
....
9,231
8,019,800
Health
Care
Equipment
&
Supplies
—
0.1%
(d)
Avantor
Funding,
Inc.,
3.88%,
11/01/29
...
3,578
3,094,970
Medline
Borrower
LP,
5.25%,
10/01/29
....
3,673
3,014,376
6,109,346
Hotels,
Restaurants
&
Leisure
—
0.2%
(d)
Caesars
Entertainment,
Inc.,
4.63%,
10/15/29
3,730
3,190,269
Fertitta
Entertainment
LLC,
6.75%,
01/15/30
5,144
4,263,193
7,453,462
Insurance
—
0.1%
Alliant
Holdings
Intermediate
LLC,
6.75%,
10/15/27
(d)
....................
3,416
3,104,392
Real
Estate
Management
&
Development
—
0.1%
Realogy
Group
LLC,
5.75%,
01/15/29
(d)
...
4,705
3,378,143
Road
&
Rail
—
0.1%
Uber
Technologies,
Inc.,
4.50%,
08/15/29
(d)
.
3,644
3,221,588
Specialty
Retail
—
0.1%
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(d)
..
3,235
2,938,027
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
—
0.0%
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(d)(f)(g)
........
USD
1,267
$
295,664
Total
Corporate
Bonds
—
1.2%
(Cost:
$56,649,713)
..............................
52,269,619
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
2.3%
(f)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
4.25%),
9.40%
,
 05/25/28
...........
15,525
13,551,320
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
4.25%),
9.14%
,
 05/25/28
...........
3,161
2,759,094
Bleriot
US
Bidco,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
8.73%
,
 10/30/26
....
2,656
2,645,852
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B,
(LIBOR
USD
6
Month
at
0.50%
Floor
+
3.75%),
8.81%
,
 08/03/29
......
5,471
5,414,919
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(1
Month
CME
Term
SOFR
+
3.50%),
8.22%
,
 04/06/26
.................
10,165
9,940,982
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.50%),
8.22%
,
 04/06/26
.................
5,464
5,344,104
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.75%),
8.38%
,
 02/01/28
.................
17,164
16,979,349
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
7.75%),
12.65%
,
 02/01/29
................
9,409
9,181,658
Setanta
Aircraft
Leasing
DAC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.00%),
6.73%
,
 11/05/28
.................
7,721
7,653,441
TransDigm,
Inc.,
Term
Loan
H,
(3
Month
CME
Term
SOFR
+
3.25%),
7.83%
,
 02/22/27
..
4,480
4,472,018
TransDigm,
Inc.,
Term
Loan
I,
(1
Month
CME
Term
SOFR
+
3.25%),
7.82%
,
 08/24/28
..
22,152
22,083,065
100,025,802
Airlines
—
2.3%
(f)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
4.75%),
9.56%
,
 04/20/28
.................
18,465
18,897,393
Air
Canada,
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.50%),
8.37%
,
 08/11/28
17,763
17,712,716
American
Airlines,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
1.75%),
6.38%, 01/29/27
...............
5,550
5,359,945
(6
Month
CME
Term
SOFR
+
2.75%),
8.15%, 02/15/28
...............
17,700
17,196,612
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
5.25%),
10.00%
,
 06/21/27
................
20,535
21,361,203
United
AirLines,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.75%),
8.57%
,
 04/21/28
.................
19,764
19,702,306
WestJet
Airlines
Ltd.,
Term
Loan,
(LIBOR
USD
1
Month
at
1.00%
Floor
+
3.00%),
7.59%
,
 12/11/26
.................
2,247
2,133,217
102,363,392
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Security
Par
(000)
Par
(000)
Value
Auto
Components
—
0.7%
(f)
Adient
US
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.25%),
7.88%
,
 04/10/28
.....
USD
7,749
$
7,739,185
Allison
Transmission,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
6.34%
,
 03/29/26
1,796
1,793,796
Clarios
Global
LP,
1st
Lien
Term
Loan
(EURIBOR
1
Month
+
3.25%),
5.68%, 04/30/26
...............
EUR
1,831
1,879,803
(LIBOR
USD
1
Month
+
3.25%),
7.88%, 04/30/26
...............
USD
18,223
18,112,273
29,525,057
Automobiles
—
0.3%
Dealer
Tire
Financial
LLC,
Term
Loan
B2,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.12%
,
 12/14/27
(f)
...........
12,267
12,208,904
Beverages
—
0.9%
(f)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.93%
,
 01/24/29
.................
30,149
27,334,993
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
10.68%
,
 01/24/30
...........
16,061
12,206,483
39,541,476
Building
Products
—
1.0%
(f)
AZZ,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.97%
,
 05/13/29
.................
2,330
2,328,133
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.50%),
4.25%
-
8.22%
,
 11/23/27
............
11,243
10,273,381
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.50%),
8.13%
,
 10/02/28
...........
2,525
2,307,255
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
10/02/28
(h)
.............
452
412,742
CPG
International
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.22%
,
 04/28/29
.................
4,580
4,548,977
Jeld-Wen,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
6.88%
,
 07/28/28
.....
6,330
6,091,949
LSF10
XL
Bidco
SCA,
Facility
Term
Loan
B4,
(EURIBOR
3
Month
+
3.93%),
6.13%
,
 04/12/28
.................
EUR
1,707
1,542,073
Wilsonart
LLC,
Term
Loan
E,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
3.25%),
7.98%
,
 12/31/26
.................
USD
18,499
17,963,785
45,468,295
Capital
Markets
—
1.9%
(f)
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.50%),
9.13%
,
 07/31/26
.................
9,114
9,096,168
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Facility
Term
Loan
B4,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.51%
,
 12/20/29
.................
8,662
8,692,923
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(LIBOR
USD
1
Month
+
3.50%),
8.13%, 07/24/26
...............
14,020
13,103,011
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.75%),
8.38%, 07/24/26
.........
2,909
2,715,093
Castlelake
Aviation
One
DAC,
Term
Loan
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.75%),
7.52%, 10/22/26
.........
9,534
9,435,902
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
 10/22/27
(h)
.....................
USD
4,845
$
4,782,403
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.50%),
7.12%
,
 06/30/28
...........
7,922
7,844,603
Greenhill
&
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
8.20%
,
 04/12/24
....
3,162
3,101,062
ION
Trading
Finance
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
9.48%
,
 04/01/28
3,377
3,158,521
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
3.50%),
8.25%
,
 08/02/28
...........
13,126
12,693,528
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
6.50%),
11.31%
,
 08/02/29
...........
7,991
7,139,036
81,762,250
Chemicals
—
3.2%
(f)
ARC
Falcon
I,
Inc.,
Delayed
Draw
Term
Loan,
09/30/28
(h)
.....................
1,056
992,225
ARC
Falcon
I,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.75%),
8.38%
,
 09/30/28
.................
7,160
6,728,776
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.75%),
8.38%
,
 11/24/27
..........
2,574
2,532,481
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(6
Month
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
8.83%
,
 08/27/26
11,256
11,227,663
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.75%),
8.48%
,
 12/29/27
...........
2,572
2,141,344
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.38%),
8.96%
,
 10/04/29
......
10,394
9,931,883
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.50%),
7.33%
,
 06/09/28
...........
9,802
9,757,987
Element
Solutions,
Inc.,
Term
Loan
B1,
(1
Month
CME
Term
SOFR
+
2.00%),
6.62%
,
 01/31/26
.................
12,658
12,628,490
H.B.
Fuller
Co.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.12%
,
 02/15/30
.................
2,284
2,296,859
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
4.00%),
8.73%
,
 07/03/28
...........
5,514
5,204,805
Ineos
US
Finance
LLC,
Term
Loan
B,
02/10/30
(h)
.....................
4,531
4,492,758
LSF11
A5
Holdco
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.23%
,
 10/15/28
.................
13,576
13,213,928
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
8.13%
,
 06/30/27
.................
2,832
2,768,011
Messer
Industries
GmbH,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
2.50%),
7.23%
,
 03/02/26
.................
11,648
11,602,668
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.89%
,
 05/15/24
...........
12,363
12,336,020
Nouryon
Finance
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
7.53%
,
 10/01/25
....
809
803,700
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Oxea
Holding
Vier
GmbH,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.25%),
7.88%
,
 10/14/24
.................
USD
11,445
$
11,184,213
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
4.00%),
8.83%
,
 03/16/27
...........
6,156
5,988,757
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.25%),
7.82%
,
 08/02/28
...........
11,922
11,826,417
WR
Grace
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
3.75%),
8.50%
,
 09/22/28
.................
5,056
5,021,286
142,680,271
Commercial
Services
&
Supplies
—
3.2%
(f)
Allied
Universal
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.75%),
8.47%
,
 05/12/28
...........
18,566
17,864,335
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
7.56%
-
8.76%
,
 02/15/29
.................
8,233
8,126,166
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
1.75%),
6.38%
,
 03/11/25
.................
16,115
16,064,228
Asplundh
Tree
Expert
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
6.38%
,
 09/07/27
7,274
7,248,461
Clean
Harbors,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
6.63%
,
 10/08/28
.....
3,166
3,168,717
Covanta
Holding
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.50%),
7.12%
,
 11/30/28
.................
9,781
9,747,717
Covanta
Holding
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.50%),
7.12%
,
 11/30/28
.................
738
735,684
EnergySolutions
LLC,
Term
Loan,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
3.75%),
8.48%
,
 05/09/25
.................
2,043
1,964,988
GFL
Environmental,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.72%
,
 05/31/27
.................
8,930
8,937,994
LABL,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
5.00%),
9.63%
,
 10/29/28
.
5,270
5,134,985
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
4.25%),
8.88%
,
 12/15/28
..........
7,961
6,751,202
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
2.75%),
7.52%
,
 09/23/26
.
7,206
7,188,158
Tempo
Acquisition
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.38%
,
 05/01/24
404
402,788
Tempo
Acquisition
LLC,
Term
Loan
B1,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.62%
,
 08/31/28
...........
27,701
27,649,335
TruGreen
Ltd.
Partnership,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
4.00%),
8.63%
,
 11/02/27
............
11,943
10,928,147
Viad
Corp.,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
9.73%
,
 07/30/28
.................
8,995
8,547,981
140,460,886
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
—
0.3%
(f)
Ciena
Corp,
Term
Loan,
(1
Month
CME
Term
SOFR
+
2.50%),
7.06%
,
 01/18/30
.....
USD
1,641
$
1,636,898
ViaSat,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.23%
,
 03/02/29
.................
11,218
11,061,338
12,698,236
Construction
&
Engineering
—
0.7%
(f)
Brand
Industrial
Services,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
4.25%),
9.06%
-
9.07%
,
 06/21/24
......
18,455
17,409,274
Pike
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.64%
,
 01/21/28
...........
7,546
7,498,368
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.50%),
8.13%
,
 05/12/28
...........
7,868
7,619,782
32,527,424
Construction
Materials
—
0.9%
(f)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
6.72%
,
 01/15/27
...........
11,365
11,305,106
New
AMI
I
LLC,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
10.62%
,
 03/08/29
................
7,778
6,698,965
Oscar
AcquisitionCo
LLC,
Term
Loan
B,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.18%
,
 04/29/29
...........
10,078
9,742,859
Standard
Building
Solutions,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.25%),
6.43%
,
 09/22/28
...........
5,453
5,433,965
TAMKO
Building
Products
LLC,
Term
Loan,
(3
Month
CME
Term
SOFR
+
3.00%),
7.73%
-
7.99%
,
 05/29/26
.................
4,636
4,560,440
37,741,335
Containers
&
Packaging
—
1.1%
(f)
Charter
Next
Generation,
Inc.
,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.75%),
8.48%
,
 12/01/27
..........
22,946
22,548,100
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
08/14/26
(h)
.................
8,393
8,310,581
Tosca
Services
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.23%
,
 08/18/27
.................
12,833
10,035,774
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
4.00%),
8.73%
,
 09/15/28
...........
8,102
7,956,515
48,850,970
Distributors
—
0.2%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.75%),
8.58%
,
 10/28/27
(f)
................
8,617
7,941,016
Diversified
Consumer
Services
—
1.9%
(f)
2U,
Inc.,
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.75%
Floor
+
6.50%),
11.32%
,
 12/28/26
................
1,912
1,830,475
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.50%),
8.22%
,
 12/11/28
............
7,633
7,155,165
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
5.75%),
10.38%
,
 12/10/29
...........
7,144
6,192,991
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.25%),
6.98%
,
 11/24/28
......
USD
8,188
$
8,162,183
Sotheby's,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
4.50%),
9.33%
,
 01/15/27
.
12,733
12,676,059
Spring
Education
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
8.73%
,
 07/30/25
.................
4,841
4,750,816
Veritas
US,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
5.00%),
9.73%
,
 09/01/25
.................
23,833
18,589,715
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
7.63%
,
 02/05/26
.................
17,263
16,601,195
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
4.00%),
8.95%
,
 01/08/27
...........
8,500
8,099,853
84,058,452
Diversified
Financial
Services
—
2.6%
(f)
Altice
France
SA,
Term
Loan
B14,
(3
Month
CME
Term
SOFR
+
5.50%),
10.17%
,
 08/15/28
................
12,695
12,282,266
Belron
Finance
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
7.06%
,
 10/30/26
....
2,272
2,267,404
Belron
Group
SA,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.50%),
7.38%
,
 04/13/28
.................
9,509
9,489,543
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
1.00%
Floor
+
3.75%),
8.37%
,
 04/09/27
..........
27,482
26,322,551
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
6.75%),
11.38%
,
 04/07/28
.........
11,870
11,076,253
FinCo
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
7.13%
,
 06/27/25
..........
1,649
1,648,832
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.75%),
8.38%
,
 12/17/27
...........
5,636
5,141,510
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
6.88%
,
 03/24/25
.................
11,852
11,723,452
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.75%),
7.58%
,
 12/11/26
..........
11,915
11,420,367
Travelport
Finance
SARL,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
9.73%
,
 05/29/26
.................
9,413
5,267,460
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(LIBOR
USD
1
Month
+
2.93%),
7.51%
,
 01/31/29
.................
8,844
8,708,783
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.75%),
8.37%
,
 10/19/27
...........
8,443
8,303,777
113,652,198
Diversified
Telecommunication
Services
—
3.2%
(f)
Altice
Financing
SA,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
7.58%
,
 07/15/25
.....
4,160
4,101,774
Altice
Financing
SA,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
7.58%
,
 01/31/26
(b)
....
9,172
8,965,229
Cablevision
Lightpath
LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.25%),
7.84%
,
 11/30/27
.................
1,356
1,344,147
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
at
1.00%
Floor
+
3.50%),
8.14%
,
 12/11/26
.................
USD
29,633
$
29,084,626
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.50%),
8.13%
,
 10/02/27
(b)
..........
3,001
2,693,363
Eircom
Finco
SARL,
Facility
Term
Loan
B,
(EURIBOR
1
Month
+
3.25%),
5.61%
,
 05/15/26
.................
EUR
1,222
1,271,737
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.75%),
8.50%
,
 05/01/28
......
USD
8,373
8,170,143
Iridium
Satellite
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
2.50%),
7.22%
,
 11/04/26
.................
14,976
14,950,654
Level
3
Financing,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
6.38%
,
 03/01/27
9,504
8,654,687
Orbcomm,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
4.25%),
8.88%
-
9.20%
,
 09/01/28
...........
5,796
4,637,101
Radiate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.25%),
7.88%
,
 09/25/26
.................
19,955
16,518,770
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
N,
(LIBOR
USD
1
Month
+
2.50%),
7.09%
,
 01/31/28
.................
5,254
5,146,826
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(LIBOR
USD
1
Month
+
3.25%),
7.84%
,
 01/31/29
.................
6,333
6,293,419
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.63%
,
 03/09/27
33,718
27,973,998
139,806,474
Electric
Utilities
—
0.1%
Calpine
Construction
Finance
Co.
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
6.63%
,
 01/15/25
(f)
................
3,081
3,074,798
Electrical
Equipment
—
0.3%
(f)
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
4.75%),
9.48%
,
 06/23/28
...........
12,076
11,462,500
Graftech
International
Ltd.,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.00%),
7.63%
,
 02/12/25
(b)
................
1,541
1,502,350
12,964,850
Electronic
Equipment,
Instruments
&
Components
—
0.2%
Coherent
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.75%),
7.38%
,
 07/02/29
(f)
................
10,283
10,218,331
Energy
Equipment
&
Services
—
0.0%
Lealand
Finance
Co.
BV,
Term
Loan
(f)
(LIBOR
USD
1
Month
+
3.00%),
7.63%, 06/28/24
...............
178
104,973
(LIBOR
USD
1
Month
+
1.00%),
8.63%, 06/30/25
...............
1,315
843,535
948,508
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Security
Par
(000)
Par
(000)
Value
Entertainment
—
3.4%
(f)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
7.57%
,
 04/22/26
.................
USD
17,224
$
10,745,009
Aristocrat
Technologies,
Inc.,
Term
Loan
B,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.93%
,
 05/24/29
...........
908
905,721
City
Football
Group
Ltd.,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.00%),
7.59%
,
 07/21/28
.................
12,034
11,372,546
Creative
Artists
Agency
LLC,
Term
Loan
B,
11/27/28
(h)
.....................
10,865
10,831,101
Formula
One
Management
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.87%
,
 01/15/30
.................
9,385
9,401,424
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
6.41%
,
 10/19/26
.................
22,799
22,390,023
NASCAR
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
7.13%
,
 10/19/26
2,212
2,209,050
Playtika
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
7.38%
,
 03/13/28
12,941
12,793,212
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.88%
,
 05/30/25
.................
1,922
1,877,869
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
7.33%
,
 01/23/25
.................
10,536
10,411,408
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
2.75%),
7.57%
,
 04/29/26
...........
12,508
12,455,851
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
7.39%
,
 05/18/25
.....
26,969
26,810,646
WMG
Acquisition
Corp.,
Term
Loan
G,
(LIBOR
USD
1
Month
+
2.13%),
6.76%
,
 01/20/28
18,835
18,740,777
150,944,637
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.3%
RHP
Hotel
Properties
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
6.64%
,
 05/11/24
(f)
13,638
13,603,791
Food
&
Staples
Retailing
—
0.4%
US
Foods,
Inc.,
Term
Loan
B
(f)
(LIBOR
USD
1
Month
+
2.00%),
6.63%, 09/13/26
...............
12,153
12,108,700
(LIBOR
USD
1
Month
+
2.75%),
7.38%, 11/22/28
...............
4,540
4,530,053
16,638,753
Food
Products
—
3.1%
(f)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.38%
,
 10/01/25
.................
14,290
12,495,268
B&G
Foods,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
7.13%
,
 10/10/26
....
1,763
1,683,606
Chobani
LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
1.00%
Floor
+
3.50%),
8.23%
,
 10/25/27
.................
25,015
24,812,306
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
(LIBOR
USD
1
Month
+
2.25%),
6.88%
,
 01/29/27
.................
28,551
28,046,521
H-Food
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.69%),
8.32%
,
 05/23/25
....
3,415
3,043,004
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Hostess
Brands
LLC,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
2.25%),
7.08%
,
 08/03/25
...........
USD
9,987
$
9,961,206
Nomad
Foods
Ltd.,
Facility
Term
Loan
B2,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.23%
,
 11/12/29
............
6,343
6,347,322
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.50%),
8.33%
,
 06/08/28
..........
11,819
11,611,964
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
3.50%),
8.23%
,
 03/31/28
...........
19,888
18,473,998
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.00%),
7.73%
,
 01/20/28
.................
17,995
17,961,336
134,436,531
Health
Care
Equipment
&
Supplies
—
1.4%
(f)
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.25%),
7.88%
,
 11/03/28
.................
17,663
16,995,271
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
9.23%
,
 03/05/26
6,709
6,029,596
Insulet
Corp.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.98%
,
 05/04/28
.................
4,837
4,824,771
Medline
Borrower
LP,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.25%),
7.88%
,
 10/23/28
.................
35,024
33,739,218
61,588,856
Health
Care
Providers
&
Services
—
2.3%
(f)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.25%),
7.88%
,
 09/29/28
..........
11,402
11,325,820
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.50%),
8.13%
,
 11/08/27
............
10,534
10,333,946
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.00%),
7.63%
,
 11/01/28
............
15,262
15,106,856
Envision
Healthcare
Corp.,
Term
Loan
(3
Month
CME
Term
SOFR
at
1.00%
Floor
+
4.25%),
8.83%, 03/31/27
.........
12,801
4,952,295
(3
Month
CME
Term
SOFR
at
1.00%
Floor
+
7.88%),
12.61%, 03/31/27
.........
2,039
1,796,198
EyeCare
Partners
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
8.48%
,
 02/18/27
.................
8,579
7,139,134
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
6.75%),
11.48%
,
 11/15/29
...........
2,582
2,082,629
HomeVi,
Facility
Term
Loan
B1,
(EURIBOR
3
Month
+
3.25%),
5.74%
,
 10/31/26
.....
EUR
2,000
1,847,612
MED
ParentCo
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
8.88%
,
 08/31/26
USD
11,891
10,558,475
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
3.25%),
8.24%
,
 11/01/28
..........
10,653
10,343,690
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
7.00%),
11.57%
,
 11/01/29
..........
3,446
3,133,723
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.75%),
7.38%
,
 10/27/28
...........
USD
12,269
$
12,256,209
PetVet
Care
Centers
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.50%),
8.13%
,
 02/14/25
...........
3,128
2,978,954
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.75%),
8.36%
,
 08/31/26
...........
4,331
4,296,010
Vizient,
Inc.,
Term
Loan
B7,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
6.91%
,
 05/16/29
.................
2,687
2,681,234
100,832,785
Health
Care
Technology
—
1.4%
(f)
athenahealth
Group,
Inc.,
Delayed
Draw
Term
Loan,
02/15/29
(h)
.................
2,672
2,465,031
athenahealth
Group,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.06%
,
 02/15/29
.................
21,806
20,116,263
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
4.00%),
8.73%
,
 06/02/28
...........
25,231
23,303,522
Verscend
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
7.00%),
11.63%
,
 04/02/29
(b)
..........
2,893
2,893,000
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
8.63%
,
 08/27/25
15,040
15,005,508
63,783,324
Hotels,
Restaurants
&
Leisure
—
5.5%
(f)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
6.38%
,
 11/19/26
.................
15,986
15,828,593
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.38%
,
 02/02/26
.................
6,651
6,295,325
Bally's
Corp.,
Facility
Term
Loan
B,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.25%),
7.85%
,
 10/02/28
.................
5,940
5,653,434
Caesars
Entertainment,
Inc.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.97%
,
 02/06/30
...........
8,654
8,633,576
Carnival
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.00%),
7.63%
,
 06/30/25
.................
16,343
16,052,996
Churchill
Downs,
Inc.,
Facility
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
6.64%
,
 12/27/24
.................
1,438
1,434,609
Churchill
Downs,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
6.64%
,
 03/17/28
9,599
9,514,591
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.62%
,
 01/27/29
...........
33,832
32,880,927
Flutter
Entertainment
plc,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
6.98%
,
 07/21/26
10,528
10,509,795
Flutter
Entertainment
plc,
Term
Loan
B,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.09%
,
 07/22/28
...........
8,231
8,228,324
Four
Seasons
Holdings,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.97%
,
 11/30/29
............
19,430
19,494,641
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
1.75%),
6.45%
,
 06/22/26
.................
USD
15,913
$
15,882,101
IRB
Holding
Corp.,
Term
Loan
B,
12/15/27
(h)
.
18,138
17,888,897
Light
&
Wonder
International,
Inc.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.66%
,
 04/14/29
......
7,093
7,057,888
Packers
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.25%),
7.85%
,
 03/09/28
.................
7,802
7,129,460
Penn
National
Gaming,
Inc.,
Facility
Term
Loan
B,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.47%
,
 05/03/29
......
13,520
13,463,987
Playa
Resorts
Holding
BV,  Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.81%
,
 01/05/29
...........
3,470
3,458,445
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.00%),
7.69%
,
 08/25/28
..........
6,262
6,236,323
Silk
Bidco
AS,
Facility
Term
Loan
B,
(EURIBOR
6
Month
+
4.00%),
7.20%
,
 02/24/25
....
EUR
2,000
1,908,154
Station
Casinos
LLC,
Facility
Term
Loan
B1,
(LIBOR
USD
1
Month
at
0.25%
Floor
+
2.25%),
6.89%
,
 02/08/27
...........
USD
11,100
11,027,291
Whatabrands
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.25%),
7.88%
,
 08/03/28
.................
18,632
18,323,880
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
6.38%
,
 05/30/25
.................
5,668
5,655,708
242,558,945
Household
Durables
—
1.4%
(f)
ACProducts
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
4.25%),
8.98%
,
 05/17/28
.................
12,426
10,428,617
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.37%
,
 02/26/29
...........
20,926
19,154,681
Serta
Simmons
Bedding
LLC,
Term
Loan
(LIBOR
USD
3
Month
at
1.00%
Floor
+
7.50%),
12.27%, 08/10/23
.........
4,436
3,148,080
Snap
One
Holdings
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
4.50%),
9.13%
,
 12/08/28
(b)
................
1,896
1,796,083
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
4.00%),
8.75%
,
 10/06/28
...........
10,091
8,636,071
Weber-Stephen
Products
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.25%),
7.88%
,
 10/30/27
...........
20,598
17,920,412
61,083,944
Household
Products
—
0.4%
(f)
Diamond
(BC)
BV,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.75%),
7.38%
-
7.58%
,
 09/29/28
.................
11,476
11,269,974
Energizer
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.25%),
6.93%
,
 12/22/27
.................
2,210
2,200,368
Spectrum
Brands,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.00%),
6.64%
-
6.96%
,
 03/03/28
...........
5,525
5,479,303
18,949,645
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
(f)
Calpine
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
6.64%
,
 04/05/26
.....
USD
4,623
$
4,607,418
Constellation
Renewables
LLC,
Term
Loan,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
2.50%),
7.46%
,
 12/15/27
...........
9,492
9,459,786
14,067,204
Industrial
Conglomerates
—
0.1%
SVP-Singer
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
6.75%),
11.48%
,
 07/28/28
(f)
................
3,461
2,710,110
Insurance
—
3.8%
(f)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.50%),
8.09%
,
 11/05/27
............
16,725
16,509,766
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B5,
11/05/27
(h)
...................
24,068
23,737,516
AmWINS
Group,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
at
0.75%
Floor
+
2.25%),
6.88%, 02/19/28
.........
17,027
16,735,910
(1
Month
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
7.41%, 02/19/28
.........
3,413
3,395,935
AssuredPartners,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.50%),
8.13%, 02/12/27
.........
21,579
21,097,400
Hub
International
Ltd.,
Term
Loan
(LIBOR
USD
3
Month
+
3.00%),
7.68%
-
7.82%, 04/25/25
...............
18,063
18,003,395
(3
Month
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
8.73%, 11/10/29
..........
5,662
5,653,507
Hub
International
Ltd.,
Term
Loan
B3,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.25%),
7.95%
-
8.06%
,
 04/25/25
...........
14,904
14,872,475
NFP
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.88%
,
 02/15/27
...........
1,569
1,525,692
Ryan
Specialty
Group
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
7.72%
,
 09/01/27
...........
12,676
12,636,097
USI,
Inc.,
Term
Loan
(LIBOR
USD
3
Month
+
3.25%),
7.98%, 12/02/26
...............
3,031
3,023,920
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.33%, 11/22/29
..........
31,563
31,470,838
168,662,451
Interactive
Media
&
Services
—
1.2%
(f)
Acuris
Finance
US,
Inc.,
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.73%
,
 02/16/28
.................
2,747
2,659,585
Adevinta
ASA,
Facility
Term
Loan
B2,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
2.75%),
7.48%
,
 06/26/28
.................
9,561
9,536,774
Camelot
US
Acquisition
1
Co.,
Term
Loan
(LIBOR
USD
1
Month
at
1.00%
Floor
+
3.00%),
7.63%, 10/30/26
.........
29,034
28,904,455
GoodRx,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.38%
,
 10/10/25
....
5,610
5,525,251
Grab
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
at
1.00%
Floor
+
4.50%),
9.14%
,
 01/29/26
.................
5,218
5,198,199
51,824,264
Security
Par
(000)
Par
(000)
Value
Internet
&
Direct
Marketing
Retail
—
0.7%
(f)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.25%),
7.88%
,
 11/24/28
......
USD
11,241
$
11,189,247
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
8.13%
,
 02/12/27
...........
22,381
17,625,348
Pug
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
4.25%),
8.88%
,
 02/12/27
(b)
1,462
1,148,053
29,962,648
IT
Services
—
3.4%
(f)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(LIBOR
USD
1
Month
+
5.25%),
9.88%
,
 01/31/28
9,350
7,956,787
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(LIBOR
USD
1
Month
+
5.25%),
9.88%
,
 01/20/29
8,540
7,267,540
Asurion
LLC,
Term
Loan
B11,
(1
Month
CME
Term
SOFR
+
4.25%),
8.91%
,
 08/19/28
..
1,473
1,385,356
Asurion
LLC,
Term
Loan
B8,
(LIBOR
USD
1
Month
+
3.25%),
7.88%
,
 12/23/26
.....
15,302
14,542,151
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
1.00%
Floor
+
7.75%),
12.38%
,
 07/31/28
...........
7,322
7,285,390
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
6.38%
,
 04/28/28
...........
13,639
13,518,236
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
4.00%),
8.73%
,
 10/01/27
...........
19,421
18,697,582
Go
Daddy
Operating
Co.
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.25%),
7.87%
,
 11/09/29
.................
9,038
9,039,175
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
6.63%
,
 08/10/27
.................
8,979
8,935,113
Maximus,
Inc.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
0.00%
-
7.23%
,
 05/28/28
(b)
...............
3,795
3,776,014
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan,
02/17/28
(h)
.............
27,047
26,708,757
Venga
Finance
SARL,
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
4.75%),
9.70%
,
 06/28/29
.................
4,028
3,849,702
VS
Buyer
LLC,
Term
Loan,
(LIBOR
USD
2
Month
+
3.00%),
7.70%
,
 02/28/27
.....
20,521
20,233,699
WEX,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
6.88%
,
 03/31/28
..........
5,193
5,175,318
148,370,820
Leisure
Products
—
0.3%
(f)
Fender
Musical
Instruments
Corp.,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
8.66%
,
 12/01/28
(b)
..........
4,737
4,215,780
Hayward
Industries,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.50%),
7.13%
,
 05/30/28
...........
3,740
3,638,505
Peloton
Interactive,
Inc.,
Term
Loan,
(6
Month
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
11.76%
,
 05/25/27
................
3,465
3,472,385
SRAM
LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.75%),
7.38%
,
 05/18/28
(b)
1,864
1,845,766
13,172,436
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
—
2.4%
(f)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.25%),
6.88%
,
 11/08/27
.................
USD
11,815
$
11,788,374
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.00%),
6.63%
,
 02/22/28
...........
12,457
12,410,380
Curia
Global,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.75%),
8.47%
-
8.53%
,
 08/30/26
...........
1,366
1,167,464
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
1.00%
Floor
+
4.50%),
9.13%
,
 02/04/27
..........
13,457
12,363,864
ICON
plc,
Term
Loan
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.25%),
7.00%, 07/03/28
.........
21,336
21,301,558
Iqvia,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
1.75%),
6.38%
,
 01/17/25
.....
5,602
5,590,051
Iqvia,
Inc.,
Term
Loan
B3,
(LIBOR
USD
3
Month
+
1.75%),
6.48%
,
 06/11/25
......
8,323
8,306,367
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
7.63%
,
 10/19/27
......
11,554
11,506,736
Parexel
International,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.25%),
7.88%
,
 11/15/28
............
23,194
22,695,200
107,129,994
Machinery
—
3.9%
(f)
Albion
Financing
3
SARL,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
5.25%),
9.57%
,
 08/17/26
.................
11,083
10,701,805
Columbus
McKinnon
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.75%),
7.50%
,
 05/14/28
.................
3,129
3,113,076
Filtration
Group
Corp.,
Term
Loan
(LIBOR
USD
1
Month
+
3.00%),
7.63%, 03/31/25
...............
12,269
12,226,296
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.50%),
8.13%, 10/21/28
.........
7,284
7,165,648
Fluidra
SA,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.72%
,
 01/29/29
.................
2,361
2,338,270
Gardner
Denver,
Inc.,
Term
Loan
B2,
(1
Month
CME
Term
SOFR
+
1.75%),
6.47%
,
 03/01/27
.................
5,508
5,488,855
Gates
Global
LLC,
Term
Loan
B3,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
2.50%),
7.13%
,
 03/31/27
.................
14,107
14,024,271
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
8.15%
,
 03/28/25
.................
17,526
16,769,402
Indicor
LLC,  Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
8.93%
,
 11/22/29
.................
11,563
11,401,118
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
(1
Month
CME
Term
SOFR
+
1.75%),
6.47%
,
 03/01/27
.................
15,934
15,879,486
Madison
IAQ
LLC,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
3.25%),
7.99%
,
 06/21/28
.................
17,624
16,760,466
SPX
Flow,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.22%
,
 04/05/29
.................
15,351
14,540,787
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
(LIBOR
USD
6
Month
at
0.50%
Floor
+
3.50%),
8.60%
,
 07/30/27
...........
USD
22,650
$
22,123,075
Vertiv
Group
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
7.32%
,
 03/02/27
....
18,066
17,831,554
Zurn
LLC,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.00%),
6.63%
,
 10/04/28
.................
878
876,892
171,241,001
Media
—
3.0%
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
3.25%),
8.06%
,
 03/03/25
(f)
...........
9,540
9,158,499
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
15.00%
,
 10/15/26
(i)
................
4,769
5,063,185
Cable
One,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
6.63%
,
 05/03/28
(f)
.....
827
817,231
Charter
Communications
Operating
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
1.75%),
6.37%
,
 04/30/25
(f)
................
12,358
12,339,491
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
8.23%
-
8.33%
,
 08/21/26
(f)
...........
23,621
22,341,758
CMG
Media
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
8.23%
,
 12/17/26
(f)
................
7,364
6,907,802
Cogeco
Communications
Finance
LP,
Term
Loan
B
(f)
(LIBOR
USD
1
Month
+
2.00%),
6.63%, 01/03/25
...............
3,008
2,998,010
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.50%),
7.13%, 09/01/28
.........
7,743
7,615,392
CSC
Holdings
LLC,
Term
Loan
(f)
(LIBOR
USD
1
Month
+
2.25%),
6.84%, 07/17/25
...............
5,637
5,433,517
(1
Month
CME
Term
SOFR
+
2.50%),
7.09%, 04/15/27
...............
10,097
9,074,761
DirecTV
Financing  LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
5.00%),
9.63%
,
 08/02/27
(f)
................
14,607
14,190,432
Eagle
Broadband
Investments
LLC,
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.00%),
7.75%
,
 11/12/27
(f)
...........
6,314
6,231,076
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
1.00%
Floor
+
3.25%),
7.89%
,
 12/01/23
(f)
.........
7,597
5,194,494
Sinclair
Television
Group,
Inc.,
Term
Loan
B4,
(1
Month
CME
Term
SOFR
+
3.75%),
8.47%
,
 04/21/29
(f)
................
7,933
7,707,214
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.30%
,
 05/11/29
(b)(f)
..........
8,453
8,325,737
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
(LIBOR
USD
1
Month
+
2.50%),
7.09%
,
 04/30/28
(f)
................
7,769
7,597,460
130,996,059
Metals
&
Mining
—
0.7%
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
3.00%),
7.73%
,
 03/08/24
(f)
...........
37,162
31,118,382
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Security
Par
(000)
Par
(000)
Value
Multiline
Retail
—
0.6%
(f)
New
SK
Holdco
Sub
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
12.91%
,
 06/30/27
................
USD
23,781
$
19,848,919
Sally
Holdings
LLC,
Term
Loan
B,
02/28/30
(b)(h)
4,333
4,322,168
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.75%),
8.34%
,
 12/21/27
(b)
..........
1,745
1,670,761
25,841,848
Oil,
Gas
&
Consumable
Fuels
—
0.9%
(f)
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
3.50%),
8.31%
,
 12/21/28
...........
26,272
25,627,285
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.16%
,
 09/19/29
...........
1,805
1,795,689
Murphy
Oil
USA,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
1.75%),
6.33%
,
 01/31/28
.................
2,468
2,473,174
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.93%
,
 10/05/28
.
7,950
7,897,221
37,793,369
Personal
Products
—
0.9%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.75%),
8.48%
,
 10/01/26
(f)
.....
41,003
39,830,111
Pharmaceuticals
—
2.1%
(f)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
8.19%
-
8.25%
,
 05/04/25
.................
9,874
9,281,774
Amynta
Agency
Borrower,
Inc.,
Term
Loan
B,
02/28/28
(h)
.....................
6,109
5,956,276
Bausch
Health
Cos.,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
9.91%
,
 02/01/27
.................
10,476
8,242,430
Elanco
Animal
Health,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
6.32%
,
 08/01/27
17,944
17,559,880
Jazz
Pharmaceuticals
plc,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.50%),
8.13%
,
 05/05/28
.................
18,191
18,155,685
Organon
&
Co.,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
3.00%),
7.75%
,
 06/02/28
.................
14,824
14,638,471
Perrigo
Co.
plc,
Term
Loan
B,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.22%
,
 04/20/29
.................
3,176
3,176,004
Precision
Medicine
Group
LLC,
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.00%),
7.73%
,
 11/18/27
(b)
..........
16,676
16,050,926
93,061,446
Professional
Services
—
3.3%
(f)
AlixPartners
LLP,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.75%),
7.38%
,
 02/04/28
.................
12,504
12,474,546
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.50%),
8.19%
,
 06/02/28
.................
24,552
20,986,104
CoreLogic,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
6.50%),
11.19%
,
 06/04/29
................
13,633
10,116,777
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.87%
,
 02/06/26
.................
USD
31,697
$
31,600,624
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(1
Month
CME
Term
SOFR
+
3.25%),
7.85%
,
 01/18/29
.................
5,293
5,261,244
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.93%
,
 06/22/29
.
5,193
5,144,390
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
8.93%
,
 06/22/29
.................
11,252
11,146,178
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
9.37%
,
 04/29/29
...........
19,745
17,819,425
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
3.75%),
8.33%
,
 07/11/25
.................
4,585
4,548,981
Trans
Union
LLC,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
1.75%),
6.38%
,
 11/16/26
....
10,936
10,851,499
Trans
Union
LLC,
Term
Loan
B6,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.25%),
6.88%
,
 12/01/28
.................
15,305
15,203,962
145,153,730
Real
Estate
Management
&
Development
—
0.5%
(f)
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.38%
,
 08/21/25
.................
9,193
9,135,800
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.97%
,
 01/31/30
(b)
.....
11,596
11,523,494
20,659,294
Road
&
Rail
—
1.1%
(f)
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
4.75%),
9.33%
,
 04/06/28
......
4,153
3,999,416
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
1.75%),
6.39%
,
 08/06/27
.................
7,677
7,546,278
Genesee
&
Wyoming,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.00%),
6.73%
,
 12/30/26
6,048
6,028,214
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
10.13%
-
10.45%
,
 08/04/25
................
7,011
6,362,615
Uber
Technologies,
Inc.,
Term
Loan
(LIBOR
USD
3
Month
+
3.50%),
8.45%, 04/04/25
...............
2,913
2,909,369
(LIBOR
USD
3
Month
+
3.50%),
8.45%, 02/25/27
...............
21,427
21,466,903
Uber
Technologies,
Inc.,
Term
Loan
B,
02/28/30
(h)
.....................
2,234
2,233,062
50,545,857
Semiconductors
&
Semiconductor
Equipment
—
0.3%
(f)
MKS
Instruments,
Inc.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.41%
,
 08/17/29
.................
11,173
11,077,285
Synaptics,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.25%),
7.40%
,
 12/02/28
.................
3,752
3,718,687
14,795,972
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Security
Par
(000)
Par
(000)
Value
Software
—
8.7%
(f)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.08%
,
 09/18/26
...........
USD
9,061
$
9,081,801
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
11.33%
,
 09/17/27
...........
2,748
2,751,435
Barracuda
Parent
LLC,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.18%
,
 08/15/29
...........
6,077
5,854,299
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.38%
,
 10/02/25
10,653
10,509,073
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.25%),
6.88%
,
 09/21/28
...........
11,522
11,387,173
Central
Parent,
Inc.,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.08%
,
 07/06/29
...........
13,703
13,650,243
Cloud
Software
Group,
Inc.
1st
Lien
Term
Loan
B,
(3
Month
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.18%
,
 03/30/29
......
40,644
37,642,114
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.75%),
8.38%
,
 10/08/28
.................
5,647
5,380,973
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
6.00%),
10.63%
,
 10/08/29
................
9,488
8,450,297
Cornerstone
OnDemand,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.75%),
8.38%
,
 10/16/28
..........
7,658
7,048,772
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
7.25%),
11.65%
,
 12/01/28
................
2,679
2,317,335
E2open
LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.50%),
8.08%
,
 02/04/28
1,414
1,404,359
Gen
Digital,
Inc.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
6.72%
,
 09/12/29
.................
10,311
10,192,826
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
4.00%),
8.63%
,
 12/01/27
..........
19,215
19,022,393
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.44%
,
 10/27/28
.....
16,847
16,796,852
Instructure
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.75%),
7.85%
,
 10/30/28
.................
4,605
4,578,352
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
4.75%),
9.58%
,
 07/27/28
...........
12,958
10,985,700
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
8.25%),
13.08%
,
 07/27/29
...........
14,466
11,261,684
McAfee
Corp.,
Term
Loan
B1,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.42%
,
 03/01/29
.................
24,837
23,253,819
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.38%
,
 09/13/24
22,486
22,297,827
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
+
6.25%),
10.87%
,
 02/23/29
................
15,092
13,872,561
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.25%),
7.88%
,
 08/31/28
.................
27,085
26,287,201
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Proofpoint,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
6.25%),
10.88%
,
 08/31/29
................
USD
3,665
$
3,518,400
RealPage,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.00%),
7.63%
,
 04/24/28
.................
32,301
31,243,242
RealPage,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
6.50%),
11.13%
,
 04/23/29
................
2,585
2,478,500
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
7.68%
,
 08/01/25
.................
13,477
13,451,954
Sophia
LP,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
3.50%),
8.23%
,
 10/07/27
.................
15,169
14,918,942
Sophia
LP,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
8.00%),
12.73%
,
 10/09/28
................
2,000
1,990,000
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
1.75%),
6.38%
,
 04/16/25
.................
6,979
6,963,118
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
6.38%
,
 04/16/25
.................
6,188
6,174,161
UKG,
Inc.,
1st
Lien
Term
Loan
(LIBOR
USD
3
Month
at
0.50%
Floor
+
3.25%),
8.03%, 05/04/26
.........
6,482
6,346,270
(LIBOR
USD
3
Month
+
3.75%),
8.58%, 05/04/26
...............
8,135
8,017,876
UKG,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
5.25%),
10.03%
,
 05/03/27
................
10,154
9,858,038
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
3.50%),
8.40%
,
 07/20/28
...........
1,681
1,654,725
Zephyr
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B1,
(LIBOR
GBP
1
Month
+
4.75%),
8.71%
,
 07/23/25
.................
GBP
2,000
2,219,258
ZoomInfo
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.47%
,
 02/28/30
USD
1,181
1,182,476
384,044,049
Specialty
Retail
—
1.8%
(f)
CD&R
Firefly
Bidco
Ltd.,
Facility
Term
Loan
B1,
(LIBOR
GBP
3
Month
+
4.25%),
8.30%
-
8.29%
,
 06/23/25
.................
GBP
2,000
2,323,617
EG
Group
Ltd.,
Facility
Term
Loan
(LIBOR
USD
3
Month
+
4.00%),
8.73%, 02/07/25
...............
USD
11,206
10,449,792
(LIBOR
USD
3
Month
at
0.50%
Floor
+
4.25%),
8.98%, 03/31/26
.........
8,637
8,054,376
Leslie's
Poolmart,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
at
0.50%
Floor
+
2.50%),
7.23%
,
 03/09/28
.................
3,072
3,054,475
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
4.00%),
8.73%
,
 05/04/28
.
13,819
13,354,707
PetSmart
LLC,
Term
Loan,
(LIBOR
USD
1
Month
at
0.75%
Floor
+
3.75%),
8.47%
,
 02/11/28
.................
17,574
17,511,921
Pilot
Travel
Centers
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
6.72%
,
 08/04/28
11,470
11,373,704
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Restoration
Hardware,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
at
0.50%
Floor
+
2.50%),
7.13%, 10/20/28
.........
USD
3,925
$
3,764,178
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.97%, 10/20/28
.........
7,227
6,982,736
RVR
Dealership
Holdings
LLC,
Term
Loan,
(3
Month
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.55%
,
 02/08/28
...........
1,404
1,194,302
78,063,808
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Electronics
for
Imaging,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
9.63%
,
 07/23/26
(f)
................
4,454
3,427,822
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
(f)
Crocs,
Inc.,
Term
Loan,
(6
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
7.73%
,
 02/20/29
.................
10,347
10,312,866
Hanesbrands,
Inc.,
Term
Loan
B,
03/08/30
(b)(h)
3,619
3,614,476
13,927,342
Trading
Companies
&
Distributors
—
1.3%
(f)
Beacon
Roofing
Supply,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
6.88%
,
 05/19/28
.................
6,976
6,959,609
Core
&
Main
LP,
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.50%),
7.20%
-
7.42%
,
 07/27/28
17,766
17,660,536
SRS
Distribution,
Inc.,
Term
Loan
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
7.97%, 06/02/28
.........
7,423
7,157,408
(LIBOR
USD
1
Month
at
0.50%
Floor
+
3.50%),
8.13%, 06/02/28
.........
13,839
13,374,478
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
7.50%),
12.26%
,
 05/30/24
................
3,836
3,704,878
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(LIBOR
USD
3
Month
at
1.00%
Floor
+
3.50%),
8.26%
,
 08/28/24
.................
12,216
6,840,879
55,697,788
Transportation
Infrastructure
—
0.2%
(f)
KKR
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.38%
,
 09/22/28
...........
3,218
3,197,023
KKR
Apple
Bidco
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
at
0.50%
Floor
+
5.75%),
10.38%
,
 09/21/29
...........
1,325
1,289,887
OLA
Netherlands
BV,
Term
Loan,
(1
Month
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
10.91%
,
 12/15/26
................
5,633
5,323,263
9,810,173
Wireless
Telecommunication
Services
—
0.5%
(f)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
7.88%
,
 05/27/24
.................
6,381
5,473,483
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
at
0.75%
Floor
+
3.75%),
8.58%
,
 04/30/28
...........
5,244
5,212,645
SBA
Senior
Finance
II
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
6.41%
,
 04/11/25
.
9,415
9,394,969
20,081,097
Total
Floating
Rate
Loan
Interests
—
89.3%
(Cost:
$4,056,079,526)
...........................
3,924,929,211
Security
Shares
Shares
Value
Investment
Companies
Energy
Select
Sector
SPDR
Fund
.......
48,675
$
4,073,611
Industrial
Select
Sector
SPDR
Fund
(j)
.....
22,300
2,251,631
Invesco
Senior
Loan
ETF
(j)
............
2,285,500
47,881,225
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
(k)
....................
385,000
19,219,200
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(j)(k)
........................
1,025,000
76,393,250
Janus
Henderson
AAA
CLO
ETF
........
25,000
1,247,250
Total
Investment
Companies
—
3.4%
(Cost:
$151,532,095)
.............................
151,066,167
Beneficial
Interest
(000)
Other
Interests
(l)
Capital
Markets
—
0.0%
Millennium
Corp.
Claim
(b)
..............
USD
15,011
—
Total
Other
Interests
—
0.0%
(Cost:
$—)
....................................
—
Shares
Shares
Preferred
Securities
Preferred
Stocks
—
0.0%
Comercial
Services
&
Supplies
—
0.0%
Verscend
Intermediate
Holding
Corp.
(Preference)
(a)(b)(m)
................
1,494
1,844,641
Total
Preferred
Securities
—
0.0%
(Cost:
$1,464,120)
..............................
1,844,641
Warrants
Diversified
Consumer
Services
—
0.0%
Service
King
Midas
Intermediate
(Issued/
Exercisable
07/14/22,
1
Share
for
1
Warrant,
Expires
06/30/27,
Strike
Price
USD
10.00)
(a)
(b)
...........................
26,152
—
Oil,
Gas
&
Consumable
Fuels
—
0.0%
California
Resources
Corp.
(Issued/Exercisable
10/23/20,
1
Share
for
1
Warrant,
Expires
10/27/24,
Strike
Price
USD
36.00)
(a)
....
3,901
42,716
Total
Warrants
—
0.0%
(Cost:
$—)
....................................
42,716
Total
Long-Term
Investments
—
94.0%
(Cost:
$4,271,249,221)
...........................
4,132,731,057
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
February
28,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
10.2%
(k)(n)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.41%
...................
334,404,454
$
334,404,454
SL
Liquidity
Series,
LLC,
Money
Market
Series,
4.75%
(o)
.......................
112,807,745
112,830,307
Total
Short-Term
Securities
—
10.2%
(Cost:
$447,199,228)
.............................
447,234,761
Total
Investments
—
104.2%
(Cost:
$4,718,448,449
)
...........................
4,579,965,818
Liabilities
in
Excess
of
Other
Assets
—
(4.2)%
............
(184,751,113)
Net
Assets
—
100.0%
..............................
$
4,395,214,705
(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)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$0,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$0.
(d)
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.
(e)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(f)
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.
(g)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(h)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(i)
Fixed
rate.
(j)
All
or
a
portion
of
this
security
is
on
loan.
(k)
Affiliate
of
the
Fund.
(l)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(m)
Perpetual
security
with
no
stated
maturity
date.
(n)
Annualized
7-day
yield
as
of
period
end.
(o)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
08/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
02/28/23
Shares
Held
at
02/28/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
322,336,103
$
12,068,351
(a)
$
—
$
—
$
—
$
334,404,454
334,404,454
$
5,299,050
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
126,796,575
—
(13,939,863)
(a)
5,067
(31,472)
112,830,307
112,807,745
759,247
(b)
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
..
—
18,906,003
—
—
313,197
19,219,200
385,000
158,957
2,926
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
30,184,651
146,242,141
(99,575,683)
(5,352,181)
4,894,322
76,393,250
1,025,000
847,752
—
$
(5,347,114)
$
5,176,047
$
542,847,211
$
7,065,006
$
2,926
—
—
(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
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
20
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
6,961,487
EUR
6,502,000
Bank
of
America
NA
03/15/23
$
78,726
USD
4,176,166
GBP
3,415,000
Westpac
Banking
Corp.
03/15/23
67,458
$
146,184
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
38.V2
...........
5.00
%
Quarterly
06/20/27
B+
USD
33,536
$
1,243,559
$
(855,552)
$
2,099,111
Markit
CDX
North
American
High
Yield
Index
Series
39.V1
...........
5.00
Quarterly
12/20/27
B+
USD
72,095
1,764,587
323,294
1,441,293
$
3,008,146
$
(532,258)
$
3,540,404
(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.
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
..........................................................
$
323,294
$
(855,552)
$
3,540,404
$
—
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
$
—
$
—
$
—
$
146,184
$
—
$
—
$
146,184
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
3,540,404
—
—
—
—
3,540,404
$
—
$
3,540,404
$
—
$
146,184
$
—
$
—
$
3,686,588
(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).
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
21
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
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
For
the
period
ended
February
28,
2023,
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
....
$
—
$
—
$
—
$
253,887
$
—
$
—
$
253,887
Swaps
..............................
—
1,397,004
—
—
—
—
1,397,004
$
—
$
1,397,004
$
—
$
253,887
$
—
$
—
$
1,650,891
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Forward
foreign
currency
exchange
contracts
....
—
—
—
(636,344)
—
—
(636,344)
Swaps
..............................
—
5,255,884
—
—
—
—
5,255,884
$
—
$
5,255,884
$
—
$
(636,344)
$
—
$
—
$
4,619,540
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
10,921,239
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
$
94,583,750
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Derivative
Financial
Instruments
$
—
Forward
foreign
currency
exchange
contracts
................................................................................
$
146,184
Swaps
—
centrally
cleared
.............................................................................................
222,606
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
............................................................
$
368,790
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
.......................................................
(222,606)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
...........................................................................
$
146,184
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
Net
Amount
of
Derivative
Assets
(b)(c)
Bank
of
America
NA
..............................
$
78,726
$
—
$
—
$
—
$
78,726
Westpac
Banking
Corp.
............................
67,458
—
—
—
67,458
$
146,184
$
—
$
—
$
—
$
146,184
(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)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
22
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Construction
&
Engineering
................................
$
—
$
221,993
$
—
$
221,993
Energy
Equipment
&
Services
..............................
—
—
8,929
8,929
Industrial
Conglomerates
..................................
—
2,693
—
2,693
Professional
Services
....................................
—
2,345,085
—
2,345,085
Software
.............................................
3
—
—
3
Corporate
Bonds
Aerospace
&
Defense
....................................
—
1,771,850
—
1,771,850
Capital
Markets
........................................
—
1,419,268
—
1,419,268
Chemicals
............................................
—
3,123,445
—
3,123,445
Commercial
Services
&
Supplies
.............................
—
6,717,734
—
6,717,734
Diversified
Consumer
Services
..............................
—
4,716,900
—
4,716,900
Electric
Utilities
........................................
—
—
—
—
Electrical
Equipment
.....................................
—
8,019,800
—
8,019,800
Health
Care
Equipment
&
Supplies
...........................
—
6,109,346
—
6,109,346
Hotels,
Restaurants
&
Leisure
..............................
—
7,453,462
—
7,453,462
Insurance
............................................
—
3,104,392
—
3,104,392
Real
Estate
Management
&
Development
.......................
—
3,378,143
—
3,378,143
Road
&
Rail
...........................................
—
3,221,588
—
3,221,588
Specialty
Retail
........................................
—
2,938,027
—
2,938,027
Wireless
Telecommunication
Services
.........................
—
295,664
—
295,664
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
100,025,802
—
100,025,802
Airlines
..............................................
—
102,363,392
—
102,363,392
Auto
Components
......................................
—
29,525,057
—
29,525,057
Automobiles
..........................................
—
12,208,904
—
12,208,904
Beverages
...........................................
—
39,541,476
—
39,541,476
Building
Products
.......................................
—
45,468,295
—
45,468,295
Capital
Markets
........................................
—
81,762,250
—
81,762,250
Chemicals
............................................
—
142,680,271
—
142,680,271
Commercial
Services
&
Supplies
.............................
—
140,460,886
—
140,460,886
Communications
Equipment
................................
—
12,698,236
—
12,698,236
Construction
&
Engineering
................................
—
32,527,424
—
32,527,424
Construction
Materials
....................................
—
37,741,335
—
37,741,335
Containers
&
Packaging
..................................
—
48,850,970
—
48,850,970
Distributors
...........................................
—
7,941,016
—
7,941,016
Diversified
Consumer
Services
..............................
—
84,058,452
—
84,058,452
Diversified
Financial
Services
...............................
—
113,652,198
—
113,652,198
Diversified
Telecommunication
Services
........................
—
128,147,882
11,658,592
139,806,474
Electric
Utilities
........................................
—
3,074,798
—
3,074,798
Electrical
Equipment
.....................................
—
11,462,500
1,502,350
12,964,850
Electronic
Equipment,
Instruments
&
Components
.................
—
10,218,331
—
10,218,331
Energy
Equipment
&
Services
..............................
—
948,508
—
948,508
Entertainment
.........................................
—
150,944,637
—
150,944,637
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
13,603,791
—
13,603,791
Food
&
Staples
Retailing
..................................
—
16,638,753
—
16,638,753
Food
Products
.........................................
—
134,436,531
—
134,436,531
Health
Care
Equipment
&
Supplies
...........................
—
61,588,856
—
61,588,856
Health
Care
Providers
&
Services
............................
—
100,832,785
—
100,832,785
Health
Care
Technology
..................................
—
60,890,324
2,893,000
63,783,324
Hotels,
Restaurants
&
Leisure
..............................
—
242,558,945
—
242,558,945
Household
Durables
.....................................
—
59,287,861
1,796,083
61,083,944
Household
Products
.....................................
—
18,949,645
—
18,949,645
Independent
Power
and
Renewable
Electricity
Producers
............
—
14,067,204
—
14,067,204
Industrial
Conglomerates
..................................
—
2,710,110
—
2,710,110
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
23
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
Level
1
Level
2
Level
3
Total
Insurance
............................................
$
—
$
168,662,451
$
—
$
168,662,451
Interactive
Media
&
Services
...............................
—
51,824,264
—
51,824,264
Internet
&
Direct
Marketing
Retail
............................
—
28,814,595
1,148,053
29,962,648
IT
Services
...........................................
—
144,594,806
3,776,014
148,370,820
Leisure
Products
.......................................
—
7,110,890
6,061,546
13,172,436
Life
Sciences
Tools
&
Services
..............................
—
107,129,994
—
107,129,994
Machinery
............................................
—
171,241,001
—
171,241,001
Media
...............................................
—
122,670,322
8,325,737
130,996,059
Metals
&
Mining
........................................
—
31,118,382
—
31,118,382
Multiline
Retail
.........................................
—
19,848,919
5,992,929
25,841,848
Oil,
Gas
&
Consumable
Fuels
...............................
—
37,793,369
—
37,793,369
Personal
Products
......................................
—
39,830,111
—
39,830,111
Pharmaceuticals
.......................................
—
77,010,520
16,050,926
93,061,446
Professional
Services
....................................
—
145,153,730
—
145,153,730
Real
Estate
Management
&
Development
.......................
—
9,135,800
11,523,494
20,659,294
Road
&
Rail
...........................................
—
50,545,857
—
50,545,857
Semiconductors
&
Semiconductor
Equipment
....................
—
14,795,972
—
14,795,972
Software
.............................................
—
384,044,049
—
384,044,049
Specialty
Retail
........................................
—
78,063,808
—
78,063,808
Technology
Hardware,
Storage
&
Peripherals
....................
—
3,427,822
—
3,427,822
Textiles,
Apparel
&
Luxury
Goods
............................
—
10,312,866
3,614,476
13,927,342
Trading
Companies
&
Distributors
............................
—
55,697,788
—
55,697,788
Transportation
Infrastructure
...............................
—
9,810,173
—
9,810,173
Wireless
Telecommunication
Services
.........................
—
20,081,097
—
20,081,097
Investment
Companies
....................................
151,066,167
—
—
151,066,167
Other
Interests
..........................................
—
—
—
—
Preferred
Stocks
.........................................
—
—
1,844,641
1,844,641
Warrants
..............................................
42,716
—
—
42,716
Short-Term
Securities
Money
Market
Funds
......................................
334,404,454
—
—
334,404,454
$
485,513,340
$
3,905,425,401
$
76,196,770
$
4,467,135,511
Investments
valued
at
NAV
(a)
......................................
112,830,307
$
—
$
4,579,965,818
$
—
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
3,540,404
$
—
$
3,540,404
Foreign
currency
exchange
contracts
............................
—
146,184
—
146,184
$
—
$
3,686,588
$
—
$
3,686,588
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps
and
forward
foreign
currency
exchange
contracts.
Swaps
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
24
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
See
notes
to
financial
statements.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Common
Stocks
Floating
Rate
Loan
Interests
Preferred
Stocks
Warrants
Total
Investments
Assets
Opening
balance,
as
of
August
31,
2022
........................................................
$
5,910
$
176,869,422
$
1,756,271
$
—
$
178,631,603
Transfers
into
Level
3
(a)
...................................................................
—
36,088,259
—
—
36,088,259
Transfers
out
of
Level
3
(b)
..................................................................
—
(113,115,410)
—
—
(113,115,410)
Accrued
discounts/premiums
................................................................
—
146,136
—
—
146,136
Net
realized
gain
(loss)
...................................................................
—
(666,534)
—
33
(666,501)
Net
change
in
unrealized
appreciation
(c)(d)
.......................................................
3,019
1,142,586
88,370
—
1,233,975
Purchases
............................................................................
—
20,035,904
—
—
20,035,904
Sales
...............................................................................
—
(46,157,163)
—
(33)
(46,157,196)
Closing
balance,
as
of
February
28,
2023
........................................................
$
8,929
$
74,343,200
$
1,844,641
$
—
$
76,196,770
Net
change
in
unrealized
appreciation
on
investments
still
held
at
February
28,
2023
(d)
..........................
$
3,019
$
692,466
$
88,370
$
—
$
783,855
(a)
As
of
August
31,
2022,
the
Fund
used
observable
inputs
in
determining
the
value
of
certain
investments.
As
of
February
28,
2023,
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
August
31,
2022,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
February
28,
2023,
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
February
28,
2023
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Statement
of
Assets
and
Liabilities
(unaudited)

February
28,
2023
25
Financial
Statements
BlackRock
Floating
Rate
Income
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
4,037,118,607‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
542,847,211‌
Cash
.............................................................................................................
35,932,381‌
Cash
pledged:
–‌
Centrally
cleared
swaps
................................................................................................
9,941,000‌
Foreign
currency,
at
value
(d)
...............................................................................................
233,007‌
Receivables:
–‌
Investments
sold
....................................................................................................
33,199,395‌
Securities
lending
income
—
affiliated
......................................................................................
41,472‌
Capital
shares
sold
...................................................................................................
6,199,203‌
Dividends
—
affiliated
.................................................................................................
1,241,544‌
Interest
—
unaffiliated
.................................................................................................
19,803,888‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
222,606‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
146,184‌
Prepaid
expenses
.....................................................................................................
245,008‌
Total
assets
.........................................................................................................
4,687,171,506‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
113,001,492‌
Payables:
–‌
Investments
purchased
................................................................................................
142,235,332‌
Administration
fees
...................................................................................................
194,927‌
Capital
shares
redeemed
...............................................................................................
29,007,994‌
Income
dividend
distributions
............................................................................................
4,287,505‌
Investment
advisory
fees
..............................................................................................
1,629,035‌
Trustees'
and
Officer's
fees
.............................................................................................
43,505‌
Other
affiliate
fees
...................................................................................................
13,784‌
Professional
fees
....................................................................................................
58,422‌
Service
and
distribution
fees
.............................................................................................
104,011‌
Other
accrued
expenses
...............................................................................................
1,380,794‌
Total
liabilities
........................................................................................................
291,956,801‌
NET
ASSETS
........................................................................................................
$
4,395,214,705‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
4,883,672,133‌
Accumulated
loss
.....................................................................................................
(488,457,428‌)
NET
ASSETS
........................................................................................................
$
4,395,214,705‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
4,176,382,180‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
110,175,371‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
542,066,269‌
(d)
  Foreign
currency,
at
cost
...............................................................................................
$
236,099‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
February
28,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
26
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................................
$
2,825,847,650‌
Shares
outstanding
...................................................................................................
295,762,050‌
Net
asset
value
......................................................................................................
$
9.55‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
A
Net
assets
..........................................................................................................
$
360,238,897‌
Shares
outstanding
...................................................................................................
37,715,975‌
Net
asset
value
......................................................................................................
$
9.55‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
C
Net
assets
..........................................................................................................
$
37,760,370‌
Shares
outstanding
...................................................................................................
3,953,020‌
Net
asset
value
......................................................................................................
$
9.55‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Class
K
Net
assets
..........................................................................................................
$
1,171,367,788‌
Shares
outstanding
...................................................................................................
122,667,248‌
Net
asset
value
......................................................................................................
$
9.55‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
February
28,
2023
27
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
2,152,846‌
Dividends
—
affiliated
.................................................................................................
6,305,759‌
Interest
—
unaffiliated
.................................................................................................
165,693,070‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
759,247‌
Total
investment
income
.................................................................................................
174,910,922‌
EXPENSES
Investment
advisory
..................................................................................................
11,165,807‌
Transfer
agent
—
class
specific
..........................................................................................
1,430,274‌
Administration
.....................................................................................................
836,724‌
Service
and
distribution
—
class
specific
....................................................................................
648,679‌
Administration
—
class
specific
..........................................................................................
457,689‌
Accounting
services
..................................................................................................
314,843‌
Registration
.......................................................................................................
168,586‌
Professional
.......................................................................................................
82,999‌
Trustees
and
Officer
..................................................................................................
35,035‌
Custodian
.........................................................................................................
24,295‌
Printing
and
postage
.................................................................................................
20,411‌
Miscellaneous
......................................................................................................
462,380‌
Total
expenses
.......................................................................................................
15,647,722‌
Less:
–‌
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(8,305‌)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(215,709‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
15,423,708‌
Net
investment
income
..................................................................................................
159,487,214‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
6,553,186‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(46,366,238‌)
Investments
—
affiliated
.............................................................................................
(5,347,114‌)
Capital
gain
distributions
from
underlying
funds
—
affiliated
......................................................................
2,926‌
Forward
foreign
currency
exchange
contracts
...............................................................................
253,887‌
Foreign
currency
transactions
.........................................................................................
13,758‌
Swaps
.........................................................................................................
1,397,004‌
A
(50,045,777‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
46,790,713‌
Investments
—
affiliated
.............................................................................................
5,176,047‌
Forward
foreign
currency
exchange
contracts
...............................................................................
(636,344‌)
Foreign
currency
translations
..........................................................................................
(206‌)
Swaps
.........................................................................................................
5,255,884‌
Unfunded
floating
rate
loan
interests
.....................................................................................
12,869‌
A
56,598,963‌
Net
realized
and
unrealized
gain
...........................................................................................
6,553,186‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
166,040,400‌
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
28
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
Six
Months
Ended
02/28/23
(unaudited)
Year
Ended
08/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
159,487,214
‌
$
207,831,417
‌
Net
realized
loss
..................................................................................
(50,045,777
)
(79,593,636
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
56,598,963
‌
(191,743,994
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
166,040,400
‌
(63,506,213
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
....................................................................................
(100,105,988
)
(119,346,809
)
Investor
A
.....................................................................................
(12,648,312
)
(14,314,094
)
Investor
C
.....................................................................................
(1,158,522
)
(1,087,490
)
Class
K
.......................................................................................
(48,571,653
)
(72,467,539
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(162,484,475
)
(207,215,932
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(750,638,160
)
1,344,173,228
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
(747,082,235
)
1,073,451,083
‌
Beginning
of
period
..................................................................................
5,142,296,940
‌
4,068,845,857
‌
End
of
period
......................................................................................
$
4,395,214,705
‌
$
5,142,296,940
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
29
Financial
Highlights
BlackRock
Floating
Rate
Income
Portfolio
Institutional
Six
Months
Ended
02/28/23
(unaudited)
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Year
Ended
08/31/18
Net
asset
value,
beginning
of
period
...............
$
9.53
‌
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
$
10.20
‌
Net
investment
income
(a)
.......................
0.33
‌
0.38
‌
0.36
‌
0.43
‌
0.51
‌
0.45
‌
Net
realized
and
unrealized
gain
(loss)
..............
0.02
‌
(0.41
)
0.32
‌
(0.35
)
(0.20
)
(0.05
)
Net
increase
(decrease)
from
investment
operations
......
0.35
‌
(0.03
)
0.68
‌
0.08
‌
0.31
‌
0.40
‌
Distributions
from
net
investment
income
(b)
..........
(0.33
)
(0.37
)
(0.36
)
(0.42
)
(0.51
)
(0.45
)
Net
asset
value,
end
of
period
....................
$
9.55
‌
$
9.53
‌
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
........................
3.81
%
(d)
(0.27
)%
7.14
%
0.87
%
3.13
%
3.96
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...............................
0.68
%
(f)
0.67
%
0.70
%
0.68
%
0.67
%
(g)
0.66
%
(g)
Total
expenses
after
fees
waived
and/or
reimbursed
......
0.67
%
(f)
0.66
%
0.69
%
0.67
%
0.66
%
0.66
%
Net
investment
income
.........................
6.98
%
(f)
3.89
%
3.64
%
4.49
%
5.08
%
4.39
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
2,825,848
‌
$
3,099,810
‌
$
2,282,592
‌
$
1,434,116
‌
$
2,204,716
‌
$
2,958,918
‌
Portfolio
turnover
rate
...........................
16
%
41
%
47
%
80
%
52
%
60
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
30
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
(g)
Annualized.
BlackRock
Floating
Rate
Income
Portfolio
Investor
A
Six
Months
Ended
02/28/23
(unaudited)
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Year
Ended
08/31/18
Net
asset
value,
beginning
of
period
.................
$
9.52
‌
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
$
10.20
‌
Net
investment
income
(a)
.........................
0.32
‌
0.35
‌
0.34
‌
0.41
‌
0.48
‌
0.42
‌
Net
realized
and
unrealized
gain
(loss)
................
0.03
‌
(0.41
)
0.31
‌
(0.36
)
(0.20
)
(0.05
)
Net
increase
(decrease)
from
investment
operations
........
0.35
‌
(0.06
)
0.65
‌
0.05
‌
0.28
‌
0.37
‌
Distributions
from
net
investment
income
(b)
............
(0.32
)
(0.35
)
(0.33
)
(0.39
)
(0.48
)
(0.42
)
Net
asset
value,
end
of
period
......................
$
9.55
‌
$
9.52
‌
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
3.80
%
(d)
(0.61
)%
6.89
%
0.60
%
2.84
%
3.65
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
(f)
................................
0.91
%
(g)
0.91
%
0.94
%
0.95
%
0.95
%
0.97
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.90
%
(g)
0.90
%
0.94
%
0.94
%
0.95
%
0.96
%
Net
investment
income
...........................
6.75
%
(g)
3.62
%
3.43
%
4.20
%
4.79
%
4.08
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
360,239
‌
$
386,590
‌
$
319,889
‌
$
292,670
‌
$
370,351
‌
$
546,843
‌
Portfolio
turnover
rate
.............................
16
%
41
%
47
%
80
%
52
%
60
%
Six
Months
Ended
02/28/23
(unaudited)
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Year
Ended
08/31/18
Expense
ratios
................................................
N/A  
N/A  
N/A  
N/A  
0.95%
N/A  
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
31
Financial
Highlights
BlackRock
Floating
Rate
Income
Portfolio
Investor
C
Six
Months
Ended
02/28/23
(unaudited)
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Year
Ended
08/31/18
Net
asset
value,
beginning
of
period
...............
$
9.53
‌
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
$
10.19
‌
Net
investment
income
(a)
.......................
0.28
‌
0.28
‌
0.26
‌
0.33
‌
0.41
‌
0.34
‌
Net
realized
and
unrealized
gain
(loss)
..............
0.03
‌
(0.40
)
0.32
‌
(0.35
)
(0.21
)
(0.04
)
Net
increase
(decrease)
from
investment
operations
......
0.31
‌
(0.12
)
0.58
‌
(0.02
)
0.20
‌
0.30
‌
Distributions
from
net
investment
income
(b)
..........
(0.29
)
(0.28
)
(0.26
)
(0.32
)
(0.40
)
(0.34
)
Net
asset
value,
end
of
period
....................
$
9.55
‌
$
9.53
‌
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
........................
3.29
%
(d)
(1.26
)%
6.06
%
(0.16
)%
2.09
%
3.01
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
...............................
1.69
%
(f)
1.67
%
1.72
%
1.72
%
1.69
%
(g)
1.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
......
1.68
%
(f)
1.66
%
1.71
%
1.71
%
1.69
%
1.68
%
Net
investment
income
.........................
6.00
%
(f)
2.86
%
2.67
%
3.47
%
4.06
%
3.36
%
Supplemental
Data
Net
assets,
end
of
period
(000)
....................
$
37,760
‌
$
38,141
‌
$
36,581
‌
$
45,261
‌
$
84,631
‌
$
119,171
‌
Portfolio
turnover
rate
...........................
16
%
41
%
47
%
80
%
52
%
60
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees
with
no
financial
impact
to
the
expense
ratios.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
32
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
(g)
Annualized.
BlackRock
Floating
Rate
Income
Portfolio
Class
K
Six
Months
Ended
02/28/23
(unaudited)
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Year
Ended
08/31/18
Net
asset
value,
beginning
of
period
.................
$
9.52
‌
$
9.92
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
$
10.19
‌
Net
investment
income
(a)
.........................
0.33
‌
0.39
‌
0.36
‌
0.43
‌
0.51
‌
0.45
‌
Net
realized
and
unrealized
gain
(loss)
................
0.04
‌
(0.41
)
0.32
‌
(0.35
)
(0.20
)
(0.04
)
Net
increase
(decrease)
from
investment
operations
........
0.37
‌
(0.02
)
0.68
‌
0.08
‌
0.31
‌
0.41
‌
Distributions
from
net
investment
income
(b)
............
(0.34
)
(0.38
)
(0.37
)
(0.42
)
(0.51
)
(0.45
)
Net
asset
value,
end
of
period
......................
$
9.55
‌
$
9.52
‌
$
9.92
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..........................
3.96
%
(d)
(0.18
)%
7.12
%
0.92
%
3.19
%
4.09
%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
(f)
................................
0.60
%
(g)
0.57
%
0.61
%
0.63
%
0.61
%
0.63
%
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.59
%
(g)
0.57
%
0.61
%
0.62
%
0.61
%
0.63
%
Net
investment
income
...........................
7.04
%
(g)
3.96
%
3.68
%
4.46
%
5.12
%
4.44
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
1,171,368
‌
$
1,617,756
‌
$
1,429,784
‌
$
569,739
‌
$
424,275
‌
$
441,021
‌
Portfolio
turnover
rate
.............................
16
%
41
%
47
%
80
%
52
%
60
%
Six
Months
Ended
02/28/23
(unaudited)
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Year
Ended
08/31/18
Expense
ratios
................................................
N/A  
N/A  
N/A  
N/A  
0.61%
0.62%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
33
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
V (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The Trust
is
organized
as
a Massachusetts
business
trust.
BlackRock
Floating
Rate
Income
Portfolio
(the
“Fund”)
is
a
series
of
the
Trust.
The
Fund
is
classified
as
diversified.
The Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
and
Class
K
Shares
are
sold
without
a
sales
charge
and
only
to
certain
eligible
investors.
Investor
A
and
Investor
C
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor
C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
 Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
 A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Fixed-Income
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
and
payment-in-kind
interest
are
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
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.
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
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
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
(“CDSC”)
Conversion
Privilege
Institutional
and
Class
K
Shares
...................................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
34
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.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service. Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
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.
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
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
35
Notes
to
Financial
Statements
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
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
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
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.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(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.
As
of
February
28,
2023,
certain
investments
of
the
Fund
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
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. 
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
36
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
London
Interbank
Offered
Rate
(“LIBOR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
 Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
 are
shown
separately
in
the
 Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(unaudited)
(continued)
37
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
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter
(“OTC”).
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Fund
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
Statement
of
Assets
and
Liabilities.
Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statement
of
Assets
and
Liabilities.
A
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.
Options:
The
Fund
may purchase
and
write
call
and
put
options
to
increase
or
decrease
its
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statement
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Fund
writes
a
call
option,
such
option
is
typically
“covered,”
meaning
that
it
holds
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Fund
writes
a
put
option,
cash
is
segregated in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statement
of
Assets
and
Liabilities.
In
purchasing
and
writing
options,
the
Fund
bears
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
it
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Fund
purchasing
or
selling
a
security
when
it
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
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”).
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.
..............................
$
1,047,500‌
$
(1,047,500‌)
$
—‌
$
—‌
BofA
Securities,
Inc.
...............................
21,018,342‌
(21,018,342‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................
17,185,285‌
(17,185,285‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
..........................
30,864,281‌
(30,864,281‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
32,689,752‌
(32,689,752‌)
—‌
—‌
Morgan
Stanley
..................................
12,570‌
(12,570‌)
—‌
—‌
Toronto-Dominion
Bank
............................
7,131,380‌
(7,131,380‌)
—‌
—‌
UBS
Securities
LLC
...............................
226,261‌
(226,261‌)
—‌
—‌
$
110,175,371‌
$
(110,175,371‌)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
38
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.
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
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
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, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund(s)
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
Notes
to
Financial
Statements
(unaudited)
(continued)
39
Notes
to
Financial
Statements
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.
For
the six
months
ended
February
28,
2023,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statement
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statement
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
six
months
ended
February
28,
2023,
the
Fund
paid
the
following
to
the
Manager
in
return
for
these
services,
which
are
included
in
administration —
class
specific
in
the
Statement
of
Operations:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Fund
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
six
months ended February
28,
2023,
the
Fund
paid
the
following
amounts
to
affiliates
of
BlackRock
in
return
for
these
services,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Fund.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the six
months
ended
February
28,
2023,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
For
the
six
months ended
February
28,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.550%
$1
billion
-
$2
billion
.....................................................................................................
0.500
$2
billion
-
$3
billion
.....................................................................................................
0.475
$3
billion
-
$10
billion
....................................................................................................
0.450
Greater
than
$10
billion
...................................................................................................
0.440
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0.25‌%
—‌%
Investor
C
.................................................................................................
0.25‌
0.75‌
Share
Class
Service
and
Distribution
Fees
Investor
A
........................................................................................................
$
459,418‌
Investor
C
........................................................................................................
189,261‌
$
648,679‌
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
......................................................................................................
0.0425%
$500
million
-
$1
billion
..................................................................................................
0.0400
$1
billion
-
$2
billion
....................................................................................................
0.0375
$2
billion
-
$4
billion
....................................................................................................
0.0350
$4
billion
-
$13
billion
...................................................................................................
0.0325
Greater
than
$13
billion
..................................................................................................
0.0300
Institutional
Investor
A
Investor
C
Class
K
Total
Administration
fees
-
class
specific
..........................................
$
281,713‌
$
36,753‌
$
3,785‌
$
135,438‌
$
457,689‌
Institutional
.............................................................................................................
$
2,219‌
Institutional
Investor
A
Investor
C
Class
K
Total
Amount
............................................................
$
5,828‌
$
4,142‌
$
1,531‌
$
2,247‌
$
13,748‌
Institutional
Investor
A
Investor
C
Class
K
Total
Transfer
agent
fees
-
class
specific
..........................................
$
1,251,366‌
$
132,000‌
$
18,067‌
$
28,841‌
$
1,430,274‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
40
Other
Fees:
For
the
six
months
 ended 
February
28,
2023
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the Fund's
Investor
A
Shares for
a
total
of
$7,849
.
For
the six
months
ended
February
28,
2023,
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,
2024.
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
six
months
ended
February
28,
2023,
the
amount
waived
was
$110,476.
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,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
ended
February
28,
2023,
the
Manager
waived
$105,233
in
investment
advisory
fees
and
pursuant
to
this
arrangement.
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
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.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
by
the
Manager
—
class
specific,
in
the
Statement
of
Operations.
For
the
six
months ended
February
28,
2023,
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
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series, managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.  
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Fixed-Income
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
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
81%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended February
28,
2023,
the
Fund
paid
BIM $175,545
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow
and
lend under
the
Interfund
Lending
Program. 
Investor
A
$
19,241‌
Investor
C
3,357‌
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
Institutional
.......................................................................................................
$
8,305‌
Notes
to
Financial
Statements
(unaudited)
(continued)
41
Notes
to
Financial
Statements
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
February
28,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Fund’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statement
of
Operations. 
7.
PURCHASES
AND
SALES 
For
the six
months
ended
February
28,
2023,
purchases
and
sales
of
investments,
including
paydowns/payups,
and
excluding
short-term
securities, were $678,739,385
and
$1,370,734,843,
respectively.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
February
28,
2023,
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.
As
of
August
31,
2022, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$296,027,851. 
As
of
February
28,
2023, 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,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Of
the
aggregate
$2.50
billion
commitment
amount,
$750
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
2023
unless
extended
or
renewed.
Prior
to
April
30,
2022,
the
aggregate
commitment
amount
was
$2.25
billion
and
the
fee
was
0.10%
per
annum. The
Fund
paid
an
upfront
commitment
fee
of
0.04%
on
new
commitments
of
$250
million,
in
addition
to
administration,
legal
and
arrangement
fees,
which
are
included
in
miscellaneous
expenses
in
the
Statement
of
Operations.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the six
months
ended
February
28,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Floating
Rate
Income
Portfolio
.................................
$
4,724,142,873‌
$
11,328,370‌
$
(151,818,837‌)
$
(140,490,467‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
42
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.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
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
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. 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. 
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
exchange-traded
options
purchased
and
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. 
Concentration
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
due
to
the recent
period
of
historically
low
interest rates. The
Federal
Reserve
has
recently
begun
to
raise
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Fund’s
performance.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
Fund
may
be
exposed
to
financial
instruments
that
are
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
LIBOR,
announced
that
a
majority
of
USD
LIBOR
settings
will
no
longer
be
published
after
June
30,
2023.
All
other
LIBOR
settings
and
certain
other
interbank
offered
rates
ceased
to
be
published
after
December
31,
2021.
SOFR
has
been
used
increasingly
Notes
to
Financial
Statements
(unaudited)
(continued)
43
Notes
to
Financial
Statements
on
a
voluntary
basis
in
new
instruments
and
transactions.
The
Federal
Reserve
Board
adopted
regulations
that
provide
a
fallback
mechanism
by
identifying
benchmark
rates
based
on
SOFR
that
will
replace
LIBOR
in
certain
financial
contracts
after
June
30,
2023. The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain.
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.
Effective
April
13,
2023,
the
credit
agreement
was
extended
until
April
2024
under
the
same
terms.
Six
Months
Ended
02/28/23
Year
Ended
08/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Floating
Rate
Income
Portfolio
Institutional
Shares
sold
.............................................
97,599,939‌
$
922,367,497‌
298,525,848‌
$
2,928,141,455‌
Shares
issued
in
reinvestment
of
distributions
........................
9,181,073‌
86,605,014‌
10,660,259‌
103,075,784‌
Shares
redeemed
.........................................
(136,389,437‌)
(1,285,215,217‌)
(213,745,089‌)
(2,055,715,136‌)
(29,608,425‌)
$
(276,242,706‌)
95,441,018‌
$
975,502,103‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
......................
4,237,389‌
$
40,035,796‌
27,787,705‌
$
273,192,870‌
Shares
issued
in
reinvestment
of
distributions
........................
1,147,440‌
10,823,186‌
1,277,829‌
12,367,745‌
Shares
redeemed
.........................................
(8,258,583‌)
(78,051,861‌)
(20,705,966‌)
(199,060,166‌)
(2,873,754‌)
$
(27,192,879‌)
8,359,568‌
$
86,500,449‌
Investor
C
Shares
sold
.............................................
574,090‌
$
5,408,114‌
1,842,303‌
$
18,038,451‌
Shares
issued
in
reinvestment
of
distributions
........................
113,810‌
1,074,077‌
103,903‌
1,004,516‌
Shares
redeemed
and
automatic
conversion
of
shares
..................
(739,102‌)
(6,993,424‌)
(1,627,562‌)
(15,774,130‌)
(51,202‌)
$
(511,233‌)
318,644‌
$
3,268,837‌
Class
K
Shares
sold
.............................................
21,192,548‌
$
200,012,260‌
134,083,686‌
$
1,318,188,522‌
Shares
issued
in
reinvestment
of
distributions
........................
4,825,889‌
45,469,163‌
7,412,008‌
71,709,364‌
Shares
redeemed
.........................................
(73,249,671‌)
(692,172,765‌)
(115,692,672‌)
(1,110,996,047‌)
(47,231,234‌)
$
(446,691,342‌)
25,803,022‌
$
278,901,839‌
(79,764,615‌)
$
(750,638,160‌)
129,922,252‌
$
1,344,173,228‌
Statement
Regarding
Liquidity
Risk
Management
Program
2023
BlackRock
Semi-Annual
Report
to
Shareholders
44
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
V
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
BlackRock
Floating
Rate
Income
Portfolio
(the
“Fund”),
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
the
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Fund
met
on
November
10-11,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC,
the
investment
adviser
to
the
Fund,
as
the
program
administrator
for
the
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
the
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
the
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
the
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
the
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
the
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
A
fund’s
derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
the
Fund’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
the
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V,
and
BlackRock
Floating
Rate
Loan
ETF,
a
series
of
BlackRock
ETF
Trust
II).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
45
Additional
Information
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
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.
Householding
The
Fund
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
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.
Availability
of
Quarterly
Schedule
of
Investments 
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT is
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
the
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
blackrock.com/fundreports
.
Availability
of
Proxy
Voting
Policies,
Procedures and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Fund
voted
proxies
relating
to
securities
held
in
the
Fund's
portfolio
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
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.
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
Additional
Information
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
46
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Adviser
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Willkie
Farr
&
Gallagher
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
this
Report
47
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Portfolio
Abbreviation
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
LIBOR
London
Interbank
Offered
Rate
PIK
Payment-In-Kind
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
unless
preceded
or
accompanied
by
the
Fund’s
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
FRI-2/23-SAR
Item 2 –  Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrants – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –
Disclosure of Securities Lending Activities for Closed-End Management Investment
   Companies
– Not Applicable                  
 
Item 13 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
              (a)(2) Section 302 Certifications are attached
             
section302
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
section906
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds V
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds V
 
Date: April 18, 2023
 
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: April 18, 2023
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds V
 
Date: April 18, 2023

 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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