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, 55 East 52nd Street, New York, NY 10055
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 08/31/2022
 
Date of reporting period: 08/31/2022
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
(b)
   
Not Applicable

 
August
31,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Annual
Report
BlackRock
Funds
V
BlackRock
Floating
Rate
Income
Portfolio
Dear
Shareholder,
The
12-month
reporting
period
as
of
August
31,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets
of
2021.
The
U.S.
economy
shrank
in
the
first
half
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
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
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
steeper.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
growing
faster
than
expected,
raised
interest
rates
four
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
began
to
reduce
its
balance
sheet.
As
investors
attempted
to
assess
the
Fed’s
future
trajectory,
the
Fed’s
statements
late
in
the
reporting
period
led
markets
to
believe
that
additional
tightening
is
likely
in
the
near
term.
The
horrific
war
in
Ukraine
has
significantly
clouded
the
outlook
for
the
global
economy,
leading
to
major
volatility
in
energy
and
metals
markets.
Sanctions
on
Russia,
Europe’s
top
energy
supplier,
and
general
wartime
disruption
have
magnified
supply
problems
for
key
commodities.
We
believe
elevated
energy
prices
will
continue
to
exacerbate
inflationary
pressure
while
also
constraining
economic
growth.
Combating
inflation
without
stifling
a
recovery,
while
buffering
against
ongoing
supply
and
price
shocks,
will
be
an
especially
challenging
environment
for
setting
effective
monetary
policy.
Despite
the
likelihood
of
more
rate
increases
on
the
horizon,
we
believe
the
Fed
will
ultimately
err
on
the
side
of
protecting
employment,
even
at
the
expense
of
higher
inflation.
In
the
meantime,
however,
we
are
likely
to
see
a
period
of
slowing
growth
paired
with
relatively
high
inflation.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Furthermore,
the
energy
shock
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
We
take
the
opposite
view
on
credit,
where
higher
spreads
provide
near-term
opportunities,
while
the
likelihood
of
higher
inflation
leads
us
to
take
an
underweight
stance
on
credit
in
the
long
term.
We
believe
that
investment-grade
corporates,
U.K.
gilts,
local-currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
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
August
31,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(8.84
)%
(11.23
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(9.31
)
(17.88
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(13.97
)
(19.80
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(13.30
)
(21.80
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.36
0.39
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(9.71
)
(13.27
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(7.76
)
(11.52
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(5.72
)
(8.63
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(7.78
)
(10.61
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
7
Disclosure
of
Expenses
...................................................................................................
8
Derivative
Financial
Instruments
.............................................................................................
8
Financial
Statements:
Schedule
of
Investments
................................................................................................
9
Statement
of
Assets
and
Liabilities
..........................................................................................
27
Statement
of
Operations
................................................................................................
29
Statements
of
Changes
in
Net
Assets
........................................................................................
30
Financial
Highlights
.....................................................................................................
31
Notes
to
Financial
Statements
...............................................................................................
35
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
47
Important
Tax
Information
.................................................................................................
48
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
...................................................................
49
Trustee
and
Officer
Information
..............................................................................................
52
Additional
Information
....................................................................................................
55
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
57
Fund
Summary
as
of
August
31,
2022
2022
BlackRock
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
12-month
period
ending
August
31,
2022,
the
Fund
underperformed
its
benchmark,
the
Morningstar
LSTA
Leveraged
Loan
Index
(formerly
S&P/LSTA
Leveraged
Loan
Index).
What
factors
influenced
performance?
An
underweight
allocation
to
the
midstream
energy
segment
detracted
from
performance
versus
the
benchmark.
Positioning
with
respect
to
the
restaurant,
leisure
and
home
construction
segments
also
weighed
on
relative
return.
In
rating
terms,
underweights
to
the
BB
and
BBB
credit
quality
ranges
detracted
from
relative
return.
Positioning
with
respect
to
the
technology,
healthcare,
media
&
entertainment
and
retail
segments
contributed
positively
to
performance.
From
a
credit
quality
perspective,
an
overweight
to
CCCs
and
an
underweight
to
Bs
proved
additive.
Describe
recent
portfolio
activity.
The
Fund
maintained
an
underweight
to
loans
in
the
B
rating
category,
while
maintaining
slight
overweights
to
loans
rated
BB
and
CCC.
The
overall
credit
quality
of
the
portfolio
was
increased
by
adding
to
BB
exposure
while
modestly
decreasing
exposure
to
the
B
and
CCC
ratings
categories.
The
Fund
tactically
managed
sector-level
exposures,
although
single-name
positioning
is
arguably
more
important
to
the
portfolio’s
performance.
In
that
light,
the
top
five
issuer-level
positions
comprise
approximately
6%
of
the
portfolio.
The
Fund
continued
to
actively
utilize
liquid
products
within
the
loan
market
and
tactically
shifted
these
exposures
throughout
the
period.
The
Fund’s
cash
position
at
period
end
was
approximately
6.7%.
The
modestly
elevated
cash
position
at
the
end
of
the
period
was
the
result
of
inflows
to
the
Fund
and
a
measured
approach
to
deploying
cash
into
the
primary
and
secondary
markets.
The
Fund’s
cash
balance
did
not
have
a
material
impact
on
performance
for
the
period.
Describe
portfolio
positioning
at
period
end.
The
Fund
remained
positioned
to
earn
attractive
floating
rate
coupon
income
while
seeking
to
protect
capital.
Approximately
88.5%
of
the
Fund
was
held
in
core
bank
loan
exposure
at
period
end.
By
credit
rating,
B-rated
loans
were
the
largest
position,
followed
by
BBs
and
then
CCCs.
The
largest
sector
positions
included
technology,
healthcare,
building
materials
and
consumer
cyclicals.
Additionally,
the
Fund
preferred
larger
loan
deals
in
excess
of
$1
billion.
The
Fund
had
modest
out-of-benchmark
allocations
to
high
yield
bonds
and
liquid
vehicles
used
to
tactically
access
the
primary
loan
market
and
navigate
flow
activity.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
August
31,
2022
(continued)
5
Fund
Summary
BlackRock
Floating
Rate
Income
Portfolio
GROWTH
OF
$10,000
INVESTMENT
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.
(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.
(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)
Morningstar
LSTA
Leveraged
Loan
index
(formerly
S&P/LSTA
Leveraged
Loan
Index)
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%.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................
5.13‌%
5.12‌%
(0.27‌)%
N/A‌
2.94‌%
N/A‌
3.53‌%
N/A‌
Investor
A
...........................
4.76‌
4.75‌
(0.61‌)
(3.09‌)%
2.64‌
2.12‌%
3.22‌
2.96‌%
Investor
C
...........................
4.10‌
4.09‌
(1.26‌)
(2.22‌)
1.92‌
1.92‌
2.62‌
2.62‌
Class
K
............................
5.22‌
5.22‌
(0.18‌)
N/A‌
3.00‌
N/A‌
3.44‌
N/A‌
Morningstar
LSTA
Leveraged
Loan
Index
....
—‌
—‌
0.37‌
N/A‌
3.53‌
N/A‌
3.89‌
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
the
Predecessor
Fund,
a
series
of
BlackRock
Funds
II,
through
the
Reorganization.
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
Fund
Summary
as
of
August
31,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
6
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
(03/01/22)
Ending
Account
Value
(08/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(03/01/22)
Ending
Account
Value
(08/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
990.40‌
$
3.26‌
$
1,000.00‌
$
1,021.93‌
$
3.31‌
0.65‌%
Investor
A
................................
1,000.00‌
988.10‌
4.51‌
1,000.00‌
1,020.67‌
4.58‌
0.90‌
Investor
C
................................
1,000.00‌
985.40‌
8.31‌
1,000.00‌
1,016.84‌
8.44‌
1.66‌
Class
K
..................................
1,000.00‌
989.80‌
2.81‌
1,000.00‌
1,022.38‌
2.85‌
0.56‌
(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
184/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Floating
Rate
Loan
Interests
...........................
96.1‌
%
Investment
Companies
...............................
2.7‌
Corporate
Bonds
...................................
1.1‌
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
............................................
0.0‌
%
(b)
BBB/Baa
.......................................
4.2‌
BB/Ba
.........................................
27.7‌
B
............................................
57.1‌
CCC/Caa
.......................................
5.1‌
C
............................................
0.0‌
(b)
NR
...........................................
5.9‌
(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
7
About
Fund
Performance
Institutional
and
Class
K Shares
are
not
subject
to
any
sales
charge.
These
shares
bear
no
ongoing
distribution
or
service
fees
and
are
available
only
to
certain
eligible
investors. 
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
2022
BlackRock
Annual
Report
to
Shareholders
8
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.
Under
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.
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
August
31,
2022
Security
Shares
Shares
Value
Common
Stocks
Commercial
Services
&
Supplies
—
0.0%
Preston
Holdings
LLC
(a)(b)
.............
42,521
$
5,910
Construction
&
Engineering
—
0.0%
Mcdermott
International
Ltd.
(a)
..........
541,445
224,700
Machinery
—
0.0%
Ameriforge
Group,
Inc.
(a)
..............
5,385
5,386
Marine
—
0.0%
Project
Investor
Holdings
LLC
(Acquired
02/12/19,
cost
$0)
(a)(b)(c)
.............
42,521
—
Professional
Services
—
0.1%
NMG,
Inc.
(a)
.......................
16,173
2,830,276
Software
—
0.0%
Avaya
Holdings
Corp.
(a)(d)
..............
277
440
Total
Common
Stocks
—
0.1%
(Cost:
$5,523,767)
..............................
3,066,712
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.0%
Wesco
Aircraft
Holdings,
Inc.,
9.00%,
11/15/26
(e)
....................
USD
2,669
1,601,400
Capital
Markets
—
0.0%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(e)
....................
1,402
1,402,561
Chemicals
—
0.1%
(e)
Illuminate
Buyer
LLC,
9.00%,
07/01/28
....
168
144,480
WR
Grace
Holdings
LLC,
5.63%,
08/15/29
.
3,708
2,929,320
3,073,800
Commercial
Services
&
Supplies
—
0.1%
Madison
IAQ
LLC,
5.88%,
06/30/29
(e)
.....
8,438
6,941,436
Diversified
Telecommunication
Services
—
0.1%
Lumen
Technologies,
Inc.,
5.38%,
06/15/29
(e)
3,812
2,976,715
Electric
Utilities
—
0.0%
Texas
Competitive
Electric
Holdings
Co.
LLC,
5.03%,
10/10/19
(a)(b)(f)(g)
............
8,430
—
Electrical
Equipment
—
0.2%
Vertiv
Group
Corp.,
4.13%,
11/15/28
(e)
....
9,231
7,984,816
Health
Care
Equipment
&
Supplies
—
0.1%
(e)
Avantor
Funding,
Inc.,
3.88%,
11/01/29
...
3,578
3,095,618
Medline
Borrower
LP,
5.25%,
10/01/29
....
3,673
3,086,862
6,182,480
Hotels,
Restaurants
&
Leisure
—
0.1%
(e)
Caesars
Entertainment,
Inc.,
4.63%,
10/15/29
3,730
3,000,207
Fertitta
Entertainment
LLC,
6.75%,
01/15/30
3,644
2,971,463
5,971,670
Insurance
—
0.1%
Alliant
Holdings
Intermediate
LLC,
6.75%,
10/15/27
(e)
....................
3,416
3,102,753
Media
—
0.0%
Liberty
Broadband
Corp.,
2.75%,
09/30/50
(e)(h)
2,547
2,466,679
Real
Estate
Management
&
Development
—
0.0%
Realogy
Group
LLC,
5.75%,
01/15/29
(e)
...
3,430
2,687,302
Security
Par
(000)
Par
(000)
Value
Road
&
Rail
—
0.1%
Uber
Technologies,
Inc.,
4.50%,
08/15/29
(e)
.
USD
3,644
$
3,163,448
Specialty
Retail
—
0.1%
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(e)
..
3,235
2,834,305
Wireless
Telecommunication
Services
—
0.0%
Ligado
Networks
LLC,
15.50%,
11/01/23
(e)(g)
.
1,168
532,162
Total
Corporate
Bonds
—
1.0%
(Cost:
$55,150,182)
..............................
50,921,527
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
2.3%
(g)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.25%),
5.82%
,
 05/25/28
.................
25,364
23,915,986
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(LIBOR
USD
3
Month
+
4.25%),
7.32%
,
 05/25/28
.................
5,159
4,864,268
Bleriot
US
Bidco,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
6.25%
,
 10/30/26
....
2,670
2,620,609
COBHAM
Ultra
US
Co.,
Facility
Term
Loan
B,
(LIBOR
USD
6
Month
+
3.75%),
7.06%
,
 12/24/28
.................
6,473
6,241,959
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 04/06/26
.................
10,217
9,831,638
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 04/06/26
.................
5,493
5,285,322
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 02/01/28
23,395
22,692,969
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
10.14%
,
 02/01/29
9,409
8,933,917
Setanta
Aircraft
Leasing
DAC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.00%),
4.25%
,
 11/05/28
.................
8,846
8,680,138
TransDigm,
Inc.,
Term
Loan
E,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 05/30/25
.....
4,987
4,863,031
TransDigm,
Inc.,
Term
Loan
F,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 12/09/25
.....
18,600
18,090,549
TransDigm,
Inc.,
Term
Loan
G,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 08/22/24
.....
4,491
4,402,941
120,423,327
Airlines
—
2.4%
(g)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
7.46%
,
 04/20/28
19,785
19,447,194
Air
Canada,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
6.42%
,
 08/11/28
..........
21,697
20,941,028
American
Airlines,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
1.75%),
4.24%, 06/27/25
...............
11,961
11,065,227
(LIBOR
USD
1
Month
+
1.75%),
4.27%, 01/29/27
...............
8,047
7,387,996
American
Airlines,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
4.39%
,
 12/15/23
14,113
13,928,775
Kestrel
Bidco,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
5.03%
,
 12/11/26
......
2,258
2,060,191
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
7.31%
,
 06/21/27
27,227
27,614,006
United
AirLines,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
6.53%
,
 04/21/28
19,865
19,279,738
121,724,155
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
August
31,
2022
Security
Par
(000)
Par
(000)
Value
Auto
Components
—
0.9%
(g)
Adient
US
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 04/10/28
.....
USD
7,788
$
7,617,878
Allison
Transmission,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
4.14%
,
 03/29/26
1,805
1,804,787
Clarios
Global
LP,
1st
Lien
Term
Loan
(EURIBOR
1
Month
+
3.25%),
3.34%, 04/30/26
...............
EUR
1,934
1,870,520
(LIBOR
USD
1
Month
+
3.25%),
5.77%, 04/30/26
...............
USD
29,428
28,604,262
RealTruck
Group,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 01/31/28
5,908
5,363,682
45,261,129
Automobiles
—
0.3%
Dealer
Tire
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.25%),
6.77%
,
 12/12/25
(g)
....
17,319
17,162,840
Beverages
—
0.7%
(g)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(SOFR
3
Month
+
3.25%),
5.40%
,
 01/24/29
.....
21,178
20,270,468
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(SOFR
3
Month
+
6.00%),
8.15%
,
 01/24/30
....
16,061
14,669,141
34,939,609
Building
Products
—
1.2%
(g)
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
5.64%
,
 04/12/28
.................
1,167
1,041,782
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
4.25%
-
6.27%
,
 11/23/27
.................
19,956
18,440,333
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
5.87%
,
 10/02/28
.................
3,544
3,360,974
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
10/02/28
(i)
..............
711
673,863
CPG
International
LLC,
Term
Loan,
(SOFR
6
Month
+
2.50%),
4.09%
,
 04/28/29
(b)
....
7,591
7,363,270
Jeld-Wen,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
4.74%
,
 07/28/28
.....
6,362
5,946,251
LSF10
XL
Bidco
SCA,
Facility
Term
Loan
B4,
(EURIBOR
3
Month
+
3.68%),
3.68%
,
 04/12/28
.................
EUR
1,707
1,485,236
Wilsonart
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
5.51%
,
 12/31/26
.....
USD
25,568
24,361,341
62,673,050
Capital
Markets
—
2.0%
(g)
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.50%),
7.02%
,
 07/31/26
.................
16,545
16,105,421
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(LIBOR
USD
1
Month
+
3.50%),
6.02%, 07/24/26
...............
15,917
15,224,954
(LIBOR
USD
1
Month
+
3.75%),
6.27%, 07/24/26
...............
3,304
3,151,594
Castlelake
Aviation
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
4.58%
,
 10/22/26
21,698
21,259,475
Focus
Financial
Partners
LLC,
1st
Lien
Term
Loan
B3,
(LIBOR
USD
1
Month
+
2.00%),
4.52%
,
 07/03/24
.................
1,984
1,953,895
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 06/30/28
.................
7,962
7,809,023
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Greenhill
&
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
6.32%
,
 04/12/24
(b)
...
USD
3,162
$
3,082,630
Ion
Trading
Finance
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
7.00%
,
 04/01/28
3,394
3,294,725
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.50%),
8.81%
,
 08/02/29
.................
7,991
7,302,223
Mercury
Merger
Sub,
Inc.,1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
5.81%
,
 08/02/28
.................
20,571
19,825,235
Sequa
Mezzanine
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
9.76%
,
 11/28/23
.................
2,657
2,632,255
101,641,430
Chemicals
—
2.5%
(g)
ARC
Falcon
I,
Inc.,
Delayed
Draw
Term
Loan,
09/30/28
(i)
......................
1,056
996,892
ARC
Falcon
I,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 09/30/28
.....
7,196
6,794,568
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
6.44%
,
 11/24/27
.................
2,587
2,483,854
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
7.00%
,
 08/27/26
...........
11,313
11,259,492
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Term
Loan
B3,
(LIBOR
USD
3
Month
+
1.75%),
4.00%
,
 06/01/24
...........
5,479
5,443,390
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
6.00%
,
 12/29/27
.................
2,585
2,210,410
Discovery
Purchaser
Corp.,
Term
Loan,
08/04/29
(i)
......................
10,394
9,731,382
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
5.31%
,
 06/09/28
.................
9,852
9,635,526
Element
Solutions,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.00%),
4.52%
,
 01/31/26
12,723
12,615,124
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
6.25%
,
 07/03/28
.................
5,542
5,093,716
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 06/30/27
.................
5,043
4,858,856
Messer
Industries
GmbH,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
2.50%),
4.75%
,
 03/02/26
.................
13,137
12,870,698
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.78%
,
 05/15/24
...........
12,427
12,182,462
Nouryon
Finance
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
5.00%
,
 10/01/25
....
815
793,057
Oxea
Holding
Vier
GMBH,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.25%),
5.69%
,
 10/14/24
.................
4,395
4,213,354
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
4.00%),
6.81%
,
 03/16/27
.................
10,244
9,826,722
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.61%
,
 08/02/28
.................
13,491
13,079,324
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
August
31,
2022
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
WR
Grace
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
6.06%
,
 09/22/28
USD
3,001
$
2,938,411
127,027,238
Commercial
Services
&
Supplies
—
3.2%
(g)
Allied
Universal
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 05/12/28
.................
21,067
20,068,757
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(SOFR
6
Month
+
4.00%),
4.78%
-
5.60%
,
 02/15/29
......
6,314
6,136,450
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
1.75%),
4.27%
,
 03/11/25
.................
16,115
15,872,787
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 04/06/28
(b)
................
4,390
4,356,628
Asplundh
Tree
Expert
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
4.27%
,
 09/07/27
17,067
16,796,552
Clean
Harbors,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
4.52%
,
 10/08/28
.....
4,916
4,882,020
Covanta
Holding
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 11/30/28
.
9,831
9,613,581
Covanta
Holding
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 11/30/28
.
738
721,923
EnergySolutions
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
6.00%
,
 05/09/25
....
2,055
1,905,108
GFL
Environmental,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
5.81%
,
 05/30/25
5,840
5,801,365
LABL,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
7.52%
,
 10/29/28
...........
10,286
9,908,580
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
6.77%
,
 12/15/28
.................
11,978
11,130,850
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
5.30%
,
 09/23/26
...........
4,228
4,123,876
Tempo
Acquisition
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
5.27%
,
 05/01/24
424
418,716
Tempo
Acquisition
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
5.46%
,
 08/31/28
35,798
35,189,068
TruGreen
Ltd.,
Partnership,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
6.52%
,
 11/02/27
.................
9,530
9,124,691
Vericast
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
7.75%),
10.00%
,
 06/16/26
.....
1,402
1,053,785
Viad
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
7.52%
,
 07/30/28
...........
9,040
8,550,761
165,655,498
Communications
Equipment
—
0.3%
ViaSat,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
7.07%
,
 03/02/29
(g)
.........
19,104
17,653,137
Construction
&
Engineering
—
0.9%
(g)
Brand
Industrial
Services,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
6.50%
-
7.03%
,
 06/21/24
.................
33,437
30,465,723
Pike
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.53%
,
 01/21/28
...........
7,546
7,367,528
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 05/12/28
.................
8,737
8,439,580
46,272,831
Security
Par
(000)
Par
(000)
Value
Construction
Materials
—
0.9%
(g)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
4.52%
,
 01/15/27
...........
USD
16,145
$
15,802,297
New
AMI
I
LLC,
1st
Lien
Term
Loan,
(SOFR
6
Month
+
6.00%),
7.08%
,
 03/08/29
.....
7,817
7,152,807
Oscar
AcquisitionCo
LLC,
Term
Loan
B,
(SOFR
6
Month
+
4.50%),
6.11%
,
 04/29/29
....
10,103
9,419,835
Standard
Industries,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
3.79%
,
 09/22/28
11,396
11,270,227
TAMKO
Building
Products
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
5.25%
-
6.07%
,
 05/29/26
.................
4,660
4,479,164
48,124,330
Containers
&
Packaging
—
1.2%
(g)
Charter
Next
Generation,
Inc.
,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
6.56%
,
 12/01/27
.................
16,379
15,881,609
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.81%
,
 04/03/24
.................
23,246
22,718,438
Pregis
TopCo
LLC,
1st
Lien
Term
Loan,
(SOFR
3
Month
+
4.00%),
6.57%
-
6.81%
,
 07/31/26
3,222
3,127,484
Tosca
Services
LLC,
Term
Loan,
(SOFR
1
Month
+
3.50%),
5.96%
,
 08/18/27
.....
12,899
11,383,321
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
Term
Loan
B3,
(LIBOR
USD
3
Month
+
0.00%),
4.00%
-
6.25%
,
 09/15/28
...........
636
613,921
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
(LIBOR
USD
3
Month
+
4.00%),
6.25%
,
 09/15/28
.................
7,128
6,885,638
60,610,411
Distributors
—
0.1%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
4.99%
,
 10/28/27
(g)
7,178
6,962,261
Diversified
Consumer
Services
—
2.0%
(g)
2U,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
5.75%),
8.00%
,
 12/30/24
...........
2,865
2,746,274
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 12/11/28
.................
17,572
16,724,813
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
8.27%
,
 12/10/29
.................
7,144
6,401,024
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
4.78%
,
 11/24/28
.................
9,837
9,570,771
Sotheby's,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
7.01%
,
 01/15/27
(b)
..........
9,946
9,846,335
Spring
Education
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
6.50%
,
 07/30/25
.................
4,866
4,656,260
Veritas
US,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
5.00%),
7.25%
,
 09/01/25
.....
29,677
23,568,475
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
5.52%
,
 02/05/26
.................
21,651
20,741,294
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
6.25%
-
6.52%
,
 01/08/27
.................
8,544
8,330,034
102,585,280
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
August
31,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
—
2.5%
(g)
Alchemy
Copyrights
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.56%
,
 03/10/28
(b)
USD
8,768
$
8,636,351
Belron
Finance
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
5.06%
,
 10/30/26
(b)
...
5,098
5,021,801
Belron
Group
SA,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
5.38%
,
 04/13/28
.....
14,490
14,250,245
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(SOFR
1
Month
+
3.75%),
6.21%
,
 04/09/27
.................
23,103
22,481,807
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
9.27%
,
 04/07/28
(b)
................
11,870
11,632,600
FinCo
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 06/27/25
..........
1,649
1,629,772
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
7.12%
,
 12/17/27
.................
11,395
10,372,555
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 03/24/25
.................
11,941
11,679,401
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
5.27%
,
 12/11/26
.................
9,036
8,764,920
Travelport
Finance
SARL,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
7.25%
,
 05/29/26
.................
9,378
6,931,671
Travelport
Finance
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
1.50%),
3.75%
,
 02/28/25
5,716
5,507,152
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(LIBOR
USD
1
Month
+
3.00%),
5.39%
,
 01/31/29
.................
10,944
10,629,019
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(SOFR
1
Month
+
3.75%),
6.21%
,
 10/19/27
11,032
10,638,835
128,176,129
Diversified
Telecommunication
Services
—
3.4%
(g)
Altice
Financing
SA,
Term
Loan
(LIBOR
USD
3
Month
+
2.75%),
5.26%, 07/15/25
...............
4,182
4,059,555
(LIBOR
USD
3
Month
+
2.75%),
5.26%, 01/31/26
...............
11,200
10,765,989
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
6.91%
,
 08/14/26
....
8,349
8,073,365
Cablevision
Lightpath
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.64%
,
 11/30/27
.
1,941
1,906,630
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.03%
,
 12/11/26
....
35,640
34,525,821
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
6.00%
,
 10/02/27
.................
3,001
2,672,747
Eircom
Finco
SARL,
Facility
Term
Loan
B,
(EURIBOR
1
Month
+
3.25%),
3.25%
,
 05/15/26
.................
EUR
1,222
1,176,845
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
6.06%
,
 05/01/28
.................
USD
8,416
8,135,729
Iridium
Satellite
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 11/04/26
.
18,423
18,169,291
Level
3
Financing,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
4.27%
,
 03/01/27
12,004
11,444,556
Lumen
Technologies,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 03/15/27
.................
10,423
9,797,877
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Numericable
US
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.69%),
6.20%
,
 01/31/26
USD
4,371
$
4,218,970
Orbcomm,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
6.77%
-
7.32%
,
 09/01/28
.................
5,826
5,519,874
Radiate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 09/25/26
....
17,602
16,763,511
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
N,
(LIBOR
USD
1
Month
+
2.50%),
4.89%
,
 01/31/28
.................
5,254
5,129,015
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(LIBOR
USD
1
Month
+
3.25%),
5.64%
,
 01/31/29
.................
6,333
6,245,921
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.52%
,
 03/09/27
28,093
25,547,428
174,153,124
Electric
Utilities
—
0.1%
(g)
Calpine
Construction
Finance
Co.
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
4.52%
,
 01/15/25
.................
3,097
3,033,130
Edgewater
Generation
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 12/13/25
.................
4,611
4,035,954
7,069,084
Electrical
Equipment
—
0.3%
(g)
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
7.00%
,
 06/23/28
(b)
................
12,137
11,651,986
AZZ,
Inc.,
Term
Loan,
(SOFR
3
Month
+
4.25%),
6.81%
-
6.98%
,
 05/13/29
......
2,937
2,902,896
Graftech
International
Ltd.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.52%
,
 02/12/25
1,541
1,520,656
16,075,538
Electronic
Equipment,
Instruments
&
Components
—
0.2%
II-VI,
Inc.,Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
5.31%
,
 07/02/29
(g)
..........
10,731
10,485,045
Energy
Equipment
&
Services
—
0.0%
(g)
Lealand
Finance
Co.
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.52%
,
 06/28/24
(b)
178
106,752
Lealand
Finance
Co.
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
1.00%),
3.52%
,
 06/30/25
1,298
652,225
758,977
Entertainment
—
3.1%
(g)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
5.38%
,
 04/22/26
.................
17,313
14,822,506
Aristocrat
Technologies,
Inc.,
Term
Loan
B,
(SOFR
3
Month
+
2.25%),
4.40%
,
 05/24/29
1,815
1,791,931
City
Football
Group
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
6.48%
,
 07/21/28
12,095
11,591,212
Kingpin
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.03%
,
 07/03/24
.................
11,496
11,323,450
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
4.13%
,
 10/19/26
.................
26,781
25,936,112
NASCAR
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 10/19/26
2,874
2,824,502
Playtika
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
5.27%
,
 03/13/28
17,197
16,799,731
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
August
31,
2022
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 05/30/25
.................
USD
309
$
300,247
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 01/23/25
.................
8,781
8,459,143
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(LIBOR
USD
3
Month
+
2.75%),
5.52%
,
 04/29/26
.................
12,805
12,420,728
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
5.28%
,
 05/18/25
.....
34,385
33,198,316
WMG
Acquisition
Corp.,
Term
Loan
G,
(LIBOR
USD
1
Month
+
2.13%),
4.65%
,
 01/20/28
18,835
18,309,080
157,776,958
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.3%
RHP
Hotel
Properties
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
4.53%
,
 05/11/24
(g)
13,730
13,569,497
Food
&
Staples
Retailing
—
0.4%
US
Foods,
Inc.,
Term
Loan
B
(g)
(LIBOR
USD
1
Month
+
2.00%),
4.52%, 09/13/26
...............
14,168
13,791,711
(LIBOR
USD
1
Month
+
2.75%),
5.27%, 11/22/28
...............
6,125
6,033,797
19,825,508
Food
Products
—
2.8%
(g)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 10/01/25
.................
13,229
11,608,427
B&G
Foods,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 10/10/26
....
1,359
1,294,918
Chobani
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 10/25/27
.....
29,279
28,053,003
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 01/29/27
.................
29,085
27,981,882
Hostess
Brands
LLC,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.25%),
4.77%
-
5.06%
,
 08/03/25
.................
11,882
11,698,574
JBS
USA
Lux
SA,
Term
Loan,
(LIBOR
USD
3
Month
+
2.00%),
5.07%
,
 05/01/26
.....
845
841,000
Nomad
Foods
Ltd.,
Facility
Term
Loan
B4,
(LIBOR
USD
3
Month
+
2.25%),
5.16%
,
 05/15/24
.................
4,934
4,860,352
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 06/08/28
.................
10,934
10,545,643
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
5.75%
,
 03/31/28
.................
28,708
26,792,157
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.52%
,
 01/20/28
.................
21,811
21,358,654
145,034,610
Health
Care
Equipment
&
Supplies
—
1.3%
(g)
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 11/03/28
.
25,898
24,603,123
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
6.75%
,
 03/05/26
6,849
6,010,150
Insulet
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 05/04/28
.....
4,861
4,739,881
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
Medline
Borrower
LP,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 10/23/28
....
USD
35,200
$
33,521,637
68,874,791
Health
Care
Providers
&
Services
—
2.7%
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.75%
,
 09/29/28
(g)
................
12,731
12,392,871
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(SOFR
1
Month
+
3.50%),
5.81%
,
 11/08/27
(g)
................
12,226
11,930,798
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.52%
,
 11/01/28
(g)
................
27,403
26,675,629
Envision
Healthcare
Corp.,
Term
Loan,
6.83%
,
 03/31/27
(j)
................
13,703
6,577,340
Envision
Healthcare
Corp.,
Term
Loan,
(SOFR
3
Month
+
7.88%),
10.53%
,
 03/31/27
(b)(g)
.
2,049
1,956,854
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(g)
(LIBOR
USD
3
Month
+
3.75%),
6.00%, 02/18/27
...............
8,623
8,003,491
(LIBOR
USD
3
Month
+
3.75%),
6.00%, 11/15/28
...............
2,869
2,667,760
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
9.00%
,
 11/15/29
(g)
................
2,582
2,375,544
HomeVi,
Facility
Term
Loan
B1,
(EURIBOR
3
Month
+
3.25%),
3.49%
,
 10/31/26
(g)
....
EUR
2,000
1,891,195
MED
ParentCo.
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
6.77%
,
 08/31/26
(g)
................
USD
8,944
7,910,155
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
6.38%
,
 11/01/28
(g)
................
18,053
17,578,726
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.00%),
9.88%
,
 11/01/29
(g)
................
3,446
3,170,320
Medical
Solutions
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
11/01/28
(g)(i)
.......
2,964
2,886,097
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
5.27%
,
 10/27/28
(g)
................
12,331
12,184,565
PetVet
Care
Centers
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 02/14/25
(g)
................
3,144
3,039,693
Vizient,
Inc.,
Term
Loan
B7,
(LIBOR
USD
1
Month
+
2.25%),
4.65%
,
 05/16/29
(g)
....
2,700
2,684,826
WP
CityMD
Bidco
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
5.50%
,
 12/22/28
(g)
14,365
13,996,263
137,922,127
Health
Care
Technology
—
1.7%
(g)
athenahealth
Group,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
5.80%
,
 02/15/29
23,267
22,219,964
athenahealth,
Inc.,
Delayed
Draw
Term
Loan,
02/15/29
(i)
......................
3,944
3,766,101
Change
Healthcare
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 03/01/24
.................
22,508
22,348,474
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
6.52%
,
 06/02/28
.................
19,751
18,928,753
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
August
31,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Technology
(continued)
Verscend
Holding
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.00%),
9.52%
,
 04/02/29
(b)
................
USD
2,893
$
2,806,210
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
6.52%
,
 08/27/25
19,048
18,885,307
88,954,809
Hotels,
Restaurants
&
Leisure
—
5.1%
(g)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
4.27%
,
 11/19/26
.................
23,986
23,261,827
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 02/02/26
.................
3,184
2,929,015
Bally's
Corp.,
Facility
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
5.62%
,
 10/02/28
5,970
5,680,136
Caesars
Resort
Collection
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
5.27%
,
 12/23/24
.................
16,402
16,171,257
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 07/21/25
.................
5,974
5,916,785
Carnival
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
5.88%
,
 06/30/25
.....
16,427
15,615,900
Cedar
Fair
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
4.27%
,
 04/13/24
.....
4,599
4,553,398
Churchill
Downs,
Inc.,
Facility
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
4.53%
,
 12/27/24
.................
1,446
1,431,316
Churchill
Downs,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
4.53%
,
 03/17/28
9,647
9,454,478
Fertitta
Entertainment
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
4.00%),
6.46%
,
 01/27/29
.................
35,208
33,781,803
Flutter
Entertainment
plc,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
4.50%
,
 07/21/26
12,777
12,462,481
Four
Seasons
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
4.52%
,
 11/30/23
.................
8,627
8,591,195
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
1.75%),
4.19%
,
 06/22/26
.................
16,938
16,548,087
IRB
Holding
Corp.,
Term
Loan
B
(LIBOR
USD
1
Month
+
2.75%),
5.27%, 02/05/25
...............
14,781
14,454,283
 12/15/27
(i)
.....................
2,977
2,876,220
Packers
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.63%
,
 03/09/28
15,049
14,232,646
Penn
National
Gaming,
Inc.,
Facility
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
5.31%
,
 05/03/29
.................
17,834
17,461,729
Playa
Resorts
Holding
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
5.27%
,
 04/29/24
6,257
6,119,674
Scientific
Games
International,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.00%),
5.41%
,
 04/14/29
.................
7,129
7,004,243
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.56%
,
 08/25/28
.................
6,294
6,180,851
Silk
Bidco
AS,
Facility
Term
Loan
B,
(EURIBOR
6
Month
+
4.00%),
4.91%
,
 02/24/25
....
EUR
2,000
1,683,613
Station
Casinos
LLC,
Facility
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.25%),
4.78%
,
 02/08/27
.................
USD
11,158
10,881,042
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Whatabrands
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 08/03/28
....
USD
18,726
$
17,725,249
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
4.27%
,
 05/30/25
.................
5,668
5,582,819
260,600,047
Household
Durables
—
1.2%
(g)
ACProducts
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
6.50%
-
7.13%
,
 05/17/28
.................
14,749
12,042,715
Hunter
Douglas
NV,
Term
Loan
B1,
(SOFR
3
Month
+
3.50%),
6.34%
,
 02/26/29
.....
21,031
18,328,516
Serta
Simmons
Bedding
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
7.50%),
9.89%
,
 08/10/23
(b)
................
2,812
1,406,005
Serta
Simmons
Bedding
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
7.50%),
9.89%
,
 08/10/23
.................
1,647
1,607,570
Snap
One
Holdings
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
7.38%
,
 12/08/28
7,935
7,227,193
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
6.37%
,
 10/06/28
.................
8,122
7,072,572
Weber-Stephen
Products
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 10/30/27
.................
13,967
11,826,729
59,511,300
Household
Products
—
0.4%
(g)
Diamond
(BC)
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
5.27%
-
5.56%
,
 09/29/28
17,859
17,182,116
Energizer
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
4.63%
,
 12/22/27
2,474
2,418,063
Spectrum
Brands,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
4.53%
,
 03/03/28
2,383
2,334,180
21,934,359
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
(g)
Calpine
Corp.,
Term
Loan
(LIBOR
USD
1
Month
+
2.00%),
4.53%, 04/05/26
...............
4,647
4,535,368
(LIBOR
USD
1
Month
+
2.00%),
4.52%, 08/12/26
...............
4,069
3,971,011
Constellation
Renewables
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
5.57%
,
 12/15/27
.................
11,202
11,038,436
19,544,815
Industrial
Conglomerates
—
0.1%
SVP-Singer
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
9.00%
,
 07/28/28
(g)
3,479
3,072,851
Insurance
—
3.4%
(g)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
(LIBOR
USD
1
Month
+
3.25%),
5.77%, 05/09/25
...............
19,999
19,577,200
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
3.50%),
5.88%
,
 11/05/27
.................
16,810
16,339,195
AmWINS
Group,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 02/19/28
....
18,923
18,454,688
AssuredPartners,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
3.50%),
6.02%, 02/12/27
...............
24,146
23,449,326
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
August
31,
2022
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Hub
International
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
5.55%
-
5.77%
,
 04/25/25
USD
20,689
$
20,232,349
Hub
International
Ltd.,
Term
Loan
B3,
(LIBOR
USD
3
Month
+
3.25%),
5.78%
-
5.98%
,
 04/25/25
.................
14,980
14,735,188
NFP
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 02/15/27
...........
1,577
1,521,710
Ryan
Specialty
Group
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.56%
,
 09/01/27
(b)
12,740
12,549,375
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
3.25%),
5.77%, 12/31/25
...............
10,225
9,990,084
(LIBOR
USD
1
Month
+
3.75%),
6.27%, 09/03/26
...............
3,160
3,103,292
(LIBOR
USD
1
Month
+
4.25%),
6.77%, 09/03/26
...............
1,713
1,686,462
USI,
Inc.,
Term
Loan
(LIBOR
USD
3
Month
+
3.00%),
5.25%, 05/16/24
...............
31,725
31,322,147
(LIBOR
USD
3
Month
+
3.25%),
5.50%, 12/02/26
...............
3,047
2,999,082
175,960,098
Interactive
Media
&
Services
—
1.8%
(g)
Acuris
Finance
US,
Inc.,
Term
Loan,
(SOFR
3
Month
+
4.00%),
6.20%
,
 02/16/28
.....
2,747
2,689,691
Adevinta
ASA,
Facility
Term
Loan
B2,
(LIBOR
USD
3
Month
+
3.00%),
5.25%
,
 06/26/28
10,772
10,579,107
Arches
Buyer,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 12/06/27
.....
7,650
7,211,898
Camelot
US
Acquisition
1
Co.,
Term
Loan
(LIBOR
USD
1
Month
+
3.00%),
5.52%, 10/30/26
...............
34,851
33,925,493
GoodRx,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
5.27%
,
 10/10/25
....
5,640
5,491,927
Grab
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
7.03%
,
 01/29/26
.....
29,298
27,430,597
Research
Now
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
8.84%
,
 12/20/24
.................
5,457
5,039,926
92,368,639
Internet
&
Direct
Marketing
Retail
—
0.5%
(g)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
6.06%
,
 11/24/28
(b)
................
8,405
8,236,670
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 02/12/27
...........
15,509
14,519,962
Pug
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
4.25%),
6.77%
,
 02/12/27
(b)
.........
1,470
1,385,373
24,142,005
IT
Services
—
3.0%
(g)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
5.25%
,
 09/19/24
.................
9,061
8,975,329
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
7.75%
,
 09/19/25
.................
2,748
2,715,931
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(LIBOR
USD
1
Month
+
5.25%),
7.77%
,
 01/31/28
9,350
7,994,187
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(LIBOR
USD
1
Month
+
5.25%),
7.77%
,
 01/20/29
8,540
7,248,325
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Asurion
LLC,
Term
Loan
B8,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 12/23/26
.....
USD
9,985
$
9,129,454
ConnectWise
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
5.75%
,
 09/29/28
.....
6,886
6,681,938
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
10.27%
,
 07/31/28
................
7,322
7,282,315
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
4.27%
,
 04/28/28
...........
17,090
16,671,231
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
6.25%
,
 10/01/27
.................
23,117
22,554,024
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
4.37%
,
 08/10/27
.................
11,892
11,666,723
Maximus,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
4.56%
,
 05/28/28
.....
5,584
5,513,805
TierPoint
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 05/05/26
5,219
5,076,132
Trader
Interactive
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 07/28/28
(b)
2,882
2,795,268
Venga
Finance
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
7.82%
,
 06/28/29
....
4,039
3,791,179
Virtusa
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 02/11/28
......
3,416
3,326,099
VS
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.52%
,
 02/28/27
.....
28,535
27,929,038
WEX,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 03/31/28
..........
5,220
5,102,476
154,453,454
Leisure
Products
—
0.3%
(g)
Fender
Musical
Instruments
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
6.39%
,
 12/01/28
.................
4,759
4,527,283
Hayward
Industries,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 05/30/28
.................
6,085
5,874,715
Peloton
Interactive,
Inc.,
Term
Loan,
(SOFR
6
Month
+
6.50%),
8.35%
,
 05/25/27
.....
3,482
3,412,360
SRAM
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
5.27%
-
5.82%
,
 05/18/28
....
2,215
2,159,400
15,973,758
Life
Sciences
Tools
&
Services
—
2.7%
(g)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 11/08/27
.
24,905
24,461,010
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
2.00%),
4.38%
,
 02/22/28
.................
12,520
12,352,214
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
7.02%
,
 02/04/27
.................
21,259
20,214,802
ICON
plc,
Term
Loan
(LIBOR
USD
3
Month
+
2.25%),
4.56%, 07/03/28
...............
27,351
26,892,472
Iqvia,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
1.75%),
4.27%
,
 01/17/25
.....
5,602
5,565,569
Iqvia,
Inc.,
Term
Loan
B3,
(LIBOR
USD
3
Month
+
1.75%),
4.00%
,
 06/11/25
......
8,323
8,271,828
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B,
(SOFR
3
Month
+
3.00%),
5.55%
,
 10/19/27
.................
13,818
13,601,707
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
August
31,
2022
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
(continued)
Phoenix
Newco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 11/15/28
.................
USD
29,100
$
28,299,944
139,659,546
Machinery
—
4.0%
(g)
Albion
Financing
3
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
8.01%
,
 08/17/26
19,034
18,129,591
ASP
Blade
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
6.52%
,
 10/13/28
2,300
2,142,062
Clark
Equipment
Co.,
Term
Loan,
(SOFR
3
Month
+
2.50%),
4.65%
,
 04/20/29
.....
3,331
3,307,771
Columbus
McKinnon
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
5.06%
,
 05/14/28
3,261
3,212,219
Filtration
Group
Corp.,
Term
Loan
(LIBOR
USD
1
Month
+
3.00%),
5.52%, 03/31/25
...............
19,543
19,186,174
(LIBOR
USD
1
Month
+
3.50%),
6.02%, 10/21/28
...............
10,328
10,039,273
Fluidra
SA,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
4.56%
,
 01/29/29
...........
2,373
2,304,351
Gardner
Denver,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
1.75%),
4.31%
,
 03/01/27
5,536
5,437,968
Gates
Global
LLC,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 03/31/27
....
19,137
18,732,368
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
5.88%
,
 03/28/25
.................
28,657
27,192,608
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
1.75%),
4.31%
,
 03/01/27
.................
16,015
15,732,268
Madison
IAQ
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
4.52%
,
 06/21/28
.....
24,027
23,145,839
SPX
Flow,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
7.06%
,
 04/05/29
.....
14,300
13,549,250
Terex
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
4.52%
,
 01/31/24
..........
513
509,835
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
(LIBOR
USD
6
Month
+
3.50%),
6.87%
,
 07/30/27
.................
21,186
20,537,453
Vertiv
Group
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
5.30%
,
 03/02/27
....
21,336
20,527,042
Zurn
Industries
LLC,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 10/04/28
.................
883
880,085
204,566,157
Media
—
3.6%
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.25%),
5.11%
,
 03/03/25
(g)
................
11,989
11,023,840
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
5.00%
,
 10/15/26
(j)
................
4,769
4,787,888
Cable
One,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
4.52%
,
 05/03/28
(g)
....
832
805,870
Charter
Communications
Operating
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
1.75%),
4.28%
,
 04/30/25
(g)
................
12,423
12,245,544
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
6.02%
-
6.31%
,
 08/21/26
(g)
..........
31,192
28,822,637
CMG
Media
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 12/17/26
(g)
................
7,402
7,170,657
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Cogeco
Communications
Finance
LP,
Term
Loan
B
(g)
(LIBOR
USD
1
Month
+
2.00%),
4.52%, 01/03/25
...............
USD
3,024
$
2,953,316
(LIBOR
USD
1
Month
+
2.50%),
5.02%, 09/01/28
...............
13,987
13,669,931
CSC
Holdings
LLC,
Term
Loan
(g)
(LIBOR
USD
1
Month
+
2.25%),
4.64%, 07/17/25
...............
8,096
7,827,462
(LIBOR
USD
1
Month
+
2.50%),
4.89%, 04/15/27
...............
10,149
9,770,677
DirectV
Financing
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
7.52%
,
 08/02/27
(g)
21,537
20,562,296
Eagle
Broadband
Investments
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
5.31%
,
 11/12/27
(g)
................
6,346
6,192,543
EW
Scripps
Co.
(The),
Term
Loan
B3,
(LIBOR
USD
1
Month
+
2.75%),
5.27%
,
 01/07/28
(g)
2,759
2,716,035
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.78%
,
 12/01/23
(g)
................
7,637
6,659,573
Nexstar
Media,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 09/18/26
(g)
1,667
1,650,956
Sinclair
Television
Group,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
3.75%),
6.31%
,
 04/21/29
(g)
................
16,098
15,353,468
Trader
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.49%
,
 09/28/23
(b)(g)
..
16,414
16,208,706
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan,
(SOFR
3
Month
+
4.50%),
7.26%
,
 05/11/29
(b)(g)
..
8,495
8,282,625
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
(LIBOR
USD
1
Month
+
2.50%),
4.89%
,
 04/30/28
(g)
................
9,309
8,977,413
185,681,437
Metals
&
Mining
—
0.5%
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.00%),
5.25%
,
 03/08/24
(g)
................
36,721
28,045,942
Multiline
Retail
—
0.0%
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
5.81%
,
 12/21/27
(g)
................
1,754
1,701,186
Oil,
Gas
&
Consumable
Fuels
—
0.5%
(g)
Freeport
LNG
investments,
LLLP,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
6.21%
,
 12/21/28
.................
16,114
15,438,531
M6
Etx
Holdings
II
Midco
LLC,
Term
Loan
B,
08/10/29
(i)
......................
1,810
1,781,728
Murphy
USA,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
4.32%
,
 01/31/28
.....
2,481
2,479,558
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
6.21%
,
 10/05/28
.................
6,257
6,139,972
25,839,789
Personal
Products
—
0.7%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
(LIBOR
USD
3
Month
+
3.75%),
6.00%
,
 10/01/26
(g)
................
36,146
34,767,733
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
August
31,
2022
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
—
2.3%
(g)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
5.81%
-
6.06%
,
 05/04/25
.................
USD
19,253
$
18,378,375
Bausch
Health
Cos.,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
5.25%),
7.66%
,
 02/01/27
10,744
8,541,662
Elanco
Animal
Health,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
4.31%
,
 08/01/27
21,103
20,348,235
Grifols
Worldwide
Operations
Ltd.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
4.52%
,
 11/15/27
.................
12,067
11,651,551
Jazz
Pharmaceuticals
plc,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.02%
,
 05/05/28
22,776
22,312,770
Organon
&
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
4.63%
,
 06/02/28
.....
14,824
14,638,472
Perrigo
Co.
PLC,
Term
Loan
B,
(SOFR
1
Month
+
2.50%),
5.11%
,
 04/20/29
(b)
.........
5,184
5,132,526
Precision
Medicine
Group
LLC,
Delayed
Draw
Term
Loan,
11/18/27
(b)(i)
.............
720
690,935
Precision
Medicine
Group
LLC,
Term
Loan,
(LIBOR
USD
2
Month
+
3.00%),
5.25%
-
5.58%
,
 11/18/27
(b)
................
19,367
18,591,916
120,286,442
Professional
Services
—
3.5%
(g)
AlixPartners
LLP,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
5.27%
,
 02/04/28
.....
21,849
21,317,803
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
6.06%
,
 06/02/28
25,834
22,120,751
CoreLogic,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.50%),
9.06%
,
 06/04/29
13,633
10,781,385
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
5.74%
,
 02/06/26
.................
45,376
44,037,655
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.25%),
5.69%
,
 01/18/29
.................
5,320
5,182,261
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B,
06/22/29
(i)
................
6,361
6,242,192
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B,
(SOFR
3
Month
+
4.25%),
6.36%
,
 06/22/29
..........
13,783
13,524,750
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
7.21%
,
 04/29/29
.................
15,024
14,423,040
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 07/11/25
.................
8,297
8,154,136
Trans
Union
LLC,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
1.75%),
4.27%
,
 11/16/26
....
11,000
10,752,582
Trans
Union
LLC,
Term
Loan
B6,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 12/01/28
....
21,690
21,260,315
177,796,870
Real
Estate
Management
&
Development
—
0.5%
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
5.27%
,
 08/21/25
(b)(g)
...............
24,722
24,042,623
Security
Par
(000)
Par
(000)
Value
Road
&
Rail
—
1.1%
(g)
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
7.04%
,
 04/06/28
.................
USD
4,174
$
3,934,424
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
4.28%
,
 08/06/27
.................
7,717
7,440,483
Genesee
&
Wyoming,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.00%),
4.25%
,
 12/30/26
6,079
5,941,266
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.50%),
7.75%
-
8.57%
,
 08/04/25
.................
7,109
6,495,413
Uber
Technologies,
Inc.,
Term
Loan
 04/04/25
(i)
.....................
2,928
2,903,755
(LIBOR
USD
3
Month
+
3.50%),
6.57%, 02/25/27
...............
29,196
28,758,260
55,473,601
Semiconductors
&
Semiconductor
Equipment
—
0.1%
Synaptics,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
4.36%
,
 12/02/28
(g)
....
3,771
3,737,516
Software
—
9.5%
(g)
Barracuda
Parent
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
6.81%
,
 08/15/29
.................
7,017
6,753,862
Boxer
Parent
Co.
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 10/02/25
....
17,440
16,797,316
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
4.50%
,
 09/21/28
.................
14,076
13,771,064
Central
Parent,
Inc.,
1st
Lien
Term
Loan,
(SOFR
3
Month
+
4.50%),
6.61%
,
 07/06/29
5,933
5,775,598
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 10/08/28
19,472
18,571,439
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.00%),
8.52%
,
 10/08/29
9,488
8,634,080
Cornerstone
OnDemand,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 10/16/28
.................
11,205
10,513,910
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
5.84%
,
 12/01/27
11,936
11,279,506
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
7.25%),
9.34%
,
 12/01/28
5,994
5,359,655
E2open
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
5.86%
,
 02/04/28
..........
1,418
1,387,888
Greeneden
US
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
6.52%
,
 12/01/27
.................
32,945
32,332,941
Helios
Software
Holdings,
Inc.,
Term
Loan,
(SOFR
3
Month
+
3.75%),
5.95%
,
 03/11/28
11,530
11,088,275
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
5.31%
,
 10/27/28
.....
26,345
25,653,357
Instructure
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
6.12%
,
 10/30/28
4,628
4,535,832
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
7.25%
,
 07/27/28
.................
11,325
10,780,746
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
8.25%),
10.75%
,
 07/27/29
................
14,466
13,730,575
McAfee
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.75%),
6.36%
,
 03/01/29
.....
31,232
29,553,280
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
August
31,
2022
Security
Par
(000)
Par
(000)
Value
Software
(continued)
MH
Sub
I
LLC,
1st
Lien
Term
Loan
(LIBOR
USD
1
Month
+
3.75%),
6.27%, 09/13/24
...............
USD
43,428
$
42,298,747
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(SOFR
1
Month
+
6.25%),
8.71%
,
 02/23/29
.....
10,692
10,232,710
Netsmart,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
6.52%
,
 10/01/27
6,998
6,812,800
Planview
Parent,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
6.52%
,
 12/17/27
.................
11,931
11,560,910
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
6.32%
,
 08/31/28
31,376
30,144,801
Proofpoint,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.25%),
9.32%
,
 08/31/29
3,665
3,573,375
RealPage,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.52%
,
 04/24/28
40,375
38,787,586
RealPage,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.50%),
9.02%
,
 04/23/29
2,585
2,510,814
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.49%
,
 08/01/25
.................
18,240
17,866,120
Sophia
LP,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
5.75%
,
 10/07/27
....
19,995
19,282,672
Sophia
LP,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.00%),
10.25%
,
 10/09/28
.....
2,000
1,985,000
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
1.75%),
4.27%
,
 04/16/25
.................
7,901
7,717,170
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
4.27%
,
 04/16/25
.................
6,413
6,264,081
TIBCO
Software,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.25%),
9.78%
,
 03/03/28
.................
18,458
18,342,218
UKG,
Inc.,
1st
Lien
Term
Loan
(LIBOR
USD
3
Month
+
3.25%),
5.54%, 05/04/26
...............
19,476
18,839,430
(LIBOR
USD
1
Month
+
3.75%),
6.27%, 05/04/26
...............
8,177
7,953,013
UKG,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
7.54%
,
 05/03/27
.....
9,404
9,138,285
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
6.21%
,
 07/20/28
.................
3,817
3,659,697
Zephyr
Bidco
Ltd.,
Facility
1st
Lien
Term
Loan
B1,
(LIBOR
GBP
1
Month
+
4.75%),
6.47%
,
 07/23/25
.................
GBP
2,000
2,032,139
ZoomInfo
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
5.52%
,
 02/02/26
USD
1,181
1,169,934
486,690,826
Specialty
Retail
—
2.4%
(g)
CD&R
Firefly
Bidco
Ltd.,
Facility
Term
Loan
B1,
(LIBOR
GBP
3
Month
+
4.25%),
6.05%
,
 06/23/25
.................
GBP
2,000
2,151,073
EG
Group
Ltd.,
Facility
Term
Loan
(LIBOR
USD
3
Month
+
4.00%),
6.25%, 02/07/25
...............
USD
6,002
5,851,493
(LIBOR
USD
3
Month
+
4.25%),
6.50%, 03/31/26
...............
8,666
8,463,182
Leslie's
Poolmart,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.50%),
5.02%
,
 03/09/28
3,087
3,027,633
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(SOFR
1
Month
+
4.00%),
6.38%
,
 05/04/28
.................
USD
22,227
$
21,633,374
New
SK
Holdco
Sub
LLC,
Term
Loan,
(SOFR
1
Month
+
8.35%),
10.66%
,
 06/30/27
.....
26,644
24,445,598
PetSmart
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.27%
,
 02/11/28
......
28,579
27,864,871
Pilot
Travel
Centers
LLC,
Term
Loan
B,
(SOFR
1
Month
+
2.00%),
4.56%
,
 08/04/28
....
11,587
11,344,633
Restoration
Hardware,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
2.50%),
5.02%, 10/20/28
...............
7,176
6,594,968
(LIBOR
USD
1
Month
+
3.25%),
5.81%, 10/20/28
...............
7,746
7,161,797
RVR
Dealership
Holdings
LLC,
Term
Loan,
(SOFR
1
Month
+
3.75%),
6.15%
,
 02/08/28
4,398
4,079,049
122,617,671
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Electronics
for
Imaging,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
7.52%
,
 07/23/26
(g)
................
6,687
5,908,908
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Crocs,
Inc.,
Term
Loan,
(SOFR
6
Month
+
3.50%),
4.45%
,
 02/20/29
(g)
..........
13,746
13,213,371
Trading
Companies
&
Distributors
—
1.9%
(g)
Beacon
Roofing
Supply,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
4.77%
,
 05/19/28
.................
13,720
13,388,071
Core
&
Main
LP,
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.50%),
4.32%
-
4.99%
,
 07/27/28
31,506
30,688,808
Foundation
Building
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
5.77%
-
6.06%
,
 01/31/28
...........
10,589
10,072,788
SRS
Distribution,
Inc.,
Term
Loan
(SOFR
3
Month
+
3.50%),
6.18%, 06/02/28
7,460
7,161,851
(LIBOR
USD
3
Month
+
3.50%),
6.31%, 06/02/28
...............
25,675
24,776,372
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
(LIBOR
USD
3
Month
+
7.50%),
10.57%
,
 05/30/24
(b)
3,836
3,780,370
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
6.57%
,
 08/28/24
(b)
12,278
7,305,613
97,173,873
Transportation
Infrastructure
—
0.2%
(g)
KKR
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
5.27%
,
 09/22/28
.................
3,235
3,155,914
KKR
Apple
Bidco
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
8.27%
,
 09/21/29
.................
1,325
1,282,494
OLA
Netherlands
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
6.25%),
8.66%
,
 12/15/26
....
5,730
5,458,020
9,896,428
Wireless
Telecommunication
Services
—
0.6%
(g)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
5.77%
,
 05/27/24
.................
15,337
14,081,389
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
6.56%
,
 04/30/28
.................
5,271
5,157,827
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
August
31,
2022
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
MetroNet
Systems
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
6.18%
,
 06/02/28
.................
USD
3,278
$
3,166,637
SBA
Senior
Finance
II
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
4.28%
,
 04/11/25
.
9,464
9,233,776
31,639,629
Total
Floating
Rate
Loan
Interests
—
90.3%
(Cost:
$4,819,123,893)
...........................
4,643,693,597
Shares
Shares
Investment
Companies
Energy
Select
Sector
SPDR
Fund
.......
48,675
3,918,338
Industrial
Select
Sector
SPDR
Fund
......
22,300
2,072,339
Invesco
Senior
Loan
ETF
(d)
............
4,595,500
96,367,635
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(d)(k)
.......................
405,000
30,184,651
Total
Investment
Companies
—
2.6%
(Cost:
$141,307,086)
.............................
132,542,963
Beneficial
Interest
(000)
Other
Interests
(l)
Capital
Markets
—
0.0%
Millennium
Lender
Claim
(b)
.............
15,011
—
Total
Other
Interests
—
0.0%
(Cost:
$
0
)
....................................
—
Shares
Shares
Preferred
Securities
Preferred
Stocks
—
0.0%
Capital
Markets
—
0.0%
Verscend
Intermediate
Holding
Corp.
(Preference),
12.25%
(b)
.............
1,494
1,756,271
Total
Preferred
Securities
—
0.0%
(Cost:
$1,464,120)
..............................
1,756,271
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)
29,451
—
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
71,583
Total
Warrants
—
0.0%
(Cost:
$
0
)
....................................
71,583
Total
Long-Term
Investments
—
94.0%
(Cost:
$5,022,569,048)
...........................
4,832,052,653
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
8.7%
(k)(m)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
2.03%
...................
322,336,103
$
322,336,103
SL
Liquidity
Series,
LLC,
Money
Market
Series,
2.47%
(n)
.......................
126,783,896
126,796,575
Total
Short-Term
Securities
—
8.7%
(Cost:
$449,065,674)
.............................
449,132,678
Total
Investments
—
102.7%
(Cost:
$5,471,634,722
)
...........................
5,281,185,331
Liabilities
in
Excess
of
Other
Assets
—
(2.7)%
............
(138,888,391)
Net
Assets
—
100.0%
..............................
$
5,142,296,940
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
20
Schedule
of
Investments
(continued)
August
31,
2022
(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)
All
or
a
portion
of
this
security
is
on
loan.
(e)
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.
(f)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(g)
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.
(h)
Convertible
security.
(i)
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.
(j)
Fixed
rate.
(k)
Affiliate
of
the
Fund.
(l)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(m)
Annualized
7-day
yield
as
of
period
end.
(n)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
August
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/22
Shares
Held
at
08/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
343,870,632
$
—
$
(21,534,529)
(a)
$
—
$
—
$
322,336,103
322,336,103
$
1,761,546
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
32,672,813
94,210,501
(a)
—
(153,744)
67,005
126,796,575
126,783,896
3,916,247
(b)
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
—
81,600,671
(42,308,457)
(4,645,453)
(4,462,110)
30,184,651
405,000
1,758,945
—
$
(4,799,197)
$
(4,395,105)
$
479,317,329
$
7,436,738
$
—
—
—
(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.
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
21
Schedule
of
Investments
(continued)
August
31,
2022
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
7,267,382
EUR
6,768,000
Toronto
Dominion
Bank
09/21/22
$
457,173
USD
4,436,955
GBP
3,538,000
Canadian
Imperial
Bank
of
Commerce
09/21/22
325,355
$
782,528
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
152,470
$
(343,493)
$
1,371,987
$
(1,715,480)
(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)
.........................................................
$
1,371,987
$
—
$
—
$
(1,715,480)
(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
......................
$
—
$
—
$
—
$
782,528
$
—
$
—
$
782,528
Liabilities
—
Derivative
Financial
Instruments
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
$
—
$
1,715,480
$
—
$
—
$
—
$
—
$
1,715,480
(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).
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
22
Schedule
of
Investments
(continued)
August
31,
2022
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
August
31,
2022,
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
....
$
—
$
—
$
—
$
2,819,504
$
—
$
—
$
2,819,504
Options
purchased
(a)
....................
—
—
(148,654)
—
—
—
(148,654)
Swaps
..............................
—
(7
45
,
311
)
—
—
—
—
(
745
,
311
)
$
—
$
(745,311)
$
(148,654)
$
2,819,504
$
—
$
—
$
1,925,539
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Forward
foreign
currency
exchange
contracts
....
—
—
—
111,179
—
—
111,179
Options
purchased
(b)
....................
—
—
129,654
—
—
—
129,654
Swaps
..............................
—
(5,026,219)
—
—
—
—
(5,026,219)
$
—
$
(5,026,219)
$
129,654
$
111,179
$
—
$
—
$
(4,785,386)
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
19,360,429
Options
Average
value
of
option
contracts
purchased
................................................................................
$
—
(a)
Average
value
of
option
contracts
written
...................................................................................
$
—
(a)
Credit
default
swaps
Average
notional
value
—
sell
protection
...................................................................................
$
1
49
,
592
,
5
00
(a)
Derivative
financial
instrument
not
held
at
any
quarter-end.
The
risk
exposure
table
serves
as
an
indicator
of
activity
during
the
period.
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Forward
foreign
currency
exchange
contracts
.................................................................
$
782,528
$
—
Swaps
—
centrally
cleared
..............................................................................
—
1,050,932
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
782,528
$
1,050,932
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
—
(1,050,932)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
782,528
$
—
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
23
Schedule
of
Investments
(continued)
August
31,
2022
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)
Canadian
Imperial
Bank
of
Commerce
..................
$
325,355
$
—
$
—
$
—
$
325,355
Toronto
Dominion
Bank
............................
457,173
—
—
—
457,173
$
782,528
$
—
$
—
$
—
$
782,528
(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.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
24
Schedule
of
Investments
(continued)
August
31,
2022
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
Commercial
Services
&
Supplies
.............................
$
—
$
—
$
5,910
$
5,910
Construction
&
Engineering
................................
—
224,700
—
224,700
Machinery
............................................
—
5,386
—
5,386
Marine
..............................................
—
—
—
—
Professional
Services
....................................
—
2,830,276
—
2,830,276
Software
.............................................
440
—
—
440
Corporate
Bonds
Aerospace
&
Defense
....................................
—
1,601,400
—
1,601,400
Capital
Markets
........................................
—
1,402,561
—
1,402,561
Chemicals
............................................
—
3,073,800
—
3,073,800
Commercial
Services
&
Supplies
.............................
—
6,941,436
—
6,941,436
Diversified
Telecommunication
Services
........................
—
2,976,715
—
2,976,715
Electric
Utilities
........................................
—
—
—
—
Electrical
Equipment
.....................................
—
7,984,816
—
7,984,816
Health
Care
Equipment
&
Supplies
...........................
—
6,182,480
—
6,182,480
Hotels,
Restaurants
&
Leisure
..............................
—
5,971,670
—
5,971,670
Insurance
............................................
—
3,102,753
—
3,102,753
Media
...............................................
—
2,466,679
—
2,466,679
Real
Estate
Management
&
Development
.......................
—
2,687,302
—
2,687,302
Road
&
Rail
...........................................
—
3,163,448
—
3,163,448
Specialty
Retail
........................................
—
2,834,305
—
2,834,305
Wireless
Telecommunication
Services
.........................
—
532,162
—
532,162
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
120,423,327
—
120,423,327
Airlines
..............................................
—
121,724,155
—
121,724,155
Auto
Components
......................................
—
45,261,129
—
45,261,129
Automobiles
..........................................
—
17,162,840
—
17,162,840
Beverages
...........................................
—
34,939,609
—
34,939,609
Building
Products
.......................................
—
55,309,780
7,363,270
62,673,050
Capital
Markets
........................................
—
98,558,800
3,082,630
101,641,430
Chemicals
............................................
—
127,027,238
—
127,027,238
Commercial
Services
&
Supplies
.............................
—
161,298,870
4,356,628
165,655,498
Communications
Equipment
................................
—
17,653,137
—
17,653,137
Construction
&
Engineering
................................
—
46,272,831
—
46,272,831
Construction
Materials
....................................
—
48,124,330
—
48,124,330
Containers
&
Packaging
..................................
—
60,610,411
—
60,610,411
Distributors
...........................................
—
6,962,261
—
6,962,261
Diversified
Consumer
Services
..............................
—
92,738,945
9,846,335
102,585,280
Diversified
Financial
Services
...............................
—
102,885,377
25,290,752
128,176,129
Diversified
Telecommunication
Services
........................
—
174,153,124
—
174,153,124
Electric
Utilities
........................................
—
7,069,084
—
7,069,084
Electrical
Equipment
.....................................
—
4,423,552
11,651,986
16,075,538
Electronic
Equipment,
Instruments
&
Components
.................
—
10,485,045
—
10,485,045
Energy
Equipment
&
Services
..............................
—
652,225
106,752
758,977
Entertainment
.........................................
—
157,776,958
—
157,776,958
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
13,569,497
—
13,569,497
Food
&
Staples
Retailing
..................................
—
19,825,508
—
19,825,508
Food
Products
.........................................
—
145,034,610
—
145,034,610
Health
Care
Equipment
&
Supplies
...........................
—
68,874,791
—
68,874,791
Health
Care
Providers
&
Services
............................
—
135,965,273
1,956,854
137,922,127
Health
Care
Technology
..................................
—
86,148,599
2,806,210
88,954,809
Hotels,
Restaurants
&
Leisure
..............................
—
260,600,047
—
260,600,047
Household
Durables
.....................................
—
58,105,295
1,406,005
59,511,300
Household
Products
.....................................
—
21,934,359
—
21,934,359
BlackRock
Floating
Rate
Income
Portfolio
Schedule
of
Investments
25
Schedule
of
Investments
(continued)
August
31,
2022
Level
1
Level
2
Level
3
Total
Independent
Power
and
Renewable
Electricity
Producers
............
$
—
$
19,544,815
$
—
$
19,544,815
Industrial
Conglomerates
..................................
—
3,072,851
—
3,072,851
Insurance
............................................
—
163,410,723
12,549,375
175,960,098
Interactive
Media
&
Services
...............................
—
92,368,639
—
92,368,639
Internet
&
Direct
Marketing
Retail
............................
—
14,519,962
9,622,043
24,142,005
IT
Services
...........................................
—
151,658,186
2,795,268
154,453,454
Leisure
Products
.......................................
—
15,973,758
—
15,973,758
Life
Sciences
Tools
&
Services
..............................
—
139,659,546
—
139,659,546
Machinery
............................................
—
204,566,157
—
204,566,157
Media
...............................................
—
161,190,106
24,491,331
185,681,437
Metals
&
Mining
........................................
—
28,045,942
—
28,045,942
Multiline
Retail
.........................................
—
1,701,186
—
1,701,186
Oil,
Gas
&
Consumable
Fuels
...............................
—
25,839,789
—
25,839,789
Personal
Products
......................................
—
34,767,733
—
34,767,733
Pharmaceuticals
.......................................
—
95,871,065
24,415,377
120,286,442
Professional
Services
....................................
—
177,796,870
—
177,796,870
Real
Estate
Management
&
Development
.......................
—
—
24,042,623
24,042,623
Road
&
Rail
...........................................
—
55,473,601
—
55,473,601
Semiconductors
&
Semiconductor
Equipment
....................
—
3,737,516
—
3,737,516
Software
.............................................
—
486,690,826
—
486,690,826
Specialty
Retail
........................................
—
122,617,671
—
122,617,671
Technology
Hardware,
Storage
&
Peripherals
....................
—
5,908,908
—
5,908,908
Textiles,
Apparel
&
Luxury
Goods
............................
—
13,213,371
—
13,213,371
Trading
Companies
&
Distributors
............................
—
86,087,890
11,085,983
97,173,873
Transportation
Infrastructure
...............................
—
9,896,428
—
9,896,428
Wireless
Telecommunication
Services
.........................
—
31,639,629
—
31,639,629
Investment
Companies
....................................
132,542,963
—
—
132,542,963
Other
Interests
..........................................
—
—
—
—
Preferred
Stocks
.........................................
—
—
1,756,271
1,756,271
Warrants
..............................................
71,583
—
—
71,583
Short-Term
Securities
Money
Market
Funds
......................................
322,336,103
—
—
322,336,103
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
........................
—
(12,869)
—
(12,869)
$
454,951,089
$
4,520,793,195
$
178,631,603
$
5,154,375,887
Investments
valued
at
NAV
(b)
......................................
126,796,575
$
—
$
5,281,172,462
$
—
Derivative
Financial
Instruments
(c)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
782,528
$
—
$
782,528
Liabilities
Credit
contracts
...........................................
—
(1,715,480)
—
(1,715,480)
$
—
$
(932,952)
$
—
$
(932,952)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
per
share
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(c)
Derivative
financial
instruments
are
swaps
and
forward
foreign
currency
exchange
contracts.
Swaps
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Floating
Rate
Income
Portfolio
26
Schedule
of
Investments
(continued)
August
31,
2022
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
year
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Common
Stocks
Corporate
Bonds
Floating
Rate
Loan
Interests
Preferred
Stocks
Total
Investments
Assets
Opening
balance,
as
of
August
31,
2021
.......................................................
$
48,484
$
2,628,243
$
104,906,228
$
1,623,904
$
109,206,859
Transfers
into
Level
3
(a)
..................................................................
—
—
62,587,495
—
62,587,495
Transfers
out
of
Level
3
(b)
.................................................................
—
—
(
50,720,790
)
—
(
50,7
20
,
790
)
Accrued
discounts/premiums
...............................................................
—
4,937
1
80,964
—
1
85,901
Net
realized
gain
(loss)
..................................................................
—
1,290,343
(
175,576
)
—
1,
114
,
767
Net
change
in
unrealized
appreciation
(depreciation)
(c)(d)
.............................................
(893)
(667,691)
(8
,228,504
)
132,367
(8,
764
,
72
1)
Purchases
...........................................................................
—
—
90,939,482
—
90,939,482
Sales
..............................................................................
(41,681)
(3,255,832)
(
22,619,877
)
—
(
25
,
917
,
390
)
Closing
balance,
as
of
August
31,
2022
........................................................
$
5,910
$
—
$
176,869,422
$
1,756,271
$
178,631,603
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
August
31,
2022
(d)
.................
$
(893)
$
—
$
(9,941,577)
$
132,367
$
(9,810,103)
(a)
As
of
August
31,
2021,
the
Fund
used
observable
inputs
in
determining
the
value
of
certain
investments.
As
of
August
31,
2022,
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,
2021,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
August
31,
2022,
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
August
31,
2022
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Statement
of
Assets
and
Liabilities

August
31,
2022
27
Financial
Statements
BlackRock
Floating
Rate
Income
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
4,801,868,002‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
479,317,329‌
Cash
.............................................................................................................
17,560,430‌
Cash
pledged:
–‌
Centrally
cleared
swaps
................................................................................................
16,293,000‌
Foreign
currency,
at
value
(d)
...............................................................................................
161,679‌
Receivables:
–‌
Investments
sold
....................................................................................................
45,228,368‌
Securities
lending
income
—
affiliated
......................................................................................
235,661‌
Capital
shares
sold
...................................................................................................
6,875,195‌
Dividends
—
affiliated
.................................................................................................
579,538‌
Interest
—
unaffiliated
.................................................................................................
17,026,210‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
782,528‌
Prepaid
expenses
.....................................................................................................
255,236‌
Total
assets
.........................................................................................................
5,386,183,176‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
126,941,354‌
Payables:
–‌
Investments
purchased
................................................................................................
57,219,887‌
Administration
fees
...................................................................................................
240,580‌
Capital
shares
redeemed
...............................................................................................
50,922,510‌
Income
dividend
distributions
............................................................................................
3,167,162‌
Investment
advisory
fees
..............................................................................................
2,131,151‌
Trustees'
and
Officer's
fees
.............................................................................................
27,359‌
Other
affiliate
fees
...................................................................................................
19,623‌
Service
and
distribution
fees
.............................................................................................
120,764‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
1,050,932‌
Other
accrued
expenses
...............................................................................................
2,032,045‌
Unrealized
depreciation
on:
–‌
Unfunded
floating
rate
loan
interests
.......................................................................................
12,869‌
Total
liabilities
........................................................................................................
243,886,236‌
NET
ASSETS
........................................................................................................
$
5,142,296,940‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
5,634,310,293‌
Accumulated
loss
.....................................................................................................
(492,013,353‌)
NET
ASSETS
........................................................................................................
$
5,142,296,940‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
4,987,922,288‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
123,776,313‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
483,712,434‌
(d)
  Foreign
currency,
at
cost
...............................................................................................
$
164,198‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(continued)
August
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
28
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................................
$
3,099,809,932‌
Shares
outstanding
...................................................................................................
325,370,475‌
Net
asset
value
......................................................................................................
$
9.53‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
A
Net
assets
..........................................................................................................
$
386,590,356‌
Shares
outstanding
...................................................................................................
40,589,729‌
Net
asset
value
......................................................................................................
$
9.52‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
C
Net
assets
..........................................................................................................
$
38,140,549‌
Shares
outstanding
...................................................................................................
4,004,222‌
Net
asset
value
......................................................................................................
$
9.53‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Class
K
Net
assets
..........................................................................................................
$
1,617,756,103‌
Shares
outstanding
...................................................................................................
169,898,482‌
Net
asset
value
......................................................................................................
$
9.52‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Statement
of
Operations

Year
Ended
August
31,
2022
29
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
INVESTMENT
INCOME
Dividends
—
affiliated
.................................................................................................
$
3,520,491‌
Dividends
—
unaffiliated
...............................................................................................
8,244,732‌
Interest
—
unaffiliated
.................................................................................................
227,029,752‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
3,916,247‌
Foreign
taxes
withheld
................................................................................................
(446‌)
Total
investment
income
.................................................................................................
242,710,776‌
EXPENSES
Investment
advisory
..................................................................................................
25,816,817‌
Transfer
agent
—
class
specific
..........................................................................................
3,300,219‌
Administration
.....................................................................................................
1,925,657‌
Service
and
distribution
—
class
specific
....................................................................................
1,372,751‌
Administration
—
class
specific
..........................................................................................
1,069,579‌
Accounting
services
..................................................................................................
651,524‌
Registration
.......................................................................................................
236,170‌
Trustees
and
Officer
..................................................................................................
56,342‌
Custodian
.........................................................................................................
42,459‌
Miscellaneous
......................................................................................................
812,599‌
Total
expenses
.......................................................................................................
35,284,117‌
Less:
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(394,201‌)
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(10,557‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
34,879,359‌
Net
investment
income
..................................................................................................
207,831,417‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(271,337,630‌)
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
affiliated
.............................................................................................
(4,799,197‌)
Investments
—
unaffiliated
...........................................................................................
(76,700,307‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
2,819,504‌
Foreign
currency
transactions
.........................................................................................
(168,325‌)
Swaps
.........................................................................................................
(745,311‌)
A
(79,593,636‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
.............................................................................................
(4,395,105‌)
Investments
—
unaffiliated
...........................................................................................
(182,418,482‌)
Forward
foreign
currency
exchange
contracts
...............................................................................
111,179‌
Foreign
currency
translations
..........................................................................................
(2,498‌)
Swaps
.........................................................................................................
(5,026,219‌)
Unfunded
floating
rate
loan
interests
.....................................................................................
(12,869‌)
A
(191,743,994‌)
Net
realized
and
unrealized
loss
............................................................................................
(271,337,630‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(63,506,213‌)
Statements
of
Changes
in
Net
Assets

2022
BlackRock
Annual
Report
to
Shareholders
30
See
notes
to
financial
statements.
BlackRock
Floating
Rate
Income
Portfolio
Year
Ended  08/31/22
Year
Ended  08/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
207,831,417
‌
$
110,675,183
‌
Net
realized
loss
..................................................................................
(79,593,636
)
(2,350,997
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(191,743,994
)
70,597,956
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
(63,506,213
)
178,922,142
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
....................................................................................
(119,346,809
)
(61,821,766
)
Investor
A
.....................................................................................
(14,314,094
)
(10,217,953
)
Investor
C
.....................................................................................
(1,087,490
)
(1,019,982
)
Class
K
.......................................................................................
(72,467,539
)
(35,721,282
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(207,215,932
)
(108,780,983
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
1,344,173,228
‌
1,656,919,325
‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
1,073,451,083
‌
1,727,060,484
‌
Beginning
of
year
....................................................................................
4,068,845,857
‌
2,341,785,373
‌
End
of
year
........................................................................................
$
5,142,296,940
‌
$
4,068,845,857
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
31
Financial
Highlights
BlackRock
Floating
Rate
Income
Portfolio
Institutional
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
year
...................
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
$
10.20
‌
Net
investment
income
(a)
.........................
0.38
‌
0.36
‌
0.43
‌
0.51
‌
0.45
‌
Net
realized
and
unre
alized
gain
(loss)
................
(0.41
)
0.32
‌
(0.35
)
(0.20
)
(0.05
)
Net
increase
(decrease)
from
investment
operations
........
(0.03
)
0.68
‌
0.08
‌
0.31
‌
0.40
‌
Distributions
from
net
investment
income
(b)
............
(0.37
)
(0.36
)
(0.42
)
(0.51
)
(0.45
)
Net
asset
value,
end
of
year
.......................
$
9.53
‌
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
Total
Return
(c)
(0.27)%
—
—
—
—
Based
on
net
asset
value
..........................
(0.27
)%
7.14
%
0.87
%
3.13
%
3.96
%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
.................................
0.67
%
0.70
%
0.68
%
0.67
%
(e)
0.66
%
(e)
Total
expenses
after
fees
waived
and/or
reimbursed
........
0.66
%
0.69
%
0.67
%
0.66
%
0.66
%
Net
investment
income
...........................
3.89
%
3.64
%
4.49
%
5.08
%
4.39
%
Supplemental
Data
Net
assets,
end
of
year
(000)
........................
$
3,099,810
‌
$
2,282,592
‌
$
1,434,116
‌
$
2,204,716
‌
$
2,958,918
‌
Portfolio
turnover
rate
............................
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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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)
2022
BlackRock
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,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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:
BlackRock
Floating
Rate
Income
Portfolio
Investor
A
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
year
.....................
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
$
10.20
‌
Net
investment
income
(a)
...........................
0.35
‌
0.34
‌
0.41
‌
0.48
‌
0.42
‌
Net
realized
and
unrealized
gain
(loss)
..................
(0.41
)
0.31
‌
(0.36
)
(0.20
)
(0.05
)
Net
increase
(decrease)
from
investment
operations
..........
(0.06
)
0.65
‌
0.05
‌
0.28
‌
0.37
‌
Distributions
from
net
investment
income
(b)
..............
(0.35
)
(0.33
)
(0.39
)
(0.48
)
(0.42
)
Net
asset
value,
end
of
year
.........................
$
9.52
‌
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
Total
Return
(c)
(0.61)%
—
—
—
—
Based
on
net
asset
value
............................
(0.61
)%
6.89
%
0.60
%
2.84
%
3.65
%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
(e)
..................................
0.91
%
0.94
%
0.95
%
0.95
%
0.97
%
Total
expenses
after
fees
waived
and/or
reimbursed
..........
0.90
%
0.94
%
0.94
%
0.95
%
0.96
%
Net
investment
income
.............................
3.62
%
3.43
%
4.20
%
4.79
%
4.08
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..........................
$
386,590
‌
$
319,889
‌
$
292,670
‌
$
370,351
‌
$
546,843
‌
Portfolio
turnover
rate
..............................
41
%
47
%
80
%
52
%
60
%
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  
0
.95%
N/A  
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
33
Financial
Highlights
BlackRock
Floating
Rate
Income
Portfolio
Investor
C
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
year
....................
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
$
10.19
‌
Net
investment
income
(a)
..........................
0.28
‌
0.26
‌
0.33
‌
0.41
‌
0.34
‌
Net
realized
and
unrealized
gain
(loss)
.................
(0.40
)
0.32
‌
(0.35
)
(0.21
)
(0.04
)
Net
increase
(decrease)
from
investment
operations
.........
(0.12
)
0.58
‌
(0.02
)
0.20
‌
0.30
‌
Distributions
from
net
investment
income
(b)
.............
(0.28
)
(0.26
)
(0.32
)
(0.40
)
(0.34
)
Net
asset
value,
end
of
year
........................
$
9.53
‌
$
9.93
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
Total
Return
(c)
(1.25)%
—
—
—
—
Based
on
net
asset
value
...........................
(1.26
)%
6.06
%
(0.16
)%
2.09
%
3.01
%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
..................................
1.67
%
1.72
%
1.72
%
1.69
%
(e)
1.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
.........
1.66
%
1.71
%
1.71
%
1.69
%
1.68
%
Net
investment
income
............................
2.86
%
2.67
%
3.47
%
4.06
%
3.36
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.........................
$
38,141
‌
$
36,581
‌
$
45,261
‌
$
84,631
‌
$
119,171
‌
Portfolio
turnover
rate
.............................
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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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)
2022
BlackRock
Annual
Report
to
Shareholders
34
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(e)
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:
BlackRock
Floating
Rate
Income
Portfolio
Class
K
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
year
.....................
$
9.92
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
$
10.19
‌
Net
investment
income
(a)
...........................
0.39
‌
0.36
‌
0.43
‌
0.51
‌
0.45
‌
Net
realized
and
unrealized
gain
(loss)
..................
(0.41
)
0.32
‌
(0.35
)
(0.20
)
(0.04
)
Net
increase
(decrease)
from
investment
operations
..........
(0.02
)
0.68
‌
0.08
‌
0.31
‌
0.41
‌
Distributions
from
net
investment
income
(b)
..............
(0.38
)
(0.37
)
(0.42
)
(0.51
)
(0.45
)
Net
asset
value,
end
of
year
.........................
$
9.52
‌
$
9.92
‌
$
9.61
‌
$
9.95
‌
$
10.15
‌
Total
Return
(c)
(0.18)%
—
—
—
—
Based
on
net
asset
value
............................
(0.18
)%
7.12
%
0.92
%
3.19
%
4.09
%
Ratios
to
Average
Net
Assets
(d)
Total
expenses
(e)
..................................
0.57
%
0.61
%
0.63
%
0.61
%
0.63
%
Total
expenses
after
fees
waived
and/or
reimbursed
..........
0.57
%
0.61
%
0.62
%
0.61
%
0.63
%
Net
investment
income
.............................
3.96
%
3.68
%
4.46
%
5.12
%
4.44
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..........................
$
1,617,756
‌
$
1,429,784
‌
$
569,739
‌
$
424,275
‌
$
441,021
‌
Portfolio
turnover
rate
..............................
41
%
47
%
80
%
52
%
60
%
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  
0
.61%
0
.62%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
35
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
open-
end
non-index
fixed-income
funds
and
all
BlackRock-advised
closed-end
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.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
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.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
August
31,
2022
,
if
any,
are
disclosed
in
the Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
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.  
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
(“CDSC”)
Conversion
Privilege
Institutional
and
Class
K
Shares
...................................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
36
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
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
of
the
Fund
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.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day’s
price will
be
used,
unless
it
is
determined
that
the
prior
day’s
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
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. 
Notes
to
Financial
Statements
(continued)
37
Notes
to
Financial
Statements
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.
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
August
31,
2022,
certain
investments
of
the
Fund
were fair valued
using
NAV
per
share as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
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
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
38
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
London
Interbank
Offered
Rate
(“LIBOR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
In
connection
with
floating
rate
loan
interests,
the
Fund
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
the
fund
earns
a
commitment
fee,
typically
set
as
a
percentage
of
the
commitment
amount.
Such
fee
income,
which
is
included
in
interest
income
in
the
Statement
of
Operations,
is
recognized
ratably
over
the
commitment
period.
Unfunded
floating
rate
loan
interests
are
marked-to-market
daily,
and
any
unrealized
appreciation
(depreciation)
is
included
in
the
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations.
As
of
period
end,
the
Fund
had
the
following
unfunded
floating
rate
loan
interests: 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
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
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
BlackRock
Floating
Rate
Income
Portfolio
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
Term
Loan
B3
.......
$
378,942‌
$
378,942‌
$
366,073‌
$
(12,869‌)
Notes
to
Financial
Statements
(continued)
39
Notes
to
Financial
Statements
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
any
related
collateral
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.
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
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.
..............................
$
50,010,611‌
$
(50,010,611‌)
$
—‌
$
—‌
BofA
Securities,
Inc.
...............................
7,222,068‌
(7,222,068‌)
—‌
—‌
Goldman
Sachs
&
Co.
.............................
64,023,507‌
(64,023,507‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
..........................
3,727‌
(3,727‌)
—‌
—‌
Morgan
Stanley
..................................
2,516,400‌
(2,516,400‌)
—‌
—‌
$
123,776,313‌
$
(123,776,313‌)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
40
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”).
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
risk
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
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.
Notes
to
Financial
Statements
(continued)
41
Notes
to
Financial
Statements
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
The
Manager
entered
into a
sub-advisory
agreement
with
BlackRock
International
Limited
(“BIL”),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it provides
for
that
portion
of
the
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by the
Fund
to
the
Manager.
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 year
ended
August
31,
2022,
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
year
ended
August
31,
2022,
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:
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
Service
and
Distribution
Fees
Investor
A
........................................................................................................
$
991,263‌
Investor
C
........................................................................................................
381,488‌
$
1,372,751‌
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
..........................................
$
615,224‌
$
79,297‌
$
7,629‌
$
367,429‌
$
1,069,579‌
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
42
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Fund
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
year ended August
31,
2022,
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 year
ended
August
31,
2022,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
For
the
year ended
August
31,
2022,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Other
Fees:
For
the 
year
ended 
August
31,
2022
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the
Fund’s Investor
A
Shares for
a
total
of
$36,040
.
For
the year
ended
August
31,
2022,
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,
2023.
The
contractual
agreement
may
be
terminated upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver. This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
year
ended
August
31,
2022,
the
amount
waived
was
$216,822.
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,
2023.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees
,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
year
ended
August
31,
2022,
the
Manager
waived
$177,379
in
investment
advisory
fees
pursuant
to
this
arrangement.
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
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
year ended
August
31,
2022,
class
specific
expense
waivers
and/or
reimbursements were
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.
Institutional
.............................................................................................................
$
3,807‌
Institutional
Investor
A
Investor
C
Class
K
Total
Reimbursed
amount
.......................
$
5,244‌
$
5,138‌
$
1,964‌
$
2,541‌
$
14,887‌
Institutional
Investor
A
Investor
C
Class
K
Total
Transfer
agent
fees
-
class
specific
..........................................
$
2,893,184‌
$
328,097‌
$
36,128‌
$
42,810‌
$
3,300,219‌
Fund
Name
Investor
A
Investor
C
BlackRock
Floating
Rate
Income
Portfolio
.............................................................................
$
36,973‌
$
8,917‌
Institutional
Investor
A
Investor
C
Class
K
Expense
Limitations
................................................
0.70‌%
1.05‌%
1.80‌%
0.65‌%
Fund
Name/Share
Class
Administration
Fees
Waived
-
Class
Specific
BlackRock
Floating
Rate
Income
Portfolio
Institutional
.......................................................................................................
$
10,557‌
$
10,557‌
Notes
to
Financial
Statements
(continued)
43
Notes
to
Financial
Statements
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 year
ended August
31,
2022,
the
Fund
paid
BIM $919,914
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow
and
lend under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
year
ended
August
31,
2022,
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 year
ended
August
31,
2022,
purchases
and
sales
of
investments,
including
paydowns/payups, excluding
short-term
securities, were $3,203,625,398
and
$2,039,141,345,
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
August
31,
2022,
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.
The
tax
character
of
distributions
paid
was
as
follows: 
Fund
Name
Year
Ended
08/31/22
Year
Ended
08/31/21
BlackRock
Floating
Rate
Income
Portfolio
Ordinary
income
...........................................................................................
$
207,215,932
$
108,780,983
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
44
As
of
August
31,
2022,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
As
of
August
31,
2022, 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.
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 year
ended
August
31,
2022,
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.
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.
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund’s
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
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. 
Fund
Name
Undistributed
Ordinary
Income
Non-expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
BlackRock
Floating
Rate
Income
Portfolio
...........................................
$
2,153,473
$
(296,027,851
)
$
(198,138,975
)
$
(492,013,353
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
foreign
currency
contracts,
the
timing
and
recognition
of
partnership
income,
the
accounting
for
swap
agreements,
and
the
deferral
of
compensation
to
Trustees.
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Floating
Rate
Income
Portfolio
.................................
$
5,477,329,146‌
$
83,293‌
$
(199,467,284‌)
$
(199,383,991‌)
Notes
to
Financial
Statements
(continued)
45
Notes
to
Financial
Statements
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,
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
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
LIBOR.
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Fund
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain. 
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
46
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Fund’s
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
items
were
noted:
Effective
October
6,
2022,
the
364-day
credit
agreement
to
which
the
Fund
and
the
Participating
Funds
are
party
was
amended
to
(i)
provide
an
additional
Participating
Fund
eligibility
to
borrow
from
the
$750
million
commitment
amount
previously
designated
solely
for
the
Fund
and
(ii)
enable
the
additional
Participating
Fund,
to
borrow
up
to
an
additional
$350
million
in
the
aggregate
with
the
Fund
of
the
remaining
$1.75
billion
aggregate
commitment
amount,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
Year
Ended
08/31/22
Year
Ended
08/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Floating
Rate
Income
Portfolio
Institutional
Shares
sold
.............................................
298,525,848‌
$
2,928,141,455‌
143,325,305‌
$
1,418,059,761‌
Shares
issued
in
reinvestment
of
distributions
........................
10,660,259‌
103,075,784‌
5,219,691‌
51,534,882‌
Shares
redeemed
.........................................
(213,745,089‌)
(2,055,715,136‌)
(67,798,636‌)
(664,009,667‌)
95,441,018‌
$
975,502,103‌
80,746,360‌
$
805,584,976‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
......................
27,787,705‌
$
273,192,870‌
7,982,447‌
$
78,946,394‌
Shares
issued
in
reinvestment
of
distributions
........................
1,277,829‌
12,367,745‌
863,511‌
8,509,500‌
Shares
redeemed
.........................................
(20,705,966‌)
(199,060,166‌)
(7,066,236‌)
(69,620,519‌)
8,359,568‌
$
86,500,449‌
1,779,722‌
$
17,835,375‌
Investor
C
Shares
sold
.............................................
1,842,303‌
$
18,038,451‌
896,279‌
$
8,889,173‌
Shares
issued
in
reinvestment
of
distributions
........................
103,903‌
1,004,516‌
95,907‌
944,067‌
Shares
redeemed
and
automatic
conversion
of
shares
..................
(1,627,562‌)
(15,774,130‌)
(2,015,408‌)
(19,867,049‌)
318,644‌
$
3,268,837‌
(1,023,222‌)
$
(10,033,809‌)
Class
K
Shares
sold
.............................................
134,083,686‌
$
1,318,188,522‌
117,417,952‌
$
1,163,778,355‌
Shares
issued
in
reinvestment
of
distributions
........................
7,412,008‌
71,709,364‌
3,613,503‌
35,714,040‌
Shares
redeemed
.........................................
(115,692,672‌)
(1,110,996,047‌)
(36,234,012‌)
(355,959,612‌)
25,803,022‌
$
278,901,839‌
84,797,443‌
$
843,532,783‌
129,922,252‌
$
1,344,173,228‌
166,300,303‌
$
1,656,919,325‌
Report
of
Independent
Registered
Public
Accounting
Firm
47
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Shareholders
of
BlackRock
Floating
Rate
Income
Portfolio and
the
Board
of
Trustees
of
BlackRock
Funds
V:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of BlackRock
Floating
Rate
Income
Portfolio of
BlackRock
Funds
V (the
“Fund”),
including
the
schedule
of
investments,
as
of
August
31,
2022,
the
related
statement
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
August
31,
2022,
and
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB. 
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Fund
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
its
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Fund’s
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
August
31,
2022,
by
correspondence
with custodians
or
counterparties; when
replies
were
not
received,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
October
24,
2022
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
2022
BlackRock
Annual
Report
to
Shareholders
48
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
August
31,
2022:
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest-related
dividends
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
August
31,
2022:
Fund
Name
Interest
Dividends
BlackRock
Floating
Rate
Income
Portfolio
..................................................................................
$
194,518,663‌
Fund
Name
Interest-Related
Dividends
BlackRock
Floating
Rate
Income
Portfolio
..................................................................................
$
190,355,584‌
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
49
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
V
(the
“Trust”)
met
on
April
14,
2022
(the
“April
Meeting”)
and
May
19-20,
2022
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Floating
Rate
Income
Portfolio
(the
“Fund”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreement
(the
“Sub-Advisory
Agreement”)
between
the
Manager
and
BlackRock
International
Limited
(the
“Sub-Advisor”),
with
respect
to
the
Fund.
The
Manager
and
the
Sub-Advisor
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreement
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
the
Fund
on
an
annual
basis.
The
Board
members
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
the
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
typically
extending
for
two
days,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
an
additional
one-day
meeting
to
consider
specific
information
surrounding
the
renewal
of
the
Agreements.
In
particular,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
applicable;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
the
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
the
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
the
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
the
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
the
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Fund’s
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a) the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b) the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable
;
(c) the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Fund;
(d) the
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Fund;
and
(g) other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
50
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
the
Fund.
Throughout
the
year,
the
Board
compared
Fund
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmarks,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
the
Fund’s
portfolio
management
team
discussing
the
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
number,
education
and
experience
of
investment
personnel
generally
and
the
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
the
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
the
Fund.
BlackRock
and
its
affiliates
provide
the
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
the
Fund
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
the
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
the
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans,
including
in
light
of
the
ongoing
COVID-19
pandemic.
B.
The
Investment
Performance
of
the
Fund
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
Fund
throughout
the
year
and
at
the
April
meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund’s
performance
as
of
December
31,
2021,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers.
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
the
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
Fund
ranked
in
the
third,
first
and
second
quartiles,
respectively,
against
its
Performance
Peers.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Performance
Peers
during
the
applicable
period.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
the
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
the
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
the
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
the
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2021
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
51
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time,
assumption
of
risk,
and
liability
profile
in
servicing
the
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
second
quartile,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
After
discussion
between
the
Board,
including
the
Independent
Board
Members,
and
BlackRock,
the
Board
and
BlackRock
agreed
to
a
contractual
adjustment
to
reduce
specified
levels
within
the
breakpoint
schedule.
This
adjustment
was
implemented
on
June
1,
2022.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Fund
benefits
from
such
economies
of
scale
in
a
variety
of
ways,
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
the
Fund
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
the
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Fund,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
the
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
At
the
May
Meeting,
as
a
result
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
approved,
by
unanimous
vote
of
those
present,
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
the
Fund,
for
a
one-year
term
ending
June
30,
2023,
and
the
Sub-Advisory
Agreement
between
the
Manager
and
the
Sub-Advisor,
with
respect
to
the
Fund,
for
a
one-year
term
ending
June
30,
2023.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Trustee
and
Officer
Information
2022
BlackRock
Annual
Report
to
Shareholders
52
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five
Years
R.
Glenn
Hubbard
1958
Chair
of
the
Board
(Since
2022)
Trustee
(Since
2019)
Dean,
Columbia
Business
School
from
2004
to
2019;
Faculty
member,
Columbia
Business
School
since
1988.
69
RICs
consisting
of
99
Portfolios
ADP
(data
and
information
services)
2004-2020;
Metropolitan
Life
Insurance
Company
(insurance);
KKR
Financial
Corporation
(finance)
from
2004
until
2014
W.
Carl
Kester
(d)
1951
Vice
Chair
of
the
Board
(Since
2022)
Trustee
(Since
2019)
George
Fisher
Baker
Jr.
Professor
of
Business
Administration,
Harvard
Business
School
since
2008;
Deputy
Dean
for
Academic
Affairs
from
2006
to
2010;
Chairman
of
the
Finance
Unit,
from
2005
to
2006;
Senior
Associate
Dean
and
Chairman
of
the
MBA
Program
from
1999
to
2005;
Member
of
the
faculty
of
Harvard
Business
School
since
1981.
71
RICs
consisting
of
101
Portfolios
None
Cynthia
L.
Egan
1955
Trustee
(Since
2019)
Advisor,
U.S.
Department
of
the
Treasury
from
2014
to
2015;
President,
Retirement
Plan
Services,
for
T.
Rowe
Price
Group,
Inc.
from
2007
to
2012;
executive
positions
within
Fidelity
Investments
from
1989
to
2007.
69
RICs
consisting
of
99
Portfolios
Unum
(insurance);
The
Hanover
Insurance
Group
(Board
Chair)
(insurance);
Huntsman
Corporation
(Lead
Independent
Director
and
non
Executive
Vice
Chair
of
the
Board)
(chemical
products);
Envestnet
(investment
platform)
from
2013
until
2016
Frank
J.
Fabozzi
(d)
1948
Trustee
(Since
2019)
Editor
of
The
Journal
of
Portfolio
Management
since
1986;
Professor
of
Finance,
EDHEC
Business
School
(France)
from
2011
to
2022;
Professor
of
Practice,
Johns
Hopkins
University
since
2021;
Visiting
Professor;
Princeton
University
for
the
2013
to
2014
academic
year
and
Spring
2017
semester;
Professor
in
the
Practice
of
Finance,
Yale
University
School
of
Management
from
1994
to
2011
and
currently
a
Teaching
Fellow
in
Yale's
Executive
Programs;
Board
Member,
BlackRock
Equity-Liquidity
Funds
from
2014
to
2016;
affiliated
professor
Karlsruhe
Institute
of
Technology
from
2008
to
2011;
Visiting
Professor,
Rutgers
University
for
the
Spring
2019
semester;
Visiting
Professor,
New
York
University
for
the
2019
academic
year;
Adjunct
Professor
of
Finance,
Carnegie
Mellon
University
in
fall
2020
semester
71
RICs
consisting
of
101
Portfolios
None
Lorenzo
A.
Flores
1964
Trustee
(Since
2021)
Vice
Chairman,
Kioxia,
Inc.
since
2019;
Chief
Financial
Officer,
Xilinx,
Inc.
from
2016
to
2019;
Corporate
Controller,
Xilinx,
Inc.
from
2008
to
2016.
69
RICs
consisting
of
99
Portfolios
None
Stayce
D.
Harris
1959
Trustee
(Since
2021)
Lieutenant
General,
Inspector
General,
Office
of
the
Secretary
of
the
United
States
Air
Force
from
2017
to
2019;
Lieutenant
General,
Assistant
Vice
Chief
of
Staff
and
Director,
Air
Staff,
United
States
Air
Force
from
2016
to
2017;
Major
General,
Commander,
22nd
Air
Force,
AFRC,
Dobbins
Air
Reserve
Base,
Georgia
from
2014
to
2016;
Pilot,
United
Airlines
from
1990
to
2020.
69
RICs
consisting
of
99
Portfolios
The
Boeing
Company
J.
Phillip
Holloman
1955
Trustee
(Since
2021)
President
and
Chief
Operating
Officer,
Cintas
Corporation
from
2008
to
2018.
69
RICs
consisting
of
99
Portfolios
PulteGroup,
Inc.
(home
construction);
Rockwell
Automation
Inc.
(industrial
automation)
Catherine
A.
Lynch
(d)
1961
Trustee
(Since
2019)
Chief
Executive
Officer,
Chief
Investment
Officer
and
various
other
positions,
National
Railroad
Retirement
Investment
Trust
from
2003
to
2016;
Associate
Vice
President
for
Treasury
Management,
The
George
Washington
University
from
1999
to
2003;
Assistant
Treasurer,
Episcopal
Church
of
America
from
1995
to
1999.
71
RICs
consisting
of
101
Portfolios
PennyMac
Mortgage
Investment
Trust
Trustee
and
Officer
Information
(continued)
53
Trustee
and
Officer
Information
Interested
Trustees
(a)(e)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Each
Independent
Trustee
holds
office
until
his
or
her
successor
is
duly
elected
and
qualifies
or
until
his
or
her
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
charter
or
statute,
or
until
December
31
of
the
year
in
which
he
or
she
turns
75.
Trustees
who
are
“interested
persons,”
as
defined
in
the
Investment
Company
Act
serve
until
their
successor
is
duly
elected
and
qualifies
or
until
their
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
statute,
or
until
December
31
of
the
year
in
which
they
turn
72.
The
Board
may
determine
to
extend
the
terms
of
Independent
Trustees
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
(“MLIM”)
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
Certain
Independent
Trustees
first
became
members
of
the
boards
of
other
legacy
MLIM
or
legacy
BlackRock
funds
as
follows:
Frank
J.
Fabozzi,
1988;
R.
Glenn
Hubbard,
2004;
and
W.
Carl
Kester,
1995.
Certain
other
Independent
Trustees
became
members
of
the
boards
of
the
closed-end
funds
in
the
Fixed-Income
Complex
as
follows:
Cynthia
L.
Egan,
2016;
and
Catherine
A.
Lynch,
2016.
(d)
Dr.
Fabozzi,
Dr.
Kester,
Ms.
Lynch
and
Mr.
Perlowski
are
also
trustees
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
(e)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Multi-Asset
Complex.
Robert
Fairbairn
1965
Trustee
(Since
2015)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
97
RICs
consisting
of
262
Portfolios
None
John
M.
Perlowski
(d)
1964
Trustee
(Since
2015);
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
99
RICs
consisting
of
264
Portfolios
None
Trustee
and
Officer
Information
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
54
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Officers
of
the
Trust
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Trust’s
Trustees
and
Officers
is
available
in
the
Trust’s
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7762.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
Five
Years
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Charles
Park
1967
Chief
Compliance
Officer
(Since
2014)
Anti-Money
Laundering
Compliance
Officer
for
certain
BlackRock-advised
Funds
from
2014
to
2015;
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
since
2014;
Principal
of
and
Chief
Compliance
Officer
for
iShares
®
Delaware
Trust
Sponsor
LLC
since
2012
and
BlackRock
Fund
Advisors
(“BFA”)
since
2006;
Chief
Compliance
Officer
for
the
BFA-advised
iShares
®
exchange
traded
funds
since
2006;
Chief
Compliance
Officer
for
BlackRock
Asset
Management
International
Inc.
since
2012.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Effective
May
31,
2022,
Karen
P.
Robards
retired
as
a
Trustee
of
the
Trust.
Effective
December
31,
2021,
Richard
E.
Cavanagh
and
Michael
J.
Castellano
retired
as
Trustees
of
the
Trust.
Additional
Information
55
Additional
Information
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
curre
nt
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)
2022
BlackRock
Annual
Report
to
Shareholders
56
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
10022
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
57
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-8/22-AR
Item 2 –
Code of Ethics –
The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
 
               Frank J. Fabozzi
Lorenzo A. Flores
Catherine A. Lynch
 

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
 
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
 
 
(a) Audit Fees
(b) Audit-Related Fees1
(c) Tax Fees2
(d) All Other Fees
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Floating Rate Income Portfolio
$79,968
$79,184
$0
$210
$19,000
$17,000
$476
$0
 
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
 
 
 
 
 
Current Fiscal Year End
Previous Fiscal Year End
(b) Audit-Related Fees1
$0
$0
(c) Tax Fees2
$0
$0
(d) All Other Fees3
$2,098,000
$2,032,000
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Non-audit fees of $2,098,000 and $2,032,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:
 
The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
 
              Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.


(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)
The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Floating Rate Income Portfolio
$19,476
$17,210
 
              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End
Previous Fiscal Year End
$2,098,000
$2,032,000
 
              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
 
              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and
the Affiliated Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
               (i) – Not Applicable
               (j) – Not Applicable
 
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the 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 – See Item 2
              (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: October 24, 2022
 
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: October 24, 2022
 
By:     /s/ Trent Walker_________________
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds V  
 
Date: October 24, 2022
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds V, certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock Funds V;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: October 24, 2022
/s/ John M. Perlowski_____
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds V  

EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds V, certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock Funds V;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: October 24, 2022
/s/ Trent Walker_________
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds V  

 
Exhibit 99.906CERT
 
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds V (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended August 31, 2022 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: October 24, 2022
/s/ John M. Perlowski______
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds V  
 
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds V (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended August 31, 2022 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: October 24, 2022
/s/ Trent Walker___________
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds V  
 
 
 
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.