UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23339

Name of Fund:  BlackRock Funds V

                             BlackRock Floating Rate Income Portfolio

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds V, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 07/31/2026

Date of reporting period: 01/31/2026

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

BlackRock Floating Rate Income Portfolio

Institutional Shares | BFRIX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$35	0.69%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,018,310,062
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	462
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22%

What did the Fund invest in?

(as of January 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	95.9%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.7
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54.9
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5

Footnote	Description
Footnote(a)	Excludes short-term securities.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Additional information

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Floating Rate Income Portfolio

Institutional Shares | BFRIX

Semi-Annual Shareholder Report — January 31, 2026

BFRIX-01/26-SAR

BlackRock Floating Rate Income Portfolio

Investor A Shares | BFRAX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$48	0.95%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,018,310,062
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	462
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22%

What did the Fund invest in?

(as of January 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	95.9%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.7
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54.9
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5

Footnote	Description
Footnote(a)	Excludes short-term securities.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Additional information

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Floating Rate Income Portfolio

Investor A Shares | BFRAX

Semi-Annual Shareholder Report — January 31, 2026

BFRAX-01/26-SAR

BlackRock Floating Rate Income Portfolio

Investor C Shares | BFRCX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$86	1.70%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,018,310,062
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	462
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22%

What did the Fund invest in?

(as of January 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	95.9%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.7
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54.9
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5

Footnote	Description
Footnote(a)	Excludes short-term securities.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Additional information

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Floating Rate Income Portfolio

Investor C Shares | BFRCX

Semi-Annual Shareholder Report — January 31, 2026

BFRCX-01/26-SAR

BlackRock Floating Rate Income Portfolio

Class K Shares | BFRKX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Floating Rate Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$31	0.61%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$3,018,310,062
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	462
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22%

What did the Fund invest in?

(as of January 31, 2026) 

Portfolio composition

Credit quality allocation

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	95.9%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-

Table Summary

Credit RatingFootnote Reference(c)	Percent of Total InvestmentsFootnote Reference(a)
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.7
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.9
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54.9
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
D........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5

Footnote	Description
Footnote(a)	Excludes short-term securities.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings, or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Additional information

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Floating Rate Income Portfolio

Class K Shares | BFRKX

Semi-Annual Shareholder Report — January 31, 2026

BFRKX-01/26-SAR

(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report.

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report.

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report.

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

              (a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

January

31,

2026

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

BlackRock

Funds

V

BlackRock

Floating

Rate

Income

Portfolio

Table

of

Contents

Page

2

Derivative

Financial

Instruments

.............................................................................................

3

Schedule

of

Investments

..................................................................................................

4

Statement

of

Assets

and

Liabilities

............................................................................................

22

Statement

of

Operations

..................................................................................................

24

Statements

of

Changes

in

Net

Assets

..........................................................................................

25

Financial

Highlights

.....................................................................................................

26

Notes

to

Financial

Statements

...............................................................................................

30

Additional

Information

....................................................................................................

42

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

44

Derivative

Financial

Instruments

3

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument. Pursuant

to Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Fund

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Financial

Services

—

0.1%

Aimbridge

Topco

LLC

(a)

(b)

................

24,947

$

1,509,293‌

Food

Products

—

0.0%

H-Food

Holdings

LLC

(a)

.................

58,429

754,727‌

Ground

Transportation

—

0.0%

SIRVA,

Inc.

(a)

........................

8,136

6,102‌

Hotels,

Restaurants

&

Leisure

—

0.1%

(a)(b)

Fortrex

Holdings

LLC

..................

51,119

1,380,213‌

Hurtigruten

Global

Sales

A/S

.............

112,028

1‌

1,380,214‌

Household

Durables

—

0.0%

Svp

Singer

(a)

(b)

.......................

52,276

202,570‌

IT

Services

—

0.1%

Travelport

Technology

Ltd.

(a)

(b)

............

1,636

3,912,494‌

Machinery

—

0.0%

Ameriforge

Group,

Inc.

(a)

(b)

...............

5,385

—‌

Media

—

0.1%

Learfield

Communications

LLC

,

(Acquired

09/06/23

,

cost

$

0

)

(a)

(b)

(c)

...............

14,037

1,572,144‌

Trading

Companies

&

Distributors

—

0.0%

TMK

Hawk

Parent

Corp.

(a)

(b)

..............

94,283

659,981‌

Transportation

Infrastructure

—

0.0%

Incora

Top

Holdco

LLC

(a)

(b)

(d)

..............

37,466

222,923‌

Wireless

Telecommunication

Services

—

0.0%

Altice

France

Lux

3

(a)

..................

66,137

1,244,764‌

Total

Common

Stocks

—

0

.4

%

(Cost:

$

12,065,197

)

...............................

11,465,212‌

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.0%

Wolverine

Escrow

LLC,

0.00%,

11/15/26

(b)

....

USD

2,628‌

—‌

Broadline

Retail

—

0.1%

Getty

Images,

Inc.,

11.25%,

02/21/30

(d)

......

3,256‌

2,914,422‌

Chemicals

—

0.0%

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(d)

.....

34‌

34,002‌

Electric

Utilities

—

0.0%

Texas

Competitive

Electric

Holdings

Co.

LLC,

5.03%,

12/31/49

(a)

(b)

(e)

...............

8,430‌

1‌

IT

Services

—

0.9%

Beignet

Investor

LLC,

6.58%,

05/30/49

(d)

.....

26,810‌

27,915,023‌

Pharmaceuticals

—

0.3%

1261229

BC

Ltd.,

10.00%,

04/15/32

(d)

......

7,495‌

7,691,797‌

Transportation

Infrastructure

—

0.0%

Incora

Top

Holdco

LLC,

6.00%,

01/31/33

(a)

(b)

(e)

.

787‌

187,337‌

Wireless

Telecommunication

Services

—

0.0%

Ligado

Networks

LLC,

15.50%,

(15.50%

Cash

or

15.50%

PIK),

11/01/24

(a)

(d)

(e)

(f)

..........

1,919‌

528,961‌

Total

Corporate

Bonds

—

1

.3

%

(Cost:

$

39,812,611

)

...............................

39,271,543‌

Security

Par

(000)

Par

(000)

Value

Fixed

Rate

Loan

Interests

Health

Care

Technology

—

0.2%

Cotiviti,

Inc.,

1st

Lien

Term

Loan

,

7.63

%

,

05/01/31

...................

USD

7,615‌

$

7,086,788‌

IT

Services

—

0.1%

X

Corp.,

1st

Lien

Term

Loan

B3

,

9.50

%

,

10/26/29

1,138‌

1,176,408‌

Software

—

0.2%

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan

,

7.75

%

,

12/09/31

...................

6,507‌

6,368,560‌

Total

Fixed

Rate

Loan

Interests

—

0

.5

%

(Cost:

$

15,244,760

)

...............................

14,631,756‌

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

3.2%

(g)

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.18

%

,

05/25/29

.............

17,677‌

3,615,734‌

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.18

%

,

05/25/29

.............

2,576‌

526,942‌

Bleriot

US

Bidco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

10/31/30

...................

5,996‌

5,990,296‌

Cobham

Ultra

SeniorCo

SARL,

Facility

1st

Lien

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.37

%

,

08/03/29

...

6,682‌

6,671,975‌

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/31/31

.............

15,292‌

15,318,354‌

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/31/31

.............

5,816‌

5,825,965‌

Kaman

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.50%;

6-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.50%

at

0.50%

Floor

+

0.00%),

6.32

%

-

6.54

%

,

02/26/32

...................

4,577‌

4,570,296‌

Kaman

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.15

%

,

02/26/32

.............

85‌

84,724‌

Peraton

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.69

%

,

02/01/28

...................

9,043‌

8,339,206‌

Propulsion

BC

Finco

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

12/01/32

.............

2,250‌

2,251,493‌

Setanta

Aircraft

Leasing

DAC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

11/06/28

........

2,506‌

2,514,705‌

TransDigm,

Inc.,

1st

Lien

Term

Loan

J

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

02/28/31

...................

14,800‌

14,790,567‌

TransDigm,

Inc.,

1st

Lien

Term

Loan

K

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

03/22/30

...................

8,921‌

8,910,789‌

TransDigm,

Inc.,

1st

Lien

Term

Loan

L

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

01/19/32

...................

6,106‌

6,100,828‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

TransDigm,

Inc.,

1st

Lien

Term

Loan

M

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

08/19/32

...................

USD

10,853‌

$

10,843,358‌

96,355,232‌

Automobile

Components

—

1.8%

(g)

Allison

Transmission,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

01/03/33

.............

4,539‌

4,548,078‌

Clarios

Global

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

05/06/30

...........

14,689‌

14,661,975‌

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

01/28/32

...........

11,223‌

11,226,351‌

Garrett

Motion

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

01/30/32

............

642‌

643,117‌

Gates

Corp.,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

06/04/31

...................

10,166‌

10,169,528‌

Gates

Global

LLC,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

11/16/29

...................

1,624‌

1,624,649‌

RealTruck

Group,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.54

%

,

01/31/28

...........

429‌

331,158‌

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

8.79

%

,

01/31/28

...........

3,369‌

2,608,958‌

Tenneco,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.77

%

-

8.99

%

,

11/17/28

...................

7,534‌

7,450,184‌

53,263,998‌

Automobiles

—

0.3%

(g)

Bombardier

Recreational

Products,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.97

%

,

01/22/31

........

2,754‌

2,757,300‌

Dealer

Tire

Financial

LLC,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

07/02/31

.............

5,124‌

5,111,084‌

7,868,384‌

Beverages

—

0.5%

(g)

Naked

Juice

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.02

%

,

01/24/29

...........

2,506‌

1,599,857‌

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.17

%

,

01/24/29

...........

9,449‌

9,383,936‌

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.00%),

4.77

%

,

01/24/30

...........

3,383‌

631,978‌

Sazerac

Co.,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

+

2.00%),

5.68

%

,

07/09/32

2,142‌

2,137,669‌

13,753,440‌

Biotechnology

—

0.6%

(g)

Biomarin

Pharmaceutical,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

0.00

%

,

01/28/33

(b)

............

3,732‌

3,732,000‌

PAREXEL

International

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

12/12/31

............

13,187‌

13,175,728‌

16,907,728‌

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

—

0.5%

(g)

Boots

Group

Finco

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.21

%

,

08/30/32

.............

USD

6,676‌

$

6,692,690‌

StubHub

Holdco

Sub

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.42

%

,

03/15/30

.............

9,265‌

9,235,924‌

15,928,614‌

Building

Products

—

1.4%

(g)

AZZ,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

05/14/29

...................

376‌

377,240‌

Chariot

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

09/08/32

...................

14,158‌

14,136,618‌

CP

Atlas

Buyer,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92

%

,

07/08/30

.............

5,862‌

5,748,227‌

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

10/27/32

...................

7,238‌

7,183,478‌

Gibraltar

Industries,

Inc.,

1st

Lien

Term

Loan

,

01/31/33

(b)

(h)

......................

760‌

760,000‌

Wilsonart

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

08/05/31

...................

14,606‌

14,123,910‌

42,329,473‌

Capital

Markets

—

3.6%

(g)

Allspring

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.69

%

,

11/01/30

...................

1,364‌

1,363,964‌

Ardonagh

Group

Finco

Pty.

Ltd.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

0.0;

6-mo.

CME

Term

SOFR

at

2.75%

Floor

+

0.0%

at

0.00%

Floor

+

0.00%),

6.37

%

-

6.42

%

,

02/18/31

.............

13,237‌

13,179,376‌

Aretec

Group,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

08/09/30

.............

3,980‌

3,958,797‌

Ascensus

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

11/25/32

..............

6,345‌

6,318,541‌

Axalta

Coating

Systems

US

Holdings,

Inc.,

Facility

1st

Lien

Term

Loan

B7

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

12/20/29

...................

8,936‌

8,930,254‌

BCPE

Pequod

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

11/25/31

..............

7,477‌

7,436,331‌

Chicago

US

MidCo

III

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

10/29/32

.............

8,369‌

8,342,539‌

Citadel

Securities

Global

Holdings

LLC,

Facility

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/31/31

..

9,798‌

9,805,924‌

Edelman

Financial

Engines

Center

LLC

(The),

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

04/07/28

..

8,109‌

8,102,741‌

Focus

Financial

Partners

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.22

%

,

09/15/31

........

11,256‌

11,177,639‌

GTCR

Everest

Borrower

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

09/05/31

............

2,616‌

2,611,356‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Hudson

River

Trading

LLC,

1st

Lien

Term

Loan

B2

,

03/18/30

(h)

.....................

USD

5,632‌

$

5,606,205‌

Jane

Street

Group

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.82

%

,

12/15/31

.............

15,070‌

14,941,984‌

Osaic

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.60

%

,

08/02/32

...................

8,150‌

8,077,710‌

109,853,361‌

Chemicals

—

3.4%

(g)

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.77

%

,

11/24/27

............

2,315‌

2,138,966‌

Chemours

Co.

LLC,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

10/15/32

.............

10,649‌

10,569,273‌

Derby

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.68

%

,

11/01/30

...................

8,657‌

8,661,494‌

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42

%

,

10/04/29

.............

5,577‌

5,214,808‌

Element

Solutions,

Inc.,

1st

Lien

Term

Loan

,

12/18/30

(h)

.......................

2,160‌

2,165,746‌

Element

Solutions,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

12/18/30

.............

6,339‌

6,355,826‌

Fortis

333,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

03/29/32

...................

3,965‌

3,917,361‌

HB

Fuller

Co.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

02/15/30

...................

840‌

840,735‌

INEOS

US

Finance

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

02/18/30

.............

3,026‌

2,179,077‌

INEOS

US

Petrochem

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

10/07/31

.............

4,190‌

2,705,406‌

Lonza

Group

AG,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.93%),

7.70

%

,

07/03/28

.............

5,830‌

4,915,182‌

Minerals

Technologies,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

11/26/31

(b)

............

3,831‌

3,840,538‌

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

11/03/32

............

3,490‌

3,430,391‌

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan

B6

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

06/23/31

........

13,376‌

13,169,025‌

OQ

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.00

%

,

04/08/31

..

10,002‌

7,351,541‌

Paint

Intermediate

III

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.87

%

,

10/09/31

.............

3,513‌

3,498,096‌

Solstice

Advanced

Materials,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.76

%

,

10/29/32

........

4,247‌

4,262,926‌

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

6.70

%

,

08/02/30

.............

10,081‌

9,996,816‌

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

WR

Grace

Holdings

LLC,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

08/19/32

.............

USD

6,156‌

$

6,127,689‌

101,340,896‌

Commercial

Services

&

Supplies

—

3.2%

(g)

Action

Environmental

Group,

Inc.

(The),

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92

%

,

10/24/30

........

5,130‌

5,113,562‌

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

08/20/32

.............

22,193‌

22,214,901‌

Asplundh

Tree

Expert

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52

%

,

09/06/27

.............

2,809‌

2,810,408‌

Citrin

Cooperman

Advisors

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

04/01/32

............

6,765‌

6,715,545‌

Clean

Harbors,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.50%),

5.17

%

,

10/11/32

...................

2,365‌

2,381,271‌

Deep

Blue

Operating

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.44

%

,

10/01/32

.............

1,482‌

1,484,786‌

Grant

Thornton

Advisors

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

06/02/31

............

7,359‌

7,242,684‌

JFL-Tiger

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42

%

,

10/17/30

(b)

...........

4,232‌

4,235,802‌

Novelis,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/11/32

...................

10,817‌

10,812,714‌

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69

%

,

10/15/30

...

1,053‌

1,049,985‌

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.44

%

,

03/08/32

...

13,481‌

13,403,815‌

Quartz

AcquireCo

LLC,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

06/28/30

(b)

............

4,078‌

3,935,717‌

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

01/15/31

.............

1,913‌

1,910,016‌

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

11/30/28

............

5,811‌

5,811,446‌

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.93

%

,

01/15/31

...........

3,250‌

3,245,325‌

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.93

%

,

01/15/31

.............

528‌

527,365‌

Summer

BC

Holdco

B

SARL,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

8.93

%

,

02/15/29

...

1,930‌

1,779,333‌

TruGreen

LP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.67

%

,

11/02/27

...................

1,824‌

1,783,165‌

96,457,840‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

—

0.2%

Ciena

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

10/24/30

(g)

..................

USD

6,904‌

$

6,905,495‌

Construction

&

Engineering

—

0.8%

(g)

Azuria

Water

Solutions,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

0.00

%

,

01/27/33

(b)

............

4,680‌

4,644,965‌

Azuria

Water

Solutions,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

,

0.00

%

,

01/27/33

(b)

.......

624‌

619,329‌

Brand

Industrial

Services,

Inc.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.35

%

,

08/01/30

........

12,126‌

10,683,916‌

Construction

Partners,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

11/03/31

..............

2,587‌

2,586,365‌

Dycom

Industries,

Inc.,

1st

Lien

Term

Loan

B

,

01/20/33

(h)

.......................

2,246‌

2,250,222‌

Legence

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

5.92

%

,

12/16/31

.............

4,538‌

4,548,191‌

25,332,988‌

Construction

Materials

—

1.8%

(g)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

01/31/31

...................

7,668‌

7,686,071‌

MSOF

Beacon

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

+

2.50%),

6.17

%

,

12/23/32

1,668‌

1,665,398‌

NEW

AMI

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

9.67

%

,

03/08/29

...................

1,938‌

1,690,703‌

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

04/14/31

.............

5,940‌

5,940,000‌

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

03/19/29

.............

5,329‌

5,331,621‌

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

02/10/32

.............

8,997‌

8,990,265‌

Standard

Industries,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

09/22/28

.............

1,018‌

1,019,638‌

White

Cap

Supply

Holdings

LLC,

Facility

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.97

%

,

10/19/29

...

21,657‌

21,589,654‌

53,913,350‌

Consumer

Staples

Distribution

&

Retail

—

0.3%

(g)

EG

America

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.32

%

,

02/07/28

...........

2,270‌

2,268,464‌

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

0.00

%

,

01/30/31

(b)

..........

5,914‌

5,906,608‌

US

Foods,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

10/03/31

...................

1,491‌

1,499,489‌

9,674,561‌

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

—

2.1%

(g)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

6.44

%

,

11/29/30

............

USD

15,348‌

$

15,341,565‌

Clydesdale

Acquisition

Holdings,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.18%),

6.85

%

,

04/13/29

...........

1,070‌

1,064,029‌

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92

%

,

04/01/32

...........

9,751‌

9,693,985‌

Colossus

Acquireco

LLC,

1st

Lien

Term

Loan

,

(1-day

SOFR

at

0.00%

Floor

+

1.75%),

5.41

%

,

07/30/32

...................

10,712‌

10,666,903‌

Graham

Packaging

Co.,

Inc.,

1st

Lien

Term

Loan

B

,

01/14/33

(h)

.....................

5,919‌

5,909,115‌

LABL,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

0.00

%

,

10/30/28

(b)

..................

10,523‌

5,419,398‌

Mauser

Packaging

Solutions

Holding

Co.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.23

%

,

04/15/30

...

4,890‌

4,763,398‌

Pregis

TopCo

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

02/01/29

...................

4,137‌

4,144,902‌

ProAmpac

PG

Borrower

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.67

%

-

7.88

%

,

09/15/28

........

1,022‌

1,021,371‌

Ring

Container

Technologies

Group

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

09/15/32

...

2,549‌

2,551,263‌

Trident

TPI

Holdings,

Inc.,

1st

Lien

Term

Loan

B7

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42

%

,

09/15/28

.............

4,615‌

4,341,323‌

64,917,252‌

Diversified

Consumer

Services

—

0.9%

(g)

Bright

Horizons

Family

Solutions

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

08/23/32

...

5,381‌

5,398,535‌

OMNIA

Partners

LLC,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45

%

,

12/31/32

.............

3,642‌

3,642,392‌

PG

Polaris

BidCo

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

03/26/31

.............

4,375‌

4,371,834‌

Planet

US

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.82

%

,

02/07/31

.............

3,107‌

3,106,494‌

Wand

NewCo

3,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

01/30/31

...................

9,587‌

9,576,391‌

26,095,646‌

Diversified

REITs

—

0.1%

RHP

Hotel

Properties

LP,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.47

%

,

05/18/30

(b)

(g)

...........

2,275‌

2,271,860‌

Diversified

Telecommunication

Services

—

2.6%

(g)

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

03/29/32

.............

20,989‌

20,994,247‌

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

A

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

9.72

%

,

06/01/28

.............

596‌

597,173‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

6.14

%

,

04/16/29

.............

USD

6,503‌

$

6,482,309‌

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

6.14

%

,

04/15/30

.............

6,649‌

6,627,668‌

Orbcomm,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

0.75;

3-mo.

CME

Term

SOFR

at

4.25%

Floor

+

0.75%

at

0.75%

Floor

+

0.04%),

8.04

%

-

8.33

%

,

09/01/28

...................

3,225‌

2,995,350‌

Radiate

Holdco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.00%),

7.67

%

,

06/26/29

...........

194‌

193,685‌

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.29

%

,

09/25/29

...........

17,479‌

14,875,777‌

Radiate

Holdco

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.00%),

7.67

%

,

06/26/29

........

194‌

193,685‌

Sunrise

Financing

Partnership,

Facility

1st

Lien

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

0.00

%

,

02/16/32

...

2,258‌

2,249,758‌

Virgin

Media

Bristol

LLC,

Facility

1st

Lien

Term

Loan

Q

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.04

%

,

01/31/29

........

3,996‌

3,986,328‌

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.83

%

,

03/11/30

..............

19,185‌

18,446,041‌

77,642,021‌

Electric

Utilities

—

0.7%

(g)

NRG

Energy,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.75%

Floor

+

0.0;

3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

0.0%

at

0.00%

Floor

+

0.00%),

5.52

%

,

04/16/31

...

15,722‌

15,729,608‌

Vistra

Operations

Co.

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

12/20/30

(a)

............

4,198‌

4,202,723‌

19,932,331‌

Electronic

Equipment,

Instruments

&

Components

—

0.5%

(g)

Celestica,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

06/20/31

...................

3,152‌

3,167,760‌

Coherent

Corp.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

07/02/29

...................

6,038‌

6,048,412‌

CoorsTek,

Inc.,

1st

Lien

Term

Loan

B

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.68

%

,

10/28/32

...................

805‌

806,674‌

Sanmina

Corp.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.70

%

,

10/27/32

(b)

..................

4,840‌

4,852,100‌

14,874,946‌

Energy

Equipment

&

Services

—

0.2%

Covia

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.40

%

,

02/26/32

(g)

..................

6,034‌

6,026,130‌

Security

Par

(000)

Par

(000)

Value

Entertainment

—

2.8%

(g)

City

Football

Group

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.18

%

,

07/22/30

.............

USD

4,368‌

$

4,344,657‌

Creative

Artists

Agency

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

10/01/31

.............

15,494‌

15,459,394‌

Delta

2

(Lux)

SARL,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

09/30/31

.............

17,722‌

17,699,961‌

Live

Nation

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/21/32

(b)

.......

6,533‌

6,516,668‌

Motion

Finco

SARL,

Facility

1st

Lien

Term

Loan

B3

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

11/13/29

..............

11,865‌

10,103,899‌

TKO

Worldwide

Holdings

LLC,

1st

Lien

Term

Loan

B5

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.87

%

,

11/21/31

........

18,031‌

18,052,625‌

WMG

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.57

%

,

01/24/31

.............

12,672‌

12,707,301‌

84,884,505‌

Financial

Services

—

4.3%

(g)

ABG

Intermediate

Holdings

2

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

12/21/28

........

7,104‌

7,094,413‌

Acuren

Delaware

Holdco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

07/30/31

............

2,147‌

2,146,490‌

Apex

Group

Treasury

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.39

%

,

02/27/32

.............

9,871‌

9,081,677‌

APi

Group

DE,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

01/03/29

...................

15,309‌

15,336,227‌

Belron

Finance

2019

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.12

%

,

10/16/31

.............

21,802‌

21,851,481‌

CPI

Holdco

B

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

05/19/31

...................

18,209‌

18,110,597‌

EOC

Borrower

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

03/24/32

.............

17,425‌

17,412,366‌

Gryphon

Acquire

NewCo

LLC,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.88

%

,

09/13/32

............

4,560‌

4,535,786‌

Guardian

US

Holdco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.17

%

,

01/31/30

.............

1,834‌

1,830,863‌

Hyperion

Refinance

SARL,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

02/17/31

.............

7,530‌

7,514,463‌

Orion

US

Finco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.15

%

,

10/08/32

...................

5,399‌

5,395,653‌

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

05/30/31

.............

11,575‌

11,603,541‌

Summit

Acquisition,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

10/16/31

.............

326‌

326,897‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

WEX,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

04/03/28

...................

USD

2,970‌

$

2,964,579‌

WEX,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/05/32

...................

3,712‌

3,691,089‌

128,896,122‌

Food

Products

—

1.6%

(g)

Chobani

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

10/28/32

...................

18,334‌

18,356,917‌

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B4

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.24

%

,

09/30/31

........

17,762‌

17,714,929‌

Froneri

US,

Inc.,

Facility

1st

Lien

Term

Loan

B6

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.12

%

,

09/30/32

.............

2,445‌

2,439,645‌

MP

Midco

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.50%),

10.17

%

,

03/29/30

.............

944‌

947,079‌

Primo

Brands

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

03/31/28

...................

4,781‌

4,777,365‌

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

01/29/32

.............

3,121‌

3,112,470‌

Wellness

Pet

LLC,

1st

Lien

Term

Loan

A

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.95%),

7.62

%

,

12/31/29

...................

769‌

387,366‌

Wellness

Pet

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.68

%

,

12/31/29

...................

429‌

34,742‌

47,770,513‌

Gas

Utilities

—

0.1%

M6

ETX

Holdings

II

Midco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

04/01/32

(g)

...........

3,992‌

3,990,728‌

Ground

Transportation

—

0.9%

(g)

Genesee

&

Wyoming,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

04/10/31

.............

19,155‌

19,120,221‌

Hertz

Corp.

(The),

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.29

%

,

06/30/28

...................

6,772‌

5,756,116‌

Hertz

Corp.

(The),

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.29

%

,

06/30/28

...................

1,299‌

1,104,562‌

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

8.00%),

11.89

%

,

08/20/29

(b)

............

5,116‌

1,943,926‌

27,924,825‌

Health

Care

Equipment

&

Supplies

—

1.4%

(g)

Bausch

+

Lomb

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

+

3.75%),

7.42

%

,

01/15/31

...................

16,154‌

16,254,669‌

Hologic,

Inc.,

1st

Lien

Term

Loan

B

,

01/14/33

(h)

.

22,227‌

22,057,630‌

QuidelOrtho

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

08/20/32

...................

5,602‌

5,567,226‌

43,879,525‌

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

—

2.3%

(g)

ACP

Tara

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.97

%

,

12/15/32

(b)

............

USD

1,057‌

$

1,060,964‌

AHP

Health

Partners,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

09/20/32

.............

900‌

898,918‌

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.59

%

,

09/29/28

............

5,269‌

5,268,930‌

CNT

Holdings

I

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17

%

,

11/08/32

...................

6,969‌

6,955,935‌

Concentra

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

07/28/31

........

2,599‌

2,600,437‌

Ensemble

RCM

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

08/01/29

.............

7,391‌

7,321,810‌

Examworks

Bidco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

11/01/28

..............

8,994‌

8,987,992‌

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

C

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

10.48

%

,

11/30/28

(a)

(b)

(e)

.........

237‌

40,995‌

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

05/19/31

.............

6,028‌

6,021,396‌

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.27

%

,

11/01/28

............

5,068‌

994,586‌

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.00%),

10.77

%

,

11/01/29

...........

3,196‌

660,533‌

Medline

Borrower

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

10/23/28

...........

3,985‌

3,994,812‌

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.47

%

,

10/23/30

...........

3,217‌

3,223,801‌

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

09/22/32

.............

8,010‌

8,016,304‌

Raven

Acquisition

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

11/19/31

............

3,636‌

3,595,895‌

Surgery

Center

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

12/19/30

............

8,881‌

8,886,900‌

Team

Health

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17

%

,

06/30/28

.............

2,498‌

2,498,445‌

71,028,653‌

Health

Care

Technology

—

1.5%

(g)

AthenaHealth

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

02/15/29

.............

12,930‌

12,749,188‌

Cotiviti,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45

%

,

05/01/31

...................

13,035‌

12,033,185‌

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.77

%

,

10/01/27

.............

2,892‌

2,756,826‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Technology

(continued)

PointClickCare

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

11/03/31

............

USD

6,380‌

$

6,334,733‌

Polaris

Newco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.85

%

,

06/02/28

...................

8,909‌

8,192,784‌

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

10/22/29

.............

3,211‌

3,191,087‌

45,257,803‌

Hotels,

Restaurants

&

Leisure

—

5.6%

(g)

1011778

BC

ULC,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.47

%

,

09/20/30

...................

7,009‌

6,984,753‌

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.29

%

,

03/11/30

............

1,424‌

1,407,818‌

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.61%),

11.29

%

,

03/11/30

...........

1,331‌

1,316,167‌

Alterra

Mountain

Co.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.22

%

,

05/31/30

(b)

............

6,512‌

6,520,608‌

Bally's

Corp.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.18

%

,

10/02/28

.............

3,519‌

3,457,165‌

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

02/06/30

.............

6,521‌

6,472,506‌

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

02/06/31

.............

10,608‌

10,522,828‌

Crown

Finance

US,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.19

%

,

12/02/31

.............

5,176‌

5,036,077‌

DK

Crown

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/04/32

.............

9,711‌

9,711,263‌

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92

%

,

01/29/29

.............

15,668‌

15,621,884‌

Flutter

Financing

BV,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

12/02/30

...........

10,745‌

10,717,686‌

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

06/04/32

...........

4,849‌

4,829,109‌

Fortrex

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.77

%

,

03/10/31

...................

1,196‌

1,152,985‌

Four

Seasons

Hotels

Ltd.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.47

%

,

09/22/32

.............

9,584‌

9,638,387‌

Great

Canadian

Gaming

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.44

%

,

11/01/29

........

5,923‌

5,768,960‌

Herschend

Entertainment

Co.

LLC,

1st

Lien

Term

Loan

,

05/27/32

(h)

...................

5,351‌

5,360,039‌

Hilton

Domestic

Operating

Co.,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

11/08/30

....

10,802‌

10,845,405‌

IRB

Holding

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17

%

,

12/16/30

...................

10,735‌

10,727,910‌

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Light

&

Wonder

International,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

04/16/29

........

USD

3,127‌

$

3,115,722‌

Ontario

Gaming

GTA

LP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.92

%

,

08/01/30

.............

2,315‌

2,159,742‌

Penn

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

05/03/29

.............

4,815‌

4,810,232‌

Scientific

Games

Holdings

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.65

%

,

04/04/29

............

3,932‌

3,861,573‌

SeaWorld

Parks

&

Entertainment,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

12/04/31

...

3,049‌

3,032,433‌

Station

Casinos

LLC,

Facility

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

03/14/31

.............

9,256‌

9,255,356‌

TRQ

Sales

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.94

%

,

12/30/32

...................

4,205‌

4,178,719‌

Voyager

Parent

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

+

4.25%),

7.91

%

,

07/01/32

...................

6,579‌

6,561,540‌

Whatabrands

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

08/03/28

...................

3,580‌

3,573,382‌

Wyndham

Hotels

&

Resorts,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52

%

,

05/24/30

............

3,414‌

3,418,874‌

170,059,123‌

Household

Durables

—

0.5%

(g)

Madison

Safety

&

Flow

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

09/26/31

.............

2,895‌

2,898,891‌

Somnigroup

International,

Inc.,

1st

Lien

Term

Loan

B

,

(1-day

SOFR

at

0.00%

Floor

+

2.25%),

5.93

%

,

10/24/31

.............

2,882‌

2,898,785‌

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan

A1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.33

%

,

12/19/29

.............

1,850‌

1,835,346‌

SWF

Holdings

I

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.50%),

8.17

%

,

12/19/29

........

1,233‌

1,223,564‌

Weber-Stephen

Products

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.41

%

,

10/01/32

........

7,102‌

7,093,122‌

15,949,708‌

Household

Products

—

0.1%

Lavender

Dutch

Borrower

Co.

BV,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.93

%

,

12/02/32

(g)

..

4,285‌

4,295,713‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.6%

(g)

Calpine

Construction

Finance

Co.

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

07/31/30

........

4,226‌

4,228,662‌

Constellation

Renewables

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.00%),

5.82

%

,

12/15/27

............

4,908‌

4,909,073‌

Talen

Energy

Supply

LLC,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.35

%

,

12/11/31

............

4,307‌

4,306,155‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

11/25/32

............

USD

4,870‌

$

4,866,347‌

18,310,237‌

Industrial

Conglomerates

—

1.7%

(g)

Beach

Acquisition

Bidco

LLC,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

09/13/32

.............

1,895‌

1,895,000‌

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.12

%

,

08/04/31

...................

5,099‌

5,089,875‌

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.07

%

,

05/31/30

.............

18,534‌

18,503,898‌

FCG

Acquisitions,

Inc.,

1st

Lien

Term

Loan

,

03/31/28

(h)

.......................

424‌

424,178‌

INNIO

Group

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

11/02/28

....

4,007‌

4,003,674‌

LSF12

Crown

US

Commercial

Bidco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

+

3.00%),

6.68

%

,

12/02/31

.............

3,468‌

3,469,158‌

Pinnacle

Buyer

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.16

%

,

10/01/32

.............

4,368‌

4,367,696‌

Resideo

Funding,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.72

%

,

08/13/32

.............

4,706‌

4,697,404‌

Resilience

Parent

LLC,

1st

Lien

Term

Loan

B

,

01/21/33

(h)

.......................

8,340‌

8,329,575‌

SVP-Singer

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

+

7.50%),

11.43

%

,

10/15/29

(b)

.................

731‌

588,529‌

51,368,987‌

Insurance

—

4.6%

(g)

Alliant

Holdings

Intermediate

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

09/19/31

............

21,954‌

21,878,827‌

AmWINS

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.00%),

5.67

%

,

01/30/32

...................

20,239‌

20,191,518‌

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

+

2.50%),

6.17

%

,

12/29/31

...................

10,723‌

10,652,199‌

Baldwin

Insurance

Group

Holdings

LLC

(The),

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.18

%

,

05/26/31

...................

4,657‌

4,630,221‌

CRC

Insurance

Group

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

05/06/31

.............

14,568‌

14,509,087‌

HUB

International

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

5.92

%

,

06/20/30

.............

22,929‌

22,909,709‌

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan

,

12/09/32

(h)

.........

4,516‌

4,511,603‌

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

03/15/30

...................

3,699‌

3,690,995‌

OneDigital

Borrower

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

07/02/31

.............

1,204‌

1,199,880‌

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Ryan

Specialty

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

09/15/31

.............

USD

10,971‌

$

10,962,249‌

Truist

Insurance

Holdings

LLC,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.42

%

,

05/06/32

............

4,377‌

4,387,784‌

USI,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

09/27/30

...................

695‌

692,839‌

USI,

Inc.,

1st

Lien

Term

Loan

D

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

11/21/29

...................

19,649‌

19,624,815‌

139,841,726‌

Interactive

Media

&

Services

—

0.1%

Camelot

US

Acquisition

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

01/31/31

(g)

............

4,468‌

4,088,013‌

IT

Services

—

4.8%

(g)

Asurion

LLC,

1st

Lien

Term

Loan

B11

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.02

%

,

08/21/28

...................

4,696‌

4,701,319‌

Asurion

LLC,

1st

Lien

Term

Loan

B12

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.97

%

,

09/19/30

...................

2,455‌

2,457,241‌

Asurion

LLC,

1st

Lien

Term

Loan

B13

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

09/19/30

...................

12,332‌

12,341,167‌

Asurion

LLC,

2nd

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.04

%

,

01/19/29

...................

1,402‌

1,399,426‌

Central

Parent

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

07/06/29

...................

14,197‌

11,327,354‌

Clearwater

Analytics

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

04/21/32

.............

5,354‌

5,340,199‌

Ecovyst

Catalyst

Technologies

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

06/12/31

........

3,159‌

3,157,527‌

Epicor

Software

Corp.,

1st

Lien

Term

Loan

E

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17

%

,

05/30/31

.............

13,314‌

13,206,088‌

Fortress

Intermediate

3,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

06/27/31

(b)

............

2,843‌

2,786,186‌

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B7

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

05/30/31

........

4,801‌

4,770,435‌

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

11/09/29

........

6,332‌

6,291,783‌

ION

Platform

Finance

US,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42

%

,

09/30/32

............

16,060‌

14,199,770‌

Iron

Mountain,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

01/31/31

...................

1,765‌

1,746,182‌

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

8.92

%

,

06/07/32

.............

2,153‌

2,115,262‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Modena

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

07/01/31

...................

USD

3,293‌

$

3,130,652‌

Project

Boost

Purchaser

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

07/16/31

............

8,299‌

8,142,037‌

Sedgwick

Claims

Management

Services,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

07/31/31

...

17,650‌

17,569,973‌

Shift4

Payments

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

+

2.00%),

5.65

%

,

07/06/32

2,865‌

2,879,144‌

X

Corp.,

1st

Lien

Term

Loan

B1

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

10.45

%

,

10/26/29

..................

17,956‌

17,914,567‌

xAI

Corp.,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.25%),

11.12

%

,

06/28/30

..................

10,477‌

10,654,352‌

146,130,664‌

Leisure

Products

—

0.1%

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.29

%

,

05/30/28

(g)

............

2,113‌

2,120,171‌

Life

Sciences

Tools

&

Services

—

0.3%

(g)

ICON

Luxembourg

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

07/03/28

.............

3,172‌

3,179,317‌

Pra

Health

Sciences,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

07/03/28

.............

790‌

792,130‌

Star

Parent,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

09/27/30

...................

4,126‌

4,127,211‌

8,098,658‌

Machinery

—

4.9%

Aggreko

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.87

%

,

05/21/31

(g)

............

11,480‌

11,411,316‌

AI

Aqua

Merger

Sub,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.65

%

-

6.85

%

,

07/31/28

(g)

.......

10,927‌

10,924,664‌

Chart

Industries,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.16

%

,

03/15/30

(g)

..................

2,959‌

2,961,941‌

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17

%

,

05/15/28

(b)

(g)

...........

2,253‌

2,238,522‌

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan

B

,

01/21/33

(g)

(h)

....................

5,934‌

5,889,495‌

CompoSecure

Holdings

LLC,

1st

Lien

Term

Loan

,

(12-mo.

CME

Term

SOFR

+

2.25%),

5.75

%

,

01/14/33

(g)

..................

6,992‌

6,970,185‌

Filtration

Group

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

10/23/28

(g)

............

11,526‌

11,532,967‌

Hunter

Douglas,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

01/16/32

(g)

............

11,615‌

11,569,224‌

Indicor

LLC,

1st

Lien

Term

Loan

E

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

0.00

%

,

11/22/29

(g)

..................

2,824‌

2,820,798‌

INNIO

North

America

Holding,

Inc.,

Facility

1st

Lien

Term

Loan

B

,

5.66

%

,

11/03/31

(b)

.....

2,207‌

2,201,827‌

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

LSF12

Helix

Parent

LLC,

1st

Lien

Term

Loan

B

,

01/24/33

(g)

(h)

......................

USD

5,779‌

$

5,757,329‌

Madison

IAQ

LLC,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.13

%

,

06/21/28

(g)

..................

15,015‌

15,005,933‌

Rexnord

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.83

%

,

10/04/28

(g)

..................

1,929‌

1,935,998‌

SPX

FLOW,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42

%

,

04/05/29

(g)

..................

11,846‌

11,842,488‌

TK

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

B1

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.95

%

,

04/30/30

(g)

............

17,951‌

17,981,210‌

Vertiv

Group

Corp.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45

%

,

08/12/32

(g)

............

14,520‌

14,554,259‌

Vortex

Opco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.04

%

,

12/18/28

(a)

(e)

(g)

................

6,271‌

752,465‌

WEC

US

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.70

%

,

01/27/31

(g)

............

10,414‌

10,397,287‌

146,747,908‌

Media

—

2.3%

(g)

Altice

France

SA,

1st

Lien

Term

Loan

B14

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.88%),

10.55

%

,

05/30/31

.............

11,097‌

11,244,487‌

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B4

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.66

%

,

12/09/30

...

7,501‌

7,479,863‌

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B5

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.91

%

,

12/15/31

...

5,640‌

5,629,996‌

Clear

Channel

Outdoor

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.79

%

,

08/23/28

........

4,021‌

4,017,214‌

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5

,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

8.25

%

,

04/15/27

...................

15,783‌

14,062,548‌

DirecTV

Financing

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

8.93

%

,

08/02/27

.............

485‌

485,447‌

ECL

Entertainment

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

08/30/30

.............

4,527‌

4,517,749‌

Fleet

US

Bidco,

Inc.,

1st

Lien

Term

Loan

B2

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.79

%

,

02/21/31

(b)

............

3,595‌

3,599,773‌

Gray

Television,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.95

%

,

05/23/29

.............

45‌

45,452‌

Learfield

Communications

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

4.75%),

8.47

%

,

06/30/28

............

5,539‌

5,548,865‌

NEP

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17

%

,

10/17/31

...................

7,036‌

6,423,516‌

Outfront

Media

Capital

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

09/24/32

.............

3,630‌

3,643,613‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Telenet

Financing

USD

LLC,

Facility

1st

Lien

Term

Loan

AR

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.79

%

,

05/01/28

...

USD

1,645‌

$

1,625,128‌

68,323,651‌

Multi-Utilities

—

0.5%

GFL

Environmental

Services,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.27

%

,

03/03/32

(g)

...........

14,298‌

14,286,298‌

Oil,

Gas

&

Consumable

Fuels

—

1.5%

(g)

BIP

Pipeco

Holding

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.65

%

,

12/05/30

.............

1,028‌

1,028,023‌

Blackfin

Pipeline

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.75

%

,

10/01/32

...................

2,324‌

2,337,549‌

Buckeye

Partners

LP,

1st

Lien

Term

Loan

B7

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

11/22/32

..............

2,834‌

2,841,625‌

Freeport

LNG

Investments

LLLP,

1st

Lien

Term

Loan

,

01/28/33

(h)

...................

5,970‌

5,947,613‌

Freeport

LNG

Investments

LLLP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92

%

,

12/21/28

........

10,615‌

10,615,327‌

GIP

Pilot

Acquisition

Partners

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.65

%

,

10/04/30

............

1,617‌

1,616,900‌

Hilcorp

Energy

I

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68

%

,

02/06/30

...................

5,790‌

5,790,245‌

Meade

Pipeline

Co.

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69

%

,

09/22/32

.............

1,340‌

1,340,844‌

Murphy

USA,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.45

%

,

04/07/32

...................

2,152‌

2,169,272‌

Oryx

Midstream

Services

Permian

Basin

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

10/05/28

...

8,572‌

8,569,865‌

TransMontaigne

Operating

Co.

LP,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

0.00

%

,

11/17/28

........

1,305‌

1,302,899‌

WhiteWater

Matterhorn

Holdings

LLC,

1st

Lien

Term

Loan

B

,

06/16/32

(h)

..............

3,136‌

3,122,282‌

46,682,444‌

Paper

&

Forest

Products

—

0.4%

BradyPlus

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.19

%

,

12/29/32

(g)

............

10,859‌

10,786,570‌

Passenger

Airlines

—

1.5%

(g)

AAdvantage

Loyalty

IP

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

04/20/28

...........

6,038‌

6,038,444‌

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

05/28/32

...........

2,336‌

2,338,681‌

Air

Canada,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

03/21/31

...................

8,489‌

8,478,785‌

American

Airlines,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52

%

,

01/29/27

...........

4,988‌

4,979,866‌

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.00

%

,

02/15/28

...........

1,281‌

1,279,698‌

Security

Par

(000)

Par

(000)

Value

Passenger

Airlines

(continued)

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.26

%

,

06/04/29

...........

USD

6,554‌

$

6,541,303‌

Jetblue

Airways

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

8.44

%

,

08/27/29

.............

6,334‌

6,060,469‌

Stonepeak

Nile

Parent

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

04/09/32

.............

2,616‌

2,612,730‌

United

Airlines,

Inc.,

Facility

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

02/24/31

.............

6,970‌

6,968,120‌

45,298,096‌

Pharmaceuticals

—

1.0%

(g)

Amneal

Pharmaceuticals

LLC,

1st

Lien

Term

Loan

,

08/02/32

(h)

......................

75‌

75,008‌

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.17

%

,

08/02/32

...........

11,892‌

11,921,926‌

Elanco

Animal

Health,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45

%

,

10/29/32

.............

3,045‌

3,042,598‌

Endo

Finance

Holdings

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42

%

,

04/23/31

.............

1,934‌

1,934,407‌

Jazz

Financing

Lux

SARL,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.97

%

,

05/05/28

.............

5,357‌

5,369,572‌

Organon

&

Co.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92

%

,

05/19/31

...................

1,754‌

1,696,052‌

Perrigo

Investments

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

04/20/29

.............

5,703‌

5,691,324‌

29,730,887‌

Professional

Services

—

2.5%

(g)

AlixPartners

LLP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

08/12/32

...................

8,638‌

8,582,382‌

Celestial-Saturn

Parent,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

10.33

%

,

06/04/29

(b)

..........

3,230‌

3,189,705‌

CoreLogic,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.29

%

,

06/02/28

...................

11,603‌

11,564,796‌

Corpay

Technologies

Operating

Co.

LLC,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

04/28/28

..

10,733‌

10,725,184‌

Dayforce,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

03/01/31

(b)

..................

4,716‌

4,704,470‌

Element

Materials

Technology

Group

US

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.68%),

7.35

%

,

06/22/29

...................

4,121‌

4,127,621‌

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.50%),

5.34

%

,

07/31/30

.............

4,371‌

4,145,532‌

TransUnion

LLC,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

06/24/31

...................

6,505‌

6,502,833‌

TransUnion

LLC,

1st

Lien

Term

Loan

B9

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

06/24/31

...................

4,745‌

4,745,063‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Zelis

Cost

Management

Buyer,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.47

%

,

09/28/29

...

USD

1,985‌

$

1,930,568‌

Zelis

Payments

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.97

%

,

11/26/31

..............

14,516‌

14,130,815‌

74,348,969‌

Semiconductors

&

Semiconductor

Equipment

—

0.4%

(g)

Entegris,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

07/06/29

...................

382‌

383,119‌

Qnity

Electronics,

Inc.,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.70

%

,

10/29/32

.............

12,290‌

12,336,087‌

12,719,206‌

Software

—

9.0%

(g)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

02/24/31

.............

17,905‌

17,745,658‌

Avalara,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42

%

,

03/26/32

...................

4,832‌

4,727,778‌

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.17

%

,

08/15/29

.............

5,302‌

4,076,295‌

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.82

%

,

07/30/31

.............

16,087‌

15,443,902‌

Capstone

Borrower,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

+

2.75%),

6.42

%

,

06/17/30

(b)

..................

3,137‌

3,047,957‌

CCC

Intelligent

Solutions,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

01/23/32

............

11,219‌

11,106,413‌

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

03/21/31

...........

11,695‌

11,325,861‌

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92

%

,

08/16/32

...........

14,034‌

13,595,709‌

Cloudera,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.57

%

,

10/09/28

...................

2,384‌

2,038,665‌

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

12/09/31

.............

6,248‌

6,123,017‌

Darktrace

Finco

US

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.90

%

,

10/09/31

.............

1,057‌

1,028,260‌

Dawn

Bidco

LLC,

1st

Lien

Term

Loan

,

08/20/32

(h)

13,805‌

13,390,850‌

DS

Admiral

Bidco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92

%

,

06/26/31

(b)

............

3,422‌

3,293,529‌

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.47

%

,

10/09/29

.............

12,700‌

12,544,510‌

Ellucian

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

8.42

%

,

11/15/32

..............

3,516‌

3,432,495‌

Gen

Digital,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42

%

,

09/12/29

...................

14,487‌

14,324,361‌

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Genesys

Cloud

Services,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

01/30/32

............

USD

16,911‌

$

16,509,165‌

Kaseya,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

03/22/32

...................

17,201‌

16,534,103‌

McAfee

Corp.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

03/01/29

...................

7,891‌

6,963,985‌

MH

Sub

I

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.92

%

,

05/03/28

...........

3,700‌

3,345,799‌

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.92

%

,

12/31/31

...........

3,954‌

3,227,263‌

MKS

Instruments,

Inc.,

1st

Lien

Term

Loan

B

,

01/27/33

(h)

.......................

4,946‌

4,952,182‌

MKS,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67

%

,

08/17/29

...................

9,487‌

9,498,741‌

Ping

Identity

Holding

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.59

%

,

11/15/32

..............

2,676‌

2,650,364‌

Planview

Parent,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17

%

,

12/17/27

.............

1,694‌

1,498,935‌

Proofpoint,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67

%

,

08/31/28

...................

15,345‌

15,220,275‌

RealPage,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.93

%

,

04/24/28

...................

8,282‌

8,170,938‌

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B1

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.25%),

10.02

%

,

07/30/29

...........

738‌

572,746‌

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

9.77

%

,

11/15/29

............

2,968‌

2,317,051‌

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B2

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.25%),

10.02

%

,

07/30/29

...........

1,224‌

949,716‌

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

6.00%),

9.77

%

,

11/15/29

............

2,004‌

1,555,013‌

SS&C

Technologies,

Inc.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.72

%

,

05/09/31

.............

16,585‌

16,569,880‌

UKG,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

02/10/31

...................

13,155‌

12,809,498‌

VS

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

04/14/31

...................

10,915‌

10,779,023‌

271,369,937‌

Specialty

Retail

—

1.0%

(g)

LS

Group

OpCo

Acquistion

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.0;

3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.0%

at

0.00%

Floor

+

0.00%),

6.17

%

-

6.32

%

,

04/23/31

..................

5,336‌

5,332,767‌

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

6.67

%

,

05/04/28

...

14,063‌

14,055,305‌

Peer

Holding

III

BV,

Facility

1st

Lien

Term

Loan

B8

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92

%

,

09/29/32

.............

1,095‌

1,093,631‌

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Project

Aurora

US

Finco,

Inc.,

Facility

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.49

%

,

09/30/32

...

USD

1,202‌

$

1,202,757‌

Pye-Barker

Fire

&

Safety

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.21

%

,

12/16/32

............

5,055‌

5,052,577‌

Restoration

Hardware,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.33

%

,

10/20/28

.............

3,530‌

3,472,480‌

30,209,517‌

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

Finastra

USA,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.72

%

,

09/15/32

(g)

..................

18,919‌

16,601,169‌

Trading

Companies

&

Distributors

—

0.9%

(g)

Core

&

Main

LP,

1st

Lien

Term

Loan

D

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69

%

,

07/27/28

...................

11,120‌

11,133,515‌

Core

&

Main

LP,

1st

Lien

Term

Loan

E

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69

%

,

02/10/31

...................

6,667‌

6,658,730‌

Gulfside

Supply,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

06/17/31

...................

1,385‌

1,341,731‌

Herc

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42

%

,

07/02/32

...................

1,610‌

1,610,676‌

QXO

Building

Products,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67

%

,

04/30/32

.............

1,931‌

1,932,676‌

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

,

(US

Prime

Rate

+

0.00%),

11.00

%

,

12/15/31

(b)

258‌

—‌

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

7.67

%

,

06/29/29

.............

7,383‌

3,334,528‌

26,011,856‌

Transportation

Infrastructure

—

1.0%

(g)

Apple

Bidco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17

%

,

09/23/31

...................

17,893‌

17,889,320‌

OLA

Netherlands

BV,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

10.07

%

,

12/15/26

(b)

.................

4,992‌

4,954,628‌

Rand

Parent

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67

%

,

03/18/30

...................

6,778‌

6,785,300‌

29,629,248‌

Wireless

Telecommunication

Services

—

0.5%

(g)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.02

%

,

08/09/32

............

3,123‌

3,125,779‌

SBA

Senior

Finance

II

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43

%

,

01/27/31

.............

6,231‌

6,248,059‌

Windstream

Services

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67

%

,

10/06/32

(b)

............

6,439‌

6,439,000‌

15,812,838‌

Total

Floating

Rate

Loan

Interests

—

89

.9

%

(Cost:

$

2,771,299,023

)

............................

2,714,099,814‌

Security

Shares

Shares

Value

Investment

Companies

Invesco

Senior

Loan

ETF

(i)

..............

980,000

$

20,325,200‌

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(j)

...........................

596,241

22,442,511‌

State

Street

Blackstone

Senior

Loan

ETF

....

200,000

8,192,000‌

Total

Investment

Companies

—

1

.7

%

(Cost:

$

51,034,687

)

...............................

50,959,711‌

Beneficial

Interest

(000)

Other

Interests

(k)

Capital

Markets

—

0.0%

Millennium

Corp.

Claim

(b)

................

USD

15,011‌

—‌

Total

Other

Interests

—

0.0

%

(Cost:

$

—

)

.....................................

—‌

Shares

Shares

Preferred

Securities

Preferred

Stocks

—

0.0%

IT

Services

—

0.0%

(a)

Veritas

Newco

(b)

......................

14,627

314,481‌

Veritas

Newco,

Series

G-1

...............

10,105

237,467‌

551,948‌

Machinery

—

0.0%

Sirva-Bgrs

Holdings,

Inc.

,

15.25

%

(b)

........

1,870

327,238‌

Total

Preferred

Securities

—

0.0

%

(Cost:

$

1,789,736

)

...............................

879,186‌

Warrants

Diversified

Consumer

Services

—

0.0

%

Service

King

Midas

International

(

Issued/

Exercisable

07/14/22

,

1

Share

for

1

Warrant,

Expires

04/26/27

,

Strike

Price

USD

10.00

)

(a)

(b)

16,956

—‌

Total

Warrants

—

0.0

%

(Cost:

$

—

)

.....................................

—‌

Total

Long-Term

Investments

—

93.8%

(Cost:

$

2,891,246,014

)

............................

2,831,307,222‌

Short-Term

Securities

Money

Market

Funds

—

10.1%

(j)(l)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.82

%

(m)

...................

20,765,617

20,776,000‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

3.57

%

.....................

283,784,543

283,784,543‌

Total

Short-Term

Securities

—

10

.1

%

(Cost:

$

304,560,543

)

..............................

304,560,543‌

Total

Investments

—

103

.9

%

(Cost:

$

3,195,806,557

)

............................

3,135,867,765‌

Liabilities

in

Excess

of

Other

Assets

—

(

3.9

)

%

.............

(

117,557,703‌

)

Net

Assets

—

100.0%

...............................

$

3,018,310,062‌

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

16

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(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

$1,572,144,

representing

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$0.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(f)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(g)

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)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(i)

All

or

a

portion

of

this

security

is

on

loan.

(j)

Affiliate

of

the

Fund.

(k)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(l)

Annualized

7-day

yield

as

of

period

end.

(m)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

64,614,273

$

—

$

(

43,846,426

)

(a)

$

10,556

$

(

2,403

)

$

20,776,000

20,765,617

$

52,673

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

328,860,244

—

(

45,075,701

)

(a)

—

—

283,784,543

283,784,543

6,071,388

—

iShares

0-5

Year

High

Yield

Corporate

Bond

ETF

(c)

...

2,195,557

—

(

2,195,210

)

110,033

(

110,380

)

—

—

25,746

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(c)

..............

—

—

—

—

—

—

—

16,180

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

....

11,637,301

20,167,915

(

9,372,500

)

71,190

(

61,395

)

22,442,511

596,241

641,881

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

...

—

—

—

—

—

—

—

8,784

—

$

191,779

$

(

174,178

)

$

327,003,054

$

6,816,652

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

17

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

239,795

EUR

203,000

Morgan

Stanley

&

Co.

International

plc

03/18/26

$

(

1,321

)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

43.V2

...........

5

.00

%

Quarterly

12/20/29

B+

USD

52,934

$

4,471,686

$

2,572,866

$

1,898,820

Markit

CDX

North

American

High

Yield

Index

Series

44.V2

...........

5

.00

Quarterly

06/20/30

BB-

USD

19,800

1,817,928

215,193

1,602,735

$

6,289,614

$

2,788,059

$

3,501,555

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

03/20/26

USD

25,000

$

(

180,932

)

$

(

126,164

)

$

(

54,768

)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

03/20/26

USD

25,000

721,795

(

47,945

)

769,740

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Barclays

Bank

plc

06/20/26

USD

20,000

108,219

(

109,691

)

217,910

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

06/20/26

USD

65,000

334,369

(

356,495

)

690,864

$

983,451

$

(

640,295

)

$

1,623,746

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

3

.68

%

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

18

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

..........................................................

$

2,788,059

$

—

$

3,501,555

$

—

OTC

Swaps

...................................................................

—

(

640,295

)

1,678,514

(

54,768

)

(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

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

$

—

$

3,501,555

$

—

$

—

$

—

$

—

$

3,501,555

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

—

—

1,678,514

—

1,678,514

$

—

$

3,501,555

$

—

$

—

$

1,678,514

$

—

$

5,180,069

Liabilities

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

$

—

$

—

$

—

$

1,321

$

—

$

—

$

1,321

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

—

—

695,063

—

695,063

$

—

$

—

$

—

$

1,321

$

695,063

$

—

$

696,384

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

January

31,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Forward

foreign

currency

exchange

contracts

....

$

—

$

—

$

—

$

(

223

)

$

—

$

—

$

(

223

)

Swaps

..............................

—

1,304,810

(

268,366

)

—

1,232,714

—

2,269,158

$

—

$

1,304,810

$

(268,366)

$

(223)

$

1,232,714

$

—

$

2,268,935

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Forward

foreign

currency

exchange

contracts

....

$

—

$

—

$

—

$

(

5,783

)

$

—

$

—

$

(

5,783

)

Swaps

..............................

—

1,051,391

—

—

(

1,352,553

)

—

(

301,162

)

$

—

$

1,051,391

$

—

$

(5,783)

$

(1,352,553)

$

—

$

(306,945)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

239,921

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

72,967,000

Total

return

swaps

Average

notional

value

...............................................................................................

135,000,000

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

19

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Forward

f

oreign

currency

exchange

contracts

.................................................................

$

—

$

1,321

Swaps

—

centrally

cleared

..............................................................................

—

85,112

Swaps

—

OTC

(a)

.....................................................................................

1,678,514

695,063

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

1,678,514

$

781,496

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

—

(

85,112

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

1,678,514

$

696,384

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statement

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Barclays

Bank

plc

................................

$

217,910

$

(

109,691

)

$

—

$

—

$

108,219

Morgan

Stanley

&

Co.

International

plc

..................

1,460,604

(

586,693

)

—

(

873,911

)

—

$

1,678,514

$

(

696,384

)

$

—

$

(

873,911

)

$

108,219

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

Barclays

Bank

plc

................................

$

109,691

$

(

109,691

)

$

—

$

—

$

—

Morgan

Stanley

&

Co.

International

plc

..................

586,693

(

586,693

)

—

—

—

$

696,384

$

(

696,384

)

$

—

$

—

$

—

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Financial

Services

......................................

$

—

$

—

$

1,509,293

$

1,509,293

Food

Products

.........................................

—

754,727

—

754,727

Ground

Transportation

...................................

—

6,102

—

6,102

Hotels,

Restaurants

&

Leisure

..............................

—

—

1,380,214

1,380,214

Household

Durables

.....................................

—

—

202,570

202,570

IT

Services

...........................................

—

—

3,912,494

3,912,494

Machinery

............................................

—

—

—

—

Media

...............................................

—

—

1,572,144

1,572,144

Trading

Companies

&

Distributors

............................

—

—

659,981

659,981

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

20

Level

1

Level

2

Level

3

Total

Transportation

Infrastructure

...............................

$

—

$

—

$

222,923

$

222,923

Wireless

Telecommunication

Services

.........................

—

1,244,764

—

1,244,764

Corporate

Bonds

Aerospace

&

Defense

....................................

—

—

—

—

Broadline

Retail

........................................

—

2,914,422

—

2,914,422

Chemicals

............................................

—

34,002

—

34,002

Electric

Utilities

........................................

—

—

1

1

IT

Services

...........................................

—

27,915,023

—

27,915,023

Pharmaceuticals

.......................................

—

7,691,797

—

7,691,797

Transportation

Infrastructure

...............................

—

—

187,337

187,337

Wireless

Telecommunication

Services

.........................

—

528,961

—

528,961

Fixed

Rate

Loan

Interests

...................................

—

14,631,756

—

14,631,756

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

96,355,232

—

96,355,232

Automobile

Components

..................................

—

53,263,998

—

53,263,998

Automobiles

..........................................

—

7,868,384

—

7,868,384

Beverages

...........................................

—

13,753,440

—

13,753,440

Biotechnology

.........................................

—

13,175,728

3,732,000

16,907,728

Broadline

Retail

........................................

—

15,928,614

—

15,928,614

Building

Products

.......................................

—

41,569,473

760,000

42,329,473

Capital

Markets

........................................

—

109,853,361

—

109,853,361

Chemicals

............................................

—

97,500,358

3,840,538

101,340,896

Commercial

Services

&

Supplies

.............................

—

88,286,321

8,171,519

96,457,840

Communications

Equipment

................................

—

6,905,495

—

6,905,495

Construction

&

Engineering

................................

—

20,068,694

5,264,294

25,332,988

Construction

Materials

....................................

—

53,913,350

—

53,913,350

Consumer

Staples

Distribution

&

Retail

........................

—

3,767,953

5,906,608

9,674,561

Containers

&

Packaging

..................................

—

59,497,854

5,419,398

64,917,252

Diversified

Consumer

Services

..............................

—

26,095,646

—

26,095,646

Diversified

REITs

.......................................

—

—

2,271,860

2,271,860

Diversified

Telecommunication

Services

........................

—

77,642,021

—

77,642,021

Electric

Utilities

........................................

—

19,932,331

—

19,932,331

Electronic

Equipment,

Instruments

&

Components

.................

—

10,022,846

4,852,100

14,874,946

Energy

Equipment

&

Services

..............................

—

6,026,130

—

6,026,130

Entertainment

.........................................

—

78,367,837

6,516,668

84,884,505

Financial

Services

......................................

—

128,896,122

—

128,896,122

Food

Products

.........................................

—

47,770,513

—

47,770,513

Gas

Utilities

...........................................

—

3,990,728

—

3,990,728

Ground

Transportation

...................................

—

25,980,899

1,943,926

27,924,825

Health

Care

Equipment

&

Supplies

...........................

—

43,879,525

—

43,879,525

Health

Care

Providers

&

Services

............................

—

69,926,694

1,101,959

71,028,653

Health

Care

Technology

..................................

—

45,257,803

—

45,257,803

Hotels,

Restaurants

&

Leisure

..............................

—

163,538,515

6,520,608

170,059,123

Household

Durables

.....................................

—

15,949,708

—

15,949,708

Household

Products

.....................................

—

4,295,713

—

4,295,713

Independent

Power

and

Renewable

Electricity

Producers

............

—

18,310,237

—

18,310,237

Industrial

Conglomerates

..................................

—

50,780,458

588,529

51,368,987

Insurance

............................................

—

139,841,726

—

139,841,726

Interactive

Media

&

Services

...............................

—

4,088,013

—

4,088,013

IT

Services

...........................................

—

143,344,478

2,786,186

146,130,664

Leisure

Products

.......................................

—

2,120,171

—

2,120,171

Life

Sciences

Tools

&

Services

..............................

—

8,098,658

—

8,098,658

Machinery

............................................

—

142,307,559

4,440,349

146,747,908

Media

...............................................

—

64,723,878

3,599,773

68,323,651

Multi-Utilities

..........................................

—

14,286,298

—

14,286,298

Oil,

Gas

&

Consumable

Fuels

...............................

—

46,682,444

—

46,682,444

Paper

&

Forest

Products

..................................

—

10,786,570

—

10,786,570

Passenger

Airlines

......................................

—

45,298,096

—

45,298,096

Pharmaceuticals

.......................................

—

29,730,887

—

29,730,887

Professional

Services

....................................

—

66,454,794

7,894,175

74,348,969

Semiconductors

&

Semiconductor

Equipment

....................

—

12,719,206

—

12,719,206

Software

.............................................

—

265,028,451

6,341,486

271,369,937

Specialty

Retail

........................................

—

30,209,517

—

30,209,517

Technology

Hardware,

Storage

&

Peripherals

....................

—

16,601,169

—

16,601,169

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

21

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Trading

Companies

&

Distributors

............................

$

—

$

26,011,856

$

—

$

26,011,856

Transportation

Infrastructure

...............................

—

24,674,620

4,954,628

29,629,248

Wireless

Telecommunication

Services

.........................

—

9,373,838

6,439,000

15,812,838

Investment

Companies

....................................

50,959,711

—

—

50,959,711

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

IT

Services

...........................................

—

237,467

314,481

551,948

Machinery

............................................

—

—

327,238

327,238

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Money

Market

Funds

......................................

304,560,543

—

—

304,560,543

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

(

21,957

)

—

(

21,957

)

$

355,520,254

$

2,676,691,274

$

103,634,280

$

3,135,845,808

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

3,501,555

$

—

$

3,501,555

Interest

rate

contracts

.......................................

—

1,678,514

—

1,678,514

Liabilities

Foreign

currency

exchange

contracts

............................

—

(

1,321

)

—

(

1,321

)

Interest

rate

contracts

.......................................

—

(

54,768

)

—

(

54,768

)

$

—

$

5,123,980

$

—

$

5,123,980

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Derivative

financial

instruments

are

swaps

and

forward

foreign

currency

exchange

contracts.

Swaps

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

July

31,

2025

................................................

$

13,537,786

$

760,054

$

59,813,927

$

556,470

$

457

$

74,668,694

Transfers

into

Level

3

..........................................................

—

—

16,481,525

327,238

—

16,808,763

Transfers

out

of

Level

3

.........................................................

—

—

(

25,787,501

)

(

227,362

)

—

(

26,014,863

)

Accrued

discounts/premiums

......................................................

—

(

7,860

)

(

1,422

)

—

—

(

9,282

)

Net

realized

gain

(loss)

.........................................................

1,793,044

—

(

288,932

)

—

—

1,504,112

Net

change

in

unrealized

appreciation

(depreciation)

(a)

(b)

....................................

(

3,462,635

)

(

396,805

)

4,253,613

(

14,627

)

(

457

)

379,089

Purchases

..................................................................

1,479,399

—

60,030,736

—

—

61,510,135

Sales

.....................................................................

(

3,887,975

)

(

168,051

)

(

21,156,342

)

—

—

(

25,212,368

)

Closing

balance,

as

of

January

31,

2026

..............................................

$

9,459,619

$

187,338

$

93,345,604

$

641,719

$

—

$

103,634,280

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

January

31,

2026

(b)

........

$

(

3,462,635

)

$

—

$

1,452,586

$

(

14,627

)

$

(

457

)

$

(

2,025,133

)

(a)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statement

of

Operations.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

January

31,

2026

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statement

of

Assets

and

Liabilities

(unaudited)

January

31,

2026

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

22

BlackRock

Floating

Rate

Income

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

2,808,864,711‌

Investments,

at

value

—

affiliated

(c)

..........................................................................................

327,003,054‌

Cash

.............................................................................................................

21,112,891‌

Cash

pledged:

–‌

Centrally

cleared

swaps

................................................................................................

4,951,000‌

Foreign

currency,

at

value

(d)

...............................................................................................

4,622‌

Receivables:

–‌

Investments

sold

....................................................................................................

30,891,577‌

Securities

lending

income

—

affiliated

......................................................................................

12,891‌

Capital

shares

sold

...................................................................................................

5,292,707‌

Dividends

—

affiliated

.................................................................................................

902,693‌

Interest

—

unaffiliated

.................................................................................................

11,062,859‌

Unrealized

appreciation

on:

–‌

OTC

swaps

........................................................................................................

1,678,514‌

Prepaid

e

xpenses

.....................................................................................................

149,917‌

Total

a

ssets

.........................................................................................................

3,211,927,436‌

LIABILITIES

Cash

received:

–‌

Collateral

—

OTC

derivatives

............................................................................................

1,020,000‌

Collateral

on

securities

loaned

.............................................................................................

20,866,681‌

Payables:

–‌

Investments

purchased

................................................................................................

139,580,690‌

Swaps  

..........................................................................................................

645‌

Administration

fees

...................................................................................................

152,150‌

Capital

shares

redeemed

...............................................................................................

25,062,336‌

Income

dividend

distributions

............................................................................................

2,931,423‌

Interest

expense

....................................................................................................

99,443‌

Investment

advisory

fees

..............................................................................................

1,305,044‌

Trustees'

and

Officer's

fees

.............................................................................................

119,058‌

Other

affiliate

fees

...................................................................................................

12,375‌

Professional

fees

....................................................................................................

79,990‌

Service

and

distribution

fees

.............................................................................................

91,948‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

85,112‌

Other

accrued

expenses

...............................................................................................

1,492,138‌

Swap

premiums

received

................................................................................................

640,295‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

1,321‌

OTC

swaps

........................................................................................................

54,768‌

Unfunded

floating

rate

loan

interests

.......................................................................................

21,957‌

Total

li

abilities

........................................................................................................

193,617,374‌

Commitments

and

contingent

liabilities

$

–‌

NET

ASSETS

........................................................................................................

$

3,018,310,062‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

3,556,826,098‌

Accumulated

loss

.....................................................................................................

(

538,516,036‌

)

NET

ASSETS

........................................................................................................

$

3,018,310,062‌

(a)

  Investments,

at

cost

—

unaffiliated

.................................................................................

$

2,868,951,807‌

(b)

  Securities

loaned,

at

value

......................................................................................

$

20,325,200‌

(c)

  Investments,

at

cost

—

affiliated

...................................................................................

$

326,854,750‌

(d)

  Foreign

currency,

at

cost

.......................................................................................

$

4,488‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2026

23

Statement

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................................

$

2,061,993,666‌

Shares

outstanding

...................................................................................................

218,103,500‌

Net

asset

value

.....................................................................................................

$

9.45‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Investor

A

Net

assets

.........................................................................................................

$

294,298,986‌

Shares

outstanding

...................................................................................................

31,136,836‌

Net

asset

value

.....................................................................................................

$

9.45‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Investor

C

Net

assets

.........................................................................................................

$

27,023,603‌

Shares

outstanding

...................................................................................................

2,858,937‌

Net

asset

value

.....................................................................................................

$

9.45‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Class

K

Net

assets

.........................................................................................................

$

634,993,807‌

Shares

outstanding

...................................................................................................

67,201,461‌

Net

asset

value

.....................................................................................................

$

9.45‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2026

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

24

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

INVESTMENT

INCOME

Dividends

—

unaffiliated

...............................................................................................

$

1,768,449‌

Dividends

—

affiliated

.................................................................................................

6,763,979‌

Interest

—

unaffiliated

.................................................................................................

105,766,469‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

52,673‌

Payment-in-kind

interest

—

unaffiliated

.....................................................................................

1,777,735‌

Total

investment

income

.................................................................................................

116,129,305‌

EXPENSES

Investment

advisory

..................................................................................................

8,238,940‌

Transfer

agent

—

class

specific

..........................................................................................

1,191,752‌

Administration

.....................................................................................................

616,301‌

Service

and

distribution

—

class

specific

....................................................................................

541,609‌

Administration

—

class

specific

..........................................................................................

326,966‌

Accounting

services

..................................................................................................

292,594‌

Professional

.......................................................................................................

115,816‌

Registration

.......................................................................................................

81,410‌

Printing

and

postage

.................................................................................................

29,218‌

Trustees

and

Officer

..................................................................................................

26,101‌

Custodian

.........................................................................................................

15,963‌

Miscellaneous

......................................................................................................

42,462‌

Total

expenses

excluding

interest

expense

.....................................................................................

11,519,132‌

Interest

expense

....................................................................................................

249,187‌

Total

expenses

.......................................................................................................

11,768,319‌

Less:

–‌

Administration

fees

waived

by

the

Manager

—

class

specific

.......................................................................

(

1,448‌

)

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(

165,189‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

..........................................................

(

709‌

)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

11,600,973‌

Net

investment

income

..................................................................................................

104,528,332‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(

49,502,370‌

)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

...........................................................................................

(

15,240,072‌

)

Investments

—

affiliated

.............................................................................................

191,779‌

Forward

foreign

currency

exchange

contracts

...............................................................................

(

223‌

)

Foreign

currency

transactions

.........................................................................................

(

11,603‌

)

Swaps

.........................................................................................................

2,269,158‌

A

(12,790,961‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(

36,213,366‌

)

Investments

—

affiliated

.............................................................................................

(

174,178‌

)

Forward

foreign

currency

exchange

contracts

...............................................................................

(

5,783‌

)

Foreign

currency

translations

..........................................................................................

1,273‌

Swaps

.........................................................................................................

(

301,162‌

)

Unfunded

floating

rate

loan

interests

.....................................................................................

(

18,193‌

)

A

(36,711,409‌)

Net

realized

and

unrealized

loss

............................................................................................

(49,502,370‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

55,025,962‌

Statements

of

Changes

in

Net

Assets

25

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

104,528,332

‌

$

294,614,693

‌

Net

realized

loss

..................................................................................

(

12,790,961

)

(

54,008,639

)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(

36,711,409

)

14,114,063

‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

55,025,962

‌

254,720,117

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

.....................................................................................

(

75,971,017

)

(

183,738,602

)

Investor

A

......................................................................................

(

10,418,009

)

(

23,207,664

)

Investor

C

......................................................................................

(

847,207

)

(

1,998,387

)

Class

K

.......................................................................................

(

24,354,631

)

(

89,357,668

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(111,590,864

)

(298,302,321

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(497,269,252

)

(799,697,928

)

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(

553,834,154

)

(

843,280,132

)

Beginning

of

period

..................................................................................

3,572,144,216

‌

4,415,424,348

‌

End

of

period

......................................................................................

$

3,018,310,062

‌

$

3,572,144,216

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

26

BlackRock

Floating

Rate

Income

Portfolio

Institutional

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Period

from

09/01/22

to

07/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Net

asset

value,

beginning

of

period

.

$

9.62

‌

$

9.68

‌

$

9.63

‌

$

9.53

‌

$

9.93

‌

$

9.61

‌

$

9.95

‌

Net

investment

income

(a)

.........

0

.31

‌

0

.70

‌

0

.83

‌

0

.67

‌

0

.38

‌

0

.36

‌

0

.43

‌

Net

realized

and

unrealized

gain

(loss)

(

0

.15

)

(

0

.06

)

0

.06

‌

0

.11

‌

(

0

.41

)

0

.32

‌

(

0

.35

)

Net

increase

(decrease)

from

investment

operations

................

0.16

‌

0.64

‌

0.89

‌

0.78

‌

(0.03

)

0.68

‌

0.08

‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

......

(

0

.33

)

(

0

.70

)

(

0

.84

)

(

0

.68

)

(

0

.37

)

(

0

.36

)

(

0

.42

)

Return

of

capital

...............

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

—

‌

—

‌

Total

distributions

...............

(0.33

)

(0.70

)

(0.84

)

(0.68

)

(0.37

)

(0.36

)

(0.42

)

Net

asset

value,

end

of

period

......

$

9.45

‌

$

9.62

‌

$

9.68

‌

$

9.63

‌

$

9.53

‌

$

9.93

‌

$

9.61

‌

Total

Return

(d)

—

—

—

—

—

—

—

Based

on

net

asset

value

..........

1.67

%

(e)

6.87

%

9.59

%

8.57

%

(e)

(0.27

)%

7.14

%

0.87

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

.................

0.70

%

(g)

0.69

%

0.69

%

0.68

%

(g)

0.67

%

0.70

%

0.68

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.69

%

(g)

0.68

%

0.68

%

0.67

%

(g)

0.66

%

0.69

%

0.67

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

interest

expense

.

...................

0.68

%

(g)

0.66

%

0.68

%

0.67

%

(g)

0.66

%

0.69

%

0.67

%

Net

investment

income

...........

6.40

%

(g)

7.22

%

8.54

%

7.69

%

(g)

3.89

%

3.64

%

4.49

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

2,061,994

‌

$

2,277,179

‌

$

2,774,795

‌

$

2,726,042

‌

$

3,099,810

‌

$

2,282,592

‌

$

1,434,116

‌

Portfolio

turnover

rate

.............

22

%

47

%

41

%

(h)

25

%

41

%

47

%

80

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

27

Financial

Highlights

BlackRock

Floating

Rate

Income

Portfolio

Investor

A

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Period

from

09/01/22

to

07/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Net

asset

value,

beginning

of

period

.

$

9.62

‌

$

9.68

‌

$

9.63

‌

$

9.52

‌

$

9.93

‌

$

9.61

‌

$

9.95

‌

Net

investment

income

(a)

.........

0

.30

‌

0

.67

‌

0

.80

‌

0

.65

‌

0

.35

‌

0

.34

‌

0

.41

‌

Net

realized

and

unrealized

gain

(loss)

(

0

.15

)

(

0

.05

)

0

.06

‌

0

.12

‌

(

0

.41

)

0

.31

‌

(

0

.36

)

Net

increase

(decrease)

from

investment

operations

................

0.15

‌

0.62

‌

0.86

‌

0.77

‌

(0.06

)

0.65

‌

0.05

‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

......

(

0

.32

)

(

0

.68

)

(

0

.81

)

(

0

.66

)

(

0

.35

)

(

0

.33

)

(

0

.39

)

Return

of

capital

...............

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

—

‌

—

‌

Total

distributions

...............

(0.32

)

(0.68

)

(0.81

)

(0.66

)

(0.35

)

(0.33

)

(0.39

)

Net

asset

value,

end

of

period

......

$

9.45

‌

$

9.62

‌

$

9.68

‌

$

9.63

‌

$

9.52

‌

$

9.93

‌

$

9.61

‌

Total

Return

(d)

—

—

—

—

—

—

—

Based

on

net

asset

value

..........

1.54

%

(e)

6.60

%

9.32

%

8.45

%

(e)

(0.61

)%

6.89

%

0.60

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

.................

0.96

%

(g)

0.95

%

0.94

%

0.92

%

(g)

0.91

%

0.94

%

0.95

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.95

%

(g)

0.94

%

0.92

%

0.91

%

(g)

0.90

%

0.94

%

0.94

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

interest

expense

.

...................

0.94

%

(g)

0.92

%

0.92

%

0.91

%

(g)

0.90

%

0.94

%

0.94

%

Net

investment

income

...........

6.14

%

(g)

6.95

%

8.31

%

7.45

%

(g)

3.62

%

3.43

%

4.20

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

294,299

‌

$

323,196

‌

$

339,424

‌

$

339,621

‌

$

386,590

‌

$

319,889

‌

$

292,670

‌

Portfolio

turnover

rate

.............

22

%

47

%

41

%

(h)

25

%

41

%

47

%

80

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

28

BlackRock

Floating

Rate

Income

Portfolio

Investor

C

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Period

from

09/01/22

to

07/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Net

asset

value,

beginning

of

period

$

9.62

‌

$

9.68

‌

$

9.63

‌

$

9.53

‌

$

9.93

‌

$

9.61

‌

$

9.95

‌

Net

investment

income

(a)

........

0

.26

‌

0

.60

‌

0

.73

‌

0

.58

‌

0

.28

‌

0

.26

‌

0

.33

‌

Net

realized

and

unrealized

gain

(loss)

(

0

.15

)

(

0

.05

)

0

.06

‌

0

.12

‌

(

0

.40

)

0

.32

‌

(

0

.35

)

Net

increase

(decrease)

from

investment

operations

...............

0.11

‌

0.55

‌

0.79

‌

0.70

‌

(0.12

)

0.58

‌

(0.02

)

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

.....

(

0

.28

)

(

0

.61

)

(

0

.74

)

(

0

.60

)

(

0

.28

)

(

0

.26

)

(

0

.32

)

Return

of

capital

..............

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

—

‌

—

‌

Total

distributions

..............

(0.28

)

(0.61

)

(0.74

)

(0.60

)

(0.28

)

(0.26

)

(0.32

)

Net

asset

value,

end

of

period

.....

$

9.45

‌

$

9.62

‌

$

9.68

‌

$

9.63

‌

$

9.53

‌

$

9.93

‌

$

9.61

‌

Total

Return

(d)

—

—

—

—

—

—

—

Based

on

net

asset

value

.........

1.16

%

(e)

5.82

%

8.50

%

7.57

%

(e)

(1.26

)%

6.06

%

(0.16

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

................

1.71

%

(g)

1.68

%

1.70

%

1.69

%

(g)

1.67

%

1.72

%

1.72

%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

1.70

%

(g)

1.68

%

1.69

%

1.68

%

(g)

1.66

%

1.71

%

1.71

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

interest

expense

.

..................

1.69

%

(g)

1.66

%

1.69

%

1.68

%

(g)

1.66

%

1.71

%

1.71

%

Net

investment

income

..........

5.40

%

(g)

6.21

%

7.54

%

6.68

%

(g)

2.86

%

2.67

%

3.47

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

27,024

‌

$

31,360

‌

$

31,921

‌

$

34,067

‌

$

38,141

‌

$

36,581

‌

$

45,261

‌

Portfolio

turnover

rate

............

22

%

47

%

41

%

(h)

25

%

41

%

47

%

80

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

29

Financial

Highlights

BlackRock

Floating

Rate

Income

Portfolio

Class

K

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Period

from

09/01/22

to

07/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Year

Ended

08/31/20

Net

asset

value,

beginning

of

period

.

$

9.62

‌

$

9.68

‌

$

9.63

‌

$

9.52

‌

$

9.92

‌

$

9.61

‌

$

9.95

‌

Net

investment

income

(a)

.........

0

.32

‌

0

.70

‌

0

.83

‌

0

.67

‌

0

.39

‌

0

.36

‌

0

.43

‌

Net

realized

and

unrealized

gain

(loss)

(

0

.16

)

(

0

.05

)

0

.07

‌

0

.13

‌

(

0

.41

)

0

.32

‌

(

0

.35

)

Net

increase

(decrease)

from

investment

operations

................

0.16

‌

0.65

‌

0.90

‌

0.80

‌

(0.02

)

0.68

‌

0.08

‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

......

(

0

.33

)

(

0

.71

)

(

0

.85

)

(

0

.69

)

(

0

.38

)

(

0

.37

)

(

0

.42

)

Return

of

capital

...............

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

—

‌

—

‌

Total

distributions

...............

(0.33

)

(0.71

)

(0.85

)

(0.69

)

(0.38

)

(0.37

)

(0.42

)

Net

asset

value,

end

of

period

......

$

9.45

‌

$

9.62

‌

$

9.68

‌

$

9.63

‌

$

9.52

‌

$

9.92

‌

$

9.61

‌

Total

Return

(d)

—

—

—

—

—

—

—

Based

on

net

asset

value

..........

1.71

%

(e)

6.97

%

9.68

%

8.76

%

(e)

(0.18

)%

7.12

%

0.92

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

.................

0.62

%

(g)

0.60

%

0.61

%

0.60

%

(g)

0.57

%

0.61

%

0.63

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.61

%

(g)

0.59

%

0.60

%

0.59

%

(g)

0.57

%

0.61

%

0.62

%

Total

expenses

after

fees

waived

and/

or

reimbursed

and

excluding

interest

expense

.

...................

0.60

%

(g)

0.58

%

0.60

%

0.59

%

(g)

0.57

%

0.61

%

0.62

%

Net

investment

income

...........

6.54

%

(g)

7.31

%

8.59

%

7.70

%

(g)

3.96

%

3.68

%

4.46

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

634,994

‌

$

940,409

‌

$

1,269,285

‌

$

1,097,174

‌

$

1,617,756

‌

$

1,429,784

‌

$

569,739

‌

Portfolio

turnover

rate

.............

22

%

47

%

41

%

(h)

25

%

41

%

47

%

80

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

30

1.

ORGANIZATION 

BlackRock

Funds

V (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The Trust

is

organized

as

a Massachusetts

business trust.

BlackRock

Floating

Rate

Income

Portfolio

(the

“Fund”)

is

a

series

of

the

Trust.

The

Fund

is

classified

as

a diversified fund

under

the

1940

Act.

The Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

without

a

sales

charge

and

only

to

certain

eligible

investors.

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

 Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

 A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

is

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Fixed-Income

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

and

payment-in-kind

interest

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. 

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Cash:

The

Fund

may

maintain

cash

at its

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Fund

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Fund is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statement

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions: 

Distributions

from

net

investment

income

are

declared daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

portion

of

distributions,

if

any,

that

exceeds

a

fund’s

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

constitute

a

non-taxable

return

of

capital.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”),

 the 

trustees

who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“Independent

Trustees

”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

(“CDSC”)

Conversion

Privilege

Institutional

and

Class

K

Shares

...................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

31

Notes

to

Financial

Statements

by

the

Independent

Trustees

.

This

has

the

same

economic

effect

for

the

Independent 

Trustees

as

if

the

Independent 

Trustees

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the Trustees’

and

Officer’s

fees

payable

in

the

Statement

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Fund

until

such

amounts

are

distributed

in

accordance

with

the

Plan.

Net

appreciation

(depreciation)

in

the

value

of

participants’

deferral

accounts

is

allocated

among

the

participating

funds

in

the

BlackRock

Fixed-Income

Complex

and

reflected

as

Trustee

and

Officer

expense

on

the

Statement

of

Operations.

The

Trustee

and

Officer

expense

may

be

negative

as

a

result

of

a

decrease

in

value

of

the

deferred

accounts.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Fund's

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Fund.

The

CODM

has

concluded

that

the

Fund

operates

as

a

single

operating

segment

since

the

Fund

has

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Fund's

financial

statements. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

has

approved

the

designation

of

the

Fund’s

Manager

as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

(except

ETF

options,

equity

index

options

or

those

that

are

customized) traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

trade

or

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

and

certain

derivative

instruments for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

of

securities

in

certain

asset

classes

may

trade

at

lower

prices

than

institutional

round

lots,

and

the

value

ultimately

realized

when

the

securities

are

sold

could

differ

from

the

prices

used

by

a

fund.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds traded

on

a

recognized

securities

exchange

are

valued at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

ETFs

and

closed-end

funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

trade

or last

available

bid

(long

positions)

or

ask

(short

positions)

price. 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

net

asset

value

(“NAV”).

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Interest

rate,

credit

default,

inflation

and

currency

swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

market

data

and discounted

cash

flows.

Total

return

and

equity swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

models

that

incorporate

market

trades

and

fair

value

of

the

underlying

reference

instruments.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Fund

uses

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which occurs

after

the

close

of

the

local

markets.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

32

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with the

Manager's policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs:

(i)

recent

market

transactions,

including

secondary

market

transactions,

merger

or

acquisition

activity

and

subsequent

rounds

of

financing

in

the

underlying investment

or

comparable

issuers

(ii)

recapitalizations

and

other

transactions

across

the

capital

structure

(iii)

market

or

relevant

indices

multiples

of

comparable

issuers

(iv)

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks

(v)

quoted

prices

for

similar

investments

or

assets

in

active

markets

(vi)

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/

or default

rates

(vii) audited

or

unaudited

financial

statements,

investor

communications

and

Private

Company

financial

or

operational

metrics

(viii) relevant

market

news

and

other

public

sources.

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

a

market

approach to

determine the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

Private

Companies

are

not

subject

to

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Certain

information

made

available

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3 —

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for the

asset

or

liability

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

Notes

to

Financial

Statements

(unaudited)

(continued)

33

Notes

to

Financial

Statements

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

34

In

connection

with

floating

rate

loan

interests,

the

Fund

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

the

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Statement

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

As

of

period

end, the

Fund

had

the

following

unfunded

floating

rate

loan

interests: 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

related

collateral,

if

any,

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

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

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

BlackRock

Floating

Rate

Income

Portfolio

Chicago

US

MidCo

III

LP,

Delayed

Draw

1st

Lien

Term

Loan

....

$

1,242,869‌

$

1,242,869‌

$

1,238,991‌

$

(3,878‌)

BlackRock

Floating

Rate

Income

Portfolio

Citrin

Cooperman

Advisors

LLC,

Delayed

Draw

1st

Lien

Term

Loan

313,863‌

310,725‌

310,332‌

(393‌)

BlackRock

Floating

Rate

Income

Portfolio

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

.......

669,037‌

669,037‌

664,019‌

(5,018‌)

BlackRock

Floating

Rate

Income

Portfolio

Kaman

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

............

348,880‌

348,443‌

348,395‌

(48‌)

BlackRock

Floating

Rate

Income

Portfolio

Pinnacle

Buyer

LLC,

Delayed

Draw

1st

Lien

Term

Loan

B

......

842,047‌

842,047‌

842,047‌

–‌

BlackRock

Floating

Rate

Income

Portfolio

Pye-Barker

Fire

&

Safety

LLC,

Delayed

Draw

1st

Lien

Term

Loan

755,300‌

755,300‌

754,983‌

(317‌)

BlackRock

Floating

Rate

Income

Portfolio

Radiate

Holdco

LLC,

Delayed

Draw

1st

Lien

Term

Loan

.......

388,341‌

388,341‌

387,370‌

(971‌)

BlackRock

Floating

Rate

Income

Portfolio

Raven

Acquisition

Holdings

LLC,

Delayed

Draw

1st

Lien

Term

Loan

260,741‌

259,437‌

257,873‌

(1,564‌)

BlackRock

Floating

Rate

Income

Portfolio

SWF

Holdings

I

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

......

1,233,332‌

1,233,332‌

1,223,564‌

(9,768‌)

$

(21,957‌)

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

UBS

Securities

LLC

...............................

$

20,325,200‌

$

(20,325,200‌)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

35

Notes

to

Financial

Statements

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

over-the-counter

(“OTC”).

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

 Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities. The

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

36

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between the

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, the

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

majority-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

entered

into a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”),

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

for

services

it provides

for

that

portion

of

the

Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Fund.

The

ongoing

service and/or

distribution

fee compensates BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the six

months

ended

January

31,

2026,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.550%

$1

billion

-

$2

billion

.....................................................................................................

0.500

$2

billion

-

$3

billion

.....................................................................................................

0.475

$3

billion

-

$10

billion

....................................................................................................

0.450

Greater

than

$10

billion

...................................................................................................

0.440

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌

%

—‌

%

Investor

C

.................................................................................................

0.25‌

0.75‌

Investor

A

Investor

C

Total

Service

and

distribution

-

class

specific

.............................................................

$

396,188‌

$

145,421‌

$

541,609‌

Notes

to

Financial

Statements

(unaudited)

(continued)

37

Notes

to

Financial

Statements

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

majority-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

January

31,

2026,

the

Fund

paid

the

following

to

the

Manager

in

return

for

these

services,

which

are

included

in

administration —

class

specific

in

the

Statement

of

Operations:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended January

31,

2026,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

January

31,

2026,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

For

the

six

months ended

January

31,

2026,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Other

Fees:

For

the

six

months

 ended 

January

31,

2026

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the Fund's

Investor

A

Shares for

a

total

of

$8,987

.

For

the six

months

ended

January

31,

2026,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers,

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2027.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent 

Trustees

,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

January

31,

2026,

the

amount

waived

was

$117,745.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2027.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

January

31,

2026,

the

Manager

waived

$44,148

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

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2027,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

six

months

ended

January

31,

2026,

the

Manager

waived

and/

or

reimbursed

investment

advisory

fees

of

$3,296,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

and

transfer

agent

fees

waived

and/or

reimbursed

—

class

specific,

respectively,

in

the

Statement

of

Operations.

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

..........................................

$

222,309‌

$

31,695‌

$

2,908‌

$

70,054‌

$

326,966‌

Institutional

Investor

A

Investor

C

Class

K

Total

Reimbursed

Amount

....................................................

$

1,944‌

$

2,873‌

$

1,213‌

$

1,159‌

$

7,189‌

Institutional

Investor

A

Investor

C

Class

K

Total

Transfer

agent

fees

-

class

specific

..........................................

$

990,245‌

$

154,812‌

$

14,168‌

$

32,527‌

$

1,191,752‌

Investor

A

$

522‌

Investor

C

11,645‌

Institutional

Investor

A

Investor

C

Class

K

Expense

Limitations

................................................

0.70‌%

1.05‌%

1.80‌%

0.65‌%

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

38

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

by

the

Manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively,

in

the

Statement

of

Operations.

For

the

six

months ended

January

31,

2026,

class

specific

expense

waivers

and/or

reimbursements are as

follows: 

Securities

Lending:

 The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

the

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

reinvested

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

the

money

market

fund

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund's

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund's

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

The

money

market

fund

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

the

money

market

fund

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

The

Fund

retains

a

portion

of

the

securities

lending

income

and

remits the

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

securities

lending

agreement

effective

as

of

January

1,

2026,

the

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Fixed-Income

Complex

in

a

calendar

year

exceeds a

specific

threshold, the

fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees. 

Prior

to

January

1,

2026,

the

Fund

retained

81%

of

securities

lending

income

(which

excluded

collateral

investment

fees)

and

this

amount

retained

could

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Fixed-Income

Complex

in

a

calendar

year

exceeded a

specific

threshold,

the

Fund

would

retain

for

the

remainder

of

that

calendar

year

84%

of

securities

lending

income

(which

excluded

collateral

investment

fees),

and

this

amount

retained

could

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the six

months

ended January

31,

2026,

the

Fund

paid

BIM $10,222

for

securities

lending agent

services. 

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Fund’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

7.

PURCHASES

AND

SALES 

For

the six

months

ended

January

31,

2026,

purchases

and

sales

of

investments,

including

paydowns/payups excluding

short-term

securities, were $655,399,693

and

$1,116,265,659,

respectively.

8.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns. No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

January

31,

2026,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

Share

Class

Administration

Fees

Waived

by

the

Manager

—

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

—

Class

Specific

Class

K

......................................................................................

$

1,448‌

$

709‌

$

—‌

$

—‌

Notes

to

Financial

Statements

(unaudited)

(continued)

39

Notes

to

Financial

Statements

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Fund's

NAV.

As

of

July

31,

2025, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains of

$466,435,025.

As

of

January

31,

2026, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.40

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Of

the

aggregate

$2.40

billion

commitment

amount,

$650

million

is

specifically

designated

to

the

Fund

and

another

participating

Fund.

The

remaining

$1.75

billion

commitment

is

available

to

all

Participating

Funds,

but

the

Fund can

borrow

up

to

an

additional

$350

million

in

the

aggregate

of

the

remaining

aggregate

commitment,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

0.80%

per

annum. The

agreement

expires

in

April

2026

unless

extended

or

renewed.

Prior

to

April

30,

2024,

the

aggregate

commitment

amount

was

$2.50

billion

and

the

fee

was

0.10%

per

annum. The

Fund

paid

an

upfront

commitment

fee

of

0.04%

on

new

commitments

of

$250

million,

in

addition

to

administration,

legal

and

arrangement

fees,

which

are

included

in

miscellaneous

expenses

in

the

Statement

of

Operations.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the six

months

ended

January

31,

2026,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.  

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Floating

Rate

Income

Portfolio

.................................

$

3,196,570,270‌

$

22,063,935‌

$

(77,642,460‌)

$

(55,578,525‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

40

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in centrally

cleared

swaps with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features. 

The

Fund

invests

a

significant

portion

of

its

assets

in fixed-income securities and/or uses

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

during

a

period

of

historically

low

interest

rates.

Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

and

could

negatively

impact

the

Fund’s

performance.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

Year

Ended

01/31/26

Year

Ended

07/31/25

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Floating

Rate

Income

Portfolio

Institutional

Shares

sold

.............................................

30,245,994‌

$

289,337,450‌

94,559,264‌

$

911,680,107‌

Shares

issued

in

reinvestment

of

distributions

........................

6,860,249‌

65,514,229‌

16,685,464‌

160,801,110‌

Shares

redeemed

.........................................

(55,632,577‌)

(531,865,567‌)

(161,211,799‌)

(1,545,198,342‌)

(18,526,334‌)

$

(177,013,888‌)

(49,967,071‌)

$

(472,717,125‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

.......................

2,939,275‌

$

28,107,789‌

9,883,066‌

$

95,228,786‌

Shares

issued

in

reinvestment

of

distributions

........................

919,335‌

8,779,631‌

2,025,128‌

19,505,388‌

Shares

redeemed

.........................................

(6,314,489‌)

(60,350,890‌)

(13,383,866‌)

(128,781,140‌)

(2,455,879‌)

$

(23,463,470‌)

(1,475,672‌)

$

(14,046,966‌)

Investor

C

Shares

sold

.............................................

310,752‌

$

2,971,647‌

1,187,486‌

$

11,441,315‌

Shares

issued

in

reinvestment

of

distributions

........................

80,956‌

773,218‌

187,706‌

1,807,722‌

Shares

redeemed

and

automatic

conversion

of

shares

..................

(792,152‌)

(7,577,586‌)

(1,413,553‌)

(13,604,823‌)

(400,444‌)

$

(3,832,721‌)

(38,361‌)

$

(355,786‌)

Class

K

Shares

sold

.............................................

6,821,290‌

$

65,272,747‌

63,114,301‌

$

609,627,245‌

Shares

issued

in

reinvestment

of

distributions

........................

2,190,689‌

20,916,321‌

8,511,978‌

82,000,507‌

Shares

redeemed

.........................................

(39,591,393‌)

(379,148,241‌)

(105,009,937‌)

(1,004,205,803‌)

(30,579,414‌)

$

(292,959,173‌)

(33,383,658‌)

$

(312,578,051‌)

(51,962,071‌)

$

(497,269,252‌)

(84,864,762‌)

$

(799,697,928‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

41

Notes

to

Financial

Statements

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Additional

Information

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

42

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Directors,

Officers,

and

Others

Compensation

to

the

independent

directors/trustees

of

the

Trust

is

paid

by

the

Trust,

on

behalf

of

the

Fund.

General

Information 

Quarterly

performance,

shareholder

reports,

semi-annual

and

annual

financial

statements,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

of

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

by

enrolling

in

the

electronic

delivery

program.

To

enroll

in

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisors,

Banks

or

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisors,

banks

or

brokerages

may

offer

this

service.

Shareholders

Who

Hold

Accounts

Directly

with

BlackRock:

1.

Access

the

BlackRock

website

at

blackrock.com

2.

Select

"Access

Your

Account"

3.

Next,

select

"eDelivery"

in

the

"Related

Resources"

box

and

follow

the

sign-up

instructions.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

43

Additional

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

02110

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

these

Financial

Statements

2026

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

44

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

OTC

Over-the-counter

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report.

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds V

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds V

Date: March 23, 2026 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds V

Date: March 23, 2026 

By:     /s/ Trent Walker                                  

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds V

Date: March 23, 2026