NPORT-EX 1 BR_Floating_Rate.htm 5/31/19 PART F BlackRock Floating Rate Income Portfolio

Schedule of Investments  (unaudited) 

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Asset-Backed Securities — 0.0%        

Texas Competitive Electric Holdings Co. LLC,

    

(LIBOR USD 3 Month + 4.50%),

5.10%, 10/10/19(a)(b)(c)(d)

    USD   8,430     $ 1  
   

 

 

  

Total Asset-Backed Securities — 0.0% (Cost: $38,862)

       1  
   

 

 

  
     Shares         

Common Stocks — 0.2%

 

Capital Markets — 0.0%  

New Holdings LLC(b)(d)

    1,269       444,150  
   

 

 

  
Chemicals — 0.0%(b)(d)  

GEO Specialty Chemicals, Inc.(e)

    39,151       9,788  

GEO Specialty Chemicals, Inc

     235,827       58,957  
   

 

 

  
      68,745  
Commercial Services & Supplies — 0.0%  

Preston Holdings LLC(b)(d)

    42,521       231,314  
   

 

 

  
Electric Utilities — 0.1%  

TexGen Power LLC(b)(d)

    46,825       1,849,588  
   

 

 

  
Health Care Providers & Services — 0.0%            

New Millennium Holdco, Inc.(b)

    71,823       1,077  
   

 

 

  
Machinery — 0.0%            

Ameriforge Group, Inc.(b)

    5,385       306,945  
   

 

 

  
Marine — 0.0%            

Projector SA(b)(d)

    42,521       —  
   

 

 

  
Media — 0.1%(b)            

Clear Channel Outdoor Holdings, Inc.

     480,539       2,441,138  

iHeartMedia, Inc.

     24,004       396,066  
   

 

 

  
      2,837,204  
Software — 0.0%            

Avaya Holdings Corp.(b)

    259       3,258  
   

 

 

  

Total Common Stocks — 0.2%
(Cost: $6,192,581)

       5,742,281  
   

 

 

  
     Par
(000)		         

Corporate Bonds — 1.2%

 

Aerospace & Defense — 0.1%  

TransDigm, Inc., 6.25%, 03/15/26(e)

    2,326       2,375,427  
   

 

 

  
Capital Markets — 0.3%  

Blackstone CQP Holdco LP(e):

    

6.50%, 03/20/21

     6,607       6,629,332  

6.00%, 08/18/21

     1,558       1,550,210  
   

 

 

  
      8,179,542  
Commercial Services & Supplies — 0.0%  

Prime Security Services Borrower LLC, 9.25%, 05/15/23(e)

    763       799,242  
   

 

 

  
Communications Equipment — 0.0%  

Avaya, Inc., 7.00%, 04/01/19(a)(b)(d)(e)

    5,545       —  
   

 

 

  
Electric Utilities — 0.0%  

Texas Competitive Electric Holdings Co. LLC, 11.50%, 10/01/20(a)(d)

    5,909       —  
   

 

 

  
Machinery — 0.0%            

Colfax Corp., 6.00%, 02/15/24(e)

    846       874,197  
   

 

 

  
Security   Par
(000)		     Value  
Media — 0.2%            

Clear Channel Worldwide Holdings, Inc., Series B, 6.50%, 11/15/22

     USD   3,645     $ 3,717,900  

iHeartCommunications, Inc.:

    

6.38%, 05/01/26

     1,156       1,200,467  

8.38%, 05/01/27

     2,095       2,191,558  
   

 

 

  
      7,109,925  
Metals & Mining — 0.2%            

Freeport-McMoRan, Inc., 3.55%, 03/01/22

     4,985       4,879,069  
   

 

 

  
Oil, Gas & Consumable Fuels — 0.4%            

CNX Resources Corp., 5.88%, 04/15/22

     4,732       4,537,420  

CONSOL Energy, Inc., 11.00%, 11/15/25(e)

    7,105       7,700,045  
   

 

 

  
      12,237,465  
Pharmaceuticals — 0.0%            

Bausch Health Cos., Inc., 5.75%, 08/15/27(e)

    386       389,619  

Total Corporate Bonds — 1.2%
(Cost: $36,801,961)

 

     36,844,486  
   

 

 

  

Floating Rate Loan Interests — 92.6%(f)

 

  
Aerospace & Defense — 1.9%            

Atlantic Aviation FBO, Inc., Term Loan B, (LIBOR USD 1 Month + 3.75%), 6.19%, 11/30/25(d)

    5,570       5,611,815  

Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (LIBOR USD 3 Month + 5.00%), 7.49% - 7.56%, 11/28/21

     8,332       8,186,288  

Standard Aero, Term Loan, (LIBOR USD 6 Month + 4.00%), 6.60%, 01/23/26

     15,360       15,383,615  

Standardaero Holding Canada Borrow, Term Loan, (LIBOR USD 6 Month + 4.00%), 6.60%, 12/30/24

     8,258       8,270,760  

Transdigm, Inc., Term Loan F, (LIBOR USD 1 Month + 2.50%), 4.94%, 06/09/23

     24,027       23,591,772  
   

 

 

  
      61,044,250  
Air Freight & Logistics — 0.3%            

Avolon Borrower 1 LLC, 1st Lien Term Loan B-3, (LIBOR USD 1 Month + 1.75%), 4.19%, 01/15/25

     8,559       8,529,350  
   

 

 

  
Airlines — 0.3%            

American Airlines, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.00%),
4.45%, 10/10/21

     5,403       5,380,325  

American Airlines, Inc., Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.43%, 04/28/23

     2,828       2,782,036  
   

 

 

  
      8,162,361  
Auto Components — 0.7%            

Adient US LLC, Term Loan B, 04/25/24(g)

    2,594       2,550,550  

Caliber Collision, Term Loan, (LIBOR USD 1 Month + 3.50%), 5.97%, 02/05/26

     6,243       6,250,804  

Panther BF (Power Solns), Term Loan B, (LIBOR USD 1 Month + 3.50%), 5.93%, 03/18/26

     11,977       11,879,747  

Panther BF Aggregator 2, Term Loan B, (EURIBOR 1 Month + 3.75%), 3.75%, 04/30/26

     EUR   2,000       2,232,200  
   

 

 

  
      22,913,301  
Building Products — 0.7%            

CPG Merger Sub LLC, Term Loan, (LIBOR USD 3 Month + 3.75%), 6.63%, 05/05/24(d)

    USD   6,779       6,694,401  

Jeld-Wen, Inc., Term Loan, (LIBOR USD 3 Month + 2.00%), 4.60%, 12/14/24

     5,516       5,478,299  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Building Products (continued)  

LSF10 XL Bidco SCA, Term Loan B, (EURIBOR 3 Month + 3.75%),
3.75%, 04/11/24

     EUR   2,000     $ 2,223,687  

Wilsonart LLC, 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.25%),
5.86%, 12/19/23

     USD   8,908       8,710,127  
   

 

 

  
      23,106,514  
Capital Markets — 1.7%  

Deerfield Holdings Corp., Term Loan, (LIBOR USD 1 Month + 3.25%),
5.69%, 02/13/25

     8,286       8,045,269  

Fortress Investment Group LLC, Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.44%, 12/27/22

     5,694       5,683,261  

Greenhill & Co., Inc., Term Loan, (LIBOR USD 1 Month + 3.25%),
5.70%, 04/12/24

     4,895       4,846,050  

Jefferies Finance LLC, Term Loan, 05/22/26(g)

     5,599       5,586,738  

RPI Finance Trust, Term Loan B, (LIBOR USD 1 Month + 2.00%),
4.44%, 03/27/23

     10,242       10,230,494  

Travelport Finance (Luxembourg) SA, 1st Lien Term Loan, 03/18/26(g)

     15,006       14,324,428  

Travelport Finance (Luxembourg) SA, 2nd Lien Term Loan, 03/18/27(d)(g)

     5,005       4,854,850  
   

 

 

  
      53,571,090  
Chemicals — 4.0%  

Allnex (Luxembourg) & Cy SCA, Term Loan B-1, (EURIBOR 1 Month + 3.25%), 3.25%, 09/13/23

     EUR     1,975       2,187,760  

Alpha 3 BV, Term Loan, 01/31/24(g)

    USD   19,541       19,247,917  

Ascend Performance Materials Operations LLC, 1st Lien Term Loan B, (LIBOR USD 3 Month + 5.25%), 7.79%, 08/12/22

     9,156       9,144,729  

Axalta Dupont PC, Term Loan, (LIBOR USD 3 Month + 1.75%),
4.35%, 06/01/24

     13,478       13,202,862  

Chemours Co. (The), 1st Lien Term Loan, (LIBOR USD 1 Month + 1.75%),
4.19%, 04/03/25

     8,001       7,781,334  

Ennis-Flint Road Infrastructure Investment, Term Loan, (LIBOR USD 1 Month + 3.50%), 5.94%, 06/13/23

     1,667       1,479,846  

Greenrock Finance, Inc., Term Loan, (LIBOR USD 3 Month + 3.50%),
6.15%, 06/28/24

     3,106       3,093,078  

Hexion, Inc., 1st Lien Term Loan, (LIBOR USD 6 Month + 2.75%),
5.35%, 10/12/20

     2,942       2,933,409  

Invictus Co., Term Loan B, (LIBOR USD 3 Month + 3.00%), 5.52%, 03/28/25

     7,552       7,306,189  

Invictus Co., Term Loan B-26, (LIBOR USD 3 Month + 6.75%),
9.27%, 03/30/26(d)

    1,945       1,925,550  

IPS Acquisition LLC, Term Loan B, (LIBOR USD 1 Month + 3.25%),
5.69%, 11/07/24

     4,793       4,775,178  

Messer Industries LLC, Term Loan, 03/01/26(g)

    15,623       15,310,348  

Momentive Performance Materials, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.65%, 05/15/24

     3,301       3,286,575  

OXEA Holding Vier GmbH, Term Loan, (LIBOR USD 1 Month + 3.50%),
6.13%, 10/14/24

     11,943       11,913,150  

PQ Corp., Term Loan, (LIBOR USD 3 Month + 2.50%), 5.08%, 02/08/25

     12,151       12,085,641  

Starfruit Finco BV, Term Loan, (LIBOR USD 1 Month + 3.25%),
5.72%, 10/01/25

     4,863       4,819,359  

Vectra Co., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%),
5.69%, 02/23/25

     4,719       4,509,176  
   

 

 

  
      125,002,101  
Security   Par
(000)		     Value  
Commercial Services & Supplies — 4.5%  

Access CIG LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 6.19%, 02/27/25

     USD   3,081     $ 3,064,694  

Advanced Disposal Services, Inc., Term Loan, (LIBOR USD 3 Month + 2.25%), 4.64%, 11/10/23

     12,782       12,750,186  

Allied Universal Holdco LLC, Term Loan, (LIBOR USD 1 Month + 3.75%),
6.19%, 07/28/22

     7,746       7,523,731  

Brand Energy & Infrastructure Services, Inc., Term Loan, 06/21/24(g)

    12,850       12,452,045  

Camelot US Acquisition 1 Co., Term Loan B, (LIBOR USD 1 Month + 3.25%),
5.68%, 10/03/23

     13,216       13,196,941  

Capri Acquisitions Bidco Ltd., Term Loan, (LIBOR USD 3 Month + 3.25%),
5.83%, 11/01/24

     8,458       8,288,954  

Cast & Crewpayroll, 1st Lien Term Loan, (LIBOR USD 1 Month + 4.00%),
6.44%, 01/16/26

     8,318       8,357,511  

EnergySolutions, LLC, Term Loan, (LIBOR USD 3 Month + 3.75%), 6.35%, 05/30/25

     2,811       2,649,141  

GFL Environmental, Inc., Term Loan B, (LIBOR USD 1 Month + 3.00%),
5.44%, 05/30/25

     14,321       14,005,796  

Harland Clarke Holdings Corp., Term Loan B, 11/03/23(g)

     2,946       2,452,203  

Information Resources, Term Loan, (LIBOR USD 3 Month + 4.50%),
6.94% - 7.02%, 11/07/25

     2,411       2,380,073  

Inmar, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 4.00%), 6.60%, 05/01/24

     4,216       3,970,626  

KAR Auction Services, Inc., Term Loan B-5, (LIBOR USD 3 Month + 2.50%),
5.13%, 03/09/23

     7,982       7,955,869  

Prime Security Services Borrower LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 2.75%), 5.19%, 05/02/22

     13,964       13,812,779  

Safe Fleet Holdings LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.00%),
5.47%, 02/01/25

     3,406       3,303,347  

ServiceMaster Co. LLC (The), 1st Lien Term Loan, (LIBOR USD 1 Month + 2.50%), 4.94%, 11/08/23

     1,146       1,144,672  

Tempo Acquisition LLC, Term Loan, (LIBOR USD 1 Month + 3.00%), 5.44%, 05/01/24

     11,589       11,526,543  

West Corp., Term Loan:

    

(LIBOR USD 1 Month + 3.50%), 5.94% - 6.02%, 10/10/24

     1,628       1,505,622  

10/10/24(g)

     13,475       12,537,582  
   

 

 

  
      142,878,315  
Communications Equipment — 0.4%  

Avaya, Inc., Term Loan B, (LIBOR USD 1 Month + 4.25%), 6.69%, 12/15/24

     7,484       7,320,262  

Ciena Corp., Term Loan B-1, (LIBOR USD 1 Month + 2.00%), 4.44%, 09/26/25

     5,003       4,995,569  
   

 

 

  
      12,315,831  
Construction & Engineering — 0.2%  

Ply Gem, Inc., Term Loan B, (LIBOR USD 3 Month + 3.75%), 6.35%, 04/01/25

     1,975       1,944,595  

SRS Distribution, Inc., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.69%, 05/23/25

     5,918       5,687,177  
   

 

 

  
      7,631,772  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Construction Materials — 1.3%  

ABC Supply Co., Inc., Term Loan B, 10/31/23(g)

    USD   13,730     $ 13,497,446  

Foundation Building Materials, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.44%, 08/13/25(d)

    4,024       3,974,072  

HD Supply Waterworks Ltd., Term Loan, 08/01/24(g)

    16,523       16,474,304  

Plaskolite, Term Loan, (LIBOR USD 1 Month + 4.25%), 6.69%, 12/15/25

     4,678       4,623,266  

Tamko Building Products, Inc., 1st Lien Term Loan B, 05/03/26(d)(g)

    2,409       2,396,955  
   

 

 

  
      40,966,043  
Containers & Packaging — 2.9%  

Berry Global, Inc., Term Loan Q, 10/01/22(g)

    21,822       21,641,365  

Berry Plastics Corp., Term Loan U,
05/17/26(g)

    8,095       8,049,506  

BWAY Holding Co., Term Loan, (LIBOR USD 3 Month + 3.25%), 5.85%, 04/03/24

     12,242       11,908,816  

Charter NEX US, Inc., 1st Lien Term Loan, 05/16/24(g)

    11,764       11,516,793  

Flex Acquisition Co., Inc., Term Loan, (LIBOR USD 3 Month + 3.00%), 5.63%, 12/29/23

     8,237       7,894,784  

Flex Acquisition Co., Term Loan, 06/30/25(g)

    4,946       4,747,019  

Reynolds Group Holdings, Inc., 1st Lien Term Loan, 02/05/23(g)

    22,680       22,467,285  

Verallia Packaging SAS, Term Loan B-4, (EURIBOR 1 Month + 2.75%), 2.75%, 10/31/22

     EUR     1,765       1,967,952  
   

 

 

  
      90,193,520  
Diversified Consumer Services — 2.8%  

AlixPartners LLP, 1st Lien Term Loan, (LIBOR USD 1 Month + 2.75%), 5.19%, 04/04/24

     USD   16,058       15,922,844  

Allied Universal Holdco LLC, 2nd Lien Term Loan, (LIBOR USD 1 Month + 8.50%), 10.94%, 07/28/23

     2,063       2,009,032  

Bright Horizons Family Solutions LLC, 1st Lien Term Loan B, (LIBOR USD 1 Month + 1.75%), 4.19%, 11/07/23

     7,386       7,362,836  

BrightView Landscapes LLC, 1st Lien Term Loan B, (LIBOR USD 1 Month + 2.50%), 5.00%, 08/08/25

     7,980       7,956,598  

Equian Buyer Corp., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.69%, 05/20/24

     6,652       6,595,166  

Research Now, Inc., Term Loan, (LIBOR USD 3 Month + 5.50%), 8.08%, 12/07/24

     5,713       5,675,555  

SIRVA Worldwide, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 5.50%), 7.94% - 8.10%, 08/04/25(d)

    5,593       5,494,951  

Spin Holdco, Inc., 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.25%), 5.85%, 11/14/22

     16,627       16,290,620  

TierPoint LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 6.19%, 05/06/24

     5,517       5,112,743  

Trugreen Ltd. Partnership, Term Loan 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.75%), 6.19%, 03/13/26(d)

    9,170       9,181,704  

Verisure Holding AB, Term Loan B-1, (EURIBOR 3 Month + 3.00%), 3.00%, 10/21/22

     EUR     2,000       2,218,481  

Weight Watchers International, Inc., Term Loan B, (LIBOR USD 3 Month + 4.75%), 7.35%, 11/29/24

     USD     4,848       4,751,286  
   

 

 

  
      88,571,816  
Security   Par
(000)		     Value  
Diversified Financial Services — 1.9%  

Clearesult, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 5.95%, 08/15/25

     USD    3,748     $ 3,673,202  

Genuine Financial Holdings LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 6.19%, 07/12/25

     6,954       6,910,592  

LTI Holdings, Inc., Term Loan, 09/06/25(g)

    4,150       3,944,122  

SMG US Midco 2, Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.44%, 01/23/25

     5,734       5,677,981  

SSH Group Holdings, Inc., Term Loan, (LIBOR USD 3 Month + 4.25%),
6.79% - 6.83%, 07/30/25

     5,545       5,487,414  

Tank Holdings Corp., Term Loan, (LIBOR USD 1 Month + 4.00%),
6.44% - 6.79%, 12/30/24

     4,265       4,272,464  

VICI Properties, Inc., Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.44%, 12/20/24

     17,991       17,836,094  

WP CPP Holdings, Term Loan B, (LIBOR USD 3 Month + 3.75%),
6.19% - 6.34%, 03/16/25

     2,831       2,828,425  

Ziggo Secured Finance Partnership, Term Loan, (LIBOR USD 1 Month + 2.50%), 4.94%, 04/15/25

     10,595       10,324,883  
   

 

 

  
      60,955,177  
Diversified Telecommunication Services — 2.7%  

Altice Financing SA, Term Loan, (LIBOR USD 1 Month + 2.75%), 5.18%, 01/31/26

     5,515       5,266,961  

Altice Financing SA, Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.19%, 07/15/25

     2,585       2,469,328  

Altice France SA, Term Loan, (LIBOR USD 1 Month + 4.00%), 6.44%, 08/14/26

     14,187       13,779,232  

CenturyLink, Inc., Term Loan:

    

(LIBOR USD 1 Month + 2.75%), 5.19%, 11/01/22

     5,146       5,126,021  

01/31/25(g)

    8,894       8,642,029  

Consolidated Communications, Inc., Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.44%, 10/05/23

     1,990       1,942,343  

Eircom Finco SARL, Term Loan, (EURIBOR 6 Month + 3.00%), 3.00%, 05/14/26

     EUR    2,000       2,232,914  

Level 3 Financing, Inc., Term Loan, (LIBOR USD 1 Month + 2.25%), 4.69%, 02/22/24

     USD  13,162       12,941,630  

MTN Infrastructure TopCo, Inc., Term Loan, 11/15/24(g)

    10,350       10,263,518  

Numericable US LLC, Term Loan, (LIBOR USD 1 Month + 3.69%), 6.13%, 01/31/26

     2,460       2,362,909  

TDC A/S, Term Loan, (EURIBOR 1 Month + 2.75%), 2.75%, 06/04/25

     EUR    2,458       2,745,009  

Telesat Canada, Term Loan B-4, (LIBOR USD 3 Month + 2.50%), 5.11%, 11/17/23(d)

    USD    3,556       3,512,039  

Zayo Group LLC, Term Loan:

    

(LIBOR USD 1 Month + 2.00%), 4.44%, 01/19/21

     11,419       11,412,362  

(LIBOR USD 1 Month + 2.25%), 4.69%, 01/19/24

     1,530       1,528,470  
   

 

 

  
      84,224,765  
Electric Utilities — 0.9%  

Calpine Construction Finance Co. LP, Term Loan B, (LIBOR USD 1 Month + 2.50%), 4.94%, 01/15/25

     2,271       2,249,687  

EIF Channelview Cogeneration LLC, 1st Lien Term Loan B, (LIBOR USD 1 Month + 4.25%), 6.69%, 05/03/25

     2,012       2,025,789  

Granite Acquisition, Inc., 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.50%), 6.09%, 12/17/21

     9,428       9,423,944  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Electric Utilities (continued)  

Granite Acquisition, Inc., 1st Lien Term Loan C, (LIBOR USD 3 Month + 3.50%), 6.10%, 12/17/21

     USD    1,194     $ 1,193,214  

Vistra Operations Co. LLC, Term Loan, (LIBOR USD 1 Month + 2.00%), 4.44%, 08/04/23

     9,008       8,975,955  

Vistra Operations Co. LLC, Term Loan B-3, 12/31/25(g)

    3,236       3,223,250  
   

 

 

  
      27,091,839  
Electrical Equipment — 0.7%  

Dell International LLC, Term Loan, (LIBOR USD 1 Month + 2.00%), 4.44%, 09/07/23

     11,097       11,033,297  

GrafTech International Ltd., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.50%), 5.94%, 02/12/25(d)

    7,599       7,532,715  

SCS Holdings I, Inc., 1st Lien Term Loan B, 05/22/26(g)

    3,104       3,100,120  
   

 

 

  
      21,666,132  
Electronic Equipment, Instruments & Components — 0.1%  

Zebra Technologies Corp., Term loan B, (LIBOR USD 1 Month + 1.75%), 4.23%, 10/27/21

     1,967       1,964,135  
   

 

 

  
Energy Equipment & Services — 0.4%  

McDermott International, Inc., Term Loan, (LIBOR USD 1 Month + 5.00%), 7.44%, 05/12/25

     6,664       6,458,462  

Pioneer Energy Services Corp., Term Loan, (LIBOR USD 1 Month + 7.75%), 10.18%, 11/08/22(d)

    3,790       3,808,950  

Weatherford International Ltd., Term Loan, (LIBOR USD 1 Month + 1.43%), 3.86%, 07/13/20

     3,305       3,284,244  
   

 

 

  
      13,551,656  
Entertainment — 1.4%  

Creative Artists Agency LLC, Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.43%, 02/15/24

     11,538       11,483,083  

Kingpin Intermediate Holdings LLC, 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.50%), 5.94%, 07/03/24

     8,156       8,140,542  

PCI Gaming Authority, 1st Lien Term Loan, 05/15/26(g)

    7,596       7,591,857  

Renaissance Learning, Inc., Term Loan, (LIBOR USD 3 Month + 3.25%), 5.73%, 05/24/25

     3,504       3,426,167  

William Morris Endeavor Entertainment LLC, Term Loan B, (LIBOR USD 3 Month + 2.75%), 5.36%, 05/18/25

     15,174       14,680,612  
   

 

 

  
      45,322,261  
Equity Real Estate Investment Trusts (REITs) — 1.2%  

Capital Automotive LP, Term Loan, (LIBOR USD 1 Month + 2.50%), 4.94%, 03/25/24

     3,534       3,492,394  

DTZ US Borrower LLC, Term Loan, (LIBOR USD 1 Month + 3.25%), 5.69%, 12/31/22

     13,617       13,569,734  

GEO Group Refinancing, Term Loan, (LIBOR USD 1 Month + 2.00%), 4.43%, 03/22/24

     6,373       6,117,682  

Iron Mountain, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 1.75%), 4.19%, 01/02/26

     8,403       8,111,947  

RHP Hotel Properties LP, 1st Lien Term Loan B, (LIBOR USD 3 Month + 2.00%), 4.61%, 05/11/24

     5,733       5,706,112  
   

 

 

  
      36,997,869  
Security   Par
(000)		     Value  
Food & Staples Retailing — 1.0%  

Albertson’s LLC, Term Loan B-7, (LIBOR USD 1 Month + 3.00%), 5.44%, 11/17/25

     USD    8,121     $ 8,061,243  

H-Food Holdings LLC, Term Loan, (LIBOR USD 1 Month + 3.69%), 6.13%, 05/23/25

     4,026       3,928,173  

H-Food Incremental, Term Loan, (LIBOR USD 1 Month + 4.00%), 6.44%, 05/23/25

     4,886       4,818,576  

US Foods, Inc., Term Loan B, 06/27/23(g)

    13,600       13,466,003  
   

 

 

  
      30,273,995  
Food Products — 2.1%  

8th Avenue Food & Provisions, Inc., Term Loan, (LIBOR USD 1 Month + 3.75%), 6.22%, 10/01/25

     2,825       2,820,513  

ARAMARK Services, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 1.75%), 4.19%, 03/11/25

     6,881       6,838,054  

Chobani LLC, Term Loan, (LIBOR USD 1 Month + 3.50%), 5.94%, 10/10/23

     10,029       9,816,267  

Hostess Brands LLC, Term Loan, (LIBOR USD 3 Month + 2.25%),
4.69% - 4.83%, 08/03/22

     12,989       12,861,970  

JBS USA LLC, Term Loan B, (LIBOR USD 1 Month + 2.50%), 5.03%, 05/01/26

     9,238       9,212,965  

Nomad Foods Ltd., Term Loan, (LIBOR USD 1 Month + 2.25%), 4.69%, 05/15/24

     5,091       5,035,391  

Post Holdings, Inc., Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.44%, 05/24/24

     6,810       6,776,321  

TMK Hawk Parent Corp., Term Loan,
(LIBOR USD 3 Month + 3.50%),
4.82% - 5.94%, 08/28/24

     13,900       11,606,726  
   

 

 

  
      64,968,207  
Gas Utilities — 0.2%  

Midcoast Operating LP, Term Loan, (LIBOR USD 3 Month + 5.50%), 8.10%, 06/30/25

     7,400       7,409,683  
   

 

 

  
Health Care Equipment & Supplies — 0.9%  

Immucor, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 5.00%), 7.60%, 06/15/21

     16,342       16,260,370  

Sterigenics-Nordion Holdings LLC, Term Loan, 05/15/22(g)

    8,220       8,135,252  

Universal Hospital Services, Inc., Delayed Draw Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.50%, 10/18/25(d)

    3,614       3,600,447  
   

 

 

  
      27,996,069  
Health Care Providers & Services — 5.5%  

AHP Health Partners, Inc., Term Loan, (LIBOR USD 1 Month + 4.50%), 6.94%, 06/30/25

     3,835       3,835,020  

CHG Healthcare Services, Inc., Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.44%, 06/07/23

     17,359       17,294,297  

Concentra, Inc., 2nd Lien Term Loan, (LIBOR USD 1 Month + 6.50%), 8.97%, 07/25/23

     8,000       8,039,966  

Concentra, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 5.22%, 06/01/22(d)

    5,508       5,466,604  

Dentalcorp Perfect Smile ULC, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.75%), 6.19%, 05/31/25

     4,289       4,235,051  

Dentalcorp Perfect Smile ULC, Delayed Draw Term Loan, (LIBOR USD 1 Month + 3.75%), 0.00% - 6.19%, 05/31/25

     790       780,147  

Diplomat Pharmacy, Inc., Term Loan, (LIBOR USD 1 Month + 4.50%), 6.94%, 12/20/24

     4,743       4,347,350  

Envision Healthcare Corp., Term Loan, (LIBOR USD 1 Month + 3.75%), 6.19%, 10/10/25

     10,872       9,870,652  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Health Care Providers & Services (continued)  

Gentiva Health Services, Inc., Term Loan, (LIBOR USD 1 Month + 7.00%), 9.50%, 07/02/26

     USD   1,275     $ 1,292,926  

Gentiva Health Services, Inc., Term Loan U, (LIBOR USD 1 Month + 3.75%), 6.25%, 07/02/25

     7,642       7,642,109  

HC Group Holdings III, Inc., 1st Lien Term Loan B, 04/07/22(d)(g)

    8,075       8,014,438  

HC Group Holdings III, Inc., Term Loan B, (LIBOR USD 1 Month + 3.75%), 6.19%, 04/07/22

     10,713       10,672,391  

HCA, Inc., Term Loan B11, (LIBOR USD 1 Month + 1.75%), 4.19%, 03/17/23

     2,634       2,632,122  

HomeVi SAS, Term Loan, (EURIBOR 3 Month + 3.00%), 3.00%, 10/31/24

     EUR   2,000       2,226,860  

LGC Ltd., Term Loan B-3, (LIBOR USD 1 Month + 3.50%), 5.94%, 03/08/23

     USD   4,000       3,920,000  

MPH Acquisition Holdings LLC, Term Loan, (LIBOR USD 3 Month + 2.75%), 5.35%, 06/07/23

     17,831       17,418,878  

nThrive, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 4.50%), 6.94%, 10/20/22

     11,825       11,426,118  

Orchid Orthopedic Solutions, Term Loan, (LIBOR USD 3 Month + 4.50%), 7.10%, 02/28/26

     2,690       2,703,450  

Ortho-Clinical Diagnostics, Inc., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.70%, 06/30/25

     17,028       16,438,771  

Radiology Partners, Inc., 1st Lien Term Loan B, 07/09/25(g)

     2,305       2,307,608  

ScribeAmerica Intermediate Holdco LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 4.50%), 6.97%, 04/03/25

     3,839       3,795,429  

Sound Inpatient Physicians, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.75%), 5.19%, 06/27/25

     3,332       3,321,427  

Sound Inpatient Physicians, Inc., 2nd Lien Term Loan, (LIBOR USD 1 Month + 6.75%), 9.19%, 06/26/26

     1,821       1,811,895  

Team Health Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 5.19%, 02/06/24

     6,734       6,056,554  

Vizient, Inc., Term Loan B-5, (LIBOR USD 6 Month + 2.75%), 5.22%, 05/17/26

     3,646       3,633,674  

Wink Holdco, Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.44%, 12/02/24

     8,746       8,535,852  

WP CityMD Bidco LLC, Term Loan, (LIBOR USD 3 Month + 3.50%), 6.10%, 06/07/24

     3,623       3,557,563  
   

 

 

  
      171,277,152  
Health Care Technology — 1.5%  

Athenahealth, Inc., Term Loan B,
(LIBOR USD 1 Month + 4.50%),
6.95% - 7.05%, 02/05/26

     19,368       19,327,715  

Change Healthcare Holdings LLC, Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.19%, 03/01/24

     11,636       11,444,437  

Goodrx, Inc., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.44%, 10/10/25

     4,474       4,455,080  

Press Ganey Holdings, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.75%), 5.19%, 10/23/23

     9,253       9,180,919  

Press Ganey Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 6.50%), 8.94%, 10/21/24

     1,261       1,258,058  
   

 

 

  
      45,666,209  
Security   Par
(000)		     Value  
Hotels, Restaurants & Leisure — 7.2%  

1011778 BC ULC, Term Loan, 02/16/24(g)

    USD   22,798     $ 22,491,408  

Aristocrat Leisure Ltd., Term Loan B, (LIBOR USD 3 Month + 1.75%), 4.34%, 10/19/24

     2,884       2,849,181  

Boyd Gaming Corp., Term Loan B, (LIBOR USD 3 Month + 2.25%), 4.64%, 09/15/23

     12,694       12,615,082  

Caesars Resort Collection LLC, Term Loan, 12/23/24(g)

    17,808       17,665,250  

CCM Merger, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.69%, 08/06/21

     7,001       6,986,105  

CEC Entertainment, Inc., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.69%, 02/12/21

     6,830       6,781,051  

CityCenter Holdings LLC, Term Loan B, 04/18/24(g)

    18,812       18,613,751  

Dorna Sports SL, 1st Lien Term Loan, (EURIBOR 6 Month + 2.75%), 2.75%, 05/03/24

     EUR     1,913       2,109,423  

Four Seasons Holdings, Inc., Term Loan F, (LIBOR USD 1 Month + 2.00%), 4.44%, 11/30/23

     USD   12,619       12,550,671  

Gateway Casinos & Entertainment Ltd., Term Loan B, (LIBOR USD 3 Month + 3.00%), 5.60%, 12/01/23

     665       663,938  

Golden Nugget, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.75%),
5.19% - 5.19%, 10/04/23

     6,561       6,515,707  

GVC Holdings plc, Term Loan, (EURIBOR 6 Month + 2.75%), 2.75%, 03/29/24

     EUR     2,080       2,324,102  

GVC Holdings plc, Term Loan B-2, (LIBOR USD 1 Month + 2.50%), 4.94%, 03/15/24

     USD     2,282       2,277,215  

Hilton Worldwide Finance LLC, 1st Lien Term Loan B-2, (LIBOR USD 1 Month + 1.75%), 4.18%, 10/25/23

     7,111       7,089,019  

IRB Holding Corp., Term Loan B,
02/05/25(g)

    15,583       15,409,808  

KFC Holding Co., Term Loan B, (LIBOR USD 1 Month + 1.75%), 4.19%, 04/03/25

     4,556       4,542,289  

Lakeland Tours LLC, Term Loan B, (LIBOR USD 3 Month + 4.00%), 6.61%, 12/16/24

     5,411       5,385,739  

MGM Growth Properties LLC, Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.44%, 03/21/25

     16,503       16,369,250  

Playa Resorts Holding BV, 1st Lien Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.19%, 04/29/24

     5,936       5,808,389  

Scientific Games International, Inc., Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.19% - 5.23%, 08/14/24

     11,622       11,426,372  

Silk Bidco AS, 1st Lien Term Loan B, (EURIBOR 6 Month + 3.75%), 3.75%, 02/24/25

     EUR     2,000       2,204,695  

Stars Group Holdings BV, Term Loan, (LIBOR USD 3 Month + 3.50%), 6.10%, 07/10/25

     USD   20,449       20,439,871  

Station Casinos LLC, Term Loan B, (LIBOR USD 1 Month + 2.50%), 4.94%, 06/08/23

     11,674       11,578,787  

Tackle Group SARL, Term Loan, (EURIBOR 3 Month + 3.50%), 3.50%, 08/08/22

     EUR     2,000       2,217,230  

Wyndham Hotels & Resorts, Inc., Term Loan B, (LIBOR USD 1 Month + 1.75%), 4.19%, 05/30/25

     USD     7,438       7,395,825  

Wynn Resorts Ltd., Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.69%, 10/22/24

     3,195       3,167,835  
   

 

 

  
      227,477,993  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Household Durables — 0.3%            

Serta Simmons Bedding LLC, Term Loan:

    

(LIBOR USD 1 Month + 3.50%),
5.94% - 5.97%,11/08/23

     USD   4,193     $ 2,930,697  

(LIBOR USD 1 Month + 8.00%), 10.44%, 11/08/24

     562       274,650  

Springs Window Fashions LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 4.25%), 6.68%, 05/25/25(d)

    6,099       5,854,956  
   

 

 

  
      9,060,303  
Household Products — 0.4%            

Energizer Holdings, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.75%, 12/17/25

     1,575       1,565,578  

Mastronardi Produce Ltd., Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.69%, 05/01/25

     2,789       2,771,494  

Prestige Brands, Inc., Term Loan, (LIBOR USD 1 Month + 2.00%), 4.44%, 01/26/24

     6,829       6,764,545  

Varsity Brands, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 5.94%, 12/16/24

     2,350       2,308,550  
   

 

 

  
      13,410,167  
Independent Power and Renewable Electricity Producers — 0.7%  

AES Corp. (The), Term Loan, (LIBOR USD 3 Month + 1.75%), 4.27%, 05/31/22

     4,875       4,859,379  

Calpine Corp., 1st Lien Term Loan B-5, (LIBOR USD 3 Month + 2.50%), 5.11%, 01/15/24

     2,518       2,501,756  

Calpine Corp., Term Loan B-7, (LIBOR USD 3 Month + 2.50%), 5.11%, 05/31/23

     3,904       3,874,225  

Calpine Corp., Term Loan B-9, (LIBOR USD 3 Month + 2.75%), 5.34%, 03/20/26

     7,200       7,159,968  

Dayton Power and Light Co. (The), Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.43%, 08/24/22

     3,417       3,408,470  
   

 

 

  
      21,803,798  
Industrial Conglomerates — 1.5%            

Charter NEX US, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.50%), 5.94%, 05/16/24

     3,179       3,167,874  

Filtration Group Corp., Term Loan B, 03/29/25(g)

    13,885       13,836,192  

PSAV Holdings LLC, 1st Lien Term Loan, (LIBOR USD 3 Month + 3.25%),
5.70% - 5.88%, 02/21/25

     6,763       6,571,385  

Sundyne US Purchaser, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 4.00%), 6.44%, 04/23/26(d)

    8,065       8,044,837  

Vertiv Co., Term Loan B, (LIBOR USD 1 Month + 4.00%), 6.44%, 11/30/23(d)

    15,383       14,459,905  
   

 

 

  
      46,080,193  
Insurance — 4.4%            

Achilles Acquisition LLC, Term Loan, (LIBOR USD 1 Month + 4.00%), 6.50%, 10/03/25

     4,204       4,188,235  

Alliant Holdings Intermediate LLC, 1st Lien Term Loan, 05/09/25(g)

    3,821       3,766,856  

Alliant Holdings Intermediate LLC, Term Loan, (LIBOR USD 1 Month + 3.00%), 5.43%, 05/09/25

     15,280       14,871,355  

AmWINS Group, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%),
5.19% - 5.22%, 01/25/24

     14,909       14,764,972  

AssuredPartners, Inc., Term Loan,
10/22/24(g)

    11,477       11,337,279  

Asurion LLC, 1st Lien Term Loan B-6, (LIBOR USD 1 Month + 3.00%), 5.44%, 11/03/23

     10,146       10,102,679  

Asurion LLC, 2nd Lien Term Loan B-2, (LIBOR USD 1 Month + 6.50%), 8.94%, 08/04/25

     10,789       10,955,366  

Asurion LLC, Term Loan, 11/03/24(g)

    1,292       1,285,696  
Security   Par
(000)		     Value  
Insurance (continued)            

Asurion LLC, Term Loan B-4, (LIBOR USD 1 Month + 3.00%), 5.44%, 08/04/22

     USD   9,175     $ 9,134,386  

Geronimo Intermediate Parent, Inc., Term Loan, (LIBOR USD 1 Month + 3.25%), 5.69%, 06/22/23

     5,432       5,386,282  

Hub International Ltd., Term Loan B,
(LIBOR USD 3 Month + 2.75%),
5.29% - 5.34%, 04/25/25

     13,272       12,914,480  

Sedgwick, 1st Lien Term Loan, 12/31/25(g)

    26,709       26,297,625  

USI, Inc., 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.00%), 5.60%, 05/16/24

     12,296       11,939,846  
   

 

 

  
      136,945,057  
IT Services — 10.3%            

Altran Technologies SA, Term Loan, (LIBOR USD 3 Month + 2.25%), 4.88%, 03/20/25

     3,044       3,013,807  

Applied Systems, Inc., Term Loan:

    

09/19/24(g)

    10,371       10,304,700  

(LIBOR USD 1 Month + 7.00%), 9.44%, 09/19/25

     2,282       2,294,943  

Boxer Parent Co., Inc., Term Loan B, (LIBOR USD 3 Month + 4.25%), 6.85%, 10/02/25

     11,607       11,389,735  

CCC Information Services, Inc., 2nd Lien Term Loan, (LIBOR USD 1 Month + 6.75%), 9.19%, 04/28/25

     4,044       4,059,165  

CCC Information Services, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 5.19%, 04/29/24

     4,152       4,126,481  

Epicor Software, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%), 5.69%, 06/01/22

     9,497       9,449,708  

Evertec, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 5.94%, 11/27/24

     4,422       4,414,533  

First Data Corp., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.00%), 4.44%, 04/26/24

     31,989       31,930,081  

First Data Corp., Term Loan, (LIBOR USD 1 Month + 2.00%), 4.44%, 07/08/22

     2,139       2,135,419  

Gartner, Inc., Term Loan A, (LIBOR USD 1 Month + 1.50%), 3.94%, 03/21/22(d)

    1,421       1,421,053  

Global Payments, Inc., Term Loan B:

    

(LIBOR USD 1 Month + 1.75%), 4.19%, 04/21/23

     4,365       4,360,863  

(LIBOR USD 1 Month + 1.75%), 4.19%, 10/17/25

     1,459       1,456,116  

GoDaddy, Inc., Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.44%, 02/15/24

     11,474       11,447,235  

Greeneden US Holdings I LLC, Term Loan B, 12/01/23(g)

    7,260       7,180,253  

IG Investments Holdings LLC, Term Loan, (LIBOR USD 1 Month + 3.50%), 5.98%, 05/23/25

     14,453       14,358,832  

Mitchell International, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.25%), 5.69%, 11/29/24

     17,292       16,470,707  

Mitchell International, Inc., 2nd Lien Term Loan, (LIBOR USD 1 Month + 7.25%), 9.69%, 12/01/25

     3,383       3,262,108  

Peak 10 Holding Corp., 2nd Lien Term Loan, (LIBOR USD 3 Month + 7.25%), 9.83%, 08/01/25

     6,450       5,353,605  

Peak 10 Holding Corp., Term Loan, (LIBOR USD 3 Month + 3.50%), 6.10%, 08/01/24

     5,020       4,631,275  

Rackspace Hosting, Inc., Term Loan,
(LIBOR USD 3 Month + 3.00%),
5.52% - 5.58%, 11/03/23

     6,981       6,450,117  

Sabre GLBL, Inc., Term Loan, (LIBOR USD 1 Month + 2.00%), 4.44%, 02/22/24

     12,203       12,111,737  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
IT Services (continued)            

Solera LLC, Term Loan B-1, (LIBOR USD 1 Month + 2.75%), 5.19%, 03/03/23

     USD   23,517     $ 23,335,115  

Sophia LP, 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.25%), 5.85%, 09/30/22

     21,414       21,280,446  

SS&C Technologies Holdings, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.69%, 04/16/25

     12,533       12,446,326  

SS&C Technologies Holdings, Inc., Term Loan B-1, (LIBOR USD 1 Month + 2.25%), 4.69%, 07/08/22

     6,640       6,621,941  

SS&C Technologies, Inc., 1st Lien Term Loan B-5, (LIBOR USD 1 Month + 2.25%), 4.69%, 04/16/25

     7,531       7,480,484  

TKC Holdings, Inc., Term Loan,
02/01/23(g)

    3,230       3,201,815  

Trans Union LLC, 1st Lien Term Loan B-4, (LIBOR USD 1 Month + 2.00%), 4.44%, 06/19/25

     5,912       5,891,216  

Trans Union LLC, Term Loan, (LIBOR USD 1 Month + 2.00%), 4.44%, 04/10/23

     12,598       12,557,848  

Verscend Holding Corp., Term Loan B, 08/27/25(g)

    20,658       20,637,350  

Vertafore, Inc., Term Loan B, 07/02/25(g)

    7,629       7,338,971  

WEX, Inc., Term Loan, 05/15/26(g)

    19,381       19,227,925  

Worldpay LLC, Term Loan, (LIBOR
USD 1 Month + 1.75%),
4.15% - 4.19%, 08/09/24

     7,695       7,688,188  

Zephyr Midco 2 Ltd., Term Loan B, (LIBOR GBP 1 Month + 4.50%), 5.23%, 07/23/25

     GBP   2,000       2,492,671  
   

 

 

  
      321,822,769  
Life Sciences Tools & Services — 0.3%  

Albany Molecular Research, Inc., Term Loan:

    

(LIBOR USD 1 Month + 3.25%), 5.69%, 08/30/24

     USD   2,555       2,488,343  

(LIBOR USD 1 Month + 7.00%), 9.44%, 08/30/25

     1,855       1,836,450  

Avantor, Inc., Term Loan, (LIBOR USD 1 Month + 3.75%), 6.19%, 11/21/24

     6,523       6,520,338  
   

 

 

  
      10,845,131  
Machinery — 2.0%  

Columbus Mckinnon Corp., 1st Lien Term Loan B, (LIBOR USD 3 Month + 2.50%), 5.10%, 01/31/24

     751       748,339  

Doosan Infracore International, Inc., Term Loan B, (LIBOR USD 3 Month + 2.00%), 4.60%, 05/18/24

     4,029       3,981,546  

Gardner Denver, Inc., Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.19%, 07/30/24

     9,614       9,608,062  

Gates Global LLC, Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.19%, 04/01/24

     18,597       18,448,163  

Pike Corp., 1st Lien Term Loan, (LIBOR USD 1 Month + 3.50%), 5.94%, 03/12/25

     3,276       3,281,153  

Terex Corp., Term Loan, (LIBOR USD 1 Month + 2.75%), 5.19%, 01/31/24

     1,410       1,409,126  

Titan Acquisition Ltd., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.44%, 03/28/25

     19,843       19,027,998  

WELBILT, Inc., Term Loan, (LIBOR USD 1 Month + 2.50%), 4.94%, 10/11/25

     4,951       4,895,697  
   

 

 

  
      61,400,084  
Media — 5.4%  

Ascend Learning LLC, Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.44%, 07/12/24

     5,624       5,565,744  

Cable One, Inc., Term Loan, (LIBOR USD 1 Month + 1.75%), 4.19%, 05/01/24

     3,694       3,666,494  
Security   Par
(000)		     Value  
Media (continued)            

Cablevision CSC Holdings LLC, Term Loan, (LIBOR USD 1 Month + 2.25%), 4.69%, 07/17/25

     USD   5,698     $ 5,580,448  

Charter Communications Operating LLC, Term Loan B, 04/30/25(g)

    11,296       11,269,431  

CSC Holdings LLC, Term Loan B, (LIBOR USD 1 Month + 2.50%), 4.94%, 01/25/26

     4,311       4,257,483  

Cumulus Media New Holdings, Inc., Term Loan, 05/13/22(g)

     6,438       6,409,680  

Gray Television, Inc., Term Loan, (LIBOR USD 1 Month + 2.50%), 4.98%, 01/02/26

     2,473       2,460,043  

Gray Television, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.73%, 02/07/24

     4,021       3,988,849  

iHeartCommunications, Inc., 1st Lien Term Loan, 05/01/26(b)(g)

     11,501       11,504,342  

Intelsat Jackson Holdings SA, Term Loan, (LIBOR USD 1 Month + 4.50%), 6.93%, 01/02/24

     9,105       9,098,670  

Learfield Communications LLC, Term Loan, (LIBOR USD 1 Month + 3.25%),
4.90% - 5.69%, 12/01/23

     10,046       10,004,325  

Lions Gate Entertainment, Inc., Term Loan, (LIBOR USD 1 Month + 2.25%), 4.69%, 03/24/25

     5,171       5,132,436  

Meredith Corp., Term Loan B, (LIBOR
USD 3 Month + 1.75%),
5.19% - 7.25%, 01/31/25

     3,976       3,965,064  

Radiate Holdco LLC, 1st Lien Term Loan, (LIBOR USD 1 Month + 3.00%), 5.44%, 02/01/24

     9,558       9,408,619  

Telenet Financing LLC, Term Loan, (LIBOR USD 1 Month + 2.25%), 4.69%, 08/15/26

     10,756       10,607,927  

The E.W. Scripps Co., Term Loan B, (LIBOR USD 6 Month + 2.75%), 5.24%, 04/03/26

     4,275       4,261,662  

Trader Corp., Term Loan, (LIBOR USD 1 Month + 3.00%), 5.43%, 09/28/23

     16,025       15,974,777  

Tribune Media Co., 1st Lien Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.44%, 01/26/24

     13,461       13,440,652  

Unitymedia Finance LLC, Term Loan:

    

(LIBOR USD 1 Month + 2.00%), 4.44%, 06/01/23

     5,732       5,703,148  

(LIBOR USD 1 Month + 2.25%), 4.69%, 01/15/26

     1,655       1,644,391  

Unitymedia Hessen GmbH & Co. KG, 1st Lien Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.69%, 09/30/25

     10,644       10,584,819  

Univision Communications, Inc., Term Loan C-5, (LIBOR USD 1 Month + 2.75%), 5.19%, 03/15/24

     5,505       5,215,154  

Virgin Media Bristol LLC, Term Loan, (LIBOR USD 1 Month + 2.50%), 4.94%, 01/15/26

     11,512       11,401,255  
   

 

 

  
      171,145,413  
Metals & Mining — 0.4%  

Ball Metalpack Finco LLC, Term Loan, (LIBOR USD 3 Month + 4.50%), 7.02%, 07/31/25

     3,621       3,616,114  

Equinox Holdings, Inc., Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.44%, 03/08/24

     8,170       8,135,141  

Oxbow Carbon LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 6.19%, 01/04/23

     1,923       1,922,813  
   

 

 

  
      13,674,068  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Multiline Retail — 0.7%  

Harbor Freight Tools USA, Inc., Term Loan, (LIBOR USD 1 Month + 2.50%), 4.94%, 08/18/23

     USD   5,641     $ 5,465,921  

Hudsons Bay Co., 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.25%), 5.81%, 09/30/22

     7,604       7,475,197  

Leslie’s Poolmart, Inc., Term Loan B, (LIBOR USD 3 Month + 3.50%), 5.98%, 08/16/23

     4,099       3,971,702  

Neiman Marcus Group Ltd. LLC, Term Loan, (LIBOR USD 1 Month + 3.25%), 5.72%, 10/25/20

     5,391       4,846,401  
   

 

 

  
      21,759,221  
Multi-Utilities — 0.2%  

Exgen Renewables IV LLC, Term Loan, (LIBOR USD 3 Month + 3.00%), 5.53%, 11/28/24

     1,190       1,128,782  

USIC Holdings, Inc., Term Loan B, (LIBOR USD 1 Month + 3.00%), 5.44%, 12/08/23

     5,436       5,350,932  
   

 

 

  
      6,479,714  
Oil, Gas & Consumable Fuels — 1.1%  

BCP Raptor II LLC, Term Loan, (LIBOR USD 1 Month + 4.75%), 7.19%, 10/22/25

     3,468       3,355,290  

California Resources Corp., Term Loan, (LIBOR USD 1 Month + 10.38%), 12.80%, 12/31/21

     5,341       5,378,239  

CNX Resources Corp., Term Loan, (LIBOR USD 1 Month + 4.50%), 6.94%, 11/28/22

     4,819       4,786,857  

Edgewater Generation LLC, Term Loan:

    

12/13/25(d)(g)

    2,143       2,134,963  

(LIBOR USD 1 Month + 3.75%), 6.19%, 12/13/25

     3,315       3,308,892  

EURO Garages Ltd., Term Loan B,
02/07/25(g)

    6,258       6,137,951  

EURO Garages Ltd., Term Loan B-1, (LIBOR USD 3 Month + 4.00%), 6.60%, 02/07/25

     3,589       3,519,954  

Gavilan Resources LLC, 2nd Lien Term Loan, (LIBOR USD 1 Month + 6.00%), 8.43%, 03/01/24(d)

    4,186       2,762,982  

MEG Energy Corp., Term Loan B, (LIBOR USD 1 Month + 3.50%), 5.94%, 12/31/23

     1,965       1,959,024  
   

 

 

  
      33,344,152  
Pharmaceuticals — 3.4%  

Amneal Pharmaceuticals LLC, Term Loan B-18, (LIBOR USD 1 Month + 3.50%), 6.00%, 03/21/25

     11,379       11,273,992  

Bausch Health Cos., Inc., Term Loan, 06/02/25(g)

    25,837       25,736,415  

Catalent Pharma Dollar, Inc., 1st Lien Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.69%, 05/20/24

     4,152       4,140,311  

Catalent, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.68%, 05/08/26

     7,187       7,172,051  

Endo Pharmaceuticals, Inc., Term Loan B, (LIBOR USD 1 Month + 4.25%), 6.75%, 04/29/24

     12,576       12,112,320  

Grifols Worldwide Operations Ltd., Term Loan, (LIBOR USD 3 Month + 2.25%), 4.64%, 01/31/25

     11,438       11,378,428  

Jaguar Holding Co. I, Term Loan, (LIBOR USD 1 Month + 2.50%), 4.94%, 08/18/22

     21,198       20,939,649  

Mallinckrodt International Finance SA, 1st Lien Term Loan B, (LIBOR USD 3 Month + 2.75%), 5.35%, 09/24/24

     3,483       3,059,112  
Security   Par
(000)		     Value  
Pharmaceuticals (continued)            

National Veterinary Associates, Inc., Term Loan B-3, (LIBOR USD 1 Month + 2.75%), 5.19%, 02/02/25

     USD   9,927     $ 9,591,752  
   

 

 

  
      105,404,030  
Professional Services — 0.5%  

Dun & Bradstreet Corp. (The), 1st Lien Term Loan, 02/06/26(g)

    16,055       16,014,863  
   

 

 

  
Real Estate Management & Development — 0.7%  

ESH Hospitality, Inc. Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.44%, 08/30/23

     10,502       10,458,449  

Forest City, Term Loan B, (LIBOR USD 1 Month + 4.00%), 6.44%, 12/31/25

     8,167       8,183,519  

Realogy Group LLC, Term Loan, (LIBOR USD 1 Month + 2.25%), 4.69%, 02/08/25

     3,808       3,623,658  
   

 

 

  
      22,265,626  
Road & Rail — 0.6%  

Gruden Acquisition, Inc., 1st Lien Term Loan, (LIBOR USD 3 Month + 5.50%), 8.10%, 08/18/22(d)

    2,333       2,310,150  

Uber Technologies, Inc., Term Loan:

    

(LIBOR USD 1 Month + 3.50%), 5.93%, 07/13/23

     9,757       9,716,104  

(LIBOR USD 1 Month + 4.00%), 6.45%, 03/14/25

     6,243       6,225,907  
   

 

 

  
      18,252,161  
Semiconductors & Semiconductor Equipment — 0.1%  

Microchip Technology, Inc., Term Loan, 05/29/25(g)

    4,123       4,106,466  
   

 

 

  
Software — 6.9%  

DTI Holdco, Inc., Term Loan, (LIBOR USD 3 Month + 4.75%), 7.29% - 7.33%, 09/29/23

     6,680       6,179,198  

Financial & Risk US Holdings, Inc., Term Loan:

    

(EURIBOR 3 Month + 4.00%), 4.00%, 10/01/25

     EUR   1,614       1,799,824  

10/01/25(g)

    USD 40,084       39,051,010  

Infor US, Inc., Term Loan, 02/01/22(g)

    32,328       32,188,942  

Informatica LLC, Term Loan B, (LIBOR USD 1 Month + 3.25%), 5.69%, 08/05/22

     19,822       19,797,237  

Kronos, Inc., 1st Lien Term Loan B, (LIBOR USD 3 Month + 3.00%), 5.58%, 11/01/23

     20,971       20,901,238  

Kronos, Inc., 2nd Lien Term Loan B, (LIBOR USD 3 Month + 8.25%), 10.83%, 11/01/24

     9,285       9,551,944  

McAfee LLC, Term Loan, (LIBOR USD 1 Month + 3.75%), 6.18%, 09/30/24

     18,351       18,320,795  

PowerSchool Group LLC, 1st Lien Term Loan, (LIBOR USD 3 Month + 3.25%), 5.82%, 07/31/25(d)

    4,897       4,823,276  

RP Crown Parent LLC, 1st Lien Term Loan, 10/12/23(g)

    6,497       6,445,610  

Solar Winds Holdings, Inc., Term Loan B, (LIBOR USD 1 Month + 2.75%), 5.19%, 02/05/24

     19,822       19,651,529  

SS&C Technologies Holdings, Inc., Term Loan, (LIBOR USD 1 Month + 2.25%), 4.69%, 04/16/25

     8,791       8,729,612  

TIBCO Software, Inc., Term Loan, (LIBOR USD 1 Month + 3.50%), 5.94%, 12/04/20

     18,359       18,321,030  

Ultimate Software Group, Inc. (The), 1st Lien Term Loan, (LIBOR USD 6 Month + 3.75%), 6.27%, 05/04/26

     12,331       12,331,000  
   

 

 

  
      218,092,245  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Specialty Retail — 0.7%  

Belron Finance US LLC, Term Loan B, (LIBOR USD 3 Month + 2.50%), 5.07%, 11/07/24

     USD   9,076     $ 9,047,407  

CD&R Firefly Bidco Ltd., Term Loan, (LIBOR GBP 3 Month + 4.50%), 5.32%, 06/23/25

     GBP   2,000       2,518,664  

IAA Spinco, Inc., Term Loan B,
05/22/26(d)(g)

    USD   3,542       3,550,990  

Midas Intermediate Holdco II LLC, Term Loan B, 08/18/21(d)(g)

     3,579       3,471,677  

Optiv, Inc., Term Loan, (LIBOR USD 1 Month + 3.25%), 5.69%, 02/01/24

     2,670       2,480,198  
   

 

 

  
      21,068,936  
Technology Hardware, Storage & Peripherals — 0.6%  

Western Digital Corp., 1st Lien Term Loan B, (LIBOR USD 1 Month + 1.75%), 4.19%, 04/29/23(d)

    19,098       18,525,541  
   

 

 

  
Trading Companies & Distributors — 0.6%  

Beacon Roofing Supply, Inc., Term Loan B, (LIBOR USD 1 Month + 2.25%), 4.70%, 01/02/25

     5,944       5,871,062  

HD Supply, Inc., Term Loan, (LIBOR USD 1 Month + 1.75%),
4.19%, 10/17/23

     13,120       13,094,011  

United Rentals, Inc., Term Loan, (LIBOR USD 1 Month + 1.75%),
4.19%, 10/31/25

     610       609,236  
   

 

 

  
      19,574,309  
Wireless Telecommunication Services — 1.4%  

Digicel International Finance Ltd., Term Loan, (LIBOR USD 3 Month + 3.25%), 5.78%, 05/27/24

     6,127       5,490,895  

Hargray Communications Group, Inc., Term Loan, (LIBOR USD 1 Month + 2.75%), 5.19%, 05/16/24

     8,004       7,924,063  

New Lightsquared LLC, 1st Lien Term Loan, (LIBOR USD 3 Month + 8.75%), 0.00%, 12/07/20(h)

    8,004       5,653,130  

SBA Senior Finance II LLC, 2nd Lien Term Loan B, (LIBOR USD 1 Month + 2.00%), 4.44%, 04/06/25

     11,739       11,553,776  

Sprint Communications, Inc., 1st Lien Term Loan, (LIBOR USD 1 Month + 2.50%), 5.00%, 02/02/24

     13,265       12,958,658  
   

 

 

  
      43,580,522  
   

 

 

  

Total Floating Rate Loan Interests — 92.6%
(Cost: $2,946,445,741)

 

     2,906,384,175  
   

 

 

  
    
Security		   Shares     Value  
Investment Companies — 3.1%            

Invesco Senior Loan ETF(i)

    4,254,262     $ 96,316,492  
   

 

 

  

Total Investment Companies — 3.1%
(Cost: $96,317,684)

 

     96,316,492  
   

 

 

  
     Beneficial
Interest
(000)		         

Other Interests — 0.0%

    
Capital Markets — 0.0%(j)            

Millennium Lender Claim(d)

    15,011       —  
   

 

 

  
      —  

Total Other Interests — 0.0%

       —  
   

 

 

  
     Shares         

Warrants — 0.1%

    
Machinery — 0.0%  

AFGlobal Corp. (Issued/exercisable 06/08/17, 1 share for 1 warrant, Expires 06/08/22, Strike Price USD 0.00)(b)

    17,095       —  
   

 

 

  
Media — 0.1%            

iHeartMedia, Inc. (Issued/exercisable 05/01/19, 1 share for 1 warrant, Expires 12/31/19, Strike Price USD 1.00)(b)

    180,353       2,975,644  
   

 

 

  

Total Warrants — 0.1%

       2,975,644  
   

 

 

  

Total Long-Term Investments — 97.2%
(Cost: $3,089,043,003)

 

     3,048,263,079  
   

 

 

  
Short-Term Securities — 6.6%(k)            

BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.29%*

    124,275,655       124,275,655  

JPMorgan U.S. Treasury Plus Money Market Fund, Agency Class, 2.23%

     9,637,772       9,637,772  

SL Liquidity Series, LLC, Money Market Series, 2.57%(l)*

    74,377,164       74,392,040  
   

 

 

  

Total Short-Term Securities — 6.6%
(Cost: $208,302,702)

 

     208,305,467  
   

 

 

  

Total Options Purchased — 0.0%
(Cost: $620,337)

 

     122,125  
   

 

 

  

Total Investments — 103.8%
(Cost: $3,297,966,042)

 

     3,256,690,671  

Liabilities in Excess of Other Assets — (3.8)%

 

     (119,072,982 ) 
   

 

 

  

Net Assets — 100.0%

    $ 3,137,617,689  
   

 

 

  
 
(a)

Issuer filed for bankruptcy and/or is in default.

(b)

Non-income producing security.

(c)

Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(d)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(f)

Variable rate security. Rate shown is the rate in effect as of period end.

(g)

Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(h)

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.

 

 

     9  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

 

 

(i)

Security, or a portion of the security, is on loan.

(j)

Other interests represent beneficial interests in liquidation trusts and other reorganizational or private entities.

(k)

Annualized 7-day yield as of period end.

(l)

Security was purchased with the cash collateral from loaned securities.

*

During the period ended May 31, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

 

Affiliated Persons and/or Related Parties   

Shares

Held at
08/31/18

      Shares
Purchased		     

Shares

Sold

     

Shares

Held at
05/31/19

      Value at
05/31/19		      Income      Net
Realized
Gain (Loss)  (a)		     

Change in
Unrealized
Appreciation

(Depreciation)

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      259,585,142        —        (135,309,487 )(b)        124,275,655      $ 124,275,655      $ 2,484,746      $ —      $ —  

SL Liquidity Series, LLC, Money Market Series

      36,796,209        37,580,955 (c)        —        74,377,164        74,392,040        344,094 (d)        (7,840 )       1,696  

iShares iBoxx $ High Yield Corporate Bond ETF(e)

     —        300,000        (300,000 )       —        —        29,145        75,858        —  
              

 

 

     

 

 

     

 

 

     

 

 

  
               $ 198,667,695      $ 2,857,985      $ 68,018      $ 1,696  
              

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Includes net capital gain distributions, if applicable.

 
(b)

Represents net shares sold.

 
(c)

Represents net shares purchased.

 
(d)

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 
(e)

No longer held by the Fund as of period end.

 

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

 

 

10   

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

 

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

 

Currency
Purchased		        Currency
Sold		        Counterparty      Settlement Date       

Unrealized

Appreciation

(Depreciation)

  
EUR     26,603,000        USD     29,656,758        HSBC Bank plc        06/05/19        $ 65,195  
GBP     3,670,000        USD     4,615,025        JPMorgan Chase Bank NA        06/05/19          25,000  
USD     2,218,994        EUR     1,985,000        Goldman Sachs International        06/05/19          1,271  
USD     27,769,082        EUR     24,679,000        HSBC Bank plc        06/05/19          196,700  
USD     4,814,878        GBP     3,679,000        State Street Bank and Trust Co.        06/05/19          163,474  
                       

 

 

  
                          451,640  
                       

 

 

  
USD     29,727,735        EUR     26,603,000        HSBC Bank plc        07/03/19          (67,606 ) 
USD     4,621,822        GBP     3,670,000        JPMorgan Chase Bank NA        07/03/19          (25,206 ) 
                       

 

 

  
                          (92,812 ) 
                       

 

 

  
Net Unrealized Appreciation           $ 358,828  
                       

 

 

  

Exchange-Traded Options Purchased

 

Description    Number of
Contracts		        Expiration
Date		        Exercise
Price		        Notional
Amount (000)		        Value  
Call                                                   

Health Care Select Sector SPDR Fund

      750          06/21/19        USD     92.00        USD     6,546        $ 6,750  

iShares iBoxx $ High Yield Corporate Bond ETF

      1,000          06/21/19        USD     87.00        USD     8,490          2,500  

SPDR S&P 500 ETF Trust

      500          06/21/19        USD     305.00        USD     13,764          750  

SPDR S&P 500 ETF Trust

      1,250          06/21/19        USD     289.00        USD     34,409          29,375  

SPDR S&P 500 ETF Trust

      1,500          06/21/19        USD     299.00        USD     41,291          2,250  

SPDR S&P 500 ETF Trust

      1,500          06/21/19        USD     295.00        USD     41,291          6,750  

iShares iBoxx $ High Yield Corporate Bond ETF

      2,500          07/19/19        USD     86.00        USD     21,225          73,750  
                          

 

 

  
                           $ 122,125  
                          

 

 

  

Glossary of Terms Used in this Report

 

Currency
EUR    Euro
GBP    British Pound
USD    United States Dollar

 

Portfolio Abbreviations
ETF    Exchange-Traded Fund
EURIBOR    Euro Interbank Offered Rate
LIBOR    London Interbank Offered Rate
SCA    Svenska Cellulosa Aktiebolaget

 

 

     11  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

•  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

•  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

•  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                  

Investments:

                  

Long-Term Investments:

                  

Asset-Backed Securities

    $ —        $ —        $ 1        $ 1  

Common Stocks:

                  

Capital Markets

      —          —          444,150          444,150  

Chemicals

      —          —          68,745          68,745  

Commercial Services & Supplies

      —          —          231,314          231,314  

Electric Utilities

      —          —          1,849,588          1,849,588  

Health Care Providers & Services

      —          1,077          —          1,077  

Machinery

      —          306,945          —          306,945  

Marine

      —          —          —          —  

Media

      2,441,138          396,066          —          2,837,204  

Software

      3,258          —          —          3,258  

Corporate Bonds:

                  

Aerospace & Defense

      —          2,375,427          —          2,375,427  

Capital Markets

      —          8,179,542          —          8,179,542  

Commercial Services & Supplies

      —          799,242          —          799,242  

Communications Equipment

      —          —          —          —  

Electric Utilities

      —          —          —          —  

Machinery

      —          874,197          —          874,197  

Media

      —          7,109,925          —          7,109,925  

Metals & Mining

      —          4,879,069          —          4,879,069  

Oil, Gas & Consumable Fuels

      —          12,237,465          —          12,237,465  

Pharmaceuticals

      —          389,619          —          389,619  

Floating Rate Loan Interests:

                  

Aerospace & Defense

      —          55,432,435          5,611,815          61,044,250  

Air Freight & Logistics

      —          8,529,350          —          8,529,350  

Airlines

      —          8,162,361          —          8,162,361  

Auto Components

      —          22,913,301          —          22,913,301  

Building Products

      —          16,412,113          6,694,401          23,106,514  

Capital Markets

      —          48,716,240          4,854,850          53,571,090  

Chemicals

      —          123,076,551          1,925,550          125,002,101  

 

 

12   

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

 

 

      Level 1        Level 2        Level 3        Total  

Commercial Services & Supplies

    $ —        $ 142,878,315        $ —        $ 142,878,315  

Communications Equipment

      —          12,315,831          —          12,315,831  

Construction & Engineering

      —          7,631,772          —          7,631,772  

Construction Materials

      —          34,595,016          6,371,027          40,966,043  

Containers & Packaging

      —          90,193,520          —          90,193,520  

Diversified Consumer Services

      —          73,895,161          14,676,655          88,571,816  

Diversified Financial Services

      —          60,955,177          —          60,955,177  

Diversified Telecommunication Services

      —          80,712,726          3,512,039          84,224,765  

Electric Utilities

      —          27,091,839          —          27,091,839  

Electrical Equipment

      —          14,133,417          7,532,715          21,666,132  

Electronic Equipment, Instruments & Components

      —          1,964,135          —          1,964,135  

Energy Equipment & Services

      —          9,742,706          3,808,950          13,551,656  

Entertainment

      —          45,322,261          —          45,322,261  

Equity Real Estate Investment Trusts (REITs)

      —          36,997,869          —          36,997,869  

Food & Staples Retailing

      —          30,273,995          —          30,273,995  

Food Products

      —          64,968,207          —          64,968,207  

Gas Utilities

      —          7,409,683          —          7,409,683  

Health Care Equipment & Supplies

      —          24,395,622          3,600,447          27,996,069  

Health Care Providers & Services

      —          153,961,090          13,481,042          167,442,132  

Health Care Providers and Services

      —          3,835,020          —          3,835,020  

Health Care Technology

      —          45,666,209          —          45,666,209  

Hotels, Restaurants & Leisure

      —          227,477,993          —          227,477,993  

Household Durables

      —          3,205,347          5,854,956          9,060,303  

Household Products

      —          13,410,167          —          13,410,167  

Independent Power and Renewable Electricity Producers

      —          21,803,798          —          21,803,798  

Industrial Conglomerates

      —          23,575,451          22,504,742          46,080,193  

Insurance

      —          136,945,057          —          136,945,057  

IT Services

      —          320,401,716          1,421,053          321,822,769  

Life Sciences Tools & Services

      —          10,845,131          —          10,845,131  

Machinery

      —          61,400,084          —          61,400,084  

Media

      —          171,145,413          —          171,145,413  

Metals & Mining

      —          13,674,068          —          13,674,068  

Multiline Retail

      —          21,759,221          —          21,759,221  

Multi-Utilities

      —          6,479,714          —          6,479,714  

Oil, Gas & Consumable Fuels

      —          28,446,207          4,897,945          33,344,152  

Pharmaceuticals

      —          105,404,030          —          105,404,030  

Professional Services

      —          16,014,863          —          16,014,863  

Real Estate Management & Development

      —          22,265,626          —          22,265,626  

Road & Rail

      —          15,942,011          2,310,150          18,252,161  

Semiconductors & Semiconductor Equipment

      —          4,106,466          —          4,106,466  

Software

      —          213,268,969          4,823,276          218,092,245  

Specialty Retail

      —          14,046,269          7,022,667          21,068,936  

Technology Hardware, Storage & Peripherals

      —          —          18,525,541          18,525,541  

Trading Companies & Distributors

      —          19,574,309          —          19,574,309  

Wireless Telecommunication Services

      —          43,580,522          —          43,580,522  

Investment Companies

      96,316,492          —          —          96,316,492  

Other Interests(a)

     —          —          —          —  

Warrants(a)

     —          2,975,644          —          2,975,644  

Short-Term Securities

      133,913,427          —          —          133,913,427  

Options Purchased:

                  

Equity contracts

      122,125          —          —          122,125  

Liabilities:

                  

Investments:

                  

Unfunded Floating rate Loan Interests(b)

     —          (3,576 )         —          (3,576 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $ 232,796,440        $ 2,807,474,996        $ 142,023,619        $ 3,182,295,055  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments valued at NAV(c)

                    74,392,040  
                 

 

 

  

Total Investments

                   $ 3,256,687,095  
                 

 

 

  

Derivative Financial Instruments(d)

                 

Assets:

                  

Foreign currency exchange contracts

    $ —        $ 451,640        $ —        $ 451,640  

Liabilities:

                  

Foreign currency exchange contracts

      —          (92,812 )         —          (92,812 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ 358,828        $ —        $ 358,828  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

     13  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Floating Rate Income Portfolio

 

 

(a) 

See above Schedule of Investments for values in each industry.

(b) 

Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

(c) 

Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

(d) 

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

 

     

Asset-

Backed
Securities

        Common
Stocks		       

Floating

Rate

Loan

Interests

        Total  

Investments:

                  

Assets:

                  

Opening Balance, as of August 31, 2018

    $ 7,548,976        $ 3,476,087        $ 160,707,442        $ 171,732,505  

Transfers into level 3(a)

     —          418,770          102,565,009          102,983,779  

Transfers out of level 3(b)

     —          —          (70,726,160 )         (70,726,160 ) 

Accrued discounts/premiums

      —          —          166,365          166,365  

Net realized gain (loss)

      (91,408 )         20,752          (4,304,723 )         (4,375,379 ) 

Net change in unrealized appreciation (depreciation)(c)

     —          253,359          (2,565,033 )         (2,311,674 ) 

Purchases

      —          251,199          51,108,216          51,359,415  

Sales

      (7,457,567 )         (1,826,370 )         (97,521,295 )         (106,805,232 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

Closing Balance, as of May 31, 2019

    $ 1        $ 2,593,797        $ 139,429,821        $ 142,023,619  
  

 

 

       

 

 

       

 

 

       

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at May 31, 2019(c)

   $ —        $ 48,940        $ (3,315,922 )       $ (3,266,982 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

(a) 

As of August 31, 2018, the Fund used observable inputs in determining the value of certain investments. As of May 31, 2019, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

(b) 

As of August 31, 2018, the Fund used significant unobservable inputs in determining the value of certain investments. As of May 31, 2019, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

(c) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2019 is generally due to investments no longer held or categorized as level 3 at period end.

The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

 

 

14