BlackRock Funds V N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23339

Name of Fund: BlackRock Funds V

                            

BlackRock Floating Rate Income Portfolio     

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds V, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 08/31/2021

Date of reporting period: 02/28/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

February

28,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

V

BlackRock

Floating

Rate

Income

Portfolio

Dear

Shareholder,

The

12-month

reporting

period

as

of

February

28,

2021

reflected

a

remarkable

period

of

disruption

and

adaptation,

as

the

global

economy

dealt

with

the

implications

of

the

coronavirus

(or

“COVID-19”)

pandemic.

As

the

period

began,

the

threat

from

the

virus

was

becoming

increasingly

apparent,

and

countries

around

the

world

took

economically

disruptive

countermeasures.

Stay-at-home

orders

and

closures

of

non-essential

businesses

became

widespread,

many

workers

were

laid

off,

and

unemployment

claims

spiked,

causing

a

global

recession

and

a

sharp

fall

in

equity

prices.

After

markets

hit

their

lowest

point

of

the

reporting

period

in

late

March

2020,

a

steady

recovery

ensued,

as

businesses

began

to

re-open

and

governments

learned

to

adapt

to

life

with

the

virus.

Equity

prices

continued

to

rise

throughout

the

summer,

fed

by

strong

fiscal

and

monetary

support

and

improving

economic

indicators.

Many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period

following

the

implementation

of

mass

vaccination

campaigns

and

progress

of

additional

stimulus

through

the

U.S.

Congress.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

also

gained,

as

both

developed

countries

and

emerging

markets

rebounded

substantially

from

lows

in

late

March

2020.

During

the

market

downturn,

the

performance

of

different

types

of

fixed-income

securities

initially

diverged

due

to

a

reduced

investor

appetite

for

risk.

U.S.

Treasuries

benefited

from

the

risk-off

environment,

as

the

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

dropped

to

historic

lows.

However,

inflation

risk

from

a

rapidly

expanding

economy

raised

yields

late

in

the

reporting

period,

leading

to

a

negative

overall

return

for

most

U.S.

Treasuries.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

both

investment-grade

and

high-yield

bonds

recovered

to

post

positive

returns.

Following

the

coronavirus

outbreak,

the

Fed

instituted

two

emergency

interest

rate

cuts,

pushing

short-

term

interest

rates,

already

low

as

the

year

began,

close

to

zero.

To

stabilize

credit

markets,

the

Fed

also

implemented

a

new

bond-buying

program,

as

did

several

other

central

banks

around

the

world,

including

the

European

Central

Bank

and

the

Bank

of

Japan.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

will

continue

to

accelerate

as

vaccination

efforts

ramp

up

and

pent-up

consumer

demand

leads

to

higher

spending.

In

early

2021,

Congress

passed

one

of

the

largest

economic

rescue

packages

in

U.S.

history,

which

should

provide

a

solid

tailwind

for

economic

growth.

Inflation

is

likely

to

increase

somewhat

as

the

expansion

continues,

but

a

shift

in

central

bank

policy

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

equity

expansion.

Overall,

we

favor

a

positive

stance

toward

risk,

with

an

overweight

in

equities.

We

see

U.S.

and

Asian

equities

outside

of

Japan

benefiting

from

structural

growth

trends

in

tech,

while

emerging

markets

should

be

particularly

helped

by

a

vaccine-led

economic

expansion.

While

we

are

neutral

overall

on

credit,

rising

inflation

should

provide

tailwinds

for

inflation-protected

bonds,

and

global

high-yield

and

Asian

bonds

also

present

attractive

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

February

28,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

9.74%

31.29%

U.S.

small

cap

equities

(Russell

2000

®

Index)

41.69

51.00

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

14.33

22.46

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

22.32

36.05

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.06

0.40

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(6.34)

(1.96)

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

(1.55)

1.38

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

0.92

1.22

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

6.08

9.31

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

6

Disclosure

of

Expenses

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

7

Derivative

Financial

Instruments

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

7

Financial

Statements:

Schedule

of

Investments

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

8

Statement

of

Assets

and

Liabilities

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

23

Statement

of

Operations

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

25

Statements

of

Changes

in

Net

Assets

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

26

Financial

Highlights

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

27

Notes

to

Financial

Statements

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

31

Statement

Regarding

Liquidity

Risk

Management

Program

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

42

Additional

Information

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

43

Glossary

of

Terms

Used

in

this

Report

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

45

Fund

Summary

as

of

February

28,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

4

BlackRock

Floating

Rate

Income

Portfolio

Investment

Objective

BlackRock

Floating

Rate

Income

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

high

current

income,

with

a

secondary

objective

of

long-term

capital

appreciation.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ending

February

28,

2021,

the

Fund

underperformed

its

benchmark,

the

S&P

®

/LSTA

Leveraged

Loan

Index.

What

factors

influenced

performance?

Security

selection

was

the

principal

detractor

from

the

Fund’s

performance

relative

to

the

benchmark

for

the

period,

most

notably

within

the

financial-other,

health

care

and

retail

sectors.

In

credit

quality

terms,

selection

within

issues

rated

CCC

and

BB

weighed

on

returns.

Positive

contributions

to

the

Fund’s

performance

were

led

by

security

selection

within

the

airlines,

leisure

and

aerospace

&

defense

sectors.

The

Fund’s

tactical

out-of-

benchmark

exposure

to

high

yield

corporate

bonds

also

proved

additive.

Describe

recent

portfolio

activity.

There

were

no

material

changes

to

the

Fund’s

positioning

during

the

period.

The

Fund

increased

its

exposure

to

the

technology,

health

care

and

property

&

casualty

sectors

while

reducing

risk

within

the

aerospace

&

defense,

electric

utilities

and

environmental

sectors.

The

Fund’s

cash

position

averaged

a

little

under

10%

over

the

period.

While

the

Fund

generally

seeks

to

be

fully

invested,

cash

levels

will

fluctuate

based

on

market

conditions,

liquidity

considerations

and

investor

flows.

The

Fund’s

cash

balance

did

not

have

a

material

impact

on

Fund

performance.

Describe

Fund

positioning

at

period

end.

The

Fund

remained

positioned

to

earn

attractive

floating

rate

coupon

income

while

seeking

to

protect

capital.

Positioning

was

balanced

from

a

credit

rating

perspective,

while

reflecting

an

overweight

to

more

liquid

B-rated

paper

and

underweights

to

BB

and

higher

beta

(more

market

sensitive)

CCC-rated

loans.

At

period

end,

approximately

94%

of

the

Fund

was

held

in

core

bank

loan

exposure.

Sector

overweight

positions

included

technology,

diversified

manufacturing

and

restaurants,

while

the

Fund

was

underweight

in

the

financial-other,

health

care

and

midstream

energy

sectors.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Performance

Summary

for

the

Period

Ended

February

28,

2021

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

w/o

sales

charge

w/sales

charge

w/o

sales

charge

w/sales

charge

w/o

sales

charge

w/sales

charge

Institutional

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

2.84‌%

2.83‌%

5.42‌%

5.38‌%

N/A‌

4.92‌%

N/A‌

4.04‌%

N/A‌

Investor

A

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

2.54‌

2.53‌

5.29‌

5.11‌

2.48‌%

4.61‌

4.08‌%

3.72‌

3.46‌%

Investor

C

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

1.83‌

1.82‌

4.88‌

4.30‌

3.30‌

3.85‌

3.85‌

3.12‌

3.12‌

Class

K

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

2.93‌

2.92‌

5.45‌

5.44‌

N/A‌

4.96‌

N/A‌

3.90‌

N/A‌

S&P

®

/LSTA

Leveraged

Loan

Index

(c)

....

—‌

—‌

6.33‌

5.78‌

N/A‌

5.86‌

N/A‌

4.25‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

normally

invests

at

least

80%

of

its

assets

in

floating

rate

investments

and

investments

that

are

the

economic

equivalent

of

floating

rate

investments,

which

effectively

enables

the

Fund

to

achieve

a

floating

rate

of

income.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

Floating

Rate

Income

Portfolio

(the

“Predecessor

Fund”),

a

series

of

BlackRock

Funds

II,

through

a

tax-free

reorganization

(the

“Reorganization”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

The

Predecessor

Fund

acquired

the

assets

and

liabilities

of

BlackRock

Senior

Floating

Rate

Fund,

Inc.

in

a

reorganization

on

March

21,

2011.

(c)

An

unmanaged

market

value-weighted

index

designed

to

measure

the

performance

of

the

U.S.

leveraged

loan

market

based

upon

market

weightings,

spreads

and

interest

payments.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Fund

Summary

as

of

February

28,

2021

(continued)

5

Fund

Summary

BlackRock

Floating

Rate

Income

Portfolio

Portfolio

Information

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Floating

Rate

Loan

Interests

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

96‌

%

Investment

Companies

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

3‌

Corporate

Bonds

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

1‌

Common

Stocks

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

—‌

(b)

Warrants

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

—‌

(b)

Other

Interests

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

—‌

(b)

(a)

Excludes

short-term

securities.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(a)

Percent

of

Total

Investments

(b)

A

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

—‌

%

(c)

BBB/Baa

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

2‌

BB/Ba

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

17‌

B

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

70‌

CCC/

Caa

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

5‌

NR

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

6‌

(a)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/

Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(b)

Excludes

short-term

securities,

common

stocks,

investment

companies,

other

interests

and

warrants.

(c)

Represents

less

than

1%

of

the

Fund's

total

investments.

About

Fund

Performance

2021

BlackRock

Semi-Annual

Report

to

Shareholders

6

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Prior

to

March

21,

2011,

Institutional

Shares

performance

results

are

those

of

Investor

A

Shares.

Class

K

Shares

performance

results

shown

prior

to

the

Class

K

Shares

inception

date

of

March

28,

2016

is

that

of

Investor

A

Shares.

The

performance

of

the

Fund’s

Institutional

Shares

and

Class

K

Shares

would

be

substantially

similar

to

Investor

A

Shares

because

Institutional

Shares,

Class

K

Shares

and

Investor

A

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

both

Institutional

Shares

and

Class

K

Shares

have

different

expenses

than

Investor

A

Shares.

The

actual

returns

of

both

Institutional

Shares

and

Class

K

Shares

would

have

been

higher

than

those

of

the

Investor

A

Shares

because

Institutional

Shares

and

Class

K

Shares

have

lower

expenses

than

the

Investor

A

Shares.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of 

2.50%

and

a

service

fee

of 

0.25%

per

year

(but

no

distribution

fee).

Prior

to

March

21,

2011,

Investor

A

Shares

performance

results

are

those

of

the

BlackRock

Senior

Floating

Rate

Fund,

Inc.

restated

to

reflect

Investor

A

Shares

fees.

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

 are

subject

to

a 1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subje

ct

to

a

distribution

fee

of

0.75%

per

year

and

a

service

fee

of 0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

Prior

to

March

21,

2011,

Investor

C

Shares

performance

results

are

those

of

the

BlackRock

Senior

Floating

Rate

Fund,

Inc.

restated

to

reflect

Investor

C

Shares

fees.

Th

ese

shares

automatically

convert

to

Investor

A

Shares

after

approximately eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time,

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

tables

on the

previous

page(s)

assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

("NAV")

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

"Manager”),

the

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

the

Fund's

performance

would

have

been

lower.

With

respect

to

the

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time.

With

respect

to

the

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such

agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

Disclosure

of

Expenses

7

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees, administration

fees,

service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown below

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on September

1,

2020 and

held

through

February

28,

2021)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

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.

Actual

Hypothetical

(a)

Beginning

Account

Value

(09/01/20)

Ending

Account

Value

(02/28/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(09/01/20)

Ending

Account

Value

(02/28/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00

$

1,054.20

$

3.57

$

1,000.00

$

1,021.32

$

3.51

0.70%

Investor

A

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

1,000.00

1,052.90

4.89

1,000.00

1,020.03

4.81

0.96

Investor

C

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

1,000.00

1,048.80

8.84

1,000.00

1,016.17

8.70

1.74

Class

K

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

1,000.00

1,054.50

3.21

1,000.00

1,021.67

3.16

0.63

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

February

28,

2021

Security

Shares

Shares

Value

Common

Stocks

—

0.1%

Commercial

Services

&

Supplies

—

0.0%

Preston

Holdings

LLC

(a)(b)

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

42,521

$

85,043

Construction

&

Engineering

—

0.0%

Mcdermott

International

Ltd.

(a)

...........

541,445

460,228

Energy

Equipment

&

Services

—

0.0%

Pioneer

Energy

Services

Corp.

(a)(b)

........

3,981

17,118

Health

Care

Providers

&

Services

—

0.0%

New

Millennium

Holdco,

Inc.

(a)(b)

..........

71,823

72

Machinery

—

0.0%

Ameriforge

Group,

Inc.

(a)

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

5,385

113,085

Marine

—

0.0%

Projector

SA

(a)(b)

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

42,521

—

Media

—

0.0%

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

.....

480,539

826,527

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(a)

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

7,912

207,928

Professional

Services

—

0.1%

NMG,

Inc.

(a)

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

16,173

990,596

Software

—

0.0%

Avaya

Holdings

Corp.

(a)

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

277

8,219

Total

Common

Stocks

—

0.1%

(Cost:

$14,731,145)

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

2,708,816

Par

(000)

Par

(000)

Corporate

Bonds

—

1.3%

Airlines

—

0.5%

American

Airlines,

Inc.,

11.75%,

07/15/25

(c)

..

USD

6,392

7,614,470

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%,

10/15/27

......

7,456

8,376,487

15,990,957

Building

Products

—

0.2%

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

(c)

..

5,903

6,131,741

Chemicals

—

0.0%

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(c)

....

168

186,900

Distributors

—

0.1%

Wolverine

Escrow

LLC,

9.00%,

11/15/26

(c)

...

2,697

2,656,545

Electric

Utilities

—

0.0%

Texas

Competitive

Electric

Holdings

Co.

LLC

(a)

(b)(d)

:

11.50%,

10/01/20

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

5,909

—

(LIBOR

USD

3

Month

+

4.50%),

5.10%,

12/31/49

(e)

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

8,430

—

—

Energy

Equipment

&

Services

—

0.1%

Pioneer

Energy

Services

Corp.

(b)(c)

:

(LIBOR

USD

3

Month

+

9.50%),

11.00%,

05/15/25

(e)

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

1,627

1,613,798

5.00%,

(5.00%

Cash

or

5.00%

PIK),

11/15/25

(f)(g)

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

1,139

1,121,897

2,735,695

Security

Par

(000)

Par

(000)

Value

Machinery

—

0.1%

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(c)(g)

.........

USD

3,700

$

4,019,126

Media

—

0.1%

Liberty

Broadband

Corp.,

2.75%,

09/30/50

(c)(f)

.

2,547

2,641,434

Software

—

0.2%

(c)

Castle

US

Holding

Corp.,

9.50%,

02/15/28

..

2,466

2,539,980

Solera

LLC,

10.50%,

03/01/24

..........

1,627

1,687,004

4,226,984

Specialty

Retail

—

0.0%

eG

Global

Finance

plc,

8.50%,

10/30/25

(c)

...

838

887,976

Wireless

Telecommunication

Services

—

0.0%

Ligado

Networks

LLC,

0.00%,

(0.00%

Cash

or

15.50%

PIK),

11/01/23

(c)(e)(g)

..........

931

887,553

Total

Corporate

Bonds

—

1.3%

(Cost:

$36,758,917)

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

40,364,911

Floating

Rate

Loan

Interests

—

94.5%

Aerospace

&

Defense

—

1.2%

(e)

Bleriot

US

Bidco

,

Inc.,

Delayed

Draw

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

0.25%

,

 10/31/26

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

366

367,788

Bleriot

US

Bidco

,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

0.25%

,

 10/30/26

.....

2,344

2,353,840

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.50%),

3.75%

,

 04/06/26

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

10,234

9,880,823

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(LIBOR

USD

3

Month

+

3.50%),

3.75%

,

 04/06/26

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

5,502

5,312,270

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.75%

,

 11/28/23

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

4,025

4,035,136

TransDigm

,

Inc.,

Term

Loan

F,

12/09/25

(h)

....

15,989

15,770,725

TransDigm

,

Inc.,

Term

Loan

G,

08/22/24

(h)

...

1,811

1,787,983

39,508,565

Airlines

—

1.1%

(e)

American

Airlines,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 01/29/27

.

1,004

920,045

American

Airlines,

Inc.,

Term

Loan

B

(h)

:

 04/28/23

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

11,582

10,851,257

 12/15/23

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

13,393

12,630,961

JetBlue

Airways

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

6.25%

,

 06/17/24

.

2,569

2,640,187

Kestrel

Bidco

,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 12/11/26

.......

9,687

9,372,559

36,415,009

Auto

Components

—

1.9%

(e)

Clarios

Global

LP,

1st

Lien

Term

Loan:

(LIBOR

USD

1

Month

+

3.50%),

3.61%, 04/30/26

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

38,854

38,878,673

(EURIBOR

1

Month

+

3.75%),

3.75%, 04/30/26

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

EUR

1,934

2,330,256

Truck

Hero,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 01/31/28

......

USD

9,479

9,485,730

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 02/05/26

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

10,399

10,322,618

61,017,277

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

Security

Par

(000)

Par

(000)

Value

Automobiles

—

0.4%

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.36%

,

 01/01/38

(e)

.....

USD

12,452

$

12,436,623

Building

Products

—

1.2%

(e)

CHI

Overhead

Doors,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 07/31/25

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

639

642,594

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 11/23/27

..

6,134

6,130,688

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 05/05/24

.

7,463

7,469,174

LSF10

XL

Bidco

SCA,

Facility

Term

Loan

B3,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 10/12/26

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

EUR

2,000

2,411,435

MI

Windows

&

Doors

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/18/27

.

USD

1,717

1,728,452

Wilsonart

LLC,

Term

Loan

D,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 12/19/23

......

18,665

18,664,925

37,047,268

Capital

Markets

—

2.2%

(e)

FinCo

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 06/27/25

...........

2,232

2,230,723

Greenhill

&

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 04/12/24

.....

3,801

3,777,516

Jefferies

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.13%

,

 06/03/26

.....

5,768

5,756,555

Orion

Advisor

Solutions,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

5.00%

,

 09/24/27

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

2,743

2,754,262

Travelport

Finance

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.25%

,

 05/29/26

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

9,267

7,217,040

Zayo

Group

Holdings,

Inc.,

Term

Loan,

03/09/27

(h)

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

47,593

47,502,159

69,238,255

Chemicals

—

2.7%

(e)

Allnex

(Luxembourg)

&

Cy

SCA,

Term

Loan

B1,

(EURIBOR

1

Month

+

3.25%),

3.25%

,

 09/13/23

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

EUR

1,939

2,329,030

Alpha

3

BV,

Term

Loan

B1,

01/31/24

(h)

......

USD

15,979

15,995,617

Aruba

Investments

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 11/24/27

(b)

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

2,620

2,646,200

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

2

Month

+

4.75%),

5.50%

,

 08/27/26

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

10,574

10,706,153

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

1.75%),

2.00%

,

 06/01/24

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

5,577

5,566,887

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

2

Month

+

0.00%),

4.50%

,

 12/29/27

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

2,618

2,615,827

Greenrock

Finance,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 06/28/24

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

211

208,423

Illuminate

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.12%

,

 06/30/27

.....

7,826

7,825,949

Invictus

US

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 03/28/25

..

2,660

2,651,833

Invictus

US

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

6.86%

,

 03/30/26

.

1,773

1,752,687

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

IPS

Acquisition

LLC,

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

4.25%

,

 11/07/24

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

USD

5,667

$

5,667,323

Messer

Industries

GmbH,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.50%),

2.75%

,

 01/01/38

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

9,437

9,429,929

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.37%

,

 05/15/24

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

12,098

11,961,953

Nouryon

Finance

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 10/01/25

.....

1,051

1,047,204

Oxea

Holding

Vier

GmbH,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.50%),

3.63%

,

 10/14/24

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

6,475

6,432,828

86,837,843

Commercial

Services

&

Supplies

—

3.6%

(e)

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.36%

,

 07/10/26

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

13,735

13,751,920

Asplundh

Tree

Expert

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 09/07/27

.

5,871

5,874,984

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.25%

,

 06/21/24

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

25,984

25,851,774

Diamond

(BC)

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 09/06/24

.......

12,514

12,436,496

EnergySolutions

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 05/09/25

.....

2,257

2,242,706

GFL

Environmental,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 05/30/25

.

874

877,346

Harland

Clarke

Holdings

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.75%

,

 11/03/23

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

1,852

1,764,351

KAR

Auction

Services,

Inc.,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

2.25%),

2.38%

,

 09/19/26

(b)

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

3,510

3,456,869

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.75%),

3.50%

,

 09/23/26

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

4,281

4,283,490

Tempo

Acquisition

LLC,

Term

Loan,

11/02/26

(h)

31,138

31,164,223

Tempo

Acquisition,

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 05/01/24

.

3,927

3,920,237

Trugreen

Ltd.,

Partnership,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 11/02/27

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

9,256

9,314,240

114,938,636

Construction

&

Engineering

—

1.0%

(e)

Pike

Corp.,

Delayed

Draw

Term

Loan,

01/21/28

(h)

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

3,395

3,394,434

Pike

Corp.,

Term

Loan:

(LIBOR

USD

1

Month

+

3.97%),

4.10%, 07/24/26

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

1,628

1,630,362

(LIBOR

USD

1

Month

+

3.00%),

3.12%, 01/21/28

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

4,473

4,472,033

Ply

Gem

Midco

,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 04/12/25

.....

1,940

1,940,226

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 05/23/25

.....

20,365

20,207,492

31,644,547

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

Security

Par

(000)

Par

(000)

Value

Construction

Materials

—

1.0%

(e)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

01/15/27

(h)

...........

USD

14,043

$

13,977,852

Core

&

Main

LP,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.75%

,

 08/01/24

......

7,747

7,735,275

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

.....

4,222

4,228,721

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan:

 01/31/28

(h)

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

6,374

6,359,515

32,301,363

Containers

&

Packaging

—

2.3%

(e)

BWay

Holding

Co.,

Term

Loan,

04/03/24

(h)

...

14,519

14,261,275

Charter

Nex

Films,

Inc.,

1st

Lien

Term

Loan,

12/01/27

(h)

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

20,063

20,213,302

Flex

Acquisition

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 12/29/23

.

9,885

9,874,652

Klockner

Finco

SARL,

Facility

Term

Loan,

02/09/26

(h)

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

5,625

5,628,544

Pactiv

Evergreen,

Inc.,

Term

Loan

B1,

02/05/23

(h)

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

12,420

12,385,450

Pactiv

Evergreen,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 02/05/26

.

5,425

5,402,378

Pregis

TopCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 07/31/26

.

1,275

1,274,735

Tosca

Services

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.25%

,

 08/18/27

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

2,861

2,869,955

71,910,291

Distributors

—

0.1%

Pai

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

5.00%

,

 10/28/27

(e)

2,307

2,324,303

Diversified

Consumer

Services

—

2.2%

(e)

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 01/29/27

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

2,109

2,096,216

Bright

Horizons

Family

Solutions

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

2.50%

,

 11/07/23

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

5,134

5,093,022

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

12/22/25

(h)

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

17,653

18,022,407

Mileage

Plus

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

6.25%

,

 06/21/27

.

8,310

8,861,036

Research

Now

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 12/20/24

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

10,061

10,045,813

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

5.75%

,

 08/04/25

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

5,347

4,995,756

Sotheby's,

Term

Loan,

01/15/27

(h)

.........

10,993

11,070,699

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 05/06/24

.

8,279

8,276,255

Verisure

Holding

AB,

Facility

Term

Loan

B1,

(EURIBOR

1

Month

+

2.75%),

2.75%

,

 10/21/22

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

EUR

280

338,610

68,799,814

Diversified

Financial

Services

—

6.0%

(e)

Advisor

Group

Holdings,

Inc.,

Term

Loan

B1,

07/31/26

(h)

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

USD

10,853

10,868,483

Alchemy

Copyrights

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 08/05/27

(b)

5,497

5,497,222

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Belron

Finance

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.46%

,

 10/30/26

......

USD

5,177

$

5,173,500

BW

Gas

&

Convenience

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

6.37%

,

 11/18/24

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

2,428

2,455,174

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 12/11/26

.....

26,295

26,379,620

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

04/09/27

(h)

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

26,375

26,511,476

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 07/11/25

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

9,624

9,515,789

LBM

Acquisition

LLC,

1st

Lien

Delayed

Draw

Term

Loan,

12/17/27

(h)

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

666

666,672

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(h)

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

2,995

3,000,024

Lealand

Finance

Co.

BV,

Term

Loan,

06/28/24

(b)

(h)

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

178

138,778

Lealand

Finance

Co.

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.11%

,

 06/30/25

..

1,240

799,039

LEB

Holdings

(USA),

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 11/02/27

..

3,949

3,956,630

Milano

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

10/01/27

(h)

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

31,566

31,460,885

Realpage

,

Inc.,

Term

Loan,

01/01/28

(b)(h)

.....

2,585

2,636,840

Refficiency

Holdings

LLC,

Delayed

Draw

Term

Loan,

12/16/27

(h)

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

423

422,983

Refficiency

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/16/27

.

2,198

2,199,512

RV

Retailer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

6.25%

,

 02/08/28

(b)

.....

4,774

4,756,098

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

2.71%

,

 01/23/25

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

8,916

8,481,575

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan,

07/30/25

(h)

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

9,818

9,429,593

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

8.00%),

9.00%

,

 02/28/25

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

4,579

4,565,148

VICI

Properties

1

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 12/20/24

.

5,086

5,049,784

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 02/28/27

.......

12,212

12,196,361

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

6

Month

+

4.00%),

4.50%

,

 10/19/27

.....

4,364

4,378,944

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

04/30/28

(h)

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

10,949

10,882,102

191,422,232

Diversified

Telecommunication

Services

—

2.1%

(e)

Altice

Financing

SA,

Term

Loan:

(LIBOR

USD

1

Month

+

2.75%),

2.86%, 07/15/25

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

4,248

4,204,329

(LIBOR

USD

1

Month

+

2.75%),

2.86%, 01/31/26

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

9,018

8,910,499

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

3

Month

+

4.00%),

4.20%

,

 08/14/26

.....

8,479

8,462,541

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

..

1,971

1,974,352

Consolidated

Communications,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.75%

,

 10/02/27

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

4,192

4,212,784

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Eircom

Finco

SARL,

Facility

Term

Loan

B,

(EURIBOR

1

Month

+

3.25%),

3.25%

,

 05/15/26

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

EUR

1,222

$

1,472,947

Frontier

Communications

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

5.75%

,

 10/08/21

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

USD

5,236

5,272,024

GCI

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

3.50%

,

 10/15/25

.....

4,099

4,098,727

Iridium

Satellite

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

3.75%

,

 11/04/26

..

7,966

8,002,992

MTN

Infrastructure

TopCo

,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 11/15/24

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

7,680

7,668,357

Numericable

US

LLC,

Term

Loan,

01/31/26

(h)

.

4,439

4,424,142

TDC

A/S,

Facility

Term

Loan

B3,

(EURIBOR

6

Month

+

3.00%),

3.00%

,

 06/04/25

......

EUR

2,458

2,958,563

Virgin

Media

Bristol

LLC,

Term

Loan

Q,

01/31/29

(h)

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

USD

6,333

6,332,240

67,994,497

Electric

Utilities

—

0.3%

(e)

Calpine

Construction

Finance

Co.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 01/15/25

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

3,146

3,126,539

Edgewater

Generation

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 12/13/25

.

1,565

1,555,096

Vistra

Operations

Co.

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 12/31/25

.

3,558

3,544,379

8,226,014

Electrical

Equipment

—

1.0%

(e)

Graftech

International

Ltd.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 02/12/25

.

2,820

2,820,750

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

09/13/24

(h)

28,165

28,055,675

30,876,425

Entertainment

—

1.2%

(e)

Kingpin

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 07/03/24

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

9,676

9,509,229

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.88%

,

 10/19/26

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

10,100

9,857,675

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 05/30/25

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

314

310,651

UFC

Holdings

LLC,

1st

Lien

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.00%),

3.75%

,

 04/29/26

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

2,482

2,483,895

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.94%

,

 05/18/25

......

16,714

15,818,181

WMG

Acquisition

Corp.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.13%),

2.25%

,

 01/20/28

.

1,703

1,706,195

39,685,826

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

(e)

Cushman

&

Wakefield

US

Borrower

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.87%

,

 08/21/25

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

3,416

3,391,064

RHP

Hotel

Properties

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.12%

,

 05/11/24

..

2,430

2,411,891

5,802,955

Security

Par

(000)

Par

(000)

Value

Food

&

Staples

Retailing

—

1.2%

(e)

H-Food

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.69%),

3.80%

,

 05/23/25

.....

USD

4,534

$

4,505,184

H-Food

Holdings

LLC,

Term

Loan

B2,

05/23/25

(h)

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

13,722

13,713,420

US

Foods,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 06/27/23

......

11,966

11,851,190

US

Foods,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 09/13/26

.......

7,894

7,763,510

37,833,304

Food

Products

—

3.3%

(e)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 11/19/26

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

13,017

12,884,641

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

10/01/25

(h)

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

7,744

7,756,245

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 03/11/25

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

4,485

4,423,310

B&G

Foods,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 10/10/26

......

1,359

1,360,016

Chobani

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 10/25/27

...........

15,483

15,568,028

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

01/29/27

(h)

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

37,545

37,194,946

Froneri

International

Ltd.,

Facility

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

5.86%

,

 01/31/28

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

897

906,535

Hostess

Brands

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.25%),

3.00%

,

 08/03/25

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

2,801

2,795,332

JBS

USA

Lux

SA,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 05/01/26

.......

1,178

1,175,661

Nomad

Foods

Ltd.,

Facility

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 05/15/24

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

5,039

5,016,223

Pathway

Vet

Alliance

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 03/31/27

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

2,053

2,055,452

Shearer's

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 09/23/27

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

7,735

7,768,026

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

01/20/28

(h)

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

6,158

6,186,573

105,090,988

Health

Care

Equipment

&

Supplies

—

0.3%

(e)

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(EURIBOR

3

Month

+

3.50%),

3.50%

,

 06/30/25

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

EUR

2,978

3,590,563

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 12/11/26

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

USD

6,231

6,225,143

9,815,706

Health

Care

Providers

&

Services

—

4.1%

(e)

AHP

Health

Partners,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 06/30/25

.

3,735

3,753,460

Azalea

TopCo

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.71%

,

 07/24/26

.

11,157

11,143,075

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

06/07/23

(h)

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

19,970

19,962,956

Envision

Healthcare

Corp.,

Term

Loan,

10/10/25

(h)

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

10,725

9,202,026

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Eyecare

Partners

LLC,

1st

Lien

Term

Loan,

02/18/27

(h)

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

USD

8,754

$

8,613,746

Femur

Buyer,

Inc.,

1st

Lien

Term

Loan,

03/05/26

(h)

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

4,144

3,973,049

HomeVi

,

Facility

Term

Loan

B1,

(EURIBOR

3

Month

+

3.00%),

3.00%

,

 10/31/26

......

EUR

2,000

2,398,284

MPH

Acquisition

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.75%

,

 06/07/23

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

USD

3,736

3,730,353

Option

Care

Health,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 08/06/26

.

24,894

24,899,566

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

06/30/25

(h)

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

12,903

12,919,523

PetVet

Care

Centers

LLC,

1st

Lien

Term

Loan,

 02/14/25

(h)

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

3,193

3,192,010

Precision

Medicine

Group

LLC,

Term

Loan:

(LIBOR

USD

1

Month

+

3.75%),

0.75%, 11/18/27

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

6,207

6,206,841

(LIBOR

USD

1

Month

+

0.00%),

3.75%, 11/18/27

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

1,088

1,088,444

Unified

Womens

Healthcare

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 12/20/27

(b)

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

5,245

5,271,225

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

01/08/27

(h)

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

4,988

5,002,755

WP

CityMD

Bidco

LLC,

Term

Loan,

(LIBOR

USD

2

Month

+

3.75%),

4.50%

,

 08/13/26

.

7,761

7,776,370

129,133,683

Health

Care

Technology

—

0.5%

(e)

athenahealth

,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.45%

,

 02/11/26

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

1,480

1,488,051

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.50%

,

 03/01/24

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

7,964

7,968,238

Verscend

Holding

Corp.,

Term

Loan,

01/01/28

(h)

2,893

2,907,465

Verscend

Holding

Corp.,

Term

Loan

B,

08/27/25

(h)

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

3,751

3,768,418

16,132,172

Hotels,

Restaurants

&

Leisure

—

4.8%

(e)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 02/02/26

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

4,692

4,511,858

Aristocrat

Leisure

Ltd.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 10/19/24

.....

3,940

3,960,728

Boyd

Gaming

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Week

+

2.25%),

2.34%

,

 09/15/23

......

3,241

3,235,083

Caesars

Resort

Collection

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 12/23/24

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

16,358

16,204,554

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

07/21/25

(h)

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

10,320

10,344,918

CityCenter

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 04/18/24

.

4,831

4,788,020

Dorna

Sports

SL,

Facility

Term

Loan

B2,

(EURIBOR

6

Month

+

3.25%),

3.25%

,

 05/03/24

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

EUR

1,913

2,297,388

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.75%

,

 07/10/25

.

USD

3,852

3,865,995

Four

Seasons

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 11/30/23

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

4,195

4,183,570

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Gateway

Casinos

&

Entertainment

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 12/01/23

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

USD

668

$

652,484

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

12.00%),

13.00%

,

 10/04/23

(b)

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

740

843,120

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 10/04/23

.

10,127

10,030,006

Herschend

Entertainment

Co.

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.75%),

6.75%

,

 08/25/25

(b)

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

2,189

2,232,285

IRB

Holding

Corp.,

Term

Loan,

12/15/27

(h)

...

16,574

16,630,186

IRB

Holding

Corp.,

Term

Loan

B,

02/05/25

(h)

..

22,186

22,296,584

KFC

Holding

Co.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/03/25

......

3,483

3,477,716

Playa

Resorts

Holding

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.75%

,

 04/29/24

.

1,495

1,434,288

Playtika

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

6

Month

+

6.00%),

7.00%

,

 12/10/24

.

4,503

4,522,927

Scientific

Games

International,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 08/14/24

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

5,333

5,244,115

Silk

Bidco

AS,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.00%),

4.00%

,

 02/24/25

.....

EUR

2,000

2,149,179

Station

Casinos

LLC,

Facility

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.25%),

2.50%

,

 02/08/27

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

USD

6,224

6,151,049

Tackle

SARL,

Facility

Term

Loan

B,

(EURIBOR

3

Month

+

3.50%),

3.50%

,

 08/08/22

.....

EUR

1,949

2,345,047

Whatabrands

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 07/31/26

......

USD

11,154

11,143,489

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 05/30/25

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

1,882

1,872,646

Zaxby's

Operating

Co.

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/28/27

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

7,367

7,409,950

Zaxby's

Operating

Co.

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.50%),

7.25%

,

 12/28/28

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

516

521,160

152,348,345

Household

Durables

—

0.3%

(e)

Serta

Simmons

Bedding

LLC,

Term

Loan:

(LIBOR

USD

1

Month

+

7.50%),

8.50%, 08/10/23

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

4,527

4,366,690

Weber-Stephen

Products

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 10/30/27

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

3,835

3,846,505

8,213,195

Household

Products

—

0.1%

Spectrum

Brands

Holdings,

Inc.,

Term

Loan,

02/18/28

(b)(e)(h)

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

2,413

2,419,033

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

(e)

Calpine

Corp.,

Term

Loan:

(LIBOR

USD

1

Month

+

2.00%),

2.12%, 04/05/26

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

4,719

4,687,429

(LIBOR

USD

1

Month

+

2.00%),

2.11%, 08/12/26

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

4,132

4,106,722

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

ExGen

Renewables

IV

LLC,

Term

Loan,

12/15/27

(h)

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

USD

5,866

$

5,893,810

14,687,961

Industrial

Conglomerates

—

1.6%

(e)

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 03/31/25

.....

11,663

11,587,246

Filtration

Group

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 03/29/25

.

2,395

2,403,180

Vertiv

Group

Corp.,

Term

Loan,

03/02/27

(h)

...

35,707

35,741,837

49,732,263

Insurance

—

4.9%

(e)

Alliant

Holdings

Intermediate

LLC,

Term

Loan:

(LIBOR

USD

1

Month

+

3.25%),

3.36%, 05/09/25

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

29,189

28,969,222

AmWINS

Group,

Inc.,

Term

Loan,

02/19/28

(h)

.

13,828

13,822,192

AssuredPartners

,

Inc.,

Term

Loan

(h)

:

 02/12/27

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

10,939

10,901,864

 02/12/27

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

3,522

3,539,991

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

01/31/28

(h)

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

7,711

7,920,662

Asurion

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 11/03/23

.......

4,364

4,354,807

Asurion

LLC,

Term

Loan

B8,

12/23/26

(h)

.....

18,737

18,675,589

HUB

International

Ltd.,

Term

Loan,

04/25/25

(h)

22,601

22,351,932

HUB

International

Ltd.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 04/25/25

.

3,264

3,274,259

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 09/01/27

.

5,671

5,677,876

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan:

 12/31/25

(h)

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

12,524

12,424,563

 09/03/26

(h)

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

3,775

3,773,892

(LIBOR

USD

1

Month

+

4.25%),

5.25%, 09/03/26

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

3,532

3,552,560

USI,

Inc.,

Term

Loan:

(LIBOR

USD

3

Month

+

3.00%),

3.25%, 05/16/24

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

16,107

15,977,940

(LIBOR

USD

3

Month

+

3.25%),

3.40%, 12/02/26

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

902

896,415

156,113,764

Interactive

Media

&

Services

—

2.7%

(e)

Acuris

Finance

US,

Inc.,

Term

Loan,

02/16/28

(h)

8,114

8,154,504

Adevinta

ASA,

Facility

Term

Loan

B2,

10/22/27

(h)

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

9,471

9,530,503

Ancestry.com

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 12/06/27

......

8,826

8,812,231

Camelot

US

Acquisition

1

Co.,

Term

Loan,

10/30/26

(h)

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

23,076

23,152,843

GoodRx

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 10/10/25

.....

9,545

9,528,287

Grab

Holdings,

Inc.,

Term

Loan,

01/29/26

(h)

..

26,914

26,880,357

86,058,725

Internet

&

Direct

Marketing

Retail

—

0.5%

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

11/08/27

(e)(h)

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

17,169

17,236,131

Security

Par

(000)

Par

(000)

Value

IT

Services

—

8.0%

(e)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 09/19/24

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

USD

10,193

$

10,203,627

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

8.00%

,

 09/19/25

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

3,085

3,103,149

Boxer

Parent

Co.,

Inc.,

Term

Loan,

10/02/25

(h)

15,703

15,700,782

Camelot

US

Acquisition

1

Co.,

Term

Loan,

10/30/26

(h)

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

24,742

24,723,578

CCC

Information

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 04/29/24

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

8,493

8,505,036

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

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

7,322

7,624,032

Epicor

Software

Corp.,

Term

Loan

C,

07/30/27

(h)

19,242

19,332,194

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B3,

08/10/27

(h)

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

9,480

9,485,019

IG

Investments

Holdings

LLC,

Term

Loan,

05/23/25

(h)

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

7,946

7,964,912

Mitchell

International,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

0.11%

-

3.36%

,

 11/29/24

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

10,505

10,386,922

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.36%

,

 12/01/25

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

3,187

3,182,930

Mitchell

International,

Inc.,

Facility

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.75%

,

 11/29/24

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

9,855

9,889,959

Peak

10

Holding

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

7.48%

,

 08/01/25

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

3,080

2,557,060

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 02/12/27

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

9,651

9,361,091

Rackspace

Technology

Global,

Inc.,

1st

LienTerm

Loan

B,

(LIBOR

USD

3

Month

+

0.00%),

3.50%

,

 02/15/28

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

7,449

7,443,184

Sabre

GLBL,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.00%),

4.11%

,

 12/17/27

.......

3,412

3,448,270

Solera

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 03/03/23

...........

20,627

20,594,526

Sophia

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.00%),

9.00%

,

 10/09/28

......

2,000

2,055,000

Sophia

LP,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 10/07/27

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

20,363

20,407,595

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/16/25

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

3,812

3,797,694

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 11/16/26

.....

6,380

6,383,904

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 09/01/25

......

26,986

27,096,888

Verscend

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.50%),

4.61%

,

 08/27/25

.

6,929

6,961,997

Virtusa

Corp.,

Term

Loan,

02/11/28

(h)

.......

3,459

3,478,025

WEX,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 05/15/26

......

8,710

8,672,412

Zephyr

Bidco

Ltd.,

Faccility

1st

Lien

Term

Loan

B1,

(LIBOR

GBP

1

Month

+

4.75%),

4.54%

,

 07/23/25

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

GBP

2,000

2,753,325

255,113,111

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

Security

Par

(000)

Par

(000)

Value

Leisure

Products

—

0.4%

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan,

08/05/24

(e)(h)

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

USD

13,771

$

13,756,391

Life

Sciences

Tools

&

Services

—

1.5%

(e)

Albany

Molecular

Research,

Inc.,

1st

Lien

Term

Loan,

08/30/24

(h)

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

1,940

1,945,669

Avantor

Funding,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.25%),

3.25%

,

 11/21/24

..

1,258

1,259,805

Avantor

Funding,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

3.50%

,

 11/08/27

..

6,707

6,742,614

eResearch

Technology,

Inc.,

Facility

Term

Loan,

02/04/27

(h)

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

2,000

2,006,940

eResearchTechnology

,

Inc.,

1st

Lien

Term

Loan,

02/04/27

(h)

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

17,289

17,349,369

Maravai

Intermediate

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.25%

,

 10/19/27

(b)

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

3,738

3,761,855

PPD,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 01/13/28

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

15,461

15,508,311

48,574,563

Machinery

—

1.9%

(e)

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.50%

,

 01/31/24

.

619

619,806

Gates

Global

LLC,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.75%),

0.75%

,

 03/31/27

.....

9,977

9,970,528

Ingersoll-Rand

Services

Co.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.87%

,

 03/01/27

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

7,033

7,015,223

Terex

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

2.75%

,

 01/31/24

...........

2,494

2,490,407

Titan

Acquisition

Ltd.,

Term

Loan,

(LIBOR

USD

6

Month

+

3.00%),

3.27%

,

 03/28/25

.....

35,673

35,036,303

Vertical

Midco

GmbH,

Term

Loan,

(LIBOR

USD

6

Month

+

4.25%),

4.48%

,

 06/30/27

.....

6,566

6,616,428

61,748,695

Media

—

6.0%

Ascend

Learning

LLC,

Term

Loan,

07/12/24

(e)(h)

11,511

11,506,451

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

6

Month

+

3.50%),

4.50%

,

 03/03/25

(e)

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

14,217

12,160,699

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

15.00%

,

 10/15/26

(

i

)

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

4,106

4,703,590

Charter

Communications

Operating

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.87%

,

 04/30/25

(e)

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

7,553

7,548,617

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

3.71%

,

 08/21/26

(e)

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

34,007

33,048,300

CSC

Holdings

LLC,

Term

Loan:

(e)

(LIBOR

USD

1

Month

+

2.25%),

2.36%, 07/17/25

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

8,224

8,171,611

(LIBOR

USD

1

Month

+

2.50%),

2.61%, 04/15/27

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

12,508

12,454,893

Eagle

Broadband

Investments

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.75%

,

 11/12/27

(e)

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

4,396

4,412,485

EW

Scripps

Co.

(The),

Term

Loan

B3,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 01/07/28

(e)

3,329

3,331,597

Gray

Television,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

2.37%

,

 02/07/24

(e)

5,365

5,346,804

Intelsat

Jackson

Holdings

SA,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 07/13/22

(e)

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

538

546,359

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Intelsat

Jackson

Holdings

SA,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

4.75%),

8.00%

,

 11/27/23

(e)

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

USD

1,555

$

1,576,863

LCPR

Loan

Financing

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

5.11%

,

 10/15/26

(e)

4,560

4,597,620

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.25%

,

 12/01/23

(e)

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

11,066

10,127,243

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 03/24/25

(e)

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

9,401

9,306,872

Midcontinent

Communications,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 08/15/26

(e)

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

2,999

2,999,380

Nexstar

Broadcasting,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.75%),

2.87%

,

 09/18/26

(e)

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

2,563

2,565,627

Radiate

HoldCo

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 09/25/26

(e)

12,441

12,477,402

Sinclair

Television

Group,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.37%

,

 01/03/24

(e)

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

1,876

1,866,259

Terrier

Media

Buyer,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 12/17/26

(e)

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

8,106

8,096,161

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 09/28/23

(b)(e)

...

16,414

16,454,914

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

N,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 01/31/28

(e)

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

5,254

5,239,450

Xplornet

Communications,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

4.86%

,

 12/31/28

(e)

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

11,186

11,236,429

189,775,626

Metals

&

Mining

—

0.8%

(e)

Ball

Metalpack

Finco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

4.69%

,

 07/31/25

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

6,479

6,451,017

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

03/08/24

(h)

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

21,064

18,878,664

25,329,681

Multiline

Retail

—

0.0%

NMG

Holding

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

12.00%),

13.00%

,

 09/25/25

(e)

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

1,254

1,348,488

Oil,

Gas

&

Consumable

Fuels

—

0.4%

(e)

EG

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.25%

,

 02/07/25

.

6,095

6,067,209

EG

Group

Ltd.,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.25%

,

 02/07/25

.

2,967

2,952,983

Murphy

USA,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

2.25%

,

 01/31/28

......

2,512

2,521,420

11,541,612

Personal

Products

—

0.8%

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.00%),

5.00%

,

 10/01/26

(e)

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

26,972

27,059,653

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

—

1.7%

(e)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.63%

,

 05/04/25

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

USD

14,183

$

13,967,732

Bausch

Health

Cos.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 06/02/25

..

15,977

15,990,960

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

3.25%

,

 05/18/26

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

6,349

6,359,053

Elanco

Animal

Health,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.87%

,

 08/01/27

.

4,287

4,276,644

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Week

+

2.00%),

2.09%

,

 11/15/27

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

7,308

7,286,510

Precision

Medicine

Group,

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 11/18/27

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

4,824

4,824,094

52,704,993

Professional

Services

—

1.7%

(e)(h)

AlixPartners

LLP,

Term

Loan,

02/04/28

.....

17,093

17,085,308

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

02/06/26

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

35,682

35,727,034

52,812,342

Real

Estate

Management

&

Development

—

0.0%

Realogy

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 02/08/25

(e)

.....

269

268,379

Road

&

Rail

—

0.5%

Uber

Technologies,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

0.12%

,

 02/25/27

(e)

17,208

17,229,807

Software

—

9.1%

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

02/12/25

(e)(h)

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

21,957

22,039,635

BY

Crown

Parent

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 02/02/26

(e)

10,646

10,659,005

Cloudera,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 12/22/27

(b)(e)

....

2,246

2,251,615

Cornerstone

OnDemand

,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.36%

,

 04/22/27

(e)

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

3,030

3,043,754

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

12/01/27

(e)(h)

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

18,008

18,094,618

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/01/28

(e)

2,084

2,130,890

DTI

Holdco,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.75%),

5.75%

,

 09/29/23

(e)

.....

8,060

7,646,053

First

Advantage

Holdings

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

3.12%

,

 01/31/27

(e)

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

1,088

1,082,560

Greeneden

US

Holdings

I

LLC,

Term

Loan,

12/01/27

(e)(h)

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

35,576

35,709,209

Informatica

LLC,

2nd

Lien

Term

Loan,

7.13%

,

 02/25/25

(

i

)

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

7,971

8,155,369

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 02/25/27

(e)

.....

29,716

29,641,340

McAfee

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 09/30/24

(e)

.....

11,290

11,311,728

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

09/13/24

(e)(h)

12,546

12,569,349

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

02/12/29

(e)

(h)

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

6,324

6,379,335

Netsmart

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

(e)

4,800

4,809,024

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Planview

Parent,

Inc.,

1st

Lien

Delayed

Draw

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 12/17/27

(e)

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

USD

1,108

$

1,111,206

Planview

Parent,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 12/17/27

(e)

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

8,228

8,248,142

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.15%

,

 04/26/24

(e)

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

6,537

6,539,026

Realpage

,

Inc.,

Term

Loan,

02/18/28

(e)(h)

.....

18,939

18,946,676

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

08/01/25

(e)(h)

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

22,980

22,858,352

SolarWinds

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 02/05/24

(e)

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

13,405

13,184,779

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/16/25

(e)

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

2,902

2,891,131

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.37%

,

 03/03/28

(e)

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

8,670

8,750,910

UKG,

Inc.,

1st

Lien

Term

Loan:

(e)

(LIBOR

USD

1

Month

+

3.75%),

3.86%, 05/04/26

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

8,112

8,142,222

(LIBOR

USD

3

Month

+

3.25%),

4.00%, 05/04/26

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

15,176

15,262,266

UKG,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 05/03/27

(e)

.....

6,939

7,155,844

288,614,038

Specialty

Retail

—

2.5%

(e)

Belron

Finance

US

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.25%),

2.44%

,

 11/07/24

..

7,419

7,418,744

CD&R

Firefly

Bidco

Ltd.,

Facility

Term

Loan

B1,

(LIBOR

GBP

6

Month

+

4.25%),

4.31%

,

 06/23/25

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

GBP

2,000

2,780,298

Mavis

Tire

Express

Services

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.50%

,

 03/20/25

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

USD

18,774

18,638,355

Mavis

Tire

Express

Services

Corp.,

1st

Lien

Term

Loan

B2,

(LIBOR

USD

3

Month

+

4.00%),

5.00%

,

 03/20/25

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

4,326

4,339,540

MED

ParentCo

.

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.36%

,

 08/31/26

.

7,261

7,156,467

MED

ParentCo

.

LP,

Delayed

Draw

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.36%

,

 08/31/26

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

1,821

1,794,618

Optiv

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 02/01/24

......

13,080

12,442,140

PetSmart,

Inc.,

Term

Loan,

02/11/28

(h)

......

24,152

24,310,437

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/21/27

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

1,776

1,778,966

80,659,565

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

(e)

Electronics

for

Imaging,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

5.11%

,

 07/23/26

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

5,493

5,170,233

Western

Digital

Corp.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/29/23

.

1,947

1,946,696

7,116,929

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

—

0.5%

(e)

Beacon

Roofing

Supply,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 01/02/25

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

USD

2,190

$

2,183,157

TMK

Hawk

Parent

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

7.50%),

8.50%

,

 05/30/24

.

3,775

3,640,197

TMK

Hawk

Parent

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 08/28/24

.

12,466

10,346,610

16,169,964

Wireless

Telecommunication

Services

—

2.0%

(e)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

B,

05/27/24

(h)

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

13,322

12,655,556

Hargray

Communications

Group,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.75%

,

 05/16/24

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

9,738

9,758,133

Peraton

Corp.,

1st

Lien

Term

Loan

B,

02/01/28

(h)

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

11,032

11,073,405

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

02/26/29

(b)(h)

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

3,462

3,479,310

Peraton

Corp.,

Delayed

Draw

Term

Loan,

02/01/28

(h)

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

19,415

19,488,159

SBA

Senior

Finance

II

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.87%

,

 04/11/25

..

6,416

6,388,603

62,843,166

Total

Floating

Rate

Loan

Interests

—

94.5%

(Cost:

$2,987,441,069)

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

3,005,910,016

Shares

Shares

Investment

Companies

—

3.0%

(j)

Invesco

Senior

Loan

ETF

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

2,945,000

65,379,000

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

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

295,000

31,907,200

Total

Investment

Companies

—

3.0%

(Cost:

$97,547,841)

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

97,286,200

Security

Beneficial

Interest

(000)

Value

Other

Interests

—

0.0%

(k)

Capital

Markets

—

0.0%

Millennium

Lender

Claim

(b)

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

USD

15,011

$

—

Total

Other

Interests

—

0.0%

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

—

Shares

Shares

Warrants

—

0.0%

Machinery

—

0.0%

AFGlobal

Corp.

(Issued/exercisable

06/08/17,

1

share

for

1

warrant,

Expires

06/08/22,

Strike

Price

USD

0.00)

(a)

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

17,095

—

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(Issued/exercisable

10/23/20,

1

share

for

1

warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

(a)

.....

3,901

19,271

Total

Warrants

—

0.0%

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

19,271

Total

Long-Term

Investments

—

98.9%

(Cost:

$3,136,478,972)

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

3,146,289,214

Short-Term

Securities

—

15.0%

(l)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

*

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

423,178,350

423,178,350

JPMorgan

US

Treasury

Plus

Money

Market

Fund,

Agency

Class,

0.01%

...........

5,625,688

5,625,688

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.12%

(m)*

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

48,551,387

48,570,808

Total

Short-Term

Securities

—

15.0%

(Cost:

$477,374,245)

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

477,374,846

Total

Investments

—

113.9%

(Cost:

$3,613,853,217

)

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

3,623,664,060

Liabilities

in

Excess

of

Other

Assets

—

(13.9)%

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

(442,906,463)

Net

Assets

—

100.0%

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

$

3,180,757,597

(a)

Non-income

producing

security.

(b)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(e)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(f)

Convertible

security.

(g)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(h)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(i)

Fixed

rate.

(j)

All

or

a

portion

of

this

security

is

on

loan.

(k)

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.

*

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

17

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

*    

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/21

Shares

Held

at

02/28/21

Income

(Expense)

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

126,307,725

$

296,870,625

$

—

$

—

$

—

$

423,178,350

423,178,350

$

32,145

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

—

48,570,690

—

(483)

601

48,570,808

48,551,387

11,214

(b)

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

.....

—

31,183,912

(31,236,809)

52,897

—

—

—

—

—

$

52,414

$

601

$

471,749,158

$

43,359

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

18

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

i

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

13,569,942

EUR

11,020,000

State

Street

Bank

and

Trust

Co.

03/17/21

$

268,634

USD

12,107,354

EUR

9,967,000

Westpac

Banking

Corp.

03/17/21

77,033

345,667

EUR

1,599,000

USD

1,945,725

Bank

of

America

NA

03/17/21

(15,707)

USD

5,213,248

GBP

3,824,000

State

Street

Bank

and

Trust

Co.

03/17/21

(114,861)

(130,568)

$

215,099

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)

CDX.NA.HY.35.V1

.....

5.00

%

Quarterly

12/20/25

CCC+

USD

99,950

$

9,270,416

$

4,827,695

$

4,442,721

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

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

$

4,827,695

$

—

$

4,442,721

$

—

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

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

$

—

$

—

$

—

$

345,667

$

—

$

—

$

345,667

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

4,442,721

—

—

—

—

4,442,721

$

—

$

4,442,721

$

—

$

345,667

$

—

$

—

$

4,788,388

Liabilities

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

130,568

—

—

130,568

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

19

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

(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

six

months

ended

February

28,

2021,

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

....

$

—

$

—

$

—

$

(981,506)

$

—

$

—

$

(981,506)

Swaps

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

—

3,638,288

—

—

—

—

3,638,288

$

—

$

3,638,288

$

—

$

(981,506)

$

—

$

—

$

2,656,782

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Forward

foreign

currency

exchange

contracts

....

—

—

—

431,215

—

—

431,215

Swaps

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

—

1,816,904

—

—

—

—

1,816,904

$

—

$

1,816,904

$

—

$

431,215

$

—

$

—

$

2,248,119

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

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

$

46,865,569

Average

amounts

sold

—

in

USD

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

16,866,757

Credit

default

swaps:

Average

notional

value

—

sell

protection

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

87,450,000

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Forward

foreign

currency

exchange

contracts

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

$

345,667

$

130,568

Swaps

—

Centrally

cleared

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

178,031

—

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

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

$

523,698

$

130,568

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

(178,031)

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

345,667

$

130,568

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)

State

Street

Bank

and

Trust

Co.

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

$

268,634

$

(114,861)

$

—

$

—

$

153,773

Westpac

Banking

Corp.

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

77,033

—

—

—

77,033

$

345,667

$

(114,861)

$

—

$

—

$

230,806

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

(c)

Bank

of

America

NA

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

$

15,707

$

—

$

—

$

—

$

15,707

State

Street

Bank

and

Trust

Co.

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

114,861

(114,861)

—

—

—

$

130,568

$

(114,861)

$

—

$

—

$

15,707

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

20

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(c)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

tables

summarize

the

Fund’s

investments

and

derivative

financial

instruments

categorized

in

the

fair

value

disclosure

hierarchy.

The

breakdown

of

the

Fund's

investments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Common

Stocks:

Commercial

Services

&

Supplies

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

$

—

$

—

$

85,043

$

85,043

Construction

&

Engineering

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

460,228

—

—

460,228

Energy

Equipment

&

Services

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

—

—

17,118

17,118

Health

Care

Providers

&

Services

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

—

—

72

72

Machinery

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

—

113,085

—

113,085

Media

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

826,527

—

—

826,527

Oil,

Gas

&

Consumable

Fuels

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

207,928

—

—

207,928

Professional

Services

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

—

990,596

—

990,596

Software

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

8,219

—

—

8,219

Corporate

Bonds:

Airlines

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

—

15,990,957

—

15,990,957

Building

Products

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

—

6,131,741

—

6,131,741

Chemicals

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

—

186,900

—

186,900

Distributors

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

—

2,656,545

—

2,656,545

Energy

Equipment

&

Services

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

—

—

2,735,695

2,735,695

Machinery

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

—

4,019,126

—

4,019,126

Media

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

—

2,641,434

—

2,641,434

Software

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

—

4,226,984

—

4,226,984

Specialty

Retail

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

—

887,976

—

887,976

Wireless

Telecommunication

Services

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

—

887,553

—

887,553

Floating

Rate

Loan

Interests:

Aerospace

&

Defense

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

—

39,508,565

—

39,508,565

Airlines

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

—

36,415,009

—

36,415,009

Auto

Components

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

—

61,017,277

—

61,017,277

Automobiles

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

—

12,436,623

—

12,436,623

Building

Products

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

—

37,047,268

—

37,047,268

Capital

Markets

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

—

69,238,255

—

69,238,255

Chemicals

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

—

84,191,643

2,646,200

86,837,843

Commercial

Services

&

Supplies

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

—

111,481,767

3,456,869

114,938,636

Construction

&

Engineering

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

—

31,644,547

—

31,644,547

Construction

Materials

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

—

32,301,363

—

32,301,363

Containers

&

Packaging

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

—

71,910,291

—

71,910,291

Distributors

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

—

2,324,303

—

2,324,303

Diversified

Consumer

Services

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

—

68,799,814

—

68,799,814

Diversified

Financial

Services

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

—

178,393,294

13,028,938

191,422,232

Diversified

Telecommunication

Services

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

—

67,994,497

—

67,994,497

Electric

Utilities

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

—

8,226,014

—

8,226,014

Electrical

Equipment

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

—

30,876,425

—

30,876,425

Entertainment

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

—

39,685,826

—

39,685,826

Equity

Real

Estate

Investment

Trusts

(REITs)

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

—

5,802,955

—

5,802,955

Food

&

Staples

Retailing

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

—

37,833,304

—

37,833,304

Food

Products

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

—

105,090,988

—

105,090,988

Health

Care

Equipment

&

Supplies

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

—

9,815,706

—

9,815,706

Health

Care

Providers

&

Services

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

—

123,862,458

5,271,225

129,133,683

Health

Care

Technology

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

—

16,132,172

—

16,132,172

Hotels,

Restaurants

&

Leisure

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

—

149,272,940

3,075,405

152,348,345

Household

Durables

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

—

8,213,195

—

8,213,195

Household

Products

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

—

—

2,419,033

2,419,033

Independent

Power

and

Renewable

Electricity

Producers

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

—

14,687,961

—

14,687,961

Industrial

Conglomerates

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

—

49,732,263

—

49,732,263

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

21

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

Level

1

Level

2

Level

3

Total

Insurance

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

$

—

$

156,113,764

$

—

$

156,113,764

Interactive

Media

&

Services

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

—

86,058,725

—

86,058,725

Internet

&

Direct

Marketing

Retail

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

—

17,236,131

—

17,236,131

IT

Services

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

—

255,113,111

—

255,113,111

Leisure

Products

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

—

13,756,391

—

13,756,391

Life

Sciences

Tools

&

Services

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

—

44,812,708

3,761,855

48,574,563

Machinery

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

—

61,748,695

—

61,748,695

Media

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

—

173,320,712

16,454,914

189,775,626

Metals

&

Mining

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

—

25,329,681

—

25,329,681

Multiline

Retail

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

—

1,348,488

—

1,348,488

Oil,

Gas

&

Consumable

Fuels

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

—

11,541,612

—

11,541,612

Personal

Products

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

—

27,059,653

—

27,059,653

Pharmaceuticals

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

—

52,704,993

—

52,704,993

Professional

Services

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

—

52,812,342

—

52,812,342

Real

Estate

Management

&

Development

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

—

268,379

—

268,379

Road

&

Rail

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

—

17,229,807

—

17,229,807

Software

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

—

286,362,423

2,251,615

288,614,038

Specialty

Retail

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

—

80,659,565

—

80,659,565

Technology

Hardware,

Storage

&

Peripherals

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

—

7,116,929

—

7,116,929

Trading

Companies

&

Distributors

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

—

16,169,964

—

16,169,964

Wireless

Telecommunication

Services

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

—

59,363,856

3,479,310

62,843,166

Investment

Companies

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

97,286,200

—

—

97,286,200

Warrants

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

19,271

—

—

19,271

Short-Term

Securities

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

428,804,038

—

—

428,804,038

Subtotal

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

$

527,612,411

$

2,988,797,549

$

58,683,292

$

3,575,093,252

Investments

valued

at

NAV

(a)

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

48,570,808

$

—

Total

Investments

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

$

3,623,664,060

$

—

Derivative

Financial

Instruments

(b)

Assets:

Credit

contracts

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

$

—

$

4,442,721

$

—

$

4,442,721

Foreign

currency

exchange

contracts

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

—

345,667

—

345,667

Liabilities:

Foreign

currency

exchange

contracts

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

—

(130,568)

—

(130,568)

$

—

$

4,657,820

$

—

$

4,657,820

(a)

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.

(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.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

22

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2021

See

notes

to

financial

statements.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

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

Total

Investments:

Assets:

Opening

balance,

as

of

August

31,

2020

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

$

494,834

$

1,913,450

$

73,986,503

$

76,394,787

Transfers

into

level

3

(a)

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

—

—

2,971,070

2,971,070

Transfers

out

of

level

3

(b)

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

—

—

(39,349,840)

(39,349,840)

Accrued

discounts/premiums

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

—

22,466

20,150

42,616

Net

realized

gain

(loss)

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

—

5,131

(15,324)

(10,193)

Net

change

in

unrealized

appreciation

(depreciation)

(c)(d)

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

(392,601)

807,993

1,300,385

1,715,777

Purchases

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

—

54,641

29,700,378

29,755,019

Sales

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

—

(67,986)

(12,767,958)

(12,835,944)

Closing

balance,

as

of

February

28,

2021

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

$

102,233

$

2,735,695

$

55,845,364

$

58,683,292

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

February

28,

2021

(d)

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

$

(392,601)

$

807,993

$

1,045,509

$

1,460,901

(a)

As

of

August

31,

2020,

the

Fund

used

observable

inputs

in

determining

the

value

of

certain

investments.

As

of

February

28,

2021,

the

Fund

used

significant

unobservable

inputs

in

determining

the

value

of

the

same

investments.

As

a

result,

investments

at

beginning

of

period

value

were

transferred

from

Level

2

to

Level

3

in

the

fair

value

hierarchy.

(b)

As

of

August

31,

2020,

the

Fund

used

significant

unobservable

inputs

in

determining

the

value

of

certain

investments.

As

of

February

28,

2021,

the

Fund

used

observable

inputs

in

determining

the

value

of

the

same

investments.

As

a

result,

investments

at

beginning

of

period

value

were

transferred

from

Level

3

to

Level

2

in

the

fair

value

hierarchy.

(c)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statement

of

Operations.

(d)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

February

28,

2021

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

The

Fund’s

financial

instruments

that

are

categorized

as

Level

3

were

valued

utilizing

third

party

pricing

information

without

adjustment.

Such

valuations

are

based

on

unobservable

inputs.

A

significant

change

in

third

party

information

could

result

in

a

significantly

lower

or

higher

value

of

such

Level

3

financial

instruments.

Statement

of

Assets

and

Liabilities

(unaudited)

February

28,

2021

23

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

ASSETS

Investments

at

value

—

unaffiliated

(including

securities

loaned

at

value

of

$47,421,744)

(cost

—

$3,142,104,660)

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

$

3,151,914,902‌

Investments

at

value

—

affiliated

(cost

—

$471,748,557)

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

471,749,158‌

Cash

pledged

for

centrally

cleared

swaps

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

10,422,000‌

Foreign

currency

at

value

(cost

—

$95,308)

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

95,092‌

Receivables:

–‌

Investments

sold

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

5,764,657‌

Securities

lending

income

—

affiliated

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

5,027‌

Capital

shares

sold

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

8,456,449‌

Dividends

—

affiliated

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

9,523‌

Interest

—

unaffiliated

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

6,394,631‌

From

the

Manager

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

793‌

Variation

margin

on

centrally

cleared

swaps

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

178,031‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

345,667‌

Prepaid

expenses

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

137,391‌

Total

assets

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

3,655,473,321‌

LIABILITIES

Bank

overdraft

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

811,645‌

Collateral

on

securities

loaned

at

value

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

48,623,850‌

Payables:

–‌

Investments

purchased

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

413,650,995‌

Administration

fees

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

136,390‌

Capital

shares

redeemed

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

7,590,493‌

Income

dividend

distributions

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

1,110,249‌

Investment

advisory

fees

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

1,194,652‌

Trustees'

and

Officer's

fees

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

20,863‌

Other

affiliate

fees

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

10,513‌

Service

and

distribution

fees

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

91,919‌

Other

accrued

expenses

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

1,343,587‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

130,568‌

Total

liabilities

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

474,715,724‌

NET

ASSETS

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

$

3,180,757,597‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

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

$

3,396,483,289‌

Accumulated

loss

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

(215,725,692‌)

NET

ASSETS

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

$

3,180,757,597‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

February

28,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

24

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

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

$

1,735,173,680‌

Shares

outstanding

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

174,507,609‌

Net

asset

value

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

$

9.94‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

A

Net

assets

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

$

300,651,903‌

Shares

outstanding

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

30,242,958‌

Net

asset

value

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

$

9.94‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

C

Net

assets

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

$

37,046,731‌

Shares

outstanding

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

3,726,424‌

Net

asset

value

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

$

9.94‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Class

K

Net

assets

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

$

1,107,885,283‌

Shares

outstanding

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

111,475,801‌

Net

asset

value

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

$

9.94‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

February

28,

2021

25

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

INVESTMENT

INCOME

Dividends

—

affiliated

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

$

32,145‌

Dividends

—

unaffiliated

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

550,913‌

Interest

—

unaffiliated

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

55,667,354‌

Securities

lending

income

—

affiliated

—

net

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

11,214‌

Total

investment

income

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

56,261,626‌

EXPENSES

Investment

advisory

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

6,269,935‌

Transfer

agent

—

class

specific

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

686,556‌

Service

and

distribution

—

class

specific

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

569,262‌

Administration

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

469,038‌

Registration

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

246,910‌

Administration

—

class

specific

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

243,209‌

Accounting

services

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

166,197‌

Professional

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

90,257‌

Printing

and

postage

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

28,581‌

Custodian

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

16,427‌

Trustees

and

Officer

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

13,045‌

Miscellaneous

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

228,409‌

Total

expenses

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

9,027,826‌

Less:

–‌

Administration

fees

waived

—

class

specific

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

(78,695‌)

Fees

waived

and/or

reimbursed

by

the

Manager

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

(86,024‌)

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

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

(11,562‌)

Total

expenses

after

fees

waived

and/or

reimbursed

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

8,851,545‌

Net

investment

income

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

47,410,081‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

74,163,859‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

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

52,414‌

Investments

—

unaffiliated

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

(13,301,117‌)

Forward

foreign

currency

exchange

contracts

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

(981,506‌)

Foreign

currency

transactions

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

33,907‌

Swaps

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

3,638,288‌

A

(10,558,014‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

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

601‌

Investments

—

unaffiliated

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

82,469,837‌

Forward

foreign

currency

exchange

contracts

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

431,215‌

Foreign

currency

translations

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

(6,697‌)

Swaps

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

1,816,904‌

Unfunded

floating

rate

loan

interests

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

10,012‌

A

84,721,872‌

Net

realized

and

unrealized

gain

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

74,163,858‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

121,573,939‌

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

26

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

Six

Months

Ended

02/28/21

(unaudited)

Year

Ended

08/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

47,410,081‌

$

120,999,030‌

Net

realized

loss

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

(10,558,014‌)

(111,127,012‌)

Net

change

in

unrealized

appreciation

(depreciation)

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

84,721,872‌

(29,439,626‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

121,573,939‌

(19,567,608‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

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

(27,322,873‌)

(86,514,027‌)

Investor

A

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

(5,236,046‌)

(13,038,755‌)

Investor

C

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

(570,985‌)

(2,280,873‌)

Investor

C1

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

—‌

(30,882‌)

Class

K

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

(12,737,360‌)

(16,070,098‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(45,867,264‌)

(117,934,635‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

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

763,265,549‌

(606,709,378‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

838,972,224‌

(744,211,621‌)

Beginning

of

period

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

2,341,785,373‌

3,085,996,994‌

End

of

period

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

$

3,180,757,597‌

$

2,341,785,373‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

27

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

(g)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

BlackRock

Floating

Rate

Income

Portfolio

Institutional

Six

Months

Ended

02/28/21

(unaudited)

Year

Ended

August

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

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

$

9.61‌

$

9.95‌

$

10.15‌

$

10.20‌

$

10.12‌

$

10.20‌

Net

investment

income

(a)

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

0.19‌

0.43‌

0.51‌

0.45‌

0.42‌

0.42‌

Net

realized

and

unrealized

gain

(loss)

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

0.33‌

(0.35‌)

(0.20‌)

(0.05‌)

0.08‌

(0.08‌)

Net

increase

from

investment

operations

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

0.52‌

0.08‌

0.31‌

0.40‌

0.50‌

0.34‌

Distributions

from

net

investment

income

(b)

..........

(0.19‌)

(0.42‌)

(0.51‌)

(0.45‌)

(0.42‌)

(0.42‌)

Net

asset

value,

end

of

period

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

$

9.94‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.20‌

$

10.12‌

Total

Return

(c)

5.42%

0.87%

3.13%

3.96%

—

—

Based

on

net

asset

value

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

5.42%

(d)

0.87%

3.13%

3.96%

5.01%

3.48%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

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

0.72%

(f)

0.68%

0.67%

(g)

0.66%

(g)

0.67%

0.68%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.70%

(f)

0.67%

0.66%

0.66%

0.67%

0.67%

Net

investment

income

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

3.94%

(f)

4.49%

5.08%

4.39%

4.10%

4.23%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

1,735,174‌

$

1,434,116‌

$

2,204,716‌

$

2,958,918‌

$

2,753,882‌

$

2,290,192‌

Portfolio

turnover

rate

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

33%

80%

52%

60%

112%

72%

Six

Months

Ended

02/28/21

(unaudited)

Year

Ended

August

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

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

0.03%

0.04%

0.04%

0.02%

0.01%

0.01%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

28

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(g)

Annualized.

BlackRock

Floating

Rate

Income

Portfolio

Investor

A

Six

Months

Ended

02/28/21

(unaudited)

Year

Ended

August

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

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

$

9.61‌

$

9.95‌

$

10.15‌

$

10.20‌

$

10.12‌

$

10.20‌

Net

investment

income

(a)

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

0.18‌

0.41‌

0.48‌

0.42‌

0.39‌

0.39‌

Net

realized

and

unrealized

gain

(loss)

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

0.32‌

(0.36‌)

(0.20‌)

(0.05‌)

0.08‌

(0.08‌)

Net

increase

from

investment

operations

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

0.50‌

0.05‌

0.28‌

0.37‌

0.47‌

0.31‌

Distributions

from

net

investment

income

(b)

..........

(0.17‌)

(0.39‌)

(0.48‌)

(0.42‌)

(0.39‌)

(0.39‌)

Net

asset

value,

end

of

period

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

$

9.94‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.20‌

$

10.12‌

Total

Return

(c)

5.29%

0.60%

2.84%

3.65%

—

—

Based

on

net

asset

value

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

5.29%

(d)

0.60%

2.84%

3.65%

4.69%

3.14%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

(f)

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

0.96%

(g)

0.95%

0.95%

0.97%

0.99%

1.01%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.96%

(g)

0.94%

0.95%

0.96%

0.98%

1.01%

Net

investment

income

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

3.70%

(g)

4.20%

4.79%

4.08%

3.79%

3.89%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

300,652‌

$

292,670‌

$

370,351‌

$

546,843‌

$

607,709‌

$

554,628‌

Portfolio

turnover

rate

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

33%

80%

52%

60%

112%

72%

Six

Months

Ended

02/28/21

(unaudited)

Year

Ended

August

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

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

0.03%

0.04%

0.04%

0.02%

0.01%

0.01%

Six

Months

Ended

02/28/21

(unaudited)

Year

Ended

August

31,

2020

2019

2018

2017

2016

Expense

ratios

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

N/A

N/A

0.95%

N/A

N/A

1.00%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

29

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

(g)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

BlackRock

Floating

Rate

Income

Portfolio

Investor

C

Six

Months

Ended

02/28/21

(unaudited)

Year

Ended

August

31,

2020

2019

2018

2017

2016

Net

asset

value,

beginning

of

period

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

$

9.61‌

$

9.95‌

$

10.15‌

$

10.19‌

$

10.11‌

$

10.19‌

Net

investment

income

(a)

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

0.14‌

0.33‌

0.41‌

0.34‌

0.31‌

0.32‌

Net

realized

and

unrealized

gain

(loss)

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

0.33‌

(0.35‌)

(0.21‌)

(0.04‌)

0.08‌

(0.08‌)

Net

increase

(decrease)

from

investment

operations

......

0.47‌

(0.02‌)

0.20‌

0.30‌

0.39‌

0.24‌

Distributions

from

net

investment

income

(b)

..........

(0.14‌)

(0.32‌)

(0.40‌)

(0.34‌)

(0.31‌)

(0.32‌)

Net

asset

value,

end

of

period

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

$

9.94‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.19‌

$

10.11‌

Total

Return

(c)

4.88%

(0.16)%

2.09%

3.01%

—

—

Based

on

net

asset

value

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

4.88%

(d)

(0.16)%

2.09%

3.01%

3.94%

2.42%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

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

1.74%

(f)

1.72%

1.69%

(g)

1.69%

1.70%

1.71%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.74%

(f)

1.71%

1.69%

1.68%

1.70%

1.70%

Net

investment

income

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

2.93%

(f)

3.47%

4.06%

3.36%

3.08%

3.19%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

37,047‌

$

45,261‌

$

84,631‌

$

119,171‌

$

133,144‌

$

128,754‌

Portfolio

turnover

rate

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

33%

80%

52%

60%

112%

72%

Six

Months

Ended

02/28/21

(unaudited)

Year

Ended

August

31,

2020

2019

2018

2017

2016

Investments

in

underlying

funds

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

0.03%

0.04%

0.04%

0.02%

0.01%

0.01%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

30

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(h)

Annualized.

BlackRock

Floating

Rate

Income

Portfolio

Class

K

Six

Months

Ended

02/28/21

(unaudited)

Year

Ended

August

31,

Period

from

03/28/16

(a)

to

08/31/16

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

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

$

9.61‌

$

9.95‌

$

10.15‌

$

10.19‌

$

10.11‌

$

9.90‌

Net

investment

income

(b)

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

0.19‌

0.43‌

0.51‌

0.45‌

0.42‌

0.19‌

Net

realized

and

unrealized

gain

(loss)

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

0.33‌

(0.35‌)

(0.20‌)

(0.04‌)

0.08‌

0.21‌

Net

increase

from

investment

operations

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

0.52‌

0.08‌

0.31‌

0.41‌

0.50‌

0.40‌

Distributions

from

net

investment

income

(c)

..........

(0.19‌)

(0.42‌)

(0.51‌)

(0.45‌)

(0.42‌)

(0.19‌)

Net

asset

value,

end

of

period

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

$

9.94‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.19‌

$

10.11‌

Total

Return

(d)

5.45%

0.92%

3.19%

4.09%

—

—

Based

on

net

asset

value

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

5.45%

(e)

0.92%

3.19%

4.09%

5.05%

4.05%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

(g)

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

0.64%

(h)

0.63%

0.61%

0.63%

0.65%

0.63%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.63%

(h)

0.62%

0.61%

0.63%

0.63%

0.63%

(h)

Net

investment

income

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

3.95%

(h)

4.46%

5.12%

4.44%

4.08%

4.44%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

1,107,885‌

$

569,739‌

$

424,275‌

$

441,021‌

$

200,103‌

$

6,258‌

Portfolio

turnover

rate

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

33%

80%

52%

60%

112%

72%

Six

Months

Ended

02/28/21

(unaudited)

Year

Ended

August

31,

Period

from

03/28/16

(a)

to

08/31/16

2020

2019

2018

2017

Investments

in

underlying

funds

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

0.03%

0.04%

0.04%

0.02%

0.01%

0.01%

Six

Months

Ended

02/28/21

(unaudited)

Year

Ended

August

31,

Period

from

03/28/16

(a)

to

08/31/16

2020

2019

2018

2017

Expense

ratios

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

N/A

N/A

0.61%

0.62%

N/A

N/A

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

31

Notes

to

Financial

Statements

ORGANIZATION 

BlackRock

Funds

V (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The Trust

is

organized

as

a Massachusetts

business

trust.

BlackRock

Floating

Rate

Income

Portfolio

(the

"Fund")

is

a

series

of

the

Trust.

The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

without

a

sales

charge

and

only

to

certain

eligible

investors.

Investor

A

Shares

are

generally

sold

with

an

initial

sales

charge,

and

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

Investor

C

Shares

may

be

subject

to

a

1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

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).

On

February

24,

2020,

the

Fund's

issued

and

outstanding

Investor

C1

Shares

converted

into

Investor

A

Shares.

(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

non-

index

fixed-income

mutual

funds

and

all

BlackRock-advised

closed-end

funds

referred

to

as

the

BlackRock

Fixed-Income

Complex.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

forward

foreign

currency

exchange

contracts

and

swaps)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

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

or

obligations.  

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly. Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

date

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Share

Class

Initial

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)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

32

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

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

com

plex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

by

the

Independent

Trustees

.

This

has

the

same

economic

effect

for

the

Independent 

Trustees

as

if

the

Independent 

Trustees

had

invested

the

deferred

amounts

directly

in

certain

funds

in

the

BlackRock

Fixed-

Income

Complex.  

The

Plan

is

not

funded

and

obligations

thereunder

represent

general

unsecured

claims

against

the

general

assets

of

the

Fund,

as

applicable.

Deferred

compensation

liabilities,

if

any, are

included

in

the

Trustees’

and

Officer’s

fees

payable

in

the

Statement

of

Assets

and

Liabilities

and

will

remain

as

a

liability

of

the

Fund

until

such

amounts

are

distributed

in

accordance

with

the

Plan. 

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.  

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

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board.

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

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third

party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third

party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published NAV. 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

If

events

(e.g.,

a

market

closure,

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

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

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

Notes

to

Financial

Statements

(unaudited)

(continued)

33

Notes

to

Financial

Statements

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

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

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

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

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used,

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

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

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

As

of

February

28,

2021,

certain

investments

of

the

Fund were fair valued

using

NAV

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

SECURITIES

AND

OTHER

INVESTMENTS 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Standard

Inputs

Generally

Considered

By

Third

Party

Pricing

Services

Market

approach

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

(

i

)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

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

(

i

)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

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

(

i

)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

34

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

London

Interbank

Offered

Rate

(“LIBOR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned

at

value,

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

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)

Net

Amount

BofA

Securities,

Inc.

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

$

517,260‌

$

(517,260‌)

$

—‌

Goldman

Sachs

&

Co.

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

11,697,504‌

(11,697,504‌)

—‌

National

Financial

Services

LLC

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

35,206,980‌

(35,206,980‌)

—‌

$

47,421,744‌

$

(47,421,744‌)

$

—‌

(a)

Collateral

received

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

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

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

OTC.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk). 

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

36

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

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.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

entered

into a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”)

an

affiliate

of

the

Manager. The

Manager

pays

BIL for

services

it provides

for

that

portion

of

the

Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Trust,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Fund.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the six

months

ended

February

28,

2021,

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

Greater

than

$3

Billion

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

0.450

Service

Fees

Distribution

Fees

Investor

A

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

0.25‌%

—‌%

Investor

C

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

0.25‌

0.75‌

Service

and

Distribution

Fees

Investor

A

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

$

365,468‌

Investor

C

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

203,794‌

$

569,262‌

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,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

February

28,

2021,

the

Fund

paid

the

following

to

the

Manager

in

return

for

these

services,

which

are

included

in

administration —

class

specific

in

the

Statement

of

Operations:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended February

28,

2021,

the

Fund

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations

:

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

February

28,

2021,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

For

the

six

months ended

February

28,

2021,

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 

February

28,

2021

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the

Fund’s Investor

A

Shares of

$4,422

.

For

the six

months

ended

February

28,

2021,

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

December

31,

2021

.

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

limitations

described

below

will

be

reduced

by

the

amount

of

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

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

$

143,519‌

Investor

A

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

29,249‌

Investor

C

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

4,078‌

Class

K

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

66,363‌

$

243,209‌

Institutional

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

$

60‌

Institutional

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

$

3,090‌

Investor

A

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

1,967‌

Investor

C

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

870‌

Class

K

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

321‌

$

6,248‌

Institutional

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

$

560,726‌

Investor

A

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

103,562‌

Investor

C

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

20,614‌

Class

K

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

1,654‌

$

686,556‌

Investor

A

$

1,623‌

Investor

C

2,044‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

38

the

affiliated

money

market

fund

waiver.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

February

28,

2021,

the

amount

waived

was

$79,951.

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

December

31,

2021.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

February

28,

2021,

the

Manager

waived

$1,781

in

investment

advisory

fees

pursuant

to

this

arrangement.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

this

contractual

expense

limitation

through

December

31,

2021,

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

February

28,

2021,

the

Manager

waived

and/

or

reimbursed

investment

advisory

fees

of

$4,292,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/

or

reimbursed

—

class

specific,

respectively,

in

the

Statement

of

Operations.

For

the

six

months ended

February

28,

2021,

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

BlackRock

Investment

Management,

LLC

(“BIM”),

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

"Money

Market

Series”),

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

77%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Fixed-Income

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Prior

to

January

1, 2021,

the

Fund

retained

75%

of

securities

lending

income

(which

excluded

collateral

investment

expenses)

and

the

amount

retained

could

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Fixed-Income

Complex

in

a

calendar

year

exceeded

a

specified

threshold,

the

Fund

would

retain

for

the

remainder

of

that

calendar

year

80%

of

securities

lending

income

(which

excluded

collateral

investment

expenses),

and

the

amount

retained

could

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Institutional

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

0.70‌%

Investor

A

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

1.05‌

Investor

C

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

1.80‌

Class

K

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

0.65‌

Fund

Name/Share

Class

Administration

Fees

Waived

Transfer

Agent

Fees

Waived

and/or

Reimbursed

BlackRock

Floating

Rate

Income

Portfolio

Institutional

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

$

76,73

8‌

$

11,55

2‌

Class

K

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

1,95

7‌

10‌

$

78,69

5‌

$

11,56

2‌

Notes

to

Financial

Statements

(unaudited)

(continued)

39

Notes

to

Financial

Statements

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the six

months

ended February

28,

2021,

the

Fund

paid

BIM $2,300

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

February

28,

2021,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Fund's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

PURCHASES

AND

SALES 

For

the six

months

ended

February

28,

2021,

purchases

and

sales

of

investments,

including

paydowns

and

excluding

short-term

investments, were $1,613,486,810

and

$813,538,114,

respectively.

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

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

February

28,

2021,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

As

of

August

31,

2020, the Fund

had

non-expiring

capital

loss

carryforward

available

to

offset

future

realized

capital

gains

of

$214,267,535. 

As

of

February

28,

2021, 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: 

BANK

BORROWINGS 

BlackRock

Funds

V,

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,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Of

the

aggregate

$2.25

billion

commitment

amount,

$500

million

is

specifically

designated

to

the

Fund.

The

remaining

$1.75

billion

commitment

is

available

to

all

Participating

Funds,

but

the

Fund can

borrow

up

to

an

additional

$350

million

in

the

aggregate

of

the

remaining

aggregate

commitment,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(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.

The

agreement

expires

in

April

2021

unless

extended

or

renewed.

Participating

Funds

paid

an

upfront

commitment

fee

of

0.02%

on

the

total

commitment

amounts,

in

addition

to

administration,

legal

and

arrangement

fees,

which

are

included

in

miscellaneous

expenses

in

the

Statement

of

Operations.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the six

months

ended

February

28,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement. 

 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;

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Floating

Rate

Income

Portfolio

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

$

3,621,988,986‌

$

32,037,357‌

$

(25,704,463‌)

$

6,332,894‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

40

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third

party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features. 

The

Fund

invests

a

significant

portion

of

its

assets

in

fixed-income

securities

and/or

uses

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates.

Notes

to

Financial

Statements

(unaudited)

(continued)

41

Notes

to

Financial

Statements

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

LIBOR

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time. The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

(a)

On

February

24,

2020,

the

Fund's

issued

and

outstanding

Investor

C1

Shares

converted

into

Investor

A

Shares.

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.

Six

Months

Ended

02/28/21

Year

Ended

08/31/20

Shares

Amount

Shares

Amount

Institutional

Shares

sold

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

68,117,679‌

$

671,038,569‌

142,087,631‌

$

1,362,344,837‌

Shares

issued

in

reinvestment

of

distributions

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

2,280,837‌

22,346,409‌

7,304,345‌

70,213,682‌

Shares

redeemed

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

(45,074,004‌)

(438,306,807‌)

(221,753,996‌)

(2,094,791,769‌)

Net

increase

(decrease)

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

25,324,512‌

$

255,078,171‌

(72,362,020‌)

$

(662,233,250‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

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

3,040,808‌

$

29,875,184‌

6,304,746‌

$

60,680,012‌

Shares

issued

in

reinvestment

of

distributions

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

443,238‌

4,337,535‌

1,140,740‌

10,981,395‌

Shares

redeemed

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

(3,691,527‌)

(36,112,117‌)

(14,214,568‌)

(135,609,830‌)

Net

decrease

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

(207,481‌)

$

(1,899,398‌)

(6,769,082‌)

$

(63,948,423‌)

Investor

C

Shares

sold

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

289,364‌

$

2,861,696‌

996,724‌

$

9,632,189‌

Shares

issued

in

reinvestment

of

distributions

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

54,366‌

531,631‌

205,787‌

1,982,152‌

Shares

redeemed

and

automatic

conversion

of

shares

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

(1,326,106‌)

(13,022,314‌)

(5,001,186‌)

(47,665,624‌)

Net

decrease

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

(982,376‌)

$

(9,628,987‌)

(3,798,675‌)

$

(36,051,283‌)

Investor

C1

(a)

Shares

issued

in

reinvestment

of

distributions

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

—‌

$

—‌

1,549‌

$

15,430‌

Shares

redeemed

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

—‌

—‌

(205,069‌)

(2,045,758‌)

Net

decrease

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

—‌

$

—‌

(203,520‌)

$

(2,030,328‌)

Class

K

Shares

sold

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

68,301,042‌

$

676,185,223‌

40,029,604‌

$

384,084,573‌

Shares

issued

in

reinvestment

of

distributions

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

1,298,145‌

12,737,047‌

1,662,291‌

16,038,429‌

Shares

redeemed

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

(17,421,403‌)

(169,206,507‌)

(25,047,168‌)

(242,569,096‌)

Net

increase

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

52,177,784‌

$

519,715,763‌

16,644,727‌

$

157,553,906‌

Total

Net

Increase

(Decrease)

76,312,439‌

$

763,265,549‌

(66,488,570‌)

$

(606,709,378‌)

Statement

Regarding

Liquidity

Risk

Management

Program

2021

BlackRock

Semi-Annual

Report

to

Shareholders

42

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

BlackRock

Funds

V

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Floating

Rate

Income

Portfolio

(the

“Fund”),

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

the

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Fund,

met

on

November

18-19,

2020

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

funds,

as

the

program

administrator

for

the

Fund’s

Program,

as

applicable.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

the

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2019

through

September

30,

2020

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

a

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

a

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

the

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

impact

of

the

coronavirus

outbreak

on

the

Fund

and

the

overall

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

a

Fund’s

liquidity

risk,

as

follows:

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

Funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

Fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

Fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

and

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

Fund’s

liquidity

bucketing.

Derivative

exposure

was

also

considered

in

such

calculation.

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

net

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

(“RATS”).

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

Fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

Fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

Fund’s

short-term

and

long-term

cash

flow

projections.

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

the

Funds,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

Funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

Funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Additional

Information

43

Additional

Information

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

new

regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Fund

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

August

19, 2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT i

s

available

on

the

SEC’s

website

at

sec.gov.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

.

Availability

of

Proxy

Voting

Policies

and

Procedures

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

upon

request

and

without

charge

(1)

by

calling

(800)

441-

7762

;

(2)

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

Availability

of

Proxy

Voting

Record

Information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30

is

available

upon

request

and

without

charge

(1)

at

blackrock.com

;

or

by

calling

(800)

441-

7762

and

(2)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

44

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Adviser

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Willkie

Farr

&

Gallagher

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

this

Report

45

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

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

PIK

Payment-In-Kind

SCA

Svenska

Cellulosa

Aktiebolaget

SPDR

Standard

&

Poor’s

Depositary

Receipts

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

FRI-2/21-SAR

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

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

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

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 –           Investments

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

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

Item 7 –           Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 –           Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –           Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

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

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

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

   Companies

– Not Applicable                 

Item 13 – Exhibits attached hereto

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

              (a)(2) Section 302 Certifications are attached

              section302

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

section906

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

BlackRock Funds V

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds V

Date: May 3, 2021

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: May 3, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds V

Date: May 3, 2021