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: 08/31/2022

Date of reporting period: 02/28/2022

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

February

28,

2022

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2022

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

V

BlackRock

Floating

Rate

Income

Portfolio

Dear

Shareholder,

The

12-month

reporting

period

as

of

February

28,

2022

saw

a

continuation

of

the

resurgent

growth

that

followed

the

initial

coronavirus

(or

“COVID-19”)

pandemic

reopening,

albeit

at

a

slower

pace.

The

global

economy

weathered

the

emergence

of

several

variant

strains

and

the

resulting

peaks

and

troughs

in

infections

amid

optimism

that

increasing

vaccinations

and

economic

adaptation

could

help

contain

the

pandemic’s

disruptions.

However,

rapid

changes

in

consumer

spending

led

to

supply

constraints

and

elevated

inflation.

Moreover,

while

the

foremost

effect

of

Russia's

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

invasion

has

presented

challenges

for

both

investors

and

policymakers.

Equity

prices

were

mixed,

as

persistently

high

inflation

drove

investors’

expectations

for

higher

interest

rates,

which

particularly

weighed

on

relatively

high

valuation

growth

stocks

and

economically

sensitive

small-

capitalization

stocks.

Overall,

small-capitalization

U.S.

stocks

declined,

while

large-capitalization

U.S.

stocks

posted

a

solid

advance.

International

equities

from

developed

markets

gained

slightly,

although

emerging

market

stocks

declined,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

during

the

reporting

period

as

the

economy

expanded

rapidly

and

inflation

reached

its

highest

annualized

reading

in

decades.

In

the

corporate

bond

market,

the

improving

economy

assuaged

credit

concerns

and

led

to

modest

returns

for

high-yield

corporate

bonds,

outpacing

the

negative

return

of

investment-grade

corporate

bonds.

The

U.S.

Federal

Reserve

(the

“Fed”)

maintained

accommodative

monetary

policy

during

the

reporting

period

by

keeping

near-zero

interest

rates.

However,

the

Fed’s

tone

shifted

during

the

period,

as

it

reduced

its

bond-

buying

program

and

raised

the

prospect

of

higher

rates

in

2022.

Continued

high

inflation

and

the

Fed’s

new

stance

led

many

analysts

to

anticipate

that

the

Fed

will

raise

interest

rates

multiple

times

throughout

the

year.

Looking

ahead,

however,

the

horrific

war

in

Ukraine

has

significantly

clouded

the

outlook

for

the

global

economy.

Sanctions

on

Russia

and

general

wartime

disruption

are

likely

to

drive

already-high

commodity

prices

even

further

upwards,

and

we

have

already

seen

spikes

in

energy

and

metal

markets.

While

this

will

exacerbate

inflationary

pressure,

it

could

also

constrain

economic

growth,

making

the

Fed’s

way

forward

less

clear.

Its

challenge

will

be

combating

inflation

without

stifling

a

recovery

that

is

now

facing

additional

supply

shocks.

In

this

environment,

we

favor

an

overweight

to

equities,

as

we

believe

low

interest

rates

and

continued

economic

growth

will

support

further

gains,

albeit

likely

more

modest

than

what

we

saw

in

2021.

Sectors

that

are

better

poised

to

manage

the

transition

to

a

lower-carbon

world,

such

as

technology

and

health

care,

are

particularly

attractive

in

the

long

term.

U.S.

and

other

developed

market

equities

have

room

for

further

growth,

while

we

believe

Chinese

equities

stand

to

gain

from

a

more

accommodative

monetary

and

fiscal

environment.

We

are

underweight

long-term

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

emerging

market

local-currency

bonds

offer

potential

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.

Overall,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

February

28,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(2.62)%

16.39%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(9.46)

(6.01)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(6.78)

2.83

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(9.81)

(10.69)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.02

0.04

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(3.94)

(1.67)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(4.07)

(2.64)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(3.09)

(0.66)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(3.07)

0.64

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

6

Disclosure

of

Expenses

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

7

Derivative

Financial

Instruments

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

7

Financial

Statements:

Schedule

of

Investments

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

8

Statement

of

Assets

and

Liabilities

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

25

Statement

of

Operations

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

27

Statements

of

Changes

in

Net

Assets

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

28

Financial

Highlights

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

29

Notes

to

Financial

Statements

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

33

Statement

Regarding

Liquidity

Risk

Management

Program

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

44

Additional

Information

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

45

Glossary

of

Terms

Used

in

this

Report

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

47

Fund

Summary

as

of

February

28,

2022

2022

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

ended

February

28,

2022,

the

Fund

underperformed

its

benchmark,

the

S&P

®

/LSTA

Leveraged

Loan

Index.

What

factors

influenced

performance?

An

underweight

allocation

to

the

midstream

energy

segment

and

security

selection

within

the

chemicals

and

other

industrial

sectors

weighed

on

the

Fund’s

performance

versus

the

benchmark.

In

rating

terms,

security

selection

within

the

BB

and

B

credit

quality

ranges

detracted

from

relative

returns.

From

an

asset

allocation

perspective,

the

Fund’s

tactical

allocation

to

liquid

high

yield

corporate

credit

products

pared

back

performance.

Security

selection

within

the

media

&

entertainment

and

cable

&

satellite

sectors

and

an

overweight

allocation

to

the

technology

sector

contributed

positively

to

performance.

From

a

credit

quality

perspective,

security

selection

within

CCC-rated

loans

proved

additive.

The

Fund’s

tactical

out-of-benchmark

allocations

to

equities

and

high

yield

bonds

were

also

additive.

Describe

recent

portfolio

activity.

While

the

Fund’s

sector

allocations

changed

modestly

over

the

period,

single

name

active

positioning

was

arguably

more

important

to

portfolio

performance.

The

Fund

was

active

in

the

robust

new-issue

market

during

the

period,

with

approximately

29%

of

the

Fund

comprised

of

2021

new

issues

at

period

end.

Within

these

transactions,

the

focus

has

been

on

B-rated

loans

and

names

in

the

technology

sector.

The

Fund

increased

its

exposure

to

the

technology

sector

while

trimming

risk

within

supermarkets

and

transportation

services.

The

Fund’s

cash

position

averaged

a

little

over

14%

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

portfolio

positioning

at

period

end.

The

Fund

remained

positioned

to

earn

attractive

floating

rate

coupon

income

while

seeking

to

protect

capital.

Approximately

92%

of

the

Fund

was

held

in

core

floating

rate

loan

interest

(“bank

loan”)

exposure

at

period

end.

Positioning

was

balanced

from

a

credit

rating

perspective,

while

reflecting

an

overweight

to

more

liquid

B-rated

paper,

an

underweight

to

BB-rated

bank

loans,

and

a

neutral

stance

with

respect

to

CCC-rated

bank

loans.

The

largest

sector

overweight

positions

included

technology,

building

materials

and

diversified

manufacturing,

while

underweights

included

financial

other

services,

finance

companies

and

transportation

services.

The

Fund

had

modest

out-of-

benchmark

allocations

to

high

yield

bonds

and

liquid

vehicles

used

tactically

to

access

the

primary

loan

market

and

navigate

flow

activity.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

February

28,

2022

(continued)

5

Fund

Summary

BlackRock

Floating

Rate

Income

Portfolio

Performance

Summary

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.

Expense

Example

E

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

3.25‌%

3.24‌%

0.71‌%

2.35‌%

N/A‌

3.43‌%

N/A‌

3.94‌%

N/A‌

Investor

A

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

2.94‌

2.93‌

0.59‌

2.12‌

(0.43‌)%

3.15‌

2.63‌%

3.65‌

3.39‌%

Investor

C

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

2.24‌

2.23‌

0.21‌

1.34‌

0.35‌

2.38‌

2.38‌

3.04‌

3.04‌

Class

K

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

3.34‌

3.33‌

0.85‌

2.45‌

N/A‌

3.49‌

N/A‌

3.85‌

N/A‌

S&P

®

/LSTA

Leveraged

Loan

Index

(c)

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

—‌

—‌

1.24‌

3.20‌

N/A‌

4.02‌

N/A‌

4.37‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

"About

Fund

Performance"

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

normally

invests

at

least

80%

of

its

assets

in

floating

rate

investments

and

investments

that

are

the

economic

equivalent

of

floating

rate

investments,

which

effectively

enables

the

Fund

to

achieve

a

floating

rate

of

income.

On

September

17,

2018,

the

Fund

acquired

all

of

the

assets,

subject

to

the

liabilities,

of

BlackRock

Floating

Rate

Income

Portfolio

(the

“Predecessor

Fund”),

a

series

of

BlackRock

Funds

II,

through

a

tax-free

reorganization

(the

“Reorganization

”).

The

Predecessor

Fund

is

the

performance

and

accounting

survivor

of

the

Reorganization.

(c)

A

market-value-weighted

index

that

is

designed

to

measure

the

performance

of

the

U.S.

leverage

loan

market

based

upon

market

weightings,

spreads

and

interest

payments.

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(09/01/21)

Ending

Account

Value

(02/28/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(09/01/21)

Ending

Account

Value

(02/28/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,007.10‌

$

3.28‌

$

1,000.00‌

$

1,021.52‌

$

3.31‌

0.66‌%

Investor

A

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

1,000.00‌

1,005.90‌

4.43‌

1,000.00‌

1,020.38‌

4.46‌

0.89‌

Investor

C

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

1,000.00‌

1,002.10‌

8.29‌

1,000.00‌

1,016.51‌

8.35‌

1.67‌

Class

K

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

1,000.00‌

1,008.50‌

2.84‌

1,000.00‌

1,021.97‌

2.86‌

0.57‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

six-month

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Floating

Rate

Loan

Interests

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

93‌

%

Investment

Companies

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

7‌

Corporate

Bonds

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

—‌

(c)

Common

Stocks

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

—‌

(c)

Preferred

Stocks

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

—‌

(c)

Warrants

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

—‌

(c)

Other

Interests

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

—‌

(c)

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(b)

Percent

of

Total

Investments

(a)

A

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

—‌

%

(c)

BBB/Baa

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

3‌

BB/Ba

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

23‌

B

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

61‌

CCC/

Caa

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

5‌

NR

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

8‌

(a)

Excludes

short-term

securities.

(b)

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.

(c)

Represents

less

than

1%

of

the

Fund's

total

investments.

About

Fund

Performance

2022

BlackRock

Semi-Annual

Report

to

Shareholders

6

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Class

K

Shares

performance

results

shown

prior

to

the

Class

K

Shares

inception

date

of

March

28,

2016

is

that

of

Investor

A

Shares.

The

performance

of

the

Fund’s

Class

K

Shares

would

be

substantially

similar

to

Investor

A

Shares

because

Class

K

Shares

and

Investor

A

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

Class

K

Shares

have

different

expenses

than

Investor

A

Shares.

The

actual

returns

of

Class

K

Shares

would

have

been

higher

than

those

of

the

Investor

A

Shares

because

Class

K

Shares

have

lower

expenses

than

the

Investor

A

Shares.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of

2.50%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

are

subject

to

a

1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75%

per

year

and

a

service

fee

of

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately

eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

Fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

("NAV")

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

"Manager”),

the

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

the

Fund's

performance

would

have

been

lower.

With

respect

to

the

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time.

With

respect

to

the

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such

agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

Disclosure

of

Expenses

7

Disclosure

of

Expenses

/

Derivative

Financial

Instruments

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees, administration

fees,

service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

(or

from

the

commencement

of

operations

if

less

than

6

months)

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

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.

2022

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,

2022

Security

Shares

Shares

Value

Common

Stocks

Commercial

Services

&

Supplies

—

0.0%

Preston

Holdings

LLC

(a)(b)

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

42,521

$

5,528

Construction

&

Engineering

—

0.0%

Mcdermott

International

Ltd.

(a)

...........

541,445

351,939

Machinery

—

0.0%

Ameriforge

Group,

Inc.

(a)

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

5,385

5,385

Marine

—

0.0%

Projector

SA

(a)(b)

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

42,521

1

Media

—

0.0%

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

.....

360,439

1,348,042

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

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

7,912

326,212

Professional

Services

—

0.1%

NMG,

Inc.

(a)

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

16,173

2,614,640

Software

—

0.0%

Avaya

Holdings

Corp.

(a)

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

277

3,814

Total

Common

Stocks

—

0.1%

(Cost:

$14,104,000)

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

4,655,561

Par

(000)

Par

(000)

Corporate

Bonds

Beverages

—

0.0%

Triton

Water

Holdings,

Inc.,

6.25%,

04/01/29

(c)

USD

1,909

1,758,915

Chemicals

—

0.0%

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(c)

....

168

177,734

Commercial

Services

&

Supplies

—

0.1%

Madison

IAQ

LLC,

5.88%,

06/30/29

(c)

......

4,312

3,913,141

Distributors

—

0.1%

Wolverine

Escrow

LLC,

9.00%,

11/15/26

(c)

...

2,669

2,669,000

Electric

Utilities

—

0.0%

Texas

Competitive

Electric

Holdings

Co.

LLC,

5.10%,

10/10/19

(a)(b)(d)

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

8,430

—

Electrical

Equipment

—

0.1%

Vertiv

Group

Corp.,

4.13%,

11/15/28

(c)

.....

6,115

5,610,512

Media

—

0.0%

Liberty

Broadband

Corp.,

2.75%,

09/30/50

(c)(e)

2,547

2,559,128

Wireless

Telecommunication

Services

—

0.0%

Ligado

Networks

LLC,

15.50%,

(15.50%

Cash

or

15.50%

PIK),

11/01/23

(c)(f)(g)

.........

1,084

776,215

Total

Corporate

Bonds

—

0.3%

(Cost:

$18,287,325)

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

17,464,645

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

1.6%

(g)

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

05/25/28

(h)

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

35,132

34,940,045

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

05/25/28

(h)

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

7,146

7,106,450

Bleriot

US

Bidco

,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.22%

,

 10/30/26

.....

2,684

2,667,590

COBHAM

Ultra

US

Co.,

Term

Loan,

11/17/28

(h)

6,473

6,417,494

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.50%),

3.72%

,

 04/06/26

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

12,082

11,695,937

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.50%),

3.72%

,

 04/06/26

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

USD

6,496

$

6,288,138

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(LIBOR

USD

6

Month

+

4.00%),

4.75%

,

 07/03/28

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

4,684

4,650,779

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.75%

,

 11/28/23

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

5,148

5,158,819

TransDigm

,

Inc.,

Term

Loan

F,

(LIBOR

USD

1

Month

+

2.25%),

2.46%

,

 12/09/25

......

10,765

10,572,299

TransDigm

,

Inc.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.25%),

2.46%

,

 08/22/24

......

1,792

1,763,614

91,261,165

Air

Freight

&

Logistics

—

0.1%

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 04/06/28

(g)

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

4,195

4,158,775

Airlines

—

1.6%

(g)

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan,

04/20/28

(h)

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

19,135

19,454,106

Air

Canada,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 08/11/28

...........

20,467

20,320,369

American

Airlines,

Inc.,

Term

Loan,

01/29/27

(h)

20,786

19,785,574

American

Airlines,

Inc.,

Term

Loan

B,

(LIBOR

USD

+

2.00%),

2.84%

,

 12/15/23

.......

14,113

13,863,149

Kestrel

Bidco

,

Inc.,

Term

Loan,

12/11/26

(h)

...

2,270

2,205,944

United

AirLines

,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/21/28

.

19,965

19,831,963

95,461,105

Auto

Components

—

1.6%

(g)

Adient

US

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.25%),

3.46%

,

 04/10/28

......

5,618

5,585,239

Clarios

Global

LP,

1st

Lien

Term

Loan

(EURIBOR

3

Month

+

3.25%),

3.25%, 04/30/26

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

EUR

1,934

2,095,554

 04/30/26

(h)

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

USD

41,718

41,248,922

Truck

Hero,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 01/31/28

......

13,398

13,134,455

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

02/05/26

(h)

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

35,476

34,624,193

96,688,363

Automobiles

—

0.3%

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.46%

,

 01/01/38

(g)

.....

17,408

17,325,881

Beverages

—

0.7%

(g)

Naked

Juice

LLC,

1st

Lien

Term

Loan,

01/24/29

(h)

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

26,186

25,940,246

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.00%),

6.50%

,

 01/24/30

.

16,061

16,111,434

Naked

Juice

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

01/24/29

(h)

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

1,511

1,496,553

43,548,233

Building

Products

—

1.4%

(g)

CHI

Overhead

Doors,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 07/31/25

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

5,976

5,960,995

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/12/28

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

1,921

1,872,718

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(LIBOR

USD

2

Month

+

3.75%),

4.25%

,

 11/23/27

..

USD

27,192

$

26,653,245

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 10/02/28

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

3,553

3,504,126

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

10/02/28

(h)

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

711

700,808

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

+

2.50%),

3.25%

,

 05/05/24

.......

12,108

12,053,048

Jeld-Wen

,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.46%

,

 07/28/28

......

6,395

6,356,250

LSF10

XL

Bidco

SCA,

Facility

Term

Loan

B4,

(EURIBOR

3

Month

+

4.00%),

4.00%

,

 04/12/28

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

EUR

2,000

2,186,437

MI

Windows

&

Doors

LLC,

Term

Loan

B1,

4.00%

,

 12/18/27

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

USD

3,716

3,700,092

Wilsonart

LLC,

Term

Loan

E,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 12/31/26

......

20,908

20,568,433

83,556,152

Capital

Markets

—

1.7%

(g)

Azalea

TopCo

,

Inc.,

1st

Lien

Term

Loan

 07/24/26

(h)

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

23,834

23,406,670

(LIBOR

USD

3

Month

+

3.75%),

4.50%, 07/24/26

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

3,321

3,296,203

FinCo

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

2.71%

,

 06/27/25

...........

2,210

2,180,451

Focus

Financial

Partners

LLC,

1st

Lien

Term

Loan

B3,

2.21%

,

 07/03/24

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

1,995

1,967,622

Focus

Financial

Partners

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 06/30/28

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

8,002

7,906,559

Greenhill

&

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.46%

,

 04/12/24

.....

3,162

3,141,911

Ion

Trading

Finance

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

4.97%

,

 04/01/28

.

3,411

3,391,691

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.21%

,

 03/09/27

.

55,667

54,374,879

99,665,986

Chemicals

—

2.2%

(g)

Alpha

3

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 03/18/28

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

19,211

19,114,652

ARC

Falcon

I,

Inc.,

Delayed

Draw

Term

Loan,

09/30/28

(h)

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

1,056

1,035,166

ARC

Falcon

I,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 09/30/28

......

7,233

7,090,890

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/24/27

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

2,600

2,580,880

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 08/27/26

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

11,371

11,340,184

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

1.75%),

1.97%

,

 06/01/24

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

5,512

5,444,441

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/29/27

(b)

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

2,598

2,507,422

Ecovyst

Catalyst

Technologies

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 06/09/28

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

9,927

9,829,917

Element

Solutions,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.00%),

2.21%

,

 01/31/26

.

12,789

12,759,017

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Greenrock

Finance,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 06/28/24

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

USD

209

$

207,031

Herens

Holdco

SARL,

Facility

Term

Loan

B,

4.75%

,

 07/03/28

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

885

878,637

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.71%

,

 06/30/27

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

5,070

5,007,999

Messer

Industries

GmbH,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.50%),

2.72%

,

 01/01/38

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

11,080

10,949,763

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

05/15/24

(h)

...........

12,491

12,392,279

Nouryon

Finance

BV,

Term

Loan,

(LIBOR

USD

+

3.00%),

3.21%

,

 10/01/25

...........

820

809,474

Oxea

Holding

Vier

GmbH,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.56%

,

 10/14/24

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

4,420

4,366,497

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 03/16/27

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

10,307

10,139,575

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 08/02/28

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

11,313

11,228,153

WR

Grace

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 09/22/28

.

3,016

2,999,653

130,681,630

Commercial

Services

&

Supplies

—

3.4%

(g)

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 05/12/28

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

21,173

20,869,409

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

4.50%

,

 02/15/29

....

6,314

6,262,730

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.50%),

2.71%

,

 04/06/28

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

4,390

4,363,958

Asplundh

Tree

Expert

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.96%

,

 09/07/27

.

19,782

19,500,581

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

+

4.25%),

5.25%

,

 06/21/24

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

42,330

40,365,862

Clean

Harbors,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.21%

,

 10/08/28

......

5,943

5,920,714

Covanta

Holding

Corp.,

Term

Loan

B,

11/30/28

(h)

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

9,855

9,763,724

Covanta

Holding

Corp.,

Term

Loan

C,

11/30/28

(h)

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

738

731,365

EnergySolutions

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 05/09/25

.....

2,122

2,095,866

GFL

Environmental,

Inc.,

Term

Loan,

05/30/25

(h)

5,870

5,844,666

KAR

Auction

Services,

Inc.,

Term

Loan

B6,

09/19/26

(b)(h)

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

4,120

4,079,076

LABL,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.50%

,

 10/29/28

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

9,145

9,078,333

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.75%

-

4.76%

,

 12/15/28

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

14,773

14,683,040

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

3.50%

,

 09/23/26

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

4,249

4,198,252

Tempo

Acquisition

LLC,

Term

Loan,

(LIBOR

USD

+

2.75%),

2.96%

,

 05/01/24

.......

444

442,694

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Tempo

Acquisition

LLC,

Term

Loan

B1,

3.50%

,

 08/31/28

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

USD

33,962

$

33,580,400

TruGreen

Ltd.,

Partnership,

1st

Lien

Term

Loan,

(LIBOR

USD

+

4.00%),

4.75%

,

 11/02/27

..

5,282

5,269,024

Vericast

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

8.75%

,

 06/16/26

......

1,450

1,287,208

Viad

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.50%

,

 07/30/28

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

9,086

8,979,994

197,316,896

Communications

Equipment

—

0.4%

Viasat

Technologies

Ltd.,

Term

Loan,

03/02/29

(b)

(g)(h)

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

21,549

21,117,908

Construction

&

Engineering

—

0.9%

(g)

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.21%

,

 01/21/28

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

7,546

7,467,959

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

-

4.27%

,

 06/02/28

48,589

47,969,567

55,437,526

Construction

Materials

—

0.8%

(g)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.21%

,

 01/15/27

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

16,228

16,014,506

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 10/25/23

.....

4,094

4,078,728

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 01/31/28

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

10,642

10,425,163

Standard

Industries,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 09/22/28

.

11,486

11,436,810

TAMKO

Building

Products

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.21%

,

 05/29/26

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

4,684

4,638,816

46,594,023

Containers

&

Packaging

—

1.4%

(g)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

12/01/27

(h)

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

26,707

26,563,827

Flex

Acquisition

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/02/28

.

4,664

4,644,956

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.48%

,

 04/03/24

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

26,967

26,482,127

Pregis

TopCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.21%

,

 07/31/26

.

3,238

3,218,002

Tosca

Services

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 08/18/27

......

12,964

12,769,958

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loan

B3,

09/15/28

(h)

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

639

634,815

Trident

TPI

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 09/15/28

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

7,164

7,120,119

81,433,804

Distributors

—

0.1%

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 10/28/27

(g)

3,021

2,998,114

Diversified

Consumer

Services

—

2.5%

(g)

2U,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

6.50%

,

 12/30/24

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

2,880

2,713,957

Ascend

Learning

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 12/11/28

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

20,357

20,073,834

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

12/10/29

(h)

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

USD

7,144

$

7,117,210

Bright

Horizons

Family

Solutions

LLC,

Term

Loan

B,

11/24/28

(h)

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

8,849

8,777,146

Frontdoor

,

Inc.,

Term

Loan

B,

06/17/28

(h)

....

5,897

5,856,880

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 12/22/25

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

26,474

24,558,482

Mileage

Plus

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.25%),

6.25%

,

 06/21/27

.

29,822

31,115,512

Research

Now

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 12/20/24

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

5,486

5,369,181

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

5.71%

,

 08/04/25

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

7,206

6,615,016

Sotheby's,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.00%

,

 01/15/27

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

5,996

5,966,044

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

5.00%),

6.00%

,

 09/01/25

......

30,169

29,735,284

147,898,546

Diversified

Financial

Services

—

9.4%

(g)

Advisor

Group

Holdings,

Inc.,

Term

Loan

B1,

07/31/26

(h)

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

17,630

17,543,841

Alchemy

Copyrights

LLC,

Term

Loan,

03/10/28

(b)(h)

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

8,812

8,735,268

Belron

Finance

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.56%

,

 10/30/26

......

5,124

5,057,188

Belron

Group

SA,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 04/13/28

......

14,564

14,440,655

Castlelake

Aviation

Ltd.,

Term

Loan,

10/22/26

(h)

26,268

25,899,148

Cogeco

Communications

Finance

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 09/01/28

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

17,717

17,530,263

Connect

Finco

SARL,

Term

Loan,

12/11/26

(h)

.

40,835

40,273,136

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

04/09/27

(h)

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

37,901

37,685,052

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

7.50%

,

 04/07/28

(b)

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

7,790

7,828,950

FleetCor

Technologies

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.96%

,

 04/28/28

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

17,177

16,858,233

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 10/01/27

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

28,291

28,125,710

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.96%

,

 07/11/25

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

8,346

8,276,465

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(h)

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

24,586

24,171,030

Lealand

Finance

Co.

BV,

Term

Loan,

06/28/24

(b)

(h)

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

178

106,752

Lealand

Finance

Co.

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

1.00%),

1.21%

,

 06/30/25

.

1,278

593,472

LEB

Holdings

(USA),

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/02/27

..

2,910

2,889,112

Medline

Borrower

LP,

Term

Loan,

10/23/28

(h)

.

53,492

52,932,170

Mercury

Borrower,

Inc.,

2nd

Lien

Term

Loan,

08/02/29

(b)(h)

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

7,991

7,971,510

Mercury

Merger

Sub,

Inc.,1st

Lien

Term

Loan,

08/02/28

(h)

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

35,136

34,652,880

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

OLA

Netherlands

BV,

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

7.00%

,

 12/15/26

.....

USD

5,759

$

5,730,205

Proofpoint

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.76%

,

 08/31/28

.

47,128

46,556,785

Proofpoint

,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

6.76%

,

 08/31/29

.

3,665

3,665,000

Radiate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 09/25/26

.....

22,969

22,698,655

RealPage

,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.50%),

7.25%

,

 04/23/29

.

2,585

2,606,154

RVR

Dealership

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/08/28

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

4,420

4,345,431

Setanta

Aircraft

Leasing

DAC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.14%

,

 11/05/28

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

8,846

8,787,970

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

2.71%

-

2.80%

,

 01/23/25

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

8,826

8,506,230

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

+

4.25%),

4.47%

,

 07/30/25

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

11,851

11,456,343

Travelport

Finance

SARL,

1st

Lien

Term

Loan,

05/29/26

(h)

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

11,999

9,808,786

Travelport

Finance

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

1.50%),

2.50%

,

 02/28/25

.

5,513

5,655,417

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(LIBOR

USD

1

Month

+

3.00%),

3.19%

,

 01/31/29

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

2,739

2,702,023

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 05/12/28

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

8,781

8,640,675

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.21%

,

 02/28/27

......

42,904

42,421,102

White

Cap

Supply

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/19/27

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

7,928

7,844,908

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

(LIBOR

USD

1

Month

+

2.50%),

2.69%

,

 04/30/28

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

9,309

9,114,069

552,110,588

Diversified

Telecommunication

Services

—

1.1%

(g)

Altice

Financing

SA,

Term

Loan

(LIBOR

USD

3

Month

+

2.75%),

2.99%, 07/15/25

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

4,204

4,090,563

(LIBOR

USD

3

Month

+

2.75%),

2.99%, 01/31/26

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

11,259

10,926,647

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

+

4.00%),

4.51%

,

 08/14/26

...........

8,392

8,303,794

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

..

1,951

1,930,811

Consolidated

Communications,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 10/02/27

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

3,001

2,959,699

Eircom

Finco

SARL,

Facility

Term

Loan

B,

(EURIBOR

1

Month

+

3.00%),

3.00%

,

 05/15/26

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

EUR

1,222

1,336,622

Frontier

Communications

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/01/28

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

USD

8,458

8,381,526

Iridium

Satellite

LLC,

Term

Loan

B2,

11/04/26

(h)

15,259

15,130,525

Numericable

US

LLC,

Term

Loan

B,

(LIBOR

USD

+

3.69%),

3.93%

,

 01/31/26

.......

4,394

4,313,918

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(LIBOR

USD

1

Month

+

3.25%),

3.44%

,

 01/31/29

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

USD

6,333

$

6,272,330

Voyage

Australia

Pty

Ltd.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 07/20/28

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

3,836

3,810,029

67,456,464

Electric

Utilities

—

0.1%

(g)

Calpine

Construction

Finance

Co.

LP,

Term

Loan

B,

(LIBOR

USD

+

2.00%),

2.21%

,

 01/15/25

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

3,113

3,054,053

Edgewater

Generation

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.96%

,

 12/13/25

.

5,713

5,169,668

8,223,721

Electrical

Equipment

—

0.2%

(g)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 06/23/28

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

12,199

12,114,827

Graftech

International

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 02/12/25

.

1,683

1,674,569

13,789,396

Electronic

Equipment,

Instruments

&

Components

—

0.2%

II-VI,

Inc.,Term

Loan

B,

12/08/28

(g)(h)

.......

10,731

10,617,037

Entertainment

—

2.1%

(g)

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

04/22/26

(h)

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

8,356

7,560,947

City

Football

Group

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 07/21/28

.

12,156

11,958,465

Kingpin

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

+

3.50%),

4.50%

,

 07/03/24

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

14,501

14,406,572

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

2.00%

,

 10/19/26

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

24,400

23,892,110

Playtika

Holding

Corp.,

Term

Loan

B1,

03/13/28

(h)

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

20,102

19,873,954

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

+

3.25%),

3.46%

,

 05/30/25

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

311

305,812

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

05/18/25

(h)

......

34,572

33,656,772

WMG

Acquisition

Corp.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.13%),

2.33%

,

 01/20/28

.

9,877

9,757,046

121,411,678

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

(g)

Cushman

&

Wakefield

US

Borrower

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.96%

,

 08/21/25

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

8,882

8,796,565

RHP

Hotel

Properties

LP,

Term

Loan

B,

(LIBOR

USD

+

2.00%),

2.21%

,

 05/11/24

........

2,398

2,349,040

11,145,605

Food

&

Staples

Retailing

—

0.3%

US

Foods,

Inc.,

Term

Loan

B

(g)

(LIBOR

USD

1

Month

+

2.00%),

2.51%, 09/13/26

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

9,182

8,971,834

(LIBOR

USD

1

Month

+

2.75%),

3.26%, 11/22/28

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

10,509

10,380,715

19,352,549

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

Food

Products

—

2.9%

(g)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.96%

,

 11/19/26

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

USD

21,394

$

20,971,925

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

10/01/25

(h)

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

12,598

10,964,128

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B3,

(LIBOR

USD

+

1.75%),

1.96%

,

 03/11/25

4,485

4,393,396

B&G

Foods,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.71%

,

 10/10/26

......

1,359

1,349,715

Chobani

LLC,

Term

Loan,

10/25/27

(h)

.......

21,729

21,620,623

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

01/29/27

(h)

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

34,443

33,698,685

Hostess

Brands

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.25%),

3.00%

,

 08/03/25

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

7,772

7,668,294

JBS

USA

Lux

SA,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.80%

,

 05/01/26

......

1,166

1,157,454

Nomad

Foods

Ltd.,

Facility

Term

Loan

B4,

(LIBOR

USD

3

Month

+

2.25%),

2.76%

,

 05/15/24

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

4,987

4,910,761

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 06/08/28

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

7,224

7,184,062

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 03/31/28

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

39,987

38,964,759

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

01/20/28

(h)

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

19,731

19,519,295

172,403,097

Health

Care

Equipment

&

Supplies

—

0.8%

(g)

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

11/03/28

(h)

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

23,562

23,326,380

Insulet

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 05/04/28

......

4,886

4,852,402

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan

(LIBOR

USD

3

Month

+

3.00%),

3.23%, 06/30/25

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

12,503

12,427,122

(EURIBOR

3

Month

+

3.50%),

3.50%, 06/30/25

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

EUR

2,623

2,922,894

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.25%

,

 12/11/26

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

USD

6,231

6,140,152

49,668,950

Health

Care

Providers

&

Services

—

2.5%

(g)

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 09/29/28

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

8,364

8,293,696

Electron

Bidco

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/01/28

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

25,712

25,426,997

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

+

3.75%),

3.96%

,

 10/10/25

.......

16,613

12,045,646

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

3

Month

+

3.75%),

3.97%, 02/18/27

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

8,666

8,568,774

(LIBOR

USD

3

Month

+

3.75%),

4.25%, 11/15/28

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

2,301

2,276,443

EyeCare

Partners

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.25%

,

 11/15/29

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

2,582

2,571,345

EyeCare

Partners

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

1.88%

-

4.25%

,

 11/15/28

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

575

569,111

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Femur

Buyer,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

4.72%

,

 03/05/26

(b)

USD

6,884

$

6,436,988

HomeVi

-Senior,

Facility

Term

Loan

B1,

(EURIBOR

3

Month

+

3.25%),

3.25%

,

 10/31/26

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

EUR

2,000

2,125,710

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

11/01/28

(h)

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

USD

24,731

24,490,193

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

7.50%

,

 11/01/29

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

3,446

3,385,695

Medical

Solutions

Holdings,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

11/01/28

(h)

.........

4,572

4,527,866

Orbcomm

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 09/01/28

.

5,855

5,796,523

PetVet

Care

Centers

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 02/14/25

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

3,161

3,136,171

Unified

Womens

Healthcare

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 12/20/27

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

9,995

9,957,357

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.00%

,

 01/08/27

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

8,587

8,538,955

WP

CityMD

Bidco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 12/22/28

.

17,297

17,136,531

145,284,001

Health

Care

Technology

—

1.5%

(g)

athenahealth

Group

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 02/15/29

.

24,801

24,546,592

athenahealth

,

Inc.,

Delayed

Draw

Term

Loan,

02/15/29

(h)

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

4,204

4,160,445

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.50%

,

 03/01/24

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

22,508

22,367,155

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 06/02/28

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

19,850

19,712,718

Verscend

Holding

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.00%),

7.50%

,

 04/02/29

(b)

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

2,893

2,864,070

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

4.21%

,

 08/27/25

.

14,489

14,430,294

88,081,274

Hotels,

Restaurants

&

Leisure

—

3.2%

(g)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.96%

,

 02/02/26

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

6,489

6,302,889

Bally's

Corp.,

Facility

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 10/02/28

.

10,640

10,560,262

Boyd

Gaming

Corp.,

Term

Loan

B,

(LIBOR

USD

+

2.25%),

0.12%

,

 09/15/23

...........

3,200

3,191,952

Caesars

Resort

Collection

LLC,

Term

Loan

B,

(LIBOR

USD

+

2.75%),

2.96%

,

 12/23/24

..

13,763

13,608,307

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

3.71%

,

 07/21/25

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

11,088

11,027,974

Churchill

Downs,

Inc.,

Facility

Term

Loan

B,

(LIBOR

USD

+

2.00%),

2.21%

,

 12/27/24

..

1,453

1,441,542

Churchill

Downs,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.21%

,

 03/17/28

.

3,786

3,734,325

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Dorna

Sports

SL,

Facility

Term

Loan

B2,

(EURIBOR

6

Month

+

2.75%),

2.75%

,

 05/03/24

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

EUR

1,913

$

2,118,280

Fertitta

Entertainment

LLC,

Term

Loan

B,

01/27/29

(h)

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

USD

36,605

36,409,109

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

+

2.25%),

2.47%

,

 07/21/26

.......

6,575

6,501,942

Four

Seasons

Holdings,

Inc.,

1st

Lien

Term

Loan,

11/30/23

(h)

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

8,826

8,755,065

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

12.00%),

13.00%

,

 10/04/23

(b)

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

740

783,954

IRB

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

3.75%

,

 02/05/25

.....

17,688

17,514,045

Packers

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 03/09/28

.

20,134

19,756,330

Scientific

Games

International,

Inc.,

Term

Loan

B5,

(LIBOR

USD

+

2.75%),

2.96%

,

 08/14/24

5,278

5,238,958

Silk

Bidco

AS,

Facility

Term

Loan

B,

(EURIBOR

6

Month

+

4.00%),

4.00%

,

 02/24/25

.....

EUR

2,000

2,070,298

Station

Casinos

LLC,

Facility

Term

Loan

B1,

02/08/27

(h)

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

USD

11,215

11,053,669

Whatabrands

LLC,

Term

Loan

B,

08/03/28

(h)

..

21,207

20,923,462

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

B,

05/30/25

(h)

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

4,940

4,878,882

185,871,245

Household

Durables

—

1.2%

(g)

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.75%

,

 05/17/28

.

25,654

24,332,620

Hunter

Douglas

NV,

Term

Loan,

4.00%

,

 02/26/29

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

19,401

19,097,957

Serta

Simmons

Bedding

LLC,

Term

Loan

(LIBOR

USD

1

Month

+

7.50%),

8.50%, 08/10/23

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

4,481

4,373,164

Snap

One

Holdings

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.00%

,

 12/08/28

.

7,955

7,875,074

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 10/06/28

(b)

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

6,937

6,728,890

Weber-Stephen

Products

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 10/30/27

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

11,412

11,069,240

73,476,945

Household

Products

—

0.5%

(g)

Diamond

(BC)

BV,

Term

Loan,

09/29/28

(h)

...

18,688

18,412,539

Pilot

Travel

Centers

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.21%

,

 08/04/28

.

5,774

5,674,918

Spectrum

Brands,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 03/03/28

.

2,395

2,385,922

26,473,379

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

(g)

Calpine

Corp.,

Term

Loan

(LIBOR

USD

1

Month

+

2.00%),

2.21%, 04/05/26

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

4,671

4,575,330

(LIBOR

USD

+

2.00%),

2.21%, 08/12/26

..

4,090

4,004,516

ExGen

Renewables

IV

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.50%

,

 12/15/27

.

11,871

11,817,679

20,397,525

Security

Par

(000)

Par

(000)

Value

Industrial

Conglomerates

—

0.7%

(g)

Filtration

Group

Corp.,

Term

Loan,

03/31/25

(h)

.

USD

36,322

$

35,875,886

SVP-Singer

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

7.50%

,

 07/28/28

.

3,496

3,268,982

39,144,868

Insurance

—

4.1%

(g)

Alliant

Holdings

Intermediate

LLC,

Term

Loan

(LIBOR

USD

+

3.25%),

3.46%, 05/09/25

..

28,965

28,616,089

Alliant

Holdings

Intermediate

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 11/05/27

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

29,841

29,555,319

AmWINS

Group,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 02/19/28

.....

19,019

18,701,418

AssuredPartners

,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.50%),

3.71%, 02/12/27

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

16,799

16,540,143

(LIBOR

USD

1

Month

+

3.50%),

4.00%, 02/12/27

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

7,470

7,349,057

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(LIBOR

USD

1

Month

+

5.25%),

5.46%

,

 01/31/28

.

9,350

9,230,714

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(LIBOR

USD

1

Month

+

5.25%),

5.46%

,

 01/20/29

.

8,540

8,433,250

Asurion

LLC,

Term

Loan

B6,

(LIBOR

USD

+

3.13%),

3.33%

,

 11/03/23

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

7,766

7,705,736

Asurion

LLC,

Term

Loan

B8,

(LIBOR

USD

1

Month

+

3.25%),

3.46%

,

 12/23/26

......

21,457

21,061,561

Hub

International

Ltd.,

Term

Loan,

04/25/25

(h)

.

25,823

25,490,881

Hub

International

Ltd.,

Term

Loan

B3,

(LIBOR

USD

2

Month

+

3.25%),

4.00%

,

 04/25/25

.

15,056

14,936,006

NFP

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.46%

,

 02/15/27

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

1,585

1,556,247

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 09/01/27

.

7,987

7,919,513

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

 12/31/25

(h)

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

10,278

10,136,920

(LIBOR

USD

1

Month

+

3.75%),

3.96%, 09/03/26

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

3,176

3,147,713

(LIBOR

USD

1

Month

+

4.25%),

5.25%, 09/03/26

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

1,731

1,726,299

USI,

Inc.,

Term

Loan

 05/16/24

(h)

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

28,884

28,603,886

(LIBOR

USD

1

Month

+

3.25%),

3.47%, 12/02/26

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

3,062

3,027,053

243,737,805

Interactive

Media

&

Services

—

2.1%

(g)

Acuris

Finance

US,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 02/16/28

.

2,747

2,728,038

Adevinta

ASA,

Facility

Term

Loan

B2,

06/26/28

(h)

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

14,344

14,251,992

Arches

Buyer,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 12/06/27

......

11,738

11,530,921

Camelot

US

Acquisition

1

Co.,

Term

Loan

(LIBOR

USD

1

Month

+

3.00%),

3.21%, 10/30/26

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

17,650

17,465,125

(LIBOR

USD

1

Month

+

3.00%),

4.00%, 10/30/26

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

38,208

37,957,485

GoodRx

,

Inc.,

1st

Lien

Term

Loan,

10/10/25

(h)

.

10,612

10,503,093

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 01/29/26

......

29,447

29,207,607

123,644,261

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

Internet

&

Direct

Marketing

Retail

—

0.4%

(g)

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

+

3.50%),

4.25%

,

 11/08/27

..

USD

20,530

$

20,407,642

Pug

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.25%),

4.75%

,

 02/12/27

(b)

..........

1,477

1,462,525

21,870,167

IT

Services

—

1.7%

(g)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

+

3.00%),

3.50%

,

 09/19/24

..

9,186

9,124,033

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.25%

,

 09/19/25

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

2,748

2,742,284

CoreLogic

,

Inc.,

2nd

Lien

Term

Loan,

06/04/29

(b)

(h)

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

12,031

11,910,640

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

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

7,322

7,453,796

Epicor

Software

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 07/30/27

.

3,765

3,725,176

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.21%

,

 08/10/27

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

6,988

6,877,605

Maximus,

Inc.,

Term

Loan

B,

(LIBOR

USD

6

Month

+

2.00%),

2.50%

,

 05/28/28

......

5,612

5,588,399

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.71%

,

 02/12/27

(b)

...........

13,533

13,262,268

Sophia

LP,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

8.00%),

9.00%

,

 10/09/28

......

2,000

2,030,000

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

1.96%

,

 04/16/25

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

3,086

3,031,536

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/05/26

.

5,246

5,199,326

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

1.96%

,

 11/16/26

.....

11,064

10,882,788

Venga

Finance

SARL,

Term

Loan,

12/04/28

(h)

.

4,039

3,919,928

Virtusa

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/11/28

.......

3,433

3,384,789

WEX,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.46%

,

 03/31/28

...........

5,246

5,162,728

Zephyr

Bidco

Ltd.,

Facility

1st

Lien

Term

Loan

B1,

(LIBOR

GBP

1

Month

+

4.75%),

5.23%

,

 07/23/25

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

GBP

2,000

2,624,135

ZoomInfo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.21%

,

 02/02/26

.

USD

1,181

1,172,142

98,091,573

Leisure

Products

—

0.1%

Fender

Musical

Instruments

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 12/01/28

(b)(g)

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

4,782

4,757,858

Life

Sciences

Tools

&

Services

—

2.2%

(g)

Avantor

Funding,

Inc.,

Term

Loan

B4,

11/21/24

(h)

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

5,993

5,951,010

Avantor

Funding,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 11/08/27

..

23,969

23,712,254

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 02/22/28

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

11,460

11,416,781

eResearchTechnology

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 02/04/27

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

19,112

19,071,386

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

(continued)

ICON

plc,

Term

Loan

(LIBOR

USD

1

Month

+

2.25%),

2.75%, 07/03/28

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

USD

27,458

$

27,124,762

Maravai

Intermediate

Holdings

LLC,

Term

Loan

B,

3.14%

,

 10/19/27

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

9,939

9,858,607

Phoenix

Newco

,

Inc.,

1st

Lien

Term

Loan,

11/15/28

(h)

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

31,208

30,935,061

128,069,861

Machinery

—

3.5%

(g)

Albion

Financing

3

SARL,

Term

Loan,

07/31/26

(h)

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

19,129

18,950,096

ASP

Blade

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 10/13/28

.

3,894

3,876,165

Clark

Equipment

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.47%

,

 05/18/24

.....

6,621

6,554,758

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

6

Month

+

2.75%),

3.25%

,

 05/14/28

.

3,394

3,363,858

Filtration

Group

Corp.,

Term

Loan,

10/21/28

(h)

.

10,381

10,292,268

Fluidra

SA,

Term

Loan

B,

01/29/29

(h)

.......

2,385

2,353,709

Gates

Global

LLC,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 03/31/27

.....

22,345

22,018,988

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.35%

,

 03/28/25

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

48,308

47,301,348

Ingersoll-Rand

Services

Co.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.96%

,

 03/01/27

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

6,962

6,855,567

Madison

IAQ

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 06/21/28

......

45,452

44,677,468

Terex

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

2.75%

,

 01/31/24

...........

728

724,561

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B1,

07/30/27

(h)

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

8,681

8,612,961

Vertiv

Group

Corp.,

Term

Loan

B,

03/02/27

(h)

.

29,197

28,211,405

Zurn

Industries

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 10/04/28

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

887

882,982

204,676,134

Media

—

3.1%

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 03/03/25

(g)

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

20,099

18,529,772

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

15.00%

,

 10/15/26

(

i

)

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

4,538

5,236,905

Cable

One,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.21%

,

 05/03/28

(g)

.....

836

829,114

Charter

Communications

Operating

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.96%

,

 04/30/25

(g)

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

7,475

7,441,195

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

08/21/26

(g)(h)

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

46,488

45,564,625

CMG

Media

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.71%

,

 12/17/26

(g)

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

5,670

5,592,904

CSC

Holdings

LLC,

Term

Loan

(g)

(LIBOR

USD

+

2.25%),

2.44%, 07/17/25

..

8,138

7,882,684

(LIBOR

USD

1

Month

+

2.50%),

2.69%, 04/15/27

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

13,493

13,081,406

DirectV

Financing

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

5.75%

,

 08/02/27

(g)

22,891

22,813,687

Eagle

Broadband

Investments

LLC,

Term

Loan,

(LIBOR

USD

+

3.00%),

3.75%

,

 11/12/27

(g)

.

6,378

6,320,788

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

Security

Par

(000)

Par

(000)

Value

Media

(continued)

EW

Scripps

Co.

(The),

Term

Loan

B3,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 01/07/28

(g)

USD

2,776

$

2,756,486

Intelsat

Jackson

Holdings

SA,

Term

Loan

B3,

(LIBOR

USD

+

4.25%),

4.75%

,

 02/01/29

(g)

.

5

5,269

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

12/01/23

(g)(h)

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

12,950

12,258,273

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

+

2.25%),

2.46%

,

 03/24/25

(g)

.

9,269

9,095,475

Nexstar

Media,

Inc.,

Term

Loan

B4,

(LIBOR

USD

+

2.50%),

2.73%

,

 09/18/26

(g)

......

2,563

2,547,916

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 09/28/23

(b)(g)

...

16,414

16,249,741

Trader

Interactive

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 07/28/28

(b)(g)

3,063

3,032,674

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

N,

(LIBOR

USD

+

2.50%),

2.69%

,

 01/31/28

(g)

.

5,254

5,159,225

184,398,139

Metals

&

Mining

—

0.6%

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

03/08/24

(g)(h)

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

37,926

35,911,382

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(g)

Freeport

LNG

investments,

LLLP,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 12/21/28

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

9,948

9,843,913

Murphy

USA,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

2.25%

,

 01/31/28

......

2,493

2,494,731

12,338,644

Personal

Products

—

0.8%

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B3,

10/01/26

(g)(h)

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

50,205

49,898,219

Pharmaceuticals

—

2.1%

(g)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(LIBOR

USD

+

3.50%),

3.75%

,

 05/04/25

..

20,359

19,941,563

Bausch

Health

Co.,

Inc.,

Term

Loan,

06/02/25

(h)

16,763

16,585,156

Bausch

Health

Cos.,

Inc.,

Term

Loan

B,

01/27/27

(h)

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

20,388

20,150,072

Elanco

Animal

Health,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.98%

,

 08/01/27

.

13,136

12,832,550

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.00%),

2.21%

,

 11/15/27

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

6,832

6,672,203

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 05/05/28

.

15,387

15,317,530

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.56%

,

 06/02/28

......

9,805

9,752,548

Precision

Medicine

Group

LLC,

Delayed

Draw

Term

Loan,

11/18/27

(h)

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

2,242

2,201,345

Precision

Medicine

Group

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.75%

,

 11/18/27

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

20,952

20,568,379

Prestige

Brands,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 07/03/28

.

2,234

2,228,216

126,249,562

Professional

Services

—

2.8%

(g)

AlixPartners

LLP,

Term

Loan,

02/04/28

(h)

....

28,721

28,384,662

CoreLogic

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 06/02/28

(b)

43,373

42,776,604

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.46%

,

 02/06/26

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

67,051

66,268,768

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Dun

&

Bradstreet

Corp.

(The),

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.44%

,

 01/18/29

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

USD

5,333

$

5,261,911

Trans

Union

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 12/01/28

.....

22,833

22,566,348

165,258,293

Road

&

Rail

—

0.5%

Uber

Technologies,

Inc.,

Term

Loan

(g)(h)

 04/04/25

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

2,943

2,912,698

 02/25/27

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

27,104

26,814,148

29,726,846

Semiconductors

&

Semiconductor

Equipment

—

0.1%

Synaptics

,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.75%

,

 12/02/28

(g)

.....

3,790

3,765,818

Software

—

10.7%

(g)

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

+

3.75%),

4.50%

,

 02/12/25

..

21,417

21,327,662

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.97%

,

 10/02/25

.

20,091

19,839,756

CCC

Intelligent

Solutions,

Inc.,

Term

Loan,

09/21/28

(h)

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

11,816

11,668,300

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/08/28

.

36,422

36,042,483

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.00%),

6.50%

,

 10/08/29

(b)

12,862

12,701,225

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 09/29/28

......

6,921

6,855,527

Cornerstone

OnDemand

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/16/28

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

11,233

11,113,706

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/01/27

.

31,500

31,241,248

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/01/28

.

2,084

2,071,850

E2open

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 02/04/28

...........

1,425

1,411,479

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/01/27

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

41,007

40,919,138

Helios

Software

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.97%

,

 03/11/28

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

11,530

11,422,190

Informatica

LLC,

Term

Loan,

10/27/28

(h)

.....

50,843

50,175,905

Instructure

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.27%

,

 10/30/28

(b)

4,640

4,570,400

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 07/27/28

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

32,232

31,901,840

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.25%),

9.00%

,

 07/27/29

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

19,045

18,795,299

McAfee

Corp.,

Term

Loan

B1,

03/01/29

(h)

....

31,232

30,763,520

MH

Sub

I

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

+

3.50%),

3.71%, 09/13/24

..

42,535

41,950,523

(LIBOR

USD

1

Month

+

3.75%),

4.75%, 09/13/24

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

18,697

18,548,666

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

02/23/29

(h)

12,074

11,994,795

Netsmart

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

.

7,033

6,994,716

Planview

Parent,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 12/17/27

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

11,992

11,866,866

2022

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,

2022

Security

Par

(000)

Par

(000)

Value

Software

(continued)

RealPage

,

Inc.,

1st

Lien

Term

Loan,

04/24/28

(h)

USD

73,481

$

72,613,021

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

+

3.00%),

3.18%

,

 08/01/25

..

26,862

26,459,017

Sophia

LP,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 10/07/27

.....

20,096

19,886,224

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.96%

,

 04/16/25

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

2,504

2,460,287

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

03/03/28

(h)

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

18,458

18,392,976

UKG,

Inc.,

1st

Lien

Term

Loan

(LIBOR

USD

3

Month

+

3.25%),

3.75%, 05/04/26

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

31,191

30,957,123

(LIBOR

USD

1

Month

+

3.75%),

3.96%, 05/04/26

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

10,224

10,141,371

UKG,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

5.75%

,

 05/03/27

......

13,507

13,437,062

628,524,175

Specialty

Retail

—

1.8%

(g)

CD&R

Firefly

Bidco

Ltd.,

Facility

Term

Loan

B1,

(LIBOR

GBP

3

Month

+

4.50%),

5.05%

,

 06/23/25

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

GBP

2,000

2,638,731

EG

Group

Ltd.,

Facility

Term

Loan

(LIBOR

USD

+

4.00%),

4.22%, 02/07/25

..

USD

6,033

5,966,671

(LIBOR

USD

3

Month

+

4.25%),

4.75%, 03/31/26

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

8,695

8,640,896

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/24/28

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

8,447

8,367,852

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 05/04/28

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

22,340

22,213,998

MED

ParentCo

.

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.46%

,

 08/31/26

.

8,990

8,913,234

Optiv

,

Inc.,

1st

Lien

Term

Loan,

02/01/24

(h)

...

6,316

6,223,426

PetSmart

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/11/28

.......

31,686

31,508,062

Restoration

Hardware,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 10/20/28

.

8,315

8,217,706

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/21/27

(b)

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

1,763

1,745,053

104,435,629

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Electronics

for

Imaging,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

5.21%

,

 07/23/26

(g)

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

6,733

6,594,452

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Crocs,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.03%

-

4.45%

,

 02/20/29

(g)

....

14,788

14,603,150

Trading

Companies

&

Distributors

—

1.3%

(g)

Beacon

Roofing

Supply,

Inc.,

Term

Loan,

05/19/28

(h)

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

13,790

13,625,025

Core

&

Main

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

2.71%

,

 07/27/28

......

43,990

43,403,415

SRS

Distribution,

Inc.,

Term

Loan,

06/02/28

(h)

.

7,498

7,382,135

TMK

Hawk

Parent

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

7.50%),

8.50%

,

 05/30/24

.

3,815

3,643,570

TMK

Hawk

Parent

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 08/28/24

.

12,341

10,572,015

78,626,160

Security

Par

(000)

Par

(000)

Value

Transportation

Infrastructure

—

0.1%

(g)

KKR

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 09/22/28

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

USD

3,251

$

3,218,490

KKR

Apple

Bidco

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

6.25%

,

 09/21/29

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

1,325

1,327,213

4,545,703

Wireless

Telecommunication

Services

—

1.3%

(g)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

3.50%

,

 05/27/24

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

18,927

18,131,760

Gogo

Intermediate

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/30/28

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

5,298

5,249,884

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 06/02/28

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

3,295

3,257,481

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

.

34,478

34,262,984

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

.

9,692

9,764,690

SBA

Senior

Finance

II

LLC,

Term

Loan,

(LIBOR

USD

+

1.75%),

1.96%

,

 04/11/25

........

6,350

6,253,102

76,919,901

Total

Floating

Rate

Loan

Interests

—

87.7%

(Cost:

$5,210,148,117)

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

5,166,696,161

Shares

Shares

Investment

Companies

Energy

Select

Sector

SPDR

Fund

........

170,675

12,046,242

Industrial

Select

Sector

SPDR

Fund

.......

32,300

3,226,447

Invesco

Senior

Loan

ETF

(j)

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

8,445,500

183,858,535

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(j)(k)

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

950,000

79,486,500

SPDR

Bloomberg

High

Yield

Bond

ETF

(j)

....

793,700

82,782,910

Total

Investment

Companies

—

6.2%

(Cost:

$366,957,745)

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

361,400,634

Beneficial

Interest

(000)

Other

Interests

(l)

Capital

Markets

—

0.0%

Millennium

Lender

Claim

(b)

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

15,011

—

Total

Other

Interests

—

0.0%

(Cost:

$0)

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

—

Shares

Shares

Preferred

Stocks

Capital

Markets

—

0.0%

Verscend

Intermediate

Holding

Corp.

(Preference)

(b)

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

1,494

1,667,667

Total

Preferred

Stocks

—

0.0%

(Cost:

$1,464,120)

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

1,667,667

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

Security

Shares

Shares

Value

Warrants

Energy

Equipment

&

Services

—

0.0%

Afglobal

UK

Ltd.

(Issued/exercisable

08/30/17,

1

share

for

1

warrant,

Expires

06/08/22,

Strike

Price

USD

1.00)

(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

47,592

Total

Warrants

—

0.0%

(Cost:

$0)

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

47,592

Total

Long-Term

Investments

—

94.3%

(Cost:

$5,610,961,307)

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

5,551,932,260

Security

Shares

Shares

Value

Short-Term

Securities

(k)(m)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

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

729,636,382

$

729,636,382

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.18%

(n)

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

349,565,523

349,565,523

Total

Short-Term

Securities

—

18.3%

(Cost:

$1,079,228,959)

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

1,079,201,905

Total

Investments

—

112.6%

(Cost:

$6,690,190,266

)

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

6,631,134,165

Liabilities

in

Excess

of

Other

Assets

—

(12.6)%

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

(742,124,745)

Net

Assets

—

100.0%

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

$

5,889,009,420

(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)

Convertible

security.

(f)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(g)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(h)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(i)

Fixed

rate.

(j)

All

or

a

portion

of

this

security

is

on

loan.

(k)

Affiliate

of

the

Fund.

(l)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(m)

Annualized

7-day

yield

as

of

period

end.

(n)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

18

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/22

Shares

Held

at

02/28/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

343,870,632

$

385,765,750

$

—

$

—

$

—

$

729,636,382

729,636,382

$

15,152

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

32,672,813

316,936,483

—

(16,719)

(27,054)

349,565,523

349,565,523

654,441

(b)

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

—

81,600,670

—

—

(2,114,170)

79,486,500

950,000

290,112

—

$

(16,719)

$

(2,141,224)

$

1,158,688,405

$

959,705

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

19

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

18,558,480

EUR

16,391,000

Natwest

Markets

plc

03/16/22

$

169,075

USD

4,828,294

GBP

3,641,000

JPMorgan

Chase

Bank

NA

03/16/22

(56,735)

$

112,340

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.36.V1

.....

5.00

%

Quarterly

06/20/26

NR

USD

94,950

$

6,482,221

$

6,676,454

$

(194,233)

CDX.NA.HY.37.V1

.....

5.00

Quarterly

12/20/26

BB+

USD

87,000

5,762,153

6,887,385

(1,125,232)

$

12,244,374

$

13,563,839

$

(1,319,465)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

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

$

13,563,839

$

—

$

—

$

(1,319,465)

(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

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

$

—

$

—

$

—

$

169,075

$

—

$

—

$

169,075

Liabilities

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

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

—

—

—

56,735

—

—

56,735

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

1,319,465

—

—

—

—

1,319,465

$

—

$

1,319,465

$

—

$

56,735

$

—

$

—

$

1,376,200

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

20

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

period

ended

February

28,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Forward

foreign

currency

exchange

contracts

....

$

—

$

—

$

—

$

1,752,906

$

—

$

—

$

1,752,906

Options

purchased

(a)

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

—

—

(148,654)

—

—

—

(148,654)

Swaps

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

—

1,843,631

—

—

—

—

1,843,631

$

—

$

1,843,631

$

(148,654)

$

1,752,906

$

—

$

—

$

3,447,883

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Forward

foreign

currency

exchange

contracts

....

—

—

—

(559,009)

—

—

(559,009)

Options

purchased

(b)

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

—

—

129,654

—

—

—

129,654

Swaps

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

—

(4,630,204)

—

—

—

—

(4,630,204)

$

—

$

(4,630,204)

$

129,654

$

(559,009)

$

—

$

—

$

(5,059,559)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

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

$

24,092,106

Options

Average

value

of

option

contracts

purchased

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

$

—

(a)

Credit

default

swaps

Average

notional

value

—

sell

protection

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

$

166,950,000

(a)

Derivative

financial

instrument

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Forward

foreign

currency

exchange

contracts

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

$

169,075

$

56,735

Swaps

—

centrally

cleared

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

—

286,950

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

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

$

169,075

$

343,685

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

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

—

(286,950)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

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

$

169,075

$

56,735

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

21

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(a)

Natwest

Markets

plc

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

$

169,075

$

—

$

—

$

—

$

169,075

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)

JPMorgan

Chase

Bank

NA

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

$

56,735

$

—

$

—

$

—

$

56,735

(a)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(b)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

22

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Commercial

Services

&

Supplies

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

$

—

$

—

$

5,528

$

5,528

Construction

&

Engineering

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

351,939

—

—

351,939

Machinery

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

—

5,385

—

5,385

Marine

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

—

—

1

1

Media

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

1,348,042

—

—

1,348,042

Oil,

Gas

&

Consumable

Fuels

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

326,212

—

—

326,212

Professional

Services

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

—

2,614,640

—

2,614,640

Software

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

3,814

—

—

3,814

Corporate

Bonds

Beverages

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

—

1,758,915

—

1,758,915

Chemicals

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

—

177,734

—

177,734

Commercial

Services

&

Supplies

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

—

3,913,141

—

3,913,141

Distributors

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

—

2,669,000

—

2,669,000

Electric

Utilities

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

—

—

—

—

Electrical

Equipment

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

—

5,610,512

—

5,610,512

Media

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

—

2,559,128

—

2,559,128

Wireless

Telecommunication

Services

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

—

776,215

—

776,215

Floating

Rate

Loan

Interests

Aerospace

&

Defense

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

—

91,261,165

—

91,261,165

Air

Freight

&

Logistics

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

—

4,158,775

—

4,158,775

Airlines

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

—

95,461,105

—

95,461,105

Auto

Components

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

—

96,688,363

—

96,688,363

Automobiles

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

—

17,325,881

—

17,325,881

Beverages

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

—

43,548,233

—

43,548,233

Building

Products

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

—

83,556,152

—

83,556,152

Capital

Markets

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

—

99,665,986

—

99,665,986

Chemicals

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

—

128,174,208

2,507,422

130,681,630

Commercial

Services

&

Supplies

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

—

193,237,820

4,079,076

197,316,896

Communications

Equipment

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

—

—

21,117,908

21,117,908

Construction

&

Engineering

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

—

55,437,526

—

55,437,526

Construction

Materials

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

—

46,594,023

—

46,594,023

Containers

&

Packaging

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

—

81,433,804

—

81,433,804

Distributors

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

—

2,998,114

—

2,998,114

Diversified

Consumer

Services

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

—

147,898,546

—

147,898,546

Diversified

Financial

Services

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

—

527,468,108

24,642,480

552,110,588

Diversified

Telecommunication

Services

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

—

67,456,464

—

67,456,464

Electric

Utilities

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

—

8,223,721

—

8,223,721

Electrical

Equipment

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

—

13,789,396

—

13,789,396

Electronic

Equipment,

Instruments

&

Components

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

—

10,617,037

—

10,617,037

Entertainment

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

—

121,411,678

—

121,411,678

Equity

Real

Estate

Investment

Trusts

(REITs)

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

—

11,145,605

—

11,145,605

Food

&

Staples

Retailing

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

—

19,352,549

—

19,352,549

Food

Products

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

—

172,403,097

—

172,403,097

Health

Care

Equipment

&

Supplies

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

—

49,668,950

—

49,668,950

Health

Care

Providers

&

Services

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

—

138,847,013

6,436,988

145,284,001

Health

Care

Technology

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

—

85,217,204

2,864,070

88,081,274

Hotels,

Restaurants

&

Leisure

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

—

185,087,291

783,954

185,871,245

Household

Durables

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

—

66,748,055

6,728,890

73,476,945

Household

Products

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

—

26,473,379

—

26,473,379

Independent

Power

and

Renewable

Electricity

Producers

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

—

20,397,525

—

20,397,525

Industrial

Conglomerates

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

—

39,144,868

—

39,144,868

Insurance

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

—

243,737,805

—

243,737,805

Interactive

Media

&

Services

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

—

123,644,261

—

123,644,261

Internet

&

Direct

Marketing

Retail

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

—

20,407,642

1,462,525

21,870,167

BlackRock

Floating

Rate

Income

Portfolio

Schedule

of

Investments

23

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

Level

1

Level

2

Level

3

Total

IT

Services

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

$

—

$

72,918,665

$

25,172,908

$

98,091,573

Leisure

Products

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

—

—

4,757,858

4,757,858

Life

Sciences

Tools

&

Services

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

—

128,069,861

—

128,069,861

Machinery

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

—

204,676,134

—

204,676,134

Media

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

—

165,115,724

19,282,415

184,398,139

Metals

&

Mining

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

—

35,911,382

—

35,911,382

Oil,

Gas

&

Consumable

Fuels

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

—

12,338,644

—

12,338,644

Personal

Products

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

—

49,898,219

—

49,898,219

Pharmaceuticals

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

—

126,249,562

—

126,249,562

Professional

Services

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

—

122,481,689

42,776,604

165,258,293

Road

&

Rail

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

—

29,726,846

—

29,726,846

Semiconductors

&

Semiconductor

Equipment

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

—

3,765,818

—

3,765,818

Software

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

—

611,252,550

17,271,625

628,524,175

Specialty

Retail

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

—

102,690,576

1,745,053

104,435,629

Technology

Hardware,

Storage

&

Peripherals

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

—

6,594,452

—

6,594,452

Textiles,

Apparel

&

Luxury

Goods

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

—

14,603,150

—

14,603,150

Trading

Companies

&

Distributors

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

—

78,626,160

—

78,626,160

Transportation

Infrastructure

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

—

4,545,703

—

4,545,703

Wireless

Telecommunication

Services

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

—

76,919,901

—

76,919,901

Investment

Companies

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

361,400,634

—

—

361,400,634

Other

Interests

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

—

—

—

—

Preferred

Stocks

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

—

—

1,667,667

1,667,667

Warrants

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

47,592

—

—

47,592

Short-Term

Securities

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

729,636,382

—

—

729,636,382

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

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

—

(2,300)

—

(2,300)

$

1,093,114,615

$

5,005,148,755

$

183,302,972

$

6,281,566,342

Investments

valued

at

NAV

(b)

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

349,565,523

$

—

$

6,631,131,865

$

—

Derivative

Financial

Instruments

(c)

Assets

Foreign

currency

exchange

contracts

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

$

—

$

169,075

$

—

$

169,075

Liabilities

Credit

contracts

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

—

(1,319,465)

—

(1,319,465)

Foreign

currency

exchange

contracts

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

—

(56,735)

—

(56,735)

$

—

$

(1,207,125)

$

—

$

(1,207,125)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

Derivative

financial

instruments

are

swaps

and

forward

foreign

currency

exchange

contracts.

Swaps

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Floating

Rate

Income

Portfolio

24

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2022

See

notes

to

financial

statements.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Preferred

Stocks

Total

Investments

Assets

Opening

balance,

as

of

August

31,

2021

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

$

48,484

$

2,628,243

$

104,906,228

$

1,623,904

$

109,206,859

Transfers

into

Level

3

(a)

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

—

—

56,303,645

—

56,303,645

Transfers

out

of

Level

3

(b)

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

(41,681)

(2,628,243)

(56,762,975)

—

(59,432,899)

Accrued

discounts/premiums

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

—

—

103,349

—

103,349

Net

realized

gain

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

—

—

14,477

—

14,477

Net

change

in

unrealized

appreciation

(depreciation)

(c)(d)

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

(1,274)

—

(1,493,114)

43,763

(1,450,625)

Purchases

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

—

—

81,497,992

—

81,497,992

Sales

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

—

—

(2,939,826)

—

(2,939,826)

Closing

balance,

as

of

February

28,

2022

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

$

5,529

$

—

$

181,629,776

$

1,667,667

$

183,302,972

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

February

28,

2022

(d)

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

$

(1,274)

$

—

$

(1,483,690)

$

43,763

$

(1,441,201)

(a)

As

of

August

31,

2021,

the

Fund

used

observable

inputs

in

determining

the

value

of

certain

investments.

As

of

February

28,

2022,

the

Fund

used

significant

unobservable

inputs

in

determining

the

value

of

the

same

investments.

As

a

result,

investments

at

beginning

of

period

value

were

transferred

from

Level

2

to

Level

3

in

the

fair

value

hierarchy.

(b)

As

of

August

31,

2021,

the

Fund

used

significant

unobservable

inputs

in

determining

the

value

of

certain

investments.

As

of

February

28,

2022,

the

Fund

used

observable

inputs

in

determining

the

value

of

the

same

investments.

As

a

result,

investments

at

beginning

of

period

value

were

transferred

from

Level

3

to

Level

2

in

the

fair

value

hierarchy.

(c)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statement

of

Operations.

(d)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

February

28,

2022

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Statement

of

Assets

and

Liabilities

(unaudited)

February

28,

2022

25

Financial

Statements

BlackRock

Floating

Rate

Income

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

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

$

5,472,445,760‌

Investments,

at

value

—

affiliated

(c)

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

1,158,688,405‌

Cash

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

8,577,437‌

Cash

pledged:

–‌

Centrally

cleared

swaps

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

14,298,000‌

Foreign

currency,

at

value

(d)

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

5,334,825‌

Receivables:

–‌

Investments

sold

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

44,639,183‌

Securities

lending

income

—

affiliated

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

314,053‌

Capital

shares

sold

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

30,135,883‌

Dividends

—

affiliated

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

3,056‌

Interest

—

unaffiliated

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

12,473,274‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

169,075‌

Prepaid

expenses

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

193,801‌

Total

assets

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

6,747,272,752‌

LIABILITIES

Collateral

on

securities

loaned

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

349,667,336‌

Payables:

–‌

Investments

purchased

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

476,195,319‌

Administration

fees

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

248,940‌

Capital

shares

redeemed

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

26,204,991‌

Income

dividend

distributions

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

1,761,288‌

Investment

advisory

fees

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

2,099,342‌

Trustees'

and

Officer's

fees

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

16,499‌

Other

affiliate

fees

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

12,229‌

Service

and

distribution

fees

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

120,417‌

Variation

margin

on

centrally

cleared

swaps

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

286,950‌

Other

accrued

expenses

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

1,590,986‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

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

56,735‌

Unfunded

floating

rate

loan

interests

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

2,300‌

Total

liabilities

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

858,263,332‌

NET

ASSETS

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

$

5,889,009,420‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

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

$

6,165,114,983‌

Accumulated

loss

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

(276,105,563‌)

NET

ASSETS

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

$

5,889,009,420‌

(a)

  Investments,

at

cost

—

unaffiliated

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

$

5,529,360,637‌

(b)

  Securities

loaned,

at

value

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

$

341,890,606‌

(c)

  Investments,

at

cost

—

affiliated

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

$

1,160,829,629‌

(d)

  Foreign

currency,

at

cost

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

$

5,423,841‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

February

28,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

26

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

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

$

3,417,334,560‌

Shares

outstanding

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

347,259,680‌

Net

asset

value

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

$

9.84‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.00

1‌

Investor

A

Net

assets

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

$

439,420,744‌

Shares

outstanding

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

44,661,972‌

Net

asset

value

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

$

9.84‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.00

1‌

Investor

C

Net

assets

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

$

39,738,056‌

Shares

outstanding

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

4,038,757‌

Net

asset

value

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

$

9.84‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.00

1‌

Class

K

Net

assets

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

$

1,992,516,060‌

Shares

outstanding

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

202,567,990‌

Net

asset

value

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

$

9.84‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.00

1‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

February

28,

2022

27

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

INVESTMENT

INCOME

Dividends

—

affiliated

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

$

305,264‌

Dividends

—

unaffiliated

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

3,563,673‌

Interest

—

unaffiliated

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

92,090,725‌

Securities

lending

income

—

affiliated

—

net

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

654,441‌

Total

investment

income

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

96,614,103‌

EXPENSES

Investment

advisory

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

11,765,180‌

Transfer

agent

—

class

specific

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

1,479,766‌

Administration

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

880,011‌

Service

and

distribution

—

class

specific

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

651,561‌

Administration

—

class

specific

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

484,287‌

Accounting

services

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

279,917‌

Registration

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

99,266‌

Professional

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

68,890‌

Trustees

and

Officer

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

19,961‌

Custodian

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

17,516‌

Miscellaneous

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

270,695‌

Total

expenses

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

16,017,050‌

Less:

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

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

(126,574‌)

Total

expenses

after

fees

waived

and/or

reimbursed

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

15,890,476‌

Net

investment

income

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

80,723,627‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(57,016,755‌)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

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

(16,719‌)

Investments

—

unaffiliated

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

120,999‌

Forward

foreign

currency

exchange

contracts

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

1,752,906‌

Foreign

currency

transactions

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

(16,980‌)

Swaps

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

1,843,631‌

A

3,683,837‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

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

(2,141,224‌)

Investments

—

unaffiliated

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

(53,279,073‌)

Forward

foreign

currency

exchange

contracts

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

(559,009‌)

Foreign

currency

translations

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

(88,782‌)

Swaps

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

(4,630,204‌)

Unfunded

floating

rate

loan

interests

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

(2,300‌)

A

(60,700,592‌)

Net

realized

and

unrealized

loss

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

(57,016,755‌)

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

23,706,872‌

Statements

of

Changes

in

Net

Assets

2022

BlackRock

Semi-Annual

Report

to

Shareholders

28

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

Six

Months

Ended

02/28/22

(unaudited)

Year

Ended

08/31/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

80,723,627‌

$

110,675,183‌

Net

realized

gain

(loss)

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

3,683,837‌

(2,350,997‌)

Net

change

in

unrealized

apprec

iation

(depreciation)

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

(60,700,592‌)

70,597,956‌

Net

increase

in

net

assets

resulting

from

operations

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

23,706,872‌

178,922,142‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

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

(44,173,404‌)

(61,821,766‌)

Investor

A

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

(5,644,832‌)

(10,217,953‌)

Investor

C

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

(412,104‌)

(1,019,982‌)

Class

K

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

(28,290,887‌)

(35,721,282‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(78,521,227‌)

(108,780,983‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

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

1,874,977,918‌

1,656,919,325‌

NET

ASSETS

Total

increase

in

net

assets

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

1,820,163,563‌

1,727,060,484‌

Beginning

of

period

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

4,068,845,857‌

2,341,785,373‌

End

of

period

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

$

5,889,009,420‌

$

4,068,845,857‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

29

Financial

Highlights

1

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

Institutional

Six

Months

Ended

02/28/22

(unaudited)

Year

Ended

August

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

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

$

9.93‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.20‌

$

10.12‌

Net

investment

income

(a)

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

0.16‌

0.36‌

0.43‌

0.51‌

0.45‌

0.42‌

Net

realized

and

unrealized

gain

(loss)

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

(0.09‌)

0.32‌

(0.35‌)

(0.20‌)

(0.05‌)

0.08‌

Net

increase

from

investment

operations

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

0.07‌

0.68‌

0.08‌

0.31‌

0.40‌

0.50‌

Distributions

from

net

investment

income

(b)

..........

(0.16‌)

(0.36‌)

(0.42‌)

(0.51‌)

(0.45‌)

(0.42‌)

Net

asset

value,

end

of

period

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

$

9.84‌

$

9.93‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.20‌

Total

Return

(c)

0.71%

7.14%

0.87%

3.13%

3.96%

—

Based

on

net

asset

value

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

0.71%

(d)

7.14%

0.87%

3.13%

3.96%

5.01%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

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

0.67%

(f)

0.70%

0.68%

0.67%

(g)

0.66%

(g)

0.67%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.66%

(f)

0.69%

0.67%

0.66%

0.66%

0.67%

Net

investment

income

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

3.33%

(f)

3.64%

4.49%

5.08%

4.39%

4.10%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

3,417,335‌

$

2,282,592‌

$

1,434,116‌

$

2,204,716‌

$

2,958,918‌

$

2,753,882‌

Portfolio

turnover

rate

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

13%

47%

80%

52%

60%

112%

(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

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

30

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(g)

Annualized.

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

Investor

A

Six

Months

Ended

02/28/22

(unaudited)

Year

Ended

August

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

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

$

9.93‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.20‌

$

10.12‌

Net

investment

income

(a)

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

0.15‌

0.34‌

0.41‌

0.48‌

0.42‌

0.39‌

Net

realized

and

unrealized

gain

(loss)

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

(0.09‌)

0.31‌

(0.36‌)

(0.20‌)

(0.05‌)

0.08‌

Net

increase

from

investment

operations

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

0.06‌

0.65‌

0.05‌

0.28‌

0.37‌

0.47‌

Distributions

from

net

investment

income

(b)

..........

(0.15‌)

(0.3

3‌

)

(0.39‌)

(0.48‌)

(0.42‌)

(0.39‌)

Net

asset

value,

end

of

period

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

$

9.84‌

$

9.93‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.20‌

Total

Return

(c)

0.59%

6.89%

0.60%

2.84%

3.65%

—

Based

on

net

asset

value

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

0.59%

(d)

6.89%

0.60%

2.84%

3.65%

4.69%

Ratios

to

Av

erage

Net

Assets

(e)

Total

expenses

(f)

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

0.90%

(g)

0.94%

0.95%

0.95%

0.97%

0.99%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.89%

(g)

0.94%

0.94%

0.95%

0.96%

0.98%

Net

investment

income

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

3.11%

(g)

3.43%

4.20%

4.79%

4.08%

3.79%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

439,4

21‌

$

319,889‌

$

292,670‌

$

370,351‌

$

546,843‌

$

607,709‌

Portfolio

turnover

rate

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

13%

47%

80%

52%

60%

112%

Six

Months

Ended

02/28/22

(unaudited)

Year

Ended

August

31,

2021

2020

2019

2018

2017

Expense

ratios

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

N/A

N/A

N/A

0.95%

N/A

N/A

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

31

Financial

Highlights

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

Investor

C

Six

Months

Ended

02/28/22

(unaudited)

Year

Ended

August

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

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

$

9.93‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.19‌

$

10.11‌

Net

investment

income

(a)

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

0.12‌

0.26‌

0.33‌

0.41‌

0.34‌

0.31‌

Net

realized

and

unrealized

gain

(loss)

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

(0.10‌)

0.32‌

(0.35‌)

(0.21‌)

(0.04‌)

0.08‌

Net

increase

(decrease)

from

investment

operations

......

0.02‌

0.58‌

(0.02‌)

0.20‌

0.30‌

0.39‌

Distributions

from

net

investment

income

(b)

..........

(0.11‌)

(0.26‌)

(0.32‌)

(0.40‌)

(0.34‌)

(0.31‌)

Net

asset

value,

end

of

period

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

$

9.84‌

$

9.93‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.19‌

Total

Return

(c)

0.21%

6.06%

(0.16)%

2.09%

3.01%

—

Based

on

net

asset

value

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

0.21%

(d)

6.06%

(0.16)%

2.09%

3.01%

3.94%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

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

1.67%

(f)

1.72%

1.72%

1.69%

(g)

1.69%

1.70%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.67%

(f)

1.71%

1.71%

1.69%

1.68%

1.70%

Net

investment

income

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

2.34%

(f)

2.67%

3.47%

4.06%

3.36%

3.08%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

39,73

8‌

$

36,581‌

$

45,261‌

$

84,631‌

$

119,171‌

$

133,144‌

Portfolio

turnover

rate

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

13%

47%

80%

52%

60%

112%

(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

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

32

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(g)

Annualized.

See

notes

to

financial

statements.

BlackRock

Floating

Rate

Income

Portfolio

Class

K

Six

Months

Ended

02/28/22

(unaudited)

Year

Ended

August

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

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

$

9.92‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.19‌

$

10.11‌

Net

investment

income

(a)

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

0.17‌

0.36‌

0.43‌

0.51‌

0.45‌

0.42‌

Net

realized

and

unrealized

gain

(loss)

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

(0.09‌)

0.32‌

(0.35‌)

(0.20‌)

(0.04‌)

0.08‌

Net

increase

from

investment

operations

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

0.08‌

0.68‌

0.08‌

0.31‌

0.41‌

0.50‌

Distributions

from

net

investment

income

(b)

..........

(0.16‌)

(0.37‌)

(0.42‌)

(0.51‌)

(0.45‌)

(0.42‌)

Net

asset

value,

end

of

period

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

$

9.84‌

$

9.92‌

$

9.61‌

$

9.95‌

$

10.15‌

$

10.19‌

Total

Return

(c)

0.85%

7.12%

0.92%

3.19%

4.09%

—

Based

on

net

asset

value

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

0.85%

(d)

7.12%

0.92%

3.19%

4.09%

5.05%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

(f)

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

0.58%

(g)

0.61%

0.63%

0.61%

0.63%

0.65%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.57%

(g)

0.61%

0.62%

0.61%

0.63%

0.63%

Net

investment

income

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

3.42%

(g)

3.68%

4.46%

5.12%

4.44%

4.08%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

1,992,5

16‌

$

1,429,784‌

$

569,739‌

$

424,275‌

$

441,021‌

$

200,103‌

Portfolio

turnover

rate

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

13%

47%

80%

52%

60%

112%

Six

Months

Ended

02/28/22

(unaudited)

Year

Ended

August

31,

2021

2020

2019

2018

2017

Expense

ratios

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

N/A

N/A

N/A

0.61%

0.62%

N/A

Notes

to

Financial

Statements

(unaudited)

33

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Funds

V (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The Trust

is

organized

as

a Massachusetts

business

trust.

BlackRock

Floating

Rate

Income

Portfolio

(the

"Fund")

is

a

series

of

the

Trust.

The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

without

a

sales

charge

and

only

to

certain

eligible

investors.

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

 Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

 A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

open-

end

non-index

fixed-income

funds

and

all

BlackRock-advised

closed-end

funds

referred

to

as

the

BlackRock

Fixed-Income

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

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,

and

payment-in-kind

interest

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

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

investments

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

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Deferred

Compensation

Plan:

Under

the

Deferred

Compensation

Plan

(the

“Plan”)

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”), the trustees

who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act

(“Independent

Trustees”),

may

defer

a

portion

of

their

annual

complex-wide

compensation.

Deferred

amounts

earn

an

approximate

return

as

though

equivalent

dollar

amounts

had

been

invested

in

common

shares

of

certain

funds

in

the

BlackRock

Fixed-Income

Complex

selected

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

("CDSC")

Conversion

Privilege

Institutional

and

Class

K

Shares

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

No

No

None

Investor

A

Shares

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

Yes

No

(a)

None

Investor

C

Shares

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

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

34

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.  

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

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.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the NYSE.

Each

business

day,

the

Fund

uses

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

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

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

35

Notes

to

Financial

Statements

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

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,

2022,

certain

investments

of

the

Fund

were fair valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Standard

Inputs

Generally

Considered

By

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)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

36

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

London

Interbank

Offered

Rate

(“LIBOR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

f

oreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

In

connection

with

floating

rate

loan

interests,

the

Fund

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

the

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Statement

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

As

of

period

end,

the

Fund

had

the

following

unfunded

floating

rate

loan

interests: 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

BlackRock

Floating

Rate

Income

Portfolio

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loan

B3

.......

$

378,942‌

$

378,942‌

$

376,642‌

$

(2,300‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

37

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

over-the-counter

(“OTC”).

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Fund

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statement

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statement

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Options:

The

Fund

may

purchase

and

write

call

and

put

options

to

increase

or

decrease

its

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statement

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Fund

writes

a

call

option,

such

option

is

typically

“covered,”

meaning

that

it

holds

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Fund

writes

a

put

option,

cash

is

segregated

in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statement

of

Assets

and

Liabilities.

In

purchasing

and

writing

options,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

it

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Fund

purchasing

or

selling

a

security

when

it

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

Net

Amount

Barclays

Capital,

Inc.

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

$

47,440,890‌

$

(47,440,890‌)

$

—‌

$

—‌

BofA

Securities,

Inc.

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

38,601,080‌

(38,601,080‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

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

50,431,505‌

(50,431,505‌)

—‌

—‌

Goldman

Sachs

&

Co.

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

122,541,566‌

(122,541,566‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

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

49,511,210‌

(49,511,210‌)

—‌

—‌

Morgan

Stanley

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

33,364,355‌

(33,364,355‌)

—‌

—‌

$

341,890,606‌

$

(341,890,606‌)

$

—‌

$

—‌

(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)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

38

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

and

administrative

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

Notes

to

Financial

Statements

(unaudited)

(continued)

39

Notes

to

Financial

Statements

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

entered

into a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”),

an

affiliate

of

the

Manager. The

Manager

pays

BIL for

services

it provides

for

that

portion

of

the

Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Fund.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the six

months

ended

February

28,

2022,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly

-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

February

28,

2022,

the

Fund

paid

the

following

to

the

Manager

in

return

for

these

services,

which

are

included

in

administration —

class

specific

in

the

Statement

of

Operations:

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,

2022,

the

Fund

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

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

0.550

%

$1

billion

-

$2

b

illion

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

0.500

$2

billion

-

$3

billion

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

0.475

Greater

than

$3

billion

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

0.450

Share

Class

Service

Fees

Distribution

Fees

Investor

A

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

0.25‌%

—‌%

Investor

C

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

0.25‌

0.75‌

Service

and

Distribution

Fees

Investor

A

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

$

468,440‌

Investor

C

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

183,121‌

$

651,561‌

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

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

$

273,083‌

Investor

A

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

37,472‌

Investor

C

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

3,662‌

Class

K

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

170,070‌

$

484,287‌

Institutional

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

$

1,912‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

40

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,

2022,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

For

the

six

months ended

February

28,

2022,

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,

2022

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the

Fund’s Investor

A

Shares for

a

total

of

$24,549

.

For

the six

months

ended

February

28,

2022,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers,

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2023.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

February

28,

2022,

the

amount

waived

was

$79,097

.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2023.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

February

28,

2022,

the

Manager

waived

$47,477

in

investment

advisory

fees

pursuant

to

this

arrangement.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2023,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

six

months

ended

February

28,

2022,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

agreement.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, Money

Market

Series, m

anaged

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Institutional

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

$

1,420‌

Investor

A

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

1,474‌

Investor

C

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

574‌

Class

K

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

549‌

$

4,017‌

Institutional

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

$

1,304,454‌

Investor

A

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

140,390‌

Investor

C

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

17,492‌

Class

K

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

17,430‌

$

1,479,766‌

Investor

A

$

1,730‌

Investor

C

3,040‌

Institutional

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

0.70‌%

Investor

A

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

1.05‌

Investor

C

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

1.80‌

Class

K

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

0.65‌

Notes

to

Financial

Statements

(unaudited)

(continued)

41

Notes

to

Financial

Statements

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Fixed-Income

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Prior

to

January

1,

2022,

the

Fund

retained

77%

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

81%

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.

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,

2022,

the

Fund

paid

BIM $165,320

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,

2022,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Fund's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

7.

PURCHASES

AND

SALES 

For

the six

months

ended

February

28,

2022,

purchases

and

sales

of

investments,

including

paydowns/payups,

excluding

short-term

investments, were $2,321,860,920

and

$624,517,039,

respectively.

8.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

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,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

As

of

August

31,

2021, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$212,852,515. 

As

of

February

28,

2022, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Floating

Rate

Income

Portfolio

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

$

6,697,498,046‌

$

4,578,658‌

$

(72,149,664���)

$

(67,571,006‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

42

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

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

2022

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,

2022,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the

duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

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

exchanged-traded

options

purchased

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

Notes

to

Financial

Statements

(unaudited)

(continued)

43

Notes

to

Financial

Statements

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.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

Fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

ann

ounced

a phase

out of

LIBOR.

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer are

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

02/28/22

Year

Ended

08/31/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Floating

Rate

Income

Portfolio

Institutional

Shares

sold

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

160,066,580‌

$

1,589,861,399‌

143,325,305‌

$

1,418,059,761‌

Shares

issued

in

reinvestment

of

distributions

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

3,829,532‌

37,952,503‌

5,219,691‌

51,534,882‌

Shares

redeemed

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

(46,565,889‌)

(461,921,290‌)

(67,798,636‌)

(664,009,667‌)

117,330,223‌

$

1,165,892,612‌

80,746,360‌

$

805,584,976‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

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

16,720,552‌

$

166,187,152‌

7,982,447‌

$

78,946,394‌

Shares

issued

in

reinvestment

of

distributions

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

488,881‌

4,844,396‌

863,511‌

8,509,500‌

Shares

redeemed

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

(4,777,622‌)

(47,378,464‌)

(7,066,236‌)

(69,620,519‌)

12,431,811‌

$

123,653,084‌

1,779,722‌

$

17,835,375‌

Investor

C

Shares

sold

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

974,549‌

$

9,681,781‌

896,279‌

$

8,889,173‌

Shares

issued

in

reinvestment

of

distributions

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

38,161‌

378,236‌

95,907‌

944,067‌

Shares

redeemed

and

automatic

conversion

of

shares

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

(659,531‌)

(6,551,216‌)

(2,015,408‌)

(19,867,049‌)

353,179‌

$

3,508,801‌

(1,023,222‌)

$

(10,033,809‌)

Class

K

Shares

sold

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

88,577,844‌

$

880,595,092‌

117,417,952‌

$

1,163,778,355‌

Shares

issued

in

reinvestment

of

distributions

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

2,851,090‌

28,252,663‌

3,613,503‌

35,714,040‌

Shares

redeemed

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

(32,956,404‌)

(326,924,334‌)

(36,234,012‌)

(355,959,612‌)

58,472,530‌

$

581,923,421‌

84,797,443‌

$

843,532,783‌

188,587,743‌

$

1,874,977,918‌

166,300,303‌

$

1,656,919,325‌

Statement

Regarding

Liquidity

Risk

Management

Program

2022

BlackRock

Semi-Annual

Report

to

Shareholders

44

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

BlackRock

Funds

V

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Floating

Rate

Income

Portfolio

(the

“Fund”),

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

the

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Fund

met

on

November

18-19,

2021

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

BlackRock

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,

2020

through

September

30,

2021

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

the

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

the

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

the

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

imposition

of

capital

controls

in

certain

countries.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

the

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

the

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

or

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

fund’s

liquidity

bucketing.

Derivative

exposure

was

also

considered

in

such

calculation.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

the

Fund’s

reasonably

anticipated

trading

size

(“RATS”).

The

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

the

Fund,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

Fund,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Additional

Information

45

Additional

Information

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted 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

rep

orts,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

46

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

47

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Portfolio

Abbreviation

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

LIBOR

London

Interbank

Offered

Rate

PIK

Payment-In-Kind

SCA

Svenska

Cellulosa

Aktiebolaget

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-2/22-SAR

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

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

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

Item 5 –  Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments

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

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

   Companies

– Not Applicable                  

Item 13 – Exhibits attached hereto

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

              (a)(2) Section 302 Certifications are attached

section302

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4)

Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

section906

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

BlackRock Funds V

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds V

Date: April 20, 2022

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

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds V

Date: April 20, 2022

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds V

Date: April 20, 2022